Work Talk Podcast: Four-day work week – Will it happen in Singapore?

Synopsis: Every first and third Monday of the month, get our tips on working smarter, getting ahead in your career and investing like a pro with ST’s business correspondents and editors.

Seventy companies in Britain are now trying out a shorter work week. It is a six-month trial started by a non-profit community called 4 Day Week Global. The four-day week movement aims to raise business productivity, improve workers’ health, and build stronger social and family ties. It believes that if workers work fewer days in a week, there will be fairer opportunities for women. It will be good for the planet too.



source https://netdace.com/latest-news/work-talk-podcast-four-day-work-week-will-it-happen-in-singapore/

Australia home prices slide, Sydney suffers worse month in 40 years

SYDNEY (REUTERS) – Australian home prices slid for a third month in July and the pace quickened as Sydney suffered its worst decline in almost 40 years amid rising borrowing costs and a cost-of-living crisis.

Figures from property consultant CoreLogic released on Monday (Aug 1) showed that prices nationally fell 1.3 per cent in July from June when they dropped 0.6 per cent. Prices were still 8 per cent higher for the year, reflecting huge gains made over 2021 and early 2022.

The weakness was concentrated in the capital cities, where prices dropped 1.4 per cent in July, while annual growth slowed to 5.4 per cent, having been above 20 per cent early this year.

The pullback in Sydney gathered momentum as values fell 2.2 per cent in the month, while Melbourne lost 1.5 per cent. Annual growth in Sydney braked to just 1.6 per cent, a long way from the heady days of 2021 when prices rose by a quarter.

CoreLogic research director Tim Lawless said that although the housing market is only three months into a decline, the national Home Value Index shows that the rate of decline is comparable with that seen during the onset of the global financial crisis in 2008 and the sharp downswing of the early 1980s.

“In Sydney, where the downturn has been particularly accelerated, we are seeing the sharpest value falls in almost 40 years,” he said.

Other cities also started to see falls, with Brisbane off 0.8 per cent, Canberra 1.1 per cent and Hobart 1.5 per cent.

Even the regions started to cool as prices fell 0.8 per cent, ending a long bull run as people shifted to country living and greater space.

The retreat in part reflects higher borrowing costs as the Reserve Bank of Australia lifted rates for three months in a row and is considered certain to hike again this week in an effort to contain surging inflation.

Markets are wagering that the current 1.35 per cent cash rate could reach 3.4 per cent by the middle of next year. The major banks have also sharply raised borrowing costs on new fixed-rate mortgages and tightened lending standards.

A sustained drop in prices would be a drag on consumer wealth given that the notional value of Australia’s 10.8 million homes had risen A$210 billion (S$202.5 billion) in the first quarter alone to reach A$10.2 trillion.



source https://netdace.com/latest-news/australia-home-prices-slide-sydney-suffers-worse-month-in-40-years/

Zoom still hiring in Singapore as growth continues post-pandemic

SINGAPORE – American video communications firm Zoom will continue to hire and expand its presence in Singapore even as many other global technology firms have scaled back recruitment and spending in recent months.

Most positions will be for sales, marketing and engineering, said its United States-based head of international, Mr Abe Smith.



source https://netdace.com/latest-news/zoom-still-hiring-in-singapore-as-growth-continues-post-pandemic/

Be strategic in hunt for opportunities

SINGAPORE – Wall Street stocks have rallied since last Wednesday despite the announcement of the rate hike.

Part of this has been due to relief that after the 9.1 per cent inflation in June, the US Federal Reserve had not hiked rates by 100 basis points.



source https://netdace.com/latest-news/be-strategic-in-hunt-for-opportunities/

Until the Fed pivots, seek quality income

SINGAPORE – The International Monetary Fund (IMF) recently cut its global economic growth outlook again, warning of more downside ahead. Pessimism is clearly running high in much of the world.

Indeed, the probability of a deeper economic contraction has risen. The sharp cut in Russian gas exports to Europe, a hawkish Federal Reserve and China’s property crisis have increased the odds.



source https://netdace.com/latest-news/until-the-fed-pivots-seek-quality-income/

Zenas BioPharma 在中國獲得 IND 批准進行 ZB001 用於治療甲狀腺眼疾 (TED) 的1/2 期臨床研究 

美國馬薩諸塞州華瑟姆和中國上海, Aug. 01, 2022 (GLOBE NEWSWIRE via SEAPRWire.com) — Zenas BioPharma (澤納仕生物醫藥),一家致力於成為全球有需要患者的免疫療法開發和商業化領導者的全球性生物醫藥公司,今天宣佈已獲得中國國家藥品監督管理局 (NMPA)的新藥臨床試驗申請 (IND) 批准,可以啟動 ZB001 用於治療甲狀腺眼疾 (TED) 的 1/2 期臨床研究。該研究旨在評估 ZB001 的安全性、耐受性、藥物代謝動力學和初步療效。

TED 是一種削弱和危害視力的自身免疫疾病,會在眼眶內引起炎症和纖維化。中國大陸的TED 患者至今沒有獲得批准的療法,治療選擇有限,通常涉及會出現嚴重副作用的高劑量類固醇或手術干預。ZB001 是針對胰島素樣生長因子 1 受體 (IGF-1R) 的具有差異化特點的人源化單克隆抗體,旨在治療 TED。

