EU governments struggle to fund green transition
Investors in Czech solar parks threaten to sue Prague over planned cuts to subsidies for photovoltaic installations
Investors are threatening to sue the Czech government over planned cuts to solar power subsidies, the latest dispute highlighting how Europe’s cash-strapped governments are struggling to finance the bloc’s green transition.
Three solar developers have warned Prague about possible lawsuits if the government goes ahead with plans to retroactively lower subsidies for photovoltaic installations connected to the power grid as far back as 2009.
The move comes after several European countries such as Poland and Germany have started to reconsider subsidies for renewable energy technologies, with the industry warning that the EU risks missing its climate goals if this trend continues.
“This is a big canary in the coal mine indeed,” said Walburga Hemetsberger, chief executive of the industry body SolarPower Europe. She added that the move could set a dangerous precedent for other governments and that it was “paralysing future projects”.
The Czech government has defended the draft law, arguing that the cost of financing the solar sector should not excessively burden taxpayers and should be brought down in line with the country’s budgetary constraints.
The European Commission said that it was monitoring the Czech decision and had been in touch with the parties involved.
The EU has set itself ambitious targets for cutting emissions and developing clean energy sources, sped up by the bloc’s need to wean itself off Russian fossil fuels following Moscow’s full-scale invasion of Ukraine in February 2022.
But red tape and supply chain issues, and calls from European manufacturers not to buy cheaper Chinese panels that risk undercutting the bloc’s industry, have in some places delayed the switch to renewable energy.
The Czech Republic has among the fewest solar parks in central and eastern Europe, with coal still making up more than a quarter of its energy mix, according to the International Energy Agency.
Despite lagging behind its neighbours, the country’s recent move to further de-incentivise investment in renewable energy “is a warning to investors to take their money elsewhere”, said Jan Krčmář, executive director of the Czech Solar Association. “This is a signal for investors that . . . the laws of the game can be changed at any point during the match.”
Prague set up its solar subsidy regime in 2005 for a 20-year period, which successfully kick-started solar development as financiers looked for safe, government-backed investments.
Thousands of households, small businesses and international investors took out loans to install solar panels that are in many cases still being repaid. The government pays about €1bn to €1.2bn in subsidy support annually, according to the Czech Solar Association.
The Czech government last year told Brussels in its assessment of how it plans to meet climate goals that it wanted to roll out renewable energy sources faster, but that a “lack of subsidy support” was the main reason for the country’s “stagnation” in the area.
Pavel Maleček, head of asset management at Enery, the country’s third-largest solar operator, said that Prague’s proposed changes “pose a significant risk” to ongoing and future projects.
“Such changes could lead to bankruptcies and yield far fewer savings than the ministry of finance expects,” Maleček said.
Enery is one of the three investors that has threatened to sue, along with Voltaic Network and Photon Energy. Georg Hotar, CEO of Photon, said his company would demand “appropriate compensation from the Czech state” for slashing their return on investment if the new law came into force.
Voltaic Network, a German company, told the commission in a letter seen by the Financial Times that along with dozens of other investors, they “face the risk of power plants going bankrupt” and “wiping out billions of dollars in investments”.
The investors plan to sue Prague under the Energy Charter Treaty, an international agreement originally aimed at protecting western investors after the collapse of the Soviet Union.
Spain has been fighting multiple multimillion euro cases against renewable investors under the ECT, after altering the terms for subsidies in the wake of the 2008 financial crisis that then also forced a bailout of Spanish banks.
France also cut subsidies in 2010, resulting in heavy job losses across its solar sector.
The Italian government this year announced it would limit the rollout of solar panels on farmland, with developers warning that Rome risks missing its climate goals. Italy, Poland and Germany have all announced cuts to heat pump subsidies in recent years.
For the fragile coalition of Czech Prime Minister Petr Fiala, the solar funding cuts present a fresh challenge after last month’s departure of a coalition partner, the Pirate party.
The government hopes that the parliament will approve its new solar legislation before the year-end, but several of Fiala’s coalition lawmakers abstained from voting last week in a parliamentary committee.
The subsidy dispute comes as Czech households struggle to pay some of Europe’s highest electricity bills, while companies look to source energy elsewhere. T-Mobile Czech Republic in June signed an agreement to receive renewable power from Romania.
