NewzIntel.com

Category: Economy

  • MIL-OSI Russia: China is becoming an increasingly attractive and reliable partner

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

    The abuse of customs duties by the US government has exacerbated the tense situation in world trade and seriously damaged the international trade and economic order. These unilateral and protectionist methods of the US have provoked opposition and sharp criticism from the international community. Many countries believe that China has been steadily promoting high-level opening up to the outside world, seeking mutually beneficial cooperation with other countries, and is willing to share opportunities for joint development with the world, demonstrating the role of a responsible power.

    JPMorgan Chase CEO Jamie Dimon recently warned in an interview with the Financial Times that the trade war unleashed by Donald Trump could damage the United States’ international reputation and that its economic leadership is facing serious challenges. The current trade uncertainty is undermining confidence in the United States abroad.

    Singapore’s Senior Minister Lee Hsien Loong recently noted that the “America First” doctrine is essentially a zero-sum game. The withdrawal of the United States, the world’s largest economy, from the international rules system would have a significant impact on the rest of the world. Singapore will continue to strongly support free trade, multilateralism, and the WTO.

    The New York Times article says that the actions of the Trump administration are undermining the country’s international image and have increased the risk of a recession in the global economy, while China is becoming an increasingly stable and reliable economic partner.

    A report in the Swiss newspaper NZZ am Sonntag says that amid the tariff standoff, more attention should be paid to China, “whose policies are more stable than those of the United States. China also complies well with WTO rules.”

    German Channel 2 quoted Isabella M. Weber, professor of economics at the University of Massachusetts Amherst, as saying: “The US has become an unpredictable partner, while China is becoming an increasingly attractive reliable partner.”

    MIL OSI Russia News –

  • MIL-OSI: NRD Cyber Security recorded strong growth and international expansion in 2024

    Source: GlobeNewswire (MIL-OSI)

    NRD Cyber Security has enjoyed a year of significant growth, innovation and international expansion in 2024. The company generated consolidated revenue of EUR 10,194 million last year, an increase of 37.6% compared to 2023. Net profit increased by 23.3% to EUR 1,012 million last year.

    “These results reflect not only the growing global demand for cybersecurity services, but also the ability of our team to implement complex projects both in Lithuania and in international markets. We notice and respond to the growing need of organisations to increase their cyber resilience not only at the operational level by organizing their business processes and procedures, but also to strengthen the resilience of their IT infrastructure and improve the detection mechanisms for cyber threats,” says Vilius Benetis, Director of NRD Cyber Security.

    In addition to providing cybersecurity services, the company has developed internationally recognised security solutions such as the centralised cyber threat monitoring platform Natrix. In 2024, there was a continued cooperation with the Central Bank of Egypt, extending the capabilities of Natrix, which has already been deployed in the Egyptian financial sector.

    In 2024, NRD Cyber Security made significant additions to its portfolio of international projects with other large-scale projects. A major cross-cutting project with the European Union Agency for Cybersecurity (ENISA) was completed to strengthen the cyber resilience of EU countries. NRD Cyber Security carried out a risk assessment and tested the cyber security preparedness of the public sector. Other projects of note include the development of a postal ISAC for the Universal Postal Union (UPU), a specialised agency of the United Nations (UN), and the design of a cybersecurity incident response team for the Eastern Caribbean Region.

    NRD Cyber Security, which is growing rapidly, not only strengthens cyber resilience in different countries, but also actively invests in the development of innovative solutions that meet both national and EU strategic priorities. The company’s built-in mechanisms already allow Security Operations Centres (SOCs) to exchange critical information in real time and to identify and report cyber threats more quickly either to their own organisations, or to the customers they serve.

    About NRD Cyber Security

    NRD Cyber Security offers cybersecurity solutions, consulting, and other services. The company aims to create secure digital environments for countries, governments, and businesses, and undertakes a wide range of projects around the world. The company is managed by INVL Technology, a Nasdaq Vilnius-listed IT investment company.

    The person authorized to provide additional information:
    INVL Technology Managing Partner
    Kazimieras Tonkūnas
    E-mail  k.tonkunas@invltechnology.lt

    Attachment

    The MIL Network –

  • MIL-Evening Report: 100 years of boom and bust: a potted history of Hollywood’s long relationship with Australia

    Source: The Conversation (Au and NZ) – By Andrew James Couzens, Lecturer in Digital Media, CQUniversity Australia

    Donald Trump has said the United States should be applying tariffs to movies “produced in foreign lands”. This has the potential to deeply impact the Australian film industry.

    Local crews are currently celebrating a boom in big budget production at studios on the Gold Coast, Sydney and Melbourne. Over the last five years, foreign production has represented almost half of all drama production expenditure in Australia.

    But the history of Hollywood making movies in Australia warns us not to get complacent.

    When times are good for Australian film crews they can be very good indeed. But global events can leave studios empty and film crew without work.



    Read more:
    How do you put a tariff on movies? Here’s what Trump’s plan could mean for Australia

    How Hollywood influenced Australian cinema

    Hollywood’s influence was felt in Australian production from the silent era.

    For its 1927 adaptation of Marcus Clarke’s literary classic For the Term of His Natural Life, local production and distribution company Australasian Films hired Hollywood director Norman Dawn. They felt this was necessary to appeal to American audiences.

    For most of the 20th century, Hollywood production used Australia for its exotic setting. Films like On the Beach (1959), Kangaroo (1952) and The Sundowners (1960) brought their crews from America, rather than using Australians.

    By the late 1960s, Hollywood’s cultural dominance was seen as a serious problem.

    The Australian federal government established new grant and investment schemes for local films, intended to establish Australian culture in response to American influence.

    The local industry’s independence was fervently protected, and we saw the release of films like Picnic at Hanging Rock (1975) and Newsfront (1978), aimed at establishing a distinct Australian film culture.

    The international box office success of George Miller’s 1979 film Mad Max motivated a shift to more commercial, Hollywood-aligned filmmaking in Australia. Many in the industry argued the film illustrated the value of pursuing a popular cinema modelled on American production practices.

    This laid the groundwork for Hollywood to become even more integrated with the local production industry.

    Studios and infrastructure

    The 1988 opening of Village Roadshow Studios and the filming of the 1988 Mission Impossible television series on the Gold Coast ignited the relationship between the Australian film industry and Hollywood that exists today.

    These studios were followed by Fox Studios Australia (now Disney Studios Australia) in Sydney, home to productions including The Matrix and Star Wars: Episodes I–III.

    These studios acquired international investment from Hollywood studios and received significant state government support. They supported new collaborations between Hollywood and the Australian film industry, though some criticised this direction for Australian cinema.

    Throughout the 1990s, there was a rapid increase in the quantity of footloose production – a term referring to films originating from Hollywood but shooting elsewhere to reduce costs.

    The comparatively weak Australian dollar, low labour and construction costs, and strong state government incentives meant that blockbusters like The Matrix could cut their budgets by as much as a third by shooting in Australia rather than Hollywood.

    The local industry grew as big budget Hollywood films created jobs for Australian production crews. These crews depended on a steady supply of foreign production, because local productions were not big enough to support local crews.

    Bust

    The Australian film production industry was thrust into crisis in the second half of the 2000s, when a strong Australian dollar coupled with the global financial crisis wiped out the supply of footloose productions.

    In 2008–09, foreign production brought just A$31 million into the country, from a high in 2003–04 of $519 million, adjusted for inflation.

    This saw screen employment drop and some production facilities close.

    Industry lobbying encouraged the federal government to introduce a 16.5% location tax offset for foreign films shooting in Australia, and a 30% tax offset for post, digital and visual effects.

    Combined with the weakening Australian dollar, this brought Hollywood production back with a vengeance by 2014–15.

    But the impact that a dry spell of blockbuster production could have on the Australian industry gave Hollywood producers significant negotiating power. In response, state and federal governments offered heavy hitters like Disney’s Pirates of the Caribbean: Dead Men Tell No Tales (2017) and Thor: Ragnarok (2017) tens of millions of dollars on top of existing offsets.

    Boom

    In 2020–21, the expenditure of foreign films shooting in Australia more than doubled compared to previous years. This was due to Australia, and especially Queensland, being one of the few places in the world where production could take place during COVID lockdowns.

    Foreign production, especially on the Gold Coast, exploded.

    Studio infrastructure was stretched to breaking point, with some films using makeshift studio spaces like the Gold Coast Convention and Exhibition Centre.

    Due to stretched infrastructure, parts of the film Spiderhead were shot in the Gold Coast convention centre.
    Netflix

    Growing capacity became a policy priority, and significant investment was directed towards training crew and expanding studio facilities.

    The boom in Hollywood expenditure in Australia has resulted in an expansion of local production capability through crew training and investment in facilities.

    But, as the global financial crisis bust shows, growth can be a double edged sword. It requires a consistent supply of footloose production to sustain itself.

    The anxiety around Trump’s recently proposed tariffs demonstrates the Australian film industry remains dependent on footloose production.

    Policy must now address how to exploit boom periods to support sustainability during the inevitable bust.

    Andrew James Couzens has received funding from The Gold Coast Film Commission.

