Category: Business

MIL-OSI: Euronet Worldwide Reports Third Quarter 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

LEAWOOD, Kan., Oct. 23, 2024 (GLOBE NEWSWIRE) — Euronet Worldwide, Inc. (“Euronet” or the “Company”) (NASDAQ: EEFT), a leading global financial technology solutions and payments provider, reports third quarter 2024 financial results.

Euronet reports the following consolidated results for the third quarter 2024 compared with the same period of 2023:

Revenues of $1,099.3 million, a 9% increase from $1,004.0 million (9% increase on a constant currency¹ basis).
Operating income of $182.2 million, a 9% increase from $167.0 million (9% increase on a constant currency basis).
Adjusted EBITDA² of $225.7 million, a 6% increase from $212.5 million (6% increase on a constant currency basis).
Net income attributable to Euronet of $151.5 million, or $3.21 diluted earnings per share, compared with $104.2 million, or $2.05 diluted earnings per share.
Adjusted earnings per share³ of $3.03, an 11% increase from $2.72.
Euronet’s cash and cash equivalents were $1,524.1 million and ATM cash was $805.4 million, totaling $2,329.5 million as of September 30, 2024, and availability under its revolving credit facilities was approximately $669.8 million.

See the reconciliation of non-GAAP items in the attached financial schedules.

“I am pleased that we achieved a third quarter adjusted EPS of $3.03, an 11% increase over the prior year’s $2.72. I also point out that we did not include in our adjusted EPS approximately $0.28 per share related to an investment gain. Had we done so, adjusted EPS would have been $3.31. This year’s third quarter is a great reminder of how our product and geographic diversity helps to provide consistency in our earnings. Moreover, with our 17% nine months year to date adjusted EPS growth, we are well on track to be at the top end of the range with good prospects to exceed the range,” stated Michael J. Brown, Euronet’s Chairman and Chief Executive Officer.

“Money Transfer produced strong third quarter results compared to the prior year across all financial metrics. EFT produced solid results across all metrics with double digit growth in operating income and adjusted EBITDA. epay delivered double-digit revenue and transaction growth.”

Taking into consideration recent trends in the business and the global economy, continued double-digit quarterly earnings growth, and historical seasonal patterns, the Company remains confident in its previously announced expectations that its 2024 adjusted EPS will grow 10-15% year-over-year, consistent with its 10 and 20 year compounded annualized growth rates. Moreover, the Company expects that in 2025 it will again produce adjusted EPS growth in the 10-15% range. This outlook does not include any changes that may develop in foreign exchange rates, interest rates or other unforeseen factors.

Segment and Other Results

The EFT Processing Segment reports the following results for the third quarter 2024 compared with the same period or date in 2023:

Revenues of $373.0 million, an 8% increase from $345.8 million (7% increase on a constant currency basis).
Operating income of $117.3 million, a 12% increase from $104.8 million (12% increase on a constant currency basis).
Adjusted EBITDA of $142.1 million, a 10% increase from $128.7 million (10% increase on a constant currency basis).
Transactions of 2,982 million, a 34% increase from 2,231 million.
Total of 55,292 installed ATMs as of September 30, 2024, a 4% increase from 53,272. We operated 54,020 active ATMs as of September 30, 2024, a 5% increase from 51,496 as of September 30, 2023.

Constant currency revenue, operating income, and adjusted EBITDA growth in the third quarter 2024 was driven by travel, growth in the merchant services business and growth within recent market expansion. Operating margins benefited from transactions driven by continued travel recovery together with effective expense management.

The increase in active ATMs includes the acquisition of 800 ATMs in Malaysia together with the addition of approximately 800 outsourcing ATMs, and the impact of winterizing 500 more ATMs in the prior year at September 30, 2023, compared to September 30, 2024.

Transaction growth outpaced revenue growth due to continued growth in high-volume low-value transactions in India.

The epay Segment reports the following results for the third quarter 2024 compared with the same period or date in 2023:

Revenues of $290.3 million, a 10% increase from $264.5 million (10% increase on a constant currency basis).
Operating income of $29.1 million, a 3% increase from $28.3 million (2% increase on a constant currency basis).
Adjusted EBITDA of $31.0 million, a 3% increase from $30.1 million (3% increase on a constant currency basis).
Transactions of 1,126 million, a 22% increase from 925 million.
POS terminals of approximately 766,000 as of September 30, 2024, a 5% decrease from approximately 810,000.
Retailer locations of approximately 348,000 as of September 30, 2024, unchanged from prior year.

Double-digit revenue and transaction growth was driven by continued digital media and mobile growth. Operating income and adjusted EBITDA growth did not keep pace with the overall growth in revenue due to inflationary pressures in the business and expenses incurred to launch new proprietary product offerings.

The Money Transfer Segment reports the following results for the third quarter 2024 compared with the same period or date in 2023:

Revenues of $438.2 million, an 11% increase from $395.9 million (10% increase on a constant currency basis).
Operating income of $58.1 million, an 8% increase from $53.7 million (7% increase on a constant currency basis).
Adjusted EBITDA of $64.1 million, a 6% increase from $60.7 million (4% increase on a constant currency basis).
Total transactions of 45.1 million, an 11% increase from 40.6 million.
Network locations of approximately 595,000 as of September 30, 2024, a 10% increase from approximately 540,000.

Constant currency revenue growth was primarily driven by near double-digit growth in cross-border transactions, offset by a decrease in intra-US transactions. Direct-to-consumer digital transactions grew by 30%, reflecting strong consumer demand for digital products, which represents 19% of total digital transactions. The constant currency operating income increase of 7% was influenced by an additional $2 million year-over-year digital customer marketing spend during the quarter versus last year. Excluding the incremental digital customer marketing spend, constant currency operating income growth would have exceeded 10%, producing operating margins consistent with prior year. Money Transfer’s revenue and gross profit per transaction were consistent with the prior year.

Corporate and Other reports $22.3 million of expense for the third quarter 2024 compared with $19.8 million for the third quarter 2023. The increase in corporate expenses is largely from increased salaries, performance-based compensation and other management expenses.

Balance Sheet and Financial Position
Unrestricted cash and cash equivalents on hand was $1,524.1 million as of September 30, 2024, compared to $1,271.8 million as of June 30, 2024. The net increase in unrestricted cash and cash equivalents is the net result of the generation of cash from operations and working capital fluctuations partially offset by share repurchases.

Total indebtedness was $2,278.8 million as of September 30, 2024, compared to $2,270.2 million as of June 30, 2024. Availability under the Company’s revolving credit facilities was approximately $669.8 million as of September 30, 2024.

The Company repurchased 1 million shares for $101.3 million during the third quarter, which will improve earnings per share by 2% for future periods.

Non-GAAP Measures
In addition to the results presented in accordance with U.S. GAAP, the Company presents non-GAAP financial measures, such as constant currency financial measures, operating income, adjusted EBITDA, and adjusted earnings per share. These measures should be used in addition to, and not a substitute for, revenues, operating income, net income and earnings per share computed in accordance with U.S. GAAP. We believe that these non-GAAP measures provide useful information to investors regarding the Company’s performance and overall results of operations. These non-GAAP measures are also an integral part of the Company’s internal reporting and performance assessment for executives and senior management. The non-GAAP measures used by the Company may not be comparable to similarly titled non-GAAP measures used by other companies. The attached schedules provide a full reconciliation of these non-GAAP financial measures to their most directly comparable U.S. GAAP financial measure.

The Company does not provide a reconciliation of its forward-looking non-GAAP measures to GAAP due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for GAAP and the related GAAP and non-GAAP reconciliation, including adjustments that would be necessary for foreign currency exchange rate fluctuations and other charges reflected in the Company’s reconciliation of historic numbers, the amount of which, based on historical experience, could be significant.

⁽¹⁾ Constant currency financial measures are computed as if foreign currency exchange rates did not change from the prior period. This information is provided to illustrate the impact of changes in foreign currency exchange rates on the Company’s results when compared to the prior period.

⁽²⁾ Adjusted EBITDA is defined as net income excluding, to the extent incurred in the period, interest expense, income tax expense, depreciation, amortization, share-based compensation and other non-operating or non-recurring items that are considered expenses or income under U.S. GAAP. Adjusted EBITDA represents a performance measure and is not intended to represent a liquidity measure.

⁽³⁾ Adjusted earnings per share is defined as diluted U.S. GAAP earnings per share excluding, to the extent incurred in the period, the tax-effected impacts of: a) foreign currency exchange gains or losses, b) share-based compensation, c) acquired intangible asset amortization, d) non-cash income tax expense, e) non-cash investment gain f) other non-operating or non-recurring items and g) dilutive shares relate to the Company’s convertible bonds. Adjusted earnings per share represents a performance measure and is not intended to represent a liquidity measure.

Conference Call and Slide Presentation
Euronet Worldwide will host an analyst conference call on October 24, 2024, at 9:00 a.m. Eastern Time to discuss these results. The call may also include discussion of Company developments on the Company’s operations, forward-looking information, and other material information about business and financial matters. To listen to the call via telephone please register at Euronet Worldwide Third Quarter 2024 Earnings Call. The conference call will also be available via webcast at http://ir.euronetworldwide.com. Participants should register at least five minutes prior to the scheduled start time of the event. A slideshow will be included in the webcast.

A webcast replay will be available beginning approximately one hour after the event at http://ir.euronetworldwide.com and will remain available for one year.

About Euronet Worldwide, Inc.
Starting in Central Europe in 1994 and growing to a global real-time digital and cash payments network with millions of touchpoints today, Euronet now moves money in all the ways consumers and businesses depend upon. This includes money transfers, credit/debit card processing, ATMs, POS services, branded payments, foreign currency exchange and more. With products and services in more than 200 countries and territories provided through its own brand and branded business segments, Euronet and its financial technologies and networks make participation in the global economy easier, faster and more secure for everyone.

A leading global financial technology solutions and payments provider, Euronet has developed an extensive global payments network that includes 55,292 installed ATMs, approximately 949,000 EFT POS terminals and a growing portfolio of outsourced debit and credit card services which are under management in 113 countries; card software solutions; a prepaid processing network of approximately 766,000 POS terminals at approximately 348,000 retailer locations in 64 countries; and a global money transfer network of approximately 595,000 locations serving 205 countries and territories. Euronet serves clients from its corporate headquarters in Leawood, Kansas, USA, and 67 worldwide offices. For more information, please visit the Company’s website at www.euronetworldwide.com.

Statements contained in this news release that concern Euronet’s or its management’s intentions, expectations, or predictions of future performance, are forward-looking statements. Euronet’s actual results may vary materially from those anticipated in such forward-looking statements as a result of a number of factors, including: conditions in world financial markets and general economic conditions, including impacts from the COVID-19 or other pandemics; inflation; the war in the Ukraine and the related economic sanctions; military conflicts in the Middle East; our ability to successfully integrate any acquired operations; economic conditions in specific countries and regions; technological developments affecting the market for our products and services; our ability to successfully introduce new products and services; foreign currency exchange rate fluctuations; the effects of any breach of our computer systems or those of our customers or vendors, including our financial processing networks or those of other third parties; interruptions in any of our systems or those of our vendors or other third parties; our ability to renew existing contracts at profitable rates; changes in fees payable for transactions performed for cards bearing international logos or over switching networks such as card transactions on ATMs; our ability to comply with increasingly stringent regulatory requirements, including anti-money laundering, anti-terrorism, anti-bribery, consumer and data protection and privacy; changes in laws and regulations affecting our business, including tax and immigration laws and any laws regulating payments, including dynamic currency conversion transactions; changes in our relationships with, or in fees charged by, our business partners; competition; the outcome of claims and other loss contingencies affecting Euronet; the cost of borrowing (including fluctuations in interest rates), availability of credit and terms of and compliance with debt covenants; and renewal of sources of funding as they expire and the availability of replacement funding. These risks and other risks are described in the Company’s filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Copies of these filings may be obtained via the SEC’s Edgar website or by contacting the Company. Any forward-looking statements made in this release speak only as of the date of this release. Except as may be required by law, Euronet does not intend to update these forward-looking statements and undertakes no duty to any person to provide any such update under any circumstances. The Company regularly posts important information to the investor relations section of its website.

EURONET WORLDWIDE, INC.
Condensed Consolidated Balance Sheets
(in millions)

	As of
	September 30,		As of
	2024		December 31,
	(unaudited)		2023
ASSETS
Current assets:
Cash and cash equivalents	$	1,524.1	$	1,254.2
ATM cash	805.4		525.2
Restricted cash	18.9		15.2
Settlement assets	1,461.0		1,681.5
Trade accounts receivable, net	273.2		370.6
Prepaid expenses and other current assets	303.2		316.0
Total current assets	4,385.8		4,162.7

Property and equipment, net	340.3		332.1
Right of use lease asset, net	142.9		142.6
Goodwill and acquired intangible assets, net	1,118.9		1,015.1
Other assets, net	301.2		241.9
Total assets	$	6,289.1	$	5,894.4

LIABILITIES AND EQUITY
Current liabilities:
Settlement obligations	$	1,461.0	$	1,681.5
Accounts payable and other current liabilities	877.4		816.9
Current portion of operating lease liabilities	51.4		50.3
Short-term debt obligations	1,081.4		151.9
Total current liabilities	3,471.2		2,700.6

Debt obligations, net of current portion	1,195.5		1,715.4
Operating lease liabilities, net of current portion	95.4		95.8
Capital lease obligations, net of current portion	1.9		2.3
Deferred income taxes	77.6		47.0
Other long-term liabilities	85.5		83.6
Total liabilities	4,927.1		4,644.7
Equity	1,362.0		1,249.7
Total liabilities and equity	$	6,289.1	$	5,894.4

EURONET WORLDWIDE, INC.
Consolidated Statements of Operations
(unaudited – in millions, except share and per share data)

	Three Months Ended
	September 30,
	2024			2023

Revenues	$	1,099.3		$	1,004.0

Operating expenses:
Direct operating costs	634.0			576.7
Salaries and benefits	169.6			153.6
Selling, general and administrative	80.6			73.9
Depreciation and amortization	32.9			32.8
Total operating expenses	917.1			837.0
Operating income	182.2			167.0

Other income (expense):
Interest income	6.5			4.0
Interest expense	(24.2		)	(15.0		)
Foreign currency exchange gain (loss)	27.4			(8.8		)
Other income	16.5			—
Total other income (expense), net	26.2			(19.8		)
Income before income taxes	208.4			147.2

Income tax expense	(56.8		)	(43.0		)

Net income	151.6			104.2
Net loss attributable to non-controlling interests	(0.1		)	—
Net income attributable to Euronet Worldwide, Inc.	$	151.5		$	104.2
Add: Interest expense from assumed conversion of convertible notes, net of tax		1.1			1.1
Net income for diluted earnings per share calculation	$	152.6		$	105.3
Earnings per share attributable to Euronet Worldwide, Inc. stockholders – diluted	$	3.21		$	2.05

Diluted weighted average shares outstanding	47,554,606			51,470,603

EURONET WORLDWIDE, INC.
Reconciliation of Net Income to Operating Income (Expense) and Adjusted EBITDA
(unaudited – in millions)

	Three months ended September 30, 2024

	EFT Processing		epay		Money Transfer		Corporate Services			Consolidated

Net income										$	151.6

Add: Income tax expense										56.8
Less: Total other income, net										(26.2		)

Operating income (expense)	$	117.3	$	29.1	$	58.1	$	(22.3	)	$	182.2
Add: Depreciation and amortization	24.8		1.9		6.0		0.2			32.9
Add: Share-based compensation	—		—		—		10.6			10.6
Earnings before interest, taxes, depreciation, amortization, share-based compensation (Adjusted EBITDA) ⁽¹⁾	$	142.1	$	31.0	$	64.1	$	(11.5	)	$	225.7

	Three months ended September 30, 2023

	EFT Processing		epay		Money Transfer		Corporate Services			Consolidated

Net income										$	104.2

Add: Income tax expense										43.0
Add: Total other expense, net										19.8

Operating income (expense)	$	104.8	$	28.3	$	53.7	$	(19.8	)	$	167.0
Add: Depreciation and amortization	23.9		1.8		7.0		0.1			32.8
Add: Share-based compensation	—		—		—		12.7			12.7
Earnings before interest, taxes, depreciation, amortization and share-based compensation (Adjusted EBITDA)	$	128.7	$	30.1	$	60.7	$	(7.0	)	$	212.5

EURONET WORLDWIDE, INC.
Reconciliation of Adjusted Earnings per Share
(unaudited – in millions, except share and per share data)

	Three Months Ended
	September 30,
	2024			2023

Net income attributable to Euronet Worldwide, Inc.	$	151.5		$	104.2

Foreign currency exchange (loss) gain	(27.4		)	8.8
Intangible asset amortization⁽¹⁾	5.1			5.5
Share-based compensation⁽²⁾	10.6			12.7
Income tax effect of above adjustments⁽³⁾	4.9			(4.7		)
Non-cash investment gain⁽⁴⁾	(16.9		)	—
Non-cash GAAP tax expense⁽⁵⁾	8.8			6.2

Adjusted earnings⁽⁶⁾	$	136.6		$	132.7

Adjusted earnings per share – diluted⁽⁶⁾	$	3.03		$	2.72

Diluted weighted average shares outstanding (GAAP)		47,554,606		51,470,603
Effect of adjusted EPS dilution of convertible notes		(2,781,818	)		(2,781,818	)
Effect of unrecognized share-based compensation on diluted shares outstanding		320,885		185,073
Adjusted diluted weighted average shares outstanding		45,093,673		48,873,858

(1) Intangible asset amortization of $5.1 million and $5.5 million are included in depreciation and amortization expense of $32.9 million and $32.8 million for both the three months ended September 30, 2024, and September 30, 2023, in the consolidated statements of operations.

(2) Share-based compensation of $10.6 million and $12.7 million are included in salaries and benefits expense of $169.6 million and $153.6 million for the three months ended September 30, 2024, and September 30, 2023, respectively, in the consolidated statements of operations.

(3) Adjustment is the aggregate U.S. GAAP income tax effect on the preceding adjustments determined by applying the applicable statutory U.S. federal, state and/or foreign income tax rates.

(4) Non-cash investment gain of $16.9 million is included in other income in the consolidated statement of operations.

(5) Adjustment is the non-cash GAAP tax impact recognized on certain items such as the utilization of certain material net deferred tax assets and amortization of indefinite-lived intangible assets.

