Category: Economy

  • MIL-OSI: 6/2025・Trifork Group AG – 2024 annual report and interim report for the quarter ending 31 December 2024

    Source: GlobeNewswire (MIL-OSI)

     
     
    Trifork Group – 2024 annual report and interim report for the quarter ending 31 December 2024

    Company announcement no. 6 / 2025
    Schindellegi, Switzerland – 28 February 2025

    Trifork Group reports full-year 2024 net profit of EURm 17.9 and EPS growth of 13.3%. Trifork Segment reports Q4 2024 revenue growth of 1.8% and EBITDA margin of 16.1%.


    Full-year 2024

    • Trifork Group
      • In 2024, Trifork Group revenue amounted to EURm 205.9, a decline of 0.9% from 2023. Adjusted for the effect of third-party software and hardware sales, revenue grew by 0.4% of which inorganic growth of 3.0% was offset by an organic decline of 2.6%. The organic decline was driven by market headwinds throughout the year in Build and Run.
      • Trifork Group EBITDA amounted to EURm 24.7, corresponding to 12.0% EBITDA margin.
      • Trifork Group EBIT amounted to EURm 8.2, corresponding to 4.0% EBIT margin.
      • Trifork Group net income amounted to EURm 17.9. Realized and unrealized gains in Trifork Labs of EURm 16.2 contributed significantly to net income.
      • Basic earnings per share was EUR 0.85 (2023: EUR 0.75). Diluted earnings per share was EUR 0.85 (2023: EUR 0.74).
    • Trifork Segment
      • In 2024, adjusted EBITDA of the Trifork segment amounted to EURm 26.9, a decline of 23.2% from 2023. The adjusted EBITDA margin was 13.1%, down from 16.9% in 2023 mainly due to lower revenue growth and increased investments in business development in the first half of the year.
      • Sub-segments
        • Inspire revenue increased by 18.1% to EURm 7.4 and realized an adjusted EBITDA of EURm -2.4 (2023: -2.7).
        • Build revenue declined by 0.2% to EURm 149.3 and realized an adjusted EBITDA margin of 13.4% (2023: 18.8%).
        • Run revenue declined by 4.3% to EURm 49.1 and realized an adjusted EBITDA margin of 24.5% (2023: 24.3%). If adjusted for sales of third-party licenses and hardware, Run grew 1.4%.
    • Trifork Labs
      • In 2024, Trifork Labs recorded EBT of EURm 13.3 driven by realized and unrealized gains from the agreement to partially exit an investment in the company XCI and unrealized gains from updated valuations due to liquidity events driven by external investors or better-than-expected operational and financial performance in some companies. Three smaller investments were fully impaired and other risk-based partial impairments were made.
      • At year-end 2024, the total book value of active Labs investments amounted to EURm 83.2 (2023: 69.7).

    Fourth quarter 2024

    • Trifork Group
      • In Q4 2024, Trifork Group revenue amounted to EURm 56.0, an increase of 1.8% from Q4 2023. Adjusted for the effect of third-party software and hardware sales, revenue declined by 0.2%.
      • Trifork Group EBITDA amounted to EURm 8.3, corresponding to 14.9% EBITDA margin.
      • Trifork Group EBIT amounted to EURm 3.7, corresponding to 6.7% EBIT margin.
      • Trifork Group net income amounted to EURm 12.7. Realized and unrealized gains in Trifork Labs contributed significantly to net income.
    • Trifork Segment
      • In Q4 2024, adjusted EBITDA in the Trifork Segment amounted to EURm 9.0, a decline of 23.4% from Q4 2023. The adjusted EBITDA margin was 16.1%, down from 21.4% in Q4 2023.
      • Sub-segments
        • Inspire revenue increased by 30.1% to EURm 3.7 and realized an adjusted EBITDA of EURm -0.8 (Q4 2023: EURm -0.3).
        • Build revenue increased by 0.2% to EURm 38.8 and realized an adjusted EBITDA margin of 13.2% (Q4 2023: 18.3%).
        • Run revenue increased by 4.3% to EURm 13.7 and realized an adjusted EBITDA margin of 31.0% (Q4 2023: 31.2%).
    • Trifork Labs
      • In Q4 2024, Trifork Labs recorded EBT of EURm 9.3 driven by realized and unrealized gains from an agreement to partially exit an investment in the company XCI and unrealized gains from updated valuations due to liquidity events driven by external investors or better-than-expected operational and financial performance in some companies. Three smaller investments were fully impaired and other risk-based partial impairments were made.

    Comment from CEO Jørn Larsen

    “2024 was an eventful year for Trifork, marked by an unstable economic environment and the growing negative impact of climate change worldwide. We all need to become more sustainable, and I am proud to observe the impact we have on our customers’ ESG agenda through digital innovation. In 2024, we also had exciting technological breakthroughs, and growing interest and strong operational performance in our portfolio companies in Trifork Labs. Despite the tough customer environment in the private sector and reduced EBITDA, our diluted earnings per share grew 15%, proving the strength of our two-legged business model – profitable operations in the Trifork Segment paired with strategic R&D investments in Trifork Labs. We had to adapt as some large customers scaled back, but won new business and grew our public sector revenue, and we continued to sharpen our go-to-market approach and product offering. Our products and capabilities within AI and spatial computing are in high demand, and these may become significant revenue drivers in the coming years. At the same time, our EURm 10 cost savings program will set us up for stronger margins in 2025.”

    Financial guidance for 2025 

    • Revenue is expected to be in the range of EURm 215-225 equal to 4.4-9.3% total growth
    • Organic revenue growth is expected in the range of 2.9-7.8%
    • Adjusted EBITDA in Trifork Segment is expected in the range of EURm 32.0-37.0
    • EBIT in Trifork Group is expected to be in the range of EURm 14.5-19.5.

    The guidance does not include potential effects from new acquisitions or divestments.

    Mid-term financial targets for 2026

    Based on the lower-than-expected performance in 2024 and the continued instability in the economic environment in 2025, the mid-term revenue targets for 2026 are adjusted:
     

    • Total revenue CAGR of 10-15% from a baseline in 2024 (prev. 15-25% with a baseline in 2023)
    • Organic CAGR of 5-10% from a baseline in 2024 (prev. 10-15% with baseline in 2023)

    The margin and gearing targets for 2026 are maintained:

    • 16-20% adj. EBITDA margin in Trifork Segment in 2026
    • 10-14% EBIT margin in Trifork Group in 2026
    • Net interest-bearing debt leverage of up to 1.5x Group adj. EBITDA (may temporarily exceed during the period)

    Change to Executive Management

    The Group CRO role will transition into a decentralized structure, with four regional CRO positions covering our core markets in Denmark, US, Switzerland, and UK to better reflect our decentralized organization. Some of these positions will be filled internally. As a consequence, Trifork will reduce Executive Management to CEO Jørn Larsen and CFO Kristian Wulf-Andersen. Morten Gram will leave the Group Executive Management.

    Main events in 2024

    • Inspire
      Trifork’s Inspire sub-segment, where we arrange technology conferences and online tech content, planned to stabilize performance in 2024 compared to the loss of EURm -2.7 in 2023. Overall, it turned out to difficult and we did not see any major market improvements in willingness to invest in sponsorships to conferences and education of their employees. The result was a growth of 18.1% with an EBITDA improvement of just EURm 0.3 compared to 2023. This was not satisfactory and we have now decided to exit part of our conference activities in 2025 and co-work or potentially co-own minority stakes in some of these with other partners. In total, we had 5,900 attendees to our conferences. Our GOTO tech channels on YouTube and Instagram ended the year with more than 80 million accumulated views – equal to more than 18 million views in 2024. The YouTube channel now has more than 1 million subscribers and we received a gold-reward plate from Google. According to Tech Talk Weekly, GOTO was behind the single most watched tech talk on YouTube in 2024. GOTO had five videos in the top 10, and 22 times in the top 100.
    • Build
      Trifork’s Build sub-segment, where we develop innovative software solutions for customers, saw unchanged revenue compared to 2023. Build accounted for 72.5% of total revenue. Corporates continued to take a cautious approach to IT spending in light of the global economic and geopolitical uncertainty. The continued low activity from private sector customers has been particularly visible in UK, whereas private sector engagements in US displayed comparatively better performance due to successful business development efforts. Overall, new customers accounted for 28% of revenue – similar to 2023. The public sector customer base primarily consists of Danish engagements. Danish public revenue grew 9.4% in 2024. After a soft start to the year with disruptions to existing customer engagements, the Danish Public business gained momentum with several key wins and ramp-up of delivery on existing framework agreements won in previous quarters and years. In January 2024, Trifork increased its stake in Erlang Solutions, a previous acquisition. In May, Trifork acquired Spantree in the US. In June, Trifork acquired Sapere Group in Denmark. All companies primarily deliver Build revenue.
    • Run
      Trifork’s Run sub-segment, where we operate and maintain internally or externally developed products for our customers, grew by 1.4% on hosting, service agreements, and Trifork licenses. Run-based revenue now accounts for 23.8% of total revenue. Growth was lower than expected due to delayed start or ramp-up of new agreements. During 2024, we continued to develop on existing Trifork IP and products but also launched new product offerings like Corax AI and Contain hosting platform products.
    • Trifork Labs
      Trifork Labs, the investment arm of Trifork Group that invests in strategic partnerships and uses venture-financing to grow some of our internally developed products, saw a continued strong momentum in 2024 in its 24 investments. Revenue in the portfolio companies (not consolidated in Trifork Group due to minority ownership stakes) surpassed EURm 100, up from EURm 50 two years ago. Trifork Labs co-founded TSBX and Mirage Insights, and made a new external investment in Rokoko Care. Trifork Labs provided additional funding to Arkyn Studios, Bluespace Ventures, and Dryp. A partial exit was announced in December in XCI where an institutional investor joined the growth journey with a 30% acquisition of existing shares. The sale was done above book value and contributed significantly to Group net income.


    Initiation of share buyback program

    Today, 28 February 2025, the Board of Directors decided to initiate a share buyback program of up to DKKm 14.92 (EURm 2.0) for the period from 4 March 2025 up to and including no later than 30 June 2025. A separate announcement will be distributed with further details.

    Results presentation

    Trifork will host a results presentation and Q&A session with CEO Jørn Larsen and CFO Kristian Wulf-Andersen today, 28 February 2025 at 11:00 CET in a live webcast that can be accessed via the following link: https://investor.trifork.com/events/. A recording will be made available on our investor website.

    Investor and media contact

    Frederik Svanholm, Group Investment Director & Head of Investor Relations
    frsv@trifork.com, +41 79 357 7317

    About Trifork  

    Trifork is a pioneering global technology partner, empowering enterprise and public sector customers with innovative solutions. With 1,229 professionals across 73 business units in 16 countries, Trifork delivers expertise in inspiring, building, and running advanced software solutions across diverse sectors, including public administration, healthcare, manufacturing, logistics, energy, financial services, retail, and real estate. Trifork Labs, the Group’s R&D hub, drives innovation by investing in and developing synergistic and high-potential technology companies. Trifork Group AG is a publicly listed company on Nasdaq Copenhagen. Learn more at trifork.com.

     

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  • MIL-OSI: EfTEN Real Estate Fund AS 2024 Audited Annual Report

    Source: GlobeNewswire (MIL-OSI)

    The Supervisory Board of EfTEN Real Estate Fund AS has approved the fund’s audited annual report for 2024 and will submit it for approval at the General Meeting of Shareholders. The audited report does not differ from the fund’s financial results compared to the preliminary financial results published on February 3, 2025.

    The consolidated sales income of EfTEN Real Estate Fund AS for 2024 was 32.238 million euros, an increase of 421 thousand euros (1%) compared to the previous year. The Group’s net profit for 2024 amounted to 13.564 million euros (2023: 1.0 million euros). The Management Board of EfTEN Real Estate Fund AS proposes to the Supervisory Board and the General Meeting of Shareholders to distribute (net) dividends of 1.11 euros per share.

    The fund’s consolidated annual report for 2024 is attached to this announcement and will be made available on the fund’s website: https://eref.ee/investorile/aruanded-ja-faktilehed-2/.

    Viljar Arakas
    Member of the Management Board
    Tel. 6559 515
    E-mail: viljar.arakas@eften.ee

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  • MIL-OSI: 7/2025・Trifork Group AG – Initiation of share buyback program

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no. 7 / 2025
    Schindellegi, Switzerland – 28 February 2025


    Initiation of share buyback program

    Today, Trifork Group AG (“Trifork”) announces that the Board of Directors has decided to initiate a share buyback program of up to DKK 14.92 million (approximately EUR 2.0 million). 

    The share buyback program is initiated pursuant to the decision of the Board of Directors taken on 28 February 2025 to acquire own registered shares with a nominal value of CHF 0.10 each.

    The purpose of the program is to meet Trifork’s obligations pursuant to the employee stock program and potentially to reduce the share capital by cancellation of shares, if and to the extent so decided in the future by the Board of Directors, by use of the new capital band set forth in the articles of association of Trifork, which were approved by the annual general meeting on 19 April 2024.

    The share buyback program is planned to run from 4 March 2025 up to and including no later than 30 June 2025. The buyback program will not be active from 9 April to 15 April 2025.

    The share buyback program will be executed in accordance with EU Market Abuse Regulation, EU Regulation no. 596/2014 of 16 April 2014 and the provisions of Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 (the “Safe Harbour Regulation”).

    Trifork has appointed Danske Bank A/S as lead manager of the share buyback program. Under a separate agreement, Danske Bank A/S will within the announced limits buy back shares on behalf of Trifork and make related trading decisions independently of and without influence by Trifork.

    The share buyback program will be implemented under the following terms:

    • The maximum total consideration for shares bought back will be DKK 14.92 million (approximately EUR 2.0 million).
    • The maximum number of shares to be bought back is 400,000, equivalent to 2.0% of the outstanding registered number of shares of Trifork.
    • The maximum number of shares that may be purchased per daily market session may not exceed 25.0% of the average daily volume of Trifork’s shares traded on Nasdaq Copenhagen during the preceding 20 trading days.
    • Shares cannot be bought back at a price exceeding the higher of (i) the share price of the last independent transaction on Nasdaq Copenhagen, and (ii) the highest independent bid on the shares on Nasdaq Copenhagen.
    • On a weekly basis, Trifork will announce transactions made under the share buyback program in accordance with the reporting obligations imposed by the Safe Harbour Regulation.
    • The shares will be acquired through public trading on Nasdaq Copenhagen.
    • Trifork is entitled to suspend or terminate the share buyback program at any time. Such a decision will be disclosed in a company announcement.

    Prior to the launch of the share buyback program, Trifork holds 289,640 treasury shares corresponding to 1.5% of the total share capital.


    Investor and media contact

    Frederik Svanholm, Group Investment Director & Head of Investor Relations
    frsv@trifork.com, +41 79 357 73 17


    About Trifork

    Trifork is a pioneering global technology partner, empowering enterprise and public sector customers with innovative solutions. With 1,229 professionals across 73 business units in 16 countries, Trifork delivers expertise in inspiring, building, and running advanced software solutions across diverse sectors, including public administration, healthcare, manufacturing, logistics, energy, financial services, retail, and real estate. Trifork Labs, the Group’s R&D hub, drives innovation by investing in and developing synergistic and high-potential technology companies. Trifork Group AG is a publicly listed company on Nasdaq Copenhagen. Learn more at trifork.com.

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  • MIL-OSI Economics: Renewal of the Bilateral Swap Arrangement between Japan and India

    Source: Reserve Bank of India

    Japan and India renewed the Bilateral Swap Arrangement (BSA) effective today (Feb. 28, 2025).

    The Bank of Japan, acting as agent for the Minister of Finance of Japan, and the Reserve Bank of India signed the second Amendment and Restatement Agreement of the BSA. The BSA is a two-way arrangement where both authorities can swap their local currencies in exchange for the US Dollar. The size of the BSA remains unchanged, that is, up to 75 billion US Dollars.

    Japan and India believe that the BSA, which aims to strengthen and complement other financial safety nets, will further deepen financial cooperation between the two countries and contribute to regional and global financial stability.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2272

    MIL OSI Economics

  • MIL-OSI Australia: Productivity Commission appointment

    Source: Australian Treasurer

    The Government has agreed to recommend to the Governor‑General, Her Excellency the Honourable Sam Mostyn AC, the appointment of Dr Angela Jackson as a full‑time Social Policy Commissioner to the Productivity Commission (PC), for a five‑year period.

    This is a key appointment for one of Australia’s key economic institutions.

    Driving productivity and higher living standards is a Government priority, and to do that we need the highest calibre of Commissioners at the PC.

    Dr Jackson is the Lead Economist at Impact Economics and Policy. She has been a part‑time Commissioner of the Commonwealth Grants Commission, a Member of the Economic Inclusion Advisory Committee and Chair of the Women in Economics Network that works to build the pipeline of female Australian economists.

    Dr Jackson was part of the independent panel that reviewed the Commonwealth Government’s response to the COVID‑19 pandemic and was also a Board Member and Chair of the Finance Committee at Royal Melbourne Hospital.

    She has also held senior economic advisory roles for the Commonwealth Government.

    Dr Jackson holds a PhD in Health Economics from Monash University and a Masters in International Health Policy (Health Economics) from the London School of Economics and Political Science.

    This proposed appointment would continue the high level of skills and experience within the PC, to help ensure its continued high‑quality research and advice on the key sectors of our economy.

    If appointed, Dr Jackson’s work at the PC will make a key contribution to the five pillars of the Government’s productivity agenda to build a more productive Australia.

    MIL OSI News

  • MIL-OSI New Zealand: Speech to LGNZ Metro, Rural and Provincial Sectors Forum

    Source: New Zealand Government

    Good afternoon!

    I want to acknowledge the immense amount of work Minister Bishop has done in leading this Going for Housing Growth programme – it is vitally important.

    As the Minister flagged, central to Going for Housing Growth is this idea that growth should pay for growth, and a key tension in this system centres on finding a balance between certainty about where growth will occur and having the flexibility to respond to demand.

    The Infrastructure Funding and Financing Act (IFFA) hits both of these things – it levies those benefitting from the infrastructure and is an important piece in this responsiveness puzzle, enabling demand-led growth without further straining councils’ balance sheets.

    However, we’ve become aware of barriers to its use, so we’re making some changes to make it fit for purpose, which I’ve been tasked with leading.

    IFFA background

    The IFFA emerged from a great example of the market innovating to solve coordination problems and deliver benefits much sooner than the public sector could have. 

    Developers saw an opportunity at Milldale to deliver housing but needed infrastructure to enable that to happen.

    Unable to rely on a council constrained by its own growth plans and lack of funds, the developers set up a special purpose vehicle (SPV) to raise the finance needed to deliver the infrastructure and then levied the subsequent landowners to repay the debt.

    Recognising the value of this approach, the government at the time rightly sought to codify this to be replicated around the country, culminating in the IFFA.

    In addition to providing a responsive, market-led pathway to enable greenfield development, the IFFA has several benefits.

    It can enable intensification in existing urban areas by funding and financing infrastructure upgrades.

    As the SPV is off balance sheet, it preserves council debt headroom while delivering additional infrastructure capacity. 

    It ensures revenue streams are certain and are hypothecated to the relevant infrastructure.

    It ensures fairness in that those who benefit pay – it spreads the infrastructure costs over a longer period of time and, therefore, more fairly across the beneficiaries over that infrastructure’s lifespan.

    Yet, its responsive, market-led vision has not been realised.

    No further greenfield deal has been done since the IFFA’s Milldale inspiration, with only two city-wide levies have been struck.

    We set out to understand why, and we have gone about fixing it.

    Streamline levy development and approval

    We’ve heard the process for standing up an IFFA transaction is unnecessarily burdensome and costly.

    A range of requirements are duplicated and redundant, which slow the process without adding any real benefit.

    A Minister doesn’t need to be bogged down with immaterial technical detail, and we don’t need ambiguities that arbitrarily leave some important matters neglected.

    We’re making a range of detailed changes to address this.

    Our focus is to ensure the right information is available in the right format at the right time to make the right decisions.

    There is also an embedded suggestion that a Minister is somehow always the best arbiter of what’s reasonable and affordable, even where affordability is already internalised.

    While we acknowledge the decision to impose a levy on existing ratepayers is a serious one, if a greenfield levy is proposed by the developer with skin in the game, or everyone affected otherwise consents, we are now going to take the wild approach of trusting that they’re acting in their own best interests.

    Increasing uptake

    Extending access to a variety of users 

    Last year, Cabinet made the decision to extend the scope of the IFFA to cover water entities under Local Water Done Well, and now we’re extending it further to NZTA projects. 

    This will mean major transport projects can recover a share of the infrastructure cost from those who benefit from an increase in development capacity, helping growth pay for growth and adding to the potential funding stack.

    Supporting developer-led proposals

    Part of the current process requires a levy to be endorsed by levy and infrastructure authorities, such as councils, before a proposal can be progressed, with no clear criteria to limit obstruction.

    In pursuit of responsiveness and growth, we are making changes that will require the endorsements to be given where statutory requirements are met.

    We cannot afford to give a licence to say ‘no’, so we’re not going to give it.

    Deferrals

    We’re also moving to enable levy payment flexibility.

    While infrastructure adds value to properties which benefit, and generally increase wealth, annual levies may be difficult to provide for when property owners may not have much financial headroom.

    We’re therefore introducing levy deferral options, so property owners can defer payment to a later date or until a specified triggering event. 

    Ensuring deferral options are reflected clearly and transparently will mean all parties can make better decisions, including the responsible Minister through the affordability assessment.

    Project eligibility

    Currently, there is ambiguity about whether projects commissioned prior to when a levy proposal is submitted are eligible, so we’re clarifying that projects commissioned up to two years prior will be. 

    This will extend coverage to circumstances where projects may have recently been completed but house sales have yet to occur.

    Use for development levies

    With the advent of the development levies Minister Bishop has just announced, we’re also making changes to help them work together with the IFFA.

    If a developer is facing the prospect of big development levy for council-provided infrastructure, there may be demand for the IFFA to finance this to be repaid by future homeowners.

    For this use case, we are removing the requirement that IFFA levies have a direct link to specific bulk infrastructure.

    Other changes

    There are a range of other changes, such as:

    • SPVs getting explicit powers to commence recovery action for unpaid levies
    • councils being able to request reimbursement of levy administration costs as a condition of endorsement
    • introducing flexibility about where the infrastructure must be vested
    • putting levies on an even keel with rates in the event of a rating sale
    • several other minor, technical, and remedial tweaks.

    Together, these changes will deliver a more usable pathway for IFFA deals that can be accessed by developers and others.

    The objective is to deliver infrastructure that may not have been planned by councils or planned for in the timeframe that developers need it.

    Conclusion

    While the IFFA is relatively technical, it is a very important tool, and it has a key role in facilitating demand-led growth.

    By streamlining processes and improving usability, and having National Infrastructure Funding and Financing (NIFF) engaged to assist councils and others with expertise and growing capacity, we expect the IFFA will be much more attractive and used much more widely.

    We need growth, and growth must be responsive to demand.

    The IFFA has a distinct and important role in delivering this.

    MIL OSI New Zealand News

  • MIL-Evening Report: Australia’s retirement savings are too big to invest at home – here’s why super funds are looking to the US

    Source: The Conversation (Au and NZ) – By Susan Thorp, Professor of Finance, University of Sydney

    Marek Masik/Shutterstock

    You might remember Pesto, the king penguin chick who became a star attraction at Melbourne Aquarium last year. Good food, good genes and a safe home let Pesto grow into a huge ball of brown fluff twice the size of his parents. Pesto became a local and international celebrity.

    While not cute or funny like Pesto, Australia’s financial sector gave birth to its own baby three decades ago that has since rapidly grown into a big adult – superannuation. It, too, has become internationally famous.

    This week, our superannuation sector attracted the attention of US asset managers and government officials, including the new US Treasury Secretary Scott Bessent, at a summit in Washington DC.

    Super industry leaders joined Treasurer Jim Chalmers and the Australian ambassador to the US, Kevin Rudd, to pitch a strengthening of ties. So, why are Australian super funds so keen to shore up support in the United States?




    Read more:
    Your super fund is invested in private markets. What are they and why has ASIC raised concerns?


    A giant nest egg

    Figures from the Australian Prudential Regulation Authority (APRA) show the total pool of superannuation assets had grown to about A$4.2 trillion by December 2024. That’s up 11.5% on the year before.

    That’s about 160% of the value of all goods and services produced in Australia – the gross domestic product (GDP) – over the year to June 2024 at $2.6 trillion.

    This scales to a very large pool of investable retirement money – the fifth largest in the world. Australia’s population ranks just 54th in the world.

    Some of the biggest individual funds have significant assets under management. Australian Super and Australian Retirement Trust, for example, both manage more than $300 billion in retirement savings.