    – ref. 100 years of boom and bust: a potted history of Hollywood’s long relationship with Australia – https://theconversation.com/100-years-of-boom-and-bust-a-potted-history-of-hollywoods-long-relationship-with-australia-256079

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Russia: Happy birthday to academician Georgy Kleiner!

    Translation. Region: Russian Federal

    Source: State University of Management – Official website of the State –

    On May 8, the day before the 80th anniversary of the Great Victory, the State University of Management congratulates one of the leading economists of the university and all of Russia, head of the Department of Institutional Economics at the IEF SUMU, Corresponding Member of the Russian Academy of Sciences, Doctor of Economics, Professor Georgy Kleiner on his birthday.

    Of course, these are not all of his positions and titles. For now, it will be enough to say that Georgy Borisovich at one time developed the concept of multi-level strategic planning, created a school of modern system analysis of the real sector of the Russian economy, and laid the foundations of the theory of systemic economics. Over the past 15 years, Professor Kleiner has been one of the first in the citation rating of Russian economists according to the Russian Science Citation Index. And there is something to cite, because he has written about 850 different scientific papers. For more than a quarter of a century, the hero of today’s celebration has been working at the State University of Management and still speaks at conferences and his open lectures, sharing his extensive knowledge of economics and life experience.

    From the bottom of our hearts and the entire university, we would like to wish Georgy Borisovich good health, many years of productive scientific life, work activity and pleasant rest in moments of peace.

    Subscribe to the TG channel “Our GUU” Date of publication: 05/08/2025

    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-OSI Australia: Criminal ‘largest buyers’ of gold bullion stripped of $8.7 million

    Source: New places to play in Gungahlin

    Two Sydney-based leaders of an Australian criminal syndicate have been stripped of more than $8.7 million in assets for their roles in an elaborate gold bullion GST fraud. 

    Orders made by the Supreme Court of New South Wales resulted in those assets being forfeited to the Commonwealth.

    It followed a complex, decade-long AFP-led Criminal Assets Confiscation Taskforce (CACT) investigation, codenamed Operation Nosean. The CACT brings together the resources and expertise of the AFP, Australian Border Force (ABF), Australian Taxation Office (ATO), Australian Criminal Intelligence Commission (ACIC) and AUSTRAC.

    The CACT investigation began in 2012 after intelligence highlighted the apparent purchase of notably high quantities of pure gold bullion – known as PAMP gold – from a broker in Sydney. This intelligence suggested the gold was being used for large-scale GST fraud.

    At the same time, the ATO advised the CACT they had identified an unusual pattern of large GST refunds being paid to several gold refiners in Sydney and Melbourne.

    Both the CACT and ATO continued their investigations in parallel. 

    What subsequently emerged was the picture of an incredibly complex criminal operation that fit the definition of ‘missing trader fraud’. This involves the fictitious transaction of traded goods between companies within a chain to evade tax obligations.

    In this case, the backdrop for the offending was Australia’s then gold bullion arrangements, which provided an exemption on the payment of GST for ‘investment-grade’ gold bullion – as distinct from ‘scrap’ gold, which was subject to GST.

    Here’s a simplified description of how it worked:

    1. The criminal syndicate used the identities of foreign students and associates as mules to buy gold bullion from a broker, GST-free. In reality, the syndicate was making the purchases. 
    2. Each time the gold was purchased, it was melted down or defaced by the syndicate and refashioned into ‘scrap gold’. 
    3. Shell companies controlled by the syndicate then ‘purchased’ the ‘scrap’ gold, masquerading as legitimate buyers that supposedly paid tax on the gold.
    4. Those shell companies then on-sold the gold to a gold dealer, adding 10 per cent GST, with the syndicate claiming GST input credits. 
    5. Once this cycle was complete, it restarted.

    In total, the criminal syndicate was found to have fraudulently claimed tax refunds between 2012-2013, before the CACT investigation led to the restraint of their assets.

    In February 2025, after forensically piecing together the full story of the fraud’s operation and financials as well as the outcome of the ATO’s investigation, the AFP-led CACT obtained court orders which resulted in the assets of the two Sydney-based syndicate members being forfeited to the Commonwealth.

    The items included:

    • Four luxury Sydney homes worth almost $7 million
    • Four bank accounts containing more than $2 million
    • Five ounces of gold worth about $23,000, and 
    • Almost $250,000 in cash. 

    This followed the jailing in December, 2023, of the two Sydney-based syndicate members – a Neutral Bay man, 49, and an Ashfield man, 57. They were both sentenced to eight years’ imprisonment, with a non-parole period of four years and six months, after being found guilty of two counts each of conspiring to dishonestly cause a loss to the Commonwealth, contrary to section 135.4(3) of the Criminal Code (Cth) (Tax Fraud Offending).

    Speaking to the forfeiture of the assets, head of the CACT, National Manager Criminal Assets Confiscation Stefan Jerga said it was a direct result of law enforcement cooperation and the tenacity of investigators.

    “The nature of this crime was extremely intricate and took a significant amount of effort, time and commitment to untangle the web and identify the complex ownership structures set up to hide the true beneficiaries and wealth of these criminals,” National Manager Jerga said.

    “With the persistent work of all involved including the ATO, all partner agencies and the CACT’s forensic accountants, lawyers, financial experts and investigators, we were able to deconstruct and dismantle this illegal operation.

    “Our message to criminals is clear – no matter how complex or elaborate your systems or network, the AFP and its law enforcement partners will work to no end and no set time limit to find you, bring you before the courts and confiscate any proceeds of crime.”

    ATO Deputy Commissioner John Ford welcomed the result from the CACT investigation.

    “This result shows that the consequences do not end at the conviction and should serve as a strong deterrent to those in the community considering similar behaviour,” Mr Ford said.

    “The ATO will continue to work with, and support, our partner agencies by sharing resources and capabilities to ensure those who break the law are held to account.”

    In 2017, an amendment was introduced to the Goods and Services Tax Act 1999 (Cth), which shut down the loophole on the ability to claim GST input tax credits on second-hand precious metals.*

    The AFP-led CACT, which brings together the resources and expertise of the AFP, Australian Border Force, Australian Taxation Office, Australian Criminal Intelligence Commission and AUSTRAC, was permanently established in 2012 as a proactive and innovative approach to trace, restrain and ultimately confiscate criminal assets.

    The highly skilled members of CACT are located Australia-wide and comprise police, financial investigators, forensic accountants, litigation lawyers and partner agency specialists.

    The Commonwealth’s proceeds of crime laws provide tools for the restraint and forfeiture of proceeds and instruments of crime, as well as financial penalty and unexplained wealth orders. While the CACT litigates matters in the courts, restrained assets are managed on behalf of the Commonwealth by the Australian Financial Security Authority (AFSA). 

    At the conclusion of successful legal proceedings, confiscated assets are then liquidated by AFSA, with the proceeds placed in the Commonwealth Confiscated Assets Account (CAA). These funds can then be distributed by the Attorney-General to benefit the community through crime prevention, intervention or diversion programs relating to the illegal use of drugs or other law enforcement initiatives across Australia.

    Since July 2019, CACT has restrained more than $1.2 billion in criminal assets, including houses, cars, yachts, cryptocurrency, fine art and luxury goods. 

    *Background

    When the New Tax System (Goods and Services Tax) Act 1999 was enacted, it provided an exemption on the payment of Goods and Services Tax (GST) applicable to ‘investment-grade’ gold bullion (gold that had been stamped into bars and coins) on the basis it was considered a form of currency.

    Investment-grade gold bullion was made distinct from ‘scrap’ gold or gold that had changed its form by either being damaged, melted down or because it came in the form of jewellery, which was subject to GST.

    This distinction created a loophole which was exploited by criminals who would purchase GST-free bullion and change its form into scrap gold. They would then sell it to precious metals dealers and jewellers, adding 10 per cent GST. Instead of remitting the GST owed to the ATO from the sale of the scrap gold, offenders would claim input tax credit (ITC) exemptions applicable to the sale of second-hand goods and keep the profit.

    In 2017, an amendment to the Goods and Services Tax Act 1999 (Cth) was introduced to ensure entities engaged in transforming the form of a precious metal they acquire, can no longer exploit the special GST treatment on second-hand goods by claiming net input tax credits.

    CDPP case report *External Link

    Images

    Images available via HightailExternal Link 

    MIL OSI News –

  • MIL-OSI Australia: Starting a small business and getting it right with the ATO

    Source: New places to play in Gungahlin

    Starting a small business is an exciting journey, but it comes with important tax and super obligations. The ATO is here to help you get ready for business and stay on the right track. 

    Are you in business?

    A business involves continuous and repeated activities aimed at making a profit. Even a one-off transaction can be considered a business if it’s intended to be repeated or is the first step in starting a business. 

    When you’re not in business

    Not all money-making activities qualify as a business. Activities done as an employee, hobbies, or simple investments like holding shares or renting out property through an agent, are not considered businesses. 

    Ready for business: a focus area of the Getting it right campaign

    Will Day, the Deputy Commissioner of Small Business, supports small businesses in meeting their tax obligations. Small businesses are vital to the Australian economy. They drive innovation, creating jobs and fostering community spirit. 

