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September 2021

Solution Q3 2021 Financial Reports Financial Results

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Vancouver, British Columbia – (Newsfile Corp. – September 14, 2021) – Financial Solution Inc. (TSX: SFI) (the Society) a leading provider of luxury yacht and auto rentals in Canada, today announced its financial results for the third quarter ending July 31, 2021.

Profit Highlights for the Quarter:

  • Net income increased to $ 406,455 and adjusted net income(1) increased to $ 531,092.
  • Net sales increased 58% from the prior year quarter to $ 6,228,929.
  • The total lease and finance contract portfolio decreased 3.5% to $ 22,647,562 from the prior quarter.
  • Quarterly dividend on common shares of $ 0.001 per share or returns approximately 1% to the Company’s current share price of $ 0.45 per share.

“Our third quarter results are a strong indication of pent-up demand for luxury vehicles in the market after such a long hiatus due to COVID. This summer we saw a significant increase in lease transactions and late vehicle sales. leasing rates remained extremely strong due to the continuing shortage of microprocessors impacting the launch of new luxury vehicles to market. After the quarter ended, our August was the busiest month since starting. COVID with over $ 3.2 million in new leases added to our internal portfolio, “said Bryan Pang, CEO of Solution. We are also very excited to move to the TSX and look forward to connect with more investors interested in better understanding our expansion plans and our unique approach to luxury asset ownership that is a perfect fit for our era current societal and economic situation. This timeline fits well with the rollout of our luxury and ultra-luxury LeaseClub programs in Ontario, designed to help Ontario luxury dealerships sell more vehicles and help consumers better manage their cash flow and their vehicle use options versus other rental or ownership options, ”Bryan concluded.

Financial results

Solution reports net earnings of $ 492,455, or $ 0.005, per share for the quarter ending July 31, 2021. This compares to net earnings of $ 235,222 or $ 0.003 per share for the quarter ending July 31 2020.

Adjusted net income, which more reflects actual cash earnings, for the quarter ended July 31, 2021 was $ 531,092(1) or $ 0.006 per share compared to $ 301,084 or $ 0.004 per share for the quarter ended July 31, 2020. Adjusted net income excludes the non-cash accretion charge related to convertible debentures and right-of-use assets of 28 $ 148, stock-based compensation expense of $ 288 and amortization expense of $ 10,201.

Solution’s operating cash flow for the nine-month period ended July 31, 2021 decreased slightly to $ 4,214,474, compared to $ 4,667,047 for the quarter ended July 31, 2020.

Rental portfolio

As of July 31, 2021, Solution had 290 vehicles in the In House rental portfolio, a net decrease of 3 vehicles and $ 795,428 during the quarter to bring the total rental portfolio to $ 22.6 million.

As of July 31, 2021, the average residual term of the portfolio leases is 1.7 years, weighted by the net book value of each vehicle. As at July 31, 2021, Solutions’ 290 leases generated annualized gross rental and rental income of approximately $ 5.9 million, which remained the same as in the previous quarter.

About the solution

Solution Financial began operations in 2004 and specializes in sourcing and leasing luxury and exotic vehicles, yachts and other high value assets. Solution works with a select group of luxury auto and marine dealerships providing lending solutions to customers who cannot obtain lease terms from traditional Canadian financial institutions or other lenders. Typical clients include new immigrants, business owners, and international students. Solution Financial provides a unique rental experience through which it partners with its clients to help them meet the challenges of acquiring, insuring, maintaining and upgrading vehicles and luxury assets in Canada.

Note 1- Non-IFRS financial indicators

The solution provides all financial information in accordance with International Financial Reporting Standards (“IFRS”). To complete our consolidated financial statements presented in accordance with IFRS, we also provide with this press release certain non-IFRS financial measures, including adjusted net income. In calculating these non-IFRS financial measures, we have excluded certain transactions that are not necessarily representative of our day-to-day activities or that do not have an impact on cash flows. These measures are not recognized measures under IFRS and do not have standardized meanings prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. These measures should not be viewed in isolation or as a substitute for analyzing our financial information presented in accordance with IFRS.

