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Category: Economy

  • MIL-OSI Russia: Dmitry Patrushev and Deputy Prime Minister of the UAE discussed cooperation in agriculture

    Translartion. Region: Russians Fedetion –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Dmitry Patrushev met with Deputy Prime Minister, Minister of Finance of the United Arab Emirates, First Deputy Ruler of the Emirate of Dubai Maktoum bin Mohammed Al Maktoum

    February 20, 2025

    Dmitry Patrushev met with Deputy Prime Minister, Minister of Finance of the United Arab Emirates, First Deputy Ruler of the Emirate of Dubai Maktoum bin Mohammed Al Maktoum

    February 20, 2025

    Previous news Next news

    Dmitry Patrushev met with Deputy Prime Minister, Minister of Finance of the United Arab Emirates, First Deputy Ruler of the Emirate of Dubai Maktoum bin Mohammed Al Maktoum

    Deputy Prime Minister of the Russian Federation Dmitry Patrushev met with Deputy Prime Minister, Minister of Finance of the United Arab Emirates, First Deputy Ruler of the Emirate of Dubai Maktoum bin Mohammed Al Maktoum. The main topics of the talks were cooperation in the field of agriculture and the financial and banking sector.

    “The relations between our countries are developing dynamically. We sincerely appreciate the constructive dialogue that has been built in many areas. One of the key areas is the agro-industrial complex. Over the past year, the turnover of agricultural products and food between the countries has grown by almost a third. We expect that this positive trend will continue this year,” said Dmitry Patrushev.

    The Russian Deputy Prime Minister added that our country is ready to increase supplies of grain, meat and confectionery products to the United Arab Emirates. Russia is actively developing the production and export of halal products that meet all the standards applied in the UAE.

    The meeting also considered the possibility of intensifying dialogue between financial institutions of the two countries.

    The discussion of bilateral issues was attended by the Minister of State for Financial Affairs Mohammed bin Hadi Al Husseini, the Minister of State for International Cooperation Reem bint Ibrahim Al Hashemy, the UAE Minister of Climate Change and Environment Amna bint Abdullah Al Dahak Al Shamsi, the Director of the Department of Economy and Tourism of the Emirate of Dubai Hilal Saeed Khalfan Al Marri and the UAE Ambassador Extraordinary and Plenipotentiary to Russia Mohammed Ahmed Sultan Essa Al Jaber.

     

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

    MIL OSI Russia News –

  • MIL-Evening Report: Grattan on Friday: Dutton doesn’t pull his punches on Trump while Albanese plays it safe

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    Treasurer Jim Chalmers will not be organising a bucks’ night ahead of the coming nuptials of Prime Minister Anthony Albanese and Jodie Haydon.

    How do we know this morsel of trivia? The treasurer, appearing on Wednesday breakfast TV to talk up Tuesday’s interest rate cut, was asked about being in charge of arranging the PM’s bucks’ party.

    “I’m more of a cup of tea and an early night kind of guy these days. And so I’m sure you can find someone more appropriate to plan the bucks,” Chalmers said, laughing off whatever impatience he may have felt at being taken down this path.

    To the dismay of more than a few in Labor circles, a Women’s Weekly interview with the PM and his fiancee dropped into the news cycle just as the government needed all attention on the rate cut.

    Given the army of prime ministerial spinners, there was some wonder at this publicity collision.

    All leaders do these soft photogenic sessions. But, leaving aside the unfortunate clash, it might be argued this is not the time for the prime ministerial couple to be inviting attention to their post-election marriage. Albanese is not thinking of retiring, but some voters might see a subtle hint of that. As they did when he bought his clifftop house on the central NSW coast.

    Chalmers, when asked about the Women’s Weekly piece, was anxious to get across the message that, wedding or not, “I can assure all of your viewers, whether it’s the prime minister or the rest of his government, the main focus is on the cost of living”.

    More disappointing for the government than the Women’s Weekly blip was the mixed reception the long-anticipated rate cut received in much of the media.

    Reserve Bank Governor Michele Bullock indicated the bank’s decision to cut was a close call. She hosed down expectations of further cuts, which effectively rules out a pre-election move on April Fools’ Day.

    It wasn’t an entirely happy week for Bullock, with critics of the cut suggesting she had responded to political pressure. Out in mortgage land, people will be relieved at the slight help, but it only takes away a fraction of their repayment pain.

    Meanwhile the work of the cabinet expenditure review committee and the treasury continues apace on what could be a “ghost” March 25 budget – if Albanese aborts it with an April election.

    The government insists there is nothing strange about this. If the budget doesn’t eventuate, the measures will be rolled out as election policy, it says. The argument is unconvincing. Preparing a budget and putting together election policy may have some things in common, but they are not the same. A budget is a close-woven tapestry; election policy is open-stitch cloth.

    The uncertainty about the election date, while full campaigning is underway, is disruptive for business and the economy (even if, as Chalmers says, it’s now only a matter of weeks either way). It reinforces the argument for fixed federal terms, which work well in the states. But the obstacles are such that that’s not even worth talking about, unfortunately.

    In a “no show without Punch” moment this week, Clive Palmer entered the election race with his Trumpet of Patriots party and a promise to spend “whatever is required to be spent”. There’s talk of $90 million being splashed on a “Make Australia Great Again” platform.

    It’s hard to get a fix on what impact Palmer will have. He’s competing with Pauline Hanson for votes on the right. Labor fears his advertising on the cost of living will crowd out its messages. He is also targeting Opposition Leader Peter Dutton for not being Trumpian enough. He told Nine media, “As Dutton said, he’s no Donald Trump. I say, what’s wrong with being Donald Trump?”

    The answer is, a very great deal. As Trump’s presidency unfolds, its dangers are becoming more obvious than even his harshest critics feared.

    Inevitably, the shadow of Trump is hanging increasingly over our election.

    With Trump’s win, the Liberals would have thought the latest manifestation of a widespread international swing to the right would put wind in their sails. But the counter-argument has grown – an erratic and autocratic Trump is making some Australian voters feel more unsettled and inclined to stick with the status quo.

    Dutton is not a mini-me Trump but shares some of his views on issues such as government spending, bureaucracy and identity politics. Former Prime Minister Scott Morrison told the Australian Financial Review this week that Dutton would sympathise with some of Trump’s objectives but the opposition leader was “not trying to ape” what was going on in the United States.

    Trump’s push to end the Russia-Ukraine war has taken Trumpism to a fresh, alarming level, and could inject strains into the Australia-US relationship.

    Trump has sidelined Ukraine and is clearly favouring Russia in pursuing a settlement. Now he has launched an extraordinary personal attack on Ukrainian President Volodymyr Zelensky.

    On his social media platform Trump lashed Zelensky as a “modestly successful comedian” who had gone “into a war that couldn’t be won, that never had to start”. Zelensky was a “dictator” who refused to have elections, had done “a terrible job” and was very low in the opinion polls, Trump said.

    Ukraine’s cause has been bipartisan in Australia, which has given the country more than $1.5 billion in assistance and now has (belatedly) reopened its embassy there.

    To his credit, Dutton immediately condemned Trump’s stand in very forthright terms.

    “President Trump has got it wrong in relation to some of the public commentary that I’ve seen him make in relation to President Zelensky and the situation in Ukraine,” he told Sydney radio.

    “I think very, very careful thought needs to be given about the steps because if we make Europe less safe, or we provide some sort of support to [Russian president] Putin, deliberately or inadvertently, that is a terrible, terrible outcome.”

    Albanese’s initial response was to repeat firmly Australia backing for Ukraine, condemning Russia. He did not comment directly on Trump’s attack. He repeated he was not going to give “ongoing commentary on everything that Donald Trump says”.

    The government finds itself caught between the need to strongly reject Trump’s handling of Ukraine, and a desire to tread softly with an administration from whom it desperately wants to win a concession on tariffs.

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

    – ref. Grattan on Friday: Dutton doesn’t pull his punches on Trump while Albanese plays it safe – https://theconversation.com/grattan-on-friday-dutton-doesnt-pull-his-punches-on-trump-while-albanese-plays-it-safe-250386

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Kingdom: Ofqual seeks views on improvements to supporting compliance for AOs

    Source: United Kingdom – Executive Government & Departments

    The regulator is to refine its approach to ensure awarding organisations continue to offer high quality qualifications. 

    Changes to improve the way Ofqual both supports compliance and takes regulatory action were put out for consultation today.  

    The changes are designed both to support awarding organisations and ensure that enforcement action, when it is needed, is proportionate and fair, to maintain the standards of qualifications that students and the public rely on.

    The updated approach introduces proposals to better explain the way in which the regulator uses its powers. It also proposes revised and more efficient processes for dealing with regulatory breaches and a new sanction.

    Proposals include:  

    • a streamlined process for settling simple cases quickly, where organisations agree they have breached Ofqual’s conditions  

    • a new sanction of a public rebuke from the regulator in cases where it’s right that a failure to follow regulatory rules be addressed formally and publicly, but where a fine may not be proportionate

    Where cases are not contested, it is proposed that the chief regulator will have the power to decide that a final decision can be made by a single decision-maker.

    Deputy Chief Regulator Michael Hanton said:  “The 11 million certificates awarded for regulated qualifications in England each year are intrinsic to our education system, the economy, and wider society. Ofqual’s job is to be the guardian of standards and quality in those qualifications.

    “Like all regulators, we want those we regulate to comply with our rules, so that standards are maintained. These proposals are intended to bring clarity about how we will both support compliance and also take action when necessary.” 

    The updated policy, ‘Supporting Compliance and Taking Regulatory Action’, will include a new section explaining the ways Ofqual can support awarding organisations to meet its requirements and avoid the need for formal enforcement action.

    Previous work on updating the policy was interrupted by the pandemic.  

    The consultation was launched today, Thursday, 20 February 2025, and will end on Tuesday, 15 May 2025, at 11:45pm.

    Background information:  

    • Ofqual regulates 249 awarding organisations, certificating over 11 million certificates a year. These include GCSEs, A levels, T Levels, apprenticeship assessments and safety critical qualifications in sectors such as healthcare, childcare and security.   

    • Parliament gave Ofqual enforcement powers in the Apprenticeships, Skills, Children and Learning Act 2009. Those powers were amended by the Education Act 2011. 

    • The Taking Regulatory Action policy was last amended in 2012. 

    • Ofqual previously consulted on the proposal to implement a ‘rebuke’ as part of its consultation on this policy in 2019. This work was paused due to the pandemic. 

    • The consultation and further details are here: https://www.gov.uk/government/consultations/amending-our-taking-regulatory-action-policy

    Updates to this page

    Published 20 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Local Plan steps closer to development and growth ambitions

    Source: City of York

    City of York Council is set to consider the adoption of its Local Plan following the findings of the Inspector’s Report on the Examination of City of York’s Local Plan.

    The Local Plan will be presented for consideration at Full Council on Thursday 27 February.

    City of York Council is set to consider the adoption of its Local Plan following the findings of the Inspector’s Report on the Examination of City of York’s Local Plan, which will be presented for consideration at Full Council on Thursday 27 February.

    Once adopted, this Plan will be the city’s first comprehensive development framework since 1956 and will guide York’s growth for the next decade, marking a pivotal milestone in the city’s future development and growth ambitions, whilst establishing the city’s green belt and historic setting for the first time.

    The Local Plan outlines the vision for sustainable housing, economic development, and infrastructure in York. It addresses key priorities such as affordable housing, environmental sustainability, and the protection of York’s historic character. The Plan provides a policy framework for decisions on development, shaping the city’s future spatial development until 2038.

    As part of the adoption process, the Council will review the Inspector’s recommendations and the main modifications to housing allocations, green belt boundaries, and transport infrastructure planning. The final decision on whether to formally adopt the Local Plan will be made at the Full Council meeting on Thursday 27 February.

    Cllr Claire Douglas, Leader of the Council, said:

    The Local Plan is an historic step in shaping York’s bright future, and we’re excited about what it means for our city. We welcome the Inspector’s findings and are confident that their modifications will strengthen the Plan, ensuring it supports York’s vision for a sustainable, inclusive city for all. The Plan provides us with a clear roadmap for how our city will develop and grow over the next decade – meeting the needs of our residents and businesses.

    “A huge thank you to everyone who has worked so hard to bring this Plan to life. We truly appreciate your dedication and commitment to York’s future.”

    Cllr Katie Lomas, Executive Member for Finance, Performance, Major Projects, Human Rights, Equality, and Inclusion, added:

    This Local Plan is designed to support the growth of York while promoting equality, accessibility, and sustainability. We are particularly focused on ensuring that affordable housing remains a central component of this Plan, along with infrastructure that meets the needs of all residents, including those from the most disadvantaged groups. This is a long-term investment in creating a fairer, greener York for future generations.

    Cllr. Michael Pavlovic, Executive Member for Housing, Planning and Safer Communities, commented:

    The Local Plan represents the outcome of 7 years extensive consultation, public hearings, and thorough examination. The Plan outlines significant investments in housing, transport, and employment opportunities, which will help drive York’s economy and provide much-needed infrastructure. For York to prosper we need to be ambitious, and this Plan unlocks the potential to make those ambitions a reality.

    Inspector’s Report and Next Steps

    The Inspector’s Report, published following extensive independent examination, recognised that the Local Plan meets all statutory duties to cooperate and aligns with national planning policies. However, the Report also identified certain areas requiring modifications to ensure the Plan’s soundness, particularly regarding the housing supply, green belt boundaries, and infrastructure delivery.

    The Council has already responded to the Inspector’s recommendations, requesting main modifications that will address these deficiencies. Full Council will be asked to adopt the plan with the Inspectors’ modifications.

    The Local Plan in Brief

    The Local Plan will provide a comprehensive strategy for:

    • Delivering 20,000 new homes over the duration of the plan, including a significant proportion of affordable housing
    • Allocating sites for economic growth, including areas for employment and retail expansion
    • Investing in sustainable transport infrastructure, including improved bus routes, cycling paths, and EV charging stations
    • Mitigating and adapting to climate change with enhanced green infrastructure, flood defences, and energy-efficient building standards.
    • Safeguarding York’s historic and cultural heritage while ensuring new development respects the city’s unique character.
    • Setting the city’s green belt and protecting the historic setting for the first time.

    The adoption of the Local Plan represents a turning point in York’s growth, ensuring that development is sustainable, well-planned, and consistent with local priorities.

    For more details on the Inspector’s Report and the upcoming Full Council meeting, visit the our Local Plan Inspectors Report.

    Full Council takes place on Thursday 27 February, the agenda is available to view online at our Democracy website and the meeting will be available to view live or on demand at our webcasts page.

    MIL OSI United Kingdom –

  • MIL-OSI China: Dubai International Financial Center marks 20 years, strengthens ties with China

    Source: China State Council Information Office

    Dubai International Financial Center (DIFC), located in the United Arab Emirates (UAE), has strengthened its position as the leading financial hub in the Middle East, Africa and South Asia region after 20 years of growth, with a strong focus on deepening economic ties with China.

    In recent years, the center has witnessed a notable rise in the number of Chinese companies joining its ecosystem, further establishing Dubai as a key gateway for Chinese financial institutions seeking access to the Middle East and the Belt and Road Initiative partner countries, according to press releases issued recently by Dubai authorities. 

    In 2024, DIFC reported a 25% year-on-year increase in active companies, reaching a total of 6,920 firms, with a significant surge in the number of Chinese financial institutions and multinational corporations establishing a presence. Notably, China’s Bank of Communications inaugurated its regional headquarters in DIFC in November 2024, following in the footsteps of other Chinese financial giants such as the Agricultural Bank of China and the Bank of China. Collectively, these Chinese institutions now account for over 30% of DIFC’s total banking and capital markets assets, solidifying Dubai’s reputation as the UAE’s largest hub for Chinese financial firms.

    “DIFC has become the financial center of choice for Chinese entities within the finance sector as well as multinational companies,” said Arif Amiri, chief executive officer of DIFC Authority. “We remain committed to providing Chinese businesses with the best-in-class platform that will help shape their growth and expansion within the Middle East, Africa and South Asia region.”

    The growing role of Chinese financial institutions in Dubai is also evident in their active participation in the bond market. Chinese banks have been issuing bonds on Nasdaq Dubai, including green bonds that fund renewable energy, clean transportation and water desalination projects across the UAE and beyond. Most recently, in November 2024, bonds worth $2 billion were listed on Nasdaq Dubai by China’s Ministry of Finance.

    In 2024, DIFC achieved impressive performances across multiple sectors. The center’s combined revenues reached $484 million, a 37% increase from the previous year, with operating profit soaring 55% to $363 million. The technology and innovation sector was a standout performer, growing by 38% to 1,245 companies in 2024.

    Looking ahead, DIFC remains committed to expanding its financial and technology sectors, with major initiatives such as the Dubai AI Campus, and the upcoming DIFC Funds Center, which is set to open in 2025. These efforts, combined with Dubai’s ambition to become the top global financial center, further highlight DIFC’s role in attracting Chinese businesses and fostering long-term growth across the region, according to press releases from the center. 

