Source: Reserve Bank of India
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Category: Banking
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MIL-OSI Economics: Money Market Operations as on March 28, 2025
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MIL-OSI Economics: Statement by the Monetary Policy Board: Monetary Policy Decision
Source: Reserve Bank of Australia
At its meeting today, the Board decided to leave the cash rate target unchanged at 4.10 per cent and the interest rate paid on Exchange Settlement balances at 4 per cent.
Underlying inflation is moderating.
Inflation has fallen substantially since the peak in 2022, as higher interest rates have been working to bring aggregate demand and supply closer towards balance. Recent information suggests that underlying inflation continues to ease in line with the most recent forecasts published in the February Statement on Monetary Policy. Nevertheless, the Board needs to be confident that this progress will continue so that inflation returns to the midpoint of the target band on a sustainable basis. It is therefore cautious about the outlook.
The Board noted that monetary policy is well placed to respond to international developments if they were to have material implications for Australian activity and inflation.
The outlook remains uncertain.
Private domestic demand appears to be recovering, real household incomes have picked up and there has been an easing in some measures of financial stress. However, businesses in some sectors continue to report that weakness in demand makes it difficult to pass on cost increases to final prices.
At the same time, a range of indicators suggest that labour market conditions remain tight. Despite a decline in employment in February, measures of labour underutilisation are at relatively low rates and business surveys and liaison suggest that availability of labour is still a constraint for a range of employers. Wage pressures have eased a little more than expected but productivity growth has not picked up and growth in unit labour costs remains high.
There are notable uncertainties about the outlook for domestic economic activity and inflation. The central projection is for growth in household consumption to continue to increase as income growth rises. But there is a risk that any pick-up in consumption is slower than expected, resulting in continued subdued output growth and a sharper deterioration in the labour market than currently expected. Alternatively, labour market outcomes may prove stronger than expected, given the signal from a range of leading indicators.
More broadly, there are uncertainties regarding the lags in the effect of monetary policy and how firms’ pricing decisions and wages will respond to the demand environment and weak productivity outcomes while conditions in the labour market remain tight.
Uncertainty about the outlook abroad also remains significant. On the macroeconomic policy front, recent announcements from the United States on tariffs are having an impact on confidence globally and this would likely be amplified if the scope of tariffs widens, or other countries take retaliatory measures. Geopolitical uncertainties are also pronounced. These developments are expected to have an adverse effect on global activity, particularly if households and firms delay expenditures pending greater clarity on the outlook. Inflation, however, could move in either direction. Many central banks have eased monetary policy since the start of the year, but they have become increasingly attentive to the evolving risks from recent global policy developments.
Sustainably returning inflation to target is the priority.
Sustainably returning inflation to target within a reasonable timeframe is the Board’s highest priority. This is consistent with the RBA’s mandate for price stability and full employment. To date, longer term inflation expectations have been consistent with the inflation target and it is important that this remain the case.
The Board’s assessment is that monetary policy remains restrictive. The continued decline in underlying inflation is welcome, but there are nevertheless risks on both sides and the Board is cautious about the outlook.
The Board will rely upon the data and the evolving assessment of risks to guide its decisions. In doing so, it will pay close attention to developments in the global economy and financial markets, trends in domestic demand, and the outlook for inflation and the labour market. The Board is resolute in its determination to sustainably return inflation to target and will do what is necessary to achieve that outcome.
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MIL-OSI: CORRECTION: First National Bank Alaska announces unaudited results for fourth quarter and full year 2024
Source: GlobeNewswire (MIL-OSI)
ANCHORAGE, Alaska, March 31, 2025 (GLOBE NEWSWIRE) — In a release issued under the same headline on February 19, 2025, by First National Bank Alaska (OTCQX:FBAK), please note that in the third paragraph, the value of nonperforming loans as of Dec. 31, 2023 should be $4.6 million, rather than $4.7 million as originally issued. In turn, this resulted in changes to several values in the “Total Interest And Loan Fee Income” and “Total Interest Expense” rows, and the “Nonperforming Loans and OREO” and “Nonperforming Loans and OREO/Tier 1 Capital” rows, of the included financial table. The corrected release follows:
First National Bank Alaska announces unaudited results for fourth quarter and full year 2024
First National Bank Alaska’s (OTCQX:FBAK) net income for the fourth quarter of 2024 was $19.9 million, or $6.29 per share. This compares to a net income of $16.6 million, or $5.24 per share, for the same period in 2023.
“Fourth quarter results concluded another year of strong financial performance in 2024,” said First National Board Chair and CEO/President Betsy Lawer. “Growth in both loans and customer deposits along with repositioning efforts in the securities portfolio enhanced the balance sheet. Growth in noninterest income along with outstanding expense management resulted in record-high net income. As we build on the momentum generated in 2024, I’m excited about where our recently expanded leadership team will take us to further help Alaskans shape a brighter tomorrow.”
Loans totaled $2.5 billion as of Dec. 31, 2024, an increase of $24.3 million during fourth quarter 2024, and an increase of $196.6 million compared to the same period in 2023. Fourth quarter loan quality was strong with nonperforming loans of $4.3 million, 0.17% of outstanding loans compared to $4.6 million and 0.20% as of Dec. 31, 2023. The provision for credit losses totaled $0.7 million for the year ended Dec. 31, 2024, compared to a $0.9 million benefit for year ended Dec. 31, 2023. The allowance for credit losses as of Dec. 31, 2024 totaled $18.0 million, or 0.73% of total loans.
Fourth quarter total interest and loan fee income was $63.4 million, a 6.2% increase from $59.8 million for the quarter ended Dec. 31, 2023. The yield on loans increased to 6.67% compared to 6.25% on Dec. 31, 2023. Interest and fees on loans and interest and dividends on investment securities increased in the fourth quarter on rate and volume improvements.
Assets totaled $5.0 billion as of Dec. 31, 2024, decreasing by $559.5 million due to the repayments during the fourth quarter of the December 2023 advance under the Federal Reserve Bank Term Funding Program and the July 2024 Federal Home Loan Bank borrowing. Return on assets on Dec. 31, 2024, was 1.22%, fifteen basis points higher compared to 2023.
Deposits and repurchase agreements totaled $4.4 billion as of Dec. 31, 2024, an increase of $47.1 million during the fourth quarter, and an increase of $13.1 million since Dec. 31, 2023. Seasonal outflow was offset by new customer deposits during the fourth quarter of 2024.
Interest expense for the quarter decreased by $0.2 million compared to the quarter ended Dec. 31, 2023, due to repayments of borrowed funds offset by mix changes in interest-bearing deposits. Net interest margin through Dec. 31, 2024, was 3.12% compared to 2.82% for the year ended Dec. 31, 2023.
Noninterest income for fourth quarter 2024 was $7.0 million, an increase of 7.5% compared to fourth quarter 2023. Quarterly income improvement occurred within fiduciary activities and mortgage loan servicing. Noninterest expenses for the fourth quarter of 2024 increased 12.4% compared to the same period in 2023, primarily due to an increase in salaries and benefits driven by the competitive labor market and health care costs. The efficiency ratio for Dec. 31, 2024, was 53.51% and remains better than First National’s peer groups, both in Alaska and across the nation.
Provision for income taxes was reduced $2.2 million in the fourth quarter of 2024 as compared to the fourth quarter of 2023, reflecting certain state income tax benefits achieved in the securities portfolio.
Shareholders’ equity was $516.6 million as of Dec. 31, 2024, compared to $464.8 million as of Dec. 31, 2023. This $51.8 million increase resulted from a decrease in the net unrealized loss position of the securities portfolio and net income retained in excess of dividends paid. Return on equity as of Dec. 31, 2024, was 13.60% compared to 13.97% as of Dec. 31, 2023. Book value per share as increased to $163.11, compared to $146.77 as of Dec. 31, 2023. The bank’s Dec. 31, 2024, Tier 1 leverage capital ratio of 10.54% remains above well-capitalized standards.
ABOUT FIRST NATIONAL BANK ALASKA
First National Bank Alaska files a quarterly financial report with the Federal Financial Institution Examination Council. The bank’s latest Consolidated Report of Condition and Income (Call Report) is filed by the 30th of the month following quarter-end and is subsequently posted at FNBAlaska.com and OTCMarkets.com.
Alaska’s community bank since 1922, First National proudly meets the financial needs of Alaskans with ATMs and 28 locations in 19 communities throughout the state, and by providing banking services to meet their needs across the nation and around the world.
In 2025, Forbes selected First National as the sixth bank in the country on their America’s Best Banks list. In 2024, Alaska Business readers voted First National “Best of Alaska Business” in the Best Place to Work category for the ninth year in a row, Best Bank/Credit Union for the fourth time running, and Best Customer Service. The bank was also voted “Best of Alaska” in 2024 in the Anchorage Daily News awards, ranking as one of the top three in the Bank/Financial category for the sixth year in a row. American Banker again recognized First National as a “Best Bank to Work For” in 2024, for the seventh consecutive year.
For more than a century, the bank has been committed to supporting the communities it serves. In 2024, for the eighth consecutive reporting period, over a span of twenty-four years, First National Bank Alaska received an Outstanding Community Reinvestment Act performance rating from the Office of the Comptroller of the Currency Our dedicated team strives to provide exceptional customer service to meet the banking needs of our neighbors and fellow Alaskans across the state to help shape a brighter tomorrow.
First National Bank Alaska is a Member FDIC, Equal Housing Lender, and recognized as a Minority Depository Institution by the Office of the Comptroller of the Currency, as it is majority-owned by women.
CONTACT: Corporate Communications, 907-777-3409
Financial Overview (Unaudited) ($ in thousands, except per common share amounts) Three months ended Year ended Dec. 31, Sep. 30, Dec. 31, December 31, 2024 2024 2023 2024 2023 Income Statement Total Interest And Loan Fee Income $ 63,439 $ 64,615 $ 59,761 $ 244,320 $ 214,518 Total Interest Expense $ 18,591 $ 21,319 $ 18,803 $ 77,599 $ 60,039 Provision for Credit Losses $ (118 ) $ (432 ) $ (344 ) $ 721 $ (930 ) Total Noninterest Income $ 7,011 $ 7,293 $ 6,522 $ 28,233 $ 25,426 Total Noninterest Expense $ 27,696 $ 25,928 $ 24,651 $ 104,346 $ 98,168 Provision for Income Taxes $ 4,350 $ 7,099 $ 6,593 $ 22,839 $ 22,657 Net Income $ 19,931 $ 17,994 $ 16,580 $ 67,048 $ 60,010 Earnings per common share $ 6.29 $ 5.68 $ 5.24 $ 21.17 $ 18.96 Dividend per common share $ 6.40 $ 3.20 $ 6.40 $ 16.00 $ 16.00 Financial Overview (Unaudited) Quarter Ended 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 Balance Sheet Total Assets $ 4,997,767 $ 5,557,306 $ 5,116,066 $ 5,212,976 $ 5,730,835 Total Securities $ 1,928,625 $ 2,602,519 $ 2,197,788 $ 2,404,078 $ 2,384,951 Total Loans $ 2,469,935 $ 2,445,596 $ 2,391,593 $ 2,369,282 $ 2,273,311 Total Deposits $ 3,679,155 $ 3,728,181 $ 3,698,631 $ 3,665,066 $ 3,780,018 Repurchase Agreements $ 743,193 $ 647,043 $ 615,096 $ 571,463 $ 629,280 Total Deposits and Repurchase Agreements $ 4,422,348 $ 4,375,224 $ 4,313,727 $ 4,236,529 $ 4,409,298 Total Borrowing under the Federal Reserve Bank Term Funding Program $ – $ 249,868 $ 249,868 $ 430,000 $ 780,000 Unrealized loss on marketable securities, net of tax $ (62,985 ) $ (52,020 ) $ (86,857 ) $ (95,809 ) $ (98,378 ) Total Shareholders’ Equity $ 516,562 $ 527,864 $ 485,167 $ 470,702 $ 464,791 Financial Measures Return on Assets 1.22 % 1.15 % 1.08 % 0.95 % 1.07 % Return on Equity 13.60 % 12.90 % 12.30 % 11.52 % 13.97 % Net Interest Margin 3.12 % 3.04 % 2.98 % 2.76 % 2.82 % Yield on Loans 6.67 % 6.65 % 6.55 % 6.40 % 6.25 % Yield on Securities 2.55 % 2.49 % 2.33 % 2.36 % 1.66 % Cost of Interest Bearing Deposits 1.57 % 1.62 % 1.60 % 1.55 % 1.02 % Efficiency Ratio 53.51 % 53.59 % 54.94 % 56.00 % 54.28 % Capital Shareholders’ Equity/Total Assets 10.34 % 9.50 % 9.48 % 9.03 % 8.11 % Tier 1 Leverage Ratio 10.54 % 10.39 % 11.12 % 9.96 % 9.85 % Regulatory Well Capitalized Minimum Ratio – Tier 1 Leverage Ratio 5.00 % 5.00 % 5.00 % 5.00 % 5.00 % Tier 1 (Core) Capital $ 579,547 $ 579,884 $ 572,024 $ 566,511 $ 563,169 Credit Quality Nonperforming Loans and OREO $ 4,313 $ 4,186 $ 4,731 $ 28,634 $ 4,623 Nonperforming Loans and OREO/Total Loans 0.17 % 0.17 % 0.20 % 1.21 % 0.20 % Nonperforming Loans and OREO/Tier 1 Capital 0.74 % 0.72 % 0.83 % 5.05 % 0.82 % Allowance for Credit Losses $ 18,025 $ 18,550 $ 19,000 $ 18,800 $ 17,750 Allowance for Credit Losses/Total Loans 0.73 % 0.76 % 0.79 % 0.79 % 0.78 % Net interest margin, yields, and efficiency ratios are tax effected. Financial measures are year-to-date. -
MIL-OSI Russia: NSU launches course on cybersecurity basics for seniors
Translartion. Region: Russians Fedetion –
Source: Novosibirsk State University – Novosibirsk State University –
A course of lectures on financial and computer literacy “Basics of Cybersecurity for the Senior Generation” was launched at Novosibirsk State University on March 28. Its students were pensioners from the Sovietsky District of Novosibirsk. This course on financial literacy is conducted by Sber specialists with the support of Faculty of Economics, NSU. It is organized within the framework of the mandatory course “Service Learning”, which is being implemented in various formats in all universities of the country and is aimed at developing citizenship, responsibility, leadership qualities and patriotism in combination with professional competencies through the implementation of socially oriented projects. The tasks for students are set by social partners. They also supervise the activities of students throughout the academic semester.
— The mandatory course “Service Learning” is an important platform for revealing the potential of young people in solving project tasks that have practical significance, and the social focus helps to more accurately build internal motivation for their solution. This is a subtle educational approach that develops the idea of volunteering, adding to it the experience of team solutions, reflection at all stages and mentoring from curators from both the university and the social partner. As part of the course, students receive a project result and reflect it on the Dobro.RF platform. It is open to everyone and can also be implemented by other regions in the course of solving similar problems, — said Elena Obukhova, PhD in Economics, Associate Professor of the Department of Management of the Faculty of Economics of NSU.
One of such projects was a course of lectures on financial and computer literacy for pensioners, organized jointly with the Administration of the Sovietsky District of Novosibirsk with the support of State Duma deputy Alexander Aksenenko. The course consists of 4 lectures and three practical classes.
— In the modern world of technological progress, fraudsters are moving into the category of cyberspace, that is, pickpocket fraud and apartment thefts are becoming less common, because people have stopped keeping paper money at home and carrying it in their wallets. Now it is a cashless world and fraudsters are already trying to steal non-cash money, so it is important to protect yourself in cyberspace, — said Nadezhda Volkova, Head of Financial Literacy and Sales Efficiency at Sberbank Siberian Bank.
Unfortunately, the most vulnerable category of citizens to cyber fraudsters are people of retirement and pre-retirement age. Our lectures are aimed at telling about the methods of cyber fraudsters and teaching the population to identify fraudsters and not fall for their tricks.
The information campaign about recruiting students for the 2025 course was held among the active pensioners of the Sovetsky District who had previously participated in various educational programs, including the Silver Age University, Our Favorite Front Garden, and 20 Meetings with Interesting People, which had been held since 2022. The course on cybersecurity interested the audience, and almost 200 people signed up for it.
— The topics covered in the course are particularly relevant given the growing statistics of fraudulent actions against citizens of our country. People of retirement age are in a particularly vulnerable position. In Novosibirsk, the level of defrauded citizens is especially high in the Sovetsky District — this is noted by representatives of the local government. And the issues of financial stability and savings strategy are relevant in our unstable times. The accelerated pace of digitalization poses challenges for us and pushes us to continuous learning. The older generation is faced with new tasks, not only related to performing everyday activities using various devices and programs, but also more complex ones, such as promoting communities on social networks, preparing materials and data, — Elena Obukhova explained.
The first part of the course of 4 lectures from Sber experts will be held at NSU. It is dedicated to financial literacy and protection from fraudsters. On April 28, Nadezhda Volkova gave a lecture on “Cybersecurity Basics for the Older Generation”. On April 4, there will be a lecture on “Data Protection on the Internet. Drops”. It will continue the topic of cybersecurity. Representatives of the older generation will be told how to protect themselves on the Internet, how to create passwords correctly so that they are memorable only to you and at the same time meet the requirements of reliability and security. Listeners will learn who drops are (this is what attackers call people with the help of whom they hide stolen funds) and how not to become a dropper yourself. On April 11, the lecture will be dedicated to digital financial assets. It will be about a new type of money, as well as what it was created for and how to handle it correctly. The first part of the course will end on April 18 with a lecture on a long-term savings program for senior citizens.
The second part of the classes, dedicated to computer literacy, will be conducted by a team of first-year students from the Business Informatics department: Mark Roninson, Artem Kuleshov and Alexander Zhuravlev. It was developed taking into account questions and wishes from the pensioners participating in the program. It will cover topics such as storing and sending data (between devices/applications), booking tickets and hotels, shopping on marketplaces, working with messengers, a short course in preparing content for social networks, including video editing, etc.
The first lecture was met with great interest by the audience. Its listeners left the following comments:
“Thanks to all the organizers! The guys met us, quickly checked the lists, saw us off, and met us. A very interesting lecture! The students are great! They prepared, waited for us, cared, and tried! Thank you very much!”
“The lecture went by in one breath. Thanks to Nadezhda Volkova – she presented the information in an interesting, accessible way and with real examples. Thanks to the organizers of this lecture course. Special thanks to the students of the NSU Economics Department for meeting us and paying attention to us until the very end of the lecture.”
“What an interesting lecture on cybersecurity was today! Nadezhda Volkova enthusiastically shared her knowledge in this area. The hall was full, young students helped, showed the way, were attentive and polite. It was very nice!”
“A great start to the course. Organized in a very modern way: fast, comfortable, friendly, high-quality presentation. An unexpected pleasant bonus was a tour of NSU. Thank you!”
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
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MIL-OSI China: Announcement on Open Market Operations No.62 [2025]
Source: Peoples Bank of China
Announcement on Open Market Operations No.62 [2025]
(Open Market Operations Office, April 1, 2025)
The People’s Bank of China conducted reverse repo operations in the amount of RMB64.9 billion through quantity bidding at a fixed interest rate on April 1, 2025.
Details of the Reverse Repo Operations
Maturity
Rate
Bidding Volume
Winning Bid Volume
7 days
1.50%
RMB64.9 billion
RMB64.9 billion
Date of last update Nov. 29 2018
2025年04月01日
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MIL-OSI Economics: Gender in Focus: African Development Bank’s support ignites the entrepreneurial spirit within Zimbabwean women
Source: African Development Bank Group
Turning Crisis into Opportunity: How Two Zimbabwean Women Entrepreneurs Are Building Thriving Businesses
When the Covid-19 pandemic brought much of the world to a standstill, Yollanda Mambeu saw an opportunity in the crisis. Amid the strict lockdowns that shuttered countless businesses, she launched her dream venture —a cake shop in a high-density suburb of Mutare, Zimbabwe’s third-largest city.
Since then, her ovens have rarely cooled. What began as a modest baking business has expanded into a thriving enterprise. Today, Mambeu supplies a wide range of baking products and accessories, from cake-making tools and spices to balloon stands, cake toppers, and edible image printing. She also offers baking lessons to aspiring entrepreneurs, aged 20 to 40, in smaller towns around Mutare.
Mambeu now earns an average of $4,000 in monthly profit, with peaks of up to $5,000 during national holidays and festive periods. She attributes her success to training received under the Sustainable Enterprise Development of Women and Youth – Business Growth for Young Entrepreneurs project, funded by the African Development Bank. The programme, which promotes entrepreneurship and job creation, has reached 984 beneficiaries to date—over 68% of them women.
Mambeu took part in two key training programmes: Sustainable and Resilient Enterprise and Improve Your Business, both funded by the Bank’s Youth Innovation and Entrepreneurship Multi-Donor Trust Fund and delivered by the International Labour Organization (ILO) in partnership with the Government of Zimbabwe.
“Before the training, I struggled with market visibility and branding,” she said. “I learned how to position my business, and now everything is branded—from shop windows to refrigerators. People immediately know what we offer. That change boosted our monthly profits from $1,000 to $4,000.”
In January 2024, Mambeu formally registered her business as Yoyo’s Yummy Cakes and Baking Supplies and began advertising on local radio. The strategy paid off—by September, her customer base had quadrupled to 1,200 clients.
Her growing brand has attracted the attention of large corporates. One of Zimbabwe’s largest milk producers appointed her as a brand ambassador, supplying her with baking milk. She now provides confectioneries to a commercial bank, the national revenue authority, and a local NGO, among other clients. To meet rising demand, she invested $2,500 in heavy-duty baking equipment and is planning to open both a bakery and a wholesale outlet.
Mambeu’s story is echoed by Violet Mhute, a 44-year-old entrepreneur based in Bulawayo, Zimbabwe’s second-largest city. Like Mambeu, she benefited from Bank-supported training—this time to help women entrepreneurs break into the male-dominated leather industry.
Mhute founded Soko Genuine Leather in 2008 but initially struggled to establish herself in Zimbabwe’s $32 million leather sector. For years, she exported semi-processed hides to South Africa and the UK for low returns. Now, her business boasts a catalogue of high-quality leather goods—shoes, sandals, wallets, and belts—sold across Africa and beyond.
“Entering the leather industry as a woman was tough. Accessing the right information was a constant battle,” Mhute said. “But the training gave me the tools and confidence to navigate those challenges.”