Zenas 行政總裁 牟驊博士表示:「我們很自豪 ZB001 的 IND 申請在提交兩個多月後就獲得 NMPA 的批准,突顯我們團隊有效執行公司開發計劃的獨特能力。我們很高興與中國領先的臨床專家合作加速 ZB001 的開發,以满足甲狀腺眼疾的重大臨床需求。」

Zenas BioPharma 於 2020 年 10 月從 Viridian Therapeutics, Inc. (Viridian) 獲得在大中華地區開發、製造和商業化 ZB001 (Viridian 稱之為VRDN-001)和其他針對 IGF-1R 藥物用於治療非腫瘤適應症的獨家權利。在 2021 年 10 月向美國食品和藥物管理局提交 VRDN-001 的 IND 後,Viridian 於 2021 年 12 月啟動了 1/2 期臨床試驗,在北美 TED 患者中進行概念驗證(proof of concept)評估,繼而發佈了令人鼓舞的中期健康志願者數據,表明該候選產品具有良好的安全性和耐受性。

關於 Zenas BioPharma

Zenas BioPharma 是一家總部位於美國和中國的全球性生物醫藥公司,致力成為為美國、中國和世界各地患者開發及提供免疫治療的領導者。Zenas 正在快速推進深厚的創新治療產品管線,並通過成功的商務拓展策略使其持續增長。我們經驗豐富的領導團隊和廣泛的業務合作夥伴共同推動卓越營運,提供潛在的變革性治療方法,以改善自身免疫疾病和罕見病患者的生活。如欲了解有關 Zenas BioPharma 的更多資訊,請瀏覽 www.zenasbio.com,並在 Twitter @ZenasBioPharma 和 LinkedIn 關注我們。

投資者和傳媒聯絡人:
Joe Farmer
Zenas BioPharma
IR@zenasbio.com 



source https://netdace.com/globenewswire/zenas-biopharma-%e5%9c%a8%e4%b8%ad%e5%9c%8b%e7%8d%b2%e5%be%97-ind-%e6%89%b9%e5%87%86%e9%80%b2%e8%a1%8c-zb001-%e7%94%a8%e6%96%bc%e6%b2%bb%e7%99%82%e7%94%b2%e7%8b%80%e8%85%ba%e7%9c%bc%e7%96%be-ted/

As businesses rush to go green, consumers face growing risks of greenwashing

SINGAPORE – A firm that makes beauty products announced that it was selling its green tea seed serum in “paper bottles” but these turned out to be plastic, with just the external wrapping made of paper.

Customers accused the brand of “greenwashing” – the process of businesses leading consumers or stakeholders into believing that their practices, products or services are more environmentally positive than they actually are.



source https://netdace.com/latest-news/as-businesses-rush-to-go-green-consumers-face-growing-risks-of-greenwashing/

askST: What are some questions and checks before buying a ‘green’ product?

SINGAPORE – Greenwashing continues to be in the spotlight, with the Monetary Authority of Singapore announcing on Thursday (July 28) that funds sold to retail investors here under the label of meeting environmental, social and governance (ESG) standards will now have to back up their claims.

The move comes amid new disclosure and reporting guidelines issued by the central bank, which will take effect from Jan 2023.



source https://netdace.com/latest-news/askst-what-are-some-questions-and-checks-before-buying-a-green-product/

Retail rents in S’pore expected to rise with suburban malls leading the way

SINGAPORE – Retail rentals have probably hit bottom and will start to rise again, with suburban areas poised to lead the market recovery.

Mr Alan Cheong, Savills Singapore’s executive director, noted that past rental highs may not be sustainable as the retail landscape has changed since the pandemic and tourist arrivals have yet to return to pre-Covid-19 levels.



source https://netdace.com/latest-news/retail-rents-in-spore-expected-to-rise-with-suburban-malls-leading-the-way/

What to know before buying a new property, or refinancing your home loan

Home loan rates in Singapore have been on an upward trend

Home loan rates are rising, with three-year fixed rate packages offered by Singapore banks up by at least 1.6 percentage points from late last year’s 1.15 per cent per annum. As interest rates are likely to continue on their upward march, what can existing home owners and aspiring home buyers do?

In this column, Mr Lim Beng Hua, UOB’s head of secured loans, answers some of your key questions about rising mortgage rates. The 50-year-old expert has been in the financial sector for over 20 years. Secured loans are those that are backed by collaterals, and include mortgages.

Q: I am buying a new property this year. What are some considerations I should keep in mind when looking for a home loan?

A: For most of us, buying a home is the largest financial commitment we will make, so we need to research and plan for a property purchase accordingly.

Carefully assess how much you can afford to pay in upfront fees – including the cash outlay, stamp duties and legal fees – and your monthly mortgage. Our local interest rates are strongly influenced by global central bank policies. Since they have been rising, you should consider using a higher rate when calculating your potential monthly payments.

There are digital tools like UOB Home Solution that helps you instantly calculate the home loan amount you can afford and get a valuation on the property you are eyeing, so you do not overextend yourself.

Q: Should I choose a fixed-rate or floating-rate mortgage? Which one is better in the long run? 

A: This really depends on your needs. If you prefer greater certainty on your mortgage payments to manage your cash flow, a fixed-rate package would be more appropriate. Or you can consider a floating-rate package if you are less sensitive to interest rate fluctuations.