    MIL OSI China News –

  • MIL-OSI New Zealand: Advisory group on organised crime appointed

    Source: New Zealand Government

    The Ministerial Advisory Group on transnational and serious organised crime was appointed by Cabinet on Monday and met for the first time today, Associate Police Minister Casey Costello announced.
    “The group will provide independent advice to ensure we have a better cross-government response to fighting the increasing threat posed to New Zealand by international and domestic crime groups,” Ms Costello says.
    “These criminal groups are organised as businesses, and we have to address their activities accordingly – stopping their product and their supply chains and their use of ‘labour’ and targeting their money. 
    “This means there’s a greater role for agencies like ACC, WorkSafe and Inland Revenue to work alongside Immigration, MPI and law enforcement to cooperate and fight organised crime. The way all of these agencies operate and work together will be a focus for the advisory group.”
    The advisory group, chaired by Steve Symon, a senior partner at Meredith Connell, has expertise across government and law enforcement, as well as knowledge of the nature of organised crime and the impact it has in New Zealand. There will be four other members, three of whom – Craig Hamilton, John Tims and Jarrod Gilbert – have been appointed. The fourth member will be appointed very shortly. 
    The group will be in place for eight months and be funded through the Proceeds of Crime Fund.
    “The advisory group will provide advice and recommendations on how law enforcement and regulatory agencies can improve enforcement and disruption action,” Ms Costello says. 
    “We have to do all that we can to stop criminal groups with the ultimate objective of making New Zealand the hardest place in the world for organised crime to operate.
    “Organised criminal activity inflicts misery in our communities including driving violent crime, and harms legitimate businesses and the broader New Zealand economy,” Ms Costello says. “The illicit drug trade alone is estimated to have cost the country close to $1.5 billion in social harm last year.
    “We have a range of regulatory and law enforcement levers available to us and we need agencies to more effectively use these to support the dismantling of criminal organisations and the sham businesses that front their activities.
    “I’m anticipating that the advisory group will look at information sharing between agencies, the way investigations and prosecutions are managed, and how frontline cooperation can be improved.  
    “Collectively, we can make a step-change in the way Government agencies think about and respond to serious organised crime and make New Zealand safer.”

    MIL OSI New Zealand News –

  • MIL-OSI United Kingdom: Regulator to investigate Walsall community football charities

    Source: United Kingdom – Government Statements

    The Charity Commission has launched statutory inquiries into Walsall Wood Community Football Club and Walsall Wood Saints Junior Football Club.

    In July 2022, the charity regulator for England and Wales entered Walsall Wood Community Football Club (WWCFC) into a Double Defaulter Class Inquiry after the charity failed to submit its accounts and wider financial information for two years. The charity had also failed to follow correct practice when supplying accounts for the previous three years (Financial Year Ending (FYE) 30 June 2020, 30 June 2021, and 30 June 2022). 

    The regulator started monitoring Walsall Wood Saints Junior Football Club in June 2024 after it identified links between this charity and WWCFC. Similarly, Walsall Wood Saints had failed to supply accounts for FYE 30 June 2023 and submitted accounts in 2022 which were non-compliant. The engagement with both charities raised additional concerns which are now being examined under inquiry.  

    The junior club was set up to arrange activities related to football, including coaching, fun and league games, together with social and fundraising activities for children in the local community. Walsall Wood Community Football Club was set up with similar aims for the wider community and the promotion of healthy recreation. 

    The inquiries will examine:   

    1. The trustees’ compliance with their legal obligations for the content, preparation and filing of the charities’ accounts and other information or returns 

    2. If the trustees are managing their charities in line with their objects and governing documents 

    3. the trustees’ compliance with their legal duties and responsibilities in respect of their administration and governance of their charities, and if they have a sufficient number of willing and capable trustees 

    4. If there has been any misconduct and/or mismanagement in the administration of the charities 

    The Commission may extend the scope of these inquiries if additional regulatory issues emerge. 

    It is the Commission’s policy, after it has concluded an inquiry, to publish a report detailing what issues the inquiry looked at, what actions were undertaken as part of the inquiry and what the outcomes were.    

    ENDS 

    1. The Charity Commission is the independent, non-ministerial government department that registers and regulates charities in England and Wales. Its ambition is to be an expert regulator that is fair, balanced, and independent so that charity can thrive. This ambition will help to create and sustain an environment where charities further build public trust and ultimately fulfil their essential role in enhancing lives and strengthening society. 

    2. On 27 July 2022, Walsall Wood Community Football Club was placed into a Double Defaulter Class Inquiry. 

    3. On 14 January 2025, the Commission opened two separate statutory inquiries into Walsall Wood Community Football Club and Walsall Wood Saints Junior Football Club under section 46 of the Charities Act 2011. 

    4. A statutory inquiry is a legal power enabling the Commission to formally investigate matters of regulatory concern within a charity and to use protective powers for the benefit of the charity and its beneficiaries, assets, or reputation. An inquiry will investigate and establish the facts of the case so that the Commission can determine the extent of any misconduct and/or mismanagement; the extent of the risk to the charity, its work, property, beneficiaries, employees or volunteers; and decide what action is needed to resolve the concerns.

    Press office

    Email pressenquiries@charitycommission.gov.uk

    Out of hours press office contact number: 07785 748787

    Updates to this page

    Published 20 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI: cBrain reports EBT of 32% and raises payout ratio to 20%

    Source: GlobeNewswire (MIL-OSI)

     

    Company Announcement no. 03/2025

    cBrain reports EBT of 32% and raises payout ratio to 20%

    Copenhagen, February 20, 2025

    cBrain (NASDAQ: CBRAIN) reports revenue grew by +12% to DKK 268m in 2024, up from DKK 239m in 2023, aligning with the expected revenue growth range of 12-13%.

    Software revenue is 78% of total revenue, while implementation and support services account for 22% of total revenue. Software subscriptions, the majority based on long-term contracts with Danish government customers, account for more than 50 % of the total revenue.

    Earnings before tax (EBT) grew to DKK 86m in 2024, up from DKK 81m in 2023, thereby reaching an EBT margin of 32%. EBT is therefore at the expected EBT margin of 30-32%.

    Due to faster-than-expected global industry changes as well as market uncertainties in the US and Germany, cBrain has held back some of the planned market investments in 2024. This has resulted in costs being lower than expected.

    The results show a strong positive cash flow from operating activities. This enables an increase in dividends and investments in the growth of the company and at the same time reduces long-term loans on cBrain-owned buildings.

    cBrain does not have a share buyback program. However, due to solid earnings, cBrain proposes to raise dividends to DKK 0,64 per share (2023: DKK 0,28 per share) corresponding to a payout ratio of approx. 20% of profit for the year.

    Executing the growth plan
    In 2022, cBrain announced its 2023-2025 growth plan with the goal of consolidating the business model and preparing for long-term growth by positioning itself as a supplier of climate software for government and developing a partner model.

    During the past two years, cBrain has executed this plan and during 2023 and 2024, cBrain has grown, initiated partnerships, and delivered solid results, growing revenue by +42% and growing EBT by +76%.

    The growth plan assumes that government organizations over time will switch from relying on custom-built solutions and best-of-breed architectures to using standard software. The government IT industry is massive and dominated by large suppliers who benefit from consultancy fees and billable hours. This creates significant entry barriers as the classic vendors defend their business, and the growth plan therefore anticipates a long and slow transition to standard software.

    The COTS for government seem to emerge faster than anticipated
    Contrary to these assumptions, cBrain now sees indications that industry shifts toward standard software and platforms are occurring faster than anticipated. Fueled by a lack of skilled IT resources and a growing demand for fast delivery, cBrain sees a rapidly emerging IT industry, referred to as Commercial Off-The-Shelf (COTS) for government. For cBrain, this presents new strategic opportunities.

    COTS for government, leveraging new technologies and platforms such as the F2 Digital Platform, enables digital transformation at higher speed and lower costs that outperform traditional IT modernization.

    For example, cBrain delivered a complete end-to-end digital platform for two new Danish ministries within just three weeks during the autumn of 2024, and in 2025 cBrain has just announced a third new Danish ministry, following a similar fast-track implementation schedule. Traditionally, projects of this nature take years and often fail. The Danish ministerial cases thereby exemplify the power of the COTS for government approach.

    cBrain has a first-mover advantage
    The long-term cBrain growth strategy is founded on a vision and a business case to provide standard software for government. Over the past 15 years, cBrain has invested more than 450,000 hours in developing the F2 platform. Danish ministries and a total of more than 75 Danish authorities use F2 as their digital platform. Internationally cBrain has delivered F2 for government organizations across five continents.

    With a solid first-mover advantage and a strong customer base, cBrain is well-positioned to become a leading international software provider of COTS for government solutions.

    During the year 2024, the accelerated market shift and the power of the COTS for government approaches have opened new opportunities for cBrain. This is exemplified by the recent collaboration between cBrain and UNDP in Africa to support the UNDP Digital Offer for Africa strategy, and larger orders in Romania helping to modernize traditional mainframe-type solutions.

    Reiterating the international growth strategy
    The faster-than-expected market shift, with government looking toward IT modernization and digitization based on the alternative COTS for government approach, clearly represents an incredibly positive development for cBrain.

    cBrain wants to fully take advantage of this, and a solid business with strong cash flow and earnings offer strategic flexibility. Consequently, cBrain is now reiterating and potentially adjusting its international growth strategy.

    This includes evaluating organizational readiness, as well as market and product development strategies, to leverage and maximize the benefits of accelerated industry changes. With the goal of being an internationally leading vendor in the emerging COTS for government industry, cBrain will execute several changes to the growth plan during the spring of 2025.

    Driving international expansion
    With the current Danish customer base, cBrain has a strong home market position. Internationally this is an important reference position, and cBrain intends to maintain and develop a strong position on the Danish market.

    However, to be a leader in the COTS for government industry and fully deploy the potential of the new emerging industry, cBrain will direct more resources into its international business.

    cBrain has built its international business based on organic growth, building the business by addressing international customers directly or in collaboration with local partners. This strategy is maintained, but with an increased focus on working with international partners.

    As of today, over one-third of the total revenue is export. cBrain is currently reiterating and potentially adjusting its international growth strategy with a goal, that within a few years, the international revenue will be significantly larger than the Danish revenue.

    Lifting the business
    During the past two years, cBrain has built a pipeline of potential customers, which are significantly larger than the average Danish customer. This includes projects in Germany and the US, as well as projects in the Emirates, India, Kenya, and Romania.

    For cBrain to be a leader in the COTS for government industry, it is key to building an international business. Backed by a solid financial position, cBrain is therefore shifting a focus to international opportunities. This shift involves changes across the cBrain internal organization, from marketing and sales to delivery and R&D.

    cBrain announced the growth plan in 2022 with an ambition to reach a revenue of 350 million in the year 2025. cBrain continues to execute its growth plan. However, reaching the revenue ambition requires winning and delivering some of the large international contracts cBrain is currently working on.

    cBrain guides continued growth in revenue and solid earnings for 2025
    With limited visibility, cBrain forecasts expected revenue growth in 2025 of 10-15% and earnings before tax (EBT) of 18-23%.

    The earnings forecast is based on solid market development investments into international growth, across the African region, USA, Germany, and India, as well as investments into developing the F2-for-Partners concept.

    Best regards

    Per Tejs Knudsen, CEO

    Inquiries regarding this Company Announcement may be directed to 

    Ejvind Jørgensen, CFO & Head of Investor Relations, cBrain A/S, ir@cbrain.com, +45 2594 4973

    Attachments

    The MIL Network –

  • MIL-OSI: BE Semiconductor Industries N.V. Announces Q4-24 and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Q4-24 Revenue of € 153.4 Million and Net Income of € 59.3 Million. Operating Results Within Prior Guidance

    FY-24 Revenue of € 607.5 Million and Net Income of € 182.0 Million Up 4.9% and 2.8%, Respectively, vs. FY-23. Orders of € 586.7 Million Up 7.0% vs. FY-23

    Proposed Dividend of € 2.18 per Share for Fiscal 2024. 95% Pay-Out Ratio

    DUIVEN, the Netherlands, Feb. 20, 2025 (GLOBE NEWSWIRE) — BE Semiconductor Industries N.V. (the “Company” or “Besi”) (Euronext Amsterdam: BESI; OTC markets: BESIY), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its results for the fourth quarter and year ended December 31, 2024.

    Key Highlights Q4-24

    • Revenue of € 153.4 million down 2.0% vs. Q3-24 and 3.9% vs. Q4-23 primarily due to lower demand for automotive applications partially offset by increased hybrid bonding shipments
    • Orders of € 121.9 million down 19.7% vs. Q3-24 and 26.7% vs. Q4-23 due primarily to decreased bookings for high performance computing and mainstream assembly applications
    • Gross margin of 64.0% decreased by 0.7 points vs. Q3-24 and 1.1 points vs. Q4-23 primarily due to adverse net forex influences
    • Net income of € 59.3 million increased 26.7% vs. Q3-24 and 8.0% vs. Q4-23 due to € 18.2 million of net tax benefits realized. As a result, net margin rose to 38.6% vs. 29.9% in Q3-24 and 34.4% in Q4-23
    • Cash and deposits of € 672.3 million at year-end increased 62.6% versus year-end 2023. Net cash of € 143.8 million increased € 33.1 million (29.9%) vs. Q3-24 and € 30.8 million (27.3%) vs. Q4-23

    Key Highlights FY 2024

    • Revenue of € 607.5 million increased 4.9% vs. 2023 principally due to higher demand by computing end-user markets, particularly for hybrid bonding and photonics applications, partially offset by weakness in mobile, automotive and Chinese end-user markets
    • Orders of € 586.7 million rose 7.0% due to strength in 2.5D and 3D AI-related applications
    • Gross margin of 65.2% rose by 0.3 points due to more favorable advanced packaging product mix
    • Net income of € 182.0 million grew 2.8% as higher revenue, gross margin and net tax benefits were partially offset by higher R&D spending and share-based compensation expense. Besi’s net margin decreased slightly to 30.0% vs. 30.6% in 2023
    • Proposed dividend of € 2.18 per share. Represents pay-out ratio of 95%

    Q1-25 Outlook

    • Revenue expected to decrease 0-10% vs. the € 153.4 million reported in Q4-24
    • Gross margin expected to range between 63-65% vs. the 64.0% realized in Q4-24
    • Operating expenses expected to grow 10-20% vs. the € 47.6 million reported in Q4-24
    (€ millions, except EPS) Q4-2024   Q3-2024   Δ Q4-2023  

    Δ

    		 FY-2024   FY-2023   Δ
    Revenue 153.4   156.6   -2.0 % 159.6   -3.9 % 607.5   578.9   +4.9 %
    Orders 121.9   151.8   -19.7 % 166.4   -26.7 % 586.7   548.3   +7.0 %
    Gross Margin 64.0%   64.7%   -0.7   65.1%   -1.1   65.2%   64.9%   +0.3  
    Operating Income 50.6   55.1   -8.2 % 66.1   -23.4 % 195.6   213.4   -8.3 %
    EBITDA 58.0   62.4   -7.1 % 72.7   -20.2 % 224.2   239.1   -6.2 %
    Net Income* 59.3   46.8   +26.7 % 54.9   +8.0 % 182.0   177.1   +2.8 %
    Net Margin* 38.6%   29.9%   +8.7   34.4%   +4.2   30.0%   30.6%   -0.6  
    EPS (basic) 0.75   0.59   +27.1 % 0.71   +5.6 % 2.31   2.28   +1.3 %
    EPS (diluted) 0.74   0.59   +25.4 % 0.68   +8.8 % 2.30   2.23   +3.1 %
    Net Cash and Deposits 143.8   110.7   +29.9 % 113.0   +27.3 % 143.8   113.0   +27.3 %

    * Includes net tax benefit of € 18.2 million in Q4-24 versus a tax charge of € 2.3 million in Q4-23.

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

    “Besi’s business development in 2024 reflected contrasting growth trends for AI and mainstream assembly equipment markets. For the year, revenue grew by approximately 5% to reach € 607.5 million due to significantly higher demand by computing end-user markets, particularly for AI-related hybrid bonding and photonics applications. Similarly, orders of € 586.7 million increased by 7.0%. As a result, orders for AI applications grew to represent approximately 50% of our total orders in 2024. Strong order growth from computing end-user markets this year was partly offset by unfavorable market conditions for mainstream applications related to an industry downturn more than two years in duration.