With support from the African Development Bank and government policies that support local value addition, Mhute shifted from exporting raw materials to selling premium finished products. Her goods are now certified by the Standards Association of Zimbabwe, enabling her to participate in international expos and tap into new markets, including the Southern African Development Community (SADC) region and the UK.
She was also trained on how to expand her business under the African Continental Free Trade Area (AfCFTA) framework. The impact has been significant: monthly profits rose from $800 to $3,100.
Violet Mhute, founder of Soko Genuine Leather, a leather production company.
Mhute says she now employs five young people in her growing leather business.
Dr. Martha Phiri, Director of Human Capital, Youth and Skills Development at the African Development Bank, says the success stories of Mambeu and Mhute reflect the Bank’s sustained commitment to private sector development—particularly micro, small, and medium-sized enterprises (MSMEs).
“These efforts prioritize inclusion, with targeted support for underserved groups such as women and youth, ensuring equitable access to resources and opportunities,” said Phiri. “Through the Bank’s initiatives, we empower women entrepreneurs by providing technical assistance, skills training, and business development support.”
Both Mambeu and Mhute say they are optimistic about the future and aim to grow their businesses further while creating jobs for others.
“My dream goes beyond expanding my business,” said Mhute. “I want to establish an entrepreneurship institute that will help others break through the barriers in male-dominated industries—just as I have.”
Since its launch in 2017, the Youth Entrepreneurship and Innovation Multi-Donor Trust Fund has been a key catalyst for entrepreneurs like Mambeu and Mhute. The fund supports the African Development Bank’s Jobs for Youth in Africa Strategy, providing grants to empower youth-led start-ups and MSMEs operating in both the formal and informal sectors.
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MIL-OSI Economics: African Development Bank approves new country strategy paper to build a more diverse, resilient, and competitive economy for Eswatini
Source: African Development Bank Group
The Board of Directors of the African Development Bank has approved Eswatini’s Country Strategy Paper (CSP) 2025-2030. The target is to accelerate the country’s structural transformation and build a strong foundation for a more inclusive, diverse, resilient, and competitive economy. -
MIL-OSI Economics: African Development Bank Group approves $7.9 million grant to bolster São Tomé and Príncipe’s economic recovery
Source: African Development Bank Group
The African Development Bank Group’s Board has approved a $7.9 million grant to bolster Sao Tome and Principe’s economic recovery. The budgetary support operation aims to strengthen the country’s economic resilience through improved revenue and public expenditure reforms and lay the groundwork for sustainable energy sector reforms vital to a strong and vibrant private sector.
The support is from the African Development Bank Group’s Transitional Support Facility and is part of the country’s second phase of its Fiscal Sustainability and Economic Resilience Support Program.
The first phase of the support amounting to $5.3 million was approved on 1 December 2023. The approval of the second phase brings the total financing to $13.2 million.
The programme aligns with the Country’s Strategy Paper 2024-2029, the African Development Bank’s Ten-Year Strategy, 2024-2033, and the High 5s development priorities, particularly the “Improve the Quality of Life of the People of Africa” and “Light up Africa” goals. It will greatly contribute to improving the business climate.
The key impediment to São Tomé and Príncipe’s economic recovery is an insufficient energy supply that is aggravated by worn-out fossil fuel-based electricity generation equipment and a loss-making state-owned utility, I, which hinder the efficient functioning of the economy. The African Development Bank’s support towards energy sector reform will result into improved energy sector governance and support the transition to renewable energy.
Highlighting the programme’s importance, the African Development Bank’s Director General for Southern Africa, Leila Mokaddem, said: “This budgetary support operation has come at a critical juncture to support economic recovery through revenue and public expenditure reforms while, at the same time, setting the foundations for sustainable energy sector reforms critical for a strong and vibrant private sector.”
She added that the operation strengthens the Bank’s position to provide policy and advisory support services, which are prerequisites for sustained economic recovery and inclusive growth
The African Development Bank Country Manager for Angola and São Tomé and Príncipe, Pietro Toigo, said: “The budgetary support will greatly help close the financing gap faced by the country, boost foreign exchange reserves, which are at their lowest. It will further strengthen the government’s efforts to undertake further reforms required for economic recovery.”
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MIL-OSI Economics: Supporting Lesotho’s bold plans for sustainable water and energy supply in southern Africa: King Letsie III and Akinwumi Adesina meet
Source: African Development Bank Group
The Kingdom of Lesotho, with support from the African Development Bank, is leveraging its abundant water and renewable energy resources to chart an ambitious path that will accelerate its economic transformation and have a huge impact on South Africa and Botswana. -
MIL-OSI USA: Sens. Markey and Capito, Reps. Cammack and Magaziner Reintroduce Legislation to Alleviate Administrative Burden for Caregivers
US Senate News:
Source: United States Senator for Massachusetts Ed Markey
Family caregivers provide $600 billion in unpaid care every year
Bill Text (PDF)
Washington (March 31, 2025) – Senator Edward J. Markey (D-Mass.), Ranking Member of the Health, Education, Labor, and Pensions (HELP) Subcommittee on Primary Health and Retirement Security, Senator Shelley Moore Capito (R-W.V.), and Representatives Seth Magaziner (RI-02), and Kat Cammack (FL-03) today reintroduced the Alleviating Barriers for Caregivers (ABC) Act, legislation that would require the Centers for Medicare and Medicaid Services (CMS), Social Security Administration (SSA), and Children’s Health Insurance Program (CHIP) to review their eligibility, processes, procedures, forms, and communications to reduce the administrative burden on family caregivers. The legislation would then require CMS, SSA, and CHIP to report to Congress after two years about any issues they are facing and any next steps they are taking to support family caregivers.
Family caregivers serve as a primary source of support for seniors and people with disabilities of all ages. In the United States alone, there are more than 48 million family caregivers. More than half of family caregivers act as an advocate for their loved one with care providers, community services, or government agencies. However, one in four family caregivers say they want help with forms, paperwork, and eligibility for services. Many report competing responsibilities while experiencing serious emotional, physical, and finance challenges.
“Caregivers, like my father was, serve on the frontlines of our nation’s health care system by giving our families and friends the care and support they need to remain in their homes and communities with their loved ones,” said Senator Markey. “But caregivers are struggling needlessly to navigate complex, burdensome, and stressful processes each and every day while also still managing day-to-day family and professional responsibilities. The Alleviating Barriers for Caregivers Act will help lift the weight off caregivers by clearing the red tape that so often gets in their way. I thank Senator Capito and Representatives Magaziner and Cammack for their partnership on this critical legislation.”
“More than 1 in 4 Americans over 50 are now caregivers. I was one of these caregivers for my parents during their struggle with Alzheimer’s disease and know personally how hard it can be to balance all of the responsibilities put on individuals caring for their loved ones,” Senator Capito said. “One of the most common frustrations I hear from caregivers in West Virginia is how difficult it is to navigate federal processes and procedures. The Alleviating Barriers for Caregivers Act would attempt to ease this often-stressful time by requiring federal agencies, such as the Centers for Medicare and Medicaid Services and Social Security Administration, to review their processes, procedures, forms, and communications to reduce the administrative burden on family caregivers.”
“Family caregivers have a lot on their plates, devoting their lives to support others,” said Representative Magaziner. “They shouldn’t have to struggle with confusing paperwork and delays on top of their essential work. The bipartisan ABC Act will make it easier for families to get the support they need so caregivers can focus on what matters most — caring for their loved ones.”
“America’s family caregivers work around-the-clock to provide essential care for their loved ones, and over half act as advocates on behalf of their family members. The last thing these caregivers need is more red tape that distracts from their support for those in their care,” said Representative Cammack. “I’m honored to introduce this bipartisan and bicameral ABC Act with my colleagues to lower the burden around the important medical decisions caregivers must make every day. Together we can support the 48 million caregivers that make up a critical part of our health care landscape in the U.S.”
Cosponsors in the Senate include John Hickenlooper (D-Colo.), Cindy Hyde-Smith (R-Miss.), Richard Blumenthal (D-Conn.), Thom Tillis (R-N.C.), Amy Klobuchar (D-Minn.), Rick Scott (R-Fla.), Tammy Baldwin (D-Wisc.), Cynthia Lummis (R-Wyo.), Mark Kelly (D-Ariz.), Katie Britt (R-Ala.), Mazie Hirono (D-Hawaii), Mike Rounds (R-S.D.), Sheldon Whitehouse (D-R.I.), Bill Cassidy (R-La.), Chris Coons (D-Del.), and Eric Schmitt (R-Mo.).
Cosponsors in the House include Jimmy Panetta (CA-19), Jeff Van Drew (NJ-02), Steve Cohen (TN-09), Nick Langworthy (NY-23), Sharice Davids (KS-03), Rob Wittman (VA-01), Josh Gottheimer (NJ-05), Jen Kiggans (VA-02), Jared Golden (ME-02), Greg Steube (FL-17), Deborah Ross (NC-02), August Pfluger (TX-11), Ed Case (HI-01), Nicole Malliotakis (NY-11), Debbie Wasserman Schultz (FL-25), Mike Lawler (NY-17), Darren Soto (FL-09), and Vern Buchanan (FL-16).
The ABC Act is endorsed by: AARP, ADA Watch/Coalition for Disability Rights & Justice, Aging Life Care Association, Alliance for Aging Research, Alliance for Retired Americans, Allies for Independence, ALS Association, Alzheimer’s Foundation of America, American Academy of Nursing, American Association on Health and Disability, American Heart Association, American Network of Community Organizations and Resources (ANCOR), American Psychological Association Services, American Society for Transportation and Cellular Therapy, American Society on Aging, Association for Frontotemporal Degeneration, Association of University Centers on Disabilities, Autism Society of America, Autism Speaks, Caregiver Action Network, Caring Across Generations, Child Neurology Foundation, Christopher & Dana Reeve Foundation, Davis Phinney Foundation for Parkinson’s, Disability Rights Education and Defense Fund (DREDF), Diverse Elders Coalition, Elder Services of Berkshire County Inc., Elizabeth Dole Foundation, Family Caregiver Alliance, National Center on Caregiving, Fight Colorectal Cancer, Gerontological Society of America, Grayce, Greater Lynn Senior Services, Hispanic Federation, Huntington’s Disease Society of America, Japanese American Citizens League, Justice in Aging, Lakeshore Foundation, LeadingAge, LifePath, Lymphoma Research Foundation, Massachusetts Councils on Aging, Medical Alley, Mystic Valley Elder Services, National Academy of Elder Law Attorneys, National Adult Day Services Association, National Alliance on Caregiving, National Asian Pacific Center on Aging (NAPCA), National Association of Councils on Developmental Disabilities, National Council on Aging, National Committee to Preserve Social Security and Medicare, National Disability Rights Network, National Down Syndrome Congress, National Federation of Filipino American Associations, National Fragile X Foundation, National Health Council, National Partnership for Healthcare and Hospice Innovation, National Patient Advocate Foundation, National Respite Coalition, NMDP, OCA- Asian Pacific American Advocates, Paralyzed Veterans of America, Rosalynn Carter Institute for Caregivers, Senior Connection, Somerville-Cambridge Elder Services, Southeast Asian Resource Action Center (SEARAC), Speak Foundation, the Arc of the United States, The ERISA Industry Committee, The Michael J. Fox Foundation for Parkinson’s Research, Third Way, USAging, Village to Village Network, and Well Spouse Association.
“Family caregivers are the backbone of our nation’s long-term care system, and they are overwhelmed managing their loved ones’ care,” said AARP Executive Vice President and Chief Advocacy and Engagement Officer Nancy LeaMond. “This bill would help alleviate bureaucratic red tape for family caregivers. AARP urges Congress to swiftly pass this important legislation.”
“Millions of Americans struggle to care for loved ones while also navigating the red tape of Medicare, Medicaid, and Social Security. The Alleviating Barriers for Caregivers (ABC) Act will cut through that red tape, making it easier for families to access these vital programs. This means caregivers can spend less time fighting paperwork and more time providing essential care and taking care of themselves,” said Jason Resendez, President & CEO of the National Alliance for Caregiving.
“Family caregivers provide over $600 billion in care each year, greatly benefiting the system and the person needing care, but are overburdened by navigating the health care system and all the paperwork that comes with it. Simplifying these processes improve the caregiver’s well-being, allow them more quality time with the person they care for, and could improve coordination with health and benefits systems,” said Christina Irving, Client Services Director at Family Caregiver Alliance.
“Caregiver Action Network (CAN) strongly supports the Alleviating Barriers for Caregivers Act. CAN’s mission is to improve the quality of life for tens of millions of family caregivers, and this Act could help reduce their stress by making it easier to access the resources and information they need while caring for their loved ones,” said Marvell Adams Jr., CEO of Caregiver Action Network.
“USAging is proud to support the Alleviating Barriers for Caregivers Act, a vital step in recognizing the selfless contributions of caregivers by addressing the challenges they face when providing care to their loved ones. This bill will help reduce stress and time spent helping loved ones access important benefits, supporting the overall well-being of caregivers. With the numbers of older Americans rising at a historic rate, family caregivers need more support, and they need it now,” said Sandy Markwood, CEO of USAging.
“As an organization founded by a family caregiver, the Alzheimer’s Foundation of America (AFA) is pleased to support the Alleviating Barriers for Caregivers Act. Caring for a loved one with dementia is a 24/7 responsibility, and it becomes even more stressful trying to navigate the complexities of accessing benefits. Cutting administrative red tape and making it easier for caregivers to connect with programs, services, and assistance would alleviate a major stressor and expedite vital support to caregivers. AFA is grateful to Sen. Markey, Sen. Capito, Rep. Cammack, Rep. Magaziner, and all who support this legislation in Congress for working together to help family caregivers,” said Charles J. Fuschillo, Jr., President & CEO of the Alzheimer’s Foundation of America.
“Caregivers of the Autism community frequently reach out to the Autism Society’s helpline, citing the complex navigation of critical services like Medicaid and Social Security as major obstacles to receiving care. The ABC Act would reduce this burden, allowing caregivers to focus on what matters most — supporting their loved ones,” said Christopher Banks, President and CEO of the Autism Society of America.
“Helping older adults understand and complete documents for caregiver support is not only the right thing to do from a community perspective, but it is also significantly more cost-effective. Leveraging caregiver support avoids or delays more expensive long-term care options, such as nursing homes or assisted living facilities,” said Bill Zagorski, Board Chair for the National Adult Day Services Association. “Moreover, Adult Day Services play a significant role to caregivers. It assists with access to and reduces barriers to these vital programs as well as providing caregiver respite in order to allow aging adults, seniors and individuals with cognitive, physical, intellectual and/or developmental disabilities to age in place in their communities.”
“Caregivers are the true backbone of our nation, offering unwavering support to those in need and often sacrificing their own well-being in the process. By supporting caregivers through this act, we are taking a vital step toward providing the long-overdue assistance they so desperately need. This legislation will help to alleviate the administrative burdens that many caregivers face on a daily basis, making their challenging roles more manageable. By reducing the overwhelming paperwork, navigating complex systems, and offering additional resources, we can ensure caregivers are able to focus more on the well-being of their loved ones, while receiving the support they need. This step is essential in recognizing and honoring the incredible work that caregivers do and ensuring they are equipped with the tools necessary to continue providing care with dignity and compassion,” said Elizabeth ‘Betsy’ Connell, Executive Director of Massachusetts Association of Councils on Aging (MCOA).
In July 2024, Senator Markey celebrated the Senate Health, Education, Labor and Pensions Committee passage of his caregiving and Alzheimer’s provisions in the Older Americans Act Reauthorization Act of 2024. Earlier that month, Senator Markey announced his “Caring for Caregivers” agenda, a comprehensive legislative agenda which calls for the economic security, support and resources, and protection and promotion of family caregivers and their loved ones’ health and wellbeing. In June 2024, Senator Markey introduced the Elder Pride Act, legislation to establish an Office of LGBTQI Inclusion within the Department of Health and Human Services to advocate, coordinate activities, recommend policies for, and collect data on LGBTQI+ older adults. -
MIL-OSI China: China conducts outright reverse repos totaling 800 bln yuan in March
Source: People’s Republic of China – State Council News
BEIJING, March 31 — The People’s Bank of China, the country’s central bank, on Monday said that it conducted outright reverse repos worth 800 billion yuan (about 111.45 billion U.S. dollars) in March to maintain ample liquidity in the banking system.
In March, the central bank conducted three-month reverse repos totaling 500 billion yuan and six-month reverse repos totaling 300 billion yuan, it said in a statement.
Outright reverse repos — a tool the central bank introduced in October 2024 to manage liquidity in the banking system — are carried out once each month with a tenor of no more than one year.
The new tool has enriched the country’s monetary policy toolkit following the introduction of temporary repos, temporary reverse repos, and the buying and selling of treasury bonds.
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MIL-OSI USA: Reed & Whitehouse Press USDA to Reinstate Food Shipments to RI Food Banks
US Senate News:
Source: United States Senator for Rhode Island Jack Reed
WASHINGTON, DC — As grocery prices rise and more families struggle to afford basic staples, the Trump Administration is dramatically reducing aid for local food banks across the country that are already strained by rising demand.
Through cuts, contract cancellations, and funding freezes, the Trump Administration is providing up to $1.5 billion less for hunger relief and nutrition assistance through programs like the Local Food Purchase Assistance (LFPA) program and the Emergency Food Assistance Program (TEFAP). This will result in less produce, meat, dairy, and other staples in the coming weeks and months for food banks nationwide to distribute to Americans in need.
TEFAP is a core USDA nutrition program that buys food from American farmers to provide food assistance to those in need. In Rhode Island, TEFAP is administered by the Rhode Island Community Food Bank, in partnership with the Rhode Island Department of Human Services. The Rhode Island Community Food Bank orders food from USDA and distributes it out to its 143 member agencies across the state. This network of food pantries, soup kitchens, and other organizations plays a key role in connecting the food provided by the USDA directly to Rhode Islanders facing food insecurity. TEFAP helps Rhode Islanders access balanced and nutritious meals, supporting their well-being and helping to build stronger, healthier communities across the state.
Because of Trump’s reduction in federal food assistance, the Rhode Island Community Food Bank is looking to replace about 500,000 pounds of food worth $1.74 million in TEFAP food deliveries set for the rest of the year that have reportedly been canceled.
Earlier this week, U.S. Senators Jack Reed (D-RI) and Sheldon Whitehouse (D-RI) joined with 24 Senate colleagues in pressing the U.S. Department of Agriculture (USDA) to reinstate these shipments of food to Rhode Island food banks.
“A cancellation of these funds could result in $500 million in lost food provisions to feed millions of Americans at a time when the need for food shelves is extremely high due to costly groceries and an uncertain economy,” the 26 U.S. Senators wrote in a letter to USDA Secretary Brooke Rollins.
“If true, this major shift in a program utilized by emergency food providers in every state in the nation will have a significant and damaging impact upon millions of people who depend upon this program for critical food assistance,” the Senators continued. “In addition, this program consists of purchases of U.S. commodities at a time when America’s growers and producers are struggling due to tariffs, proposed tariffs, animal disease and many other challenges.”
The Senators asked Secretary Rollins for answers to a half-dozen key questions on topics ranging from the reasoning behind the reported cancellation, to plans for food purchases, and the impact the changes will have on dairy farmers and poultry producers.
In addition to Reed and Whitehouse, the letter was signed by Minority Leader Chuck Schumer (D-NY) and Senators Amy Klobuchar (D-MN), Jeanne Shaheen (D-NH), Ron Wyden (D-OR), Dick Durbin (D-IL), Bernie Sanders (I-VT), Mark Warner (D-VA), Jeff Merkley (D-OR), Michael Bennet (D-CO), Kirsten Gillibrand (D-NY), Chris Coons (D-DE), Richard Blumenthal (D-CT), Tammy Baldwin (D-WI), Angus King (I-ME), Cory Booker (D-NJ), Catherine Cortez Masto (D-NV), Tina Smith (D-MN), Jacky Rosen (D-NV), Ben Ray Luján (D-NM), Raphael Warnock (D-GA), Peter Welch (D-VT), Adam Schiff (D-CA), Andy Kim (D-NJ), and Elissa Slotkin (D-MI).
Reed and Whitehouse also noted that in Rhode Island, the cancellation of food assistance not only takes food away from hungry people, but it also hurts local farmers who are being squeezed by Trump’s tariffs and deep cuts to domestic markets. Further, they contend that USDA’s lack of clear communication has made it harder for food banks to plan, budget, and feed the growing numbers of people who are turning to them as unemployment and inflation rises.
Full text of the letter follows:
Dear Secretary Rollins:
We write regarding the reported cancellation of hundreds of millions of dollars in previously approved funding for food banks and other emergency food providers through The Emergency Food Assistance Program (TEFAP). A cancellation of these funds could result in $500 million in lost food provisions to feed millions of Americans at a time when the need for food shelves is extremely high due to costly groceries and an uncertain economy. If true, this major shift in a program utilized by emergency food providers in every state in the nation will have a significant and damaging impact upon millions of people who depend upon this program for critical food assistance.
In addition, this program consists of purchases of U.S. commodities at a time when America’s growers and producers are struggling due to tariffs, proposed tariffs, animal disease and many other challenges.
According to recent statistics, nearly one in every seven Americans have faced food insecurity. Many of these households turn to community and emergency relief organizations such as food banks and food pantries to help them obtain sufficient nutrition. In 2023 alone, 50 million Americans turned to emergency food providers, according to a report from Feeding America, America’s largest network of food banks. While food banks rely on a variety of sources (including private) to obtain food for distribution through their networks, federally purchased commodities are a key part of how they provide nutritious meals to Americans.
Due to this reported change, a number of us have heard that trucks delivering American-grown foods may not arrive. These trucks represent hundreds of thousands of nutritious meals containing poultry, fruits, vegetables, and dairy. If confirmed, the cancellation of this previously announced funding also comes on top of the cancellation of Local Food for School Program and the Local Food Purchase Assistance Program funding, which also helps farmers deliver nutritious foods to schools and food banks. These cuts will deprive Americans of food assistance, emergency food providers of necessary support to carry out their work, and American farmers of vital domestic markets.
To help us understand USDA’s actions and their impact on communities around the country, we ask that you answer the following questions.
1. Has USDA cancelled previously approved purchases of food provided through TEFAP? If so, what level of funding has been cancelled thus far and when will state agencies be notified of any cancelled TEFAP purchases?
2. Does USDA plan to cancel additional purchases of food provided through TEFAP?
3. Has USDA paused any TEFAP food orders or purchases? If so, what is the current status of those orders or purchases? Does USDA intend to un-pause these funds?