The country risked becoming a net importer of electricity, warned Pavel Rek, a director at Tedom, a Czech energy and engineering company. If the government finally pushed through the controversial cut in solar subsidies, then it should at least reallocate the money to “restore subsidy support for electricity prices”, Rek said.
Why the EU’s biometric border won’t come before spring 2025
Border bugs
Travellers don’t have to worry about extraordinarily long queues when entering the EU for a little while. The bloc’s revamped electronic border system probably won’t come into force before next spring, writes Laura Dubois.
Context: The EU has delayed the introduction of its new “Entry Exit System” after Germany, France and the Netherlands said that the necessary computer systems were not ready, and industry representatives warned of queues and delays.
The European Commission is now working on legislation to phase in the new system, which will require foreign travellers to register their fingerprints, facial images and other personal details upon arriving. It will also allow border police to immediately see whether and for how long people are allowed to stay in the bloc.
EU officials yesterday discussed different possibilities to introduce the system only in parts for now, according to several people briefed on the talks.
Options include implementing the new controls only at certain border crossings, for instance starting with small airports, or checking only certain groups of travellers, three of the people said. A third option could be feeding only certain data into the system, they added.
“The member states will have a certain amount of leeway in how to implement the different aspects [of the system],” said an EU diplomat. Another diplomat said that those member states that were ready could already implement the checks fully.
The commission was aiming to present something in the coming weeks, for the transition period to start in spring 2025, said two of the people.
But when the system — which resembles border checks in the US that have been in place for years — will be fully operational at all border crossings remains unclear. One option that has been considered is a transition period of six months, according to the diplomats and officials.
- Siemens (SIE TH) +2.9%
- Siemens Sees Data Center Boom Offsetting Automation Slump
- ASML (ASME TH) +2.2%
- ASML Upholds 2030 Sales Forecast in Bet on AI-Driven Demand
- OMV (OMV TH) +1.3%
- European Gas Jumps as OMV Warns of Risk of Russian Supply Cut
- Talanx (TLX TH) +1%
- Talanx Boosts FY Net Income Forecast
- ASM Intl (AVS TH) +0.9%
- ArcelorMittal (ARRD TH) +0.8%
- ArcelorMittal Raised to Buy at BofA
- Knorr-Bremse (KBX TH) -1%
- Merck KGaA (MRK TH) -1.1%
- Merck KGaA Beats Estimates on Boost From Life Science Unit
- Schneider Electric (SND TH) -1.1%
- Sartorius (SRT3 TH) -1.1%
- Vestas (VWSB TH) -1.2%
- Bankinter (BAKA TH) -1.3%
- Ericsson (ERCB TH) -1.5%
- ABN Amro (AB2 TH) -1.5%
- K+S (SDF TH) -2.9%
- K+S FY Ebitda Forecast Misses Estimates
- Aixtron (AIXA TH) -3.6%
Asian equities declined Thursday as the dollar’s sustained strength and weakness in China weighed on the region’s risk appetite. Japanese stocks climbed as the yen fell. The MSCI Asia Pacific Index slid as much as 0.5%, with shares in China and Taiwan trading lower while those in Australia edged up. Hong Kong shares dropped amid thin volumes as the market stayed open despite signs of severe weather. An index of dollar rose nearly 0.2% to its two-year high, while the 10-year US Treasury yield gained for a third day in Asian trading. US stocks futures fell.