We also offer packages where a portion of the amount is based on a fixed rate, and the rest is pegged to a floating rate like the Singapore Overnight Rate Average (Sora). This gives you the flexibility to make prepayments should interest rates stay high, while the fixed-rate portion protects you against further rate increases.



source https://netdace.com/latest-news/what-to-know-before-buying-a-new-property-or-refinancing-your-home-loan/

Pope says with frailty and age, he is in new phase of papacy

Pope Francis recites the Angelus noon prayer from the window of his studio overlooking St. Peter's Square, at the Vatican on July 3, 2022. (ANDREW MEDICHINI / AP PHOTO)

ABOARD THE PAPAL PLANE – Pope Francis said on Saturday that his advancing age and his difficulty walking have ushered in a new, slower phase of his papacy and repeated that he would be ready to resign one day if serious health problems prohibited him from running the Church.

For the past few months Pope Francis, 85, has been using a wheelchair, a cane or a walker because of knee pain caused by a fracture and inflamed ligament

"I don't think I can continue doing trips with the same rhythm as before," he said in answers to reporters' questions aboard the plane returning to Rome from a week-long trip in Canada.

For the past few months Francis, 85, has been using a wheelchair, a cane or a walker because of knee pain caused by a fracture and inflamed ligament.

He walked with a cane to the rear cabin where reporters travel, but sat in a wheelchair for the traditional, 45-minute post-trip news conference, the first time he has done so on his 37 international trips since he was elected as pope in 2013.

ALSO READ: Pope apologizes for 'deplorable evil' of Canadian indigenous schools

"I think that at my age and with this limitation I have to preserve myself a bit in order to be able to serve the Church, or decide to step aside," Francis said.

People listen to Pope Francis issue a historic apology for the Catholic Church's cooperation with Canada's "catastrophic" policy of Indigenous residential schools in Maskwacis, near Edmonton, Canada on July 25, 2022. (TED SHAFFREY / AP)

Pope Francis said he preferred not to have an operation on his knee because he did not want a repeat of long-term negative side effects from anaesthesia he suffered after an intestinal operation a year ago

The pace of the trip to Canada, which centerd on his apologies for the Church's role in residential schools to assimilate indigenous children, was slower than in the past, with usually only two events a day and long patches of rest time.

Francis said he preferred not to have an operation on his knee because he did not want a repeat of long-term negative side effects from anaesthesia he suffered after an intestinal operation a year ago.

"But I will try to continue to travel in order to be close to people because it is a way of serving," he said.

He indicated that he would first make trip to places he had already promised to go, such as South Sudan, Democratic Republic of Congo, Lebanon and perhaps Kazakhstan before deciding on future trips.

ALSO READ: Pope, world religious leaders, issue appeal on climate change

"I have all the good will but we will have to see what the leg says," he said. 

Pope Francis receives holy communion as he presides over a mass for the Congolese community, in St. Peter's Basilica, at the Vatican, on July 3, 2022. (ANDREW MEDICHINI / AP PHOTO)

The door (resignation) is open. It is one of the normal options. Up until today, I did not use that door. I did not think it was necessary to think of this possibility but that does not mean that the day after tomorrow I don't start thinking about it.

Pope Francis

'The door is open'

In an interview with Reuters this month, Francis said he had no intention of resigning soon.

He has said often that he could follow in the footsteps of Pope Benedict, who in 2013 became the first pope in 600 years to resign instead of rule for life.

"This, with all honesty, is not a catastrophe. There can be a change of popes, there is no problem with that," he said.

READ MORE: Pope Francis denies he is planning to resign soon

"The door is open. It is one of the normal options. Up until today, I did not use that door. I did not think it was necessary to think of this possibility but that does not mean that the day after tomorrow I don't start thinking about it," he said.

"This trip was a bit of a test. It is true that I can't make trips in this condition. Maybe the style has to change, make fewer trips, make the trips I have promised to make, re-jig things. But it will be the Lord who decides. The door is open," he said.



source https://netdace.com/latest-news/pope-says-with-frailty-and-age-he-is-in-new-phase-of-papacy/

Mohawk Industries 公佈第二季度業績

喬治亞洲卡爾霍恩, July 31, 2022 (GLOBE NEWSWIRE via SEAPRWire.com) —  Mohawk Industries, Inc. (NYSE: MHK) 今天宣佈 2022 年第二季度的淨收益為 2.8 億美元,攤薄後每股盈利 (EPS)為 4.40 美元。調整後淨盈利為 2.81 億美元,每股盈利為 4.41 美元,不包括調整、收購及其他費用。2020 年第二季度的淨銷售額為 32 億美元,按報告季度上升 6.7 %,而按固定貨幣和天數計算為 11.1%。2021 年第二季度淨銷售額為 30 億美元,淨收益為 3.36 億美元,每股盈利為 4.82 美元。調整後的淨盈利為 3.10 億美元,每股盈利為 4.45 美元,不包括調整、收購和其他費用。

在截至 2022 年 7 月 2 日的六個月中,淨收益及每股收益分別為 5.26 億美元及 8.17 美元。調整後淨收益為 5.27 億美元,每股收益為 8.18 美元,不包括調整、收購及其他費用。在 2022 年的六個月期間,淨銷售額為 62 億美元,比去年報告增加 9.7%,或按固定貨幣和天數計算增長為 14.0%。在截至 2021 年 7 月 3 日的六個月期間,淨銷售額為 56 億美元,淨收益為 5.73 億美元,每股盈利為 8.18 美元;不包括調整、收購、其他費用和利益的淨收益和每股盈利分別為 5.56 億美元和 7.94 美元。