4. Please provide information on what types of funding, by commodity, have been cancelled and the financial impact of those cancellations on producers such as pork, chicken, turkey and dairy farmers.
5. Is the funding announced on October 1, 2024 and detailed in the implementation memo that the Food and Nutrition Service sent to state agencies on December 2 rescinded?
6. Does USDA intend to use Commodity Credit Corporation funds in Fiscal Year 2025 for future purchases that will be distributed through TEFAP?
We ask for a prompt response to these questions by the end of the week.
Sincerely,
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MIL-OSI USA: Congresswoman Lauren Boebert Announces April Staff Mobile Office Hours
Source: United States House of Representatives – Representative Lauren Boebert (Colorado, 3)
EATON, CO– Staff from Congresswoman Lauren Boebert’s (CO-04) office will be holding Mobile Office Hours in April across the district to connect with constituents within their communities. In addition to the Congresswoman’s congressional offices in Eaton and Castle Rock, the Mobile Office Hours aim to provide services to constituents who need in-person guidance.
“Our Congressional Mobile Office Hours provide an opportunity for constituents from across the 4th District to get the assistance they need from our staffers who can help them in a variety of ways,”stated Congresswoman Boebert.“Meeting Coloradans where they are is a critical part of the work our office does, and I know our Mobile Office Hours will be a huge help to constituents of all backgrounds and locations.”
Staff from Congresswoman Boebert’s office will be available to help constituents who aren’t getting answers from federal agencies, like veterans seeking to get the care they earned from the VA, travelers that need expedited assistance to receive a passport on short notice, taxpayers being harassed by the IRS, and senior citizens having issues with the Social Security Administration or Medicare. Additionally, constituents are invited to come to the office hours to express their viewpoints on legislative issues or request special Congressional Commendations from the Congresswoman recognizing outstanding public achievements.
Since the beginning of her tenure as Representative for the 4th Congressional District on January 3rd, 2025, Congresswoman Boebert’s office has returned $426,871.62 to constituents.
Mobile Office Hours will be available at the following times and locations:
WEDNESDAY, APRIL 2, 2025
(Rescheduled) Loveland Mobile Office Hours
McKee Building at The Ranch, Berthoud Room
5290 Arena Circle
Loveland, CO
9:30-11:30am
FRIDAY, APRIL 4, 2025
Washington County Mobile Office Hours
County Courthouse Annex Building
181 Birch Avenue
Akron, CO
2:00-3:00pm
WEDNESDAY, APRIL 9, 2025
Wiggins County Mobile Office Hours
Town Hall Building
304 E Central Avenue
Wiggins, CO
11:00am-12:00pm
THURSDAY, APRIL 10, 2025
Yuma County Mobile Office Hours
Quintech, Conference Room
529 N. Albany St
Yuma, CO
2:00-3:00pm
FRIDAY, APRIL 11, 2025
Sedgwick County Mobile Office Hours
Julesburg Library, Women’s Club Room
320 Cedar Street
Julesburg, CO
10:00-11:00am
Phillips County Mobile Office Hours
Heginbotham Library, Meeting Room
539 S. Baxter Ave.
Holyoke, CO
2:00-3:00pm
TUESDAY, APRIL 15, 2025
El Paso County Mobile Office Hours
Calhan Library, Meeting Room
600 Bank Street
Calhan, CO
9:30-10:30am
Lincoln County Mobile Office Hours
Town Hall, Council Chambers
100 Civic Center Drive
Limon, CO
12:00-1:30pm
WEDNESDAY, APRIL 23, 2025
Bent County Mobile Office Hours
Las Animas City Hall, Council Chambers
532 Carson Avenue
Las Animas, CO
12:30-2:00pm
THURSDAY, APRIL 24, 2025
Kiowa County Mobile Office Hours
Town Hall, Back Board Room
110 West 13th Street
Eads, CO
10:00-11:30am
FRIDAY, APRIL 25, 2025
Logan County Mobile Office Hours
Sterling Public Library, Study Room
420 N 5th St.
Sterling, CO
2:00-3:00pm
TUESDAY, APRIL 29, 2025
North Larimer County Mobile Office Hours
Leeper Center
3800 Wilson Ave.
Wellington, CO
11:00am-12:00pm
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MIL-OSI: SOUTHERN MISSOURI BANCORP ANNOUNCES UPDATE TO ITS EXECUTIVE LEADERSHIP TEAM
Source: GlobeNewswire (MIL-OSI)
Poplar Bluff, Missouri, March 31, 2025 (GLOBE NEWSWIRE) —
Southern Missouri Bancorp, Inc. (NASDAQ: SMBC), the parent corporation of Southern Bank, today announced an update to its executive leadership team. On March 27, 2025, the Boards of Directors of Southern Missouri Bancorp, Inc. (the “Company”) and its wholly-owned bank subsidiary, Southern Bank (the “Bank”) appointed Justin G. Cox to the newly-created position of Chief Banking Officer, to be effective as of May 1, 2025. Mr. Cox currently serves as the west region’s Regional President for the Company and the Bank, and he will remain an Executive Vice President of the Company and the Bank.
The Board of Directors is implementing this change after assessing recommendations included in a recent process improvement project conducted for Southern Bank by a community banking consulting firm for the purposes of improving customer engagement, team member satisfaction, and organizational profitability. “We believe this structure will improve our organization, as we align our customer engagement leadership under a single executive who will devote his full attention to ensuring that business development and customer experience efforts are consistently performed well across our organization,” noted Chairman Greg A. Steffens.
“Justin has been successful over many years with Southern Bank, leading our west region team as it has grown our loan and deposit business there. That background provides an excellent basis for him to take on this new role. Our team and our customers can look forward to a better-unified customer engagement process with his new role,” added President and Chief Administrative Officer Matthew T. Funke.
Mr. Cox has 22 years of experience in the banking industry, including 15 years with the Company. After joining Southern Bank as a lending officer in 2010, he advanced quickly to leadership roles of Community Bank President and later, Regional President. Mr. Cox holds a Bachelor of Science degree in Business Administration-Marketing & Management from Southwest Baptist University, Bolivar, Missouri.
Southern Missouri Bancorp, Inc., is a Missouri corporation organized in 1994 to become the parent company of Southern Bank. Southern Bank was originally chartered in 1887 as a mutually-owned Missouri savings and loan association. In 2004, the Bank converted from a Missouri-chartered stock savings bank to become a Missouri-chartered trust company with banking powers. Southern Bank operates 67 locations in Missouri, Arkansas, Illinois, and Kansas. The Company holds total assets of approximately $4.9 billion, including loans, net of the allowance for credit losses, of $4.0 billion, and deposits of $4.2 billion. The Company’s common stock is quoted under the ticker “SMBC” on the NASDAQ Global Market.
Forward-Looking Information:
Except for the historical information contained herein, the matters discussed in this press release may be deemed to be forward-looking statements that are subject to known and unknown risks, uncertainties, and other factors that could cause the actual results to differ materially from the forward-looking statements, including: potential adverse impacts to the economic conditions in the Company’s local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, expected cost savings, synergies and other benefits from our merger and acquisition activities might not be realized to the extent expected, within the anticipated time frames, or at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention and labor shortages, might be greater than expected and goodwill impairment charges might be incurred; the strength of the United States economy in general and the strength of local economies in which we conduct operations; fluctuations in interest rates and the possibility of a recession; monetary and fiscal policies of the FRB and the U.S. Government and other governmental initiatives affecting the financial services industry; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; our ability to access cost-effective funding; the timely development and acceptance of our new products and services and the perceived overall value of these products and services by users, including the features, pricing and quality compared to competitors’ products and services; fluctuations in real estate values in both residential and commercial real estate markets, as well as agricultural business conditions; demand for loans and deposits; legislative or regulatory changes that adversely affect our business; changes in accounting principles, policies, or guidelines; results of regulatory examinations, including the possibility that a regulator may, among other things, require an increase in our reserve for credit losses or write-down of assets; the impact of technological changes; and our success at managing the risks involved in the foregoing. Any forward-looking statements are based upon management’s beliefs and assumptions at the time they are made. We undertake no obligation to publicly update or revise any forward-looking statements or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed might not occur, and you should not put undue reliance on any forward-looking statements.
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MIL-OSI USA: SCHUMER REVEALS: THIS WEEK CONGRESS WILL TAKE FINAL VOTE TO RAISE ‘JUNK’ BANK FEES—STARTING WITH OVERDRAFT FEES—FROM $5 TO $35, COSTING CONSUMERS HUNDREDS; CHAIRS OF HOUSE FINANCE & SENATE BANKING…
US Senate News:
Source: United States Senator for New York Charles E Schumer
Schumer Exposes Final Leg Of Quiet Plan In House Financial Services & Senate Banking To Overturn CFPB Rule Limiting Excessive Bank Fees, That Would Cost New York Households More—Because Most Upstate NY Residents Have Bank Account
Plan To Overturn CFPB Overdraft Fee Rule Would Allow Banks To Extract $5 Billion In Excessive Fees – But, WORSE, Would Open Door To Even More Fees Across NY; Schumer Announces Full Opposition, Urges NY House Republicans To Vote “NO” On Tuesday
Schumer: Quiet Plan To Side With Big Banks Over Families Could Mean A Waterfall Of Fees That Would Drown New Yorkers With More Costs
Amidst the anti-consumer, pro-big bank effort to dismantle the Consumer Financial Protection Bureau (CFPB), U.S. Senator Chuck Schumer revealed and exposed the FINAL leg of Congressional Republicans’ quiet plan to raise Americans’ bank fees, that will drive up unwanted fees for millions of Upstate New Yorkers. Schumer explained that Congressional Republicans will try to seal the deal to protect financial special interests with a vote on Tuesday when the House will vote to overturn the Consumer Financial Protection Bureau’s (CFPB) overdraft fee rule that caps most big bank overdraft fees at just $5.
“Republicans’ quiet plan to side with big banks against the little guy and working families could mean a waterfall of fees for Upstate New Yorkers already struggling to make ends meet,” said Senator Schumer. “Working families have been ripped off by abusive bank fees and practices in the past, and the CFPB’s rule is about protecting hard-working families, not charging them more. So I urge my GOP colleagues to reverse course here and reject overturning this overdraft rule to put money back in people’s pockets and out of the hands of big predatory banks. If the Republicans let this one fee fly, a waterfall of fees will follow, and it is New Yorkers that will feel the brunt.”
Schumer railed against this effort because it could hurt middle-class New Yorkers the hardest, given the number of consumer bank accounts in New York, which is higher than the national average. The rule would save upwards of $5 billion in excessive overdraft fees that millions of households pay. Overturning the rule, as proposed by the Republicans, would cost households an average of at least $225 each year, but MUCH more in New York, Schumer emphasized. Schumer said that some banks take billions of dollars a year from families and seniors that can least afford it. He said the banks don’t need to charge fees like this and that this effort to let fees run wild will open the door to even more excessive bank fees across Upstate New York.
Schumer announced his opposition and is sounding the alarm on the clandestine pro-big bank GOP plan. Schumer said that the CFPB’s overdraft fee rule is designed to protect regular people from being ripped off by predatory bank fees. He urged the House Republicans to reject overturning the CFPB’s overdraft rule and to protect hard-working families instead of taking their hard-earned money to benefit big banks quietly and behind their backs.
Last month, House Financial Service Committee Chairman French Hill (R-AR) and Senate Banking Committee Chairman Tim Scott (R-SC) introduced Congressional Review Act (CRA) resolutions to overturn the Consumer Financial Protection Bureau’s (CFPB) rule capping overdraft fees, and the Senate GOP green-lit it last week.
The rule caps most bank overdraft fees at just $5, down from the typical $35 charge per transaction, according to National Consumer Law Center (NCLC). With these fees, banks take billions of dollars a year from families that can least afford it, and the Republican chairmen are moving to give big banks this ability, Schumer explained. Banks, which are already profitable, don’t need to charge these fees and some banks, including Capitol One and Citibank, have completely eliminated overdraft fees and they continue to cover overdrafts. However, other banks take about $1 billion a year in overdraft and nonsufficient funds (NSF) fees, and Wells Fargo is one of the biggest offenders.
The CFPB’s overdraft fee rule stops predatory practices that allow the biggest banks to earn billions in profits from the most vulnerable families and seniors. The rule doesn’t stop big banks from covering overdrafts—it caps fees for “overdraft coverage” at $5 or the bank’s costs. Banks can still offer overdraft lines of credit without any price cap, though they are required to provide the same annual percentage rate (APR) pricing disclosure that credit cards provide and to give people adequate time to repay, NCLC explained.
Schumer explained how the rule helps everyone—especially New York families as New York is more ‘banked’ compared to other states. Schumer explained that by lowering most big bank overdraft fees from $35 to $5, consumers save $5 billion per year, reducing manipulative practices, and increasing transparency and fair competition, according to economists.
“Now that the word is out on Tuesday’s vote, you’ll see the banks, lobbyists, and the people that want to protect the banks’ ability to charge excessive fees start to scramble, and devise a plan to defend it. But it’s indefensible. Who is for excessive bank fees?” Schumer said. “Show me a politician that wants to run an ad on increasing all your bank fees. I am blowing the lid on this disastrous plan and so what happens next? Watch them try to run away from this issue, while siding with big banks over working families and the middle class.”
Schumer warned that other fee increases and gaps in consumer protection could soon follow with:
ATM fees
Minimum balance fees for checking and savings accounts
Outlandish cashier’s check fees
Notary fees
Account “inactivity” fees
The removal of $8 cap on credit card late fees
No more Fair Credit Reporting (excluding medical bills from consumers credit score)
Selling consumer data without consent
No regulator for consumers to report predatory products
The New York Federal Reserve Bank’s Credit Insecurity Index may shed light on the number of people with access to mainstream financial services, such as a bank account, who will possibly be exposed to higher fees if Congressional Republicans wipe away this protection. An Upstate New York county-by-county breakdown of percentage of New Yorkers with credit and Credit Insecurity Index Scores for 2023 can be found below:Capital Region
County
Percentage With Credit
Credit Insecurity Index Score
Albany County
77.4%
22.6%
Columbia County
77.9%
22.1%
Greene County
74.0%
26.0%
Rensselaer County
78.9%
21.1%
Saratoga County
88.8%
11.2%
Schenectady County
81.3%
18.7%
Schoharie County
73.7%
26.3%
Warren County
82.4%
17.6%
Washington County
72.2%
27.8%
Western New York
County
Percentage With Credit
Credit Insecurity Index Score
Cattaraugus County
75.4%
24.6%
Chautauqua County
76.2%
23.8%
Erie County
80.0%
20.0%
Niagara County
83.2%
16.8%
Rochester-Finger Lakes
County
Percentage With Credit
Credit Insecurity Index Score
Genesee County
82.5%
17.5%
Livingston County
76.3%
23.7%
Monroe County
82.1%
17.9%
Ontario County
82.6%
17.4%
Orleans County
70.2%
29.8%
Seneca County
76.0%
24.0%
Wayne County
84.4%
15.6%
Wyoming County
78.6%
21.4%
Yates County
69.5%
30.5%
Central New York
County
Percentage With Credit
Credit Insecurity Index Score
Cayuga County
75.5%
24.5%
Cortland County
69.5%
30.5%
Madison County
79.5%
20.5%
Onondaga County
81.1%
18.9%
Oswego County
79.1%
20.9%
Hudson Valley
County
Percentage With Credit
Credit Insecurity Index Score
Dutchess County
82.30%
17.7%
Orange County
81.50%
18.5%
Putnam County
90.10%
9.9%
Rockland County
86.80%
13.2%
Sullivan County
70.10%
29.9%
Ulster County
78.40%
21.6%
Westchester County
85.00%
15.0%
Southern Tier
County
Percentage With Credit
Credit Insecurity Index Score
Allegany County
65.3%
34.7%
Broome County
74.0%
26.0%
Chemung County
77.2%
22.8%
Chenango County
78.7%
21.3%
Delaware County
73.0%
27.0%
Otsego County
70.85%
29.15%
Schuyler County
77.95%
22.05%
Steuben County
81.2%
18.8%
Tioga County
83.2%
16.8%
Tompkins County
69.6%
30.4%
North Country
County
Percentage With Credit
Credit Insecurity Index Score
Clinton County
74.8%
25.2%
Franklin County
76.8%
23.2%
Hamilton County
85.3%
14.7%
Jefferson County
74.5%
25.5%
Lewis County
78.3%
21.7%
St. Lawrence County
70.9%
29.1%
Essex County
75.05%
24.95%
Mohawk Valley
County
Percentage With Credit
Credit Insecurity Index Score
Fulton County
79.1%
20.9%
Herkimer County
80.7%
19.3%
Montgomery County
74.5%
25.5%
Oneida County
75.4%
24.6%
-
MIL-OSI: Ellomay Capital Reports Results for the Fourth Quarter and Full Year of 2024
Source: GlobeNewswire (MIL-OSI)
TEL-AVIV, Israel, March 31, 2025 (GLOBE NEWSWIRE) — Ellomay Capital Ltd. (NYSE American; TASE: ELLO) (“Ellomay” or the “Company”), a renewable energy and power generator and developer of renewable energy and power projects in Europe, USA and Israel, today reported its unaudited consolidated financial results for the fourth quarter and year ended December 31, 2024.
Financial Highlights
- Total assets as of December 31, 2024 amounted to approximately €676.7 million, compared to total assets as of December 31, 2023 of approximately €612.9 million.
- Revenues1 for the three months ended December 31, 2024 were approximately €8.7 million, compared to revenues of approximately €8.4 million for the three months ended December 31, 2023. Revenues for the year ended December 31, 2024 were approximately €40.5 million, compared to revenues of approximately €48.8 million for the year ended December 31, 2023.
- Loss from continuing operations for the three months ended December 31, 2024 was approximately €12 million, compared to loss from continuing operations of approximately €8 million for the three months ended December 31, 2023. Loss from continuing operations for the year ended December 31, 2024 was approximately €9.6 million, compared to profit from continuing operations of approximately €2.4 million for the year ended December 31, 2023.
- Loss for the three months ended December 31, 2024 was approximately €12 million, compared to loss of approximately €9.8 million for the three months ended December 31, 2023. Loss for the year ended December 31, 2024 was approximately €9.5 million, compared to profit of approximately €0.6 million for the year ended December 31, 2023.
- EBITDA for the three months ended December 31, 2024 was approximately €7.6 million, compared to EBITDA loss of approximately €2.5 million for the three months ended December 31, 2023. EBITDA for the year ended December 31, 2024 was approximately €25.1 million, compared to EBITDA of approximately €18.8 million for the year ended December 31, 2023. See below under “Use of Non-IFRS Financial Measures” for additional disclosure concerning EBITDA.
- On December 31, 2023, the Company executed an agreement to sell its holdings in the 9 MW solar plant located in Talmei Yosef. The sale was consummated on June 3, 2024, and the net consideration received at closing was approximately NIS 42.6 million (approximately €10.6 million). In connection with the sale, the Company presents the results of this solar plant as a discontinued operation.
Financial Overview for the Year Ended December 31, 2024
- Revenues1 were approximately €40.5 million for the year ended December 31, 2024, compared to approximately €48.8 million for the year ended December 31, 2023. This decrease mainly results from a reduction in electricity prices in Spain between February and May 2024 and lower gas prices in the Netherlands in 2024 compared to prices in 2023, partially offset by income generated by our 20 MW solar power plants in Italy which were connected to the grid during 2024. The decrease is also due to loss of revenues in connection with the fire near the Talasol Solar S.L. (300 MV solar) (“Talasol”) and Ellomay Solar S.L. (28 MV solar) (“Ellomay Solar”) facilities in Spain in July 2024. In connection with such loss of revenues, the Company recorded an amount of approximately €1.7 million as ‘other income’ for the year ended December 31, 2024, based on compensation from the insurers for loss of income.
- Operating expenses were approximately €19.8 million for the year ended December 31, 2024, compared to approximately €22.9 million for the year ended December 31, 2023. This decrease mainly results from a decrease in direct taxes on electricity production paid by the Company’s Spanish subsidiaries as a result of reduced electricity prices. The operating expenses of the Company’s Spanish subsidiaries for the year ended December 31, 2023 were impacted by the Spanish RDL 17/2022, which established the reduction of returns on the electricity generating activity of Spanish production facilities that do not emit greenhouse gases, accomplished through payments of a portion of the revenues by the production facilities to the Spanish government. The increased expenses during the year ended December 31, 2023 resulting from this impact, were partially offset by lower costs in connection with the acquisition of feedstock by our Dutch biogas plants. Depreciation and amortization expenses were approximately €16.5 million for the year ended December 31, 2024, compared to approximately €16 million for the year ended December 31, 2023.
- Project development costs were approximately €4.1 million for the year ended December 31, 2024, compared to approximately €4.5 million for the year ended December 31, 2023.
- General and administrative expenses were approximately €6.1 million for the year ended December 31, 2024, compared to approximately €5.3 million for the year ended December 31, 2023. The increase in general and administrative expenses is mostly due to higher consultancy expenses.
- Share of profits of equity accounted investee, after elimination of intercompany transactions, was approximately €11.1 million for the year ended December 31, 2024, compared to approximately €4.3 million for the year ended December 31, 2023. The increase in share of profits of equity accounted investee resulted mainly from the increase in revenues of Dorad Energy Ltd. (“Dorad”) due to higher quantities of electricity produced partially offset by an increase in operating expenses in connection with the increased production. In addition, in December 2024, Dorad received payment in an amount of approximately $130 million pursuant to an arbitration ruling in a derivative claim submitted by certain of its shareholders, which increased Dorad’s net profit for 2024 by approximately NIS 215.6 million (after the effect of taxes). These amounts were recorded by Dorad in its financial statements for the year ended December 31, 2024 in the income statement partially as a reduction in depreciation expenses, partly as finance income, and the remainder as a decrease in general and administrative expenses.
- Other income, net was approximately €3.4 million for the year ended December 31, 2024, compared to €0 for the year ended December 31, 2023. The income was recognized based on insurance compensation in connection with the fire near the Talasol and Ellomay Solar facilities in Spain in July 2024, net of impairment expenses related to the damaged fixed assets. The amount to be received due to loss of income is approximately €1.7 million.