    “We continue to navigate an extended downturn at industry leading levels of profitability. Besi achieved gross, operating and net margins of 65.2%, 32.2% and 30.0%, respectively, in 2024. Gross margins increased slightly versus 2023 due to a more favorable advanced packaging product mix which were partially offset by unfavorable net forex effects, particularly in the second half of the year. Net income rose 2.8% versus 2023 primarily due to higher revenue and gross margins realized and a net tax benefit of € 18.2 million. Such favorable influences were partially offset by a significant increase in development spending and higher share-based compensation expense. Given profits earned in 2024 and our solid liquidity position, we will propose a cash dividend of € 2.18 per share for approval at Besi’s 2025 AGM which represents a pay-out ratio relative to net income of 95%.

    “Investments in Besi’s future growth continued in 2024 as reflected in higher development spending and a planned expansion of our advanced packaging production capacity in 2025. We increased R&D spending by 31.7% this year to offer customers leading edge assembly solutions for next generation 2.5D and 3D architectures. In addition, progress continued on our hybrid bonding agenda as revenue approximately tripled versus 2023 and orders more than doubled. In addition, adoption increased from nine to fifteen customers. During Q4-24, some notable hybrid bonding bookings included a first order from a Japanese semiconductor producer focused on 2nm advanced logic semiconductors and from a Korean IDM for advanced logic applications.

    “Besi’s fourth quarter results were adversely affected by ongoing weakness in mainstream assembly markets, seasonal influences and lower demand for hybrid bonding and photonics applications as customers digested capacity added in 2024. Revenue of € 153.4 million was down 2.0% vs. Q3-24 and 3.9% vs. Q4-23 primarily due to lower demand for automotive applications partially offset by increased hybrid bonding shipments. Orders of € 121.9 million decreased by 19.7% vs. Q3-24 and 26.7% vs. Q4-23 due to lower bookings for hybrid bonding, photonics and mainstream assembly applications. Hybrid bonding and photonics orders have fluctuated on a quarterly basis due to the timing by customers of new device introductions and related capacity additions for these emerging applications. Our operating income in Q4-24 decreased by 8.2% versus Q3-24 primarily due to lower revenue and a 0.7 point gross margin decrease from adverse forex movements. Q4-24 net income of € 59.3 million increased 26.7% vs. Q3-24 and 8.0% vs. Q4-23 due to net tax benefits realized from an upward revaluation of deferred tax assets.

    “We enter the year 2025 with cautious optimism based on strong momentum in our advanced die placement solutions for AI applications partially offset by ongoing weakness in mainstream automotive, smart phone, industrial and Chinese end-user markets. We believe that the pace of innovation is increasing as the pandemic and generative AI have accelerated society’s move to a digital world with AI technology adoption increasing significantly in our daily lives. We believe that the commercial viability of hybrid bonding process technology has now been confirmed by some of the industry’s leading players and research institutes. Significant incremental adoption is anticipated to occur over the next three years as the technology is increasingly used in HBM 4/5 memory stacks, ASIC logic devices, silicon photonics, co-packaged optics and consumer mobile/computing applications. As such, we estimate that hybrid bonding adoption and deployment is still in its very early stages.

    “The timing and trajectory of a new mainstream assembly upturn is difficult to predict at present. The assembly market still suffers from post-pandemic excess capacity which has taken more than two years to approach equilibrium levels. Semiconductor unit growth and capacity utilization rates have improved since 2022 but at a less rapid rate than previously anticipated by analysts. That being said, we believe it likely that a mainstream assembly recovery will begin in the second half of 2025. Its trajectory will depend on demand trends in each of our end markets and the ultimate course of global trade restrictions. For Q1-25, we forecast that revenue will decrease by 0-10% versus Q4-24 and for gross margins to remain in a range of 63-65% based on our projected product mix. Aggregate operating expenses are forecast to rise 10-20% versus Q4-24 primarily due to higher strategic consulting costs.”

    Share Repurchase Activity

    During the quarter, Besi repurchased approximately 0.2 million of its ordinary shares at an average price of € 112.84 per share or a total of € 22.4 million. For the year, Besi repurchased approximately 0.6 million shares at an average price of € 125.53 per share for a total of € 79.8 million. At year end, Besi held approximately 1.8 million shares in treasury equal to 2.3% of its shares outstanding.

    Investor and media conference call
    A conference call and webcast for investors and media will be held today at 4:00 pm CET (10:00 am EST). To register for the conference call and/or to access the audio webcast and webinar slides, please visit www.besi.com.
    Important Dates

    • Publication Annual Report 2024
    • Publication Q1 results
    • Annual General Meeting of Shareholders
    • Publication Q2/semi-annual results
    • Publication Q3/nine-month results
    • Publication Q4/full year results
    		 February 28, 2025

    April 23, 2025

    April 23, 2025

    July 24, 2025

    October 23, 2025

    February 2026
    Dividend Information*

    • Proposed ex-dividend date
    • Proposed record date
    • Proposed payment of 2024 dividend
    		 April 25, 2025

    April 28, 2025

    Starting May 2, 2025
    * Subject to approval at Besi’s AGM on April 23, 2025 

    Basis of Presentation

    The accompanying Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union. Reference is made to the Summary of Significant Accounting Policies to the Notes to the Consolidated Financial Statements as included in our 2024 Annual Report, which will be available on www.besi.com as of February 28, 2025.

    Contacts
    Richard W. Blickman, President & CEO
    Andrea Kopp-Battaglia, Senior Vice President Finance        
    Claudia Vissers, Executive Secretary/IR coordinator
    Edmond Franco, VP Corporate Development/US IR coordinator
    Tel. (31) 26 319 4500                
    investor.relations@besi.com   

    About Besi
    Besi is a leading manufacturer of assembly equipment supplying a broad portfolio of advanced packaging solutions to the semiconductor and electronics industries. We offer customers high levels of accuracy, reliability and throughput at a lower cost of ownership with a principal focus on wafer level and substrate assembly solutions. Customers are primarily leading semiconductor manufacturers, foundries, assembly subcontractors and electronics and industrial companies. Besi’s ordinary shares are listed on Euronext Amsterdam (symbol: BESI). Its Level 1 ADRs are listed on the OTC markets (symbol: BESIY) and its headquarters are located in Duiven, the Netherlands. For more information, please visit our website at www.besi.com.

    Statement of Compliance
    The accounting policies applied in the condensed consolidated financial statements included in this press release are the same as those applied in the Annual Report 2024 and were authorized for issuance by the Board of Management and Supervisory Board on February 19, 2025. In accordance with Article 393, Title 9, Book 2 of the Netherlands Civil Code, EY Accountants BV has issued an unqualified auditor’s opinion on the Annual Report 2024. The Annual Report 2024 will be published on our website on February 28, 2025 and proposed for adoption by the Annual General Meeting on April 23, 2025. The condensed financial statements included in this press release have been prepared in accordance with IFRS Accounting Standards, as adopted by the European Union but do not include all of the information required for a complete set of IFRS financial statements.

    Caution Concerning Forward-Looking Statements

    This press release contains statements about management’s future expectations, plans and prospects of our business that constitute forward-looking statements, which are found in various places throughout the press release, including, but not limited to, statements relating to expectations of orders, net sales, product shipments, expenses, timing of purchases of assembly equipment by customers, gross margins, operating results and capital expenditures. The use of words such as “anticipate”, “estimate”, “expect”, “can”, “intend”, “believes”, “may”, “plan”, “predict”, “project”, “forecast”, “will”, “would”, and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The financial guidance set forth under the heading “Outlook” contains such forward-looking statements. While these forward-looking statements represent our judgments and expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from those contained in forward-looking statements, including any inability to maintain continued demand for our products; failure of anticipated orders to materialize or postponement or cancellation of orders, generally without charges; the volatility in the demand for semiconductors and our products and services; the extent and duration of the COVID-19 and other global pandemics and the associated adverse impacts on the global economy, financial markets, global supply chains and our operations as well as those of our customers and suppliers; failure to develop new and enhanced products and introduce them at competitive price levels; failure to adequately decrease costs and expenses as revenues decline; loss of significant customers, including through industry consolidation or the emergence of industry alliances; lengthening of the sales cycle; acts of terrorism and violence; disruption or failure of our information technology systems; consolidation activity and industry alliances in the semiconductor industry that may result in further increased customer concentration, inability to forecast demand and inventory levels for our products; the integrity of product pricing and protection of our intellectual property in foreign jurisdictions; risks, such as changes in trade regulations, conflict minerals regulations, currency fluctuations, political instability and war, associated with substantial foreign customers, suppliers and foreign manufacturing operations, particularly to the extent occurring in the Asia Pacific region where we have a substantial portion of our production facilities; potential instability in foreign capital markets; the risk of failure to successfully manage our diverse operations; any inability to attract and retain skilled personnel, including as a result of restrictions on immigration, travel or the availability of visas for skilled technology workers; those additional risk factors set forth in Besi’s annual report for the year ended December 31, 2024 and other key factors that could adversely affect our businesses and financial performance contained in our filings and reports, including our statutory consolidated statements. We expressly disclaim any obligation to update or alter our forward-looking statements whether as a result of new information, future events or otherwise.

    Consolidated Statements of Operations
    (€ thousands, except share and per share data) Three Months Ended
    December 31,
    (unaudited)    		 Year Ended
    December 31,
    (audited)
      2024   2023 2024 2023
             
    Revenue 153,413   159,635 607,473 578,862
    Cost of sales 55,253   55,700 211,529 203,074
             
    Gross profit 98,160   103,935 395,944 375,788
             
    Selling, general and administrative expenses 28,575   24,277 126,048 105,956
    Research and development         expenses 19,009   13,533 74,305 56,440
             
    Total operating expenses 47,584   37,810 200,353 162,396
             
    Operating income 50,576   66,125 195,591 213,392
             
    Financial expense, net 3,877   729 7,071 5,703
             
    Income before taxes 46,699   65,396 188,520 207,689
             
    Income tax expense (benefit) (12,595 ) 10,501 6,528 30,605
             
    Net income 59,294   54,895 181,992 177,084
             
    Net income per share – basic 0.75   0.71 2.31 2.28
    Net income per share – diluted 0.74   0.68 2.30 2.23
               
    Number of shares used in computing per share amounts:
    – basic
    – diluted 1    		 79,402,192
    81,628,947    		   77,070,082
    82,091,299    		 78,877,471
    81,889,907    		 77,508,722
    82,800,279
     1) The calculation of diluted income per share assumes the exercise of equity settled share based payments and the conversion of all Convertible Notes outstanding     
               
    Consolidated Balance Sheets
    (€ thousands) December
    31, 2024
    (audited)    		 September 30, 2024
    (unaudited)    		 June
    30, 2024
    (unaudited)    		 March
    31, 2024
    (unaudited)    		 December
    31, 2023
    (audited)
    ASSETS          
               
    Cash and cash equivalents 342,319 307,448 127,234 232,053 188,477
    Deposits 330,000 330,000 130,000 215,000 225,000
    Trade receivables 181,862 169,266 174,601 150,192 143,218
    Inventories 103,285 104,103 99,291 99,384 92,505
    Other current assets 40,927 44,731 36,346 34,756 39,092
               
    Total current assets 998,393 955,548 567,472 731,385 688,292
               
    Property, plant and equipment 44,773 44,220 43,571 41,328 37,516
    Right of use assets 15,726 16,419 16,821 16,901 18,242
    Goodwill 46,010 45,278 45,710 45,613 45,402
    Other intangible assets 96,677 94,855 92,627 90,241 93,668
    Deferred tax assets 31,567 8,610 9,517 11,444 12,217
    Other non-current assets 1,330 1,316 1,239 1,252 1,216
               
    Total non-current assets 236,083 210,698 209,485 206,779 208,261
               
    Total assets 1,234,476 1,166,246 776,957 938,164 896,553
               
               
               
    Bank overdraft 776 – – – –
    Current portion of long-term debt 2,042 2,241 3,033 984 3,144
    Trade payables 52,630 49,211 51,620 52,382 46,889
    Other current liabilities 111,531 87,739 73,023 100,606 87,200
               
    Total current liabilities 166,979 139,191 127,676 153,972 137,233
               
    Long-term debt 525,653 524,527 179,801 265,142 297,353
    Lease liabilities 12,350 13,033 13,448 13,625 14,924
    Deferred tax liabilities 10,320 11,619 10,396 12,136 12,959
    Other non-current liabilities 17,910 12,449 11,352 12,914 12,671
               
    Total non-current liabilities 566,233 561,628 214,997 303,817 337,907
               
    Total equity 501,264 465,427 434,284 480,375 421,413
               
    Total liabilities and equity 1,234,476 1,166,246 776,957 938,164 896,553
    Consolidated Cash Flow Statements
    (€ thousands) Three Months Ended
    December 31,
    (unaudited)    		 Year Ended
    December 31,
    (audited)
      2024   2023   2024   2023  
             
    Cash flows from operating activities:        
    Income before income tax 46,699   65,396   188,520   207,689  
             
    Depreciation and amortization 7,420   6,577   28,601   25,732  
    Share based payment expense 2,851   2,807   30,067   19,107  
    Financial expense, net 3,877   729   7,071   5,703  
             
    Changes in working capital 4,819   (24,238 ) (39,095 ) (26,819 )
    Interest (paid) received 1,965   1,647   9,183   4,722  
    Income tax (paid) received (3,751 ) 386   (23,264 ) (27,562 )
             
    Net cash provided by operating activities 63,880   53,304   201,083   208,572  
             
    Cash flows from investing activities:        
    Capital expenditures (1,074 ) (1,451 ) (12,039 ) (6,899 )
    Capitalized development expenses (5,447 ) (5,780 ) (19,437 ) (21,121 )
    Repayments of (investments in) deposits –   (39,659 ) (105,000 ) (44,927 )
             
    Net cash provided by (used in) investing activities (6,521 ) (46,890 ) (136,476 ) (72,947 )
             
    Cash flows from financing activities:        
    Proceeds from bank lines of credit 776   –   776   –  
    Proceeds from notes –   –   350,000   –  
    Transaction costs related to notes                 (29 ) –   (6,424 ) –  
    Payments of lease liabilities (1,128 ) (1,100 ) (4,314 ) (4,307 )
    Purchase of treasury shares (22,415 ) (23,123 ) (79,833 ) (213,387 )
    Dividends paid to shareholders –   –   (171,534 ) (222,109 )
             
    Net cash used in financing activities (22,796 ) (24,223 ) 88,671   (439,803 )
             
    Net increase (decrease) in cash and cash equivalents

    34,563

    		  

    (17,809

    )

    153,278

    		  

    (304,178

    )
    Effect of changes in exchange rates on cash and
    cash equivalents

    308

    		  

    1,261

    		  

    564

    		  

    969

    		  
    Cash and cash equivalents at beginning of the
    period

    307,448

    		  

    205,025

    		  

    188,477

    		  

    491,686

    		  
             
    Cash and cash equivalents at end of the period 342,319   188,477   342,319   188,477  
    Supplemental Information (unaudited)
    (€ millions, unless stated otherwise)
                                     
    REVENUE Q4-2024 Q3-2024 Q2-2024 Q1-2024 Q4-2023 Q3-2023 Q2-2023 Q1-2023
                                     
    Per geography:                                
    China 42.8   28 % 45.5   29 % 57.5   38 % 58.5   40 % 62.0   39 % 40.8   33 % 64.9   40 % 37.6   28 %
    Asia Pacific (excl. China) 53.5   35 % 51.6   33 % 54.1   36 % 43.6   30 % 57.9   36 % 42.3   34 % 59.2   36 % 58.2   44 %
    EU / USA / Other 57.1   37 % 59.5   38 % 39.6   26 % 44.2   30 % 39.7   25 % 40.2   33 % 38.4   24 % 37.6   28 %
                                                     
    Total 153.4   100 % 156.6   100 % 151.2   100 % 146.3   100 % 159.6   100 % 123.3   100 % 162.5   100 % 133.4   100 %
                                     
    ORDERS Q4-2024 Q3-2024 Q2-2024 Q1-2024 Q4-2023 Q3-2023 Q2-2023 Q1-2023
                                     
    Per geography:                                
    China 40.4   33 % 45.4   30 % 43.3   23 % 51.1   40 % 71.1   43 % 46.0   36 % 51.4   46 % 35.5   25 %
    Asia Pacific (excl. China) 38.8   32 % 69.3   46 % 72.0   39 % 45.0   35 % 36.6   22 % 40.9   32 % 33.2   29 % 71.3   50 %
    EU / USA / Other 42.7   35 % 37.1   24 % 69.9   38 % 31.6   25 % 58.7   35 % 40.4   32 % 28.0   25 % 35.2   25 %
                                                     
    Total 121.9   100 % 151.8   100 % 185.2   100 % 127.7   100 % 166.4   100 % 127.3   100 % 112.6   100 % 142.0   100 %
                                     
    Per customer type:                                
    IDM 61.2   50 % 84.5   56 % 122.4   66 % 53.5   42 % 82.7   50 % 70.5   55 % 60.5   54 % 74.0   52 %
    Foundries/Subcontractors* 60.7   50 % 67.3   44 % 62.8   34 % 74.2   58 % 83.7   50 % 56.8   45 % 52.1   46 % 68.0   48 %
                                                     