    The Getting it right campaign supports small businesses in getting their tax obligations right. Ready for business is a key focus area within this campaign. It provides small businesses with resources and guidance to start their journey on the right foot, including: 

    • talking to people with similar businesses or a trusted business adviser  
    • consulting with a registered tax professional 
    • using digital tools to assist with cash flow management 
    • deciding on the right business structure, as this affects your tax obligations 
    • knowing what accurate records you need to keep and what registrations are required. 

    For more information, visit Ready for business.

    MIL OSI News –

  • MIL-OSI: Temenos community comes together in Madrid to lead the way in banking innovation

    Source: GlobeNewswire (MIL-OSI)

    GRAND-LANCY, Switzerland, May 08, 2025 (GLOBE NEWSWIRE) — Temenos (SIX: TEMN), a global leader in banking technology, today announced that over a thousand global banking industry representatives will come together at the Temenos Community Forum (TCF) in Madrid, May 20-22, to explore transformative technologies shaping the future of banking. Registration for the event is open and an invitation can be requested here.

     “Leading the Way” is the theme of this year’s TCF, which will feature over 60 engaging sessions highlighting bold ideas, product innovations and cutting-edge technology to help banks address operational challenges and stay ahead of the curve.

    With a focus on the transformative potential of Generative AI, the agenda will feature Dr Jonnie Penn, Associate Teaching Professor of AI Ethics and Society at the University of Cambridge, who will share his insights on the technology, as well as best practice and use cases in banking.

    This will be complemented by the real-world experience of banks such as ABN Amro, Banque Internationale à Luxembourg and EQ Bank showcasing how they are unlocking innovation, enhancing efficiency and elevating customer experiences. They will be among over 40 Temenos customers sharing their insights at the event, with leading financial institutions including Commerce Bank, Komerční banka and Credem.

    The event will also feature Temenos’ extensive partner ecosystem, including Platinum sponsors HCLTech and Microsoft, as well as Gold sponsors Capgemini, Cognizant, IBM, NTT Data and Tech Mahindra, and other innovative fintech solution partners.

    Through an engaging and interactive program, attendees will gain insights on Temenos’ product roadmap and the latest advances in core banking, digital and payments through product demos, in-depth breakout sessions and meetings with Temenos experts. They will be able to join roundtables to share knowledge and best practices with their peers on high-impact topics such as migrating core banking systems, moving to SaaS, deploying a Gen AI governance model to better enhance customer experience, and fighting fraud without increasing risk.

    Isabelle Guis, Chief Marketing Officer, Temenos, commented: “The financial industry is at a turning point as banks grapple with the opportunities and challenges of emerging technologies, evolving regulations and shifting customer expectations. Banks collectively spend around $650bn annually on IT, more as a percentage of revenue than any other industry. Top performers invest more of their IT spend on growth and innovation, successfully harnessing technology as a differentiator. At TCF 2025, banks have a unique opportunity to learn from those leading the way, discuss bold ideas and together explore how to unlock the huge potential of GenAI and other game-changing technologies. I look forward to welcoming our customers and partners to Madrid as we work together to shape the future of banking.”

    The MIL Network –

  • MIL-OSI Banking: Decrease in Danish and European exposure to carbon intensive companies

    Source: Danmarks Nationalbank

    Decrease in carbon intensity 

    In 2024, an average of about 10 tonnes of greenhouse gases were emitted for every million kroner of revenue generated in the listed companies that Danish insurance and pension companies had invested in. This represents a halving since 2020 and only one-third of the carbon intensity in 2018. The same applies to Danish investment funds. The large decrease is related to both fewer investments in the most carbon intensive companies and lower emissions relative to turnover in the individual companies.

    The decrease in carbon intensity has also happened in the euro area. Insurance and pension companies, as well as investment funds in Denmark and the euro area, have altogether invested over kr. 50,000 billion in listed companies, which emit greenhouse gases to varying degrees. Some of these companies have high emissions relative to their revenue, making them more carbon intensive than others. This includes companies in sectors such as utilities, energy, and materials manufacturing.

    Lower exposure can mean fewer risks

    On average, the exposure to carbon intensive companies is lower for Denmark’s insurance and pension companies than for those in the euro area. Based on the latest published figures from the ECB, approximately 20 tonnes of greenhouse gases were emitted in 2021 for every million kroner of revenue generated in the listed companies that the euro area’s insurance and pension sectors had invested in. The same figure was 17 tonnes for Denmark. Calculations from Nationalbanken indicate that this level difference continues to apply in 2024.

    A lower exposure to carbon intensive companies can reduce the so-called transition risks associated with the green transition that investors are exposed to. Thus, carbon intensive companies are more exposed in the event of climate regulations and requirements than other types of companies, and this may have led institutional investors to reduce their portfolio share of these stocks, etc.

    Climate-related indicators for the financial sector

    The European Central Bank, ECB, has published climate-related indicators for the financial sectors of euro area countries since January 2023 (link to data and documentation), and Danmarks Nationalbank has published Danish climate-related indicators since March 2023 (link to sources and methodology). The indicators cover comparable aspects of financed greenhouse gas emissions and exposure to carbon intensive companies through equities and corporate bonds in listed, non-financial companies. Carbon intensity in the investment portfolio is one of these aspects.

    The ECB has published climate-related indicators for the period 2018 to 2021, while Nationalbanken has published data from 2018 to 2024. Nationalbanken has calculated the weighted average carbon intensity for the euro area from 2022 to 2024 for the purpose of this statistical news. The calculation is based on investment data from the ECB’s Securities Holdings Statistics by Sector (SHSS, link), and company-reported emission data from ISS and MSCI. There are minor methodological differences between the ECB’s and Nationalbanken’s estimates, including those related to estimating companies’ revenues and emissions in the case of missing data, although this does not significantly affect the reported level of carbon intensity.

    Weighted Average Carbon Intensity, WACI, is calculated to measure the average carbon intensity of an investment portfolio. WACI expresses the average greenhouse gas emissions (scope 1) for each million kroner in revenue from the listed equities and corporate bonds of non-financial companies included in a given investment portfolio.

    MIL OSI Global Banks –

  • MIL-OSI Banking: New BSTDB Vice President Banking Assumes Duties

    Source: Black Sea Trade and Development Bank

    Press Release | 08-May-2025

    Mr. Aliyev to Lead Banking Operations and Lending Strategy

    Following a nomination by the Republic of Azerbaijan, Mr. Ziya Aliyev assumed today his duties as the new Vice President Banking of the Black Sea Trade and Development Bank (BSTDB). In his role, he will oversee the Bank’s banking operations, including the development and execution of its lending strategy and client engagement.

    “I am thrilled to join BSTDB  and serve its vital development mandate. I look forward to working under the leadership of President Köksal and alongside my colleagues in the Management Committee  to advance  the Bank’s mission. I am eager to leverage my previous experience to bear for the sustainable development and economic  growth of  the Black Sea region, particularly as we navigate today’s complex challenges.”, said Mr. Aliyev on assuming his duties.

    Prior to joining BSTDB, Mr. Aliyev served as Advisor to the Governor at the Central Bank of the Republic of Azerbaijan, where he provided strategic advice on monetary and exchange rate policy, banking supervision, and capital market regulation. Having started his career at the Central Bank in 2000, he progressively advanced through senior roles in research, monetary policy, and strategic development.  From 2013 to 2025, he held the position of Executive Director, overseeing critical departments including Insurance Supervision, Financial Consumer Protection, Strategic Management, and Risk Management.

    Mr. Aliyev has also made notable contributions to Azerbaijan’s national development initiatives. He co-authored the Strategy for National Education Development, approved by the President of the Republic of Azerbaijan in 2013, and played a supportive role in preparing Azerbaijan 2030: National Priorities on Socio-Economic Development, a strategic policy framework adopted in 2021.

    His contributions to the financial sector were acknowledged with the “Progress” Medal, awarded by the President of the Republic of Azerbaijan.

    He has taught business development and strategic management courses at the Center for Banking Education (2019–2020), and previously lectured on development economics and strategic management at the Azerbaijan State Economic University and ADA University.

    His academic background includes a Master of Arts in Policy Economics from the Center for Development Economics at Williams College (USA), and a Master and Bachelor of Science in Finance & Credit from the Azerbaijan State Economic University.

    Mr. Aliyev is fluent in English, Azerbaijani, Russian and Turkish.

     

    The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. For information on BSTDB, visit www.bstdb.org.

     

    Contact: Haroula Christodoulou

    : @BSTDB

    MIL OSI Global Banks –

  • MIL-OSI: PwC and FloQast and PwC Belgium Announce Strategic Partnership to Transform Financial Close

    Source: GlobeNewswire (MIL-OSI)

    LONDON, May 08, 2025 (GLOBE NEWSWIRE) — FloQast, an Accounting Transformation Platform created by accountants for accountants, today unveiled a strategic partnership with PwC Belgium focused on revolutionizing accounting close automation solutions. This collaboration seeks to combine FloQast’s AI-powered workflows with PwC Belgium’s expertise in closing processes to boost efficiency, increase accuracy, and provide deeper insights for businesses in various industries.