- Financing expense, net was approximately €19.7 million for the year ended December 31, 2024, compared to financing expense, net of approximately €3.6 million for the year ended December 31, 2023. The increase in financing expenses, net, was mainly attributable to higher expenses resulting from exchange rate differences that amounted to approximately €7.8 million for the year ended December 31, 2024, compared to income from exchange rate differences of approximately €6.7 million for the year ended December 31, 2023, an aggregate change of approximately €14.5 million. The exchange rate differences were mainly recorded in connection with the New Israeli Shekel (“NIS”) cash and cash equivalents and the Company’s NIS denominated debentures and were caused by the 5.4% reevaluation of the NIS against the euro during the year ended December 31, 2024, compared to a devaluation of 6.9% during the year ended December 31, 2023. The increase in financing expenses for the year ended December 31, 2024 was also due to increased interest expenses mainly resulting from the issuance of the Company’s Series F Debentures in January, April, August and November 2024. These increases in financing expenses were partially offset by an increase in financing income of approximately €0.9 million in connection with derivatives and warrants in the year ended December 31, 2024, compared to the year ended December 31, 2023.
- Tax benefit was approximately €1.5 million for the year ended December 31, 2024, compared to a tax benefit of approximately €1.4 million for the year ended December 31, 2023.
- Loss from continuing operations for the year ended December 31, 2024 was approximately €9.6 million, compared to profit from continuing operations of approximately €2.4 million for the year ended December 31, 2023.
- Profit from discontinued operation (net of tax) for the year ended December 31, 2024 was approximately €137 thousand, compared to loss from discontinued operation of approximately €1.8 million for the year ended December 31, 2023.
- Loss for the year ended December 31, 2024 was approximately €9.5 million, compared to a profit of approximately €0.6 million for year ended December 31, 2023.
- Total other comprehensive income was approximately €13.1 million for the year ended December 31, 2024, compared to total other comprehensive income of approximately €41.3 million for the year ended December 31, 2023. The change in total other comprehensive income mainly results from foreign currency translation adjustments due to the change in the NIS/euro exchange rate and from changes in fair value of cash flow hedges, including a material decrease in the fair value of the liability resulting from the financial power swap that covers approximately 80% of the output of the Talasol solar plant (the “Talasol PPA”). The Talasol PPA experienced high volatility due to the substantial change in electricity prices in Europe. In accordance with hedge accounting standards, the changes in the Talasol PPA’s fair value are recorded in the Company’s shareholders’ equity through a hedging reserve and not through the accumulated deficit/retained earnings. The changes do not impact the Company’s consolidated net profit/loss or the Company’s consolidated cash flows.
- Total comprehensive income was approximately €3.6 million for the year ended December 31, 2024, compared to total comprehensive income of approximately €41.9 million for the year ended December 31, 2023.
- Net cash provided by operating activities was approximately €8 million for the year ended December 31, 2024, compared to approximately €8.6 million for the year ended December 31, 2023. The decrease in net cash provided by operating activities for the year ended December 31, 2024, is mainly due to the decrease in electricity prices in Spain. In addition, during the year ended December 31, 2023, the Company’s Dutch biogas plants elected to temporarily exit the subsidy regime and sell the gas at market prices and during the year ended December 31, 2024 these plants returned to the subsidy regime. Under the subsidy regime, plants are entitled to monthly advances on subsidies based on the production during the previous year. As no subsidies were paid to the Company’s Dutch biogas plants for 2023, these plants were entitled to low advance payments for 2024 and the payment for gas produced by the plants during 2024 is expected to be received until July 2025 and reflected accordingly in the Company’s cash flow from operations.
CEO Review for 2024
In 2024, the Company presented an increase of 71% in the operating profit to approximately €7.7 million and of 33.5% in the EBITDA to approximately €25.1 million compared to 2023, despite a decrease of approximately €9 million in the annual revenues, which was caused by low and even negative electricity prices in Spain in the first half of 2024. During 2024 and in recent months the Company made significant advancements in the development of new projects, which are expected to contribute to an increase in revenues in coming years:
In Italy – finance agreements were executed with respect to projects with an aggregate capacity of 198 MW (of which 38 MW are already connected to the electricity grid) and construction agreements for the remainder of the projects with an aggregate capacity of 160 MW were also executed.
In the USA – the Company is advancing additional projects with an aggregate capacity of approximately 50 MW that are expected to begin construction during 2025.
In the Netherlands – the Company advanced in obtaining licenses to expand the operations of the biogas facilities by additional 50% while making relatively small investments.
In Israel – the approval of the National Infrastructures Committee to expand the Dorad power plant by 650 MW was received.
Operating expenses in 2024 decreased by approximately €3 million compared to 2023. Project development expenses in 2024 decreased by approximately €0.4 million compared to 2023 despite the inclusion of non-recurring expenses of approximately €0.5 million in connection with the cancellation of a guarantee in the project development expenses for 2024. Following the advancement of project development and the transition to the construction stage, the decrease in project development expenses is expected to continue during the year.
The appreciation of the NIS against the euro at the end of 2024 caused revaluation losses of approximately €7.8 million compared to revaluation profit of approximately €6.7 million in 2023. The aggregate change is approximately €14.5 million and is the main cause for the increase in financing expenses in 2024.
In March 2025 a transaction was executed between Zorlu Enerji Elektrik Üretim A.S (“Zorlu”) and The Phoenix Insurance Company Ltd. for the sale of Zorlu’s entire holdings in Dorad (25% of Dorad’s outstanding shares). The consideration for the shares represents a value of NIS 2.8 billion for Dorad. Ellomay Luzon Energy Infrastructures Ltd. (50% held by the Company), which currently holds 18.75% of Dorad’s shares, has a right of first refusal over 15% of Dorad’s shares included in the transaction. The Company believes that the price is attractive and therefore intends to act to exercise the right of first refusal. Activity in Spain:
The electricity prices in the second half of 2024 increased and stabilized on the projected seasonal price. The revenues from the sale of electricity in 2024 were approximately €23 million compared to approximately €32 million in 2023. The decrease is primarily attributable to the low/negative electricity prices in the first half of 2024, as well as to the loss of revenues in the amount of approximately €1.7 million due to a fire. The loss of revenues due to the fire will be covered in full by the insurance company.
Activity of Dorad:
In 2024, the Dorad power plant recorded an increase in profit, with net profit of approximately NIS 452.3 million, an increase of approximately NIS 241 million compared to 2023. The Dorad power station received the approval of the National Infrastructures Committee and a positive connection survey to increase the capacity by an additional 650 MW. Due to the final award in the arbitration against Edeltech and Zorlu, Dorad received during 2024 compensation of approximately $130 million that increased Dorad’s net profit for 2024 by approximately NIS 215.6 million (after the effect of taxes).
Activity in the USA:
In the USA, the development and construction activities of solar projects are progressing at a rapid pace and the construction of the first four projects, with a total capacity of approximately 49 MW, began in early 2024. At the end of 2024, construction of two projects (in an aggregate capacity of approximately 27 MW) was completed and the IRS approval of entitlement to tax credits was received. These projects were connected to the electricity grid at the end of March 2025. The additional two projects (in an aggregate capacity of approximately 22 MW) are under construction and their construction is expected to end during April and June 2025. Additional projects with an aggregate capacity of approximately 50 MW are under development and are intended to begin construction in 2025. The Company executed an agreement to sell the tax credits of the first four projects for approximately $19 million.
Activity in Italy:
The Company has a portfolio of 460 MW solar projects in Italy of which 38 MW are connected to the grid and operating 294 MW are ready to build and 128 MW are under advanced development. The Company executed construction agreements with the Engineering, Procurement and Construction (“EPC”) contractor for 160 MW that are ready to build, the commencement of construction is expected in the beginning of the second quarter of 2025 and the construction is expected to take approximately 18 months. A financing agreement with a European institutional investor was executed for the financing of the construction of 198 MW (including the connected projects and the projects for which the EPC agreements were executed) for 23 years with a fixed annual interest of 4.5%.
New legislation in Italy prohibits the establishment of new projects on agricultural land. This prohibition increases the value of the Company’s portfolio, which is not subject to the prohibition or located on agricultural land. The Company estimates that new possibilities are emerging for obtaining a power purchase agreement (“PPA”) in Italy, therefore it expects that in the future project financing will be possible more easily and at lower costs.
Activity in Israel:
The Manara Cliff Pumped Storage Project (Company’s share is 83.34%): A project with a capacity of 156 MW, which is in advanced construction stages. The Iron Swords War, which commenced on October 7, 2023, stopped the construction work on the project. The project has protection from the state for damages and losses due to the war within the framework of the tariff regulation (covenants that support financing). The project was expected to reach commercial operation during the first half of 2027 and the continuation of the Iron Swords war will cause a delay in the date of activation. The Israeli Electricity Authority currently approved a postponement of sixteen months of the dates for the project. The Company and its partner in the project, Ampa, invested the equity required for the project (other than linkage differences), and the remainder of the funding is from a consortium of lenders led by Mizrahi Bank, at a scope of approximately NIS 1.18 billion.
Development of Solar licenses combined with storage:
- The Komemiyut and Qelahim Projects: each intended for 21 solar MW and 50 MW / hour batteries. The sale of electricity will be conducted through a private supplier.
The Company waived the rights it won in a solar / battery tender process in connection with these projects and therefore paid a forfeiture of guarantee in the amount of NIS 1.8 million and is in advanced negotiations with a local virtual electricity supplier for the execution of a long-term PPA. - The Talmei Yosef Project: intended for 10 solar MW and 22 MW / hour batteries. The request for zoning approval was approved in the fourth quarter of 2023.
- The Talmei Yosef Storage Project in Batteries: there is a zoning approval for approximately 400 MW / hour. The project is designed for the regulation of high voltage storage.
Activity in the Netherlands:
During 2024, high production levels were maintained in the Company’s three biogas plants. In addition, significant progress was made in the process of obtaining the licenses to increase production by about 50% in each of the Company’s plants. Increasing production will require relatively small investments and is expected to significantly increase income and EBITDA. Following the directive of the European Union to act to significantly increase the production of green gas, the Dutch parliament approved the legislation mandating the obligation to mix green gas with fossil gas, which will become effective commencing January 1, 2026. This legislation is expected to have a positive effect on revenues from the sale of green gas and the price of the accompanying green certificates. Agreements were executed for the future sale of green certificates for green gas in the context of the new regulation at a price of approximately €1 per certificate. The Company’s Dutch subsidiaries generate approximately 16 million green certificates a year.
Use of Non-IFRS Financial Measures
EBITDA is a non-IFRS measure and is defined as earnings before financial expenses, net, taxes, depreciation and amortization. The Company presents this measure in order to enhance the understanding of the Company’s operating performance and to enable comparability between periods. While the Company considers EBITDA to be an important measure of comparative operating performance, EBITDA should not be considered in isolation or as a substitute for net income or other statement of operations or cash flow data prepared in accordance with IFRS as a measure of profitability or liquidity. EBITDA does not take into account the Company’s commitments, including capital expenditures and restricted cash and, accordingly, is not necessarily indicative of amounts that may be available for discretionary uses. Not all companies calculate EBITDA in the same manner, and the measure as presented may not be comparable to similarly-titled measure presented by other companies. The Company’s EBITDA may not be indicative of the Company’s historic operating results; nor is it meant to be predictive of potential future results. The Company uses this measure internally as performance measure and believes that when this measure is combined with IFRS measure it add useful information concerning the Company’s operating performance. A reconciliation between results on an IFRS and non-IFRS basis is provided on page 15 of this press release.
About Ellomay Capital Ltd.
Ellomay is an Israeli based company whose shares are registered with the NYSE American and with the Tel Aviv Stock Exchange under the trading symbol “ELLO”. Since 2009, Ellomay focuses its business in the renewable energy and power sectors in Europe, USA and Israel.
To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy, Spain, the Netherlands and Texas, USA, including:
- Approximately 335.9 MW of operating solar power plants in Spain (including a 300 MW solar plant in owned by Talasol, which is 51% owned by the Company) and approximately 38 MW of operating solar power plants in Italy;
- 9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel’s largest private power plants with production capacity of approximately 850MW, representing about 6%-8% of Israel’s total current electricity consumption;
- Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V., project companies operating anaerobic digestion plants in the Netherlands, with a green gas production capacity of approximately 3 million, 3.8 million and 9.5 million Nm3 per year, respectively;
- 83.333% of Ellomay Pumped Storage (2014) Ltd., which is involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel;
- Solar projects in Italy with an aggregate capacity of 294 MW that have reached “ready to build” status; and
- Solar projects in the Dallas Metropolitan area, Texas, USA with an aggregate capacity of approximately 27 MW that are placed in service and in process of connection to the grid and additional 22 MW are under construction.
For more information about Ellomay, visit http://www.ellomay.com.
Information Relating to Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions of the Company’s management. All statements, other than statements of historical facts, included in this press release regarding the Company’s plans and objectives, expectations and assumptions of management are forward-looking statements. The use of certain words, including the words “estimate,” “project,” “intend,” “expect,” “believe” and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements. Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by the Company’s forward-looking statements, including changes in electricity prices and demand, regulatory changes increases in interest rates and inflation, changes in the supply and prices of resources required for the operation of the Company’s facilities (such as waste and natural gas) and in the price of oil, the impact of the war and hostilities in Israel and Gaza, the impact of the continued military conflict between Russia and Ukraine, technical and other disruptions in the operations or construction of the power plants owned by the Company and general market, political and economic conditions in the countries in which the Company operates, including Israel, Spain, Italy and the United States. These and other risks and uncertainties associated with the Company’s business are described in greater detail in the filings the Company makes from time to time with Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
Kalia Rubenbach (Weintraub)
CFO
Tel: +972 (3) 797-1111
Email: hilai@ellomay.comEllomay Capital Ltd. and its Subsidiaries
Unaudited Condensed Consolidated Statements of Financial Position
December 31, 2024 2023 2024 Unaudited Audited Unaudited € in thousands Convenience Translation into US$ in thousands* Assets Current assets: Cash and cash equivalents 41,134 51,127 42,819 Short term deposits – 997 – Restricted cash 656 810 683 Intangible asset from green certificates 178 553 185 Trade and other receivables 20,734 11,717 21,583 Derivatives asset short-term 146 275 152 Assets of disposal groups classified as held for sale – 28,297 – 62,848 93,776 65,422 Non-current assets Investment in equity accounted investee 41,324 31,772 43,017 Advances on account of investments 547 898 569 Fixed assets 482,166 407,982 501,918 Right-of-use asset 34,315 30,967 35,721 Restricted cash and deposits 17,052 17,386 17,751 Deferred tax 9,039 8,677 9,409 Long term receivables 13,411 10,446 13,960 Derivatives 15,974 10,948 16,628 613,828 519,076 638,973 Total assets 676,676 612,852 704,395 Liabilities and Equity Current liabilities Current maturities of long-term bank loans 21,316 9,784 22,189 Current maturities of other long-term loans 5,000 5,000 5,205 Current maturities of debentures 35,706 35,200 37,169 Trade payables 8,856 5,249 9,219 Other payables 10,896 10,859 11,342 Current maturities of derivatives 1,875 4,643 1,952 Current maturities of lease liabilities 714 700 743 Liabilities of disposal groups classified as held for sale – 17,142 – Warrants 1,446 84 1,505 85,809 88,661 89,324 Non-current liabilities Long-term lease liabilities 25,324 23,680 26,361 Long-term bank loans 245,866 237,781 255,938 Other long-term loans 31,314 29,373 32,597 Debentures 155,823 104,887 162,206 Deferred tax 2,486 2,516 2,588 Other long-term liabilities 939 855 977 Derivatives 288 – 300 462,040 399,092 480,967 Total liabilities 547,849 487,753 570,291 Equity Share capital 25,613 25,613 26,662 Share premium 86,271 86,159 89,805 Treasury shares (1,736) (1,736) (1,807) Transaction reserve with non-controlling Interests 5,697 5,697 5,930 Reserves 14,338 4,299 14,925 Accumulated deficit (12,019) (5,037) (12,511) Total equity attributed to shareholders of the Company 118,164 114,995 123,004 Non-Controlling Interest 10,663 10,104 11,100 Total equity 128,827 125,099 134,104 Total liabilities and equity 676,676 612,852 704,395 * Convenience translation into US$ (exchange rate as at December 31, 2024: euro 1 = US$ 1.041)
Ellomay Capital Ltd. and its Subsidiaries
Unaudited Condensed Consolidated Statements of Comprehensive Income
For the three months ended December 31, For the year ended December 31, For the three months ended December 31, For the year ended December 31, 2024 2023 2024 2023 2024 2024 Unaudited Unaudited Audited Unaudited € in thousands (except per share data) Convenience Translation into US$* Revenues 8,678 8,424 40,467 48,834 9,033 42,125 Operating expenses (5,298) (5,460) (19,803) (22,861) (5,515) (20,614) Depreciation and amortization expenses (4,126) (4,265) (16,468) (16,012) (4,295) (17,143) Gross profit (loss) (746) (1,301) 4,196 9,961 (777) 4,368 Project development costs (790) (2,025) (4,101) (4,465) (822) (4,269) General and administrative expenses (1,384) (1,320) (6,063) (5,283) (1,441) (6,311) Share of profit (loss) of equity accounted investee 5,767 (279) 11,062 4,320 6,003 11,515 Other income, net 524 – 3,409 – 545 3,549 Operating profit (loss) 3,371 (4,925) 8,503 4,533 3,508 8,852 Financing income 710 345 2,495 8,747 739 2,597 Financing income (expenses) in connection with derivatives and warrants, net (664) 336 1,140 251 (691) 1,187 Financing expenses in connection with projects finance (1,544) (1,465) (6,190) (6,077) (1,607) (6,444) Financing expenses in connection with debentures (1,762) (1,008) (6,641) (3,876) (1,834) (6,913) Interest expenses on minority shareholder loan (528) (541) (2,144) (2,014) (550) (2,232) Other financing expenses (13,099) (1,499) (8,311) (588) (13,636) (8,651) Financing expenses, net (16,887) (3,832) (19,651) (3,557) (17,579) (20,456) Profit (loss) before taxes on income (13,516) (8,757) (11,148) 976 (14,071) (11,604) Tax benefit 1,475 799 1,547 1,436 1,535 1,610 Profit (loss) for the period from continuing operations (12,041) (7,958) (9,601) 2,412 (12,536) (9,994) Profit (loss) from discontinued operation (net of tax) 58 (1,857) 137 (1,787) 60 143 Profit (loss) for the period (11,983) (9,815) (9,464) 625 (12,476) (9,851) Profit (loss) attributable to: Owners of the Company (10,887) (8,490) (6,982) 2,219 (11,333) (7,268) Non-controlling interests (1,096) (1,325) (2,482) (1,594) (1,143) (2,583) Profit (loss) for the period (11,983) (9,815) (9,464) 625 (12,476) (9,851) Other comprehensive income (loss) item that after initial recognition in comprehensive income (loss) were or will be transferred to profit or loss: Foreign currency translation differences for foreign operations 13,159 1,234 8,007 (7,949) 13,698 8,335 Foreign currency translation differences for foreign operations that were recognized in profit or loss – – 255 – – 265 Effective portion of change in fair value of cash flow hedges (3,781) (10,718) 5,631 39,431 (3,937) 5,861 Net change in fair value of cash flow hedges transferred to profit or loss 1,108 19,183 (813) 9,794 1,154 (846) Total other comprehensive income 10,486 9,699 13,080 41,276 10,915 13,615 Total other comprehensive income (loss) attributable to: Owners of the Company 11,354 5,172 10,039 16,931 11,818 10,450 Non-controlling interests (868) 4,527 3,041 24,345 (903) 3,165 Total other comprehensive income (loss) for the period 10,486 9,699 13,080 41,276 10,915 13,615 Total comprehensive income (loss) for the period (1,497) (116) 3,616 41,901 (1,561) 3,764 Total comprehensive income (loss) attributable to: Owners of the Company 467 (3,318) 3,057 19,150 485 3,182 Non-controlling interests (1,964) 3,202 559 22,751 (2,046) 582 Total comprehensive income (loss) for the period (1,497) (116) 3,616 41,901 (1,561) 3,764 * Convenience translation into US$ (exchange rate as at December 31, 2024: euro 1 = US $ 1.041)
Ellomay Capital Ltd. and its Subsidiaries
Unaudited Condensed Consolidated Statements of Comprehensive Income (cont’d)
For the three months ended December 31, For the year ended December 31, For the three months ended December 31, For the year ended December 31, 2024 2023 2024 2023 2024 2024 Unaudited Unaudited Audited Unaudited € in thousands (except per share data) Convenience Translation into US$* Basic profit (loss) per share (0.85) (0.66) (0.54) 0.17 (0.91) (0.56) Diluted profit (loss) per share (0.85) (0.66) (0.54) 0.17 (0.91) (0.56) Basic profit (loss) per share continuing operations (0.85) (0.14) (0.55) 0.31 (0.91) (0.57) Diluted profit (loss) per share continuing operations (0.85) (0.14) (0.55) 0.31 (0.91) (0.57) Basic profit (loss) per share discontinued operation – (0.52) 0.01 (0.14) – 0.01 Diluted profit (loss) per share discontinued operation – (0.52) 0.01 (0.14) – 0.01 * Convenience translation into US$ (exchange rate as at December 31, 2024: euro 1 = US$ 1.041)
Ellomay Capital Ltd. and its Subsidiaries
Unaudited Condensed Consolidated Statements of Changes in Equity
Attributable to shareholders of the Company Non-controlling Interests Total Equity Share capital Share premium Accumulated Deficit Treasury shares Translation reserve from foreign operations Hedging Reserve Interests Transaction reserve with non-controlling Interests Total € in thousands For the year ended December 31, 2024 (unaudited): Balance as at January 1, 2024 25,613 86,159 (5,037) (1,736) 385 3,914 5,697 114,995 10,104 125,099 Profit (loss) for the period – – (6,982) – – – – (6,982) (2,482) (9,464) Other comprehensive income (loss) for the period – – – – 8,061 1,978 – 10,039 3,041 13,080 Total comprehensive income (loss) for the period – – (6,982) – 8,061 1,978 – 3,057 559 3,616 Transactions with owners of the Company, recognized directly in equity: Share-based payments – 112 – – – – – 112 – 112 Balance as at December 31, 2024 25,613 86,271 (12,019) (1,736) 8,446 5,892 5,697 118,164 10,663 128,827 For the three months ended December 31, 2024 (unaudited): Balance as at September 30, 2024 25,613 86,250 (1,132) (1,736) (4,377) 7,361 5,697 117,676 12,627 130,303 Profit (loss) for the period – – (10,887) – – – – (10,887) (1,096) (11,983) Other comprehensive income (loss) for the period – – – – 12,823 (1,469) – 11,354 (868) 10,486 Total comprehensive income (loss) for the period – – (10,887) – 12,823 (1,469) – 467 (1,964) (1,497) Transactions with owners of the Company, recognized directly in equity: Share-based payments – 21 – – – – – 21 – 21 Balance as at December 31, 2024 25,613 86,271 (12,019) (1,736) 8,446 5,892 5,697 118,164 10,663 128,827 Ellomay Capital Ltd. and its Subsidiaries
