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ICAI CA December 2022 Foundation exam Mock Test From November 28; Registration Underway

ICAI CA Foundation exam mock test

New Delhi:

The Institute of Chartered Accountants of India (ICAI) which is set to hold the CA December 2022 exams on December 14, 16, 18 and 20 will conduct the second series of mock tests from November 28. Candidates appearing in the December CA exams can register for the mock tests at icai.org. The ICAI CA mock test will be held in physical and virtual modes. For students appearing in physical mode will have to contact their respective regional councils and respective branches.

Recommended: download Free Important E-Books Releated to ICAI exam Preparation. Click Here

The ICAI CA mock test for December Foundation will begin on November 28, 2022 and will continue till December 1, 2022. The CA December Foundation exam timings for the mock test series 2 have been scheduled to be conducted between 2 pm and 5 pm and 2 pm and 4 pm on November 28 - 29 and November 30 and December 1 respectively.

November 28

2 PM to 5 PM

Paper-1: Principles and Practice of Accounting

November 29

Paper-2: Business Laws and Business Correspondence and Reporting

November 30

2 PM – 4 PM

Paper-3: Business Mathematics and Logical Reasoning & Statistics

December 1

Paper-4: Business Economics and Business and Commercial

Link for registration in Student Activities Portal: bosactivities.icai.org

List of Regional Councils/Branch Offices of ICAI: drive.google.com/file/d/1f8EZj-p_kM94JpEd4TjfOqyM7CzvCX8z/view?usp=share_link

Question papers for each subject of the CA Foundation mock test, ICAI said, will be uploaded at BoS Knowledge Portal on the icai.org as per schedule by 1:30 pm every day during this period. Students are advised to download and attempt MTPs in the stipulated time limit. Answer keys to the papers will be uploaded within 48 hours from the date and time of the start of the respective paper, as per schedule through which students can assess their performances.

Sun, 27 Nov 2022 10:00:00 -0600 en text/html https://www.ndtv.com/education/icai-ca-december-2022-foundation-exam-mock-test-from-november-28-registration-underway
Killexams : ICAI CA Foundation exam December 2022: Mock Test From Tomorrow; Apply At Icai.org
ICAI CA Foundation exam December 2022: Mock Test From Tomorrow; Apply At Icai.org
ICAI CA Foundation exam December 2022 Mock Test

Image credit: Shutterstock

New Delhi:

The Institute of Chartered Accountants of India (ICAI) will conduct the mock test paper series 2 from tomorrow, November 28. Candidates can register online for the mock test through the official website– icai.org. The CA Foundation mock test series 2 will be held from 2 pm to 5 pm on November 28 and November 29. The mock test on November 30 and December 1 will be held from 2 pm to 4 pm.

Recommended: download Free Important E-Books Releated to ICAI exam Preparation. Click Here

ICAI's official website reads: “In continuation of Mock Test Paper Series – I, the Board of Studies (Academic) is commencing Mock Test Papers Series – II from November 28, 2022 for students appearing in CA Foundation December 2022 examination.”

According to the schedule, the question papers for each subject of the mock exam will be provided at the BoS Knowledge Portal by 1:30 pm every day. Additionally, the answer keys, which will allow students to evaluate their performance, will be uploaded within 48 hours after the commencement of the paper.

The subject of the mock test series includes Principles and Practice of Accounting, Business Laws and Business Correspondence and Reporting, Business Mathematics and Logical Reasoning and Statistic, Business Economics and Business and Commercial Knowledge.

The CA foundation series 2 mock test will be conducted in physical or virtual mode. Those students appearing in the physical mode need to contact their respective regional councils and respective branches. The CA December 2022 exam is scheduled to be held on December 14, 16, 18 and 20, 2022.

Wed, 30 Nov 2022 10:00:00 -0600 en text/html https://www.ndtv.com/education/icai-ca-foundation-exam-december-2022-mock-test-from-tomorrow-apply-at-icaiorg
Killexams : ICAI CA Foundation December exam 2022 Admit Card Out Now on icai.org
ICAI CA Foundation exam 2022:One can download the CA December Foundation 2022 exam schedule by visiting the official website at icai.org.

The Institute of Chartered Accountants of India, ICAI on Wednesday released the hall tickets or admit cards for CA Foundation December 2022 exam. The candidates who are eligible and got themselves registered can check and download their admit card now. The candidates can download the admit card of CA Foundation December 2022 exam from the official website i.e. onicaiexam.icai.org.

The ICAI December Foundation exam is scheduled to be conducted on December 14, 16, 18 and 20, 2022. Registered candidates are advised to keep an eye on the official website for not missing any updates.

In order to check the same, students should be ready with their registration number and password. The direct link to download call letter has also been attached.

ICAI CA Foundation exam 2022: Steps to download admit cards

For the convenience of the candidates, we have mentioned the steps via which they can download the admit card:

  • Visit the official website -icai.org
  • On the homepage,  click on Examination tab
  • Click on the link for Examinations November December 2022.
  • Click on the link provided for – eservices.icai.org
  • Click on the link provided for ICAI CA Foundation Admit Card
  • Enter your credentials such as user ID, password, etc.
  • Your ICAI CA Foundation Admit Card 2022 will be displayed on the screen
  • Download and take a printout for future reference

Published Date: November 30, 2022 11:15 PM IST

Updated Date: November 30, 2022 11:17 PM IST

Wed, 30 Nov 2022 04:16:00 -0600 en text/html https://www.india.com/education/icai-ca-foundation-december-exam-2022-admit-card-out-now-on-icai-org-5773954/
Killexams : Best Help-Desk Certifications 2022
  • For many IT professional aspirants, technical support or help-desk positions remain a traditional entry point into the field. 
  • Help-desk certifications tend to focus on technical support skills and specific vendors or overarching help-desk functions and job roles. 
  • Valuable certifications include proprietary certs from companies like Apple and Microsoft and broader learning-path certifications from companies like CompTIA and ITIL. 
  • This article is for IT professionals interested in pursuing help-desk certifications to further their careers.

Technical support and help-desk positions are traditional entry points for IT professionals navigating their career paths. Earning a respected help-desk certification can help IT professionals stand out, validate valuable knowledge and skills, and demonstrate their willingness to learn to employers and hiring managers. 

Help-desk certifications tend to focus on two areas: overarching help-desk functions and job roles or technical support skills with an emphasis on specific vendor platforms or products.

We’ll highlight help-desk certifications that fit both categories while also considering employer preferences and specific in-demand career skills these certifications help verify. 

Did you know?Did you know?: Some organizations incorporate the best live chat apps into their help-desk offerings to quickly track and resolve issues.

Top help-desk certifications for IT professionals

Some organizations staff help-desk positions to meet support requirements for specific vendor products, platforms, and tools. Others want team members with an excellent general technical background and an understanding of IT operations, practices and procedures. 

Consider the following well-regarded help-desk certifications and determine which ones best suit your needs and career path. 

1. CompTIA A+2022

CompTIA A+ is an excellent entry-level certification for those entering the IT help-desk and hardware support professions. More than 1 million people have earned this credential, and its popularity with IT professionals and employers remains high. 

CompTIA A+ is one of CompTIA’s core credentials; it’s an ideal foundational certification for candidates pursuing a wide range of other IT certifications. (Visit CompTIA’s career path planning tool to see its versatility.) The A+ is well-known and respected in various IT circles; the Department of Defense recognizes it, and it’s a service technician requirement for many enterprise-level companies, including Dell, HP and Intel.