主席兼行政總裁 Jeffrey S. Lorberbaum 在評論 Mohawk Industries 的第二季度業績時表示:「在本季度,我們所有部門的銷售都有所增長,而我們的首要成果受益於價格上漲、產品組合增強、營商狀況改善和小型收購的貢獻。隨著本季度發展,全球經濟環境變得越來越具挑戰性,我們的組織採取了其他措施以支持我們的業績。我們本季度的營業收入符合我們的預期,即使由於材料、能源和運輸通貨膨脹仍然是一個重大的不利因素,我們的轉換業績也受到美元轉強的影響。

在過去 18 個月,我們所有業務都經歷不尋常的通貨膨脹,而我們已多次提高價格,以克服成本上漲。我們還採取了多項營運行動,包括成本控制、生產力改進、組合和物流強化。在我們所有市場,通貨膨脹導致消費者可支配支出的變化。隨著按揭利率上升得更快,美國房屋銷售的影響比我們其他市場更大。與過去的經濟週期不同,房屋需求超過市場供應,而止贖並無問題。在歐洲,利率升幅不及美國,儘管消費者可支配支出受能源和其他通貨膨脹的侵蝕,而這影響了需求。在我們的大多數區域,商業新建築和改建的投資仍然強健。隨著業界持續強化,由於疫情而推遲的商業項目和新的項目開始進行數目日益增加。

對於我們駕馭近期市場變化,Mohawk 的強健資產負債表為我們帶來了許多投資選擇,包括內部擴張、收購和股票回購。在第二季度,我們宣佈了約 4.4 億美元的新收購,而最大宗的收購協議是墨西哥領先陶瓷製造商 Vitromex。我們於 7 月初完成收購美國領先針孔地板製造商 Foss Floors。我們在歐洲整合 2021 年絕緣和面板收購方面取得了極佳進展,這正按預期為我們的業績作出貢獻。我們的擴展項目仍按計劃進行,包括:層壓板、LVT、石英枱面和歐洲高端瓷器板,這些都將幫助我們滿足目前和未來的需求。

在第二季度,我們的全球陶瓷部門淨銷售額為 12 億美元,按報告增長 11.5%,按固定貨幣計算為 14.6%。由於通貨膨脹抵消了定價、產品組合和生產力的改善,該部門的經營利潤率為 13.3%。 在我們的大多數市場,建築商的銷售保持強勁,商業翻新和新建工程開始數目越來越多。由於通貨膨脹和利率上升影響改建投資,住宅活動在我們的大多數地區都略為疲弱。隨著陶瓷業務的能源和原材料價格增加,我們將繼續實施新的定價行動。在美國,我們的陶瓷業務的營業收入增長至四年間的最高水平,商業銷售轉佳推動強化產品組合和提升利潤率。我們的美國枱面業務中,石英、石材和瓷器部份正在增長,而為滿足不斷增長的需求,我們正在採購產品並擴展石英枱面生產。我們的歐洲陶瓷業務亦繼而改善,銷售增加和產品組合提升。雖然定價行動提高了我們的利潤率,但與去年相比,並未完全抵消通脹率。未來,由於我們的天然氣成本將更高,我們的產量和利潤率將受到更大壓力。我們的其他國際陶瓷市場表現良好,銷售增長主要由定價和產品組合推動,而商業業務較住宅業務強勁。

根據報告,本季度我們的世界地板部門的淨銷售額增加 9 億美元,即 7.4%,而按固定貨幣計算為 18.8%。由於有利的定價和產品組合改善抵消通貨膨脹和銷量下降,該部門的經營利潤率為 13.9%。我們看到整個部門的零售流量放緩,這正在減少大多數類別的工業數量。隨著通貨膨脹繼續上升,我們已提高價格,而隨著天然氣和化學品價格在本季度末攀升,我們已宣布進一步調高價格。層壓板、LVT 和乙烯基板材都有類似的需求趨勢,隨著季度發展和客戶減少存貨,銷售疲軟。在此期間,我們的成本繼續上升,而材料供應有所改善。我們正在採取行動應對不斷變化的環境,包括降低成本、改善流程和延遲非關鍵項目。我們的絕緣材料業務繼續提供卓越的業績,而銷售量及價格亦增長。絕緣產品的銷售保持強勁,因為它們受益於消費者投資增加以降低能源成本。我們的面板業務表現良好,但銷量隨著季度發展而放緩。我們將繼續提高價格並以更高價值產品改善產品組合。我們對廢木材能源生產的投資將有助降低成本,並有益環境。

