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Category: Asia

  • MIL-OSI Africa: Civil Society Organizations Brief the Committee on the Elimination of Discrimination against Women on the Situation of Women in the Democratic Republic of the Congo, Nepal, Belarus and Luxembourg

    Source: Africa Press Organisation – English (2) – Report:

    GENEVA, Switzerland, February 4, 2025/APO Group/ —

    The Committee on the Elimination of Discrimination against Women was this afternoon briefed by representatives of civil society organizations on the situation of women’s rights in the Democratic Republic of the Congo, Nepal, Belarus and Luxembourg, the reports of which the Committee will review this week.

    In relation to the Democratic Republic of the Congo, speakers raised concerns regarding gender-based violence and abuse of internally displaced women and girls in the context of the escalating conflict, and the impact of the withdrawal of the United Nations Organization Stabilization Mission in the Democratic Republic of the Congo.

    On Nepal, speakers addressed discrimination against vulnerable women, including indigenous women and girls, lesbian, bisexual, transgender and intersex women, and women sex workers; anti-discrimination legislation; and the participation of women in political processes.

    Non-governmental organizations speaking on Belarus raised topics including the dissolution of civil society organizations, imprisonment of women human rights defenders, and barriers to access to justice for women.

    Regarding Luxembourg, a speaker raised issues related to a lack of gender sensitive policies and measures to address intersecting forms of discrimination, and the subordination of women through the social system.

    The National Human Rights Commissioner of the Democratic Republic of the Congo spoke on the country, as did the following non-governmental organizations: Centre for Migration, Gender, and Justice; Groupe d’Action pour les Droits de la Femme; and SAVIE ASBL LGBT.

    Regarding Nepal, the following non-governmental organizations spoke: Forum for Women, Law and Development; Feminist Dalit Organization; Nepal Indigenous Women Federation; Sex Workers and Allies South Asia and Team; Campaign for Change, Mitini Nepal, and Intersex Asia; and Visible Impact.

    The following non-governmental organizations spoke on Belarus: Belarusian Helsinki Committee; Human Constanta; Belarusian Congress of Democratic Trade Unions; Coalition against gender-based and domestic violence; and Our House.

    A representative of the Consultative Commission of the Grand-Duchy of Luxembourg on Human Rights spoke on Luxembourg.

    The Committee also held an informal meeting with the Working Group on Business and Human Rights and representatives from civil society and the business sector on “increasing the bottom line through smart, gender-inclusive, rights-focused approaches in digitisation.”

    Opening the meeting, Nahla Haidar, the newly elected Committee Chairperson, said artificial intelligence and digital technologies had revolutionised everyday life and business practices across sectors in ways that were never envisioned in the past. She called for action to prevent bias and discrimination against women through cyber-enabled modalities; expand women’s economic opportunities in the new digital era; and equip women and girls with necessary skills, capacities and tools to contribute to providing digital solutions.

    In the meeting, speakers discussed topics such as measures to prevent discrimination of women in the private sector, and particularly in the field of technology; measures to promote access to science, technology, engineering and maths education for women; measures to address the impacts of artificial intelligence on women; and measures to protect women’s rights in the energy transition era.

    Committee Experts and members of the Working Group spoke in the meeting, as did representatives of the United Nations Office of the High Commissioner for Human Rights, the World Trade Organization, and various private sector and civil society organizations.

    The Committee on the Elimination of Discrimination against Women’s ninetieth session is being held from 3 to 21 February. All documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage. Meeting summary releases can be found here. The webcast of the Committee’s public meetings can be accessed via the UN Web TV webpage.

    The Committee will next meet in public at 10 a.m. on Tuesday, 4 February to consider the report of the Democratic Republic of the Congo submitted under the exceptional reporting procedure (CEDAW/C/COD/EP/1).

    Opening Remarks by the Committee Chair

    NAHLA HAIDAR, Committee Chairperson, said that during each session, the Committee invited national and international non-governmental organizations to informal public meetings to provide specific information on the States parties that were scheduled for consideration by the Committee. She welcomed the representatives of non-governmental organizations and national human rights institutions that had come to provide information on the States parties whose reports were being considered this week: Democratic Republic of the Congo, Nepal, Belarus and Luxembourg.

    Statements by Non-Governmental Organizations from the Democratic Republic of the Congo, Nepal and Belarus

    Democratic Republic of the Congo

    On the Democratic Republic of the Congo, speakers, among other things, said violence against displaced persons was on the rise in the State. Gender-based violence, specifically, was rampant, leaving survivors with limited access to justice. Displaced women had a lack of access to reproductive health care and were giving birth in unsafe conditions. The economic struggles that displaced women and girls faced were equally alarming. With scarce income opportunities, many were driven to survival sex, which exposed them to sexual exploitation and abuse.

    The withdrawal of the United Nations Organization Stabilisation Mission in the Democratic Republic of the Congo raised real concerns. Plans from national authorities to take on the responsibilities of the Mission remained lacking. Armed militias and members of the security forces continued to abuse women with impunity. There were also “tolerance houses” where internally displaced women and girls were sexually abused. Justice remained inaccessible for most survivors.

    Speakers called on the Government to bolster administrative capacities; ensure the transfer of United Nations facilities to the armed forces; investigate “tolerance houses” and hold perpetrators of gender-based violence criminally liable; control the spread of weapons; and ensure justice and dignity for all women in the State. Speakers also called for a national migration strategy that was gender-responsive; mechanisms for gender-based violence prevention, mitigation, and response; provision of health services and resources, especially with regards to maternity health, that connected to related concerns such as food insecurity and nutrition; and programmes to expand livelihood provisions that supported displaced women and girls.

    Nepal

    Speakers said Nepal had yet to enact a robust anti-discrimination law, making women more vulnerable to abuse. There was a need to criminalise discrimination against women and eliminate all discriminatory legal provisions against them. The State party also needed to allocate sufficient human and financial resources to public bodies working on women’s rights. Appropriate support needed to be provided to women victims of violence.

    Fifteen per cent of Nepal’s population of women faced multiple forms of discrimination; many women faced social exclusion and violence. Some girls did not report crimes due to a lack of trust in the justice system.

    Nepal needed to amend the Constitution to address historical discrimination of indigenous women and to recognise the customary laws of indigenous people. The Government needed to amend the act on the rights of persons with disabilities to address the rights of indigenous women with disabilities. Access to justice needed to be promoted for indigenous women and women with disabilities.

    Nepal had failed to ratify the Palermo Protocol, and human trafficking and sex work were treated as the same in the country. Sex workers faced various forms of discrimination and violence. Nepal’s legislation had a direct impact on sex workers’ access to citizenship. Legislation on trafficking in persons needed to be amended to differentiate between trafficking and sex work. The Government also needed to facilitate sex workers’ access to citizenship and promote awareness raising campaigns on the rights of sex workers.

    Lesbian, bisexual, transgender and intersex girls faced harmful treatment and violence, and systematic discrimination in education and healthcare in Nepal, and the Government had failed to act in response. The Government needed to ensure such women could access single women’s allowances, redefine marriage to include gender-free terminology, and support this group’s access to rights.

    Education on sexual and reproductive health remained optional and inadequate in Nepal. It needed to be made compulsory. Legislation needed to be amended to fully decriminalise abortion, particularly abortions in cases of rape. The State also needed to amend legislation to include sexual and reproductive health and rights and sensitise health care providers and community members on safe births. It further needed to decriminalise sexual relations between consenting adolescents under the age of 18.

    The meaningful participation of women in political processes was lacking; many women politicians faced violence. Nepal needed to investigate historic violence against marginalised women, collect disaggregated data on women, enhance women’s leadership capacities, take measures to eliminate discrimination against marginalised women and girls, and provide quality health services to all women and girls, particularly indigenous women, at a minimal cost.

    Belarus

    Speakers on Belarus said the Constitution did not provide effective protection against discrimination. Women’s rights to education and health care were limited. Belarus had institutionalised discriminatory food provisions; women and girls were not able to access fruit and nuts, leading to long-term health risks.

    Access to justice for women was undermined by the persistent persecution of women human rights defenders. Women activists had been falsely labelled as terrorists despite their peaceful actions. The State had systematically dissolved various civil society organizations, including many that supported women. Almost 2,000 non-governmental organizations had been forced to liquidate. All women’s organizations that had prepared shadow reports to the Committee for the last review had been liquidated. It was immensely difficult to find legal assistance due to the political suppression of lawyers. In 2022, the Government had forcibly liquidated all trade unions. Six women trade union activists remained in prisons.

    At least 139 women were political prisoners in Belarus. They lacked access to healthcare and were persistently ill-treated. Imprisoned women faced forced labour and modern forms of slavery. If women refused to work, they were put in “cages of shame” and forced to stand outside for several hours. Women prisoners earned between five and 10 euros per month and faced harsh penalties for not meeting quotas.

    When domestic violence cases were reported to police, police screened the political activities of the victim rather than provide support. Victims and aggressors were invited together to meetings with authorities, promoting impunity.

    Women migrants were vulnerable to trafficking and violence. Domestic violence was not a ground for asylum in Belarus.

    Luxembourg

    No non-governmental organizations spoke on the situation of women in Luxembourg.

    Questions by Committee Experts

    A Committee Expert said that there were many laws and policies for women in the Democratic Republic of the Congo, but there was weak implementation. How was the transitional justice policy being implemented for women? Was there a plan to promote the security of women and girls in the Democratic Republic of the Congo?

    The Expert shared the non-governmental organizations’ concern regarding the suppression of civil society in Belarus. Were there plans to update the national action plan on human rights in Belarus, and were there plans to establish a national human rights institution?

    Another Expert asked about anti-trafficking activities being carried out in the Democratic Republic of the Congo. To what extent were women represented in local governments and decision-making bodies in Nepal?

    One Committee Expert asked about financial resources devoted to implementing the national gender equality plan in Nepal. What were areas of concern related to sexual and reproductive health services in Belarus?

    A Committee Expert asked about problems regarding access to justice for Dalit women in Nepal. How common was the dowry custom in Nepal? Why was the dowry for younger women and girls lower?

    Another Committee Expert asked if the Democratic Republic of the Congo had laws on the accountability of military personnel and contractors involved in violence against women. What social protection system and benefits did Belarus have for women and girls?

    One Committee Expert asked about legal provisions that needed to be challenged. What needed to be done to educate girls and society about the harms of the kumari practice in Nepal, which isolated girls from their community?

    A Committee Expert called for information on the Democratic Republic of the Congo’s national action plan on the development of the security forces. What action had been taken to dismantle non-governmental armed groups in the east? Was it still possible for non-governmental organizations in Belarus to protect women and interact with the Government?

    Responses by Non-Governmental Organizations

    Nepal

    Responding to questions on Nepal, speakers said there was a very low percentage of women in federal and provincial decision-making bodies in Nepal, and an even lower percentage of Dalit women. There needed to be increased representation of women in these bodies. There were several laws that directly discriminated against women, including laws on legal residences, which considered women and girls’ residences as those of their husbands and fathers. Divorced women lost their property rights. It was prohibited to oppose gender biases in cultural and social practices. Nepal’s laws did not recognise lesbian, bisexual, transgender and intersex women as minorities; this needed to be done.

    In Nepal, the parents of women paid dowries, and less dowry was paid for younger women. Dowry payments were most prevalent in the south of the country. The Criminal Code criminalised this practice, but it still existed.

    Sexual and reproductive health education was part of the school curriculum but was no longer a compulsory subject. There were also gaps in sexual and reproductive health legislation, with many marginalised women not able to access sexual and reproductive health services.

    Dalit women and other marginalised women could not easily access the justice system. They were not made aware of where and how to access justice and faced violence and discrimination from the police because of their identity.

    Belarus

    Responding to questions on Belarus, speakers said Belarus’ Gender Equality Council did not include non-governmental organizations working on human rights and gender equality. Belarus’ legislation on incitement to hatred was used to oppress women human rights defenders. One such woman had been imprisoned for seven years under this legislation. Raids, inspections and blocking of websites were tools used by the Government to restrict the activities of civil society organizations.

    Statements by National Human Rights Institutions

    Democratic Republic of the Congo

    GISÈLE KAPINGA NTUMBA, National Human Rights Commissioner of the Democratic Republic of the Congo, said the Democratic Republic of the Congo was going through one of its darkest times in recent history, marked by the invasion of the M23 rebels in the east of the country, which was facing a protracted, violent crisis. Many women and girls had been displaced and were facing heightened risks of sexual violence and rape. The National Human Rights Commission had conducted investigations into sexual violence linked to conflict, engaging with competent institutions to address this problem and combat impunity.

    The Commission welcomed that the Government had implemented several measures to protect women and girls from sexual and gender-based violence, including a law criminalising such violence and enshrining access to justice for victims. However, there was still a long way to go until these measures could effectively protect civilians from sexual and gender-based violence. The number of internally displaced persons continued to grow, and there had been many cases of rape reported. There needed to be increased funds to limit the circulation of small arms and light weapons, build new camps, and increase humanitarian aid for internally displaced persons. Care for victims of sexual and gender-based violence needed to be given by trained professionals.

    The national fund for compensation for the victims of gender-based violence had helped victims to access care. The Commission also welcomed the organisation of travelling courts to combat impunity. The Government needed to restore peace in the east and take steps to protect civilians from gender-based violence, and provide internally displaced persons with adequate aid. Armed groups needed to respect the rules of international humanitarian law and implement an immediate ceasefire. The international community needed to promote peace by adopting sanctions against M23 and other armed groups.

    Luxembourg

    LAURA CAROCHA, Human and Social Sciences Expert,Commission consultative des Droits de l’Homme du Grand-Duché de Luxembourg [Consultative Commission of the Grand-Duchy of Luxembourg on Human Rights], welcomed the efforts made by Luxembourg to combat discrimination against women since the last report, while noting persistent shortcomings, including a social system that kept women in a subordinate position to men. Luxembourg’s policy favoured a “neutral” approach that was not gender sensitive. Ms. Carocha urged politicians to openly acknowledge this systemic patriarchal domination and to make the deconstruction of this mechanism a priority. To this end, it was imperative that the Government finally implemented the principle of gender mainstreaming in a cross-cutting manner in all its policies.

    Luxembourg’s equality efforts lacked an intersectional approach and the Government rarely addressed multiple and intersecting forms of discrimination. Disability was conspicuously absent from the National Action Plan for Equality between Women and Men, while the gender dimension was neglected in the National Action Plan on Disability. It was essential to have detailed data, disaggregated by gender, age, ethnicity, disability and education level, to better understand and address the different forms of discrimination that women faced. The Government also needed to impose concrete actions on companies, municipalities and administrations in terms of gender equality and the fight against discrimination against women.

    All actions taken in the fight against discrimination against women needed to be carried out in close collaboration with civil society. This cooperation needed to be translated into lasting partnerships and political will to ensure that the contributions of civil society were seriously considered in the decision-making process.

    Ms. Carocha concluded by calling for the recognition of multiple forms of discrimination, and a proactive and participatory response from the Government to gender inequalities rooted in societal dynamics. This meant adopting structural solutions that addressed the root causes of discrimination.

    Questions by Committee Experts

    A Committee Expert offered condolences to the people of the Democratic Republic of the Congo, including families of civilians who had lost their lives. What did the National Human Rights Commission wish the Committee to highlight in the dialogue with the State party?

    Another Committee Expert asked about measures to prevent conflict-related gender-based violence in the Democratic Republic of the Congo.

    One Committee Expert asked if humanitarian aid groups were able to access Goma and deliver food, health and menstrual products?

    A Committee Expert expressed concern regarding the lack of participation from women’s organizations from Luxembourg in the dialogue. What progress had been made in reforming the Constitution? Was there an initiative to amend the timeframe for authorising abortions in the State? The State party did not publish data broken down by origin. Could data be provided on migrant workers in Luxembourg?

    Another Committee Expert asked about Luxembourg’s process for identifying stateless persons.

    Responses by National Human Rights Institutions

    GISÈLE KAPINGA NTUMBA, National Human Rights Commissioner of the Democratic Republic of the Congo, said that in Goma, people in displacement camps had been bombarded. They had no power and no water, and the Rwandese army was on its way in. The international community needed to assist the Democratic Republic of the Congo in creating humanitarian corridors to assist internally displaced persons fleeing the region. The State had approved laws and measures on preventing sexual violence, but implementing these was a challenge, particularly in regions where the Government did not have control. In the dialogue, the Committee needed to ask the Government to choose diplomacy over other means, as the population was dying for nothing. Those involved in the conflict needed to be prosecuted. The international community needed to condemn the situation in the east and promote diplomacy.

    Meeting with the Working Group on Business and Human Rights

    Statements

    ANDREA ORI, Director, Groups in Focus Section, Human Rights Treaties Branch, United Nations Office of the High Commissioner for Human Rights, said that the meeting would address the nexus between business and human rights, and gender and digital technologies. Cooperation and practices in digital fields needed to not perpetrate discrimination against women. There was room for improvement on measures addressing gender discrimination in the workplace, representation of women in leadership positions, workplace harassment, and labour rights for women. Women were over-represented in low-paying jobs. Stereotypes hindered women’s access to finance and investments, and women had less access to technology and digital services. Today’s discussion would focus on enhancing the promotion and protection of women.

    NAHLA HAIDAR, Committee Chairperson, said artificial intelligence and digital technologies had revolutionised everyday life and business practices across sectors in ways that were never envisioned in the past. Strategic, innovative modalities to better safeguard the rights of women and girls called for partnerships, joint approaches and harmonised frameworks. Women needed to be engaged in digital developments from the beginning. States needed to avoid the re-inventing of stereotypes, bias and discrimination and the perpetuation of violence against women through cyber-enabled modalities; safeguard women’s livelihoods and expand economic opportunities in the new digital era for them; and equip women and girls with necessary skills, capacities and tools to contribute to providing digital solutions.

    This briefing was anticipated to be the first in a series of collaborative efforts to address substantive issues on women’s economic rights in a digital world based on the provisions of the Convention. Business and human rights principles and the jurisprudence of the Committee and standards could be systematically deployed to uphold and respond to women’s rights protection and economic empowerment, particularly through inclusive digital technologies.

    Sadly, gender equality had often been constrained by interpretations outside the text of the Convention, resulting in persistent gender gaps and disparities. Critical partnerships would enable the Committee to explore a collaborative and coordinated approach for bridging digital gender inequalities to create a more inclusive and equitable digital future for women and girls, one that was not only free of all forms of violence but also offered them equal opportunities to access and utilise digital technologies to boost their livelihoods and human capital assets.

    LYRA JAKULEVIČIENĖ, Chairperson of the Working Group on Business and Human Rights, said that this year, the Working Group was preparing a report on the use of artificial intelligence in businesses and its human rights impacts. It focused on the deployment of artificial intelligence technologies and procurement by States and businesses, looking at biases and other issues. The use of artificial intelligence and other technologies had many benefits and but also created concerns, including related to gender, and these would be captured in the report. Synergy with the Committee would help both bodies to advance their agendas and strengthen the global protection of human rights, particularly for vulnerable women and girls.

    ESTHER EGHOBAMIEN-MSHELIA, Committee Expert, said 300 million fewer women than men had access to mobile internet globally. Although about a third of small and medium enterprises were owned by women, women were under-represented in discussions on the global value chain. States needed to focus on the energy transition and artificial intelligence technologies, as if they did not address issues in these fields, the gender gaps would widen.

    FERNANDA HOPENHAYM, Gender Focal Point of the Working Group on Business and Human Rights, said the United Nations Guiding Principles on Business and Human Rights had a cross-cutting gender perspective, and this needed to be addressed by States and businesses. The Guiding Principles said that States needed to include a gender perspective in all policies on business and human rights. It also called on businesses to respect human rights and to implement measures promoting diversity and inclusion. Women needed to be able to access remedies in cases in which their rights were violated. Technologies needed to be gender sensitive, responsive and transformative.

    Panel Discussion

    In the ensuing discussion, speakers, among other things, said women faced many barriers to accessing the labour market; these needed to be addressed. Countries needed to change company cultures to address discrimination against women employees, and promote diversity and family-friendly policies. Businesses needed to consider documents outlining the rights of women and girls, such as the Convention, and use tools to assess the effectiveness of gender equality measures. They also needed to create an enabling environment for women. Another key requirement was to conduct human rights due diligence with a gender lens.

    Some speakers expressed concerns related to discrimination against women in the technology sector. Many companies lacked a gender lens when assessing their value chains and were not carrying out gender-related due diligence. There was evidence of disproportionate harm to non-binary women and the targeting of women human rights defenders online. Companies were actively amplifying gender biases. The Committee and the Working Group needed to work with civil society and to call out companies by name when they violated human rights. They also needed to promote corporate accountability and prevent regression.

    Speakers presented measures to change cultural mindsets to support women to succeed professionally; to promote a healthy work-life balance for women; to raise awareness of women’s rights among businesses; and to develop rules and tools to protect women and girls on social media platforms.

    Some speakers said technology could allow for greater access to education for women and girls, so women needed increased access to it. One speaker said girls had less opportunities to study in fields such as programming and robotics. With simple reforms and measures encouraging participation, more and more women and girls would choose information technology as a profession, they said.

    Some speakers expressed concerns that artificial intelligence technology was not sufficiently regulated. It was possible for artificial intelligence systems to learn and reproduce societal biases and there were also privacy concerns regarding the data that these systems used. One speaker presented efforts to eliminate biases in artificial intelligence systems and to develop tools to ensure that such systems respected human rights.

    One speaker called for respect for women’s rights in the energy transition. Women had strong roles to play in preventing child labour in the energy sector and supporting children’s access to education. Businesses needed to ensure women’s experiences were incorporated in energy transition programmes, and to finance science, technology, engineering and maths education programmes for women, speakers said.

    MIL OSI Africa –

    February 5, 2025
  • MIL-OSI Europe: Written question – Competitiveness of the European coking industry – E-000264/2025

    Source: European Parliament

    Question for written answer  E-000264/2025
    to the Commission
    Rule 144
    Mirosława Nykiel (PPE)

    One of the Commission’s main priorities, as set out in its political guidelines, is ensuring the competitiveness of European industry.

