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News

DTE Energy reports strong second quarter 2020 results; continues progress in environmental goals

gbafNews28
  •  DTE Gas joins DTE Electric in net zero emissions goal
  • Brings state’s largest wind park online
  • Partners with General Motors on Michigan’s largest renewable energy investment

DETROIT, July 28, 2020 — DTE Energy (NYSE:DTE) today reported second quarter 2020 earnings of $277 million, or $1.44 per diluted share, compared with $182 million, or $0.99 per diluted share in 2019.

Operating earnings for the second quarter 2020 were $295 million, or $1.53 per diluted share, compared with 2019 operating earnings of $183 million, or $0.99 per diluted share. Operating earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. Reconciliations of reported earnings to operating earnings are included at the end of this news release.  

“During the first half of the year DTE responded swiftly to ensure our employees and customers were safe during the early months of the COVID-19 pandemic,” said Jerry Norcia, DTE Energy president and CEO. “I couldn’t be prouder of our employees’ efforts to meet the needs of our customers while at the same time focusing on keeping our company on track. As a result, we’re entering the second half of the year in great shape.”

Norcia also noted the following recent company accomplishments: 

  • Announced 2050 DTE Gas net zero goal: The unique and comprehensive plan reduces greenhouse gases by more than 6 million metric tons annually, the equivalent of removing 1.3 million gasoline-powered cars from the road. The plan is one of the first to address emission reductions both upstream with suppliers and with customers through emissions offset programs.  
  • Commenced operations at Michigan’s largest wind park; the first of four new wind parks coming online in 2020New wind parks will increase clean energy generation capacity by more than 50% in 2020 and will offset 1.2 million metric tons of CO2 emissions annually.  
  • Partnered with General Motors on renewable energy investment: This investment delivers enough clean energy to supply GM’s Southeast Michigan facilities by 2023, including the Renaissance Center global headquarters in Detroit, the GM Global Technical Center in Warren, the Milford Proving Ground in Milford and two local assembly plants; Orion and Detroit-Hamtramck, as well as several smaller GM sites across Southeast Michigan.  
  • Provided bill relief to customers during peak summer usage months: $30 to $40 million in bill relief is being passed on to electric utility customers for June and July after leveraging efficiency and lower fuel prices to significantly reduce generation costs.  
  • Continued support of Michigan businesses: Invested over $1.1 billion with Michigan-based companies in the first half of this year, executing its commitment to the Pure Michigan Business Connect local supplier initiative. This includes approximately $550 million invested in the city of Detroit.

Outlook for 2020 

“The solid financial results achieved during the first half of the year give us confidence in achieving our 2020 earnings guidance with a strong second quarter offsetting a challenging first quarter,” said David Ruud, DTE Energy senior vice president and CFO.  “The results in the second quarter are driven by strong performance across all of our businesses, cost reductions and warmer than normal weather.  This provides a solid foundation for delivering on our financial and operational goals for this year.”

Additionally, DTE is releasing its 2020 Environmental and Social Governance report highlighting the company’s commitment to creating and sustaining long-term value for all stakeholders.

This earnings announcement and presentation slides are available at dteenergy.com/investors

The company will conduct a conference call to discuss earnings results at 9 a.m. ET. Investors, the news media and the public may listen to a live internet broadcast of the call at dteenergy.com/investors. The telephone dial-in numbers in the U.S. and Canada are toll free: (833) 968-2209 or international: (778) 560-2895. The passcode is 6173439. The webcast will be archived on the DTE website at dteenergy.com/investors. An audio replay of the call will be available from noon today to noon Wednesday, Aug. 26. To access the replay, dial U.S. and Canada toll free (800) 585-8367 or international toll (416) 621-4642 and enter the passcode 6173439. 

About DTE Energy  DTE Energy (NYSE: DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.2 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers in Michigan. The DTE portfolio includes energy businesses focused on power and industrial projects; renewable natural gas; natural gas pipelines, gathering and storage; and energy marketing and trading. As an environmental leader, DTE utility operations will reduce carbon dioxide and methane emissions by more than 80 percent by 2040 to produce cleaner energy while keeping it safe, reliable and affordable. DTE Electric and Gas aspire to achieve net zero carbon and greenhouse gas emissions by 2050. DTE is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, twitter.com/dte_energy and facebook.com.