    Looking overseas

    This leads us to why the Australian super industry is securing openings in the US. Australian super funds have invested some funds overseas since their inception. But this practice is expanding quickly for two reasons.

    First, the sheer size of the superannuation investment pool has largely outgrown its Australian asset base.

    To illustrate, our $4.2 trillion super pool is significantly larger than the total market capitalisation of the Australian Securities Exchange (ASX), about $3.1 trillion.

    Without new places to invest our super, it’s impossible to keep earning a return on it.

    The second – and related – reason is the need for diversification. It makes sense to lower risk by spreading funds across industries, geographies and jurisdictions.

    A scan of the aggregated asset allocation of large Australian super funds shows that around half of the funds invested in equities, property and infrastructure are currently in overseas assets.

    The US accounts for about 45% of aggregate financial assets of all investors worldwide – more than US$90 trillion (A$144 trillion).

    The strategy to diversify investments has paid off. The US stock market has seen some spectacular recent returns, with annual returns of more than 20% in some years. These have far outpaced those of the ASX.

    Compulsory savings

    Australia’s super sector has been fed by compulsory contributions (savings) and investment returns. Super has also been protected by legislation that makes participation compulsory for most workers and preserves savings until retirement.

    Australia has had a system of compulsory employer superannuation contributions for workers since 1992.
    DGLimages/Shutterstock

    Since 1992, employers have made compulsory (superannuation guarantee) contributions on behalf of workers into superannuation accounts. The compulsory contribution has risen significantly from an initial 3% of earnings to 12% of earnings from July this year.

    High coverage (well over 90% of workers), combined with rising contribution rates, has meant the amount of money flowing into superannuation accounts has grown at a remarkable compound annual rate of 14% since 1992.

    Even after the superannuation guarantee rate peaks at 12% this year, growth in labour earnings, fed by workforce and productivity growth, will continue to generate substantial inflows.

    Can’t touch our nest egg early

    Australia’s strict rules preventing withdrawals from super are among the tightest in the world. With some exceptions for extreme hardship, members of super funds can withdraw their savings from age 60 if they retire, and from age 65 even if they have not retired.

    An ageing population will mean more retirees in future decades, speeding up outflows. But so far, Australian retirees are proving to be very cautious with their nest eggs.

    Along with compulsory contributions and rules on withdrawing it, investment returns have grown the super baby, at rates of 7.3% annually over the past 30 years, or about 4.4% annually above inflation.

    The super sector is still smaller than its older sibling, the banking system, where assets of A$6.3 trillion are about 240% of the value of annual GDP. But super is forecast to grow to 200% of annual GDP over the next two decades.

    Riskier investments

    To generate these rates of return, Australian super funds have invested in a wide range of financial assets, and with a substantial exposure to high return (but riskier) assets.

    In Australia, super funds invest around two-thirds
    of funds in equities, property, infrastructure and commodities, and around one-third in safer bonds and cash.

    That contrasts with some other pension systems, such as Japan and the UK, where a majority of funds are invested in safer assets like government bonds.

    Susan Thorp is a member of UniSuper. She receives and has received research funding from the Australian Research Council, the Australian Securities and Investments Commission, the TIAA Institute (USA), IFM, and UniSuper and Cbus Superannuation funds via ARC Linkage Grants. Thorp was previously Professor of Finance and Superannuation at UTS, a position that was partly funded by Sydney Financial Forum (Colonial First State Global Asset Management), the NSW Government, the Association of Superannuation Funds of Australia (ASFA), the Industry Superannuation Network (ISN), and the Paul Woolley Centre for the Study of Capital Market Dysfunctionality, UTS. She was an Associate Investigator for the ARC Centre of Excellence in Population Ageing Research (CEPAR), and is a member of the OECD-International Network on Financial Education Research Committee, the Steering Committee of the Mercer CFA Global Pensions Index, the Australian Securities and Investments Commission (ASIC) Consultative Committee, the Board of New College (UNSW) and the Research Committee of Super Consumers Australia, a not-for-profit advocacy organisation for Australian pension plan participants.

    ref. Australia’s retirement savings are too big to invest at home – here’s why super funds are looking to the US – https://theconversation.com/australias-retirement-savings-are-too-big-to-invest-at-home-heres-why-super-funds-are-looking-to-the-us-250920

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI New Zealand: Release: Labour PR: More clarity needed for homebuyers

    Source: New Zealand Labour Party

    The Government’s levies announcement is a step in the right direction, but they must be upfront about who will pay its new infrastructure levies and ensure that first-home buyers are protected from hidden costs.

    “If we are truly going to address the housing shortage in this country, it will require a bipartisan approach across numerous Governments. Today’s announcement does build on some of the work Labour was doing,” Labour housing spokesperson Kieran McAnulty said.

    “We will be as constructive as we can when it comes to housing policy. We cannot support the Government’s appalling and backwards approach to social and emergency housing, but we are keen to work with the Government in the areas of planning and infrastructure.

    “After the Government scrapped a whole lot of reforms, causing massive upheaval for Councils and the construction and infrastructure sectors, we recognise that they are desperate for some certainty and we want to play our part in providing that.

    “Developers have told us that new homebuyers are already bearing too much cost. We have some questions that we will work through with the Government, such as who will actually be paying these new levies and whether there is a chance that this will lead to hidden costs for homebuyers. It’s important we get that straight early on.

    “Taking away development contributions from councils is a big deal, so we need to be clear on the details to make sure this doesn’t just shift the financial burden onto homeowners and first-home buyers. It is important the Government changes its attitude towards local government and works with them to get these settings right,” Kieran McAnulty said.


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    MIL OSI New Zealand News

  • MIL-OSI USA: Ernst Works to Bolster Local Meat Processing Capacity, Support Small Producers

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)
    WASHINGTON – U.S. Senator Joni Ernst (R-Iowa), a member of the Senate Agriculture Committee, is working to remove regulatory roadblocks and increase meat processing capacity by allowing livestock auction market owners to invest in small and regional packing facilities.
    Ernst recently introduced the Expanding Local Meat Processing Act, bipartisan, bicameral legislation that would amend the Packers and Stockyards Act to allow livestock auction market owners to hold ownership in, finance, or participate in the management or operation of a meat packing entity. This cap would exclude investment in the top 10 meat packers.
    “Removing outdated regulations that hinder the livestock industry should be a no-brainer,” said Ernst. “Allowing livestock auction markets to invest in small meat processing facilities will reduce market consolidation, decrease reliance on federal funding, and provide small producers with much-needed processing options. I’m proud to strengthen local food systems, increase competition, and ultimately lower meat costs for consumers through this effort.”
    Click here to view the bill text.
    Background:
    Currently, livestock auction markets are not able to own, invest in, manage, or operate a packing plant or meat marketing business due to outdated regulations in the Packers and Stockyards Act.
    Ernst has been pushing to remove this unnecessary barrier in the livestock industry since 2022.

    MIL OSI USA News

  • MIL-OSI Economics: Money Market Operations as on February 27, 2025

    Source: Reserve Bank of India


    (Amount in ₹ crore, Rate in Per cent)

      Volume
    (One Leg)
    Weighted
    Average Rate
    Range
    A. Overnight Segment (I+II+III+IV) 5,68,518.08 6.23 5.15-6.65
         I. Call Money 18,397.29 6.31 5.15-6.40
         II. Triparty Repo 3,97,349.95 6.21 5.90-6.32
         III. Market Repo 1,51,241.64 6.27 5.75-6.45
         IV. Repo in Corporate Bond 1,529.20 6.41 6.40-6.65
    B. Term Segment      
         I. Notice Money** 224.50 6.28 5.80-6.45
         II. Term Money@@ 910.00 6.50-7.25
         III. Triparty Repo 380.00 6.40 6.40-6.40
         IV. Market Repo 633.79 6.61 6.35-6.62
         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 Thu, 27/02/2025 1 Fri, 28/02/2025 49,955.00 6.26
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Thu, 27/02/2025 1 Fri, 28/02/2025 1,334.00 6.50
    4. SDFΔ# Thu, 27/02/2025 1 Fri, 28/02/2025 1,03,098.00 6.00
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -51,809.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo Fri, 21/02/2025 14 Fri, 07/03/2025 41,046.00 6.26
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo Fri, 21/02/2025 45 Mon, 07/04/2025 57,951.00 6.26
      Fri, 14/02/2025 49 Fri, 04/04/2025 75,003.00 6.28
      Fri, 07/02/2025 56 Fri, 04/04/2025 50,010.00 6.31
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       9,095.71  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     2,33,105.71  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     1,81,296.71  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on February 27, 2025 9,42,396.93  
         (ii) Average daily cash reserve requirement for the fortnight ending March 07, 2025 9,22,740.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ February 27, 2025 49,955.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on February 07, 2025 -1,973.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    ^ As per the Press Release No. 2024-2025/2013 dated January 27, 2025, Press Release No. 2024-2025/2138 dated February 12, 2025, and Press Release No. 2024-2025/2209 dated February 20, 2025.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/2269

    MIL OSI Economics

  • MIL-OSI Canada: Statement by the Prime Minister on the results of the provincial election in Ontario

    Source: Government of Canada – Prime Minister

    The Prime Minister, Justin Trudeau, today issued the following statement on the results of the provincial election in Ontario:

    “On behalf of the Government of Canada, I congratulate Doug Ford and the Progressive Conservative Party of Ontario on their re‑election.

    “At this crucial time, we must work together to defend Canadian interests, protect workers and businesses, and grow our economy. This includes making progress on the top-of-mind priorities of Ontarians and all Canadians – creating good-paying jobs, building more homes, and investing in health care and affordable child care.

    “Together, we can build stronger communities and a stronger, fairer province and country for everyone.”

    MIL OSI Canada News

  • MIL-OSI Asia-Pac: President Lai presides over third meeting of Healthy Taiwan Promotion Committee

    Source: Republic of China Taiwan

    Details
    2024-11-28
    President Lai presides over second meeting of Healthy Taiwan Promotion Committee
    On the afternoon of November 28, President Lai Ching-te presided over the second meeting of the Healthy Taiwan Promotion Committee. In his opening statement, the president said that we are implementing mental health support programs this year to provide more support for young and middle-aged people, pointing out that the policy has served over 20,000 people since it was implemented just over three months ago. In terms of bolstering mental health resiliency, the president said we still have much to do, our government must lead by example, and the public and private sectors must work together, making every effort to ensure that no one is left behind. Noting that our goal is to reduce the standardized cancer mortality rate by one-third by the year 2030, President Lai stated that next year’s budget for cancer screening will be increased to NT$6.8 billion. He also stated that plans are in the works to establish a fund for new cancer drugs, adding that in the general budget we will allocate NT$5 billion, which will gradually rise to NT$10 billion. At the same time, he said, we are also actively promoting genetic testing and precision medicine. He expressed confidence that expanding preventive screening at the front end and providing advanced treatments at the back end will effectively fight cancer and improve the overall health of our citizens. A translation of President Lai’s opening statement follows: Today is the second meeting of the Healthy Taiwan Promotion Committee. First, I want to thank our two deputy conveners, our advisors and committee members, and our friends online for their enthusiastic participation. I also want to welcome Committee Member Chien Wen-jen (簡文仁), who was on leave for the previous meeting. I would also like to introduce three new committee members: Let’s welcome Committee Member Huang Chin-shun (黃金舜), president of the Federation of Taiwan Pharmacists Associations. During the pandemic, he led the nation’s pharmacists in promoting services including name-based distribution systems for masks and rapid-test kits and home delivery of medications. I am sure that he will be able to provide many valuable views regarding pharmaceutical safety and supply resilience.    Let’s also welcome Committee Member Ko Fu-yang (柯富揚). During his time as secretary-general of the National Union of Chinese Medical Doctors’ Association, he led the Chinese medicine community in the transition from experience-based medicine to evidence-based medicine, and promoted the modernization of traditional Chinese medicine. With his participation, the committee will be able to spur research and development in both modern and traditional medicine. Our third new committee member is Liao Mei-nan (廖美南), president of the Taiwan Nurses Association, who was unable to be here today. She has long been dedicated to raising the quality of nursing care and actively promoting a high-quality, friendly work environment for nurses. The committee will rely on her experience to strengthen the link between policy and practice in nursing care. I want to thank all the members of the committee once again for working together with the government. Since the last committee meeting, under the guidance of Minister without Portfolio Chen Shih-chung (陳時中), the Ministry of Health and Welfare (MOHW) has implemented various policies. At the beginning of October, for example, three major AI centers were set up to resolve three key AI application issues: implementation, certification, and reimbursement, helping advance Taiwan’s smart healthcare ecosystem. At today’s meeting, the MOHW will first deliver a report on the progress of certain items listed in the first committee meeting, followed by a joint report by the MOHW and Ministry of Education on bolstering public mental health resilience and a report by the MOHW on enhancing cancer prevention and treatment strategies.  The World Health Organization has affirmed that “there is no health without mental health.” In a fast-changing, fast-paced society, the government should invest more resources in the field of mental health to safeguard the people’s overall health. We are therefore implementing mental health support programs this year and expanding the range of eligibility, from 15 to 30, to 15 to 45 years old, to provide more support for young and middle-aged people. That policy has served over 20,000 people since it was implemented just over three months ago. In terms of bolstering mental health resiliency, we still have much to do. From the workplace to the campus and every corner of society, our government must lead by example, and the public and private sectors must work together, making every effort to ensure that no one is left behind.    Aside from mental health, in view of cancer being the leading cause of death in Taiwan for 42 consecutive years, our goal is to reduce the standardized cancer mortality rate by one-third by the year 2030. And so we must expand screening and advance treatment. Last year, the government subsidized screenings for five types of cancer, providing a total of 4.87 million screenings and detecting 11,000 cases of cancer and 52,000 cases of precancerous conditions. We have allocated an additional NT$4 billion beginning next year, bringing the total budget for cancer screening to NT$6.8 billion, to expand the scope of cancer screening eligibility and services.  Plans are also in the works to establish a fund for new cancer drugs. In next year’s general budget we will allocate NT$5 billion, which will gradually rise to NT$10 billion, to provide reimbursement funding for a variety of new cancer drugs and reduce the economic burden on patients. These new measures will be reported on in detail moments from now by the MOHW. At the same time, we are also actively promoting genetic testing and precision medicine. Next generation sequencing, for example, has already been included in National Health Insurance coverage, which will help provide patients with precise, individualized treatment strategies. I am confident that expanding preventive screening at the front end and providing advanced treatments at the back end will effectively fight cancer and improve the overall health of our citizens. Today’s meeting will help the government understand viewpoints from many perspectives so we can promote policies that more closely meet the public’s needs. Let’s keep working hard together. Thank you.  Following his statement, President Lai heard a report on the progress of certain items listed in the first committee meeting from deputy executive secretary and National Health Insurance Administration Director General Shih Chung-liang (石崇良), a joint report on bolstering public mental health resilience from Deputy Minister of Health and Welfare Lin Ching-yi (林靜儀) and Deputy Minister of Education Lin Teng-chiao (林騰蛟), and a report on enhancing cancer prevention and treatment strategies from Deputy Minister of Health and Welfare Chou Jih-haw (周志浩). Afterward, President Lai exchanged views with the committee members regarding the content of the reports.  

    Details
    2024-11-28
    President Lai presides over first meeting of Healthy Taiwan Promotion Committee
    On the afternoon of August 22, President Lai Ching-te presided over the first meeting of the Healthy Taiwan Promotion Committee. As the committee’s convener, the president presented committee members with their letters of appointment, and explained that the Healthy Taiwan Promotion Committee is not just about promoting a Healthy Taiwan, but also achieving a Balanced Taiwan. The president stated that the committee spans various areas of expertise, and also considers the balance of Taiwan’s northern, central, southern, and eastern regions. The president expressed confidence that by soliciting a wide range of suggestions, engaging in diverse dialogue, and forging a consensus, the committee can help to realize health equality and further elevate the standard of medical care in Taiwan. President Lai indicated that next year, the Ministry of Health and Welfare’s total budget will be increased, along with expanded investment in medical treatment and care. In addition, he reported that the central government budget has also added a National Health Insurance (NHI) financial assistance program, which will help to enhance the work environments of healthcare professionals. The president stated that we will also launch the Healthy Taiwan Cultivation Plan to help rear talent and develop smart medicine. These budgets and programs, President Lai stated, reflect the government’s determination to create a Healthy Taiwan, and prove that “Healthy Taiwan” is not just a slogan, and has already been turned into concrete action. A translation of President Lai’s opening statement follows: At the end of my first month in office, I announced that the Presidential Office will establish three committees in response to three major global issues of nationwide concern: climate change, health promotion, and social resilience. These committees will consolidate forces from different sectors to strategize on national development. At the beginning of this month, we convened the first meeting of the National Climate Change Committee. Today, we convene the first meeting of the Healthy Taiwan Promotion Committee. I would like to thank the three deputy conveners and all advisors and committee members for making a commitment to the Healthy Taiwan Promotion Committee. I also want to thank our fellow citizens and friends joining us online to follow the committee’s proceedings. During my campaign, I was constantly thinking about what I could contribute to our people that is different from past presidents if I were fortunate enough to be elected. After a lot of thought, I felt that as a physician, I should utilize my professional background in health care and work together with people from all sectors of society to help create a Healthy Taiwan. Healthy Taiwan is our goal, and health is both a basic human right and a universal value. Health promotion not only involves the well-being of a nation’s people, but is also of great concern to humankind so that we may survive and thrive. Taiwan is a responsible member of the international community. Amid the challenges of the pandemic over the past few years, we have shared disease prevention supplies, technology, and experience with countries around the world, and have continued to contribute to the global public health system. Going forward, Taiwan must actively address critical health-related challenges, including cancer, transnational communicable diseases of unknown origin, antibiotic-resistant superbugs, a low birth rate, and an aging society. We are confident that, sharing countermeasures and experience with countries around the world, we can keep people healthy and make the nation stronger so that the world embraces Taiwan. I want to thank former Superintendent of National Cheng Kung University Hospital Chen Jyh-hong (陳志鴻), who is also a mentor of mine, for organizing five regional forums and a national forum for the Healthy Taiwan Promotion Alliance this past March and April. Over 1,200 healthcare professionals from all over the country attended the forums and shared their views. Premier Cho Jung-tai (卓榮泰), Vice Premier Cheng Li-chiun (鄭麗君), and I were also invited to attend the national forum and participate in full. I also want to thank the experts from various fields for their suggestions throughout this process, which became key reference points for promoting policies after we took office on May 20. The position paper on the table in front of you is a compilation of those valuable insights, which will be the foundation of our future actions. To implement the Healthy Taiwan initiative, we must also achieve a Balanced Taiwan. Therefore, the Healthy Taiwan Promotion Committee established today not only spans various areas of expertise, but also considers the balance of Taiwan’s northern, central, southern, and eastern regions to achieve nationwide health equality. I want to thank the nine advisors here with us today: Superintendent Wu Ming-shiang (吳明賢), Superintendent Chen Wei-ming (陳威明), Chairman Cherng Wen-jin (程文俊), President Chiu Kuan-ming (邱冠明), and Chairman Chang Hong-jen (張鴻仁) from northern Taiwan; Superintendent Chen Mu-kuan (陳穆寬) from central Taiwan; Superintendent Lin Sheng-che (林聖哲) and President Yu Ming-lung (余明隆) from southern Taiwan; and Superintendent Lin Shinn-zong (林欣榮) from eastern Taiwan. Your participation will give us a better understanding of viewpoints from around the country. The objective of Healthy Taiwan is to raise the population’s average life expectancy while simultaneously reducing time spent living with illness or disability, while also caring for physical, mental, and spiritual health. The 20 members of the committee are therefore drawn from a variety of fields of professional expertise. We have Superintendent Chen Shih-ann (陳適安) in the field of smart medicine, Vice-Superintendent Susan Shur-fen Gau (高淑芬) in pediatric psychiatry, medical and long-term care service integration specialist Superintendent Chan Ding-cheng (詹鼎正), and emerging infectious disease specialist Director Shen Ching-fen (沈靜芬). We have also invited Professor Tsai Sen-tien (蔡森田) to provide suggestions on optimizing healthcare services and health insurance sustainability, and invited President Chou Ching-ming (周慶明) and President Huang Cheng-kuo (黃振國) to continue promoting the Family Medicine Plan and report on primary care issues. We have also recruited President Li Yi-heng (李貽恒), who put forward the 888 Program for prevention and treatment of the “three highs” (high blood pressure, high cholesterol, and high blood sugar) and kidney disease, pediatric health specialist President Ni Yen-hsuan (倪衍玄), women’s health care specialist Secretary-General Huang Jian-pei (黃建霈), and President Hung Te-jen (洪德仁), who is focused on community development. We also have Dean Shan Yan-shen (沈延盛) from the field of cancer prevention and treatment, psychiatric and mental health specialist Professor Su Kuan-pin (蘇冠賓), epidemiology expert and Emeritus Research Fellow Ho Mei-shang (何美鄉), and biomedicine and regenerative medicine specialist Professor Patrick Ching-ho Hsieh (謝清河). The committee also includes specialist in nutrition and health for all ages President Kuo Su-e (郭素娥), and expert in the promotion of physical activity and health Vice Chairman Chien Wen-jen (簡文仁). I also want to thank Chairman Lin De-wen (林德文) for participating as we work together to enhance the health and well-being of indigenous peoples. In addition, public sector participants include Minister of National Development Liu Chin-ching (劉鏡清) and Minister of Education Cheng Ying-yao (鄭英耀), as well as Minister of Health and Welfare Chiu Tai-yuan (邱泰源), who is serving as executive secretary, and NHI Administration Director General Shih Chung-liang (石崇良) serving as deputy executive secretary. Over 80 percent of the committee’s members are from the private sector, and I will take advantage of this opportunity to continue to combine the strengths of all stakeholders throughout society to promote a healthy lifestyle for one and all, and enhance medical care for all ages. At today’s first meeting of the committee, the Ministry of Health and Welfare will brief us on two topics: the first is the Healthy Taiwan vision plan, illustrating Taiwan’s current challenges and opportunities, as well as an action blueprint. The second issue is reform and optimization for NHI sustainability. Next year will mark the 30th anniversary of our NHI system. NHI is the pride of Taiwan, because health insurance can free citizens from the vicious cycle of poverty caused by illness, or illness caused by poverty. Since 2020, the NHI system has achieved a public satisfaction rate of over 90 percent. Next year, Taiwan will also become a “super-aged society,” which means that one of every five people will be a senior citizen 65 or older. Due to new pharmaceuticals of all kinds, the development of new technologies, and citizen expectations for an optimized medical practice environment, many aspects of health insurance operations will face an increasing number of challenges. The NHI system’s core values are health equality and mutual assistance for all. Better care for everyone, however, depends on sustainable NHI operations. We closely monitor NHI system point values, but also want to embody the greater values of the system. The government will continue to refine the budget system and management, rationally distribute medical resources and stabilize point values, and continue to optimize NHI finances to enhance the efficiency and quality of services. We also look forward to working with everyone to achieve sustainable NHI development, enhance health equality, and further elevate the standard of medical care in Taiwan. I also want to report that next year, the Ministry of Health and Welfare’s total budget will reach NT$370.2 billion, an increase of NT$31.8 billion over this year. The total budget is expected to allocate NT$60.7 billion to expand investment in medical treatment and care to create a Healthy Taiwan. The central government budget has also added an NHI financial assistance program that includes incentives for maintaining specified nurse-patient ratios across all three shifts and rotating night-shift nursing staff, and promoting smart information upgrades at medical facilities to enhance the work environments of healthcare professionals. We will also launch the Healthy Taiwan Cultivation Plan, investing funds to support medical institutions at all levels nationwide, rear talent, and develop smart medicine. Regarding the fund for new cancer drugs that many cancer patients care deeply about, in next year’s general budget we will allocate NT$5 billion for health insurance funding. In 2026, that figure is expected to reach NT$10 billion. We will also promote the fifth-stage national plan for cancer prevention and treatment, and beginning next year the budget for cancer screening will be increased by NT$4 billion, reaching NT$6.8 billion, to boost screening rates. I want everyone to know that these budgets and programs reflect the government’s determination to create a Healthy Taiwan. Since I took office, the government has created plans and programs to increase nursing staff levels and promote public mental health. We also launched an Acute Hospital Care at Home pilot project to provide integrated long-term and medical care services. Once again, I would like to thank everyone here today for participating, and thank our fellow citizens for their support. I also want our fellow citizens to know that Healthy Taiwan is not just a slogan, and has already been turned into concrete action. These are all concrete, substantive actions by a government team that has been in office for less than 100 days. I am confident that with the support and participation of our committee members and advisors, and through soliciting a wide range of suggestions, engaging in diverse dialogue, and forging a consensus, our actions to create a Healthy Taiwan will more closely align with society’s expectations, and we will move more quickly and steadily toward realizing our vision. Thank you. Following his statement, President Lai presented letters of appointment to the committee members, heard a report from Minister Chiu illustrating the Healthy Taiwan vision plan, and heard a report from Director General Shih on reform and optimization for NHI sustainability. Afterward, President Lai exchanged views with the committee members regarding the content of the two reports and the Rules of Procedure for Meetings of the Office of the President Healthy Taiwan Promotion Committee.