    “Our partnership with PwC Belgium reinforces our commitment to helping accounting teams across EMEA adapt to the evolving demands of the profession,” said John Phillips, General Manager, FloQast EMEA. “With increasing regulatory complexity and a shrinking talent pool, finance teams need smarter, more efficient ways to work. By combining FloQast’s AI-powered technology with PwC Belgium’s deep industry expertise, we’re enabling organizations to improve accuracy, enhance compliance, and drive greater operational agility.”

    “PwC Belgium is excited to announce a partnership with FloQast,” said Matthias Reyntjens, PwC Partner. “This collaboration combines PwC’s industry expertise with FloQast’s innovative technology to modernize financial close operations and tackle the challenges posed by inefficient processes.”

    FloQast offers solutions designed to streamline financial processes, including, but not limited to: Close Management, Account Reconciliations, and Compliance Management. These solutions empower accounting teams by improving communication and transparency, automating labour-intensive tasks, and ensuring financial accuracy. As a result, teams are empowered to collaborate more effectively, reduce errors, accelerate record-to-report and compliance management processes, and better leverage data and insights to help drive organizational strategy.

    Additionally, integration with existing systems facilitates a smooth transition to technology tailored to organizational needs, minimizing disruption and fostering scalability. FloQast’s cloud-native platform allows for rapid deployment, enabling teams to adopt solutions that fit their workflows with minimal IT involvement. This platform includes FloQast AI Agents, a groundbreaking, auditable AI capability that, for the first time ever, enables accountants to automate complex, recurring workflows across close management, compliance, and reporting functions using natural language, not extensive code.

    The relationship with PwC Belgium builds upon FloQast’s ongoing global collaborations with PwC member firms. Earlier this month, FloQast announced a collaboration with PwC in North America. In 2024, it announced strategic consulting relationships with PwC UK, PwC Germany, and PwC Australia, expanding the company’s ability to support finance transformation initiatives worldwide.

    About FloQast
    FloQast, an Accounting Transformation Platform created by accountants for accountants, enables organizations to automate a variety of accounting operations. Trusted by more than 3,000 accounting teams—including Twilio, Los Angeles Lakers, and Zoom—FloQast enhances the way accounting teams work. With FloQast, teams utilize the latest advancements in AI technology to manage aspects of the close, reduce compliance burdens, stay audit-ready, and improve accuracy, visibility, and collaboration. FloQast is consistently rated #1 across all user review sites. Learn more at FloQast.com.

    About PwC
    At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 152 countries with over 327,000 people who are committed to delivering quality in assurance, advisory and tax services.

    The term PwC refers to the PwC network and/or one or more of the legally independent network companies. Further details at www.pwc.com/structure.

    Contacts:
    John Siegel
    Senior Content Marketing Manager
    john.siegel@FloQast.com

    Matthias Reyntjens
    Partner, Clients and Industries, PwC Belgium,
    +32 476 44 53 92

    The MIL Network –

  • MIL-OSI: Preliminary Results for the twelve months ended 31 January 2025

    Source: GlobeNewswire (MIL-OSI)

      ICG Enterprise Trust plc
    Preliminary Results for the twelve months ended 31 January 2025
    8 May 2025    		  
         
         
      Highlights

    • Actively-managed Portfolio focused on global mid-market private companies generating resilient growth
    • NAV per Share reaches 2,073p; NAV per Share Total Return* of 10.5% during the year and five-year annualised return of 14.5%
    • Portfolio Return* on a Sterling basis of 10.6%; portfolio companies reporting ~15% LTM earnings growth1
    • 40 Full Exits executed at a weighted-average Uplift to Carrying Value of 19.0%
    • Shareholder-focused capital allocation policy: £59m (5% of opening NAV) returned to shareholders in FY252 (FY24: £35m), of which £36m through buybacks (FY24: £13m) and £23m through dividends of 36p per share (FY24: £22m, 33p per share)
    • Wide range of potential outcomes to market transaction activity; secondaries market could present compelling opportunities
    • Sector positioning, strong origination network and robust balance sheet position us well in current environment
    • Post period-end, announced an additional £107m proceeds from a secondary sale and the realisation of Minimax (largest portfolio company, 3.1% of Portfolio at 31 January 2025)

    1 EBITDA, based on Enlarged Perimeter covering 67% of the Portfolio
    2 Based on dividends declared or proposed for Q1 FY25 – Q4 FY25 inclusive, and buybacks up to and including 31 January 2025

    *This is an Alternative Performance Measure. Please refer to the Glossary for the definition.

    		  
         
      Jane Tufnell   Oliver Gardey    
      Chair of ICG Enterprise Trust   Portfolio Manager for ICG Enterprise Trust    
        Today’s results demonstrate that our investment strategy can deliver long-term value. Our portfolio companies grew earnings by 15% in the year1, and ICGT generated NAV per Share Total Return of 10.5%, ending the year with NAV per Share of 2,073p.

    During the year, the Board and Manager have been careful in allocating our shareholders’ capital. New investments continued, deploying £181m and making commitments of £83m. Alongside this, we returned £59m of cash to shareholders (5% of our opening NAV) through buybacks and dividends.

    As we enter another period of uncertainty, I am confident our long-term approach can generate value for our shareholders, and I thank you for your continued support.

    		     Our portfolio companies are delivering solid operational performance (15% earnings growth LTM1). Our resilient Portfolio and robust balance sheet position us well for the current market environment.

    Our active approach to portfolio management is a differentiator for ICGT. As well as making a number of new commitments and investments during the year, we executed a secondary sale post period-end at a 5.5% discount that generated net cash proceeds of £62m for ICGT.

    The investment trust structure enables shareholders to invest efficiently in privately-owned companies. With our track record and network, ICGT is an attractive proposition for those seeking exposure to mature, profitable, cash-generative businesses.

    		    

    PERFORMANCE OVERVIEW

            Annualised
    Performance to 31 January 2025 3 months 6 months 1 year 3 years 5 years 10 years
    Portfolio Return on a Local Currency Basis 2.9% 6.2% 10.2% 8.9% 15.8% 15.3%
    NAV per Share Total Return 4.3% 7.4% 10.5% 8.9% 14.5% 13.8%
    Share Price Total Return 9.7% 1.5% 12.5% 6.6% 9.6% 11.8%
    FTSE All-Share Index Total Return 6.9% 4.3% 17.1% 7.9% 6.6% 6.5%
    Financial year ended: Jan 2021 Jan 2022 Jan 2023 Jan 2024 Jan 2025
    Fund performance Portfolio return (local currency) 24.9% 24.4% 10.5% 5.9% 10.2%
    Portfolio return (sterling) 26.4% 27.6% 17.0% 3.2% 10.6%
    NAV £952m £1,158m £1,301m £1,283m £1,332m
    NAV per Share Total Return (%) 22.5% 24.4% 14.5% 2.1% 10.5%
                 
    Investment activity New Investments £139m £304m £287m £137m £181m
    As % opening Portfolio 17% 32% 24% 10% 13%
    Realisation Proceeds £137m £334m £252m £171m £151m
    As % opening Portfolio 17% 35% 21% 12% 11%
                 
    Shareholder experience Closing share price 966p 1,200p 1,150p 1,226p 1,342p
    Total dividends per share 24p 27p 30p 33p 36p
    Share Price Total Return 2.8% 27.1% (2.3)% 9.6% 12.5%
    Total shareholder distributions £17m £21m £22m £35m £59m
    As % Realisation Proceeds 12% 6% 9% 20% 39%
               
    – o/w distributions dividends (%) 94% 86% 91% 63% 38%
    – o/w distributions buybacks (%) 6% 14% 9% 37% 62%
    Portfolio activity overview for FY25 Primary Direct Secondary Total ICG-managed
    Local Currency return 8.2% 16.3% 6.4% 10.2% 8.4%
    Sterling return 8.2% 17.0% 7.3% 10.6% 8.8%
    New Investments £115m £58m £8m £181m £21m
    Total Proceeds £101m £13m £37m £151m £60m
    New Fund Commitments £64m – £20m £83m £20m
    Closing Portfolio value £789m £507m £228m £1,523m £433m
    % Total Portfolio 52% 33% 15% 100% 28%

    COMPANY TIMETABLE
    A presentation for investors and analysts will be held at 11:00 BST today. A link to the presentation can be found on the Results & Reports page of the Company website. A recording of the presentation will be made available on the Company website after the event.

        FY25 Final Dividend
    Ex-dividend date   3 July 2025
    Record date   4 July 2025
    Dividend payment date   18 July 2025
    Annual General Meeting
    The Annual General Meeting will be held on Tuesday 24 June 2025. The Board will be communicating the format of the meeting separately in the Notice of Meeting. This will include details of how shareholders may register their interest in attending the Annual General Meeting.    		 Shareholder Seminar
    We will be holding a Shareholder Seminar for institutional shareholders and research analysts at 3:30pm BST on Wednesday 18 June 2025, with registration starting at 3:15pm BST.

    Shareholders should contact icg-enterprise@icgam.com should they wish to attend.

    Please note that for regulatory reasons this event is only open to institutional investors and research analysts.

