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  • MIL-OSI Security: Principal Associate Deputy Attorney General Marshall Miller Delivers Remarks at the New York City Bar Association Compliance Institute

    Source: United States Attorneys General 7

    Remarks as Prepared for Delivery

    Thank you for that generous introduction. It’s great to be home in New York.

    The leaves are changing. The Yankees are in the World Series. And we’re here to talk about corporate criminal enforcement.

    It doesn’t get any better than this.

    Today, I’m honored to be here to take stock of the Department’s programmatic overhaul of corporate criminal enforcement in recent years, to discuss how that overhaul is designed to empower compliance programs and professionals, and to take a look around the corner to what’s ahead.

    There’s an old adage, laced with irony and sometimes attributed to an ancient Chinese curse: “May you live in interesting times.” Over the past few years, we at the Justice Department — indeed, all of us in America — have been on the receiving end of that adage. We all, truly, are living in interesting times.

    The volatility and rate of change in the geopolitical landscape and the world economy can be head-spinning: here a regional armed conflict, there a natural disaster, and everywhere transformative leaps in technology.

    Perhaps the opportunities seem greater than ever — but so, certainly, do the risks.

    And one key area where risks have spread and morphed is in the field of corporate crime.

    Corporate crime, of course, is not new. But it’s constantly evolving. So, we must skate to where the puck is going, not to where it’s been.

    To meet the moment, over the past few years, the Department has engaged in an overhaul of our corporate criminal enforcement program by modernizing and adapting.

    We’ve done that by emphasizing clarity, consistency, and transparency in our policies.

    We’ve done that by increasing the consequences for bad actors — whether individual or corporate — and by providing new incentives for good corporate citizenship and investments in compliance.

    And we’ve done that by recalibrating and surging resources to address today’s corporate crime threats — and tomorrow’s.

    In doing so, we’ve created a clear roadmap of the Department’s expectations for every CEO, General Counsel, Board Member, and Chief Compliance Officer who’s navigating a fast-changing world and must mitigate risk and stay on the right side of the law.

    *                                  *                                  *

    Let me start with the balance of consequences and incentives — where we’ve increased punishment for bad actors and enhanced incentives for ethical corporate behavior.

    To be clear, when it comes to corporate criminal enforcement, Job #1 is individual accountability.

    Corporate crime hurts real people — and corporate crimes are committed by real people.

    So the Department’s top priority in corporate criminal enforcement is holding individuals accountable.

    Accountability not only promotes fairness, it also drives deterrence.

    We’ve empowered our prosecutors to focus on the worst offenders committing the biggest crimes, no matter how high they rank on the corporate org chart — no matter how challenging and time-consuming the case.

    This approach is resource intensive. Prosecuting the most important cases against the most sophisticated wrongdoers requires breaking down complex criminal schemes, understanding cutting-edge markets and technology, and analyzing terabytes of data.

    So we’ve adapted enforcement policies to promote swift individual prosecutions.

    We’ve given good actors more avenues to help us go after the bad guys — through innovative whistleblower programs and consistent, transparent, and predictable voluntary self-disclosure policies.

    And we’ve made clearer than ever before what we expect from companies cooperating with government investigations to accelerate investigations of wrongdoers.

    This updated approach has generated real returns, with timely convictions of: the CEOs of the world’s two largest cryptocurrency platforms — FTX and Binance; the CEO and the COO of Theranos;

    Prosecuting the most culpable individuals is not only the right thing to do, it has the greatest deterrent impact by changing behavior and preventing misconduct.

    To increase accountability and deterrence, we’ve also clarified the rules of the road for corporate enforcement.

    In prior years, a disjointed, patchwork Department approach to key tools like whistleblowing, voluntary self-disclosure, and monitor selection limited their effectiveness.

    When corporate misconduct was detected, the benefits of whistleblowing or self-reporting to the Justice Department were often opaque and unpredictable.

    The Department’s response seemed to depend on which office or even which prosecutor was assigned to the case.

    Without written, public policies across most of the Department, self-reporting seemed like a roll of the dice without even a sense for the odds.

    It was time for change.

    Over the past few years, we’ve moved methodically to establish a very different paradigm –— one with consistent, transparent, and predictable rules of the road.

    For the first time, every Justice Department component has a published Voluntary Self-Disclosure policy that sets forth exactly what a company needs to do to self-report misconduct — and what a company can expect if they do so.

    For the first time, incentive compensation systems are assessed and upgraded as part of every Criminal Division resolution, because compensation systems can either promote compliance or reward risky — sometimes criminal — behavior.

    And companies that claw back compensation from executives involved in wrongdoing can reduce penalties by the amount of those clawbacks, providing new incentives to make wrongdoers — not innocent shareholders — pay the price.

    For the first time, all independent compliance monitors across the Department must be chosen under consistent, published selection processes and based on the application of public and transparent factors.

    And for the first time, the Justice Department instituted a Department-led whistleblower program with clear incentives for dropping a dime on corporate crime.

    Today, individuals and companies know when, where, and how to “do the right thing,” to borrow a phrase from my fellow Brooklynite Spike Lee.

    We’ve also broadened the gap between the benefits an ethical company can access and the penalties a compliance-flouting company faces.

    Investing in compliance and practicing good corporate citizenship should be the clear product of basic arithmetic — not some complex calculus problem with too many unknown variables to solve.

    We aim to empower General Counsels and Chief Compliance Officers to make a simple and powerful business case to boards and C-suites: the case for investing in compliance programs, for calibrating compensation plans to promote compliance and deter wrongdoing, and for swiftly reporting detected misconduct to Justice Department.

    As Deputy Attorney General Lisa Monaco put it in connection with the ground-breaking prosecution of TD Bank earlier this month: “If the business case for compliance wasn’t clear before — it should be now.”

    *                                  *                                  *

    Let me take a few minutes to delve deeper into the Department’s new whistleblowing and voluntary self-disclosure paradigm.

    First, whistleblowing. We know it works. Whistleblower reports to the government lead to prosecutions and civil enforcement actions. Internal reports help companies address misconduct before it gets out of hand.

    But gaps in whistleblower reporting opportunities left whole areas of corporate criminal misconduct unaddressed, with potential whistleblowers lacking a clear reporting path and a clear reason to blow the whistle.

    So this year, the Justice Department launched a two-part whistleblower program — with different rules and incentives for whistleblowers not involved in the criminal activity they’re reporting and for those who were.

    For whistleblowers not involved in the reported misconduct, Deputy Attorney General Monaco launched the first-ever Department whistleblower awards program — aimed at building on successful programs at the Securities and Exchange Commission and Commodity Futures Trading Commission.

    The awards program is based on a simple premise: if an individual helps the Department discover corporate misconduct — otherwise unknown to us — then that person would qualify to receive a percentage of the resulting forfeiture.

    This program not only incentivizes individuals to step forward, it puts pressure on companies to do the same – because a company can still qualify for voluntary self-disclosure credit if it reports the conduct within 120 days of the whistleblower report to the Department.

    Now, by its very terms, this awards program doesn’t apply to individuals who were meaningfully involved in the criminal conduct itself. For that, we’ve launched whistleblower non-prosecution pilots in the Criminal Division and many of our most active U.S. Attorneys’ Offices.

    Those offices are offering non-prosecution agreements to certain individuals involved in misconduct who report previously undiscovered wrongdoing.

    In the same way a company could receive a declination, individuals with knowledge of misconduct can do the same — by stepping up, owning up, and helping us prosecute the most serious wrongdoers.

    All this fits seamlessly with the newly clear, transparent, and cross-Department approach to voluntary self-disclosures by companies, instituted at Deputy Attorney General Monaco’s direction.

    Voluntary self-disclosures drive successful criminal prosecutions of culpable individuals. They speed money back to victims and disgorge ill-gotten gains. They bring misconduct to a halt and tighten compliance programs with added government oversight.

    So, where a company voluntarily self-discloses misconduct previously unknown to the Department — absent aggravating circumstances and after remediation, disgorgement, and victim compensation — it can avoid a guilty plea or indictment.

    And such a voluntary self-disclosure to the Criminal Division can also qualify a company for the presumption of a declination of prosecution.

    Early signs indicate these newly consistent and transparent programs are working.

    Corporate voluntary self-disclosures to the Criminal Division are increasing every year, with more than twice as many last year as compared to 2021.

    In the first few months of the Justice Department’s whistleblower awards program, we’ve already received more than 200 tips.

    And U.S. Attorneys’ Offices report that individual voluntary self-disclosures have resulted in promising ongoing investigations.

    Notably, the programs complement each other, setting up a virtuous cycle.

    As the Deputy Attorney General has said, “when everybody wants to be first in the door, no one wants to be second” — regardless of whether you’re an innocent whistleblower, a potential defendant looking to minimize criminal exposure, or an audit committee chair at a company where the misconduct took place.

    Our approach also involves increasing punishment for companies that are repeat bad actors or who flout compliance.

    Calibrating a successful program of incentives and consequences requires increasing the penalties for corporate entities that aren’t getting the message.

    And we’ve moved out on that as well.

    Egregious corporate conduct demands a stiff punitive response.

    So multinational companies like LaFarge, TD Bank, and Binance have pleaded guilty to egregious crimes involving material support for terrorism, money laundering conspiracy, and sanctions violations, respectively — with combined penalties of almost $7 billion.

    Penalties also are levied to deter future misconduct. So, when a company breaks the law a second time or violates the terms of a prior resolution, we’ve made sure they pay a far steeper price.

    Powerful companies like Boeing and Ericsson have experienced that approach in action — pleading guilty to charges that stemmed from recidivist conduct or violations of deferred prosecution agreements.

    Corporate criminal charges and guilty pleas are no longer “specials” for certain customers —they’re now on the main, everyday menu.

    Today’s overhauled corporate enforcement program at the Justice Department means clearer and more transparent policies; predictable benefits for whistleblowers and incentives for companies that voluntarily self-disclose; and a far bigger gulf between the criminal outcomes for good and bad actors.

    All of it adds up to a clear business case for investing early and often in compliance.

    *                                  *                                  *

    I also want to highlight our surge of resources to address the dramatic expansion of corporate crime risks related to national security and emerging technology.

    In returning to government some two and a half years ago, I was struck by how often our corporate criminal investigations now implicate the country’s national security interests.

    The crimes vary — from sanctions violations to money laundering to material support for terrorism.

    The corporate defendants range across industry – from construction and shipping to agriculture and telecommunications.

    And the national security risks run the gamut – from money laundering for Russian interests to trafficking in Iranian crude oil to sanctions evasion to support the North Korean nuclear program.

    To meet the moment, the Department has surged resources to address the challenge.

    We’ve surged prosecutors into the Criminal Division’s Bank Integrity Unit, which prosecutes violations of the Bank Secrecy Act — including the recent, groundbreaking conviction of TD Bank.

    We’ve added more than 25 white collar prosecutors and a Chief Counsel for Corporate Criminal Enforcement to our National Security Division to inject energy and expertise in corporate enforcement.

    We’ve launched extraordinarily successful enforcement initiatives, involving Main Justice components, U.S. Attorneys’ Offices, and partner law enforcement agencies, to address particularly dangerous national security threats: initiatives like Task Force KleptoCapture, which has brought criminal charges against 100 individuals and entities who violated Russia-related sanctions or export controls — and seized, restrained, or obtained forfeiture orders against more than $650 million in assets. And initiatives like the Disruptive Technology Strike Force, which is laser focused on keeping the most sensitive technologies out of the world’s most dangerous hands, charging two dozen complex and high-impact cases since its launch last year.

    Every company’s legal and compliance functions should sit up and take note: national security risks are not only here — they’re accelerating.

    And they’re being supercharged by emerging technologies like artificial intelligence.

    *                                  *                                  *

    Now you might ask: what should compliance professionals be doing today to prepare for tomorrow?

    As you may know, we recently updated the Criminal Division’s guidance on evaluating corporate compliance programs — known as the ECCP — in part to ensure that companies are focused on mitigating risks associated with the use and misuse of AI and other emerging technologies.

    Now, the ECCP doesn’t tell companies how to design and implement their compliance programs. Instead, the guidance poses questions that companies should be asking themselves throughout the compliance program life cycle — from design to execution.

    The Justice Department’s overhauled corporate criminal enforcement program places a particular premium on certain questions that executives and board members need to be asking:

    • Have we empowered our compliance leaders and invested sufficiently in our compliance program, given our risk profile and today’s geopolitical landscape?
    • Do we have effective internal detection and reporting systems and robust internal investigative capabilities — so we can avail ourselves of voluntary self-disclosure opportunities?
    • Have we designed compensation systems that promote compliance and enable clawbacks or escrowing of incentive comp?
    • Have we assessed risks associated with national security and emerging technologies and taken appropriate steps to mitigate them?
    • If a company finds itself on the wrong side of a Department investigation tomorrow, the company’s posture may well depend on how its leadership answers those questions today.

    I want to close by speaking directly to the compliance leaders here today.

    Thank you for the work you do every day to promote compliance in companies across America and around the globe.

    It’s not always easy to be the voice of compliance in the room.

    But when you do your jobs effectively, you not only serve your clients well, you protect our nation.

    At the Justice Department, our overhaul of corporate enforcement should empower you — along with other compliance-promoting corporate leaders — with stronger tools and greater sway to advocate for investment in compliance; to advance ethical behavior; to detect, deter, and report corporate misconduct; to defend against emerging national security and AI-related threats; and ultimately to promote good corporate citizenship.

    We look forward to continuing our work with all of you on this important effort.

    Thank you, once again, for being here today.

    MIL Security OSI –

  • MIL-OSI Security: Venezuelan Television News Network Owner Charged in Alleged $1.2B Money Laundering Scheme

    Source: United States Attorneys General 7

    A federal grand jury in the Southern District of Florida returned an indictment today charging a Venezuelan television news network owner for his role in a $1.2 billion scheme to launder funds corruptly obtained from Venezuela’s state-owned and state-controlled energy company, Petróleos de Venezuela S.A. (PDVSA), in exchange for hundreds of millions in bribe payments to Venezuelan officials.

    According to court documents, between 2014 and 2018, Raul Gorrin Belisario (Gorrin), 56, of Venezuela, conspired with others to launder the proceeds of an illegal bribery scheme using the U.S. financial system as well as various bank accounts located abroad. Gorrin and his co-conspirators paid millions of dollars in bribes to high-level Venezuelan officials to obtain foreign currency exchange loan contracts with PDVSA. Gorrin and his co-conspirators subsequently directed the laundering of the illicit proceeds, in part, in the Southern District of Florida, where they purchased real estate, yachts, and other luxury items. To conceal the movement of the bribe payments and illicit funds, Gorrin and his co-conspirators used a series of shell companies and offshore bank accounts.

    “According to the indictment, Gorrin and his co-conspirators paid millions of dollars in bribes to high-ranking foreign officials to secure over $1 billion in ill-gotten gains, which Gorrin and his co-conspirators used to purchase yachts and other luxury items in the United States,” said Principal Deputy Assistant Attorney General Nicole M. Argentieri, head of the Justice Department’s Criminal Division. “Gorrin’s alleged conduct enriched corrupt government officials and exploited the U.S. financial system to facilitate these crimes. Together with our partners, the Criminal Division remains committed to ensuring that the United States is not a safe haven for carrying out money laundering schemes or hiding criminal proceeds.”

    “This case represents the Southern District of Florida’s continued commitment to combating foreign corruption and holding those who subvert the integrity of the U.S. financial system responsible for their crimes,” said U.S. Attorney Markenzy Lapointe for the Southern District of Florida. “Our office will continue to partner with the Organized Crime Drug Enforcement Task Forces (OCDETF) to identify, disrupt and prosecute those who launder money to facilitate corruption and carry out their nefarious schemes.”

    “This action by Homeland Security Investigations (HSI), working against global illegal activities with our international and domestic partners, significantly upholds the rule of law,” said Executive Associate Director Katrina W. Berger of HSI. “This case demonstrates HSI’s global footprint and our commitment to curbing the flow of illicit funds while enforcing U.S. sanctions. It also serves as a stark reminder that crime and corruption will not be tolerated.”

    Gorrin is charged with one count of conspiracy to commit money laundering. If convicted, Gorrin faces a maximum penalty of 20 years in prison. Gorrin, who is a fugitive in a separately charged matter, remains at large.

    HSI Miami’s El Dorado Task Force is investigating the case. The Justice Department’s Office of International Affairs and authorities in the United Kingdom, Spain, Switzerland, Portugal, and Malta provided assistance.

    Trial Attorney Paul A. Hayden of the Criminal Division’s Fraud Section and Assistant U.S. Attorney Nalina Sombuntham for the Southern District of Florida are prosecuting the case. Assistant U.S. Attorney Joshua Paster for the Southern District of Florida is handling asset forfeiture.

    This effort is part of an OCDETF operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at www.justice.gov/OCDETF.

    The Fraud Section is responsible for investigating and prosecuting Foreign Corrupt Practices Act (FCPA) and Foreign Extortion Prevention Act matters. Additional information about the Justice Department’s FCPA enforcement efforts can be found at www.justice.gov/criminal-fraud/foreign-corrupt-practices-act.

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI –

  • MIL-OSI Security: Court Finds Three Miami-Area Tax Return Preparers in Contempt and Orders Disgorgement of Ill-Gotten Fees as a Sanction

    Source: United States Attorneys General 7

    A federal court in Miami today issued an order holding Gerald Vito, James Eleby and Kwame Thomas in contempt for violating a permanent injunction that prohibited Vito and Eleby from preparing, filing or assisting in the preparation or filing of federal tax returns for others.

    According to the complaint filed against Vito and Eleby in March 2021, the defendants prepared tax returns that significantly understated their customers’ tax liabilities by claiming deductions for fabricated or inflated charitable deductions, medical expenses, and employee business expenses. The complaint further alleged that the defendants significantly understated their customers’ tax liabilities by reporting false or inflated business losses. On Dec. 27, 2021, the court issued a default judgment of permanent injunction that barred Gerald Vito and James Eleby from preparing tax returns for others.

    Following a hearing in September, the court found that the United States demonstrated by clear and convincing evidence that Vito and Eleby violated the permanent injunction by continuing to prepare tax returns for others. The court further found that Thomas, who was not a defendant in the original complaint, violated the injunction by working alongside Eleby to prepare returns in violation of the injunction.

    For these violations, the court held Vito, Eleby and Thomas in civil contempt and ordered that they disgorge, in the aggregate, $988,789.56 in fees they earned while violating the injunction. Vito and Eleby were further ordered to disclose to the government the names of all taxpayers for whom they prepared returns after Dec. 27, 2021, notify those taxpayers of the injunction against them, vacate the premises at which they prepare returns and file an affidavit of compliance with these terms.

    Deputy Assistant Attorney General David A. Hubbert of the Justice Department’s Tax Division made the announcement.

    Taxpayers seeking a return preparer should remain vigilant against unscrupulous tax preparers. The IRS has information on its website for choosing a tax return preparer and has launched a free directory of federal tax preparers. The IRS also offers 10 tips to avoid tax season fraud and ways to safeguard their personal information.

    In the past decade, the Justice Department’s Tax Division has obtained injunctions against hundreds of unscrupulous tax preparers. Information about these cases is available on the Justice Department’s website. An alphabetical listing of persons enjoined from preparing returns and promoting tax schemes can be found on this page. If you believe that one of the enjoined persons or businesses may be violating an injunction, please contact the Tax Division with details.

    MIL Security OSI –

  • MIL-OSI Europe: Frontex co-leads international maritime operation with major drug seizures

    Source: Frontex

    Frontex co-led a large-scale international operation targeting maritime drug smuggling. The action was run by Belgian Customs from 16 September to 15 October 2024 under the Cannabis, Cocaine, and Heroin EMPACT priority.  

    The operation focused on combating cocaine smuggling via sea from Latin America to European countries, monitoring and inspecting vessels to detect cocaine smuggled via methods like drop-off/handover at sea, underwater attachment, and rip-on at sea. 