    Total 121.9   100 % 151.8   100 % 185.2   100 % 127.7   100 % 166.4   100 % 127.3   100 % 112.6   100 % 142.0   100 %
    * Includes foundries as of financial year 2024                                
                                     
    HEADCOUNT Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023
                                     
    Fixed staff (FTE) 1,812   93 % 1,807   87 % 1,783   86 % 1,760   88 % 1,736   93 % 1,725   87 % 1,689   86 % 1,682   84 %
    Temporary staff (FTE) 134   7 % 271   13 % 279   14 % 236   12 % 134   7 % 248   13 % 279   14 % 312   16 %
                                                     
    Total 1,946   100 % 2,078   100 % 2,062   100 % 1,996   100 % 1,870   100 % 1,973   100 % 1,968   100 % 1,994   100 %
                                     
    OTHER FINANCIAL DATA Q4-2024 Q3-2024 Q2-2024 Q1-2024 Q4-2023 Q3-2023 Q2-2023 Q1-2023
                                     
    Gross profit 98.2   64.0 % 101.2   64.7 % 98.3   65.0 % 98.3   67.2 % 103.9   65.1 % 79.6   64.6 % 106.6   65.6 % 85.7   64.2 %
                                     
                                     
    Selling, general and admin expenses:                                
    As reported 28.6   18.6 % 27.3   17.4 % 30.5   20.2 % 39.6   27.1 % 24.3   15.2 % 23.3   18.9 % 29.4   18.1 % 29.0   21.7 %
    Share-based compensation expense -2.9   -1.8 % (3.4 ) -2.1 % (6.9 ) -4.6 % (16.9 ) -11.6 % (2.8 ) -1.7 % (1.6 ) -1.3 % (5.5 ) -3.4 % (9.3 ) -7.0 %
                                                     
    SG&A expenses as adjusted 25.7   16.8 % 23.9   15.3 % 23.6   15.6 % 22.7   15.5 % 21.5   13.5 % 21.7   17.6 % 23.9   14.7 % 19.7   14.8 %
                                     
                                     
    Research and development expenses:                                
    As reported 19.0   12.4 % 18.9   12.1 % 18.5   12.2 % 17.9   12.2 % 13.5   8.5 % 13.6   11.0 % 14.3   8.8 % 15.0   11.2 %
    Capitalization of R&D charges 5.4   3.5 % 4.4   2.8 % 4.9   3.2 % 4.7   3.2 % 5.7   3.6 % 4.7   3.8 % 5.3   3.3 % 5.4   4.0 %
    Amortization of intangibles -3.9   -2.5 % (3.9 ) -2.5 % (3.6 ) -2.3 % (3.6 ) -2.4 % (3.3 ) -2.1 % (3.3 ) -2.6 % (3.5 ) -2.2 % (3.5 ) -2.6 %
                                                     
    R&D expenses as adjusted 20.5   13.4 % 19.4   12.4 % 19.8   13.1 % 19.0   13.0 % 15.9   10.0 % 15.0   12.2 % 16.1   9.9 % 16.9   12.7 %
                                     
                                     
    Financial expense (income), net:                                
    Interest income -5.1     (5.2 )   (3.0 )   (4.0 )   (3.6 )   (2.9 )   (3.1 )   (2.6 )  
    Interest expense 6.1     5.7     2.1     2.8     3.0     2.8     2.9     2.9    
    Net cost of hedging 2.0     1.9     1.4     1.6     1.7     1.7     2.0     1.6    
    Foreign exchange effects, net 0.9     (0.8 )   0.5     0.2     (0.4 )   0.2     (0.1 )   (0.4 )  
                                                     
    Total 3.9     1.6     1.0     0.6     0.7     1.8     1.7     1.5    
                                     
    Gross cash 672.3     637.4     257.2     447.1     413.5     391.2     378.3     644.9    
                                     
                                     
    Operating income (as % of net sales) 50.6   33.0 % 55.1   35.2 % 49.3   32.6 % 40.7   27.8 % 66.1   41.4 % 42.7   34.6 % 62.9   38.7 % 41.7   31.3 %
                                     
    EBITDA (as % of net sales) 58.0   37.8 % 62.4   39.8 % 56.2   37.2 % 47.5   32.5 % 72.7   45.6 % 48.9   39.7 % 69.3   42.6 % 48.2   36.1 %
                                     
    Net income (as % of net sales) 59.3   38.6 % 46.8   29.9 % 41.9   27.7 % 34.0   23.2 % 54.9   34.4 % 35.0   28.4 % 52.6   32.4 % 34.5   25.9 %
                                     
    Effective tax rate -27.0 %   12.6 %   13.0 %   15.3 %   16.1 %   14.4 %   14.0 %   14.0 %  
                                     
                                     
    Income per share                                
    Basic 0.75     0.59     0.53     0.44     0.71     0.45     0.68     0.44    
    Diluted 0.74     0.59     0.53     0.44     0.68     0.45     0.66     0.44    
                                     
    Average shares outstanding (basic) 79,402,192

    		       79,630,787       79,281,533       77,181,326       77,070,082       77,374,933       77,634,197       77,946,873      
                                     
    Shares repurchased                                
    Amount 22.4     27.8     14.8     14.8     23.1     45.5     66.9     77.7    
    Number of shares 198,450

    		       230,807       105,042       101,049       226,572       447,829       761,937       1,120,327      
                                     

    The MIL Network –

  • MIL-OSI China: Key firms settle in Shijingshan to boost high-tech growth

    Source: China State Council Information Office 2

    Shijingshan district in Beijing recently held an industrial development promotion conference. During the event, key enterprises in areas such as artificial intelligence and industrial internet signed agreements to settle in the district. 
    Among the 10 enterprises that signed agreements are innovative small and medium-sized enterprises focusing on cloud computing and information security, as well as high-tech enterprises involved in electronic equipment, new drug research, smart security, and data security. These companies are expected to drive the development of high-tech industries and enhance the industrial chain in Shijingshan district.
    The conference also recognized 20 companies for their outstanding contributions to the regional economy in 2024, 10 fastest-growing companies, and 10 companies with the most growth potential. 
    Chen Wei, co-founder and vice president of Yuanshan Zhineng, a company recognized as one of the 10 with the most growth potential, said that since moving into Shijingshan in 2023, his company has achieved rapid growth in the intelligent industry. He attributed this success to the district’s efforts in optimizing the business environment and providing better support for companies.
    Chang Wei, secretary of the CPC Shijingshan District Committee, spoke on the district’s focus on upgrading traditional industries, expanding emerging industries, and cultivating future industries to foster high-quality development. Looking forward, the district will continue to refine policies, improve resource allocation, and optimize service for enterprises, he said.

    MIL OSI China News –

  • MIL-OSI China: Electricity embarks on a new journey, connecting the future with an innovative industrial chain

    Source: China State Council Information Office

    On Feb 17, the staff of the State Grid Jinchang Power Supply Company supported the resumption of work and production, promoting the development of industrial chains in the coal chemical, sulfur-phosphorus chemical, and ammonia-soda chemical industries at Jinchang Chemical Park. They facilitated the upgrading of the circular economy, optimized the layout of the chemical industry across the province, and helped establish a circular chemical industry base in the western region. These initiatives have played a positive role in promoting the high-quality development of the regional economy and society.

    In strengthening the supply chain cluster and accelerating the construction of a modern industrial system, the company focuses on ensuring power supply, optimizing and upgrading services, fostering technological innovation and application, and encouraging collaboration. It provides comprehensive tracking services, establishes a dedicated power service specialist system, conducts regular visits to enterprises, resolves power consumption issues promptly, and synchronously plans the construction of power facilities, ensuring the coordinated advancement of power supply and industrial development.

    To fully establish a significant national base for nickel-cobalt nonferrous metal new materials, a supply hub for new energy batteries and battery materials, and a modern chemical industry base in the western region, the company offers “nanny-style” services. This involves assigning dedicated personnel to assist enterprises “one-on-one” throughout the entire process of handling various formalities. By simplifying business procedures and enhancing efficiency, the company aims to enable “more data to do the legwork, reducing the need for enterprises to run errands”.

    In the journey of serving the development of the new industrial economy, the State Grid Jinchang Power Supply Company always adheres to the concept of placing equal emphasis on innovation and responsibility. From the advanced layout of power facilities, to the precise customization of power supply schemes, and the 24-hour thoughtful operation and maintenance, every link is dedicated to the company’s efforts. In the future, the company will continue to use reliable power as its pen and high-quality service as its ink to draw a grand blueprint for the prosperity and development of the new industrial economy, and make continuous contributions to promoting industrial upgrading and achieving high-quality economic development.

    At the same time, the State Grid Jinchang Power Supply Company has specially organized staff to provide electricity services to enterprises, aiming to help them intuitively grasp their energy consumption situations and tailor “personalized” energy-saving solutions for them. The company conducts a comprehensive understanding of the enterprises’ power consumption capacity, electricity charges, peak and valley electricity consumption, and performs horizontal and vertical comparisons based on the enterprises’ power consumption over the past two years, subsequently proposing corresponding analysis results. It provides enterprises with a power supply “package” encompassing energy conservation, safety and other aspects, and customizes a reasonable power consumption plan according to the power load of the enterprises. Additionally, the company offers “physical examination” services for distribution facilities and electric equipment, assists in eliminating hidden dangers and promotes safety awareness, thereby helping enterprises save energy, reduce expenditure and increase efficiency, while fully ensuring the safe and stable use of electricity.

    MIL OSI China News –

  • MIL-OSI USA: Congressman Biggs Urges President Trump and EPA Administrator Zeldin to Stop the Implementation of Biden-Era Woke Environmental Policies in Maricopa County

    Source: United States House of Representatives – Congressman Andy Biggs (AZ-05)

    Congressman Andy Biggs led a letter to President Donald J. Trump urging his Administration to stop the redesignation of Maricopa County’s Clean Air Act nonattainment status from moderate to serious. Eighty percent of the emissions assigned to Arizona are attributable to natural or international sources, and the implementation of stricter regulations would accomplish nothing except crippling the local economy.

    “Americans soundly rejected Biden-Harris era woke nonsense at the ballot box last November,” said Congressman Biggs.

    “Eighty percent of the air pollution in Maricopa County is caused by natural phenomena or international transport. Arizona—and Maricopa County specifically—is home to economic and technological development that will better the lives of Arizonans and Americans nationwide. Putting the local economy in a chokehold to serve the Green priorities of a rejected President is unwise.

    “I’m thankful for the support of my colleagues on this crucial issue and look forward to continue working with President Trump’s Administration to fulfill Americans’ mandate.”

    Cosigners of the letter are: Rep. Eli Crane (R-AZ), Rep. David Schweikert (R-AZ), Rep. Paul Gosar (R-AZ), Rep. Abraham J. Hamadeh (R-AZ), and Rep. Juan Ciscomani (R-AZ).

    The letter may be read here.

    MIL OSI USA News –

  • MIL-OSI: Municipality Finance issues RON 108 million notes under its MTN programme

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Stock exchange release
    20 February 2025 at 10:00 am (EET)

    Municipality Finance issues RON 108 million notes under its MTN programme 

    Municipality Finance Plc issues RON 108 million notes on 21 February 2025. The maturity date of the notes is 21 February 2028. The notes bear interest at a fixed rate of 6.36% per annum. 
    The notes are issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular, the supplemental offering circular and the final terms of the notes are available in English on the company’s website at https://www.kuntarahoitus.fi/en/for-investors.

    MuniFin has applied for the notes to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 21 February 2025.

    Société Générale acts as the dealer for the issue of the notes.

    MUNICIPALITY FINANCE PLC

    Further information:

    Joakim Holmström
    Executive Vice President, Capital Markets and Sustainability
    tel. +358 50 444 3638

    MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The owners of the company include Finnish municipalities, the public sector pension fund Keva and the State of Finland. The Group’s balance sheet is over EUR 53 billion.

    MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, joint county authorities, corporate entities under the control of the above-mentioned organisations, and affordable social housing. Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

    MuniFin’s customers are domestic, but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.

    Read more: https://www.kuntarahoitus.fi/en/

    Important Information

    The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

    This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

    The MIL Network –

  • MIL-OSI: Municipality Finance issues SEK 1 billion notes under its MTN programme

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Stock exchange release
    20 February 2025 at 10.00 am (EET)

    Municipality Finance issues SEK 1 billion notes under its MTN programme

    Municipality Finance Plc issues SEK 1 billion notes on 21 February 2025. The maturity date of the notes is 21 February 2028. The notes bear interest at a floating rate equal to 3-month Stibor plus 150 bps per annum.

    The notes are issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular, the supplemental offering circular and the final terms of the notes are available in English on the company’s website at https://www.kuntarahoitus.fi/en/for-investors.

    MuniFin has applied for the notes to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 21 February 2025.

    Danske Bank A/S act as the Dealer for the issue of the notes.

    MUNICIPALITY FINANCE PLC

    Further information:

    Joakim Holmström
    Executive Vice President, Capital Markets and Sustainability
    tel. +358 50 444 3638

    MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The owners of the company include Finnish municipalities, the public sector pension fund Keva and the State of Finland. The Group’s balance sheet is over EUR 53 billion.

    MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, joint county authorities, corporate entities under the control of the above-mentioned organisations, and affordable social housing. Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

    MuniFin’s customers are domestic, but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.

    Read more: www.munifin.fi

    Important Information

    The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

    This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

    The MIL Network –

  • MIL-OSI: Ganda Business Solutions and Danforth Advisors Align to Streamline Growth and Market Access for Biotechs Operating in Switzerland and the United States

    Source: GlobeNewswire (MIL-OSI)

    BASEL, Switzerland and WALTHAM, Mass., Feb. 20, 2025 (GLOBE NEWSWIRE) — Ganda Business Solutions Ltd. and Danforth Advisors LLC today announced an exclusive partnership to support the business and clinical operations of Swiss biotech companies. Working jointly with localized expertise, the firms will provide integrated services to help Swiss companies scale with efficiency, expand to the US, and leverage flexible support in the areas of finance and accounting, human resources, investor relations, clinical operations, and regulatory strategy.

    The combined team encompasses more than 400 consultants specializing in life science business operations, asset development support, and commercial readiness. The firms’ breadth of experience spans 500+ active clients and more than 60 IPO and reverse merger transactions.

    “Our shared philosophy towards efficient capital allocation is reflected through our focus on providing variable and fractional support. We know that risk and uncertainty are inherent in biotech and organizational agility allows companies to remain flexible. This allows management to focus on the development activities knowing that strategic advice is on hand to help navigate the road ahead. For a majority of Swiss biotech companies, this road leads to the US, and by aligning with Danforth we can deliver both strategic guidance and well-managed operational execution,” said Christoph Rentsch, Managing Partner of Ganda Business Solutions.

    The partnership also combines both teams’ deep relationships with investors, bankers, attorneys, CROs, and other pillars of the Swiss and US ecosystems, enabling them to seamlessly support clients as they scale their operations, advance clinical programs, and launch new products.

    “Establishing a US nexus is often integral to Swiss biotechs’ strategy – whether through access to patients and payers via FDA approvals, financing from private and public investors, recruiting cohorts for clinical trials, or leveraging specialist capabilities from world leading physicians and experienced management teams. Our collaboration with Ganda gives Swiss clients assurance that they can navigate the US landscape with our well-developed strategies to de-risk execution as their operations advance,” said Michael Cunniffe, Managing Director of Danforth’s UK and European operations.

    Having supported hundreds of biotech companies over two decades, Danforth and Ganda bring unmatched experience drawn from hands-on operational management and strategic advisory at executive and board levels.

    “For a sustainable biotech growth story, the right talent and team composition play a key role, and must be aligned with the company’s vision and development goals. This talent is highly sought after and not always readily available,” said Catherine Ammann, Managing Partner of Ganda Business Solutions. “Through our partnership with Danforth, we can provide access to valuable skill sets where full time roles might be cost-prohibitive or difficult to fill.”

    About Ganda Solutions
    Ganda is a Professional Service Provider covering all General and Administration (G&A) tasks in the life science field. Ganda’s team of professionals has extensive industry experience at various leadership levels both in strategic and operational matters – within small and large organizations. Ganda operates from its Basel base and offers full support in English, German and French. Additional information is available at www.ganda-solutions.com.

    About Danforth Advisors
    Danforth is the life science industry’s trusted partner for strategic and operational support across business, clinical, and commercial functions. The company advises and executes in the areas of finance and accounting, strategic communications, human resources, risk management, clinical and regulatory, market research, and commercial readiness and launch. Founded in 2011, Danforth has partnered with more than 1,500 life science companies, private and public, across all stages of the corporate lifecycle. The company serves clients around the globe from its base in Waltham, Massachusetts and regional operations in New York, Pennsylvania, New Jersey, Maryland, California, and London. Additional information is available at www.danforthadvisors.com.