A+ credential holders are support technicians — either in-house or field techs — who can take on the following responsibilities:

  • Install, configure, and maintain PCs, laptops, printers and mobile devices.
  • Dig into PC and mobile operating systems to configure and troubleshoot those systems.
  • Perform basic networking tasks.

In April 2022, CompTIA launched a new CompTIA A+ credential (CompTIA A+ 2022). In this iteration, candidates can expect to find the following updates:

  • Greater emphasis on security
  • Increased reliance on software-as-a-service (SaaS) applications for remote work, data management, and scripting 
  • Focus on a range of operating systems beyond Microsoft systems 

The new exam addresses nine core competencies:

  1. Harware. CompTIA A+ 2022 addresses identifying, using and connecting hardware devices and components.
  2. Operating systems. CompTIA A+ 2022 focuses on installing and supporting Windows OS and system configuration and troubleshooting for macOS, Chrome OS, Linux and Android.
  3. Networking. CompTIA A+ 2022 explores networks and connection types like TCP/IP, Wi-Fi, and SOHO.
  4. Software troubleshooting. CompTIA A+ 2022 addresses troubleshooting software for PCs, mobile devices and application security support.
  5. Troubleshooting. CompTIA A+ 2022 addresses troubleshooting network and real-world device issues.
  6. Security. CompTIA A+ 2022 addresses identifying and protecting against device and network security vulnerabilities.
  7. Mobile devices. CompTIA A+ 2022 addresses installing and configuring mobile devices.
  8. Virtualization and cloud computing. CompTIA A+ 2022 addresses virtualization and cloud computing elements, including setting up client-side virtualization and understanding different cloud computing concepts.
  9. Operation procedures. CompTIA A+ 2022 addresses demonstrating and following best practices for communication, safety, and environmental factors.

Two exams are still required to earn the credential:

  • Core 1 exam. The Core 1 (220-1101) exam focuses on cloud computing and virtualization, hardware, network technology and mobile devices. 
  • Core 2 exam. The Core 2 (220-1102) exam covers operating system installation and configuration, security, operational procedures and troubleshooting software.

The previous version of the A+ exam was launched in January 2019 and retired in October 2022. If you’re starting preparations for the CompTIA A+ exam, ensure you’re studying for the latest exam version.

Did you know?Did you know?: CompTIA certifications are part of a broader iterative roadmap. For example, A+ leads to CompTIA’s Network+ certification, which opens into a wider range of certifications for cybersecurity, administration and more.

CompTIA A+ facts and figures

Certification name

CompTIA A+ 2022

Prerequisites and required courses

CompTIA recommends 9 to 12 months of experience.

Number of exams

Two exams: CompTIA A+ Core 1 (220-1101) and Core 2 (220-1102)

90 questions maximum per exam; includes multiple-choice, drag-and-drop and performance-based questions

Cost per exam

$246 per exam ($492 total)

URL

https://www.comptia.org/certifications/a

Self-study materials

Self-study materials are available on the CompTIA Marketplace. Materials include exam objectives, sample questions, study guides, and classroom and e-learning opportunities. Credential seekers may also want to check out the CertMaster online learning tool.

Also, the CompTIA A+ Certification All-in-One exam Guide is available on Amazon.

TipTip: When you’re ready to move beyond fundamental networking tasks, consider additional certifications to advance your networking career and achieve titles like network specialist, network administrator or network technician.

2. Apple Certified Support Professional

If you’re a fan of MacBooks and all things Apple, the Apple Certified Support Professional certification is a must. Targeting IT professionals who support Macs, iPhones and iPads in business, this certification validates a candidate’s knowledge and the technical skills necessary to support these platforms and Mac products. 

To earn the certification, candidates must pass the Apple Device Support exam. While the exam has no prerequisites, Apple encourages all aspirants to view the free Apple Device Support tutorials. Additionally, Apple encourages people to have hands-on experience supporting Apple devices with at least 30 to 60 hours of preparation experience. 

The Apple Certified Support Professional is also an excellent starting certification for moving deeper into the Apple space, as it’s a prerequisite to earning the Apple Certified IT Professional certification. As Apple devices become more common in enterprise environments, demand for Apple knowledge may also increase. 

Apple certifications are increasingly popular, especially as Macs become more common in enterprise environments and companies switch from PC to Mac. Apple continues to demonstrate high-quality customer support by preparing in-house support professionals to help their organizations support Apple computers. 

Check out Apple’s Training and Certification page and select the certification of your choice for more info. 

Apple Certified Support Professional facts and figures

Certification name

Apple Certified Support Professional

Prerequisites and required courses

Apple recommends taking courses through its online training services and having hands-on experience with various Apple devices.

Number of exams

One exam: Apple Device Support exam (9L0-3021-ENU)

The exam contains 105 technical questions to be answered in 120 minutes. The passing score is 80 percent. 

Pearson VUE administers the exam. Applicants must first sign into ACRS using their Apple ID and password.

Cost per exam

$149

URL

https://training.apple.com/it

Self-study materials

Apple offers an Apple device self-paced tutorial covering numerous exam objectives. Additionally, the Apple Device Support exam prep guide includes links to Apple documentation for all covered subject areas. 

TipTip: To further shore up your Apple device skills, consider pursuing the AppleCare Hardware Certification program, which is among the best computer hardware certifications around.

3. HDI-CSR: HDI Customer Service Representative

The HDI-CSR certification is designed for IT professionals in call or support centers. Candidates typically have the following talents: 

  • Excellent soft skills that facilitate effective communication and listening
  • Technical skills to assess customer needs
  • The ability to troubleshoot and quickly resolve issues
  • The ability to manage challenging customer interactions 

HDI highly recommends training for the HDI-CSR via an online course, virtual classroom or self-study. The training course contains four units that cover the Topics below:

  • The IT professional’s role in the support center
  • Communication skills
  • Problem-solving and troubleshooting skills
  • Maximum effectiveness

To obtain the HDI-CSR, candidates must pass one exam that focuses on one of the following categories:

  • Leadership (10 percent)
  • Policy and strategy (10 percent)
  • People management (10 percent)
  • Resources (10 percent)
  • Process and procedures (55 percent)
  • Performance results (5 percent)

The HDI Learning Center administers the exam online, and it must be completed within six weeks of purchase.

Of all the help-desk certifications we’re highlighting, HDI’s offerings are probably the best-known and most respected of their kind in the industry. Anyone interested in career advancement in this fast-growing area of IT should dig into HDI’s certification credentials, especially at management levels. 

HDI offers a complete multi-tiered certification program that includes:

Other credentials of interest include:

HDI-CSR facts and figures

Certification name

HDI Customer Service Representative (HDI-CSR)

Prerequisites and required courses

There’s a recommended online course for $499.

Number of exams

One exam: 45 minutes and 35 multiple-choice questions, with a minimum passing score of 80 percent.

Cost per exam

The exam cost includes the course fee; each retake costs $99.

URL

https://www.thinkhdi.com/education/courses/hdi-customer-service-representative.aspx#DeliveryMethods

Self-study materials

HDI offers a self-study bundle that includes three exam attempts. 

Did you know?Did you know?: If you’re considering parlaying a technical position like a help-desk job into a career in IT management, it’s essential to work on your organizational, project management and people skills.

4. ITIL 4 Foundation

ITIL is an industry-accepted framework for managing IT service delivery. ITIL defines a service lifecycle model for processes and activities during the design, development, delivery, and support of IT services. Axelos, a U.K. company, develops best practices, maintains ITIL, and administers the ITIL certification program.