    It involved 12 European countries, the USA, Europol, and MAOC (N). It led to impressive results: seizing 930 kg of cocaine and 4,950 kg of hashish, as well as 4 arrests. Of the 525 ships analysed, 73 were checked. 

    Frontex provided technical and operational support with the deployment of an underwater drone, vessel trackers, analysts and Cross Border Crime Detection Officers to assist with rummaging and control inspections. Aerial surveillance was conducted jointly by Belgium and Frontex with daily flights, contributing to the operation’s success.

    Participants 

    Spain, Portugal, France, Ireland, the United Kingdom, Belgium, the Netherlands, Germany, Denmark, Norway, Sweden and Poland, Europol, The Maritime Analysis and Operations Centre (Narcotics), the US and liaison officers in Latin America

    About EMPACT 

    The European Multidisciplinary Platform Against Criminal Threats (EMPACT) tackles the most important threats posed by organised and serious international crime affecting the EU. EMPACT strengthens intelligence, strategic and operational cooperation between national authorities, EU institutions and bodies, and international partners.

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: UKHSA priorities in 2024 to 2025

    Source: United Kingdom – Executive Government & Departments

    Letter from Health Minister Andrew Gwynne MP confirming the UK Health Security Agency’s role and priorities for the financial year 2024 to 2025.

    Documents

    Letter from Andrew Gwynne MP to Professor Dame Jenny Harries, UKHSA Chief Executive

    HTML

    Details

    This is a letter from Minister Andrew Gwynne MP to Professor Dame Jenny Harries confirming the UK Health Security Agency’s (UKHSA’s) priorities for 2024 to 2025.

    The letter provides an overview of UKHSA’s strategic remit, priorities, core capabilities and key deliverables for the financial year.

    Updates to this page

    Published 24 October 2024

    Sign up for emails or print this page

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Polytechnicians took silver at the Robofinist festival

    Translation. Region: Russian Federation –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    In October, as part of the international festival Robofinist, the hackathon “StarLine Unmanned” was held, bringing together teams from all over Russia. Polytechnic was represented by two teams from the Institute of Mechanical Engineering, Materials and Transport of SPbPU – “Turtleboys” and “Just robotics”.

    The hackathon’s objective was to develop a system for autonomously rescuing a robot from a labyrinth. Participants were provided with two robots: a “rescuer” equipped with a lidar and a depth camera, and a “rescued” robot equipped only with encoder odometry.

    The Turtleboys team consists of first-year Master’s students of the Higher School of Automation and Robotics Egor Pykhalov, Ivan Shevtsov, Georgy Kazantsev and IMMIT 2024 graduate Sergey Zemsky. The team demonstrated impressive results and took second place, just short of the championship.

    There wasn’t enough time to fully debug the solution on real robots, but victory was so close, the guys shared.

    The team would like to thank the Polytech Tower for providing equipment that helped prepare for the hackathon.

    “Just robotics” are first-year master’s students of the Higher School of Architecture and Rural Affairs (HSAR) Vladislav Malykhin, Anton Tyurin and this year’s graduate of the Institute of Metallurgy and Metallurgy (IMMT) Artem Kondratyev. They also demonstrated a high level of preparation and creativity.

    The StarLine Unmanned Hackathon has become an excellent platform for showcasing talent and sharing experiences among young specialists in the field of robotics.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: Students of the State University of Management learned about the work of the Management Center of the Urban Economy Complex

    Translation. Region: Russian Federation –

    Source: State University of Management – Official website of the State –

    On October 22, 2024, 1st and 3rd year students of the educational programs “Urban Studies and City Management”, “State and Municipal Administration”, accompanied by associate professors of the Department of State and Municipal Administration Irina Milkina and Bayrta Ubushaeva visited the Management Center of the City Economy Complex (MCC UHS).

    The center was created to promptly respond to problems related to monitoring the operation of housing and communal services facilities in Moscow. Analysts monitor various deviations around the clock, as well as analyze the causes of incidents and make forecast estimates. Today, a single technological platform combines all key sources of information. This facilitates the process of making strategic management decisions online.

    As part of the excursion, the students visited the 112 Service call center, the data processing center, and the situation room of the Central Control Center of the State Emergency Service.

    The students were shown the importance of coordinating the work of all services using specific examples, as well as the use of modern technologies to prevent problems. Often we do not notice the colossal work that is being done to improve the comfort of life of city residents. The participants of the excursion also learned that all the work of the Control Center is strictly regulated in order to promptly and effectively make decisions on the work of city services.

    The employees spoke about the importance of the work of not only the Central Office of the KGH, but also the “112 Service”. The work schedule of this capital service is 24 hours a day, since it is designed to provide emergency assistance and respond to calls at any time, so operators must always be at the workplace. And in order for operators to work effectively and not be overloaded after processing a dozen emotional calls, it is important that the work schedule and rest schedule are strictly observed, so when one employee is resting, another one comes to replace him.

    Students noted that despite the complexity and specificity of the work, the creation of this Center helps to improve the efficiency of urban management thanks to a modern information system.

    Malika Yarmukhamedova, 3rd year student: “I was pleased with the tour! I think that visiting this complex is very useful for development in urban studies. We were clearly shown all the components of the urban economy of the city of Moscow and the efficiency of their use. A puzzle of how city services function and coordinate came together in my head.”

    Ulyana Laryushina, 3rd year student: “Many thanks to the Center’s staff for clearly demonstrating how city services management functions. It was interesting to learn about modern technologies used in this area and to understand how decisions are made in emergency situations.”

    Ilya Dubodelov, 3rd year student: “I was pleased to talk to real specialists in the field of municipal services. I learned a lot of new things in this area, and was also amazed by the technologies used by the Center for Management of the Municipal Services Complex, and the overall coherence of all departments.”

    The State University of Management thanks the Department of Housing and Public Utilities of the City of Moscow, the State Budgetary Institution “MAC” and the State Budgetary Institution “System 112” for the opportunity to visit an important facility for managing the capital’s municipal economy.

    Subscribe to the TG channel “Our GUU” Date of publication: 10/24/2024

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: A large-scale national (all-Russian) conference with international participation dedicated to the 90th anniversary of the Department of Geotechnics is being held at SPbGASU

    Translation. Region: Russian Federation –

    Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering – Leading Engineer, Assistant Professor of the Department of Geotechnics, Scientific Secretary of the Conference Philipp Kalach, Anatoly Osokin, Rashid Mangushev, Evgeny Rybnov, Askar Zhusupbekov, Alexander Vikhrov

    On October 23, the National (All-Russian) Scientific and Technical Conference with international participation “Modern Methods of Design, Underground Construction and Reconstruction of Foundations and Bases” opened at SPbGASU.

    Welcoming the participants, Rector of SPbGASU Evgeny Rybnov emphasized that since 2003, holding conferences on geotechnics at our university has become a tradition. During this period, 17 all-Russian and international conferences have been held, which invariably arouse the interest of specialists in the field of mechanics and soils, foundations, foundations and engineering geology.

    “The large number of participants confirms the importance of geotechnics as the most important area of ​​construction science and serves as a tribute to the scientific traditions and achievements of the Department of Geotechnics of St. Petersburg State University of Civil Engineering, founded in 1934. Over the years, famous scientists in our country and abroad, honored scientists of the RSFSR, professors Tsytovich, Vasiliev, Maslov, Dalmatov, Sotnikov, Mangushev, worked on it. In the last two years, the department has been headed by Honored Builder of Russia, laureate of awards from the Government of Russia and St. Petersburg, Candidate of Technical Sciences Anatoly Ivanovich Osokin. Since its formation, the department has been one of the leading departments of our university, which has trained many engineers, candidates and doctors of technical sciences. The department has created and is successfully developing a scientific school for the development of current issues in construction geotechnics. First of all, this is research on improving foundation construction on weak and highly compressible soils, including pile foundations and foundations for high-rise buildings, research on the development of deformations of structures and their prediction, research on frozen and thawing soils and their use as foundations for structures. The department is also conducting research on improving methods for constructing underground structures, consolidating foundation soils and strengthening the foundations of buildings during their reconstruction, and developing numerical methods for calculating the foundations of underground structures. Over the past 15 years, employees of the department have published numerous textbooks and teaching aids, monographs, reference books on geotechnics, which have become reference books for engineers and teachers of universities in Russia, the CIS countries and the Far Abroad,” said Evgeniy Rybnov.

    He specified that the conference will provide an opportunity for geotechnical specialists to exchange the latest scientific achievements, establish new useful contacts, and also get acquainted with historical and recently built unique objects of St. Petersburg.

    As reported by the corresponding member of RAASN, the head of the scientific school, the director of the Scientific and Production-Consulting Center of Geotechnology of SPbGASU, professor Rashid Mangushev, over the past 20 years the university and the department of geotechnics have regularly held such conferences. This year the conference is dedicated to the 90th anniversary of the department. It is attended by specialists from 23 cities and 13 countries, including the Republic of Belarus, Kazakhstan, Uzbekistan, Azerbaijan, South Korea, Malaysia, Mongolia. More than 110 reports will be heard.

    The President of the Russian Society for Soil Mechanics, Geotechnics and Foundation Engineering, Vyacheslav Ilyichev, called St. Petersburg a monument to geotechnics.

    “To build such a city now, we would need surveys, soil research methods, and computer programs. That didn’t exist back then, but the city was built: for centuries and beautifully. Geotechnics has been developing for many years, and the leading universities of St. Petersburg, where outstanding scientific schools have been created and highly qualified specialists are trained, play a major role in this. Domestic science has always been the basis of our country’s technological independence. And we continue to serve as this basis,” noted Vyacheslav Ilyichev.

    A member of the Council of the National Association of Surveyors and Designers (NOPRIZ), President of the Association of SRO “Baltic Association of Designers”, a graduate of LISI (now SPbGASU), who previously held the positions of dean, vice-rector of our university, Alexander Vikhrov confirmed that decades ago, young specialists really did not have any tools except a slide rule. But science developed, and before his eyes such tools appeared and improved

    “90 years – is it a lot or a little? For history – a particle. Despite the solid anniversary, the department is only at the beginning of its development, it keeps up with the times and continues to make a great contribution to solving modern problems of the industry, city, country, world,” says Alexander Vikhrov.

    SPbGASU and, in particular, the Department of Geotechnics have been interacting with the Committee for State Control, Use and Protection of Historical and Cultural Monuments (KGIOP) of St. Petersburg for many years, the acting chairman of the committee, Alexey Mikhailov, emphasized in his welcoming address. He noted the high level of involvement of students and postgraduates in current urban issues in the field of urban development and adaptation of cultural heritage sites to modern use.

    “Our city is quite young, but it contains almost 10% of all historical and cultural monuments of the country. Along with preserving the cultural heritage and historical environment, we must develop the infrastructure of the metropolis for the comfortable life of citizens and tourists. To successfully solve this problem, we need to be guided by modern scientific research in the field of soil mechanics and geotechnics, exchange experience in the design, construction and reconstruction of complex geotechnical objects in various engineering and geological conditions,” said Alexey Mikhailov.

    The President of the Kazakhstan Geotechnical Association, Honorary Doctor of St. Petersburg State University of Architecture and Civil Engineering, and graduate of the department, Askar Zhusupbekov, confirmed that the Department of Geotechnics has always been famous for its outstanding world-class scientists and talented students.

    “Continuing the traditions, the department is developing. Last year, the Kazakhstan Geotechnical Association held a large-scale international scientific and technical conference, which was attended by 982 people from 88 countries. And I would like to proudly note that the most representative and largest delegation was from your university. SPbGASU demonstrates high scientific achievements and knows how to organize effective scientific and practical platforms within its walls, which include the current conference,” concluded Askar Zhusupbekov.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Germany: Results of the 2024 LSI stress test

    Source: Deutsche Bundesbank in English

    The profitability of Germany’s small and medium-sized banks and Sparkassen (less significant institutions, or LSIs) improved significantly in 2023. The institutions achieved stronger earnings during the period of higher interest rates; they have further expanded their capital resources and appear to be prepared even for serious adverse scenarios. These were among the findings of the sixth LSI stress test and accompanying survey, which were conducted this year by the Federal Financial Supervisory Authority (BaFin) and the Deutsche Bundesbank.
    “The banks are on more solid ground. Most institutions have good capital ratios and are capable of handling the very demanding challenges posed in this year’s stress test,” said Raimund Röseler, BaFin’s Chief Executive Director of Banking Supervision, while presenting the stress test results in Frankfurt. The scenario assumed in this year’s test was far more challenging than in the last exercise two years ago. In total, the shock caused the Common Equity Tier 1 (CET1) ratio to decrease by 3.7 percentage points to 14.5 percent. The stress effect was mainly driven by credit and market risks.
    Under the scenario presented in the stress test, the number of institutions that experience difficulties lies in the medium double digits. These institutions would not meet the supervisory capital requirements in the case of a major economic downturn. The number of impacted institutions is twice as high as in the 2022 LSI stress test – mainly due to the tougher scenario specifications.
    “Institutions should continue to expand their capital resources and not erode their solid baseline unless absolutely necessary. The economic situation remains uncertain. We will closely monitor the outlier institutions. If necessary, we will take supervisory countermeasures at an early stage,” Röseler declared.
    Results of the survey on the current and future earnings and risk situation show that institutions are anticipating an increase in loss allowances. Banks and Sparkassen are still willing to take on additional risks on their books and increase their lending. However, their plans foresee a greater increase in CET1 capital than in risk-weighted assets, which leads to a moderate rise in the CET1 ratio and takes more than sufficient account of the additional risks they plan to assume.
    “Our analysis shows that the majority of banks and Sparkassen are less optimistic with regard to commercial real estate. Supervisors will continue to closely monitor this segment,” said Michael Theurer, the member of the Executive Board responsible for banking supervision at the Deutsche Bundesbank. The outlook is more positive for residential properties, but lower market values are expected for buildings in need of renovation to meet energy efficiency standards. The banks and Sparkassen consider the greatest challenges to be recruitment, increased competition for deposits and the slowdown in economic activity. “In particular, challenges arising from demographic change will have a longterm impact on the banking sector. Institutions need to begin adapting to this development early and take a forward-looking approach,” Theurer advised.
    1,200 small and medium-sized German credit institutions took part in the stress test conducted by the Deutsche Bundesbank and BaFin. The participating institutions represent approximately 91 percent of all credit institutions in Germany and approximately 40 percent of the aggregate total assets. The results of the stress test are incorporated into the supervisory activities of the Deutsche Bundesbank and BaFin.
    Annex
    Earnings
    BaFin and the Deutsche Bundesbank collected the institutions’ own planned and forecast figures in the survey. The institutions were also asked to simulate their earnings for the period from 2024 to 2028 in five interest rate scenarios predefined by the supervisors. The institutions performed these calculations assuming a static balance sheet, meaning they were not able to adjust their portfolios.

     

    Scenario
    Yield curve
    Balance sheet assumption

    1

    Planned scenario
    Institution-specific assumptions
    dynamic

    2

    Steady interest rate level
    +/-0 bp as at 01.01.2024
    static

    3

    Positive interest rate shock
    + 200 bp as at 01.01.2024
    static

    4

    Negative interest rate shock
    − 100 bp as at 01.01.2024
    static

    5

    Gradual interest rate increase
    + 40 bp annually as at 01.01.
    static

    6

    Inverse turn
    + 200 bp to − 60 bp as at 01.01.2024
    static
    Table 1: Methodological rules and interest rate scenarios in the survey (2024–2028); “bp” stands for “basis points”
    On the basis of their own planned and forecast figures, the surveyed credit institutions reported in the second quarter of 2024 that they expect their return on assets to increase by 45% over the next five years (2022: + 18%). Return on assets is defined as the profit for the year before tax in relation to total assets. However, this highly positive projection is based on the optimistic assumption that interest rates will remain steady or even slightly increase in the medium to long term.
    Resilience
    On average, the institutions surveyed expect to increase their CET1 ratio from a level of 18.2% to 19.4% by 2028. They plan to do so despite the larger increase in risk-weighted assets, which can be traced to an upturn in the volume of business and increased risk-taking.
    Stress test used for determining Pillar 2 guidance
    Stress testing examines the resilience of institutions under adverse economic conditions and estimates the consequences for their capital resources. To this end, the banks and Sparkassen simulated their earnings and resilience for the years 2024 to 2026 according to baseline and stress scenarios predefined by the supervisors. The stress scenario for this year’s test entails a dramatic economic downturn resulting in interest rate risks, credit risks and market risks, among others. Other components of the banks’ profit and loss accounts were extrapolated based on historical data, partially with discounts.
    The supervisory authorities aimed to determine whether the capital resources of the credit institutions were still adequate over a three-year period in a stress scenario. After a capital depletion of 3.7 percentage points (the largest decrease in the CET1 ratio over the three-year scenario horizon), the small and medium-sized institutions in Germany still had a CET1 ratio of 14.5% on aggregate, which represents a sound capital basis.
    The stress test identifies the vulnerabilities of each individual institution. The risks revealed in the stress test also factor into the calculation of Pillar 2 guidance. An institution’s failure to comply with this recommendation acts as an important early warning threshold for supervisors. Institutions that are particularly vulnerable can be subjected to even closer supervision at an early stage. This helps further strengthen the stability of the German banking market.

    MIL OSI

    MIL OSI German News –

  • MIL-OSI Asia-Pac: Company and its two responsible officers fined $64,200 for contravening Employment Ordinance

    Source: Hong Kong Government special administrative region

         Rayland International Cooperation Limited and its two responsible officers, a director and a manager, were prosecuted by the Labour Department (LD) for violation of the requirements under the Employment Ordinance (EO). The company and its two responsible officers pleaded guilty at the Kwun Tong Magistrates’ Courts today (October 24) and were fined a total sum of $64,200.
          
         The company wilfully and without reasonable excuse contravened the requirements of the EO, failing to pay an employee wages within seven days after the expiry of the wage periods totalling about $260,000, and also failing to pay the awarded sum of about $630,000 within 14 days after the date set by the Labour Tribunal (LT). The two responsible officers concerned were prosecuted and convicted for their consent, connivance or neglect in the above offences.
          
          “The ruling helps disseminate a strong message to all employers, directors, managers and responsible officers of companies that they have to pay wages to employees within the statutory time limit stipulated in the EO, as well as the sums awarded by the LT or the Minor Employment Claims Adjudication Board,” a spokesman for the LD said.
          
          “The LD will not tolerate these offences and will spare no effort in enforcing the law and safeguarding employees’ statutory rights,” the spokesperson added.

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: Civil society from both banks meet donors to discuss partnership, challenges and successes

    Source: Organization for Security and Co-operation in Europe – OSCE

    Headline: Civil society from both banks meet donors to discuss partnership, challenges and successes

    Civil society organizations (CSOs) from both banks of the Dniester/Nistru River, donors and development partners engaged in discussions in groups during the OSCE Mission’s Donors’ Forum, 23 October, Chisinau. (OSCE/Ecaterina Leuca) Photo details

    On 23 October, the OSCE Mission’s Donors’ Forum united nearly 90 civil society organizations (CSOs) from both banks of the Dniester/Nistru River and over 30 donors and development partners. Civil society shared positive experiences, achievements and challenges. One highlight was that organizations from both banks conducted successful information campaigns on HIV/AIDS prevention and healthcare. As for challenges, civil society members noted their limited capacity and resources, and suggested that donors help with small-scale projects, and not just large ones.
    “The Forum helps us present our ideas and initiatives, and learn about new opportunities for funding and cooperation. We can interact with colleagues from other NGOs, gain experience and build partnerships. Such events are important for building trust between communities on both sides of the river, for peaceful and sustainable development of the society”, – Margarita Cojuhar from the Transdniestrian Media Center said after the Forum.
    The Chair of Legal Center in Causeni, Ion Oboroceanu, shared his impressions: “Cooperation between CSOs on both banks of the Dniester is crucial for the promotion and protection of human rights, thus facilitating access to impartial justice for the vulnerable groups we represent.”
    The Head of the OSCE Mission, Ambassador Kelly Keiderling noted: “Any settlement of the Transdniestrian issue requires that residents of Transdniestria and the members of Transdniestrian civil society groups feel connected to the life of all of Moldovan society. We need you, the people on both banks of the Nistru/Dniester River, to raise awareness about the social, economic, and political challenges you face. We need you to extend protection to the most disadvantaged and vulnerable. We need you to widen the reach of political-civil rights to more citizens.”
    Since 2013, our Mission has held the Donors Forum to assist civil society from both banks of the Dniester/Nistru River, donors and development partners meet and exchange information.