    Many sectors, including the coking sector, are facing unfair competition from global players, as is the case with Jastrzębska Spółka Węglowa. In 2023 alone, Indonesia’s coking coal exports increased by over 400%, seriously disrupting the European market.

    In light of the above:

    • 1.How will the Commission learn from its mistake in relying too heavily on Russian gas and prevent Europe from becoming reliant on imports of a strategic raw material that is essential for steel production, including in the context of industrial security and defence?
    • 2.What specific measures will the Commission take to protect the European market and local jobs in the context of the dire situation of European coking factories caused, among other things, by unfair competition from Indonesia and China?
    • 3.Considering that European coking factories, including Polish factories, adhere to strict environmental standards, in stark contrast to the very different approach to environmental protection in the Far East, what action will the Commission take to ensure the competitiveness of the European market, while also protecting the environment and ensuring high ecological standards?

    Submitted: 22.1.2025

    Last updated: 4 February 2025

    MIL OSI Europe News –

    February 4, 2025
  • MIL-OSI Economics: US startups secure over half of high-value VC deals announced globally during 2024, finds GlobalData

    Source: GlobalData

    US startups secure over half of high-value VC deals announced globally during 2024, finds GlobalData

    Posted in Business Fundamentals

    The US maintained its dominance in the global venture capital (VC) landscape in 2024, securing over half of all high value* deals. With a commanding 56.6% share by high-value VC deal volume and 64.5% by value, the US significantly outpaced other markets, underscoring strong investor confidence in its startup ecosystem amid the evolving economic conditions and shifting global investment trends, according to GlobalData, a leading data and analytics company.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The US-based startups attracting big-ticket deals showcases the solid confidence VC investors have in the country’s startup ecosystem. It is also noteworthy that the US was distantly followed by China, which accounted for 12.3% and 14.4% share of high-value VC deal volume and value, respectively, during 2024.”

    An analysis of GlobalData’s Deals Database revealed that the US saw the announcement of 291 high-value VC deals during 2024 while the total value of these deals stood at $92 billion. Meanwhile, a total of 63 high-value VC deals worth $20.6 billion were announced in China during the same period.

    Bose adds: “Of the top 10 countries by high-value VC deals volume in 2024, two were from North America while Europe and the Asia-Pacific region had four countries each.”

    The UK occupied the third position by high-value VC deals volume in 2024, followed by Germany, India, Canada, Singapore, France, Japan and Switzerland.

    Bose concludes: “The concentration of high-value VC deals in a few key markets highlights the evolving dynamics of global venture funding. While the US continues to dominate, the presence of multiple European and Asia-Pacific countries in the top rankings signals a broader diversification of investor interest, driven by innovation and emerging growth opportunities worldwide.”

    * ≥ $100 million

    MIL OSI Economics –

    February 4, 2025
  • MIL-OSI Asia-Pac: January dry, sunny

    Source: Hong Kong Information Services

    With the dominance of a dry northeast monsoon over southern China, January was marked by dry and sunny weather, the Hong Kong Observatory (HKO) said today.

    The monthly total sunshine duration amounted to 222.3 hours, about 52% above the norm.

    Only 4.2mm of rainfall was recorded in the month, about 13% of the norm.

    The month was also slightly warmer than usual with a mean temperature of 17.1 degrees Celsius, 0.6 degrees above the norm, the HKO added.

    MIL OSI Asia Pacific News –

    February 4, 2025
  • MIL-OSI Asia-Pac: CE to visit Harbin

    Source: Hong Kong Information Services

    At the invitation of the Heilongjiang Provincial Government, Chief Executive John Lee and his wife, Janet Lee, will visit Harbin on Thursday to attend the opening ceremony of the 9th Asian Winter Games Harbin 2025 the following day.

    During the visit, Mr Lee will meet the Hong Kong, China Delegation to the Asian Winter Games and attend some of events at the games to cheer for Hong Kong’s athletes. He will also visit cultural and tourism facilities there to learn more about the development of those sectors in Harbin.

    The Chief Executive will return to Hong Kong on February 11. During his absence, Chief Secretary Chan Kwok-ki will be Acting Chief Executive.

    MIL OSI Asia Pacific News –

    February 4, 2025
  • MIL-OSI Asia-Pac: MOEA Establishes Real-Time Consultation Hotline to Assist Taiwanese Businesses in Responding to U.S. Tariff Measures

    Source: Republic Of China Taiwan 2

    To address the impact of U.S. tariffs on Taiwanese companies operating overseas, the Ministry of Economic Affairs (MOEA) has commissioned the Taiwan External Trade Development Council (TAITRA) and the Industrial Technology Research Institute (ITRI) to implement various support measures, thereby enabling businesses to make adjustments to supply chains and investment strategies. These support measures include:

    1. Establishing a Task Force and Consultation Hotline for Immediate Assistance
    TAITRA has set up task forces in the U.S., Canada, Mexico, Southeast Asia, and South Asia to provide real-time support. A consultation hotline is available at +886-2-27577190.

    2. Providing Customized Services for Businesses to Expand Overseas Deployments
    The MOEA offers market insights for businesses relocating to the U.S. or other regions, which include investment locations, regulations, and partnership opportunities. Companies shifting production to supply local domestic markets receive regulatory guidance and networking support.

    3. Establishing a Service Center for Investment and Trade in the U.S. to Support Supply Chain Relocation
    Under the policy of “Connecting Taiwan to the World”, the MOEA will establish a Taiwan Investment and Trade Center in the U.S. It will help businesses assess investment environments, shift supply chains, and link with local partners.

    4. Strengthening Taiwan-U.S. Industrial Collaboration and Assisting Taiwanese Businesses with Innovation and Upgrading
    ITRI’s North America office will actively promote R&D and manufacturing collaborations, assist businesses in finding local partners, facilitate technological advancement, and boost competitiveness.

    The MOEA will remain committed to monitoring global trade trends and supporting Taiwanese businesses in adapting to market changes.

    MIL OSI Asia Pacific News –

    February 4, 2025
  • MIL-OSI United Kingdom: Empowering women in business: Bangladeshi female entrepreneurs embark on a landmark trade mission to the UK

    Source: United Kingdom – Executive Government & Departments

    Bangladeshi women entrepreneurs representing eight businesses are set to lead a trade mission to the UK.

    A group of diverse and inspirational Bangladeshi women entrepreneurs representing eight businesses are set to lead a trade mission to the United Kingdom in February 2025, with support from the UK Government SheTrades Programme. During the visit, they will be showcasing their businesses, meeting investors and exploring new opportunities.

    Their visit will involve high-level discussions with investors, legislators and corporate executives in the UK and promote cross-border trade between the two countries including under the UK’s Developing Countries Trading Scheme (DCTS). The DCTS is the UK’s generous preferential trading scheme which provides duty-free, quota-free trade to Bangladesh on everything but arms. The DCTS gives Bangladesh the opportunity to potentially save £317m in tariffs annually on the country’s exports to the UK, the highest among all countries eligible for DCTS.

    British High Commissioner to Bangladesh Sarah Cooke hosted a send-off reception at her residence on 3 February to congratulate the entrepreneurs ahead of their departure to the UK.

    The International Trade Centre is implementing this initiative to bring 50 women-led businesses from four Asian countries (Bangladesh, Nepal, Pakistan and Mongolia) and six African countries (Ghana, Nigeria, Rwanda, Kenya, Zimbabwe and Mozambique) to Manchester on 11 February to hold business-to-business (B2B) meetings with UK companies. Women-led companies in the fresh and processed food, textiles and clothing, handicrafts, beauty, information technology and business process outsourcing sectors will have one-on-one meetings with British buyers who want to diversify their supply chains and increase the competitiveness of their products.

    The businesses chosen from Bangladesh are TMSS ICT and Handicrafts, SuperTel, Opus Technology, Tarango Bangladesh, Parijat Bangladesh, TANIS Bangladesh and Leatherina. Five of these companies already possess the certification needed to enter the UK market and the remaining three are currently being supported by the British Standard Institute (BSI) with necessary accreditation.

    This Mission is hosted in partnership with the Greater Manchester Chamber of Commerce and financed by UK International Development as part of the SheTrades Commonwealth+ Programme. The London Chamber of Commerce & Industry, the Greater Birmingham Chambers of Commerce and the West & North Yorkshire Chamber of Commerce are also supporting the event.

    British High Commissioner to Bangladesh Sarah Cooke said:

    The UK government is incredibly proud to support this remarkable group of Bangladeshi women entrepreneurs to develop new markets in the UK. Their inventiveness, tenacity and spirit of entrepreneurship serve as evidence of the enormous potential of Bangladeshi women-led enterprises.

    As Bangladesh and the UK continue to expand our bilateral trade through the UK’s Developing Countries Trading Scheme (DCTS), the UK will remain a steadfast partner. This trade mission will further solidify our trade and investment relationship.

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    Published 4 February 2025

    MIL OSI United Kingdom –

    February 4, 2025
  • MIL-OSI Asia-Pac: Property sales dip 10.4%

    Source: Hong Kong Information Services

    The Land Registry logged 4,938 sale and purchase agreements for all building units received for registration in January, down 10.4% compared with December 2024 and up 12.2% year-on-year.

    The total consideration for such agreements in January dropped 14.2% from the previous month to $36.7 billion, representing a 9.1% year-on-year growth.

    Of the agreements, 3,626 were for residential units, amounting to an 11.6% decrease from last December and a 4.3% rise from a year ago.

    The total consideration for residential units was $26.7 billion, down 17.9% compared with December 2024 and 3.8% lower year-on-year.

    There were 334,421 land register searches last month.

    MIL OSI Asia Pacific News –

    February 4, 2025
  • MIL-OSI USA: Senator Coons’ resolution reaffirming USAID’s role in safeguarding U.S. national security blocked on the Senate floor

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons

    WASHINGTON – Tonight, U.S. Senator Chris Coons (D-Del.) went to the Senate floor to introduce and ask for unanimous consent on a resolution reaffirming the sense of Congress that the U.S. Agency for International Development (USAID)’s independence is essential for advancing the national security interests of the United States.

    The resolution is a direct response to President Donald Trump’s and Elon Musk’s potential elimination of USAID and pause to the vast majority of U.S. foreign assistance programs, including reports that President Trump would sign an executive order folding the agency into the State Department— moves that are illegal without congressional approval. 

    “We know that diplomacy and development stand alongside defense in being critical to our national security,” Senator Coons said on the Senate floor. “Who wins if we do in fact shut this all down? It’s our adversaries. It’s terrorists, it’s drug cartels, it’s Russia, it’s China, it’s those we’ve held at bay through the great work of this organization and its dedicated servants for decades.”

    Senator Coons spoke on the unlawful efforts to defund and destroy USAID by President Trump and Musk and demanded clarity amid purges of USAID’s top personnel, aid freezes, and chaos. He highlighted USAID’s vital humanitarian assistance work during global conflicts and other crises, including efforts to counter terrorism recruitment in the Philippines and to reduce the number of children pulled into gangs supporting organized crime and human trafficking. He also pointed out that while Republicans claim to be concerned about cutting costs, our entire foreign aid budget accounts for less than one percent of the federal budget.

    U.S. Senator Jim Risch (R-Idaho) objected.

    The resolution introduced by Senator Coons expressed “the sense of the Senate that [USAID] is essential for advancing the national security interests of the United States.” The resolution has 42 cosponsors. The full text of the resolution is available here. 

    Earlier today, the Washington Post published an op-ed from Senator Coons highlighting the dangers posed but the Trump administration’s efforts to dismantle USAID.

    A video and partial transcript of Senator Coons’ comments are available below.

    WATCH HERE.

    SENATOR COONS: “Mr. President, if I might further expound on the resolution and respond to the comments by my colleague, the Chairman of the Foreign Relations Committee on which I serve. The resolution I sought to advance today is a simple statement of fact. It reviews the history of USAID, its creation as an independent agency, and its recognition in a law I helped write just last year—that to reorganize it explicitly requires congressional consultation and notification in advance.

    The statement of the resolution, the core point, is that USAID is essential to the national security of the United States, because it mitigates threats abroad before they reach us here, it promotes global stability, it addresses the root causes of migration and extremism, and secures the leadership and influence of the United States in an era of strategic competition with the People’s Republic of China. 

    Let me speak to a few points, if I might: the power of the purse, process matters, one percent, and who wins. Rolling back the decades of work and relationships that the nonprofits and AID do around the world is creating a vacuum – a vacuum that will be filled by bad actors. So in a country where we’ve long-funded the PEPFAR program, started by President Bush, long-supported on a bipartisan basis, that provides anti-retrovirals and testing and nurses and support and clinics; to abandon that, to defund that, to shut that down, simply creates an opening for a bad actor to come in and say ‘The Americans abandoned you. Sorry for your luck. Here we are. We want to help.’ The Chinese have invested hundreds and hundreds of billions of dollars advancing their interests through investing in infrastructure, building partnerships in critical minerals, becoming the leads on port operations, and delivering humanitarian aid. We should not shut down our assistance to the world in a way that creates this vacuum. Who wins is the first question. My concern is our adversaries.

    Second, process matters. As those of us who are lawyers know, it’s backwards to start with an executive order that shuts down the funding for an organization and entity, to invade and occupy its headquarters, to have an unelected department get into its systems, to lay off and furlough its senior leadership, and then notify Congress of the intent to begin a conversation about reorganization. I welcome a chance to have a conversation about the future of our development assistance around the world, and my hope is that it will continue, because I have case after case to review here about the good work it does. But to shut down the funding and to cause lots of our partners to lay off their key staff, then begin a conversation about reorganization, is to get it backwards in terms of process and the law.

    I’m an appropriator. Why should we bother coming to an agreement on appropriations here in the Senate, pass a law, send it to the president, he signs it – and then in the next Congress and the next president, they can shut it down and claw it back? It gets to the very question of the power of the purse, which in Article 1 of the Constitution is the power of this body. Going forward, of course, as my colleague said, elections have consequences. It is true that President Trump and the new majority here will put their imprimatur on the policy priorities across a wide range of agencies and programs, absolutely. I expect that discussion and that fight – but this is reaching back and shutting down. 

    One percent – one percent, actually, less than one percent of the total federal budget goes to these vital humanitarian programs around the world. I’ll give you a few examples of what has been stopped in its tracks: a U.S. organization funded through AID has stopped its counterterrorism work in the Philippines that was reducing recruitment and radicalization. We walked away from that work. In Mexico, an organization that reduces the number of children recruited by gangs to help move drugs and migrants across our border has had its funding cut off. I remember trips I took, bipartisan delegations I was a part of, that went and visited AID-funded work where folks were delivering critical care. St. Mary’s clinic in Kibera – in Nairobi, in Kenya: one of the worst informal settlements – slums – I’ve ever been in in my life, and these dedicated, caring, capable folks delivering vital life assistance. In Liberia during Ebola, I will never forget meeting with the nurses, doctors, volunteers, the Liberians who were helping save lives. Why does this matter? Today there is an Ebola outbreak in Kampala, Uganda, and it’s the disease monitoring and testing, it’s the clinics and the nurses that keep these diseases controlled and managed on the other side of the world before they come here.

    Failing to sustain this work in an efficient and effective way is to fail to show the values of the United States, to show we’re not a reliable partner, it’s to show that the decades of bipartisan support for critical initiatives like PEPFAR have been abandoned because they’re no longer considered a smarter strategic investment by one party, while the other party will fight for it.

    My fondest hope is that we will yet find there is bipartisan support for continuing and sustaining these investments, but it’s unclear, because the unelected leader of DOGE, Elon Musk, is even now tweeting, ‘shut it down, close it off.’ My hope is that Secretary Rubio’s comments today on television about sustaining many of the critical functions of AID will win out, but I’m not confident – because it’s unclear to me who’s really driving this initiative. 

    Let me close: We know that diplomacy and development stand alongside defense in being critical to our national security. President Trump’s first defense secretary, General James Mattis, said to us in a hearing that if foreign aid were to get cut, he would need to buy more bullets, because foreign aid around the world helps us build relationships of support, combat terrorism and extremism, advance our values and priorities, and make us safer and more secure. I cannot think of a more troubling development than this long-trusted, capable, bipartisan effort at helping bring our values to the world and helping secure our nation would be cut off, abruptly, roughly, in a way that violates the law and the spirit of our long bipartisan compromise.

    Who wins if we do in fact shut this all down? It’s our adversaries. It’s terrorists, it’s drug cartels, it’s Russia, it’s China, it’s those we’ve held at bay through the great work of this organization and its dedicated servants for decades. My hope is that even though this resolution was opposed and thus defeated tonight, that the determination to support this great work will survive and thrive and prevail.”

    Senator Coons is a member of the Senate Foreign Relations Committee and Ranking Member of the Senate Appropriations Subcommittee on Defense. He is the former Chair of the Senate Appropriations Subcommittee on State and Foreign Operations.

    MIL OSI USA News –

    February 4, 2025
  • MIL-OSI: BNP PARIBAS ANNOUNCES THE IMPLEMENTATION OF A SEMI-ANNNUAL INTERIM DIVIDEND PAYMENT STARTING IN 2025

    Source: GlobeNewswire (MIL-OSI)

    BNP PARIBAS ANNOUNCES THE IMPLEMENTATION OF A SEMI-ANNNUAL INTERIM DIVIDEND PAYMENT STARTING IN 2025

    PRESS RELEASE

    Paris, 4 February 2025

    On 3 February 2025, BNP Paribas’ Board of Directors, chaired by Jean Lemierre, approved the principle of a semi-annual interim dividend starting in the 2025 financial year, which would be paid out in late September.

    Each interim dividend will amount to 50% of the net earnings per share of the first
    half-year, in accordance with BNP Paribas’ cash payout distribution policy.

    The first interim dividend related to the 2025 financial statements would be paid on 30 September 2025 and calculated on the basis of 50% of the net earnings per share of the first half of 2025.

    As a result of the introduction of a semi-annual interim dividend payment, the return to the shareholder in 2025 will comprise:

    (i)      the full dividend paid out in cash on 2024 earnings, subject to approval by the General Meeting of shareholders planned on 13 May 2025;

    (ii)      the share buyback programme set out in the Group distribution policy for the 2024 financial year subject to the usual conditions, including European Central Bank authorisation; and

    (iii)      the interim dividend on 2025 financial year, which would be decided by the Board of Directors in an amount calculated and paid based on the aforementioned description.

    Press contact
    Hacina HABCHI – hacina.habchi@bnpparibas.com – +33 (0)7 61 97 65 20
    Sandrine Romano – sandrine.romano@bnpparibas.com – +33 (0)6 71 18 23 05

    About BNP Paribas
    BNP Paribas is the European Union’s leading bank and key player in international banking. It operates in 63 countries and has nearly 183,000 employees, including more than 145,000 in Europe. The Group has key positions in its three main fields of activity: Commercial, Personal Banking & Services for the Group’s commercial & personal banking and several specialised businesses including BNP Paribas Personal Finance and Arval; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, the Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, BNP Paribas has four domestic markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated commercial & personal banking model across several Mediterranean countries, Turkey, and Eastern Europe. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific. BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group’s performance and stability.

    Attachment

    • Acompte sur dividende_CP_EN_FV

    The MIL Network –

    February 4, 2025
  • MIL-OSI: Dassault Systèmes and Volkswagen Group Implement the 3DEXPERIENCE Platform to Optimize Vehicle Development

    Source: GlobeNewswire (MIL-OSI)

    Dassault Systèmes and Volkswagen Group Implement the 3DEXPERIENCE Platform to Optimize Vehicle Development

    • Dassault Systèmes’ 3DEXPERIENCE platform on the cloud becomes a foundational technology solution at Volkswagen Group to advance vehicle development
      • Virtual twin experiences reduce engineering and manufacturing cycles of complex automotive systems, streamline workflows, optimize resources and accelerate time-to-market

    VELIZY-VILLACOUBLAY, France — February 4, 2025 — Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) and Volkswagen Group today announced a long-term partnership to advance Volkswagen Group’s digital infrastructure for state-of-the-art vehicle development by implementing Dassault Systèmes’ 3DEXPERIENCE platform.

    Volkswagen Group has chosen the 3DEXPERIENCE platform on the cloud as a main engineering and manufacturing platform. Engineers, designers and other professionals across the Volkswagen, Audi and Porsche brands will use virtual twins to streamline the development of vehicles. This will enable teams to simulate, test and refine every aspect of vehicle development in a collaborative virtual environment before physical production begins, while ensuring compliance with global regulations and sustainability standards.

    “We are advancing the development of our next-generation IT system landscape, and the decision to partner with Dassault Systèmes marks an important milestone,” said Hauke Stars, Board Member at Volkswagen Group for IT. “With consistent data streams and AI solutions built on them, we are creating a true technological leap for our teams in development and factory planning. At the same time, we are sustainably reducing IT costs and accelerating processes by streamlining our system complexity and utilizing virtual twins.”

    “Industry evolutions in the context of the Generative Economy are compelling automotive companies to make transformative decisions that will propel the vehicle experience to new heights,” said Pascal Daloz, CEO, Dassault Systèmes. “After four decades of partnership rooted in innovation and trust, we’re now embarking on the next chapter with Volkswagen Group with the 3DEXPERIENCE platform at its core. Our AI-powered virtual twins and the strength and resilience of the cloud will unify Volkswagen Group’s hardware and software innovation and unleash the knowledge and know-how to accelerate its software-driven transformation.”

    Volkswagen Group will rely on four Dassault Systèmes industry solution experiences based on the 3DEXPERIENCE platform: “Global Modular Architecture,” “Smart, Safe and Connected,” “Efficient Multi-Energy Platform,” and “On-Target Vehicle Launch.”

