Latest news with #factoring
National Post
4 hours ago
- Business
- National Post
Largo Announces $10 Million Factoring Facility to Accelerate Receivables and Support Working Capital
Article content All dollar amounts expressed are in thousands of U.S. dollars unless otherwise indicated. Article content TORONTO — Largo Inc. (' Largo ' or the ' Company ') (TSX: LGO) (NASDAQ: LGO) today announces that its wholly owned subsidiary, Largo Resources USA (' LUSA '), has entered into a non-recourse factoring facility dated June 10, 2025 (the ' Facility ') with a well-established third-party factoring company (the ' Factor ') for the sale of certain accounts receivable. Article content Under the terms of the Facility, LUSA may sell eligible accounts receivable to the Factor for receipts of up to $10 million. The Factor will advance 85% of the invoice value, with commission rates ranging from 0.51% for invoices up to 30 days, to 1.37% for those up to 90 days, depending on customer payment terms. All factored invoices are on a non-recourse basis, with the Factor assuming credit risk. The Company is working with the Factor to establish similar receivables purchase facilities for Largo Inc. and Largo Commodities Trading Ltd., which is expected to increase the overall size of the Facility, subject to the inclusion of additional customers and credit approvals. The Facility has an initial term of two years, and the Factor may terminate it with 90 days' prior written notice or immediately in the event of default. Article content Daniel Tellechea, Interim CEO of Largo stated: 'This Facility allows us to access liquidity more quickly by monetizing receivables tied to vanadium shipments, which can take between 30 and 90 days to convert to cash. Improving working capital efficiency is a necessary step as we work through our operational turnaround plan.' He continued: 'This Facility is expected to better align cash inflows with expenditures and ensures we have additional flexibility to support day-to-day operations while continuing our efforts to stabilize production and improve sales.' CIRQUE Capital, Inc. acted as the Company's financial advisor and arranger in connection with the Facility and will receive certain custodial fees pursuant to the terms of the Facility. Article content About Largo Article content Largo is a globally recognized supplier of high-quality vanadium and ilmenite products, sourced from its world-class Maracás Menchen Mine in Brazil. As one of the world's largest primary vanadium producers, Largo produces critical materials that empower global industries, including steel, aerospace, defense, chemical, and energy storage sectors. The Company is committed to operational excellence and sustainability, leveraging its vertical integration to ensure reliable supply and quality for its customers. Article content Largo is also strategically invested in the long-duration energy storage sector through its 50% ownership of Storion Energy, a joint venture with Stryten Energy focused on scalable domestic electrolyte production for utility-scale vanadium flow battery long-duration energy storage solutions in the U.S. Article content Largo's common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol 'LGO'. For more information on the Company, please visit Article content This press release contains 'forward-looking information' and 'forward-looking statements' within the meaning of applicable Canadian and United States securities legislation. Forward-looking information in this press release includes, but is not limited to, statements with respect to the timing and amount of estimated future production and sales; the future price of commodities; costs of future activities and operations, including, without limitation, the effect of inflation and exchange rates; the effect of tariffs; the effect of unforeseen equipment maintenance or repairs on production; the ability to produce high purity V2O5 and V2O3 according to customer specifications; the extent of capital and operating expenditures; the ability of the Company to make improvements on its current short-term mine plan; and the impact of global delays and related price increases on the Company's global supply chain and future sales of vanadium products. Article content The following are some of the assumptions upon which forward-looking information is based: that general business and economic conditions will not change in a material adverse manner; demand for, and stable or improving price of V2O5 and other vanadium products, ilmenite and titanium dioxide pigment; receipt of regulatory and governmental approvals, permits and renewals in a timely manner; that the Company will not experience any material accident, labour dispute or failure of plant or equipment or other material disruption in the Company's operations at the Maracás Menchen Mine or relating to Largo Clean Energy, specially in respect of the installation and commissioning of the EGPE project; the availability of financing for operations and development; the availability of funding for future capital expenditures; the ability to replace current funding on terms satisfactory to the Company; the ability to mitigate the impact of heavy rainfall; the reliability of production, including, without limitation, access to massive ore, the Company's ability to procure equipment, services and operating supplies in sufficient quantities and on a timely basis; that the estimates of the resources and reserves at the Maracás Menchen Mine are within reasonable bounds of accuracy (including with respect to size, grade and recovery and the operational and price assumptions on which such estimates are based); the accuracy of the Company's mine plan at the Maracás Menchen Mine; that the Company's current plans for ilmenite can be achieved; the Company's ability to protect and develop its technology; the Company's ability to maintain its IP; the competitiveness of the Company's product in an evolving market; the Company's ability to attract and retain skilled personnel and directors; the ability of management to execute strategic goals; Article content that the Company will enter into agreements for the sales of vanadium, ilmenite and TiO2 products on favourable terms and for the sale of substantially all of its annual production capacity; and receipt of regulatory and governmental approvals, permits and renewals in a timely manner. Article content Forward-looking statements can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved', although not all forward-looking statements include those words or phrases. In addition, any statements that refer to expectations, intentions, projections, guidance, potential or other characterizations of future events or circumstances contain forward-looking information. Forward-looking statements are not historical facts nor assurances of future performance but instead represent management's expectations, estimates and projections regarding future events or circumstances. Forward-looking statements are based on our opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such information is stated, subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Largo to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Largo and in its public documents filed on and available on from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Largo's annual and interim MD&A which also apply. Article content Article content Article content Article content Investor Relations Article content Article content Article content Article content