    The MIL Network –

  • MIL-OSI: Cactus Custody Achieves SOC 1 Type 1 Certification with Deloitte’s Audit, Strengthening Trust in Digital Asset Custody

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Feb. 20, 2025 (GLOBE NEWSWIRE) — Cactus Custody, a leading institutional digital asset custody provider, has earned SOC 1 Type 1 certification through an independent audit by Deloitte. This certification highlights Cactus Custody’s commitment to high operational control standards and secure, compliant custody solutions.

    Deloitte thoroughly assessed Cactus Custody, reviewing client account onboarding, fiat and crypto transactions, and internal system operations. The audit also validated its financial processing capabilities, including settlement, reconciliation, account management, fee processing, asset valuation, reporting, and securing cryptographic keys throughout their lifecycle across various custody storage methods.

    Wendy Jiang, General Manager of Cactus Custody, stated: “Achieving SOC 1 Type 1 certification underscores our commitment to robust governance, precise financial management, and secure custody. We prioritize the security of our clients’ assets and maintain strict internal controls to deliver top-tier service. Moving forward, we will promote compliance and transparency, striving to set higher benchmarks in the evolving crypto asset space to enhance trust and satisfaction among our clients.”

    Cactus Custody previously achieved SOC 2 Type 1 certification with Deloitte and is progressing toward SOC 1 Type 2 reporting this year. Through regular audits, the company continues to enhance custody standards, drive industry compliance, and provide transparent, secure custodial services.

    About Cactus Custody

    A trusted institutional digital asset custodian, Cactus Custody is ISO-certified, holds a Hong Kong license (TC006789), and has received a temporary exemption from the Monetary Authority of Singapore (MAS). It adheres to strict capital reserve requirements and AML and CTF regulations. Committed to “Security First, Integrity Always,” Cactus Custody simplifies crypto asset management professionally and confidently.

    Visit the official Cactus Custody website for more details.

    Media Contact: press@mycactus.com

    Cactus Custody PR Team

    Disclaimer: This content is provided by Cactus Custody. The statements, views, and opinions expressed in this content are solely those of the sponsor and do not necessarily reflect the views of this media platform. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered as financial, investment, or trading advice. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before investing in or trading cryptocurrency and securities .Please conduct your own research and invest at your own risk.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/31c3118b-8922-4820-ba03-d9578673f3ad

    The MIL Network –

  • MIL-OSI Economics: Managed detection and response in 2024

    Source: Securelist – Kaspersky

    Headline: Managed detection and response in 2024

    Kaspersky Managed Detection and Response service (MDR) provides round-the-clock monitoring and threat detection, based on Kaspersky technologies and expertise. The annual MDR analyst report presents insights based on the analysis of incidents detected by Kaspersky’s SOC team. It sheds light on the most prevalent attacker tactics, techniques, and tools, as well as the characteristics of identified incidents and their distribution across regions and industry sectors among MDR customers.
    This report answers key questions, including:

    • Who are the potential attackers?
    • What methods are they using today?
    • How can their activities be effectively detected?

    Security incident statistics for 2024

    In 2024, the MDR infrastructure received and processed on average 15,000 telemetry events per host every day, generating security alerts as a result. Around 26% of these alerts were processed by machine learning algorithms and the rest were analyzed by the SOC team. On average, more than two high-severity incidents were detected daily. MDR customers were informed about all identified incidents via the MDR portal.

    Geography of MDR customers

    Kaspersky MDR customers span the globe, giving us a comprehensive and objective view of regional attack behaviors and tactics. The largest concentration of customers is in Europe, the CIS, and the META regions.

    Kaspersky MDR customers by region

    Distribution of incidents by industry

    In 2024, the MDR team observed the highest number of incidents in the industrial (25.7%), financial (14.1%), and government (11.7%) sectors. However, if we consider only high-severity incidents, the distribution is somewhat different: 22.8% in IT, 18.3% in government, 17.8% in industrial, and 11.9% in the financial sector.

    The most attacked industries

    General observations and recommendations

    In 2024, we observed the following trends in the incidents detected by our SOC team:

    • High-severity incidents decreased, but complexity increased. The number of high-severity incidents decreased by 34% compared to 2023. However, the mean time to investigate and report these incidents increased by 48%, indicating a rise in the average complexity of attacks. This is supported by the fact that the vast majority of triggered detection rules and IoAs were from specialized XDR tools. This marks a shift from previous years, where OS log-based detection played a significant role. Given this trend, specialized tools like XDR are essential for effectively detecting and investigating modern threats.
    • Human-driven targeted attacks are increasing. Human-driven targeted attacks accounted for 43% of high-severity incidents – 74% more than in 2023 and 43% more than in 2022. Despite advances in automated detection tools, motivated attackers continue to find ways to bypass them. To counter such threats, human-driven solutions like Managed Detection and Response are critical. For organizations with in-house security operations teams, internal processes and technologies must be equipped to handle the modern threat landscape. Comprehensive SOC consulting services can help achieve this.
    • Attackers often return after a successful breach. The statistics consistently show that attackers often return after a successful attack. This is especially evident in the government sector, where attackers aim to persist in the system long-term for espionage purposes. In such cases, combining an XDR-equipped in-house SOC or outsourced MDR with regular Compromise Assessments is an effective way to detect and investigate incidents that may be missed by existing security measures.
    • Living off the Land techniques remain prevalent. Attackers often use Living off the Land (LotL) methods in infrastructures lacking proper system configuration controls. A significant number of incidents are linked to unauthorized changes, such as adding accounts to privileged groups or weakening secure configurations. To minimize false positives in these scenarios, effective configuration management and formal procedures for implementing changes and managing access are crucial.
    • User Execution and Phishing remain top threats. User Execution and Phishing techniques ranked again in the top three threats, with nearly 5% of high-severity incidents involving successful social engineering. Users are still the weakest link, making Security Awareness training an important focus for corporate information security planning.

    To explore these and other trends in detail, download full report (PDF).

    MIL OSI Economics –

  • MIL-OSI USA: Hagerty, Blunt Rochester Introduce Bipartisan Legislation to Modernize Credit Union Boards

    US Senate News:

    Source: United States Senator for Tennessee Bill Hagerty

    WASHINGTON—United States Senators Bill Hagerty (R-TN), a member of the Senate Banking Committee, and Lisa Blunt Rochester (D-DE) have reintroduced the Credit Union Board Modernization Act.

    The bipartisan legislation revises an antiquated federal law that requires credit union boards to meet every month. By reducing superfluous board meetings, the bill relaxes regulatory burdens and allows credit unions to focus on their core mission of providing financial services to their members.

    “Credit unions should be allowed to spend less time in unnecessary board meetings and more time serving their members,” said Senator Hagerty. “My legislation will revise outdated federal regulations by setting aside regulatory micromanagement and allowing credit unions the flexibility to focus on providing quality financial services to rural communities and members across the country.”

    “It is far past time that the arcane requirements for credit unions are removed,” said Senator Blunt Rochester. “This bill is an essential step toward improving the functionality of credit unions up and down my home state of Delaware, especially those small and rural. I look forward to continuing this bipartisan effort alongside Senator Hagerty and our colleagues to ensure credit unions spend less time maneuvering through red tape and more time serving their communities and promoting financial well-being.”

    “We greatly appreciate Sens. Bill Hagerty and Lisa Blunt Rochester for their introduction of the Credit Union Board Modernization Act,” said Carrie Hunt, America’s Credit Unions Chief Advocacy Officer. “Credit unions face several regulatory burdens, and this bill would provide flexibility so that credit unions can commit more resources and time to what matters most: serving their members and communities. This legislation has already passed the House, and we urge the Senate to swiftly take up the measure. We will continue to work with lawmakers on other reforms to ensure credit unions can thrive.”“The Tennessee League is grateful to Senator Hagerty for his leadership in introducing the Credit Union Board Modernization Act,” said Sarah Waters, Chief Advocacy Officer of the Tennessee Credit Union League. “As not-for-profit financial cooperatives, credit unions are governed by volunteer boards of directors. These dedicated community leaders work and serve alongside credit union members to ensure the financial well-being of all. By modernizing outdated board meeting requirements, this legislation will allow these volunteers and their credit unions to dedicate more time and resources to serving their communities.”

    Full text of the legislation can be found here.

    MIL OSI USA News –

  • MIL-OSI USA: VIDEO: Rosen Blasts Republican Budget Plan to Give More Tax Cuts to Ultra-Wealthy on the Backs of Hardworking Families

    US Senate News:

    Source: United States Senator Jacky Rosen (D-NV)

    Watch Senator Rosen’s Full Remarks HERE.
    WASHINGTON, DC – Today, U.S. Senator Jacky Rosen (D-NV) took to the Senate floor to call out Congressional Republicans for their budget plan, which cuts funding to vital programs like Medicaid and SNAP in favor of funding tax cuts for the ultra-wealthy. In her speech, Senator Rosen emphasized how these cuts will hurt hardworking Nevadans.
    Below are excerpts of Senator Rosen’s floor remarks:
    Mr. President,
    I rise today to speak on an issue that will affect millions of hardworking families, seniors, children, veterans, and any American who relies on essential services.
    As we’ll soon see, Republicans are going to use the budget reconciliation process, a tool that was originally designed to help rein in wasteful spending and lower the national debt, to pass massive new tax cuts for billionaires and the ultra-wealthy. 
    And to pay for these tax breaks, they’re proposing devastating cuts to vital programs that people in my state of Nevada rely on, including Medicaid, SNAP, and supplemental programs for women, infants, and children. 
    So let me say that again. Congressional Republicans are going to cut critical government programs like Medicaid and SNAP in order to give the wealthiest Americans even more tax cuts. You got that right.
    Their policies are, well, billionaires win, and families lose.
    This isn’t “fiscal responsibility,” it’s moral negligence. 
    This isn’t just about economic policy. This is about the livelihoods of everyday Americans. 

    At a time when Nevadans are already grappling with economic hardship and a rising cost of living, these actions by my Republican colleagues, well, they’re just plain wrong. They’re just out of step.
    Instead of using this budget process to provide relief for hardworking families, well, Republicans are exploiting it to push through policies that benefit billionaires like Elon Musk, while leaving millions of Americans – I’ll say it, everyday hardworking families, regular people, everyday people – leaving them all behind, leaving you in the lurch.
    Again, their motto seems to be billionaires win, families lose.
    […]
    The numbers tell the story. 
    Extending these tax cuts would give the top one percent of earners – those making roughly $750,000 a year or more – a tax cut averaging more than $60,000 a year.
    And I’m going to put that in perspective for a moment. The tax cut the top one percent would get is more than the total income of most families who rely on Medicare or SNAP, or just most families in general, it’s the top one percent. And the two programs Republicans are planning to cut – Medicare and SNAP – they’re going to cut them in order to pay for tax cuts – trillions of dollars – again, for who? Elon Musk and their billionaire buddies.
    So you heard that right. These expanded tax cuts will cost the federal government $4.2 trillion. 
    So you might be asking yourself “wait, so how are Republicans – how are they going to pay for all of this?” 

    Well, in order to help offset some of that cost, they’re going to decrease funding for Medicaid, for SNAP, and other services that support people with disabilities and elderly individuals. 
    […]
    These existing cuts coupled with the Republicans proposed budget cuts – it’s just going to be devastating for American families. 
    And the fact that these cuts are being made to give billionaires even more tax breaks, well, it’s unconscionable. 
    The American people deserve better. 
    They deserve a government that works for them, that works for our families, not for the ultra-wealthy. 
    At the end of the day, Mr. President, Republicans have to decide who they’re fighting for. 
    Because right now, with this budget proposal, they’re fighting for billionaires and the largest corporations who have already benefited from their 2017 tax cuts.
    We cannot and we must not turn our backs on the American people. 
    We cannot allow billionaires to get richer on the backs of everyday Americans.
    We cannot let the motto be for this Administration billionaires win and families lose. Because families are the backbone of America. Families are the backbone of America, and they deserve respect and attention. And we cannot allow the billionaires to break their backs.
    So I urge my colleagues on both sides of the aisle to come together and put the American people first. People over billionaires. Let’s work together to strengthen our economy, protect our vital programs, and ensure that everyone, regardless of their wealth or status, has an equal opportunity to succeed.
    Thank you.

    MIL OSI USA News –

  • MIL-OSI Economics: Air India and Lufthansa Group announce significant expansion of codeshare partnership: ~60 additional routes across 12 Indian and 26 European cities

    Source: Lufthansa Group

    Air India and Lufthansa Group have agreed to build on their longstanding codeshare partnership, which sees Air India enter into a new codeshare agreement with Austrian Airlines, as well as expand the existing codeshare agreements between Air India, Lufthansa, and Swiss International Air Lines (SWISS).

    The expanded partnership significantly boosts flight options and connectivity for travellers between the Indian Subcontinent and Europe with the addition of close to 60 codeshare routes operated by the four airlines across 12 Indian and 26 European cities.

    The expanded agreements increase the total number of codeshare routes between Air India, Lufthansa and SWISS from 55 to nearly 100. Additionally, the new agreement between Air India and Austrian Airlines adds 26 codeshare routes. This provides greater choice, convenience, and seamless experiences to travellers from both regions.

    Customers of Lufthansa Group will now be able to connect to Air India’s domestic services to or from 15 points within India, namely Ahmedabad, Amritsar, Bengaluru, Bhubaneswar, Chennai, Delhi, Goa Mopa, Goa Dabolim, Hyderabad, Indore, Kochi, Kolkata, Mumbai, Pune, and Thiruvananthapuram. Additionally, Lufthansa Group carriers will add their respective designator codes to Air India’s international services to 3 destinations from Delhi and Mumbai: Kathmandu, Melbourne, and Sydney.

    Additionally, flights currently operated by Air India and Lufthansa Group carriers between India and Germany or Switzerland will be covered under the expanded codeshare partnership. For example, customers who wish to fly between Delhi and Frankfurt will now have three daily flight options each way with ‘LH’ flight numbers, including two flights operated by Air India and one flight operated by Lufthansa.

    Reciprocally, Air India will now offer its customers a total of 26 destinations across Europe and 3 destinations in the Americas beyond its gateways in Europe (Frankfurt, Vienna, and Zurich), with the ‘AI’ designator code placed on the following services operated by airlines in the Lufthansa Group, including Austrian Airlines for the first time:

    Lufthansa
    Between Frankfurt and: Amsterdam, Barcelona, Berlin, Bremen, Brussels, Copenhagen, Dresden, Düsseldorf, Dublin, Geneva, Hamburg, Hannover, Luxembourg, Lyon, Manchester, Marseille, Munich, Nice, Nuremberg, Oslo, Prague, Riga, Rio de Janeiro, São Paulo, Stockholm, Stuttgart, Toulouse, Valencia, Washington D.C.

    SWISS
    Between Zurich and: Amsterdam, Barcelona, Berlin, Bremen, Brussels, Copenhagen, Dresden, Düsseldorf, Dublin, Geneva, Hamburg, Hannover, Luxembourg, Manchester, Marseille, Munich, Nice, Oslo, Prague, Stockholm, Stuttgart, Valencia.

    Austrian Airlines
    Between Vienna and: Amsterdam, Barcelona, Berlin, Bremen, Brussels, Copenhagen, Düsseldorf, Geneva, Hamburg, Hannover, Lyon, Manchester, Marseille, Munich, Nice, Oslo, Prague, Stockholm, Stuttgart, Valencia.

    Both airlines plan to progressively include other destinations in their network to the codeshare arrangements.

    Air India and the three Lufthansa Group carriers are members of Star Alliance. Frequent flyers will continue to earn and redeem points/miles on all four airlines, while elite status holders of Air India’s Maharaja Club and Lufthansa Group’s Miles & More programmes will benefit from Star Alliance Gold benefits including priority services, extra baggage allowance, and airport lounge access across the world. 

    According to Lufthansa Group Chief Commercial Officer, Dieter Vranckx: “We are thrilled to strengthen our partnership with Air India and elevate the travel experience for our joint customers. By further enhancing our cooperation, we will increase the travel options between Europe and India and offer our passengers improved access to additional destinations. Lufthansa Group remains committed to India, and we are excited about the possibilities and potential the country and Air India as a partner have to offer”.

    Nipun Aggarwal, Chief Commercial Officer, Air India, said: “Our goal is to enable our customers to travel from any corner of the world to another via Air India and its partner airlines. The expansion of our partnership with Lufthansa Group is a step in that direction, and we are pleased to take this long-standing relationship to the next level. With this renewed partnership, our customers will have access to more destinations and greater flexibility to travel across Europe on Lufthansa Group carriers. It also gives us the opportunity to serve Lufthansa Group customers, with warmth and quintessential Indian hospitality, aboard Air India flights. We look forward to continue working closely with our Star Alliance partners in making the world feel like a smaller place.”

    Subject to regulatory approvals, the codeshare flights will be progressively made available for sale through the airlines’ respective booking channels.