在本季度,我們的北美地板部門淨銷售額為 11 億美元,按報告季度增長了 1.7%,由於通貨膨脹上升和銷量下降部分影響由定價、產品組合和生產力改善抵消,該部門的營業利潤率增加了 9.1%。商業部門有所改善,而住宅市場正在疲軟。隨著我們的服務水平提升,客戶減少其在住宅方面的存貨。我們繼續執行定價行動以抵消通貨膨脹,但減少工廠產量正在減少吸收並提高成本。我們的 LVT 銷售繼續增長,而我們經歷較少材料中斷,這促進營運改善並有益利潤率。我們新的西岸 LVT 工廠已開始向客戶發貨,而我們合併的東岸和西岸業務將增強我們的服務。我們防水層壓板系列產品的銷售在專業零售和新建築渠道中有所增加,但家居中心的存貨調整影響了我們的銷售。我們新的層壓板生產線繼續提升至目標生產水平,並滿足我們下一代產品的需求。隨著商業部門復甦,我們地毯瓷磚和商業 LVT 的銷售和利潤率正在改善。根據建築帳單指數,商業設計活動保持強勁,包括支持可預見未來銷售增長的一系列正在計劃中的項目。由於住宅地毯數量因市場疲軟和存貨減少而下降,我們正在根據需求調整產能、減少開支,並宣佈更多價格上調以反映通貨膨脹。 我們的地毯業務集中在主要的全國零售商,在本季度,隨著銷售預測減弱,他們都大幅削減訂單以減少存貨。若無購買地毯的 5,000 萬美元下跌,該部門的銷售額與去年相比增加約 6.5%。

為了適應目前的條件和改善我們的業績,我們正在整個企業採取行動,以重新調整成本。我們正在總結計劃將較舊、效率較低的資產重新安排,並優化流程,以降低成本。最重要的行動是在北美地板,包括一些纖維資產和減少地毯製造產能。在世界其他地方地板,我們正在整合絕緣產品並簡化我們的組織。在陶瓷歐洲,我們簡化了我們的行政和製造組織。我們估計這些措施將使我們的成本每年減少 3,500 萬至 4,000 萬美元,估計現金成本為 1,500 至 2,000 萬美元,而總成本為 9,000 萬至 95 萬美元。

在 2022 年上半年,儘管通貨膨脹嚴重、利率上升和地緣政治不穩定,但我們仍取得了可觀的業績。在美國,快速上升的利率影響了房屋銷售,而通貨膨脹正在導致消費者可支配支出的變化。隨著消費者延遲升級他們的住宅,住宅改建變得疲軟。新住宅和多家庭地板渠道保持強勁,而隨著新項目和延遲後的項目展開,商業部門繼續改善。雖然歐洲利率較低,但天然氣價格急劇上升,加上供應受到限制,減少經濟增長。考慮到這些因素,我們預計會使需求疲軟,並增加我們利潤率的壓力。我們正在整個企業採取焦點行動,以適應這些不斷變化的市場狀況。材料和能源成本繼續上漲,我們正在實施進一步的價格上調。我們正在引入更高價值的產品,並提高我們的服務水平,以擴大我們的銷售。我們正在減少開支並開始新的流程改善計劃。我們將在公司實施多項重組項目,以降低成本。我們也預計材料供應和運輸將在今年下半年持續改善。在美國,我們預計利率上漲將強化美元,並減少我們的轉換業績。考慮到這些因素,我們預計第三季度調整後的每股收益將在 3.33 美元至 3.43 美元之間,不包括任何重組費用。

Mohawk 此前已多次成功度過經濟週期。從長遠來看,地板以比整體經濟增長更快的速度增長。在大多數地區因房屋短缺而需要進行大量額外的建設,美國房屋的需求比供應估計多出超過 500 萬個單位,而且有 20 至 40 年屋齡需要翻新的房屋有超過 2,000 萬間。我們的業務處於有利地位,可以獲益於新住宅建設、住宅改建和商業項目的長期增長。我們有強大的資產負債表,可透過內部投資、收購和股票回購來支持業務不斷增長。我們將加強經收購公司的表現,並將繼續在新的產品和地區尋求機會。我們對 Mohawk 的未來保持樂觀,而我們今天採取的行動將增加我們的銷售並改善我們的未來業績。」

關於 MOHAWK INDUSTRIES

Mohawk Industries 是全球領先的地板製造商,致力於創造產品來提升全球住宅及商業空間。Mohawk 垂直整合的製造和分銷流程在地毯、地毯、瓷磚、層壓板、木材、石材和乙烯基地板的生產方面具有競爭優勢。我們行業領先的創新產品和技術使我們的品牌在市場上脫穎而出,並滿足所有改造和新建工程要求。我們是在行內最受認可的品牌,並包括 American Olean、Daltile、Durkan、Eliane、Feltex、Godfrey Hirst、IVC、Karastan、Marazzi、Mohawk、Mohawk Group、Pergo、Quick-Step 及 Unilin。在過去的十年中, Mohawk 已經將其業務從一家美國地毯製造商轉變為世界上最大的地板公司,在澳洲、巴西、加拿大、歐洲、馬來西亞、墨西哥、紐西蘭和美國開展業務。

前面幾段中的某些陳述,特別是預測未來業績、業務前景、增長及經營策略以及類似事項以及包括「可能」、「應該」、「相信」、「預料」、「預期」及「估計」或類似可構成「前瞻性陳述」的字眼。對於這些陳述,Mohawk 受 1995 年《美國私人證券訴訟改革法案》中包含的前瞻性陳述的保護。無法保證前瞻性陳述是準確的,因其基於許多假設、涉及風險及不確定性。以下的重要因素可導致未來結果有所不同:經濟或業界狀況的變化;競爭;原材料價格及其他投入成本的通貨膨脹及通貨緊縮;消費市場的通脹及通縮;能源成本及供應;資本支出的時間及水平;公司產品提價的時間及實施;減值費用;收購整合;國際營運;新產品推出;業務合理化;稅收及稅收改革、產品及其他債權;訴訟;與新型冠狀病毒大流行相關的風險及不確定性;以及 Mohawk 的證券交易委員會報告及公告中所提及的其他風險。