    MIL OSI Europe News –

  • MIL-OSI: Bank of Åland Plc: Financial information and Annual General Meeting, 2025

    Source: GlobeNewswire (MIL-OSI)

    Bank of Åland Plc
    Financial Calendar
    October 24, 2024, 8.30 EET


    Financial information and Annual General Meeting, 2025

    The Bank of Åland Plc (Ålandsbanken Abp) will publish financial information in 2025 as follows:

    Year-end Report and Annual Report for 2024

    • Year-end Report for 2024: Wednesday, February 5, 2025
    • Annual Report and Capital and Risk Management Report for 2024, will be published during week 9, 2025 (February 24 – March 2)

    Interim Reports, 2025

    • Interim Report for January-March: Tuesday, April 29, 2025 
    • Half-Year Financial Report for January-June: Friday, July 18, 2025
    • Interim Report for January-September:  Friday, October 24, 2025

    Annual General Meeting, 2025

    • The Annual General Meeting: Tuesday, March 25, 2025

    Further information is available from Peter Wiklöf, Managing Director and Chief Executive, tel. +358 40 512 7505.

    The MIL Network –

  • MIL-OSI United Kingdom: The Nolan Principles – keeping the public front of mind

    Source: United Kingdom – Executive Government & Departments

    Reflecting on 30 years since the formation of the Committee on Standards in Public Life.

    To mark 30 years of the Committee’s work, Prof. Mark Philp, Chair of CSPL’s Research Advisory Board, blogs on the continuing importance of the Nolan Principles in setting out the understanding between those in public office and the public. This blog is based on a longer academic paper (https://www.gov.uk/government/publications/30th-anniversary-of-the-nolan-principles).

    Marking 30 years since the creation of the Committee on Standards in Public Life.

    PDF, 75 KB, 2 pages

    This file may not be suitable for users of assistive technology.

    Request an accessible format.
    If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email accessible.formats@cabinetoffice.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

    Updates to this page

    Published 24 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI: Viridien and SLB complete the data acquisition for a multi-client survey in Bonaparte Basin, offshore Australia

    Source: GlobeNewswire (MIL-OSI)

    Paris, France – October 24, 2024

    Viridien and SLB have recently completed the acquisition of a new multi-client survey in the Bonaparte Basin, off the NW coast of Australia, that has received industry support and prefunding. The resulting ~6,760 sq km ultramodern PSDM seismic data set will provide a thorough evaluation of this highly prospective and underexplored area to improve industry understanding. The data is currently being processed and the final data will be available in Q2 2025.

    The complex geological area has been historically challenging to image due to the presence of carbonates and the shallow water. The new survey will provide modern, high-quality data over an area lacking recent, or any 3D data. The data also partially covers a carbon storage block, recently awarded as permit G-13-AP. The survey deployed Sercel Sentinel MS multi-component streamers and the Sercel QuietSea marine mammal monitoring system.

    Dechun Lin, EVP, Earth Data, Viridien, said: “We are delighted to have partnered with SLB for the first time in Australia to successfully complete this large data acquisition project. The new high-quality data set will give interested players greater insight into the exploration and carbon storage potential of this promising area. We will continue to look for opportunities to invest in the country.”

    About Viridien:

    Viridien (www.viridiengroup.com) is an advanced technology, digital and Earth data company that pushes the boundaries of science for a more prosperous and sustainable future. With our ingenuity, drive and deep curiosity we discover new insights, innovations, and solutions that efficiently and responsibly resolve complex natural resource, digital, energy transition and infrastructure challenges. Viridien employs around 3,500 people worldwide and is listed as VIRI on the Euronext Paris SA (ISIN: FR001400PVN6).

    Contacts

    Attachment

    The MIL Network –

  • MIL-OSI: TRAINERS’ HOUSE GROUP INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2024

    Source: GlobeNewswire (MIL-OSI)

    TRAINERS’ HOUSE GROUP, STOCK EXCHANGE RELEASE, 24 OCTOBER 2024 at 8:30
              
    January-September 2024 in brief

    • net sales EUR 5.9 million (EUR 6.5 million), change of -9.7 % compared to the corresponding period of the previous year
    • operating result EUR 0.1 million (EUR 0.1 million), 1.1 % of net sales (1.0 %)
    • cash flow from operations EUR 0.1 million (EUR 0.1 million)
    • earnings per share EUR 0.03 (EUR 0.04)

    July-September 2024 in brief

    • net sales EUR 1.6 million (EUR 1.6 million), change of -1.2 % compared to the corresponding period of the previous year
    • operating result EUR -0.1 million (EUR -0.1 million), -9.4 % of net sales (-6.7 %)
    • cash flow from operations EUR -0.3 million (EUR -0.2 million)
    • earnings per share EUR -0.07 (EUR -0.05)

    Key figures at the end of third quarter of 2024

    • cash and cash equivalents EUR 1.1 million (EUR 1.5 million)
    • interest-bearing liabilities of EUR 0.7 million (EUR 0.3 million) and interest-bearing net debt of EUR -0.4 million (EUR -1.3 million).
    • equity ratio 65.2 % (65.3 %)

    OUTLOOK FOR 2024

    The company estimates the operating profit for 2024 to be negative.

    CEO ARTO HEIMONEN

    Despite the challenging market conditions, the company’s year-to-date result is slightly profitable at the end of the third quarter.

    Due to the holiday season, the third quarter of Trainers’ House is actually two months long from the point of view of revenue accumulation.

    Customer activity and customer satisfaction remained at a high level. Acquiring new assignments succeeded moderately. The productivity of encounter marketing business increased.

    Healthy cash flow and profitability are the company’s most important business goals in 2024 as well.

    The purpose of Trainers’ House is to help people forward. This is possible by touching people, electrifying management and producing verifiable results.

    Thanks to customers, employees, and partners.

    More information:
    Arto Heimonen, CEO, +358 404 123 456
    Saku Keskitalo, CFO, +358 404 111 111

    OPERATIONAL REVIEW

    During the review period, the company focused on serving its customers.

    FINANCIAL PERFORMANCE

    Net sales for the reporting period were EUR 5.9 million (EUR 6.5 million). Operating result was EUR 0.1 million, 1.1 % of net sales (EUR 0.1 million, 1.0 %). The result for the period was EUR 0.1 million, 1.1 % of net sales (EUR 0.1 million, 1.2 %).

    The breakdown of the Group’s figures (unit thousand euros) is presented in the following table:

    Group’s main figures (kEUR) 1-9/2024 1-9/2023
    Net sales 5 907 6 541
    Expenses:    
    Expenses arising from employee benefits -3 947 -4 339
    Other expenses -1 635 -1 729
    EBITDA 325 473
    Depreciation and impairment losses -259 -405
    EBIT 66 68
    EBIT, % of net sales 1.1 1.0
    Financial income and expenses -15 8
    Result before taxes 51 76
    Income taxes 14 4
    Result of the period 65 80
    Result, % of net sales 1.1 1.2

    LONG-TERM OBJECTIVES

    The company’s long-term goal is profitable growth.

    FINANCING, INVESTMENTS AND SOLVENCY

    Cash flow and key financing figures (unit million euros) 1-9/2024 1-9/2023
    Cash flow from operations before financial items 0.2 0.1
    Cash flow from operations 0.1 0.1
    Cash flow from investments 0.0 0.1
    Cash flow from financing -0.2 -0.9
    Total cash flow -0.1 -0.7
         
      9/2024 9/2023
    Cash 1.1 1.5
    Interest-bearing debt 0.7 0.3
    Equity ratio % 65.2 65.3

    MAJOR RISKS AND UNCERTAINTIES

    Trainers’ House’s business is sensitive to economic fluctuations.

    The general economic situation internationally and in Finland contains significant risks. The war in Europe and Middle East, the tense world political situation and the possible expansion of the crisis can cause rapid changes in the operating environment.

    Possible world trade restrictions and changes in the world political situation affect the exports of Finnish companies, which is reflected in the demand of the domestic market. The demand in domestic market will also diminish due to public cost-cuttings and tax increases. The change in domestic market demand directly affects Trainers’ House’s business.

    Compared to the level of the last decade, the high interest rate has a negative effect on economic activity. Inflation can also accelerate due to, for example, escalation of world political crises.

    The constant competition for the best employees affects recruitment and the commitment of key personnel. From the company’s point of view, the labor market situation has eased over the past year.

    The above-mentioned risks, when realized alone or together, have a significant impact on the company’s operations.

    The company divides the risk factors affecting business, earnings, and market capitalization into five main categories: market and business risks, personnel-related risks, technology and information security risks, financial risks, and legal risks.

    Trainers’ House has sought to hedge against the adverse effects of other risks with comprehensive insurance policies. These include statutory insurance, liability and property insurance and legal expenses insurance. Insurance coverage, insurance values and deductibles are reviewed annually together with the insurance company.

    The Management Team reports to the Board on a monthly basis on key business-related risks and, where necessary, risk management measures.

    The Group has the reporting systems required for effective business monitoring. Internal control is linked to the company’s vision, strategic goals and the business goals set on the basis of them.

    The realization of business objectives and the Group’s financial development are monitored on a monthly basis through the Group’s corporate governance system. As an essential part of the control system, actual data and up-to-date forecasts are reviewed monthly by the Group Management Team. The control system includes, among other things, sales reporting, an income statement, a rolling revenue and profit forecast, and key figures that are important to operations.

    Trainers’ House is an expert organization. The magnitude of market and business risks is difficult to determine. Typical risks in this area are related to, for example, general economic development, customer distribution, technology choices, the development of competition and the management of personnel costs.

    Risks are managed through the planning and regular monitoring of sales, human resources, and operating expenses, which enables rapid action when circumstances change. The risks of trade receivables have been taken into account by the recognition of expenses based on the age of the receivables and individual risk analyzes.

    The goal of Trainers’ House’s financial risk management is to secure the availability of equity and debt financing on competitive terms and to reduce the impact of adverse market movements on the company’s operations.

    Financial risks are divided into four categories, which are liquidity, interest rate risks, currency risks and credit risks. Each risk is monitored separately. Liquidity and interest rate risks are reduced with sufficient cash resources and efficient collection of receivables. Currency risks are low as Trainers’ House operates primarily in the euro market. In financial risk management, the focus is on liquidity.

    The success of Trainers’ House as an expert organization depends on its ability to attract and retain skilled staff. In addition to a competitive salary, personnel risks are managed through incentive schemes and investments in personnel training, career opportunities and general well-being.

    Technology is a key part of Trainers’ House’s business. Technology risks include, but are not limited to, supplier risk, risks related to internal systems, challenges posed by technological change, and security risks. Risks are protected against long-term cooperation with technology suppliers, appropriate security systems, staff training and regular security audits.

    Trainers’ House’s legal risks are mainly focused on the contractual relationship between the company and customers or service providers. At their most typical, they relate to delivery responsibility and the management of intellectual property rights. In order to manage the risks related to contracts and intellectual property rights, the company has internal guidelines for contractual procedures. In the company’s view, the contractual risks are not unusual.

    At the end of the review period, goodwill and other intangible assets recognized in the balance sheet have been tested in the normal way. The test did not reveal any need for impairment.

    The consolidated balance sheet of Trainers’ House has goodwill of EUR 2.1 million. The balance sheet value of other intangible assets is EUR 1.0 million. If the Group’s profitability does not develop as forecasted or other external factors independent of the Group’s operations, such as interest rates, change significantly, it is possible that goodwill and other intangible assets will have to be written off. Recognition of an impairment loss would have no effect on the Group’s cash flow.

    Due to the project nature of the operations, the order backlog is short, and predictability is therefore challenging.

    The description of potential risks is not comprehensive. Trainers’ House conducts continuous risk assessment in connection with its operations and strives to hedge against identified risks.

    Investors have also been informed about the risks in the company’s annual review and on the website at www.trainershouse.fi.

    PERSONNEL

    At the end of the review period, the Group had 107 (111) employees. As before, the company reports the number of employees converted to full-time employees.

    DECISIONS REACHED AT THE ANNUAL GENERAL MEETING

    The annual general meeting of Trainers’ House Plc was held on 27 March 2024 in Helsinki.

    The annual general meeting confirmed the financial statements and discharged CEO and the members of the Board of Directors from liability for the fiscal year 1 January – 31 December 2023. The annual general meeting also decided to adopt the remuneration policy of the governing bodies.

    The annual general meeting decided, in accordance with the board’s proposal, that the company does not distribute a dividend from 2023.

    Aarne Aktan, Jari Sarasvuo, Jarmo Hyökyvaara, Elma Palsila and Emilia Tauriainen were re-elected as members of the Board of Directors. In the board meeting held after the annual general meeting, the Board of Directors elected Jari Sarasvuo as the chairperson of the board.

    The annual general meeting decided that the board member’s remuneration shall be EUR 1,500 per month and the chairperson’s remuneration will be EUR 3,500 per month.

    Grant Thornton Oy was elected as the company’s auditor. The remuneration to the auditor is paid according to the auditor’s reasonable invoice.

    SHARES AND SHARE CAPITAL

    The company’s share is listed on Nasdaq Helsinki Ltd under the name Trainers’ House Plc (TRH1V).

    At the end of the reporting period, Trainers’ House Plc had 2,147,826 shares and a registered share capital of EUR 880,743.59. The company does not hold any of its own shares. There have been no changes in the share capital during the period.

    Share performance and trading

      1-9/2024 1-9/2023
    Traded shares, pcs 203 608 213 827
    Average number of all company shares, % 9.5 10.0
    Traded shares, EUR 576 890 1 013 869
    Highest share quotation 4.88 6.12
    Lowest share quotation 2.07 3.38
    Closing price 2.27 3.73
    Weighted average price 2.83 4.74
    Market capitalization 4.9 mil. 8.0 mil.

    SUMMARY OF FINANCIAL STATEMENTS AND NOTES

    The report has been prepared in accordance with IAS 34 standard. The report has been prepared in accordance with IFRS standards and interpretations that have been approved for application in the EU and are in force on 1 January 2024.

    In this interim report Trainers’ House has followed the same accounting policies and calculation methods as in the 2023 annual financial statements.

    The figures given in the interim report are unaudited.

    INCOME STATEMENT IFRS (kEUR) 1-9/2024 1-9/2023 1-12/2023
    NET SALES 5 907 6 541 8 437
    Expenses:      
    Materials and services -286 -308 -391
    Personnel-related expenses -3 947 -4 339 -5 691
    Depreciation and impairment losses -259 -405 -531
    Other operating expenses -1 348 -1 420 -1 925
    Total expenses -5 841 -6 473 -8 538
    Operating result 66 68 -101
    Financial income and expenses -15 8 6
    Result before taxes 51 76 -95
    Income taxes 14 4 4
    RESULT OF THE PERIOD 65 80 -91
    Result attributable to owners of the parent company 65 80 -91
    Earnings per share, EUR 0.03 0.04 -0.04
    Earnings per share attributable to owners of the parent company, EUR 0.03 0.04 -0.04
    BALANCE SHEET IFRS (kEUR) 9/2024 9/2023 12/2023
    ASSETS      
    Non-current assets      
    Tangible assets 704 430 961
    Goodwill 2 129 2 129 2 129
    Other intangible assets 1 013 1 025 1 013
    Long-term receivables      
    Other receivables, long-term 105 138 138
    Deferred tax receivables 218 204 202
    Total long-term receivables 324 342 341
    Total non-current assets 4 170 3 926 4 443
           
    Current assets      
    Account receivables and other receivables 1 002 942 783
    Cash and cash equivalents 1 120 1 533 1 175
    Total current assets 2 122 2 475 1 958
    TOTAL ASSETS 6 292 6 400 6 401
           
    SHAREHOLDERS’ EQUITY AND LIABILITIES 9/2024 9/2023 12/2023
    Equity attributable to the owners of the parent company      
    Share capital 881 881 881
    Distributable non-restricted equity fund 37 37 37
    Retained earnings 3 021 3 111 3 111
    Result of the period 65 80 -91
    Total shareholders’ equity 4 004 4 109 3 939
    Long-term liabilities      
    Deferred tax liabilities 203 205 203
    Long-term financial liabilities 420 58 631
    Total long-term liabilities 622 263 833
    Short-term liabilities      
    Short-term financial liabilities 280 216 197
    Accounts payable and other liabilities 1 386 1 812 1 432
    Total short-term liabilities 1 666 2 028 1 629
    Total liabilities 2 288 2 291 2 462
    TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 6 292 6 400 6 401
    CASH FLOW STATEMENT IFRS (kEUR) 1-9/2024 1-9/2023 1-12/2023
    CASH FLOW FROM OPERATIONS      
    Result of the period 65 80 -91
    Adjustments 263 435 570
    Changes in working capital -169 -398 -257
    Cash flow from operations before financial items and taxes 158 117 222
    Financial items and taxes paid -22 -13 -16
    CASH FLOW FROM OPERATIONS 137 104 206
    CASH FLOW FROM INVESTMENTS      
    Investments in tangible and intangible assets -3 -12 -12
    Repayment of loan receivables 17 42 42
    Interests received 5 21 21
    CASH FLOW FROM INVESTMENTS 18 51 51
    CASH FLOW FROM FINANCING      
    Repayment of lease liabilities -128 -272 -363
    Dividends paid -82 -597 -966
    CASH FLOW FROM FINANCING -210 -869 -1 329
    TOTAL CASH FLOW -55 -714 -1 072
    CHANGE IN CASH AND CASH EQUIVALENTS      
    Opening balance of cash and cash equivalents 1 175 2 247 2 247
    Closing balance of cash and cash equivalents 1 120 1 533 1 175
    CHANGE IN CASH AND CASH EQUIVALENTS -55 -714 -1 072

    CHANGE IN SHAREHOLDERS’ EQUITY (kEUR)
    Equity attributable to owners of the parent company

    CHANGE IN SHAREHOLDERS’ EQUITY (kEUR) Share capital Distributable non-restricted equity fund Retained earnings Total
    Equity 1 January 2023 881 37 4 121 5 039
    Other comprehensive income     80 80
    Dividends     -1 009 -1 009
    Equity 30 September 2023 881 37 3 191 4 109
             
    Equity 1 January 2024 881 37 3 021 3 939
    Other comprehensive income     65 65
    Dividends     0 0
    Equity 30 September 2024 881 37 3 086 4 004

    RELATED PARTY TRANSACTIONS

    During the period under review, Trainers’ House had transactions with Causa Prima Ltd, a company controlled by Jari Sarasvuo, the Chairperson of the Board of Directors, and Pro Vividus Ltd and Anorin Liekki Ltd, which are related to the company.