Assets in the region have slumped since the US election as investors assess the impact of President-elect Donald Trump’s proposed tariff policies on the region’s growth, while the surging dollar pressures the region’s currencies. The MSCI’s Asia stock benchmark is on pace for its worst week since April, while a Bloomberg gauge of Asian currencies has dropped over 1% so far this week. Shares of the region’s chipmakers declined as investors continued to weigh the sector’s outlook after Trump’s win. Taiwan Semiconductor Manufacturing Co., a big component of the MSCI gauge, fell as much as 1%. SK Hynix, a South Korean chipmaker, sank as much as 6.1%. Chinese equities may remain range-bound given signs from policymakers at last week’s legislative meeting that stimulus measures are probably not going to target a major reacceleration of growth, Kaanhari Singh, head of Asia cross asset strategy for Barclays, said on Bloomberg Television. US consumer price data was in line with expectations on a headline basis, although the annualized three-month core rate picked up. Overall, the numbers were supportive of a potential Fed cut in mid-December, with swaps traders increasing the likelihood to around 80% from about 56% earlier Wednesday. The nuanced data led short-end bond yields to fall, with the two-year yield dropping five basis points to 4.29%. Treasury yields were slightly higher across the curve in Asian trading. Traders will now shift their focus to US PPI data due later Thursday, which is expected to show headline and core producer prices for October rose year-over-year. The yen fell further against the dollar to the weakest level since July. The drop has taken the yen near levels when Japanese authorities last intervened to prop up its currency, with the nation’s top foreign exchange official warning about the one-sided, sudden moves. Elsewhere in Asia, the yields on China’s new dual-part dollar bonds declined and were at a discount to comparable Treasuries on their secondary market debut Thursday, according to credit traders. China was able to draw more than $40 billion of bids for its first dollar bond issuance since 2021, or 20 times the bonds on offer. Shares of Tencent Holdings rose as much as 2.8% after the Chinese tech giant posted better-than-expected earnings and described green shoots in the economy. Geely Automobile Holdings shares climbed after reporting third-quarter net income growth of 92% from last year. Australia’s unemployment rate held at 4.1% as expected, but the amount of jobs added in October was lower than expected. Bitcoin notched another record high, climbing above $93,000 for the first time, with traders exuberant over Trump’s rhetorical support for crypto. The cryptocurrency was trading around $90,000 in early Asian trading. In other commodities, oil retreated after a Wednesday gain. Gold edged lower for a fifth session.
US After Hours DLO +10.7%, DGII +8.6%, BZH +8.5%, SONO +7.5% higher on earnings; HROW -21.2%, IBTA -15.9%, TSHA -12.7%, TTEK -7% lower on earnings; AEO +8.4% as Soros Capital discloses new position
Nikkei -0.48% Hang Seng -2.01% CSI -1.73% Shanghai -1.73% Shenzen -2.81%
Eur$ +1.054 CNH CNY JPY GBP CHF RUB TRY WTI$ Gold BTC ETH
S&P -0.18% Nasdaq -0.30% EuroStoxx +0.06% FTSE -0.21% Dax-0.13% SMI -0.06%
Macro :
- Element Capital Held $2 Billion in S&P 500 ETFs Before Election
- Bitcoin Briefly Tops $93,000 on Trump Agenda, Fed Policy Outlook
Keep an eye on :
Keep an eye on :
- AGFB BB ; Agfa-Gevaert 3Q Revenue Misses Estimates
- ALKB DC : ALK-Abello 3Q Ebitda Beats Estimates
- ALO FP : Alstom 1H Adjusted Ebit Beats Estimates, Alstom First-Half Results Beat, Guidance Maintained: Street Wrap
- ANIM IM : Anima Holding Buys 3% of Monte Paschi for EU219m
- ASML NA : ASML Keeps 2030 Sales Outlook Unchanged at EU44B to EU60B , ASML Upholds 2030 Sales Forecast in Bet on AI-Driven Demand
- AUSS NO : Austevoll Seafood 3Q Ebitda NOK1.19B Vs. NOK1.01B Y/y
- GBF GY : Bilfinger 3Q Sales EU1.28B Vs. EU1.12B Y/y
- BAMI IM : Italian Lender Banco BPM Buys 5% Stake in Monte Paschi
- BYW6 GY : BayWa 9M Ebit Loss EU77.6M Vs. Profit EU214.6M Y/y
- BOO LN : Boohoo 1H Gross Profit Misses Estimates
- BRBY LN : Burberry 1H Retail Comparable Sales Beats Estimates
- CWC GY : Cewe Stiftung 3Q Sales Meets Estimates
- CSCO US : Cisco 2Q Revenue Forecast Beats Estimates: Snapshot
- CVC ; CVC Capital 3Q Fee Paying AUM EU144.1B Vs. EU113.5B Y/y
- DMP GY : Dermapharm 9M Adjusted Ebitda EU240.3M Vs. EU243.8M Y/y
- DEME BB : Deme Group Sees 2024 Turnover Growth to Exceed 20%
- DTE GY : Deutsche Telekom Boosts FY Adj. EBITDA AL Forecast (1)
- EUZ GY : Eckert & Ziegler 9M Net Income EU23.4M
- EMBRACB SS : *EMBRACER AGREES TO SELL EASYBRAIN TO MINICLIP FOR $1.2B
- EMBRACB SS : Embracer 2Q Net Sales SEK8.55B Vs. SEK10.83B Y/y
- PRT IM : Esprinet 3Q Net Income EU3.35M
- EOAN GY : E.On 9M Adjusted Ebitda EU6.69B Vs. EU7.79B Y/y
- FGR FP : Eiffage 3Q Sales Meets Estimates, Eiffage Results Driven by Energy Systems Division: Street Wrap
- FGR FP : Eiffage 3Q Sales Meets Estimates, Eiffage Results Driven by Energy Systems Division: Street Wrap
- GFT GY : GFT Cuts FY Pretax Profit Forecast
- GCY GY : Grand City Properties 9M Adjusted Ebitda EU250M Vs. EU240M Y/y
- GLJ GY : Grenke Maintains FY Leasing New Business Volume Forecast
- HHHFA GY : Hamburger Hafen 9M Ebit EU93.2M Vs. EU75.6M Y/y
- HLAG GY : Hapag-Lloyd 9m Ebitda EU3.3B
- KESKOB FH : Kesko Oct. Total Sales EU1.13B
- KNIN SW : IMC Logistics Says Kuehne + Nagel to Buy 51% of Co.