Globe and Mail
4 hours ago
- Business
- Globe and Mail
Largo Announces $10 Million Factoring Facility to Accelerate Receivables and Support Working Capital
Largo Inc. (" Largo" or the " Company") ( TSX: LGO) ( NASDAQ: LGO) today announces that its wholly owned subsidiary, Largo Resources USA (" LUSA"), has entered into a non-recourse factoring facility dated June 10, 2025 (the " Facility") with a well-established third-party factoring company (the " Factor") for the sale of certain accounts receivable. Under the terms of the Facility, LUSA may sell eligible accounts receivable to the Factor for receipts of up to $10 million. The Factor will advance 85% of the invoice value, with commission rates ranging from 0.51% for invoices up to 30 days, to 1.37% for those up to 90 days, depending on customer payment terms. All factored invoices are on a non-recourse basis, with the Factor assuming credit risk. The Company is working with the Factor to establish similar receivables purchase facilities for Largo Inc. and Largo Commodities Trading Ltd., which is expected to increase the overall size of the Facility, subject to the inclusion of additional customers and credit approvals. The Facility has an initial term of two years, and the Factor may terminate it with 90 days' prior written notice or immediately in the event of default. Daniel Tellechea, Interim CEO of Largo stated: "This Facility allows us to access liquidity more quickly by monetizing receivables tied to vanadium shipments, which can take between 30 and 90 days to convert to cash. Improving working capital efficiency is a necessary step as we work through our operational turnaround plan.' He continued : 'This Facility is expected to better align cash inflows with expenditures and ensures we have additional flexibility to support day-to-day operations while continuing our efforts to stabilize production and improve sales.' CIRQUE Capital, Inc. acted as the Company's financial advisor and arranger in connection with the Facility and will receive certain custodial fees pursuant to the terms of the Facility. About Largo Largo is a globally recognized supplier of high-quality vanadium and ilmenite products, sourced from its world-class Maracás Menchen Mine in Brazil. As one of the world's largest primary vanadium producers, Largo produces critical materials that empower global industries, including steel, aerospace, defense, chemical, and energy storage sectors. The Company is committed to operational excellence and sustainability, leveraging its vertical integration to ensure reliable supply and quality for its customers. Largo is also strategically invested in the long-duration energy storage sector through its 50% ownership of Storion Energy, a joint venture with Stryten Energy focused on scalable domestic electrolyte production for utility-scale vanadium flow battery long-duration energy storage solutions in the U.S. Largo's common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol "LGO". For more information on the Company, please visit Cautionary Statement Regarding Forward-looking Information: This press release contains 'forward-looking information' and 'forward-looking statements' within the meaning of applicable Canadian and United States securities legislation. Forward-looking information in this press release includes, but is not limited to, statements with respect to the timing and amount of estimated future production and sales; the future price of commodities; costs of future activities and operations, including, without limitation, the effect of inflation and exchange rates; the effect of tariffs; the effect of unforeseen equipment maintenance or repairs on production; the ability to produce high purity V2O5 and V2O3 according to customer specifications; the extent of capital and operating expenditures; the ability of the Company to make improvements on its current short-term mine plan; and the impact of global delays and related price increases on the Company's global supply chain and future sales of vanadium products. The following are some of the assumptions upon which forward-looking information is based: that general business and economic conditions will not change in a material adverse manner; demand for, and stable or improving price of V2O5 and other vanadium products, ilmenite and titanium dioxide pigment; receipt of regulatory and governmental approvals, permits and renewals in a timely manner; that the Company will not experience any material accident, labour dispute or failure of plant or equipment or other material disruption in the Company's operations at the Maracás Menchen Mine or relating to Largo Clean Energy, specially in respect of the installation and commissioning of the EGPE project; the availability of financing for operations and development; the availability of funding for future capital expenditures; the ability to replace current funding on terms satisfactory to the Company; the ability to mitigate the impact of heavy rainfall; the reliability of production, including, without limitation, access to massive ore, the Company's ability to procure equipment, services and operating supplies in sufficient quantities and on a timely basis; that the estimates of the resources and reserves at the Maracás Menchen Mine are within reasonable bounds of accuracy (including with respect to size, grade and recovery and the operational and price assumptions on which such estimates are based); the accuracy of the Company's mine plan at the Maracás Menchen Mine; that the Company's current plans for ilmenite can be achieved; the Company's ability to protect and develop its technology; the Company's ability to maintain its IP; the competitiveness of the Company's product in an evolving market; the Company's ability to attract and retain skilled personnel and directors; the ability of management to execute strategic goals; that the Company will enter into agreements for the sales of vanadium, ilmenite and TiO2 products on favourable terms and for the sale of substantially all of its annual production capacity; and receipt of regulatory and governmental approvals, permits and renewals in a timely manner. Forward-looking statements can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved', although not all forward-looking statements include those words or phrases. In addition, any statements that refer to expectations, intentions, projections, guidance, potential or other characterizations of future events or circumstances contain forward-looking information. Forward-looking statements are not historical facts nor assurances of future performance but instead represent management's expectations, estimates and projections regarding future events or circumstances. Forward-looking statements are based on our opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such information is stated, subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Largo to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Largo and in its public documents filed on and available on from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Largo's annual and interim MD&A which also apply. Trademarks are owned by Largo Inc.