電話會議時間為美國東部時間 2022 年 7 月 29 日(星期五)上午 11 時,
電話號碼為 1-866-777-2509(美國/加拿大)及 1-412-317-5413(國際/本地)。
重播可於 2022 年 8 月 26 日或之前,致電 1-877-344-7529(美國/本地)及 1-412-317-0088(國際/本地)並輸入存取代碼 #3250579 收聽。

聯絡人:James Brunk-財務總監 (706) 624-2239

MOHAWK INDUSTRIES, INC. AND SUBSIDIARIES                
(Unaudited)                
Condensed Consolidated Statement of Operations Data   Three Months Ended   Six Months Ended
(Amounts in thousands, except per share data)   July 2, 2022   July 3, 2021   July 2, 2022   July 3, 2021
                 
Net sales   $ 3,153,188     2,953,833       6,168,851     5,622,859  
Cost of sales     2,279,991     2,051,626       4,493,526     3,928,883  
Gross profit     873,197     902,207       1,675,325     1,693,976  
Selling, general and administrative expenses     505,270     497,783       986,597     972,037  
Operating income     367,927     404,424       688,728     721,939  
Interest expense     12,059     14,894       23,540     30,135  
Other income, net     (2,818 )   (11,168 )     (380 )   (13,395 )
Earnings before income taxes     358,686     400,698       665,568     705,199  
Income tax expense     78,176     64,245       139,624     131,935  
Net earnings including noncontrolling interests     280,510     336,453       525,944     573,264  
Net earnings attributable to noncontrolling interests     79     168       184     172  
Net earnings attributable to Mohawk Industries, Inc.   $ 280,431     336,285       525,760     573,092  
                 
Basic earnings per share attributable to Mohawk Industries, Inc.                
Basic earnings per share attributable to Mohawk Industries, Inc.   $ 4.41     4.84       8.20     8.21  
Weighted-average common shares outstanding – basic     63,540     69,432       64,116     69,809  
                 
Diluted earnings per share attributable to Mohawk Industries, Inc.                
Diluted earnings per share attributable to Mohawk Industries, Inc.   $ 4.40     4.82       8.17     8.18  
Weighted-average common shares outstanding – diluted     63,798     69,745       64,374     70,102  
                 
                 
                 
Other Financial Information                
(Amounts in thousands)                
Net cash provided by operating activities   $ 147,706     338,391       202,661     597,996  
Less: Capital expenditures     150,571     112,703       280,041     227,439  
Free cash flow   $ (2,865 )   225,688       (77,380 )   370,557  
                 
Depreciation and amortization   $ 141,569     148,466       282,984     299,681  
                 
                 
Condensed Consolidated Balance Sheet Data                
(Amounts in thousands)                
            July 2, 2022   July 3, 2021
ASSETS                
Current assets:                
Cash and cash equivalents           $ 223,986     753,677  
Short-term investments             265,000     662,358  
Receivables, net             2,105,809     2,017,622  
Inventories             2,826,044     2,081,967  
Prepaid expenses and other current assets             519,895     434,932  
Total current assets             5,940,734     5,950,556  
Property, plant and equipment, net             4,582,075     4,459,380  
Right of use operating lease assets             404,726     383,343  
Goodwill             2,536,314     2,609,174  
Intangible assets, net             856,401     922,699  
Deferred income taxes and other non-current assets             369,237     467,641  
Total assets           $ 14,689,487     14,792,793  
LIABILITIES AND STOCKHOLDERS’ EQUITY                
Current liabilities:                
Short-term debt and current portion of long-term debt           $ 1,498,900     958,781  
Accounts payable and accrued expenses             2,316,980     2,119,154  
Current operating lease liabilities             108,497     100,951  
Total current liabilities             3,924,377     3,178,886  
Long-term debt, less current portion             1,052,064     1,723,294  
Non-current operating lease liabilities             309,261     292,101  
Deferred income taxes and other long-term liabilities             796,847     824,570  
Total liabilities             6,082,549     6,018,851  
Total stockholders’ equity             8,606,938     8,773,942  
Total liabilities and stockholders’ equity           $ 14,689,487     14,792,793  
                 
Segment Information   Three Months Ended   As of or for the Six Months Ended
(Amounts in thousands)   July 2, 2022   July 3, 2021   July 2, 2022   July 3, 2021
                 
Net sales:                
Global Ceramic   $ 1,158,569     1,039,503       2,223,326     1,969,374  
Flooring NA     1,099,538     1,081,189       2,171,448     2,050,439  
Flooring ROW     895,081     833,141       1,774,077     1,603,046  
Consolidated net sales   $ 3,153,188     2,953,833       6,168,851     5,622,859  
                 
Operating income (loss):                
Global Ceramic   $ 154,269     136,435       254,607     224,239  
Flooring NA     100,030     115,943       195,354     197,241  
Flooring ROW     124,107     163,886       258,757     323,192  
Corporate and intersegment eliminations     (10,479 )   (11,840 )     (19,990 )   (22,733 )
Consolidated operating income   $ 367,927     404,424       688,728     721,939  
                 