Unaudited Condensed Consolidated Statements of Changes in Equity (cont’d)
Share capital Share premium Attributable to shareholders of the Company Non- controlling Total Interests Equity Accumulated deficit Treasury shares Translation reserve from
foreign operationsHedging Reserve Interests Transaction reserve with
non-controlling InterestsTotal € in thousands For the year ended December 31, 2023 (audited): Balance as at January 1, 2023 25,613 86,038 (7,256) (1,736) 7,970 (20,602) 5,697 95,724 (12,647) 83,077 Profit (loss) for the year – – 2,219 – – – – 2,219 (1,594) 625 Other comprehensive loss for the year – – – – (7,585) 24,516 – 16,931 24,345 41,276 Total comprehensive loss for the year – – 2,219 – (7,585) 24,516 – 19,150 22,751 41,901 Transactions with owners of the Company, recognized directly in equity: Share-based payments – 121 – – – – – 121 – 121 Balance as at December 31, 2023 25,613 86,159 (5,037) (1,736) 385 3,914 5,697 114,995 10,104 125,099 For the three months ended December 31, 2023 (unaudited): Balance as at September 30, 2023 25,613 86,131 3,453 (1,736) (801) (72) 5,697 118,285 6,902 125,187 Profit (loss) for the period – – (8,490) – – – – (8,490) (1,325) (9,815) Other comprehensive income (loss) for the period – – – – 1,186 3,986 – 5,172 4,527 9,699 Total comprehensive income (loss) for the period – – (8,490) – 1,186 3,986 – (3,318) 3,202 (116) Transactions with owners of the Company, recognized directly in equity: Share-based payments – 28 – – – – – 28 – 28 Balance as at December 31, 2023 25,613 86,159 (5,037) (1,736) 385 3,914 5,697 114,995 10,104 125,099 Ellomay Capital Ltd. and its Subsidiaries
Unaudited Condensed Consolidated Statements of Changes in Equity (cont’d)
Attributable to shareholders of the Company Non- controlling Total Interests Equity Share capital Share premium Accumulated deficit Treasury shares Translation reserve from
foreign operationsHedging Reserve Interests Transaction reserve with
non-controlling InterestsTotal Convenience translation into US$ (exchange rate as at December 31, 2024: euro 1 = US$ 1.041) For the year ended December 31, 2024 (unaudited): Balance as at January 1, 2024 26,662 89,688 (5,243) (1,807) 401 4,074 5,930 119,705 10,518 130,223 Profit (loss) for the period – – (7,268) – – – – (7,268) (2,583) (9,851) Other comprehensive income (loss) for the period – – – – 8,391 2,059 – 10,450 3,165 13,615 Total comprehensive income (loss) for the period – – (7,268) – 8,391 2,059 – 3,182 582 3,764 Transactions with owners of the Company, recognized directly in equity: Share-based payments – 117 – – – – – 117 – 117 Balance as at December 31, 2024 26,662 89,805 (12,511) (1,807) 8,792 6,133 5,930 123,004 11,100 134,104 For the three months ended December 31, 2024 (unaudited): Balance as at September 30, 2024 26,662 89,783 (1,178) (1,807) (4,555) 7,663 5,930 122,498 13,146 135,644 Profit (loss) for the period – – (11,333) – – – – (11,333) (1,143) (12,476) Other comprehensive income (loss) for the period – – – – 13,347 (1,530) – 11,817 (903) 10,914 Total comprehensive income (loss) for the period – – (11,333) – 13,347 (1,530) – 484 (2,046) (1,562) Transactions with owners of the Company, recognized directly in equity: Share-based payments – 22 – – – – – 22 – 22 Balance as at December 31, 2024 26,662 89,805 (12,511) (1,807) 8,792 6,133 5,930 123,004 11,100 134,104 Ellomay Capital Ltd. and its Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flow
For the three months ended December 31, For the year ended December 31, For the three months ended December 31, 2024 For year ended December 31, 2024 2024 2023 2024 2023 Unaudited Unaudited Audited Unaudited € in thousands Convenience Translation into US$* Cash flows from operating activities Profit (loss) for the period (11,983) (9,815) (9,464) 625 (12,476) (9,851) Adjustments for: Financing expenses, net 16,887 3,632 19,247 3,034 17,579 20,035 Loss from settlement of derivatives contract 266 – 316 – 277 329 Impairment losses on assets of disposal groups classified as held-for-sale – 2,565 405 2,565 – 422 Depreciation and amortization 4,126 4,378 16,516 16,473 4,295 17,193 Share-based payment transactions 21 28 112 121 22 117 Share of profits of equity accounted investees (5,767) 279 (11,062) (4,320) (6,003) (11,515) Payment of interest on loan from an equity accounted investee – 33 – 1,501 – – Change in trade receivables and other receivables (5,606) (1,317) (8,824) (302) (5,836) (9,185) Change in other assets 2,894 69 3,770 (681) 3,013 3,924 Change in receivables from concessions project – 259 793 1,778 – 825 Change in trade payables 48 (332) (31) (45) 50 (32) Change in other payables 4,747 (2,492) 4,454 (2,235) 4,941 4,636 Tax benefit (1,475) (1,391) (1,552) (1,852) (1,535) (1,615) Income taxes refund (paid) 277 (473) 623 (912) 288 649 Interest received 605 524 2,537 2,936 630 2,641 Interest paid (2,618) (4,132) (9,873) (10,082) (2,725) (10,277) 14,405 1,630 17,431 7,979 14,996 18,147 Net cash provided by (used in) operating activities 2,422 (8,185) 7,967 8,604 2,520 8,296 Cash flows from investing activities Acquisition of fixed assets (22,894) (7,365) (72,922) (58,848) (23,832) (75,909) Interest paid capitalized to fixed assets (887) (2,283) (2,515) (2,283) (923) (2,618) Proceeds from sale of investments – – 9,267 – – 9,647 Repayment of loan by an equity accounted investee – 1,221 – 1,324 – – Loan to an equity accounted investee – (60) – (128) – – Advances on account of investments – – (163) (421) – (170) Proceeds from advances on account of investments 514 297 514 2,218 535 535 Proceeds in marketable securities – – – 2,837 – – Investment in settlement of derivatives, net (540) – (316) – (562) (329) Proceeds from (investment in) restricted cash, net 532 (53) 689 840 554 717 Proceeds from (investment in) short term deposit 2,408 – 1,004 (1,092) 2,507 1,045 Net cash used in investing activities (20,867) (8,243) (64,442) (55,553) (21,721) (67,082) Cash flows from financing activities Issuance of warrants – – 2,666 – – 2,775 Cost associated with long-term loans (556) (690) (2,567) (1,877) (579) (2,672) Payment of principal of lease liabilities (2,276) (190) (2,941) (1,156) (2,369) (3,061) Proceeds from long-term loans 175 10,787 19,482 32,157 182 20,280 Repayment of long-term loans (4,668) (5,746) (11,776) (12,736) (4,859) (12,258) Repayment of Debentures – – (35,845) (17,763) – (37,313) Proceeds from issuance of Debentures, net 15,118 – 73,943 55,808 15,737 76,972 Net cash provided by (used in) financing activities 7,793 4,161 42,962 54,433 8,112 44,723 Effect of exchange rate fluctuations on cash and cash equivalents 3,330 1,723 3,092 (2,387) 3,467 3,215 Increase (decrease) in cash and cash equivalents (7,322) (10,544) (10,421) 5,097 (7,622) (10,848) Cash and cash equivalents at the beginning of the period 48,456 62,099 51,127 46,458 50,441 53,221 Cash from (used in) disposal groups classified as held-for-sale – (428) 428 (428) – 446 Cash and cash equivalents at the end of the period 41,134 51,127 41,134 51,127 42,819 42,819 * Convenience translation into US$ (exchange rate as at December 31, 2024: euro 1 = US$ 1.041)
Ellomay Capital Ltd. and its Subsidiaries
Operating Segments (Unaudited)
Italy Spain USA Netherlands Israel Solar Subsidized Solar
Plants28 MW
SolarTalasol
SolarSolar Biogas Dorad Manara Pumped Storage Solar* Total
reportable
segmentsReconciliations Total consolidated For the year ended December 31, 2024 € in thousands Revenues 2,293 2,974 1,741 18,365 – 15,094 67,084 – 278 107,829 (67,362) 40,467 Operating expenses (109) (519) (593) (4,695) – (13,887) (50,065) – (142) (70,010) 50,207 (19,803) Depreciation and amortization expenses (89) (919) (1,088) (11,453) – (2,897) (2,489) – (48) (18,983) 2,515 (16,468) Gross profit (loss) 2,095 1,536 60 2,217 – (1,690) 14,530 – 88 18,836 (14,640) 4,196 Adjusted gross profit (loss) 2,095 1,536 60 2,217 – (1,690) 14,530 – 3172 19,065 (14,869) 4,196 Project development costs (4,101) General and administrative expenses (6,063) Share of income of equity accounted investee 11,062 Other income, net 3,409 Operating profit 8,503 Financing income 2,495 Financing income in connection with
derivatives and warrants, net1,140 Financing expenses in connection with projects finance (6,190) Financing expenses in connection with debentures (6,641) Interest expenses on minority shareholder loan (2,144) Other financing expenses (8,311) Financing expenses, net (19,651) Profit before taxes on income (11,148) Segment assets as at December 31, 2024 67,546 12,633 19,403 225,452 55,564 31,779 109,579 186,333 – 708,289 (31,613) 676,676 * The results of the Talmei Yosef solar plant are presented as a discontinued operation.
Ellomay Capital Ltd. and its Subsidiaries
Reconciliation of Profit (Loss) to EBITDA (Unaudited)
For the three months ended December 31, For the year ended December 31, For the three months ended December 31, For the year ended December 31, 2024 2023 2024 2023 2024 2024 € in thousands Convenience Translation into US$ in thousands* Net profit (loss) for the period (11,983) (9,815) (9,464) 625 (12,476) (9,851) Financing expenses, net 16,887 3,832 19,651 3,557 17,579 20,456 Tax benefit (1,475) (799) (1,547) (1,436) (1,535) (1,610) Depreciation and amortization 4,126 4,265 16,468 16,012 4,295 17,143 EBITDA 7,555 (2,517) 25,108 18,758 7,863 26,138 * Convenience translation into US$ (exchange rate as at December 31, 2024: euro 1 = US$ 1.041)
Ellomay Capital Ltd.
Information for the Company’s Debenture Holders
Financial Covenants
Pursuant to the Deeds of Trust governing the Company’s Series C, Series D, Series E, Series F and Series G Debentures (together, the “Debentures”), the Company is required to maintain certain financial covenants. For more information, see Items 4.A and 5.B of the Company’s Annual Report on Form 20-F submitted to the Securities and Exchange Commission on April 18, 2024, and below.
Net Financial Debt
As of December 31, 2024, the Company’s Net Financial Debt, (as such term is defined in the Deeds of Trust of the Company’s Debentures), was approximately €159.4 million (consisting of approximately €308.53 million of short-term and long-term debt from banks and other interest bearing financial obligations, approximately €200.54 million in connection with the Series C Debentures issuances (in July 2019, October 2020, February 2021 and October 2021), the Series D Convertible Debentures issuance (in February 2021), the Series E Secured Debentures issuance (in February 2023) and the Series F Debentures issuance (in January, April, August and November 2024)), net of approximately €41.1 million of cash and cash equivalents, short-term deposits and marketable securities and net of approximately €308.55 million of project finance and related hedging transactions of the Company’s subsidiaries). The Net Financial Debt and other information included in this disclosure do not include the issuance of the Company’s Series G Debentures in February 2025.
Discussion concerning Warning Signs
Upon the issuance of the Company’s Debentures, the Company undertook to comply with the “hybrid model disclosure requirements” as determined by the Israeli Securities Authority and as described in the Israeli prospectuses published in connection with the public offering of the company’s Debentures. This model provides that in the event certain financial “warning signs” exist in the Company’s consolidated financial results or statements, and for as long as they exist, the Company will be subject to certain disclosure obligations towards the holders of the Company’s Debentures.
One possible “warning sign” is the existence of a working capital deficiency if the Company’s Board of Directors does not determine that the working capital deficiency is not an indication of a liquidity problem. In examining the existence of warning signs as of December 31, 2024, the Company’s Board of Directors noted the working capital deficiency as of December 31, 2024, in the amount of approximately €23 million. The Company’s Board of Directors reviewed the Company’s financial position, outstanding debt obligations and the Company’s existing and anticipated cash resources and uses and determined that the existence of a working capital deficiency as of December 31, 2024, does not indicate a liquidity problem. In making such determination, the Company’s Board of Directors noted the following: (i) the issuance of the Company’s Series G Debentures in consideration for approximately NIS 211.7 million (net of offering expenses), which was completed after December 31, 2024 and therefore not reflected on the Company’s balance sheet, (ii) the execution of the agreement to sell tax credits in connection with the US solar projects, which is expected to contribute approximately $19 million during the next twelve months, and (iii) the Company’s positive cash flow from operating activities during 2023 and 2024.
Ellomay Capital Ltd.
Information for the Company’s Debenture Holders (cont’d)
Information for the Company’s Series C Debenture Holders
The Deed of Trust governing the Company’s Series C Debentures (as amended on June 6, 2022, the “Series C Deed of Trust”), includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for two consecutive quarters is a cause for immediate repayment. As of December 31, 2024, the Company was in compliance with the financial covenants set forth in the Series C Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series C Deed of Trust) was approximately €118.8 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 57.3%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA,6 was 6.1.
The following is a reconciliation between the Company’s loss and the Adjusted EBITDA (as defined in the Series C Deed of Trust) for the four-quarter period ended December 31, 2024:
For the four-quarter period ended December 31, 2024 Unaudited € in thousands Loss for the period (9,464) Financing expenses, net 19,651 Taxes on income (1,547) Depreciation and amortization expenses 16,468 Share-based payments 112 Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model 981 Adjusted EBITDA as defined the Series C Deed of Trust 26,201 Ellomay Capital Ltd.
Information for the Company’s Debenture Holders (cont’d)
Information for the Company’s Series D Debenture Holders
The Deed of Trust governing the Company’s Series D Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series D Deed of Trust is a cause for immediate repayment. As of December 31, 2024, the Company was in compliance with the financial covenants set forth in the Series D Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series D Deed of Trust) was approximately €118.8 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 57.3%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA7 was 6.
The following is a reconciliation between the Company’s loss and the Adjusted EBITDA (as defined in the Series D Deed of Trust) for the four-quarter period ended December 31, 2024:
For the four-quarter period ended December 31, 2024 Unaudited € in thousands Loss for the period (9,464) Financing expenses, net 19,651 Taxes on income (1,547) Depreciation and amortization expenses 16,468 Share-based payments 112 Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model 981 Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters8 440 Adjusted EBITDA as defined the Series D Deed of Trust 26,641 Ellomay Capital Ltd.
Information for the Company’s Debenture Holders (cont’d)
Information for the Company’s Series E Debenture Holders
The Deed of Trust governing the Company’s Series E Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series E Deed of Trust is a cause for immediate repayment. As of December 31, 2024, the Company was in compliance with the financial covenants set forth in the Series E Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series E Deed of Trust) was approximately €118.8 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 57.3%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA9 was 6.
The following is a reconciliation between the Company’s loss and the Adjusted EBITDA (as defined in the Series E Deed of Trust) for the four-quarter period ended December 31, 2024:
For the four-quarter period ended December 31, 2024 Unaudited € in thousands Loss for the period (9,464) Financing expenses, net 19,651 Taxes on income (1,547) Depreciation and amortization expenses 16,468 Share-based payments 112 Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model 981 Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters10 440 Adjusted EBITDA as defined the Series E Deed of Trust 26,641 In connection with the undertaking included in Section 3.17.2 of Annex 6 of the Series E Deed of Trust, no circumstances occurred during the reporting period under which the rights to loans provided to Ellomay Luzon Energy Infrastructures Ltd. (formerly U. Dori Energy Infrastructures Ltd. (“Ellomay Luzon Energy”)), which were pledged to the holders of the Company’s Series E Debentures, will become subordinate to the amounts owed by Ellomay Luzon Energy to Israel Discount Bank Ltd.
As of December 31, 2024, the value of the assets pledged to the holders of the Series E Debentures in the Company’s books (unaudited) is approximately €41.3 million (approximately NIS 156.8 million based on the exchange rate as of such date).
Ellomay Capital Ltd. and its Subsidiaries
Information for the Company’s Debenture Holders (cont’d)
Information for the Company’s Series F Debenture Holders
The Deed of Trust governing the Company’s Series F Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series F Deed of Trust is a cause for immediate repayment. As of December 31, 2024, the Company was in compliance with the financial covenants set forth in the Series F Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series F Deed of Trust) was approximately €118.4 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 57.4%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA11 was 6.
The following is a reconciliation between the Company’s loss and the Adjusted EBITDA (as defined in the Series F Deed of Trust) for the four-quarter period ended December 31, 2024:
For the four-quarter period ended December 31, 2024 Unaudited € in thousands Loss for the period (9,464) Financing expenses, net 19,651 Taxes on income (1,547) Depreciation and amortization expenses 16,468 Share-based payments 112 Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model 981 Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters12 440 Adjusted EBITDA as defined the Series F Deed of Trust 26,641 Ellomay Capital Ltd. and its Subsidiaries
Information for the Company’s Debenture Holders (cont’d)
Information for the Company’s Series G Debenture Holders
The Deed of Trust governing the Company’s Series G Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series G Deed of Trust is a cause for immediate repayment. As of December 31, 2024, the Company was in compliance with the financial covenants set forth in the Series G Deed of Trust as follows: (i) the Company’s Adjusted Shareholders’ Equity (as defined in the Series G Deed of Trust) was approximately €118.4 million, (ii) the ratio of the Company’s Net Financial Debt (as set forth above) to the Company’s CAP, Net (defined as the Company’s Adjusted Shareholders’ Equity plus the Net Financial Debt) was 57.4%, and (iii) the ratio of the Company’s Net Financial Debt to the Company’s Adjusted EBITDA13 was 6.
The following is a reconciliation between the Company’s loss and the Adjusted EBITDA (as defined in the Series G Deed of Trust) for the four-quarter period ended December 31, 2024:
For the four-quarter period ended December 31, 2024 Unaudited € in thousands Loss for the period (9,464) Financing expenses, net 19,651 Taxes on income (1,547) Depreciation and amortization expenses 16,468 Share-based payments 112 Adjustment to revenues of the Talmei Yosef PV Plant due to calculation based on the fixed asset model 981 Adjustment to data relating to projects with a Commercial Operation Date during the four preceding quarters14 440 Adjusted EBITDA as defined the Series G Deed of Trust 26,641 1 The revenues presented in the Company’s financial results included in this press release are based on IFRS and do not take into account the adjustments included in the Company’s investor presentation.
2 The gross profit of the Talmei Yosef solar plant located in Israel is adjusted to include income from the sale of electricity (approximately €1,264 thousand) and depreciation expenses (approximately €757 thousand) under the fixed asset model, which were not recognized as revenues and depreciation expenses, respectively, under the financial asset model as per IFRIC 12.
3 The amount of short-term and long-term debt from banks and other interest-bearing financial obligations provided above, includes an amount of approximately €4.7 million costs associated with such debt, which was capitalized and therefore offset from the debt amount that is recorded in the Company’s balance sheet.
4 The amount of the debentures provided above includes an amount of approximately €6.9 million associated costs, which was capitalized and discount or premium and therefore offset from the debentures amount that is recorded in the Company’s balance sheet. This amount also includes the accrued interest as at December 31, 2024 in the amount of approximately €2.1 million.
5 The project finance amount deducted from the calculation of Net Financial Debt includes project finance obtained from various sources, including financing entities and the minority shareholders in project companies held by the Company (provided in the form of shareholders’ loans to the project companies).
6 The term “Adjusted EBITDA” is defined in the Series C Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef solar plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments. The Series C Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series C Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of NON-IFRS Financial Measures.”
7 The term “Adjusted EBITDA” is defined in the Series D Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series D Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series D Deed of Trust). The Series D Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series D Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of NON-IFRS Financial Measures.”
8 The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024. The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.
9 The term “Adjusted EBITDA” is defined in the Series E Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series E Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series E Deed of Trust). The Series E Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series E Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of NON-IFRS Financial Measures.”
10 The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024. The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.
11 The term “Adjusted EBITDA” is defined in the Series F Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series F Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series F Deed of Trust). The Series F Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series F Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of Non-IFRS Financial Measures.”
12 The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024. The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.
13 The term “Adjusted EBITDA” is defined in the Series G Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company’s operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series G Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series G Deed of Trust). The Series G Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company’s undertakings towards the holders of its Series G Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under “Use of Non-IFRS Financial Measures.”
14 The adjustment is based on the results of solar plants in Italy that were connected to the grid and commenced delivery of electricity to the grid during the year ended December 31, 2024. The Company recorded revenues and only direct expenses in connection with these solar plants from the connection to the grid and until PAC (Preliminary Acceptance Certificate – reached during the fourth quarter of 2024). However, for the sake of caution, the Company included the expected fixed expenses in connection with these solar plants in the calculation of the adjustment.
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MIL-OSI: Beneficient Adjourns Annual Meeting of Stockholders
Source: GlobeNewswire (MIL-OSI)
DALLAS, March 31, 2025 (GLOBE NEWSWIRE) — Beneficient (NASDAQ: BENF) (“Beneficient,” “Ben” or the “Company”), a technology-enabled platform providing exit opportunities and primary capital solutions and related trust and custody services to holders of alternative assets through its proprietary online platform, AltAccess, announced today that the Company’s Annual Meeting of Stockholders, which began at 9:00 a.m. Central time today, March 31, 2025, has been adjourned to allow for more time for stockholders to vote.
At this time, there were not present, by remote communication or by proxy, a sufficient number of shares of the Company’s common stock to constitute a quorum. The Company’s Board of Directors continues to believe that that all of the proposals contained in the proxy statement are advisable and in the best interests of the Company’s stockholders to consider and act upon. Therefore, the Company adjourned the Annual Meeting.