    Social media:

    Connect with Dassault Systèmes on Facebook LinkedIn YouTube

    For more information:

    Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: http://www.3ds.com

    ###

    About Dassault Systèmes
    Dassault Systèmes is a catalyst for human progress.  Since 1981, the company has pioneered virtual worlds to improve real life for consumers, patients and citizens.  With Dassault Systèmes’ 3DEXPERIENCE platform, 350,000 customers of all sizes, in all industries, can collaborate, imagine and create sustainable innovations that drive meaningful impact.  For more information, visit:  www.3ds.com

    About Volkswagen Group
    The Volkswagen Group is one of the world’s leading car makers, headquartered in Wolfsburg, Germany. It operates globally, with 114 production facilities in 17 European countries and 10 countries in the Americas, Asia and Africa. With around 684,000 employees worldwide. The Group’s vehicles are sold in over 150 countries.
    With an unrivalled portfolio of strong global brands, leading technologies at scale, innovative ideas to tap into future profit pools and an entrepreneurial leadership team, the Volkswagen Group is committed to shaping the future of mobility through investments in electric and autonomous driving vehicles, digitalization and sustainability.
    In 2023, the total number of vehicles delivered to customers by the Group globally was 9.2 million (2022: 8.3 million). Group sales revenue in 2023 totaled EUR 322.3 billion (2022: EUR 279.1 billion). The operating result before special items in 2023 amounted to EUR 22.6 billion (2022: EUR 22.5 billion).

    Dassault Systèmes Press Contacts
    Corporate / France        Arnaud MALHERBE        arnaud.malherbe@3ds.com        +33 (0)1 61 62 87 73
    North America        Natasha LEVANTI        natasha.levanti@3ds.com        +1 (508) 449 8097
    EMEA        Virginie BLINDENBERG        virginie.blindenberg@3ds.com        +33 (0) 1 61 62 84 21
    China        Grace MU        grace.mu@3ds.com        +86 10 6536 2288
    Japan        Reina YAMAGUCHI        reina.yamaguchi@3ds.com        +81 90 9325 2545
    Korea        Jeemin JEONG        jeemin.jeong@3ds.com        +82 2 3271 6653
    India        Priyanka PANDEY        priyanka.pandey@3ds.com        +91 9886302179

    Volkswagen Group Press Contact
    Global        Jonas KULAWIK        jonas.alexander.kulawik@volkswagen.de        

    Attachment

    • Dassault Systèmes and Volkswagen Group Implement the 3DEXPERIENCE Platform to Optimize Vehicle Development

    The MIL Network –

    February 4, 2025
  • MIL-OSI: Dassault Systèmes Reveals “3D UNIV+RSES” and Related AI-Based Services

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    VELIZY-VILLACOUBLAY, France — February 4, 2025

    Dassault Systèmes Reveals “3D UNIV+RSES” and Related AI-Based Services

    • “3D UNIV+RSES” embed multiple generative AI technologies at the core of global IP Lifecycle Management, “POWER’by” the 3DEXPERIENCE platform
    • Next generation Dassault Systèmes technology offers environment for combining virtual twins, training AI engines and protecting customer IP
    • Customers in all sectors can take advantage of the AI era to improve the daily lives of consumers, patients and citizens

    Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today opened up its new horizon as part of the Generative Economy by introducing “3D UNIV+RSES” that embed multiple generative AI technologies at the core of global IP Lifecycle Management (IPLM) for the benefit of its clients.

    This evolving architecture will permit its large client base to fully exploit their rich, high-quality patrimony of 3D design, virtual twins and PLM data in a new space of representation, the premier digital environment to train new categories of Experience as a Service (XaaS) ─ namely: Generative Experiences (GenXp), Virtual Companions, as well as intelligent Virtual Twin Experience as a Service (VTaaS). Dassault Systèmes’ “POWER’byAI” approach and its multi-AI, industry-aware platforms ─ 3DEXPERIENCE (manufacturing), MEDIDATA (life sciences and health care) and CENTRIC (consumer goods and food) ─ provide customers with world-class secured environments to reveal and generate their own knowledge and know-how with rapid deployment.

    Tomorrow’s game-changers will be those with the best-developed knowledge and know-how assets, who take inspiration from the living world to generate rather than consume, giving back to the planet as much as they take from it. This is what Dassault Systèmes calls the Generative Economy. It results from the convergence of the Experience Economy and the Circular Economy; it’s an economy of virtual assets in which intellectual property (IP), the critical factor for differentiation, will serve as a currency. 

    It will be catalyzed and enabled by “3D UNIV+RSES” and accelerated by the learning possibilities offered by AI. “3D UNIV+RSES” represent a new class of representation of the world: virtual-plus-real representations that holistically combine modeling, simulation, real-world evidence and AI-generated content. They offer a unique and secured industry environment for combining and cross-simulating virtual twins and for training multi-AI engines while protecting customers’ IP.

    “All our longtime loyal clients are expecting us to protect their ‘gold mine’ of virtual assets and reveal the invisible. In order to generate and protect the most valuable intellectual property, it is of critical importance to create Virtual Twin Experiences of everything for everyone that harmonize product, nature and life. Dassault Systèmes is committed to becoming the most trusted partner to provide ‘3D UNIV+RSES,’ as the ultimate source of knowledge and know-how, for our mutual benefit and human progress,” said Bernard Charlès, Executive Chairman, Dassault Systèmes. 

    “3D UNIV+RSES” are the seventh generation of representation of the world introduced by Dassault Systèmes over the past 44 years. These generations have ushered in new ways of imagining, creating and producing. 

    Today, in the Manufacturing Industries and Infrastructure and Cities sectors, the most advanced companies that create airplanes, vehicles, machines, robots, or high-tech and med-tech equipment use Dassault Systèmes’ sophisticated virtual twins to ensure the quality, performance and safety of their products and services, and to comply with regulations and standards. Dassault Systèmes has developed the same approach for innovators in the Life Sciences and Healthcare sector and pioneered virtual twins of the living world, from cells to organs to patients.

    “The extensive work done by Bernard Charlès and our Strategy and Research and Development teams over the past three years to define and create game-changer solutions based on the deep and wide adoption of generative AI is impressive. This will enable our clients in all sectors to take advantage of the AI era at every stage of the cycle of life of the products and services they invent and create to make them more sustainable. This will ultimately improve the daily lives of consumers, patients and citizens,” said Pascal Daloz, CEO, Dassault Systèmes.

    “3D UNIV+RSES” make it possible for customers to create the virtual twin of everything for everyone and virtualize their entire ecosystem. Experience will be at the core of them since “3D UNIV+RSES” are environments for experimentation integrating motion, transformation and time. Embedded AI technology serves as an accelerator to invent game-changing generative experiences, empower everyone with their virtual companion, and upskill the workforce of the future.

    ###

    FOR MORE INFORMATION

    Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: http://www.3ds.com

    ABOUT DASSAULT SYSTÈMES

    Dassault Systèmes is a catalyst for human progress.  Since 1981, the company has pioneered virtual worlds to improve real life for consumers, patients and citizens.  With Dassault Systèmes’ 3DEXPERIENCE platform, 350,000 customers of all sizes, in all industries, can collaborate, imagine and create sustainable innovations that drive meaningful impact.  For more information, visit:  www.3ds.com

    Dassault Systèmes Press Contacts
    Corporate / France        Arnaud MALHERBE        arnaud.malherbe@3ds.com        +33 (0)1 61 62 87 73
    North America        Natasha LEVANTI        natasha.levanti@3ds.com        +1 (508) 449 8097
    EMEA        Virginie BLINDENBERG        virginie.blindenberg@3ds.com        +33 (0) 1 61 62 84 21
    China        Grace MU        grace.mu@3ds.com        +86 10 6536 2288
    Japan        Reina YAMAGUCHI        reina.yamaguchi@3ds.com        +81 90 9325 2545
    Korea        Jeemin JEONG        jeemin.jeong@3ds.com        +82 2 3271 6653
    India        Priyanka PANDEY        priyanka.pandey@3ds.com        +91 9886302179

    Attachment

    • Dassault Systèmes Reveals “3D UNIV+RSES” and Related AI-Based Services

    The MIL Network –

    February 4, 2025
  • MIL-OSI: Dassault Systèmes: Strong Q4 results driven by new business acceleration and expanded 3DEXPERIENCE footprint

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    VELIZY-VILLACOUBLAY, France — February 4, 2025

    Dassault Systèmes: Strong Q4 results driven by new business acceleration and expanded 3DEXPERIENCE footprint

    Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today reports its IFRS unaudited estimated financial results for the fourth quarter 2024 and full year ended December 31, 2024. The Group’s Board of Directors approved these estimated results on February 3, 2025. This press release also includes financial information on a non-IFRS basis and reconciliations with IFRS figures in the Appendix.

    Summary Highlights1  

    (unaudited, non-IFRS unless otherwise noted,
    all growth rates in constant currencies)

    • 4Q24: Software revenue accelerated to 9% growth;
    • 4Q24: Top line acceleration driven by new business growth of 13% and 3DEXPERIENCE software revenue up 22%;
    • 4Q24: Operating margin stood at 36.3%, an increase of 70 basis points, with diluted EPS of €0.40, up 11%;
    • FY24: Total revenue grew to €6.21 billion with software revenue up 6%, operating margin of 31.9% and diluted EPS of €1.28, up 9%;
    • Initiating guidance for FY25: total revenue growth expected between 6% and 8%, operating margin between 32.6% and 32.9%, up 70-100 basis points, and diluted EPS of €1.36-€1.39;
    • Revealing 3D UNIV+RSES and their AI-based services.

    Dassault Systèmes’ Chief Executive Officer Commentary

    Pascal Daloz, Dassault Systèmes’ Chief Executive Officer, commented:

    “2024 has been a year of competitive success, driven by the expansion of 3DEXPERIENCE across industries, domains and geographies, and redefining our strategic partnerships with industry leaders such as Volkswagen, Lockheed Martin, Mahindra & Mahindra, Airbus, and Bristol-Myers Squibb.

    Key to this success is the relevance of 3DEXPERIENCE combining deep industry knowledge and know-how to help customers enhance their value propositions and empower their teams. This will nurture our future growth and build the foundation for broad cloud adoption.

    Building on this strong foundation, we are excited to announce a new era for Dassault Systèmes. We are fully committed to creating UNIV+RSES, a combination of multiple virtual twins, integrating artificial intelligence to connect virtual and real, across all industry solutions. This will unlock new opportunities for our clients and position us as the trusted Global IP Generation and Management Company.”

    Dassault Systèmes’ Chief Financial Officer Commentary

    (revenue, operating margin and diluted EPS (‘EPS’) growth rates in constant currencies,
    data on a non-IFRS basis)

    Rouven Bergmann, Dassault Systèmes’ Chief Financial Officer, commented:

    “We delivered a strong Q4 in the context of a challenging year, with total revenue up 7%, driven by new business growth of 13% in the quarter. From a product line perspective, this performance was led by Industrial Innovation, up 8%, as a result of the wider adoption of 3DEXPERIENCE, with a focus on manufacturing. At the same time, we saw continued excellent performance in Mainstream Innovation while in Life Sciences, MEDIDATA returned to growth.

    Turning to the bottom line, profitability improved in the quarter with an operating margin of 36.3%, up 70 basis points driven by productivity gains, and EPS increased by a strong 11%.

    For 2024, software revenue growth was 6% and EPS grew by 9%. Operating cash flow came in at €1.66 billion resulting in a net cash position of €1.46 billion, highlighting our capacity for future investments.

    Looking ahead, we are confident in our growth outlook and competitive positioning.

    As such, for 2025 we anticipate total revenue growth between 6% and 8%, operating margin expansion of 70-100 basis points and EPS up 7% to 10%.

    Lastly, we are delighted to hold our Capital Markets Day this coming June, at our headquarters in Paris where it will be the opportunity to discuss our vision for the next horizon.”

    Financial Summary

    In millions of Euros,
    except per share data and percentages
      IFRS   IFRS
      Q4 2024 Q4 2023 Change Change in constant currencies   YTD 2024 YTD 2023 Change Change in constant currencies
    Total Revenue   1,754.2 1,643.4 7% 7%   6,213.6 5,951.4 4% 5%
    Software Revenue   1,601.5 1,476.1 8% 9%   5,613.3 5,360.0 5% 6%
    Operating Margin   27.6% 23.2% +4.3pts     21.9% 20.9% +1.0pt  
    Diluted EPS   0.30 0.25 20%     0.90 0.79 14%  
    In millions of Euros,
    except per share data and percentages
      Non-IFRS   Non-IFRS
      Q4 2024 Q4 2023 Change Change in constant currencies   YTD 2024 YTD 2023 Change Change in constant currencies
    Total Revenue   1,754.2 1,643.4 7% 7%   6,213.6 5,951.4 4% 5%
    Software Revenue   1,601.5 1,476.1 8% 9%   5,613.3 5,360.0 5% 6%
    Operating Margin   36.3% 35.9% +0.4pt     31.9% 32.4% (0.4)pt  
    Diluted EPS   0.40 0.36 9% 11%   1.28 1.20 7% 9%

    Fourth Quarter 2024 Versus 2023 Financial Comparisons

    (unaudited, IFRS and non-IFRS unless otherwise noted,
    all revenue growth rates in constant currencies)

    • Total Revenue: Total revenue in the fourth quarter grew by 7% to €1.75 billion, and software revenue increased by 9% to €1.60 billion. Subscription & support revenue rose 7%; recurring revenue represented 75% of software revenue. Licenses and other software revenue increased by 15% to €405 million. Services revenue was down 9% to €153 million, during the quarter.
    • Software Revenue by Geography: Revenue in the Americas increased by 5% to represent 37% of software revenue, led by Aerospace & Defense. Europe (43% of software revenue) grew by 14%, thanks to large deals closed in Aerospace & Defense and Home & Lifestyle. In Asia, revenue increased by 7%, led by Japan and India, while China remained volatile. Asia represented 20% of software revenue at the end of the fourth quarter.
    • Software Revenue by Product Line:
      • Industrial Innovation software revenue increased by 8% to €902 million, driven by strong momentum with 3DEXPERIENCE wins and many strategic competitive displacements, led by DELMIA in manufacturing. Industrial Innovation software represented 56% of software revenue.
      • Life Sciences software revenue was flat, at €298 million, accounting for 19% of software revenue. MEDIDATA returned to growth, up 1% in the quarter, highlighting progressive improvement.
      • Mainstream Innovation software revenue increased by 17% to €402 million, with SOLIDWORKS achieving its best quarter since 2022 and CENTRIC PLM maintaining strong momentum. Mainstream Innovation represented 25% of software revenue, during the period.
    • Software Revenue by Industry: Aerospace & Defense, Home & Lifestyle and Industrial Equipment were among the best performers during the quarter.
    • Key Strategic Drivers: 3DEXPERIENCE software revenue increased by 22% thanks to major deals signings in Aerospace & Defense and Transport & Mobility. 3DEXPERIENCE software revenue represented 46% of 3DEXPERIENCE eligible software revenue. Cloud software revenue grew by 6% and represented 22% of software revenue during the period. Excluding MEDIDATA, Cloud software revenue increased by 19%.
    • Operating Income and Margin: IFRS operating income rose by 27% at €483 million, as reported. Non-IFRS operating income increased by 9% in constant currencies at €637 million (up 8% as reported). The IFRS operating margin stood at 27.6% compared to 23.2% in the fourth quarter of 2023. The non-IFRS operating margin totaled 36.3% versus 35.9% during the same period last year, up 70 basis points in constant currencies.
    • Earnings per Share: IFRS diluted EPS was €0.30, up 20% as reported. Non-IFRS diluted EPS grew to €0.40, up 9% as reported, or 11% in constant currencies.

    Fiscal 2024 Versus 2023 Financial Comparisons

    (unaudited, IFRS and non-IFRS unless otherwise noted,
    all revenue growth rates in constant currencies)

    • Total Revenue: Total revenue grew by 5% to €6.21 billion. Software revenue increased by 6% to €5.61 billion. Subscription and support revenue rose to €4.49 billion up 6%; recurring revenue represented 80% of total software revenue. Licenses and other software revenue grew by 4% to €1.13 billion. Services revenue came at €600 million, up 2%.
    • Software Revenue by Geography: The Americas increased by 4% and represented 39% of software revenue. Europe rose by 6% and represented 38% of software revenue. Asia grew by 9%, representing 22% of software revenue.
    • Software Revenue by Product Line:
      • Industrial Innovation software revenue was up 5% to €3.02 billion and represented 54% of software revenue. DELMIA, ENOVIA and SIMULIA exhibited the strongest performance.
    • Life Sciences software revenue decreased by 1% to €1.14 billion, representing 20% of software revenue.
    • Mainstream Innovation software revenue increased by 13% to €1.45 billion. Mainstream Innovation represented 26% of software revenue.
    • Software Revenue by Industry: Home & Lifestyle, Aerospace and Defense, High-Tech and Industrial equipment displayed some of the strongest performance.
    • Key Strategic Drivers: 3DEXPERIENCE software revenue increased by 14%, representing 39% of 3DEXPERIENCE eligible software revenue. Cloud software revenue grew by 7% and represented 24% of software revenue. Excluding MEDIDATA, Cloud software revenue increased by more than 40% versus last year.
    • Operating Income and Margin: IFRS operating income increased by 9% to €1.36 billion, as reported. Non-IFRS operating income increased by 3% as reported, up 4% in constant currencies, to €1.98 billion. IFRS operating margin totaled 21.9% compared to 20.9% in 2023. The non-IFRS operating margin stood at 31.9% in 2024 compared to 32.4% last year.
    • Earnings per Share: IFRS diluted EPS was up 14% as reported, to €0.90. Non-IFRS diluted EPS grew by 7% to €1.28, as reported, up 9% in constant currencies.
    • Cash Flow from Operations (IFRS): Cash flow from operations totaled €1.66 billion, up 6% year over year at reported rate with strong cash conversion and good cash collection, offset by receivables up on higher business activity in the fourth quarter.
    • Balance Sheet (IFRS): Dassault Systèmes had a net cash position of €1.46 billion as of December 31, 2024, an increase of €0.88 billion, compared to €0.58 billion for the year ending December 31, 2023. Cash and cash equivalents totaled €3.95 billion at the end of December 2024. The movements of the year on cash and cash equivalents include the reimbursement for €700 million of the second tranche of the bond issued by the company in 2019.

    Financial Objectives for 2025

    Dassault Systèmes’ first quarter and 2025 financial objectives presented below are given on a non-IFRS basis and reflect the principal 2025 currency exchange rate assumptions for the US dollar and Japanese yen as well as the potential impact from additional non-Euro currencies:

               
          Q1 2025 FY 2025  
      Total Revenue (billion) €1.535 – €1.601 €6.550 – €6.650  
      Growth 2 – 7% 5 – 7%  
      Growth ex FX 3 – 8% 6 – 8%  
               
      Software revenue growth * 3 – 8% 6 – 8%  
        Of which licenses and other software revenue growth * 0 – 9% 3 – 5%  
        Of which recurring revenue growth * 4 – 8% 7 – 9%  
     

    Services revenue growth *

    0 – 4%

    3 – 6%  
               
      Operating Margin 31.0% – 31.1% 32.6% – 32.9%  
               
      EPS Diluted €0.30 – €0.32 €1.36 – €1.39  
      Growth 2 – 6% 6 – 8%  
      Growth ex FX 3 – 7% 7 – 10%  
               
      US dollar $1.10 per Euro $1.10 per Euro  
      Japanese yen (before hedging) JPY 155.0 per Euro JPY 155.0 per Euro  
      * Growth in Constant Currencies      

    These objectives are prepared and communicated only on a non-IFRS basis and are subject to the cautionary statement set forth below.

    The 2025 non-IFRS financial objectives set forth above do not take into account the following accounting elements below and are estimated based upon the 2025 principal currency exchange rates above: no significant contract liabilities write-downs; share-based compensation expenses, including related social charges, estimated at approximately €161 million (these estimates do not include any new stock option or share grants issued after December 31, 2024); amortization of acquired intangibles and of tangibles reevaluation, estimated at approximately €336 million, largely impacted by the acquisition of MEDIDATA; and lease incentives of acquired companies at approximately €2 million.

    The above objectives also do not include any impact from other operating income and expenses, a net principally comprised of acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; from one-time items included in financial revenue; from one-time tax effects; and from the income tax effects of these non-IFRS adjustments. Finally, these estimates do not include any new acquisitions or restructuring completed after December 31, 2024.

    Corporate Announcements

    • February 4, 2025: Dassault Systèmes and Volkswagen Group Implement the 3DEXPERIENCE Platform to Optimize Vehicle Development
    • December 18, 2024: ClinChoice Extends 13-Year MEDIDATA Partnership with the Addition of Clinical Data Studio to Improve Data Management and Strengthen Clinical Trial Capabilities
    • December 11, 2024: Red Eléctrica Transforms Its Design Process and Collaboration with Dassault Systèmes’ 3DEXPERIENCE Platform
    • November 14, 2024: Dassault Systèmes’ 3DEXPERIENCE Platform to Be Used for Electric Vehicle Development at Volvo Cars
    • November 13, 2024: MEDIDATA Unveils Transformative Solutions and Collaborations at NEXT New York, Driving Paradigm Shift in Life Sciences and Healthcare
    • October 30, 2024: Dassault Systèmes Collaboration Yields Breakthrough Guide for Using Virtual Twins in Clinical Trials
    • October 29, 2024: MEDIDATA and Cogstate Strike Strategic Partnership Transforming Clinical Trials in Neurology with Clinical Outcome Assessment and Clinician Solutions Powered by AI and Advanced Analytics
    • October 24, 2024: European Energy Infrastructure Company Snam Embarks on Strategic Sustainable Project with Dassault Systèmes’ 3DEXPERIENCE Platform
    • October 17, 2024: MEDIDATA Announces Rave Lite to Support Growth in Early and Late-Stage Clinical Trials

    Today’s Webcast and Conference Call Information

    Today, Tuesday, February 4, 2025, Dassault Systèmes will host, from Paris, a webcasted presentation at 9:00 AM London Time / 10:00 AM Paris time, and will then host a conference call at 8:30 AM New York time / 1:30 PM London time / 2:30 PM Paris time. The webcasted presentation and conference calls will be available online by accessing investor.3ds.com.