(6) Adjusted earnings and adjusted earnings per share are non-GAAP measures that should be considered in addition to, and not as a substitute for, net income and earnings per share computed in accordance with U.S. GAAP.

The MIL Network –

January 25, 2025

MIL-OSI Economics: Money Market Operations as on October 23, 2024

Source: Reserve Bank of India


(Amount in ₹ crore, Rate in Per cent)

	Volume (One Leg)	Weighted Average Rate	Range
A. Overnight Segment (I+II+III+IV)	578,427.56	6.69	5.10-6.95
I. Call Money	11,484.88	6.75	5.10-6.90
II. Triparty Repo	424,741.25	6.69	6.55-6.80
III. Market Repo	141,021.43	6.67	6.25-6.90
IV. Repo in Corporate Bond	1,180.00	6.86	6.85-6.95
B. Term Segment
I. Notice Money**	130.90	6.45	6.30-6.72
II. Term Money^@@	572.90	–	6.45-7.02
III. Triparty Repo	315.00	6.70	6.70-6.70
IV. Market Repo	109.43	6.80	6.80-6.80
V. Repo in Corporate Bond	0.00	–	–

	Auction Date	Tenor (Days)	Maturity Date	Amount	Current Rate / Cut off Rate
C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
I. Today’s Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo
3. MSF^#	Wed, 23/10/2024	1	Thu, 24/10/2024	4,620.00	6.75
4. SDF^Δ#	Wed, 23/10/2024	1	Thu, 24/10/2024	54,112.00	6.25
5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*				-49,492.00
II. Outstanding Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo
(b) Reverse Repo	Fri, 18/10/2024	13	Thu, 31/10/2024	20,073.00	6.49
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo
3. MSF^#
4. SDF^Δ#
5. On Tap Targeted Long Term Repo Operations^€	Mon, 15/11/2021	1095	Thu, 14/11/2024	250.00	4.00
5. On Tap Targeted Long Term Repo Operations^€	Mon, 27/12/2021	1095	Thu, 26/12/2024	2,275.00	4.00
6. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)^£	Mon, 15/11/2021	1095	Thu, 14/11/2024	105.00	4.00
	Mon, 22/11/2021	1095	Thu, 21/11/2024	100.00	4.00
	Mon, 29/11/2021	1095	Thu, 28/11/2024	305.00	4.00
	Mon, 13/12/2021	1095	Thu, 12/12/2024	150.00	4.00
	Mon, 20/12/2021	1095	Thu, 19/12/2024	100.00	4.00
	Mon, 27/12/2021	1095	Thu, 26/12/2024	255.00	4.00
D. Standing Liquidity Facility (SLF) Availed from RBI^$				8,596.70
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*				-7,936.30
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*				-57,428.30
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on		October 23, 2024		1,018,119.33
(ii) Average daily cash reserve requirement for the fortnight ending		November 01, 2024		1,016,726.00
H. Government of India Surplus Cash Balance Reckoned for Auction as on^¥		October 23, 2024		0.00
I. Net durable liquidity [surplus (+)/deficit (-)] as on		October 04, 2024		488,495.00
^@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
^@@ Relates to uncollateralized transactions of 15 days to one year tenor.
^$ Includes refinance facilities extended by RBI.
^& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
^Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
^€ As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
^¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
^£ As per the Press Release No. 2021-2022/181 dated May 07, 2021 and Press Release No. 2021-2022/1023 dated October 11, 2021.
# As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
Ajit Prasad Deputy General Manager (Communications)
Press Release: 2024-2025/1361

MIL OSI Economics –

January 25, 2025

MIL-OSI China: China thwarting satellites used to spy

Source: China State Council Information Office 2

China has been handling threats from foreign intelligence agencies who use satellites to conduct espionage in their attempts to steal the country’s secrets, according to the Ministry of State Security.
The ministry said in an article published on its WeChat account on Wednesday that some foreign spy organizations continue to use high-resolution satellites to carry out remote-sensing reconnaissance on China. They also keep trying to infiltrate China’s space companies by tempting and intimidating Chinese scientists and engineers to obtain the latest developments in their research.
Some Western countries have been hyping up the arms race in orbit and the contest for “space hegemony”, making all-out efforts to hinder China’s capability and jeopardize its space operations, it noted.
Space has become a new domain for economic growth, military conflicts and national security work. Protecting space-based systems and orbital operations from threats and infringement is an important part of national security work because space-based assets are significant to a nation’s security and development, the ministry said.
In recent years, state security bodies worked with relevant departments to handle cases in which foreign spies tried to steal secrets in China’s space sector, effectively suppressing foreign intelligence agencies’ espionage attempts, the ministry said.
State security departments will continue to use concrete measures to safeguard China’s rights, security and interests in space, it added.
Information previously published by the ministry shows that the space sector is a focal point for Western intelligence agencies that spy on China. Their agents target scientists, designers and technicians working for State-owned contractors and have turned a handful of employees into traitors, including a senior missile designer who was exposed in 2007.
The latest spy case involving China’s space industry that has been made public was disclosed in April 2023.
Zhao Xuejun, a researcher at a State-owned institute, was approached by foreign spies while he was studying overseas and then was recruited. After returning to China, he continued to work for the foreign intelligence organization and delivered a large number of classified documents.
He was arrested in June 2019 and was sentenced in August 2022 to seven years in prison.
An industry observer who declined to be named said that foreign spies are keen to obtain information about China’s space capability and programs because analyzing such information can help to establish a comprehensive, in-depth picture about China’s strategic prowess and its scientific, technological and engineering capacities.

MIL OSI China News –

January 25, 2025
MIL-OSI China: China to kick off consumption campaign in 5 big cities

Source: China State Council Information Office

China will launch a monthlong campaign to promote consumption in November as part of its efforts to bolster consumer spending, the Ministry of Commerce said Wednesday.

The consumption promotion month will kick off next month in Shanghai, Beijing, Guangzhou, Tianjin and Chongqing.

It will feature a series of activities promoting consumption in shopping, catering, tourism, exhibitions and performances, among others, according to the ministry.

Relevant departments and localities have been asked to refine their plans to implement the promotion month and introduce practical measures to foster the continuous recovery of the country’s consumer market.

China introduced a large-scale equipment upgrade and consumer goods trade-in program in March this year to expand domestic demand and shore up the economy.

China’s retail sales of consumer goods went up 3.3 percent year on year in the first three quarters of this year, official data showed.

MIL OSI China News –

January 25, 2025
MIL-OSI New Zealand: Ombudsman – Banking disputes scheme gets high mark in independent review

Source: Banking Ombudsman

25 October 2024 – The Banking Ombudsman Scheme has scored highly in an independent evaluation of its operations, a report by the reviewer released today shows.

Consultant Deborah Hart, who conducted the five-yearly review, found the dispute resolution scheme met its terms of reference, strategic objectives and legislative requirements, the last of which concern its accessibility, independence, fairness, accountability, efficiency and effectiveness.

“Overall, this is very positive report card,“ said Banking Ombudsman Nicola Sladden. “It confirms that we are make a valued and credible contribution to a fair banking sector.”

The review rated the scheme highly for its dispute resolution work and ability to pinpoint the causes of complaints and share insights with banks and others to improve the overall banking experience.

It also acknowledged the scheme’s rigorous and credible approach to reaching decisions, noting that the scheme had satisfactorily implemented the recommendations of the last review, which Ms Hart also conducted.

Ms Sladden said the review made 11 recommendations, all of which the scheme agreed with and was either already implementing or considering how to implement.

She said the scheme was committed to continuously improving how it worked, and the report would help in that effort.

“We know there are areas where we can improve as we grow in size and face increasingly complex cases, especially those relating to fraud and scams, which continue to make up a large share of our workload.

“We will continue to work with government agencies, regulators, banks and consumer groups to ensure fair outcomes in a cost-effective and transparent way.”

A copy of the review is available here:

MIL OSI New Zealand News –

January 25, 2025
MIL-OSI New Zealand: Greenpeace – Seabed mining sinks offshore wind industry

Source: Greenpeace

Greenpeace says the decision by an offshore wind developer to cancel its plans for wind farms in New Zealand due to conflict with a seabed mining project included in the Fast Track demonstrates just how regressive the new legislation is.

Spanish offshore wind developer BlueFloat Energy has announced it will no longer pursue its plans for wind farms off the coast of Taranaki and Waikato, citing uncertainties around seabed allocation.

The South Taranaki Bight is the area where the Australian-owned wannabe seabed miner Trans-Tasman Resources intends to gouge out tens of millions of tonnes of sand every year for 35 years, and the wind energy industry has previously said that would be incompatible with offshore wind farms.

Greenpeace seabed campaigner Juressa Lee (Te Rarawa, Ngāpuhi, Rarotonga) says: “The offshore wind industry warned the government that seabed mining was fundamentally incompatible with offshore wind farms, but they went ahead anyway, and now we all pay the price.

“Including Trans-Tasman Resources on the list of projects for Fast Track Approvals highlights the Luxon government’s unhealthy fixation on extractive industries and fossil fuels.

“At the same time as the Luxon Government is closing the door on a renewable energy industry, they’re talking about opening up new oil and gas exploration and building a fossil gas importation terminal. It’s straight-out climate denial,” says Lee.

Trans-Tasman Resources has been seeking to mine 50 million tons of sand every year in the South Taranaki Bight for 35 years. For over a decade, it has faced stiff opposition from marine experts, local iwi, community, and environmental groups.

Since initially getting consent in 2017, TTR has had that consent quashed by three courts, with the Supreme Court finally sending it back to the EPA, requiring the company to prove it will cause no material harm.

TTR pulled out of that EPA hearing in March this year, soon after the fast-track bill was announced and then confirmed that they had been invited by the coalition government to apply to have their seabed mining project fast-tracked.

Seabed mining would be a significant threat to marine life, including blue whales, Māui and Hector’s dolphins, little blue penguins, and critical fishing grounds.

MIL OSI New Zealand News –

January 25, 2025
MIL-OSI New Zealand: Business – Business Canterbury celebrates 165th Annual General Meeting

Source: Business Canterbury

Business Canterbury celebrated its 165th Annual General Meeting today, a key milestone for the organisation which has been the home and voice of Canterbury Business since 1859.

Business Canterbury Chief Executive, Leeann Watson says “Amongst the backdrop of another year of significant change for Business Canterbury and its members, it was great to celebrate the resilience of our members and business community as they navigated what has seemed like an elastic band economy over the last couple of years.”

“We also took the time to reflect on the results of Business Canterbury’s transformation, with all members now transitioned into our new dynamic member value framework.

“Business Canterbury has welcomed many new members and introduced several new products and services over the last year, such as our manufacturing and global trade service memberships, the Bold Company news website, our podcast showcasing positive local business stories, Canterbury Trusted initiative, and a new CRM system that allows us to customise our member experience and tailor member engagement and communications.

“Businesses have been particularly quick to take up our Canterbury Trusted initiative, which sets the standard for business excellence across the region. With the backing of our brand, this award gives businesses that go through a rigorous assessment of their business practices a competitive advantage, helping them stand out as leaders in their industry – a useful tool in today’s operating environment.

“As the home and voice of Canterbury business, our advocacy work has been more important than ever this year, hosting 17 ministers and providing members with the ability to engage directly on key topics like the economy, health and safety, tertiary education, immigration and more. We will continue to push for policies that foster an environment that promotes innovation, productivity, and sustainable growth.

“Hayley Hobson was welcomed to the board, and Andrew Logie was awarded with a life membership in recognition of his dedication to Business Canterbury during his 11-year tenure on the board and his significant role in our organisation’s transformation.

“A special thank you was given to our strategic partners the University of Canterbury, Orion, Westpac, and 2Degrees, who have come on our transformation journey with us to support our members and business community.”

In the 2024/2025 financial year, Business Canterbury’s focus will be on embedding the final stages of our transformation and turning to growth. With our new products and services, we will continue to support our members and the wider business community for what we predict will be another year of change.

About Business Canterbury

Business Canterbury, formerly Canterbury Employers’ Chamber of Commerce, is the largest business support agency in the South Island and advocates on behalf of its members for an environment more favourable to innovation, productivity and sustainable growth.

MIL OSI New Zealand News –

January 25, 2025
MIL-OSI Asia-Pac: Speech by SITI at Asia Health Innovation Summit of StartmeupHK Festival 2024 (English only)

Source: Hong Kong Government special administrative region

Following is the speech by the Secretary for Innovation, Technology and Industry, Professor Sun Dong, at the Asia Health Innovation Summit of StartmeupHK Festival 2024 today (October 24):

Distinguished guests, ladies and gentlemen,

Good morning. It is my pleasure to speak at the Asia Health Innovation Summit, one of the highlights in the five-day StartmeupHK Festival. First of all, thank you for InvestHK and Brinc for bringing us an unparalleled platform to address the pressing health challenges and to push the boundaries of what is possible in life and health technology.

Hong Kong is pressing ahead to become an international innovation and technology (I&T) centre, as well as a health and medical innovation hub. With the rapid advancement of technology, we have been entering unchartered grounds in the life and health field. With five world top-100 universities, two world top-40 medical schools, eight State Key Laboratories and 16 InnoHK research centres which are life and health-related, Hong Kong has world-class research and development (R&D) capability in life and health technology. Hong Kong is one of the world’s leading fundraising hubs for biotechnology companies, and our vibrant start-up scene was ranked first in Asia among the world’s top-100 emerging ecosystems according to the Global Startup Ecosystem Report 2024.

To enhance the local I&T ecosystem, the Hong Kong Special Administrative Region Government has been actively promoting interactive development of the upstream, midstream and downstream sectors. To further promote upstream basic R&D, we will launch a $6 billion worth of subsidy programme to provide funding subsidies for local universities to set up cross-institutional and multidisciplinary life and health technology research institute(s) in Hong Kong. We have also earmarked $3 billion for the implementation of the Frontier Technology Research Support Scheme to accelerate cross-disciplinary researches in various frontier technology fields such as clinical medicine and health as well as gene and biotechnology spearheaded by the eight local UGC (University Grants Committee)-funded universities and renowned scholars from around the world.

Furthermore, we have launched the $10 billion worth of Research, Academic and Industry Sectors One-plus Scheme (RAISe+) last year, to fund research teams from universities with good potential to become successful start-ups to transform and commercialise their outstanding R&D outcomes. Investors here with us today and around the world are welcome to collaborate with the universities in Hong Kong and invest in their RAISe+ projects.

To promote downstream industry development, further to the $10 billion worth of New Industrialisation Acceleration Scheme launched last month, the Chief Executive has announced in his 2024 Policy Address last week to set up another $10-billion I&T Industry-Oriented Fund to form a fund-of-funds to channel more market capital to invest in specified emerging and future industries of strategic importance, including life and health technology. We will also redeploy $1.5 billion under the Innovation and Technology Venture Fund to set up funds jointly with the market, on a matching basis, investing in start-ups of strategic industries to further enhance Hong Kong’s start-up ecosystem. By pooling together government resources and market investment, we hope to provide greater momentum to our burgeoning life and health technology industry.

By giving Hong Kong’s unique advantages full play, we are confident in pooling together global innovation resources to accelerate the development of life and health technology, constructing a more comprehensive and globally competitive I&T industry chain through concerted efforts. We envision a future where the technology seamlessly integrates with healthcare to improve quality of life for all. I look forward to many more collaborations with our neighbouring Asian cities on this front.

Thank you and have a great day.

MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI Economics: Voting Set to Open for Next ADB President

Source: Asia Development Bank

News Release | 24 October 2024
Read time: 1 min

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MANILA, PHILIPPINES (24 October 2024) — The Asian Development Bank (ADB) has officially closed the nomination period for its next President, with voting by ADB’s Board of Governors set to begin on 28 October 2024.

ADB Presidents are nominated from among its regional members and elected by the Board of Governors. Nominations for this election were accepted from 24 September to 23 October 2024.

Mr. Masato Kanda, currently Special Advisor to Japan’s Prime Minister and Minister of Finance, is the sole candidate for the position. Read his vision statement.

Governors will be invited to cast their votes on Mr. Kanda’s candidacy by 27 November 2024. The outcome will be announced on 28 November 2024.

Read more about the election process.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

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MIL OSI Economics –

January 25, 2025
MIL-OSI Asia-Pac: Speech by SITI at Cyberport Venture Capital Forum 2024 (English only)

Source: Hong Kong Government special administrative region

Following is the speech by the Secretary for Innovation, Technology and Industry, Professor Sun Dong, at the Cyberport Venture Capital Forum 2024 today (October 24):Simon (Chairman of the Board of Directors of the Hong Kong Cyberport Management Company Limited, Mr Simon Chan), Hendrick (Chairman of the Cyberport Investors Network Steering Group and Chairman of the Committee of the Artificial Intelligence Subsidy Scheme, Mr Hendrick Sin), Duncan (Legislative Council Member, Mr Duncan Chiu), distinguished guests, ladies and gentlemen, Good morning. It is my great pleasure to join you at this year’s Cyberport Venture Capital Forum (CVCF). True to its name, CVCF has been “connecting visionaries and cultivating the future”. It gathers the brightest minds from the innovation and technology (I&T) and the venture fund worlds, to brainstorm fresh ideas and approaches on how to support our start-ups in generating more breakthroughs and new solutions. I&T is the pivotal force to unlock new pathways for economic growth and societal advancement of our country and Hong Kong. At the Third Plenary Session of the 20th Central Committee of the Communist Party of China (CPC Central Committee) held in July this year, the Resolution of the CPC Central Committee on Further Deepening Reform Comprehensively to Advance Chinese Modernization also placed emphasis on Chinese modernisation by supporting technological innovation and developing new quality productive forces. This resonates with our theme today, “Innovation Challenger: Building New Venture Visions”, highlighting the indispensable role of venture financing to our I&T development. Cyberport epitomises the importance of venture capital to start-up development. The Cyberport community has attracted over $41 billion of investment, with startups securing more than $3 billion of funding last year alone. The Cyberport Investors Network, which comprises over 200 investment units including venture capital funds, private equity funds and family offices, has been a booming powerhouse, driving over $2.59 billion investment for start-ups over years. Our work does not stop there. To inject impetus into our I&T ecosystem, the Chief Executive announced a series of new and exciting I&T initiatives in his Policy Address last week. Let me share with you some of the key highlights. We will set up a $10 billion I&T Industry-Oriented Fund to channel more market capital to invest in specified emerging and future industries of strategic importance, including but not limited to artificial intelligence, robotics and smart devices. We will also optimise the existing Innovation and Technology Venture Fund by redeploying $1.5 billion to set up funds jointly with the market on a matching basis to invest in Hong Kong’s start-up ecosystem. Besides, we will also launch the Pilot I&T Accelerator Scheme which aims to attract professional start-up service providers with proven track records from local and outside Hong Kong to set up accelerator bases in Hong Kong, thereby fostering the robust growth of start-ups. The close collaboration among the Government, industry, academia, research and investment sectors is the cornerstone of our I&T development which is poised to reach new heights. Let us join hands in turning a new chapter in the ever-evolving technology realm. In closing, may I take this opportunity to express my thanks to each and every one of you who brings so much food for thought to Cyberport and the dynamic technology landscape of Hong Kong. I wish everyone here today a most fulfilling exchange. Thank you very much.

MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI Australia: RadComms 2024 – Melbourne
Source: Australian Ministers 1

Good morning,

Thank you Chair, Nerida O’Loughlin (PSM) for your introduction and inviting me to speak.

Good morning to all the Authority Members & hardworking staff of the ACMA, and the industry here today.

Some of you may be aware that ACMA Deputy Chair, Creina Chapman, who has expertly held the position since 2018, is retiring and not seeking reappointment.

Creina, over the past six years, you have made an outstanding contribution to the ACMA and Australia’s communications and media landscape.

You have contributed to reforms that have made a real difference to connectivity and consumer safety. And you have always conducted yourself with kindness and compassion.

Thank you for brining your intellect & integrity to this very important role. You have made this regulator stronger.

I am pleased to be here for RadComms 2024, which is exploring the contribution of the digital economy and spectrum to a better-connected Australia.

I acknowledge the Traditional Owners – the Wurundjeri people of the Kulin Nation. I pay respect to elders past and present.

I extend this to First Nations people in attendance, including Associate Professor Lyndon Ormond-Parker, Co-Chair of the First Nations Digital Inclusion Advisory Group, established by the Albanese Government.

Dr Ormond-Parker and Co-Chair, Dot West (OAM), have expertly led the Advisory Group, engaging many First Nations communities – indeed many of you in this room.

The Advisory Group’s initial report to Government is the culmination of this.

It has been insightful as to how – in partnership with First Nations peoples – we can support digital inclusion.

Our Government is delivering on key recommendations of the report, including free community Wi-Fi in around 20 remote communities, to provide better opportunities for education and training, employment and jobs, and improved access to essential services and information.

We have also established a digital support hub and network of digital mentors, and improving the national collection of data on First Nations digital inclusion.

It is wonderful to address RadComms for a second time as Communications Minister.

The theme of this year’s event is: Supporting the present, empowering the future.

It is an opportunity to explore how spectrum can deliver the applications and technologies that will shape our future.

Telecommunications, technology, broadcasting and the media is evolving fast.

Our connectedness and economic prosperity as a country hinges on how we best manage this transition.

Managing radiofrequency spectrum, and regulating services in this fast-changing environment presents some challenges.

But by mitigating risks, embracing technological change, and supporting business certainty, we can foster the opportunities.

At RadComms 2022, I spoke about the importance of stability and predictability around radiofrequency spectrum management.

We allocated close to $28 million to support the ACMA’s delivery of a modernised spectrum management system and a new auction capability.

Building on the theme of stability and predictability, today I will discuss how the Albanese Government’s approach is supporting industry and consumers.

Labor’s vision is for Australia to become the most connected continent on earth. And we can’t do this without the efficient use of spectrum.

Spectrum licences across a number of highly important bands are due to expire from 2028 to 2032. Industry needs sufficient time to plan and deploy communications services using that spectrum.

It is the role of Government to provide clarity to licensees, and potential licensees, through our policy objectives.

This is why I issued a Ministerial Policy Statement on Expiring Spectrum Licences to the ACMA in April.

This aims to provide the ACMA with a strategic direction in reaching its decisions throughout the expiring spectrum licence process, and ensuring outcomes are in the long-term public interest.

The Statement sets out the Albanese Government’s key communications policy objectives, including capacity for sustained investment and innovation.

For improved connectivity and investment in regional, rural and remote areas.

And the key objective of better services in the long-term interests of consumers.

The Albanese Government’s $1.1 billion Better Connectivity Plan for Regional and Rural Australia has made significant inroads into improving mobile coverage across the country.

More efficient spectrum use is central to the significant upgrades we are delivering across the National Broadband Network: from fibre to fixed-wireless and Sky Muster.

In addition to our $2.4 billion investment in fibre to 1.5 million more premises, we have invested $480 million to deliver better, faster fixed wireless broadband to regional communities.

This, in turn, is improving the customer experience for those on Sky Muster, which is now unmetered thanks to the Albanese Government.

We are delivering the quality communications infrastructure Australians rightly expect and deserve across the technology mix. And we are doing this on time and on budget.

A further development that is making a positive impact is the increasing role that tower infrastructure operators are playing in bringing innovations to the market, like spectrum-sharing projects in regional areas.

Investments by industry in the expanding peri-urban areas will help keep pace with ever growing community demand for mobile connectivity.

Our Peri-Urban Mobile Program – PUMP – and reforms to new housing estate deployments, demonstrates how Government and industry can work together to deliver on community connectivity expectations.

But there are still areas, and communities, that experience poor, inadequate or even no mobile service. We know that mobile connectivity is not widely available in many First Nations communities, for example, or even on the outskirts of major regional towns.

We have received this feedback from the First Nations Digital Inclusion Advisory Group and the Regional Telecommunications Independent Review Committee. I look forward to receiving the Committee’s final report to Government later this year.

When we talk about connectivity, we are also talking about the quality of service.

I am hearing from people living and working in rural and regional areas that while their device may display reception bars, congestion and capacity issues often translate into slow connections and limited capability beyond basic text and voice functionality.

In other words, their smart phones and devices are anything but.

The Ministerial guidance I provided to the ACMA regarding the management of expiring spectrum licences was purposefully broad in scope.

It encourages the ACMA to develop a considered view on the use of alternative licensing conditions in its expiring spectrum licence process. For example:
- rollout or deployment commitments;
- harnessing spectrum and infrastructure-sharing efficiencies; and
- innovative approaches to connecting the perpetually under-connected – First Nations, regional and remote communities.
Today’s digital, technological and market environment is starkly different to that of 15 years ago, when expiring licences were first issued.

And it continues to evolve.

The Ministerial Guidance to the ACMA is ambitious, and it forms part of our broader objective to set Australia up to become the most connected continent.

As we work towards this future, we must also consider what lies ahead for television broadcasting.

I am on the record & I reiterate it here – I believe in the broadcasting platform.

A central goal of our media reform program is to support the important role of free-to-air television broadcasting in Australian society.

This is demonstrated through the prominence framework the Albanese Labor Government legislated and our reforms to the anti-siphoning scheme.

Free-to-air television services are integral to our media ecosystem:
- they are the conduits for Australian stories;
- they are the trusted source of news to millions; and
- they provide the sporting moments that define our national psyche.
But there is significant uncertainty as to what television broadcasting will look like in 10, or 20 years.

What we can be sure of, is that it will not be what it is now.

Audience and technology trends are clear. There is an ongoing shift from linear content consumption to on-demand.

But – that does not mean a ‘lights out’ moment for broadcasting. We know most Australians are hybrid users, utilising on-demand services alongside linear consumption.

And terrestrial and satellite broadcasting networks can do things that are still not possible in the online environment in terms of reliability and service provision.

There is an essential and ongoing role for broadcasters in our media future, but broadcasting must change.

A sustainable future for broadcasting will require changes to the way in which broadcasters operate and the way they reach their audiences.

Choices will need to be made now if we are to realise that future.

Free-to-air television broadcasting is entering a period of unmanaged transition.

Consumer consumption preferences and falling revenue are – despite deep cost cutting initiatives – putting some broadcasters in a position where they can’t keep the doors open, for certain services.

We saw this with the closure of Mildura Digital Television in July.

If we stay on this unmanaged pathway, these trends will continue: more service closures in remote and regional markets, where the financial pressures are greatest. These pressures may eventually manifest in the larger cities.

Allowing a sector that delivers so much to Australian consumers to grind to a halt, for services to blink out, is not in the interests of local communities.

For consumers, it will mean less diversity and less choice. It will mean some consumers get left behind.

For industry, it will be increasingly difficult to raise the capital needed for much needed business transformation.

For Government, it will mean that the achievement of key public policy outcomes will be diminished: an informed citizenry; a strong and vibrant democracy; and engaged and cohesive local communities.

But an unmanaged transition is not the only way forward.

There is no going back to the golden era of television that existed before the internet, and nor should we want to.

Consumers have never had so much choice.

The reality is that commercial television broadcasting cannot continue in the manner it has done over the past decades.

This is simply not sustainable.

The way the industry uses radiofrequency spectrum needs to be examined.

Industry has been making enhancements. Many broadcasters have made, or are making, the transition to MPEG-4 which improves the efficiency and quality of services.

We have seen certain broadcasters make changes to their spectrum use that would have been unthinkable only a few years ago.

In South Australia, WIN Television has consolidated the services of two networks onto one television multiplex in two regional markets.

WIN has realised cost savings without eroding services available to audiences.

This is a portent for the future.

A sustainable television broadcasting sector will necessitate some form of spectrum and infrastructure consolidation, and changes in the way content is delivered.

Achieving an efficient consolidation will be challenging, but it is a goal that the Albanese Government is committed to.

We are supporting the sector under the existing regulatory framework.

We have introduced the Regional Broadcasting Continuity Bill 2024 to remove impediments that would otherwise prevent WIN, or any other broadcaster, from consolidating services onto a single multiplex and operating their transmitters more efficiently.

This won’t, of itself, guarantee financial sustainability for broadcasters. But it is an important initiative to enable them to seek out efficiencies where they can.

Another way we’ve provided stability to the sector is with the passage of legislation in March this year to repeal the 30 June expiry date for community television licences in Melbourne and Adelaide.

This means that these broadcasters will continue to remain on-air and provide valuable services until there is an alternative use for the radiofrequency spectrum.

The Government has also moved to promote stability by ensuring continuity of the Viewer Access Satellite Television (VAST) service over the next seven years. VAST is essential to over 1.5 million Australians who rely on it – either directly or indirectly – to access free-to-air television in remote Australia or those in areas with poor terrestrial reception.

We have otherwise been undertaking an audit of remote and regional television infrastructure.

We know transmission and reception equipment is at, or beyond, end-of-life in many remote and regional areas, including the VAST services in First Nations communities.

This undermines the ability of people in those communities to access the information they need to make informed choices about their lives.

Television broadcasters have been working very productively with officials from my department to quantify those infrastructure deficiencies and gaps, and I thank them and encourage them to continue to do so

The information stemming from the audit will be a key input to future consideration of the need for capital renewal and maintenance to support the provision of television services in remote and regional areas.

While the initiatives and processes I have just described will support the sustainability of commercial television services, there is a broader conversation to be had around longer-term reforms.

The acceleration of declining revenues, and the pressure the sector is facing, makes considerations around the future of television broadcasting pressing.

But this work can’t be done in isolation.

Industry and Government need a shared understanding of what the future of television is to help align our goals and the coordination of public policy.

To that end – the Albanese Government will work closely with industry on a plan to secure the future of free-to-air television, to position it to continue to inform, educate and entertain Australians.

Our Government is seeking to explore the possibility of realising a digital dividend: options for the more efficient use of spectrum and infrastructure for television, which enables potential reallocation of spectrum to other uses.

The first step will be the development of a discussion paper to support engagement with interested parties on this important initiative, to be released for consultation in early 2025.

Spectrum requirements for television will depend on an assessment of the optimal mix of delivery mechanisms in 5, 10, and 20 years. They need to consider the role and capabilities of broadband infrastructure. And they need to be grounded by a view of what television should look like in the medium-term.

The Government will engage right across the ecosystem: with broadcasters, infrastructure providers, mobile network operators, and consumers to ensure a shared understanding of what television in Australia should look like in a decade, and what is needed to get there.

We want commercial television broadcasters to be able to continue to deliver content that is highly valued by Australian’s. But there is work to be done to get us on the right path and to avoid a costly and disruptive contraction of the sector.

But let me be very clear here, about what I am announcing, and what I am not announcing.

I am announcing that the Government will explore pathways for the future of television, shaped by the possibility of realising a digital dividend.

In doing so, I am putting, front and centre, the important question of what the future of television may be – because the television broadcasting is an essential platform in Australia, and we need a mature and measured discussion to plan its future.

I am not announcing that the Government has identified, or decided to yield, a digital dividend. We have not.

And I am not announcing any details on the issues or options or pathways today.

I am announcing that Government will commence the process of exploring these pathways, in consultation with industry, and that this will commence in earnest, with a discussion paper, early next year.

The process will consider the role and capabilities of broadband infrastructure, acknowledging the significant and growing reliance on telecommunications networks for television and video streaming. And it will consider the role of spectrum pricing as the Government assesses the future spectrum needs of broadcasting.

Taking a long-term view of the future of television broadcasting will provide greater certainty for consumers and industry, ensuring Australians have continued access to valued free-to-air content – with the diversity, choice and social cohesion benefits that it brings.

As I mentioned, the future of television must also consider the role of broadband.

There is already a significant reliance on telecommunications networks for television and video streaming, and this is only going to grow.

All possible television futures will require careful consideration of technological innovation and investment choices to manage the load on networks from television viewing.

Broadband rollout and availability is only part of the picture.

We know that availability doesn’t equate to take-up, and that there will remain a cohort of Australians unable to utilise online infrastructure due to a lack of financial means, skills, or interest.

This is also part of the reason why free-to-air broadcasting remains such a critical delivery platform, with significant impacts for social inclusion and community cohesion.

For this reason and many others, the Albanese Government is improving connectivity for all Australians.

Our significant investment in the National Broadband Network, for example, is delivering high-speed broadband services to households and businesses across the country, with a significant focus on regional and rural communities.

We are positioning Australia as a test-bed for new and emerging tech, such as using Low Earth Orbit Satellites to support voice services. Trials in this space are underway.

Our Universal Service Reform will deliver a modern, fit-for-purpose universal service framework with sustainable, long-term funding of services in rural and remote areas.

In closing, Labor is a reformist Government; we are not afraid to make big reforms in the long-term public interest, even if they are difficult ones.

Our future connectedness and prosperity as a country will hinge on how we collectively manage the communications and media transition going forward.

We must work together to ensure that the services people rely on remain relevant, efficient and accessible for consumers.

Everyone in this room has a key role to play in determining this future success.

Our Government will support you to play that role.

As we work towards our vision for Australia to be the most connected continent.

Thank you.

MIL OSI News –
January 25, 2025
MIL-OSI Economics: JP Morgan and Rothschild & Co top M&A financial advisers in retail sector during Q1-Q3 2024, reveals GlobalData

Source: GlobalData

JP Morgan and Rothschild & Co top M&A financial advisers in retail sector during Q1-Q3 2024, reveals GlobalData

Posted in Business Fundamentals

JP Morgan and Rothschild & Co were the top mergers and acquisitions (M&A) financial advisers in the retail sector during Q1-Q3 2024 by value and volume, respectively, according to the latest financial advisers league table by GlobalData, a leading data and analytics company.

An analysis of GlobalData’s Deals Database reveals that JP Morgan achieved the leading position in terms of value by advising on $4.7 billion worth of deals. Meanwhile, Rothschild & Co led in terms of volume by advising on a total of 10 deals.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Rothschild & Co was the top adviser by volume during Q1-Q3 2023 and despite witnessing a YoY decline in number of deals advised, it managed to retain the leadership position by this metric during Q1-Q3 2024. Apart from leading by volume, Rothschild & Co was also featured at fifth position in terms of value.

“Meanwhile, JP Morgan witnessed YoY improvement in the total value of deals advised by it during Q1-Q3 2024 compared to Q1-Q3 2023. Resultantly, its ranking by value improved from sixth position during Q1-Q3 2023 to the top position during Q1-Q3 2024. Apart from leading by value, JP Morgan also occupied the sixth position by volume during the review period.”

Solomon Partners occupied the second position in terms of value, by advising on $3.8 billion worth of deals, followed by Bank of America with $3.3 billion, Lazard with $3.2 billion and Rothschild & Co with $2.8 billion.

Meanwhile, Performance Brokerage Services occupied the second position in terms of volume with 10 deals, followed by PwC with nine deals, Houlihan Lokey with eight deals and KPMG with seven deals.

MIL OSI Economics –

January 25, 2025
MIL-OSI New Zealand: Release: Government driving away offshore wind industry

Source: New Zealand Labour Party

The Government has created a hostile environment for companies seeking to build offshore wind farms.

News that offshore wind developer BlueFloat Energy is packing up operations and leaving Taranaki comes weeks after it was announced that a previously declined seabed mining project was on the Government’s fast track development list in the same area.

The seabed mining project, developed by Trans Tasman Resources, was previously declined as being too destructive to the environment.

“The Government has once again chosen to go backwards, by backing a destructive project that communities have fought against, over a renewable energy project that would have created jobs, provided 900 MW of electricity and helped New Zealand transition to a clean energy economy,” Labour energy and climate spokesperson Megan Woods said.

“The Government has also twiddled its thumbs on developing a consenting regime for wind projects.

“BlueFloat leaving New Zealand is a huge loss for Taranaki and our country and tells other offshore wind developers not to bother coming here.

“The offshore wind industry was projected to create 12,000 jobs and contribute $50 billion in GDP.

“It’s not a surprise to me that BlueFloat has made this decision, as we’ve got a government that has dragged its heels and put in the slow lane any work on what is needed to stimulate offshore wind in New Zealand.

“More than that, its decision to include the Trans Tasman Resources project in its fast-track bill is a clear message to the offshore wind investment community that they are not seen as a priority in this country,” Megan Woods said.

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MIL OSI New Zealand News –

January 25, 2025
MIL-OSI: Equinor third quarter 2024 results
Source: GlobeNewswire (MIL-OSI)

Equinor (OSE: EQNR, NYSE: EQNR) delivered adjusted operating income* of USD 6.89 billion and USD 2.04 billion after tax in the third quarter of 2024. Equinor reported net operating income of USD 6.91 billion and net income at USD 2.29 billion. Adjusted net income* was USD 2.19 billion, leading to adjusted earnings per share* of USD 0.79.