    The following transactions took place with related parties:

    RELATED PARTY TRANSACTIONS (kEUR) 1-9/2024 1-9/2023 1-12/2023
    Purchases during the period 272 131 168
    Liabilities at the end of the period 95 31 39
    PERSONNEL 1-9/2024 1-9/2023 1-12/2023
    Average number of personnel 108 115 113
    Personnel at the end of the period 107 111 96
    COMMITMENTS AND CONTINGENT LIABILITIES 9/2024 9/2023 12/2023
    Collaterals and contingent liabilities given for own commitments(kEUR) 120 120 120
    OTHER KEY FIGURES 9/2024 9/2023 12/2023
    Equity ratio (%) 65.2 65.3 63.5
    Shareholders’ equity/share (EUR) 1.86 1.91 1.83

    Calculation formulas for key figures

    Earnings per share        = Result of the period attributable to owners of the parent company
                                          Average number of shares adjusted for share issue in financial period

    Interest-bearing net debt = Interest-bearing liabilities – cash and cash equivalents

    Equity ratio (%)          = Equity x 100
                                        Balance sheet total – advances received

    Equity / share            = Equity                                              
                                        Number of shares adjusted for share issue at the
                                        end of financial period

    Items affecting the calculation of key figures 9/2024 9/2023 12/2023
    Advances received (kEUR) 154 107 198
    Interest-bearing liabilities (kEUR) 700 274 828
    Average number of shares adjusted for share issue in financial period (unit thousand shares) 2 148 2 148 2 148
    Number of shares adjusted for share issue at the end of the financial period (unit thousand shares) 2 148 2 148 2 148

    In Helsinki 24 October 2024

    TRAINERS’ HOUSE PLC

    BOARD OF DIRECTORS

    Information:
    Arto Heimonen, CEO, +358 404 123 456
    Saku Keskitalo, CFO, +358 404 111 111

    DISTRIBUTION
    Nasdaq Helsinki
    Main media
    www.trainershouse.fi – For investors

    Attachment

    The MIL Network –

  • MIL-OSI United Kingdom: Planning Inspectorate Performance update – October 2024

    Source: United Kingdom – Executive Government & Departments

    Performance and other updates following the publication of our latest official monthly statistics.

    On a regular basis, we publish the latest official statistics on appeals performance), which represent the greatest volume (in terms of number of cases) of the work of the Planning Inspectorate. 

    We also update the appeals handling times data to give customers the latest information on the average time it takes to receive a decision and provide an update on our other main casework areas. 

    Appeals 

    Our appeal cases are dealt with in one of three ways: written representations, hearings, or inquiries. Ministerial performance measures include an expectation to reduce average decision times over time and make our decision speeds more consistent. All our decision times are measured from the day we receive a valid appeal through to the day we issue a decision. This is the same approach as Local Planning Authorities. 

    We have made 18,176 appeal decisions in the last 12 months, an average of 1,515 per month. We now have 13,214 open cases. 

    We remain committed to removing our casework backlog so that all our casework is decided in consistent timeframes, whilst maintaining high standards in our decisions. We are currently focusing on reducing the number of older planning appeals by written representations appeals and enforcement appeals by hearing. 

    Following a consultation the frequency of the publication of these statistics will move from monthly to quarterly. We believe quarterly publications provide a better indicator of performance, less affected by temporary fluctuations than monthly releases. The next quarterly update will be on January 23, 2025. 

    Median decision times 

    The median decision time for cases decided in September was 27 weeks. The average over the past 12 months was 28 weeks. 

    Median decision times vary a little month to month, but decisions after hearings and inquiries continue to be made quicker, on average, compared to a year ago. This is most noticeable in relation to enforcement appeals by inquiry, where decisions are taking less than half the time, on average.

    12 months to September 2024 median decision time September 2024 median decision time
    Planning appeals by written representations 27 weeks 26 weeks
    Planning appeals by hearing 24 weeks 22 weeks
    Planning appeals by inquiry 30 weeks 33 weeks
    Enforcement appeals by written representations 51 weeks 40 weeks
    Enforcement appeals by hearing 63 weeks 102 weeks
    Enforcement appeals by inquiry 54 weeks 22 weeks
    All appeals 28 weeks 27 weeks

    National Infrastructure 

    We have a high number of Nationally Significant Infrastructure Projects (NSIPs)  at various stages, but we continue to meet all statutory deadlines: 

    •  62 where we are providing advice before submission. 
    •  18 submitted and at acceptance, pre-examination, or examination. 
    •  4 where we are preparing our recommendation. 
    •  9 where the relevant Secretary of State is considering our recommendation. 

    Earlier this month development consent was granted by the Secretary of State for Transport for the Immingham Eastern Ro-Ro Terminal. 

    Local Plans 

    There are currently 45 live Local Plan examinations in progress. 

    We encourage Local Planning Authorities (LPA) to use our advisory visits to help them get their plans in good shape and deal with challenges well before submission.

    Updates to this page

    Published 24 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI: Atos reports third quarter 2024 revenue

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    Third quarter 2024 revenue in line with September 2ndBusiness Plan

    Cash position in line with September 2ndbusiness plan & FY2024 outlook

    Q3 2024 revenue of €2,305m, down -4.4% organically, consistent with September 2ndbusiness plan communicated on September 2nd, 2024

    • Eviden down -6.4% organically due to continued market softness in the Americas and Central Europe and previously-established contract scope reductions
    • Tech Foundations down -2.6% organically, reflecting lower scope of work and previously-established contract completions and terminations
    • Q4 and FY2024 outlook in line with September 2nd business plan1

    Q3 order entry of €1.5bn, with stronger commercial activity and improved order entry expected in Q4

    • Eviden book-to-bill at 73%, compared with 80% in prior year. Solid commercial activity in BDS with several High-Performance Computing contracts signed. Eviden Q4 book-to-bill expected to be close to Q4 20232
    • Tech Foundations book-to-bill at 60%, consistent with previous years3. Q4 book-to-bill expected to be close to historical average4 thanks to anticipated return of multi-year contracts with existing customers
    • Group Q3 book-to-bill at 66% (84% in prior year), in line with Q3 2023 book-to-bill excluding large exceptional deals5. Group Q4 2024 book-to-bill expected in line with prior year6

    Cash position of €1.1bn as at September 30, 2024

    • Net debt position of €4.6bn, including a €1.6bn reduction of working capital optimization compared with December 2023
    • Q3 cash consumption of €-3m excluding change in working capital optimization for €232m
    • Full year free cash flow before normalization of working capital optimization expected in line with September 2nd business plan

    Atos focused on its industrial turnaround and growth:

    • Decision from the Court on pre-arranged financial restructuring plan expected today
    • Financial restructuring plan expected to close in December 2024 or early January 2025
    • New governance in place with Philippe Salle named chairman and becoming CEO on February 1st.

    Paris, France – October 24, 2024 – Atos, a global leader in digital transformation, high-performance computing and information technology infrastructure, today announces its revenue for the third quarter of 2024.

    Jean Pierre Mustier, Atos Chief Executive Officer, declared:

    “With our financial restructuring plan and our new governance in place, Atos can confidently focus on its industrial turnaround and growth under the leadership of Philippe Salle. He is the best person to lead our transformation journey and restore confidence in Atos.

    I have seen a positive change of perception with our clients, who have taken note of our restructuring, and are looking to resume a normalized interaction with us. I expect stronger commercial activity in the coming months, with the anticipated return of multi-year strategic contracts with existing customers.

    I would like to take this opportunity to sincerely thank our employees for their ongoing commitment, and our customers and partners for their continued support.”

    Revenue by Businesses

    In € million Q3 2024
    Revenue    		 Q3 2023
    revenue    		 Q3 2023
    revenue*    		 Organic variation*
    Eviden 1,093 1,202 1,167 -6.4%
    Tech Foundations 1,212 1,373 1,244 -2.6%
    Total 2,305 2,575 2,412 -4.4%
    *at constant scope and average exchange rates    

    Group revenue was €2,305 million in Q3 2024, down -4.4% organically compared with Q3 2023 as expected. Overall, Group revenue in the third quarter reflects softer market conditions and is consistent with the business plan communicated on Sept 2nd.

    Eviden revenue was €1,093 million, down -6.4% organically.

    • Digital activities decreased high single-digit. The business was impacted by the general market slowdown in Americas and Central Europe and previously-established contract scope reductions.
    • Big Data & Security (BDS) revenue was roughly stable organically. In Advanced Computing, stronger activity in Denmark and France was offset by a high comparison basis in the prior year. Revenue in Digital Security slightly decreased, despite the growth of Mission Critical Systems, notably in Central Europe.

    Tech Foundations revenue was €1,212 million, down -2.6% organically.

    • Core revenue (excluding BPO and value-added resale (“VAR”)) decreased low single-digit. Stronger contributions related to the Paris Olympic & Paralympic games were offset by contract terminations in Americas and previously-established contract scope and volume reduction in Northern Europe & APAC.
    • Non-core revenue declined high single-digit during the quarter as expected, reflecting contract completion in BPO activities in the UK.

    Revenue by Regional Business Unit

    In € million Q3 2024
    Revenue    		 Q3 2023
    revenue    		 Q3 2023
    revenue*    		 Organic variation*
    Americas 500 606 558 -10.5%
    Northern Europe & APAC 707 769 757 -6.6%
    Central Europe 544 627 546 -0.4%
    Southern Europe 477 501 480 -0.7%
    Others & Global Structures 76 73 69 +10.1%
    Total 2,305 2,575 2,412 -4.4%
    *at constant scope and average exchange rates    

    Americas revenue decreased by -10.5% on an organic basis, reflecting the current general slowdown in market conditions and previously-established contract terminations and completions.

    • Eviden was down double-digit, impacted by contract terminations and volume decline in Healthcare, Finance, and Transport & Logistics. BDS declined high single-digit due to volume reductions.
    • Tech Foundations revenue declined mid single-digit due to contract completions and terminations as well as scope reductions with select customers.

    Northern Europe & Asia-Pacific revenue decreased by -6.6% on an organic basis.

    • Eviden revenue declined mid-single-digit. A revenue increase at BDS due to new business in Advanced Computing with an innovation center in Denmark was offset by the decline of Digital revenue, reflecting a lower demand from Public Sector customers in the UK.
    • Revenue in Tech Foundations was down high single-digit, with contract completions and volume decline in Public Sector BPO.

    Central Europe revenue was nearly stable at -0.4% on an organic basis.

    • Eviden revenue declined low single-digit, impacted by volume reductions in Digital from Manufacturing and Public Sector customers.
    • Tech Foundations revenue grew mid-single-digit, with strong demand for hardware products.

    Southern Europe revenue was down -0.7% organically.

    • Eviden revenue was roughly flat. Growth in Digital, which benefitting from a contract win with a major European utility company, was offset by lower revenue in BDS compared to Q3 2023, when a supercomputer project was delivered in Spain.
    • Tech Foundations revenue declined low single-digit due to volume reductions with select customers.

    Revenue in Others and Global Structures, which encompass Middle East, Africa, Major Events as well as the Group’s global delivery centers and global structures, grew double-digit reflecting stronger contributions from the Paris Olympic & Paralympic Games and the positive performance of Africa.

    Commercial activity

    Order entry for the Group was €1,526 million. Eviden order entry was €794 million and Tech Foundations order entry was €733 million.

    Book-to-bill ratio for the Group was 66% in Q3 2024, down from 84% in Q3 2023, reflecting softer market conditions and delays in contract awards as clients await the final resolution of the Group’s refinancing plan. This ratio is in line with the book-to-bill ratio for Q3 2023, excluding exceptionally large contract7.

    Book-to-bill ratio at Eviden was 73%. Main contracts signatures during the third quarter included the supply of an HPC to a leading player in the Aerospace sector, another HPC contract signed with a major French utility provider, together with control room utility solutions.

    Book-to-bill ratio at Tech Foundations was 60%, consistent with the seasonality observed in previous years, in particular in Q3 2021 (54%) and in Q3 2022 (58%). Main contracts signatures in the third quarter included several renewals to provide Hybrid Cloud & Infrastructure services in Financial Services, Public Sector, and Manufacturing industries.

    Stronger commercial activity is expected in the coming months in both Eviden and Tech Foundation, which would lead to a significant improvement of the Group book-to-bill ratio in the fourth quarter, as confidence in the Group’s financial sustainability has been restored.

    At the end of September 2024, the full backlog was €14.7 billion representing 1.4 years of revenue. The full qualified pipeline amounted to €5.7 billion at the end of September 2024.

    Human resources

    The total headcount was 82,211 at the end of September 2024, decreasing by -10.3% since the end of June 2024. Following contract completions in Americas and the UK, the Group transferred circa 4,900 employees to the new providers. Excluding these transfers, headcount has decreased by circa -5%.

    During the third quarter, the Group hired 1,839 staff (of which 91% were Direct employees), while attrition rate increased compared with Q2. The attrition rate over the past 9 months is in line with normal historical levels.

    Q3 cash position

    As of September 30, 2024, cash & cash equivalents was €1.1 billion, down €1.2 billion compared with December 31, 2023 primarily reflecting €1.6 billion lower working capital actions compared with the end of fiscal 2023 and €1.1 billion of new borrowings.

    As of September 30, 2024, net debt was €4.6 billion compared with €2.2 billion at the end of last year, reflecting primarily the reduction of working capital optimization down to €265 million.

    Cash consumption was €-3 million in the third quarter, excluding change in working capital optimization of €232 million.

    Full year 2024 outlook

    The Group expects for the full year 2024:

    • Mid-single-digit organic revenue decrease, corresponding to revenue of circa €9.7 billion
    • Operating margin of circa €238 million excluding additional provisions to be booked for some underperforming contracts8
    • Change in cash before debt repayment of circa €-783 million excluding the full unwind of the working capital optimization of circa €1.8 billion as of December 31, 2023.

    Financial restructuring process

    Atos expected to receive today the decision from the Court on its pre-arranged financial restructuring plan.

    Assuming the plan is accepted by the court, the next steps of the financial restructuring process would be as follows:

    November 12 – 22:
    • €233 million rights issue with preferred subscription rights
    Mid to end December:
    • Execution of concomitant reserved capital increases
    End of December 2024 or early 2025
    • Receipt of €1.5bn to €1.7bn of new money debt
    • Closing of the restructuring process

    Asset disposal processes

    The discussions with Alten regarding the sale of the Worldgrid business are progressing well and are on track.

    Following the communication issued on October 7, discussions related to the potential acquisition by the French state of the Advanced Computing, Mission-Critical Systems and Cybersecurity Products businesses of BDS are continuing based on a new proposal compatible with the financial restructuring plan of the Company.

    Governance

    As communicated on October 15, 2024, Philippe Salle has been appointed as Chairman of the Board of Directors of the Company with immediate effect and as Chairman and Chief Executive Officer with effect from February 1, 2025.

    Conference call

    Atos’ Management invites you to a conference call on the Group revenue for the third quarter of 2024, on Thursday, October 24, 2024 at 08:00 am (CET – Paris).

    You can join the webcast of the conference:

    • via the following link: https://edge.media-server.com/mmc/p/bkriazto
    • by telephone by dial-in, 10 minutes prior the starting time. Please note that if you want to join the webcast by telephone, you must register in advance of the conference using the following link:

    https://register.vevent.com/register/BI8dc47a058ab84cb88b1ba638c295b440

    Upon registration, you will be provided with Participant Dial In Numbers, a Direct Event Passcode and a unique Registrant ID. Call reminders will also be sent via email the day prior to the event.
    During the 10 minutes prior to the beginning of the call, you will need to use the conference access information provided in the email received upon registration.

    After the conference, a replay of the webcast will be available on atos.net, in the Investors section.

    APPENDIX

    9-month organic revenue evolution by RBUs and business lines

    In € million 9-month 2024
    Revenue    		 9 month 2023
    revenue*    		   Organic variation*
    Americas 1,608 1,748   -8.0%
    Northern Europe & APAC 2,249 2,320   -3.0%
    Central Europe 1,621 1,673   -3.1%
    Southern Europe 1,561 1,564   -0.2%
    Others & Global Structures 230 211   +9.1%
    Total 7,268 7,516   -3.3%
    *at constant scope and average exchange rates        
             
             
             
       
    In € million 9-month 2024
    Revenue    		 9-month2023
    revenue*    		   Organic variation*
    Eviden 3,478 3,658   -4.9%
    Tech Foundations 3,790 3,858   -1.8%
    Total 7,268 7,516   -3.3%
    *at constant scope and average exchange rates        

    Q3 2023 Revenue at constant scope and exchange rates reconciliation

    For the analysis of the Group’s performance, revenue is compared with Q3 2023 revenue at constant scope and foreign exchange rates. Reconciliation between the Q3 2023 reported revenue and the Q3 2023 revenue at constant scope and foreign exchange rates is presented below.

    In 2023, the Group reviewed the accounting treatment of certain third-party standard software resale transactions following the decision published by ESMA in October 2023 that illustrated the IFRS IC decision and enacted a restrictive position on the assessment of Principal vs. Agent under IFRS 15 for such transactions. The Q3 2023 revenue is therefore restated by €-15 million. The restatement impacted Eviden in the Americas RBU without impacting the operating margin.

    Q3 2023 revenue
    In € million    		 Q3 2023 published Restatement Q3 2023 restated Internal transfers Scope effects Exchange rates effects Q3 2023*
    Eviden 1,217 -15 1,202 -3 -31 -1 1,167
    Tech Foundations 1,373 0 1,373 3 -122 -9 1,244
    Total 2,590 -15 2,575 0 -154 -10 2,412
                   
                   
    Q3 2023 revenue
    In € million    		 Q3 2023 published Restatement Q3 2023 restated Internal transfers Scope effects Exchange rates effects Q3 2023*
    Americas 621 -15 606 0 -34 -13 558
    Norther Europe & APAC 769 0 769 0 -18 7 757
    Central Europe 627 0 627 0 -81 0 546
    Southern Europe 501 0 501 0 -21 0 480
    Others & Global structures 73 0 73 0 0 -3 69
    Total 2,590 -15 2,575 0 -154 -10 2,412

    *: At constant scope and foreign exchange rates

    Scope effects on revenue amounted to €-154 million. They mainly related to the divesture of UCC across all regions, EcoAct in Americas, Southern Europe and Northern Europe & Asia-Pacific, State Street JV in Americas and Elexo in Southern Europe.

    Currency effects negatively contributed to revenue for €-10 million. They mostly came from the depreciation of the American dollar, Argentinian peso, Brazilian real, and Turkish lira, not offset by the appreciation of the British pound.

    ***

    Disclaimer

    This document 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 or competitors’ behaviors. Any forward-looking statements made in this document are statements about Atos’s beliefs and expectations and should be evaluated as such. Forward-looking statements include statements that may relate to Atos’s plans, objectives, strategies, goals, future events, future revenues or synergies, or performance, and other information that is not historical information. Actual events or results may differ from those described in this document due to a number of risks and uncertainties that are described within the 2023 Universal Registration Document filed with the Autorité des Marchés Financiers (AMF) on May 24, 2024 under the registration number D.24-0429 and the half-year report filed with the Autorité des Marchés Financiers (AMF) on August 6, 2024. Atos does not undertake, and specifically disclaims, any obligation or responsibility to update or amend any of the information above except as otherwise required by law.
    This document does not contain or constitute an offer of Atos’s shares for sale or an invitation or inducement to invest in Atos’s shares in France, the United States of America or any other jurisdiction. This document includes information on specific transactions that shall be considered as projects only. In particular, any decision relating to the information or projects mentioned in this document and their terms and conditions will only be made after the ongoing in-depth analysis considering tax, legal, operational, finance, HR and all other relevant aspects have been completed and will be subject to general market conditions and other customary conditions, including governance bodies and shareholders’ approval as well as appropriate processes with the relevant employee representative bodies in accordance with applicable laws .

    About Atos

    Atos is a global leader in digital transformation with circa 82,000 employees and annual revenue of circa €10 billion. European number one in cybersecurity, cloud and high-performance computing, the Group provides tailored end-to-end solutions for all industries in 69 countries. A pioneer in decarbonization services and products, Atos is committed to a secure and decarbonized digital for its clients. Atos is a SE (Societas Europaea) and listed on Euronext Paris.

    The purpose of Atos is to help design the future of the information space. Its expertise and services support the development of knowledge, education and research in a multicultural approach and contribute to the development of scientific and technological excellence. Across the world, the Group enables its customers and employees, and members of societies at large to live, work and develop sustainably, in a safe and secure information space.