    Additional investor information is available at investor.3ds.com or by calling Dassault Systèmes’ Investor Relations at +33.1.61.62.69.24.

    Investor Relations Events

    • First Quarter 2025 Earnings Release: April 24, 2025
    • Second Quarter 2025 Earnings Release: July 24, 2025
    • Third Quarter 2025 Earnings Release: October 23, 2025

    Forward-looking Information

    Statements herein that are not historical facts but express expectations or objectives for the future, including but not limited to statements regarding the Group’s non-IFRS financial performance objectives are forward-looking statements. Such forward-looking statements are based on Dassault Systèmes management’s current views and assumptions and involve known and unknown risks and uncertainties. Actual results or performances may differ materially from those in such statements due to a range of factors.

    The Group’s actual results or performance may be materially negatively affected by numerous risks and uncertainties, as described in the “Risk Factors” section 1.9 of the 2023 Universal Registration Document (‘Document d’enregistrement universel’) filed with the AMF (French Financial Markets Authority) on March 18, 2024, available on the Group’s website www.3ds.com.

    In particular, please refer to the risk factor “Uncertain Global Economic Environment” in section 1.9.1.1 of the 2023 Universal Registration Document set out below for ease of reference:

    “In light of the uncertainties regarding economic, business, social, health and geopolitical conditions at the global level, Dassault Systèmes’ revenue, net earnings and cash flows may grow more slowly, whether on an annual or quarterly basis, mainly due to the following factors:

    • the deployment of Dassault Systèmes’ solutions may represent a large portion of a customer’s investments in software technology. Decisions to make such an investment are impacted by the economic environment in which the customers operate. Uncertain global geopolitical, economic and health conditions and the lack of visibility or the lack of financial resources may cause some customers, e.g. within the automotive, aerospace, energy or natural resources industries, to reduce, postpone or terminate their investments, or to reduce or not renew ongoing paid maintenance for their installed base, which impact larger customers’ revenue with their respective sub-contractors;
    • the political, economic and monetary situation in certain geographic regions where Dassault Systèmes operates could become more volatile and impact Dassault Systèmes’ business, for example, due to stricter export compliance rules or the introduction of new customs tariffs;
    • continued pressure or volatility on raw materials and energy prices could also slow down Dassault Systèmes’ diversification efforts in new industries;
    • uncertainties regarding the extent and duration of inflation could adversely affect the financial position of Dassault Systèmes; and
    • the sales cycle of Dassault Systèmes’ products – already relatively long due to the strategic nature of such investments for customers – could further lengthen.

    The occurrence of crises – health and political in particular – could have consequences both for the health and safety of Dassault Systèmes’ employees and for the Company. It could also adversely impact the financial situation or financing and supply capabilities of Dassault Systèmes’ existing and potential customers, commercial and technology partners, some of whom may be forced to temporarily close sites or cease operations. A deteriorating economic environment could generate increased price pressure and affect the collection of receivables, which would negatively impact Dassault Systèmes’ revenue, financial performance and market position.

    Dassault Systèmes makes every effort to take into consideration this uncertain macroeconomic outlook. Dassault Systèmes’ business results, however, may not develop as anticipated. Furthermore, due to factors affecting sales of Dassault Systèmes’ products and services, there may be a substantial time lag between an improvement in global economic and business conditions and an upswing in the Company’s business results.

    In preparing such forward-looking statements, the Group has in particular assumed an average US dollar to euro exchange rate of US$1.10 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY155.0 to €1.00, before hedging for the first quarter 2025. The Group has assumed an average US dollar to euro exchange rate of US$1.10 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY155.0 to €1.00, before hedging for the full year 2025. However, currency values fluctuate, and the Group’s results may be significantly affected by changes in exchange rates.   

    Non-IFRS Financial Information

    Readers are cautioned that the supplemental non-IFRS financial information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered in isolation from or as a substitute for IFRS measurements. The supplemental non-IFRS financial information should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with IFRS. Furthermore, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Specific limitations for individual non-IFRS measures are set forth in the Company’s 2024 Universal Registration Document filed with the AMF on March 18, 2024.

    In the tables accompanying this press release the Group sets forth its supplemental non-IFRS figures for revenue, operating income, operating margin, net income and diluted earnings per share, which exclude the effect of adjusting the carrying value of acquired companies’ deferred revenue, share-based compensation expense and related social charges, the amortization of acquired intangible assets and of tangibles reevaluation, certain other operating income and expense, net, including impairment of goodwill and acquired intangibles, the effect of adjusting lease incentives of acquired companies, certain one-time items included in financial revenue and other, net, and the income tax effect of the non-IFRS adjustments and certain one-time tax effects. The tables also set forth the most comparable IFRS financial measure and reconciliations of this information with non-IFRS information.

    FOR MORE INFORMATION

    Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: http://www.3ds.com

    ABOUT DASSAULT SYSTÈMES

    Dassault Systèmes is a catalyst for human progress. Since 1981, the company has pioneered virtual worlds to improve real life for consumers, patients and citizens. With Dassault Systèmes’ 3DEXPERIENCE platform, 350,000 customers of all sizes, in all industries, can collaborate, imagine and create sustainable innovations that drive meaningful impact. For more information, visit www.3ds.com

    Dassault Systèmes Investor Relations Team                        FTI Consulting

    Beatrix Martinez: +33 1 61 62 40 73                                Arnaud de Cheffontaines: +33 1 47 03 69 48

                                                                    Jamie Ricketts : +44 20 3727 1600

    investors@3ds.com

    Dassault Systèmes Press Contacts

    Corporate / France        Arnaud MALHERBE        

    arnaud.malherbe@3ds.com        

    +33 (0)1 61 62 87 73

    © Dassault Systèmes. All rights reserved. 3DEXPERIENCE, the 3DS logo, the Compass icon, IFWE, 3DEXCITE, 3DVIA, BIOVIA, CATIA, CENTRIC PLM, DELMIA, ENOVIA, GEOVIA, MEDIDATA, NETVIBES, OUTSCALE, SIMULIA and SOLIDWORKS are commercial trademarks or registered trademarks of Dassault Systèmes, a European company (Societas Europaea) incorporated under French law, and registered with the Versailles trade and companies registry under number 322 306 440, or its subsidiaries in the United States and/or other countries. All other trademarks are owned by their respective owners. Use of any Dassault Systèmes or its subsidiaries trademarks is subject to their express written approval.

    APPENDIX TABLE OF CONTENTS

    Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.    

    Glossary of Definitions

    Non-IFRS Financial Information

    Acquisitions and Foreign Exchange Impact

    Condensed consolidated statements of income

    Condensed consolidated balance sheet

    Condensed consolidated cash flow statement

    IFRS – non-IFRS reconciliation

    DASSAULT SYSTÈMES – Glossary of Definitions

    Information in Constant Currencies

    Dassault Systèmes has followed a long-standing policy of measuring its revenue performance and setting its revenue objectives exclusive of currency in order to measure in a transparent manner the underlying level of improvement in its total revenue and software revenue by activity, industry, geography and product lines. The Group believes it is helpful to evaluate its growth exclusive of currency impacts, particularly to help understand revenue trends in its business. Therefore, the Group provides percentage increases or decreases in its revenue and expenses (in both IFRS as well as non-IFRS) to eliminate the effect of changes in currency values, particularly the U.S. dollar and the Japanese yen, relative to the euro. When trend information is expressed “in constant currencies”, the results of the “prior” period have first been recalculated using the average exchange rates of the comparable period in the current year, and then compared with the results of the comparable period in the current year.

    While constant currency calculations are not considered to be an IFRS measure, the Group believes these measures are critical to understanding its global revenue results and to compare with many of its competitors who report their financial results in U.S. dollars. Therefore, Dassault Systèmes includes this calculation for comparing IFRS revenue figures as well non-IFRS revenue figures for comparable periods. All information at constant exchange rates is expressed as a rounded percentage and therefore may not precisely reflect the absolute figures.

    Information on Growth excluding acquisitions (“organic growth”)

    In addition to financial indicators on the entire Group’s scope, Dassault Systèmes provides growth excluding acquisitions effect, also named organic growth. In order to do so, the data relating to the scope is restated excluding acquisitions, from the date of the transaction, over a period of 12 months.

    Information on Industrial Sectors

    The Group provides broad end-to-end software solutions and services: its platform-based virtual twin experiences combine modeling, simulation, data science and collaborative innovation to support companies in the three sectors it serves, namely Manufacturing Industries, Life Sciences & Healthcare, and Infrastructure & Cities.

    These three sectors comprise twelve industries:

    • Manufacturing Industries: Transportation & Mobility; Aerospace & Defense; Marine & Offshore; Industrial Equipment; High-Tech; Home & Lifestyle; Consumer Packaged Goods – Retail. In Manufacturing Industries, Dassault Systèmes helps customers virtualize their operations, improve data sharing and collaboration across their organization, reduce costs and time-to-market, and become more sustainable;
    • Life Sciences & Healthcare: Life Sciences & Healthcare. In this sector, the Group aims to address the entire cycle of the patient journey to lead the way toward precision medicine. To reach the broader healthcare ecosystem from research to commercial, the Group’s solutions connect all elements from molecule development to prevention to care, and combine new therapeutics, med practices, and Medtech;
    • Infrastructure & Cities: Infrastructure, Energy & Materials; Architecture, Engineering & Construction; Business Services; Cities & Public Services. In Infrastructure & Cities, the Group supports the virtualization of the sector in making its industries more efficient and sustainable, and creating desirable living environments.

    Information on Product Lines

    The Group’s product lines financial reporting include the following financial information:

    • Industrial Innovation software revenue, which includes CATIA, ENOVIA, SIMULIA, DELMIA, GEOVIA, NETVIBES, and 3DEXCITE brands;
    • Life Sciences software revenue, which includes MEDIDATA and BIOVIA brands;
    • Mainstream Innovation software revenue which includes its CENTRIC PLM and 3DVIA brands, as well as its 3DEXPERIENCE WORKS family which includes the SOLIDWORKS brand.

    Starting from 2022, OUTSCALE became a brand of the Group, extending the portfolio of software applications. As the first sovereign and sustainable operator on the cloud, OUTSCALE enables governments and corporations from all sectors to achieve digital autonomy through a Cloud experience and with a world-class cyber governance.

    GEOs

    Eleven GEOs are responsible for driving development of the Company’s business and implementing its customer‑centric engagement model. Teams leverage strong networks of local customers, users, partners, and influencers.

    These GEOs are structured into three groups:

    • the “Americas” group, made of two GEO’s;
    • the “Europe” group, comprising Europe, Middle East and Africa (EMEA) and made of four GEO’s;
    • the “Asia” group, comprising Asia and Oceania and made of five GEO’s.

    3DEXPERIENCE Software Contribution

    To measure the relative share of 3DEXPERIENCE software in its revenues, Dassault Systèmes uses the following ratio: for software revenue, the Group calculates the percentage contribution by comparing total 3DEXPERIENCE software revenue to software revenue for all product lines except SOLIDWORKS, MEDIDATA, CENTRIC PLM and other acquisitions (defined as “3DEXPERIENCE Eligible software revenue”).

    Cloud revenue

    Cloud revenues correspond to revenue generated through a catalog of cloud-based solutions, infrastructure as a service, cloud solution development and cloud managed services. They are delivered by Dassault Systèmes via a cloud infrastructure hosted by Dassault Systèmes, or by third party providers of cloud computing infrastructure services. These offerings are available through different deployment methods: Dedicated cloud, Sovereign cloud and International cloud. Cloud solutions are generally offered through subscriptions models or perpetual licenses with support and hosting services.

    New business

    New business is the combination of subscription revenue and licenses & other software revenue.

    DASSAULT SYSTÈMES

    NON-IFRS FINANCIAL INFORMATION

    (unaudited; in millions of Euros, except per share data, percentages, headcount and exchange rates)

    Non-IFRS key figures exclude the effects of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue), share-based compensation expense, including related social charges, amortization of acquired intangible assets and of tangible assets revaluation, lease incentives of acquired companies, other operating income and expense, net, including the acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets, certain one-time items included in financial loss, net, certain one-time tax effects and the income tax effects of these non-IFRS adjustments.

    Comparable IFRS financial information and a reconciliation of the IFRS and non-IFRS measures are set forth in the separate tables within this Attachment.

    In millions of Euros, except per share data, percentages, headcount and exchange rates Non-IFRS reported
    Three months ended Twelve months ended
    December 31,

    2024

    December 31,

    2023

    Change Change in constant currencies December 31,

    2024

    December 31,

    2023

    Change Change in constant currencies
    Total Revenue € 1,754.2 € 1,643.4 7% 7% € 6,213.6 € 5,951.4 4% 5%
                     
    Revenue breakdown by activity                
    Software revenue 1,601.5 1,476.1 8% 9% 5,613.3 5,360.0 5% 6%
    Of which licenses and other software revenue 405.4 351.9 15% 15% 1,125.2 1,087.6 3% 4%
    Of which subscription and support revenue 1,196.1 1,124.3 6% 7% 4,488.1 4,272.4 5% 6%
    Services revenue 152.8 167.3 (9)% (9)% 600.3 591.4 2% 2%
                     
    Software revenue breakdown by product line                
    Industrial Innovation 901.8 837.3 8% 8% 3,019.6 2,908.0 4% 5%
    Life Sciences 297.7 295.1 1% 0% 1,144.2 1,158.9 (1)% (1)%
    Mainstream Innovation 402.0 343.7 17% 17% 1,449.4 1,293.2 12% 13%
                     
    Software Revenue breakdown by geography                
    Americas 595.0 566.7 5% 5% 2,214.7 2,141.9 3% 4%
    Europe 685.0 601.1 14% 14% 2,150.4 2,027.3 6% 6%
    Asia 321.4 308.4 4% 7% 1,248.1 1,190.8 5% 9%
                     
    Operating income € 636.8 € 589.8 8%   € 1,983.7 € 1,925.6 3%  
    Operating margin 36.3% 35.9%     31.9% 32.4%    
                     
    Net income attributable to shareholders € 530.7 € 487.2 9%   € 1,705.1 € 1,597.9 7%  
    Diluted earnings per share € 0.40 € 0.36 9% 11% € 1.28 € 1.20 7% 9%
                     
    Closing headcount 26,026 25,573 2%   26,026 25,573 2%  
                     
    Average Rate USD per Euro 1.07 1.08 (1)%   1.08 1.08 0%  
    Average Rate JPY per Euro 162.55 159.12 2%   163.85 151.99 8%  

    DASSAULT SYSTÈMES

    ACQUISITIONS AND FOREIGN EXCHANGE IMPACT

    (unaudited; in millions of Euros)

    In millions of Euros Non-IFRS reported o/w growth at constant rate and scope o/w change of scope impact at current year rate o/w FX impact on previous year figures
    December 31,

    2024

    December 31,

    2023

    Change
    Revenue QTD 1,754.2 1,643.4 110.9 111.8 0.6 (1.6)
    Revenue YTD 6,213.6 5,951.4 262.2 302.0 2.2 (42.0)

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME

    (unaudited; in millions of Euros, except per share data and percentages)

    In millions of Euros, except per share data and percentages IFRS reported
    Three months ended Twelve months ended
    December 31, December 31, December 31, December 31,
    2024 2023 2024 2023
    Licenses and other software revenue 405.4 351.9 1,125.2 1,087.6
    Subscription and Support revenue 1,196.1 1,124.3 4,488.1 4,272.4
    Software revenue 1,601.5 1,476.1 5,613.3 5,360.0
    Services revenue 152.8 167.3 600.3 591.4
    Total Revenue € 1,754.2 € 1,643.4 € 6,213.6 € 5,951.4
    Cost of software revenue (1) (134.1) (124.9) (498.5) (453.9)
    Cost of services revenue (132.7) (131.0) (517.8) (517.1)
    Research and development expenses (327.7) (317.5) (1,286.2) (1,228.3)
    Marketing and sales expenses (456.6) (429.3) (1,704.3) (1,624.5)
    General and administrative expenses (136.4) (124.8) (470.5) (450.6)
    Amortization of acquired intangible assets and of tangible assets revaluation (87.5) (94.9) (361.6) (378.9)
    Other operating income and expense, net 4.2 (39.5) (15.0) (56.2)
    Total Operating Expenses (1,270.9) (1,261.8) (4,854.0) (4,709.5)
    Operating Income € 483.4 € 381.6 € 1,359.6 € 1,241.9
    Financial income (loss), net 22.9 27.8 118.4 59.0
    Income before income taxes € 506.3 € 409.4 € 1,478.0 € 1,300.9
    Income tax expense (95.4) (79.1) (279.9) (250.7)
    Net Income € 410.9 € 330.3 € 1,198.1 € 1,050.2
    Non-controlling interest 1.1 (0.3) 2.1 0.7
    Net Income attributable to equity holders of the parent € 412.0 € 330.0 € 1,200.2 € 1,050.9
    Basic earnings per share 0.31 0.25 0.91 0.80
    Diluted earnings per share € 0.30 € 0.25 € 0.90 € 0.79
    Basic weighted average shares outstanding (in millions) 1,312.7 1,314.1 1,313.3 1,315.1
    Diluted weighted average shares outstanding (in millions) 1,330.0 1,336.6 1,333.4 1,336.8

    (1) Excluding amortization of acquired intangible assets and of tangible assets revaluation.

    IFRS reported

     

    Three months ended December 31, 2024 Twelve months ended December 31, 2024
    Change (2) Change in constant currencies Change (2) Change in constant currencies
    Total Revenue 7% 7% 4% 5%
    Revenue by activity        
    Software revenue 8% 9% 5% 6%
    Services revenue (9)% (9)% 2% 2%
    Software Revenue by product line        
    Industrial Innovation 8% 8% 4% 5%
    Life Sciences 1% 0% (1)% (1)%
    Mainstream Innovation 17% 17% 12% 13%
    Software Revenue by geography        
    Americas 5% 5% 3% 4%
    Europe 14% 14% 6% 6%
    Asia 4% 7% 5% 9%

    (2) Variation compared to the same period in the prior year.

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED BALANCE SHEET

    (unaudited; in millions of Euros)

    In millions of Euros IFRS reported
    December 31, December 31,
    2024 2023
    ASSETS    
    Cash and cash equivalents 3,952.6 3,568.3
    Trade accounts receivable, net 2,120.9 1,707.9
    Contract assets 30.1 26.8
    Other current assets 464.0 477.1
    Total current assets 6,567.6 5,780.1
    Property and equipment, net 945.8 882.8
    Goodwill and Intangible assets, net 7,687.1 7,647.0
    Other non-current assets 345.5 312.5
    Total non-current assets 8,978.3 8,842.3
    Total Assets € 15,545.9 € 14,622.5
    LIABILITIES    
    Trade accounts payable 259.9 230.5
    Contract liabilities 1,663.4 1,479.3
    Borrowings, current 450.8 950.1
    Other current liabilities 1,147.4 901.0
    Total current liabilities 3,521.5 3,561.0
    Borrowings, non-current 2,042.8 2,040.6
    Other non-current liabilities 900.9 1,174.8
    Total non-current liabilities 2,943.7 3,215.4
    Non-controlling interests 14.1 11.9
    Parent shareholders’ equity 9,066.6 7,834.1
    Total Liabilities € 15,545.9 € 14,622.5

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED CASH FLOW STATEMENT

    (unaudited; in millions of Euros)

    In millions of Euros IFRS reported
    Three months ended Twelve months ended
    December 31, December 31, Change December 31, December 31, Change
    2024 2023 2024 2023
    Net income attributable to equity holders of the parent 412.0 330.0 82.0 1,200.2 1,050.9 149.3
    Non-controlling interest (1.1) 0.3 (1.4) (2.1) (0.7) (1.4)
    Net income 410.9 330.3 80.6 1,198.1 1,050.2 147.9
    Depreciation of property and equipment 49.7 44.0 5.7 191.9 182.4 9.4
    Amortization of intangible assets 89.4 96.8 (7.4) 369.1 387.1 (18.0)
    Adjustments for other non-cash items (75.9) (48.8) (27.0) 37.7 74.7 (37.0)
    Changes in working capital (162.1) (128.8) (33.3) (137.0) (129.2) (7.7)
    Net Cash From Operating Activities € 312.0 € 293.4 € 18.6 € 1,659.8 € 1,565.2 € 94.6
                 
    Additions to property, equipment and intangibles assets (49.1) (42.5) (6.6) (193.4) (145.3) (48.1)
    Payment for acquisition of businesses, net of cash acquired (4.2) (0.5) (3.8) (22.5) (16.1) (6.4)
    Other 0.3 0.1 0.1 24.1 (0.3) 24.4
    Net Cash Provided by (Used in) Investing Activities € (53.1) € (42.9) € (10.2) € (191.7) € (161.6) € (30.1)
                 
    Proceeds from exercise of stock options 4.4 28.5 (24.1) 48.4 67.0 (18.6)
    Cash dividends paid – 0.0 (0.0) (302.7) (276.2) (26.4)
    Repurchase and sale of treasury stock (0.5) 10.6 (11.1) (374.0) (375.4) 1.4
    Capital increase – (0.0) 0.0 – 146.1 (146.1)
    Acquisition of non-controlling interests (0.0) (0.1) 0.1 (3.3) (0.9) (2.4)
    Proceeds from borrowings – 0.0 (0.0) 200.2 20.3 179.9
    Repayment of borrowings (100.0) 0.1 (100.0) (700.9) (28.1) (672.7)
    Repayment of lease liabilities (18.7) (26.3) 7.7 (79.7) (89.4) 9.7
    Net Cash Provided by (Used in) Financing Activities € (114.8) € 12.7 € (127.5) € (1,211.9) € (536.7) € (675.2)
                 
    Effect of exchange rate changes on cash and cash equivalents 150.8 (63.2) 213.9 128.2 (67.5) 195.7
                 
    Increase (decrease) in cash and cash equivalents € 294.9 € 200.1 € 94.8 € 384.3 € 799.3 € (415.0)
                 
    Cash and cash equivalents at beginning of period € 3,657.7 € 3,368.1   € 3,568.3 € 2,769.0  
    Cash and cash equivalents at end of period € 3,952.6 € 3,568.3   € 3,952.6 € 3,568.3  

    DASSAULT SYSTÈMES
    SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION
    IFRS – NON-IFRS RECONCILIATION
    (unaudited; in millions of Euros, except per share data and percentages)

    Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Group’s Document d’Enregistrement Universel for the year ended December 31, 2023 filed with the AMF on March 18, 2024. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Group’s consolidated financial statements prepared in accordance with IFRS.