The meeting has been scheduled to reconvene on April 16, 2025 at 9:00 a.m. Central time and will be held virtually online at https://www.cstproxy.com/beneficient/2025.
During the period of the adjournment, the Company will continue to solicit proxies from its stockholders with respect to the proposals set forth in the Company’s proxy statement. Proxies previously submitted in respect to the Annual Meeting will be voted at the reconvened meeting unless properly revoked, and stockholders who have previously submitted a proxy or otherwise voted need not take any action unless they wish to change their vote.
The Company encourages all stockholders who have not yet voted to do so before April 15, 2025 at 11:59 p.m. Central time. The stockholders may vote by internet at https://www.cstproxyvote.com, or by telephone at 1 (866) 894-0536, or by returning a properly executed proxy card to Corporate Secretary, Beneficient, at 325 N. Saint Paul Street, Suite 4850, Dallas, Texas 75201.
About Beneficient
Beneficient (Nasdaq: BENF) – Ben, for short – is on a mission to democratize the global alternative asset investment market by providing traditionally underserved investors − mid-to-high net worth individuals, small-to-midsized institutions and General Partners seeking exit options, anchor commitments and valued-added services for their funds− with solutions that could help them unlock the value in their alternative assets. Ben’s AltQuote™ tool provides customers with a range of potential exit options within minutes, while customers can log on to the AltAccess® portal to explore opportunities and receive proposals in a secure online environment.
Its subsidiary, Beneficient Fiduciary Financial, L.L.C., received its charter under the State of Kansas’ Technology-Enabled Fiduciary Financial Institution (TEFFI) Act and is subject to regulatory oversight by the Office of the State Bank Commissioner.
Additional Information and where to find it
The Company has filed a definitive proxy statement and associated proxy card with the U.S. Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for the Annual Meeting of Stockholders of the Company (the “Annual Meeting”). The Company, its directors, its executive officers and certain other individuals set forth in the definitive proxy statement will be deemed participants in the solicitation of proxies from shareholders in respect of the Annual Meeting. Information regarding the names of the Company’s directors and executive officers and certain other individuals and their respective interests in the Company by security holdings or otherwise are set forth in the definitive proxy statement filed with the SEC on March 21, 2025. BEFORE MAKING ANY VOTING DECISION, STOCKHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO AND ACCOMPANYING PROXY CARD, BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Investors and shareholders can obtain a copy of the documents filed by the Company with the SEC, including the definitive proxy statement, free of charge by visiting the SEC’s website, www.sec.gov. The Company’s stockholders can also obtain, without charge, a copy of the definitive proxy statement and other relevant filed documents when available from the Company’s website at www.trustben.com.
Contact
investors@beneficient.com
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MIL-OSI USA: Governor Kehoe Announces Six Appointments to Various Boards and Commissions, Fills One County Office Vacancy
Source: US State of Missouri
MARCH 31, 2025
Jefferson City — Today, Governor Mike Kehoe announced six appointments to various boards and commissions and the appointment of the Andrew County Circuit Clerk.
Tannah Buhman, of St. Joseph, was appointed as the Andrew County Circuit Clerk.
Ms. Buhman is currently serving as the interim circuit clerk for the Andrew County Circuit Court having been appointed by the Presiding Judge after a year as deputy court clerk. She previously worked as a patient care representative for Mosaic Life Care in St. Joseph, Missouri, and holds certifications as a Certified Nurse Assistant and Certified Medication Technician.
Paul Fitzwater, of Potosi, was appointed to the Missouri Sentencing Advisory Commission.
Mr. Fitzwater currently serves as a member of the Board of Probation and Parole and is a former state representative for Iron, Washington, Wayne, and Reynolds counties. Before entering public service, he owned and operated Fitzwater and Son Concrete Contracting. Fitzwater is also a retired teacher and coach with nearly 30 years of experience in education. He is an active member of several organizations including the National Rifle Association and the Chamber of Commerce. Mr. Fitzwater earned his bachelor’s degree in education from Tarkio College.
Matthew Haase, of Kansas City, was appointed to the Jackson County Sports Complex Authority.
Mr. Haase is currently the director of strategic relations for Kansas City University, having previously served as the senior director of external relations at the University of Missouri-Kansas City. Haas dedicated 18 years to public service under the leadership of former U.S. Senator Roy Blunt as a senior legislative assistant in his congressional office and later as a state director in his Senate office. He was appointed to the 16th Circuit Judicial Commission by Governor Parson and currently serves on the Local Investment Commission. Mr. Haase earned his Bachelor of Science in Economics from Missouri State University in Springfield.
Steven Oslica, of St. Louis, was appointed to the Missouri Community Service Commission.
Mr. Oslica is a business consultant based in St. Louis. He previously served as executive director of the Hawthorn Foundation for Missouri, which helps to fund the sitting governor’s economic development priorities and assists in improving state operation efficiencies. His career includes over 30 years in oil and gas construction materials as a global marketing director for Pittsburgh Corning Corporation and the director of international business for H.B. Fuller. Osclica currently serves on the Board of Trustees for Culver-Stockton College and Board of Advisors for Love the Lou. Mr. Oslica earned his bachelor’s degree in history and political science from Culver-Stockton College.
Victor Pasley, of Columbia, was reappointed to the Lincoln University Board of Curators.
Mr. Pasley retired from Xerox Corporation in 2010 after a 32-year career as a member of its executive team. Prior to his corporate career, he worked as an instructor and assistant principal in Elgin Public Schools and served as a Captain in the United States Army, including a tour of duty in Vietnam. He has served on the Lincoln University Board of Curators since 2019. Mr. Pasley earned a Bachelor of Science in Education from Lincoln University, a Master of Science in Education from Northern Illinois University, and completed the Professional Management Development Program at Harvard Business School.
Richard Popp, of Tebbetts, was reappointed to the Lincoln University Board of Curators.
Mr. Popp is a retired Executive Vice President of Central Bank, where he was employed for 37 years. He is a member of the Missouri Bar Association and Jefferson City Chamber of Commerce. Mr. Popp has served as a member of the Lincoln University Board of Curators for six years. He holds two degrees from the University of Missouri: accounting and plant science. He also earned his Juris Doctor from Harvard Law School in 1977.
John M. Raines, of Senath, was appointed to the University of Missouri Board of Curators.
Mr. Raines’ leadership in agriculture and food spans nearly four decades, most recently retiring as president of TELUS Ag & Consumer Goods. Prior to TELUS, Raines served as the chief commercial officer at The Climate Corporation, now part of Bayer, a leading global provider of agricultural products. Raines serves on the board of directors for several companies including FMC Corporation, Sydenstricker Nobbe Partners, and TPNB Bank, as well as the advisory board for the University of Missouri Fisher Delta Research, Extension and Education Center. He earned a Bachelor of Science in Agriculture from the University of Missouri in Columbia.
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MIL-OSI: Wrap Technologies, Inc. Reports Fourth Quarter and Full Year 2024 Results
Source: GlobeNewswire (MIL-OSI)
MIAMI, March 31, 2025 (GLOBE NEWSWIRE) — Wrap Technologies, Inc, (NASDAQ: WRAP) (“Wrap” or, the “Company”), a global leader in innovative public safety technologies and non-lethal tools, today announced financial and operating results for the fourth quarter and full year ended December 31, 2024.
Q4 2024 Financial Results:
- Revenue increased 47%, from $0.6 million in 2023 to $0.9 million in 2024.
- Gross Profit improved by $0.7 million, rising from $(0.3) million in 2023 to $0.4million in 2024
- Total Operating Expenses decreased 21%, from $6.3million in 2023 to $5.0million in 2024
- Sales, General & Administrative (SG&A) Expenses declined 19%, from $5.8million in 2023 to $4.7million in 2024
- Net Loss from Operations improved by $10.8million, decreasing from $(18.4) million in 2023 to $(7.6) million in 2024
2024 Financial Results:
- Revenue was $4.5 million in 2024, down 27% from $6.1million in 2023.
- Cost of Revenue decreased 37%, from $3.2million in 2023 to $2.0million in 2024.
- Gross Margin increased by over 7 percentage points, rising from 47% to over 54%.
- Operating Loss improved 17%, decreasing from $(18.7) million in 2023 to $(15.6) million in 2024,
- Net Loss improved 81%, from $(30.2) million in 2023 to $(5.9) million in 2024,
Recent Operational Highlights:
- October 2024: Wrap regained compliance with Nasdaq’s continued listing requirements.
- November 2024: announced Wrap’s Go-Forward Strategy, including a new advanced manufacturing facility in Wise, Virginia, focused on innovation, job creation, and expanding Wrap’s presence in defense, education and public safety markets.
- February 2025: introduced Wrap’s Managed Safety and Response (MSR) connected ecosystem, bringing together tools, technology and training to deliver real-time, integrated public safety support.
- February 2025: acquired W1 Global, LLC, integrating former FBI, DEA, and DoD leadership into Wrap’s organization and enhancing its ability to deliver Made-in-America, end-to-end public safety and defense solutions.
- February 2025: closed a $5.8 million private placement of the Company’s securities to support the execution of its go-forward strategy.
- March 2025: expanded Wrap’s leadership in managed services with the addition of Joseph Bonavolonta, a 27-year FBI veteran, and Rob Heuchling, a 15-year FBI career, to scale the Company’s support offerings.
- March 2025: appointed Stephen M. Renna, former Executive at the Export-Import Bank of the United States, to lead Wrap’s international growth and financing strategy, strengthening its global expansion efforts.
2024 Management Commentary Summary:
2024 was a transformational year for Wrap. The Company made a deliberate choice to restructure. This reset led to a significant reduction in monthly cash burn to approximately $600,000 on an annualized cash basis, which we believe allows for the rebuild of a sustainable and high-performing business.
Despite a 27% decline in revenue to $4.5 million, we believe Wrap dramatically improved financial discipline, reducing cost of revenue by 37%, operating losses by 17%, and net losses by 81%. We believe these improvements show the success of the restructuring strategy.
The Company’s BolaWrap remains as an entry-point into a broader public safety platform. Usage data collected by the Company shows officers deploy the device more frequently than any other on their belt when Wrap provides full support. Demand is expanding, both domestically and internationally, as restrictive use-of-force policies create a market need for early-stage de-escalation tools paired with robust training.
Wrap’s product roadmap is evolving into an integrated, end-to-end solution, with agencies requesting complementary tools such as VR training, body cameras and additional services. The Company has begun to engage with U.S. government resources like EXIM Bank and the DoD’s Office of Strategic Capital to scale international expansion and support “Made in USA” public safety initiatives.
Wrap revitalized every leadership role, assembling what we believe to be a high-caliber team with backgrounds across elite public and private sector institutions. The acquisition of W1 Global, LLC has already yielded new opportunities and expanded the Company’s reach into critical law enforcement networks, both domestic and global.
Outlook:
As we enter 2025, we believe Wrap is well positioned to capitalize on the groundwork laid during its transformation year. We anticipate measurable progress each quarter as we execute our strategy and scale operations.Key priorities for 2025 include:
- Scaling Integrated Solutions: we expect to continue expanding beyond the BolaWrap into a full ecosystem of de-escalation tools, including training, VR simulation, and more.
- Global Growth: we are leveraging U.S. government partnerships and resources (e.g., EXIM Bank, DoD) to support our international strategy. Several late-stage international deals are in motion, and we anticipate converting those into significant revenue opportunities.
- Federal and Strategic Engagements: our recent additions to the team opens the door to U.S. federal funding programs and public safety initiatives, which we believe enables Wrap to serve as a trusted vendor for government-backed public safety efforts globally.
- Innovation: the expanded talent bench is expected to provide new capabilities in high-trust, high-security sectors. We plan to productize and monetize these capabilities through partnerships, contracts and services.
- Performance and Accountability: we are building a culture that rewards execution with compensation structures dependent upon results. We expect KPIs around product deployment, training efficacy, customer satisfaction and recurring revenue will guide our actions and investments.
We believe the public safety market is at an inflection point, and believe that Wrap is positioned to lead a new era of non-lethal policing solutions. We believe our value proposition is more relevant than ever—officers and agencies need tools that de-escalate situations without force and communities are demanding safer outcomes.
Our confidence is not theoretical—it’s reflected in the capital, commitment, and conviction of our leadership team.
About Wrap Technologies, Inc.
Wrap Technologies, Inc. (Nasdaq: WRAP) is a global leader in public safety solutions, bringing together cutting-edge technology with exceptional people to address the complex, modern day challenges facing public safety organizations.Wrap’s BolaWrap® solution is a safer way to gain compliance—without pain. This innovative, patented device deploys light, sound, and a Kevlar® tether to safely restrain individuals from a distance, giving officers critical time and space to manage non-compliant situations before resorting to higher-force options. The BolaWrap 150 does not shoot, strike, shock, or incapacitate—instead, it helps officers operate lower on the force continuum, reducing the risk of injury to both officers and subjects. Used by over 1,000 agencies across the U.S. and in 60 countries, BolaWrap® is backed by training certified by the International Association of Directors of Law Enforcement Standards and Training (IADLEST), reinforcing Wrap’s commitment to public safety through cutting-edge technology and expert training.
Wrap Reality™ VR is an advanced, fully immersive training simulator designed to enhance decision-making under pressure. As a comprehensive public safety training platform, it provides first responders with realistic, interactive scenarios that reflect the evolving challenges of modern law enforcement. By offering a growing library of real-world situations, Wrap Reality™ equips officers with the skills and confidence to navigate high stakes encounters effectively, leading to safer outcomes for both responders and the communities they serve.
Wrap’s Intrensic solution is an advanced body-worn camera and evidence management system built for efficiency, security, and transparency. Designed to meet the rigorous demands of modern law enforcement, Intrensic seamlessly captures, stores, and manages digital evidence, ensuring integrity and full chain-of-custody compliance. With automated workflows, secure cloud storage, and intuitive case management tools, it streamlines operations, reduces administrative burden, and enhances courtroom credibility.
Trademark Information
Wrap, the Wrap logo, BolaWrap®, Wrap Reality™ and Wrap Training Academy are trademarks of Wrap Technologies, Inc., some of which are registered in the U.S. and abroad. All other trade names used herein are either trademarks or registered trademarks of the respective holders.Cautionary Note on Forward-Looking Statements – Safe Harbor Statement
This release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “anticipate,” “should”, “believe”, “target”, “project”, “goals”, “estimate”, “potential”, “predict”, “may”, “will”, “could”, “intend”, and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Moreover, forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control. The Company’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the expected benefits of the acquisition of W1 Global, LLC, the Company’s ability to maintain compliance with the Nasdaq Capital Market’s listing standards; the Company’s ability to successfully implement training programs for the use of its products; the Company’s ability to manufacture and produce products for its customers; the Company’s ability to develop sales for its products; the market acceptance of existing and future products; the availability of funding to continue to finance operations; the complexity, expense and time associated with sales to law enforcement and government entities; the lengthy evaluation and sales cycle for the Company’s product solutions; product defects; litigation risks from alleged product-related injuries; risks of government regulations; the business impact of health crises or outbreaks of disease, such as epidemics or pandemics; the impact resulting from geopolitical conflicts and any resulting sanctions; the ability to obtain export licenses for counties outside of the United States; the ability to obtain patents and defend intellectual property against competitors; the impact of competitive products and solutions; and the Company’s ability to maintain and enhance its brand, as well as other risk factors mentioned in the Company’s most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, and other Securities and Exchange Commission filings. These forward-looking statements are made as of the date of this release and were based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.Investor Relations Contact:
(800) 583-2652
ir@wrap.com -
MIL-OSI Asia-Pac: LegCo to consider Ozone Layer Protection (Amendment) Bill 2024
Source: Hong Kong Government special administrative region
The following is issued on behalf of the Legislative Council Secretariat:
The Legislative Council (LegCo) will hold a meeting on Wednesday (April 2) at 11am in the Chamber of the LegCo Complex. During the meeting, the Second Reading debate on the Ozone Layer Protection (Amendment) Bill 2024 will resume. If the Bill is supported by Members and receives its Second Reading, it will stand committed to the committee of the whole Council. After the committee of the whole Council has completed consideration of the Bill and its report is adopted by the Council, the Bill will be set down for the Third Reading.
Meanwhile, the Banking (Amendment) Bill 2025, the Firearms and Ammunition (Amendment) Bill 2025, the Promotion of Recycling and Proper Disposal of Products (Miscellaneous Amendments) Bill 2025, the Import and Export (Amendment) Bill 2025 and the Housing (Amendment) Bill 2025 will be introduced into the Council for the First Reading and the Second Reading. The Second Reading debates on the Bills will be adjourned.
On Members’ motions, Mr Lai Tung-kwok will move a motion on enhancing the handling of non-refoulement claims. The motion is set out in Appendix 1. Mr Chan Hak-kan, Dr Hoey Simon Lee and Mr Tang Ka-piu will move separate amendments to Mr Lai’s motion.
Mr Shiu Ka-fai will move a motion on enhancing the measures on the importation of manpower. The motion is set out in Appendix 2. Dr Ngan Man-yu and Mr Lee Chun-keung will move separate amendments to Mr Shiu’s motion.
Members will also ask the Government 22 questions on various policy areas, six of which require oral replies.
The agenda of the above meeting can be obtained via the LegCo Website (www.legco.gov.hk). Members of the public can watch or listen to the meeting via the “Webcast” system on the LegCo Website. To observe the proceedings of the meeting at the LegCo Complex, members of the public may call 3919 3399 during office hours to reserve seats. -
MIL-OSI Asia-Pac: Financial results for 11 months ended February 28, 2025
Source: Hong Kong Government special administrative region
The Government announced today (March 31) its financial results for the 11 months ended February 28, 2025.
Expenditure and revenue from April 2024 to February 2025 amounted to HK$670.3 billion and HK$475.7 billion respectively, resulting in a deficit of HK$92.3 billion after taking into account HK$124.3 billion received from issuance of Government Bonds and repayment of HK$22 billion principal on Government Bonds.
The fiscal reserves stood at HK$642.3 billion as at February 28, 2025.
Detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
Month ended
February 28, 2025
HK$ million11 months ended
February 28, 2025
HK$ millionRevenue 34,681.8 475,731.0 Expenditure (73,142.6) (670,328.6) Deficit before issuance
and repayment of
Government Bonds(38,460.8) (194,597.6) Proceeds received from
issuance of
Government Bonds6,125.4 124,269.5 Repayment of
Government Bonds*(46.4) (21,953.7) Deficit after issuance
and repayment of
Government Bonds(32,381.8) (92,281.8) Financing Domestic Banking Sector (Note 2) 32,004.1 89,515.2 Non-Banking Sector 377.7 2,766.6 External – – Total 32,381.8 92,281.8 * Being repayment of principal on Government Bonds and does not include the associated interest and other expenses. Government Debts as at February 28, 2025 (Note 3)
HK$291,839 million
Debts Guaranteed by Government as at February 28, 2025 (Note 4)
HK$128,207 millionTABLE 2. FISCAL RESERVES
Month ended
February 28, 2025
HK$ million11 months ended
February 28, 2025
HK$ millionFiscal Reserves at start of period 674,685.4 734,585.4
Consolidated Deficit after
issuance and repayment of
Government Bonds(32,381.8) (92,281.8) Fiscal Reserves at end of period
(Note 5)642,303.6 642,303.6 Notes:
1. This Account consolidates the General Revenue Account and the following eight Funds: Capital Works Reserve Fund, Capital Investment Fund, Civil Service Pension Reserve Fund, Disaster Relief Fund, Innovation and Technology Fund, Land Fund, Loan Fund and Lotteries Fund. It excludes the Bond Fund, the balance of which is not part of the fiscal reserves. The Bond Fund balance as at February 28, 2025, was HK$226,359 million.
2. Includes transactions with the Exchange Fund and resident banks.
3. The Government Debts, with proceeds credited to the Capital Works Reserve Fund, comprise:
(i) the Green Bonds (equivalent to HK$192,627 million as at February 28, 2025) issued under the Government Sustainable Bond Programme. They were denominated in US dollars (US$9,950 million with maturity from January 2026 to January 2053), euros (4,580 million euros with maturity from February 2026 to November 2041), Renminbi (RMB34,000 million with maturity from June 2025 to July 2054) and Hong Kong dollars (HK$42,000 million with maturity from May 2025 to October 2026);
(ii) the Infrastructure Bonds (equivalent to HK$44,381 million as at February 28, 2025) issued under the Infrastructure Bond Programme. They were denominated in Renminbi (RMB10,000 million with maturity from December 2025 to November 2034) and Hong Kong dollars (HK$33,730 million with maturity from November 2025 to December 2039); and
(iii) the Silver Bonds with nominal value of HK$54,831 million (with maturity in October 2027 and may be redeemed before maturity upon request from bond holders) issued under the Infrastructure Bond Programme.
They do not include the outstanding bonds with nominal value of HK$176,454 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,777 million as at February 28, 2025) issued under the Government Bond Programme with proceeds credited to the Bond Fund. Of these bonds under the Government Bond Programme (including Silver Bonds with nominal value of HK$96,454 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$75,148 million will mature within the period from March 2025 to February 2026 and the rest within the period from March 2026 to May 2042.
4. Includes guarantees provided under the SME Loan Guarantee Scheme launched in 2001, the Special Loan Guarantee Scheme launched in 2008, the SME Financing Guarantee Scheme launched in 2012, and the Loan Guarantee Scheme for Cross-boundary Passenger Transport Trade, the Loan Guarantee Scheme for Battery Electric Taxis and the Loan Guarantee Scheme for Travel Sector launched in 2023.
5. Includes HK$249,768 million, being the balance of the Land Fund held in the name of “Future Fund”, for long-term investments up to December 31, 2030. The Future Fund also includes HK$4,800 million, being one-third of the actual surplus in 2015-16 as top-up.
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MIL-OSI: Bank OZK Announces Date for First Quarter 2025 Earnings Release and Conference Call
Source: GlobeNewswire (MIL-OSI)
LITTLE ROCK, Ark., March 31, 2025 (GLOBE NEWSWIRE) — Bank OZK (the “Bank”) (Nasdaq: OZK) expects to report its first quarter 2025 earnings after the market closes on Wednesday, April 16, 2025. Management’s comments on the first quarter of 2025 will be released simultaneously with the earnings press release and will be available on the Bank’s investor relations website.