The ITIL Foundation is the entry-level certification in the ITIL scheme, which also includes Managing Professional, Strategic Leader and Extension Module certifications. At the Foundation level, an individual understands key concepts, terminology, roles, and core processes involved throughout the ITIL service lifecycle. 

Although the ITIL Foundation training and examination syllabus specifically includes a service desk component, the entire ITIL Foundation certification lends itself well to the help-desk industry.

Candidates can take a three-day training course through an Accredited Training Organization (ATO) or Accredited Trainer (using the Axelos Find a Trainer web page) and take the exam at the end of the course. Alternatively, they can self-study for the exam and take it at an ITIL Examination Institute. 

ITIL Foundation facts and figures

Certification name

ITIL 4 Foundation Certification — IT Service Management

Prerequisites and required courses

While there are no prerequisites, training is highly recommended. Costs vary greatly depending on the manner of instruction and the training provider’s location. 

Number of exams

One exam: ITIL Foundation

The 60-minute exam contains 40 multiple-choice questions, with a minimum score of 65 percent required to pass.

Cost per exam

$495; PeopleCert provides online proctoring to take the exam. 

URL

https://www.axelos.com/certifications/itil-service-management/itil-4-foundation

Self-study materials

The training and examination syllabus and sample tests are available on the certification web page. Study guides and certification kits are available from Amazon.

For those who want to study on the go, Axelos has an ITIL Foundation mobile study app available.

TipTip: ITIL Foundation certification can also help you establish an enterprise IT architect career. ITIL certs are considered among the best enterprise architecture certifications to advance your IT career.

5. Microsoft 365: Modern Desktop Administrator Associate

Microsoft certifications now have a role-based approach. According to the Microsoft Training and Certification Guide, certs are available for five primary focus areas: Azure, Dynamics 365, Microsoft 365, Power Platform and Security. 

Our pick for the most helpful certification for help desk professionals is the Microsoft 365 Certified: Modern Desktop Administrator Associate. The credential validates the following skills:

  • Deploying, installing and configuring the Windows operating system
  • Configuring and managing storage and connectivity for devices 
  • Maintaining the Windows operating system
  • Protecting any associated devices and all data within those devices
  • Establishing identity and access management 
  • Establishing and managing configuration profiles and compliance policies
  • Protecting, maintaining, and managing devices
  • Managing applications

To earn the credential, candidates must pass two exams:

  • Windows Client (Exam MD-100) 
  • Managing Modern Desktops (MD-101). 

Microsoft 365 Certified: Modern Desktop Administrator Associate

Certification name

Microsoft 365 Certified: Modern Desktop Administrator Associate

Prerequisites and required courses

Achieving the Microsoft 365 Certified: Fundamentals certification is recommended but not required.

Number of exams

Two exams:

  • Windows Client (Exam MD-100)
  • Managing Modern Desktops (Exam MD-101)

Cost per exam

$165 each ($330 total)

Pearson VUE administers the exams.

URL

https://learn.microsoft.com/en-us/certifications/modern-desktop/

Self-study materials

Links to free, self-paced training and fee-based instructor-led training, and on-demand learning are available on the certification web page.

Beyond the top 5 help desk certifications

In addition to the help-desk credentials we’ve highlighted, various outlets offer other tech support certification offerings. Here are some to consider:

  • Ed2Go. Ed2Go (part of Cengage Learning, a major publisher of community college textbooks) offers a certificate program called Help Desk Analyst: Tier 1 Support Specialist. The program is part of business, computer science and information technology curricula at community colleges, universities, four-year colleges and private higher-education companies that offer IT training programs.
  • RCCSP Professional Education Alliance. For help-desk professionals in leadership roles, RCCSP Professional Education Alliance offers the Help Desk Team Lead training and certification program. The two-day training program specifically targets professionals in leadership and management roles. Topics covered include escalation and conflict management, help-desk processes and best practices, people management, coaching, and quality assurance. 

In the help-desk certification arena, the more you look around — and the more specific a target you choose — the more options you’ll find. Outside the credentials we’ve highlighted, proceed with caution.

Key TakeawayKey takeaway: The technology field changes rapidly. New certifications arise, and existing ones are retired frequently. When pursuing help-desk certifications or any of the best IT certifications, ensure they address technologies with long shelf lives that will continue to be in demand.

Choosing the right certification

Selecting the right help-desk certification often means deciding or determining the best technology to focus on. For example, professionals working in environments with heavy Apple or Microsoft usage will likely benefit from those proprietary training paths. In contrast, generalists can find valuable information from HDI, ITIL or CompTIA paths. 

Ultimately, help-desk professionals should remember that skills from any certification will be transferable across roles. 

Jeremy Bender contributed to the reporting and writing in this article.

Mon, 05 Dec 2022 10:00:00 -0600 en text/html https://www.businessnewsdaily.com/10765-help-desk-certifications.html
Killexams : ICAI CA Foundation December 2022 Admit Card Releases at icai.org, Check Steps To download Here

ICAI CA Foundation admit card for December exam 2022 has been released in online mode. Candidates can download the CA Foundation December 2022 admit card by using their registration ID and password. Check steps to download here 

ICAI CA Foundation December 2022 Admit Card
ICAI CA Foundation December 2022 Admit Card

ICAI CA Foundation exam 2022: The Institute of Chartered Accountants of India (ICAI) has issued the CA Foundation December admit card 2022 today. Candidates can download the ICAI CA Foundation admit card 2022 for the December exam at - icaiexam.icai.org. They will have to use their registration number and password in the login window to download ICAI CA admit card 2022. 

Candidates must note that it is mandatory to carry the ICAI CA Foundation December admit card while appearing for exam. They also need to have a valid ID proof along with the CA Foundation admit card to appear in the examination. ICAI December Foundation exam will be conducted on December 14, 16, 18 and 20, 2022.

ICAI CA Foundation Admit Card 2022 for December Session - Direct Link (Available Now) 

How To download ICAI CA Foundation December 2022 Admit Card? 

Only the registered candidates will be able to download the admit card of CA Foundation. They will have to visit the official website to download their ICAI CA hall ticket for December exams. Go through the steps for more details - 

  • 1st Step - Go to the official website of ICAI - icai.org.
  • 2nd Step - On the homepage, click on Examination tab.
  • 3rd Step - On the new page, click on the link for Examinations November-December 2022.
  • 4th Step - Now, on the next page - eservices.icai.org, the candidate login portal will appear on the screen. 
  • 5th Step - Click on the link - ICAI CA Foundation Admit Card.
  • 6th Step - Enter registration number and password.
  • 7th Step - The ICAI CA Foundation admit card 2022 will appear on the screen. 

What Details Will Be Mentioned on ICAI CA Foundation December 2022 Admit Card? 

As per the information available, the CA Foundation admit card for December exam will likley to include the name of the candidate, roll number, exam centre address, name of exam centre, exam dates, reporting time and exam day instructions. Candidates must check the details mentioned on their ICAI CA Foundation admit card carefully. In case of any issues, they can contact the exam authorities to make the appropriate changes. 

Also Read: MICA 2023 Admit Card To Release Today at mica.ac.in, Know How To Download

REGISTER FOR RESULTS UPDATES
Tue, 29 Nov 2022 20:30:00 -0600 text/html https://www.jagranjosh.com/news/icai-ca-foundation-december-2022-admit-card-releases-at-icai-org-check-steps-to-download-here-165788
Killexams : ICAI CA Foundation December 2022: 2nd mock test begins tomorrow

The second mock test for Institute of Chartered Accountants of India (ICAI)'s CA Foundation examination will begin tomorrow, November 28. Candidates can register for it on icai.org or use the link below.