    In millions of Euros, except per share data and percentages Three months ended December 31, Change
    2024 Adjustment(1) 2024 2023 Adjustment(1) 2023 IFRS Non-IFRS(2)
    IFRS Non-IFRS IFRS Non-IFRS
    Total Revenue € 1,754.2 – € 1,754.2 € 1,643.4 – € 1,643.4 7% 7%
    Revenue breakdown by activity                
    Software revenue 1,601.5 – 1,601.5 1,476.1 – 1,476.1 8% 8%
    Licenses and other software revenue 405.4 – 405.4 351.9 – 351.9 15% 15%
    Subscription and Support revenue 1,196.1 – 1,196.1 1,124.3 – 1,124.3 6% 6%
    Recurring portion of Software revenue 75%   75% 76%   76%    
    Services revenue 152.8 – 152.8 167.3 – 167.3 (9)% (9)%
    Software Revenue breakdown by product line                
    Industrial Innovation 901.8 – 901.8 837.3 – 837.3 8% 8%
    Life Sciences 297.7 – 297.7 295.1 – 295.1 1% 1%
    Mainstream Innovation 402.0 – 402.0 343.7 – 343.7 17% 17%
    Software Revenue breakdown by geography                
    Americas 595.0 – 595.0 566.7 – 566.7 5% 5%
    Europe 685.0 – 685.0 601.1 – 601.1 14% 14%
    Asia 321.4 – 321.4 308.4 – 308.4 4% 4%
    Total Operating Expenses € (1,270.9) € 153.4 € (1,117.5) € (1,261.8) € 208.2 € (1,053.6) 1% 6%
    Share-based compensation expense and related social charges (69.7) 69.7 – (73.2) 73.2 –    
    Amortization of acquired intangible assets and of tangible assets revaluation (87.5) 87.5 – (94.9) 94.9 –    
    Lease incentives of acquired companies (0.4) 0.4 – (0.7) 0.7 –    
    Other operating income and expense, net 4.2 (4.2) – (39.5) 39.5 –    
    Operating Income € 483.4 € 153.4 € 636.8 € 381.6 € 208.2 € 589.8 27% 8%
    Operating Margin 27.6%   36.3% 23.2%   35.9%    
    Financial income (loss), net 22.9 1.1 24.0 27.8 1.0 28.8 (18)% (17)%
    Income tax expense (95.4) (33.2) (128.6) (79.1) (51.3) (130.4) 21% (1)%
    Non-controlling interest 1.1 (2.6) (1.5) (0.3) (0.7) (1.0) N/A 53%
    Net Income attributable to shareholders € 412.0 € 118.7 € 530.7 € 330.0 € 157.2 € 487.2 25% 9%
    Diluted Earnings Per Share (3) € 0.30 € 0.10 € 0.40 € 0.25 € 0.12 € 0.36 20% 9%

    (1) In the reconciliation schedule above, (i) all adjustments to IFRS revenue data reflect the exclusion of the effect of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue); (ii) adjustments to IFRS operating expense data reflect the exclusion of the amortization of acquired intangible assets and of tangible assets revaluation, share-based compensation expense, including related social charges, lease incentives of acquired companies, as detailed below, and other operating income and expense, net including acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; (iii) adjustments to IFRS financial loss, net reflect the exclusion of certain one-time items included in financial loss, net, and; (iv) all adjustments to IFRS income data reflect the combined effect of these adjustments, plus with respect to net income and diluted earnings per share, certain one-time tax effects and the income tax effect of the non-IFRS adjustments.

    In millions of Euros, except percentages Three months ended December 31, Change
    2024

    IFRS

    Share-based compensation expense and related social charges Lease incentives of acquired companies 2024

    Non-IFRS

    2023

    IFRS

    Share-based compensation expense and related social charges Lease incentives of acquired companies 2023

    Non-IFRS

    IFRS Non-

    IFRS

    Cost of revenue (266.9) 5.0 0.1 (261.8) (255.9) 3.6 0.2 (252.1) 4% 4%
    Research and development expenses (327.7) 18.2 0.2 (309.3) (317.5) 28.5 0.3 (288.7) 3% 7%
    Marketing and sales expenses (456.6) 25.1 0.1 (431.4) (429.3) 20.9 0.1 (408.3) 6% 6%
    General and administrative expenses (136.4) 21.4 0.0 (115.0) (124.8) 20.2 0.0 (104.5) 9% 10%
    Total   € 69.7 € 0.4     € 73.2 € 0.7      

    (2) The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
    (3) Based on a weighted average 1,330.0 million diluted shares for Q4 2024 and 1,336.6 million diluted shares for Q4 2023, and, for IFRS only, a diluted net income attributable to the sharehorlders of € 394.7 million for Q4 2024 (€ 330.0 million for Q4 2023). The Diluted net income attributable to equity holders of the Group corresponds to the Net Income attributable to equity holders of the Group adjusted by the impact of the share-based compensation plans to be settled either in cash or in shares at the option of the Group.

    DASSAULT SYSTÈMES
    SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION
    IFRS – NON-IFRS RECONCILIATION
    (unaudited; in millions of Euros, except per share data and percentages)

    Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Group’s Document d’Enregistrement Universel for the year ended December 31, 2023 filed with the AMF on March 18, 2024. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Group’s consolidated financial statements prepared in accordance with IFRS.

    In millions of Euros, except per share data and percentages Twelve months ended December 31, Change
    2024 Adjustment(1) 2024 2023 Adjustment(1) 2023 IFRS Non-IFRS(2)
    IFRS Non-IFRS IFRS Non-IFRS
    Total Revenue € 6,213.6   € 6,213.6 € 5,951.4 – € 5,951.4 4% 4%
    Revenue breakdown by activity                
    Software revenue 5,613.3   5,613.3 5,360.0 – 5,360.0 5% 5%
    Licenses and other software revenue 1,125.2 – 1,125.2 1,087.6 – 1,087.6 3% 3%
    Subscription and Support revenue 4,488.1   4,488.1 4,272.4 – 4,272.4 5% 5%
    Recurring portion of Software revenue 80%   80% 80%   80%    
    Services revenue 600.3 – 600.3 591.4 – 591.4 2% 2%
    Software Revenue breakdown by product line                
    Industrial Innovation 3,019.6 – 3,019.6 2,908.0 – 2,908.0 4% 4%
    Life Sciences 1,144.2 – 1,144.2 1,158.9 – 1,158.9 (1)% (1)%
    Mainstream Innovation 1,449.4 – 1,449.4 1,293.2 – 1,293.2 12% 12%
    Software Revenue breakdown by geography                
    Americas 2,214.7   2,214.7 2,141.9 – 2,141.9 3% 3%
    Europe 2,150.4 – 2,150.4 2,027.3 – 2,027.3 6% 6%
    Asia 1,248.1 – 1,248.1 1,190.8 – 1,190.8 5% 5%
    Total Operating Expenses € (4,854.0) € 624.2 € (4,229.8) € (4,709.5) € 683.7 € (4,025.8) 3% 5%
    Share-based compensation expense and related social charges (245.6) 245.6 – (245.8) 245.8 –    
    Amortization of acquired intangible assets and of tangible assets revaluation (361.6) 361.6 – (378.9) 378.9 –    
    Lease incentives of acquired companies (1.9) 1.9 – (2.8) 2.8 –    
    Other operating income and expense, net (15.0) 15.0 – (56.2) 56.2 –    
    Operating Income € 1,359.6 € 624.2 € 1,983.7 € 1,241.9 € 683.7 € 1,925.6 9% 3%
    Operating Margin 21.9%   31.9% 20.9%   32.4%    
    Financial income (loss), net 118.4 3.2 121.6 59.0 29.3 88.2 101% 38%
    Income tax expense (279.9) (117.0) (396.8) (250.7) (164.1) (414.8) 12% (4)%
    Non-controlling interest 2.1 (5.5) (3.4) 0.7 (1.9) (1.2) 190% 187%
    Net Income attributable to shareholders € 1,200.2 € 504.9 € 1,705.1 € 1,050.9 € 546.9 € 1,597.9 14% 7%
    Diluted Earnings Per Share (3) € 0.90 € 0.38 € 1.28 € 0.79 € 0.41 € 1.20 14% 7%

    (1) In the reconciliation schedule above, (i) all adjustments to IFRS revenue data reflect the exclusion of the effect of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue); (ii) adjustments to IFRS operating expense data reflect the exclusion of the amortization of acquired intangible assets and of tangible assets revaluation, share-based compensation expense, including related social charges, lease incentives of acquired companies, as detailed below, and other operating income and expense, net including acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; (iii) adjustments to IFRS financial loss, net reflect the exclusion of certain one-time items included in financial loss, net, and; (iv) all adjustments to IFRS income data reflect the combined effect of these adjustments, plus with respect to net income and diluted earnings per share, certain one-time tax effects and the income tax effect of the non-IFRS adjustments.

    In millions of Euros, except percentages Twelve months ended December 31, Change
    2024

    IFRS

    Share-based compensation expense and related social charges Lease incentives of acquired companies 2024

    Non-IFRS

    2023

    IFRS

    Share-based compensation expense and related social charges Lease incentives of acquired companies 2023

    Non-IFRS

    IFRS Non-

    IFRS

    Cost of revenue (1,016.3) 16.2 0.5 (999.5) (971.0) 15.7 0.8 (954.4) 5% 5%
    Research and development expenses (1,286.2) 76.9 0.9 (1,208.4) (1,228.3) 94.4 1.3 (1,132.6) 5% 7%
    Marketing and sales expenses (1,704.3) 80.8 0.3 (1,623.3) (1,624.5) 73.6 0.5 (1,550.4) 5% 5%
    General and administrative expenses (470.5) 71.7 0.2 (398.7) (450.6) 62.2 0.2 (388.3) 4% 3%
    Total   € 245.6 € 1.9     € 245.8 € 2.8      

    (2) The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
    (3) Based on a weighted average 1,333.4 million diluted shares for YTD 2024 and 1,336.8 million diluted shares for YTD 2023.


    1 IFRS figures for 4Q24: total revenue at €1.75 billion, operating margin of 27.6% and diluted EPS at €0.30; IFRS figures for FY24: total revenue at €6.21 billion, operating margin of 21.9% and diluted EPS at €0.90.  

    Attachment

    • Dassault Systèmes: Strong Q4 results driven by new business acceleration and expanded 3DEXPERIENCE footprint

    The MIL Network –

    February 4, 2025
  • MIL-OSI: Amundi: Fourth quarter & Full-year 2024 results

    Source: GlobeNewswire (MIL-OSI)

                    

    Amundi: Fourth quarter & Full-year 2024 results

    Record 2024 net income1,2at €1.4 billion

    Results
    at the highest historical level
      2024 adjusted net income1,2 of €1,382m, up sharply: +13% vs. 2023

    • Thanks to Revenue growth (+9%) and improvement of the Cost-to-income ratio to 52.5%2
    • Earnings per share2: €6.75

    Q4 2024 – adjusted net income1,2€377m, up +20% Q4/Q4

    Dividend proposed to the Annual General Meeting of 27 May 2025 at €4.25 per share

         
    2024 net inflows multiplied by 2 compared to 2023   Assets under management3at a new record of €2,240bn at end-2024, +10% year-on-year

    Net inflows3+€55bn over the year, of which +€34bn in medium to long term assets excl. JVs

    Q4 net inflows +€20bn, incl. +€18bn in medium to long term assets, record ETF inflows: +€11bn

    Amundi Technology: strong revenue growth and acquisition of aixigo

         
    Major advances
    of the plan
    Ambitions 2025
      AuM targets achieved one year ahead of schedule for Third-Party Distribution and Passive Management
    Net income2: +6.1% average annual growth 2021-24, above the Ambitions 2025 target
    2024 Cost/income ratio2 already on 2025 target

    3 value-creating external growth operations, in line with strategic and financial objectives

    ESG Ambitions 2025 plan on track

    Paris, 4 February 2025
    Amundi’s Board of Directors met on 3 February 2025 under the chairmanship of Philippe Brassac, and approved the financial statements for the fourth quarter and full year 2024.

    Valérie Baudson, Chief Executive Officer, said:
    “2024 was a record year for Amundi, both in terms of results and activity. Our net income has reached €1.4bn and our net inflows have doubled compared to 2023.
    Our assets under management are at an all-time high, at more than €2.2tn, thanks to very dynamic inflows in several strategic areas, such as third-party distributors, ETFs and Asia. We have also confirmed and expanded our leading position in fixed income strategies. The success of our technological services offer was also strengthened.
    Finally, we carried out three external growth operations. They accelerate our development and create value for our clients and shareholders.
    This commercial performance translated into record results, both for the year and in the fourth quarter. Our cost/income ratio, at the best level in the industry, is already in line with our 2025 target. This strong financial performance allows us to propose an increased dividend, offering an attractive return for our shareholders.
    2024 marks an acceleration of the diversification that was initiated with the plan Ambitions 2025, several objectives of which have already been achieved, one year ahead of schedule.
    Close to our clients and attentive to their needs, we are very well positioned on the mega-trends of the savings industry. This makes us confident about our future growth. »

    * * * * *

    Accelerating diversification on industry mega-trends

    In 2024, the strategic priorities of the plan Ambitions 2025 contributed significantly to the growth of activity and results. They ideally position Amundi on the key growth drivers of the savings industry.

    • Third-Party Distribution delivered strong growth in its assets under management, +27% year-on-year to €401bn at the end of December and at the objective of the plan Ambitions 2025, one year ahead of schedule; Third-Party Distribution now represents 57% of Retail segment’s assets under management; 2024 net inflows of +€32bn were at an all-time high, highly diversified across all regions and asset classes: +€5bn in active management, +€18bn in ETFs and +€9bn in treasury products; Q4 was the strongest quarter for inflows in history, at +€13bn, with the same dominance as for the year; 12 new partnerships with digital players were signed in 2024 (BourseDirect, Scalable, Moneyfarm, etc.), bringing to 45 the number of partnerships with this type of player, in Europe and Asia;
    • ETFs4 reached €268bn in assets under management at the end of December, up +30% year-on-year, driven by record net inflows of +€27.8bn for the year, including +€10.5bn in Q4, diversified by client segments and between equity and fixed income products; these inflows were driven by the success of the US and global equity ranges, in particular the S&P500 ETF, innovative products such as the Amundi MSCI US Mega Cap and ex Mega Cap, as well as the Amundi Prime All Country World UCIT ETF, which has gathered more than +€2bn in 9 months;
    • Asia saw its assets under management increase by +17% year-on-year, to €469bn, thanks to +€28bn in inflows in 2024, positive in the 9 countries where Amundi operates; the Indian JV SBI MF continued to grow (€292bn in assets under management, +23% year-on-year with +€20.6bn in net inflows), as well as direct distribution excluding JVs (€103bn in assets under management, +16% year-on-year, with 2024 net inflows of +€5bn); 2024 was marked by the success of the partnership with Standard Chartered and the launch of a range of “CIO Signature Funds”, with assets under management reaching $2bn managed on behalf of the bank’s clients in 11 countries, in Asia, the Middle East and Africa; finally, the contribution to net income from Asian JVs, at €123m, increased by +20.9%, particularly the Indian JV (+31.5%, at €104m);
    • Fixed income expertise now manages €1,190bn in assets under management5 via a very wide range of solutions, which we have adapted in the face of the variations in long-term rates over the year; these solutions gathered +€57.5bn5 in 2024, of which +€11.7bn5 in Q4, thanks to a wider range of strategies: Amundi remains, as in 2023, the leader in Europe for maturity funds and fixed income ETFs, and the success of the inflows extended in 2024 to short-term fixed income solutions, securitisation, euro credit or stable duration strategies;
    • technology revenues recorded a strong increase by +33.8% compared to 2023, to €80m, and +47.1% Q4/Q4; Amundi Technology completed in Q4 the acquisition of the European leader in Wealth Tech, aixigo, complementing the ALTO6 Wealth and Distribution platform with a modular offering recognised in the industry.

    Objectives of the plan Ambitions 2025 achieved one year ahead of schedule

    Major objectives were achieved by 2024 and Amundi’s financial results are higher than planned in the trajectory of the Plan Ambitions 2025:

    • assets under management targets have been or are close to being reached at the end of 2024, a year ahead of schedule, for third-party distributors (€401bn vs. the €400bn target), passive management (€418bn vs. €420bn) and even Asia (€469bn, at 6% of the €500bn target);
    • 2024 cost income ratio2 at 52,5%, is already on target for 2025 (less than 53%);
    • 2024 net income2, at €1,382m, shows an average annual growth rate (CAGR) of +6.1% compared to the reference 2021 net income7 of the Plan, above the target of +5%; even restated for the slight positive market effect between 2021 and 2024, it is above the target, at +5.5%;
    • for 2024, the proposed dividend of €4.25 per share corresponds to a payout ratio8of 67%, above the minimum target of the Medium-Term Plan (65%), as in 2022 and 2023;
    • the average dividend payout ratio over 2022-24, at 72%, corresponds to a distribution surplus of +€0.24bn over the period, to which are added three external transactions that also consumed the capital generated over the period to the tune of +€0.5bn; the surplus capital remaining available for acquisitions at the end of 2024 is above €1bn;
    • Amundi has achieved three external growth operations: the acquisition of the private assets multi-management specialist Alpha Associates, closed in April 2024, the partnership with the US asset manager Victory Capital, signed in July and expected to be completed towards the end of the first quarter of 2025, and finally the acquisition of the Wealth Tech aixigo, closed in November 2024; these three operations are in line with the strategic and financial objectives of the plan Ambitions 2025; they will generate by 2027E9 a combined accretion of earnings per share2 of about +5% and a return on investment of around 12%;
    • finally, the extra-financial and climate commitments of the plan ESG Ambitions 2025 have been achieved or are on their way to being achieved:
      • the share of ETFs (in number) meeting the ESG criteria10 of the SFDR regulation reached 37% at the end of 2024, compared to a target of 40% at the end of 2025;
      • the number of companies with which we have engaged in shareholder dialogue on their climate transition plans has increased by +1,478 since 2021, compared to a target of +1,000 over 2021-25;
      • Greenhouse gas emissions per employee fell by -62% compared to 2018 on scopes 1, 2, and 3, against a target of a -30% reduction.

    Activity

    A favourable market environment in the quarter as well as over the year

    In the fourth quarter of 2024, the average level of equity markets11 increased by +2.8% compared to the previous quarter and by +19.5% compared to the same quarter of 2023. European bond markets12were also up, by +1.6% compared to the previous quarter and by +6.7% compared to the same quarter of 2023, reflecting the ECB’s rate cut decisions and the tightening of credit spreads. The market effect is therefore positive on the evolution of Amundi’s revenues over these two periods.

    Compared to the 2021 averages reference for the Plan Ambitions 2025, the market effect is only very slightly positive.

    The asset management market in Europe continued its recovery in the fourth quarter. Net inflows in open-ended funds13, at +€232bn, were driven by passive management (+€111bn) and by treasury products (+€74bn). For the third consecutive quarter, medium- to long-term active management recorded positive flows (+€46bn) driven by fixed income strategies (+€61bn).

    Inflows at the highest level since 2021, more than double the 2023 net inflows, and new record for assets

    Net inflows in the quarter amounted to +€20.5bn. For the year, net inflows reached +€55.4bn, twice the level of 2023.

    Amundi’s assets under management3as of 31 December 2024 grew by +2.2% over the quarter and +10.0% over the year to reach a new record of €2,240bn. They benefited from market appreciation and from a high level of inflows, the highest since 2021. The market and currency effect amounted to +€28.1bn in the fourth quarter of 2024, and +€140.1bn in 2024. The increase in assets under management also benefited from the integration of Alpha Associates since the second quarter of 2024 (+€7.9bn in April).

    Net inflows for the year amount to +€55.4bn, of which +€34bn in MLT assets14,15. The last quarter is particularly dynamic, +€17.9bn, thus representing more than half of the MLT inflows14 of the year.

    These MLT14 inflows continued this quarter to be driven by ETFs (+€10.5bn) and active management (+€5.5bn), notably through the active fixed income strategies (+€9.1bn). Also of note was a good performance in structured products, at +€0.9bn.

    The rest of net inflows for the quarter came from treasury products (+€0.7bn) and JVs (+€1.9bn)

    All client segments contributed to the positive net inflows:

    • the Retail segment, at +€11.5bn, recorded its highest level of inflows since 2021, thanks to Third-Party Distributors (+€12.7bn); Partner networks in France experienced net positive flows (+€0.8bn), compared to net outflows from International networks (-€1.4bn) and at Amundi BOC WM;
    • The Institutional segment, at +€7.1bn, of which +€10.8bn in MLT assets14, benefited from a strong contribution from Institutionals and Sovereigns (+€7.4bn) as well as CA & SG Insurers (+3,7€bn) in MLT assets14, and from Corporates (+€9.1bn) in treasury products;
    • JVs (+€1.9bn) continued to benefit from dynamic inflows from SBI MF in India (+€2.3bn).

    It should be noted regarding SBI MF that the request for proposal, for the redeployment of the mandate of the Indian pension fund EPFO16 has been launched. A significant outflow is therefore likely to be expected in the second or third quarter of 2025, with a completely negligible effect on the revenues of the JV.

    Fourth quarter and full-year 2024 results

    Q4 2024: strong growth in net income2, +20% Q4/Q4, highest quarter ever

    Adjusted data2

    In the fourth quarter of 2024, adjusted net income2reached €377m, up +20.5% compared to the fourth quarter of 2023.