Financial and operational performance
- Solid financial results
- Effective execution of extensive turnaround programme
- Strong cash flow from operations
Strategic progress
- All-time high production from the Troll field in the gas year
- Northern Lights facility completed and ready to receive CO2
- Acquired a 9.8 percent stake in Ørsted in October
Capital distribution
- Third quarter ordinary cash dividend of USD 0.35 per share, extraordinary cash dividend of USD 0.35 per share and fourth tranche of share buy-back of up to USD 1.6 billion
- Total capital distribution for 2024 in line with announced level of around USD 14 billion
Anders Opedal, President and CEO of Equinor ASA:

“With solid operational performance and results, we are well on track to deliver strong cashflow from operations in line with what we said at the capital markets update in February.”

“Over time, we have upgraded the capacity in the gas value chain. This has contributed to an all-time high production from the Troll field in the gas year. In the quarter, the Johan Sverdrup field delivered a production record of more than 756 000 barrels of oil in one day and reached the milestone of one billion barrels produced since the start-up five years ago. This strengthens our position to deliver safe and reliable energy to Europe.”

“We continue to invest in renewables and develop low carbon value chains. In the quarter, the world’s first commercial storage facility, Northern Lights, was completed and is now ready to receive CO2 from customers.”

Operational performance

Equinor delivered a total equity production of 1,984 mboe per day in the third quarter, down from 2,007 mboe in the same quarter last year.

On the Norwegian continental shelf (NCS), production increased by 2 percent compared to the third quarter 2023. This was due to high gas production from the Troll field and positive contributions from Aasta Hansteen and Oseberg. The increase was partially offset by extensive turnarounds, natural decline and reduced ownership in the Statfjord area.

Internationally, new wells contributed positively to the production. However, the international production was negatively impacted by offshore turnarounds and hurricanes in the United States.

In the quarter, Equinor completed nine offshore exploration wells with one commercial discovery. Four wells were ongoing at the quarter end. Two wells were expensed.

Equinor produced 677 GWh from renewable assets in the third quarter, up 82 percent from the same quarter last year. The increase was driven by the addition of onshore power plants in 2024. The offshore wind parks Dudgeon, Sheringham Shoal and Arkona also contributed positively to the production.

The progress at Dogger Bank A is slower than expected. Based on this, the expected growth in power production from renewable assets in 2024 is adjusted to around 50 percent.

Strategic progress

Equinor continued to optimise the portfolio through projects and strategic business development in the quarter.

On the NCS, the Johan Castberg production vessel was securely anchored at the field in the Barents Sea and hook-up is on track for production start before year-end. In the quarter, Troll B and C became partly powered from shore, contributing to the company’s efforts to strengthen competitiveness and halve operated emissions by 2030.

The recent acquisition of a 9.8 percent stake in Ørsted, gives Equinor exposure to premium offshore wind assets in operation and a solid project pipeline. In the quarter, Equinor also won an offshore wind lease in the U.S. Atlantic Ocean at an attractive price, adding optionality of around 2 gigawatt capacity to its existing portfolio. Furthermore, the company started recalibrating its portfolio of early phase renewable projects to reduce cost and focus business development toward core markets.

Equinor continues to progress its low carbon solutions portfolio. The Northern Lights facility was completed on estimated time and budget. In the UK, two key partner-operated low-carbon solution projects secured funding from the government.

Solid financial results

Equinor delivered adjusted operating income* of USD 6.89 billion. USD 5.88 billion come from Exploration and Production Norway, USD 407 million from E&P International and USD 207 million from E&P USA. Marketing, Midstream & Processing delivered adjusted operating income* of USD 545 million, driven by LNG, power trading and geographical arbitrage for LPG. Adjusted operating income* from Renewables was negative USD 115 million, as the costs of project development exceeded the earnings from assets in operation.

Cash flow from operating activities before taxes paid and working capital items amounted to USD 9.23 billion for the third quarter. Cash flow from operations after taxes paid* was USD 6.25 billion for the quarter, and USD 14.0 billion year to date.

Equinor paid one NCS tax instalment of USD 2.87 billion in the quarter and total capital expenditures were USD 3.14 billion. Organic capital expenditure* was USD 3.08 billion for the quarter and USD 8.73 billion year to date. The organic capital expenditure* guiding for the year is adjusted to USD 12-13 billion. After taxes, capital distribution to shareholders and investments, net cash flow* ended at negative USD 3.42 billion in the third quarter. The Norwegian state’s share of the share buy-back programme of USD 4.02 billion in July impacted the net cash flow*.

Adjusted net debt to capital employed ratio* was negative 2.0 percent at the end of the third quarter, compared to negative 3.4 percent at the end of the second quarter of 2024.

Capital distribution

The board of directors has decided an ordinary cash dividend of USD 0.35 per share and an extraordinary cash dividend of USD 0.35 per share for the third quarter of 2024. This is in line with communication at the capital markets update in February.

The board has decided to initiate a fourth and final tranche of share buy-back for 2024 of up to USD 1.6 billion. The fourth tranche will commence on 25 October and end no later than 31 January 2025. This fourth tranche will complete the announced share buy-back programme of up to USD 6 billion for 2024. It will also conclude total capital distribution for 2024 of around USD 14 billion.

The third tranche of the share buy-back programme was completed on 16 October 2024 with a total value of USD 1.6 billion.

All share buy-back amounts include shares to be redeemed by the Norwegian state.

—
* For items marked with an asterisk throughout this report, see Use and reconciliation of non-GAAP financial measures in the Supplementary disclosures.
—

Further information from:

Investor relations
Bård Glad Pedersen, senior vice president Investor relations,
+47 918 01 791 (mobile)

Press
Sissel Rinde, vice president Media relations,
+47 412 60 584 (mobile)

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act

Attachments
- Equinor Third quarter 2024 Financial statements and review
- CFO presentation – 3rd quarter 2024 results
The MIL Network –
January 25, 2025
MIL-OSI: Equinor to commence fourth tranche of the share buy-back programme for 2024

Source: GlobeNewswire (MIL-OSI)

Equinor (OSE: EQNR, NYSE: EQNR) will on 25 October 2024 commence the fourth and final tranche of up to USD 1.6 billion of the share buy-back programme for 2024, as announced in relation with the third quarter results 24 October 2024.

In this fourth tranche, shares for up to USD 528 million will be purchased in the market, implying a total tranche of up to USD 1.6 billion including shares to be redeemed from the Norwegian State. The tranche will end no later than 31 January 2025.

Equinor announced at the Capital Market Update in February 2024 a two-year share buy-back programme of total USD 10-12 billion for 2024-2025, with up to USD 6 billion for 2024, including shares to be redeemed from the Norwegian State. The share buy-back programme will be subject to market outlook and balance sheet strength and be structured into tranches where Equinor will buy back shares for a certain value in USD over a defined period. For the fourth tranche for 2024, Equinor will be entering into a non-discretionary agreement with a third party who will execute repurchases of shares and make its trading decisions independently of the company.

Commencement of new share buy-back tranches after the fourth tranche for 2024 will be decided by the board of directors on a quarterly basis in line with the company’s dividend policy and will be subject to board authorisation for share buy-back from the company’s annual general meeting and agreement with the Norwegian State regarding share buy-back (as further described below).

The purpose of the share buy-back programme is to reduce the issued share capital of the company. All shares purchased as part of the fourth tranche for 2024 will thus be cancelled through a capital reduction at the annual general meeting of the company in May 2025.

Further information about the share buy-back programme and the fourth tranche:

The fourth tranche of the share buy-back programme for 2024 is based on an authorisation granted to the board of directors at the annual general meeting of the company held on 14 May 2024. According to the authorisation, the maximum number of shares to be purchased in the market is 92 million, of which 52,868,185 remain available per commencement of the fourth tranche for 2024 (buy-backs made under previous tranches in the authorisation period taken into account). The minimum price that can be paid per share is NOK 50, and the maximum price is NOK 1,000. The authorisation is valid until the earliest of 30 June 2025 and the annual general meeting of the company in 2025.

An agreement between Equinor and the Norwegian State regulates the State’s participation in the share buy-back: at the annual general meeting of the company in May 2025, the State will, as per proposal by the board of directors, vote for the cancellation of shares purchased in the market pursuant to the board authorisation, and the redemption and cancellation of a proportionate number of its shares in order to maintain its ownership share in the company at 67%. The price to be paid to the State for redemption of the State’s shares shall be the volume-weighted average of the price paid by Equinor for shares purchased in the market plus an interest rate compensation, adjusted for any dividends paid.

In the fourth tranche for 2024, shares will be purchased on the Oslo Stock Exchange and possibly other trading venues within the EEA. Transactions will be conducted in accordance with applicable safe harbour conditions, and as further set out in the Norwegian Securities Trading Act of 2007, EU Commission Regulation (EC) No 2016/1052 and the Oslo Stock Exchange’s Guidelines for buy-back programmes and price stabilisation from February 2021.

The board of directors will propose to the annual general meeting of the company to be held in May 2025, to cancel shares purchased in the market in this fourth tranche for 2024 and to redeem and cancel a proportionate number of the State’s shares per the agreement with the State. Based on renewal of this agreement, shares purchased under subsequent tranches of the two-year share buy-back programme for 2024-2025 and a proportionate number of the State’s shares will follow a similar process at the annual general meetings of the company in 2025 and 2026, respectively.

This is information that Equinor is obliged to make public pursuant to the EU Market Abuse Regulation and that is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

Further information from:

Investor relations
Bård Glad Pedersen, senior vice president Investor Relations,
+47 918 01 791

Media
Sissel Rinde, vice president Media Relations,
+47 412 60 584

The MIL Network –

January 25, 2025
MIL-OSI: Equinor ASA: Key information relating to cash dividend for third quarter 2024

Source: GlobeNewswire (MIL-OSI)

Key information relating to the cash dividend to be paid by Equinor ASA (OSE: EQNR, NYSE: EQNR) for third quarter 2024.

Ordinary cash dividend amount: 0.35

Extraordinary cash dividend amount: 0.35

Announced currency: USD

Last day including rights: 12 February 2025

Ex-date Oslo Børs: 13 February 2025

Ex-date New York Stock Exchange: 14 February 2025

Record date : 14 February 2025

Payment date: 28 February 2025

Date of approval: 23 October 2024

Other information: The cash dividend per share in NOK will be communicated 21 February 2025.

This information is published in accordance with the requirements of the Continuing Obligations and is subject to the disclosure requirements pursuant to Section 5-12 in the Norwegian Securities Trading Act.

The MIL Network –

January 25, 2025
MIL-OSI Economics: Simpson Thacher & Bartlett and Kirkland & Ellis top M&A legal advisers in retail sector during Q1-Q3 2024, reveals GlobalData

Source: GlobalData

Simpson Thacher & Bartlett and Kirkland & Ellis top M&A legal advisers in retail sector during Q1-Q3 2024, reveals GlobalData

Posted in Business Fundamentals

Simpson Thacher & Bartlett and Kirkland & Ellis were the top mergers and acquisitions (M&A) legal advisers in the retail sector during Q1-Q3 2024 by value and volume, respectively according to the latest legal advisers league table by GlobalData, a leading data and analytics company.

An analysis of GlobalData’s Deals Database reveals that Simpson Thacher & Bartlett achieved the top position in terms of value by advising on $8.8 billion worth of deals. Meanwhile, Kirkland & Ellis led in terms of volume by advising on a total of 13 deals.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Simpson Thacher & Bartlett registered more than a double-fold jump in the total value of deals advised by it during Q1-Q3 2024 compared to Q1-Q3 2023. Resultantly, it went ahead from occupying the seventh position by value during Q1-Q3 2023 to top the chart during Q1-Q3 2024. The involvement in the acquisition of 60% stake in Newland Commercial Management by a consortium of investors for $8.3 billion played a pivotal role for Simpson Thacher & Bartlett in registering a massive jump in terms of value and in securing the top spot by this metric.

“Meanwhile, Kirkland & Ellis was the top adviser by volume during Q1-Q3 2023 and despite witnessing a YoY decline in number of deals advised, it managed to retain the leadership position by this metric during Q1-Q3 2024.”

White & Case occupied the second position in terms of value, by advising on $5.8 billion worth of deals, followed by Paul, Weiss, Rifkind, Wharton & Garrison with $4.6 billion, Willkie Farr & Gallagher with $2.7 billion and Gibson, Dunn & Crutcher with $2.7 billion.

Meanwhile, Addleshaw Goddard occupied the second position in terms of volume with 12 deals, followed by White & Case with eight deals, Paul, Weiss, Rifkind, Wharton & Garrison with seven deals and Cuatrecasas with seven deals.

MIL OSI Economics –

January 25, 2025
MIL-OSI Economics: Lazard top M&A financial adviser in construction sector during Q1-Q3 2024, reveals GlobalData

Source: GlobalData

Lazard top M&A financial adviser in construction sector during Q1-Q3 2024, reveals GlobalData

Posted in Business Fundamentals

Lazard was the top mergers and acquisitions (M&A) financial adviser in the construction sector during Q1-Q3 2024 by both value and volume, according to the latest financial advisers league table by GlobalData, a leading data and analytics company.

An analysis of GlobalData’s Deals Database reveals that Lazard achieved the top position by advising on 14 deals of worth $14.1 billion.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Lazard witnessed a year-on-year (YoY) improvement in both deal volume and value during Q1-Q3 2024, but the growth was more pronounced in terms of value. It registered a more than three-fold jump in the total value of deals advised by it during Q1-Q3 2024 compared to Q1-Q3 2023. Lazard advised on five billion-dollar deals* during Q1-Q3 2024. The involvement in these big-ticket deals helped it register a massive jump in terms of value.”

Morgan Stanley occupied the second position in terms of value, by advising on $13.3 billion worth of deals, followed by Barclays with $11.5 billion, UBS with $11.4 billion and Moelis & Company with $7.6 billion.

Meanwhile, Rothschild & Co occupied the second position in terms of volume with 12 deals, followed by Clearwater International with 12 deals, KPMG with 12 deals and Barclays with 11 deals.

MIL OSI Economics –

January 25, 2025
MIL-OSI Economics: Allen & Overy and Kirkland & Ellis top M&A legal advisers in construction sector during Q1-Q3 2024, reveals GlobalData

Source: GlobalData

Allen & Overy and Kirkland & Ellis top M&A legal advisers in construction sector during Q1-Q3 2024, reveals GlobalData

Posted in Business Fundamentals

Allen & Overy and Kirkland & Ellis were the top mergers and acquisitions (M&A) legal advisers in the construction sector during Q1-Q3 2024 by value and volume, respectively according to the latest legal advisers league table by GlobalData, a leading data and analytics company.

An analysis of GlobalData’s Deals Database reveals that Allen & Overy achieved the top position in terms of value by advising on $10.3 billion worth of deals. Meanwhile, Kirkland & Ellis led in terms of volume by advising on a total of 28 deals.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Kirkland & Ellis was the top adviser by volume during Q1-Q3 2023 and managed to retain its leadership position by this metric during Q1-Q3 2024 as well. Meanwhile, Allen & Overy witnessed its ranking by value improve significantly from the 60th position during Q1-Q3 2023 to the top position during Q1-Q3 2024 as there was a massive year-on-year (YoY) jump in the total value of deals advised by it.

“The involvement in the $8.3 billion for acquisition of 60% Stake in Zhuhai Wanda Commercial Management by a consortium of investors played a pivotal role for Allen & Overy in registering a massive jump in terms of value and in securing the top spot by this metric.”

Paul, Weiss, Rifkind, Wharton & Garrison occupied the second position in terms of value, by advising on $9.8 billion worth of deals, followed by Simpson Thacher & Bartlett with $9.2 billion, Davis Polk & Wardwell with $7.4 billion and Cravath Swaine & Moore with $7.1 billion.

Meanwhile, CMS occupied the second position in terms of volume with 20 deals, followed by White & Case with 12 deals, Allen & Overy with 11 deals and Latham & Watkins with 11 deals.

MIL OSI Economics –

January 25, 2025
MIL-Evening Report: ‘We will not allow others to determine our fate’: Pacific nations dial up pressure on Australia’s fossil fuel exports

Source: The Conversation (Au and NZ) – By Liam Moore, Lecturer in International Politics and Policy, James Cook University

Tuvalu’s Prime Minister Feleti Teo took to a stage in Apia, Samoa, on Thursday morning to say something pointed. Planned fossil fuel expansions in nations such as Australia represented, for his nation, a “death sentence”. The phrase “death sentence”, Teo said, had not been chosen lightly. He followed up with this: “We will not sit quietly and allow others to determine our fate.”

Teo chose the moment for this broadside well – on the sidelines of the Commonwealth Heads of Government Meeting (CHOGM), attended by both King Charles and Australian Prime Minister Anthony Albanese. The speech came at the launch of a new report on moves by the “big three” Commonwealth states – the United Kingdom, Canada and Australia – to expand fossil fuel exports.

These three states make up just 6% of the population of the Commonwealth’s 56 nations, but account for over 60% of the carbon emissions generated through extraction since 1990, the Fossil Fuel Non-Proliferation Treaty Initiative report shows.

Canada and the UK are no climate angels, given their respective exports of highly polluting oil from oil sands and North Sea oil and gas. But Teo and others in the movement to stop proliferation of fossil fuels have reserved special criticism for Australia. That’s because Australia is now second only to Russia based on emissions from its fossil fuel exports and has the largest pipeline of coal export projects in the world – 61% of the world’s total.

The elephant in the room

Tuvalu, like many other small Pacific nations, is laser-focused on the threat of climate change. Across the Pacific, rising sea levels and saltwater intrusion are already pushing people to consider migration or retreat.

Australia has long been influential in the Pacific, even more so as Western states try to outcompete Chinese funds and influence in the region. But fossil fuel exports are a very large elephant in the room.

As Tuvalu’s leader points out, Australia is:

morally obliged to ensure that whatever action it does [take] will not compromise the commitment it has provided in terms of climate impact.

Teo pointed out the “obvious” inconsistency between Australia’s commitment to net zero by 2050 and ramping up fossil fuel exports.