- SDF GY : K+S FY Ebitda Forecast Misses Estimates
- LSG NO : Leroy Sees FY Harvest 190,000 Metric Tons
- MC FP : LVMH Names Cécile Cabanis CFO, Replacing Guiony
- MRK GY : Merck KGaA Beats Estimates on Boost From Life Science Unit
- MLP GY : MLP 9M Ebit EU66.4M Vs. EU45.2M Y/y
- AERO SW : Montana Aerospace Sees 2025 Adjusted Ebitda Above EU200M
- BMPS IM : Italy Sells 15% Stake in Monte Paschi Via Placing
- BMPS IM : Del Vecchio’s Delfin Buys 3.5% Stake in Monte Paschi: Ansa
- BMPS IM : Anima Holding Buys 3% of Monte Paschi for EU219m
- NKT DC : NKT Sees FY Oper Ebitda High End of EU310M to EU345M
- NVDA US : Nvidia Partner Quanta to Invest $230 Million in US on AI Demand
- OMV AV : OMV Wins €230 Million Award From Gazprom on 2022 Gas Dispute
- PSM GY ; ProSieben Sees FY Adjusted Ebitda Below EU575M, Saw About EU575M
- SPM IM : Saipem Gets New $1.9b Offshore Contract From Totalenergies Unit
- SNMO NA : SBM Offshore Boosts FY Adjusted Ebitda Forecast
- SU FP : Schneider Electric to Repay 2026 Convertibles Early
- SCR FP : Scor 3Q Net Loss EU117M, Est. Profit EU114.4M (1)
- SHLF NO : Shelf Drilling Boosts FY Adjusted Ebitda Forecast (1)
- SIE GY :
- SRAIL SW : Stadler Abandons Guidance After Valencia Floods
- STAN LN : StanChart Loses Four Financing Bankers in India Amid Revamp
- STR AV : Strabag Orders Surge on Energy-Transition Projects (1)
- S92 GY : SMA Solar Cuts FY Sales Forecast
- SN/ LN : Three Major Investors Call for Break-Up of Smith & Nephew: FT
- SON PL : Sonae 9M Net Income EU149M Vs. EU135M Y/y
- SLHN SW : Swiss Life 9M Premium Revenue CHF15.88B Vs. CHF15.47B Y/y
- SREN SW : Swiss Re 9M Net Income $2.19B
- TLX GY : Talanx Boosts FY Net Income Forecast
- TE FP : TechnipFMC Gets Deal for Total’s Granmorgu Offshore Project
- TIT IM : Telecom Italia 3Q Organic Ebitda Matches Estimates
- HO FP : Thales Targets 2024-2028 Organic Sales Growth Rate 5%-7%
- UU/ LN ; United Utilities 1H Revenue GBP1.08B Vs. GBP975.4M Y/y
- VEON US : Veon 3Q Revenue $1.04B Vs. $945M Y/y
- WAC GY : Wacker Neuson Cuts FY Revenue Forecast, Misses Estimates
- WLN FP : Worldline to Get Credem Merchant Acquiring Assets for €95M
- ZETA US : Zeta Shares Suffer Record Drop After Culper Short Call, Zeta Announces $100m Share Buyback
DAX:
- Siemens (SIE TH) +2.2%
- Siemens Sees Data Center Boom Offsetting Automation Slump (1)
- E.On (EOAN TH) +0.4%
- EON Boosts Power-Grid Spending by 20% as Europe Electrifies
- Deutsche Telekom (DTE TH) +0.3%
- Deutsche Telekom Earnings Boosted by Momentum in US and Germany
- Commerzbank (CBK TH) -0.8%
MDAX:
- Jenoptik (JEN TH) +3.2%
- Jenoptik Raised to Buy at Baader Helvea; PT 29 euros
- Bilfinger (GBF TH) +0.8%
- Bilfinger 3Q Sales EU1.28B Vs. EU1.12B Y/y
- Nordex (NDX1 TH) -1.1%
- HelloFresh (HFG TH) -1.2%
- K+S (SDF TH) -2%
- K+S FY Ebitda Forecast Misses Estimates