    ABOUT LUFTHANSA GROUP:

    The Lufthansa Group is an aviation group with operations worldwide. With 100,000+ employees, Lufthansa Group generated revenue of €35.4bn in the financial year 2023. Our largest business segment is Passenger Airlines while other key business segments include Logistics and Maintenance, Repair and Overhaul (MRO). Other companies and Group functions such as IT companies and Lufthansa Aviation Training form complimentary components of the Group. All airlines and business segments play leading roles in their respective markets.

    ABOUT AIR INDIA GROUP:

    The Air India group – comprising of full-service global airline Air India and low-cost regional carrier Air India Express – is spearheading a new era of Indian aviation. The Air India story began in 1932 when JRD Tata piloted the airline’s inaugural flight and opened the skies for aviation in India. Today, Air India group employs more than 30,000 people, operates over 300 aircraft and carries customers to 55 domestic and 48 international destinations across five continents.

    Returning to the Tata Sons in 2022 following 70 years under Government ownership, Air India group is in the midst of a five-year transformation program, Vihaan.AI. As part of the transformation, Air India placed the then largest-ever order for 470 new aircraft in 2023. In 2024, sister airlines Air Asia India and Vistara were successfully merged into Air India Express and Air India respectively, and the Airline opened South Asia’s largest aviation training academy.

    A new flying school is scheduled to open in 2025, and construction of a greenfield maintenance base, to be operational in 2026, is underway. In addition to receiving new aircraft, all existing aircraft are progressively undergoing a full interior refit.

    With transformation underway across all facets of the business and India’s rich legacy of hospitality, Air India is committed to being a world class global airline with an Indian heart.

    MIL OSI Economics –

  • MIL-OSI NGOs: Job Opening: EXECUTIVE DIRECTOR

    Source: Greenpeace Statement –

    This is a permanent role based in Bangkok, Kuala Lumpur, Jakarta, or Manila.

    Greenpeace activists and volunteers gather at a wind farm at Baru beach during Buru Baru festival to hold letters forming a banner reading: ‘#ActionForClimate.’ Part of a Global Day of Action in Bantul, Yogyakarta, Indonesia. © Ulet Ifansasti / Greenpeace

    About the Role

    The Executive Director will provide visionary leadership, ensuring alignment with Greenpeace’s core values. This includes overseeing operations in four countries, the Philippines, Malaysia, Indonesia, and Thailand, driving international collaboration, and maintaining accountability across governance, human resources, and financial management. The role requires a proactive approach to campaign contributions within Greenpeace’s global objectives.

    The job holder will have the following key responsibilities:

    Strategic Leadership

    • Develop and communicate a clear vision and strategic objectives aligned with Greenpeace’s mission.
    • Empower staff and volunteers to foster a shared sense of purpose and organisational culture.
    • Monitor external developments and implement responsive strategies as needed.

    Operation, Finance, and Fundraising

    • Oversee all organisational functions, ensuring strategies and policies align with core values.
    • Maintain financial discipline and ensure adherence to auditing practices.
    • Collaborate with the Fundraising Director to explore alternative funding streams and improve grassroots contributions from individual donors across the region.
    • Recruit, train, and develop staff with a focus on accountability and high performance.

    Change Management

    • Drive organisational transformation through strategic planning, operational efficiency, and transparent decision-making.
    • Align global objectives with mission-focused strategies to enhance morale, inclusivity, and overall effectiveness.
    • Determine and implement effective management structures and systems to achieve organisational objectives.
    • Foster cross-country collaboration to enhance efficiency and inclusivity.

    Communications and Network

    • Enhance internal communication and information flow across departments, countries and hierarchy levels.
    • Build and maintain productive relationships with NGOs, media, government, and relevant stakeholders.

    Governance and Relationship to The Board

    • Create and adapt annual, mid-term and long-term strategies in partnership with the Board and Greenpeace International.
    • Ensure compliance with legal, statutory, and regulatory responsibilities.
    • Identify and mitigate organisational risks while maintaining operational effectiveness.
    • Provide regular reports to the Board, ensuring informed decision-making.

    Campaign Advocacy and Representation

    • Create and adapt annual, mid-term and long-term strategies in partnership with the Board and Greenpeace International.
    • Ensure compliance with legal, statutory, and regulatory responsibilities.
    • Identify and mitigate organisational risks while maintaining operational effectiveness.
    • Provide regular reports to the Board, ensuring informed decision-making.

    Personnel, Health, and Safety

    • Lead and implement impactful campaigns on rainforest conservation, climate justice, ocean, plastic and coal reduction.
    • Drive grassroots mobilisation, engage key stakeholders, and amplify GPSEA’s successes through strategic advocacy efforts.
    • Represent GPSEA at international meetings and in public forums.
    • Act as a spokesperson for the organisation.

    Personnel, Health, and Safety

    • Ensure adherence to best practices in all operational areas, balancing ambition with available resources.

    Skills and Experience

    • Environment movement background.
    • Proven leadership in a complex organisation, with a focus on effective management and accountability.
    • Deep understanding of global environmental issues and sustainability principles.
    • Strong systems thinking, strategic planning, and horizon-scanning skills.
    • Ability to inspire and unite diverse stakeholders around a compelling vision.
    • Commitment to Non-Violent Direct Action (NVDA) and grassroots campaigning.
    • Financial literacy and a positive attitude toward digital innovation.
    • Fluency in English; additional language skills are an asset.

    Personal Attributes

    • Responsive and adaptive. 
    • Highly emotionally intelligent with strong interpersonal skills.
    • Courageous, empathetic, and humble leadership style.
    • Committed to social and environmental justice.
    • Activist spirit with a passion for Greenpeace’s mission.
    • Understanding of Southeast Asia’s cultural and operational dynamics.

    Greenpeace’s Commitment to Diversity and Inclusion

    Greenpeace values diversity as essential to its mission and success. The organisation fosters an inclusive environment that respects varied cultural experiences and perspectives, promoting solutions rooted in social and environmental justice.

    Deadline for applications: March 20, 2025

    Jobs

    Do you have a passion for this planet and want to do more? Work with us!

    TAKE ACTION

    MIL OSI NGO –

  • MIL-OSI New Zealand: Foreign Affairs – New report highlights untapped potential in New Zealand-Viet Nam relationship

    Source: Asia New Zealand Foundation

    The Asia New Zealand Foundation Te Whītau Tūhono is thrilled to launch its latest report Viet Nam and New Zealand at 50: The next chapter. This report explores the growing potential of the bilateral relationship as the two nations celebrate 50 years of formal diplomatic ties.
    Commissioned by the Foundation and authored by Haike Manning, the report builds on the 2020 publication, Viet Nam & New Zealand: Let’s Go, offering fresh insights into Viet Nam’s dynamic environment and celebrating the people who have contributed to the New Zealand – Viet Nam relationship over the last 50 years. 
    “This report is timely, especially with the Prime Minister’s upcoming delegation to Viet Nam. Its insights will be a valuable resource for those who want to learn more about our bilateral relationship,” says Suzannah Jessep, CE of the Foundation.
    “Viet Nam is already our 14th biggest trading partner, with bilateral trade worth NZ$2.68 billion in 2024. Given Viet Nam’s booming economy, the potential for New Zealand businesses, from fashion and food to tech and the arts is huge. We do have a bit of a trade deficit at the moment, but that just means there’s room to grow.”
    The report’s author Haike Manning describes the pace of change in Viet Nam as “remarkable”.
    “It is expected to see some of the fastest income growth in the world over the next decade,” he says.
    “Viet Nam’s increasingly wealthy consumers trust our high quality, safe food, which has underpinned significant growth in our exports to Viet Nam over the past 10 years.”
    Beyond trade, the report also celebrates long-standing ties between the two countries, especially in areas like healthcare, education and diplomacy.
    People-to-people connections are flourishing, with 8,000 Vietnamese visiting New Zealand in 2023 and 40,000 New Zealanders visiting Viet Nam in 2024. New Zealand and Viet Nam also share a commitment to a stable international environment and are actively collaborating on defence and security matters.
    The full report is a great read for anyone looking to understand the incredible opportunities in Viet Nam, from businesses to policymakers, academics and anyone curious about understanding and engaging with this dynamic market.
    Additional Information:
    About the Author
    Haike Manning is the former New Zealand Ambassador to Viet Nam (2012-2016). Haike’s 20-year career as a New Zealand diplomat spanned key global economies (India, Brazil, China, as well as Viet Nam), with a strong focus on supporting trade, business and education outcomes for New Zealand.
    Since 2017, Haike has been based in Ho Chi Minh City, where he founded LightPath Consulting Group, a consulting business supporting international education providers to engage effectively in Viet Nam. In 2021, LightPath was acquired by Acumen, another international education consulting business. Haike subsequently joined Acumen to spearhead their expansion throughout Southeast Asia.
    About the Asia New Zealand Foundation Te Whītau Tūhono
    Established in 1994, the Asia New Zealand Foundation Te Whītau Tūhono is New Zealand’s leading authority on Asia. Its mission is to equip New Zealanders to thrive in Asia, by providing experiences and resources to build knowledge, skills and confidence. The Foundation’s activities cover more than 20 countries in Asia and are delivered through eight core programmes: arts, business, entrepreneurship, leadership, media, research, Track II diplomacy and sports. 

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Legislation – Another Step Forward for Build to Rent: Government Passes Key Investment Bill – Property Council

    Source: Property Council New Zealand

    KEY POINTS:

    • Property Council New Zealand strongly supports the passing of the Overseas Investment (Build to Rent and Similar Rental Developments) Amendment Bill, which facilitates increased foreign investment in the Build to Rent (BTR) housing sector. 
    • The Amendment Bill introduces a ‘large rental development test’ to attract much-needed overseas capital and signal that New Zealand is open for BTR investment.
    • BTR has seen slow but steady growth since the asset class was formally recognised in 2023, and the Bill is expected to accelerate development.
    • Research from Property Council New Zealand indicates that, with supportive legislation, developers could deliver 25,000 BTR homes in the next decade.
    • Property Council and partners Bayleys, Colliers, Savills, CBRE, and JLL track BTR sector growth across Aotearoa, with 1,841 completed units, 736 under construction, and 2,961 in the pipeline across 56 developments as of 31 December 2024. More details: www.buildtorentnz.co.nz.

    Property Council New Zealand welcomes the passing of the Overseas Investment (Build to Rent and Similar Rental Developments) Amendment Bill, a critical step toward increasing the supply of long-term, quality rental housing across New Zealand.

    The Bill introduces a ‘large rental development test’ to attract much-needed overseas investment, ensuring Build to Rent (BTR) projects can be financed at scale. Property Council Chief Executive Leonie Freeman says the move is a game-changer for the sector, unlocking opportunities to deliver more secure, high-quality rental options for New Zealanders.

    “This legislation is a strong signal that New Zealand is open for Build to Rent investment. For years, we have seen the sector struggle to gain momentum due to regulatory uncertainty and barriers to international capital. Today’s decision changes that,” says Freeman.

    BTR, a purpose-built rental housing model offering professionally managed, long-term rental options, has been growing steadily in New Zealand since its formal recognition in 2023. However, to scale effectively, developers need access to investment that matches the long-term nature of these assets.

    “With supportive policy settings, our research shows that developers could deliver 25,000 Build to Rent homes within the next decade. That’s a significant contribution to increasing housing supply and providing renters with greater choice and stability,” Freeman says.

    Property Council also acknowledges the cross-party support for the Bill, with all but two minor parties voting in favour. Freeman says this bipartisan approach is essential for creating certainty for investors and developers.

    “We thank Ministers and MPs for their collaborative approach in recognising Build to Rent as a vital part of New Zealand’s housing mix. This kind of certainty is exactly what investors need to commit to large-scale rental developments,” says Freeman.

    While the passage of the Bill is a positive step, Property Council believes further refinements could enhance the sector’s growth. Freeman urges the government to consider introducing depreciation for BTR fit-outs, clarifying GST rules around service levels and amenities, and ensuring the Residential Tenancies Act is appropriately applied to BTR tenancies.

    “We look forward to continuing our work with government to fine-tune the policy settings that will enable Build to Rent to reach its full potential,” Freeman says.

    For more information on BTR sector growth, visit www.buildtorentnz.co.nz.

    About Property Council New Zealand

    Property Council is the leading advocate for Aotearoa New Zealand’s largest industry – property.

    Property Council New Zealand is the one organisation that collectively champions property. We bring together members from all corners of the property ecosystem to advocate for reduced red tape that enables development, encourages investment, and supports our communities to thrive.

    Property is New Zealand’s largest industry, making up 15% of economic activity. As a sector, we employ 10% of New Zealand’s workforce and contribute over $50.2 billion to GDP.

    A not-for-profit organisation, the Property Council connects over 10,000 property professionals, championing the interests of over 550 member companies.

    Our membership is broad and includes some of the largest commercial and residential property owners and developers in New Zealand. The property industry comes together at our local, national and online events, which offer professional development, exceptional networking and access to industry-leading research.

    Our members shape the cities and spaces where New Zealanders live, work, play and shop.

    www.propertynz.co.nz

    MIL OSI New Zealand News –

  • MIL-OSI: ING to redeem Perpetual Capital Securities

    Source: GlobeNewswire (MIL-OSI)

    ING to redeem Perpetual Capital Securities

    ING announced today it will redeem USD 1,250 million of 6.500% Perpetual Additional Tier 1 Contingent Convertible Capital Securities (the “Perpetual Capital Securities”) on the call date of 16 April 2025, in line with ING’s goal to continuously optimise its capital structure.

    The Perpetual Capital Securities (CUSIP 456837AF0/ISIN US456837AF06) will be redeemed in full in accordance with their terms, with payment to be made on 16 April 2025. The redemption price will be the principal amount of the Perpetual Capital Securities. Accrued and unpaid interest due on the redemption date will be paid in the usual manner to holders of record as of 15 April 2025. The paying agent for the Perpetual Capital Securities is The Bank of New York Mellon, London Branch 160 Queen Victoria Street London EC4V 4LA United Kingdom.

    Any future decisions by ING as to whether it will exercise (or cause to be exercised) calls in respect of debt securities will be made on an economic basis, taking into account the interests of all stakeholders. Other factors that ING will consider include prevailing market conditions, regulatory approval and capital requirements.

    Note for editors

    For more on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom or via X @ING_news feed. Photos of ING operations, buildings and its executives are available for download at Flickr.

    ING PROFILE
    ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 40 countries.

    ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).

    ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING’s ESG rating by MSCI was reconfirmed by MSCI as ‘AA’ in August 2024 for the fifth year. As of December 2023, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’. Our current ESG Risk Rating, is 17.2 (Low Risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell. Society is transitioning to a low-carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that’s not. Follow our progress on ing.com/climate.

    Important legal information

    Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’).

    ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2023 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding.

    Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) non-compliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change and ESG-related matters, including data gathering and reporting (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on www.ING.com.

    This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information.

    Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission (‘SEC’) reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes. In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are “green” or “sustainable.” Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security.

    This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING’s control.

    Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.

    This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States or any other jurisdiction.

    Attachment

    The MIL Network –

  • MIL-OSI New Zealand: The Silent Menace of DUI

    Source: Press Release Service – Press Release/Statement:

    Headline: The Silent Menace of DUI

    GIMME, New Zealand’s leading on-demand alcohol delivery service, offers a safer solution by providing fast, convenient delivery, eliminating the need for individuals to drive after drinking. By promoting responsible consumption and partnering with local breweries, GIMME helps reduce DUI incidents while supporting the local economy.

    The post The Silent Menace of DUI first appeared on PR.co.nz.

    – –

    MIL OSI New Zealand News –

  • MIL-OSI: CLIQ Reports Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    • Tougher market conditions: €243m sales (-26%) and €21m EBITDA (-58%)
    • Transformation programme: €11m special items on EBITDA level
    • -€4.75 EPS resulting from -€28m net loss (-188%)
    • €12m net cash position per year-end vs. €16m at end of 2023
    • Share buyback programme successfully completed and €0.04 dividend per share proposed
    • 2025 outlook: €180-220m sales, €10-15m EBITDA, €50-75m customer acquisition costs

    DÜSSELDORF, 20 February 2025 – The CLIQ Group publishes today its audited 2024 financial statements. The Annual Report 2024 is available on the Group’s website at https://cliqdigital.com/investors/financialreporting.