    Details
    2024-11-28
    President Lai attends opening of International Conference on Emergency Medicine 2024
    On the morning of June 20, President Lai Ching-te attended the opening ceremony of the International Conference on Emergency Medicine (ICEM) 2024. In remarks, President Lai stated that one goal of his administration is to create an even healthier Taiwan and that we will continue to strengthen our capabilities in medicine and public health to enhance health for all and help make the world a better place. The president emphasized that the global disease prevention network is something every country should be a part of, and that if any country is missing from this network, the rest of the world will be at a disadvantage. The president then asked for the participants’ support for Taiwan to participate in the World Health Organization so that we may contribute even more to the global public health system. A transcript of President Lai’s remarks follows: I would like to begin by welcoming all guests from overseas to Taiwan. ICEM is the world’s largest conference on emergency medicine. Over 2,500 experts and academics from home and abroad have gathered here for this year’s conference. This not only underlines the importance of emergency medicine, but is also a testament to global cooperation in medicine. This year also marks TSEM’s [Taiwan Society of Emergency Medicine] 30th anniversary. I would like to thank Chairperson Ng Chip-jin (黃集仁), President Hsu Chien-chin (許建清), and everyone who helped bring ICEM to Taiwan. This conference will help expand people-to-people diplomacy, showing Taiwan’s development and contributions in emergency medicine to the world. I am confident that everyone here shares my belief that health is a basic human right. And to ensure this right, emergency medical professionals are indispensable. Before entering politics, I myself worked as a clinician. I know well that emergency rooms are at the frontline of hospitals, and often the last hope for those who need lifesaving care. Especially during the COVID-19 pandemic, we all witnessed the rapid response and important support of emergency medical professionals, who gave their all for the health of others. I want to take this opportunity to express my utmost respect for your work. The theme of ICEM 2024 is Glocalization of Emergency Medicine: Global Wisdom and Local Solution. With that in mind, I hope that through clinical research, public health, smart tech, and other strategies, we can help reduce disparities in emergency medicine around the world. Here in Taiwan, we have made major progress in emergency medicine, from developing a cutting-edge trauma care system to implementing advanced strategies for disaster response. We are also committed to training highly skilled professionals in the field, as well as developing an advanced medical infrastructure. This conference will give Taiwan the opportunity to share our experience, and allow everyone to exchange best practices, engage in discussions, and promote the global development of emergency medicine. One goal of my administration is to create an even healthier Taiwan. We will continue to strengthen our capabilities in medicine and public health to enhance health for all and help make the world a better place. A healthier Taiwan also means a booming medical sector, and an even higher quality and diversity of medical services. Taiwan has had, and will continue to have, many medical accomplishments to share with the world. Today, all of you gather here to continue making global contributions through emergency medicine. The mission of IFEM [International Federation for Emergency Medicine] is to create a world where all people, in all countries, have access to high quality emergency medical care. On this point, the global disease prevention network is something every country should be a part of. If any country is missing from this network, the rest of the world will be at a disadvantage. I would like to ask for your support for Taiwan to participate in the World Health Organization, so that we may contribute even more to the global public health system. And as President Hsu Chien-chin has said, although the road is long, if we travel together, we can travel far. With this vision as our guide, alongside our friends from around the world, Taiwan will strive to achieve our common goals and realize quality healthcare for all. I wish ICEM 2024 great success, and all participants a rewarding experience. I also invite you to travel around Taiwan during your stay, and get to know our beautiful nation. Following his remarks, President Lai and the distinguished guests took part in the kick-off ceremony for the conference. IFEM President Ffion Davies was also in attendance at the event.

    Details
    2024-11-28
    President Lai meets WHA action team
    On the morning of June 1, President Lai Ching-te met with members of Taiwan’s World Health Assembly (WHA) action team. In remarks, President Lai stated that standing on the front lines, the team fought for the human right to health for both Taiwan and the world. He also thanked the international community for their support for Taiwan. The president said that Taiwan is an indispensable member of the international community when it comes to ensuring global health security. In addition, he said that one of the new government’s goals is to create a healthier Taiwan, as we want our people to live longer and healthier, and that we want to leverage Taiwan’s strengths in public health and medicine. He said we will continue to deepen our partnerships with other countries as we build an even more resilient global public health system, and that a healthy Taiwan will help make the world a better place. A translation of President Lai’s remarks follows: I would like to warmly welcome our partners from the WHA action team back from Geneva, and express my appreciation for your hard work and efforts. Standing on the front lines, you fought for the human right to health for both Taiwan and the world, and we thank you for giving it your all. Your flight only just arrived at 7 a.m., but I can see that everyone is still in high spirits. You have truly put in your heart for Taiwan, and once again, I thank you all. It is regrettable that at this year’s WHA, constrained by political factors, a proposal item for Taiwan to join as an observer was not included in the agenda yet again. However, the hard work of our WHA action team over the years has already borne fruit. Last year, the Ministry of Health and Welfare signed MOUs with the public health agencies of the Czech Republic, Canada, and the United Kingdom, and bilateral talks this year included discussion on substantive cooperation. The bilateral talks carried out by our action team in Geneva were not only more numerous this year, but also involved officials of even higher level. The team also held professional forums addressing important issues of the WHA in cooperation with various medical and health organizations. This is all proof of Taiwan’s contribution toward global public health and the human right to health. The steps we take for Taiwan to participate in world health affairs will not falter. Support for Taiwan from the international community grows stronger year by year. This year, 26 member states of the World Health Organization and the European Union, which is an observer, directly or indirectly voiced their support for Taiwan’s participation in the WHA. Their support reaffirms that Taiwan is an indispensable member of the international community when it comes to ensuring global health security. Health knows no borders. Health is a basic human right. One of the new government’s goals is to create a healthier Taiwan. We want our people to live longer and healthier. And we also want to leverage Taiwan’s strengths in public health and medicine, as we deepen our cooperation with other countries and work together to advance the health of humankind and global sustainable development. I want to thank the member states for their support for Taiwan. I also want to once again thank the members of the WHA action team and our many friends, both here and outside of Taiwan, for their hard work on this issue. Moving forward, we will continue to deepen our partnerships with other countries as we build an even more resilient global public health system. So just as democratic Taiwan continues to shine its light upon the world, a healthy Taiwan will help make the world a better place. On that note, let us keep working together toward these goals. After President Lai concluded his remarks, Minister of Health and Welfare Chiu Tai-yuan (邱泰源) presented a photo collage to show President Lai some of the highlights of the action team’s activities in Geneva.

    Details
    2024-11-28
    President Tsai meets World Medical Association President Lujain Alqodmani
    On the morning of December 11, President Tsai Ing-wen met with a delegation led by World Medical Association (WMA) President Dr. Lujain Alqodmani. In remarks, President Tsai thanked the WMA for its many years of speaking up for Taiwan on the international stage. President Tsai emphasized that we will continue to show how Taiwan can help by actively contributing to global health security. The president expressed her belief that with Taiwan’s achievements and capabilities in medicine and public health, we can join forces with many more countries to optimize the medical environment and make a more positive impact on the health of humankind. A translation of President Tsai’s remarks follows: I extend a warm welcome to President Alqodmani, who is visiting Taiwan once again. I am also glad to see WMA Secretary General Dr. Otmar Kloiber. Both of you are well acquainted with Taiwan and are our close friends. You have demonstrated your support through concrete actions. I would like to express my deepest thanks. The WMA is the largest international NGO that represents physicians. You staunchly defend health security and the rights and interests of physicians around the world with professionality and impartiality. I want to take this opportunity to thank the WMA on behalf of the Taiwanese people for its longstanding support of our participation in the World Health Organization (WHO) and World Health Assembly (WHA). This May, for example, our WHA action team collaborated with the WMA to hold a forum on emergency medicine in Geneva in the lead-up to the WHA. We will continue to show how Taiwan can help by actively contributing to global health security. During the COVID-19 pandemic, Taiwan demonstrated the resilience of its public healthcare system and shared its experiences in combating the pandemic with the world. We have also shared our medical services and construction capabilities, two areas in which we excel, with our diplomatic allies to help enrich the lives of their people and enhance the quality and environment of healthcare. We hope that President Alqodmani and Secretary General Kloiber will continue to speak up for Taiwan on the international stage. I believe that with Taiwan’s achievements and capabilities in medicine and public health, we can join forces with many more countries to optimize the medical environment. Together, we can make a more positive impact on the health of humankind. I also want to thank the Taiwan Medical Association (TMA) for serving as a bridge of communication between the government and the medical community, which helps us in implementing many of our policies. We look forward to the TMA further expanding exchanges and cooperation between the medical and international communities. I am looking forward to exchanging ideas with you today. Your visit to Taiwan will no doubt lay the groundwork for further cooperation. I wish you all a successful trip.

    Details
    2025-02-14
    President Lai holds press conference following high-level national security meeting
    On the morning of February 14, President Lai Ching-te convened the first high-level national security meeting of the year, following which he held a press conference. In remarks, President Lai announced that in this new year, the government will prioritize special budget allocations to ensure that Taiwan’s defense budget exceeds 3 percent of GDP. He stated that the government will also continue to reform national defense, reform our legal framework for national security, and advance our economic and trade strategy of being rooted in Taiwan while expanding globally. The president also proposed clear-cut national strategies for Taiwan-US relations, semiconductor industry development, and cross-strait relations. President Lai indicated that he instructed the national security and administrative teams to take swift action and deliver results, working within a stable strategic framework and according to the various policies and approaches outlined. He also instructed them to keep a close watch on changes in the international situation, seize opportunities whenever they arise, and address the concerns and hope of the citizens with concrete actions. He expressed hope that as long as citizens remain steadfast in their convictions, are willing to work hand in hand, stand firm amidst uncertainty, and look for ways to win within changing circumstances, Taiwan is certain to prevail in the test of time yet again. A translation of President Lai’s remarks follows: First, I would like to convey my condolences for the tragic incident which occurred at the Shin Kong Mitsukoshi department store in Taichung, which resulted in numerous casualties. I have instructed Premier Cho Jung-tai (卓榮泰) to lead the relevant central government agencies in assisting Taichung’s municipal government with actively resolving various issues regarding the incident. It is my hope that these issues can be resolved efficiently. Earlier today, I convened this year’s first high-level national security meeting. I will now report on the discussions from the meeting to all citizens. 2025 is a year full of challenges, but also a year full of hope. In today’s global landscape, the democratic world faces common threats posed by the convergence of authoritarian regimes, while dumping and unfair competition from China undermine the global economic order. A new United States administration was formed at the beginning of the year, adopting all-new strategies and policies to address challenges both domestic and from overseas. Every nation worldwide, including ours, is facing a new phase of changes and challenges. In face of such changes, ensuring national security, ensuring Taiwan’s indispensability in global supply chains, and ensuring that our nation continues to make progress amidst challenges are our top priorities this year. They are also why we convened a high-level national security meeting today. At the meeting, the national security team, the administrative team led by Premier Cho, and I held an in-depth discussion based on the overall state of affairs at home and abroad and the strategies the teams had prepared in response. We summed up the following points as an overall strategy for the next stage of advancing national security and development. First, for overall national security, so that we can ensure the freedom, democracy, and human rights of the Taiwanese people, as well as the progress and development of the nation as we face various threats from authoritarian regimes, Taiwan must resolutely safeguard national sovereignty, strengthen self-sufficiency in national defense, and consolidate national defense. Taiwan must enhance economic resilience, maintain economic autonomy, and stand firm with other democracies as we deepen our strategic partnerships with like-minded countries. As I have said, “As authoritarianism consolidates, democratic nations must come closer in solidarity!” And so, in this new year, we will focus on the following three priorities: First, to demonstrate our resolve for national defense, we will continue to reform national defense, implement whole-of-society defense resilience, and prioritize special budget allocations to ensure that our defense budget exceeds 3 percent of GDP. Second, to counter the threats to our national security from China’s united front tactics, attempts at infiltration, and cognitive warfare, we will continue with the reform of our legal framework for national security and expand the national security framework to boost societal resilience and foster unity within. Third, to seize opportunities in the restructuring of global supply chains and realignment of the economic order, we will continue advancing our economic and trade strategy of being rooted in Taiwan while expanding globally, strengthening protections for high-tech, and collaborating with our friends and allies to build supply chains for global democracies. Everyone shares concern regarding Taiwan-US relations, semiconductor industry development, and cross-strait relations. For these issues, I am proposing clear-cut national strategies. First, I will touch on Taiwan-US relations. Taiwan and the US have shared ideals and values, and are staunch partners within the democratic, free community. We are very grateful to President Donald Trump’s administration for their continued support for Taiwan after taking office. We are especially grateful for the US and Japan’s joint leaders’ statement reiterating “the importance of maintaining peace and stability across the Taiwan Strait as an indispensable element of security and prosperity for the international community,” as well as their high level of concern regarding China’s threat to regional security. In fact, the Democratic Progressive Party government has worked very closely with President Trump ever since his first term in office, and has remained an international partner. The procurement of numerous key advanced arms, freedom of navigation critical for security and stability in the Taiwan Strait, and many assisted breakthroughs in international diplomacy were made possible during this time. Positioned in the first island chain and on the democratic world’s frontline countering authoritarianism, Taiwan is willing and will continue to work with the US at all levels as we pursue regional stability and prosperity, helping realize our vision of a free and open Indo-Pacific. Although changes in policy may occur these next few years, the mutual trust and close cooperation between Taiwan and Washington will steadfastly endure. On that, our citizens can rest assured. In accordance with the Taiwan Relations Act and the Six Assurances, the US announced a total of 48 military sales to Taiwan over the past eight years amounting to US$26.265 billion. During President Trump’s first term, 22 sales were announced totaling US$18.763 billion. This greatly supported Taiwan’s defensive capabilities. On the foundation of our close cooperation with the past eight years’ two US administrations, Taiwan will continue to demonstrate our determination for self-defense, accelerate the bolstering of our national defense, and keep enhancing the depth and breadth of Taiwan-US security cooperation, along with all manner of institutional cooperation. In terms of bilateral economic cooperation, Taiwan has always been one of the US’s most reliable trade partners, as well as one of the most important cooperative partners of US companies in the global semiconductor industry. In the past few years, Taiwan has greatly increased both direct and indirect investment in the US. By 2024, investment surpassed US$100 billion, creating nearly 400,000 job opportunities. In 2023 and 2024, investment in the US accounted for over 40 percent of Taiwan’s overall foreign investment, far surpassing our investment in China. In fact, in 2023 and 2024, Taiwanese investment in China fell to 11 percent and 8 percent, respectively. The US is now Taiwan’s biggest investment target. Our government is now launching relevant plans in accordance with national development needs and the need to establish secure supply systems, and the Executive Yuan is taking comprehensive inventory of opportunities for Taiwan-US economic and trade cooperation. Moving forward, close bilateral cooperation will allow us to expand US investment and procurement, facilitating balanced trade. Our government will also strengthen guidance and support for Taiwanese enterprises on increasing US investment, and promote the global expansion and growth of Taiwan’s industries. We will also boost Taiwan-US cooperation in tech development and manufacturing for AI and advanced semiconductors, and work together to maintain order in the semiconductor market, shaping a new era for our strategic economic partnership. Second, the development of our semiconductor industry. I want to emphasize that Taiwan, as one of the world’s most capable semiconductor manufacturing nations, is both willing and able to address new situations. With respect to President Trump’s concerns about our semiconductor industry, the government will act prudently, strengthen communications between Taiwan and the US, and promote greater mutual understanding. We will pay attention to the challenges arising from the situation and assist businesses in navigating them. In addition, we will introduce an initiative on semiconductor supply chain partnerships for global democracies. We are willing to collaborate with the US and our other democratic partners to develop more resilient and diversified semiconductor supply chains. Leveraging our strengths in cutting-edge semiconductors, we will form a global alliance for the AI chip industry and establish democratic supply chains for industries connected to high-end chips. Through international cooperation, we will open up an entirely new era of growth in the semiconductor industry. As we face the various new policies of the Trump administration, we will continue to uphold a spirit of mutual benefit, and we will continue to communicate and negotiate closely with the US government. This will help the new administration’s team to better understand how Taiwan is an indispensable partner in the process of rebuilding American manufacturing and consolidating its leadership in high-tech, and that Taiwan-US cooperation will benefit us both. Third, cross-strait relations. Regarding the regional and cross-strait situation, Taiwan-US relations, US-China relations, and interactions among Taiwan, the US, and China are a focus of global attention. As a member of the international democratic community and a responsible member of the region, Taiwan hopes to see Taiwan-US relations continue to strengthen and, alongside US-China relations, form a virtuous cycle rather than a zero-sum game where one side’s gain is another side’s loss. In facing China, Taiwan will always be a responsible actor. We will neither yield nor provoke. We will remain resilient and composed, maintaining our consistent position on cross-strait relations: Our determination to safeguard our national sovereignty and protect our free and democratic way of life remains unchanged. Our efforts to maintain peace and stability in the Taiwan Strait, as well as our willingness to work alongside China in the pursuit of peace and mutual prosperity across the strait, remain unchanged. Our commitment to promoting healthy and orderly exchanges across the strait, choosing dialogue over confrontation, and advancing well-being for the peoples on both sides of the strait, under the principles of parity and dignity, remains unchanged. Regarding the matters I reported to the public today, I have instructed our national security and administrative teams to take swift action and deliver results, working within a stable strategic framework and according to the various policies and approaches I just outlined. I have also instructed them to keep a close watch on changes in the international situation, seize opportunities whenever they arise, and address the concerns and hope of the citizens with concrete actions. My fellow citizens, over the past several years, Taiwan has weathered a global pandemic and faced global challenges, both political and economic, arising from the US-China trade war and Russia’s invasion of Ukraine. Through it all, Taiwan has persevered; we have continued to develop our economy, bolster our national strength, and raise our international profile while garnering more support – all unprecedented achievements. This is all because Taiwan’s fate has never been decided by the external environment, but by the unity of the Taiwanese people and the resolve to never give up. A one-of-a-kind global situation is creating new strategic opportunities for our one-of-a-kind Taiwanese people, bringing new hope. Taiwan’s foundation is solid; its strength is great. So as long as everyone remains steadfast in their convictions, is willing to work hand in hand, stands firm amidst uncertainty, and looks for ways to win within changing circumstances, Taiwan is certain to prevail in the test of our time yet again, for I am confident that there are no difficulties that Taiwan cannot overcome. Thank you.

    MIL OSI Asia Pacific News

  • MIL-OSI China: Entrepreneurs to be provided policy support

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

    China will ramp up efforts to provide more effective financial and policy support for young entrepreneurs and aspiring business owners as part of a broader push to invigorate the economy and promote higher-quality employment.

    Seven central government departments, including the Ministry of Human Resources and Social Security, the Ministry of Education and the Ministry of Finance, recently issued a guideline aimed at optimizing the business environment and fostering more individual entrepreneurs and startups.

    The guideline underscores the importance of cultivating entrepreneurial awareness, particularly among young people. Universities and vocational colleges are encouraged to organize innovation-related activities and competitions while integrating more entrepreneurship-focused resources into their curricula.

    College graduates, migrant workers, demobilized military personnel and people having trouble finding jobs due to financial or physical difficulties will be the key beneficiaries of the government’s support. They will be provided with opportunities to gain hands-on experience at well-established companies, the guideline says.

    Local authorities are encouraged to use digital tools to create entrepreneurial simulation platforms, allowing aspiring business owners to gain immersive, real-world experience in company management, marketing and commercial operations.

    The guideline also calls for improved public services for entrepreneurs. Local governments can establish mentorship programs by inviting successful business leaders, investors and experts to provide guidance.

    For those whose ventures fail, authorities are urged to offer assistance in labor relations and social security, as well as provide loan support for those seeking a second chance.

    The government will also enhance financial support by expanding tax reductions, offering low-interest loans and providing one-time subsidies to eligible entrepreneurs.

    Banks are encouraged to streamline their approval processes to facilitate financing for startups.

    Additionally, China plans to promote entrepreneurship by highlighting success stories and awarding individuals who create significant employment opportunities or contribute to industrial development.

    Li Chang’an, a professor at the Academy of China Open Economy Studies at the University of International Business and Economics in Beijing, said entrepreneurship plays a crucial role in easing employment pressure and generating job opportunities.

    “Our surveys show that a self-employed individual can create three to five jobs, while a small private startup can generate about 10 jobs,” he said, adding that innovation and entrepreneurship have long been part of China’s national strategy to drive technological progress and economic growth.

    MIL OSI China News

  • MIL-OSI New Zealand: Lifestyle and Health – Making Exercise More Affordable Could Transform Health in Aotearoa

    Source: Exercise New Zealand

    A new report reveals that reducing the cost of exercise facilities could significantly increase physical activity levels in Aotearoa, delivering major health and economic benefits. The 2024 HFA-Portas Price Elasticity Report identifies affordability as the primary barrier preventing more New Zealanders from joining gyms, despite clear evidence of the health benefits of structured exercise.

    Physical inactivity is a growing public health crisis, contributing to preventable chronic diseases such as heart disease, type 2 diabetes, and obesity. Alarmingly, the report finds that 53.5% of New Zealanders fail to meet the World Health Organization’s (WHO) recommended physical activity levels, placing an increasing strain on the healthcare system. Childhood and adolescent obesity rates have also reached unprecedented levels, elevating the risk of lifelong health issues.

    Key Findings from the Report:

    • 67% of non-gym members cite affordability as their main reason for not joining.
    • Gym users are 54% more likely to meet WHO exercise guidelines than non-users.
    • A 10% reduction in membership fees could encourage up to 291,000 more Kiwis to join structured exercise facilities.

    Increased participation could:

    • Prevent 7,600 cases of chronic disease annually.
    • Save 1,600 disability-adjusted life years (DALYs).
    • Generate $148 million in annual health savings.
    • Improve life satisfaction for 35,000 people and enhance community trust for 33,700.
    • Stimulate $209 million in additional consumer spending.
    • Create 4,500+ new jobs in the exercise industry.

    Richard Beddie, CEO of ExerciseNZ, says the findings present a compelling case for affordability initiatives to boost participation. “New Zealanders recognise the benefits of exercise, but for many, cost remains a barrier. This report shows that even a modest reduction in gym fees could profoundly impact our nation’s health, economy, and social wellbeing. Exercise facilities must be recognised as critical health infrastructure and supported accordingly.”

    The report’s release coincides with ExerciseNZ’s upcoming ‘Fit for Office’ initiative, where New Zealand MPs will have their physical activity levels tracked via heart rate monitors and displayed on a competitive leaderboard. “This initiative highlights that everyone, including busy MPs, can stay active and benefit from exercise,” says Beddie.

    ExerciseNZ urges policymakers, industry leaders, and community organisations to collaborate on improving affordability through potential subsidies or membership incentives. This is about more than just gyms—it’s about improving public health, reducing healthcare costs, and fostering stronger communities.

    MIL OSI New Zealand News

  • MIL-OSI USA: SBA Opens Business Recovery Centers in Florida to Assist Small Businesses and Private Nonprofits Affected by Hurricanes Helene and Milton

    Source: United States Small Business Administration

    ATLANTA –The U.S. Small Business Administration (SBA) announced the opening of three Business Recovery Centers (BRCs) in Manatee, Sarasota and Volusia counties to assist small businesses and private nonprofit (PNP) organizations who sustained economic losses from Hurricanes Helene and Milton.

    SBA customer service representatives will be on hand at the BRCs to answer questions about SBA’s disaster loan program, explain the application process and help individuals complete their application. Walk-ins are accepted, but you can schedule an in-person appointment in advance at appointment.sba.gov. The BRC’s opening dates and hours of operation are listed below.

    Business Recovery Center (BRC)  

    Manatee County  

    Tingley Memorial Library

    111 2nd St. N.  

    Bradenton Beach, FL 34217

    Opening: Friday, Feb. 28, 10 a.m. to 5 p.m.  

    Hours:         Monday – Friday, 8 a.m. to 5 p.m.  

     Closed:      Saturday and Sunday   

    Business Recovery Center (BRC)  

    Sarasota County  

     Sanford Information Center  

    (Entrance on Ringling Blvd)

     111 S. Orange Avenue

    Sarasota, FL 34236

     Opening: Monday, March 3, 10 a.m. to 5 p.m.  

     Hours:         Monday – Friday, 8 a.m. to 5 p.m.  

    Closed:       Saturday and Sunday  

    Business Recovery Center (BRC)  

    Volusia County  

    UCF Business Incubator Volusia County

    601 Innovation Way  

    Daytona Beach, FL 32114

    Opening: Friday, Feb. 28, 10 a.m. to 6 p.m.  