Assets:                
Global Ceramic           $ 5,537,075     5,206,786  
Flooring NA             4,345,912     3,870,309  
Flooring ROW             4,334,649     4,240,433  
Corporate and intersegment eliminations             471,851     1,475,265  
Consolidated assets           $ 14,689,487     14,792,793  
                 
Reconciliation of Net Earnings Attributable to Mohawk Industries, Inc. to Adjusted Net Earnings Attributable to Mohawk Industries, Inc. and Adjusted Diluted Earnings Per Share Attributable to Mohawk Industries, Inc.
(Amounts in thousands, except per share data)    
  Three Months Ended   Six Months Ended    
  July 2, 2022   July 3, 2021   July 2, 2022   July 3, 2021    
Net earnings attributable to Mohawk Industries, Inc. $ 280,431     336,285     525,760     573,092      
Adjusting items:                  
Restructuring, acquisition and integration-related and other costs   1,801     5,941     3,658     17,515      
Acquisitions purchase accounting, including inventory step-up   143     153     143     456      
Resolution of foreign non-income tax contingencies       (6,211 )       (6,211 )    
Income tax effect on resolution of foreign non-income tax contingencies       2,302         2,302      
One-time tax planning election       (26,731 )       (26,731 )    
Release of indemnification asset           7,324          
Income taxes – reversal of uncertain tax position           (7,324 )        
Income taxes   (1,181 )   (1,379 )   (2,805 )   (4,114 )    
Adjusted net earnings attributable to Mohawk Industries, Inc. $ 281,194     310,360     526,756     556,309      
Adjusted diluted earnings per share attributable to Mohawk Industries, Inc. $ 4.41     4.45     8.18     7.94      
Weighted-average common shares outstanding – diluted   63,798     69,745     64,374     70,102      
 
 
                   
Reconciliation of Total Debt to Net Debt Less Short-Term Investments    
(Amounts in thousands)                  
  July 2, 2022                
Short-term debt and current portion of long-term debt $ 1,498,900                  
Long-term debt, less current portion   1,052,064                  
Total debt   2,550,964                  
Less: Cash and cash equivalents   223,986                  
Net debt   2,326,978                  
Less: Short-term investments   265,000                  
Net debt less short-term investments $ 2,061,978                  
                   
                   
                   
                   
                   
Reconciliation of Operating Income to Adjusted EBITDA                  
(Amounts in thousands)                 Trailing Twelve
  Three Months Ended   Months Ended
  October 2,2021   December 31,2021   April 2,2022   July 2, 2022   July 2, 2022
Operating income $ 359,974     253,098     320,801     367,927     1,301,800  
Other income (expense)   (21 )   (1,140 )   (2,438 )   2,818     (781 )
Net income attributable to noncontrolling interests   (206 )   (11 )   (105 )   (79 )   (401 )
Depreciation and amortization   148,618     143,411     141,415     141,569     575,013  
EBITDA   508,365     395,358     459,673     512,235     1,875,631  
Restructuring, acquisition and integration-related and other costs   982     4,641     1,857     1,801     9,281  
Acquisitions purchase accounting, including inventory step-up   226     1,067         143     1,436  
Release of indemnification asset           7,324         7,324  
Adjusted EBITDA $ 509,573     401,066     468,854     514,179     1,893,672  
                   
Net debt less short-term investments to adjusted EBITDA                 1.1  
                   
                   
                   
Reconciliation of Net Sales to Net Sales on a Constant Exchange Rate and on Constant Shipping Days    
(Amounts in thousands)                  
  Three Months Ended   Six Months Ended    
  July 2, 2022   July 3, 2021   July 2, 2022   July 3, 2021    
Net sales $ 3,153,188     2,953,833     6,168,851     5,622,859      
Adjustment to net sales on constant shipping days   10,794         31,811          
Adjustment to net sales on a constant exchange rate   116,787         210,568          
Net sales on a constant exchange rate and constant shipping days $ 3,280,769     2,953,833     6,411,230     5,622,859      
                   
                   
                   
Reconciliation of Segment Net Sales to Segment Net Sales on a Constant Exchange Rate and on Constant Shipping Days    
(Amounts in thousands)                  
  Three Months Ended            
Global Ceramic July 2, 2022   July 3, 2021            
Net sales $ 1,158,569     1,039,503              
Adjustment to segment net sales on constant shipping days   10,794                  
Adjustment to segment net sales on a constant exchange rate   21,870                  
Segment net sales on a constant exchange rate and constant shipping days $ 1,191,233     1,039,503              
                   
                   
Reconciliation of Segment Net Sales to Adjusted Segment Net Sales            
(Amounts in thousands)                  
  Three Months Ended            
Flooring NA July 2, 2022   July 3, 2021            
Net sales $ 1,099,538     1,081,189              
Rug adjustment   50,000                  
Adjusted segment net sales $ 1,149,538     1,081,189              
                   
                   
Reconciliation of Segment Net Sales to Segment Net Sales on a Constant Exchange Rate            
(Amounts in thousands)                  
  Three Months Ended            
Flooring ROW July 2, 2022   July 3, 2021            
Net sales $ 895,081     833,141              
Adjustment to segment net sales on a constant exchange rate   94,917                  
Segment net sales on a constant exchange rate $ 989,998     833,141              
                   
                   
                   