Use of Operating Earnings Information – DTE Energy management believes that operating earnings provide a more meaningful representation of the company’s earnings from ongoing operations and uses operating earnings as the primary performance measurement for external communications with analysts and investors. Internally, DTE Energy uses operating earnings to measure performance against budget and to report to the Board of Directors.

In this release, DTE Energy discusses 2020 operating earnings guidance. It is likely that certain items that impact the company’s 2020 reported results will be excluded from operating results. Reconciliations to the comparable 2020 reported earnings guidance are not provided because it is not possible to provide a reliable forecast of specific line items (i.e. future non-recurring items, certain mark-to-market adjustments and discontinued operations). These items may fluctuate significantly from period to period and may have a significant impact on reported earnings.

DTE Energy also discusses Adjusted EBITDA in its slide presentation. The reconciliation of net income to Adjusted EBITDA as projected for full-year 2020 is not provided. DTE Energy does not forecast net income as it cannot, without unreasonable efforts, estimate or predict with certainty the components of net income.  These components, net of tax, may include, but are not limited to, impairments of assets and other charges, divesture costs, acquisition costs, or changes in accounting principles. All of these components could significantly impact such financial measures. At this time, DTE Energy is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, DTE Energy is not able to provide a corresponding GAAP equivalent for Adjusted EBITDA and allocated debt.

The information contained herein is as of the date of this release. DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this release as a result of new information or future events or developments. Words such as “anticipate,” “believe,” “expect,” “may,” “could,” “projected,” “aspiration,” “plans” and “goals” signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various assumptions, risks and uncertainties. This release contains forward-looking statements about DTE Energy’s financial results and estimates of future prospects, and actual results may differ materially.

Many factors impact forward-looking statements including, but not limited to, the following: the duration and impact of the COVID-19 pandemic on DTE Energy and customers, impact of regulation by the EPA, the FERC, the MPSC, the NRC, and for DTE Energy, the CFTC and CARB, as well as other applicable governmental proceedings and regulations, including any associated impact on rate structures; the amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals, or new legislation, including legislative amendments and retail access programs; economic conditions and population changes in our geographic area resulting in changes in demand, customer conservation, and thefts of electricity and, for DTE Energy, natural gas; the operational failure of electric or gas distribution systems or infrastructure; impact of volatility of prices in the oil and gas markets on DTE Energy’s gas storage and pipelines operations and the volatility in the short-term natural gas storage markets impacting third-party storage revenues related to DTE Energy; impact of volatility in prices in the international steel markets on DTE Energy’s power and industrial projects operations; the risk of a major safety incident; environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements; the cost of protecting assets against, or damage due to, cyber incidents and terrorism; health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities; volatility in commodity markets, deviations in weather, and related risks impacting the results of DTE Energy’s energy trading operations; changes in the cost and availability of coal and other raw materials, purchased power, and natural gas; advances in technology that produce power, store power or reduce power consumption; changes in the financial condition of significant customers and strategic partners; the potential for losses on investments, including nuclear decommissioning and benefit plan assets and the related increases in future expense and contributions; access to capital markets and the results of other financing efforts which can be affected by credit agency ratings; instability in capital markets which could impact availability of short and long-term financing; the timing and extent of changes in interest rates; the level of borrowings; the potential for increased costs or delays in completion of significant capital projects; changes in, and application of, federal, state, and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings, and audits; the effects of weather and other natural phenomena on operations and sales to customers, and purchases from suppliers; unplanned outages; employee relations and the impact of collective bargaining agreements; the availability, cost, coverage, and terms of insurance and stability of insurance providers; cost reduction efforts and the maximization of plant and distribution system performance; the effects of competition; changes in and application of accounting standards and financial reporting regulations; changes in federal or state laws and their interpretation with respect to regulation, energy policy, and other business issues; contract disputes, binding arbitration, litigation, and related appeals; and the risks discussed in the Registrants’ public filings with the Securities and Exchange Commission.