This year, Australia and Tuvalu’s groundbreaking Falepili Union treaty came into force. The treaty includes some migration rights for Tuvaluans as well as a controversial security agreement. But Teo has now flagged using this as leverage to “put pressure on Australia to align its activities in terms of fossil fuels”.

Tuvalu’s diplomatic pressure is a small part of broader efforts by island states facing escalating climate damage to be seen not as passive victims but to emphasise, as Teo said, they are also “at the forefront of climate action”.

Echoing these sentiments was Vanuatu’s climate envoy, Ralph Regenvanu. He called on Commonwealth nations to “not sacrifice the future of vulnerable nations for short-term gains”, and “to stop the expansion of fossil fuels in order to protect what we love and hold dear here in the Pacific”.

Vanuatu and Tuvalu have led the campaign for a fossil fuel non-proliferation treaty, committing signatories to ending expansion of fossil fuels. So far, 12 other nations have joined, including Fiji, Solomon Islands, Tonga, Republic of Marshall Islands, Colombia and the CHOGM host, Samoa.

Australia all alone?

It’s not surprising to see Australia facing these calls for action. The meeting is being held in Samoa, the first time a Pacific Island state has hosted Commonwealth leaders.

Leaders of other large Commonwealth states have skipped the meeting. Notable by their absence were Indian Prime Minister Narendra Modi, South African President Cyril Ramaphosa and Canadian Prime Minister Justin Trudeau.

Climate action is one of several background issues in Apia. One of the more significant is the call for reparations for slavery from former British colonies – calls UK Prime Minister Keir Starmer is keen to put to the side. But reports on the ground suggest the issues of reparations, monarchy and the future relevance of the Commonwealth are all in the shadow of the main concern – climate change.

The meeting also serves as a precursor to November’s United Nations climate talks, the COP29 conference in Baku, Azerbaijan. Pacific nations are focused on building consensus on climate finance.

Australia has its own concerns. The host of the 2026 COP31 conference will be announced in Baku, with a joint Australia-Pacific bid in competition with Türkiye. Observers suggest Australia is in the box seat, but it has faced consistent pressure from Pacific states to reconcile its actions with its climate rhetoric.

There are domestic implications too. As the next federal election looms, the lure of a potential A$200 million windfall for the COP host city would be more than welcome.

Securing an Australia-Pacific COP could also boost the government’s environmental credentials as it comes under sustained attack from the Greens over fossil fuels and the Coalition over energy security and nuclear power.

In Apia, Pacific efforts to convince leaders of the need for greater climate action are reported to include a walk through a mangrove reserve for King Charles, guided by Samoan chief and parliamentarian Lenatai Vicor Tamapua. Tamapua told the ABC he showed leaders how king tides today were “about twice what it was 20, 30 years ago”, which he says is forcing people to “move inwards, inland now”.

For Australia, difficult questions remain. How will it balance regional demands to phase out coal and gas exports with domestic pressures to maintain jobs, public funds and economic growth? Can it walk the tightrope and be the partner of choice in the Pacific while continuing to explore for, extract and export coal and gas?

These questions will not be resolved in Apia. They might not even be resolved by the next federal government, or by the time COP31 arrives. But they will not go away.

The way Australia and other exporters resolve these tensions will, as Teo says, decide whether Tuvalu stays liveable – or goes under.

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

– ref. ‘We will not allow others to determine our fate’: Pacific nations dial up pressure on Australia’s fossil fuel exports – https://theconversation.com/we-will-not-allow-others-to-determine-our-fate-pacific-nations-dial-up-pressure-on-australias-fossil-fuel-exports-242103

MIL OSI Analysis – EveningReport.nz –

January 25, 2025
MIL-OSI Russia: More than 1250 students, professionals and schoolchildren from 47 countries took part in NSUCRYPTO-2024

Translation. Region: Russian Federation –

Source: Novosibirsk State University – Novosibirsk State University –

The 11th International Cryptography Olympiad was held from October 13 to 21. The largest event in the field of information security took place with the active participation of Cryptographic Center of NSU.

— Interest in cryptography is constantly growing. On our part, as the main organizers of the Olympiad, this is facilitated by holding summer schools on cryptography and information security in different cities of Russia, actively involving new co-organizers and partners. This year we are noting a record number of participants, which is very pleasing, — comments the chairperson of the Olympiad Program Committee, Associate Professor of NSU Natalia Tokareva.

During the week, the participants worked on solving fourteen diverse problems. Their topics included cryptographic protocols and algorithms, post-quantum cryptography, steganography, historical ciphers, and pseudo-random sequence generators.

Non-Stop University CRYPTO — the only international cryptography Olympiad that contains both academic tasks and unsolved scientific problems. Anyone from anywhere in the world can try their hand. The official language of the Olympiad is English.

Traditionally, after the results of the Olympiad are summed up, scientific articles are published with an analysis of the problems. Including unsolved ones that require further detailed research.

The organizers and partners of the Olympiad are the Cryptographic Center (Novosibirsk), the National Technological Center for Digital Cryptography, Novosibirsk State University, the North-West Center for Mathematical Research named after Sofia Kovalevskaya, the University of Leuven (Belgium), the companies Kryptonit and Aktiv, the Southern Federal University, the Belarusian State University, and Tomsk State University.

The official results of the Olympiad will be announced in November 2024.

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

MIL OSI Russia News –

January 25, 2025
MIL-OSI: Dassault Systèmes: European Energy Infrastructure Company Snam Embarks on Strategic Sustainable Project with Dassault Systèmes’ 3DEXPERIENCE Platform
Source: GlobeNewswire (MIL-OSI)

Press Release
VELIZY-VILLACOUBLAY, France — October 24, 2024

European Energy Infrastructure Company Snam Embarks on Strategic Sustainable Project with Dassault Systèmes’ 3DEXPERIENCE Platform
- Snam deploys Dassault Systèmes’ 3DEXPERIENCE platform to digitally transform the management and optimization of its gas network as part of its innovation and sustainability strategy
- Snam will rely on Dassault Systèmes’ solutions to create virtual twins of existing and future assets
- Snam can manage and optimize asset operations collaboratively, improve structural safety, and reduce emissions
Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today announced that Snam, the leading and pan-European gas infrastructure operator, is accelerating its digital transformation with the 3DEXPERIENCE platform at the core of a new asset management project to drive a sustainable energy transition.

Snam will use the 3DEXPERIENCE platform to create virtual twins of its gas pipelines network, storage sites and liquefied natural gas (LNG) terminals in Italy, as well as the future assets it develops to diversify energy resources. Snam can manage and optimize asset operations, improve structural safety, and reduce emissions.

Snam’s extensive ecosystem of assets and operators provides a stable supply of energy throughout Italy and internationally. With the ambition to develop energy infrastructure for a sustainable future, the company wanted to implement technology to manage existing and future assets in a more collaborative way, streamline engineering, and enhance the assets’ effectiveness, safety and reliability.

The 3DEXPERIENCE platform will enable Snam to connect all stakeholders around virtual twins that simulate this complex asset network, and will integrate real-time data and information collected by sensors in the field seamlessly.

“Operational efficiency and safety are imperatives for delivering affordable and accessible energy services. Our 3DEXPERIENCE platform enables utility companies like Snam to maintain assets throughout their life cycle, adapt them to ensure that energy systems work when they are needed most, and deliver new solutions,” said Remi Dornier, Vice President, Architecture, Engineering and Construction Industry, Dassault Systèmes.

###

FOR MORE INFORMATION

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



ABOUT DASSAULT SYSTÈMES

Dassault Systèmes is a catalyst for human progress. We provide business and people with collaborative virtual environments to imagine sustainable innovations. By creating virtual twin experiences of the real world with our 3DEXPERIENCE platform and applications, our customers can redefine the creation, production and life-cycle-management processes of their offer and thus have a meaningful impact to make the world more sustainable. The beauty of the Experience Economy is that it is a human-centered economy for the benefit of all – consumers, patients and citizens. Dassault Systèmes brings value to more than 350,000 customers of all sizes, in all industries, in more than 150 countries. For more information, visit www.3ds.com

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

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

Attachment
- European Energy Infrastructure Company Snam Embarks on Strategic Sustainable Project with Dassault Systèmes’ 3DEXPERIENCE Platform
The MIL Network –
January 25, 2025
MIL-OSI: TGS announces Q3 2024 results
Source: GlobeNewswire (MIL-OSI)

OSLO, Norway (24 October 2024) – TGS today reports interim financial results for Q3 2024.

Financial highlights:
- Merger with PGS completed on 1 July 2024 – Q3 2024 first quarter including PGS
- Strong multi-client sales driven by a combination of solid pre-commitments for new investments and increased sales of existing data supported by material transfer fees
- Record-high OBN contract activity – utilization of streamer fleet improving on high bid activity
- Continued growth in New Energy Solutions
- Full-year pro-forma organic multi-client investments lowered to USD 425-450 million as certain projects have been deferred into 2025
- Order inflow of USD 423 million during Q3 2024 – total produced backlog of USD 750 million
- Significant upgrades of credit ratings by S&P and Moody’s
- Robust balance sheet allows for continued dividend payment – USD 0.14 per share to be paid in Q4 2024
“Q3 2024 was the first quarter after completion of the TGS-PGS merger, and I am pleased to report revenues of half a billion dollars. We have completed the merger reorganization process, and we are ahead of schedule in realizing annual synergies of between USD 110 and 130 million. Strong multi-client revenues in the quarter were driven by a combination of robust pre-commitments to ongoing programs and strong library sales supported by material transfer fees. Further, we achieved record high utilization of our OBN crews, and the business continues its strong performance among a production-oriented client base. Although the utilization of the 3D streamer fleet has been lower than expected so far this year, we are on a positive trend based on ongoing negotiations and tenders. Finally, I’m pleased to see that our solid balance sheet and sound financial policy has prompted substantial upgrades to the credit ratings by both Moody’s and S&P which puts us in good position to refinance the debt structure at attractive terms,” says Kristian Johansen, CEO of TGS.

Management presentation
CEO Kristian Johansen and CFO Sven Børre Larsen will present the results at 09:00 a.m. CEST at House of Oslo, Ruseløkkveien 34 in Oslo, Norway. The presentation is open to the public and will be webcasted live.

Access and registration for webcast attendees are available by copying and pasting the link below into your browser, or use the link on the front page of www.tgs.com: https://channel.royalcast.com/landingpage/hegnarmedia/20241024_5/

A recorded version of the entire presentation will be available on TGS.com (http://www.tgs.com) after the live event.

For more information, visit TGS.com (http://www.tgs.com) or contact:

Bård Stenberg
Vice President IR & Communication
Tel: +47 992 45 235
E-mail: investor@tgs.com

About TGS
TGS provides advanced data and intelligence to companies active in the energy sector. With leading-edge technology and solutions spanning the entire energy value chain, TGS offers a comprehensive range of insights to help clients make better decisions. Our broad range of products and advanced data technologies, coupled with a global, extensive and diverse energy data library, make TGS a trusted partner in supporting the exploration and production of energy resources worldwide. For further information, please visit www.tgs.com (https://www.tgs.com/).

Forward Looking Statement
All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict and are based upon assumptions as to future events that may not prove accurate. These factors include volatile market conditions, investment opportunities in new and existing markets, demand for licensing of data within the energy industry, operational challenges, and reliance on a cyclical industry and principal customers. Actual results may differ materially from those expected or projected in the forward- looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.

Attachments
- Q3 2024 Earnings Release
- Q3 2024 Presentation
The MIL Network –
January 25, 2025

MIL-OSI: Dassault Systèmes: Third quarter results in-line – Anticipating top line acceleration in 4Q – Confirming full year EPS objective

Source: GlobeNewswire (MIL-OSI)

Press Release

VELIZY-VILLACOUBLAY, France — October 24, 2024

Dassault Systèmes: Third quarter results in-line

Anticipating top line acceleration in 4Q

Confirming full year EPS objective

Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today reports its IFRS unaudited estimated financial results for the third quarter 2024 and nine months ended September 30, 2024. The Group’s Board of Directors approved these estimated results on October 23, 2024. This press release also includes financial information on a non-IFRS basis and reconciliations with IFRS figures in the Appendix.

Summary Highlights¹

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

3Q24: total revenue rose 4% to €1.46 billion driven by subscription revenue up 8%;
3Q24: sequential improvement of MEDIDATA revenue;
3Q24: operating margin of 29.6% and EPS at €0.29, in line with guidance;
YTD24: IFRS cash flow from operations up 6% as reported;
FY24: confirming diluted EPS objectives of €1.27 – €1.30, while updating total revenue growth from 6 – 8% to 5 – 7% to reflect the continued scrutiny and contraction of the automotive market. Anticipating total revenue growth acceleration at 8% mid-point in 4Q24.

Dassault Systèmes’ Chief Executive Officer Commentary

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

“As we enter the second half of the year, we have seen several end-markets gaining momentum. In Life Sciences, MEDIDATA is back to sequential growth improvement. At the same time, we had excellent performance in Consumer industries driven by CENTRIC PLM. SOLIDWORKS accelerated growth in revenue and seats. Importantly, Aerospace & Defense was resilient and delivered a solid performance this quarter.

However, since late summer, automotive customers in Europe and the US have been impacted by a contraction in volumes. This accelerates the need for transformative decisions, while elongating decision-making in the short term. Momentum in Asia, and China in particular, remains strong.

We are well-positioned to continue gaining market share in the industrial sector. We are confident that our data-centric platform will serve as a catalyst for transformation. In the age of AI, virtualizing industrial processes from design to manufacturing will be a prerequisite for OEMs and suppliers to compete successfully in this next decade.”

Dassault Systèmes’ Chief Financial Officer Commentary

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

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

“In the third quarter, our total revenue grew by 4%, while the operating margin remained resilient at 29.6% and EPS stood at €0.29, highlighting the operating efficiency of the company.

For the full year, we are reconfirming our EPS target range of €1.27 – €1.30 while remaining disciplined to offset the effects of ongoing deal delays and contraction in automotive volumes. Accordingly, we are adjusting our total revenue growth expectations from 6 – 8% to 5 – 7%.

This updated guidance reflects expected growth acceleration in the fourth quarter, driven by continued improvements at MEDIDATA and a robust 3DEXPERIENCE pipeline.”

Financial Summary

In millions of Euros, except per share data and percentages	IFRS				IFRS
In millions of Euros, except per share data and percentages	Q3 2024	Q3 2023	Change	Change in constant currencies	YTD 2024	YTD 2023	Change	Change in constant currencies
Total Revenue	1,463.9	1,424.7	3%	4%	4,459.3	4,308.0	4%	4%
Software Revenue	1,312.4	1,286.7	2%	3%	4,011.8	3,883.9	3%	4%
Operating Margin	18.9%	21.2%	(2.4)pts		19.6%	20.0%	(0.3)pt
Diluted EPS	0.18	0.18	0%		0.61	0.54	12%

In millions of Euros, except per share data and percentages	Non-IFRS				Non-IFRS
In millions of Euros, except per share data and percentages	Q3 2024	Q3 2023	Change	Change in constant currencies	YTD 2024	YTD 2023	Change	Change in constant currencies
Total Revenue	1,463.9	1,424.7	3%	4%	4,459.3	4,308.0	4%	4%
Software Revenue	1,312.4	1,286.7	2%	3%	4,011.8	3,883.9	3%	4%
Operating Margin	29.6%	31.0%	(1.5)pt		30.2%	31.0%	(0.8)pt
Diluted EPS	0.29	0.28	3%	4%	0.89	0.84	6%	8%

Third Quarter 2024 Versus 2023 Financial Comparisons

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

Total Revenue: Total revenue in the third quarter grew by 4% to €1.46 billion, and software revenue increased by 3% to €1.31 billion, both at the low end of the Company’s objectives. Subscription & support revenue rose 5%; recurring revenue represented 83% of software revenue, up 2 percentage points compared to last year. Licenses and other software revenue declined by 7% to €229 million. Services revenue increased by 10% to €151 million, during the quarter.
Software Revenue by Geography: Revenue in the Americas increased by 6% to represent 41% of software revenue, led by Home & Lifestyle from an Industry standpoint. Europe (36% of software revenue) declined by 4%, largely impacted by a strong comparison basis after a large transformation deal signed in the third quarter of 2023. In Asia, revenue increased by 9% with continued momentum across countries led by improvement in China, up double digits. Asia represented 23% of software revenue at the end of the third quarter.
Software Revenue by Product Line:
- Industrial Innovation software revenue declined by 1% to €685 million, against a high comparison basis. The strong baseline effect combined with a weaker automotive market in Europe and the US weighed on the performance. Industrial Innovation software represented 52% of software revenue, during the period.
- Life Sciences software revenue was flat, at €280 million, accounting for 21% of software revenue. Sequential growth improvement confirms MEDIDATA progressive recovery.
- Mainstream Innovation software revenue increased by 15% to €348 million and represented 26% of software revenue. SOLIDWORKS had a good start in the second half of 2024, up mid-single digits in the quarter. CENTRIC PLM delivered another excellent quarter, due to competitive displacements and strong renewals.

Software Revenue by Industry: Home & Lifestyle, High-Tech, Aerospace & Defense and Marine & Offshore were among the best performers during the quarter.
Key Strategic Drivers: 3DEXPERIENCE software revenue was impacted by a tough comparison base due to the anniversary of a mega deal. Hence, we saw a temporary decline of 10%. However, the performance on a year-to-date basis was in line with objectives and, looking at the subscription growth, the trend was very strong at 41%. 3DEXPERIENCE software revenue represented 37% of 3DEXPERIENCE eligible software revenue. Cloud software revenue grew by 7% and represented 25% of software revenue during the period. Excluding MEDIDATA, Cloud software revenue increased by a strong 38%.
Operating Income and Margin: IFRS operating income declined by 9% at €276 million, as reported. Non-IFRS operating income declined by 1% in constant currencies at €433 million (2% as reported). The IFRS operating margin stood at 18.9% compared to 21.2% in the third quarter of 2023. The non-IFRS operating margin totaled 29.6% versus 31.0% during the same period last year.
Earnings per Share: IFRS diluted EPS was €0.18, flat as reported. Non-IFRS diluted EPS grew to €0.29, up 3% as reported, or 4% in constant currencies.