    It includes Alpha Associates, whose acquisition was finalised in early April, as well as aixigo for two months in the fourth quarter of 2024.

    The growth in net income is mainly due to revenue growth and the very strong momentum of Asian JVs.

    Adjusted net revenues2 reached €924m, up +14.6% compared to the fourth quarter of 2023, mainly driven by management and technology revenues:

    • the sustained growth in net management fees, of +13.5% compared to the fourth quarter of 2023, to €820m, reflects the good level of activity and the increase in average assets under management excluding JVs (+10.5% over the same period);
    • performance fees (€57m) increased by +67.6% compared to the fourth quarter of 2023 (€34m), benefiting from the good performance of Amundi’s management teams, with more than 69% of assets under management ranked in the first or second quartiles according to Morningstar17 over 1, 3 or 5 years, and 247 Amundi funds rated 4 or 5 stars by Morningstar as of 31 December; fixed income strategies accounted for half of total performance fees, coming from very much diversified strategies;
    • Amundi Technology’s revenues, at €26m, continued to grow strongly (+47.1% compared to the fourth quarter of 2023), amplified this quarter by the first consolidation of aixigo for two months in the fourth quarter (+€5m);
    • finally, financial and other income2 amounted to €21m, down from the fourth quarter of 2023 due to the impact of lower short-term rates in the euro area.

    The increase in Operating expenses2, by +13.1% compared to the fourth quarter of 2023, to €482m, remains lower than the increase in revenues (+14.6%) thus generating a positive jaws effect which reflects the Group’s operational efficiency.

    This increase is explained by:

    • the first consolidation of Alpha Associates and aixigo;
    • investments in development initiatives of the plan Ambitions 2025, including technology, third-party distribution, Asia;
    • provisioning for individual variable remuneration, in line with the growth in results
    • non-recurring items, including the charge related to the discount proposed in the context of the capital increases of the Amundi and Crédit Agricole S.A. groups, which was reserved for Amundi’s employees;

    Excluding these elements, the increase is in line with inflation (2.5%).

    The Cost income ratio at 52,1% in adjusted data2, improved from the same quarter last year.

    The Adjusted gross operating income2(GOI) amounted to €443m, up +16,4% compared to the fourth quarter of 2023, reflecting revenue growth.

    Income from equity-accounted companies18, at €29m, was up +1.6% compared to the fourth quarter of 2023. Growth was slowed by the impact of the decline in Indian equity markets on the financial income of our JV, SBI MF, which though continues to benefit from the strong growth of its business along the year.

    Adjusted earnings per share2in the fourth quarter of 2024 reached €1.84, up +20,2%.

    Accounting data in the fourth quarter of 2024

    Accounting Net income Group share amounted to €349m, including non-cash expenses related to the acquisitions of Alpha Associates and aixigo, and the amortisation of intangible assets related to distribution contracts and client contracts, for a total of -€17m after tax. Integration costs related to aixigo and the partnership with Victory Capital, whose closing is expected towards the end of the first quarter 2025, were also recorded in the fourth quarter of 2024, for a total of -€10m after tax. In addition, depreciation and amortisation on adjustments to the value of intangible assets after the integration of aixigo were also recorded in operating expenses for -€1m after tax (see p. 12 for a detail of all these items).

    Accounting earnings per share for the fourth quarter of 2024 reached €1.70.

    2024: record net income

    For the year 2024, the adjusted net income2 amounts to €1,382m, up +13.0%.

    This strong growth reflects the high level of activity:

    • Adjusted net revenues2 have increased by +9,2% compared to 2023, to €3,497m, mainly driven by management revenues; net management fees increased by +8.3%, in line with the growth in average assets under management; the increase in performance fees (+17.3%) is explained by a very good performance of the management teams, particularly for active bond strategies; Amundi Technology’s revenues also grew strongly, by +33.8% to €80m with the ramp-up of revenues gained from the acquisition of 8 clients in 2024, and reinforced with the acquisition of aixigo for two months in 2024 (+€5m);
    • Net management fee margins were stable compared to 2023 at 17.7 basis points, as the positive effects of market appreciation and the client mix offset the unfavourable effect of the product mix;
    • Adjusted operating expenses2 grew less than revenues, by +7.7% to €1,837m, generating a positive jaws effect; almost half of this increase was due to the consolidation of Alpha Associates and aixigo, investments in growth areas (technology, ETFs, third-party distribution, Asia, etc.) and higher provisions for variable compensation, in line with the increase in revenues;
    • the Adjusted cost income ratio2 reached 52.5%, compared to 53.2% in 2023, at the best level and at the 2025 target.

    The Adjusted gross operating income2 (GOI) amounted to €1,660m, up +10,8% compared to 2023.

    Income from equity-accounted companies18 accentuates this growth. At €123m, +20.9% compared to the full year of 2023, it grew faster than operating profit, mainly driven by India, whose contribution exceeded €100m (€104m) for the first time.

    Adjusted earnings per share2 reached €6.75 in 2024.

    Accounting data for the year 2024

    Accounting Net income Group share amounted to €1,305m, including non-cash expenses related to the acquisitions of Alpha Associates and aixigo and the amortisation of intangible assets related to distribution contracts and client contracts, for a total of -€67m after tax. Integration costs related to aixigo and the partnership with Victory Capital, whose closing is expected towards the end of the first quarter 2025, were also recorded in 2024, for a total of -€10m after tax. In addition, depreciation and amortisation on adjustments to the value of intangible assets after the integration of aixigo were also recorded in operating expenses for -€1m after tax (see p. 12 for a detail of all these items).

    Accounting earnings per share for the year 2024 reached €6.37.

    A solid financial structure and a dividend of €4.25 per share

    Tangible net assets19 amounted to €4.5bn at 31 December 2024, up +€0.2bn or +4.5% compared to the end of 2023. This increase is in particular the result of the accounting net income for the year 2024 (+€1.4bn20) the payment of dividends (-€0.8bn) for the 2023 financial year and the recognition of goodwill and intangible assets in respect of the two acquisitions finalised in 2024, Alpha Associates and aixigo (-€0.5bn).

    On 5 September 2024, the FitchRatings rating agency confirmed Amundi’s long-term rating at A+ with a stable outlook, the best in the sector.

    The Board of Directors will propose to the Annual General Meeting on 27 May 2025, a dividend of €4.25 per share, in cash, an increase compared to the dividend paid for the 2023 financial year.

    This dividend corresponds to a payout ratio of 67% of net income Group share, and a yield of more than 6% based on the share price as of 31 January 2025 (closing price of €68).

    The ex-dividend date will be Tuesday 10 June 2025 and will be paid as of Thursday 12 June 2025.

    Since the listing in November 2015, the TSR21 (total shareholder return) has been +126%, i.e. +9.2% per year on average.

    * * * * *

    ANNEXES

    Adjusted income statement22024 and 2023

    (€m)   2024 2023 % var.
    2024/2023
             
    Net revenuee – adjusted   3,497 3,204 +9.2%
    Management fees   3,184 2,940 +8.3%
    Performance fees   145 123 +17.3%
    Technology   80 60 +33.8%
    Financial income and other net income   88 80 +9.7%
    Operating expenses – adjusted   (1,837) ( 1,706) +7.7%
    Cost income ratio – adjusted (%)   52.5% 53.2% -0.7pp
    Gross operating income – adjusted   1,660 1,498 +10.8%
    Cost of risk & others   (10) (8) +28.7%
    Equity-accounted companies   123 102 +20.9%
    Income before tax – adjusted   1,774 1,592 +11.4%
    Corporate taxes   (394) (374) +5.5%
    Non-controlling interests   3 5 -43.5%
    Net income, Group share – adjusted   1,382 1,224 +13.0%
    Amortisation of intangible assets, after tax   (67) (59) +13.2%
    Amortisation related to aixigo PPA, after tax   (1) – –
    Integration costs, after tax   (10) – NS
    Net income Group share   1,305 1,165 +12.0%
    Earnings per share (€)   6.37 5.70 +11.7%
    Earnings per share – adjusted(€)   6.75 5.99 +12.6%

    Adjusted income statement2of the fourth quarter of 2024

    (€m)   Q4 2024 Q4 2023 % var.
    Q4/Q4
      Q3 2024 % var.
    Q4/Q3
                   
    Net revenue – adjusted   924 806 +14.6%   862 +7.3%
    Management fees   820 723 +13.5%   805 +1.9%
    Performance fees   57 34 +67.6%   20 NS
    Technology   26 18 +47.1%   20 +32.6%
    Financial income and other net income   21 32 -33.4%   17 +22.7%
    Operating expenses – adjusted   (482) (426) +13.1%   (456) +5.6%
    Cost income ratio – adjusted (%)   52.1% 52,8% -0.7pp   52.9% -0.8pp
    Gross operating income – adjusted   443 381 +16.4%   406 +9.1%
    Cost of risk & others   (3) (2) +40.0%   (2) +62.8%
    Equity-accounted companies   29 29 +1.6%   33 -10.4%
    Income before tax – adjusted   469 407 +15.2%   437 +7.4%
    Corporate taxes   (93) (96) -3.9%   (101) -7.8%
    Non-controlling interests   1 2 -64.6%   1 -4.4%
    Net income Group share – adjusted   377 313 +20.5%   337 +11.9%
    Amortization of intangible assets after tax   (17) (15) +17.9%   (17) -0.3%
    Amortisation related to aixigo PPA after tax   (1) – –   – –
    Integration costs after tax   (10) 0 NS   0 NS
    Net income, Group share   349 299 +17.0%   320 +9.3%
    Earnings per share (€)   1.70 1.46 +16.7%   1.56 +9.0%
    Earnings per share – adjusted (€)   1.84 1.53 +20.2%   1.65 +11.7%

    Evolution of assets under management from the end of 2021 to the end of December 202422

    (€bn) Assets

    under management

    Net
    Inflows
    Market &
    forex effect
    Scope
    effect
      Change in AuM
    vs. previous quarter
    As of 31/12/2021 2,064         +14%23
    Q1 2022   +3.2 -46.4   –  
    As of 31/03/2022 2,021         -2.1%
    Q2 2022   +1.8 -97.75   –  
    As of 30/06/2022 1,925         -4.8%
    Q3 2022   -12.9 -16.3   –  
    As of 30/09/2022 1,895         -1.6%
    Q4 2022   +15.0 -6.2   –  
    As of 31/12/2022 1,904         +0.5%
    Q1 2023   -11.1 +40.9   –  
    As of 31/03/2023 1,934         +1.6%
    Q2 2023   +3.7 +23.8   –  
    As of 31/06/2023 1,961         +1.4%
    Q3 2023   +13.7 -1.7   –  
    As of 30/09/2023 1,973         +0.6%
    Q4 2023   +19.5 +63.8   -20  
    As of 31/12/2023 2,037         +3.2%
    Q1 2024   +16.6 +63.0   –  
    As of 31/03/2024 2,116         +3.9%
    Q2 2024   +15.5 +16.6   +8  
    30/06/2024 2,156         +1.9%
    Q3 2024   +2.9 +32.5   –  
    30/09/2024 2,192         +1.6%
    Q4 2024   +20.5 +28.1   –  
    31/12/2024 2,240         +2.2%

    Total year-on-year from December 31, 2023 to December 31, 2024: +10.0%

    • Net inflows                     +€55.4bn
    • Market & foreign exchange rate effects        +€140.1bn
    • Scope effects                +€7.9bn
      (First consolidation of Alpha Associates in Q2 2024, the acquisition of aixigo has no effect on assets under management)

    Details of assets under management and net inflows by client segments24

    (€bn) AuM
    31.12.2024
    AuM
    31.12.2023
    % change /31.12.2023 Inflows Q4 2024 Inflows Q4 2023 Inflows 2024 Inflows 2023
    French networks 138 132 +4.7% +0.8 +1.1 +1.1 +5.7
    International networks 167 162 +3.0% -2.1 -0.4 -6.5 -3.6
    Of which Amundi BOC WM 2 3 -32.7% -0.6 -0.4 -1.2 -3.7
    Third-Party Distributors 401 317 +26.6% +12.7 +0.5 +31.9 +4.6
    Retail 706 611 +15.6% +11.5 +1.1 +26.6 +6.8
    Institutional & Sovereigns (*) 521 486 +7.2% -0.7 -1.6 +0.7 +12.9
    Corporates 122 111 +9.9% +8.6 +10.1 +2.8 +2.7
    Employee savings plan 90 86 +3.8% +0.7 -0.7 +3.1 +1.9
    CA & SG Insurers 429 427 +0.6% -1.5 +4.3 -1.0 -5.4
    Institutional 1,162 1,110 +4.7% +7.1 +12.0 +5.6 +12.0
    JVs 372 316 +17.7% +1.9 +6.3 +23.3 +7.0
    Total 2,240 2,037 +10.0% +20.5 +19.5 +55.4 +25.8

    Details of assets under management and net inflows by asset classes24

    (€bn) AuM
    31.12.2024
    AuM
    31.12.2023
    % change /31.12.2023 Inflows Q4 2024 Inflows Q4 2023 Inflows 2024 Inflows 2023
    Equity 544 467 +16.6% +7.3 +0.1 +7.3 +2.2
    Multi-assets 274 279 -1.8% -0.9 -7.5 -23.2 -24.5
    Bonds 747 656 +13.9% +10.6 +7.4 +47.4 +17.6
    Real, alternative & structured assets 114 107 +6.2% +0.9 +1.9 +2.4 +4.3
    MLT ASSETS excl. JVs 1,680 1,510 +11.3% +17.9 +1.9 +34.0 -0.5
    Treasury products excl. JVs 188 211 -10.9% +0.7 +11.2 -1.8 +19.3
    TOTAL excluding JVs 1,868 1,721 +8.6% +18.5 +13.2 +32.2 +18.8
    JVs 372 316 +17.7% +1.9 +6.3 +23.3 +7.0
    TOTAL 2,240 2,037 +10.0% +20.5 +19.5 +55.4 +25.8
    Of which MLT assets 2,018 1,794 +12.5% +21.1 +6.9 +56.0 +6.2
    Of which treasury products 222 242 -8.6% -0.6 +12.6 -0.5 +19.7

    Details of assets under management and net inflows by management types and asset classes24

    (€bn) AuM
    31.12.2024
    AuM
    31.12.2023
    % change /31.12.2023 Inflows Q4 2024 Inflows Q4 2023 Inflows 2024 Inflows 2023
    Active management 1,148 1,062 +8.1% +5.5 -5.7 +7.6 -21.3
    Equity 206 195 +5.6% -2.5 -2.1 -7.9 -4.6
    Multi-assets 263 270 -2.7% -1.2 -7.8 -24.5 -26.0
    Bonds 679 597 +13.8% +9.1 +4.2 +40.1 +9.3
    Structured products 44 39 +10.9% +0.9 +2.8 +3.6 +5.6
    Passive management 418 340 +22.9% +11.5 +5.8 +23.9 +16.6
    ETFs & ETC 268 207 +29.5% +10.5 +5.0 +27.8 +13.0
    Index & Smart beta 150 133 +12.7% +1.0 +0.7 -3.9 +3.6
    Real and Alternative Assets 70 68 +3.5% -0.0 -0.9 -1.2 -1.3
    Real assets 66 63 +5.4% +0.1 -0.2 +0.0 -0.0
    Alternative assets 4 5 -20.1% -0.1 -0.7 -1.2 -1.3
    TOTAL MLT assets excl. JVs 1,680 1,510 +11.3% +17.9 +1.9 +34.0 -0.5
    Treasury products excl. JVs 188 211 -10.9% +0.7 +11.2 -1.8 +19.3
    TOTAL excl. JVs 1,868 1,721 +8.6% +18.5 +13.2 +32.2 +18.8
    JVs 372 316 +17.7% +1.9 +6.3 +23.3 +7.0
    TOTAL 2,240 2,037 +10.0% +20.5 +19.5 +55.4 +25.8

    Details of assets under management and net inflows by geographic areas24

    (€bn) AuM
    31.12.2024
    AuM
    31.12.2023
    % change /31.12.2023 Inflows Q4 2024 Inflows Q4 2023 Inflows 2024 Inflows 2023
    France 994 950 +4.6% +5.9 +11.6 +18.7 +10.4
    Italy 202 203 -0.3% -0.8 -2.1 -14.5 -4.3
    Europe excl. France & Italy 440 372 +18.4% +11.1 +2.9 +17.1 +8.9
    Asia 469 400 +17.3% -1.5 +7.5 +28.1 +7.2
    Rest of the world 135 113 +20.0% +5.7 -0.5 +6.1 +3.5
    TOTAL 2,240 2,037 +10.0% +20.5 +19.5 +55.4 +25.8
    TOTAL outside France 1,246 1,087 +14.7% +14.6 +7.9 +36.8 +15.4

    Methodology appendix

    Accounting & adjusted data

    Accounting data – They include the amortisation of intangible assets, recorded as other income; since Q2 2024, other non-cash expenses spread according to the schedule of payments of the earn-out until the end of 2029; these expenses are booked as deductions from revenues, in financial costs, and since Q4, the amortisation charge of the technology asset related to the acquisition of aixigo, booked as amortisation of intangible assets in operating expenses.

    Integration costs related to the transaction with Victory Capital and amortisation of the aixigo related PPA were recorded in the fourth quarter, in operating expenses, for a combined amount of -€14m pre-tax and -€11m after-tax. No costs of that nature were recorded in the first nine months of 2024 or in the 2023 financial year.

    The aggregate amounts of these items are as follows for the different periods under review:

    • Q4 2023: -€20m before tax and -€15m after tax
    • 2023: -€82m before tax and -€59m after tax
    • Q3 2024: -€24m pre-tax and -€17m after tax
    • Q4 2024: -€38m before tax and -€28m after tax
    • 2024: -€106m before tax and -€77m after tax

    Adjusted data – In order to present an income statement that is closer to economic reality, the following adjustments are made: restatement of the amortisation of distribution contracts with Bawag, UniCredit and Banco Sabadell, intangible assets representing client contracts of Lyxor and, since the second quarter of 2024, Alpha Associates, as well as other non-cash charges related to the acquisition of Alpha Associates; such depreciation and amortisation and non-cash expenses. are recorded as a deduction from net revenues; ; restatement of the amortisation of a technological asset related ot the acquisition of aixigo, recorded in operating expenses.

    Acquisition of Alpha Associates

    In accordance with IFRS 3, recognition of Amundi’s balance sheet as at 01/04/2024:

    • goodwill of €288m;
    • an intangible asset of €50m, representing client contracts, depreciable on a straight-line basis until the end of 2030;
    • a liability representing the conditional earn-out not yet paid, for €160m, including an actuarial discount of -€30m, which will be amortised over 6 years.

    In the Group’s income statement, the following is recorded:

    • amortisation of intangible assets for a full-year expense of -€7.6m (-€6.1m after tax); in 2024 (9 months of integration) this corresponds to -€5.7m (-€4.6m after tax)
    • other non-cash expenses spread according to the schedule of payments of the earn-out until the end of 2029; these expenses are recorded as deductions from net income, as financial expenses; in 2024 (9 months) they represent -€4.3m (-€3.2m after tax).

    Over twelve months 2024, these expenses and depreciation and amortisation are therefore -€10m before tax for 9 months. They only started in Q2.

    In Q4 2024, the amortisation of intangible assets was -€1.9m before tax (-€1.5m after tax) and non-cash expenses were -€1.4m before tax (i.e. -€1.1m after tax).

    Acquisition of aixigo

    In accordance with IFRS 3, recognition on Amundi’s balance sheet at the date of acquisition:

    • goodwill of €121m;
    • a technology asset of €36m, representative of the goodwill attributed to aixigo’s software solutions, depreciable on a straight-line basis over 5 years;

    The full-year amortisation charge of the technology asset was -€7.2m (-€4.8m after tax); in Q4 2024, the amortisation charge was -€1.2m (-€0.8m after tax), it is recognised in operating expenses.

    Alternative Performance Measures25

    In order to present an income statement that is closer to economic reality, Amundi publishes adjusted data that excludes the depreciation of intangible assets and,

    • since the second quarter of 2024, from Alpha Associates, as well as other non-cash charges related to the acquisition of Alpha Associates.
    • Since the fourth quarter of 2024, the amortisation of intangible assets as operating expenses under aixigo.
    • In the fourth quarter of 2024, the integration costs on Victory Capital and aixigo.

    Adjusted, normalised data are reconciled with accounting data as follows :

    = accounting data
    = adjusted data
    (€M)   2024 2023   Q4 2024 Q4 2023   Q3 2024
                     
    Net management revenue   3,329 3,063   877 757   825
    Technology   80 60   26 18   20
    Net financial income and other net income   (3) (1)   (2) 12   (6)
    Adjusted net financial income and other income   88 80   21 32   17
                     
    Net revenue (a)   3,406 3,122   901 786   838
    – Depreciation of intangible assets before tax   (87) (82)   (22) (20)   (22)
    – Other non-cash expenses related to Alpha Associates   (4) 0   (1) 0   (1)
    Net revenue – adjusted (b)   3,497 3,204   924 806   862
                     
    Operating expenses (c)   (1,852) (1,706)   (496) (426)   (456)
    – Integration costs before tax   (13) 0   (13) 0   0
    – Amortisation of the aixigo related PPA before tax   (1) 0   (1) 0   0
    Operating expenses – adjusted (d)   (1,837) (1,706)   (482) (426)   (456)
                     
    Gross Operating Income (e)=(a)+(c)   1,554 1,416   405 360   382
    Gross operating income – adjusted (f)=(b)+(d)   1,660 1,498   443 381   406
    Cost income ratio (%) -(c)/(a)   54.4% 54.6%   55.1% 54.2%   54.4%
    Cost income ratio – adjusted (%) -(d)/(b)   52.5% 53.2%   52.1% 52.8%   52.9%
    Cost of risk & other (g)   (10) (8)   (3) (2)   (2)
    Equity-accounted companies (h)   123 102   29 29   33
    Income before tax (i)=(e)+(g)+(h)   1,668 1,511   431 387   413
    Income before tax – adjusted (j)=(f)+(g)+(h)   1,774 1,592   469 407   437
    Income tax (k)   (366) (351)   (83) (91)   (94)
    Income tax – adjusted (l)   (394) (374)   (93) (96)   (101)
    Non controlling interests (m)   3 5   1 2   1
    Net income, Group share (n)=(i)+(k)+(m)   1,305 1,165   349 299   320
    Net income, Group share – adjusted (o)=(j)+(l)+(m)   1,382 1,224   377 313   337
                     
    Earnings per share (€)   6.37 5.70   1.70 1.46   1.56
    Adjusted earnings per share (€)   6.75 5.99   1.84 1.53   1.65

    Shareholding

        31 December 2024   30 September 2024   31 December 2023
    (units)   Number
    of shares
    % of share capital   Number
    of shares
    % of share capital   Number
    of shares
    % of share capital
    Crédit Agricole Group   141,057,399 68.67%   141,057,399 68.93%   141,057,399 68.93%
    Employees   4,272,132 2.08%   2,751,891 1.34%   2,918,391 1.43%
    Treasury shares   1,992,485 0.97%   958,031 0.47%   1,247,998 0.61%
    Free Float   58,097,246 28.28%   59,880,313 29.26%   59,423,846 29.04%
                       
    Number of shares at the end of the period   205,419,262 100.0%   204,647,634 100.0%   204,647,634 100.0%
    Average number of shares year-to-date   204,776,239 –   204,647,634 –   204,201,023 –
    Average number of shares quarter-to-date   205,159,257 –   204,647,634 –   204,647,634 –

    Average number of shares on a pro rata basis.