For further information, members of the media may call: Pete Ternes, DTE Energy, 313.235.5555                                         

For further information, analysts may call: Barbara Tuckfield, DTE Energy, 313.235.1018 John Dermody, DTE Energy, 313.235.8750

DTE Energy Company
Segment Net Income (Unaudited)
   
  Three Months Ended June 30,
  2020   2019
  Reported Earnings   Pre-tax Adjustments   Income Taxes(1)   Operating Earnings   Reported Earnings   Pre-tax Adjustments   Income Taxes(1)   Operating Earnings
  (In millions)
DTE Electric $ 183     $ 35 A   $ (9 )     $ 219     $ 133     $ (11 ) E   $ 3     $ 134  
      13 B   (3 )             13   F   (4 )    
                                     
DTE Gas 1     11 A   (3 )     11     8     (6 ) E   2     4  
      2 B                            
                                     
Non-utility operations                                    
Gas Storage and Pipelines 70         —        70     50               50  
                                     
Power and Industrial Projects 25         —        25     29               29  
                                     
Energy Trading (1 )   8 C   (2 )     5     (6 )   5   C   (1 )   (2 )
                                     
Total Non-utility operations 94     8     (2 )     100     73     5       (1 )   77  
                                     
Corporate and Other (1 )       (34 ) D   (35 )   (32 )             (32 )
                                     
Net Income Attributable to DTE Energy Company $ 277     $ 69     $ (51 )     $ 295     $ 182     $ 1       $     $ 183  
                                     
 
(1) Excluding tax related adjustments, the amount of income taxes was calculated using a combined federal and state income tax rate of 26% and 25% for Utility and Non-utility operations, respectively, for the three months ended June 30, 2020 and June 30, 2019.
 
Adjustments key
A)  MPSC disallowance of capital expenses previously recorded in 2018 and 2019 related to incentive compensation — recorded in Operating Expenses — Asset (gains) losses and impairments, net
B)  Shift premiums and other incremental costs associated with the sequestration of employees critical to continued operations due to COVID-19 — recorded in Operating Expenses — Operating and maintenance
C)  Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, and gas — non-utility
D)  Reduction to Income Tax Expense resulting from carrying back 2018 net operating losses to 2013 pursuant to CARES Act.
E)  MPSC approval of the deferral for the new customer billing system post-implementation expenses — recorded in Operating Expenses — Operation and maintenance
F)  MPSC disallowance of power plant capital expenses — recorded in Operating Expenses — Asset (gains) losses and impairments, net
 
DTE Energy Company
Segment Diluted Earnings Per Share (Unaudited)(2)
   
  Three Months Ended June 30,
  2020   2019
  Reported Earnings   Pre-tax Adjustments   Income Taxes(1)   Operating Earnings   Reported Earnings   Pre-tax Adjustments   Income Taxes(1)   Operating Earnings
   
DTE Electric $ 0.95     $ 0.18 A   $ (0.05 )     $ 1.13     $ 0.72     $ (0.06 ) E   $ 0.02       $ 0.73  
      0.07 B   (0.02 )             0.07   F   (0.02 )      
                                       
DTE Gas     0.06 A   (0.02 )     0.05     0.04     (0.03 ) E   0.01       0.02  
      0.01 B                              
                                       
Non-utility operations                                      
Gas Storage and Pipelines 0.37               0.37     0.27                 0.27  
                                       
Power and Industrial Projects 0.13               0.13     0.16                 0.16  
                                       
Energy Trading     0.05 C   (0.02 )     0.03     (0.04 )   0.02   C   (0.01 )     (0.03 )
                                       
Total Non-utility operations 0.50     0.05     (0.02 )     0.53     0.39     0.02       (0.01 )     0.40  
                                       
Corporate and Other (0.01 )       (0.17 ) D   (0.18 )   (0.16 )               (0.16 )
                                       
Net Income Attributable to DTE Energy Company $ 1.44     $ 0.37     $ (0.28 )     $ 1.53     $ 0.99     $       $       $ 0.99  
                                       
 
(1) Excluding tax related adjustments, the amount of income taxes was calculated using a combined federal and state income tax rate of 26% and 25% for Utility and Non-utility operations, respectively, for the three months ended June 30, 2020 and June 30, 2019.
 
(2) Per share amounts are divided by Weighted Average Common Shares Outstanding — Diluted, as noted on the Consolidated Statements of Operations (Unaudited).
 