    Hours:         Monday – Friday, 8 a.m. to 5 p.m.  

    Closed:      Saturday and Sunday  

    “SBA’s BRCs have consistently proven their value to business owners following a disaster,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “Business owners can visit these centers to meet face-to-face with specialists who will guide them through the disaster loan application process and connect them with resources to support their recovery.

    The SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs impacted by financial losses directly related to these disasters. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

    EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.  

    The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

    To apply online and receive additional disaster assistance information visit sba.gov/disaster. Applicants may also call the SBA’s Customer Service Center at (800) 659-2955 or send an email to disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    The deadlines to return economic injury applications are June 24, 2025, for Tropical Storm Debby and June 30, 2025, for Hurricane Helene.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov. 

    MIL OSI USA News

  • MIL-OSI China: Foxconn breaks ground on new business headquarters in central China

    Source: China State Council Information Office

    A new business headquarters building for Foxconn, the world’s leading electronics manufacturer, broke ground in Zhengzhou, the capital of central China’s Henan Province, on Thursday.

    This move marks a significant step forward for the Taiwanese company in advancing its new strategic industry layout in the mainland market.

    The new headquarters will span over 2.67 hectares, with the first phase expected to involve an investment of approximately 1 billion yuan (about 139.39 million U.S. dollars).

    Cui Zhicheng, chairman of Foxconn Innovation Industry Development Group Co., Ltd., said that the new headquarters is expected to be the core base for the company’s development in the electric vehicle, new energy, and energy storage industries on the Chinese mainland.

    “Foxconn’s determination and confidence in investing in the Chinese mainland and Henan Province remains steadfast,” Cui said, adding that the new headquarters aims to serve as the starting point for Foxconn’s focus on emerging industries, the core of its transformation and development, as well as a crucial engine driving the company’s industrial upgrading.

    Henan and Foxconn share a deep bond. Foxconn, the principal assembler of Apple iPhones, established operations in the inland province in 2010. By the end of 2023, its Zhengzhou factory spanned around 2.8 million square meters and had recorded 12 consecutive years of growth in industrial output. Over the years, Foxconn has further expanded its footprint across Henan, setting up facilities in cities such as Jiyuan, Hebi and Zhoukou.

    The cooperation has also transformed Henan’s economy, turning the province into a global hub for intelligent terminal manufacturing. 

    MIL OSI China News

  • MIL-OSI China: China warns that US proposal to levy port fees on Chinese ships could backfire

    Source: China State Council Information Office

    China’s commerce ministry on Thursday said that charging fees on Chinese ships entering U.S. ports would disrupt global supply chains and backfire on the U.S. economy and employment.

    He Yadong, a spokesperson for the ministry, made the remarks at a press conference when commenting on the Office of the United States Trade Representative’s (USTR’s) proposal to levy such fees.

    If the United States insists on imposing port fees, He said, it will drive up global shipping costs and disrupt the stability of global supply chains.

    Such measures would also increase domestic inflationary pressures in the United States, weaken the global competitiveness of U.S. goods, and harm U.S. consumers and businesses, the spokesperson warned.

    The USTR office on Feb. 21 announced that it is seeking public comment on proposed actions in the Section 301 investigation into China’s maritime, logistics and shipbuilding sectors, including the imposition of port fees.

    The U.S. Section 301 investigation is a typical act of unilateralism and protectionism which seriously violates World Trade Organization rules, He noted.

    China urges the United States to respect the facts and multilateral rules, and refrain from going farther down the wrong path, the spokesperson said, noting that China will monitor U.S. actions closely and take necessary measures to safeguard its legitimate rights and interests. 

    MIL OSI China News

  • MIL-OSI USA: Hoeven Outlines Efforts to Reverse Biden Regulatory Onslaught, Make U.S. Energy Dominant

    US Senate News:

    Source: United States Senator for North Dakota John Hoeven

    02.26.25

    Senator’s CRA Resolution to Block Biden Natural Gas Tax Set for Final Passage in U.S. Senate Tomorrow

    WASHINGTON – During remarks delivered on the floor of the U.S. Senate today, Senator John Hoeven outlined efforts to reverse the Biden administration’s regulatory onslaught on U.S. domestic energy production:

    • In particular, Hoeven highlighted his Congressional Review Act (CRA) resolution to block implementation of Biden’s Natural Gas Tax, which passed as part of Democrats’ reckless tax-and-spend bill that passed in 2022.
      • The Senate began voting on Hoeven’s resolution today, with final passage expected to occur tomorrow.
    • Following his remarks, Hoeven voted to uphold the national energy emergency, which was declared by President Trump to unlock additional authorities empowering the development of U.S. energy resources and the infrastructure needed to get energy to market.
      • The national emergency was upheld by a vote of 52 to 47.

    “We’re working with President Trump to unleash America’s full energy potential and truly make our nation energy dominant. Energy security is national security and it is vitally important for our country,” said Hoeven. “We’ve worked diligently in the Senate to swiftly confirm President Trump’s cabinet officials, and we continue to do that. We made it a priority to ensure the president’s department heads are in place as we work to empower the U.S. to produce more energy from all of its abundant and affordable coal, oil, and gas reserves.

    “We also continue legislative efforts to get our country back to energy dominance. Soon, the Senate will vote on my resolution to nullify the Democrats’ natural gas tax rule, using the Congressional Review Act… Essentially, this puts a 5 percent or more added tax on natural gas. Now, think about that. Everybody uses natural gas to heat their homes, cook their meals and for many other purposes as well. It’s a tax on every consumer, and it’s regressive, hitting low-income individuals the hardest. This of course also has a disproportionate impact on small oil and gas producers in states like North Dakota, Montana and others.

              “Instead of new taxes that will curtail production, we need to support innovation and empower the kind of technology development that has enabled us to reduce emissions while producing more natural gas. That’s the answer, and it’s exactly what President Trump and Republicans have done and will continue to do.

              “We’re also working with the Trump administration to replace the Biden administration’s rules that closed off access to vast areas of taxpayer-owned energy resources… This is about taking the handcuffs off our energy producers and empowering them to increase supply and help bring down prices for American families and businesses. There is an energy component in every product and service we consume. When we make energy more plentiful and bring down that price, that helps reduce inflation, grow our economy, create more jobs and opportunities and, in fact, not only provide for our national security but help our allies as well.”

    MIL OSI USA News

  • MIL-OSI USA: Lee Introduces the Saving Privacy Act for 119th Congress

    US Senate News:

    Source: United States Senator for Utah Mike Lee

    WASHINGTON – Senator Mike Lee (R-UT) introduced the Saving Privacy Act, a bill to end government abuse of Americans’ financial information. For years, federal agencies have been overreaching in their surveillance, collecting vast amounts of personal financial data from law-abiding citizens without just cause. Senator Rick Scott (R-FL) is an original co-sponsor of the bill.

    The federal government has no business surveilling the financial activities of millions of innocent Americans,” said Senator Lee. “The current system erodes the privacy rights of citizens, while doing little to effectively catch true financial criminals. My Saving Privacy Act ensures that Americans’ personal information is protected and that government agencies operate within the bounds of the Constitution.” 

    Big government has no place in law-abiding Americans’ personal finances. It is a massive overreach of the government and a gross violation of their privacy,” said Senator Rick Scott. “That is why I am teaming up with Senator Lee so that we can protect Americans’ personal financials for good. Our Saving Privacy Act will allow federal agencies to go after criminals while also protecting innocent Americans’ data. This is commonsense legislation, and I am urging my colleagues to support its immediate passage.”   

    “For decades, outdated banking regulations have subjected citizens to excessive financial surveillance, compelling institutions to enforce intrusive measures that directly led to the debanking of innocent Americans spending their own money. The Saving Privacy Act offers comprehensive reforms, striking a balance that restores consumer rights, establishes sensible standards for innovators while curbing illicit activities, and reinvigorates the commitment to sound consumer financial privacy. –Yaël Ossowski, Deputy Director at the Consumer Choice Center.

    “Senator Lee has been an indefatigable leader in the effort to end the federal government’s mass surveillance of Americans financial lives. A precondition of liberty is the ability to go about your business without the government tracking your every move, and the Saving Privacy Act is an important step in the right direction. The Taxpayers Protection Alliance thanks Senator Lee for his hard work and commitment to preserving liberty and privacy.” –David Williams, Taxpayers Protection Alliance President 

    “This kind of reform restores the proper balance—as provided by the Fourth Amendment—between Americans’ privacy rights and law enforcement’s ability to gather evidence to enforce laws. It would protect individuals’ financial privacy and improve federal agencies’ abilities to prosecute criminal activity rather than sift through millions of low-value reports. This kind of reform is long overdue.” – Norbert Michel, Jennifer Schulp, and Nicholas Anthony of the Cato Institute

    Government surveillance efforts have been largely ineffective, as demonstrated by the dismal success rate of suspicious activity reports (SARs) submitted to the Financial Crimes Enforcement Network (FinCEN). In FY2023, financial institutions submitted 25.4 million SARs and currency transaction reports (CTRs), yet less than 0.3% of these reports resulted in relevant IRS-CI and FBI cases.

    In recent years, FinCEN and the FBI surveilled the financial transactions of individuals and solicited banks for information on purchases related to “Trump,” “MAGA,” firearms, and even religious texts. Meanwhile, the Securities and Exchange Commission (SEC) has quietly been constructing a centralized database, the Consolidated Audit Trail (CAT), designed to track every single stock market transaction and the personal information of millions of Americans without any congressional approval.

    Senator Lee’s bill, the Saving Privacy Act, seeks to curb these abuses and restore Fourth Amendment protections for all Americans.

    Key Provisions of the Saving Privacy Act:

    • Repeals the Bank Secrecy Act’s SAR and CTR reporting requirements while maintaining recordkeeping provisions.
    • Repeals the Corporate Transparency Act.
    • Strengthens Fourth Amendment protections, bolstering warrant requirements in the Right to Financial Privacy Act of 1978.
    • Repeals the SEC’s Consolidated Audit Trail (CAT) database.
    • Requires congressional approval for any new databases that collect personally identifiable information of U.S. citizens.
    • Prohibits the creation of a Central Bank Digital Currency.
    • Requires congressional authorization for financial regulations deemed major rules.
    • Institutes penalties for federal employees who illegally seek constitutionally protected financial information.
    • Establishes a private right of action for Americans and financial institutions harmed by illicit government activity.

    For bill text, click HERE.
    For a two-pager, click HERE.

    MIL OSI USA News

  • MIL-OSI: Madison Pacific Properties Inc. announces the results for the four months ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, Feb. 27, 2025 (GLOBE NEWSWIRE) — Madison Pacific Properties Inc. (the Company) (TSX: MPC and MPC.C), a Vancouver-based real estate company announces the results of operations for the four months ended December 31, 2024.

    In July 2024, the Company’s Board of Directors approved a change of financial year-end of the Company from August 31 to December 31. This change of year-end is effective for the financial year commencing September 1, 2024. The Company’s transition year is the four months ended December 31, 2024. The comparative consolidated financial statements are for the year ended August 31, 2024. The results for the four months ended December 31, 2024 as presented are not comparable to the prior year.

    The results reported are pursuant to International Financial Reporting Standards (IFRS) for public companies.

    For the four months ended December 31, 2024, the Company is reporting a net income of $5.1 million (year ended August 31, 2024: net loss of $44.2 million); cash flows generated from operating activities before changes in non-cash operating balances of $3.6 million (year ended August 31, 2024: $11.4 million); and income per share of $0.08 (year ended August 31, 2024: loss per share of $0.74). Included in net income are net gain on the fair value adjustment on investment properties of approximately $3.8 million (year ended August 31, 2024: net loss of $0.2 million), losses on fair value adjustment on interest rate swaps of $0.9 million (year ended August 31, 2024: $4.2 million), and equity losses of associate and joint ventures of $0.6 million (year ended August 31, 2024: equity earnings of $0.4 million). Included in the net loss for year ended August 31, 2024 was a provision of $51.5 million for uncertain tax positions recognizing a tax liability for unpaid taxes, estimated interest expense and awarded legal costs and provisions against the carrying value of the Company’s tax deposits and deferred tax assets related to unused carryforward amounts.

    As at December 31, 2024, the Company owns approximately $724 million in investment properties (August 31, 2024: $708 million).

    As at the date of this Press Release, the Company’s investment portfolio comprises 55 properties with approximately 1.9 million rentable sq. ft. of industrial and commercial space and a 50% interest in seven multi-family rental properties with a total of 219 units. Approximately 94.71% of available space within the industrial and commercial investment properties is currently leased and within the multi-family residential properties, 98.63% is currently leased. The Company’s development properties include a 50% interest in the Silverdale Hills Limited Partnership which currently owns approximately 1,406 acres of primarily residential designated development lands in Mission, British Columbia.

    For a review of the risks and uncertainties to which the Company is subject, see its most recently filed annual and interim MD&A.

           
    Contact: Mr. John Delucchi
    President & CEO 
    Ms. Bernice Yip
    Chief Financial Officer
     
    Telephone: (604) 732-6540 (604) 732-6540  
    Address: 389 West 6th Avenue
    Vancouver, B.C. V5Y 1L1
       

    The MIL Network

  • MIL-OSI New Zealand: Monitoring update: April 2021

    Source: Tertiary Education Commission

    At the TEC, we gather a range of information about common issues through our monitoring activities. We’re committed to partnering with tertiary education organisations, and sharing learnings from our monitoring work to help the sector build capability so we can all achieve better outcomes for learners. 
    Hardship Fund for Learners – extension of spending timeframe
    The Hardship Fund for Learners (HAFL) was announced in May 2020 to help TEOs provide temporary financial assistance for their enrolled learners who faced hardship due to the COVID-19 pandemic.
    The funding was used to support initiatives from 23 March 2020 (the date the move to COVID-19 alert Level 4 was announced) until 31 December 2020 and was automatically allocated to all eligible TEOs.
    An extension to spend the funds on learners in hardship was offered to those TEOs that had funds remaining as of October 2020. If you are a TEO that accepted the extension, please remember you now have until 30 June 2021 to use your HAFL funding.
    For those TEOs that accepted the extension, we also remind you that we have added learner fees to the list of items that HAFL funding cannot be used for. This is because this funding is not to be used to subsidise services you provide to learners.
    Refunds to Fees Free and Targeted Training and Apprenticeship Fund eligible learners
    As a reminder to TEOs that deliver Fees Free and Targeted Training and Apprenticeship Fund (TTAF) programmes or qualifications, you cannot charge fees to an eligible student for eligible study.
    Your obligations for receiving Fees Free and TTAF payments are set out in the SAC Level 3 and above and ITF funding conditions (PDF 1.8 MB) and your Fees Free and TTAF agreements. These conditions mean that if we have advised you that we will make payments to you for an eligible learner – you cannot charge that learner.
    If a learner has paid fees and is entitled to a refund, as we have advised you that we will pay their fees, you must refund the learner as soon as possible. This includes refunds to any other party that may have paid the learner’s fees including fees covered by the Student Loan Scheme.
    If you have any questions regarding refunds to Fees Free or TTAF learners, please contact the TEC Customer Contact Group on customerservice@tec.govt.nz or 0800 601 301.
    Previously Completed Qualifications app
    Through our monitoring activities, we have identified instances of TEOs enrolling learners in qualifications they have already achieved.
    Our funding conditions specify that you must not seek funding for recognised prior learning credited to a student. This does not apply if the repeated learning or training is required to be undertaken periodically by an applicable quality assurance body.
    To assist the sector to comply with this condition, the TEC has developed a new app called Previously Completed Qualifications. The app has been created to assist you, at the point of enrolment, to check whether a learner has previously completed a qualification or not. The app should supplement your existing engagement with a learner about their enrolment including checking their NZQA NZ Record of Achievement (NZRoA).
    TEOs can enter a learner’s National Student Number (NSN) and qualification codes starting with ‘NZ’ into the app. The app then checks Single Data Return (SDR) data available from 2015 onwards to determine if the learner has previously completed the qualification.
    The app will help to ensure fewer instances of repeated enrolments in the future and support the education of TEOs across the sector.
    The app is available on Ngā Kete and further information can be found in the app’s quick reference guide (PDF 574 KB).
    Expiring qualifications
    A number of TEOs have qualifications that are closed off for new enrolments and about to expire. It is important that you ensure a replacement programme is in place for any qualifications you are delivering that are nearing expiry.
    As a reminder, TEC cannot fund expired qualifications. Once the New Zealand Qualifications Authority (NZQA) assigns an expiry date to a qualification, we will not fund any new students that you enroll after the last date for entry of that qualification (i.e. the last date a learner can be enrolled in a programme leading to this qualification).
    These conditions apply if you are a wānanga, private training establishment, Te Pūkenga. As of TEC’s 2021 base funding conditions this also applies if you are a Transitional Industry Training Organisation (TITO).

    MIL OSI New Zealand News

  • MIL-OSI Australia: Life saving road and level crossing upgrades for Western Australia

    Source: Australia Government Ministerial Statements

    Local roads and railway crossings across Western Australia will receive important safety upgrades thanks to more than $17 million in new funding from the Albanese Government.

    The funding includes $9.9 million for 21 high-priority railway level crossing improvements across the state’s regional road network under Round 2 of the Regional Level Crossing Upgrade Fund (RLCUF).

    A further $7.5 million will help fund the following four new projects under the Safer Local Roads and Infrastructure Program (SLRIP):

    • City of Albany – sealing, widening and improving drainage on Chillinup Road to alleviate traffic congestion and improve efficiency
    • City of Swan – construction of a Safe Active Street on Helena Street in Guildford, including reducing traffic speed to 30km/hr
    • Shire of Kondinin – sealing and upgrading a 17km gravel section of the Hyden-Norsman Road
    • Town of Victoria Park – safety improvements to the State Street and Albany Highway intersection.

    The SLRIP is part of the Australian Government’s commitment to strengthen investment to support the delivery of safer and more productive roads across Australia. 

    The RLCUF aims to improve railway crossing safety in regional areas and reduce serious and fatal accidents that have a devastating impact on communities.

    The 21 level crossing upgrades will include treatments such as flashing lights and boom gates or bells, pedestrian mazes and improved signage.

    For more information, visit: 

    Quotes attributable to Minister for Infrastructure, Transport, Regional Development and Local Government Catherine King:

    “The Albanese Government has increased funding to both the Safer Local Roads and Infrastructure Program and the Roads to Recovery Program to support councils to maintain and repair their local road networks.

    “By delivering the funding local councils need to improve road safety we’re freeing up money to be spent on projects that benefit local communities. 

    “The Safer Local Roads and Infrastructure Program is delivering safer, more productive and more resilient local roads across Western Australia and the rest of the country.” 

    Quotes attributable to Federal Member for Brand Madeleine King:

    “Western Australia is the engine room of the nation’s economy and the arteries of any economy are road and rail networks.

    “These upgrades will help farmers and miners get their products to their destinations faster and safer, creating more jobs and wealth for all.

    “The Albanese Government is investing in regional communities that support Western Australia’s agriculture and resources sector.”

    Funded projects – Regional Level Crossing Upgrade Fund:

    Project / Railway crossing

    Project location 

    Brookton Highway

    Brookton

    Mather Road

    Doodlakine

    Robinson Road

    Brookton

    Henrietta Street

    York

    Yarri Road

    Kalgoorlie

    Drove Street

    Katanning

    Bulong Road

    Parkeston

    South Street

    York

    Ryans Find Road

    Boorabbin

    Mt Burgess Homestead Rd

    Mount Burges

    Lavanter Road

    Picton East

    Ninth Road

    York

    Murdong Road

    Murdong

    Hannan Way

    Narrikup

    Dowerin Road

    Koorda

    Ballast Road

    Yikari

    Tom Starvevich VC Road

    Grass Patch

    Mather Street

    Lake Grace

    Desmond Road

    Tenindewa

    Stop Sign Improvements – Wheatbelt

    multiple locations

    Stop Sign Improvements – Regional

    multiple locations

    MIL OSI News

  • MIL-OSI Submissions: Global: Failure to consult Indigenous Peoples on future pandemics will further harm children’s education – Amnesty International

    Source: Amnesty International

    The failure of governments around the world to consult Indigenous Peoples on Covid-19 school closures and other emergency pandemic responses violated their rights, as children continue to feel the effects five years after the first global lockdown, Amnesty International said in a new report today.

    Indigenous leaders interviewed by Amnesty International for its report What If Indigenous Consent Is Not Respected?, testified to sharp and sustained increases in post-pandemic absenteeism and school dropout rates, of more than 80 per cent in some cases, among Indigenous children in more than 10 countries. Indigenous leaders and activists also voiced concerns that the often discriminatory, desultory or non-existent response by authorities to the educational needs of Indigenous children during the pandemic worsened long-standing inequities faced by Indigenous communities – with Indigenous girls and children with disabilities particularly disadvantaged. Going forward, the organization is calling for Indigenous Peoples to be consulted during future pandemics.  (ref. https://www.amnesty.org/en/documents/pol40/8959/2025/en/ )

    “The Indigenous leaders and activists we spoke to felt completely ignored by governments during the pandemic, which had an enduring and damaging impact on their rights and prospects,” said Chris Chapman, Amnesty International’s Researcher on Indigenous Rights.

    “They said that remote learning solutions were often unavailable to Indigenous children. Those in rural areas, where Indigenous communities often lacked devices, internet connections, electricity and the technological knowledge or capacity to participate in virtual classes or remote learning, were worst affected.”

    When lower-tech solutions such as printed materials were distributed to other groups, Indigenous communities in several different countries said they were passed over, ignored, or asked to pay for them.

    Indigenous campaigner Sylvia Kokunda said: “For the most part these materials were distributed by the local government, since it can be easier for the village chairperson to identify the people in this community. However, local officials would not give the materials to these Batwa people, they would give only to their people.”

    Radio or television-based educational broadcasting during the pandemic was often unavailable in Indigenous languages. An Ogiek activist said that although Sogoot FM 97.1, an Ogiek language radio station, was used to reach the community to inform them about Covid-19 and its impacts, it was not used for school coursework.  

    The report is based on data and more than 80 interviews or collected responses that Amnesty International gathered to explore how Indigenous students around the world were impacted by pandemic-related school closures, including in Democratic Republic of Congo, India, Kenya, Mexico, Nepal, Russia, Taiwan and Uganda. There are 476 million Indigenous people worldwide in more than 90 countries, belonging to 5,000 different Indigenous groups and speaking more than 4,000 languages.

    Technology, discrimination and dropout rates

    Where Indigenous families had limited access to technology for remote learning during the pandemic, boys were often prioritized.

    According to Indigenous women activists from Nepal, “If some families have a mobile, then only one or two will use it. And if there are more children in the house, one has to sacrifice their education. When it comes to the sacrifice, the girls are sacrificed more.”

    Even if Indigenous students had devices capable of being used for remote learning, their families were sometimes unable to afford sufficient data. In addition, remote teaching was rarely provided in Indigenous languages.

    Children with learning difficulties or disabilities which required specialist teaching, for instance through use of sign language or braille, were often excluded, including among Indigenous communities.

    Interviewees in many states said there was often little or no government monitoring, or consideration of the effectiveness of alternative learning initiatives for Indigenous communities. Information on how to access education when schools closed – and they stayed shut for more than 18 months in some countries – was rarely provided in Indigenous languages.

    Students with little or no access to education during the pandemic often worked instead, and never returned to schools when they reopened. Those who did return when schools reopened, often found that they had fallen behind their classmates. If they were unwilling to retake a year, or could not be supported financially, they too dropped out.

    In Kenya, the majority of dropouts of Ogiek students were girls, especially girls who got pregnant during Covid-19 or were subjected to early marriage. However, it affected boys too. An Indigenous activist from Kenya said: “Boys between the ages of 12 and 18 who had begun working in jobs such as motorcycle taxi drivers or farm workers to earn money for themselves and their families also dropped out.”

    Some schools across many states never reopened, further reducing access to education for Indigenous children, Indigenous activists reported.

    Asked to reply to Amnesty’s findings, the Mexican government stated that it responded to the “unprecedented challenge of Covid-19″ by working with Indigenous schools and teachers to roll out a set of measures including distributing materials in five Indigenous languages, sometimes in printed formats where access to internet or devices was restricted, developing new digital educational materials, and capacity-building for schools and parents to use digital platforms.

    Recommendations

    “Significantly more resources are now required to safeguard, restore and improve the educational opportunities and rights of Indigenous communities,” Chris Chapman said.

    “States must work with Indigenous communities to immediately restore and enhance the right to education for all Indigenous children including a focus on re-enrolling Indigenous girls, and Indigenous students with disabilities.”  