    • The average number of shares increased by +0.3% between Q3 2024 and Q4 2024, +0.3% between Q4 2023 and Q4 2024, and again +0.3% between 2023 and 2024.
    • A capital increase reserved for employees was recorded on 31 October 2024. 771,628 shares were created (approximately 0.4% of the share capital before the transaction).
    • Amundi announced on 7 October 2024 a buyback program of up to 1m shares (i.e. ~0.5% of the share capital before the transaction) to cover performance share plans, It was finalised on 27 November 2024.                                                                                                        

    Financial communication calendar

    • Q1 2025 earnings release: Tuesday 29 April 2025
    • Annual General Meeting: Tuesday 27 May 2025
    • Q2 and H1 2025 earnings release: Tuesday 29 July 2025
    • Q3 and 9-month 2025 results: Tuesday 28 October 2025

    Dividend schedule

    • Ex-dividend day: Monday 10 June 2025
    • Payment: from Wednesday 12 June 2025

    About Amundi

    As Europe’s leading asset manager among the world’s top 10 players26, Amundi offers its 100m clients – individuals, institutions and corporates – a full range of savings and investment solutions in active and passive management, in traditional and real assets. This offer is enriched with services and technological tools that cover the entire savings value chain. A subsidiary of the Crédit Agricole group, Amundi is listed on the stock exchange and currently manages more than €2.2tn in assets under management27.

    Its six international management platforms28, its financial and extra-financial research capacity, as well as its long-standing commitment to responsible investment make it a leading player in the asset management landscape.

    Amundi’s clients benefit from the expertise and advice of 5,700 professionals in 35 countries.

    Amundi, a trusted partner that acts every day in the interest of its clients and society.

    www.amundi.com  

    Press contacts:        
    Natacha Andermahr 
    Tel. +33 1 76 37 86 05
    natacha.andermahr@amundi.com 

    Corentin Henry
    Tel. +33 1 76 36 26 96
    corentin.henry@amundi.com

    Investor contacts:
    Cyril Meilland, CFA
    Tel. +33 1 76 32 62 67
    cyril.meilland@amundi.com 

    Thomas Lapeyre
    Tel. +33 1 76 33 70 54
    thomas.lapeyre@amundi.com 

    Annabelle Wiriath

    Tel. + 33 1 76 32 43 92

    annabelle.wiriath@amundi.com

    DISCLAIMER

    This document does not constitute an offer or invitation to sell or purchase, or any solicitation of any offer to purchase or subscribe for, any securities of Amundi in the United States of America or in France. Securities may not be offered, subscribed or sold in the United States of America absent registration under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements thereof. The securities of Amundi have not been and will not be registered under the U.S. Securities Act and Amundi does not intend to make a public offer of its securities in the United States of America or in France.

    This document may contain forward looking statements concerning Amundi’s financial position and results. The data provided do not constitute a profit “forecast” or “estimate” as defined in Commission Delegated Regulation (EU) 2019/980.

    These forward-looking statements include projections and financial estimates based on scenarios that employ a number of economic assumptions in a given competitive and regulatory context, assumptions regarding plans, objectives and expectations in connection with future events, transactions, products and services, and assumptions in terms of future performance and synergies. By their very nature, they are therefore subject to known and unknown risks and uncertainties, which could lead to their non-fulfilment. Consequently, no assurance can be given that these forward-looking statement will come to fruition, and Amundi’s actual financial position and results may differ materially from those projected or implied in these forward looking statements. In particular, conditions to completion of the announced transaction between Amundi and Victory Capital, may not be satisfied and such transaction may not be completed on schedule, or at all; risks relating to the expected benefits or impact of the transaction on Victory Capital’s and Amundi’s respective businesses are contained in their respective public filings.

    Amundi undertakes no obligation to publicly revise or update any forward-looking statements provided as at the date of this document. Risks that may affect Amundi’s financial position and results are further detailed in the “Risk Factors” section of our Universal Registration Document filed with the French Autorité des Marchés Financiers. The reader should take all these uncertainties and risks into consideration before forming their own opinion.

    The figures set out in this document were approved by Amundi’s Board of Directors and have been prepared in accordance with applicable prudential regulations and IFRS guidelines, as adopted by the European Union and applicable at that date, but remain subject to ongoing review by the statutory auditors.

    Unless otherwise specified, sources for rankings and market positions are internal. The information contained in this document, to the extent that it relates to parties other than Amundi or comes from external sources, has not been verified by a supervisory authority or, more generally, subject to independent verification, and no representation or warranty has been expressed as to, nor should any reliance be placed on, the fairness, accuracy, correctness or completeness of the information or opinions contained herein. Neither Amundi nor its representatives can be held liable for any decision made, negligence or loss that may result from the use of this document or its contents, or anything related to them, or any document or information to which this document may refer.

    The sum of values set out in the tables and analyses may differ slightly from the total reported due to rounding.


    1        Net income Group share
    2        Adjusted data: see p. 12
    3        Assets under management (AuM) and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV
    4        Excluding JVs
    5        Including JV: €247bn in assets under management, +€12.2bn inflows in 2024 and +€0.6bn in Q4
    6        ALTO: Amundi Leading Technologies & Operations, Amundi’s suite of 5 technology applications, including ALTO Investment, Wealth and Distribution, Sustainability, Asset Servicing and Employee Savings and Retirement
    7        Adjusted net income Group share, normalised for the exceptionally high level of performance fees in the year: €1,158m
    8        Calculated on accounting net income Group share
    9        Compared to consensus estimates prior to these transactions
    10        According to SFDR Articles 8 and 9
    11        50% MSCI World + 50% Eurostoxx 600 composite index for equity markets, average values over each period considered
    12        Bloomberg Euro Aggregate for bond markets, average values over each reporting period
    13        Source: Morningstar FundFile, ETFGI. European & cross-border open-ended funds (excluding mandates and dedicated funds). Data at the end of December 2024.
    14        Medium-Long Term Assets excluding JV
    15        However, 2024 net inflows include, for -€11.6bn, the exit in the third quarter of a multi-asset mandate with a European insurer, which brought low revenues
    16        EPFO: Employees’ Provident Fund Organisation, India’s leading pension fund with total assets of €250bn at the end of December 2024. In Q4 2019, SBI MF had won a bond mandate granted by EPFO, for an amount of €60bn, which totaled €110bn in assets under management as of 31 December 2024; it is this mandate that would be shared with other managers according to the request for proposal
    17        Source: Morningstar Direct, Broadridge FundFile – Open-ended funds and ETFs, global fund scope, December 2024; as a percentage of the assets under management of the funds in question; the number of Amundi open-ended funds rated by Morningstar was 1071 at the end of December 2024. © 2024 Morningstar, all rights reserved
    18        Reflecting Amundi’s share of the net income of minority JVs in India (SBI MF), China (ABC-CA), South Korea (NH-Amundi) and Morocco (Wafa Gestion),
    19        Shareholders’ equity less goodwill and intangible assets
    20        Excluding the amortisation of intangible assets
    21        The TSR (Total Shareholder Return) includes the total return for a shareholder: increase in the share price + dividends paid from 2016 to 2024 + Preferential Subscription Rights detached in May 2017. Calculation made on the basis of the closing price of 31 January 2025, €68 per share.
    22        Assets under management and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV
    23        Lyxor, integrated as of 31/12/2021
    24        Assets under management and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV;
    as of 01/01/2024, reclassification of short-term bond strategies (€30bn in AuM) as Bonds previously classified as Treasury until that date; the assets and net flows up to that date have not been reclassified in these tables
    25        See also the section 4.3 of the 2023 Universal Registration Document filed with the AMF on 18 April 2024
    26Source: IPE “Top 500 Asset Managers” published in June 2024 based on assets under management as of 31/12/2023
    27Amundi data as of 31/12/2024
    28Boston, Dublin, London, Milan, Paris and Tokyo

    Attachment

    • Amundi_PR Results_Q4&FY2024_EN

    The MIL Network –

    February 4, 2025
  • MIL-OSI Economics: Asian Development Blog: From Roads to Riches: Economic Corridors Can Supercharge South Asia

    Source: Asia Development Bank

    Economic corridor development in South Asia enhances trade, industrialization, and connectivity while addressing infrastructure gaps and business constraints. By creating jobs, promoting regional integration, and improving manufacturing competitiveness, corridors contribute to sustainable economic growth and poverty reduction.

    Economic corridors are drivers of economic growth and structural transformation and are integral to the pursuit of regional development and economic integration. They not only enhance connectivity and trade but also foster industrialization, job creation, and balanced regional growth. 

    In South Asia, particularly in Bangladesh, Bhutan, Nepal, India, and Sri Lanka the development of economic corridors presents a promising pathway to unlock economic potential, strengthen regional ties, and promote sustainable development. 

    Economic corridor development efforts aim to improve a country’s manufacturing potential by addressing key constraints such as cumbersome business processes, infrastructure bottlenecks, and low competitiveness of domestic manufacturing leading to low manufacturing jobs and less integration with global value chains.

    An economic corridor is a network of infrastructure projects designed to stimulate economic development across and between regions. These corridors typically include transportation routes, such as highways, railways, and ports, as well as industrial hubs and trade facilitation zones. The aim is to enhance connectivity, reduce trade barriers, and promote investment, ultimately spurring economic activities and job creation.

    India, with its vast and diverse economy, plays a crucial role in the development of economic corridors in Bangladesh, Bhutan, Nepal and Sri Lanka. The country’s strategic initiatives, such as the NICDP and the Prime Minister Gati Shakti (PM-GS) National Master Plan, aim to enhance connectivity and promote economic integration.

    In Bangladesh, the development of economic corridors is focused on enhancing infrastructure and trade logistics. Notable examples include the South West Economic Corridor, spanning from Khulna and Jessore to Dhaka, and the North East Economic Corridor, connecting Dhaka to Sylhet. These corridors are designed to improve the country’s trade infrastructure, diversify production networks, and integrate with regional and global value chains, all the while stimulating economic activities in less developed areas.

    Bhutan has planned to develop Gelephu Mindfulness City which will be the biggest economic hub of Bhutan attracting foreign investment and integrating with the rest of South Asia and Southeast Asia. Multimodal connectivity of Gelephu with India and Bangladesh will be a critical factor of its success in future. 

    Economic corridors drive regional integration, boost industrialization, and create jobs by enhancing infrastructure, reducing trade barriers, and fostering economic growth across South Asia.
     

    India’s efforts in industrial corridor development aim to boost the manufacturing sector by addressing key constraints like cumbersome business processes and infrastructure bottlenecks. 

    The National Industrial Corridor Development Program, in collaboration with the Asian Development Bank, focuses on creating a conducive environment for manufacturing, thereby enhancing sectoral growth. The Prime Minister Gati Shakti (PM-GS) National Master Plan further aims to enhance connectivity and promote economic integration across the country.

    Nepal, a landlocked country with challenging terrain, faces unique obstacles in its quest for economic development. The development of economic corridors, such as the East-West Highway and the North-South Corridors, is crucial for improving connectivity, reducing trade barriers, and fostering regional integration. These corridors aim to link Nepal more effectively with its neighbors, promoting economic activities and development in the region.

    Sri Lanka’s Colombo-Trincomalee Economic Corridor (CTEC) connects the Western Region including Colombo Port with the East Coast to Trincomalee Port, aims to facilitate economic growth through a network of export zones and free trade zones. This infrastructure is expected to boost trade, attract investments, and promote balanced regional growth.

    Economic corridor development involves a building block approach of construction and enhancement of transport networks, energy grids, and trade facilitation measures that connect key economic hubs within and across borders. 

    The transport and trade corridors are designed to streamline the movement of goods, services, and people, thereby reducing costs, increasing efficiency, and boosting competitiveness. The initiative also emphasizes the importance of aligning national policies and regulations to ensure seamless operations and to maximize the benefits of regional integration.

    Gradually these corridors will be transformed into economic corridors by addressing both hardware and software aspects of development. Effective corridor development also entails creating a conducive environment for businesses to thrive and for economies to grow.

    One of the key objectives of economic corridor development is job creation. This is a critical development objective for the countries in South Asia.  The creation of formal jobs through the expansion of the manufacturing sector directly contributes to poverty alleviation. 

    By facilitating the formalization of labor and incentivizing firms to adopt modern technology, corridor development helps to increase productivity and wages, thereby improving the standard of living for workers. Government actions to provide gender-inclusive housing, upgrade the skills of female workers, and appoint female board members in industrial node boards, further enhance economic corridors’ impact on poverty reduction and gender equality. 

    Economic corridors are pivotal in shaping South Asia’s economic future by enhancing trade, industrialization, and regional cooperation. Continued investment, policy alignment, and inclusive development strategies will be essential in maximizing their benefits and ensuring sustainable, equitable growth.
     

    MIL OSI Economics –

    February 4, 2025
  • MIL-OSI Economics: TOYOTA GAZOO Racing Launches Evolved GR Corolla in Japan

    Source: Toyota

    Headline: TOYOTA GAZOO Racing Launches Evolved GR Corolla in Japan

    TOYOTA GAZOO Racing (TGR) has started accepting orders for its evolved GR Corolla, a model that leverages insights gained by competing in motorsports. Orders will be accepted through Toyota dealerships across Japan from today, February 4, and actual launch is planned for March 3. This is the same model announced on August 2, 2024, in the USA, but with Japanese market specifications. The following news release provides detailed information on the features of this evolved GR Corolla.

    MIL OSI Economics –

    February 4, 2025
  • MIL-OSI Economics: Result of the Daily Variable Rate Repo (VRR) auction held on February 04, 2025

    Source: Reserve Bank of India

    Tenor 1-day
    Notified Amount (in ₹ crore) 25,000
    Total amount of bids received (in ₹ crore) 25,524
    Amount allotted (in ₹ crore) 25,001
    Cut off Rate (%) 6.51
    Weighted Average Rate (%) 6.52
    Partial Allotment Percentage of bids received at cut off rate (%) 80.25

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2072

    MIL OSI Economics –

    February 4, 2025
  • MIL-OSI Asia-Pac: LCSD to host Australian puppet show

    Source: Hong Kong Information Services

    Australia’s Windmill Theatre Company will return to Hong Kong from February 28 to March 2, following a 10-year hiatus, with the celebrated picture-book character Grug.

    The puppetry show Grug and the Rainbow will make up the finale of the Leisure & Cultural Services Department’s “Cheers!” Series.

    Grug is a character from the much-loved picture books of Australian writer Ted Prior. He began life as a burrawang treetop before falling to the ground, and is fascinated by the world around him.

    In Grug and the Rainbow, Grug is amazed by the vibrant colours of a rainbow and wants to have a rainbow of his own.

    The show, which will be staged at Sha Tin Town Hall, is best suited for children aged 2 to 6.

    Performances in English, with simple Cantonese interpretation, will be held at 5pm and 7.30pm on February 28, at 11.30am on March 1, and at 2.30pm on March 2. Performances exclusively in English will be held at 2.30pm on March 1 and at 11.30am on March 2.

    Each performance will run for about 35 minutes without intermission, and will be followed by an interactive session.

    Tickets are now available at URBTIX.

    Click here for details.

    MIL OSI Asia Pacific News –

    February 4, 2025
  • MIL-OSI China: Thai PM to visit China

    Source: China State Council Information Office

    At the invitation of Chinese Premier Li Qiang, Prime Minister of Thailand Paetongtarn Shinawatra will pay an official visit to China from Feb. 5 to 8, a foreign ministry spokesperson announced here on Tuesday.

    MIL OSI China News –

    February 4, 2025
  • MIL-OSI USA: Tuberville, Moran Introduce Legislation to Improve Access to Care for Veterans

    US Senate News:

    Source: United States Senator Tommy Tuberville (Alabama)

    WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator Jerry Moran (R-KS) in cosponsoring the Veterans’ Assuring Critical Care Expansions to Support Servicemembers (ACCESS) Act of 2025, which would increase access to care for veterans through the Department of Veterans Affairs (VA) providers in the community.

    “Veterans have paid the ultimate sacrifice in order to secure our freedom,” said Sen. Tuberville. “Over the last four years, many veterans have endured painfully long wait times and few options for care outside the VA. We should be providing quality and timely community care options—not making it harder for veterans to even get through the door. This legislation is a crucial step in righting the wrongs of the past administration. I trust that soon-to-be Secretary Doug Collins will prioritize getting veterans access to the care they earned.”

    U.S. Senators Tuberville and Moran are joined by U.S. Sens. Jim Banks (R-IN) and Thom Tillis (R-NC).

    The legislation is endorsed by the Wounded Warrior Project, Disabled American Veterans, The American Legion, the Veterans of Foreign Wars of the United States, Paralyzed Veterans of America, Military Officers Association of America, America’s Warrior Partnership, Vietnam Veterans of America, the Tragedy Assistance Program for Survivors, the Elizabeth Dole Foundation, the Military Order of the Purple Heart, Hunter Seven Foundation, Concerned Veterans for America, Americans for Prosperity and the National Defense Committee.

    Full text of the legislation can be found here. 

    BACKGROUND:

    The Veterans’ Assuring Critical Care Expansions to Support Servicemembers (ACCESS) Act of 2025 would establish existing community care access standards as the baseline standard of care for veterans seeking care in the community, increase access to life-saving treatment programs for veterans with mental health conditions or addiction and expand the list of criteria VA is required to take into account when determining whether it is in a veteran’s best medical interest to refer a veteran to the community to include veteran preference and continuity of care.

    Last year, Sen. Tuberville joined Sen. Moran in sending a letter to former Secretary McDonough urging him to reassess actions taken by the VA to cut referrals to community care. Sen. Tuberville also partnered with Sen. Rubio in introducing the Ensuring Continuity in Veterans Health Act, which would require the VA to consider continuity of healthcare when deciding whether seeing a provider in the community is in a veteran’s best medical interest.

    MORE:

    Tuberville, Blackburn Reintroduce Bill to Improve Veterans’ Access to Health Care

    Tuberville, Blackburn Introduce Legislation to Improve Veterans’ Access to Free-Market Health Care

    Tuberville Pushes Legislation to Improve Quality, Access to Care for Veterans

    Tuberville Questions Collins, Wants to Restore VA to its Original Mission

    The VA is broken, and Doug Collins can fix it

    The Dangerous Biden-Harris Plan to Leave our Veterans Behind

    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP, and Aging Committees.

    MIL OSI USA News –

    February 4, 2025
  • MIL-OSI USA: 02.03.2025 Sen. Cruz Announced as Chairman of the Senate Foreign Relations Subcommittee on Africa and Global Health Policy

    US Senate News:

    Source: United States Senator for Texas Ted Cruz

    WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas), a member of the Senate Foreign Relations Committee, issued the following statement after the announcement of subcommittee assignments for the 119th Congress on the Committee. Sen. Cruz will be the Chairman of the Subcommittee on Africa and Global Health Policy, as well as a member of the Subcommittee on Near East, South Asia, Central Asia, and Counterterrorism and the Subcommittee on Western Hemisphere, Transnational Crime, Civilian Security, Democracy, Human Rights, and Global Women’s Issues.
    Sen. Cruz said, “As the Chairman of the Subcommittee on Africa and Global Health Policy, I intend to pursue a robust oversight agenda and hearings schedule, with a focus on countering the Chinese Communist Party’s predatory practices toward our African partners. I will also focus on addressing threats posed by terrorist groups, freedom of navigation in the Red Sea, illicit finance across the continent, and diplomacy targeting us and our allies by malign actors. I look forward to also continuing work on other subcommittees strengthening strategic partnerships across the Middle East and the Western Hemisphere.”
    BACKGROUND
    The Senate Foreign Relations Subcommittees Sen. Cruz sits on holds jurisdiction over the following areas:
    Subcommittee on Africa and Global Health Policy:
    The subcommittee deals with all matters concerning U.S. relations with countries in Africa (except those, like the countries of North Africa, specifically covered by other subcommittees), as well as regional intergovernmental organizations like the African Union and the Economic Community of West African States. This subcommittee’s regional responsibilities include all matters within the geographic region, including matters relating to: (1) terrorism and non-proliferation; (2) crime and illicit narcotics; (3) U.S. foreign assistance programs; and (4) the promotion of U.S. trade and exports.
    In addition, this subcommittee has global responsibility for health-related policy, including disease outbreak and response.
    Subcommittee on Near East, South Asia, Central Asia, and Counterterrorism:
    This subcommittee deals with all matters concerning U.S. relations with the countries of the Middle East, North Africa, South Asia, and Central Asia, as well as regional intergovernmental organizations. This subcommittee’s regional responsibilities include all matters within the geographic region, including matters relating to: (1) terrorism and non-proliferation; (2) crime and illicit narcotics; (3) U.S. foreign assistance programs; and (4) the promotion of U.S. trade and exports.
    In addition, this subcommittee has global responsibility for counterterrorism matters.
    Subcommittee on Western Hemisphere, Transnational Crime, Civilian Security, Democracy, Human Rights, and Global Women’s Issues:
    This subcommittee deals with all matters concerning U.S. relations with the countries of the Western Hemisphere, including Canada, Mexico, Central and South America, Cuba, and the other countries in the Caribbean, as well as the Organization of American States. This subcommittee’s regional responsibilities include all matters within the geographic region, including matters relating to: (1) terrorism and non-proliferation; (2) crime and illicit narcotics; (3) U.S. foreign assistance programs; and (4) the promotion of U.S. trade and exports. In addition, this subcommittee has global responsibility for transnational crime, trafficking in persons (also known as modern slavery or human trafficking), global narcotics flows, civilian security, democracy, human rights, and global women’s issues.