Adjustments key see previous page
 
DTE Energy Company
Segment Net Income (Unaudited)
   
  Six Months Ended June 30,
  2020   2019
  Reported Earnings   Pre-tax Adjustments   Income Taxes(1)   Operating Earnings   Reported Earnings   Pre-tax Adjustments   Income Taxes(1)   Operating Earnings
  (In millions)
DTE Electric $ 277     $ 35   A   $ (9 )     $ 313     $ 280     $ (11 ) E   $ 3     $ 281  
      13   B   (3 )             13   F   (4 )    
                                     
DTE Gas 122     11   A   (3 )     132     159     (6 ) E   2     155  
      2   B                            
                                     
Non-utility operations                                    
Gas Storage and Pipelines 142                 142     98               98  
                                     
Power and Industrial Projects 55                 55     55               55  
                                     
Energy Trading 33     (18 ) C   4       19     26     (31 ) C   8     3  
                                     
Total Non-utility operations 230     (18 )     4       216     179     (31 )     8     156  
                                     
Corporate and Other (12 )         (34 ) D   (46 )   (35 )             (35 )
                                     
Net Income Attributable to DTE Energy Company $ 617     $ 43       $ (45 )     $ 615     $ 583     $ (35 )     $ 9     $ 557  
                                     
 
(1) Excluding tax related adjustments, the amount of income taxes was calculated using a combined federal and state income tax rate of 26% and 25% for Utility and Non-utility operations, respectively, for the six months ended June 30, 2020 and June 30, 2019.
 
Adjustments key
A)  MPSC disallowance of capital expenses previously recorded in 2018 and 2019 related to incentive compensation — recorded in Operating Expenses — Asset (gains) losses and impairments, net
B)  Shift premiums and other incremental costs associated with the sequestration of employees critical to continued operations due to COVID-19 — recorded in Operating Expenses — Operating and maintenance
C)  Certain adjustments resulting from derivatives being marked-to-market without revaluing the underlying non-derivative contracts and assets — recorded in Operating Expenses — Fuel, purchased power, and gas — non-utility
D)  Reduction to Income Tax Expense resulting from carrying back 2018 net operating losses to 2013 pursuant to CARES Act.
E)  MPSC approval of the deferral for the new customer billing system post-implementation expenses — recorded in Operating Expenses — Operation and maintenance
F)  MPSC disallowance of power plant capital expenses — recorded in Operating Expenses — Asset (gains) losses and impairments, net
 
DTE Energy Company
Segment Diluted Earnings Per Share (Unaudited)(2)
   
  Six Months Ended June 30,
  2020   2019
  Reported Earnings   Pre-tax Adjustments   Income Taxes(1)   Operating Earnings   Reported Earnings   Pre-tax Adjustments   Income Taxes(1)   Operating Earnings
   
DTE Electric $ 1.44     $ 0.18   A   $ (0.05 )     $ 1.62     $ 1.53     $ (0.06 ) E   $ 0.02     $ 1.54  
      0.07   B   (0.02 )             0.07   F   (0.02 )    
                                     
DTE Gas 0.63     0.06   A   (0.02 )     0.68     0.87     (0.03 ) E   0.01     0.85  
      0.01   B                            
                                     
Non-utility operations                                    
Gas Storage and Pipelines 0.74                 0.74     0.53               0.53  
                                     
Power and Industrial Projects 0.29                 0.29     0.30               0.30  
                                     
Energy Trading 0.17     (0.09 ) C   0.02       0.10     0.14     (0.17 ) C   0.04     0.01  
                                     
Total Non-utility operations 1.20     (0.09 )     0.02       1.13     0.97     (0.17 )     0.04     0.84  
                                     
Corporate and Other (0.07 )         (0.17 ) D   (0.24 )   (0.19 )             (0.19 )
                                     
Net Income Attributable to DTE Energy Company $ 3.20     $ 0.23       $ (0.24 )     $ 3.19     $ 3.18     $ (0.19 )     $ 0.05     $ 3.04  
                                     
 
(1) Excluding tax related adjustments, the amount of income taxes was calculated using a combined federal and state income tax rate of 26% and 25% for Utility and Non-utility operations, respectively, for the six months ended June 30, 2020 and June 30, 2019.
 