    Contacts

    Investor relations:
    David Pierre-Kahn | investors@atos.net | +33 6 28 51 45 96
    Sofiane El Amri      | investors@atos.net | +33 6 29 34 85 67

    Individual shareholders: 0805 65 00 75

    Press contact: globalprteam@atos.net

    1 Eviden Q4 organic revenue evolution expected slightly negative and Tech Foundations Q4 revenue expected to decrease double digit on previously established contract completions and terminations
    2 Q4 2023 Eviden book-to-bill of 100%
    3 2021 (54%), 2022 (58%) and 2023 (84% including one large exceptional deal)
    4 Q4 2021-2023 book-to-bill average of 98%
    5 Q3 2023 book-to-bill of 65% excluding one large exceptional deal in Eviden and another one in Tech Foundations
    6 108%
    7 Book-to-bill ratio of 65% in Q3 2023, excluding an exceptionally large contract at Eviden and another at Tech Foundations.
    8 Negotiations are in progress with customers, which could lead to a low double digit % reduction of the operating margin

    Attachment

    The MIL Network –

  • MIL-OSI: Sampo plc’s share buybacks 23 October 2024

    Source: GlobeNewswire (MIL-OSI)

    Sampo plc, stock exchange release, 24 October 2024 at 8:30 am EEST

    Sampo plc’s share buybacks 23 October 2024

    On 23 October 2024, Sampo plc (business code 0142213-3, LEI 743700UF3RL386WIDA22) has acquired its own A shares (ISIN code FI4000552500) as follows:                

    Sampo plc’s share buybacks Aggregated daily volume (in number of shares) Daily weighted average price of the purchased shares* Market (MIC Code)
      – – AQEU        
      – – CEUX
      – – TQEX
      93,245 40.47 XHEL
    TOTAL 93,245 40.47  

    *rounded to two decimals                

    On 17 June 2024, Sampo announced a share buyback programme of up to a maximum of EUR 400 million in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052. On 16 September 2024, the Board of Directors of Sampo plc resolved to increase the share buyback programme to EUR 475 million. The programme, which started on 18 June 2024, is based on the authorisation granted by Sampo’s Annual General Meeting on 25 April 2024.

    After the disclosed transactions, the company owns in total 9,227,711 Sampo A shares representing 1.68 per cent of the total number of shares in Sampo plc, taking the issuance of shares on 16 September 2024 into account.

    Details of each transaction are included as an appendix of this announcement.

    On behalf of Sampo plc,
    Morgan Stanley

    For further information, please contact:

    Sami Taipalus
    Head of Investor Relations
    tel. +358 10 516 0030

    Distribution:
    Nasdaq Helsinki
    Nasdaq Stockholm
    Nasdaq Copenhagen
    London Stock Exchange
    The principal media
    FIN-FSA
    DEN-FSA
    www.sampo.com

    Attachment

    The MIL Network –

  • MIL-OSI: Decisive new step in the completion of the financial restructuring: Atos’ accelerated safeguard plan approved by the specialized Commercial Court of Nanterre

    Source: GlobeNewswire (MIL-OSI)

    Paris, France – October 24, 2024 – Atos SE (“Atos” or the “Company”) announces today that, by judgment dated October 24, 2024, the specialized Commercial Court of Nanterre (the “Court”), after having acknowledged, pursuant to the provisions of article L. 626-31 of the French Code de commerce, that all legal conditions had been satisfied, has approved the accelerated safeguard plan of Atos (the “Plan”), presented at the hearing of October 15, 2024.

    Philippe Salle, Chairman of the Board of Directors of Atos, said: “The approval of Atos’ accelerated safeguard plan by the Nanterre Specialized Commercial Court is a decisive step in our financial restructuring process and I would like to thank the entire management team for the remarkable work they have accomplished over the last few months. This important step guarantees the continuity of Atos’ activities in the best interests of our employees and customers, and allows us to project the Group confidently towards a new page in its history.”

    Jean Pierre Mustier, Chief Executive Officer of Atos, said: “Our Group has reached a decisive step, providing sufficient financial resources to successfully complete a new period of industrial development under the leadership of Philippe Salle, with a strong focus of all our teams to provide the best possible service to our customers through innovation and quality of service.”

    The Court has appointed, as practitioner in charge of supervising the implementation of the Plan (commissaire à l’exécution du plan), SELARL AJRS, represented by Maître Thibaut Martinat, for the duration of the Plan.

    In the absence of a suspensory appeal against the judgment approving the Plan, it is envisaged that all the financial restructuring transactions provided for in the Plan will be executed between November 2024 and December 2024/January 20251, subject in particular to the approval by the Autorité des Marchés Financiers (AMF) of the prospectuses relating to the various securities issues provided for in the Plan.

    As a reminder, the transactions provided under the Plan should lead to, in particular:

    • the equitization of €2.9 billion of financial debt; and
    • the provision to Atos of €1.5 to €1.675 billion of new money debt and the new money equity resulting from the rights issue (up to €233 million) already backstopped in cash by participating bondholders for €75 million and by the creditors participating in the new financings by set off against a portion of their debts for €100 million, as previously communicated and, as the case may be, from the potential voluntary additional subscription in cash by the participating creditors of up to €75 million as part of the Potential Capital Increase as provided in the Plan.

    The main characteristics of the share capital transactions to be implemented as part of the Plan are described in the document entitled “Main terms and conditions of the share capital transactions carried out as part of the Company’s financial restructuring plan” (Principales modalités des opérations sur le capital mises en œuvre dans le cadre du plan de restructuration financière de la Société) published on the Company’s website (section “Financial Restructuring”) on September 6, 2024 and updated on September 16, 2024. These share capital transactions will be covered by prospectuses submitted to the Autorité des Marchés Financiers (AMF) for approval.

    The Company will continue to inform the market in due course of the next steps of its financial restructuring.

    ***

    Disclaimer

    This document 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 or competitors’ behaviors. Any forward-looking statements made in this document are statements about Atos’s beliefs and expectations and should be evaluated as such. Forward-looking statements include statements that may relate to Atos’s plans, objectives, strategies, goals, future events, future revenues or synergies, or performance, and other information that is not historical information. Actual events or results may differ from those described in this document due to a number of risks and uncertainties that are described within the 2023 Universal Registration Document filed with the Autorité des Marchés Financiers (AMF) on May 24, 2024 under the registration number D.24-0429 and the half-year report filed with the Autorité des Marchés Financiers (AMF) on August 6, 2024. Atos does not undertake, and specifically disclaims, any obligation or responsibility to update or amend any of the information above except as otherwise required by law.
    This document does not contain or constitute an offer of Atos’s shares for sale or an invitation or inducement to invest in Atos’s shares in France, the United States of America or any other jurisdiction. This document includes information on specific transactions that shall be considered as projects only. In particular, any decision relating to the information or projects mentioned in this document and their terms and conditions will only be made after the ongoing in-depth analysis considering tax, legal, operational, finance, HR and all other relevant aspects have been completed and will be subject to general market conditions and other customary conditions, including governance bodies and shareholders’ approval as well as appropriate processes with the relevant employee representative bodies in accordance with applicable laws .

    About Atos

    Atos is a global leader in digital transformation with circa 82,000 employees and annual revenue of circa €10 billion. European number one in cybersecurity, cloud and high-performance computing, the Group provides tailored end-to-end solutions for all industries in 69 countries. A pioneer in decarbonization services and products, Atos is committed to a secure and decarbonized digital for its clients. Atos is a SE (Societas Europaea) and listed on Euronext Paris.

    The purpose of Atos is to help design the future of the information space. Its expertise and services support the development of knowledge, education and research in a multicultural approach and contribute to the development of scientific and technological excellence. Across the world, the Group enables its customers and employees, and members of societies at large to live, work and develop sustainably, in a safe and secure information space.

    Contacts

    Investor relations:
    David Pierre-Kahn | investors@atos.net | +33 6 28 51 45 96
    Sofiane El Amri      | investors@atos.net | +33 6 29 34 85 67

    Individual shareholders: 0805 65 00 75

    Press contact: globalprteam@atos.net

    1 Subject to the required regulatory approvals.

    Attachment

    The MIL Network –

  • MIL-OSI: Bank of Åland Plc: Interim Report for the period January – September 2024

    Source: GlobeNewswire (MIL-OSI)

    Bank of Åland Plc
    Interim Report
    October 24, 2024 9.00 EET

    Interim Report for the period January – September 2024

    “We are reporting our best nine-month operating profit ever, at EUR 49.8 million (41.5), which generated a return on equity after taxes of 18.4 per cent (15.7).

    “It has been nearly a year since market interest rates reached their highest levels, and we can see that declining market interest rates are negatively impacting net interest income. However, because of rising activity levels within our financial investment operations and our IT operations, net commission income and IT income during the quarter together rose more than the decline in net interest income. Our core income in the form of net interest income, net commission income and IT income thus increased by EUR 0.6 M or 1 per cent compared to the same quarter of 2023, reaching EUR 52.7 M (52.1).

    “Hopefully, falling market interest rates will lead to a continued surge in activity levels in our society.”

    Peter Wiklöf, Managing Director and Chief Executive

    January-September 2024 compared to January-September 2023

    • Net operating profit increased by 20 per cent to EUR 49.8 M (41.5).
    • Core income in the form of net interest income, net commission income and IT income increased by 10 per cent to EUR 161.1 M (146.4).
    • Other income increased to EUR 1.1 M (0.3). • Total expenses increased by 7 per cent to EUR 110.0 M (103.1).
    • Net impairment losses on financial assets (including recoveries) totalled EUR 2.5 M (2.0), equivalent to a loan loss level of 0.08 per cent (0.06).
    • Return on equity after taxes (ROE) increased to 18.4 per cent (15.7).
    • Earnings per share increased by 22 per cent to EUR 2.60 (2.13).
    • The common equity Tier 1 capital ratio increased to 14.0 per cent (13.7 on December 31, 2023).
    • Unchanged future outlook: The Bank of Åland expects its net operating profit in 2024 to be about the same as in 2023.

    The third quarter of 2024 compared to third quarter of 2023

    • Net operating profit decreased by 9 per cent to EUR 17.3 M (19.1).
    • Core income in the form of net interest income, net commission income and IT income increased by 1 per cent to EUR 52.7 M (52.1).
    • Other income increased to EUR 0.4 M (−0.9).
    • Total expenses increased by 11 per cent to EUR 35.1 M (31.5).
    • Net impairment losses on financial assets (including recoveries) totalled EUR 0.8 M (0.7), equivalent to a loan loss level of 0.08 per cent (0.06).
    • Return on equity after taxes (ROE) decreased to 19.0 per cent (21.5).
    • Earnings per share decreased by 9 per cent to EUR 0.89 (0.99).

    Financial summary

    Group Q3
    2024    		 Q2
    2024    		  % Q3
    2023    		  % Jan-Sep
    2024    		 Jan-Sep
    2023    		 %
    EUR M                
    Income                 
    Net interest income 26.2 26.4 -1 27.9 -6 78.9 71.8 10
    Net commission income 18.9 19.4 -3 17.8 6 56.5 54.3 4
    IT income 7.6 9,7 -22 6.4 18 25.6 202 27
    Other income 0,4 -0,1   -0,9   1,1 0,3  
    Total income 53.1 55.3 -4 51.2 4 162.2 146.6 11
                     
    Staff costs -21.3 -22.8 -6 -19.4 10 -65.7 -60.4 9
    Other expenses -10.8 -12.5 -14 -8.9 20 -34.8 -30.4 14
    Statutory fees             -3,2 -100
    Depreciation/amortisation -3.0 -3.3 -8 -3.1 -3 -9.5 -9.0 5
    Total expenses -35.1 -38.5 -9 -31.5 11 -110.0 -103.1 7
                     
    Profit before impairment losses 18.0 16.8 7 19.8 -9 52.2 43.5 20
                     
    Impairment losses on financial assets, net -0.8 -1.2 -36 -0.7 8 -2.5 -2.0 23
    Net operating profit 17.3 15.6 11 19.1 -9 49.8 41.5 20
                     
    Income taxes -3.5 -3.1 16 -4.0 -10 -9.9 -8.9 11
    Profit for the period 13.7 12.6 9 15.1 -9 39.9 32.6 22
                     
    Attributable to:                
    Shareholders in Bank of Åland Plc 13.7 12.6 9 15.1 -9 39.9 32.6 22
                     
    Volume                
    Lending to the public 3,514 3,530 0 3,777 -7      
    Deposits from the public 3,396 3,475 -2 3,553 -4      
    Actively managed assets 10,654 10,343 3 8,982 19      
    Managed mortage loans 3,060 2,952 4 2,600 18      
    Equity capital 325 311 5 318 2      
    Balance sheet total 4,789 4,782 0 5,197 -8      
    Risk exposure amount 1,693 1,681 1 1,741 -3      

    The Bank of Åland (Ålandsbanken) follows the disclosure procedure stipulated in “Disclosure obligation of the issuer (7/2013)”, published by the Finnish Financial Supervisory Authority and hereby publishes its Interim Report for the period January – September 2024, which is enclosed with this stock exchange release.

    The Bank`s Interim Report for the period January – September 2024 is attached to this release in PDF format and is also available on the company’s web site at

    https://www.alandsbanken.com/uploads/pdf/result/en_resultat_jan-sep_24.pdf

    Mariehamn, October 24, 2024

    THE BOARD OF DIRECTORS

    For more information please contact:

    Peter Wiklöf, Managing Director and Chief Executive, Bank of Åland, tel. + 358 (0)40 512 7505

    Attachment

    The MIL Network –

  • MIL-OSI: Portfolio Update: Alliance Witan completes portfolio transition, brings in EdgePoint for Black Creek

    Source: GlobeNewswire (MIL-OSI)

    Alliance Witan PLC (the “Company”)

    LEI: 213800SZZD4E21OZ9W55

    Portfolio Update: Alliance Witan completes portfolio transition, brings in EdgePoint for Black Creek

    Alliance Witan’s investment manager, Willis Towers Watson (“WTW”), is pleased to announce the completion of the transition of assets from Witan Investment Trust (“Witan”) to Alliance Witan following shareholder approval for the combination of Alliance Trust and Witan on 9 October.

    Blackrock Inc. has helped to manage the transition and keep the costs to a minimum. While Blackrock was completing the transition of assets, WTW took the opportunity to also make a manager change, replacing Black Creek Investment Management (“Black Creek”) with EdgePoint Wealth Management (“EdgePoint”).

    The appointment of EdgePoint follows that of Jennison Associates, previously one of Witan’s investment managers, which was announced at the start of the transition just over two weeks ago.

    EdgePoint, based in Toronto, is an employee-owned business, founded in 2008. It manages $25bn of client assets, as of 30 June 2024, and seeks to buy good, undervalued business and hold them until the market fully realises their potential.

    With the portfolio realignment now completed, the new manager allocations are as follows:

    Manager Allocations  
    ARGA 8.0%
    Dalton 5.5%
    EdgePoint 7.0%
    GQG Global 13.5%
    GQG EM 6.0%
    Jennison 6.0%
    Lyrical 6.5%
    Metropolis 9.5%
    Sands 4.5%
    SGA 10.5%
    Veritas 13.5%
    Vulcan 7.0%
    Other assets 2.5%

    The resulting risk profile of the portfolio is largely unchanged, with no excessive exposure relative to the benchmark to regions, sectors or styles, and most of the added value is expected to come from stock selection.

    The direct costs of the portfolio transition and manager changes, including BlackRock’s fee, trading commissions, tax and bid/offer spreads, will be less than 0.04% of the Alliance Witan portfolio, representing fair value for shareholders.

    Craig Baker, Chief Investment Officer of WTW and Chair of the Alliance Witan Investment Committee, said: “We would like to express our appreciation to the team at Black Creek for their contribution to the Company since their appointment in 2017. While we continue to rate Black Creek highly, a senior member of the team left in the last 12 months on health grounds, and we have been evaluating succession planning for some time. While Bill Kanko has no specific retirement date in mind and there are other experienced investors at the firm, we have taken the opportunity to switch to a manager in which we have high conviction, and which brings a fresh perspective to the new, combined portfolio.

    Baker added: “Now that Witan’s assets are fully invested, it is business as usual. We will be using the same proven investment approach we have always used for Alliance Witan, although we will be retaining a small number of Witan’s discounted investment trust holdings, which represent less than 3% of the portfolio, until such time that they can be sold at an attractive price for shareholders.”

    Ends

    About Alliance Witan (ALW)

    Alliance Witan aims to deliver long-term capital growth and rising income from investing in global equities at a competitive cost. Our investment manager blends the top stock selections of some of the world’s best active managers into a single diversified portfolio designed to outperform the market while carefully managing risk and volatility. Alliance Trust is an AIC Dividend Hero with 57 consecutive years of rising dividends

    https://www.alliancewitan.com

    For more information, please contact:

    Mark Atkinson
    Senior Director
    Client Management, Wealth & Retail
    Willis Towers Watson
    Tel: 07918 724303
    mark.atkinson@wtwco.com

    Sarah Gibbons-Cook
    Quill PR
    Tel: 020 7466 5050

    The MIL Network –

  • MIL-OSI: Co-op teams up with Quadient to deliver parcel locker convenience in communities in the UK

    Source: GlobeNewswire (MIL-OSI)

    Quadient (Euronext: QDT), a global automation platform powering secure and sustainable business connections, has partnered with Co-op in the United Kingdom to deliver further parcel locker growth and added convenience to its communities, it has revealed today.

    The partnership to supply Parcel Pending by Quadient lockers to Co-op’s stores, aims to align Co-op’s footprint in the heart of local communities with the continued growth in consumer demand for safe, secure and accessible parcel lockers.

    Parcel Pending by Quadient is a growing network of intelligent lockers used for deliveries and returns from significant carriers, including Royal Mail, DPD, Evri, and UPS, as well as for new services across the UK like convenient key drop-offs with Keynest.

    More than 30 units will initially be installed at Co-op stores, with the potential for this partnership to grow. The first lockers will be seen this month at Co-op stores in Bedford, Bradford, Guildford, Keighley, Liverpool, Stockport, Swinton, and Telford.

    The multicarrier open locker network form part of Co-op’s strategy to develop added services and enhanced convenience – creating a compelling customer offer to ensure its stores are a convenient destination not only for groceries but for a range of services that meet the needs of local communities.

    George Hayworth, Head of Q-Comm Development, Co-op, said: “We are delighted to partner with Quadient. Safe, secure and convenient parcel lockers are one of the ways in which we make things easier and deliver enhanced convenience for our member-owners and customers. With our stores conveniently located in high streets and transport hubs, university campuses and residential developments, parcel lockers can help local residents and time-pressed consumers pick up or return parcels at a time that is convenient to them, quickly, easily and conveniently.”

    Katia Bourgeais-Crémel, Director of Lockers Automation Europe at Quadient said: “We are proud to collaborate with the Co-op to introduce our open lockers in their stores. This partnership enables us to offer Co-op customers a secure and efficient solution for managing parcel deliveries and returns. Our open locker network is accessed by multiple carriers, including Royal Mail, DPD, Evri, and UPS, providing even greater convenience than others in the market. Shoppers can easily collect or return parcels, whether during a grocery run or as part of their daily routine, making the process both simple and seamless.”

    Learn more at parcelpending.com/en-gb. 

    About Quadient®
    Quadient is a global automation platform powering secure and sustainable business connections through digital and physical channels. Quadient supports businesses of all sizes in their digital transformation and growth journey, unlocking operational efficiency and creating meaningful customer experiences. Listed in compartment B of Euronext Paris (QDT) and part of the CAC® Mid & Small and EnterNext® Tech 40 indices, Quadient shares are eligible for PEA-PME investing. For more information about Quadient, visit www.quadient.com.