    Performance

    in millions of € FY
    2024    		 FY
    2023    		 Δ   4Q
    2024    		 4Q
    2023    		 Δ
    North America 168 197 -15%   34 54 -37%
    Europe 52 109 -52%   9 25 -64%
    Latin America 14 13 10%   4 3 11%
    ROW 9 8 20%   1 5 -29%
    Sales 243 326 -26%   48 84 -43%
    Expected average LTV1 (in €) 77 85 -10%   70 87 -19%
    Total CAC2 -75 -135 -45%   -11 -35 -68%
    EBITDA (before special items3) 21 50 -58%   5 12 -59%
    EBITDA margin3 9% 15%     10% 14%  
    Profit/loss for the period -28 32 -187%   -29 7 n/a
    EPS (basic, in €) -4.75 4.90 n/a   -4.99 1.07 n/a
    • Sales: In 2024, Group sales declined by 26% year-on-year to €243 million (2023: €326 million) mainly due to less customers. 97% of Group sales in 2024 were generated with bundled-content services and in line with the Management decision to focus on profitability, revenue in North America declined by 15% and in Europe by 52% in 2024. In Latin America and in the region Rest of the World, sales increased by 10% and 20%. However, the quarter-on-quarter Group sales decrease decelerated notably from -21% in 3Q 2024 to -11% in the fourth quarter.
    • Total customer acquisition costs: The total customer acquisition costs in 2024 amounted to €75 million (2023: €135 million). The 45% lower total customer acquisition costs reflected the Group’s decision to strategically increase its focus on profitability and the subsequent lowering of the target cost per acquisition (CPA).
    • EBITDA: In 2024, EBITDA before special items decreased by 58% to €21 million (2023: €50 million) and the corresponding EBITDA margin was accordingly lower at 9% (2023: 15%) predominantly as a result of the lower sales development and despite reduced cost of sales and operating expenses. Reported EBITDA amounted to €10 million and included therein were €11 million special items relating mostly to the Group’s transformation programme “Fit For Future”. The reported EBITDA margin was 4%.
    • Loss for the period: In 2024, the result for the year amounted to a loss of €28 million (2023: €32 million profit). Resulting from the annual impairment test performed on the goodwill, CLIQ corrected its goodwill and recognised an impairment loss of €27 million. This goodwill impairment was primarily attributable to the challenging market conditions going forward as well as to the significant decline in 2024 in the Group’s market value as determined by the stock market capitalisation.
    • Earnings per share: In 2024, the loss per share (basic EPS) was -€4.75 (2023: €4.90) and the diluted loss (EPS) totalled -€4.71 (2023: €4.82).
    • Cash flow: In 2024, the operating free cash flow decreased to €3.4 million (2023: €19 million). The cash inflow from operating activities during 2024 amounted to €9 million (2023: €30 million) and the decrease was mainly due to the drop in sales and margin contraction. The 2024 cash outflow from investing activities was €5 million (2023: €12 million) and largely related to payments for licensed content as well as for investments in platform and technical developments. The cash flow from financing activities during 2024 was an outflow of €7 million (2023: €13 million) and included €5.5 million cash outflow for the share buyback programme and €0.3 million dividend distribution.
    • Liquidity: Due to the lower operating free cash flow, the net cash position decreased to €12 million at the year-end close (31/12/2023: €16 million).

    Operational indicators

    • Lifetime value of a customer: In 2024, the expected average lifetime value of a customer (LTV) was down 10% to €77 (2023: €85). The year-on-year decrease was due to the higher churn rates against 2023 resulting from new customer care tools in place at the card scheme companies, which consequently resulted in shorter average customer loyalty durations.
    • Customers: The number of unique paying customers for the Group’s bundled- and single-content streaming services decreased to 0.7 million per 31 December 2024 (31/12/2023: 1.2 million). The decrease resulted from the Group’s stronger focus on profitability than on sales growth. Whereby the CPA was brought more in line with the lower expected average lifetime value (LTV) of the customers, which led to less new customer acquisitions.
    • Lifetime value of Customer Base: As at 31 December 2024, the lifetime value of the customer base (LTVCB) dropped by €70 million to €94 million compared to prior year-end (31/12/2023: €164 million). The lower LTVCB was the result of the decrease in the number of customers as well as the lower expected average lifetime value of a customer. The LTVCB represents the expected sales to be generated from paying customers as at reporting date over their estimated individual remaining lifetime.

    Capital return

    CLIQ successfully completed its share buyback programme ahead of schedule on 3 January 2025 and acquired in total nearly 647k own shares for just under €5.5 million at an average price of around €8.50 per share. As part of its capital return strategy, CLIQ’s Management Board decides on a yearly basis to what extent and how capital will be returned to shareholders. Despite the poor operating performance, CLIQ’s Management Board and Supervisory Board propose to distribute a dividend for the financial year 2024 of €0.04 per share.

    Outlook

    In 2025, CLIQ expects to generate an EBITDA of between €10 and 15 million on the back of Group sales expected to range between €180 and 220 million and after €50 to 75 million total customer acquisition costs forecast.

    Management Board statement

    “CLIQ and our shareholders faced significant challenges in 2024 as our business encountered tougher market conditions and our new sales growth initiatives advanced more slowly than anticipated,” said CEO Luc Voncken. “While market conditions in 2025 remain uncertain, we have strengthened our business foundations and must now move forward with a renewed entrepreneurial spirit and a clear vision to seize the growth opportunities ahead.“

    Earnings call

    A live audio webcast conducted in English will be held today at 2.00 p.m. CET with presentations from Luc Voncken, CEO, and Ben Bos, member of the Management Board.

    Questions submitted before 12.00 p.m. CET via email to investors@cliqdigital.com will be answered after the presentations.

    Please click on the link below to register for this webcast:

    https://cliqdigital.zoom.us/webinar/register/WN_UManLyZkSvyaKCEkPZeQmg

    ZOOM details will be sent to you via email post registration and a replay of the webcast will be available shortly after the call at: https://cliqdigital.com/investors/financials/financial-reporting.

    Contacts

    Investor Relations:
    Sebastian McCoskrie, s.mccoskrie@cliqdigital.com, +49 151 52043659

    Media Relations:
    Daniela Münster, daniela.muenster@h-advisors.global, +49 174 3358111

    Financial calendar

    Annual General Meeting 2025 Friday 11 April 2025
    Financial report 1Q 2025 & earnings call Thursday 8 May 2025
    Half-year financial report 2025 & earnings call Thursday 7 August 2025
    Financial report 3Q/9M 2025 and earnings call Thursday 6 November 2025

    About CLIQ

    The CLIQ Group is a data-driven online performance marketing company that sells bundled subscription-based digital products to consumers worldwide. The Group licenses content from partners, bundles it to digital products, and sells them via performance marketing. CLIQ is expert in turning consumer interest into sales by monetising online traffic using an omnichannel approach.

    The Group operated in 40 countries and employed 132 staff from 33 different nationalities as at 31 December 2024. The company is headquartered in Düsseldorf and has offices in Amsterdam and Paris. CLIQ Digital is listed in the Scale segment of the Frankfurt Stock Exchange (ISIN: DE000A35JS40, GSIN/WKN: A35JS4) and is a constituent of the MSCI World Micro Cap Index.

    Visit our website https://cliqdigital.com/investors. Here you will find all publications and further information about CLIQ. You can also follow us on LinkedIn.

    1 Lifetime value of a customer
    2 Customer acquisition costs
    3 2024 numbers are before special items

    The MIL Network –

  • MIL-OSI China: China to increase credit support for private enterprises: financial regulator

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

    BEIJING, Feb. 20 — China will increase credit support for private enterprises, the country’s financial regulator has said.

    Efforts should be made to maintain a stable and effective increase in credit supply to private enterprises, and to strengthen support for first loans, renewals and credit loans to small and micro companies, the National Financial Regulatory Administration said in a statement on its website.

    The statement came after the administration held a meeting to study the key points and arrangements of a high-level symposium on private enterprises.

    The administration called for strengthening the role of technology in empowering inclusive finance to effectively meet the financing needs of private enterprises.

    The banking and insurance industries will be guided to make financial services for private enterprises more practical and refined, said the administration.

    In terms of market access in the financial industry, enterprises under all types of ownership will be treated equally and fairly, according to the administration.

    MIL OSI China News –

  • MIL-OSI New Zealand: Federated Farmers Statement: Members’ Bill puts woke banks on notice

    Source: Federated Farmers

    Federated Farmers say Andy Foster’s Members’ Bill, drawn from the ballot earlier this afternoon, will stop lenders from unfairly de-banking legitimate businesses and industries.
    “Banks have been under huge pressure recently for some of their more unpalatable lending practices,” Federated Farmers banking spokesperson Richard McIntyre says.
    “This Bill is only going to add to that scrutiny and will shine a white-hot light on big banks that have been forcing their ideological views down the throats of everyday New Zealanders.”
    Federated Farmers have been vocal critics of the banking sector in recent years and were instrumental in securing the select committee inquiry currently underway.
    They have also played a significant role in exposing discrepancies between the different targets big Australian banks are setting for Kiwi farmers compared to their Australian clients.
    Late last year the organisation blew the whistle on the Bank of New Zealand’s outrageous decision to effectively de-bank legitimate businesses like petrol stations from 2030.
    “Federated Farmers support this Bill and will be encouraging all Government parties to throw their support in behind it,” McIntyre says.
    “Lending decisions should be based on financial drivers, not ideological or political considerations.
    “Legitimate New Zealand businesses, like farms and petrol stations, should not be unfairly targeted by banks because of the industry we operate in.
    “It’s important we can continue to access banking services and the capital we need to keep growing our businesses, creating jobs, and contributing to the economy.
    “Provided we’re following the laws set by our democratically elected Government, we should be able to go about our business without our bank becoming the moral police.”

    MIL OSI New Zealand News –

  • MIL-OSI: SBM Offshore Full Year 2024 Earnings

    Source: GlobeNewswire (MIL-OSI)

    Amsterdam, February 20, 2025

    Record-level results, increasing total shareholder returns

    Highlights

    • Record Directional1 Revenue of US$6.1 billion (+35%), in line with guidance
    • Record Directional EBITDA of US$1.9 billion (+44%), in line with guidance
    • Record US$35.1 billion Directional backlog; US$9.5 billion or EUR51.6/share2 Directional net cash backlog3
    • 30% increase in cash return to US$1.59 per share4: US$155 million dividend5; US$150 million share repurchase6
    • US$1.7 billion cash return to shareholders over the coming 6 years
    • 2025 Directional Revenue guidance of above US$4.9 billion
    • 2025 Directional EBITDA guidance of around US$1.55 billion
    • Completion of FPSO Prosperity and Liza Destiny sales in Q4 2024
    • FPSO Almirante Tamandaré achieved first oil on February 15, 2025

    SBM Offshore’s 2024 Annual Report can be found on its website under: Annual Reports – SBM Offshore

    Øivind Tangen, CEO of SBM Offshore, commented:
            
    “SBM Offshore has delivered excellent results in 2024 with a record-level directional revenue of US$6.1 billion and record-level directional EBITDA of US$1.9 billion, reflecting three new awards and the purchases of FPSOs Prosperity and Liza Destiny by ExxonMobil Guyana. Thanks to the addition of three new awards, we ended the year with a record US$35.1 billion backlog. From this we expect to generate US$9.5 billion net cash, equivalent to almost 52 euro per share2. Based on this strong performance, we are increasing our fixed cash return by 30% to US$1.59 per share4 through a proposed US$155 million dividend5 and US$150 million share repurchase6 program. At this level we will deliver a minimum US$1.7 billion cash return to shareholders over the next 6 years.

    Our Fast4Ward® program is setting the pace for deepwater developments. FPSO Almirante Tamandaré achieved first oil on February 15, 2025. This vessel, which benefits from emission reduction technologies, is the largest operating unit in Brazil. Two additional units are on track to achieve first oil in 2025. First, FPSO Alexandre de Gusmão which sailed-away at the end of 2024, followed by FPSO ONE GUYANA. These three units have a combined capacity of 655,000 barrels of oil per day. With these achievements, we are further de-risking our construction portfolio.

    We strive for excellence both in terms of project execution and asset management. Our lifecycle approach in the FPSO market is unique and the focus on continuous improvement is setting a strong foundation for success. The outlook for new deepwater projects is strong given their low break-even prices and low emission intensity. In the next three years, we see 16 projects in the
    Company’s core market of large and complex FPSOs, driven by the promising prospects in Brazil, Guyana, Suriname and Namibia. We have ordered our 10th MPF hull giving us two hulls to support tendering activities. We will remain disciplined in selecting the highest quality projects.

    As the world’s ocean-infrastructure expert we are using our experience to further diversify and decarbonize the solutions we offer. In 2024, we created a joint venture, Ekwil, with Technip Energies to enhance our floating offshore wind product offering, and in early 2025 we completed a minority equity investment in Ocean-Power to offer lower-emission power solutions. We are now able to offer a market ready near-zero emission FPSO and were recently awarded a contract by Petrobras to qualify SBM’s Carbon Capture Module technology for FPSOs.”

    Financial Overview7

        Directional   IFRS
                     
    in US$ million   FY 2024 FY 2023 % Change   FY 2024 FY 2023 % Change
    Revenue   6,111 4,532 35%   4,784 4,963 -4%
    Lease and Operate   2,369 1,954 21%   2,074 1,563 33%
    Turnkey   3,743 2,578 45%   2,710 3,400 -20%
    EBITDA   1,896 1,319 44%   1,041 1,239 -16%
    Lease and Operate   1,261 1,124 12%   842 695 21%
    Turnkey   724 296 145%   287 646 -56%
    Other   (89) (101) -12%   (88) (101) -13%
    Profit attributable to Shareholders   907 524 73%   150 491 -69%
    Earnings per share (US$ per share)   5.08 2.92 74%   0.84 2.74 -69%
                     
    in US$ billion   FY 2024 FY 2023 % Change   FY 2024 FY 2023 % Change
    Pro-forma Backlog   35.1 30.3 16%   – – –
    Net Debt   5.7 6.7 -15%   8.1 8.7 -7%

    Directional revenue increased by 35% to US$6,111 million compared with US$4,532 million in 2023. This increase is driven by the Directional Turnkey revenue which rose to US$3,743 million in 2024 compared with US$2,578 million in 2023. This 45% increase stems from (i) the sale of FPSOs Prosperity and Liza Destiny completed respectively in November and December 2024, (ii) the progress on awarded contracts for the FPSOs Jaguar and GranMorgu, (iii) the 13.5% divestment to CMFL completed in October 2024, and (iv) the increased support to the fleet through brownfield projects. This increase was partly offset by a reduction in charter revenues following (i) the sale of FPSO Liza Unity in November 2023, (ii) the completion of FPSO Prosperity during the last quarter of 2023 as well as a delay in the start-up of FPSO Sepetiba early 2024, and (iii) a comparatively lower level of progress on both FPSOs Almirante Tamandaré and Alexandre de Gusmão as those projects approached completion in 2024.

    Directional Lease and Operate revenue stood at US$2,369 million compared with US$1,954 million in the year-ago period. This 21% increase mainly reflects (i) FPSO Prosperity joining the fleet during the last quarter of 2023 and Sepetiba joining the fleet in January 2024, (ii) a higher contribution of FPSOs N’Goma, Saxi Batuque and Mondo following the acquisition of interests held by Sonangol mid-2024, and (iii) an increase in reimbursable scope. This was partly offset by FPSO Liza Unity only contributing in 2024 as an operating contract following the purchase of the unit by ExxonMobil Guyana at the end of 2023.

    Directional EBITDA amounted to US$1,896 million, which is a 44% year-on-year increase compared with US$1,319 million in 2023. This was mostly attributable to the Turnkey segment which increased by over US$400 million to US$724 million in 2024. Directional Turnkey EBITDA was mainly impacted by (i) the same drivers as for Directional Turnkey revenue (except that being at relative early stages of completion, FPSO Jaguar only contributed marginally to Turnkey EBITDA and FPSO GranMorgu not at all), and (ii) a reduced investment on Floating Offshore Wind projects following the implementation of Ekwil Joint Venture in partnership with Technip Energies.

    Directional Lease and Operate EBITDA stood at US$1,261 million for the year-ended 2024 compared with US$1,124 million in the previous year. The 12% increase reflects (i) the same key factors as for Directional Lease and Operate revenue, (ii) the net gain on the acquisition of interests held by Sonangol in 3 FPSOs and the divestment in the parent company of the Paenal shipyard in Angola, and (iii) the dividends related to FPSO N’Goma partially offset by (iv) additional non-recurring maintenance costs for the fleet under operation.

    The other non-allocated costs charged to EBITDA amounted to US$(89) million in 2024, a US$(12) million improvement compared with the previous period mainly due to the one-off impact of US$11 million of restructuring costs in 2023.

    During the last quarter of 2024, the Company performed a review of revised estimates of cash flow, maintenance and repair costs. Based on this analysis, actual values and future cash flows related to FPSO Cidade de Anchieta were re-estimated leading to an impairment charge of US$(39) million, accounted for in the 2024 results.

    Directional net profit increased by over 70% standing at US$907 million in 2024, or US$5.08 per share, mainly reflecting the increase in Directional EBITDA.

    Liquidity, Funding and Directional Net Debt

    The Company’s financial position has remained strong as a result of the cash flow generated by the fleet, as well as the positive contribution of the Turnkey activities.