ICAI CA Foundation mock test registration.

“In continuation of Mock Test Paper Series – I, the Board of Studies (Academic) is commencing Mock Test Papers Series – II from November 28, 2022 for students appearing in CA Foundation December 2022 examination,” ICAI said in a notification.

The mock test will be conducted in both physical and virtual modes. Aspirants who want to appear in this test in physical mode can contact their respective regional councils & branches, ICAI said.

ICAI CA Foundation exam will be held on December 14, 16, 18 and 20, 2022. Papers 1 and 2 will be held for 3 hours from 2 pm to 5 pm and papers 3 and 4 will be held for 2 hours from 2 pm to 4 pm. Candidates can answer papers in English or Hindi.

Admit cards for CA Foundation exam are expected are soon on icai.org or eservices.icai.org.

Sun, 27 Nov 2022 02:19:00 -0600 en text/html https://www.hindustantimes.com/education/competitive-exams/icai-ca-foundation-december-2022-2nd-mock-test-begins-tomorrow-101669545759963.html
Killexams : ICAI CA Foundation exam December 2022: Mock Test 2 series to begin Nov 28, check schedule NEW DELHI: The Institute of Chartered Accountants of India is scheduled to conduct the Mock Test Papers Series - II. The CA Foundation 2nd Mock Test Series will begin from Monday, November 28, 2022 and it is being conducted for the candidates who are going to appear for ICAI CA Foundation December 2022 Exam. Candidates who want to apply can register themselves on the official website - www.icai.org.
In continuation of the Mock Test Series - I, the ICAI is conducting the second series to help students prepare for the December session of CA Foundation exam 2022. "In continuation of Mock Test Paper Series – I, the Board of Studies (Academic) is commencing Mock Test Papers Series – II from November 28, 2022 for students appearing in CA Foundation December 2022 examination," reads the official notification on the website.
Register here
As per the notice, the mock test will be conducted in physical/virtual mode(s). Students who will be appearing in physical mode may contact their respective regional councils and respective branches. The schedule for the 2nd mock test has been shared below and a direct link to check the official notification has also been shared for candidates' reference.
Direct link to check notification and schedule for 2nd mock tests
Foundation Level

Date Time Subject
28.11.2022 2 PM to 5 PM Paper-1: Principles and Practice of Accounting
29.11.2022 Paper-2: Business Laws and Business Correspondence and Reporting
30.11.2022 2 PM – 4 PM Paper-3: Business Mathematics and Logical Reasoning & Statistics
01.12.2022 Paper-4: Business Economics and Business and Commercial Knowledge

ICAI CA Foundation exam December 2022 is scheduled to held on December 4, 16, 18 and 20, 2022. There will be four papers and the duration of Paper 1 & 2 will be 3 hours while Paper 3 & 4 will be of 2 hours. Paper 1 & 2 will conducted from 2 pm to 5 pm and; Paper 3 & 4 will be conducted from 2 pm to 4 pm.
Thu, 24 Nov 2022 21:03:00 -0600 en text/html https://timesofindia.indiatimes.com/education/exams/other-exams/icai-ca-foundation-exam-december-2022-2nd-mock-test-series-to-begin-november-28-check-schedule/articleshow/95727370.cms
Killexams : "WITH YOU AND FOR YOU, CHANGING ORPEA!" THE REFOUNDATION PLAN

SIMULTANEOUS OPENING OF DISCUSSIONS WITH THE HOLDERS OF ORPEA SA'S UNSECURED DEBT, WITH A VIEW TO RESTORING THE FINANCIAL BALANCE

  • The Group's ambition: to recover its status as the leading player in the sector by refocusing on the quality of care and support and the development of its employees

  • In order to achieve this, ORPEA has to CHANGE!

    • Change the method: "With You and For You" to involve all its stakeholders in reshaping the Group;

    • Change the approach to care and support with continuous improvement in medical and ethical practices and in the safety and well-being of employees;

    • Rebalancing the financing strategy:

      • Improve operational performance: 9% annual revenue growth by 2025, EBITDAR margin above 20% in 20251, for an estimated EBITDA excluding IFRS 16 of €745m (12.2%) in 2025 2 ;

      • Redefine our property holding strategy (with the potential to dispose of assets as soon as conditions allow) and our geographical scope (restructuring or disposing of countries where the Group does not have an attractive position);

      • Restoring a sustainable financial structure.

PUTEAUX, France, November 15, 2022--(BUSINESS WIRE)--Regulatory News:

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221114006155/en/

(Graphic: Business Wire)

Laurent Guillot, ORPEA's (Paris:ORP) Chief Executive Officer since 1 July, today presents the plan: "CHANGING ORPEA! WITH YOU AND FOR YOU", a plan to rebuild trust and involve its stakeholders: "Four months after my arrival, my diagnosis is clear: ORPEA has moved away from its core activity, focusing on international and real estate development too quickly, at the cost of excessive debt and a very fragile financial situation. In addition, the Group suffered from completely dysfunctional management practices and embezzlement by the former management team.

Faced with this unprecedented situation, with the new management and the unanimous support of the Faced with this unprecedented situation, I am proud to present, with the new management, an ambitious plan for reorganizations in the service of our main mission: to care for the most fragile people.

Today, November 15, we are starting our transformation, which is necessary for residents, patients and their families, employees and society.

We want to deliver our employees the means and conditions to accomplish the mission that motivates them all: to take care of our patients and residents. To do this, we must build the foundations of renewed trust with all our stakeholders: families, the authorities, the financial markets and shareholders. We will:

  • Take care of those who provide care, and deliver them the desire and the means to do their jobs better and better by redesigning a human resources policy that is equal to the challenges;

  • Aim relentlessly for excellence in care and support with a new Medical Director;

  • To have a positive social and economic impact, with strong local roots;

  • Rebuild a transparent and efficient business model.

In a context that has deteriorated significantly, we must also put in place a new, adapted and sustainable financial structure. This is the essential condition for ORPEA to succeed in its re-foundation and to face the future with serenity.

We have solid assets to accomplish this reorganization in a growing sector. Our plan "ORPEA CHANGE! WITH YOU AND FOR YOU" sets a target of 9% annual growth in revenue by 2025 on a like-for-like basis, an EBITDAR margin of over 20% by 2025, and a target of holding 20 to 25% of our real estate assets.

In countries where the Group considers that it does not have a sufficiently attractive position, ORPEA will consider restructuring or exit operations.

With a highly committed and motivated management team, and the expertise and support of our 72,000 employees, I am confident in the implementation of our transformation. Together we will successfully reshape ORPEA."

■  Concrete and rapid actions undertaken from July

Actions were immediately initiated, particularly in France. They were articulated around 3 objectives: Remedy, Organize, Remobilize.

Remedying: getting the company "back on track". This means zero tolerance for unethical practices, transparent review when an institution is challenged, a revised policy for reporting Serious Adverse Events (SAEs), increased attention to recruitment and retention of staff, and a strengthened training system on ethics and good treatment.

Organizing: bring the Group up to the best standards in the sector, structure a Human Resources and salary policy, create an Ethical Care and Benevolence Committee in France, launch the reorganizations of support functions.