Management will conduct a conference call to take questions at 7:30 a.m. CT (8:30 a.m. ET) on Thursday, April 17, 2025. Interested parties may access the conference call live via webcast on the Bank’s investor relations website at https://ir.ozk.com/news/event-calendar, or may participate via telephone by registering using this online form. Upon registration, all telephone participants will receive the dial-in number along with a unique PIN number that can be used to access the call. A replay of the conference call webcast will be archived on the Bank’s website for at least 30 days.
GENERAL INFORMATION
Bank OZK (Nasdaq: OZK) is a regional bank providing innovative financial solutions delivered by expert bankers with a relentless pursuit of excellence. Established in 1903, Bank OZK conducts banking operations in more than 240 offices in nine states including Arkansas, Georgia, Florida, North Carolina, Texas, Tennessee, New York, California and Mississippi and had $38.26 billion in total assets as of December 31, 2024. For more information, visit www.ozk.com.The Bank files annual, quarterly and current reports, proxy materials, and other information required by the Securities Exchange Act of 1934 with the Federal Deposit Insurance Corporation (“FDIC”), copies of which are available electronically at the FDIC’s website at https://efr.fdic.gov/fcxweb/efr/index.html and are also available on the Bank’s investor relations website at ir.ozk.com. To receive automated email alerts for these materials please visit https://ir.ozk.com/other/email-alerts to sign up.
Investor Relations Contact: Jay Staley (501) 906-7842 Media Contact: Michelle Rossow (501) 906-3922 -
MIL-OSI: Pathfinder Bancorp, Inc. Declares Dividend
Source: GlobeNewswire (MIL-OSI)
OSWEGO, N.Y., March 31, 2025 (GLOBE NEWSWIRE) — James A. Dowd, President and CEO of Pathfinder Bancorp, Inc., the bank holding company of Pathfinder Bank (NASDAQ: PBHC) (listing: PathBcp), has announced that the Company has declared a cash dividend of $0.10 per share on the Company’s voting common and non-voting common stock, and a cash dividend of $0.10 per notional share for the issued warrant relating to the fiscal quarter ending March 31, 2025. The first quarter 2025 dividend will be payable to all shareholders of record on April 18, 2025 and will be paid on May 9, 2025.
About Pathfinder Bancorp, Inc.
Pathfinder Bank is a New York State chartered commercial bank headquartered in Oswego, whose deposits are insured by the Federal Deposit Insurance Corporation. The Bank is a wholly owned subsidiary of Pathfinder Bancorp, Inc., (NASDAQ SmallCap Market; symbol: PBHC, listing: PathBcp). The Bank has twelve full service offices located in its market areas consisting of Oswego and Onondaga County and one limited purpose office in Oneida County.This release may contain certain forward-looking statements, which are based on management’s current expectations regarding economic, legislative, and regulatory issues that may impact the Company’s earnings in future periods. Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation or regulation; and economic, competitive, governmental, regulatory, and technological factors affecting the Company’s operations, pricing, products, and services.
CONTACT: James A. Dowd, President and CEO, (315) 343-0057
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MIL-OSI Banking: Apple Intelligence comes to Apple Vision Pro today with visionOS 2.4
Source: Apple
Headline: Apple Intelligence comes to Apple Vision Pro today with visionOS 2.4
March 31, 2025
UPDATE
Apple Intelligence and new spatial experiences come to Apple Vision Pro today with visionOS 2.4
Alongside the first set of powerful Apple Intelligence features, users can discover new content with Spatial Gallery and the Apple Vision Pro app for iPhone, and share the magic of spatial computing with enhancements to Guest User
visionOS 2.4 is available today, bringing the first set of powerful Apple Intelligence features that help users communicate, write, and express themselves on Apple Vision Pro — all while taking an extraordinary step forward for privacy in AI.1 With the new Spatial Gallery app, users have access to a curated collection of spatial content spanning art, culture, nature, sports, and more. visionOS 2.4 also introduces the Apple Vision Pro app for iPhone to help users easily find new content and apps, and enhancements to Guest User make sharing Vision Pro experiences even easier.
Apple Intelligence on Apple Vision Pro
With Writing Tools, users can refine their words by rewriting, proofreading, and summarizing text nearly everywhere they write, including Mail, Notes, and many third-party apps. With Rewrite, users can adjust the tone of their text to make it more friendly, professional, or concise, or specify the change they’d like to make using Describe Your Change. Proofread checks grammar, word choice, and sentence structure, and provides suggested edits. Users can also select text and have it recapped in several formats with Summarize. With Compose, users can ask ChatGPT to generate content for anything they are writing about from the systemwide Writing Tools.2
Image Playground allows users to easily create fun and unique images from themes, costumes, accessories, and places. Users can add their own text descriptions, and can even create images in the likeness of a family member or friend using photos from their photo library. The experience is integrated directly into apps like Messages and Freeform, and is also available as a dedicated app for Apple Vision Pro.
Apple Intelligence takes emoji to an entirely new level, offering users the ability to create original Genmoji by simply typing or speaking a description into the emoji keyboard. Genmoji can be added inline to messages, shared as a sticker, or sent as a Tapback.
Smart Reply in Messages and Mail provides suggestions for a quick response, and will identify questions to ensure everything is answered.
With natural language search in the Photos app, it’s even easier to find a specific photo or moment in a video just by describing it. Create a Memory Movie lets users create the movies they want to see by simply typing a description. Using language and image understanding, Apple Intelligence will pick out photos and videos based on a user’s description, craft a storyline with chapters based on themes identified from the photos, and arrange them into a movie with its own narrative arc. As with all Apple Intelligence features, user photos and videos are kept private, and are not shared with Apple or anyone else.
visionOS 2.4 also includes support for Priority Messages in Mail, Mail Summaries, Image Wand in Notes, Priority Notifications in Notification Center, and Notification Summaries. The initial set of Apple Intelligence features is available in visionOS 2.4 for users with their device and Siri language set to U.S. English.
Apple Intelligence uses on-device processing whenever possible to protect users’ privacy. For requests that require access to even larger models, Private Cloud Compute extends the privacy and security of Apple products into the cloud to unlock even more intelligence. When using Private Cloud Compute, users’ data is never stored or shared with Apple; it is used only to fulfill the request. Independent experts can inspect the code that runs on Apple silicon servers to continuously verify this privacy promise, and are already doing so.
Curated Spatial Content with Spatial Gallery
Spatial Gallery, a new app for Apple Vision Pro, features spatial photos, spatial videos, and panoramas curated by Apple, and gives users a window to captivating and powerful moments spanning art, culture, entertainment, lifestyle, nature, sports, and travel, with new content released regularly.
At launch, users can discover stories and experiences from iconic brands including Red Bull, Cirque du Soleil, and Porsche; go behind the scenes with Apple Originals like Severance, The Studio, and The Morning Show; and listen to conversations with top artists like Bad Bunny, Charli xcx, and Keith Urban.
The Apple Vision Pro App for iPhone
The Apple Vision Pro app for iPhone offers a new way for users to discover new spatial experiences, queue apps and games to download, easily find tips, and quickly access information about their Vision Pro, all from their iPhone.
The Discover page features recommendations for new and notable experiences on Apple Vision Pro, from popular apps like Explore POV and JigSpace, to Apple Arcade games like Gears & Goo, to Apple Immersive experiences like Metallica, which gives viewers unprecedented access to the band through a remarkable storytelling format only possible on Vision Pro.
The My Vision Pro page helps users get the most out of their Apple Vision Pro, offering tips and key information such as their current visionOS version and device serial number. Users with vision correction needs can now store and view the App Clip code for their ZEISS Optical Inserts in the Apple Vision Pro app.
New Enhancements to Guest User
visionOS 2.4 lets users start a Guest User session on Apple Vision Pro with their nearby iPhone or iPad. To make it easier to guide a guest through the Vision Pro experience, users can now choose which apps are accessible to their guests and start View Mirroring with AirPlay from their iPhone.
New Apple Immersive Video Content
VIP: Yankee Stadium premieres this Friday, April 4, featuring an all-encompassing look at how elite athletes, die-hard fans, dedicated staff, and epic moments make the Bronx ballpark legendary. Bono: Stories of Surrender pulls back the curtain on the deeply personal experiences that have shaped Bono as a son, father, husband, activist, and U2 frontman. The groundbreaking film from Apple TV+ premieres May 30, and will be available in 2D and in Apple Immersive Video.
Availability
- visionOS 2.4 is available today as a free software update for Apple Vision Pro. For more information, visit apple.com/visionos/visionos-2. Some features may not be available in all regions or languages.
- Apple Vision Pro is available in Australia, Canada, China mainland, Hong Kong, France, Germany, Japan, Korea, Singapore, Taiwan, the UAE, the UK, and the U.S.
- Apple Intelligence will be available in beta on Apple Vision Pro with visionOS 2.4. The first set of features will be available for Vision Pro users with their device and Siri language set to U.S. English. Feature availability varies by region; Apple Intelligence is subject to regulatory approval and not yet available in China.
- The Spatial Gallery app will be installed with visionOS 2.4 for users in Australia, Canada, France, Germany, Hong Kong, Japan, Korea, Singapore, Taiwan, the UAE, the UK, and the U.S. It can be downloaded from the App Store for Vision Pro.
- The Apple Vision Pro app for iPhone will be available with iOS 18.4. The app will be available to download from the App Store, and will automatically appear on a user’s iPhone once they update to iOS 18.4 and have both devices associated with the same Apple Account.
- The first set of features will be available for Apple Vision Pro users with their device and Siri language set to U.S. English.
- Integration with ChatGPT is available only in regions where the ChatGPT app and service is available. Refer to Open AI for Chat GPT availability.
Press Contacts
Corey Nord
Apple
Andrea Schubert
Apple
Apple Media Helpline
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MIL-OSI Banking: Apple Intelligence features expand to new languages and regions today
Source: Apple
Headline: Apple Intelligence features expand to new languages and regions today
Apple Intelligence, the personal intelligence system that delivers helpful and relevant intelligence while taking an extraordinary step forward for privacy in AI, is expanding to even more people around the world. Starting today, with the availability of iOS 18.4, iPadOS 18.4, and macOS Sequoia 15.4, Apple Intelligence features are now available in many new languages, including French, German, Italian, Portuguese (Brazil), Spanish, Japanese, Korean, and Chinese (simplified) — as well as localized English for Singapore and India — and are accessible in nearly all regions around the world.
In addition, iPhone and iPad users in the EU have access to Apple Intelligence features for the first time, and Apple Intelligence expands to a new platform with an initial set of features available in U.S. English with Apple Vision Pro — helping users communicate, collaborate, and express themselves in entirely new ways. Now, Vision Pro users can proofread, rewrite, and summarize text using Writing Tools; compose text from scratch using ChatGPT in Writing Tools; explore new ways to express themselves visually with Image Playground; create the perfect emoji for any conversation with Genmoji; and much more.
This release also comes with additional Apple Intelligence features, including Priority Notifications to help users stay on top of time-sensitive communications, the ability to create a memory movie on Mac by simply typing a description, and an added Sketch style in Image Playground that creates academic and highly detailed sketches.
Apple Intelligence marks an extraordinary step forward for privacy in AI and is designed to protect users’ privacy at every step. It starts with on-device processing, and for requests that require access to larger models, Private Cloud Compute extends the privacy and security of iPhone into the cloud to unlock even more intelligence.
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MIL-OSI: 2024 Earnings Report
Source: GlobeNewswire (MIL-OSI)
Continued recovery of margins and strong improvement in cash generation
Relevance of the selectivity strategy implemented in 2024, prioritizing margins
- Another year of strong improvement in adjusted EBITDA margin: 7.5% in 2024, up 40 basis points compared to 2023
- Slight increase in adjusted EBITDA to €75.1 million, despite the 5.8% decrease in revenue
- Gradual recovery in net income, group share: -€15.8 million in 2024, compared with -€22.7 million in 2023
- Net income, group share adjusted for amortization of customer relationships: -€6.0 million, compared with -€12.9 million in 2023
Sustained momentum for the Group’s profitable growth drivers
- Confirmation of Germany’s strong potential: +33.6% growth, accretive adjusted EBITDA margin for the Group
- Expansion of the Energy business: +28.5% growth, including +52.0% in France, driven by accelerated development in solar
Strong improvement in cash generation, solid financial position
- Net free cash flow: €5.9 million, compared with -€17.0 million in 2023
- Net bank debt: €0.8 million at the end of 2024
- Bank debt successfully refinanced in November 2024 for €120 million
On track to meet 2026 targets
- Tripling of revenue in Germany compared to 2023
- Tripling of revenue in Energy in France compared to 2023
- Adjusted EBITDA margin above 10% in the Group’s three main geographies: Benelux, France and Germany
Today, Solutions30 SE is announcing its consolidated earnings for the year ended December 31, 2024, prepared in accordance with IFRS. Solutions30’s 2024 consolidated financial statements as approved by the Management Board were examined by the Supervisory Board on March 31, 2025. The auditors, PKF Audit & Conseil, have completed their audit of the consolidated financial statements for the year ended December 31, 2024. The audit report relating to the certification of these statements as well as the Group’s consolidated financial statements for 2024 are available on the Solutions30 website (www.solutions30.com) under the “Investor Relations” section.
Gianbeppi Fortis, Chief Executive Officer of Solutions30, stated: “In 2024, we made the strategic choice to prioritize margin improvement over revenue growth, adopting a more selective approach in certain mature markets. This choice has paid off as, this year, we were once again able to significantly improve our margins and we even achieved a slight increase in our adjusted EBITDA, despite a decline in revenue. The German market, where we are now firmly established, has confirmed its strong potential. Increased infrastructure investment in Germany should further expand the range of opportunities available to us. Energy services also confirmed their status as a solid growth driver, particularly in France, where they accounted for almost 30% of our Q4 revenue, with excellent prospects, especially in renewable energy.
Following significant transformations in 2024, both in our organization and in our business portfolio, we are entering 2025 on a solid footing, with renewed confidence in the Group’s fundamentals. We have set a clear path for 2026, which we presented at our Capital Markets Day last September: tripling our revenue in Germany and in energy services in France, and achieving an adjusted EBITDA margin above 10% in our three main geographies. We are well on track to meet these ambitions.”Key figures – Consolidated data In millions of euros 2024 2023 Change Revenue 996.0 1,057.0 (5.8)% Adjusted EBITDA 75.1 74.6 0.7% As a % of revenue (EBITDA margin) 7.5% 7.1% Adjusted EBIT 28.4 22.6 25.6% As a % of revenue 2.9% 2.1% Operating income 0.6 (2.7) n.a. As a % of revenue 0.1% (0.3)% Net income, group share (15.8) (22.7) n.a. Adjusted net income, group share * (6.0) (12.9) n.a. Free cash flow 40.2 13.4 Free cash flow net 5.9 (17.0) Financial position figures
In millions of euros31.12.2024 31.12.2023 Change Equity 108.1 124.6 (16.5) Net debt 73.8 78.4 (4.7) Net bank debt 0.8 (5.7) 6.5 * Adjusted for amortization of customer relationships (group share) net of the associated tax impact – charge relating to past acquisitions, purely accounting in nature, with no cash impact, and unrelated to tangible assets.
Solutions30’s consolidated revenue for 2024 amounted to €996.0 million, down -5.8% compared to 2023. This includes an organic contraction of -6.4%, a +0.2% impact from acquisitions, and a +0.4% favorable exchange rate effect. It reflects the Group’s strategic orientations, aimed at giving greater priority to margins over revenue growth, in a context where it is currently operating in markets and business segments at different stages of maturity. Solutions30 chose to scale down its exposure to the telecommunications sector notably in France and in Spain, where certain contracts no longer met its profitability requirements. At the same time, the Group accelerated its development in its profitable growth drivers in Germany and in energy services.
Adjusted EBITDA amounted to €75.1 million, up +0.7% on 2023, despite lower revenue, reflecting a further increase in adjusted EBITDA margin to 7.5% from 7.1% in 2023 (+40 basis points). This performance reflects the relevance of the selective strategy implemented by the Group in 2024.
Free cash flow reached €40.2 million, a clear €26.8 million improvement compared to 2023 (€13.4 million). This reflects a favorable trend in working capital, in a context where Solutions30 is increasingly and continuously focusing on profitability and cash generation. Net free cash flow, after repayment of lease liabilities and interest paid on these liabilities, turned positive in 2024, at €5.9 million, compared with a negative -€17.0 million in 2023.
As a result, the Group’s financial position remains very solid, with a cash position net of bank debt close to breakeven at the end of 2024 (-€0.8 million). In addition, all financing needs are fully covered by the successful refinancing of the Group’s bank debt in November 2024, for a total amount of €120 million.
Analysis by geographical segment
2024 2023 Change Benelux Revenue 371.6 381.6 (2.6)% Adjusted EBITDA 37.1 43.6 (14.9)% Adjusted EBITDA margin % 10.0% 11.4% (140 bps) France Revenue 360.8 403.3 (10.5)% Adjusted EBITDA 34.1 35.5 (3.9)% Adjusted EBITDA margin % 9.5% 8.8% +70bp Other Countries Revenue 263.6 272.1 (3.1)% Adjusted EBITDA 16.3 5.5 +196.4% Adjusted EBITDA margin % 6.2% 2.0% ‘+420bp HQ* (12.4) (10.0) 24% Revenue 996.0 1,057.0 (5.8)% Adjusted EBITDA 75.1 74.6 +0.7% Adjusted EBITDA margin % 7.5% 7.1% +40 bps * Costs related to the Group’s centralized functions
Benelux
In the Benelux, the Group’s leading geography in terms of revenue, revenue amounted to €371.6 million in 2024, down slightly by -2.6% (-2.8% organic) from a very high comparison basis (+72% in 2023). This decline is due to the Connectivity business (2024 revenue of €282.2 million, down -7.2%), as the fiber-optic roll-out in Belgium has been slowed by negotiations between service providers aimed at streamlining their roll-out operations nationwide. In addition, the merger between Proximus and Fiberklaar is prompting the adaptation of the Group’s operational processes.
Energy revenue reached €64.8 million, up +11.6%, driven by the roll-out of smart meters and strong momentum in energy transition support services, notably with the entry into production of the contract to modernize over 1,000 km of low-voltage electricity network in Flanders. In addition, the acquisition of Xperal in September 2024 opens up new prospects in the solar sector in Benelux.
Lastly, Technology activities maintained their strong momentum, with revenue up by +27.6% to €24.5 million, driven notably by the launch of a new IT support contract in the fourth quarter.
The Benelux’s adjusted EBITDA margin remained in double-digit territory throughout the year at 10.0%, demonstrating the Group’s ability to effectively adapt its processes and organization to the temporary slowdown in the Connectivity business. Adjusted EBITDA thus amounted to €37.1 million in 2024.
France
In France, revenue amounted to €360.8 million, down -10.5% (-11.0% organic). Revenue from the Connectivity business contracted by -26.9% to €208.8 million, reflecting the selective measures implemented since the second quarter to improve margins. This has led the Group to significantly reduce its exposure to certain contracts that were no longer meeting its profitability requirements, with an impact compounded by the slow-down in the fiber roll-out market since the beginning of the year.
In 2024, Solutions30 successfully continued to expand its Energy business, achieving sustained growth of +52.0% to reach revenue of €78.4 million, or 22% of the total (almost 30% in the fourth quarter). In the photovoltaic sector, the Group benefits from a highly dynamic market and a leading position. The Energy business thus represents a strategic diversification lever for the Group in France, with the ambition of reaching €150 million in revenue from this segment by 2026.
In the Technology business, revenue amounted to €73.6 million, up +11%, driven by a surge in activity linked to the 2024 Olympics and continued momentum in IT support services.
France’s adjusted EBITDA margin stood at 9.5%, up 70 basis points compared to 2023. This increase results from the increased selectivity strategy implemented in the Connectivity business, which prioritizes margin improvement over revenue growth. It also reflects the ramp-up of the Energy business and the associated scale effects, as well as ongoing efforts to streamline the organization and central functions.
Other Countries
In Other Countries, revenue amounted to €263.6 million, down -3.1%. This trend includes an organic contraction of -4.5% partially offset by a positive currency effect of +1.4%, reflecting the appreciation of the zloty and the pound sterling against the euro during the period.
With revenue up +33.6% to €84.4 million, Germany confirms in 2024 its status as a powerful growth driver and the Group’s future third pillar in Europe, alongside Benelux and France. Leveraging strong relationships with Germany’s six main telecom service providers, Solutions30 is successfully replicating its business model in this market whose exceptional potential continues to materialize, supported by the accelerated roll-out of fiber networks, and strong future investment momentum in infrastructure in general.
In Poland, strong growth continues, reaching +18.0% in 2024. In Italy, the agreement reached with the main telecom client has effectively eliminated the associated risk, allowed business to return to normal as of the third quarter, with progressively improving economic conditions expected over the first half of 2025. Revenue was down -16.0% for the year, but returned to growth in the fourth quarter. In Spain, where revenue contracted by -34.2%, the Group has considerably reduced its exposure to the mature telecoms market, and is restructuring its Connectivity business while refocusing on the Energy and Technology businesses. Finally, in the United Kingdom, revenue was down -23.3%, reflecting increased selectivity and a refocusing on the fiber and energy services markets.
Adjusted EBITDA in Other Countries stood at €16.3 million, three times its 2023 level (€5.5 million). The adjusted EBITDA margin was 6.2%, compared with 2.0% in 2023. This significant improvement reflects Germany’s solid performance. It also results from the return to breakeven in Italy, after the losses recorded in 2023, as well as the initial progress made in the United Kingdom.
Consolidated earnings
On the basis of adjusted EBITDA of €75.1 million for 2024, after accounting for depreciation and operational of €14.9 million (compared to €22.8 million in 2023), and after amortization of the right-of-use assets (IFRS 16) amounting to €31.8 million (€29.2 million in 2023), the Group’s adjusted EBIT stood at €28.4 million, up +25.6% compared to 2023, representing 2.9% of full-year revenue (2.1% in 2023).
Operating income returned to positive territory in 2024, reaching €0.6 million, compared with a loss of -€2.7 million in 2023. It includes:
- €13.4 million in net non-current operating expenses. These expenses mainly include restructuring costs, reflecting the measures taken by the Group to support the selective downsizing in certain markets and to optimize its organizational structure accordingly, particularly in Spain, the United Kingdom, and France.
- €14.5 million in amortization of customer relationships, stable compared to 2023. This charge, relating to past acquisitions, is purely accounting in nature, with no impact on cash flow, and does not relate to tangible assets.