    ENQUIRIES

    Institutional investors and analysts:  
    Martin Li, Shareholder Relations, ICG +44 (0) 20 3545 1816
    Nathan Brown, Deutsche Numis +44 (0) 20 7260 1426
    David Harris, Cadarn Capital +44 (0) 20 7019 9042
       
    Media:  
    Clare Glynn, Corporate Communications, ICG +44 (0) 20 3545 1395

    ABOUT ICG ENTERPRISE TRUST

    ICG Enterprise Trust is a leading listed private equity investor focused on creating long-term growth by delivering consistently strong returns through selectively investing in profitable, cash-generative private companies, primarily in Europe and the US, while offering the added benefit to shareholders of daily liquidity.

    We invest in companies directly as well as through funds managed by ICG plc and other leading private equity managers who focus on creating long-term value and building sustainable growth through active management and strategic change.

    NOTES

    Included in this document are Alternative Performance Measures (“APMs”). APMs have been used if considered by the Board and the Manager to be the most relevant basis for shareholders in assessing the overall performance of the Company, and for comparing the performance of the Company to its peers and its previously reported results. The Glossary includes further details of APMs and reconciliations to International Financial Reporting Standards (“IFRS”) measures, where appropriate.

    In the Manager’s Review and Supplementary Information, all performance figures are stated on a Total Return basis (i.e. including the effect of re-invested dividends). ICG Alternative Investment Limited, a regulated subsidiary of Intermediate Capital Group plc, acts as the Manager of the Company.

    DISCLAIMER

    The information contained herein and on the pages that follow does not constitute an offer to sell, or the solicitation of an offer to acquire or subscribe for, any securities in any jurisdiction where such an offer or solicitation is unlawful or would impose any unfulfilled registration, qualification, publication or approval requirements on ICG Enterprise Trust PLC (the “Company”) or its affiliates or agents. Equity securities in the Company have not been and will not be registered under the applicable securities laws of the United States, Australia, Canada, Japan or South Africa (each an “Excluded Jurisdiction”). The equity securities in the Company referred to herein and on the pages that follow may not be offered or sold within an Excluded Jurisdiction, or to any U.S. person (“U.S. Person”) as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or to any national, resident or citizen of an Excluded Jurisdiction.

    The information on the pages that follow may contain forward looking statements. Any statement other than a statement of historical fact is a forward looking statement. Actual results may differ materially from those expressed or implied by any forward looking statement. The Company does not undertake any obligation to update or revise any forward looking statements. You should not place undue reliance on any forward looking statement, which speaks only as of the date of its issuance.

    CHAIR’S STATEMENT

    Dear fellow shareholders,

    For the 12 months to 31 January 2025 ICG Enterprise Trust delivered a NAV per Share Total Return of 10.5% and a Share Price Total Return of 12.5%. Over the last five years, the annualised returns have been 14.5% and 9.6% respectively.

    The Board has declared dividends for the year of 36p (+9% compared to FY24) and reduced ICGT’s share count by 4.3% during the year by returning £36m to shareholders through share buybacks at a weighted average discount of 36.6%.

    INVESTMENT STRATEGY

    The Company’s Portfolio grew 10.2% on a Local Currency Basis during the year (last five years annualised: 15.8%).

    We invest in resilient private companies and are geographically balanced between North America and Europe. During the year we evolved our target portfolio mix towards having more Direct and Secondary Investments, which will help to optimise Portfolio concentration and liquidity.

    COST BASE

    ICGT’s ongoing charges for FY25 were 1.38% (FY24: 1.37%). As a Board, we are committed to providing value for our shareholders and transparent disclosure around our cost. The change in fees and cost savings instigated by the Board in FY24 continued to enhance the net return of our investment strategy delivering £2.0m savings in FY25. We publish a Statement of Expenses that sets out the impact of ICGT’s expenses on the financial returns to shareholders (available at www.icg-enterprise.co.uk/soe) and which has been updated for our FY25 expenses.

    CAPITAL ALLOCATION

    The Board has continued its proactive approach to capital allocation. We balance the potential long-term compounding returns of investments into new portfolio companies with cash returns to shareholders at par via dividends and the value accretion of buying back shares at a discount to NAV. ICGT was the first in our sector to introduce a long-term share buyback programme in FY23, and in FY25 we supplemented this with an opportunistic buyback that has been renewed for FY26.

    Over the last five years, ICGT’s dividend per share has grown at an annualised rate of 9.4% (including the proposed 10.5p final dividend being declared for FY25). The ICGT ordinary dividend per share has now increased for the twelfth consecutive year.

    Since October 2022 our share buybacks have returned £51m to shareholders and acquired shares at a weighted-average discount of 37.5%, increasing NAV per Share by 54p (2.7%). We believe the share buybacks have also increased the liquidity and reduced the volatility of our shares.

    BALANCE SHEET

    We continue to implement our objective of being fully invested through cycles alongside maintaining a robust balance sheet. This allows us to manage our resources in line with our capital allocation policy.

    Having increased our credit facility during the year from €240m to €300m, at 31 January 2025 ICG Enterprise Trust had total available liquidity of £125m and net gearing of 10%. We have announced two transactions post period-end that in aggregate generated Total Proceeds to ICGT of over £100m.

    SALES AND MARKETING

    In aggregate across the Board and Manager we own in excess of 270,000 shares, and are aligned to the success of an investment in ICG Enterprise Trust shares.

    ICGT’s discount remains at levels that the Board feels do not reflect the fundamental value of the shares. The discount is currently 41%. We continue to be challenged by the share price trading at such a discount to NAV and the Board is active in its pursuit of ways to improve the Company’s rating.

    I had a year of strong shareholder engagement, welcomed several new holders to our register and received valuable feedback that has been shared with the Board and Manager. In conjunction with our Manager, our Corporate Broker and our distribution partner we will continue the programme to help the market understand ICGT’s shareholder proposition and its role within investment portfolios.

    OUTLOOK

    Our focus on investing in private equity-owned companies that have resilient growth characteristics gives shareholders access to investments that they cannot reach through public market strategies. ICGT plays a valuable role in our shareholders’ portfolios.

    I believe there is substantial value in our Portfolio and in the new investments the Manager is making on our shareholders’ behalf. Our Portfolio is performing well, and I thank all shareholders for your continued support.

    Jane Tufnell
    Chair
    7 May 2025

    MANAGER’S REVIEW

    Alternative Performance Measures

    The Board and the Manager monitor the financial performance of the Company on the basis of Alternative Performance Measures (‘APM’), which are non-UK-adopted IAS (‘IAS’) measures. The APM predominantly form the basis of the financial measures discussed in this review, which the Board believes assists shareholders in assessing their investment and the delivery of the investment strategy.

    The Company holds certain investments in subsidiary entities. The substantive difference between APM and IAS is the treatment of the assets and liabilities of these subsidiaries. The APM basis ‘looks through’ these subsidiaries to the underlying assets and liabilities they hold, and it reports the investments as the Portfolio APM, gross of the liability in respect of the Co-investment Incentive Scheme. Under IAS, the Company and its subsidiaries are reported separately. The assets and liabilities of the subsidiaries, which include the liability in respect of the Co-investment Incentive Scheme, are presented on the face of the IAS balance sheet as a single carrying value. The same is true for the IAS and APM basis of the cash flow statement.

    The following table sets out IAS metrics and the APM equivalents:

    IFRS (£m) 31 January 2025 31 January 2024 APM (£m) 31 January 2025 31 January 2024
    Investments 1,470 1,296 Portfolio 1,523 1,349
    NAV 1,332 1,283 Realisation Proceeds 151 171
    Cash flows from the sale of portfolio investments 20 41 Total Proceeds 151 239
    Cash flows related to the purchase of portfolio investments 34 25 Total New Investment 181 137

    The Glossary includes definitions for all APM and, where appropriate, a reconciliation between APM and IAS.

    Why private equity

    Every day the lives of those living and working in the US and Western Europe are touched by companies owned by private equity: retailers, payments processors, home security, pet food, health services – the list is long. What typically unites these businesses is that they are profitable and cash generative. These businesses are actively managed by their shareholders, with management teams heavily incentivised to generate returns. Increasingly companies with these characteristics are choosing to grow under private equity ownership and to stay private for longer. Within that, ICGT focuses on a subset of those companies that we expect will generate resilient growth. As more businesses are owned by private equity, we believe it is a structurally attractive allocation within an investment portfolio, with a track record of attractive returns, and significant opportunity to continue that trajectory.

    A share in ICGT gives you access to a unique portfolio of private companies.

    Our investment strategy

    Within developed markets, we focus on investing in buyouts of profitable, cash-generative businesses that exhibit resilient growth characteristics, which we believe will generate strong long-term compounding returns across economic cycles.

    We take an active approach to Portfolio construction, with a flexible mandate that enables us to deploy capital in Primary, Secondary and Direct Investments. Geographically, we focus on the developed markets of North America and Europe which have deep and mature private equity markets.