Remobilizing: regaining our position as a major player in tomorrow's "ageing well" means broadening the dialogue with stakeholders (begun with the Etats Généraux), defining a raison d'être, engaging in a reflection on the company's mission (mission-driven status), inventing tomorrow's care and services, while promoting synergies between our businesses

■  A broader reflection to respond to the challenges of our businesses, to the situation of the Group and to initiate the plan for the re-foundation of ORPEA

In all our markets, the growth in needs and the increased complexity of care is a major challenge. Between 2021 and 2030, the European population aged over 75 will increase from 66 to 81 million people and the average age of entry into long-term care facilities will rise from 87 to 90, which means that care will be more complex. The need for mental health care is also increasing, with, for example, the prevalence of depressive syndromes rising from 7% to 13% between 2014 and 2021 according to DREES (Direction de la Recherche, des Etudes, des Evaluations, et des Statistiques). At the same time, the expectations of patients, residents and their families are changing: today's "boomers" are attached to their autonomy and social life; generation X will be particularly attached to transparency and their rights. In mental health, the Group also takes care of young people with still different expectations.

Faced with these needs, the difficulties in recruiting care staff are increasing and the view of staff on their profession is ambivalent: while pride in their profession remains very high, at over 90%, the conditions and fatigue associated with the work are mostly judged negatively. To meet these challenges, the Group has solid assets that allow it to be confident for the future:

  • 72,000 employees worldwide are committed and proud of their mission;

  • Proven care protocols;

  • More than 1,000 facilities, diversified in their activities and locations.

■ In view of these observations and the Group's situation, the ambition is clear

ORPEA must once again become the benchmark player in the sector and to do this it must reinvent itself. It must provide its employees with the means and conditions to accomplish the mission that motivates them all: caring for patients and residents. To do this, we must build the foundations of renewed trust with all stakeholders: families, authorities and financial markets.

■ ORPEA launches the Plan WITH YOU AND FOR YOU, CHANGING ORPEA!

We must take care of those who provide care and deliver them the desire and the means to do their job well. Fanny Barbier, the new Group Human Resources Director, has set herself the following objectives:

  • To create, together with the employees, the conditions to guarantee their health, safety and well-being at work. In terms of objectives, the Group is aiming for a 20% reduction in work-related accidents by 2025;

  • Re-design the salary and social policy by fully integrating the social partners;

  • To succeed in retaining employees in order to reduce turnover and temporary contracts by investing in continuous training and internal promotion;

  • Engage by 2024, all "acting" staff in an active training process leading to qualifications;

  • Anticipate the need for resources by increasing the number of apprenticeship contracts fivefold, i.e. from 200 to 1,000 contracts by 2024 in France;

  • Restore more autonomy and initiative to school directors, with the reduction of administrative tasks and a local Human Resources function;

  • Aligning incentives from top management to facility managers on the basis of a new balance: Safety / Health - Quality - Performance;

  • Breaking down silos and providing transparency to establishments to compare their performance and, more broadly, making ORPEA a collaborative and learning company.

  • Priority 2 - With patients and residents

In order to meet the new expectations and to develop together the answers to the care and support challenges of tomorrow, Professor Pierre Krolak-Salmon, the Group's new Medical Director, will have the following main tasks:

  • To set up a medical project, relying on three key pillars. The facilities’ Medical Commissions, keystone of the system. Scientific council in charge of spreading and implementing state-of-the-art medical and care. And a Ethics Steering Committee, chaired by Emmanuel Hirsch, that will provide concrete and operational responses to our colleagues, patients, residents, families and all of our stakeholders;

  • To guarantee the best quality and safety of care at all times with reviewed KPI and Develop a benevolent, non-stigmatising and learning quality culture;

  • To promote innovations that benefit patients, residents, families and professionals;

  • Playing our part fully in all aspects of care, and in particular providing excellent accommodation with local and enjoyable catering, and offering personalized activities;

  • Nurture a more fluid communication between our teams, our patients and residents and their families;

  • Personalizing the support of our patients and residents by working on local care and life paths across the Group activities and services offered.

The Group must have a positive economic and social impact, which means:

  • Enhance the ethics and good treatment training system by training over 300 people by the end of 2024;

  • Increase employee awareness of the declaration of conflicts of interest;

  • Train 100% of the workforce in France by the end of 2023, i.e. a total of 26,000 employees, in the new Code of Ethical Conduct and Corporate Social Responsibility;

  • Strengthen local roots: with local communities (associations, universities, etc.) and with local healthcare providers.

  • In terms of environmental objectives, the Group aims to: reduce carbon emissions, in kg of Co² per m² per year, by -17% by 2025 and -32% by 2030; reduce water consumption; recover 70% of waste from our construction sites; implement certification for 100% of new buildings.

■ Priority 4 – With our various partners

In this respect, the proper management of the real estate portfolio is an essential point. Géry Robert-Ambroix, the Group's new Real Estate Director, will have the main task of putting real estate in its rightful place: a business line serving operations. The medium-term objective is to hold a limited number of proprietary assets (20 to 25% of the portfolio), compared with 47% at the end of 2021.

The Group has identified a portfolio of real estate assets estimated at more than €1 billion, ready to be sold as soon as market conditions allow;

■ In the medium term, creation of a real estate company dedicated to ORPEA, in which the Group would remain the main shareholder and operator. This structure would allow the capital to be opened up to long-term investors.

The Group's future real estate development will be based on very selective criteria, focusing on markets where the Group has a leading position, aiming for a double-digit operating EBITDA margin and a development margin close to 10%.

Laurent Lemaire, the Group's Chief Financial Officer, has begun reorganising the support functions to provide the necessary support to the facilities. Three key projects are underway: an IT upgrade, the structuring of a purchasing function and simplified financial and administrative management. Business monitoring tools are also being deployed for both the financial and non-financial aspects.

At the same time, the Group has launched a strategic review of its portfolio to focus on the most attractive countries and identify restructuring or disposal plans if necessary.

■ Financial implications of the plan

The Group aims for a gradual turnaround in performance over the period 2022-2025, with:

  • An average increase in the number of facilities of 4% per year, to reach 1,173 sites, and in the number of beds of 3.3% per year, to reach 96,806 beds in 2025;

  • An average growth in turnover of 9% per year, to reach 6.1 billion Euros in 2025;

  • EBITDAR margin growth of 340 basis points to 20.4%. This represents an average increase of 16% over the period and an EBITDAR of EUR 1.25 billion in 2025;

  • An EBITDA margin excluding IFRS 16 of 12.2%, i.e. an EBITDA excluding IFRS 16 of EUR 745 million in 2025, up 28% over the period 2022-2025.

The evolution of the main financial aggregates is detailed in the table below:

In €m

2021A

2022E

2023E

2024E

2025E

Revenue

4,299

4,688

5,326

5,737

6,102

EBITDAR

1,070

797

911

1,083

1,246

% EBITDAR

25%

17%

17%

19%

20%

EBITDA excl. IFRS 16

682

358

433

593

745

% EBITDAR excl. IFRS 16

16%

8%

8%

10%

12%

The increase in EBITDAR represents an improvement of approximately €450 million over the period 2022-2025.

The increase in margin is mainly due to the implementation of the WITH YOU AND FOR YOU, CHANGING ORPEA! Plan. For example, the structuring of a Human Resources function will make it possible to reopen beds that are currently closed due to a lack of staff or to bring temporary staff in-house. The plan also includes a section dedicated to patients, residents and their families. It will enable a return to the pre-COVID occupancy rate. The work carried out on the structuring of support functions and in particular the purchasing function will contribute to increasing the margin rate.