Caution Regarding Forward-Looking Statements

This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Such information includes, without limitation, statements regarding our objectives, our strategies to achieve those objectives, as well as statements made regarding the beliefs, plans, estimates, projections and intentions of management, and statements. similar regarding expected future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking information can generally be identified by the use of forward-looking terms such as “outlook”, “objective”, “may”, “will”, “expect”, “intend”, “believe” , “Should”, “plan” or “continue”, or similar expressions suggesting future results or events. This forward-looking information reflects the current beliefs of management and is based on information currently available to management. Although the forward-looking information contained in this press release is based on what management considers reasonable assumptions, there can be no assurance that actual results will be consistent with such forward-looking information. Certain statements included in this press release may be considered a “financial outlook” for the purposes of applicable Canadian securities laws, and as such, the financial outlook may not be appropriate for purposes other than this press release. hurry.

The forward-looking information contained in this press release is made as of the date of this press release and should not be construed as representing the views of Solution as of any date subsequent to the date of this press release. Unless required by applicable law, Solution’s management and board of directors do not undertake to publicly update or revise any forward-looking information, whether as a result of new information or future events. or otherwise.

For more information, please contact Sean Hodgins at (778) 318-1514.

ON BEHALF OF THE BOARD

(sign) “Bryan pang
Brian pang
President, CEO and Director

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

NOT FOR DISTRIBUTION TO US WIRE SERVICES OR FOR DISTRIBUTION IN THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/96423

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ESG factors at the heart of the concerns of financial institutions

By Financial institutions No Comments

Financial institutions around the world are increasingly facing risks due to regulatory and reporting requirements that focus on the environmental, social and governance (ESG) impacts of their operations.

ESG strategy is crucial

There has been new legislation on ESG matters for the financial sector in 2021, including the Sustainable Finance Disclosure Regulation in the European Union and the Executive Order on Climate-Related Financial Risk in the United States.

The ESG performance of companies and financial sector institutions gradually influences investment decision making, lending criteria and insurance considerations. Clearly, companies unable to demonstrate an ESG strategy will jeopardize the long-term viability and resilience of their business.

While there is no definitive list of ESG risks for financial institutions to consider, they typically include a mix of the following.

Environment

Criteria examining an organization’s impact on the planet include:

  • Calculation of a company’s total emissions, as a measure of its commitment to fight climate change.
  • An entity’s plans for the transition to low-carbon use to ensure energy security.
  • Monitoring and reporting of greenhouse gas (GHG) emissions.
  • Set targets for pollution and waste practices.
  • The projects in which they invest or lend and the impact of these projects.

For financial institutions, the transition to green finance is not only key to an organization’s reputation, but is also emerging as a regulatory requirement globally.

Social

Criteria examining how an organization treats and values ​​its employees and surrounding communities include:

  • Labor management policies.
  • Health, safety and well-being commitments.
  • Impacts that an organization has on the local community and whether these effects are beneficial or negative.
  • Labor standards of a company’s suppliers.

These concerns are just a few of many for financial institutions, along with the need to incorporate policies for diversity and inclusion, social equality and customer privacy.

Governance

Governance criteria assess the corporate governance practices of a company. These focus on the structure of the board of directors, in particular the diversity of the board of directors, the quality and transparency of the audit, and compensation issues, such as executive compensation.

ESG risk preparedness varies

Financial institutions currently differ significantly in their preparation for the transition to sustainability, at which point organizational agility to meet new laws, requirements and customer expectations is going to be key.

In a recent Marsh poll, 80% of respondents in the financial services industry ranked climate change and ESG factors as an important or most important issue for their operations.

However, 42% of those surveyed said they have an ineffective process, if any, to identify, respond to and implement changes based on climate threats and ESG factors.

The survey also found that 80% of financial companies had yet to perform a full stress test on the financial impacts of climate threats on their current and future operations.

Conclusion

Organizations that take a more proactive and methodical approach to understanding the impact that ESG factors and climate change will have on their most valuable assets will undoubtedly be able to incorporate higher levels of resilience into their operations. As more attention is paid to ESG concerns globally, the need to act will continue to increase sharply.

Key actions to be taken include:

  • Evaluate the implications of ESG for your organization using industry data, risk indices, physical climate models, and the perspectives of key stakeholders.
  • Analyze and establish ways to control the physical, transition and reputational risks associated with ESG for your organization.
  • Analyze external reporting requirements. Many financial institutions around the world are already aligning with reporting frameworks, such as the Climate-Related Financial Disclosures Working Group (TCFD) and the Global Reporting Initiative (GRI).