    Alongside the report, Amnesty International has shared a guide for researchers who wish to investigate the extent to which the human right to participate effectively in decision-making has been violated, especially when it comes to Indigenous communities. (ref. https://www.amnesty.org/en/documents/pol30/8958/2025/en/ )

    “Governments must consult with Indigenous Peoples on Covid-19 response measures and other pandemic and emergency response measures, otherwise they risk violating their right to consultation, and their right to give or withhold their consent to decisions affecting them. Our study highlights the risks of failing to take into account the realities, cultures and rights of Indigenous Peoples,” said Chris Chapman.

    “While our report sets out the devastating impact of this lack of inclusion, it’s hoped that Amnesty’s guide will ensure Indigenous people are included in discussions that affect them in the future. Every child has the right to free, high-quality primary education. States must therefore ensure that no child is left behind.”

    MIL OSI – Submitted News

  • MIL-OSI United Kingdom: Boost for Gaelic broadcasting

    Source: Scottish Government

    Supporting Gaelic dramas.

    Gaelic language broadcasting is to receive an additional £1.8 million to help build on the success of BBC Alba’s crime thriller An t-Eilean.

    The increase is contained in the Scottish Government’s 2025/26 Budget and raises total funding for MG ALBA (the Gaelic Media Service) to £14.8 million in the upcoming financial year.

    Independent research has found that Gaelic media generates £1.34 for every £1 invested and supports 340 jobs across Scotland, including 160 jobs in the islands.

    Deputy First Minister and Gaelic Secretary Kate Forbes announced the new funding on a World Gaelic Week visit to BBC studios in Glasgow, where she met Meredith Brook, who plays the character Sìne Maclean in An t-Eilean (The Island).

    The drama has attracted a record number of viewers since the first episode aired on BBC ALBA and BBC iPlayer on 14 January and has already been sold to broadcasters in other European countries.  

    Ms Forbes said:

    “An t-Eilean’s success demonstrates how supporting a thriving Gaelic broadcasting sector can bring international interest to Scotland.

    “The programme marks a new era of Gaelic TV which could draw tourists into Scotland to support jobs and economic opportunities in the country’s island communities.  

    “This extra funding will enable Gaelic broadcasters to build on existing high-quality content and attract new audiences. To grow Gaelic, we are taking forward the Scottish Languages Bill to strengthen provision of Gaelic education and investing a total of £35.7 million in initiatives to promote the language in 2025-26.”

    Meredith Brook said:

    “The making of An t-Eilean has set an exciting precedent for the future of Gaelic drama on BBC ALBA, telling engaging stories in the Gaelic language with a universal reach.

    “As one of the Gaelic actors in this series, I’m proud to have played such a pivotal role in sharing the language I’m so proud of with the world.” 

    Background

    Pictures from Ms Forbes’ visit to BBC studios are available online.

    Research from Ernst and Young on the economic impact of MG ALBA (the Gaelic Media Service) is available online.

    Togail airson craoladh na Gàidhlig

    A’ cur taic ri dràmathan Gàidhlig

    Gheibh craoladh na Gàidhlig £1.8 millean a bharrachd gus cuideachadh le bhith a’ togail air soirbheachadh dràma eucoir BBC Alba, An t-Eilean.

    Tha an t-àrdachadh seo a’ tighinn bho Bhuidseat Riaghaltas na h-Alba airson 2025/26. Togaidh e am maoineachadh uile gu lèir a gheibh MG ALBA gu £14.8 millean sa bhliadhna ionmhais a tha romhainn.

    Lorg rannsachadh neo-eisimeileach gu bheil meadhanan na Gàidhlig a’ cruthachadh £1.34 airson gach £1 a gheibh iad is a’ cur taic ri 340 dreuchd air feadh Alba, le 160 dhiubh sin anns na h-eileanan.

    Chaidh am maoineachadh ùr a chuir an cèill leis an Leas-Phrìomh Mhinistear agus Rùnaire na Gàidhlig Ceit Fhoirbeis is i a’ tadhal, mar phàirt de Sheachdain na Gàidhlig, air stiùideothan a’ BhBC ann an Glaschu. An sin, choinnich i ri Meredith Brook, a tha a’ cluich a’ charactair Sìne Nic’IllEathain anns An t-Eilean.

    Tha an dràma air clàran a bhriseadh a thaobh luchd-amhairc bhon a chaidh a’ chiad eapasod a chraoladh air BBC ALBA agus BBC iPlayer air 14 Faoilleach. Chaidh e mu thràth a reic gu craoladairean ann an dùthchannan Eòrpach eile. 

    Thuirt a’ BhCh. Fhoirbeis:

    “Tha soirbheachadh An t-Eilean a’ cur am follais mar as urrainn do roinn mheadhanan Ghàidhlig bheòthail ùidh eadar-nàiseanta a thogail ann an Alba.

    “Tha am prògram a’ comharrachadh linn ùr ann an TBh na Gàidhlig a b’ urrainn luchd-turais a thàladh a dh’Alba gus taic a chur ri obraichean agus cothroman eaconamach ann an coimhearsnachdan eileanach na dùthcha.

    “Bheir am maoineachadh a bharrachd seo cothrom do chraoladairean na Gàidhlig togail air prògraman fìor mhath a tha mu thràth aca is luchd-amhairc ùr a ghlacadh. Gus a’ Ghàidhlig fhàs, tha sinn a’ toirt air adhart Bile nan Cànan Albannach gus foghlam Gàidhlig a neartachadh is a’ cur £35.7 millean uile gu lèir ri iomairtean a bhios a’ cur a’ chànain air adhart ann an 2025-26.”

    Thuirt Meredith Brook:

     “Le bhith a’ dèanamh An t-Eilean, tha sinn air eisimpleir a thabhann a bhrosnaicheas dràmathan do BhBC ALBA san àm ri teachd, a tha ag innse sgeulachdan tarraingeach ann an Gàidhlig a tha a’ suathadh ri cùisean uile-choitcheann.

    “Mar aon de chleasaichean Gàidhlig an t-sreatha seo, ’s e urram tha ann dhomh gun robh pàirt cho cudromach agam ann a bhith a’ cur cànan air a bheil mi cho pròiseil mu choinneamh na cruinne.”

    Cùl-fhiosrachadh

    Gheibhear dealbhan bho thuras na BCh. Fhoirbeis gu stiùideothan a’ BhBC air-loidhne.

    Tha rannsachadh bho Ernst agus Young mu bhuaidh eaconamach MG ALBA ri fhaighinn air-loidhne.

    MIL OSI United Kingdom

  • MIL-OSI New Zealand: Aviation – Airways New Zealand announces FY25 half year result

    Source: Airways NZ

    Airways New Zealand has today announced its interim results for the half-year ending 31 December 2024, reporting solid safety and operational performance alongside a positive financial result.
    The air navigation services provider is reporting an after-tax profit of $6.7 million for the half-year, $0.5 million ahead of budget. The result is primarily due to lower depreciation, equipment costs, and professional services expenses.
    Airways safely managed 242,538 flight movements across the 30 million square kilometres of airspace it controls during the period.
    Air traffic services revenue for the half year was impacted by fewer flight movements, driven by challenges faced by airlines, including engine and servicing issues. While headwinds are expected to persist, core revenue is anticipated to recover through the second half of the year and Airways remains on track to achieve its budgeted Group profit for the full year.
    “The steady interim result reflects our continued focus on operational excellence and efficient cost management,” Airways Chair Denise Church says. “As the aviation industry continues to navigate a challenging environment, Airways remains committed to managing costs appropriately, maintaining our high safety standards and advancing our strategic objectives.”
    In addition to sound financial and safety performance, Airways has continued to advance its strategy to create the airspace environment of the future.
    “Our strategic initiatives are designed to ensure we are well-positioned to meet the future needs of the aviation industry,” Airways CEO James Young says. “We are focused on creating a safe, flexible, and accessible airspace environment that benefits all users.”

    MIL OSI New Zealand News

  • MIL-OSI USA: Gillibrand Leads Effort With Senators Schumer, Blumenthal, Murphy To Reintroduce $65 Million Annual Authorization For Long Island Sound Restoration

    US Senate News:

    Source: United States Senator for New York Kirsten Gillibrand

    Today, U.S. Senators Kirsten Gillibrand (D-NY), Charles E. Schumer (D-NY), Richard Blumenthal (D-CT), and Chris Murphy (D-CT) reintroduced the Long Island Sound Restoration and Stewardship Reauthorization Act. The Long Island Sound borders New York and Connecticut, with more than 20 million people living within 50 miles of the Sound’s beaches. Decades of high levels of pollution, dumping of dredged materials, and releases of untreated sewage have put the Sound’s wildlife population, fisheries, water quality, and surrounding communities at risk. The economic viability of the Sound, which contributes around $9.4 billion annually to the regional economy, is dependent on activities like sport and commercial fishing, boating, recreation, and tourism. This bill would reauthorize a total of $65 million annually for water quality and shore restoration programs.

    Passage of the Long Island Sound Restoration and Stewardship Reauthorization Act is necessary to protect one of New York’s most important natural and economic treasures,” said Senator Gillibrand.I’m leading the charge to reauthorize $65 million annually for restoration efforts that will preserve the Sound’s long-term health for generations to come.”

    “The Long Island Sound is a natural treasure and economic engine for New York that draws families, boaters, tourists, and anglers to our shores,” said Senator Schumer. “I’ve worked hard to deliver the federal funding to protect, clean up, and improve the Sound, its habitats, and beaches, but there is more work to be done. The Long Island Sound Restoration and Stewardship Reauthorization Act will authorize $65 million annually for projects that will boost the Sound’s water quality, restore its shorelines and coastal wetlands, and ensure a cleaner environment for New Yorkers for generations to come.”

    “Urgent action is needed to protect and preserve Long Island Sound – an ecological treasure home to precious wildlife,” said Senator Blumenthal. “The reauthorization of $65 million annually will support efforts to restore shore programs and improve water quality, after sewage, runoffs and other contaminants have polluted the Sound for years. I’ll continue to fight to protect Long Island Sound for nearby communities, wildlife populations, and future generations to thrive.”

    “Shoreline communities in Connecticut rely on a clean, healthy Long Island Sound. We made historic investments in its restoration over the past few years, and we can’t afford to roll back that progress. I’m glad to team up with Leader Schumer and Senators Gillibrand and Blumenthal on this bill to protect the future of the Sound,” said Senator Murphy.

    Representatives Nick LaLota (R-NY) and Joe Courtney (D-CT) introduced companion legislation in the House of Representatives. The bill is also supported by stakeholder groups in New York and Connecticut.

    “The Long Island Sound is more than just a body of water—it’s a vital part of life for communities across Suffolk County. Protecting the Sound means supporting the local economies that depend on tourism, fishing, recreation and maritime industries. That’s why I proudly introduced companion legislation to Senator Gillibrand’s bill in the House, in partnership with my colleague across the aisle and across the Sound, Congressman Courtney. This bipartisan, bicameral effort underscores our shared commitment to investing in the future of our communities, environment, and the countless people who rely on the Sound. These legislative measures will safeguard the Sound and its watershed for generations to come, reinforcing my commitment to improving the quality of life for all Long Islanders,” said Rep. Nick LaLota.

    “We are hitting the ground running in the new Congress to get the Long Island Sound Caucus’s top bipartisan priority across the finish line,” said Rep. Joe Courtney. “The Sound is a unique body of water and a powerful engine to our region’s fishing, shipbuilding, and ecotourism economies. Our bill ensures the Sound remains a valuable resource for our communities for years to come. I am confident that after the bill’s passage in the House last Congress and growing momentum in the Senate, we will once and for all send our bill to the President’s desk.”

    “In the last decade there is much progress to report in restoring Long Island Sound. Water quality has improved, the dead zone has shrunk, wetlands have been restoration,  fish passages have been created, and stormwater runoff is being filtered. We cannot stop now, we still have more to accomplish. The Long Island Sound Restoration and Stewardship Reauthorization Act is critically needed to continue progress and ensure a healthy Sound for future generations. The Sound is an extension of our backyards, a gem that is beloved by millions of people. Thank you to Senator Gillibrand for her continued support championing protection for the Sound,” said Adrienne Esposito, Executive Director, Citizens Campaign for the Environment.  

    “With its 1,194 square miles and over 23 million people living within fifty miles of its shorelines, Long Island Sound has served as a major economic driver for our local economies, estimated to exceed $10 Billion per year. The health of the Sound is critical to our economy, to the wildlife that inhabit it, and to the people who enjoy it. Over the past 20 years, the improved health of the Sound was made possible through projects funded by the bi-state and bipartisan Long Island Sound Restoration and Stewardship Act. Since this Act expired at the end of 2024, it is critical that Congress reauthorize this bill and fund it at the authorized level of $65 million per year,” said Eric Swenson, Executive Director, Hempstead Harbor Protection Committee.

    “Communities in Connecticut and New York depend on Long Island Sound for a vibrant economy as people near and far spend time here swimming, boating, fishing, and enjoying great seafood. Sustaining the Long Island Sound Restoration and Stewardship Act enables everyone to work together for clean, healthy water and natural resources, which supports jobs around the region. A clean, resilient Long Island Sound is also essential to preserving populations of local plants and wildlife in the water and along the coastline,” saidHolly Drinkuth, Director of River and Estuary Conservation, The Nature Conservancy in CT.

    “The continuation of efforts to preserve and restore the Long Island Sound depends on our youth. At Project Oceanology we raise students’ collective understanding of the vulnerability of the marine environment and what they can do to protect it. Our hands-on experiential educational programs are delivered on the waters and shorelines of the Sound. We integrate ocean literacy principles and Next Generation Science Standards into K-12 education. Since our founding in 1972 we have provided over one million participants including students, summer campers, teachers, and the public first hand opportunities to explore, learn, and take action,” said Andrew Ely, Executive Director of Project Oceanology.

    “We are grateful to Senator Gillibrand and co-sponsors Senate Democratic Leader Schumer from New York and Senators Blumenthal and Murphy from Connecticut—for prioritizing the reauthorization of critical funding for clean water and restoration programs that protect and restore the health of Long Island Sound,” said Denise Stranko, executive vice president of programs for Save the Sound. “To reintroduce this bill this early in the new session demonstrates the leadership and commitment of our legislators from the Long Island Sound region, who have continued to champion this essential legislation and the important work it supports.” 

    “Investment in Long Island Sound is critical to the health of our communities,” said the Maritime Aquarium at Norwalk Director of Conservation and Policy Dr. Sarah Crosby. “At The Maritime Aquarium, this investment is directly funding research that will inform restoration strategy and increase resilience of our salt marshes–ecosystems that protect coastlines from the devastating effects of hurricanes. We are grateful to Senators Gillibrand, Schumer, Blumenthal and Murphy, as well as Representatives LaLota and Courtney, for their unwavering support of Long Island Sound’s habitats and wildlife.”

    “The Long Island Sound Restoration and Stewardship Reauthorization Act is absolutely critical to the health and sustainability of the Sound as well as the prosperity of our coastal communities. On Long Island, the environment is the economy, and we commend and thank Senator Gillibrand and her fellow lawmakers for leading this charge and looking out for New Yorkers,” said Julie Tighe, President of the New York League of Conservation Voters. 

    In 1985, the U.S. Environmental Protection Agency (EPA), in agreement with New York and Connecticut, created the Long Island Sound Study (LISS), a partnership charged with advancing efforts to restore the Sound and address low oxygen levels and excess nitrogen levels that have depleted fish and shellfish populations as well as hurt shoreline wetlands. In 1990, the Long Island Sound Improvement Act was passed, providing federal dollars to advance Sound cleanup projects, including wastewater treatment improvements.

    In 2006, Congress passed the Long Island Sound Stewardship Act, which provided federal dollars for projects to restore the coastal habitat to help revitalize the wildlife population, coastal wetlands, and plant life. In 2018, Senator Gillibrand’s Long Island Sound Restoration and Stewardship Act, which combined and reauthorized the two complementary water quality and habitat restoration programs, was enacted as a part of the America’s Water Infrastructure Act of 2018. As of 2022, federal funding for the Long Island Sound had enabled programs to significantly reduce the amount of nitrogen entering the Long Island Sound from sewage treatment plants by 70.3% compared to the 1990s, reduce hypoxic conditions by 58% compared to the 1990s, restore at least 2,239 acres of coastal habitat, and fund 570 conservation projects.

    MIL OSI USA News

  • MIL-OSI Australia: Address at the Royal Australian Mint 60th anniversary, Canberra

    Source: Australian Treasurer

    I acknowledge the Ngunnawal people on whose lands we meet today, and all First Nations people present. Thank you, and welcome to the voice of Trixie Heeler, Myf Warhurst. It’s wonderful to have you as part of this special occasion.

    A big thank you to the Royal Australian Mint and Acting CEO Emily Martin for hosting this event, and to all of you – coin collectors, visitors, Mint staff, and Canberrans – for being here today.

    Today, we celebrate 60 years of the Royal Australian Mint—a milestone that reflects not only the passage of time but also the evolution of our nation’s currency, craftsmanship, and innovation.

    The story of Australian coinage is one of transformation and progress. When the Mint opened its doors in 1965, Australia was on the cusp of a historic shift – from the familiar imperial system of pounds, shillings, and pence to a modern decimal currency.

    Proposals to adopt decimal currency emerged shortly after Federation, but it was not until Leslie Melville’s 1957 Decimal Currency Council report that momentum began. The new Currency Act was enacted in 1963, and the public were asked what to call the new currency. Suggested names included ‘Austral’, ‘Oz’, ‘Boomer’, ‘Emu’, ‘Deci‑mate’, ‘Kwid’, ‘Kanga’, ‘Digger’, ‘Dinkum’ and ‘Roo’. Some rue the fact that we eventually went with ‘dollar’.

    The switch to decimal currency was a national effort, one that required education, precision, and trust – all embodied in the very coins produced within these walls.

    Befitting the romantic approach of the Mint, Valentine’s Day 1966 was chosen for the changeover, and public education campaigns began. One jingle was sung by a character dubbed ‘Dollar Bill’ to the tune of the folk song ‘Click Go the Shears’:

    In come the dollars and in come the cents
    To replace the pounds and the shillings and the pence.
    Be prepared folks when the coins begin to mix
    On the 14th of February 1966.

    I wasn’t born until the following decade, but the Mint’s jingle was such an effective earworm that my parents often sang it to my brother and me as young children.

    Handling 2 currencies wasn’t easy. Many shopkeepers had conversion charts behind the counter, and there were humorous moments as Australians adjusted. One story, possibly apocryphal, is of a man who walked into a bar a few weeks after the introduction of decimal currency and attempted to pay for his drink using a mixture of new and old coins. The bartender, flummoxed by the mix of pence and cents, apparently decided it was easier to give the bloke his drink on the house.

    The designer who gave these coins their first distinct character was Stuart Devlin, a Melbourne‑born artist and silversmith. His designs, chosen through a national competition, brought our native wildlife to life on the 1, 2, 5, 10, 20, and 50‑cent pieces. The bounding kangaroo, the spiky echidna, and the playful platypus became symbols of Australian pride. Devlin’s artistry set a benchmark for numismatic design, and his influence continues to be felt in the coins produced by the Mint today.

    The history of Australian currency stretches back well before decimalisation. Before the Mint’s founding, before Federation, before European settlement, different forms of exchange shaped our economy. Aboriginal and Torres Strait Islander people engaged in sophisticated barter systems, trading goods such as ochre, shell, and tools across vast distances. The earliest colonial transactions were conducted with rum, promissory notes, and an eclectic mix of foreign coins before the establishment of our first official currency. Today, the Mint serves as the custodian of the National Coin Collection, preserving these stories and artefacts so future generations can walk through history – not just since 1965, but from our nation’s earliest days.

    The Mint has also played a key role in preserving Australia’s military history through commemorative coin releases. From ANZAC Day coins to the first coloured red poppy coin in 2012, released in partnership with the RSL to commemorate the wartime sacrifice of Australian service personnel, these pieces honour our nation’s service and sacrifice. During World War II, Australia faced severe coin shortages and had to mint coins in the USA and India. This experience reinforced the need for a sovereign minting facility, leading to the foundation of the Royal Australian Mint.

    The Mint’s work has never been confined to our own shores. Over the decades, it has become a respected global producer, currently supplying coins to 7 nations in the Asia‑Pacific. This international role highlights the skill and reputation of the Mint and has supported the economies of many countries, reinforcing Australia’s standing in the numismatic world.

    This global reputation for craftsmanship and innovation has positioned the Royal Australian Mint as more than just a manufacturer – it is a creator of currency that tells a story. Each coin it produces carries history in its design, whether celebrating our culture, achievements, or aspirations.

    Coins don’t just mark history—they make history. We’ve seen that most recently with the transition of the effigy on our coinage. For more than 70 years, coins in Australia bore the right‑facing portrait of Queen Elizabeth II, evolving through 6 different designs as her reign progressed. Then, in October 2023, in this very building, I had the honour of unveiling the left‑facing effigy of King Charles III. It was the first change in monarch on our coins since decimalisation – a reminder that history is reflected in the coins we carry in our pockets.

    Looking ahead, the future of coins is a subject of great interest. The rise of digital payments has led some to question their place in modern society. Yet, coins continue to hold cultural, historical, and collectible value. Some of Australia’s most collectible coins, such as the rare 1930 penny, fetch tens of thousands at auction. Error coins, such as the famous 2000 $1 ‘mule’ coin, which was mistakenly struck with a 10c die, remain highly sought after.

    The Mint has adapted to technological advancements, from new minting techniques to sustainable materials, ensuring that Australian coins remain relevant in an evolving world. The introduction of coloured and uniquely shaped coins demonstrates the Mint’s continuous innovation.

    Today, as we reflect on the past 6 decades, we acknowledge the skill, dedication, and vision of those who have contributed to the Royal Australian Mint’s success. From its first decimal coins to its latest commemorative releases, this institution has helped shape the way Australians interact with their currency, history and culture. It has been more than a manufacturer of money – it has been a storyteller, an innovator, and a guardian of tradition.

    Coins of the future will evolve in design, composition, and possibly even purpose. But one thing remains certain – the Royal Australian Mint will continue to play a defining role in Australia’s numismatic legacy. Happy 60th anniversary.

    MIL OSI News

  • MIL-OSI: CORRECTION – Global Net Lease Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    In a release issued under the same headline earlier today by Global Net Lease, Inc. (NYSE: GNL), please note that in the Full Year 2025 Guidance and Dividend Update section, the third bullet should read “Reduced quarterly dividend…” and not “Reduced annual dividend…” as previously stated. The corrected release is as follows:

    –  Completed $835 Million in Dispositions in 2024, Surpassing High-End of Increased Guidance

    –  Reduced Net Debt by $734 million in 2024; Improved Net Debt to Adjusted EBITDA to 7.6x

    –  Company Meets and Exceeds its Full-Year 2024 Earnings Guidance

    –  Recently Announced $1.8 Billion Multi-Tenant Portfolio Sale Would Significantly Reduce Leverage and Improve Liquidity Position

    –  Proposed Transaction Would Create Pure-Play, Single-Tenant Net Lease Company with Enhanced Portfolio Metrics

    –  Company Initiates Opportunistic $300 Million Share Repurchase Program

    NEW YORK, Feb. 27, 2025 (GLOBE NEWSWIRE) — Global Net Lease, Inc. (NYSE: GNL) (“GNL” or the “Company”), an internally managed real estate investment trust that focuses on acquiring and managing a globally diversified portfolio of strategically-located commercial real estate properties, announced today its financial and operating results for the quarter and year ended December 31, 2024.

    Fourth Quarter and Full Year 2024 Highlights

    • Revenue was $199.1 million in fourth quarter 2024 compared to $206.7 million in fourth quarter 2023, primarily as a result of $835 million of dispositions closed throughout the year
    • Net loss attributable to common stockholders was $17.5 million in fourth quarter 2024, compared to $59.5 million in fourth quarter 2023
    • Core Funds From Operations (“Core FFO”) was $68.5 million, or $0.30 per share, in fourth quarter 2024, compared to $48.3 million, or $0.21 per share, in fourth quarter 2023
    • Adjusted Funds From Operations (“AFFO”)1 was $78.3 million2, or $0.34 per share, in fourth quarter 2024, compared to $71.7 million, or $0.31 per share, in fourth quarter 2023; full-year 2024 AFFO was $303.8 million, or $1.32 per share
    • Closed $835 million of dispositions in 2024 at a cash cap rate of 7.1% with a weighted average lease term of 4.9 years
    • Reduced net debt by $734 million in 2024, improving Net Debt to Adjusted EBITDA from 8.4x to 7.6x2
    • Exceeded projected cost synergies, reaching $85.0 million versus the expected $75.0 million, highlighting the Company’s successful integration efforts and ability to drive value through strategic initiatives
    • Increased portfolio occupancy from 93% as of the end of first quarter 2024 to 97% as of the end of the fourth quarter of 2024
    • Leased 1.2 million square feet across the portfolio, resulting in nearly $17.0 million of new straight-line rent
    • Renewal leasing spread of 6.8% with a weighted average lease term of 9.7 years; new leases completed in the quarter had a weighted average lease term of 6.5 years
    • Weighted average annual rent increase of 1.3% provides organic rental growth, excluding 14.8% of the portfolio with CPI linked leases that have historically experienced significantly higher rental increase
    • Sector-leading 61% of annualized straight-line rent comes from investment-grade or implied investment-grade tenants3

    Multi-Tenant Portfolio Sale

    • Entered into a binding agreement to sell its multi-tenant portfolio of 100 non-core properties for approximately $1.8 billion
    • This strategic transaction would accelerate GNL’s disposition initiative and position the Company for sustained growth and value creation as a pure-play, single-tenant net lease company

    “We are incredibly proud of our achievements at GNL in 2024 and even more excited about what lies ahead,” stated Michael Weil, CEO of GNL. “The sale of our multi-tenant portfolio would mark a pivotal moment, reinforcing the strong momentum we have built. This transaction would reshape GNL into a pure-play, single-tenant net lease company, eliminating the operational complexities, G&A expenses and capital expenditures tied to multi-tenant retail properties. More importantly, it would accelerate our deleveraging strategy and fortify our balance sheet. This strategic transformation, including the recently announced share repurchase program, underscores our long-term vision, reinforcing our commitment to prudent management, sustainable growth and driving meaningful shareholder value.”