Nine months ended 2024 Versus 2023 Financial Comparisons

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

Total Revenue: Total revenue grew by 4% to €4.46 billion. Software revenue increased by 4% to €4.01 billion. Subscription and support revenue rose 5% to €3.29 billion; recurring revenue represented 82% of total software revenue. Licenses and other software revenue declined by 1% to €720 million. Services revenue rose 6% to €448 million.
Software Revenue by Geography: The Americas grew 3% and represented 40% of software revenue. Europe rose by 2% and represented 37% of software revenue. Asia increased by 9%, representing 23% of software revenue.
Software Revenue by Product Line:
- Industrial Innovation software revenue rose by 4% to €2.12 billion and represented 53% of software revenue. ENOVIA, SIMULIA and DELMIA exhibited the strongest performance.
- Life Sciences software revenue decreased by 2% to €847 million, representing 21% of software revenue.
- Mainstream Innovation software revenue increased by 11% to €1.05 billion. Mainstream Innovation represented 26% of software revenue. SOLIDWORKS delivered mid-single digit growth while CENTRIC PLM continued to perform well with strong, double-digit growth.
Software Revenue by Industry: Home & Lifestyle, Aerospace and Defense, High-Tech and Consumer Packaged Good & Retail displayed some of the strongest performance.
Key Strategic Drivers: 3DEXPERIENCE software revenue increased by 10%, representing 37% of 3DEXPERIENCE eligible software revenue. Cloud software revenue grew by 7% and represented 25% of software revenue. Excluding MEDIDATA, Cloud software revenue increased by more than 50% versus the same period last year.
Operating Income and Margin: IFRS operating income increased by 2%, to €876 million, as reported. Non-IFRS operating income increased by 1% as reported (2% in constant currencies) to €1.35 billion. IFRS operating margin totaled 19.6% compared to 20.0% for the same period in 2023. The non-IFRS operating margin was preserved, standing at 30.2% in the first nine months of 2024 compared to 31.0% in the same period last year, thanks to cost containment measures.
Earnings per Share: IFRS diluted EPS was €0.61 increasing 12% as reported. Non-IFRS diluted EPS grew by 6% to €0.89, as reported, up 8% in constant currencies.
Cash Flow from Operations (IFRS): Cash flow from operations totaled €1.35 billion, up 6% year over year, thanks to the increase in net income adjusted for non-cash items and positive cash tax effects in 2024.
Balance Sheet (IFRS): Dassault Systèmes’ net financial position totaled €1.07 billion as of September 30, 2024, an increase of €0.49 billion, compared to €0.58 billion for the year ending December 31, 2023. Cash and cash equivalents totaled €3.66 billion as of September 30, 2024. The movements of the quarter on cash and cash equivalents include the reimbursement for €700 million of the second Tranche of the Bond issued by the company in 2019.

Financial Objectives for 2024

Dassault Systèmes’ fourth quarter and 2024 financial objectives presented below are given on a non-IFRS basis and reflect the principal 2024 currency exchange rate assumptions for the US dollar and Japanese yen as well as the potential impact from additional non-Euro currencies:


		Q4 2024	FY 2024
Total Revenue (billion)		€1.696 – €1.816	€6.155 – €6.275
Growth		3 – 10%	3 – 5%
Growth ex FX		5 – 12%	5 – 7%

Software revenue growth *		5 – 13%	5 – 7%
	Of which licenses and other software revenue growth *	0 – 20%	(1) – 6%
	Of which recurring revenue growth *	7 – 11%	6 – 7%
Services revenue growth *		0 – 5%	4 – 6%

Operating Margin		35.9% – 36.9%	31.8% – 32.2%

EPS Diluted		€0.38 – €0.41	€1.27 – €1.30
Growth		4 – 12%	5 – 8%
Growth ex FX		5 – 13%	7 – 10%

US dollar		$1.10 per Euro	$1.09 per Euro
Japanese yen (before hedging)		JPY 155.0 per Euro	JPY 162.0 per Euro
* Growth in Constant Currencies

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

The 2024 non-IFRS financial objectives set forth above do not take into account the following accounting elements below and are estimated based upon the 2024 principal currency exchange rates above: no significant contract liabilities write-downs; share-based compensation expenses, including related social charges, estimated at approximately €232 million (these estimates do not include any new stock option or share grants issued after September 30, 2024); amortization of acquired intangibles and of tangibles reevaluation, estimated at approximately €360 million, largely impacted by the acquisition of MEDIDATA; and lease incentives of acquired companies at approximately €2 million.

The above objectives also do not include any impact from other operating income and expenses, a net principally comprised of acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; from one-time items included in financial revenue; from one-time tax effects; and from the income tax effects of these non-IFRS adjustments. Finally, these estimates do not include any new acquisitions or restructuring completed after September 30, 2024.

Corporate Announcements

Today’s Webcast and Conference Call Information

Today, Thursday, October 24, 2024, Dassault Systèmes will host, from London, a webcasted presentation at 9:00 AM London Time / 10:00 AM Paris time, and will then host a conference call at 8:30 AM New York time / 1:30 PM London time / 2:30 PM Paris time. The webcasted presentation and conference calls will be available online by accessing investor.3ds.com.

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

Investor Relations Events

Fourth Quarter 2024 Earnings Release: February 4, 2025
First Quarter 2025 Earnings Release: April 24, 2025
Second Quarter 2025 Earnings Release: July 24, 2025

Forward-looking Information

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

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

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

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

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

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

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

In preparing such forward-looking statements, the Group has in particular assumed an average US dollar to euro exchange rate of US$1.10 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY155.0 to €1.00, before hedging for the fourth quarter 2024. The Group has assumed an average US dollar to euro exchange rate of US$1.09 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY162.0 to €1.00, before hedging for the full year 2024. However, currency values fluctuate, and the Group’s results may be significantly affected by changes in exchange rates.

Non-IFRS Financial Information

Readers are cautioned that the supplemental non-IFRS financial information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered in isolation from or as a substitute for IFRS measurements. The supplemental non-IFRS financial information should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with IFRS. Furthermore, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Specific limitations for individual non-IFRS measures are set forth in the Company’s 2023 Universal Registration Document filed with the AMF on March 18, 2024.

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

FOR MORE INFORMATION

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

ABOUT DASSAULT SYSTÈMES

Dassault Systèmes is a catalyst for human progress. We provide business and people with collaborative virtual environments to imagine sustainable innovations. By creating virtual twin experiences of the real world with our 3DEXPERIENCE platform and applications, our customers can redefine the creation, production and life-cycle-management processes of their offer and thus have a meaningful impact to make the world more sustainable. The beauty of the Experience Economy is that it is a human-centered economy for the benefit of all – consumers, patients and citizens. Dassault Systèmes brings value to more than 350,000 customers of all sizes, in all industries, in more than 150 countries. For more information, visit www.3ds.com

Dassault Systèmes Investor Relations Team FTI Consulting

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

Jamie Ricketts : +44 20 3727 1600

investors@3ds.com

Dassault Systèmes Press Contacts

Corporate / France Arnaud MALHERBE

arnaud.malherbe@3ds.com

+33 (0)1 61 62 87 73

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

APPENDIX TABLE OF CONTENTS

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

Glossary of Definitions

Non-IFRS Financial Information

Acquisitions and Foreign Exchange Impact

Condensed consolidated statements of income

Condensed consolidated balance sheet

Condensed consolidated cash flow statement

IFRS – non-IFRS reconciliation

DASSAULT SYSTÈMES – Glossary of Definitions

Information in Constant Currencies

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

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

Information on Growth excluding acquisitions (“organic growth”)

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

Information on Industrial Sectors

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

These three sectors comprise twelve industries:

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

Information on Product Lines

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

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

Starting from 2022, 3DS OUTSCALE became a brand of Dassault Systèmes. As the first sovereign and sustainable operator on the cloud, 3DS OUTSCALE enables governments and corporations from all sectors to achieve digital autonomy through a Cloud experience and with a world-class cyber governance.

GEO’s

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

These GEOs are structured into three groups:

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

3DEXPERIENCE Software Contribution

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

Cloud revenue

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

DASSAULT SYSTÈMES

NON-IFRS FINANCIAL INFORMATION

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

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

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

In millions of Euros, except per share data, percentages, headcount and exchange rates	Non-IFRS reported
	Three months ended				Nine months ended
	September 30, 2024	September 30, 2023	Change	Change in constant currencies	September 30, 2024	September 30, 2023	Change	Change in constant currencies
Total Revenue	€ 1,463.9	€ 1,424.7	3%	4%	€ 4,459.3	€ 4,308.0	4%	4%

Revenue breakdown by activity
Software revenue	1,312.4	1,286.7	2%	3%	4,011.8	3,883.9	3%	4%
Of which licenses and other software revenue	229.5	246.0	(7)%	(7)%	719.8	735.8	(2)%	(1)%
Of which subscription and support revenue	1,082.9	1,040.8	4%	5%	3,292.0	3,148.1	5%	5%
Services revenue	151.5	138.0	10%	10%	447.6	424.1	6%	6%

Software revenue breakdown by product line
Industrial Innovation	684.6	698.8	(2)%	(1)%	2,117.9	2,070.7	2%	4%
Life Sciences	280.1	283.6	(1)%	(0)%	846.6	863.8	(2)%	(2)%
Mainstream Innovation	347.7	304.2	14%	15%	1,047.4	949.5	10%	11%

Software Revenue breakdown by geography
Americas	540.6	513.6	5%	6%	1,619.7	1,575.2	3%	3%
Europe	470.3	490.5	(4)%	(4)%	1,465.4	1,426.3	3%	2%
Asia	301.5	282.7	7%	9%	926.6	882.4	5%	9%

Operating income	€ 432.6	€ 442.0	(2)%		€ 1,347.0	€ 1,335.7	1%
Operating margin	29.6%	31.0%			30.2%	31.0%

Net income attributable to shareholders	€ 380.1	€ 371.3	2%		€ 1,174.4	€ 1,110.7	6%
Diluted earnings per share	€ 0.29	€ 0.28	3%	4%	€ 0.89	€ 0.84	6%	8%

Closing headcount	25,996	25,377	2%		25,996	25,377	2%

Average Rate USD per Euro	1.10	1.09	1%		1.09	1.08	0%
Average Rate JPY per Euro	163.95	157.25	4%		164.29	149.65	10%

DASSAULT SYSTÈMES

ACQUISITIONS AND FOREIGN EXCHANGE IMPACT

(unaudited; in millions of Euros)

In millions of Euros	Non-IFRS reported			o/w growth at constant rate and scope	o/w change of scope impact at current year rate	o/w FX impact on previous year figures
In millions of Euros	September 30, 2024	September 30, 2023	Change	o/w growth at constant rate and scope	o/w change of scope impact at current year rate	o/w FX impact on previous year figures
Revenue QTD	1,463.9	1,424.7	39.2	49.8	1.3	(11.8)
Revenue YTD	4,459.3	4,308.0	151.3	190.2	1.6	(40.4)

DASSAULT SYSTÈMES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

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

In millions of Euros, except per share data and percentages	IFRS reported
	Three months ended		Nine months ended
	September 30,	September 30,	September 30,	September 30,
	2024	2023	2024	2023
Licenses and other software revenue	229.5	246.0	719.8	735.8
Subscription and Support revenue	1,082.9	1,040.8	3,292.0	3,148.1
Software revenue	1,312.4	1,286.7	4,011.8	3,883.9
Services revenue	151.5	138.0	447.6	424.1
Total Revenue	€ 1,463.9	€ 1,424.7	€ 4,459.3	€ 4,308.0
Cost of software revenue ⁽¹⁾	(127.6)	(105.2)	(364.4)	(329.0)
Cost of services revenue	(125.3)	(133.1)	(385.0)	(386.1)
Research and development expenses	(321.0)	(299.2)	(958.5)	(910.8)
Marketing and sales expenses	(403.7)	(381.0)	(1,247.7)	(1,195.2)
General and administrative expenses	(117.5)	(103.2)	(334.1)	(325.9)
Amortization of acquired intangible assets and of tangible assets revaluation	(88.5)	(93.4)	(274.1)	(284.0)
Other operating income and expense, net	(4.2)	(7.1)	(19.2)	(16.7)
Total Operating Expenses	(1,187.7)	(1,122.2)	(3,583.1)	(3,447.7)
Operating Income	€ 276.2	€ 302.5	€ 876.2	€ 860.3
Financial income (loss), net	32.1	(4.3)	95.5	31.1
Income before income taxes	€ 308.2	€ 298.2	€ 971.7	€ 891.5
Income tax expense	(68.5)	(54.9)	(184.4)	(171.5)
Net Income	€ 239.8	€ 243.3	€ 787.2	€ 719.9
Non-controlling interest	(0.0)	0.1	0.9	1.0
Net Income attributable to equity holders of the parent	€ 239.7	€ 243.5	€ 788.2	€ 720.9
Basic earnings per share	0.18	0.18	0.60	0.55
Diluted earnings per share	€ 0.18	€ 0.18	€ 0.61	€ 0.54
Basic weighted average shares outstanding (in millions)	1,313.3	1,316.1	1,313.4	1,315.2
Diluted weighted average shares outstanding (in millions)	1,323.1	1,326.1	1,327.0	1,326.8

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

IFRS reported	Three months ended September 30, 2024		Nine months ended September 30, 2024
IFRS reported	Change ⁽²⁾	Change in constant currencies	Change ⁽²⁾	Change in constant currencies
Total Revenue	3%	4%	4%	4%
Revenue by activity
Software revenue	2%	3%	3%	4%
Services revenue	10%	10%	6%	6%
Software Revenue by product line
Industrial Innovation	(2)%	(1)%	2%	4%
Life Sciences	(1)%	(0)%	(2)%	(2)%
Mainstream Innovation	14%	15%	10%	11%
Software Revenue by geography
Americas	5%	6%	3%	3%
Europe	(4)%	(4)%	3%	2%
Asia	7%	9%	5%	9%

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

DASSAULT SYSTÈMES

CONDENSED CONSOLIDATED BALANCE SHEET

(unaudited; in millions of Euros)

In millions of Euros	IFRS reported
	September 30,	December 31,
	2024	2023
ASSETS
Cash and cash equivalents	3,657.7	3,568.3
Trade accounts receivable, net	1,359.8	1,707.9
Contract assets	45.1	26.8
Other current assets	495.1	477.1
Total current assets	5,557.7	5,780.1
Property and equipment, net	946.2	882.8
Goodwill and Intangible assets, net	7,301.4	7,647.0
Other non-current assets	253.2	312.5
Total non-current assets	8,500.7	8,842.3
Total Assets	€ 14,058.4	€ 14,622.5
LIABILITIES
Trade accounts payable	181.2	230.5
Contract liabilities	1,376.7	1,479.3
Borrowings, current	548.8	950.1
Other current liabilities	768.6	901.0
Total current liabilities	2,875.4	3,561.0
Borrowings, non-current	2,042.8	2,040.6
Other non-current liabilities	1,137.7	1,174.8
Total non-current liabilities	3,180.5	3,215.4
Non-controlling interests	13.8	11.9
Parent shareholders’ equity	7,988.7	7,834.1
Total Liabilities	€ 14,058.4	€ 14,622.5

DASSAULT SYSTÈMES

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

(unaudited; in millions of Euros)

In millions of Euros	IFRS reported
	Three months ended			Nine months ended
	September 30,	September 30,	Change	September 30,	September 30,	Change
	2024	2023	Change	2024	2023	Change
Net income attributable to equity holders of the parent	239.7	243.5	(3.7)	788.2	720.9	67.3
Non-controlling interest	0.0	(0.1)	0.1	(0.9)	(1.0)	0.0
Net income	239.8	243.3	(3.6)	787.2	719.9	67.3
Depreciation of property and equipment	49.4	47.3	2.1	142.1	138.4	3.7
Amortization of intangible assets	90.3	95.2	(5.0)	279.7	290.3	(10.6)
Adjustments for other non-cash items	39.3	65.4	(26.1)	113.6	123.5	(10.0)
Changes in working capital	(201.1)	(205.3)	4.2	25.2	(0.4)	25.6
Net Cash From Operating Activities	€ 217.6	€ 246.0	€ (28.4)	€ 1,347.8	€ 1,271.7	€ 76.0

Additions to property, equipment and intangibles assets	(36.5)	(35.1)	(1.4)	(144.3)	(102.8)	(41.5)
Payment for acquisition of businesses, net of cash acquired	(2.6)	(14.8)	12.2	(18.3)	(15.6)	(2.6)
Other	0.7	4.5	(3.8)	23.9	(0.4)	24.2
Net Cash Provided by (Used in) Investing Activities	€ (38.3)	€ (45.3)	€7.0	€ (138.7)	€ (118.8)	€ (19.9)

Proceeds from exercise of stock options	8.8	11.6	(2.7)	44.0	38.5	5.5
Cash dividends paid	–	(0.0)	0.0	(302.7)	(276.3)	(26.4)
Repurchase and sale of treasury stock	(65.8)	(218.6)	152.8	(373.5)	(386.0)	12.5
Capital increase	(0.0)	0.0	(0.0)	–	146.1	(146.1)
Acquisition of non-controlling interests	(0.7)	0.0	(0.7)	(3.3)	(0.8)	(2.5)
Proceeds from borrowings	300.0	(0.3)	300.3	300.0	20.3	279.7
Repayment of borrowings	(700.5)	(0.9)	(699.6)	(700.7)	(28.2)	(672.5)
Repayment of lease liabilities	(18.7)	(21.1)	2.4	(61.0)	(63.0)	2.1
Net Cash Provided by (Used in) Financing Activities	€ (476.9)	€ (229.4)	€ (247.5)	€ (1,097.1)	€ (549.4)	€( 547.7)

Effect of exchange rate changes on cash and cash equivalents	(76.2)	51.7	(127.9)	(22.6)	(4.4)	(18.2)

Increase (decrease) in cash and cash equivalents	€ (373.8)	€22.7	€ (396.5)	€ 89.4	€ 599.2	€ (509.8)

Cash and cash equivalents at beginning of period	€ 4,031.5	€ 3,345.4		€ 3,568.3	€ 2,769.0
Cash and cash equivalents at end of period	€ 3,657.7	€ 3,368.1		€ 3,657.7	€ 3,368.1