      Medium-term target Five-year average 31 January 2025
    1. Target Portfolio composition 1      
    Investment category      
    Primary ~40-50% 57% 52%
    Direct ~30-35% 28% 33%
    Secondary ~25-30% 15% 15%
    Geography2      
    North America ~50% 40% 46%
    Europe (inc. UK) ~50% 52% 48%
    Other — 8% 6%
           
    2. Balance sheet      
    Net cash/(Net Debt)3 ~0% (1)% (10)%
    1. Five-year average is the linear average of FY exposures for FY21-FY25.
    2. As a percentage of Portfolio.
    3. (Net cash)/debt as a percentage of NAV. Post period-end, we announced Total Proceeds of over £100m from a secondary sale and the realisation of Minimax, see page 14

    ICG Enterprise Trust benefits from access to ICG-managed funds and Direct Investments, which represented 28% of the Portfolio value at period end and generated a 8.4% return on a Local Currency Basis.

    Performance overview

    At 31 January 2025, our Portfolio was valued at £1,523m, and the Portfolio Return on a Local Currency Basis for the financial year was 10.2% (FY24: 5.9%).

    Due to the geographic diversification of our Portfolio, the reported value is impacted by changes in foreign exchange rates. During the period, FX movements affected the Portfolio positively by £5.4m, driven by US dollar appreciation. In sterling terms, Portfolio growth during the period was 10.6%.

    The net result for shareholders was that ICG Enterprise Trust generated a NAV per Share Total Return of 10.5% during FY25, ending the period with a NAV per Share of 2,073p.

    Movement in the Portfolio
    £m    		 Twelve months to 31 January 2025 Twelve months to 31 January 2024
    Opening Portfolio1 1,349 1,406
    Total New Investments 181 137
    Total Proceeds (151) (239)
    Portfolio net cashflow 30 (102)
    Valuation movement2 138 83
    Currency movement 6 (39)
    Closing Portfolio 1,523 1,349
    1. Refer to the Glossary. 

    2. 97% of the Portfolio is valued using 31 December 2024 (or later) valuations (FY24: 94%). 

    		    
    NAV per Share Total Return Twelve months to 31 January 2025 Twelve months to 31 January 2024
    % Portfolio growth (local currency) 10.2% 5.9%
    % currency movement 0.4% (2.7%)
    % Portfolio growth (Sterling) 10.6% 3.2%
    Impact of gearing 0.7% (0.3)%
    Finance costs and other expenses (0.6)% (0.2)%
    Management fee (1.3)% (1.2)%
    Co-investment Incentive Scheme Accrual (0.7)% (0.1)%
    Impact of share buybacks 1.8% 0.7%
    NAV per Share Total Return 10.5% 2.1%

    For Q4 the Portfolio Return on a Local Currency Basis was 2.9% and the NAV per Share Total Return was 4.3%

    Executing our investment strategy

    Commitments
    in the financial year    		 Total New Investments
    in the financial year    		 Growth
    in the financial year    		 Total Proceeds
    in the financial year
    Making commitments to funds, which expect to be drawn over 3 to 5 years Cash deployments into portfolio companies, either through funds or directly Driving growth and value creation of our portfolio companies Cash realisations of investments in Portfolio companies, plus Fund Disposals
    £83m
    (FY24: £153m)    		 £181m
    (FY24: £137m)    		 £138m
    (FY24: £83m)    		 £151m
    (FY24: £239m)

    Commitments

    Our evergreen structure and flexible investment mandate enable us to commit through the cycle, maintaining vintage diversification for our Portfolio and sowing the seeds for future growth.

    During the year we made 7 new Fund Commitments totalling £83.4m, including £19.8m to funds managed by ICG plc, as detailed below:

    Fund Manager Commitment during the period
        Local currency £m
    ICG Strategic Equity V ICG $25.0 m £19.8 m
    Leeds VIII Leeds Equity $20.0 m £15.7 m
    Investindustrial VIII Investindustrial €15.0 m £12.9 m
    Oak Hill VI Oak Hill $15.0 m £11.9 m
    Thoma Bravo XVI Thoma Bravo $15.0 m £11.7 m
    Valeas I Valeas $10.0 m £7.5 m
    American Securities IX American Securities $5.0 m £4.0 m

    At 31 January 2025, ICG Enterprise Trust had outstanding Undrawn Commitments of £553.2m

    Movement in outstanding Commitments Year to 31 January 2025
    £m
    Undrawn Commitments as at 1 February 2024 552.0
    New Fund Commitments 83.4
    New Commitments relating to Direct Investments 65.3
    Total New Investments (181.4)
    Currency and other movements 33.9
    Undrawn commitments as at 31 January 2025 553.2

    Total Undrawn Commitments at 31 January 2025 comprised £419.1m of Undrawn Commitments to funds within their Investment Period, and a further £134.1m was to funds outside their Investment Period.

      31 January 2025
    £m    		 31 January 2024
    £m
    Undrawn Commitments – funds in Investment Period 419.1 434.2
    Undrawn Commitments – funds outside Investment Period 134.1 117.7
    Total Undrawn Commitments 553.2 552.0
    Total available liquidity (including debt facility) (124.6) (195.9)
    Overcommitment net of total available liquidity 428.6 356.1
    Overcommitment % of net asset value 31.1% 27.7%

    Commitments are made in the funds’ underlying currencies. The currency split of the Undrawn Commitments at 31 January 2025 was as follows:

      31 January 2025 31 January 2024
    Undrawn Commitments £m % £m %
    US Dollar 310.3 56.1% 290 52.5%
    Euro 213.1 38.5% 236 42.7%
    Sterling 29.8 5.4% 26 4.8%
    Total 553.2 100.0% 552.0 100.0%

    Investments

    Total new investments of £181.4m during the period, of which 12% (£21.1m) were alongside ICG. New investment by category detailed in the table below:

    Investment Category

    Cost (£m)

    		 % of New Investments
    Primary 115.5 63.6%
    Direct 58.4 32.2%
    Secondary 7.6 4.2%
    Total 181.4 100.0%

    The five largest new investments in the period were as follows:

    Investment Description Manager Country Cost £m1
    Datasite Provider of software focused on virtual data rooms ICG United States 18.4
    Visma Provider of business management software and outsourcing services Hg Norway 14.5
    Audiotonix Manufacturer of audio mixing consoles PAI United Kingdom 14.0
    Multiversity Provider of online higher education courses. ICG/CVC Italy 9.4
    Avid Bioservices Provider of biologics development and manufacturing services GHO United States 7.3
    Top 5 largest underlying new investments 63.6

    1 Represents ICG Enterprise Trust’s indirect investment (share of fund cost) plus any Direct Investments in the period.

    Occasionally ICGT simultaneously has both a realisation from and an investment into the same company in the same period. This typically occurs when an underlying fund sells a company that is purchased by another fund within ICGT’s portfolio. During FY25 shareholders will note that Datasite and Visma appear both in the top 5 realisations and top 5 new investments, which is a result of this situation.

    GROWTH

    The Portfolio grew by £138.0m (+10.2%) on a Local Currency Basis in the 12 months to 31 January 2025.

    Growth across the Portfolio was split as follows:

    • By investment type: growth was spread across Primary (8.2%), Secondary (6.4%) and Direct (16.3%)
    • By geography: North America and Europe experienced growth of 12.1% and 8.4% respectively

    The growth in the Portfolio is underpinned by the performance of our portfolio companies, which delivered robust financial performance during the period:

      Top 30 Enlarged Perimeter
    Portfolio coverage 41% 67%
    Last Twelve Months (‘LTM’) revenue growth 9.0% 11.2%
    LTM EBITDA growth 15.5% 15.3%
    Net Debt / EBITDA 4.0x 4.4x
    Enterprise Value / EBITDA 15.4x 15.2x
    Note: values are weighted averages for the respective portfolio segment; see Glossary for definition and calculation methodology

    QUOTED COMPANY EXPOSURE

    We do not actively invest in publicly quoted companies but gain listed investment exposure when IPOs are used as a route to exit an investment. In these cases, exit timing typically lies with the manager with whom we have invested.

    At 31 January 2025, ICG Enterprise Trust’s exposure to quoted companies was valued at £73.1m, equivalent to 4.8% of the Portfolio value (31 January 2024: 4.8%). Across the Portfolio, quoted positions resulted in a £4.3m increase in Portfolio NAV during the period. The share price of our largest listed exposure, Chewy, increased by 119% in local currency (USD) during the period. This positively impacted the Portfolio Return on a Local Currency Basis by approximately 0.8%.

    At 31 January 2025 Chewy was the only quoted investment that individually accounted for 0.5% or more of the Portfolio value:

    Company Ticker 31 January 2025
    % of Portfolio value
    Chewy CHWY-US 2.0%
    Other companies   2.8%
    Total   4.8%

    REALISATIONS

    During FY25, the ICG Enterprise Trust Portfolio generated Total Proceeds of £150.8m.

    Realisation activity during the period included 40 Full Exits generating proceeds of £73.7m. These were completed at a weighted average Uplift to Carrying Value of 19% and represent a weighted average Multiple to Cost of 2.9x for those investments.