    Full Year 2025 Guidance and Dividend Update4
    The Company is establishing initial 2025 guidance, which is contingent on the sale of our multi-tenant portfolio with respect to AFFO and Net Debt to Adjusted EBITDA.

    • AFFO per share range of $0.90 to $0.96
    • Net Debt to Adjusted EBITDA range of 6.5x to 7.1x
    • Reduced quarterly dividend to $0.190 per share of common stock beginning with the dividend expected to be declared in April 2025 which would generate $78 million in incremental annual cash flow

    Summary Fourth Quarter 2024 Results

        Three Months Ended
    December 31,

     
    (In thousands, except per share data)   2024   2023  
    Revenue from tenants   $ 199,115     $ 206,726    
                       
    Net loss attributable to common stockholders   $ (17,458 )   $ (59,514 )  
    Net loss per diluted common share   $ (0.08 )   $ (0.26 )  
                       
    NAREIT defined FFO attributable to common stockholders   $ 64,334     $ 43,165    
    NAREIT defined FFO per diluted common share   $ 0.28     $ 0.19    
                       
    Core FFO attributable to common stockholders   $ 68,538     $ 48,331    
    Core FFO per diluted common share   $ 0.30     $ 0.21    
                       
    AFFO attributable to common stockholders   $ 78,297     $ 71,656    
    AFFO per diluted common share   $ 0.34     $ 0.31    
     

    Property Portfolio

    At December 31, 2024, the Company’s portfolio consisted of 1,121 net leased properties located in ten countries and territories and comprised of 60.7 million rentable square feet. The Company operates in four reportable segments: (1) Industrial & Distribution, (2) Multi-Tenant Retail, (3) Single-Tenant Retail and (4) Office. The real estate portfolio metrics include:

    • 97% leased with a remaining weighted-average lease term of 6.2 years5
    • 81% of the portfolio contains contractual rent increases based on annualized straight-line rent
    • 61% of portfolio annualized straight-line rent derived from investment grade and implied investment grade rated tenants
    • 80% U.S. and Canada, 20% Europe (based on annualized straight-line rent)
    • 34% Industrial & Distribution, 28% Multi-Tenant Retail, 21% Single-Tenant Retail and 17% Office (based on an annualized straight-line rent)

    Capital Structure and Liquidity Resources6

    As of December 31, 2024, the Company had liquidity of $492.2 million and $460.0 million of capacity under the Company’s revolving credit facility. The Company had net debt of $4.6 billion7, including $2.3 billion of mortgage debt.

    As of December 31, 2024, the percentage of debt that is fixed rate (including variable rate debt fixed with swaps) was 91%, compared to approximately 80% as of December 31, 2023. The Company’s total combined debt had a weighted average interest rate of 4.8% resulting in an interest coverage ratio of 2.5 times8. Weighted average debt maturity was 3.0 years as of December 31, 2024 as compared to 3.2 years as of December 31, 2023.

    Footnotes/Definitions

    1 While we consider AFFO a useful indicator of our performance, we do not consider AFFO as an alternative to net income (loss) or as a measure of liquidity. Furthermore, other REITs may define AFFO differently than we do. Projected AFFO per share data included in this release is for informational purposes only and should not be relied upon as indicative of future dividends or as a measure of future liquidity. AFFO for the fourth quarter 2024 also contains a number of adjustments for items that the Company believes were non-recurring, one-time items including adjustments for items that were settled in cash such as merger and proxy related expenses.
       
    2 Includes the collection of $4.5 million in past-due funds from Children of America and approximately $3.0 million in termination fees.
       
    3 As used herein, “Investment Grade Rating” includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied Investment Grade may include actual ratings of tenant parent, guarantor parent (regardless of whether or not the parent has guaranteed the tenant’s obligation under the lease) or by using a proprietary Moody’s analytical tool, which generates an implied rating by measuring a company’s probability of default. The term “parent” for these purposes includes any entity, including any governmental entity, owning more than 50% of the voting stock in a tenant. Ratings information is as of December 31, 2024. Comprised of 31.4% leased to tenants with an actual investment grade rating and 29.1% leased to tenants with an Implied Investment Grade rating based on annualized cash rent as of December 31, 2024.
       
    4 We do not provide guidance on net income. We only provide guidance on AFFO per share and our Net Debt to Adjusted EBITDA ratio and do not provide reconciliations of this forward-looking non-GAAP guidance to net income per share or our debt to net income due to the inherent difficulty in quantifying certain items necessary to provide such reconciliations as a result of their unknown effect, timing and potential significance. Examples of such items include impairment of assets, gains and losses from sales of assets, and depreciation and amortization from new acquisitions and other non-recurring expenses.
       
    5 Weighted-average remaining lease term in years is based on square feet as of December 31, 2024.
       
    6 During the year ended December 31, 2024, the Company did not sell any shares of Common Stock or Series B Preferred Stock through its Common Stock or Series B Preferred Stock under its “at-the-market” programs.
       
    7 Comprised of the principal amount of GNL’s outstanding debt totaling $4.7 billion less cash and cash equivalents totaling $159.7 million, as of December 31, 2024.
       
    8 The interest coverage ratio is calculated by dividing adjusted EBITDA for the applicable quarter by cash paid for interest (calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net). Management believes that interest coverage ratio is a useful supplemental measure of our ability to service our debt obligations. Adjusted EBITDA and cash paid for interest are Non-GAAP metrics and are reconciled below.
     

    Conference Call 

    GNL will host a webcast and conference call on February 28, 2025 at 11:00 a.m. ET to discuss its financial and operating results. 

    To listen to the live call, please go to GNL’s “Investor Relations” section of the website at least 15 minutes prior to the start of the call to register and download any necessary audio software.

    Dial-in instructions for the conference call and the replay are outlined below.

    Conference Call Details

    Live Call

    Dial-In (Toll Free): 1-877-407-0792
    International Dial-In: 1-201-689-8263

    Conference Replay

    For those who are not able to listen to the live broadcast, a replay will be available shortly after the call on the GNL website at www.globalnetlease.com.

    Or dial-in below:

    Domestic Dial-In (Toll Free): 1-844-512-2921
    International Dial-In: 1-412-317-6671
    Conference Number: 13746750
    *Available from 2:00 p.m. ET on February 28, 2025 through May 28, 2025.

    Supplemental Schedules 

    The Company will file supplemental information packages with the Securities and Exchange Commission (the “SEC”) to provide additional disclosure and financial information. Once posted, the supplemental package can be found under the “Presentations” tab in the Investor Relations section of GNL’s website at www.globalnetlease.com and on the SEC website at www.sec.gov. 

    About Global Net Lease, Inc. 

    Global Net Lease, Inc. (NYSE: GNL) is a publicly traded internally managed real estate investment trust that focuses on acquiring and managing a global portfolio of income producing net lease assets across the U.S., and Western and Northern Europe. Additional information about GNL can be found on its website at www.globalnetlease.com. 

    Forward-Looking Statements

    The statements in this press release that are not historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. The words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “potential,” “predicts,” “plans,” “intends,” “would,” “could,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the risks that any potential future acquisition or disposition (including the multi-tenant portfolio sale) by the Company is subject to market conditions, capital availability and timing considerations and may not be identified or completed on favorable terms, or at all. Some of the risks and uncertainties, although not all risks and uncertainties, that could cause the Company’s actual results to differ materially from those presented in the Company’s forward-looking statements are set forth in the “Risk Factors” and “Quantitative and Qualitative Disclosures about Market Risk” sections in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and all of its other filings with the U.S. Securities and Exchange Commission, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.

    Contacts: 

    Investors and Media:
    Email: investorrelations@globalnetlease.com
    Phone: (332) 265-2020

    Global Net Lease, Inc.
    Consolidated Balance Sheets
    (In thousands)
     
      December 31,
     
      2024   2023  
    ASSETS (Unaudited)
             
    Real estate investments, at cost:                
    Land $ 1,172,146     $ 1,430,607    
    Buildings, fixtures and improvements   5,293,468       5,842,314    
    Construction in progress   4,350       23,242    
    Acquired intangible lease assets   1,057,967       1,359,981    
     Total real estate investments, at cost   7,527,931       8,656,144    
     Less: accumulated depreciation and amortization   (1,164,629 )     (1,083,824 )  
       Total real estate investments, net   6,363,302       7,572,320    
    Assets held for sale   17,406       3,188    
    Cash and cash equivalents   159,698       121,566    
    Restricted cash   64,510       40,833    
    Derivative assets, at fair value   2,471       10,615    
    Unbilled straight-line rent   99,501       84,254    
    Operating lease right-of-use asset   74,270       77,008    
    Prepaid expenses and other assets   108,562       121,997    
    Deferred tax assets   4,866       4,808    
    Goodwill   51,370       46,976    
    Deferred financing costs, net   9,808       15,412    
              Total Assets $ 6,955,764     $ 8,098,977    
                     
    LIABILITIES AND EQUITY                
    Mortgage notes payable, net $ 2,221,706     $ 2,517,868    
    Revolving credit facility   1,390,292       1,744,182    
    Senior notes, net   906,101       886,045    
    Acquired intangible lease liabilities, net   76,800       95,810    
    Derivative liabilities, at fair value   3,719       5,145    
    Accounts payable and accrued expenses   75,735       99,014    
    Operating lease liability   48,333       48,369    
    Prepaid rent   28,734       46,213    
    Deferred tax liability   5,477       6,009    
    Dividends payable   11,909       11,173    
        Total Liabilities   4,768,806       5,459,828    
    Commitments and contingencies            
    Stockholders’ Equity:                
    7.25% Series A cumulative redeemable preferred stock   68       68    
    6.875% Series B cumulative redeemable perpetual preferred stock   47       47    
    7.50% Series D cumulative redeemable perpetual preferred stock   79       79    
    7.375% Series E cumulative redeemable perpetual preferred stock   46       46    
    Common stock   3,640       3,639    
    Additional paid-in capital   4,359,264       4,350,112    
    Accumulated other comprehensive loss   (25,844 )     (14,096 )  
    Accumulated deficit   (2,150,342 )     (1,702,143 )  
    Total Stockholders’ Equity   2,186,958       2,637,752    
    Non-controlling interest         1,397    
    Total Equity   2,186,958       2,639,149    
             Total Liabilities and Equity $ 6,955,764     $ 8,098,977    
     
    Global Net Lease, Inc.
    Consolidated Statements of Operations
    (In thousands, except per share data)
     
      Three Months Ended   Year Ended
     
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2023

     
      (Unaudited)    (Unaudited)    (Unaudited)           
    Revenue from tenants $ 199,115     $ 206,726     $ 805,010     $ 515,070    
                                     
    Expenses:                                
    Property operating   35,619       37,037       142,497       67,839    
    Operating fees to related parties         (580 )           28,283    
    Impairment charges   20,098       2,978       90,410       68,684    
    Merger, transaction and other costs   1,792       4,349       6,026       54,492    
    Settlement costs                     29,727    
    General and administrative   13,763       16,867       57,734       40,187    
    Equity-based compensation   2,309       1,058       8,931       17,297    
    Depreciation and amortization   83,020       98,713       349,943       222,271    
    Total expenses   156,601       160,422       655,541       528,780    
          Operating income (loss) before gain on dispositions of
                real estate investments
      42,514       46,304       149,469       (13,710 )  
    Gain (loss) on dispositions of real estate investments   21,326       (988 )     57,015       (1,672 )  
          Operating income (loss)   63,840       45,316       206,484       (15,382 )  
    Other income (expense):                                
    Interest expense   (77,234 )     (83,575 )     (326,932 )     (179,411 )  
    Loss on extinguishment and modification of debt   (2,412 )     (817 )     (15,877 )     (1,221 )  
    Gain (loss) on derivative instruments   6,853       (4,478 )     4,229       (3,691 )  
    Unrealized gains on undesignated foreign currency advances and
          other hedge ineffectiveness
      1,917             3,249          
    Other income   1,476       435       1,720       2,270    
    Total other expense, net   (69,400 )     (88,435 )     (333,611 )     (182,053 )  
    Net loss before income tax   (5,560 )     (43,119 )     (127,127 )     (197,435 )  
    Income tax expense   (962 )     (5,459 )     (4,445 )     (14,475 )  
    Net loss   (6,522 )     (48,578 )     (131,572 )     (211,910 )  
    Preferred stock dividends   (10,936 )     (10,936 )     (43,744 )     (27,438 )  
    Net loss attributable to common stockholders $ (17,458 )   $ (59,514 )   $ (175,316 )   $ (239,348 )  
                                     
    Basic and Diluted Loss Per Share:                                
    Net loss per share attributable to common stockholders — Basic
          and Diluted
    $ (0.08 )   $ (0.26 )   $ (0.76 )   $ (1.71 )  
    Weighted Average Shares Outstanding:                                
    Basic and Diluted   230,596       230,320       230,440       142,584    
     
    Global Net Lease, Inc.
    Quarterly Reconciliation of Non-GAAP Measures (Unaudited)
    (In thousands)
       
        Three Months Ended   Year Ended
     
        March 31,
    2024
      June 30,
    2024
      September 30,
    2024
      December 31,
    2024
      December 31,
    2024

     
    Adjusted EBITDA                                        
      Net loss $ (23,751 )   $ (35,664 )   $ (65,635 )   $ (6,522 )   $ (131,572 )  
      Depreciation and amortization   92,000       89,493       85,430       83,020       349,943    
      Interest expense   82,753       89,815       77,130       77,234       326,932    
      Income tax expense   2,388       (250 )     1,345       962       4,445    
      EBITDA   153,390       143,394       98,270       154,694       549,748    
      Impairment charges   4,327       27,402       38,583       20,098       90,410    
      Equity-based compensation   1,973       2,340       2,309       2,309       8,931    
      Merger, transaction and other costs [1]   761       1,572       1,901       1,792       6,026    
      (Gain) loss on dispositions of real estate investments   (5,867 )     (34,102 )     4,280       (21,326 )     (57,015 )  
      (Gain) loss on derivative instruments   (1,588 )     (530 )     4,742       (6,853 )     (4,229 )  
      Unrealized gains on undesignated foreign currency
          advances and other hedge ineffectiveness
      (1,032 )     (300 )           (1,917 )     (3,249 )  
      Loss on extinguishment and modification of debt   58       13,090       317       2,412       15,877    
      Other expense (income)   16       (309 )     49       (1,476 )     (1,720 )  
      Expenses attributable to European tax restructuring [2]   469       16                   485    
      Transition costs related to the Merger and Internalization [3]   2,826       995       138       527       4,486    
      Adjusted EBITDA   155,333       153,568       150,589       150,260       609,750    
      General and administrative   16,177       15,196       12,598       13,763       57,734    
      Expenses attributable to European tax restructuring [2]   (469 )     (16 )                 (485 )  
      Transition costs related to the Merger and Internalization [3]   (2,826 )     (995 )     (138 )     (527 )     (4,486 )  
      NOI   168,215       167,753       163,049       163,496       662,513    
      Amortization related to above- and below-market lease
          intangibles and right-of-use assets, net
      2,225       1,901       1,805       1,572       7,503    
      Straight-line rent   (4,562 )     (5,349 )     (5,343 )     (3,896 )     (19,150 )  
      Cash NOI $ 165,878     $ 164,305     $ 159,511     $ 161,172     $ 650,866    
                                               
    Cash Paid for Interest:                                        
      Interest Expense $ 82,753     $ 89,815     $ 77,130     $ 77,234     $ 326,932    
            Non-cash portion of interest expense   (2,394 )     (2,580 )     (2,496 )     (2,510 )     (9,980 )  
      Amortization of discounts on mortgages and senior notes   (15,338 )     (24,080 )     (14,156 )     (15,017 )     (68,591 )  
      Total cash paid for interest $ 65,021     $ 63,155     $ 60,478     $ 59,707     $ 248,361    
                                               
    [1] These costs primarily consist of advisory, legal and other professional costs that were directly related to the Merger and Internalization.
    [2] Amounts relate to costs incurred related to the tax restructuring of our European entities. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased Adjusted EBITDA for these amounts.
    [3] Amounts include costs related to (i) compensation incurred for our former Co-Chief Executive Officer who retired effective March 31, 2024; (ii) a transition service agreement with the former Advisor and; (iii) insurance premiums related to expiring directors and officers insurance of former RTL directors. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased Adjusted EBITDA for these amounts.
       
    Global Net Lease, Inc.
    Quarterly Reconciliation of Non-GAAP Measures (Unaudited)
    (In thousands, except per share data)
       
        Three Months Ended   Year Ended
     
        March 31,
    2024
      June 30,
    2024
      September 30,
    2024
      December 31,
    2024
      December 31,
    2024

     
    Funds from operations (FFO):                                        
      Net loss attributable to common stockholders (in accordance with GAAP) $ (34,687 )   $ (46,600 )   $ (76,571 )   $ (17,458 )   $ (175,316 )  
      Impairment charges   4,327       27,402       38,583       20,098       90,410    
      Depreciation and amortization   92,000       89,493       85,430       83,020       349,943    
      (Gain) loss on dispositions of real estate investments   (5,867 )     (34,102 )     4,280       (21,326 )     (57,015 )  
    FFO (defined by NAREIT)   55,773       36,193       51,722       64,334       208,022    
      Merger, transaction and other costs[1]   761       1,572       1,901       1,792       6,026    
      Loss on extinguishment and modification of debt   58       13,090       317       2,412       15,877    
    Core FFO attributable to common stockholders   56,592       50,855       53,940       68,538       229,925    
      Non-cash equity-based compensation   1,973       2,340       2,309       2,309       8,931    
      Non-cash portion of interest expense   2,394       2,580       2,496       2,510       9,980    
      Amortization related to above- and below-market lease intangibles and right-of-use assets, net   2,225       1,901       1,805       1,572       7,503    
      Straight-line rent   (4,562 )     (5,349 )     (5,343 )     (3,896 )     (19,150 )  
      Unrealized gains on undesignated foreign currency advances and other hedge ineffectiveness   (1,032 )     (300 )           (1,917 )     (3,249 )  
      Eliminate unrealized (gains) losses on foreign currency transactions[2]   (1,259 )     (230 )     4,360       (6,289 )     (3,418 )  
      Amortization of discounts on mortgages and senior notes   15,338       24,080       14,156       15,017       68,591    
      Expenses attributable to European tax restructuring[3]   469       16                   485    
      Transition costs related to the Merger and Internalization[4]   2,826       995       138       527       4,486    
      Forfeited disposition deposit[5]         (196 )     (5 )     (74 )     (275 )  
    Adjusted funds from operations (AFFO) attributable tocommon stockholders $ 74,964     $ 76,692     $ 73,856     $ 78,297     $ 303,809    
    Weighted average common shares outstanding – Basic and Diluted   230,320       230,381       230,463       230,596       230,440    
    Net loss per share attributable to common shareholders — Basic and Diluted $ (0.15 )   $ (0.20 )   $ (0.33 )   $ (0.08 )   $ (0.76 )  
    FFO per diluted common share $ 0.24     $ 0.16     $ 0.22     $ 0.28     $ 0.90    
    Core FFO per diluted common share $ 0.25     $ 0.22     $ 0.23     $ 0.30     $ 1.00    
    AFFO per diluted common share $ 0.33     $ 0.33     $ 0.32     $ 0.34     $ 1.32    
    Dividends declared to common stockholders $ 81,923     $ 63,754     $ 63,722     $ 63,484     $ 272,883    
                                               
    [1] These costs primarily consist of advisory, legal and other professional costs that were directly related to the Merger and Internalization.
    [2] For the three months ended March 31, 2024, the gain on derivative instruments was $1.6 million which consisted of unrealized gains of $1.3 million and realized gains of $0.3 million. For the three months ended June 30, 2024, the gain on derivative instruments was $0.5 million which consisted of unrealized gains of $0.2 million and realized gains of $0.3 million. For the three months ended September 30, 2024, the loss on derivative instruments was $4.7 million which consisted of unrealized losses of $4.4 million and realized losses of $0.3 million. For the three months ended December 31, 2024, the gain on derivative instruments was $6.9 million, which consisted of unrealized gains of $6.3 million and realized gains of $0.6 million. For the year ended December 31, 2024, the gain on derivative instruments was $4.2 million, which consisted of unrealized gains of $3.4 million and realized gains of $0.8 million.
    [3] Amounts relate to costs incurred related to the tax restructuring of our European entities. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased AFFO for these amounts.
    [4] Amounts include costs related to (i) compensation incurred for our former Co-Chief Executive Officer who retired effective March 31, 2024; (ii) a transition service agreement with the former Advisor and; (iii) insurance premiums related to expiring directors and officers insurance of former RTL directors. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased AFFO for these amounts.
    [5] Represents a forfeited deposit from a potential buyer of one of our properties, which is recorded in other income in our consolidated statement of operations. We do not consider this income to be part of our normal operating performance and have, accordingly, decreased AFFO for this amount.
       

    The following table provides operating financial information for the Company’s four reportable segments:

          Three Months Ended December 31,   Year Ended December 31,
     
    (In thousands)   2024   2023 (1)   2024   2023 (1)
     
    Industrial & Distribution:                          
      Revenue from tenants   $ 54,561   $ 62,223   $ 237,645   $ 220,102  
      Property operating expense     6,694     5,407     21,820     15,457  
      Net operating income   $ 47,867   $ 56,816   $ 215,825   $ 204,645  
                                 
    Multi-Tenant Retail:                          
      Revenue from tenants   $ 63,131   $ 66,412   $ 259,280   $ 79,799  
      Property operating expense     20,387     22,494     86,025     26,951  
      Net operating income   $ 42,744   $ 43,918   $ 173,255   $ 52,848  
                                 
    Single-Tenant Retail:                          
      Revenue from tenants   $ 42,648   $ 41,288   $ 164,514   $ 65,478  
      Property operating expense     4,012     4,286     15,787     6,045  
      Net operating income   $ 38,636   $ 37,002   $ 148,727   $ 59,433  
                                 
    Office:                          
      Revenue from tenants   $ 38,775   $ 36,803   $ 143,571   $ 149,691  
      Property operating expense     4,526     4,850     18,865     19,386  
      Net operating income   $ 34,249   $ 31,953   $ 124,706   $ 130,305  
                                 
    (1) Amounts in the Single-Tenant Retail segment and Office segment reflect changes to the reclassification of one tenant from the Office segment to the Single-Tenant Retail segment to conform to the current year presentation based on a re-evaluation of the property type.
       

    Caution on Use of Non-GAAP Measures

    Funds from Operations (“FFO”), Core Funds from Operations (“Core FFO”), Adjusted Funds from Operations (“AFFO”), Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), Net Operating Income (“NOI”), Cash Net Operating Income (“Cash NOI”) and cash paid for interest should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income or in its applicability in evaluating our operating performance. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the non-GAAP measures.

    Other REITs may not define FFO in accordance with the current National Association of Real Estate Investment Trusts (“NAREIT”) definition (as we do), or may interpret the current NAREIT definition differently than we do, or may calculate Core FFO or AFFO differently than we do. Consequently, our presentation of FFO, Core FFO and AFFO may not be comparable to other similarly-titled measures presented by other REITs in our peer group.

    We consider FFO, Core FFO and AFFO useful indicators of our performance. Because FFO, Core FFO and AFFO calculations exclude such factors as depreciation and amortization of real estate assets and gain or loss from sales of operating real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), FFO, Core FFO and AFFO presentations facilitate comparisons of operating performance between periods and between other REITs.