    Contacts

    Sandy Armstrong, Sterling Kilgore Joe Scolaro, Quadient         
    Director of Media & Communications Global Press Relations Manager
    +1-630-699-8979 +1 203-301-3673
    sarmstrong@sterlingkilgore.com j.scolaro@quadient.com

    About Co-op
    Co-op is one of the world’s largest consumer co-operatives with interests across food, funerals, insurance and legal services. Owned by millions of UK consumers, the Co-op operates almost 2,400 food stores, over 800 funeral homes and provides products to over 6,000 other stores, including those run by independent co-operative societies and through its wholesale business, Nisa Retail Limited. Employing 56,000 people, the Co-op has an annual turnover of over £11billion and is a recognized leader for its social goals and community-led programs. The Co-op exists to meet members’ needs and stand up for the things they believe in. For more information about the Co-op, visit www.co-op.co.uk

    Attachments

    The MIL Network –

  • MIL-OSI: BE Semiconductor Industries N.V. Announces Q3-24 Results

    Source: GlobeNewswire (MIL-OSI)

    Q3-24 Revenue of € 156.6 Million and Net Income of € 46.8 Million Up 27.0% and 33.7%, Respectively, vs. Q3-23
    Orders of € 151.8 Million Up 19.2% vs. Q3-23. Hybrid Bonding Adoption Continues

    YTD-24 Revenue of € 454.1 Million and Net Income of € 122.7 Million
    Orders of € 464.8 Million Up 21.7% vs. YTD-23

    DUIVEN, the Netherlands, Oct. 24, 2024 (GLOBE NEWSWIRE) — BE Semiconductor Industries N.V. (the “Company” or “Besi”) (Euronext Amsterdam: BESI; OTC markets: BESIY), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its results for the third quarter and nine months ended September 30, 2024.

    Key Highlights Q3-24

    • Revenue of € 156.6 million up 3.6% vs. Q2-24 and 27.0% vs. Q3-23 due to increased demand by computing end user markets for hybrid bonding, photonics and other AI applications partially offset by ongoing weakness in automotive and Chinese end user markets
    • Orders of € 151.8 million up 19.2% vs. Q3-23 due to increased hybrid bonding orders. Down 18.0% vs. Q2-24 due primarily to fluctuations in hybrid bonding order patterns by customers
    • Gross margin of 64.7% decreased by 0.3 points vs. Q2-24 but was up 0.1 point vs. Q3-23. Gross margin development in the comparable periods was adversely affected by net forex influences
    • Net income of € 46.8 million increased 11.7% vs. Q2-24 and 33.7% vs. Q3-23 primarily due to higher revenue levels and cost control efforts which limited baseline operating expense growth. Q3-24 net margin rose to 29.9% vs. 27.7% in Q2-24 and 28.4% reported in Q3-23
    • Net cash of € 110.7 million at quarter-end increased by € 36.3 million (48.8%) vs. Q2-24 and € 20.5 million (22.7%) vs. Q3-23

    Key Highlights YTD-24

    • Revenue of € 454.1 million increased 8.3% vs. YTD-23 principally due to higher demand by computing end user markets, particularly for hybrid bonding and photonics applications and by Taiwanese and Korean subcontractors partially offset by weakness in mobile and automotive markets
    • Orders of € 464.8 million increased 21.7% vs. YTD-23 due to increased demand for hybrid bonding and photonics applications partially offset by lower bookings for automotive and, to a lesser extent, mobile applications and ongoing weakness in Chinese end user markets
    • Gross margin of 65.6% increased by 0.8 points vs. YTD-23 due to more favorable AI advanced packaging product mix
    • Net income of € 122.7 million was approximately equal to YTD-23 as higher revenue and gross margins were offset by higher R&D spending and share-based compensation expense. Besi’s net margin decreased to 27.0% vs. 29.1% in YTD-23

    Q4-24 Outlook

    • Revenue expected to be flat plus or minus 10% vs. the € 156.6 million reported in Q3-24 partially due to shipment delays by a customer for certain hybrid bonding systems scheduled for delivery in Q4-24
    • Gross margin expected to range between 63-65% vs. the 64.7% realized in Q3-24
    • Operating expenses expected to be flat to up 5% vs. the € 46.2 million reported in Q3-24
    (€ millions, except EPS) Q3-
    2024    		 Q2-
    2024    		 Δ Q3-
    2023    		 Δ YTD-
    2024    		 YTD-
    2023    		 Δ
    Revenue 156.6 151.2 +3.6% 123.3 +27.0% 454.1 419.2 +8.3%
    Orders 151.8 185.2 -18.0% 127.3 +19.2% 464.8 381.9 +21.7%
    Gross Margin 64.7% 65.0% -0.3 64.6% +0.1 65.6% 64.8% +0.8
    Operating Income 55.1 49.3 +11.8% 42.7 +29.0% 145.0 147.3 -1.6%
    EBITDA 62.4 56.2 +11.0% 48.9 +27.6% 166.2 166.4 -0.1%
    Net Income* 46.8 41.9 +11.7% 35.0 +33.7% 122.7 122.2 +0.4%
    Net Margin* 29.9% 27.7% +2.2 28.4% +1.5 27.0% 29.1% -2.1
    EPS (basic) 0.59 0.53 +11.3% 0.45 +31.1% 1.56 1.57 -0.6%
    EPS (diluted) 0.59 0.53 +11.3% 0.45 +31.1% 1.55 1.54 +0.6%
    Net Cash and Deposits 110.7 74.4 +48.8% 90.2 +22.7% 110.7 90.2 +22.7%

    * Excluding share-based compensation expense, net income (net margin) would have been € 50.2 million (32.1%), € 48.5 million (32.1%) and € 36.6 million (29.7%) in Q3-24, Q2-24 and Q3-23, respectively and € 148.8 million (32.8%) in YTD-24 vs. € 137.6 million (32.8%) in YTD-23

    Richard W. Blickman, President and Chief Executive Officer of Besi, commented:

    “Besi reported significant growth in revenue, orders and net income in Q3-24 versus the comparable quarter of last year as we continue to benefit from strength in our advanced packaging product portfolio for AI applications despite continued headwinds in mainstream and Chinese assembly equipment markets. For the quarter, revenue of € 156.6 million and orders of € 151.8 million grew by 27.0% and 19.2%, respectively, versus Q3-23 due primarily to strong growth by computing end user markets including hybrid bonding, photonics and other AI applications. Such growth was partially offset by weakness in automotive and Chinese end user markets continuing trends we have experienced this year. Net income of € 46.8 million grew by € 11.8 million, or 33.7%, reflecting a number of favorable trends including increased advanced packaging system revenue, increased gross margins related thereto and better than forecast operating expense levels despite continued growth in R&D spending for next generation hybrid bonding and TCB systems.

    For the first nine months of 2024, revenue of € 454.1 million and orders of € 464.8 million increased by 8.3% and 21.7%, respectively. Growth was due to significantly higher demand by computing end user markets, particularly for AI-related hybrid bonding and photonics applications and from Taiwanese and Korean subcontractors. Net income of € 122.7 million was approximately equal to YTD-23 as higher revenue and gross margins this year were offset by higher R&D spending in support of wafer level assembly development and share-based compensation expense.

    Our financial position improved as well in Q3-24 with net cash increasing to € 110.7 million at quarter-end, an improvement of € 36.3 million (+48.8%) versus Q2-24 and € 20.5 million (+22.7%) versus Q3-23 despite increased share buy-back activity. Total cash and deposits at quarter end grew to € 637.4 million including net proceeds from our Senior Note offering in July 2024 which positions us favorably for anticipated growth in the next market upcycle.

    During Q3-24, Besi continued to receive substantial orders for hybrid bonding systems from existing and new customers. At quarter-end, total revenue producing hybrid bonding orders since 2021 exceeded 100 systems highlighting the importance of this new technology for 3-D AI-related assembly applications. We anticipate additional orders in Q4-24 from a variety of customers as adoption continues to expand globally. We have also received increased interest for Besi’s TCB Next system from leading logic and memory customers which positions us favorably for anticipated growth in next generation 2.5D and HBM applications.

    As such, we have taken steps recently to expand our advanced packaging production capacity in anticipation of future growth. In 2025, we intend to approximately double the cleanroom capacity of our Malaysian production facilities and increase R&D and process development for our hybrid bonding and thermo compression bonding capabilities and customer support at our Singapore facility.

    Looking forward to Q4-24, we expect expanded adoption for hybrid bonding applications to be mitigated by ongoing weakness in mainstream assembly markets. For Q4-24, we forecast that revenue will be flat plus or minus 10% versus Q3-24 partially due to shipment delays by a customer for certain hybrid bonding systems scheduled for delivery in Q4-24. In addition, gross margins are anticipated to range between 63-65% based on our projected product mix. Aggregate operating expenses are forecast to be flat to up 5% versus Q3-24.”

    Share Repurchase Activity

    During the quarter, Besi repurchased approximately 230,000 of its ordinary shares at an average price of € 120.45 per share or a total of € 27.8 million. In August 2024, Besi completed its prior € 60 million share repurchase program and initiated a new € 100 million share repurchase program with an anticipated completion date of October 2025. Cumulatively, as of September 30, 2024, a total of € 7.0 million has been purchased under the new share repurchase program at an average price of € 110.55 per share. As of September 30, 2024, Besi held approximately 1.6 million shares in treasury equal to 2.0% of its shares outstanding.

    Investor and media conference call
    A conference call and webcast for investors and media will be held today at 4:00 pm CET (10:00 am EDT). To register for the conference call and/or to access the audio webcast and webinar slides, please visit www.besi.com.
       
    Important Dates  
    •  Publication Q4/Full year 2024 results February 20, 2025
    •  Publication Q1-2025 results April 23, 2025
    •  Besi’s 2025 AGM April 23, 2025
       

    Basis of Presentation

    The accompanying Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union. Reference is made to the Summary of Significant Accounting Policies to the Notes to the Consolidated Financial Statements as included in our 2023 Annual Report, which is available on www.besi.com.

    Contacts:

    Richard W. Blickman, President & CEO
    Andrea Kopp-Battaglia, Senior Vice President Finance        
    Claudia Vissers, Executive Secretary/IR coordinator
    Edmond Franco, VP Corporate Development/US IR coordinator

    Tel. (31) 26 319 4500                
    investor.relations@besi.com   

    About Besi

    Besi is a leading supplier of semiconductor assembly equipment for the global semiconductor and electronics industries offering high levels of accuracy, productivity and reliability at a low cost of ownership. The Company develops leading edge assembly processes and equipment for leadframe, substrate and wafer level packaging applications in a wide range of end-user markets including electronics, mobile internet, cloud server, computing, automotive, industrial, LED and solar energy. Customers are primarily leading semiconductor manufacturers, assembly subcontractors and electronics and industrial companies. Besi’s ordinary shares are listed on Euronext Amsterdam (symbol: BESI). Its Level 1 ADRs are listed on the OTC markets (symbol: BESIY) and its headquarters are located in Duiven, the Netherlands. For more information, please visit our website at www.besi.com.

    Caution Concerning Forward-Looking Statements

    This press release contains statements about management’s future expectations, plans and prospects of our business that constitute forward-looking statements, which are found in various places throughout the press release, including, but not limited to, statements relating to expectations of orders, net sales, product shipments, expenses, timing of purchases of assembly equipment by customers, gross margins, operating results and capital expenditures. The use of words such as “anticipate”, “estimate”, “expect”, “can”, “intend”, “believes”, “may”, “plan”, “predict”, “project”, “forecast”, “will”, “would”, and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The financial guidance set forth under the heading “Outlook” contains such forward-looking statements. While these forward-looking statements represent our judgments and expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from those contained in forward-looking statements, including any inability to maintain continued demand for our products; failure of anticipated orders to materialize or postponement or cancellation of orders, generally without charges; the volatility in the demand for semiconductors and our products and services; the extent and duration of the COVID-19 and other global pandemics and the associated adverse impacts on the global economy, financial markets, global supply chains and our operations as well as those of our customers and suppliers; failure to develop new and enhanced products and introduce them at competitive price levels; failure to adequately decrease costs and expenses as revenues decline; loss of significant customers, including through industry consolidation or the emergence of industry alliances; lengthening of the sales cycle; acts of terrorism and violence; disruption or failure of our information technology systems; consolidation activity and industry alliances in the semiconductor industry that may result in further increased customer concentration, inability to forecast demand and inventory levels for our products; the integrity of product pricing and protection of our intellectual property in foreign jurisdictions; risks, such as changes in trade regulations, conflict minerals regulations, currency fluctuations, political instability and war, associated with substantial foreign customers, suppliers and foreign manufacturing operations, particularly to the extent occurring in the Asia Pacific region where we have a substantial portion of our production facilities; potential instability in foreign capital markets; the risk of failure to successfully manage our diverse operations; any inability to attract and retain skilled personnel, including as a result of restrictions on immigration, travel or the availability of visas for skilled technology workers; those additional risk factors set forth in Besi’s annual report for the year ended December 31, 2023 and other key factors that could adversely affect our businesses and financial performance contained in our filings and reports, including our statutory consolidated statements. We expressly disclaim any obligation to update or alter our forward-looking statements whether as a result of new information, future events or otherwise.

    Consolidated Statements of Operations

    (€ thousands, except share and per share data) Three Months Ended
    September 30,
    (unaudited)    		 Nine Months Ended
    September 30,
    (unaudited)
      2024 2023 2024 2023
             
    Revenue 156,570 123,320 454,060 419,227
    Cost of sales 55,325 43,709 156,276 147,374
             
    Gross profit 101,245 79,611 297,784 271,853
             
    Selling, general and administrative expenses 27,318 23,310 97,473 81,679
    Research and development expenses 18,874 13,614 55,296 42,907
             
    Total operating expenses 46,192 36,924 152,769 124,586
             
    Operating income 55,053 42,687 145,015 147,267
             
    Financial expense, net 1,560 1,758 3,194 4,974
             
    Income before taxes 53,493 40,929 141,821 142,293
             
    Income tax expense 6,719 5,889 19,123 20,104
             
    Net income 46,774 35,040 122,698 122,189
             
    Net income per share – basic 0.59 0.45 1.56 1.57
    Net income per share – diluted 0.59 0.45 1.55 1.54
             
    Number of shares used in computing per share amounts:        
    – basic 79,630,787 77,374,933 78,701,287 77,656,542
    – diluted1 81,876,505 82,444,358 81,978,112 83,038,212

    ______________________
    1) The calculation of diluted income per share assumes the exercise of equity settled share based payments and the conversion of all Convertible Notes outstanding

    Consolidated Balance Sheets

    (€ thousands) September
    30, 2024
    (unaudited)    		 June
    30, 2024
    (unaudited)    		 March
    31, 2024
    (unaudited)    		 December
    31, 2023
    (audited)
    ASSETS        
             
    Cash and cash equivalents 307,448 127,234 232,053 188,477
    Deposits 330,000 130,000 215,000 225,000
    Trade receivables 169,266 174,601 150,192 143,218
    Inventories 104,103 99,291 99,384 92,505
    Other current assets 44,731 36,346 34,756 39,092
             
    Total current assets 955,548 567,472 731,385 688,292
             
    Property, plant and equipment 44,220 43,571 41,328 37,516
    Right of use assets 16,419 16,821 16,901 18,242
    Goodwill 45,278 45,710 45,613 45,402
    Other intangible assets 94,855 92,627 90,241 93,668
    Deferred tax assets 8,610 9,517 11,444 12,217
    Other non-current assets 1,316 1,239 1,252 1,216
             
    Total non-current assets 210,698 209,485 206,779 208,261
             
    Total assets 1,166,246 776,957 938,164 896,553
             
             
    Current portion of long-term debt 2,241 3,033 984 3,144
    Trade payables 49,211 51,620 52,382 46,889
    Other current liabilities 87,739 73,023 100,606 87,200
             
    Total current liabilities 139,191 127,676 153,972 137,233
             
    Long-term debt 524,527 179,801 265,142 297,353
    Lease liabilities 13,033 13,448 13,625 14,924
    Deferred tax liabilities 11,619 10,396 12,136 12,959
    Other non-current liabilities 12,449 11,352 12,914 12,671
             
    Total non-current liabilities 561,628 214,997 303,817 337,907
             
    Total equity 465,427 434,284 480,375 421,413
             
    Total liabilities and equity 1,166,246 776,957 938,164 896,553

     

    Consolidated Cash Flow Statements

    (€ thousands) Three Months Ended
    September 30,
    (unaudited)    		 Nine Months Ended
    September 30,
    (unaudited)
      2024 2023 2024 2023
             
    Cash flows from operating activities:        
    Income before income tax 53,493 40,929 141,821 142,293
             
    Depreciation and amortization 7,388 6,248 21,181 19,155
    Share based payment expense 3,400 1,575 27,216 16,300
    Financial expense, net 1,560 1,758 3,194 4,974
             
    Changes in working capital 6,031 15,697 (43,914) (2,581)
    Interest (paid) received (1,996) (2,649) (19,513) (27,948)
    Income tax paid 2,156 1,582 7,218 3,075
             
    Net cash provided by operating activities 72,032 65,140 137,203 155,268
             
    Cash flows from investing activities:        
    Capital expenditures (2,099) (1,990) (10,965) (5,448)
    Capitalized development expenses (4,415) (4,700) (13,990) (15,341)
    Repayments of (investments in) deposits (200,000) – (105,000) (5,268)
             
    Net cash provided by (used in) investing activities (206,514) (6,690) (129,955) (26,057)
             
    Cash flows from financing activities:        
    Proceeds from notes 350,000 – 350,000 –
    Transaction costs related to notes (6,395) – (6,395) –
    Payments of lease liabilities (1,080) (995) (3,186) (3,207)
    Purchase of treasury shares (27,829) (45,537) (57,418) (190,264)
    Dividends paid to shareholders – – (171,534) (222,109)
             
    Net cash used in financing activities 314,696 (46,532) 111,467 (415,580)
             
    Net increase (decrease) in cash and cash equivalents 180,214 11,918 118,715 (286,369)
    Effect of changes in exchange rates on cash and
    cash equivalents    		 – 130 256 (292)
    Cash and cash equivalents at beginning of the
    period    		 127,234 192,977 188,477 491,686
             
    Cash and cash equivalents at end of the period 307,448 205,025 307,448 205,025

      

    Supplemental Information (unaudited)
    (€ millions, unless stated otherwise)

    REVENUE Q3-2024 Q2-2024 Q1-2024 Q4-2023 Q3-2023 Q2-2023 Q1-2023
                                 
    Per geography:                            
    China 45.5 29% 57.5 38% 58.5 40% 62.0 39% 40.8 33% 64.9 40% 37.6 28%
    Asia Pacific (excl. China) 51.6 33% 54.1 36% 43.6 30% 57.9 36% 42.3 34% 59.2 36% 58.2 44%
    EU / USA / Other 59.5 38% 39.6 26% 44.2 30% 39.7 25% 40.2 33% 38.4 24% 37.6 28%
                                 
    Total 156.6 100% 151.2 100% 146.3 100% 159.6 100% 123.3 100% 162.5 100% 133.4 100%
                                 
    ORDERS Q3-2024 Q2-2024 Q1-2024 Q4-2023 Q3-2023 Q2-2023 Q1-2023
                                 
    Per geography:                            
    China 45.4 30% 43.3 23% 51.1 40% 71.1 43% 46.0 36% 51.4 46% 35.5 25%
    Asia Pacific (excl. China) 69.3 46% 72.0 39% 45.0 35% 36.6 22% 40.9 32% 33.2 29% 71.3 50%
    EU / USA / Other 37.1 24% 69.9 38% 31.6 25% 58.7 35% 40.4 32% 28.0 25% 35.2 25%
                                 
    Total 151.8 100% 185.2 100% 127.7 100% 166.4 100% 127.3 100% 112.6 100% 142.0 100%
                                 
    Per customer type:                            
    IDM 84.5 56% 122.4 66% 53.5 42% 82.7 50% 70.5 55% 60.5 54% 74.0 52%
    Subcontractors 67.3 44% 62.8 34% 74.2 58% 83.7 50% 56.8 45% 52.1 46% 68.0 48%
                                 
    Total 151.8 100% 185.2 100% 127.7 100% 166.4 100% 127.3 100% 112.6 100% 142.0 100%
                                 
    HEADCOUNT Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023
                                 
    Fixed staff (FTE) 1,807 87% 1,783 86% 1,760 88% 1,736 93% 1,725 87% 1,689 86% 1,682 84%
    Temporary staff (FTE) 271 13% 279 14% 236 12% 134 7% 248 13% 279 14% 312 16%
                                 