- Aixtron (AIXA TH) -3.5%
SDAX:
- MLP (MLP TH) +2.5%
- MLP 9M Ebit EU66.4M Vs. EU45.2M Y/y
- Borussia Dortmund (BVB TH) +1.6%
- AUTO1 (AG1 TH) +1.5%
- AUTO1 Raised to Buy at Bankhaus Metzler; PT 12.50 euros
- Wacker Neuson (WAC TH) -1.6%
- Wacker Neuson Cuts FY Revenue Forecast, Misses Estimates
- GFT (GFT TH) -5.6%
- GFT Cuts FY Pretax Profit Forecast
- SMA Solar (S92 TH) -19%
- SMA Solar 9M Net Income EU34.7M Vs. EU180.4M Y/y
After Hours Summary: DLO +10.7%, DGII +8.6%, BZH +8.5%, SONO +7.5% higher on earnings; HROW -21.2%, IBTA -15.9%, TSHA -12.7%, TTEK -7% lower on earnings; AEO +8.4% as Soros Capital discloses new position
After Hours Gainers:
Companies trading higher in after hours in reaction to earnings/guidance: DLO +10.7%, DGII +8.6%, BZH +8.5%, SONO +7.5%, NN +6.9%, TARS +6.4%, DADA +4.5%, HI +3.9%, CAPR +2.9%
Companies trading higher in after hours in reaction to news: AEO +8.4% (Soros Capital new position), ENGN +8.4% (files $300 mln mixed shelf securities offering; also stock offering by selling shareholders), CNH +7.4% (David Einhorn builds new position, calls shares cheap, according to CNBC), KSCP +5.4% (VZ announces partnership with KSCP), BOOM +3.8% (CEO to retire), TIL +3.8% (files $200 mln mixed shelf securities offering), UNH +3.6% (Soros Capital new position), EVLV +3.2% (to delay 10-Q filing), DMAC +2.3% (announces dosing of first patient in Phase 2 Trial of DM199), XRAY +2.3% (CEO bought 11,306 shares), ALLO +1.8% (to discontinue enrollment in Phase 1 cohort in the ALPHA2 trial), GPCR +1.7% (first patients dosed in Phase 2b ACCESS study; also reports earnings), MKL +1.5% (authorizes new $2 bln share repurchase program), SOLV +1.2% (Trian Fund (Nelson Peltz) increases osition), GEV +0.8% (Soros Capital new position), EXAS +0.5% (Soros Capital new position), FLUT +0.3% (Soros Capital increases position), LLY +0.3% (provides tirzepatide data), VZ +0.1% (VZ announces partnership with KSCP), BABA +0.1% (Soros Capital new position), DHI +0.1% (Soros Capital new position), UBER +0.1% (Soros Capital increases position)
After Hours Losers:
Companies trading lower in after hours in reaction to earnings/guidance: HROW -21.2%, IBTA -15.9%, TSHA -12.7%, TTEK -7%, JJSF -6.7%, DDD -6.6% (guides Q3 revs below consensus; also to delay 10-Q filing), NU -2.8%, KLIC -2.2% (also announces new $300 mln share repurchase program, raises dividend), SARO -1.2%, CSCO -0.9%, HP -0.4%, ALMS -0.1%
Companies trading lower in after hours in reaction to news: ZLAB -6.1% (commences $200 mln ADS offering), JTAI -6% (stock offering by selling shareholder), ODD -3.5% (fund to sell $100 mln of shares back to ODD), UHAL -1.1% (Trian Fund (Nelson Peltz) increases osition), RILY -1% (to delay 10-Q filing), SLRN -1% (files $400 mln mixed shelf securities offering), ICE -0.6% (Soros Capital increases position), SEZL -0.5% (files mixed shelf securities offering), SYNA -0.3% ($400 mln convertible notes offering), BXC -0.3% (new distribution partnership with Oldcastle), VTR -0.1% (commences 10.6 mln share offering), DFS -0.1% (to delay 10-Q filing), NOC -0.1% (awarded $541 mln U.S. Missile Defense Agency contract)