The opening of new establishments and the restructuring of existing establishments represents more than 35% of the growth in EBITDAR over the period. In this respect, the new management has already made a selection of the Group's development projects in order to keep only the most profitable ones.

For the period 2022-2025, the Group has an investment plan totaling €2.5 billion. This plan is the essential support for the strategic vision to rebuild the Group. 63% will be devoted to the renovation and extension of the existing facilities and to the construction of new ones. €1.6 billion, of which 78%, already committed, will be spent over 2022-2023. In 2024-2025, the budget will be greatly reduced. 37% will be spent on IT and maintenance. €230 million per year on our existing portfolio. €368 million over the period 2022-2025 for IT alone, an investment necessary to support the implementation of the plan.

In conclusion, Laurent Guillot added: "We have been building this new foundation since the Etats Généraux du Grand Age and in a collaborative manner. We owe it to our patients and residents, as well as to their families. We owe it to our employees. We owe it to the territories where we are present, and to the communities that live there. And we owe it to our investors. We owe it to them, because we are in an essential business: we care for and support the most vulnerable. WITH YOU AND FOR YOU, CHANGING ORPEA: it’s now! »

Financial Objectives, liquidity update and update on the Group’s restructuring process

Financial Objectives

The information regarding the Group’s 2023, 2024 and 2025 financial objectives and estimated financial information for the financial year ending 31 December 2022 are set out in annex 1.

Liquidity update

Since the publication of its Q3 2022 revenue on 8 November 2022, the Group has finalised the review of its short-term liquidity forecast. As of 2 November 2022, the Group is exposed to a risk of liquidity shortfall during the course of Q1 2023.

All the information on the liquidity situation of the Group, in the short term and in the medium term, is included in annex 1.

Update on the Group’s restructuring process

In accordance with the announcements made in the press release dated 26 October 2022, the Group is committed to launching a drastic financial restructuring to achieve a sustainable financial structure. ORPEA confirms that the following elements are being considered, among others:

  • An equity conversion of ORPEA S.A.'s unsecured debt, amounting to €3,8 million, by way of a rights issue opened to existing shareholders and backstopped by unsecured lenders;

  • 1.9-2.1 billion of new money, in the form of (a) new secured debt on assets of the group for a target amount of €600 million (in order to cover ORPEA S.A.’s funding needs until early summer) and (b) a second share capital increase.

ORPEA S.A. expects that pro forma these equity transactions, at least 20% of its share capital will be held by long-term French institutional investors.

It is important to highlight that the implementation of these transactions would result in a massive dilution for existing shareholders who would decide not to participate.

The objective of the Conciliation process that has been initiated is to find a solution to the capital structure and attract new capital to fund ORPEA’s business plan and cover the risk of a liquidity shortfall as detailed in annex 1 hereto. While the Group has not concluded on the implementation mechanism, this could entail, inter alia, an accelerated safeguard to facilitate closure of the process in the event that unanimity cannot be obtained.

If the company is not able to successfully find a solution in the context of the conciliation, ORPEA will not be able to implement its transformation plan.

More information about the Group’s restructuring process is set out in annex 1 hereto.

About ORPEA

ORPEA is a leading global player, expert in the care of all types of frailty. The Group operates in 22 countries and covers three core businesses: care for the elderly (nursing homes, assisted living, home care), post-acute and rehabilitation care and mental health care (specialized clinics). It has more than 72,000 employees and welcomes more than 255,000 patients and residents each year.

https://www.orpea-group.com/

ORPEA is listed on Euronext Paris (ISIN: FR0000184798) and is a member of the SBF 120, STOXX 600 Europe, MSCI Small Cap Europe and CAC Mid 60 indices.

ORPEA ANNOUNCES ITS FINANCIAL OBJECTIVES AND PROVIDE AN UPDATE ON ITS LIQUIDITY POSITION AND PROPOSED RESTRUCTURING

Puteaux (France), 15 November 2022 (7:45 am CET)

1. Financial Objectives

Main assumptions

The build-up of the Group’s plan and the financial objectives and estimated financial information set out below are based on the following main assumptions:

  • A recovery in the occupancy rates and new revenue management policies;

  • A ramp-up of the greenfield contribution over time given significant investment over the period;

  • A relative stability in the fixed cost base, following strong recruitments and inflationary impacts in 2022 and 2023, allowing the Group to fully benefit from the recovery of its occupancy rates over time and in particular in 2025.

A more disciplined approach to development projects, recognising that significant initiatives have been undertaken to halt or reduce the capex commitments previously initiated, but there are still ongoing commitments that require funding until completion.

In parallel, the Group is constantly identifying, monitoring and updating its pipeline of potential real estate asset sales depending on market conditions and the Group’s ability to execute sizeable sale & lease-back while undertaking in the meantime a comprehensive financial restructuring. The Group contemplates, in the long term, to own 20-25% of its real estate portfolio and will seek to establish in the mid-term, a new real estate investment vehicle to increase monetisation alternatives at that entity level (e.g., equity offering to long-term investors).

Main financial objectives

Financial objectives for 2023, 2024 and 2025

Revenue expected to increase from €5.3 billion in 2023, to €5.7 billion in 2024 and €6.1 billion in 2025 vs. €4.3 billion in 2021A and €4.7 billion in 2022. The contemplated 9.2% 2022-2025 CAGR revenue expansion driven by:

  1. occupancy recovery post covid 19 crisis,

  2. price increases in line with costs inflation, supported by new revenue management policies, and

  3. significant developments already engaged in France, Benelux, Iberian Peninsula, and Latam as 120 new facilities (net of closing) are expected to open and total number of installed beds3 from 93k in 2023 to 97k in 2025.

  1. revenue increase, driven by the factors described in the above paragraph,

  2. improved margin as a result of a relative stability in the fixed costs base as (a) personnel costs4 and food and energy expenses5, as a % of revenue are projected to normalise over time, and (b) HQ costs, as a % of revenue, are expected to reduce from 6.8% in 2022 to 5.8% in 2025, as investments will start yielding a significant payback.

  3. positive impact of the ramp up of greenfield projects in 2024 and 2025.

From 2022-2025, approximately 50% of EBITDAR growth will be generated from France, which together with Germany, Switzerland and Austria will represent in aggregate c. 75% of Group’s EBITDAR in 2025.

  • Group EBITDA pre IFRS 16 (after external real estate rental charges) expected to increase from €0.4 billion in 2023 to €0.6 billion in 2024 and €0.75 billion in 2025 vs. €0.7 billion in 2021A and €0.4 billion 2022E, mainly driven by the factors described above regarding EBITDAR.

  • Group operating cash-flows6 expected to increase from €132 million generated in 2023 to €295 million in 2024 and €471 million in 2025 vs. €59 million in 2022. For the avoidance of doubt, the Group operating cash flows take into account €0.7 billion in cumulative maintenance and IT CAPEX mentioned below.

The Group also plans to finance €0.9 billion in development CAPEX over the period 2023-2025 (including €0.5 billion for the year 2023 alone), in addition to €0.7 billion cumulative in maintenance and IT CAPEX (as some of the IT CAPEX spend relate to necessary technological catch-up CAPEX).

Estimated financial information for the financial year ending 31 December 2022

The current adverse evolution of the Group’s operating environment and the high level of uncertainty resulting therefrom (in particular with regards to volatility in energy costs and potentially lower than expected recovery on the occupancy rates due to the adverse backdrop relating to the financial restructuring) could affect the Group’s visibility on its performance, which could be lower than expected.