    Total 2,078 100% 2,062 100% 1,996 100% 1,870 100% 1,973 100% 1,968 100% 1,994 100%
                                 
    OTHER FINANCIAL DATA Q3-2024 Q2-2024 Q1-2024 Q4-2023 Q3-2023 Q2-2023 Q1-2023
                                 
    Gross profit 101.2 64.7% 98.3 65.0% 98.3 67.2% 103.9 65.1% 79.6 64.6% 106.6 65.6% 85.7 64.2%
                                 
                                 
    Selling, general and admin expenses:                            
    As reported 27.3 17.4% 30.5 20.2% 39.6 27.1% 24.3 15.2% 23.3 18.9% 29.4 18.1% 29.0 21.7%
    Share-based compensation expense (3.4) -2.1% (6.9) -4.6% (16.9) -11.6% (2.8) -1.7% (1.6) -1.3% (5.5) -3.4% (9.3) -7.0%
                                 
    SG&A expenses as adjusted 23.9 15.3% 23.6 15.6% 22.7 15.5% 21.5 13.5% 21.7 17.6% 23.9 14.7% 19.7 14.8%
                                 
                                 
    Research and development expenses:                            
    As reported 18.9 12.1% 18.5 12.2% 17.9 12.2% 13.5 8.5% 13.6 11.0% 14.3 8.8% 15.0 11.2%
    Capitalization of R&D charges 4.4 2.8% 4.9 3.2% 4.7 3.2% 5.7 3.6% 4.7 3.8% 5.3 3.3% 5.4 4.0%
    Amortization of intangibles (3.9) -2.5% (3.6) -2.3% (3.6) -2.4% (3.3) -2.1% (3.3) -2.6% (3.5) -2.2% (3.5) -2.6%
                                 
    R&D expenses as adjusted 19.4 12.4% 19.8 13.1% 19.0 13.0% 15.9 10.0% 15.0 12.2% 16.1 9.9% 16.9 12.7%
                                 
                                 
    Financial expense (income), net:                            
    Interest income (5.2)   (3.0)   (4.0)   (3.6)   (2.9)   (3.1)   (2.6)  
    Interest expense 5.7   2.1   2.8   3.0   2.8   2.9   2.9  
    Net cost of hedging 1.9   1.4   1.6   1.7   1.7   2.0   1.6  
    Foreign exchange effects, net (0.8)   0.5   0.2   (0.4)   0.2   (0.1)   (0.4)  
                                 
    Total 1.6   1.0   0.6   0.7   1.8   1.7   1.5  
                                 
    Gross cash 637.4   257.2   447.1   413.5   391.2   378.3   644.9  
                                 
                                 
    Operating income (as % of net sales) 55.1 35.2% 49.3 32.6% 40.7 27.8% 66.1 41.4% 42.7 34.6% 62.9 38.7% 41.7 31.3%
                                 
    EBITDA (as % of net sales) 62.4 39.8% 56.2 37.2% 47.5 32.5% 72.7 45.6% 48.9 39.7% 69.3 42.6% 48.2 36.1%
                                 
    Net income (as % of net sales) 46.8 29.9% 41.9 27.7% 34.0 23.2% 54.9 34.4% 35.0 28.4% 52.6 32.4% 34.5 25.9%
                                 
    Effective tax rate 12.6%   13.0%   15.3%   16.1%   14.4%   14.0%   14.0%  
                                 
                                 
    Income per share                            
    Basic 0.59   0.53   0.44   0.71   0.45   0.68   0.44  
    Diluted 0.59   0.53   0.44   0.68   0.45   0.66   0.44  
                                 
    Average shares outstanding (basic) 79,630,787 79,281,533 77,181,326 77,070,082 77,374,933 77,634,197 77,946,873
                                 
    Shares repurchased                            
    Amount 27.8   14.8   14.8   23.1   45.5   66.9   77.7  
    Number of shares 230,807 105,042 101,049 226,572 447,829 761,937 1,120,327
                                 

    The MIL Network –

  • MIL-OSI Russia: The results of the internship of Russian specialists in Belarus have been summed up

    Translation. Region: Russian Federation –

    Source: State University of Management – Official website of the State –

    The final part of the internship of Russian specialists in the Republic of Belarus took place in Minsk and facilities close to the country’s capital.

    On October 21, members of the Russian delegation took part in a contact exchange with companies representing businesses and potential B2B partners from Belarus. The event was opened by the Director of the Federal Resource Center, Alexey Bunkin. The head of the Rossotrudnichestvo representative office in the Republic of Belarus, Yury Makushin, also addressed the Russian and Belarusian participants with an opening speech.

    During the event, the current state of foreign trade relations between Russia and Belarus, promising export and import directions, the peculiarities of local buyers’ perception of Russian products, issues of certification, logistics and mutual settlements were discussed, and numerous personal meetings, conversations and exchange of contacts took place.

    Then a visit to the office of the Free Economic Zone “Minsk” took place. The deputy head of the FEZ administration spoke in detail about its functioning, features in comparison with other zones, answered questions from members of the Russian delegation.

    Next, the internship participants visited the production facilities of ZAPAGROMASH LLC, the CIS leader in the production of agricultural machinery, including for feeding and keeping cattle, and Minsk Tractor Plant OJSC, the oldest enterprise in the republic and the largest manufacturer of agricultural machinery.

    During the visits, the delegation members learned about the history of the companies, examined samples of manufactured equipment and a number of production shops, including assembly shops, and discussed issues of interest to them with the management of the enterprises, with special attention paid to the topic of ensuring social security for workers.

    In the evening of the same day, Alexey Bunkin held a briefing with the internship participants, during which the results of the work were summed up, the achieved results were presented, and the prospects for the development of subsequent similar projects were discussed.

    On the final day of the internship, October 22, the delegation visited the Great Stone Industrial Park. They were given a thorough introduction to the history of the park’s creation and its present day, had a dialogue with the deputy head of the administration with answers to numerous questions, and toured the territory.

    The Russian delegation then moved to the building of the Belarusian State University of Economics and took part in a session on business education as part of the Second Forum of the Scientific and Educational Consortium “Eurasian Network University”, held by the State University of Management. Leading specialists from a number of consulting companies in the Republic of Belarus spoke to the internship participants.

    Also in the BGEU building, the vice-rector of the State University of Management Dmitry Bryukhanov and Alexey Bunkin presented certificates of advanced training in the program “Economic cooperation in the agro-industrial complex” to the participants of the Presidential program for training management personnel.

    The business program of the internship of Russian specialists in Minsk ended in the same place where it began – in the building of the Trade Mission of the Russian Federation in the Republic of Belarus. The meeting was attended by the representative of the Ministry of Economic Development of the Russian Federation in the Republic of Belarus Ilya Fedorov, the head of the department for promoting direct foreign investment and import substitution of the Ministry of Agriculture and Food of the Republic of Belarus Anastasia Dedyulya, the head of the production and marketing department of the KUP “Myasomolprom” of the Minsk Regional Executive Committee Tatyana Volozgina, a number of heads of commercial and manufacturing enterprises from the agro-industrial complex.

    The Russian and Belarusian participants once again considered possible areas and prospects for cooperation, and exchanged contacts for further interaction. Moreover, the discussion was based on information and experience gained during their stay in Belarus.

    The results of the intensive practice-oriented internship of Russian specialists in Belarus were familiarization with successful examples of entrepreneurship, establishment of contacts with both representatives of local businesses and Russian representative bodies that ensure the state interests of Russia in the sphere of foreign economic activity in Belarus.

    Subscribe to the TG channel “Our GUU” Date of publication: 10/24/2024

    Internships for Russian specialists in the Republic of Belarus took place in Minsk and facilities close to the country’s capital.

    On October 21, members of the Russian delegation took part in a contact exchange with companies representing businesses and potential B2B partners from Belarus….

    ” data-yashareImage=”https://guu.ru/wp-content/uploads/Беларусь-2024-1.jpg” data-yashareLink=”https://guu.ru/%d0%bf%d0%be%d0%b4%d0%b2%d0%b5%d0%b4%d0%b5%d0%bd%d1%8b-%d0%b8%d1%82%d0%be%d0%b3%d0%b8-%d1%81%d1%82%d0%b0%d0%b6%d0%b8%d1%80%d0%be%d0%b2%d0%ba%d0%b8-%d1%80%d0%be%d1%81%d1%81%d0%b8%d0%b9%d1%81%d0%ba/”>

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI: Gate Ventures, Movement Labs, and Boon Ventures Launch $20M Fund to Accelerate Web3 Innovation

    Source: GlobeNewswire (MIL-OSI)

    PANAMA CITY, Oct. 24, 2024 (GLOBE NEWSWIRE) — Gate Ventures, a global venture capital firm specializing in blockchain; Movement Labs, a leader in Move-based blockchain technology; and Boon Ventures, a prominent investor in emerging tech startups, today announced the establishment of a groundbreaking $20 million fund designed to transform the Web3 space. This strategic alliance will invest in cutting-edge projects and accelerate the development of Move-based blockchain technologies.

    The fund will concentrate on four key areas:

    1. Accelerating the adoption of Move-based blockchain solutions
    2. Enhancing security and performance in decentralized networks
    3. Supporting projects that bridge Move and EVM ecosystems
    4. Driving innovation in Web3 infrastructure and applications

    “This $20 million fund marks a significant milestone in our mission to drive forward-thinking solutions in the Web3 ecosystem,” said Kevin Yang, Managing Partner at Gate Ventures. “By collaborating with Movement Labs and other visionary projects, we’re paving the way for the future of decentralized technology.”

    Rushi Manche, Co-Founder of Movement Labs added, “This $20 million fund is a game-changer for the Move ecosystem. It’s a powerful validation of what we’re building at Movement Labs. Move’s capabilities in security and scalability are setting new standards in Web3. This fund will specifically be used to support builders building the future of secure decentralized finance, fully on-chain gaming and consumer, as well as decentralized physical infrastructure efforts.”

    Teerus Boon-Long, CEO of Boon Ventures, said, “This is the beginning of a great journey forward in the Web3 space. It’s not aimed at short-term goals but at building a promising future for a decentralized society.”

    The partnership leverages the unique strengths of each entity:

    • Gate Ventures brings extensive resources, a global network, and deep experience in Web3 investments, enabling strategic partnerships and growth opportunities.
    • Movement Labs offers profound expertise in Move-based blockchain technology, infrastructure, and ecosystem building.
    • Boon Ventures has a successful track record of empowering innovative startups across multiple sectors through funding, mentorship, and strategic guidance.

    To help achieve its goals, the fund will implement several key initiatives:

    • Organize global hackathons to stimulate innovation in Move-based technologies and attract top talent.
    • Establish a mentorship program connecting industry veterans with promising Web3 startups to provide guidance and expertise.
    • Create a research grant program to advance blockchain interoperability solutions, fostering cross-ecosystem collaboration.
    • Host quarterly thought leadership summits to address pressing challenges in the Web3 space and drive collective progress.

    As the fund deploys its $20 million, the partners are committed to fostering innovation and driving the Web3 space forward. They will provide updates on investments, collaborations, and leading-edge technologies that will define the future of Web3, blockchain, and decentralized applications.

    About Gate Ventures
    Gate Ventures is the venture capital arm of Gate.io, one of the world’s largest and most trusted cryptocurrency exchanges, specializing in early-stage investments in blockchain technology and digital assets. Our mission is to drive innovation and foster growth across the global blockchain ecosystem. By collaborating with industry leaders worldwide, we support visionary teams and startups that have the potential to reshape social and financial interactions. As a long-term investor, we are committed to offering comprehensive support to our portfolio companies, from product development and operational scaling to global expansion. Follow Gate Ventures on X for more updates.
    https://gate.io/ventures

    About Movement Labs
    Movement Labs develops the Movement Network, an ecosystem of Modular Move-Based Blockchains. The company is creating the first Move Virtual Machine L2 for Ethereum, along with open-source tools to promote Move adoption across blockchains. Their platform enables developers to launch high-performance Move VM rollups easily, bridging Move and EVM ecosystems. Backed by $38 million in Series A funding, Movement Labs is advancing Move-based technologies and blockchain interoperability in Web3. Follow Movement Labs on X and on Discord for updates. Movement Labs is on a mission to create a global community of Move builders, working together to increase the security, performance, and user experience of building in decentralized networks.

    About Boon Ventures
    Boon Ventures is a single-family office spun out of the Boon-Long family, one of the longest-established families in Thailand, in 2015. Since then, it has served as the alternative investment and advisory arm of the Boon-Long family. Boon Ventures is an independent, fast-moving organization with a strong network and partnerships both in Thailand and globally, driven by a mission to foster innovative change, long-term growth, and sustainable value.

    Media Contact:
    Elaine Wang at elaine.w@gate.io

    Name: Teerus Boon-Long Kanyarat Ondeekul
    Email: kanyarat.o@boonventures.com
    Company: Boon Ventures

    Name: Carmen Pearson
    Email: Carmen.Pearson@MovementLabs.xyz
    Company: Movement Labs

    Disclaimer: This content is provided by Gate. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/843b1a84-4e76-4e19-a8b1-6a30ff656efd

    The MIL Network –

  • MIL-OSI: eQ Community Properties Fund renewed loans in excess of EUR 400 million – Deutsche Bank as a new lender

    Source: GlobeNewswire (MIL-OSI)

    Press release
    24 October 2024 10:30 am

    eQ Community Properties Fund (AIF) has entered into a EUR 154 million senior secured loan arrangement with Deutsche Bank AG. The collateral portfolio consists of community and healthcare assets in the Helsinki Metropolitan Area and Tampere.

    In June, the fund also extended a EUR 253 million senior secured loan facility with its current lenders Nordea Bank, Danske Bank, Swedbank and Aktia.

    Through the recent successful arrangements, the Fund has broadened and strengthened its lender base, secured a long-term financing as well as extended its loan maturities and fixed interest periods.

    Head of Real Estate Investments at eQ, Tero Estovirta says: “We are very pleased to have an international and prominent financier, Deutsche Bank, as a new lender in eQ Community Properties Fund. We have worked for a long time and systematically to obtain international debt financing and Deutsche Bank has been one of the most interesting ones already for a while. It is great to have now initiated our cooperation. Generally, financiers have shown strong interest and trust towards Finnish real estate and open-ended funds. Access to debt has clearly improved as interest rate levels decrease. It is possible to reach cost-effective and sustainable financing solutions. All the lenders of eQ Community Properties Fund are leading players in the market and together with our latest addition, Deutsche Bank, they facilitate a strong financing platform for the future. We thank all our lenders for pragmatic and solution-orientated processes.”

    eQ Community Properties Fund (AIF) was established in 2012. The market value of the fund’s property portfolio is EUR 1.75 billion as per September 2024. The fund is the largest community properties investor and developer in Finland. The assets are located in the Helsinki Metropolitan Area and selected growth centres in Finland.

    Helsinki 24 October 2024

    eQ Asset Management Ltd

    Further information:
    Tero Estovirta, Head of Real Estate Investments, eQ Asset Management Ltd
    +358 50 593 6194 / tero.estovirta@eQ.fi

    eQ Group is a group of companies that concentrates on asset management and corporate finance business. eQ Asset Management offers a wide range of asset management services (including private equity funds and real estate asset management) for institutions and private individuals. The assets managed by the Group total approximately EUR 13.3 billion. Advium Corporate Finance, which is part of the Group, offers services related to mergers and acquisitions, real estate transactions and equity capital markets.

    More information about the Group is available on our website www.eQ.fi.

    The MIL Network –

  • MIL-OSI: MKS Instruments Breaks Ground on Super Center Factory in Malaysia

    Source: GlobeNewswire (MIL-OSI)

    ANDOVER, Mass., United States and KUALA LUMPUR, Malaysia, Oct. 24, 2024 (GLOBE NEWSWIRE) — MKS Instruments, Inc. (NASDAQ: MKSI), a global provider of technologies that transform the world, the Malaysian Investment Development Authority (MIDA) and InvestPenang today announced that MKS celebrated the groundbreaking ceremony of its super center factory in Penang, Malaysia to support the growing needs of semiconductor equipment for wafer fabrication in the region and globally. The state-of-the-art facility will be located on a 17-acre plot, spanning approximately 500,000 square feet. and will employ approximately 1,000 people. The new factory will be built in multiple phases, with the first phase scheduled for completion in the first half of 2026.

    ADUN Bukit Tambun and Director of InvestPenang, YB Goh Choon Aik stated, “Penang, renowned as the Silicon Valley of the East, has cemented its position as a preferred global destination for electronics and electrical investments in Southeast Asia. With a legacy of five decades of industrialisation and a reputation for innovation and technological excellence, the state offers a thriving industrial ecosystem that naturally attracts investors. MKS Instruments’ expansion into Penang is a testament to the state’s appeal as a preferred investment destination, supported by its robust ecosystem.”

    YB Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, Minister of Investment, Trade and Industry (MITI), welcomed MKS Instruments to Malaysia, stating, “This groundbreaking super center factory is a resounding affirmation of our government’s commitment to expediting investors’ projects with the able assistance of agencies like MIDA. More importantly, this aligns with our New Industrial Master Plan 2030, which aims to enhance our economic complexity, fostering symbiotic relationships between global companies and local SMEs, and creating high-skilled, high-paying jobs in cutting-edge sectors like engineering and technical fields, for the benefit of Malaysians. I’m confident that these initiatives will catapult our semiconductor sector to the pinnacle of the global value chain, a true ‘tour de force’ in the world of industry.”

    Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid stated “This momentous occasion presents a golden opportunity for our machinery and equipment (M&E) companies to showcase their prowess in producing high-value products and integrated services that meet the exacting standards of multinational corporations (MNCs). MIDA remains steadfast in its commitment to supporting and facilitating investments that enhance operational capabilities, ultimately catalysing the meteoric rise of Malaysia’s manufacturing sector, a true ‘industrial powerhouse’ in the making.”

    “Penang offers an attractive and rapidly growing semiconductor ecosystem, and building a significant presence here is part of our strategic and long-term capital planning,” said Dr. John T.C. Lee, President and Chief Executive Officer of MKS. “Adding Penang to our global footprint puts us closer to our customers, suppliers and a robust technology infrastructure, including a deep and talented labor pool, as we continue to spur innovation and enhance our capabilities as a leader across a broad array of semiconductor manufacturing applications.”

    MIDA reports that for the first half of 2024 (1H2024), the Machinery and Equipment (M&E) sector saw promising growth, with a total of 64 projects approved, amounting to investments valued at RM2.8 billion. These projects are anticipated to create significant opportunities, generating over 3,500 new jobs and contributing to the sector’s continued development and expansion in Malaysia.

    About MIDA

    MIDA is the government’s principal investment promotion and development agency under the Ministry of Investment, Trade and Industry (MITI) to oversee and drive investments into the manufacturing and services sectors in Malaysia. Headquartered in Kuala Lumpur Sentral, MIDA has 12 regional and 21 overseas offices. MIDA continues to be the strategic partner to businesses in seizing the opportunities arising from the technology revolution of this era. For more information, please visit www.mida.gov.my and follow us on X, Instagram, Facebook, LinkedIn, TikTok and YouTube channel.

    About InvestPenang

    InvestPenang is the Penang State Government’s principal agency for the promotion of investments. Its objectives are to develop and sustain Penang’s economy by enhancing and continuously supporting business activities in the State through foreign and local investments, including spawning viable new growth centers. To realize its objectives, InvestPenang also runs initiatives like the SMART Penang Center (providing assistance to SMEs), Penang CAT Center (for talent attraction and retention), and Global Business Services (GBS) Focus Group (promoting and developing digital economy). For more information, please visit https://investpenang.gov.my.