    Directional Net debt decreased by US$(936) million to US$5,719 million at year-end 2024. This was driven by the repayment of the FPSOs Prosperity and Liza Destiny financings, the proceeds from the sale of the vessels and the Lease and Operate segment’s strong operating cash flow. This was partially offset by drawings on project financing facilities to fund the construction portfolio. The Company drew on the project finance facilities for FPSO ONE GUYANA, FPSO Almirante Tamandaré and FPSO Alexandre de Gusmão; additionally, the US$1.5 billion construction financing for FPSO Jaguar was signed and partly drawn in November 2024.

    More than a third of the Company’s Directional debt for the year-ended 2024 consisted of non-recourse project financing (US$2.2 billion) in special purpose investees. The remainder (US$4 billion) consisted mainly of borrowings to support the ongoing construction of 3 FPSOs which will become non-recourse following achievement of first oil. The project loan for FPSO Jaguar will be repaid following completion of construction. The Company’s RCF was drawn for US$500 million as at December 31, 2024 and the Revolving Credit Facility for MPF hull financing was drawn for US$89 million.

    Directional cash and cash equivalents amounted to US$606 million and lease liabilities totaled US$93 million at December 31, 2024.

    Cash and undrawn committed credit facilities amount to US$2,639 million at December 31, 2024.

    Directional Pro-Forma Backlog

    Change in ownership scenarios and lease contract duration have the potential to significantly impact the Company’s future cash flows, net debt balance as well as the profit and loss statement. The Company therefore provides a pro-forma Directional backlog based on the best available information regarding ownership scenarios and lease contract duration for the various projects.

    The pro-forma Directional backlog at the end of December 2024 increased by US$4.8 billion to a total of US$35.1 billion. This was mainly the result of (i) the FPSO Jaguar contract awarded in April 2024, (ii) the FSO Trion contract awarded in August 2024, and (iii) the FPSO GranMorgu contract awarded in November 2024, partially offset by (iv) turnover for the period which consumed approximately US$6.1 billion of backlog (including the sale of FPSO Prosperity completed in November 2024 and the sale of FPSO Liza Destiny completed in December 2024, in advance of the initial lease terms which were respectively in November 2025 and in December 2029), and (v) the 13.5% divestment to CMFL completed in October 2024, which was not reflected in the pro-forma Directional backlog end of 2023. The Company’s backlog provides cash flow visibility up to 2050.

    in US$ billion   Turnkey Lease & Operate Total
    2025   2.6 2.3 4.9
    2026   1.6 2.6 4.2
    2027   3.3 2.1 5.4
    Beyond 2028   0.2 20.3 20.5
    Total pro-forma Directional backlog   7.7 27.3 35.1

    The pro-forma Directional backlog at the end of 2024 reflects the following key assumptions:

    • The FPSO ONE GUYANA contract covers a maximum lease period of 2 years, within which the ownership of the FPSO will transfer to the client. The impact of the subsequent sale is reflected in the Turnkey backlog.
    • The FPSO Jaguar contract awarded to the Company in April 2024 covers the construction period within which the FPSO ownership will transfer to the client and is reported in the Turnkey backlog.
    • 10 years of operations and maintenance are considered for FPSOs Liza Destiny, Liza Unity, Prosperity and ONE GUYANA following signature of the Operations & Maintenance Enabling Agreement in 2023. Regarding FPSO Jaguar, the pro-forma Directional backlog includes the operating and maintenance scope for 10 years as it has been agreed in principle, pending a final work order. This is consistent with prior years.
    • The FPSO GranMorgu contract awarded to the Company in November 2024 covers the construction period within which the FPSO ownership will transfer to the client and is reported in the Turnkey backlog.
    • The FSO Trion contract awarded to the Company in August 2024 is considered for 20 years in lease and operate contracts at the Company ownership share at year-end (100%).
    • The transaction with MISC Berhad related to the FPSO Espírito Santo and FPSO Kikeh announced on September 6, 2024, and completed on January 31, 2025, has been reflected in the pro-forma Directional backlog.

    Project Review and Fleet Operational Update

    Project Client/Country Contract SBM Share Capacity, Size Percentage of Completion Project delivery
    FPSO Alexandre de Gusmão Petrobras
    Brazil    		 22.5-year L&O 55% 180,000 bpd >75% 2025
    FPSO ONE GUYANA ExxonMobil
    Guyana    		 2-year BOT 100% 250,000 bpd >75% 2025
    FPSO Jaguar ExxonMobil
    Guyana    		 Sale & Operate 100% 250,000 bpd >25% <50% 2027
    FSO Trion Woodside 20-year Lease 100% n/a <25% n/a8
    FPSO GranMorgu TotalEnergies Sale & Operate 52% 220,000 bpd <25% 2028

    Projects are on track with one major delivery achieved in early 2025. After successful completion of the offshore commissioning activities, FPSO Almirante Tamandaré achieved first oil on February 15, 2025. An update on the individual ongoing projects is provided below considering the latest known circumstances.

    FPSO Alexandre de Gusmão – In December 2024, the vessel safely departed from the yard in China after successful completion of the onshore topsides’ integration and commissioning phase. The FPSO is on its way to Brazil. First oil is expected mid-2025.

    FPSO ONE GUYANA – Integration activities are completed and project teams are finalizing commissioning activities. First oil is expected in the second half of 2025.

    FPSO Jaguar – The Fast4Ward® MPF hull has been safely delivered and arrived in Singapore in preparation for the remaining vessel activities. The topside modules fabrication in Singapore continues as planned. First oil is expected in 2027.

    FSO Trion – Engineering and procurement are progressing in line with project schedule.

    FPSO GranMorgu – The Fast4Ward® MPF hull has been safely delivered. Engineering and procurement are progressing in line with project schedule.

    Fast4Ward®MPF hulls – Under the Company’s successful Fast4Ward® program, the 10th MPF hull has been ordered. 4 Fast4Ward® MPF hulls are in operation, another 4 allocated to projects and 2 reserved as part of tendering activities driven by the strong FPSO market outlook.

    Contract extension – The Company has agreed a contract extension related to the lease and operation of FPSO Saxi Batuque up to June 2026.

    Fleet Uptime – The fleet’s uptime was 95.9% in 2024.

    Safety and Sustainability

    Safety – The Total Recordable Injury Frequency Rate (“TRIFR”) year-to-date was 0.10, 17% below the yearly target of below 0.129, notwithstanding the high level of activity.

    Fleet emissions – For 2024, the Company set a target to further optimize operational excellence on the FPSOs for which it provides operations and maintenance services amounting to a maximum absolute volume of gas flared below 1.57 mmscft/d as an overall FPSO fleet average during the year. As of December 31, 2024, SBM Offshore outperformed this target with the actual being 1.33 mmscft/d, a 15% improvement compared with 2024 target and mainly driven by a continued focus on reducing the number of unplanned events in its operated fleet.

    Sustain-2 Notation – FPSO Liza Unity is the 1st FPSO which has received a Sustain-2 Notation by American Bureau of Shipping. This sustainability certificate recognizes the Company’s efforts in minimizing environmental impacts over the lifecycle of the FPSO including the use of low carbon technologies as well as the focus on workers’ wellbeing.

    ESG ratings – In recognition of the Company’s continued focus on sustainability, MSCI has improved SBM Offshore’s rating from AA in 2023 to AAA in 2024 and Sustainalytics included the Company in its 2024 ESG Industry Top Rated, with the Company ranking 2nd out of 106 industry peers.

    Sustainable recycling – The Deep Panuke Production Field Center recycling project reached completion in Nova Scotia, Canada, in early 2024 with 97% of the waste materials were sold, recycled or reused and the remainder 3% was safely disposed of. As for the FPSO Capixaba project, following the handover to M.A.R.S., the Company continues to monitor the safe execution of the decommissioning which is expected to reach completion in 2026.

    Blue Economy

    SBM Offshore is a blue economy company aiming to manage ocean resources for economic growth while preserving ecosystems. Using its deepwater expertise, the Company is advancing technologies focusing on decarbonizing and diversifying its ocean infrastructure solutions. Ranging from floating offshore wind to offshore hydrogen and ammonia, SBM Offshore remains selective and disciplined in developing innovative solutions and investing in new ocean infrastructure solutions.

    Provence Grand Large – The three floating offshore wind turbines that were installed by SBM Offshore at the end of 2023 for the Provence Grand Large project, jointly owned by EDF Renewables and Maple Power, were fully commissioned and started production in 2024.

    Floventis Energy Ltd – In December 2024, SBM Offshore reached an agreement with Cierco Energy to sell its shares in the joint venture company Floventis Energy Ltd, thus transferring the ownership of both Cademo and Llŷr Floating Wind projects to Cierco Energy. As planned, following the advancement of these pioneering projects and acquiring valuable knowledge in the offshore wind market, the Company will continue to concentrate its efforts on the remaining two larger scale projects in its portfolio.

    emissionZERO®program – SBM Offshore continues to address FPSO emissions reduction through its emissionZERO® program and is offering a market-ready near zero emission FPSO for 2025, featuring advanced technologies such as carbon capture, combined cycle gas turbines and deepwater intake risers.

    Carbon Capture Module – SBM Offshore has been awarded a contract by Petrobras to qualify SBM’s Carbon Capture Module technology for FPSOs. The Carbon Capture Module for post combustion removal of CO2 from gas turbine exhaust gasses on FPSO’s has been developed in partnership with Mitsubishi Heavy Industries, Ltd.

    Blue Power Hub – With the aim to decarbonize the offshore power generation sector, SBM Offshore signed in December 2024 an investment agreement with the Norwegian company Ocean-Power AS to develop and commercialize offshore power generation units with CO2 capture and storage. This investment has been completed in early 2025.

    Capital allocation and Shareholder Returns

    The Company’s shareholder returns policy is to maintain a stable annual cash return to shareholders which grows over time, with flexibility for the Company to make such cash return in the form of a cash dividend and the repurchase of shares. Determination of the annual cash return is based on the Company’s assessment of its underlying cash flow position. The Company prioritizes a stable cash distribution to shareholders and funding of growth projects, with the option to apply surplus capital towards incremental cash returns to shareholders.

    As a result, following review of its cash flow position and forecast, the Company intends to pay US$1.59 per share through a proposed US$155m dividend5 (EUR150 million equivalent or US$0.88 per share4) and US$150 million (EUR141 million equivalent) share repurchase program6. This represents an increase of 30% compared with 2024. The objective of the share buyback program would be to reduce share capital and provide shares for regular management and employee share programs (maximum US$25 million). Shares repurchased as part of the cash return will be cancelled.

    The share repurchase program will be launched after the current share repurchase program has ended. The dividend will be proposed at the Annual General Meeting on April 9, 2025.

    Guidance

    The Company’s 2025 Directional revenue guidance is above US$4.9 billion of which above US$2.2 billion is expected from the Lease and Operate segment and around US$2.7 billion from the Turnkey segment.

    2025 Directional EBITDA guidance is around US$1.55 billion for the Company.

    Conference Call

    SBM Offshore has scheduled a conference call together with a webcast, which will be followed by a Q&A session, to discuss the Full Year 2024 Earnings release.

    The event is scheduled for Thursday February 20, 2025, at 10.00 AM (CET) and will be hosted by Øivind Tangen (CEO) and Douglas Wood (CFO).

    Interested parties are invited to register prior the call using the link: Full Year 2024 Earnings Conference Call

    Please note that the conference call can only be accessed with a personal identification code, which is sent to you by email after completion of the registration.

    The live webcast will be available at: Full Year 2024 Earnings Webcast

    A replay of the webcast, which is available shortly after the call, can be accessed using the same link.

    Corporate Profile

    SBM Offshore is the world’s deepwater ocean-infrastructure expert. Through the design, construction, installation, and operation of offshore floating facilities, we play a pivotal role in a just transition. By advancing our core, we deliver cleaner, more efficient energy production. By pioneering more, we unlock new markets within the blue economy.

    More than 7,800 SBMers collaborate worldwide to deliver innovative solutions as a responsible partner towards a sustainable future, balancing ocean protection with progress.

    For further information, please visit our website at www.sbmoffshore.com.

    Financial Calendar   Date Year
    Annual General Meeting   April 9 2025
    First Quarter 2025 Trading Update   May 15 2025
    Half Year 2025 Earnings   August 7 2025
    Third Quarter 2025 Trading Update   November 13 2025
    Full Year 2025 Earnings   February 26 2026

    For further information, please contact:

    Investor Relations

    Wouter Holties
    Corporate Finance & Investor Relations Manager

    Media Relations

    Giampaolo Arghittu
    Head of External Relations

    Market Abuse Regulation

    This press release may contain inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

    Disclaimer

    Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those in such statements. These statements may be identified by words such as ‘expect’, ‘should’, ‘could’, ‘shall’ and / or similar expressions. Such forward-looking statements are subject to various risks and uncertainties. The principal risks which could affect the future operations of SBM Offshore N.V. are described in the ‘Impacts, Risks and Opportunities’ section of the 2024 Annual Report.

    Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results and performance of the Company’s business may vary materially and adversely from the forward-looking statements described in this release. SBM Offshore does not intend and does not assume any obligation to update any industry information or forward-looking statements set forth in this release to reflect new information, subsequent events or otherwise.

    This release contains certain alternative performance measures (APMs) as defined by the ESMA guidelines which are not defined under IFRS. Further information on these APMs is included in the 2024 Annual Report, available on our website Annual Reports – SBM Offshore.

    Nothing in this release shall be deemed an offer to sell, or a solicitation of an offer to buy, any securities. The companies in which SBM Offshore N.V. directly and indirectly owns investments are separate legal entities. In this release “SBM Offshore” and “SBM” are sometimes used for convenience where references are made to SBM Offshore N.V. and its subsidiaries in general. These expressions are also used where no useful purpose is served by identifying the particular company or companies.

    “SBM Offshore®“, the SBM logomark, “Fast4Ward®”, “emissionZERO®” and “F4W®” are proprietary marks owned by SBM Offshore.

    1 Directional reporting, presented in the Financial Statements under section 4.3.2 Operating Segments and Directional Reporting, represents a pro-forma accounting policy, which treats all lease contracts as operating leases and consolidates all co-owned investees related to lease contracts on a proportional basis based on percentage of ownership. This explanatory note relates to all Directional reporting in this document.
    2 Based on the number of shares outstanding and exchange rate EUR/US$ of 1.039 at December 31, 2024.

    3 Reflects a pro-forma view of the Company’s Directional backlog and expected net cash from Turnkey, Lease and Operate and Build Operate Transfer sales after tax and debt service.
    4 Based on the number of shares outstanding at December 31, 2024. Dividend amount per share depends on number of shares entitled to dividend.
    5 Equivalent of EUR150 million based on the EUR/US$ exchange rate on February 11, 2025. Dividends will be paid in Euro provided that the minimum Euro dividend shall amount to EUR150 million.
    6 Including maximum US$25 million for management and employee share plans.

    7 Numbers may not add up due to rounding.
    8 Project delivery not disclosed by the client.

    9 Measured per 200,000 work hours.

    Attachment

    The MIL Network –

  • MIL-OSI: TGS announces Q4 2024 results

    Source: GlobeNewswire (MIL-OSI)

    OSLO, Norway (20 February 2025) – TGS today reports interim financial results for Q4 2024.

    Financial highlights:

    • Strong contract sales with high OBN activity and an overweight of active streamer vessel capacity allocated to contract work
    • Solid multi-client sales driven by high pre-commitments to ongoing multi-client projects and seasonal uptick in sales from the multi-client library
    • Order inflow of USD 489 million during Q4 2024 – total produced order backlog of USD 749 million
    • Successfully completed a full refinancing of the legacy PGS debt, reduced interest rate of the Senior Secured Notes from 13.5% to 8.5% and realized synergies of approximately USD 35 million
    • Cash flow negatively impacted by non-recurring refinancing items and working capital development
    • Full-year pro-forma organic multi-client investments for 2024 of USD 425 million – 2025 is expected to be approximately USD 425 to 475 million with robust pre-funding.
    • Solid balance sheet allows for increased dividend payment – USD 0.155 per share to be paid in Q1 2025

    “I am pleased with our strong financial performance in Q4 and for the full year of 2024. Our multi-client business performed well, achieving a sales-to-investment ratio of 2.2x for the year. The OBN segment continued its strong momentum, and our NES activities experienced significant growth. With several contract awards in the latter part of the year, we successfully built a robust vessel backlog going into 2025. We refinanced the balance sheet at attractive terms in Q4, providing us with a solid capital structure and allowing us to increase the dividend by 11%. 2024 has been a transformational year for TGS, and we are well positioned for the future,” says Kristian Johansen, CEO of TGS. 

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

    Access and registration for webcast attendees are available by copying and pasting the link below into your browser, or use the link on the front page of www.tgs.com:
    https://channel.royalcast.com/landingpage/hegnarmedia/20250220_3/

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

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

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

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

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

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