National Post
21-05-2025
- Business
- National Post
Apex Capital Corp Joins Transflo's Workflow AI Ecosystem to Enhance Factoring Automation and Client Service
Article content TAMPA, Fla. — Transflo today announced that Apex Capital Corp ('Apex'), a leading global provider of freight factoring services, has joined the Transflo Workflow AI Ecosystem to streamline the processing and auditing of incoming documents. This partnership marks a key step in Apex's continued commitment to delivering a faster, more efficient experience for its clients. Article content Article content With Apex now part of the Transflo ecosystem, nearly 50% of transportation factoring companies leverage Transflo Workflow AI. Article content 'We're thrilled to welcome Apex Capital Corp to the Transflo network,' said Renee Krug, CEO of Transflo. 'Expanding our ecosystem with leading factors and brokers strengthens the reach of our network, which ultimately drives greater efficiency and value for all participants—factors, brokers, carriers, and shippers alike.' Article content Transflo's Workflow AI is the industry's next-generation platform for automating factoring operations, helping transportation companies boost productivity and reduce manual processing. Article content Transflo is the trusted industry leader in mobile, telematics, and business process automation solutions for the transportation industry in North America. Transflo's customer-focused mobile and cloud-based technologies deliver real-time communications to fleets, brokers, factors, shippers, and commercial vehicle drivers, and digitize 800 million shipping documents a year, representing approximately $115 billion in freight bills and more than 3.2 million downloads of the Mobile+ app. Article content About Apex Capital Corp Article content Founded in 1995, Apex Capital is a full-service freight factor that specializes in small to medium-sized trucking companies. Apex is the leading freight factoring company for the trucking industry. Apex buys freight bills and provides industry recognized customer service, credit checks, 24-7 factoring, the blynk® digital payment platform, a Mobile Factoring® app, a free load board, the Apex Fuel Card and many other benefits to its clients. Article content Article content Article content Article content
Yahoo
12-05-2025
- Business
- Yahoo
Banca Sistema SpA (FRA:B2S) Q1 2025 Earnings Call Highlights: Robust Revenue Growth Amid Rising ...
Release Date: May 09, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Banca Sistema SpA (FRA:B2S) reported a 60% year-on-year revenue growth, with adjusted interest income more than doubling. Pre-tax profit almost tripled year-on-year, with net income reaching EUR 11.6 million, achieving 45% of the previous year's total profits in just one quarter. The factoring division saw a 64% increase in net profit, and the pawnbroking division experienced a 250% increase. The cost of funding decreased from 3.62% to 3.1%, positively impacting profitability. Capital ratios were slightly better than forecasted, with CET1 ratio at 12.4% and total capital ratio at 14.9%. Costs increased by 9% year-on-year due to higher employee numbers and administrative expenses. The cost of risk rose to 57 basis points from 17 basis points a year ago. Total assets decreased by 4% quarter-on-quarter due to lower financial portfolio and customer loans. The CQ division continued to operate at a loss, although the loss was reduced from EUR 4.2 million to EUR 2.8 million year-on-year. Gross past due loans increased significantly from EUR 101 million to EUR 333 million due to new classification rules. Warning! GuruFocus has detected 2 Warning Signs with FRA:B2S. Q: Could you provide an outlook for the adjusted income margin evolution this year and your expectations on the factoring turnover? A: (Unidentified_6) We expect the adjusted income margin to grow robustly up to year-end. Although the Q1 margin was positively impacted by LPI accruals related to European Court of Human Rights rulings, this effect is not expected to repeat in the same magnitude. However, the margin should remain robust and stable. (Unidentified_5) For factoring, we expect the outstanding to remain flat over the year, with more exposure towards central governments and less towards the NHS system. Q: Why is gold not considered a valuable asset for covering risk in pawnbroking? Also, can you comment on the cost of funding and common equity? A: (Unidentified_5) Gold is not considered eligible collateral under CRR3, which applies a 75% risk weight. We have started issuing CLNs to reduce capital consumption. (Unidentified_6) The cost of funding improved from 3.6% last year to 3.2% in Q1 2025, and we target an average of 3% for the year. The improvement in funding costs will benefit the consolidated P&L, but the CQ division is still expected to report a net loss for 2025. (Unidentified_5) Common equity is expected to improve over time, but any decision by the regulator to remove restrictions is uncertain. Q: Can you provide