    As a result, we believe that the use of FFO, Core FFO and AFFO, together with the required GAAP presentations, provide a more complete understanding of our operating performance including relative to our peers and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities. However, FFO, Core FFO and AFFO are not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Investors are cautioned that FFO, Core FFO and AFFO should only be used to assess the sustainability of our operating performance excluding these activities, as they exclude certain costs that have a negative effect on our operating performance during the periods in which these costs are incurred.

    Funds from Operations, Core Funds from Operations and Adjusted Funds from Operations

    Funds From Operations

    Due to certain unique operating characteristics of real estate companies, as discussed below, NAREIT, an industry trade group, has promulgated a measure known as FFO, which we believe to be an appropriate supplemental measure to reflect the operating performance of a REIT. FFO is not equivalent to net income or loss as determined under GAAP.

    We calculate FFO, a non-GAAP measure, consistent with the standards established over time by the Board of Governors of NAREIT, as restated in a White Paper approved by the Board of Governors of NAREIT effective in December 2018 (the “White Paper”). The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding depreciation and amortization related to real estate, gain and loss from the sale of certain real estate assets, gain and loss from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. Adjustments for unconsolidated partnerships and joint ventures are calculated to exclude the proportionate share of the non-controlling interest to arrive at FFO, Core FFO, AFFO and NOI attributable to stockholders, as applicable. Our FFO calculation complies with NAREIT’s definition.

    The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, and straight-line amortization of intangibles, which implies that the value of a real estate asset diminishes predictably over time. We believe that, because real estate values historically rise and fall with market conditions, including inflation, interest rates, unemployment and consumer spending, presentations of operating results for a REIT using historical accounting for depreciation and certain other items may be less informative. Historical accounting for real estate involves the use of GAAP. Any other method of accounting for real estate such as the fair value method cannot be construed to be any more accurate or relevant than the comparable methodologies of real estate valuation found in GAAP. Nevertheless, we believe that the use of FFO, which excludes the impact of real estate related depreciation and amortization, among other things, provides a more complete understanding of our performance to investors and to management, and when compared year over year, reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses, and interest costs, which may not be immediately apparent from net income.

    Core Funds From Operations

    In calculating Core FFO, we start with FFO, then we exclude certain non-core items such as merger, transaction and other costs, as well as certain other costs that are considered to be non-core, such as debt extinguishment or modification costs. The purchase of properties, and the corresponding expenses associated with that process, is a key operational feature of our core business plan to generate operational income and cash flows in order to make dividend payments to stockholders. In evaluating investments in real estate, we differentiate the costs to acquire the investment from the subsequent operations of the investment. We also add back non-cash write-offs of deferred financing costs, prepayment penalties and certain other costs incurred with the early extinguishment or modification of debt which are included in net income but are considered financing cash flows when paid in the statement of cash flows. We consider these write-offs and prepayment penalties to be capital transactions and not indicative of operations. By excluding expensed acquisition, transaction and other costs as well as non-core costs, we believe Core FFO provides useful supplemental information that is comparable for each type of real estate investment and is consistent with management’s analysis of the investing and operating performance of our properties.

    Adjusted Funds From Operations

    In calculating AFFO, we start with Core FFO, then we exclude certain income or expense items from AFFO that we consider more reflective of investing activities, other non-cash income and expense items and the income and expense effects of other activities or items, including items that were paid in cash that are not a fundamental attribute of our business plan or were one time or non-recurring items. These items include, for example, early extinguishment or modification of debt and other items excluded in Core FFO as well as unrealized gain and loss, which may not ultimately be realized, such as gain or loss on derivative instruments, gain or loss on foreign currency transactions, and gain or loss on investments. In addition, by excluding non-cash income and expense items such as amortization of above-market and below-market leases intangibles, amortization of deferred financing costs, straight-line rent and equity-based compensation from AFFO, we believe we provide useful information regarding income and expense items which have a direct impact on our ongoing operating performance. We also exclude revenue attributable to the reimbursement by third parties of financing costs that we originally incurred because these revenues are not, in our view, related to operating performance. We also include the realized gain or loss on foreign currency exchange contracts for AFFO as such items are part of our ongoing operations and affect our current operating performance.

    In calculating AFFO, we also exclude certain expenses which under GAAP are treated as operating expenses in determining operating net income. All paid and accrued acquisition, transaction and other costs (including prepayment penalties for debt extinguishments or modifications and merger related expenses) and certain other expenses, including expenses related to our European tax restructuring and transition costs related to the Merger and Internalization, negatively impact our operating performance during the period in which expenses are incurred or properties are acquired and will also have negative effects on returns to investors, but are excluded by us as we believe they are not reflective of our on-going performance. Further, under GAAP, certain contemplated non-cash fair value and other non-cash adjustments are considered operating non-cash adjustments to net income. In addition, as discussed above, we view gain and loss from fair value adjustments as items which are unrealized and may not ultimately be realized and not reflective of ongoing operations and are therefore typically adjusted for when assessing operating performance. Excluding income and expense items detailed above from our calculation of AFFO provides information consistent with management’s analysis of our operating performance. Additionally, fair value adjustments, which are based on the impact of current market fluctuations and underlying assessments of general market conditions, but can also result from operational factors such as rental and occupancy rates, may not be directly related or attributable to our current operating performance. By excluding such changes that may reflect anticipated and unrealized gain or loss, we believe AFFO provides useful supplemental information. By providing AFFO, we believe we are presenting useful information that can be used to, among other things, assess our performance without the impact of transactions or other items that are not related to our portfolio of properties. AFFO presented by us may not be comparable to AFFO reported by other REITs that define AFFO differently. Furthermore, we believe that in order to facilitate a clear understanding of our operating results, AFFO should be examined in conjunction with net income (loss) calculated in accordance with GAAP and presented in our consolidated financial statements. AFFO should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity or ability to make distributions.

    Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, Net Operating Income, Cash Net Operating Income and Cash Paid for Interest

    We believe that Adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization adjusted for acquisition, transaction and other costs, other non-cash items and including our pro-rata share from unconsolidated joint ventures, is an appropriate measure of our ability to incur and service debt. We also exclude revenue attributable to the reimbursement by third parties of financing costs that we originally incurred because these revenues are not, in our view, related to operating performance. All paid and accrued acquisition, transaction and other costs (including prepayment penalties for debt extinguishments or modifications) and certain other expenses, including expenses related to our European tax restructuring and transition costs related to the Merger and Internalization, negatively impact our operating performance during the period in which expenses are incurred or properties are acquired and will also have negative effects on returns to investors, but are not reflective of on-going performance. Adjusted EBITDA should not be considered as an alternative to cash flows from operating activities, as a measure of our liquidity or as an alternative to net income (loss) as calculated in accordance with GAAP as an indicator of our operating activities. Other REITs may calculate Adjusted EBITDA differently and our calculation should not be compared to that of other REITs.

    NOI is a non-GAAP financial measure equal to net income (loss), the most directly comparable GAAP financial measure, less discontinued operations, interest, other income and income from preferred equity investments and investment securities, plus corporate general and administrative expense, acquisition, transaction and other costs, depreciation and amortization, other non-cash expenses and interest expense. We use NOI internally as a performance measure and believe NOI provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Therefore, we believe NOI is a useful measure for evaluating the operating performance of our real estate assets and to make decisions about resource allocations. Further, we believe NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition activity on an unlevered basis, providing perspective not immediately apparent from net income. NOI excludes certain components from net income in order to provide results that are more closely related to a property’s results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. NOI presented by us may not be comparable to NOI reported by other REITs that define NOI differently. We believe that in order to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity.

    Cash NOI is a non-GAAP financial measure that is intended to reflect the performance of our properties. We define Cash NOI as net operating income (which is separately defined herein) excluding amortization of above/below market lease intangibles and straight-line rent adjustments that are included in GAAP lease revenues. We believe that Cash NOI is a helpful measure that both investors and management can use to evaluate the current financial performance of our properties and it allows for comparison of our operating performance between periods and to other REITs. Cash NOI should not be considered as an alternative to net income, as an indication of our financial performance, or to cash flows as a measure of liquidity or our ability to fund all needs. The method by which we calculate and present Cash NOI may not be directly comparable to the way other REITs calculate and present Cash NOI.

    Cash Paid for Interest is calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net. Management believes that Cash Paid for Interest provides useful information to investors to assess our overall solvency and financial flexibility. Cash Paid for Interest should not be considered as an alternative to interest expense as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to our financial information prepared in accordance with GAAP.

    The MIL Network

  • MIL-OSI: Infinera Corporation Fourth Quarter and Fiscal 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    FY’24 Highlights:

    • Year-over-year growth in bookings and backlog; book-to-bill ratio of approximately 1.1x for FY’24 and 1.3x for Q4’24
    • Record revenue with webscalers – total revenue exposure (direct and indirect) greater than 50% of FY’24 revenue
    • Significant design wins across the GX systems portfolio with webscalers and Tier 1 Communications Service Providers (CSPs)
    • Substantial awards for ICE-X 400G and 800G pluggables from webscalers and Tier 1 CSPs
    • Launched ICE-D to address the projected multi-billion dollar intra-data center opportunity driven by AI workloads
    • Secured CHIPS & Science Act funding with the potential for greater than $200 million in total federal incentives, in addition to potential state and local incentives
    • Announced a definitive agreement to be acquired by Nokia (acquisition anticipated to be completed on or about February 28, 2025)

    SAN JOSE, Calif., Feb. 27, 2025 (GLOBE NEWSWIRE) — Infinera Corporation (NASDAQ: INFN) has released financial results for its fourth quarter and fiscal year ended December 28, 2024. This press release is also published on Infinera’s Investor Relations website.

    GAAP revenue for the quarter was $414.4 million compared to $354.4 million in the third quarter of 2024 and $453.5 million in the fourth quarter of 2023.

    GAAP gross margin for the quarter was 38.0% compared to 39.8% in the third quarter of 2024 and 38.6% in the fourth quarter of 2023. GAAP operating margin for the quarter was 0.0% compared to (3.1)% in the third quarter of 2024 and 2.5% in the fourth quarter of 2023.

    GAAP net loss for the quarter was $(26.3) million, or $(0.11) per diluted share, compared to net loss of $(14.3) million, or $(0.06) per diluted share, in the third quarter of 2024, and net income of $12.9 million, or $0.06 per diluted share, in the fourth quarter of 2023.

    Non-GAAP gross margin for the quarter was 38.4% compared to 40.4% in the third quarter of 2024 and 39.6% in the fourth quarter of 2023. Non-GAAP operating margin for the quarter was 5.4% compared to 3.5% in the third quarter of 2024 and 7.2% in the fourth quarter of 2023.

    Non-GAAP net income for the quarter was $8.2 million, or $0.03 per diluted share, compared to $0.3 million, or $0.00 per diluted share, in the third quarter of 2024, and $28.6 million, or $0.12 per diluted share, in the fourth quarter of 2023.

    GAAP revenue for the year was $1,418.4 million compared to $1,614.1 million in 2023. GAAP gross margin for the year was 38.4% compared to 38.6% in 2023. GAAP operating margin for the year was (5.9)% compared to (0.3)% in 2023. GAAP net loss for the year was $(150.3) million, or $(0.64) per diluted share, compared to $(25.2) million, or $(0.11) per diluted share, in 2023.

    Non-GAAP gross margin for the year was 39.0% compared to 39.9% in 2023. Non-GAAP operating margin for the year was 0.3% compared to 5.4% in 2023. Non-GAAP net loss for the year was $(43.8) million, or $(0.19) per diluted share, compared to net income of $53.4 million, or $0.23 per diluted share, in 2023.

    A further explanation of the use of non-GAAP financial information and a reconciliation of each of the non-GAAP financial measures to the most directly comparable GAAP financial measure can be found at the end of this press release.

    Infinera CEO, David Heard, said “We exited 2024 with significant momentum in our business, growing Q4’24 bookings sequentially by more than 50% and by approximately 20% compared to Q4’23. The growth in bookings and substantial increase in backlog in 2024, when combined with our strategic wins, position us well in 2025 and beyond for the next wave of optical spend fueled by relentless bandwidth growth, increased fiber deployments, and AI-driven data-center builds.”

    “Looking ahead, I remain excited about our pending merger with Nokia, as we prepare to join forces with a recognized industry leader. With greater scale and deeper resources together, we intend to set the pace of innovation as optics take on an increasingly critical role in the era of AI,” continued Mr. Heard.

    Pending Merger with Nokia

    On June 27, 2024, Infinera, Nokia Corporation, a company incorporated under the laws of the Republic of Finland (“Nokia”) (NYSE: NOK) and Neptune of America Corporation, a Delaware corporation and wholly owned subsidiary of Nokia (“Merger Sub”) entered into an Agreement and Plan of Merger (as it may be amended, modified or waived from time to time, the “Merger Agreement”) that provides for Merger Sub to merge with and into Infinera (the “Merger”), with Infinera surviving the Merger as a wholly owned subsidiary of Nokia. On February 18, 2025, Infinera issued a press release announcing that the Merger is anticipated to be completed on or about February 28, 2025, which date remains subject to the satisfaction of remaining closing conditions.

    In light of the proposed transaction with Nokia, and as is customary during the pendency of an acquisition, Infinera will not be providing financial guidance during the pendency of the acquisition.

    Fourth Quarter 2024 Investor Slides to be Made Available Online

    Investor slides reviewing Infinera’s fourth quarter of 2024 financial results will be furnished to the U.S. Securities and Exchange Commission (“SEC”) on a Current Report on Form 8-K and published on Infinera’s Investor Relations website at investors.infinera.com.

    Contacts:

    Media:
    Anna Vue
    Tel. +1 (916) 595-8157
    avue@infinera.com

    Investors:
    Amitabh Passi, Head of Investor Relations
    Tel. +1 (669) 295-1489
    apassi@infinera.com

    About Infinera

    Infinera is a global supplier of innovative open optical networking solutions and advanced optical semiconductors that enable carriers, cloud operators, governments, and enterprises to scale network bandwidth, accelerate service innovation, and automate network operations. Infinera solutions deliver industry-leading economics and performance in long-haul, submarine, data center interconnect, and metro transport applications. To learn more about Infinera, visit www.infinera.com, follow us on X and LinkedIn, and subscribe for updates.

    Infinera and the Infinera logo are registered trademarks of Infinera Corporation.

    Forward-Looking Statements

    This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or Infinera’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will,” and “would” or the negative of these words or similar terms or expressions that concern Infinera’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this press release include, but are not limited to, statements regarding the amount Infinera could receive in direct government funding and tax incentives; statements about Infinera’s strategic positioning in 2025 and beyond; and statements related to the Merger, including the timing of completion of the Merger and the future performance and benefits of the combined business.

    These forward-looking statements are based on estimates and information available to Infinera as of the date hereof and are not guarantees of actual or future performance; actual results could differ materially from those stated or implied due to risks and uncertainties. The risks and uncertainties that could cause Infinera’s results to differ materially from those expressed or implied by such forward-looking statements include statements related to the Merger, including whether the Merger may not be completed or completion may be delayed, and if the Merger Agreement is terminated, there may be a required payment of a significant termination fee by either party; the receipt of necessary approvals to complete the Merger; the possibility that due to the Merger, and uncertainty regarding the Merger, Infinera’s customers, suppliers or strategic partners may delay or defer entering into contracts or making other decisions concerning Infinera; the significance and timing of costs related to the Merger; the impact on us of litigation or other stockholder action related to the Merger; the effects on us and our stockholders if the Merger is not completed; demand growth for additional network capacity and the level and timing of customer capital spending and excess inventory held by customers beyond normalized levels; delays in the development, introduction or acceptance of new products or in releasing enhancements to existing products; aggressive business tactics by Infinera’s competitors and new entrants and Infinera’s ability to compete in a highly competitive market; supply chain and logistics issues and their impact on our business, and Infinera’s dependency on sole source, limited source or high-cost suppliers; dependence on a small number of key customers; product performance problems; the complexity of Infinera’s manufacturing process; Infinera’s ability to identify, attract, upskill and retain qualified personnel; challenges with our contract manufacturers and other third-party partners; the effects of customer and supplier consolidation; dependence on third-party service partners; Infinera’s ability to respond to rapid technological changes; failure to accurately forecast Infinera’s manufacturing requirements or customer demand; failure to secure the funding contemplated by grants Infinera has or may receive from governments, agencies or research organizations, or failure to comply with the terms of those grants; Infinera’s future capital needs and its ability to generate the cash flow or otherwise secure the capital necessary to meet such capital needs; the effect of global and regional economic conditions on Infinera’s business, including effects on purchasing decisions by customers; the adverse impact inflation and higher interest rates may have on Infinera by increasing costs beyond what it can recover through price increases; the effects of tariffs; restrictions to our operations resulting from loan or other credit agreements; the impacts of any restructuring plans or other strategic efforts on our business; Infinera’s international sales and operations; the impacts of foreign currency fluctuations; the effective tax rate of Infinera, which may increase or fluctuate; potential dilution from the issuance of additional shares of common stock in connection with the conversion of Infinera’s convertible senior notes; Infinera’s ability to protect its intellectual property; claims by others that Infinera infringes on their intellectual property rights; security incidents, such as data breaches or cyber-attacks; Infinera’s ability to comply with various rules and regulations, including with respect to export control and trade compliance, environmental, social, governance, privacy and data protection matters; events that are outside of Infinera’s control, such as natural disasters, acts of war or terrorism, or other catastrophic events that could harm Infinera’s operations; Infinera’s ability to remediate its disclosed material weaknesses in internal control over financial reporting in a timely and effective manner, and other risks and uncertainties detailed in Infinera’s SEC filings from time to time; and statements of assumptions underlying any of the foregoing. More information on potential factors that may impact Infinera’s business are set forth in Infinera’s periodic reports filed with the SEC, including its Annual Report on Form 10-K for the year ended December 28, 2024, as well as subsequent reports filed with or furnished to the SEC from time to time. These SEC filings are available on Infinera’s website at www.infinera.com and the SEC’s website at www.sec.gov. Infinera assumes no obligation to, and does not currently intend to, update any such forward-looking statements.

    Use of Non-GAAP Financial Information

    In addition to disclosing financial measures prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), this press release and the accompanying tables contain certain non-GAAP financial measures that exclude in certain cases stock-based compensation expense, amortization of acquired intangible assets, restructuring and other related costs, warehouse fire recovery, merger-related charges, foreign exchange (gains) losses, net, and income tax effects. Infinera believes these adjustments are appropriate to enhance an overall understanding of its underlying financial performance and also its prospects for the future and are considered by management for the purpose of making operational decisions. In addition, the non-GAAP financial measures presented in this press release are the primary indicators management uses as a basis for its planning and forecasting of future periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for gross margin, operating expenses, operating margin, net income (loss) and net income (loss) per common share prepared in accordance with GAAP. Non-GAAP financial measures are not based on a comprehensive set of accounting rules or principles and are subject to limitations.

    For a description of these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP financial measures, please see the table titled “GAAP to Non-GAAP Reconciliations” and related footnotes.

    Infinera Corporation
    Condensed Consolidated Statements of Operations
    (In thousands, except per share data)
    (Unaudited)

      Three months ended   Twelve months ended
      December 28,
    2024
      December 30,
    2023
      December 28,
    2024
      December 30,
    2023
    Revenue:              
    Product $ 325,123     $ 373,172     $ 1,103,131     $ 1,304,229  
    Services   89,264       80,284       315,315       309,899  
    Total revenue   414,387       453,456       1,418,446       1,614,128  
    Cost of revenue:              
    Cost of product   212,250       233,693       706,498       810,845  
    Cost of services   44,882       42,643       166,792       167,532  
    Amortization of intangible assets                     10,621  
    Restructuring and other related costs   (56 )     2,218       596       2,218  
    Total cost of revenue   257,076       278,554       873,886       991,216  
    Gross profit   157,311       174,902       544,560       622,912  
    Operating expenses:              
    Research and development   75,214       79,645       300,437       316,879  
    Sales and marketing   40,504       42,532       158,861       166,938  
    General and administrative   31,566       35,112       132,680       124,874  
    Amortization of intangible assets   2,256       2,256       9,025       12,344  
    Merger-related charges   7,550             23,021        
    Restructuring and other related costs   81       4,096       4,186       6,717  
    Total operating expenses   157,171       163,641       628,210       627,752  
    Income (loss) from operations   140       11,261       (83,650 )     (4,840 )
    Other income (expense), net:              
    Interest income   594       982       3,383       2,716  
    Interest expense   (6,746 )     (8,814 )     (32,302 )     (30,609 )
    Other gain (loss), net   (11,547 )     4,739       (20,457 )     15,325  
    Total other income (expense), net   (17,699 )     (3,093 )     (49,376 )     (12,568 )
    Income (loss) before income taxes   (17,559 )     8,168       (133,026 )     (17,408 )
    Provision for (benefit from) income taxes   8,784       (4,705 )     17,312       7,805  
    Net income (loss) $ (26,343 )   $ 12,873     $ (150,338 )   $ (25,213 )
    Net income (loss) per common share:              
    Basic $ (0.11 )   $ 0.06     $ (0.64 )   $ (0.11 )
    Diluted $ (0.11 )   $ 0.06     $ (0.64 )   $ (0.11 )
    Weighted average shares used in computing net income (loss) per common share:              
    Basic   236,974       230,509       234,672       226,726  
    Diluted   236,974       233,090       234,672       226,726  
     

    Infinera Corporation
    GAAP to Non-GAAP Reconciliations
    (In thousands, except percentages)
    (Unaudited)

        Three months ended
      Twelve months ended
        December 28,
    2024
          September 28,
    2024
          December 30,
    2023
          December 28,
    2024
          December 30,
    2023
       
    Reconciliation of Gross Profit and Gross Margin:                                        
    GAAP as reported   $ 157,311       38.0 %   $ 141,214       39.8 %   $ 174,902       38.6 %   $ 544,560       38.4 %   $ 622,912       38.6 %
    Stock-based compensation expense(1)     1,867       0.4 %     2,084       0.6 %     2,328       0.5 %     7,621       0.6 %     10,000       0.6 %
    Amortization of acquired intangible assets(2)           %           %           %           %     10,621       0.7 %
    Restructuring and other related costs(3)     (56 )     (0.0) %     (24 )     %     2,218       0.5 %     596       0.0 %     2,218       0.1 %
    Warehouse fire recovery(4)           %           %           %           %     (1,985 )     (0.1) %
    Non-GAAP as adjusted   $ 159,122       38.4 %   $ 143,274       40.4 %   $ 179,448       39.6 %   $ 552,777       39.0 %   $ 643,766       39.9 %
                                             
    Reconciliation of Operating Expenses:                                        
    GAAP as reported   $ 157,171         $ 152,212         $ 163,641         $ 628,210         $ 627,752      
    Stock-based compensation expense(1)     10,333           12,305           10,429           43,300           52,150      
    Amortization of acquired intangible assets(2)     2,256           2,257           2,256           9,025           12,344      
    Restructuring and other related costs(3)     81           (157 )         4,096           4,186           6,717      
    Merger-related charges(5)     7,550           6,954                     23,021                
    Non-GAAP as adjusted   $ 136,951         $ 130,853         $ 146,860         $ 548,678         $ 556,541      
                                             
    Reconciliation of Income (Loss) from Operations and Operating Margin:                                        
    GAAP as reported   $ 140       0.0 %   $ (10,998 )     (3.1) %   $ 11,261       2.5 %   $ (83,650 )     (5.9) %   $ (4,840 )     (0.3) %
    Stock-based compensation expense(1)     12,200       3.0 %     14,389       4.1 %     12,757       2.8 %     50,921       3.7 %     62,150       3.8 %
    Amortization of acquired intangible assets(2)     2,256       0.5 %     2,257       0.6 %     2,256       0.5 %     9,025       0.6 %     22,965       1.4 %
    Restructuring and other related costs(3)     25       0.0 %     (181 )     (0.1) %     6,314       1.4 %     4,782       0.3 %     8,935       0.6 %
    Warehouse fire recovery(4)           %           %           %           %     (1,985 )     (0.1) %
    Merger-related charges(5)     7,550       1.9 %     6,954       2.0 %           %     23,021       1.6 %           %
    Non-GAAP as adjusted   $ 22,171       5.4 %   $ 12,421       3.5 %   $ 32,588       7.2 %   $ 4,099       0.3 %   $ 87,225       5.4 %
       
        Three months ended Twelve months ended
        December 28,
    2024
      September 28,
    2024
      December 30,
    2023
      December 28,
    2024
      December 30,
    2023
    Reconciliation of Net Income (Loss):                    
    GAAP as reported   $ (26,343 )   $ (14,313 )   $ 12,873     $ (150,338 )   $ (25,213 )
    Stock-based compensation expense(1)     12,200       14,389       12,757       50,921       62,150  
    Amortization of acquired intangible assets(2)     2,256       2,257       2,256       9,025       22,965  
    Restructuring and other related costs(3)     25       (181 )     6,314       4,782       8,935  
    Warehouse fire recovery(4)                             (1,985 )
    Merger-related charges(5)     7,550       6,954             23,021        
    Foreign exchange (gains) losses, net(6)     11,855       (8,039 )     (4,852 )     21,954       (14,755 )
    Income tax effects(7)     655       (788 )     (780 )     (3,120 )     1,292  
    Non-GAAP as adjusted     8,198     $ 279     $ 28,568     $ (43,755 )   $ 53,389  
                         
    Weighted Average Shares Used in Computing GAAP Net Income (Loss) per Common Share:                    
    Basic     236,974       235,832       230,509       234,672       226,726  
    Diluted(8)     236,974       235,832       233,090       234,672       226,726  
                         
    Weighted Average Shares Used in Computing Non-GAAP Net Income (Loss) per Common Share:                    
    Basic     236,974       235,832       230,509       234,672       226,726  
    Diluted(9)     269,422       240,502       259,210       234,672       255,468  
                         
    Reconciliation of Adjusted EBITDA (10):                    
    Non-GAAP net income (loss)   $ 8,198     $ 279     $ 28,568     $ (43,755 )   $ 53,389  
    Add: Interest expense, net     6,152       7,890       7,832       28,919       27,893  
    Less: Other gain (loss), net     308       446       (113 )     1,497       570  
    Add: Income tax effects     8,129       4,698       (3,925 )     20,432       6,513  
    Add: Depreciation     13,333       13,501       17,125       53,308       55,819  
    Non-GAAP as adjusted   $ 35,504     $ 25,922     $ 49,713     $ 57,407     $ 143,044  
                         
    Net Income (Loss) per Common Share: GAAP                    
    Basic   $ (0.11 )   $ (0.06 )   $ 0.06     $ (0.64 )   $ (0.11 )
    Diluted(8)   $ (0.11 )   $ (0.06 )   $ 0.06     $ (0.64 )   $ (0.11 )
                         
    Net Income (Loss) per Common Share: Non-GAAP                    
    Basic   $ 0.03     $ 0.00     $ 0.12     $ (0.19 )   $ 0.24  
    Diluted(9)   $ 0.03     $ 0.00     $ 0.12     $ (0.19 )   $ 0.23  
     

    (1)   Stock-based compensation expense is calculated in accordance with the fair value recognition provisions of Financial Accounting Standards Board Accounting Standards Codification Topic 718, Compensation – Stock Compensation effective January 1, 2006. The following table summarizes the effects of stock-based compensation related to employees and non-employees (in thousands):  

     
        Three months ended   Twelve months ended
        December 28, 2024   September 28, 2024   December 30, 2023   December 28, 2024   December 30, 2023
    Cost of revenue   $ 1,867     $ 2,084     $ 2,328     $ 7,621     $ 10,000  
    Research and development     4,547       4,623       4,917       18,779       22,474  
    Sales and marketing     3,036       3,241       2,328       12,175       13,699  
    General and administration     2,750       4,441       3,184       12,346       15,977  
    Total operating expenses     10,333       12,305       10,429       43,300       52,150  
    Total stock-based compensation expense   $ 12,200     $ 14,389     $ 12,757     $ 50,921     $ 62,150  
     

    (2)    Amortization of acquired intangible assets consists of developed technology and customer relationships acquired in connection with the acquisitions of Coriant and Transmode AB. GAAP accounting requires that acquired intangible assets are recorded at fair value and amortized over their useful lives. As this amortization is non-cash, Infinera has excluded it from its non-GAAP gross profit, operating expenses and net income measures. Management believes the amortization of acquired intangible assets is not indicative of ongoing operating performance and its exclusion provides a better indication of Infinera’s underlying business performance.