>>> Up
* Ambu Raised to Buy at Nordea; PT 160 kroner
* Georg Fischer PT Raised to 80 Swiss francs at Berenberg
* Jenoptik Raised to Buy at Baader Helvea; PT 29 euros
* Jenoptik Raised to Buy at Baader Helvea; PT 29 euros
* Navigator Co Raised to Outperform at Oddo BHF; PT 5 euros
* Scout24 SE PT Raised to 110 euros from 83 euros at Berenberg
* SoftwareONE Raised to Neutral at Cantor; PT 7 Swiss francs
* UPM-Kymmene Raised to Buy at Jefferies; PT 31.25 euros
>>> Down
* ABN Amro GDRs Cut to Underweight at Morgan Stanley
>>> Down
* ABN Amro GDRs Cut to Underweight at Morgan Stanley
* Casino Cut to Sell at AlphaValue/Baader
* Eni Cut to Neutral at Grupo Santander; PT 16 euros
* Plug Power Cut to Neutral at BTIG
* Vestas Cut to Hold at Berenberg; PT 120 kroner
>>> Initiation
>>> Initiation
* Heijmans GDRs Rated New Outperform at Oddo BHF; PT 36.50 euros
* Siemens Energy Rated New Overweight at Oxcap; PT 55.80 euros
* Snam Rated New Buy at Stifel; PT 5.90 euros
* Terna Rated New Hold at Stifel; PT 8.30 euros
>>> Call
* Terna Rated New Hold at Stifel; PT 8.30 euros
>>> Call
Discovery Capital discloses updated portfolio positions in 13F filing: New IBIT GEO VST JD X positions , Exited WDC GBTC STNE CRDO
Highlights from Q3 2024 filing as compared to Q2 2024 (all amounts are approximate):
- New positions in: IBIT (853.5K shares), GEO (387K), VST (367K), JD (366K), BBAR (272K), CEG (161K), PAM (116K), X (95K), EPR (83K), AEM (74K), BAP (70K), HDB (60K), ENPH (51K), MCD (34K), ONMD (2.3 mln)
- Increased positions in: GENI (to 5.36 mln shares from 4.57 mln shares), TV (to 17.44 mln from 16.94 mln), URA (to 0.34 mln from 0.22 mln), AMZN (to 0.25 mln from 0.14 mln), EPI (to 0.39 mln from 0.31 mln), TTWO (to 0.19 mln from 0.12 mln), BABA (to 0.14 mln from 0.08 mln), AMX (to 1.85 mln from 1.8 mln), APP (to 0.24 mln from 0.23 mln), EWW (to 0.03 mln from 0.02 mln), META (66K from 64K)
- Maintained positions in: HTZ warrants (9.27 mln shares), COMP (2.27 mln shares), SNAP (1.36 mln shares), YPF (0.75 mln shares)
- Closed positions in: WDC (from 620K shares), GBTC (from 603K), STNE (from 386K), CRDO (from 357K), VTLE (from 291K), CVX (from 0.2 mln), OXY (from 164K), NDAQ (from 0.1 mln), UBER (from 90K), INTC (from 79K)
- Decreased positions in: VIST (to 1.26 mln shares from 2.44 mln shares), AGRO (to 1.28 mln from 2.38 mln), GEHC (to 0.21 mln from 0.41 mln), PM (to 93K from 209K), GGAL (to 1.51 mln from 1.57 mln), INDA (to 0.03 mln from 0.06 mln), VKTX (to 131K from 147K)