    Realisation Manager Description Country Proceeds £m
    VettaFi ICG Provider of master limited partnerships (“MLP”) indices United States 10.2
    Visma ICG Provider of business management software and outsourcing services Norway 8.2
    Datasite ICG Provider of software focused on virtual data rooms United States 7.8
    Compass Community Graphite Provider of fostering services and children residential care United Kingdom 7.4
    IRIS ICG Provider of software and services for the accountancy and payroll sectors United Kingdom 7.0
    Total of 5 largest underlying realisations   40.7

    Balance sheet and liquidity

    Net assets at 31 January 2025 were £1,332m, equal to 2,073p
    per share.

    The Company had net debt of £128m and at 31 January 2025, the Portfolio represented 114% of net assets (31 January 2024: 105%).

      £m % of net assets
    Portfolio 1,523.1 114.3%
    Cash 3.9 0.3%
    Drawn debt (131.9) (9.9)%
    Co-investment Incentive Scheme Accrual (53.9) (4.0)%
    Other net current liabilities (8.8) (0.7)%
    Net assets 1,332.4 100.0%

    Our objective is to be fully invested through the cycle, while ensuring that we have sufficient financial resources to be able to take advantage of attractive investment opportunities as they arise.

    During the year, our balance sheet flexibility was enhanced through an increase in the credit facility size from €240m to €300m. This change was effective from 20 December 2024.

    At 31 January 2025, ICG Enterprise Trust had a cash balance
    of £3.9m (31 January 2024: £11.2m) and total available liquidity of £124.6m (31 January 2024: £195.9m).

      £m
    Cash at 31 January 2024 11.2
    Total Proceeds 150.8
    New investments (181.4)
    Debt drawn down 111.9
    Shareholder returns (58.2)
    Management fees (16.0)
    FX and other expenses (13.5)
    Cash at 31 January 2025 3.9
    Available undrawn debt facilities 120.7
    Total available liquidity 124.6

    Dividend and share buyback

    ICG Enterprise Trust has a progressive dividend policy alongside two share buyback programmes to return capital to shareholders.

    DIVIDENDS

    The Board has declared a dividend of 10.5p per share in respect of the fourth quarter, taking total dividends for the year to 36p (FY24: 33p). It is the twelfth consecutive year of ordinary dividend per share increases.

    SHARE BUYBACKS

    The following purchases have been made under the Company’s share buyback programmes:

      Long-term Opportunistic Total
      FY253 Since inception1 FY253 Since inception2 FY253 Since
    inception
    Number of shares purchased 1,420,500 2,752,688 1,492,175 1,492,175 2,912,675 4,244,863
    % of opening shares since buyback started         4.3% 6.2%
    Capital returned to shareholders £17.3m £32.6m £18.3m £18.3m £35.6m £50.8m
    Number of days shares have been acquired 87 183 11 11 98 194
    Weighted average discount to last reported NAV 37.0% 38.3% 36.2% 36.2% 36.6% 37.5%
    NAV per Share accretion (p)         36.5 54.1
    NAV per Share accretion (% of NAV)         1.8% 2.7%

    1.Since October 2022 (which was when the long-term share buyback programme was launched) up to and including 31 January 2025.

    2. Since May 2024 (which was when the opportunistic buyback programme was launched) up to and including 31 January 2025.

    3. Based on company-issued announcements / date of purchase, rather than date of settlement.

    Note: aggregate consideration excludes commission, PTM and SDRT.

    The Board believes the long-term buyback programme demonstrates the Manager’s discipline around capital allocation; underlines the Board’s confidence in the long-term prospects of the Company, its cash flows and NAV; will enhance the NAV per Share; and, over time, may positively influence the volatility of the Company’s discount and its trading liquidity.

    During the period, the Board announced an opportunistic share buyback programme for FY25 of up to £25m. This is intended to enable us to take advantage of current trading levels, when the ability to purchase shares in meaningful size at a significant discount presents itself. It was renewed for FY26 for an additional year up to £25m.

    Foreign exchange rates

    The details of relevant foreign exchange rates applied in this report are provided in the table below:

      Average rate for FY25 Average rate for FY24 31 January 2025 year end 31 January 2024 year end
    GBP:EUR 1.18 1.15 1.20 1.17
    GBP:USD 1.28 1.25 1.24 1.27
    EUR:USD 1.08 1.08 1.04 1.08

    Activity since the period end

    Notable activity between 1 February 2025 and 31 March 2025 has included:

    • Four new Fund Commitments for a combined value of £64m
    • New investments of £39m
    • Realisation Proceeds of £26m

    From 1 February 2025 up to and including 30 April 2025, 718,000 shares (£8.9m) were bought back at a weighted-average discount to NAV of 37.9%.

    In addition, during the month of April 2025, we announced that proceeds of £107m were received as a result of two transactions:

    • Secondary sale (£62m net proceeds), executed at a discount of 5.5% to 30 September 2024 valuation and realising a 1.6x return on invested cost (15% IRR)
    • Realisation of Minimax (€53m (£45m) proceeds), ICGT’s largest portfolio company at 31 January 2025 (3.1% of Portfolio value). ICG Enterprise Trust is reinvesting €10m in the next stage of Minimax’s growth alongside Management and other investors including certain ICG funds.

    ICG Private Equity Funds Investment Team

    7 May 2025

    SUPPLEMENTARY INFORMATION

    This section presents supplementary information regarding the Portfolio (see Manager’s Review and the Glossary for further details and definitions).

    Portfolio composition

    Portfolio by calendar year of investment % of value of underlying investments
    31 January 2025    		 % of value of underlying investments
    31 January 2024
    2025 0.5% —%
    2024 10.1% —%
    2023 7.6% 6.9%
    2022 18.5% 18.7%
    2021 25.7% 27.9%
    2020 8.6% 11.4%
    2019 10.3% 12.4%
    2018 7.3% 10.5%
    2017 2.2% 4.2%
    2016 and older 9.2% 8.0%
    Total 100.0% 100.0%
    Portfolio by sector % of value of underlying investments
    31 January 2025    		 % of value of underlying investments
    31 January 2024
    TMT 29.9% 25.3%
    Consumer goods and services 18.1% 17.5%
    Healthcare 11.5% 11.3%
    Business services 12.4% 13.1%
    Industrials 7.8% 7.9%
    Education 5.0% 7.4%
    Financials 7.6% 5.7%
    Leisure 4.0% 7.3%
    Other 3.7% 4.5%
    Total 100.0% 100.0%
    Portfolio by fund currency1 31 January 2025
    £m    		 31 January 2025
    %    		 31 January 2024
    £m    		 31 January 2024
    %
    US Dollar 796 52.3% 674 49.9%
    Euro 584 38.4% 555 41.2%
    Sterling 140 9.2% 120 8.9%
    Total 1,523   1,349 100.0%
    1 Currency exposure by reference to the reporting currency of each fund .

    Portfolio Dashboard

    The tables below provide disclosure on the composition and dispersion of financial and operational performance for the Top 30 and the Enlarged Perimeter. At 31 January 2025, the Top 30 Companies represented 40.2% of the Portfolio by value and the Enlarged Perimeter represented 66.9% of total Portfolio value. This information is prepared on a value-weighted basis, based on contribution to Portfolio value at 31 January 2025. Datasets for Top 30 companies and ‘Enlarged perimeter’ are not distinct and will have some overlap.

      % of value at 31 January 2025
    Sector exposure Top 30 Enlarged Perimeter
    TMT 17.3% 30.2%
    Business services 16.9% 13.9%
    Consumer goods and services 14.0% 17.3%
    Industrials 27.3% 8.7%
    Healthcare 8.4% 10.0%
    Education 6.9% 6.5%
    Leisure 6.8% 5.1%
    Financials 2.4% 5.1%
    Other —% 3.2%
    Total 100.0% 100.0%
      % of value at 31 January 2025
    Geographic exposure1 Top 30 Enlarged Perimeter
    North America 43.6% 45.0%
    Europe 50.3% 50.5%
    Other 6.1% 4.5%
    Total 100.0% 100.0%
    1 Geographic exposure is calculated by reference to the location of the headquarters of the underlying Portfolio companies
        % of value at 31 January 2025
    LTM revenue growth Top 30 Enlarged Perimeter
    <-10% 3.2% 4.0%
    `-10-0% 9.0% 10.2%
    0-10% 59.4% 47.0%
    10-20% 15.2% 20.6%
    20-30% 3.6% 5.6%
    >30% 9.6% 10.0%
    n.a.1 —% 2.7%
    Weighted average 9.0% 11.2%
    Note: for consistency, any excluded investments are excluded for all dispersion analysis.
        % of value at 31 January 2025
    LTM EBITDA growth Top 30 Enlarged Perimeter
    <-10% 5.8% 7.2%
    `-10-0% 9.7% 10.3%
    0-10% 31.4% 27.5%
    10-20% 21.9% 23.0%
    20-30% 7.2% 8.9%
    >30% 24.0% 19.9%
    n.a1 —% 3.2%
    Weighted average 15.5% 15.3%
    Note: for consistency, any excluded investments are excluded for all dispersion analysis.
        % of value at 31 January 2025
    EV/EBITDA multiple Top 30 Enlarged Perimeter
    0-10x 8.5% 10.4%
    10-12x 17.2% 16.4%
    12-13x 8.1% 7.8%
    13-15x 18.6% 18.0%
    15-17x 25.9% 21.7%
    17-20x 6.5% 7.7%
    >20x 15.2% 15.4%
    n.a.1 —% 2.6%
    Weighted average 15.4x 15.2x
    Note: for consistency, any excluded investments are excluded for all dispersion analysis.
        % of value at 31 January 2025
    Net Debt / EBITDA Top 30 Enlarged Perimeter
    <2x 27.2% 17.3%
    2-4x 17.3% 19.9%
    4-5x 14.1% 15.7%
    5-6x 6.7% 13.2%
    6-7x 26.0% 17.8%
    >7x 8.7% 11.2%
    n.a.1 —% 5.1%
    Weighted average 4.0x 4.4x
    Note: for consistency, any excluded investments are excluded for all dispersion analysis.