    MIL OSI USA News –

    February 4, 2025
  • MIL-OSI Economics: Money Market Operations as on February 03, 2025

    Source: Reserve Bank of India


    (Amount in ₹ crore, Rate in Per cent)

      Volume
    (One Leg)
    Weighted
    Average Rate
    Range
    A. Overnight Segment (I+II+III+IV) 5,78,019.82 6.43 1.00-6.80
         I. Call Money 11,834.94 6.56 5.10-6.65
         II. Triparty Repo 4,05,311.75 6.38 5.50-6.55
         III. Market Repo 1,58,696.83 6.54 1.00-6.80
         IV. Repo in Corporate Bond 2,176.30 6.76 6.75-6.80
    B. Term Segment      
         I. Notice Money** 178.70 6.44 5.90-6.65
         II. Term Money@@ 636.50 – 6.35-7.50
         III. Triparty Repo 230.00 6.60 6.60-6.60
         IV. Market Repo 4,117.48 6.62 6.60-6.83
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Mon, 03/02/2025 1 Tue, 04/02/2025 48,785.00 6.51
         (b) Reverse Repo          
    3. MSF# Mon, 03/02/2025 1 Tue, 04/02/2025 1,170.00 6.75
    4. SDFΔ# Mon, 03/02/2025 1 Tue, 04/02/2025 1,13,121.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -63,166.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo Fri, 24/01/2025 14 Fri, 07/02/2025 1,62,096.00 6.51
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       9,556.71  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     1,71,652.71  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     1,08,486.71  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on February 03, 2025 9,00,623.53  
         (ii) Average daily cash reserve requirement for the fortnight ending February 07, 2025 9,12,544.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ February 03, 2025 48,785.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on January 10, 2025 -40,102.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/2071

    MIL OSI Economics –

    February 4, 2025
  • MIL-OSI Global: Peatlands and mangroves: Southeast Asian countries must protect these major carbon pools to boost climate ambitions

    Source: The Conversation – Indonesia – By Sigit Sasmito, Senior Research Officer, James Cook University

    Peat swamp in Danau Sentarum National Park, West Kalimantan. (Bramanthya Fathi Makarim/Shutterstock)

    Protecting and restoring peatlands and mangroves can strengthen Southeast Asian countries’ efforts to combat climate change, according to new findings from an international team of researchers.

    Carbon-dense peatlands and mangroves comprise only 5% of Southeast Asia’s surface. Protecting and restoring them, however, can reduce approximately 770±97 megatonnes of CO2 equivalent (MtCO2e) annually. This is equal to more than half of the carbon emissions from land use in the region.

    Conserving offers larger mitigation potential through reduced emissions from ecosystem loss in the region compared to gains from restoration. If optimally implemented, restoration can still play an important role in nature-based carbon sequestration.

    Having peatlands and mangroves included in the new climate pledges (Nationally Determined Contributions 3.0) can help countries set higher emissions reduction targets for 2030 and 2035.

    More benefits to offer

    The study reports extensive climate benefits from conserving and restoring peatlands and mangroves. Therefore, they make effective natural climate solutions for Southeast Asian countries.

    Both ecosystems protect organic matter from decay under natural conditions, acting as net carbon sinks. This means that carbon uptake exceeds carbon loss.

    Net carbon gains are mainly accumulated in their soils instead of their vegetation. More than 90% of carbon stocks in peatlands and 78% in mangroves are in their soils.

    At scale, protecting and restoring both types of wetlands also supports other valuable co-benefits. These include biodiversity preservation, water quality improvement, coastal protection, food security and rural development for millions of coastal people across Southeast Asian countries.

    Challenges remain

    Despite the benefits, many challenges and risks persist in conserving and restoring peatlands and mangroves.

    When peatlands and mangroves are disturbed – commonly due to land use change – they release large quantities of carbon into the atmosphere. This release can later exacerbate climate change.

    The new estimates suggest that changes in their land use for the past two decades (2001-2022) had caused the release of approximately 691±97 MtCO2e of excess emissions.

    Indonesia accounts for the largest portion of the region’s emissions, accounting for 73%. Malaysia (14%), Myanmar (7%), and Vietnam (2%) follow. The other seven Southeast Asian countries generate the remaining 4% of emissions.

    In Southeast Asia, mangroves and peatlands are often treated as unproductive land. Still, they have long been subject to agricultural land expansion planning.

    Moreover, unclear or multi-land ownership and lack of long-term participatory monitoring programs are critical challenges for prioritising and implementing restoration on the ground.

    Despite these challenges, government and corporate interest in developing conservation and restoration-based carbon projects for peatlands and mangroves is rapidly increasing.

    That is why now is a good opportunity to recognise their vital roles — not only for climate change mitigation — but also for people and nature.

    Implications for national emissions reduction targets

    The new study addresses a critical gap in climate policy for Southeast Asian by providing annual climate change mitigation potentials from peatlands and mangroves.

    Climate mitigation potential for national land-use emissions varies widely between countries.

    The findings suggest that it could reduce national land-use emissions by up to 88% in Malaysia, 64% in Indonesia, and 60% in Brunei. Other countries include Myanmar at 39%, the Philippines at 26%, Cambodia at 18%, Vietnam at 13%, Thailand at 10%, Laos at 9%, Singapore at 2%, and Timor-Leste at 0.04%.

    Our study also shows that mitigation potential from peatlands and mangroves in Indonesia can fulfil country Forestry and Other Land-use (FOLU) Net Sink targets by 2030.

    In its 2022 NDCs, Indonesia plans to reduce its annual emissions from FOLU by 2030 between 500-729 MtCO2e, depending on the level of external support. According to the study, this figure is within the same order of mitigation potential as peatlands and mangroves can collectively generate.

    However, peatland and mangrove mitigation potentials are insufficient to avoid dangerous levels of climate change in the future.

    Decarbonisation remains the most effective means of curbing climate change and its impacts, with peatland and mangrove protection enhancing these efforts.

    Susan Elizabeth Page menerima dana dari University of Leicester, UK.

    Dan Friess, David Taylor, Massimo Lupascu, Pierre Taillardat, Sigit Sasmito, dan Wahyu Catur Adinugroho tidak bekerja, menjadi konsultan, memiliki saham, atau menerima dana dari perusahaan atau organisasi mana pun yang akan mengambil untung dari artikel ini, dan telah mengungkapkan bahwa ia tidak memiliki afiliasi selain yang telah disebut di atas.

    – ref. Peatlands and mangroves: Southeast Asian countries must protect these major carbon pools to boost climate ambitions – https://theconversation.com/peatlands-and-mangroves-southeast-asian-countries-must-protect-these-major-carbon-pools-to-boost-climate-ambitions-247570

    MIL OSI – Global Reports –

    February 4, 2025
  • MIL-OSI China: Hong Kong’s economy grows 2.5% in 2024

    Source: China State Council Information Office

    Hong Kong’s economy expanded 2.5 percent in 2024 as exports of goods and services maintained growth, according to advance estimates released by the Hong Kong Special Administrative Region (HKSAR) government on Monday.

    In the fourth quarter (Q4) of 2024, the region’s Gross Domestic Product (GDP) grew 2.4 percent year-on-year in real terms, faster than the 1.9-percent uptick in Q3, data from the Census and Statistics Department showed.

    In 2024, total exports of goods resumed growth amid improved external demand, while exports of services posted an increase on the back of rising visitor arrivals and improvement in other cross-border economic activities, commented a spokesperson for the HKSAR government.

    Overall investment expenditure expanded along with the economy at large, but private consumption expenditure recorded a slight decline owing to changes in residents’ consumption patterns, the spokesperson noted.

    Looking ahead, the Hong Kong economy is expected to register further growth in 2025 despite heightened uncertainties in the external environment, the spokesperson said.

    The central government’s various measures benefitting Hong Kong, coupled with the HKSAR government’s wide range of initiatives to promote economic growth, will support various economic activities, said the spokesperson.

    MIL OSI China News –

    February 4, 2025
  • MIL-OSI China: 6.1-magnitude quake jolts off Indonesia’s North Maluku, no tsunami alert issued

    Source: China State Council Information Office

    A 6.1-magnitude earthquake rocked off Indonesia’s North Maluku province early Tuesday without prompting large waves, the country’s Meteorology, Climatology and Geophysics Agency said.

    The agency had first issued the quake’s magnitude at 6.2 before revising it.

    The earthquake struck at 04:35 a.m. Jakarta time Tuesday (2135 GMT Monday), with its epicenter situated 86 km northeast of Doi Island in North Halmahera regency at a depth of 105 km under the seabed.

    No tsunami alert was issued as the tremors were not expected to trigger giant waves.

    Having situated on a vulnerable hit zone called the Pacific Ring of Fire, Indonesia, an archipelagic nation, has frequently been stricken by earthquakes. 

    MIL OSI China News –

    February 4, 2025
  • MIL-OSI: Bridge Specialty Group enters into agreement to acquire NBS Insurance Agency, Inc.

    Source: GlobeNewswire (MIL-OSI)

    DAYTONA BEACH, Fla., Feb. 03, 2025 (GLOBE NEWSWIRE) — Stephen M. Boyd, president of Bridge Specialty Group (“BSG”), and Mark Berven, president and chief operating officer of Nationwide Property & Casualty, today announced that the parties have entered into an agreement for BSG to acquire NBS Insurance Agency, Inc. (operating as “Nationwide Brokerage Solutions” or “NBS”). The agreement only includes NBS Insurance Agency, Inc. and no other Nationwide affiliated companies. The transaction is expected to close in March 2025, subject to certain closing conditions.

    Steve Boyd shared, “NBS has served as a wholesaler and market access provider for retail agents for more than 50 years, providing superior service to their customers and retail broker partners. We look forward to welcoming the talented, customer-focused NBS team to Bridge Specialty Group. We are excited about the opportunity to invest in their continued development while immersing them in our dynamic, people-first culture. The addition of the NBS business to our operation will bring added specialization and complement our existing capabilities.”

    Mark Berven stated, “Nationwide and Bridge Specialty Group have had a strong working relationship for many years. Through our discussions, we determined there was a shared opportunity to enhance both of our organizations through a strategic transaction. With its tools, resources and strong global market presence, BSG is well positioned to drive the growth of NBS going forward.”

    NBS will continue to operate as a national platform and will be led by Ted Stuckey, president of NBS. Ted will report to Anurag Batta, chief operating officer of Bridge Specialty Group, and collaborate closely with other leaders on the BSG team.

    About Bridge Specialty Group, LLC

    Bridge Specialty Group is a leading global insurance wholesaler with access to over 200 admitted, excess and surplus lines and Lloyd’s markets that support our nearly $6 billion premium book. With more than 50 locations and 2,000 teammates throughout the United States, United Kingdom, Europe and Asia, Bridge Specialty Group holds market recognition that enables us to connect retail partners with tailored insurance solutions through our specific practice groups including property, casualty, executive risk, personal lines, public entity, transportation and workers’ compensation.

    Bridge Specialty Group is a wholly owned operating division of Brown & Brown, Inc. This press release may contain certain statements relating to future results, which are forward-looking statements, including those associated with this acquisition. These statements are not historical facts but instead represent only Brown & Brown’s current belief regarding future events, many of which, by their nature, are inherently uncertain and outside of Brown & Brown’s control. It is possible that Brown & Brown’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Further information concerning Brown & Brown and its business, including factors that potentially could materially affect Brown & Brown’s financial results and condition, as well as its other achievements, is contained in Brown & Brown’s filings with the Securities and Exchange Commission. Such factors include those factors relevant to Brown & Brown’s consummation and integration of the announced acquisition, including any matters analyzed in the due diligence process and material adverse changes in the business and financial condition of the seller, the buyer, or both, and their respective customers. All forward-looking statements made herein are made only as of the date of this release, and Brown & Brown does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which Brown & Brown hereafter becomes aware.

    For more information:

    Steve Boyd
    President, Bridge Specialty Group
    (760) 710-6865

    The MIL Network –

    February 4, 2025
  • MIL-OSI Economics: Unintended Consequences of Business Digitalization Among MSMEs During the COVID-19 Pandemic: The Case of the Philippines

    Source: Asia Development Bank

    The findings show that internet or e-commerce use did not lead to better MSME outcomes during the strict lockdown in March 2020. However, by August 2020, the negative effects had lessened, and by March 2021 a positive impact had emerged. This delayed positive impact suggests that MSMEs need a certain level of maturity to effectively harness digital tools. The authors propose how policymakers could help enhance the resilience of MSMEs in the Philippines through digitalization, such as by establishing a regulatory framework to ensure fair competition for MSMEs on digital platforms. The paper complements a previous study on data from Indonesia.

    MIL OSI Economics –

    February 4, 2025
  • MIL-OSI China: Passage of Chinese fleet through Basilan Strait consistent with int’l law, practice: Spokesperson

    Source: China State Council Information Office 2

    The normal passage of the Chinese naval fleet through the Basilan Strait is fully in accordance with international law and practice, said Tian Junli, a spokesperson for the Chinese People’s Liberation Army Southern Theater Command.
    The command deployed naval and air forces for training exercises to the high seas through the Basilan Strait on Monday, said Tian, adding that the operations were conducted in a safe, standardized, and professional manner.
    The Philippine side has falsely hyped and smeared the normal passage of the Chinese naval fleet, seriously undermining the legitimate navigation rights of China and other countries, Tian said.

    MIL OSI China News –

    February 4, 2025
  • MIL-OSI China: Global celebrations of Chinese New Year

    Source: People’s Republic of China – State Council News

    Global celebrations of Chinese New Year

    Updated: February 4, 2025 09:28 Xinhua
    A woman presents Hanfu attire in Kuala Lumpur, Malaysia, Feb. 2, 2025. A Hanfu-themed gathering in celebration of the Chinese Lunar New Year, or the Spring Festival, was held here on Sunday. [Photo/Xinhua]
    Guests take part in a closing bell ceremony held by Nasdaq and the Chinese Consulate General in New York in celebration of the Chinese Lunar New Year, in New York, the United States, Jan. 27, 2025. [Photo/Xinhua]
    Students from the art troupe of the High School Affiliated to Renmin University of China perform during the Chinese New Year Showcase in Chicago, the United States, Feb. 1, 2025. [Photo/Xinhua]
    Tunisian Chinese learners practice Chinese calligraphy during a cultural event held at a bookstore in celebration of the Chinese New Year, also known as the Spring Festival, in Tunis, Tunisia, Feb. 1, 2025. [Photo/Xinhua]
    A person in Monkey King costume plays Mahjong during a Chinese New Year celebration at Camden Market in London, Britain, Feb. 1, 2025. [Photo/Xinhua]
    Performers pose for photos during a Chinese New Year celebration at Camden Market in London, Britain, Feb. 1, 2025. [Photo/Xinhua]
    People watch a performance during a celebration of the Chinese New Year in Madrid, Spain, Jan. 31, 2025. [Photo/Xinhua]
    A decoration of a snake is seen on the show window of a bookstore in Turin, Italy, Jan. 31, 2025. Exhibition boards and posters about the Chinese New Year are displayed on the streets of Turin as part of the festival celebration. [Photo/Xinhua]
    Dragon dancers perform in a celebration of the Chinese New Year at Denpasar in Bali Province, Indonesia, Feb. 1, 2025. [Photo/Xinhua]
    A woman interacts with a lion dancer during an event celebrating the Chinese New Year in Wellington, New Zealand, Feb. 1, 2025. [Photo/Xinhua]
    Local residents learn to make decorative Chinese knots during an event celebrating the Chinese New Year at the Auckland Art Gallery in Auckland, New Zealand, Feb. 1, 2025. [Photo/Xinhua]
    A tourist poses for a photo with a mascot during a celebration of the Chinese New Year in Melbourne, Australia, Feb. 1, 2025. [Photo/Xinhua]
    A lion dance is staged during a celebration of the Chinese New Year in Melbourne, Australia, Feb. 1, 2025. [Photo/Xinhua]
    Members of a Yingge team perform the traditional Chaoyang Yingge dance during the Spring Festival temple fair in Frankfurt, Germany, on Jan. 31, 2025. The Yingge team from Shantou, south China’s Guangdong province, offered a rich cultural feast in Frankfurt to friends from all over the world through their Chaoyang Yingge dance, a unique art form combining drama, dance, and martial arts. [Photo/Xinhua]

    MIL OSI China News –

    February 4, 2025
  • MIL-Evening Report: Australia won’t escape the fallout of the Trump trade chaos

    Source: The Conversation (Au and NZ) – By Scott French, Senior Lecturer in Economics, UNSW Sydney

    In a hectic 24 hours of trade diplomacy, US President Donald Trump has paused his threatened 25% tariffs on US imports from Canada and Mexico, while keeping 10% tariffs on imports from China.

    Australian companies with operations in Canada or Mexico such as Rio Tinto, whose Canadian operations export billions of dollars of aluminium to the US, have won a temporary reprieve. But the risk of weaker economic growth in China will weigh heavily on companies that export to our largest trading partner.

    And Trump has hinted all US imports of aluminium and copper, including from Australia, may be his next target.

    The Treasurer Jim Chalmers said on Tuesday that although Australia is not immune when there are escalating trade tensions, “we are pretty well-placed to navigate them.”

    However, even if Australia manages to stay out of Trump’s sights, Australians cannot expect to come out of a trade war unscathed. Due to the complexity of global supply chains, it is difficult to predict exactly how Australia would be affected, but here are a few key factors that would likely come into play.

    Our largest trading partner

    About 40% of Australia’s exports go to China, making it the biggest destination by far, according to data for 2023 from UN Comtrade. Most of this is Australian iron ore and other minerals that are used in China’s construction and manufacturing sectors.

    If Trump’s tariffs further slow the
    already sluggish Chinese economy, this will reduce demand for the goods it buys from Australia.

    If China’s demand for iron ore falls significantly, this will not only hurt the Australian mining sector, but it could trigger a fall in the Australian dollar, making the things Australians buy from abroad more expensive.

    But the size of the impact of the latest tariffs on China remains to be seen. China has already absorbed the tariffs from the first Trump administration, and the latest increase is much smaller than the 60% tariff he previously proposed.

    Trade diversion

    The one positive effect for Australia of US tariffs on other countries is that, because they raise the price of other countries’ exports to the US, they may make some Australian exports more competitive. This is something economists call trade diversion. For example, the tariffs on Canadian aluminium would have shifted US demand toward aluminium produced in Australia.

    The tariffs on China will divert relatively little trade to Australia because there is not much overlap between the products China and Australia export to the US.

    But China’s retaliatory tariffs could make a significant impact. China responded to the US tariffs imposed during Trump’s first term with tariffs on American wheat and other agricultural products. A similar move this time could create an opening for Australian farmers to fill the gap.

    But it is not all good news. The US exports diverted away from the Chinese market will also compete with Australian products in other countries. So, while Australian wheat may become more competitive in China, US wheat may displace Australia’s in the Philippines.

    A weaker Aussie dollar?

    Tariffs also tend to cause the currency of the country imposing them to rise because they reduce demand for goods denominated in foreign currencies.

    The flip side is a weaker Australian dollar, which dropped to a five-year low after the tariffs were flagged. The currency has now fallen nearly 10% since November.

    Again, this raises the cost of imports to Australia, which could lift inflation.

    Network disruption

    If the tariffs on Canada and Mexico are confirmed in 30 days’ time, the greatest impact will be in the supply chain disruption they will cause.

    Analyses of the tariffs Trump imposed on China in 2018 found most of the cost was borne by US businesses that use imported inputs. But because North American production networks are so highly integrated, and have been for decades, the effect of tariffs on Canada and Mexico will be much more disruptive to all North American producers.

    As economic networks expert Ben Golub explains, the concern is not just that auto prices will rise, but that if key parts of the production network fail, such as if small but important intermediate suppliers go out of business, the effects of the tariffs could cascade into major disruptions.

    Eventually, businesses will develop alternative supply chains, but the short-run pain could be considerable.

    For Australians, this could mean higher prices and supply disruptions, not just for the products we buy from the US, but for anything that depends on a North American supplier at any stage in the production process.

    We are still feeling the effects of the supply chain disruptions caused by COVID, including the jump in inflation in 2021 and 2022 and the subsequent high interest rates and global backlash against incumbent political parties. That includes Donald Trump’s return to the Oval Office.

    Similar disruptions may be in store if this skirmish becomes a major global trade war. Even if Trump’s promised tariffs never actually materialise, we may still see the same effects on a smaller scale because the trade policy uncertainty from just the threat of a trade war has similar effects on business activity as actual tariffs.

    Whatever transpires, even if Australia can escape direct involvement in a trade war, it cannot escape the shockwaves that reverberate through the global economy. The question is whether it will be a ripple or a tsunami.

    Scott French does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Australia won’t escape the fallout of the Trump trade chaos – https://theconversation.com/australia-wont-escape-the-fallout-of-the-trump-trade-chaos-248883

    MIL OSI Analysis – EveningReport.nz –

    February 4, 2025
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