Reconciliation of Gross Profit to Adjusted Gross Profit                  
(Amounts in thousands)                  
  Three Months Ended            
  July 2, 2022   July 3, 2021            
Gross Profit $ 873,197     902,207              
Adjustments to gross profit:                  
Restructuring, acquisition and integration-related and other costs   713     5,299              
Acquisitions purchase accounting, including inventory step-up   143     153              
Adjusted gross profit $ 874,053     907,659              
                   
                   
                   
Reconciliation of Selling, General and Administrative Expenses to Adjusted Selling, General and Administrative Expenses            
(Amounts in thousands)                  
  Three Months Ended            
  July 2, 2022   July 3, 2021            
Selling, general and administrative expenses $ 505,270     497,783              
Adjustments to selling, general and administrative expenses:                  
Restructuring, acquisition and integration-related and other costs   (1,186 )   (1,480 )            
Adjusted selling, general and administrative expenses $ 504,084     496,303              
                   
                   
                   
                   
Reconciliation of Operating Income to Adjusted Operating Income            
(Amounts in thousands)                  
  Three Months Ended        
  July 2, 2022   July 3, 2021            
Operating income $ 367,927     404,424              
Adjustments to operating income:                  
Restructuring, acquisition and integration-related and other costs   1,899     6,779              
Acquisitions purchase accounting, including inventory step-up   143     153              
Adjusted operating income $ 369,969     411,356              
                   
                   
Reconciliation of Segment Operating Income to Adjusted Segment Operating Income            
(Amounts in thousands)                  
  Three Months Ended            
Global Ceramic July 2, 2022   July 3, 2021            
Operating income $ 154,269     136,435              
Adjustments to segment operating income:                  
Restructuring, acquisition and integration-related and other costs       726              
Adjusted segment operating income $ 154,269     137,161              
                   
                   
Reconciliation of Segment Operating Income to Adjusted Segment Operating Income            
(Amounts in thousands)                  
  Three Months Ended            
Flooring NA July 2, 2022   July 3, 2021            
Operating income $ 100,030     115,943              
Adjustments to segment operating income:                  
Restructuring, acquisition and integration-related and other costs   (239 )   5,487              
Adjusted segment operating income $ 99,791     121,430              
                   
Reconciliation of Segment Operating Income to Adjusted Segment Operating Income            
(Amounts in thousands)                  
  Three Months Ended            
Flooring ROW July 2, 2022   July 3, 2021            
Operating income $ 124,107     163,886              
Adjustments to segment operating income:                  
Restructuring, acquisition and integration-related and other costs   2,139     289              
Acquisitions purchase accounting, including inventory step-up   143     153              
Adjusted segment operating income $ 126,389     164,328              
                   
                   
Reconciliation of Earnings Including Noncontrolling Interests Before Income Taxes to Adjusted Earnings Including Noncontrolling Interests Before Income Taxes              
(Amounts in thousands)                  
  Three Months Ended            
  July 2, 2022   July 3, 2021            
Earnings before income taxes $ 358,686     400,698              
Net earnings attributable to noncontrolling interests   (79 )   (168 )            
Adjustments to earnings including noncontrolling interests before income taxes:                  
Restructuring, acquisition and integration-related and other costs   1,801     5,941              
Acquisitions purchase accounting, including inventory step-up   143     153              
Resolution of foreign non-income tax contingencies       (6,211 )            
Adjusted earnings including noncontrolling interests before income taxes $ 360,551     400,413              
                   
                   
                   
                   
Reconciliation of Income Tax Expense to Adjusted Income Tax Expense            
(Amounts in thousands)                  
  Three Months Ended            
  July 2, 2022   July 3, 2021            
Income tax expense $ 78,176     64,245              
Income tax effect on resolution of foreign non-income tax contingencies       (2,302 )            
One-time tax planning election       26,731              
Income tax effect of adjusting items   1,181     1,379              
Adjusted income tax expense $ 79,357     90,053              
                   
Adjusted income tax rate   22.0 %   22.5 %            
                   
The Company supplements its condensed consolidated financial statements, which are prepared and presented in accordance with US GAAP, with certain non-GAAP financial measures. As required by the Securities and Exchange Commission rules, the tables above present a reconciliation of the Company’s non-GAAP financial measures to the most directly comparable US GAAP measure. Each of the non-GAAP measures set forth above should be considered in addition to the comparable US GAAP measure, and may not be comparable to similarly titled measures reported by other companies. The Company believes these non-GAAP measures, when reconciled to the corresponding US GAAP measure, help its investors as follows: Non-GAAP revenue measures that assist in identifying growth trends and in comparisons of revenue with prior and future periods and non-GAAP profitability measures that assist in understanding the long-term profitability trends of the Company’s business and in comparisons of its profits with prior and future periods.
                   
The Company excludes certain items from its non-GAAP revenue measures because these items can vary dramatically between periods and can obscure underlying business trends. Items excluded from the Company’s non-GAAP revenue measures include: foreign currency transactions and translation and the impact of acquisitions.
                   
The Company excludes certain items from its non-GAAP profitability measures because these items may not be indicative of, or are unrelated to, the Company’s core operating performance. Items excluded from the Company’s non-GAAP profitability measures include: restructuring, acquisition and integration-related and other costs, acquisition purchase accounting, including inventory step-up, release of indemnification assets and the reversal of uncertain tax positions.



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