    About MKS Instruments

    MKS Instruments enables technologies that transform our world. We deliver foundational technology solutions to leading edge semiconductor manufacturing, electronics and packaging, and specialty industrial applications. We apply our broad science and engineering capabilities to create instruments, subsystems, systems, process control solutions and specialty chemicals technology that improve process performance, optimize productivity and enable unique innovations for many of the world’s leading technology and industrial companies. Our solutions are critical to addressing the challenges of miniaturization and complexity in advanced device manufacturing by enabling increased power, speed, feature enhancement, and optimized connectivity. Our solutions are also critical to addressing ever-increasing performance requirements across a wide array of specialty industrial applications. Additional information can be found at www.mks.com.

    For more information, please contact:

    MIDA InvestPenang MKS Instruments
    Ms. Zakiah Sajidan
    Director, Machinery and Metal
    Technology Division
    Email: zakiah@mida.gov.my
    Tel.: +603 22676769    		 Ms. Elaine Cheah
    Communications & Business
    Intelligence
    Email: elaine@investpenang.gov.my
    Tel.: +604 6468833    		 Mr. Bill Casey
    Senior Director, Marketing
    Communications 
    Email: press@mksinst.com
    Tel.: +1 630 995 6384 

    Ms. Kerry Kelly
    Partner, Kekst CNC
    Email: kerry.kelly@kekstcnc.com
         

    Safe Harbor for Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, regarding MKS’ construction of a factory in Malaysia and the projected timeline. Any statements that are not statements of historical fact should be considered to be forward-looking statements. Actual events or results may differ materially from those in the forward-looking statements set forth herein, including as a result of the factors described in MKS’ Annual Report on Form 10-K for the year ended December 31, 2023 and any subsequent Quarterly Reports on Form 10-Q, as filed with the U.S. Securities and Exchange Commission. MKS is under no obligation to, and expressly disclaims any obligation to, update or alter these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release.

    The MIL Network –

  • MIL-OSI: Form 8.3 – PRS REIT Plc

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

    PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)   Full name of discloser: Jupiter Fund Management Plc
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.    		  
    (c)   Name of Offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree    		 PRS REIT plc, The
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:  
    (e)   Date position held:
            For an opening position disclosure, state the latest practicable date prior to the disclosure    		 23rd October 2024
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”    		 No

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

    (a)      Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

    Class of relevant security: 1p ordinary
      Interests Short positions
      Number % Number %
    (1)   Relevant securities owned and/or controlled: 6,394,359 1.16%    
    (2)   Cash-settled derivatives:        
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        

            TOTAL:

    		 6,394,359 1.16%    

    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

    (b)      Rights to subscribe for new securities (including directors’ and other employee options)

    Class of relevant security in relation to which subscription right exists: None
    Details, including nature of the rights concerned and relevant percentages: None

    3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit
    None      

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD    		 Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position    		 Number of reference securities Price per unit
    NONE        
             

    (c)        Stock-settled derivative transactions (including options)

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.    		 Expiry date Option money paid/ received per unit
    NONE              

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option    		 Exercising/ exercised against Number of securities Exercise price per unit
    NONE        

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion    		 Details Price per unit (if applicable)
    None      

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

    NONE

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i)   the voting rights of any relevant securities under any option; or
    (ii)   the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”

    NONE

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? NO
    Date of disclosure: 24thOctober 2024
    Contact name: Katie Wild
    Telephone number: 0203 817 1620

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network –

  • MIL-OSI: Prospera Energy Inc. Corporate Update: Three Years of Strategic Restructuring, Recovery, and Future Growth

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Oct. 24, 2024 (GLOBE NEWSWIRE) — Prospera Energy Inc. (“PEI”) (TSX.V: PEI, OTC: GXRFF, FRA: OF6B)

    The 2024 Prospera corporate update outlines the company’s restructuring efforts since 2021, highlighting key milestones achieved, challenges faced, and the strategic path forward to achieve production stability and profitability.

    Preamble:
    By the end of 2020 Prospera faced a litany of financial challenges, including low production, high operating costs, and the global impacts of the Covid pandemic. The company’s liability was in excess of $24MM ($12MM ARO, $11MM AP arrears, & $1.5MM in Credit Facilities) mainly towards secured mezzanine capital, CRA, mineral royalties, municipality property tax, landowners lease payments, numerous local service providers, and high asset retirement obligations. Adding to the problems, Prospera had in excess of 400+ non-compliance infractions with spills, dysfunctional monitoring devices, and facilities that had been neglected and orphaned. Consequently, Prospera Energy Inc. was in a terminal position. In Q1 2021, the municipality and secured debt holder exercised their rights, taking control of payments from the limited revenue and production that remained. The then-CEO and directors were fleeing from the company’s obligations, especially to the CRA.

    Towards the end of 2020, PEI’s continuing operations had become difficult due to high and long-term liabilities, a situation further amplified by the pandemic and drastic reduction in produced volumes (less than 200 bpd Gross).

    At the time, Mr. Samuel David was leading a private company developing medium-light oil around the Brooks area and as a result of his association with the late Burkhart Franz, founder of Prospera Energy Inc. (formerly Georox Resources), Mr. David accepted a role as an advisor to help rescue the company from entering into CCA.

    Prospera Energy Restructure:
    Prospera Energy Inc’s restructuring commenced in Q1, 2021, with the appointment of Mr. David as President, CEO & Director. Mr. David observed legacy heavy (13-17API) oil fields were developed with numerous vertical wells on reduced spacing. These wells were in primary depletion without any patterned pressure support. Produced water was randomly disposed resulting in water recycling. Reserves were estimated on the decline of the small number of low producing wells and their economies were burdened by high surface lease costs and their high number of standing wells. Unprocessed 3-D seismic coverage was available over the entire reservoir of each asset, each of which has a facility processing capacity to handle large volumes of produced fluid, and the wells were tied into these central facilities. Clean oils were trucked out to a nearby terminal. Produced water was reinjected by central pumps at the facility to injectors throughout the field. These infrastructures had previously been neglected and not maintained.

    Mr. David recognized the recovery to date was low with respect to volumetric estimation of oil in place, and a significant amount of oil remains within adequate infrastructure. The recovery has been from an under pressured solution gas drive reservoir with low active edge water and exploited by vertical well technology only. However, high AP arrears, ARO and neglected infrastructure were significant obstacles. Overcoming poor technical conduct and neglect required sufficient capital to exploit the remaining reserves effectively and profitably. To rectify these issues, Samuel devised a development plan in phases to capture the significant remaining reserves.

    The Prospera development plan is comprised of three phases:

    1. Phase one was to bring operations to safe operating conditions and optimize low hanging opportunities to increase production.
    2. Phase two was to transition to horizontal wells and abandon depleted vertical wells along the path. This reduces the environmental footprint and the corresponding fixed operating cost. It would also diversify product mix by adding higher API oil assets.
    3. The third and final phase is to implement improved and enhanced recovery methods tailored to the reservoir conditions, aiming to reduce decline for sustained long-term production. This approach, combined with a reduced footprint and lower operating costs, is designed to yield higher margins.

    At the time, the minimum allowed for a private placement was five cents, while PEI stock was trading at one cent and at risk of being halted. Fortunately, a one-time, two-cents private placement offering opportunity, that was only offered during extraordinary circumstances such as the pandemic, was permitted. Utilizing this opportunity and the proposed engineering solutions, capital was raised with the assistance of Kurt Soost, who played a key role in connecting credible investors such as Peter Lacey, Dave Richardson, and others to the seed capital provided by the management group, which included Mr. David and Jaz Dhaliwal. They participated in the initial and subsequent private placement offerings, helping Prospera secure a financial lifeline.

    This realigned the PEI board, which requested Mr. David amalgamate his private company assets into Prospera at an equal interest, to avoid any perception of bias towards his assets and to ensure focus on Prospera’s asset development going forward. As a result, Prospera acquired a 50% working interest in a medium-light oil property with operatorship from Mr. David on favorable terms, with no upfront cash consideration and delayed consideration on a success basis. These terms were released on December 7th, 2022, and the transaction consideration was based on third-party evaluations, TSX approval, and independent scrutiny and approval resolution by the directors.

    Restructuring Efforts Resulted In:
    Oil in Place Validated – Prospera Oil in place and remaining reserves were authenticated by geological delineation, well control & production performance, 3D seismic confirmation, and by 3rd party evaluation

    • Total OOIP = 396.7 MMbbl
    • Produced = 34.2 MMbbl
    • Recovered = 8.6%

    NPV Appreciation – Net Present value of the reserves was steadily substantiated by PEI’s optimization and development. As a result:

    • Before Tax PDP reserves increased 508% from $4.4MM$ to $27.1MM$ in 2023 at a 10% discount rate
    • Before tax 2P reserves increased by $60.8m from $72.5m to $133.3MM$ in 2023 at a 10% discount rate
    • Total proved and probable reserves increased by 25% from 4,306 to 5,403 Mboe
    • Reserve life index increased by 6% from 28.4 to 30.0 years

    Increased Ownership – In the three core heavy oil properties from an average of 35% to 95% by settling out joint venture receivables.

    Regulator License Liability Rating – Asset to liability ratio was elevated by PEI restructured efforts

    • The Saskatchewan regulator assessed the company’s asset value 18MM$ higher due to the changes implemented
    • The asset to liability ratio has increased from 0.47 to 1.44 in Saskatchewan
    • The asset to liability ratio has increased from 0.90 to 2.60 in Alberta

    Diversify Production Mix – Acquired a 50% interest in Medium-oil development play and successfully perforated two existing wells with favorable results. In 2023, the first well was drilled, with initial production (IP) rates exceeding expectations. This led to attractive investment returns, with a payout achieved in just seven months.

    In 2024, four development wells were drilled, encountering pay, structure, and oil shows as anticipated. The first medium-oil horizontal well encountered 800 meters of porous reservoirs with oil shown in the lateral section. The well test demonstrated strong inflow, producing over 50 m³/d of fluid at 50% oil cuts. The oil quality is 26–30-degrees API. This well is now online and delivering consistent rates as it is stabilizing.

    Financial Position Appreciation – Netbook value (Total assets) has increased from $5.5 million in 2020 to approximately $59.0 million by the end of Q3 2024. This growth was driven by capital raised ($35MM) and cash flow from operations ($7MM), both of which were deployed for optimization and development. Additional value appreciation resulted from an impairment reversal, supported by the substantiation of remaining reserve value ($8 million) and the capitalization of a working interest acquisition ($3 million). Since 2021, the total asset value has been appreciated by $53+ million. 

    Due to capital deployed for optimization, non-compliance elimination, infrastructure upgrades and development aimed at increasing production and recoveries, the company is beginning to see operational profitability. 2022 saw production increased and, if not for the lower commodity prices in 2023, the company would have been profitable in 2022. Nonetheless, 2022 was a rebound year, generating $2.3 million in operating income compared to a substantial loss the previous year. With ongoing production optimization and development, Prospera has achieved approximately $2.6 million in cash operating income as of Q3, 2024.

    The restructuring efforts have transformed the company into cash-flow-positive operation. Prospera’s bare bones break-even operating expenses are $1.1 million per month (500 boe/d @ $75/boe CAD). Any cash flow above this break-even amount is allocated to servicing debt, addressing legacy arrears and further funding, optimization and development initiatives.

    With current production levels around 900 boe/d, the company has generated $2.6 million year to date Q3, 2024.

    Production Appreciation & Challenges – PEI’s restructuring efforts successfully optimized production from 80 boepd to 800 boepd during the phase one execution. By the end of 2023, peak production rates reach 1,800 boepd driven by horizontal development and medium oil development.

    While the restructuring yielded positive results, Prospera production progress and forecast were impacted by operational set-back and by severe cold weather conditions. These issues hindered expected production rates, preventing the company from achieving its short-term production and financial targets.

    PEI has continually implemented measures to address operational constraints, and restore and maintain peak production rates. These include failure analysis, calibrated equipment, revised operational procedures, and accountability for accurate and timely data to maximize run time with experienced personnel. As a result, Cuthbert operations are starting to stabilize while challenges are being addressed. Approximately 70+ m3/d of production is currently behind pipe at Cuthbert, and PEI is focused on capturing this additional volume.

    Revised 2024 Prospera Forecast
    Following a challenging recalibration, Prospera has expressed optimism going forward, however, PEI has faced a series of challenges including cold weather conditions, infrastructure breakdown, water recycling issues, legacy arrears, non-participating JV partners, and lower commodity prices. These factors have unexpectedly delayed the company’s timeline for attaining the initially projected targets.

    The legacy reservoirs are now in the final stages of primary pressure depletion and require additional energy in-situ to increase the mobility of the viscous oil. Enhanced recovery methods suited to the specific reservoir conditions must be applied gradually and methodically to maximize oil recovery, which will take time. PEI has initiated horizontal transformation while testing the recovery methods to be applied to the future horizontal wells while modifying necessary infrastructure adjustments. With the benefit of new information, extensive data, and a revised plan, Prospera has reassessed and incorporated the challenges and setback into the company’s updated forecast moving forward.

    Prospera has achieved many technical and financial successes, these accomplishments have been overshadowed by production shortfalls set out by optimistic early targets. Moving forward, PEI’s primary focus is on efficient operations to ensure sustained, stable production and production growth.  

    Conclusion
    Prospera Energy Inc. has come a long way since the brink of bankruptcy in Q1, 2021. Through a successful restructuring, PEI has eliminated the risk of insolvency, addressed critical regulatory non-compliances, and raised regulator license liability ratings by increasing production through optimization and development. The company has also substantiated the large amount of remaining reserves and substantially increased the proven asset value of the company. By improving cash flow from operations well above break-even, PEI has remained operational while deploying capital to address legacy accounts payable arrears and implement proven technical applications. Additionally, the acquisition of medium-oil assets has reduced dependency on heavy-oil differentials.

    In short, Prospera have made significant progress in positioning the company for future growth. However, PEI achievements have been overshadowed by production short fall set out by optimistic targets by optimization and drilling success. Prospera acknowledges these challenges encountered and has incorporated them into the revised 2024 forecast, to allocate sufficient time and resources to improve operational efficiencies, optimize well run times, and implement reservoir management applications while adhering to safety & regulatory guidelines. These proactive measures are being implemented in Q4 2024 and Q1 2025 to stabilize and support robust, sustained growth throughout Q2 and Q3 of 2025.

    While the company is revising the year-end production target down to 1,250 barrels, it is important to emphasize that the fundamentals of Prospera Energy’s assets remain strong. The significant recovery potential remains within reach, and PEI continues to execute on our long-term development plan to capitalize on these opportunities. The reduction in short-term targets does not diminish the company’s confidence in the strategic path forward. Prospera remains focused on optimizing production, improving efficiency, and unlocking the full value of PEI’s resources. As Prospera moves ahead, the company is committed to increasing production through optimization, horizontal transformation, and enhanced oil recovery.

    About Prospera
    Prospera is a publicly traded energy company based in Western Canada, specializing in the exploration, development, and production of crude oil and natural gas. Prospera is primarily focused on optimizing hydrocarbon recovery from legacy fields through environmentally safe and efficient reservoir development methods and production practices. Prospera was restructured in the first quarter of 2021 to become profitable and in compliance with regulatory, environmental, municipal, landowner, and service stakeholders.

    The company is in the midst of a three-stage restructuring process aimed at prioritizing cost effective operations while appreciating production capacity and reducing liabilities. Prospera has completed the first phase by optimizing low hanging opportunities, attaining free cash flow, while bringing operation to safe operating condition, all while remaining compliant. Currently, Prospera is executing phase II of the restructuring process, the horizontal transformation intended to accelerate growth and capture the significant oil in place (400 million bbls). These horizontal wells allow PEI to reduce its environmental and surface footprint by eliminating the numerous vertical well leases along the lateral path. Phase III of Prospera’s corporate redevelopment strategy is to optimize recovery through EOR applications. Furthermore, Prospera will pursue its acquisition strategy to diversify its product mix and expand its core area. Its goal is to attain 50% light oil, 40% heavy oil and 10% gas.

    The Corporation continues to apply efforts to minimize its environmental footprint. Also, efforts to reduce and eventually eliminate emissions, alongside pursuing innovative ESG methods to enhance API quality, thereby achieving higher margins and eliminating the need for diluents.

    For Further Information:
    Shawn Mehler, PR
    Email: investors@prosperaenergy.com
    Website: www.prosperaenergy.com

    FORWARD-LOOKING STATEMENTS
    This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will,” “may,” “should,” “anticipate,” “expects” and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding future plans and objectives of the Corporation, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

    Although Prospera believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Prospera can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

    The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Prospera. As a result, Prospera cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward- looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and Prospera does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.

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

    Photos accompanying this announcement are available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/0b193b58-7798-4139-b69d-1f8aec58a8f7
    https://www.globenewswire.com/NewsRoom/AttachmentNg/46e266dc-9f3f-43b1-a3f7-1f71bb526cce
    https://www.globenewswire.com/NewsRoom/AttachmentNg/2d404ae6-c38e-40c3-910a-403f9376549f
    https://www.globenewswire.com/NewsRoom/AttachmentNg/506b134d-3ce3-4639-9a61-f0caa42b633e
    https://www.globenewswire.com/NewsRoom/AttachmentNg/b0ac6d1d-5ea5-4c86-b5b4-d49a72936f7b
    https://www.globenewswire.com/NewsRoom/AttachmentNg/e14fb81b-462a-456d-99fa-e4a54a549e7d
    https://www.globenewswire.com/NewsRoom/AttachmentNg/100176cb-60ba-45e8-9311-e94604dcd117
    https://www.globenewswire.com/NewsRoom/AttachmentNg/8fc83e60-6686-4b8f-93e8-84598ec586a0
    https://www.globenewswire.com/NewsRoom/AttachmentNg/6c20cd2d-ef07-41b7-9149-5d80f7288b16
    https://www.globenewswire.com/NewsRoom/AttachmentNg/fb37dc99-2c7f-4db1-bcab-a3807af55016

    The MIL Network –

  • MIL-OSI: Get Ready to Trade & Treat: BTCC Exchange Kicks Off Hauntingly Good Halloween Futures Trading Campaign

    Source: GlobeNewswire (MIL-OSI)

    VILNIUS, Lithuania, Oct. 24, 2024 (GLOBE NEWSWIRE) — As the Halloween season approaches, BTCC Exchange is excited to announce its Halloween Futures Trading Campaign, inviting users to enter a thrilling crypto haunted dungeon where they can unlock treats worth up to 1,830,000 USDT. This campaign, running until November 1, 2024, promises a hauntingly good time for both seasoned traders and newcomers alike.

    This year, BTCC is offering three enticing treats for participants. The first treat allows users to trade futures and share in a 1,000,000 USDT prize pool. For every 10,000 USDT in futures trading volume, traders will earn 1 USDT in trading funds. There’s no limit to how much can be collected, but users must act quickly as the prize pool rewards will be given out on a first-come first-served basis.

    New traders will find their own special treat with a 3,000 USDT prize pool specifically designed for those who haven’t yet ventured into futures trading on BTCC. The first 1,000 participants to complete a futures trade exceeding 1,000 USDT will receive a 3 USDT coupon.

    Additionally, BTCC is offering free position vouchers of up to 700,000 USDT for users who complete consecutive daily trades. The first 1,000 users to meet the requirements will unlock these rewards.

    “Market sentiment has been buzzing with anticipation for a bull run since we entered ‘Uptober’,” said Alex, Head of Operations at BTCC. “With the upcoming U.S. election potentially adding fuel to crypto prices, this campaign arrives just in time for users to take advantage of the uptrend and profit from it.”

    Alongside the Halloween trading campaign, BTCC recently reduced its futures trading fees from just 0.01% for a limited period. Coupled with the potential to trade futures with up to 500x leverage, users can maximize their strategies while minimizing costs. This not only empowers both traders to capitalize on market movements but also elevates their chances of profiting during this Halloween season.

    About BTCC

    BTCC is a leading exchange that provides traders with a safe and secure platform to trade cryptocurrencies. With a commitment to user satisfaction, BTCC continues to explore new ways to enhance the trading experience for users around the globe.

    Website: https://www.btcc.com    

    X: https://x.com/BTCCexchange

    Contact: press@btcc.com

    The MIL Network –