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

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

In millions of Euros, except per share data and percentages	Three months ended September 30,						Change
	2024	Adjustment⁽¹⁾	2024	2023	Adjustment⁽¹⁾	2023	IFRS	Non-IFRS⁽²⁾
	IFRS	Adjustment⁽¹⁾	Non-IFRS	IFRS	Adjustment⁽¹⁾	Non-IFRS	IFRS	Non-IFRS⁽²⁾
Total Revenue	€ 1,463.9	–	€ 1,463.9	€ 1,424.7	–	€ 1,424.7	3%	3%
Revenue breakdown by activity
Software revenue	1,312.4	–	1,312.4	1,286.7	–	1,286.7	2%	2%
Licenses and other software revenue	229.5	–	229.5	246.0	–	246.0	(7)%	(7)%
Subscription and Support revenue	1,082.9	–	1,082.9	1,040.8	–	1,040.8	4%	4%
Recurring portion of Software revenue	83%		83%	81%		81%
Services revenue	151.5	–	151.5	138.0	–	138.0	10%	10%
Software Revenue breakdown by product line
Industrial Innovation	684.6	–	684.6	698.8	–	698.8	(2)%	(2)%
Life Sciences	280.1	–	280.1	283.6	–	283.6	(1)%	(1)%
Mainstream Innovation	347.7	–	347.7	304.2	–	304.2	14%	14%
Software Revenue breakdown by geography
Americas	540.6	–	540.6	513.6	–	513.6	5%	5%
Europe	470.3	–	470.3	490.5	–	490.5	(4)%	(4)%
Asia	301.5	–	301.5	282.7	–	282.7	7%	7%
Total Operating Expenses	€ (1,187.7)	€ 156.5	€ (1,031.2)	€ (1,122.2)	€ 139.5	€ (982.7)	6%	5%
Share-based compensation expense and related social charges	(63.4)	63.4	–	(38.4)	38.4	–
Amortization of acquired intangible assets and of tangible assets revaluation	(88.5)	88.5	–	(93.4)	93.4	–
Lease incentives of acquired companies	(0.4)	0.4	–	(0.7)	0.7	–
Other operating income and expense, net	(4.2)	4.2	–	(7.1)	7.1	–
Operating Income	€ 276.2	€ 156.5	€ 432.6	€ 302.5	€ 139.5	€ 442.0	(9)%	(2)%
Operating Margin	18.9%		29.6%	21.2%		31.0%
Financial income (loss), net	32.1	0.6	32.6	(4.3)	26.8	22.5	N/A	45%
Income tax expense	(68.5)	(15.8)	(84.3)	(54.9)	(38.1)	(93.0)	25%	(9)%
Non-controlling interest	(0.0)	(0.9)	(0.9)	0.1	(0.4)	(0.3)	(117)%	229%
Net Income attributable to shareholders	€ 239.7	€ 140.3	€ 380.1	€ 243.5	€ 127.8	€ 371.3	(2)%	2%
Diluted Earnings Per Share ⁽³⁾	€ 0.18	€ 0.10	€ 0.29	€ 0.18	€ 0.10	€ 0.28	0%	3%

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

In millions of Euros, except percentages	Three months ended September 30,								Change
In millions of Euros, except percentages	2024 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2024 Non-IFRS	2023 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2023 Non-IFRS	IFRS	Non- IFRS
Cost of revenue	(252.9)	3.3	0.1	(249.5)	(238.2)	2.1	0.2	(236.0)	6%	6%
Research and development expenses	(321.0)	20.4	0.2	(300.4)	(299.2)	14.9	0.3	(284.1)	7%	6%
Marketing and sales expenses	(403.7)	18.9	0.0	(384.8)	(381.0)	11.1	0.1	(369.8)	6%	4%
General and administrative expenses	(117.5)	20.8	0.0	(96.6)	(103.2)	10.3	0.0	(92.9)	14%	4%
Total		€ 63.4	€ 0.4			€ 38.4	€ 0.7

⁽²⁾ The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
⁽³⁾ Based on a weighted average 1,323.1 million diluted shares for Q3 2024 and 1,326.1 million diluted shares for Q3 2023, and, for IFRS only, a diluted net income attributable to the sharehorlders of € 243.2 million for Q3 2024 (€ 243.5 million for Q3 2023). The Diluted net income attributable to equity holders of the Group corresponds to the Net Income attributable to equity holders of the Group adjusted by the impact of the share-based compensation plans to be settled either in cash or in shares at the option of the Group.

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

In millions of Euros, except per share data and percentages	Nine months ended September 30,						Change
	2024	Adjustment⁽¹⁾	2024	2023	Adjustment⁽¹⁾	2023	IFRS	Non-IFRS⁽²⁾
	IFRS	Adjustment⁽¹⁾	Non-IFRS	IFRS	Adjustment⁽¹⁾	Non-IFRS	IFRS	Non-IFRS⁽²⁾
Total Revenue	€ 4,459.3		€ 4,459.3	€ 4,308.0	–	€ 4,308.0	4%	4%
Revenue breakdown by activity
Software revenue	4,011.8		4,011.8	3,883.9	–	3,883.9	3%	3%
Licenses and other software revenue	719.8	–	719.8	735.8	–	735.8	(2)%	(2)%
Subscription and Support revenue	3,292.0		3,292.0	3,148.1	–	3,148.1	5%	5%
Recurring portion of Software revenue	82%		82%	81%		81%
Services revenue	447.6	–	447.6	424.1	–	424.1	6%	6%
Software Revenue breakdown by product line
Industrial Innovation	2,117.9	–	2,117.9	2,070.7	–	2,070.7	2%	2%
Life Sciences	846.6	–	846.6	863.8	–	863.8	(2)%	(2)%
Mainstream Innovation	1,047.4	–	1,047.4	949.5	–	949.5	10%	10%
Software Revenue breakdown by geography
Americas	1,619.7		1,619.7	1,575.2	–	1,575.2	3%	3%
Europe	1,465.4	–	1,465.4	1,426.3	–	1,426.3	3%	3%
Asia	926.6	–	926.6	882.4	–	882.4	5%	5%
Total Operating Expenses	€ (3,583.1)	€ 470.8	€ (3,112.4)	€ (3,447.7)	€ 475.4	€ (2,972.3)	4%	5%
Share-based compensation expense and related social charges	(175.9)	175.9	–	(172.6)	172.6	–
Amortization of acquired intangible assets and of tangible assets revaluation	(274.1)	274.1	–	(284.0)	284.0	–
Lease incentives of acquired companies	(1.5)	1.5	–	(2.1)	2.1	–
Other operating income and expense, net	(19.2)	19.2	–	(16.7)	16.7	–
Operating Income	€ 876.2	€ 470.8	€ 1,347.0	€ 860.3	€ 475.4	€ 1,335.7	2%	1%
Operating Margin	19.6%		30.2%	20.0%		31.0%
Financial income (loss), net	95.5	2.1	97.6	31.1	28.3	59.4	207%	64%
Income tax expense	(184.4)	(83.8)	(268.2)	(171.5)	(112.8)	(284.3)	8%	(6)%
Non-controlling interest	0.9	(2.8)	(1.9)	1.0	(1.2)	(0.2)	(3)%	N/A
Net Income attributable to shareholders	€ 788.2	€ 386.2	€ 1,174.4	€ 720.9	€ 389.7	€ 1,110.7	9%	6%
Diluted Earnings Per Share ⁽³⁾	€ 0.61	€ 0.28	€ 0.89	€ 0.54	€ 0.29	€ 0.84	12%	6%

In millions of Euros, except percentages	Nine months ended September 30,								Change
In millions of Euros, except percentages	2024 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2024 Non-IFRS	2023 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2023 Non-IFRS	IFRS	Non- IFRS
Cost of revenue	(749.4)	11.2	0.4	(737.8)	(715.1)	12.1	0.6	(702.3)	5%	5%
Research and development expenses	(958.5)	58.7	0.7	(899.1)	(910.8)	65.9	0.9	(844.0)	5%	7%
Marketing and sales expenses	(1,247.7)	55.7	0.2	(1,191.8)	(1,195.2)	52.7	0.4	(1,142.2)	4%	4%
General and administrative expenses	(334.1)	50.3	0.1	(283.7)	(325.9)	42.0	0.1	(283.8)	3%	(0)%
Total		€ 175.9	€ 1.5			€ 172.6	€ 2.1

⁽²⁾ The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
⁽³⁾ Based on a weighted average 1,327.0 million diluted shares for YTD 2024 and 1,326.8 million diluted shares for YTD 2023, and, for IFRS only, a diluted net income attributable to the shareholders of € 805.5 million for YTD 2024 (€ 720.9 million for YTD 2023). The Diluted net income attributable to equity holders of the Group corresponds to the Net Income attributable to equity holders of the Group adjusted by the impact of the share-based compensation plans to be settled either in cash or in shares at the option of the Group.

1 IFRS figures for 3Q24: total revenue at €1.46 billion, operating margin of 18.9% and diluted EPS at €0.18; IFRS figures for YTD24: total revenue at €4.46 billion, operating margin of 19.6% and diluted EPS at €0.61.

Attachment

Dassault Systemes Third quarter results in-line Anticipating top line acceleration in 4Q Confirming full year EPS objective

The MIL Network –

January 25, 2025

MIL-OSI: WISeKey Launches its Enhanced INeS AI Security Broker Solution

Source: GlobeNewswire (MIL-OSI)

WISeKey Launches its Enhanced INeS AI Security Broker Solution

Geneva, Switzerland – October 24, 2024 – WISeKey International Holding (“WISeKey”, SIX: WIHN, NASDAQ: WKEY), a global leader in cybersecurity digital identity and Internet of Things (IoT) innovations operating as a holding company, today announced the launch of the enhanced INeS AI Security Broker solution. This innovative upgrade integrates Artificial Intelligence (AI) with Public Key Infrastructure (PKI) technologies, revolutionizing how credentials are remotely and securely verified. The new solution manages the activation, deactivation, revocation, renewal, and secure update of IoT devices and business applications with end-to-end protection.

As organizations increasingly incorporate AI-powered applications into their operations, the number of digital identities in circulation continues to rise, creating challenges not just in scale but also in security and management complexity. To address these evolving needs, WISeKey’s INeS AI Security Broker introduces a smarter, automated approach to managing digital certificates and identities across expanding IoT networks.

Key Features of the INeS AI Security Broker:

Seamless Integration: Easily compatible with any IoT platform, the INeS AI Security Broker supports the secure issuance of digital certificates, lifecycle management, and rapid authentication for vast networks of devices.
AI-Powered Insights: The integration of machine learning enables automatic pattern recognition and anomaly detection from sensor data, such as temperature, pressure, humidity, and vibration, providing real-time insights and enhanced security.
Proactive Threat Management: AI-enhanced PKI solutions mitigate risks by automating security processes and preventing potential threats before they escalate. Predictive analytics allow organizations to pinpoint vulnerabilities and address misconfigurations swiftly.

The surge in digital identities and devices places significant strain on traditional PKI systems, increasing operational burdens for system administrators. Any disruption or mismanagement in digital identity management could result in severe security risks and operational downtime. To counter these challenges, WISeKey’s AI-powered PKI solutions streamline processes, enabling organizations to efficiently manage their digital certificates while significantly reducing the risk of breaches and operational failures.

Addressing Key Challenges in AI-PKI Integration:
While the advantages of integrating AI with PKI systems are clear, adoption remains low due to the technical complexity of these domains. WISeKey seeks to bridge this gap through strategic partnerships, offering organizations access to tailored AI and PKI solutions that meet their specific security needs.

As AI continues to transform the cybersecurity landscape, its role in managing and securing digital identities will become indispensable. The combination of PKI and AI will help organizations protect their digital assets, ensure compliance with evolving regulations, and maintain resilient digital infrastructures.

Strategic Implications for the Future:
The integration of AI into PKI not only enhances security but also builds trust by embracing cutting-edge approaches to digital identity management. WISeKey’s technology enables organizations to stay ahead of emerging threats, positioning them to manage the growing complexity of IoT networks while ensuring that their infrastructure is secure and compliant.

WISeKey remains committed to advancing its technology platform and forming long-term relationships with strategic partners, enabling high-profile clients to leverage state-of-the-art solutions in cybersecurity, digital identity, AI, and IoT.

For more information on the INeS AI Security Broker and WISeKey’s suite of cybersecurity solutions, visithttps://www.wisekey.com/device-identity-lifecycle-management/. .

About WISeKey
WISeKey is a Swiss-based computer infrastructure company specializing in cybersecurity, digital identity, blockchain, Internet of Things (IoT) solutions, and post-quantum semiconductors. As a computer infrastructure company, WISeKey provides secure platforms for data and device management across industries like finance, healthcare, and government. It leverages its Public Key Infrastructure (PKI) to ensure encrypted communications and authentication, while also focusing on next-generation security through post-quantum cryptography.

WISeKey’s work with post-quantum semiconductors is aimed at future-proofing its security solutions against the threats posed by quantum computing. These advanced semiconductors support encryption that can withstand the computational power of quantum computers, ensuring the long-term security of connected devices and critical infrastructure. Combined with its expertise in blockchain and IoT, WISeKey’s post-quantum technologies provide a robust foundation for secure digital ecosystems at the hardware, software, and network levels.

Disclaimer
This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”), the FinSa’s predecessor legislation or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.

Press and Investor Contacts

WISeKey International Holding Ltd
Company Contact: Carlos Moreira
Chairman & CEO
Tel: +41 22 594 3000
info@wisekey.com

WISeKey Investor Relations (US)
The Equity Group Inc.
Lena Cati
Tel: +1 212 836-9611 / lcati@equityny.com
Katie Murphy
Tel: +1 212 836-9612 / kmurphy@equityny.com

The MIL Network –

January 25, 2025

MIL-OSI: Central Bank of Savings Banks Finland Plc, Sp Mortgage Bank Plc & Savings Banks Group: Release of Financial Statements for 2024 will be published on 13th of February 2025

Source: GlobeNewswire (MIL-OSI)

Central Bank of Savings Banks Finland Plc, Sp Mortgage Bank Plc & Savings Banks Group

Stock Exchange Release
24^th of October 2024 at 8 am (CET +1)

Central Bank of Savings Banks Finland Plc and Sp Mortgage Bank Plc will publish their Board of Directors Report and IFRS Financial Statements 2024 on 13^th of February 2025. Savings Banks Group will publish their Releases of Financial Statements for 2025 at the same time on 13^th of February 2025. All will be published as a stock exchange release and can be also found at www.saastopankki.fi.

CENTRAL BANK OF SAVINGS BANKS FINLAND PLC, SP MORTGAGE BANK PLC & SAVINGS BANKS GROUP

Further information:

Kai Koskela
acting CEO
Säästöpankkiliitto osk
+358 40 549 0430
kai.koskela@saastopankki.fi

Sp Mortgage Bank Plc is part of the Savings Banks Group and the Savings Banks Amalgamation. The role of Sp Mortgage Bank is, together with Central Bank of Savings Banks Finland Plc, to be responsible for obtaining funding for the Savings Banks Group from money and capital markets. Sp Mortgage Bank is responsible for the Savings Banks Group’s mortgage-secured funding by issuing covered bonds.

The MIL Network –

January 25, 2025

MIL-OSI: EfTEN Real Estate Fund AS unaudited results for 3rd quarter and nine months of 2024

Source: GlobeNewswire (MIL-OSI)

The decrease in euro interest rates is quietly increasing transaction activity on the Baltic real estate market and has a positive effect on the financial results of EfTEN Real Estate Fund AS. Thus, in the third quarter of 2024, the fund’s consolidated interest expense decreased by more than 60 thousand euros compared to the previous quarter. From the transactions perspective, the third quarter was the most active in recent years – the Fund’s subsidiary EfTEN Tähesaju tee OÜ sold the Tähesaju Hortes property, and the fund established two new 100% subsidiaries to acquire the logistics centers Paemurru and Härgmäe respectively in Tallinn and Harjumaa. The acquisition cost of the two new properties will be almost 15 million euros upon their final completion. In the third quarter of this year, the construction work was completed and the ERM elderly care home was also opened next to Tartu.

A further decline in interest rates is expected. This has already had a positive effect on listed share and bond prices of real estate sector companies on the Scandinavian stock exchange. In the wake of these developments, banks with Nordic owners operating in the Baltics are again looking more positively at financing the real estate sector. According to the fund manager, this creates a good basis for overcoming the decline of the past few years in the Baltic commercial real estate market. However, since local major real estate investors lack capital at the moment and there is no sign of foreign investors entering the local market, the recovery will not be quick. The market still remains a so-called buyer’s market, where it is possible to acquire high-quality property at a good price level. For this reason, the fund announced its intention to launch a new share issue in the fall of 2024, with the aim of raising additional equity of up to a maximum of EUR 30 million. At the extraordinary general meeting held on 16 October 2024, the shareholders granted the supervisory board and management the necessary authorizations to organize the share issue.

Financial overview

The consolidated sales revenue of EfTEN Real Estate Fund AS for the third quarter of 2024 was 8.006 million euros (2023 third quarter: 7.965 million euros). The consolidated sales revenue of EfTEN Real Estate Fund AS for the 9 months of 2024 was 23.924 million euros (2023: 23.714 million euros). The Group’s net rental income in the 9 months of 2024 was a total of 22.203 million euros (2023: 22.201 million euros). The group’s net profit in the same period was 10.104 million euros (2023: 6.880 million euros).

The consolidated net rental income margin was 93% (2023: 94%) in the 9 months of 2024, so costs directly related to property management (including land tax, insurance, maintenance and improvement costs) and distribution costs constituted 7% (2023: 6%) of sales revenue.

The volume of the Group’s assets as of 30.09.2024 was 377,723 million euros (31.12.2023: 380.944 million euros), of what the fair value of investment properties made up 96% (31.12.2023: 94%).

Investment portfolio

As of the end of September 2024, the Group owns 34 (31 December 2023: 35) commercial investment properties, with a fair value of EUR 358.577 million as of the balance sheet date (31 December 2023: EUR 357.916 million) and an acquisition cost of EUR 356.156 million (31 December 2023: EUR 354.408 million). In addition, in September 2024, the Group entered into purchase agreements for the Härgmäe and Paemurru logistics centers, making advance payments under the agreements totaling EUR 2.173 million. After the balance sheet date, in October 2024, the Group’s subsidiary signed a real rights contract for the Härgmäe property, paying an additional EUR 8.3 million for the investment property on top of the previously made advance payment (a total of EUR 8.8 million).

In September 2024, the Group sold the Tähesaju Hortese property for EUR 4.675 million.