    (3)    Restructuring and other related costs are primarily associated with the reduction of headcount and the reduction of operating costs. In addition, this includes accelerated amortization on operating lease right-of-use assets due to the cessation of use of certain facilities. Management has excluded the impact of these charges in arriving at Infinera’s non-GAAP results as they are non-recurring in nature and its exclusion provides a better indication of Infinera’s underlying business performance.

    (4)    Warehouse fire losses were incurred due to inventory destroyed in a warehouse fire in the third quarter of fiscal year 2022. Recoveries are recorded when they are probable of receipt. Management has excluded the impact of this loss and subsequent recoveries in arriving at Infinera’s non-GAAP results as it is non-recurring in nature and its exclusion provides a better indication of Infinera’s underlying business performance.

    (5)    Merger-related charges represent costs incurred directly in connection with the pending merger with Nokia. Management has excluded the impact of these charges in arriving at Infinera’s non-GAAP results as they are non-recurring in nature and the exclusion of these charges provides a better indication of Infinera’s underlying business performance.

    (6)    Foreign exchange (gains) losses, net, have been excluded from Infinera’s non-GAAP results because management believes that this expense is not indicative of ongoing operating performance and its exclusion provides a better indication of Infinera’s underlying business performance.

    (7)    The difference between the GAAP and non-GAAP tax provision is due to the net tax effects of above non-GAAP adjustments. Management believes the exclusion of these tax effects provides a better indication of Infinera’s underlying business performance.

    (8)    The GAAP diluted shares include potentially dilutive securities from Infinera’s stock-based benefit plans and convertible senior notes. These potentially dilutive securities are added for the computation of diluted net income per share on a GAAP basis in periods when Infinera has net income on a GAAP basis, as its inclusion provides a better indication of Infinera’s underlying business performance.

    For purposes of calculating GAAP diluted earnings per share, we used the following net income (loss) and weighted average common shares outstanding (in thousands, except per share data):

     
        Three months ended   Twelve months ended
        December 28,
    2024
      September 28,
    2024
      December 30,
    2023
      December 28,
    2024
      December 30,
    2023
    GAAP net income (loss) for basic earnings per share   $ (26,343 )   $ (14,313 )   $ 12,873     $ (150,338 )   $ (25,213 )
    Interest expense related to the convertible senior notes, net of tax                 104              
    GAAP net income (loss) for diluted earnings per share   $ (26,343 )   $ (14,313 )   $ 12,977     $ (150,338 )   $ (25,213 )
                         
    Weighted average basic common shares outstanding     236,974       235,832       230,509       234,672       226,726  
    Dilutive effect of restricted and performance share units                 682              
    Dilutive effect of 2024 convertible senior notes(a)                 1,899              
    Dilutive effect of 2027 convertible senior notes(b)                              
    Dilutive effect of 2028 convertible senior notes(c)                              
    Weighted average dilutive common shares outstanding     236,974       235,832       233,090       234,672       226,726  
                         
    GAAP net income (loss) per common share:                    
    Basic   $ (0.11 )   $ (0.06 )   $ 0.06     $ (0.64 )   $ (0.11 )
    Diluted   $ (0.11 )   $ (0.06 )   $ 0.06     $ (0.64 )   $ (0.11 )
     

    (a)    For the three- months ended December 28, 2024 and September 28, 2024, there were zero and 1.4 million shares, respectively, excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect. For the twelve- months ended December 28, 2024 and December 30, 2023, there were 1.3 million and 5.8 million shares, respectively, excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect.

    (b)    For each of the three- months ended December 28, 2024, September 28, 2024, and December 30, 2023, there were 26.1 million shares excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect. For both the twelve- months ended December 28, 2024, and December 30, 2023, there were 26.1 million shares, excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect.

    (c)    For the three- months ended December 28, 2024, September 28, 2024, and December 30, 2023, there were no shares excluded from the calculation of diluted net income (loss) per share. For the twelve- months ended December 28, 2024, and December 30, 2023, there were zero and 0.9 million shares, respectively, excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect.

    (9)    The non-GAAP diluted shares include the potentially dilutive securities from Infinera’s stock-based benefit plans and convertible senior notes. These potentially dilutive securities are added for the computation of diluted net income per share on a non-GAAP basis in periods when Infinera has net income on a non-GAAP basis as its inclusion provides a better indication of Infinera’s underlying business performance. Refer to the diluted earnings per share reconciliation presented below.

    For purposes of calculating non-GAAP diluted earnings per share, we used the following net income (loss) and weighted average common shares outstanding (in thousands, except per share data):

     
        Three months ended   Twelve months ended
        December 28,
    2024
      September 28,
    2024
      December 30,
    2023
      December 28,
    2024
      December 30,
    2023
    Non-GAAP net income (loss) for basic earnings per share   $ 8,198     $ 279     $ 28,568     $ (43,755 )   $ 53,389  
    Interest expense related to the convertible senior notes, net of tax     752             1,652             5,370  
    Non-GAAP net income (loss) for diluted earnings per share   $ 8,950     $ 279     $ 30,220     $ (43,755 )   $ 58,759  
                         
    Weighted average basic common shares outstanding     236,974       235,832       230,509       234,672       226,726  
    Dilutive effect of restricted and performance share units     6,328       4,670       682             1,674  
    Dilutive effect of employee stock purchase plan                             53  
    Dilutive effect of 2024 convertible senior notes(a)                 1,899              
    Dilutive effect of 2027 convertible senior notes(b)     26,120             26,120             26,210  
    Dilutive effect of 2028 convertible senior notes(c)                             895  
    Weighted average dilutive common shares outstanding     269,422       240,502       259,210       234,672       255,558  
                         
    Non-GAAP net income (loss) per common share:                    
    Basic   $ 0.03     $ 0.00     $ 0.12     $ (0.19 )   $ 0.24  
    Diluted   $ 0.03     $ 0.00     $ 0.12     $ (0.19 )   $ 0.23  
     

    (a)    For the three- months ended December 28, 2024, September 28, 2024, there were zero and 1.4 million shares, respectively, excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect. For the twelve- months ended December 28, 2024, and December 30, 2023, there were 1.3 million and 5.8 million shares, respectively, excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect.

    (b)    For the three- months ended September 28, 2024, there were 26.1 million shares excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect. For the twelve- months ended December 28, 2024, there were 26.1 million shares excluded from the calculation of diluted net income (loss) per share, due to their anti-dilutive effect.

    (c)    For the three- months ended December 28, 2024, September 28, 2024, and December 30, 2023, there were no shares excluded from the calculation of diluted net income (loss) per share. For the twelve- months ended December 28, 2024, there were no shares excluded from the calculation of diluted net income (loss) per share.

    (10)    Adjusted EBITDA is a non-GAAP supplemental measure of operating performance that does not represent and should not be considered an alternative to operating loss or cash flow from operations, as determined by GAAP. Infinera’s adjusted EBITDA is calculated by excluding the above non-GAAP adjustments, interest expense, net, other gain (loss), net, income tax effects and depreciation expenses. Management believes that adjusted EBITDA is an important financial measure for use in evaluating Infinera’s financial performance, as it measures the ability of our business operations to generate cash.

    Infinera Corporation
    GAAP to Non-GAAP Reconciliations
    (In thousands)
    (Unaudited) 

    Free Cash Flow

    We define free cash flow as net cash provided by (used in) operating activities in the period minus the purchase of property and equipment made in the period.

    Free cash flow is considered a non-GAAP financial measure under the SEC’s rules. Management believes that free cash flow is an important financial measure for use in evaluating Infinera’s financial performance, as it measures our ability to generate additional cash from our business operations. Free cash flow should be considered in addition to, rather than as a substitute for, net loss as a measure of our performance or net cash provided by (used in) operating activities as a measure of our liquidity. Additionally, our definition of free cash flow is limited and does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other obligations. Therefore, we believe it is important to view free cash flow as supplemental to our entire statement of cash flows.

     
        Three months ended   Twelve months ended
        December 28,
    2024
      September 28,
    2024
      December 30,
    2023
      December 28,
    2024
      December 30,
    2023
    Net cash provided by operating activities   $ 72,045     $ 44,563     $ 79,652     $ 80,680     $ 49,510  
    Purchase of property and equipment     (28,265 )     (24,090 )     (21,414 )     (75,013 )     (62,314 )
    Free cash flow   $ 43,780     $ 20,473     $ 58,238     $ 5,667     $ (12,804 )
     

    Infinera Corporation
    Consolidated Balance Sheets
    (In thousands, except par values)

      December 28,
    2024
      December 30,
    2023
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 145,808     $ 172,505  
    Short-term restricted cash         517  
    Accounts receivable, net   336,552       381,981  
    Inventory   308,213       431,163  
    Prepaid expenses and other current assets   155,249       129,218  
    Total current assets   945,822       1,115,384  
    Property, plant and equipment, net   249,496       206,997  
    Operating lease right-of-use assets   36,348       39,973  
    Intangible assets, net   15,794       24,819  
    Goodwill   224,233       240,566  
    Long-term restricted cash   420       837  
    Other long-term assets   61,645       50,662  
    Total assets $ 1,533,758     $ 1,679,238  
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable $ 284,992     $ 299,005  
    Accrued expenses and other current liabilities   143,385       110,758  
    Accrued compensation and related benefits   49,942       85,203  
    Short-term debt, net   482       25,512  
    Accrued warranty   13,243       17,266  
    Deferred revenue   134,727       136,248  
    Total current liabilities   626,771       673,992  
    Long-term debt, net   667,930       658,756  
    Long-term accrued warranty   12,264       15,934  
    Long-term deferred revenue   29,290       21,332  
    Long-term deferred tax liability   3,035       1,805  
    Long-term operating lease liabilities   41,601       47,464  
    Other long-term liabilities   36,352       43,364  
    Commitments and contingencies      
    Stockholders’ equity:      
    Preferred stock, $0.001 par value
    Authorized shares – 25,000 and no shares issued and outstanding
             
    Common stock, $0.001 par value
    Authorized shares – 500,000 in 2024 and 500,000 in 2023   
    Issued and outstanding shares – 237,396 in 2024 and 230,994 in 2023
      237       231  
    Additional paid-in capital   2,024,810       1,976,014  
    Accumulated other comprehensive loss   (33,388 )     (34,848 )
    Accumulated deficit   (1,875,144 )     (1,724,806 )
    Total stockholders’ equity   116,515       216,591  
    Total liabilities and stockholders’ equity $ 1,533,758     $ 1,679,238  
     

    Infinera Corporation
    Consolidated Statements of Cash Flows
    (In thousands)

      Twelve months ended
      December 28,
    2024
      December 30,
    2023
    Cash Flows from Operating Activities:      
    Net loss $ (150,338 )   $ (25,213 )
    Adjustments to reconcile net loss to net cash provided by operating activities:      
    Depreciation and amortization   62,333       78,784  
    Non-cash restructuring charges and other related costs   40       1,200  
    Amortization of debt issuance costs and discount   3,680       3,862  
    Operating lease expense   9,252       7,464  
    Stock-based compensation expense   50,921       62,150  
    Other, net   (76 )     (823 )
    Changes in assets and liabilities:      
    Accounts receivable   40,218       38,511  
    Inventory   121,772       (57,864 )
    Prepaid expenses and other current assets   (49,159 )     9,683  
    Accounts payable   (28,258 )     (2,921 )
    Accrued expenses and other current liabilities   11,568       (40,063 )
    Deferred revenue   8,727       (25,260 )
    Net cash provided by operating activities   80,680       49,510  
    Cash Flows from Investing Activities:      
    Purchase of property and equipment   (75,013 )     (62,314 )
    Net cash used in investing activities   (75,013 )     (62,314 )
    Cash Flows from Financing Activities:      
    Proceeds from issuance of 2028 Notes         98,751  
    Repayment of 2024 Notes   (18,747 )     (83,446 )
    Payment of debt issuance cost         (2,108 )
    Proceeds from asset-based revolving credit facility   50,000       50,000  
    Repayment of asset-based revolving credit facility   (50,000 )     (50,000 )
    Repayment of mortgage payable   (470 )     (510 )
    Principal payments on finance lease obligations   (562 )     (1,023 )
    Payment of term license obligation   (10,318 )     (10,417 )
    Proceeds from issuance of common stock   6       14,931  
    Tax withholding paid on behalf of employees for net share settlement   (2,129 )     (2,465 )
    Net cash (used in) provided by financing activities   (32,220 )     13,713  
    Effect of exchange rate changes on cash, cash equivalents and restricted cash   (1,078 )     (16,253 )
    Net change in cash, cash equivalents and restricted cash   (27,631 )     (15,344 )
    Cash, cash equivalents and restricted cash at beginning of period   173,859       189,203  
    Cash, cash equivalents and restricted cash at end of period(1) $ 146,228     $ 173,859  
     

    Infinera Corporation
    Consolidated Statements of Cash Flows
    (In thousands)

      Twelve months ended
      December 28,
    2024
      December 30,
    2023
    Supplemental disclosures of cash flow information:      
    Cash paid for income taxes, net $ 21,790     $ 14,109  
    Cash paid for interest, net $ 27,359     $ 22,394  
    Supplemental schedule of non-cash investing and financing activities:          
    Transfer of inventory to fixed assets $     $ 1,847  
    Property and equipment included in accounts payable and accrued liabilities $ 34,385     $ 10,104  
    Unpaid term licenses (included in accounts payable, accrued liabilities and other long-term liabilities) $ 14,196     $ 23,326  
                   
     

    (1)         Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets (in thousands):  

     
      December 28,
    2024
      December 30,
    2023
           
    Cash and cash equivalents $ 145,808     $ 172,505  
    Short-term restricted cash         517  
    Long-term restricted cash   420       837  
    Total cash, cash equivalents and restricted cash $ 146,228     $ 173,859  
     

    Infinera Corporation
    Supplemental Financial Information
    (Unaudited)

        Q1’23   Q2’23   Q3’23   Q4’23   Q1’24   Q2’24   Q3’24   Q4’24
    GAAP Revenue $(Mil)   $ 392.1     $ 376.2     $ 392.4     $ 453.5     $ 306.9     $ 342.7     $ 354.4     $ 414.4  
    GAAP Gross Margin %     37.5 %     38.0 %     40.3 %     38.6 %     36.0 %     39.6 %     39.8 %     38.0 %
    Non-GAAP Gross Margin %(1)     38.8 %     39.3 %     41.9 %     39.6 %     36.6 %     40.3 %     40.4 %     38.4 %
    GAAP Revenue Composition:                                
    Domestic %     60 %     58 %     59 %     67 %     54 %     58 %     60 %     62 %
    International %     40 %     42 %     41 %     33 %     46 %     42 %     40 %     38 %
    Customers >10% of Revenue           1       1       1                   2       2  
    Cash Related Information:                                
    Cash from Operations $(Mil)   $ (1.8 )   $ 1.4     $ (29.7 )   $ 79.6     $ 24.0     $ (59.9 )   $ 44.5     $ 72.1  
    Capital Expenditures $(Mil)   $ 16.8     $ 10.8     $ 13.3     $ 21.4     $ 8.1     $ 14.6     $ 24.0     $ 28.3  
    Depreciation & Amortization $(Mil)   $ 19.6     $ 19.8     $ 20.0     $ 19.4     $ 15.4     $ 15.6     $ 15.7     $ 15.6  
    DSOs(2)     78       79       76       77       79       76       74       74  
    Inventory Metrics:                                
    Raw Materials $(Mil)   $ 67.6     $ 85.4     $ 110.4     $ 133.6     $ 132.5     $ 119.4     $ 105.2     $ 69.7  
    Work in Process $(Mil)   $ 71.8     $ 71.9     $ 69.9     $ 68.4     $ 68.6     $ 68.7     $ 67.6     $ 67.9  
    Finished Goods $(Mil)   $ 273.6     $ 270.1     $ 276.6     $ 229.2     $ 219.6     $ 196.1     $ 183.3     $ 170.6  
    Total Inventory $(Mil)   $ 413.0     $ 427.4     $ 456.9     $ 431.2     $ 420.7     $ 384.2     $ 356.1     $ 308.2  
    Inventory Turns(3)     2.4       2.2       2.1       2.5       1.8       2.0       2.3       3.1  
    Worldwide Headcount     3,351       3,365       3,369       3,389       3,323       3,334       3,340       3,418  
    Weighted Average Shares Outstanding (in thousands):                                
    Basic     222,393       225,922       228,077       230,509       231,533       234,349       235,832       236,974  
    Diluted     265,921       262,712       257,219       259,210       260,980       265,591       267,999       269,422  
     

    (1)    Non-GAAP adjustments include stock-based compensation expense, amortization of acquired intangible assets, restructuring and other related costs and warehouse fire recovery. For a description of this non-GAAP financial measure, please see the section titled, “GAAP to Non-GAAP Reconciliations” of this press release for a reconciliation to the most directly comparable GAAP financial measures. For reconciliations of prior periods that are not otherwise provided herein, see the prior period earnings releases available on our Investor Relations webpage.

    (2)    Infinera calculates DSO based on 91 days.

    (3)    Infinera calculates non-GAAP inventory turns as annualized non-GAAP cost of revenue, which is calculated as GAAP cost of revenue less stock-based compensation expense, amortization of acquired intangible assets, restructuring and other related costs and warehouse fire recovery, as illustrated in the reconciliation of gross profit above, divided by the average inventory for the quarter.

    The MIL Network

  • MIL-OSI USA: King, Secretary of the Navy Nominee Discuss What Shipbuilders Can Learn from Private Sector

    US Senate News:

    Source: United States Senator for Maine Angus King

    To watch or download the exchange, click here

    WASHINGTON, D.C.—Today, U.S. Senator Angus King (I-ME) and the nominee for Secretary of the Navy discussed utilizing lessons from the private sector to maintain best practices for ship designing, building, and maintenance. In a hearing of the Senate Armed Services Committee (SASC), King pressed the Trump Administration’s nominee, John Phelan, on his plans to benchmark Navy ships against private sector companies. To make the armed services more efficient. Later in their exchange, Senator King invited the nominee, if confirmed, to visit Maine’s shipyards – Bath Iron Works and Portsmouth Naval Shipyard – to get a better understanding of workforce needs like child care and available employee parking.

    King began, “I love your focus on maintenance. I have a half facetious, half serious suggestion. We should benchmark our availability of our ships against … cruise lines. If they had the low availability we have, they would be out of business a long time ago. You understand that when you have an enormous capital asset it should be used. Every minute that it is not used is penalizing the taxpayers and diminishing the effectiveness of the Navy. I hope that you will really focus on that and I would like to see the metrics over a period of years of time in dry dock versus availability. I take it that is going to be a significant focus of your work?”

    Thank you for the question, Senator King. I did enjoy our time together,” Phelan responded. “I jokingly say President Trump has texted me numerous times very late at night, sometimes after 1:00 in the morning, of rusty ships, or ships in a yard, asking me what I’m doing about it. And I told him I’m not confirmed yet and have not been able to do anything about it but I will be very focused on it. I view it as a critical issue and I think your idea about benchmarking versus some of the other private sector companies is a very good idea and understanding how they keep these things running is very important. I know under a prior secretary before they used Southwest Airlines to come in to help with our planes and getting more efficient. There are a lot of best practices to be shared across the two and I am hoping with my relationships and contacts in the private sector we should be able to do that.”

    King responded, “I loved it when you said we’ve never done it before it is not a sufficient excuse. You’ve got to be looking forward and not backward.” 

    King then followed up on the conversation to invite Phelan to Maine and highlight the workforce issues affecting Maine’s shipyards.

    King continued to share, “By the way, I want to invite you to the ill-named Portsmouth Naval Shipyard, and to Bath Iron Works where the DDGs are built. In our legislation, we talked about fostering a collaborative relationship between the Navy and the two major shipyards that build DDGs on the DDX design so it is buildable. One of the problems is that design is separated and then you go to build it and it is very expensive. I hope you will commit to continuing that collaborative relationship and stepping it up because I understand it has faltered to some extent.”

    Thank you for the question. If confirmed, I look forward to visiting Maine and New Hampshire with you.  I’ve been trying to spend time understanding how the whole process works. I read a book about how the B-2 bombers were designed by 12 people and I believe when I met with Senator Ernst she mentioned that on one ship we had 800 people designing a ship. I don’t know how you build something with 800 people. It just adds to requirements,” Phelan responded.

    King concluded, “Collaboration between the Navy and ship builders would bear fruit for the taxpayers as well as the buildability of the ship. Workforce and shipbuilding I wanted to talk about. Believe it or not, parking and childcare are issues in the workforce and that doesn’t sound like it would be a Navy project to build a parking garage or a childcare center, but that is absolutely necessary in order to maintain the workforce in shipbuilding in the economy we are in today.”

    As a member of the Senate Armed Services Committee, Senator King has championed funding for both Bath Iron Works (BIW) and Portsmouth Naval Shipyard (PNSY). Last year, he strongly urged Mr. Frederick J. Stefany, Acting Assistant Secretary of the Navy for Research, Development and Acquisition to prioritize long-term investments in the defense industrial base – including Bath Iron Works—to avoid a ‘trough’ between contracted work, resulting in a likely loss of workers and threatening American national security. In the Senate passed FY2025 National Defense Authorization Act, Senator King secured authorization for the procurement of an addition DDG-51 Arleigh Burke-class destroyer that Bath Iron Works will build.

    MIL OSI USA News