more details on LPI contributions and cost of credit expectations for the year? A: (Unidentified_5) We are negotiating significant positions that could lead to LPI accruals, especially with municipalities exiting conservatorship. More decisions from the Strasbourg court could also impact LPI. (Unidentified_6) The cost of credit provisions this quarter are part of normal credit assessment and are likely higher than the quarterly average we expect for the year. We do not anticipate any releases like those in Q4 last year. Q: What is driving the increase in personnel costs, and will this trend continue? A: (Unidentified_5) The increase in personnel costs is due to new colleagues from Portugal and an increase in the national labor contract for bankers. We expect these costs to remain stable now, but they are higher compared to the same quarter last year. (Unidentified_6) The Q1 cost is not a spike, and you can expect it to remain stable up to year-end. Q: Is the rise in the cost of credit a conservative measure, or is there another reason? A: (Unidentified_5) The movement in the cost of credit is part of the normal process and not due to any specific situation. (Unidentified_6) It varies from quarter to quarter but does not indicate any particular concern. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
Zawya
08-05-2025
- Business
- Zawya
Afreximbank extends EUR15-million factoring line of credit to Banque Postale du Congo
African Export-Import Bank (Afreximbank) ( has signed a EUR 15 million Factoring line of credit agreement with Banque Postale du Congo (BPC) in Cairo. The facility will provide liquidity to BPC for factoring supplier invoices accepted by eligible buyers, as well as for engaging in cross-border factoring. Speaking at the signing ceremony, Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development at Afreximbank, explained that the dual-tranche factoring facility would support small and medium-sized enterprises (SMEs) in the Republic of Congo and enable BPC to expand its cross-border factoring activities. She noted that the facility would significantly boost SME financing in Congo, where BPC is currently the only institution offering factoring. It is expected that the facility will be revolved severally over the next year, resulting in cumulative financing of up to EUR 60 million for SMEs. Mrs. Awani highlighted that the transaction is part of a broader strategic partnership between Afreximbank and BPC aimed at promoting factoring in the Republic of Congo and across the Central Africa region. The partnership is also designed to improve access to finance for SMEs, which are vital contributors to job creation and economic growth as well as strengthen capacity building and legal and regulatory framework 'Factoring has been identified as a key instrument to facilitate the implementation of Afreximbank's current strategy, Impact 2026 - Extending Frontiers, by providing financing to SMEs that may not meet the criteria for traditional bank lending,' said Mrs. Awani. 'This facility will support SMEs and improve their competitiveness by enabling them to trade on open account terms, thereby expanding trade frontiers.' Mr. Calixte Tabangoli, Chief Executive Officer of BPC, who signed on behalf of his organisation commented: 'We are honoured to once again partner with Afreximbank through this expanded facility. Over the past two years, the Bank's support has enabled us to provide vital working capital to more than 100 SMEs in Congo. This new EUR 15 million facility will further strengthen our ability to promote financial inclusion and economic development. We deeply appreciate the unwavering commitment of Mrs. Kanayo Awani and her team, whose leadership continues to demonstrate that factoring is a powerful instrument for SME growth across Africa.' The facility builds on a strong and evolving partnership between Afreximbank and BPC, which began in 2018 with an initial EUR 5million facility. That support was subsequently increased to EUR 10million in 2022. Since then, BPC's factoring volumes have grown from EUR 1.5 million in 2018 to EUR 30.5 million in 2024. In addition to financing, the partnership has included key capacity-building and policy initiatives. Notably, Afreximbank supported the Republic of Congo's adoption of a Model of Law on Factoring in 2021. The Bank has also provided technical assistance, including a week-long secondment of three BPC staff members to Afreximbank in June 2024, and has collaborated with BPC in promoting awareness and developing the factoring ecosystem across the region. Distributed by APO Group on behalf of Afreximbank. Media Contact: Vincent Musumba Communications and Events Manager (Media Relations) Email: press@ Follow us on: X: Facebook: LinkedIn: Instagram: About Afreximbank: African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank's total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa1), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, "the Group"). The Bank is headquartered in Cairo, Egypt.