(2) Per share amounts are divided by Weighted Average Common Shares Outstanding — Diluted, as noted on the Consolidated Statements of Operations (Unaudited).
 
Adjustments key see previous page

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Majority of Hong Kong HR executives indicate they are in post-recovery phase of COVID-19, digital technologies key for future, finds KPMG global survey

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Building talent through upskilling and reskilling identified as key factor for future workforce

HONG KONG, Sept. 22, 2020 /PRNewswire/ — A majority of human resources (HR) executives in Hong Kong (77.5%) indicate that they have passed the ‘recovery phase’ in terms of dealing with the impacts of COVID-19 and have entered into either the ‘resilience phase’ (62.5%) of supporting and developing leaders and employees to manage through uncertainty, or the ‘new reality phase’ (15.0%) of adapting to the new world. This is significantly higher compared to 59% of executives worldwide who indicate the same, according to a KPMG study.

Conducted in July and August 2020, the KPMG 2020 HR Pulse Survey is a special edition research initiative in place of the global annual Future of HR survey, with a special focus on exploring what the future holds as HR organisations contend with the impacts of the pandemic. Nearly 1,300 HR executives in 59 countries and territories and 31 key industry sectors took part in this year’s survey, with 320 (25% of the total respondents) coming from Asia, including over 60 executives from mainland China and Hong Kong.

Asia executives surveyed, including 42.5% of Hong Kong respondents, have ranked ‘managing performance and productivity in a predominantly remote environment’ as the top capability required by the HR function to add value in today’s environment. Naturally, ‘adopting digital technologies to support remote working and collaboration’ is identified as among, or for some markets like Hong Kong, the most important initiatives for the HR function in managing the implications of the pandemic and moving to a new working reality over the next 2 years.

Peter Outridge, Partner, Head of People & Change Advisory, KPMG China, says: "The priorities of the HR function have clearly shifted as a result of the pandemic. With the mass transition to remote working, HR leaders need to rethink their traditional work models and how to keep people in their organisations connected, engaged and productive. The HR function also needs to work with the rest of the C-suite to re-evaluate what productivity means in the new reality and architect the workforce of the future."

‘Building talent through upskilling and reskilling’ is cited by 40% or more surveyed executives in mainland China, Hong Kong, and Asia overall as the most important factor for shaping their organisation’s future workforce composition. Most mainland China executives think around 11-20% of their organisation’s total workforce will need to be upskilled or reskilled in the next 2 years. This figure is higher in Hong Kong, with more executives seeing this need for up to 30% of their workforce.

Jonathan Lo, Partner, People & Change Advisory, KPMG China, says: "The pandemic presents HR with a unique opportunity to drive workforce connectivity and productivity through embracing a digital mindset. HR resources can be better used engaging in workforce shaping that is anchored by predictive analytics, information flows and process automation, among other digital capabilities, to help turn workforce insight into action."

Only half of the surveyed respondents in Asia, with the same percentage of Hong Kong respondents, indicate that HR in their organisation is proficient in using data and analytics to target and recruit their future workforce. This percentage is higher in mainland China, at 59%.

Most Asia HR executives, including more than 55% Hong Kong respondents, expect to make the biggest investment over the next 2 years on ‘new or updated learning and development platforms’ and ‘enterprise service management’ (i.e. connecting and automating their organisation’s back office across the enterprise to provide a connected employee experience). Mainland China executives also identified ‘advanced artificial intelligence, machine learning platforms, or related technologies’ as a key investment in the coming years.

Overall, a high majority (over 80%) of surveyed executive in mainland China and across Asia have found their function playing a leading role in their organisation’s response to the impacts of COVID-19; this number is even higher among Hong Kong respondents (93%). As talent risk emerges as the top challenge now faced by CEOs in China[1], it becomes even more crucial for the HR function to develop targeted talent management strategies to retain talent and support business growth.

About the survey

The HR Pulse 2020 survey covers 1,288 HR executives in 59 countries and territories (with majority representing from the largest economies in the world) and 31 key industry sectors (such as asset management, automotive, banking, consumer and retail, energy, infrastructure, insurance, life sciences, manufacturing, technology, and telecommunications).