Net financial income was -€14.7 million, compared with -€13.1 million in 2023. It includes a bank interest charge of -€7.2 million, compared with -€5.4 million in 2023, mainly reflecting a higher average drawdown in 2024, and interest on leases (IFRS 16) of -€3.2 million (-€1.7 million in 2023). It also includes, in 2024, non-cash income of €1.1 million, linked to the downward adjustment of earn-out liabilities from past acquisitions (compared with a -€0.8 million charge in 2023).
After accounting for a net tax expense of -€1.4 million, the Group’s share of So-Tec’s income (equity-accounted) for €0.4 million, and deducting minority interests of €0.7 million, Net income group share amounted to -€15.8 million, a considerable improvement compared to 2023 (-€22.7 million). Adjusted for the amortization of customer relationships net of the related tax impact, Adjusted net income Group share – which strictly reflects the Group’s operating performance – amounted to -€6.0 million, compared with -€12.9 million in 2023.
Cash flow
The Group’s 2024 operating cash flow was €56.6 million. The change in working capital, restated for non-cash items, represents an inflow of €1.6 million, compared with an outflow of -€26.2 million in 2023. In addition to the impact from the decrease in revenue, this sharp improvement reflects the Group’s evolving business profile, as well as the enhanced focus on cash generation, with favorable trends in average customer payment terms and advance payment flows. The change in working capital includes a significant reduction in factoring of -€40.5 million, due to a lower volume of receivables in France as a result of the aforementioned decrease in activity, as well as favorable payment terms in Germany. As a result, net cash flow from operating activities rose sharply in 2024, to €58.2 million, compared to €34.1 million in 2023.
Net investments amounted to €18.0 million, or -1.8% of revenue, in line with their normative levels of around 2%, and were mainly related to information systems and technical equipment. In particular, Solutions30 relies on its proprietary IT platform, Smartfix, as a strategic tool to efficiently manage its large-scale operations. This platform accounts for the bulk of the Group’s annual investments.
Overall, free cash flow amounted to €40.2 million in 2024, a significant improvement over 2023 (€13.4 million). After repayment of lease liabilities and related interest (IFRS 16), amounting to -€34.3 million, net free cash flow turned positive in 2024, at €5.9 million, compared with -€17.0 million in 2023.
Taking into account -€3.5 million in earn-outs paid on past acquisitions, -€0.1 million in acquisitions made during the period, -€6.9 million in interest paid, -€14.3 million in net reimbursements of loans, -€1.9 million in debt issuance costs and the -€1.1 million impact of exchange rate fluctuations, the change in cash position was -€22.0 million.
Financial position
Solutions30 maintains a solid financial position, combining strong liquidity with a net financial debt of almost zero. At December 31, 2024, the Group’s gross cash position stood at €96.3 million, compared with €118.2 million at the end of December 2023. Gross bank debt amounted to €97.0 million, compared with €112.5 million at December 31, 2023, due to the repayment of loans during the year. As a result, the Group’s net bank debt was nearly breakeven, at €0.8 million at December 31, 2024, compared with a net cash position of €5.7 million at December 31, 2023.
This financial position is all the more solid given the significant reduction in receivables sold under the Group’s non-recourse factoring program, which amounted to €69 million as of December 31, 2024, compared to €109 million as of December 31, 2023. Factoring can finance working capital from recurring activities that have fully developed, at a very modest cost. This program, combined with a solid financial position, provides Solutions30 with the resources it needs to finance its growth strategy.
Including €68.8 million in lease liabilities (IFRS 16) and €4.1 million in potential financial debt linked to future earnouts and put options, the Group’s total net debt stood at €73.8 million at December 31, 2024, down slightly from €78.4 million at December 31, 2023.
In November 2024, Solutions30 completed the refinancing of its entire bank debt, for a total amount of €120 million, including an effective loan of €83 million and a loan commitment of €37 million to finance growth. This new facility, arranged with a syndicate of eight core relationship banks, strengthens the Group’s financial base and provides it with the resources needed to support its continued expansion, particularly in the energy sector. With a 7-year maturity, it also extends the debt maturity profile while maintaining a cost comparable to that of the previous debt.
Outlook
Following a year in which Solutions30’s selective strategy proved effective, the Group intends to continue prioritizing margins over volumes in its most mature markets, while allocating more resources to segments offering the strongest prospects for profitable growth, particularly in Germany and in energy services.
Confident in its positioning and ability to seize the numerous opportunities within its markets, the Group is fully committed to achieving its 2026 objectives, as presented at the Capital Markets Day held on September 26, 2024. These include achieving an adjusted EBITDA margin in excess of 10% in each of its three main geographies: Benelux, France, and Germany.
In the Benelux, the Group is confident it will be able to capitalize on its leading market position and return to growth during 2025.
In France, Energy Solutions revenue is set to triple compared with 2023, reaching €150 million in 2026. For Connectivity Solutions, the Group is focused on stabilizing its activity levels while applying strict contract selectivity.
In Germany, Solutions30 is targeting a first milestone in 2026, with revenue ranging between €150 million and €200 million. Germany should continue to grow faster than the rest of the Group, ultimately becoming one of its largest contributors. In the longer term, the country is set to benefit from strong investment momentum in infrastructure, which should translate into numerous growth opportunities for Solutions30, not only in fiber optics, but also in Energy (smart grids, solar power, energy storage, electric vehicle charging infrastructure, smart meters) and Technology (rail network signaling, Internet of Things) businesses.
In the rest of Europe, Solutions30 has adopted a portfolio management approach, aiming at sustaining Poland’s profitable growth, further improving performance in the UK, and either restoring margin in Italy and Spain by 2026 or initiating a strategic review in these two countries.
Webcast for Investors and Analysts
Date: Monday, March 31, 2025
6:30 PM (CET) – 5:30 PM (GMT)Speakers:
Gianbeppi Fortis, Chief Executive Officer
Amaury Boilot, Group General SecretaryConnection details:
Webcast in French or English : https://channel.royalcast.com/solutions30-fr/#!/solutions30-fr/20250331_1
Upcoming Events
2025 Q1 Revenue Report – April 29, 2025 (after market close)
TPICAP Conference – Paris – May 15, 2025
Annual General Meeting – June 17, 2025
Portzamparc Mid & Small Caps Conference – June 19, 2025
2025 Half-year Results – September 17, 2025 (after market close)
2025 Q3 Revenue Report – November 5, 2025 (after market close)About Solutions30 SE
Solutions30’s mission is to make the technological developments that are transforming our daily lives accessible to everyone, individuals and businesses alike, especially with regard to the digital transformation and the energy transition. With its network of more than 16,000 technicians, Solutions30 has completed over 65 million call-outs since its inception and led over 500 renewable energy projects with a combined maximum output surpassing 1800 MWp. Every day, Solutions30 is doing its part to build a more connected and sustainable world. Solutions30 has become an industry leader in Europe with operations in 10 countries: France, Italy, Germany, the Netherlands, Belgium, Luxembourg, Spain, Portugal, the United Kingdom, and Poland. The capital of Solutions30 SE consists of 107,127,984 shares, equal to the number of theoretical votes that can be exercised. Solutions30 SE is listed on the Euronext Paris exchange (ISIN FR0013379484- code S30). Indices : CAC Mid & Small | CAC Small | CAC Technology | Euro Stoxx Total Market Technology | Euronext Tech Croissance.
Visit our website to learn more: www.solutions30.comContact
Individual Shareholders:
actionnaires@solutions30.com – Tel: +33 1 86 86 00 63Analysts/Investors:
investor.relations@solutions30.comPress – Image 7 :
Charlotte Le Barbier – Tel: +33 6 78 37 27 60 – clebarbier@image7.frThe Group uses financial indicators not defined by IFRS:
- Profitability indicators and their components are key operational performance indicators used by the Group to monitor and evaluate its overall operating earnings and earnings by country.
- Cash flow indicators are used by the Group to implement its investment and resource allocation strategy.
The non-IFRS financial indicators used are calculated as follows:
Organic growth includes the organic growth of acquired companies after they are acquired, which Solutions30 assumes they would not have experienced had they remained independent. In 2024, the Group’s organic growth included only the internal growth of its long-standing subsidiaries.
Adjusted EBITDA is the “operating margin” as reported in the Group’s financial statements.
Free cash flow corresponds to the net cash flow from operating activities minus the acquisitions of intangible assets and property, plant and equipment net of disposals.
Calculation of free cash flow:
In millions of euros 31.12.2024 31.12.2023 Net cash flow from operating activities 58.2 34.1 Acquisition of fixed assets, net (18.6) (21.4) Disposal of non-current assets after tax 0.7 0.7 Free cash flow 40.2 13.4 Net free cash flow corresponds to free cash flow less “Repayment of lease liabilities” and “Interest paid on lease liabilities” as shown in the Group’s consolidated statement of cash flows.
Calculation of net free cash flow:
In millions of euros 31.12.2024 31.12.2023 Free cash flow 40.2 13.4 Repayment of lease liabilities (31.1) (28.7) Interest paid on lease liabilities (3.2) (1.7) Free cash flow net 5.9 (17.0) Cash net of bank debt corresponds to “Cash and cash equivalents” as it appears in the Group’s financial statements from which is deducted “Loans from credit institutions, long-term” and “Short-term loans from credit institutions, lines of credit, and bank overdrafts” as they appear in note 10.2 of the Group’s annual financial statements.
Adjusted EBIT corresponds to operating income as shown in the Group’s financial statements, to which “Customer relationship amortization” and “Other non-current operating expenses” are added and from which “Other non-current operating income” is deducted.
Reconciliation between operating income and adjusted EBIT:
In millions of euros 31.12.2024 31.12.2023 Operating income 0.6 (2.7) Customer relationship amortization 14.5 14.4 Other non-current operating income (2.2) (0.4) Other non-current operating expenses 15.5 11.4 Adjusted EBIT 28.4 22.6 As a % of revenue 2.9 % 2.1 % The adjusted group share of net income corresponds to the “Net income, group share” as shown in the group financial statements, to which is added “Amortization of customer relationships, group share” and from which is deducted the “Tax impact on amortization of customer relationships, group share.”
In millions of euros 31.12.2024 31.12.2023 Net income, group share (15.8) (22.7) Amortization of customer relationships, group share 13.2 13.1 Tax impact on amortization of customer relationships, group share (3.4) (3.3) Adjusted group share of net income (6.0) (12.9) Net debt corresponds to “Debt, long-term,” “Debt, short-term,” and long- and short-term “Lease liabilities” as they appear in the Group’s financial statements from which “Cash and cash equivalents” as they appear in the Group’s financial statements are deducted.
Net debt/EBITDA ratio corresponds to “net debt” divided by annualized EBITDA.
Net debt-to-equity ratio corresponds to “net debt” divided by equity.
Net debt:
In millions of euros 31.12.2024 31.12.2023 Bank debt 97.0 112.5 Lease liabilities 68.8 76.4 Future liabilities from earnouts and put options 4.1 7.7 Cash and cash equivalents (96.3) (118.2) Net debt 73.8 78.4 Operating margin (Adjusted EBITDA) 75.1 74.6 Net debt ratio 0.98 1.05 Equity 108.1 124.6 % of net debt 68.2 % 62.9 % Net bank debt corresponds to “Long-term loans from credit institutions” and “Short-term loans from credit institutions, lines of credit, and bank overdrafts” as they appear in note 10.2 of the Group’s annual financial statements from which are deducted “Cash and cash equivalents” as they appear in the Group’s financial statements.
Net bank debt:
In millions of euros 31.12.2024 31.12.2023 Loans from credit institutions, long-term 74.3 75.6 Short-term loans from credit institutions and lines of credit 22.7 37.0 Gross bank debt 97.0 112.6 Cash and cash equivalents (96.3) (118.2) Net bank debt 0.8 (5.7) Cash net of bank debt (0.8) 5.7 Gross bank debt corresponds to “Loans from credit institutions, long-term” and “Short-term loans from credit institutions, lines of credit, and bank overdrafts” as they appear in note 10.2 of the Group’s annual financial statements.
Working capital corresponds to “current assets” as reported in the Group’s financial statements (excluding “Cash and cash equivalents” and “Derivative financial instruments”) less “current liabilities” (excluding “Debt, short-term,” “Current provisions,” and “Lease liabilities”).
Working capital:
In millions of euros 31.12.2024 31.12.2023 Inventory and work in progress 24.7 25.7 Trade receivables and related accounts 219.5 211.6 Current contract assets 0.9 1.0 Other receivables 79.1 66.5 Prepaid expenses 6.1 3.1 (171.7) (200.1) Trade payables (143.4) (120.8) Tax and social security liabilities (21.0) (15.0) Other current liabilities (56.8) (18.9) Working capital (62.6) (46.9) Change in working capital (15.6) 17.7 Non-monetary items 14.0 8.5 Change in working capital adjusted for non-monetary items (1.6) 26.2 Net investments correspond to the sum of the lines “Acquisition of current assets,”
“Acquisition of non-current financial assets,” and “Disposal of non-current assets after tax” as they appear in the consolidated statement of cash flows.
Net investments:In millions of euros 31.12.2024 31.12.2023 Acquisition of non-current assets (18.2) (21.6) Acquisition of non-current financial assets (0.4) 0.2 Disposal of non-current assets after tax 0.7 0.7 Net investments (17.9) (20.7) Operating costs correspond to costs incurred for the Group’s operations, included in the “operating margin” (excluding structural costs).
Structural costs correspond to costs incurred by the Group’s head office functions in various countries, included in the “operating margin” (excluding operating costs).
Expenses related to the Group’s centralized functions refer to costs incurred by the parent company’s headquarters functions and are included in the “operating margin.”
Attachment
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MIL-OSI: WithSecure Corporation: SHARE REPURCHASE 31.3.2025
Source: GlobeNewswire (MIL-OSI)
WithSecure Corporation, STOCK EXCHANGE RELEASE, 31 March 2025 at 6.30 PM (EET) WithSecure Corporation: SHARE REPURCHASE 31.3.2025 In the Helsinki Stock Exchange Trade date 31.3.2025 Bourse trade Buy Share WITH Amount 10 000 Shares Average price/ share 0,9197 EUR Total cost 9 197,00 EUR WithSecure Corporation now holds a total of 296 890 shares including the shares repurchased on 31.3.2025 The share buybacks are executed in compliance with Regulation No. 596/2014 of the European Parliament and Council (MAR) Article 5 and the Commission Delegated Regulation (EU) 2016/1052. On behalf of Withsecure Corporation Nordea Bank Oyj Janne Sarvikivi Sami Huttunen Contact information: Laura Viita Vice President Controlling, Investor relations and Sustainability WithSecure Corporation Tel. +358 50 4871044 Investor-relations@withsecure.com Attachment
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MIL-OSI Russia: Financial news: Fake employees of the Bank of Russia offer to close the “international account”
Translartion. Region: Russians Fedetion –
Source: Central Bank of Russia (2) –
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Categoris24-7, Central Bank of OF Russia, Miles, Russians Banks, Russians savings, Russians finance, Russians Language, Russian economy, Russian banks
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Archives Police Privces Guide I would turn the WordPress
Fraudsters have begun to use a new fraudulent scheme involving the Bank of Russia. They send potential victims an email with the regulator’s logo, which includes the person’s last name, first name, and patronymic.
In the letter, the scammers report that the person allegedly has an active account in a European financial institution. They demand to close an “international account” with a large sum of money and offer to withdraw it while preserving the interest income. The scammers claim that to do this, you need to use your Russian bank account, which has the most money. To get more detailed instructions, the person should reply to the letter or contact its senders via instant messengers. Some letters include a phishing link to a site where you are asked to enter personal data and bank details, allegedly for identification and closing the account.
Refusal to close the account, according to the scammers, threatens a significant fine, seizure of property or forced collection from wages. In the future, the scammers can use this information to steal money or arrange loans and credits.
In addition, the link may contain malicious software that is automatically installed on the user’s device and provides attackers with remote access to banking applications.
Be vigilant and do not respond to such letters: do not follow links in the message, do not provide personal or financial information. Real employees of the Bank of Russia do not call people and do not send them copies of any documents, do not request personal or bank information, do not offer to perform any transactions with the account. If possible, install an antivirus program on your devices and update it regularly. If you have any doubts, call your bank yourself at the number indicated on the back of the card or on the credit institution’s website.
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MIL-OSI Russia: Financial News: Suspicious Transactions Declined by 21% in 2024
Translartion. Region: Russians Fedetion –
Source: Central Bank of Russia –
They fell from 113 billion rubles to 90 billion rubles. This reduction was more significant than in the previous 2 years (by 5% in 2022 and by 12% in 2023), it says. in the analytical material Bank of Russia.
Transactions with signs of transferring funds abroad decreased by 17% over the year, to 25.6 billion rubles. As before, they were mainly carried out using advance payments for import deliveries without subsequent import of goods into Russia. The volume of these schemes decreased by a third. At the same time, the share of suspicious transfers to non-residents for goods that are allegedly purchased from them on the territory of Russia without crossing the border increased.
The volume of illegal cashing decreased by 22%, to 64.2 billion rubles. Cashing on payment cards of companies and individual entrepreneurs decreased more significantly, more than 2 times.
Banks have been able to effectively combat the risks of money laundering and terrorist financing, including through the development of online tools for monitoring suspicious transactions, as well as the prompt identification of risks on the Know Your Customer platform.
In October 2024, the Bank of Russia opened service, with the help of which anyone can check whether a company belongs to the high-risk level on the platform. The service has proven to be in demand among businesses: since its opening, it has been accessed more than 200 thousand times.
Preview photo: UnderhilStudio / Shutterstock / Fotodom
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect
HTTPS: //VVV.KBR.ru/Press/Event/? ID = 23504
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MIL-OSI Banking: Samsung Unveils New Onyx at CinemaCon 2025, Setting New Standards for LED Cinema Innovation
Source: Samsung
Samsung Electronics Co., Ltd. today announced the latest Onyx (ICD model) cinema LED screen at CinemaCon 2025, marking a new era for cinema display technology. Building on its legacy as a cinema LED pioneer, which began in 2017, Samsung is setting new standards with unmatched picture quality, industry-leading reliability and expanded screen scalability to meet the evolving needs of theaters worldwide.
“The cinema industry is shifting its focus towards delivering a more immersive and visually captivating experience,” said Hoon Chung, Executive Vice President of Visual Display Business at Samsung Electronics. “With Onyx, Samsung delivers not only the highest-quality visuals but also the flexibility that allows theaters to redefine the movie-going experience and cater to evolving audience expectations.”
Brighter, Bolder and More Immersive: The Future of Cinema is Here
As the world’s first DCI-certified1 cinema LED display, Samsung Onyx delivers an unparalleled cinematic experience with true black levels, infinite contrast ratio and exceptional color accuracy. The screen is capable of supporting frame rates up to 4K 120Hz,2 delivering ultra-smooth motion and razor-sharp details.
Every auditorium has unique dimensions, and screen size requirements vary from theater to theater. To accommodate this, Onyx offers four standard sizes3 and additional flexible scaling options, allowing theaters to maximize their available space and present films in the largest possible format without compromising image quality:
5 meters (16ft) – Ideal for boutique and smaller-format theaters (Pixel pitch: 1.25mm)
10 meters (33ft) – The industry standard for premium cinemas (Pixel pitch: 2.5mm)
14 meters (46ft) – A versatile format that delivers an impressive, large-scale cinematic experience (Pixel pitch: 3.3mm)
20 meters (66ft) – A large-format solution for premium auditoriums (Pixel pitch: 5.0mm)
Samsung Onyx cinema LED screens natively support both scope (2.39:1) and flat (1.85:1) aspect ratios, ensuring films are displayed in their intended formats without the need for additional adjustments. When scaling beyond standard sizes, Onyx maintains both aspect ratios while maximizing the screen size, allowing content to expand proportionally without distortion.Unlike traditional projectors, which can appear dim in larger theaters and struggle with washed-out colors in bright scenes, Onyx’s enhanced brightness ensures richer details in shadows, more intense highlights and superior color accuracy across the entire spectrum. Powered by Samsung’s HDR technology, Onyx reaches peak brightness levels of 300 nits (87.6fL) — six times brighter than conventional cinema standards — allowing even the brightest details to remain clear and visible.4 As a result, high-brightness scenes retain their full impact, rather than appearing washed out or overexposed.
“As the entertainment industry looks ahead to the future of cinema, innovation is more important than ever,” said David Phelps, Head of Display Division, Samsung Electronics America. “By delivering truly immersive experiences in theaters, we can ensure that the magic of the big screen not only endures, but thrives. The new generation of Onyx Cinema LED screens enables theater owners and operators to engage, thrill and remind moviegoers why the theater remains the ultimate place to experience visual storytelling at its finest.”
With its industry-leading brightness and precision, Onyx enables clear and vivid playback even in brightly lit environments, making it ideal for alternative content such as live sports, concerts, gaming events and corporate presentations. This allows theaters to deliver a premium viewing experience beyond traditional movie screenings.Built for Reliability and Seamless Integration
Onyx is built for long-term performance, offering the industry’s first and longest 10-year warranty for cinema LED,5 setting a new benchmark for reliability in cinema display technology. This extended coverage helps reduce the total cost of ownership and ensures a future-proof investment for theater owners.
To maintain optimal picture quality, Samsung provides an auto-calibration solution that enables theaters to easily calibrate their screens during installation and routine maintenance.
Designed for seamless integration, Onyx is compatible with both Dolby and GDC IMB media servers, making it easier for theaters to transition from traditional projection systems. Because of this, theater networks can enjoy seamless content playback and efficient management.
Onyx is fully compatible with leading cinema audio solutions, including Dolby Atmos, Meyer Sound, QSC and custom-designed sound systems, providing theaters with the flexibility to customize their sound experience to meet their specific needs. For theaters using HARMAN’s JBL surround sound technology, Onyx also offers seamless integration to ensure optimized audio performance.A Proven Legacy with Global Recognition
Samsung Onyx is one of the most widely adopted cinema LED screens in theaters worldwide — setting a new industry standard for premium cinema display technology. As it expands its presence, Onyx continues to showcase its unmatched reliability, versatility and ability to elevate the cinematic experience.
One of the most recent installations is at Pathé Palace in Paris, where Onyx was selected to enhance the premium viewing experience in one of the world’s most visually stunning cinemas.
“At Pathé, we are committed to delivering the highest-quality cinematic experience for our customers,” said Laure de Boissard, Managing Director, Pathé Cinéma France. “Samsung Onyx allows us to achieve stunning visuals with exceptional brightness and contrast, ensuring that every film is presented exactly as intended.”