In addition to the investment properties held by the subsidiaries of the fund, the Group also holds a 50% stake in the joint venture that owns the Palace Hotel in Tallinn, with a fair value of EUR 8.543 million as of 30 September 2024 (31 December 2023: EUR 9.0 million).

In the 9 months of 2024, the group earned a total of 23.043 million euros in rental income, which is 1% more than at the same time in 2023. Rental income increased the most in shopping centers. In the office segment, rental income decreased mainly due to the expiration of the lease agreement with the anchor tenant in the Menulio 11 office building in Vilnius.

As of 30.09.2024, the vacancy of investment properties belonging to the Group was 3.2% (31.12.2023: 2.6%). The largest vacancy is in the office segment (13.1%), where it takes longer than before to fill vacant rental premises.

Financing

During the 9 months of 2024, the Fund’s subsidiaries EfTEN Autokeskus OÜ and EfTEN Jurkalne SIA extended their loan agreements. In the next 12 months, the loan agreements of two subsidiaries of the Group will expire, the balance of which as of 30.09.2024 is 8,025 thousand euros in total. The LTV of the expiring loan agreements is 28.3% and 46.5%, and both investment property have a stable rental cash flow, therefore, according to the management of the Group, there are no obstacles to the extension of the loan agreements.

The weighted average interest rate of the Group’s loan agreements is 5.35% as of 30.09.2024 (31.12.2023: 5.91%) and the LTV (Loan to Value) is 41% (31.12.2023: 42%). All loan agreements of the Fund’s subsidiaries are linked to a floating interest rate.

After the balance sheet date, in October 2024, the Group entered into two loan agreements related to the purchase of the Härgmäe logistics center, with a total amount of EUR 7.3 million. This includes a loan agreement for EUR 2.8 million with an interest rate of 2.5% + 6-month EURIBOR, maturing on 31 December 2024, and a loan agreement for EUR 4.5 million with an interest rate of 1.8% + 6-month EURIBOR, maturing on 27 September 2029.

Information on shares

The net value of the share of EfTEN Real Estate Fund AS as of 30.09.2024 was 20.15 euros (31.12.2023: 20.21 euros). The net value of the share of EfTEN Real Estate Fund AS decreased by 0.3% in the 9 months of 2024. In April 2024, the Fund paid dividends in the total amount of 10.82 million euros. Without profit distribution, the net value of EfTEN Real Estate AS shares would have increased by 4.6% during the nine months of the year.

As of 30.09.2024, the Fund has 10,819,796 shares.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

	III quarter		9 months
	2024	2023	2024	2023
€ thousands
Revenue	8,006	7,965	23,924	23,714
Cost of services sold	-473	-363	-1,232	-1,120
Gross profit	7,533	7,602	22,692	22,594

Marketing costs	-111	-105	-489	-393
General and administrative expenses	-860	-841	-2,679	-2,568
Profit / loss from the change in the fair value of investment property	-415	0	-1,869	-6,182
Other operating income and expense	-41	10	45	23
Operating profit	6,106	6,666	17,700	13,474

Profit / loss from joint ventures	83	84	-171	-25
Interest income	51	77	216	97
Other finance income and expense	-2,171	-2,156	-6,644	-5,693
Profit before income tax	4,069	4,671	11,101	7,853

Income tax expense	-215	-236	-997	-973
Net profit for the reporting period	3,854	4,435	10,104	6,880
Total consolidated profit for the reporting period	3,854	4,435	10,104	6,880
Earnings per share
– basic	0.36	0.41	0.93	0.64
– diluted	0.36	0.41	0.93	0.64

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

	30.09.2024	31.12.2023
€ thousands
ASSETS
Cash and cash equivalents	10,637	14,712
Current deposits	2,142	3,400
Receivables and accrued income	1,603	2,360
Prepaid expenses	200	106
Total current assets	14,582	20,578

Non-current receivables	355	214
Shares in joint ventures	1,907	2,078
Investment property	360,750	357,916
Property, plant, and equipment	129	158
Total non-current assets	363,141	360,366
TOTAL ASSETS	377,723	380,944

LIABILITIES AND EQUITY
Borrowings	13,809	16,907
Payables and prepayments	3,110	3,417
Total current liabilities	16,919	20,324

Borrowings	132,094	130,849
Other non-current liabilities	1,832	1,790
Deferred income tax liability	8,896	9,283
Total non-current liabilities	142,822	141,922
Total liabilities	159,741	162,246

Share capital	108,198	108,198
Share premium	84,721	84,721
Statutory reserve capital	2,799	2,749
Retained earnings	22,264	23,030
TOTAL EQUITY	217,982	218,698
TOTAL LIABILITIES AND EQUITY	377,723	380,944

Marilin Hein
CFO
Phone +372 6559 515
E-mail: marilin.hein@eften.ee

Attachment

EREF_9kuud_vahearuanne_2024eng

The MIL Network –

January 25, 2025

MIL-OSI: TGS Quarterly Dividend
Source: GlobeNewswire (MIL-OSI)

OSLO, NORWAY (24 October 2024) – Following the authorization from the Annual General Meeting on 28 June 2024, the Board of TGS ASA has resolved to distribute a quarterly dividend of the NOK equivalent of USD 0.14 per share (NOK 1.53 per share) in Q4 2024.

Key information relating to the cash dividend:
- Dividend amount and declared currency: USD 0.14 per share (equivalent to NOK 1.53 per share)
- Last trading day including right: 30 October 2024
- Ex-date: 31 October 2024
- Record date: 1 November 2024
- Payment date: 14 November 2024
- Date of approval: 23 October 2024
About TGS
TGS provides advanced data and intelligence to companies active in the energy sector. With leading-edge technology and solutions spanning the entire energy value chain, TGS offers a comprehensive range of insights to help clients make better decisions. Our broad range of products and advanced data technologies, coupled with a global, extensive and diverse energy data library, make TGS a trusted partner in supporting the exploration and production of energy resources worldwide. For further information, please visit www.tgs.com (https://www.tgs.com/).

The MIL Network –
January 25, 2025
MIL-OSI Economics: Public Policies in Focus as APEC Pushes for Sustainable Finance Solutions Lima, Peru | 23 October 2024 APEC Finance Ministers’ Process

Source: APEC – Asia Pacific Economic Cooperation

The growing urgency to address climate change and environmental challenges has propelled sustainable finance into the spotlight as governments, businesses and investors increasingly prioritize sustainability considerations. This shift is transforming the financial landscape and driving capital toward projects that promote sustainability from renewable energy infrastructure to social impact initiatives.

Against this backdrop, APEC Finance Ministers from across the APEC region convened in Lima on Sunday to discuss strategies for promoting low-carbon, climate-resilient economies. Representatives from international organizations, business leaders, and experts also offered their views on transition to a sustainable economy and the potential for investment it may bring.

Opening the High-Level Event on Sustainable Finance: Public Policies in Action for Sustainable Development, José Arista Arbildo, Peru’s Minister of Economy and Finance, emphasized the importance of recognizing the interconnection between economic growth, environmental sustainability and social well-being.

“We are facing unprecedented global environmental challenges such as climate change, biodiversity loss and natural resource scarcity,” Minister Arista said. “These challenges not only pose a threat to the environment, but also have significant implications for economic stability and the well-being of the populations of our economies.”

Sustainable finance, a broad term that refers to investments aimed at generating both financial returns and positive environmental or social outcomes, has seen unprecedented growth. With the global economy increasingly focused on mitigating climate risks and achieving long-term sustainable development, financial institutions are responding by integrating sustainability criteria into their portfolios.

“The strengthening of economic and financial systems is necessary to ensure their efficient adaptation to new paradigms that will make it possible to promote environmental, social and economic sustainability,” he added. “In this context, public policies are a transformative tool for integrating sustainability into the financial framework of our economies.”

To successfully embed sustainability into the financial system, economies must embrace a strategic vision that shapes public policies promoting environmentally responsible practices.

“Strategic planning for this integration is not only an ethical imperative, but also an economic necessity,” Minister Arista explained. “Providing a predictable framework for sustainable finance is one such policy.”

During the panel discussion, experts called for holistic strategies that harmonize economic and financial activities to foster competitiveness and productivity. They stressed the importance of setting clear, long-term sustainability goals including the importance of governance frameworks and spaces for coordination; and fostering collaboration among stakeholders.

The conversation also tackled the practical challenges member economies face in implementing sustainable financial practices. It further underscored the critical role of public-private partnerships in overcoming obstacles such as limited funding and regulatory barriers.

APEC Business Advisory Council Chair, Julia Torreblanca, echoed the sentiment, highlighting the importance of business and public sector collaboration in driving sustainable development.

“Sustainable finance is a joint endeavor where the private sector plays a critical role,” Torreblanca said. “However, it needs a policy environment that fosters innovation, facilitates sustainable investments and nurtures public-private collaboration.”

According to experts, the transition to a sustainable economy presents significant investment opportunities despite the challenges. From renewable energy projects to sustainable agriculture, sectors aimed at reducing carbon emissions and promoting social equity are poised for growth. Experts also explored the potential for innovative economic instruments to support sustainability initiatives.

One key takeaway from the event was the importance of fostering partnerships between governments, businesses and financial institutions. Such collaborations are seen as essential for creating innovative financial instruments and policies that will enhance the implementation of sustainable finance initiatives across the APEC region.

“Being appropriately prepared to address emerging challenges and seize opportunities along the path to sustainable finance is essential,” Minister Arista concluded. “Public policies are thus a powerful tool that can guide us. If designed and implemented correctly, they can transform our economies and societies.”

For further details, please contact:

APEC Media at [email protected]

MIL OSI Economics –

January 25, 2025
MIL-OSI Economics: Expanding automotive cyber security innovations with VERZEUSE(TM) series

Source: Panasonic

Headline: Expanding automotive cyber security innovations with VERZEUSE(TM) series

Yokohama, Japan, October 24, 2024 – Panasonic Automotive Systems Co., Ltd. has further expanded its series of VERZEUSE , automotive cyber security innovations, to accommodate the security needs in each phase (design, implementation, evaluation, production, and operation) of the entire vehicle lifecycle, from the development to operation (after vehicle shipment).
This expansion offers efficiency and high quality standardization for security measures throughout the entire vehicle lifecycle by introducing tools to automate cyber security work which has been often performed manually, and to link input and output information in each phase.VERZEUSE for Virtualization Extensions Type-3, a containerized virtualization security innovation to combat cyber attacks on in-vehicle software, has been evaluated highly by car manufacturers as a unique innovation, and has been newly adopted for in-vehicle deployment.
This newly announced system in the VERZEUSE series will be exhibited at EdgeTech+ 2024*1 to be held from November 20 to 22, 2024.

＜Development background＞

In recent years, the risk of security threats, including cyber attacks targeting cars, has constantly been on the rise alongside the evolution of software-defined vehicles (SDVs) whose functions are enhanced with software and the increase in the number of vehicles connected to networks, known as connected cars. In January 2021, UN Regulation UN-R155 has come into effect, and it has been applied to new vehicles*2 in Japan and Europe since July 2022. In order to comply with UN-R155, there is an urgent need to establish a cyber security system in accordance with ISO/SAE 21434.
In this environment, the company foresees future demand for implementation of even more comprehensive security measures in each phase of vehicle lifecycle from development to shipment (design, implementation, evaluation, production, and operation) and streamlining of the enormous amount of work needed for vulnerability countermeasures.

＜VERZEUSE series features＞

1. Provides solutions for each phase of the vehicle lifecycle from development to shipment (design, implementation, evaluation, production, and operation).Supports further streamlining and high quality standardization for security measures by linking input/output information in each phase.

2. VERZEUSE for TARA(Threat Analysis and Risk Assessment): ISO/SAE 21434 compliant threat analysis innovations contributing to substantial reduction of workload by automating threat analysis in the development and design phase.

3. VERZEUSE for Virtualization Extensions Type-3: Attack detection and protection solution adapting to container technology for in-vehicle software, adopted by car manufactures.

＜VERZEUSE series features in detail＞

1. Provides solutions for each phase of the vehicle lifecycle from development to shipment (design, implementation, evaluation, production, and operation).Supports further streamlining and high quality standardization for security measures by linking input/output information in each phase.

The VERZEUSE series provides innovative systems for each phase of the entire vehicle lifecycle (design, implementation, evaluation, production, and operation) from development to shipment. The input and output information of each phase can be linked through the Panasonic Group’s database of Threat Intelligence which collects threat information from various industries such as factory automation, home appliances, and IoT devices.
For example, the analysis result information output from the design phase (1) VERZEUSE for TARA is referenced as input information in the evaluation phase (4) VERZEUSE for Threat Evaluation and Security Test Assistance toolkit and the post-shipment phase (6) VERZEUSE for SIRT. Likewise, the vulnerability assessment results output from the evaluation phase (4) VERZEUSE for Threat Evaluation and Security Test Assistance toolkit is referenced as input information in the post-shipment phase (5) VERZEUSE for SIRT.
This linkage between phases not only further streamlines security measures, but also helps to consistently manage security information throughout the entire vehicle lifecycle and to maintain security risk management to a high standard.

2. VERZEUSE for TARA: ISO/SAE 21434 compliant threat analysis innovations contributing to substantial reduction of workload by automating threat analysis in the development and design phase.

During the early stages of vehicle development, even developers who are not security experts can simply answer a few questionnaires to determine countermeasure requirements based on the characteristics of in-vehicle devices from Panasonic Automotive Systems’ Threat Intelligence, which collates threats, vulnerabilities, and security controls.
This innovative system has been applied to more than 80 of the company’s in-vehicle products. For example, compared to the conventional manual process of threat analysis, this system has been proven to reduce workload by up to 90%*3 for large-scale products such as navigation systems. Car manufacturers that have used the system have highly evaluated its usefulness, and we have been commissioned to provide multiple consulting projects for risk assessment. For details, please refer to the press release*4.

3. VERZEUSE for Virtualization Extensions Type-3: Attack detection and protection solution adapting to container technology for in-vehicle software, adopted by car manufactures.

This in-vehicle software innovation meets the security requirements*5 of next-generation cockpit systems that utilize a virtualization environment and monitors the communication between the software area which has a high risk of being targeted by attackers via the external network connection (e.g. externally connected virtual machine) and the software area which implements essential functions of the vehicle controls and software update functions (e.g., cluster containers). The monitoring function placed in an isolated container can check communications from the secure area to block abnormal communications, protecting critical functions of the vehicle from attacks and improving vehicle safety.
It is also possible to import optional monitoring function as a plug-in via the security interface. The plug-in management function enables to select the appropriate monitoring function according to the characteristics of the communication. Since there is no need to change the application side when importing, this in-vehicle software can be introduced at low cost, and car manufacturers have decided to adopt it for in-vehicle deployment.

Supplementary explanation

VERZEUSE for Threat Evaluation and Security Test Assistance toolkit: Enabling high-quality, efficient security evaluation by users without security expertise.

This innovative toolkit allows users to efficiently carry out high-quality threat evaluation and security testing, which previously has been often performed manually during the evaluation phase, even without security expertise.The procedures and standards for conducting various security evaluations, such as fuzz testing*10, vulnerability testing, and penetration testing*11, can be comprehensively defined with this toolkit. The defined procedures and standards can be flexibly customized according to evaluation items required for in-vehicle ECU development. In addition, its automated evaluation tool allows for efficient vulnerability assessment.

*1 EdgeTech+ 2024 https://www.jasa.or.jp/expo/english/*2 In Japan, it applies only to vehicles supporting OTA (Over The Air: a process of updating and changing the software of devices such as smartphones and cars using wireless communication such as data communication).*3 When the company analyzed its navigation system (220 resources, 1250 threat scenarios, and 3230 countermeasure requirements), it reduced the workload from 30 to 3 person-months*4 October 24, 2024, Development of ISO/SAE 21434 compliant threat analysis innovations: VERZEUSE for TARA. https://news.panasonic.com/global/press/en241024-4*5 ST-CSP-18: Requirements Definitions Document for In-vehicle Security Functions Using Software Isolation Technology Ver.1.01 (JASPAR(Japan Automotive Software Platform and Architecture), 2023).*6 January 16, 2023, Virtualization Security Solution Developing VERZEUSE for Virtualization Extensions: Contributing to the Cybersecurity of Next-generation Cockpit Systems https://news.panasonic.com/global/press/en230116-2*7 December 11, 2023, Cyber Security Robustness Innovations, Developed VERZEUSE for Runtime Integrity Checker, Strengthen In-Vehicle Cyber Security Measures https://news.panasonic.com/global/press/en231211-2*8 March 23, 2021, Panasonic and McAfee agree to jointly start building Vehicle SOC for commercialization of Vehicle Security Monitoring Services https://news.panasonic.com/global/press/en210323-2*9 September 9, 2024, Development of Vulnerability Analysis Innovations, VERZEUSE for SIRT https://news.panasonic.com/global/press/en240909-4*10 Fuzzing test: A software testing technique that injects invalid, unexpected, or random data called fuzz into a target product or system to intentionally cause exceptions and detect potential bugs and vulnerabilities.*11 Penetration test: A testing technique that checks for vulnerabilities of computer system connected to a network with hacking attempts using known technologies. It is also called pentest or intrusion testing.

About VERZEUSE
Panasonic Automotive Systems Co., Ltd. markets VERZEUSE (https://automotive.panasonic.com/en/technology/cyber-security)*12 cybersecurity technology and services globally. Engineers at Panasonic Automotive Systems who worked together in the development of security technologies in various Panasonic Group products, including TVs, recorders, mobile phones, smartphones, payment terminals, and semiconductors, have turned their expertise toward developing cyber security technologies since 2014, drawing on their individual strengths to apply these technologies to automotive products. Panasonic Automotive Systems helps to ensure the safety and security of automated driving functions and network services to benefit society with technologies underpinned by a wealth of knowledge and experience.

*12 VERZEUSE was coined by combining the Spanish word “ver” meaning “look” and the god Zeus. The name is meant to inspire the feeling of a protective god of the sky watching over the safety of society.

Media Contact:

Corporate Communications Office, Corporate Planning Center, Panasonic Automotive Systems Co., Ltd.e-mail: press-pas@ml.jp.panasonic.com

MIL OSI Economics –

January 25, 2025

Category: Business

Source: Greenpeace

Source: Business Canterbury

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The elephant in the room

Australia all alone?

News Release | 24 October 2024
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