A third of the companies (33 percent) surveyed are C-suite and 29 percent are HR executives such as senior vice presidents. Approximately 32 percent of companies surveyed report an annual revenue of US$1B+.

The survey was conducted in from July 21 to August 7. Note: some figures may not add up to 100 percent due to rounding.

About KPMG China

KPMG member firms and its affiliates operating in mainland China, Hong Kong and Macau are collectively referred to as "KPMG China". KPMG China is based in 26 offices across 24 cities with around 12,000 partners and staff in Beijing, Changsha, Chengdu, Chongqing, Foshan, Fuzhou, Guangzhou, Haikou, Hangzhou, Jinan, Nanjing, Ningbo, Qingdao, Shanghai, Shenyang, Shenzhen, Suzhou, Tianjin, Wuhan, Xiamen, Xi’an, Zhengzhou, Hong Kong SAR and Macau SAR. Working collaboratively across all these offices, KPMG China can deploy experienced professionals efficiently, wherever our client is located.

KPMG is a global network of professional services firms providing Audit, Tax and Advisory services. We operate in 147 countries and territories and have more than 219,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such. In 1992, KPMG became the first international accounting network to be granted a joint venture licence in mainland China. KPMG was also the first among the Big Four in mainland China to convert from a joint venture to a special general partnership, as of 1 August 2012. Additionally, the Hong Kong firm can trace its origins to 1945. This early commitment to this market, together with an unwavering focus on quality, has been the foundation for accumulated industry experience, and is reflected in KPMG’s appointment for multidisciplinary services (including audit, tax and advisory) by some of China’s most prestigious companies.

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Farmmi’s Subsidiary Successfully Passes Stringent Double Certification Audit; Able to Fully Use Expected 20% Increase in Production Capacity

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LISHUI, China, Sept. 22, 2020 /PRNewswire/ — Farmmi, Inc. ("Farmmi" or the "Company") (NASDAQ: FAMI), an agriculture products supplier in China, today announced one of its subsidiaries, Zhejiang Forasen Food Co, LTD, successfully passed the stringent BRC Global Standard for Food Safety and Hazard Analysis Critical Control Point ("HACCP") certification audits.  Passing the audit of two certifications, or the "Double Certification" audit, further validates the Company’s quality management and food safety management systems.

The Company began the certification process earlier this year as part of the final phase of its technology transformation project.  With the "Double Certification" granted, the Company will now be able to fully utilize its expanded production capacity.

Ms. Yefang Zhang, Farmmi’s Chairwoman and CEO, commented, "This is another important milestone for Farmmi. Our team worked hard to implement the major technology transformation project we started back in July 2019. The successful completion of the comprehensive and careful examination, and receipt of the ‘Double Certification’ will now allow us to fully utilize an expected 20% increase in production capacity achieved by our investment and technology transformation project. It is very timely for us to have the increased capacity given our accelerating sales channel development and demand growth. Our strategy of innovation-driven development and commitment to green, intelligent, high-end, standardized requirements, will help us to further improve quality and efficiency, and solidly promote the high-quality development of enterprises."

China Quality Certification Center conducted the audits. Its audit team carried out an expansive on-site inspection and audited the Company’s entire process from food inspection, production and storage to sales and distribution. After three days of comprehensive, careful examination, the audit team gave high marks for the Company’s food safety management and control, production site management and control, product traceability and product inspection capabilities and processes.

The BRC Global Standard for Food Safety is one of the highest standards of the EU food safety system, and has become the internationally recognized food standard quality system audit standard. The audit standard includes all relevant employees of the application enterprise, product quality, the quality and safety and health assurance ability of food suppliers, and the safety assurance ability of food sales and inventory.

HACCP is an assessment of hazards that may occur during food processing and the adoption of a preventive food safety control system. HACCP can help prevent, eliminate or reduce hazards by taking effective corrective actions to ensure that food processors can provide consumers with safer food.

About Farmmi, Inc.

Headquartered in Lishui, Zhejiang, Farmmi, Inc. (NASDAQ: FAMI), is a leading agricultural products supplier, processor and retailer of Shiitake mushrooms, Mu Er mushrooms, other edible fungi, and many other sought-after agricultural products. The Company’s Farmmi Liangpin Market serves as a trading platform for Chinese geographical indication agricultural products and is a large platform for consumers to access locally sourced agricultural products. For further information about the Company, please visit: http://ir.farmmi.com.cn/.