By acting on the above, support the execution of ESG objectives in line with an organization’s risk appetite and integrate the practices into established environmental resource management and resilience frameworks.

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BPK-BPKP cooperate to expedite review of government financial reports

By Financial reports No Comments

BPK and BPKP will strengthen synergy and coordination through collaboration described in detail in the MoU

Jakarta (ANTARA) – The Indonesian Audit Agency (BPK) and the Financial and Development Oversight Agency (BPKP) signed a memorandum of understanding to expedite the follow-up review of the financial management of the State.

“As an auditing agency, BPK should work in synergy with BPKP under the Government Internal Oversight Apparatus (APIP) to monitor state finances,” BPK Chairman said, Agung Firman Sampurna, during the signing of the MoU here on Friday.

“BPK and BPKP will strengthen synergy and coordination through a collaboration described in detail in the MoU,” he added.

The newly inked MoU is an updated version of the previous MoU signed in 2011, Sampurna said.

Under the new agreement, BPK and BPKP have agreed to cooperate in exchanging data and information, he said.

According to Sampurna, this will be done using data from the information technology system developed by BPK and BPKP, using BPKP’s audit result report or BPK examination result, and using the opinion and BPK’s Examination Result Report Regarding the State Financial Management Review.

Other areas of cooperation between the agencies will include the use of auditors, joint audits on certain issues, education and training, research and development, as well as other activities in accordance with the agreement, a- he declared.

With this agreement, BPK and BPKP will expand the scope of their work to monitor and oversee the capacity of state institutions to manage the COVID-19 pandemic, he added.

“APIP acts as an independent and objective third line of defense. With this concept, the APIP plays an important role in the accountability of the implementation of national development, which corresponds to the role of BPK in the vision of BPK 2020-2024 ”, noted Firman.

Related News: COVID-19 Threatens Achievement of Five SDG Agenda Goals: BPK
Related News: Supporting State Budget Reallocations for COVID-19 Management: BKP
Related news: working to ensure that rice aid reaches targeted beneficiaries: BPKP

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Enron Corporation, FICO, Moss Adams, SAS Institute, IBM, BAE Systems – Clark County Blog

By Financial statement No Comments

The recent report on 2021 Financial Statement Fraud Market Report by Key Players, Types, Applications, Countries, Market Size, Forecast to 2027 » Offered by Credible markets, includes a comprehensive survey of geographic landscape, industry size as well as estimated company revenue. In addition, the report also highlights the challenges hampering the market growth and expansion strategies employed by the leading companies in the “Financial statement fraud market”.

A comprehensive competitive analysis that covers relevant data on industry leaders is intended to help potential market entrants and existing players competing with the right direction to arrive at their decisions. Market structure analysis discusses in detail Financial statement fraud companies with their profiles, market revenue shares, full portfolio of their offerings, networking and distribution strategies, regional market footprints, and much more.

Sample request with complete table of contents and figures and graphics @ https://crediblemarkets.com/sample-request/financial-statement-fraud-market-935828?utm_source=Priyanka&utm_medium=SatPR

By the main key players

Enron Corporation
FICO
Adams foam
SAS Institute
IBM
BAE systems
LexisNexis
Heart
PwC Australia
DXC technology

By types

Financial statement fraud detection solutions
Financial statement fraud prevention solutions

By applications

Large companies
Small and medium-sized enterprises (SMEs)

Geographically, the detailed analysis of the consumption, revenue, market share and growth rate of the following regions:

  • North America (United States, Canada, Mexico)
  • Europe (Germany, United Kingdom, France, Italy, Spain, Others)
  • Asia-Pacific (China, Japan, India, South Korea, Southeast Asia, others)
  • Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, others)
  • South America (Brazil, others)

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Some points from the table of contents

Global Financial Statement Fraud Market Research Report with Opportunities and Strategies to Drive Growth – Impact and Recovery of COVID-19