In this context, for the current financial year ending 31 December 2022, the Group expects:

  • Revenue to be around €4.7 billion (vs €4.3 billion in 2021);

  • EBITDAR to be around €0.8 billion (i.e. an EBITDAR margin of c. 17%) (vs €1.1 billion in 2021, i.e. an EBITDAR margin of 25%); EBITDA pre IFRS 16 to be around €0.35 billion (vs €0.7 billion in 2021);

  • Operating cash-flows to be around €59 million;

  • Cash Balance expected to be around €350 million by year-end.

The Group therefore expects its profitability to deteriorate for the financial year ending 31 December 2022, mainly due to a highly inflationary environment, lower-than-expected occupancy rates in the crisis context (reputational impacts) and post-covid 19 subsidies decrease.

2. Liquidity and Debt Update

Debt structure and contractual repayment structure

The debt structure of the Group as of 30 November 2022, taking into account drawings on Tranches B and C already agreed (subject to finalization of documentation) would be as attached.

The debt principal schedule of the Group from 1 December 2022, taking into account drawings on Tranches B and C already agreed (subject to finalization of documentation) is as attached.

Short-term Liquidity Update

Since the publication of its Q3 2022 revenue on 8 November 2022, the Group has finalised the review of its short-term liquidity forecast. Given the shift in the operating environment, the significant asset depreciation and the current conditions in financial markets, ORPEA is no longer in a position to execute its real estate disposals plan and is therefore facing near-term liquidity needs.

Excluding any new financing and the drawing of the €200 million on tranche A4 of the June 2022 Syndicated Credit Facility, and from an estimated cash position of €831 million euros (unaudited figures) as of 2 November 2022, the Group is exposed to a risk of liquidity shortfall during the course of Q1 2023 (even after taking into account the suspension of the amortization of principal instalment under its unsecured debt referred to in the last paragraph below). The Group has initiated discussions with some of its key creditors to provide additional liquidity support by then and is launching today a process with existing creditors and third-party investors to raise additional new debt secured against real estate assets, in order to cover its funding needs up to the end of the first half of 2023, that it estimates at €800 million in aggregate (or €600 million assuming a €200 million drawdown under Tranche A47).

From January 2023 until September 2023, the Group is expected to generate operating cash flows of €84 million and spend €0.3 billion in development capex, €426 million in debt repayment at holding level in addition to €272 million in subsidiaries.

The conciliator will request the voluntary suspension by ORPEA S.A. creditors, from 1 December 2022, of the amortization of principal instalment of their unsecured debt. Interest payments will however continue for these debts. In addition, the rest of the financing facilities of the Group will remain unaffected in such respects.

Medium-Term Liquidity Shortfall

Over the 2022-2025 period, the cumulated operating cash flow would not allow the Group to fund its committed development capex and contractual debt repayments (details of which are provided in the above table). Based on its existing projections, assuming the existing debt contractual arrangement fall due and without taking into account any interests on cash shortfall, the Group is expected to incur a funding shortfall of €5,330 million by 2025, comprised of €0.9 billion in cumulative development capex and €4,310 million in aggregate contractual debt repayments and interests. The objective of the Conciliation process that has been initiated is to find a solution to the capital structure and attract new capital to fund ORPEA’s business plan and cover the abovementioned liquidity shortfall.

3. Update on the Group’s restructuring process

Difficulties in implementing the real assets disposals program and situation of financial covenants

The financing plan, agreed with the main banking partners in May this year and formalized in June 2022 by the approval of a conciliation protocol (protocole de conciliation), included the achievement of a property disposals program. A first transaction involving assets in the Netherlands was announced in July 2022 for an amount of €125 million and resulted in an initial receipt of €94 million in September.

As mentioned in the press release dated 26 October 2022, the latest context and the resulting wait-and-see attitude in the real estate transaction market are jeopardizing the continuation of this program within the specified timeframe and necessarily impact the monetization of such assets.

Real estate disposals planned as part of the financing plan announced in May 2022 were the foundation of the Group’s financial recovery and the rebuilding of the Group’s credibility. The non-completion of these disposals as planned renders impossible the implementation of the other transactions contemplated under the refinancing plan.

In addition, as mentioned in the press release dated 26 October 2022, the deteriorated operating performance of the Group due to lower-than expected occupancy rates recovery and a highly inflationary environment, as well as significant asset depreciations expected for the 2022 financial year, result in high uncertainty on the ability of the Group to comply with the "R1" and "R2" covenants.

Immediate actions required

In light of the above, it appears that the Group needs to implement immediate actions, which include the following:

- Reducing significantly the net leverage ratio8 (expected to be at 25x at the end of 2022) and financial expenses, in order to have a sustainable financial structure, to restore ORPEA’s credibility as a counterparty and its capacity to pursue its assets disposals plan

- Raising new money, with the Group’s liquidity being at high risk (see above) in the absence of any asset disposals of a significant size

- Adjustment of the R1 and R2 ratios for all debt having these covenants

Proposed solution

In accordance with the announcements made in the press release dated 26 October 2022, the Group is committed to launching a drastic financial restructuring to achieve a sustainable financial structure.

To date, the Group confirms the following main elements are being considered:

  1. An equity conversion of ORPEA S.A.'s unsecured debt, amounting to €3.8 billion, by way of a rights issue opened to existing shareholders and which would be backstopped by unsecured lenders which would subscribe to unsubscribed shares by way of set-off against their financial claims,

  2. €1.9-2.1 billion of new money, in the form of (a) new secured debt on assets of the group free of any security interests, for a target amount of €600 million (in order to cover ORPEA S.A.’s funding needs until early summer) and (b) a share capital increase which will be offered first to unsecured creditors and shareholders having participated to the first capital increase and then to third party investors, the features of which are not yet determined.

    ORPEA S.A. expects that pro forma these equity transactions, at least 20% of its share capital will be held by long-term French institutional investors,

  3. Adjustment of the "R1" and "R2" financial covenants contained in multiple financing agreements not impacted by the conversion of debt into equity,

  4. Maturity extension and margin reduction of the secured debt at ORPEA S.A., and

  5. Necessary modifications to existing debt to facilitate the implementation of the contemplated restructuring.

The financial restructuring plan as proposed by the Group is expected to significantly reduce its net leverage ratio9, from 25x in 2022E to 6.5x by 2025E (for an estimated net debt of respectively €9.0 billion and €4.9 billion).

As indicated above, the Group will solicit interests for the new money debt and equity from all interested parties, including existing stakeholders. The financial restructuring plan as proposed by the Group will include a rights issue opened to all existing shareholders and backstopped by the unsecured creditors through the equity conversion of their unsecured claims.

However, the implementation of such a transaction would result in a massive dilution for existing shareholders who would decide not to participate. Moreover, further dilution is to be expected as a consequence of the new money capital increase, which conditions are not known at the moment.

The implementation of this financial restructuring remains subject to the negotiation of its terms as well as of the necessary documents and agreements. It also remains subject to usual conditions precedent, which include obtaining the favourable support of affected stakeholders (in particular lenders and shareholders), agreed documentation as well as judicial authorizations and approvals.

While the Group has not concluded on the implementation mechanism of the plan, this could entail, inter alia, an accelerated safeguard to facilitate closure of the process in the event that unanimity cannot be obtained.