Forward-Looking Statements

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including the potential impact of COVID-19 on our business within and outside of China. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.

 

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IMA to Hold First Virtual AsiaPac Conference, Empowering Finance and Accounting Professionals

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IMA announces speaker line-up and the start of registration for its 2020 Virtual AsiaPac Conference for finance and accounting professionals

SINGAPORE, Sept. 22, 2020 /PRNewswire/ — IMA® (Institute of Management Accountants) the association of accountants and financial professionals in business, today announced the start of registration for its 2020 Virtual AsiaPac Conference. The conference, to be held on 17 October, 1pm to 5pm, will host an array of prominent industry and academia experts sharing exclusive content in a fully immersive, virtual experience. This event is free for all, and attendees can earn up to 3.5 CPE credits.

With world-class speakers from all around the globe confirmed from IBM, Johnson & Johnson, Grant Thornton, Deloitte and others, the IMA Virtual AsiaPac Conference will provide finance and accounting professionals with the right skills and opportunities to innovate and create value when it comes to being future-ready. The speakers represent a mix of senior accounting and finance leaders from the U.S., Singapore, Japan, and Australia, and will provide attendees with examples and insights covering topics such as the challenges the industry is facing today and in the future, especially with COVID-19, and how data is used to tell strategic stories to inform business decisions.

"This conference is an integral part of our region’s initiatives to support the advancement of the accounting and finance profession, and bridge the skills gap of the professionals by connecting them with some of the prominent industry leaders with the insights and analyses that will empower them to thrive and take on the future with confidence," said Josh Heniro, Ph.D., Senior Director, Southeast Asia & Australasia, IMA.

The IMA Virtual AsiaPac Conference presents a platform to discuss and engage in critical regional and global issues. Some of the keynote, panel and breakout presenters include:

  • Jeff Thomson, U.S. CMA, CSCA, CAE, President and CEO, IMA
  • Jim Gurowka, CAE, Senior Vice President, Global Business Development, IMA
  • Trinh Duc Vinh, Deputy Director, Accounting & Auditing Supervisory Department, Ministry of Finance, Vietnam
  • Tony Kam, U.S. CMA, Vice President, Corporate Development, M&A (APAC and Middle East), Cognizant
  • Angeline Chua, Chief Financial Officer & Chief Operating Officer, IBM ASEAN
  • Junko Watanabe, U.S. CPA, Board Member & Partner, Deloitte Asia Pacific and Deloitte Tohmatsu Japan Group
  • Maria Victoria C. Españo, Chairperson and CEO, P&A Grant Thornton, Philippines
  • Keyur Shah, Senior Finance Director, FP&A COE, APAC, Johnson & Johnson
  • Gillian Vesty, Ph.D., Associate Professor, School of Accounting, Information System and Supply Chain, College of Business and Law, RMIT University, Australia
  • Tae Hyoung Kim, U.S. CMA, U.S. CPA, EA, Tax Practice Group Associate, International Tax & Transfer Pricing, Yoon & Yang LLC, Korea
  • Robert Chen, Partner, Exec|Comm

For complete information about the IMA Virtual AsiaPac Conference and registration details, please visit: https://www.imanet.org/events/asia-pacific-conference

About IMA® (Institute of Management Accountants)

IMA®, named the 2017 and 2018 Professional Body of the Year by The Accountant/International Accounting Bulletin, is one of the largest and most respected associations focused exclusively on advancing the management accounting profession. Globally, IMA supports the profession through research, the CMA® (Certified Management Accountant) and CSCA® (Certified in Strategy and Competitive Analysis) programs, continuing education, networking, and advocacy of the highest ethical business practices. IMA has a global network of more than 125,000 members in 150 countries and 350 professional and student chapters. Headquartered in Montvale, N.J., USA, IMA provides localized services through its four global regions: The Americas, Asia/Pacific, Europe, and Middle East/India. For more information about IMA, please visit www.imanet.org.

Logo – https://photos.prnasia.com/prnh/20191017/2614087-1LOGO?lang=0

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