Chapter 1 Market Snapshot

Chapter 2 Market dynamics

chapter 3 Associated industry assessment

Chapter 4 Competitive market landscape

Chapter 5 Analysis of leading companies

Chapter 6 Market Analysis and Forecast, by Product Types

Chapter 7 Market Analysis and Forecast, by Applications

Chapter 8 Market Analysis and Forecast, by Regions

Chapter 9 North America Financial Statement Fraud Market Analysis

Chapter 10 Analysis of the financial statement fraud market in Europe

Chapter 11 Asia-Pacific Financial Statement Fraud Market Analysis

Chapter 12 South America Financial Statement Fraud Market Analysis

Chapter 13 Middle East & Africa Financial Statement Fraud Market Analysis

Chapter 14 Conclusions and Recommendations

Chapter 15 Annex

Do you have a specific question or requirement? Ask our industry expert @ https://crediblemarkets.com/enquire-request/financial-statement-fraud-market-935828?utm_source=Priyanka&utm_medium=SatPR

Key questions addressed in the report

  • What is the Total Market Value of Financial Statement Fraud Market Report?
  • What would be the forecast period in the market report?
  • What is the market value of the financial statement fraud market in 2021?
  • What are the views of key industry leaders on financial statement fraud?
  • What is the base year calculated in the Financial Statement Fraud Market Report?
  • What are the key trends in the Financial Statement Fraud Market report?
  • What are the market values ​​/% growth of emerging countries?
  • Which market has the maximum market share of the Financial Statement Fraud market?

Contact us

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The Development Bank will complement and strengthen existing financial institutions

By Financial institutions No Comments

Development Bank would provide more funds, technical support and training to foster economic growth

Professor Peter Quartey, director of the Institute for Statistical, Social and Economic Research (ISSER), said the National Development Bank (NDG) will complement and strengthen the operations of existing financial institutions.

He said the Development Bank will provide more funds, technical support and training, among others, to help economic growth.

Professor Quartey was speaking at a development dialogue organized by ISSER on the theme: “National Development Banks and Sustainable Finance in Ghana” in Accra.

ISSER chief speaking on “Synergies between the New National Development Bank”, said NDB will deepen financial intermediation, which will propel industry growth, NDB activities and yields.

He said NDB, by applying the wholesale model (EximBank, Agricultural Development Bank (ADB), National Investment Bank (NIB), Fintech), could serve more end customers and cover more sites without incurring high operating costs.

He said the wholesale model proposed by the NDB would foster the growth of private financial intermediaries who become the arms of the NDB, thus reaching underserved sectors and clients.

“The private financial institution that mediates NDB funds will partially absorb some of the NDB’s credit risk,” he said.

However, Professor Quartey said interest rates for end customers may be higher because private financial institutions have passed on their cost of financial intermediation as well as any other margins.

He said the NDB would not provide commercial loans or direct commercial loans to economic actors, but through the NIB, AfDB and Eximbank.

He said development banks, when functioning, would fill the gap in appointing directors to companies, deploying in-house expertise, underwriting and issuing equity, and playing a countercyclical role, supporting corporate levels. global investment and protecting the productive structure of the economy.

The ISSER chief said the Bank would serve as a source of investment funds for the country’s commercial banks and provide advanced medium and long-term financing instruments for specific sectors of the economy, focusing on ’emphasis on agriculture and industrial sectors.

It would also enhance the growth and expansion of many companies by injecting additional capital into the agricultural and industrial sectors through their respective designated banks.

He said the NDB should improve the country’s trade balance by generating more exports and encouraging import substitution, encouraging innovative technologies and improving management skills within the private sector through training.

Professor Quartey said that NDB would certainly provide long-term financing to economic actors and stimulate growth and work closely with Exim Bank, ADB and NIB with mutual benefits for these actors.

He said that with regard to synergies, there would be the intermediation of funds from NDB to end users, absorption of credit risks, provision of equity, technical support, vocational training and financial deepening, financial sector growth and NDB growth.

He said the success of the Development Bank would depend on employing competent managers, operated like a business and free from undue political interference.

“We should strengthen regulation to avoid another cleanup of the financial sector (2000, 2017, 2034?),” He added.

Dr Vera Fiador, senior lecturer at the University Business School, speaking on successful approaches and future national development banks, said there should be a need to look at the market failures that need to be addressed and the best way to go about it.

She said, “We also need to question some of the tested methods that have actually worked for the success of some development banks. “

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