The Group is confident it is following the right course of actions to secure its long-term future and find a consensual solution with its stakeholders towards addressing its capital structure as there is no other available alternative. There are clear benefits to reposition ORPEA towards its societal mission and follow its long-term value creation plan.

Key Next Dates

The next meeting under the Conciliation process with unsecured creditors of ORPEA S.A. is expected to take place on or around 1 December 2022.

In parallel, ORPEA expects to receive binding offers for its new secured debt on assets by mid-January 2023, with a funding objective in due course, during the month of February 2023.

With regards to the equity raise process, binding offers will also be sought for the middle of January 2023 while the completion of the equity capital raises is expected to be in June 2023, at the end of the restructuring process, subject to the usual conditions precedent.

ORPEA will continue to inform through its institutional communication, of the progress made on the above-mentioned negotiations and outlined financing options.

Forward-looking information

This press release contains forward-looking statements that involve risks and uncertainties, including references, concerning the Group's expected growth and profitability in the future which may significantly impact the expected performance indicated in the forward-looking statements. These risks and uncertainties are linked to factors out of the control of the Company and not precisely estimated, such as market conditions. Any forward-looking statements made in this press release are statements about the Company’s beliefs and expectations and should be evaluated as such. Actual events or results may differ from those described in this press release due to a number of risks and uncertainties that are described in the Company’s Universal Registration Document available on the company’s website and on the French financial markets regulator, AMF’s website (www.amf-france.org), and in the Half-Year 2022 financial report which is available on the company’s website.

About ORPEA

ORPEA is a leading global player, expert in the care of all types of frailty. The Group operates in 22 countries and covers three core businesses: care for the elderly (nursing homes, assisted living, home care), post-acute and rehabilitation care and mental health care (specialized clinics). It has more than 72,000 employees and welcomes more than 255,000 patients and residents each year.

https://www.orpea-group.com/

ORPEA is listed on Euronext Paris (ISIN: FR0000184798) and is a member of the SBF 120, STOXX 600 Europe, MSCI Small Cap Europe and CAC Mid 60 indices.

1 In the financial year 2021, the EBITDAR margin was 24.9%. For the year 2022, the projected EBITDAR margin is 17.0%.
2 EBITDA excluding IFRS 16 for 2022 is estimated at €358m.
3 Including nursing homes and clinic beds only
4 Assumed to be back at historical normative levels after the 2022 strong recruitment policy, progressively reducing from 58.6% as percentage of revenues to 56.4% between 2022 and 2025
5 With energy assumed to return to a normative level in 2025, but the impact of energy costs is expected to weigh on the Group’s profitability for the first years of the plan, with energy, water and heating costs going from €97 million in 2021 to €157 million in 22E, €218 million in 23E, then reducing to €188 million in 24E and €161 million in 25E
6 Defined as EBITDA pre-IFRS 16 (-) non-cash items (-) Change in WC (-) Operating Capex (-) Income Taxes Paid
7 Tranche A4 of €200 million undrawn at this stage, pending agreement with its core banking pool
8 Net leverage ratio defined as Net Financial Debt / EBITDA Pre-IFRS 16
9 Net leverage ratio defined as Net Financial Debt / EBITDA Pre-IFRS 16

View source version on businesswire.com: https://www.businesswire.com/news/home/20221114006155/en/

Contacts

Investor Relations
ORPEA
Benoit Lesieur
Investor Relations Director
b.lesieur@orpea.net

Investor Relations
NewCap
Dusan Oresansky
Tel.: +33 (0)1 44 71 94 94
ORPEA@newcap.eu

Media Relations
ORPEA
Isabelle Herrier-Naufle
Media Relations Director
Tel.: +33 (0)7 70 29 53 74
i.herrier-naufle@orpea.net

Image 7
Charlotte Le Barbier
Tel.: +33 (0)6 78 37 27 60
clebarbier@image7.fr

Toll free tel. nb for shareholders:
+33 (0) 805 480 480

Mon, 14 Nov 2022 16:46:00 -0600 en-US text/html https://www.yahoo.com/now/changing-orpea-refoundation-plan-064500268.html
Killexams : ICAI CA Foundation December 2022 Mock Test 2 series begins today, details here NEW DELHI: The Institute of Chartered Accountants of India (ICAI) will commence the CA Foundation exam December 2022 Mock Test Series 2 from today i.e., November 28, 2022. Candidates who are going to appear for ICAI CA Foundation Examination can attempt this second mock test series. All details related to the mock test is mentioned on the official website - icai.org.
The official notification reads, "In continuation of Mock Test Paper Series – I, the Board of Studies (Academic) is commencing Mock Test Papers Series – II from November 28, 2022 for students appearing in CA Foundation December 2022 examination."
The mock test is going to be conducted in physical/virtual mode(s). Candidates who are appearing in physical mode may contact their respective regional councils & respective branches.
Check out the notification here
CA Foundation exam 2022 December will be conducted on December 4, 16, 18 and 20, 2022. ICAI will conduct four papers - Paper 1 and 2 will conducted from 02:00 pm to 05:00 pm while Paper 3 and 4 will be conducted from 02:00 pm to 04:00 pm. CA Foundation Admit Card 2022 is also expected to be released soon.
CA Foundation exam Mock Test Papers Series – II for December, 2022 Schedule
Foundation Level

Date Time Subject
28.11.2022 2 PM to 5 PM Paper-1: Principles and Practice of Accounting
29.11.2022 Paper-2: Business Laws and Business Correspondence and Reporting
30.11.2022 2 PM – 4 PM Paper-3: Business Mathematics and Logical Reasoning & Statistics
01.12.2022 Paper-4: Business Economics and Business and Commercial Knowledge

Candidates may please note that the question papers for each subject will be uploaded at BoS Knowledge Portal - icai.org as per schedule by 1:30 pm every day during this period.
Candidates are advised to download and attempt Mock Test Papers in the stipulated time limit. Answer Keys to the papers will be uploaded within 48 hours from the date and time of beginning of the respective paper, as per schedule through which students can assess their performance.
Sun, 27 Nov 2022 22:34:00 -0600 en text/html https://timesofindia.indiatimes.com/education/exams/other-exams/icai-ca-foundation-december-2022-mock-test-2-series-begins-today-details-here/articleshow/95814623.cms
Killexams : ICAI CA Foundation admit card december 2022 RELEASED at icaiexam.icai.org- Direct link to download here © Provided by Zee News

ICAI CA Admit Card 2022: The Institute of Chartered Accountants of India (ICAI) has issued the CA Foundation admit card 2022 for the December session. Candidates can access the CA Foundation December 2022 admission card online by logging into the ICAI login account. The CA Foundation exams will be given in offline format from December 14 to December 18, 2022. For the CA Foundation exams in December 2022, the admit card is a requirement for participation. Candidates must also bring a legitimate ID card to the chosen testing location.

  • Click on the direct link given above
  • Login using the CA Foundation registration ID and date of birth
  • Click on the download admit card link
  • The CA Foundation admit card will be displayed on the screen, download and take a printout for the examination.

Candidates are urged to thoroughly review all the information on their CA Foundation admission card. They must get in touch with the exam organisers if there is a discrepancy so that the appropriate adjustments can be made.

Tue, 29 Nov 2022 20:35:00 -0600 en-IN text/html https://www.msn.com/en-in/news/other/icai-ca-foundation-admit-card-december-2022-released-at-icaiexam-icai-org-direct-link-to-download-here/ar-AA14JxBx
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