    Top 30 companies
    The table below presents the 30 companies in which ICG Enterprise Trust had the largest investments by value at 31 January 2025. The valuations are gross of underlying managers fees and carried interest.

      Company Manager Year of investment Country Value as a % of Portfolio
    1 Minimax        
      Supplier of fire protection systems and services ICG 2018 Germany 3.1%
    2 Froneri        
      Manufacturer and distributor of ice cream products PAI 2013 / 2019 United Kingdom 2.5%
    3 Chewy        
      Online retailer of premium pet food and products BC Partners 2022 United States 2.0%
    4 Datasite        
      Provider of software focused on virtual data rooms ICG 2024 United States 1.9%
    5 Leaf Home Solutions        
      Provider of home maintenance services Gridiron 2016 United States 1.6%
    6 Visma        
      Provider of business management software and outsourcing services Hg/ICG 2024 Norway 1.6%
    7 Circana        
      Provider of mission-critical data and predictive analytics to consumer goods manufacturers New Mountain 2022 United States 1.6%
    8 European Camping Group        
      Operator of premium campsites and holiday parks PAI 2021 / 2023 France 1.5%
    9 Davies Group        
      Provider of speciality business process outsourcing services BC Partners 2021 United Kingdom 1.5%
    10 Ambassador Theatre Group        
      Operator of theatres and ticketing platforms ICG 2021 United Kingdom 1.4%
    11 Precisely        
      Provider of enterprise software Clearlake/ICG 2021 / 2022 United States 1.3%
    12 Newton        
      Provider of management consulting services ICG 2021 / 2022 United Kingdom 1.3%
    13 David Lloyd Leisure        
      Operator of premium health clubs TDR 2013 / 2020 United Kingdom 1.3%
    14 Curium Pharma        
      Supplier of nuclear medicine diagnostic pharmaceuticals ICG 2020 United Kingdom 1.3%
    15 PSB Academy        
      Provider of private tertiary education ICG 2018 Singapore 1.3%
    16 Crucial Learning        
      Provider of corporate training courses focused on communication skills and leadership development Leeds Equity 2019 United States 1.3%
    17 Class Valuation        
      Provider of residential mortgage appraisal management services Gridiron 2021 United States 1.3%
    18 Domus        
      Operator of retirement homes ICG 2017 / 2021 France 1.2%
    19 Yudo        
      Designer and manufacturer of hot runner systems ICG 2017 / 2018 South Korea 1.2%
    20 ECA Group        
      Provider of autonomous systems for the aerospace and maritime sectors ICG 2022 France 1.1%
    21 Brooks Automation        
      Provider of semiconductor manufacturing solutions THL 2021 / 2022 United States 1.0%
    22 Planet Payment        
      Provider of integrated payments services focused on hospitality and luxury retail Advent/Eurazeo/ICG 2021 Ireland 1.0%
    23 Ivanti        
      Provider of IT management solutions Charlesbank/ICG 2021 United States 1.0%
    24 Vistage        
      Provider of CEO leadership and coaching for small and mid-size businesses in the US Gridiron 2022 United States 1.0%
    25 Audiotonix        
      Manufacturer of audio mixing consoles PAI 2024 United Kingdom 0.9%
    26 DigiCert        
      Provider of enterprise security solutions ICG 2021 United States 0.9%
    27 Ping Identity        
      Provider of intelligent access management solutions Thoma Bravo 2022 / 2023 United States 0.9%
    28 KronosNet        
      Provider of tech-enabled customer engagement and business solutions ICG 2022 Spain 0.8%
    29 Archer Technologies        
      Provider of governance, risk and compliance software Cinven 2023 United States 0.7%
    30 Silvus Technologies        
      Developer of mobile communications datalinks used in law enforcement, unmanned systems and other commercial/industrial applications TJC 2019 United States 0.7%
      Total of the 30 largest underlying investments       40.2%

    The 30 largest fund investments
    The table below presents the 30 largest fund investments by value at 31 January 2025. The valuations are net of underlying managers’ fees and carried interest.

      Fund Year of commitment Value £m Outstanding commitment £m
    1 PAI Strategic Partnerships **      
      Mid-market and large buyouts 2019 34.6 0.2
    2 ICG Strategic Equities Fund IV      
      GP-led secondary transactions 2021 32.9 7.1
    3 ICG Strategic Equities Fund III      
      GP-led secondary transactions 2018 31.0 11.2
    4 ICG Europe VII      
      Mezzanine and equity in mid-market buyouts 2018 30.7 6.1
    5 CVC European Equity Partners VII      
      Large buyouts 2017 25.7 2.9
    6 PAI Europe VII      
      Mid-market and large buyouts 2017 24.6 2.4
    7 ICG Ludgate Hill (Feeder B) SCSp      
      Secondary portfolio 2021 23.8 13.6
    8 ICG Europe VIII      
      Mezzanine and equity in mid-market buy-outs 2021 23.6 14.3
    9 Gridiron Capital Fund III      
      Mid-market buyouts 2016 23.4 1.3
    10 Resolute IV      
      Mid-market buyouts 2018 23.0 0.9
    11 Gridiron Capital Fund IV      
      Mid-market buyouts 2019 21.5 0.5
    12 ICG Augusta Partners Co-Investor **      
      Secondary fund restructurings 2018 20.5 17.8
    13 Oak Hill V      
      Mid-market buyouts 2019 19.9 0.6
    14 Seventh Cinven      
      Large buyouts 2019 19.8 1.8
    15 Graphite Capital Partners VIII *      
      Mid-market buyouts 2013 19.3 4.1
    16 Graphite Capital Partners IX      
      Mid-market buyouts 2018 18.4 2.3
    17 ICG Ludgate Hill III      
      Secondary portfolio 2022 18.0 5.7
    18 Resolute V      
      Mid-market buyouts 2021 17.1 1.4
    19 Advent Global Private Equity IX      
      Large buyouts 2019 16.4 0.5
    20 ICG Ludgate Hill (Feeder) II Boston SCSp      
      Secondary portfolio 2022 16.0 5.4
    21 New Mountain Partners VI      
      Mid-market buy-outs 2020 14.9 0.5
    22 Investindustrial VII      
      Mid-market buyouts 2019 14.0 4.9
    23 ICG Europe Mid-Market Fund      
      Mezzanine and equity in mid-market buyouts 2019 13.5 5.5
    24 CVC Capital Partners VIII      
      Large buyouts 2020 13.4 0.5
    25 Bowmark Capital Partners VI      
      Mid-market buyouts 2018 13.1 3.4
    26 Tailwind Capital Partners III      
      Mid-market buyouts 2018 13.1 2.2
    27 BC European Capital X      
      Large buyouts 2016 13.1 1.4
    28 Thomas H Lee Equity Fund IX      
      Mid-market and large buyouts 2021 12.9 4.0
    29 Permira VII      
      Large buyouts 2019 12.6 1.6
    30 ICG LP Secondaries Fund I LP      
      LP-led secondary transactions 2022 12.2 41.1
      Total of the largest 30 fund investments   593.0 165.3
      Percentage of total investment Portfolio   39.1%  

    *All or part of interest acquired through a secondary sale.

    **Includes the associated Top Up funds.

    HOW WE MANAGE RISK

    Identifying and evaluating the strategic, financial and operational impact of our key risks

    The execution of the Company’s investment strategy is subject to a variety of risks and uncertainties, and the Board and Manager have identified several principal risks to the Company’s business. As part of this process, the Board has put in place an ongoing process to identify, assess and monitor the principal and emerging risks facing the Company, including those that would threaten its business model, future performance, solvency or liquidity.

    RISK MANAGEMENT FRAMEWORK

    The Board is responsible for risk management and determining the Company’s overall risk appetite. The Audit Committee assesses and monitors the risk management framework and specifically reviews the controls and assurance programmes in place.

    PRINCIPAL RISKS

    The Company’s principal risks are individual risks, or a combination of risks, that could threaten the Company’s business model, future performance, solvency or liquidity.

    Details of the Company’s principal risks, potential impact, controls and mitigating factors are set out on pages 23 to 27.

    OTHER RISKS

    Other risks, including reputational risk, are potential outcomes of the principal risks materialising. These risks are actively managed and mitigated as part of the wider risk management framework of the Company and the Manager.

    EMERGING RISKS

    Emerging risks are considered by the Board and are regularly assessed to identify any potential impact on the Company and to determine whether any actions are required. Emerging risks often include those related to regulatory/legislative change and macro-economic and political change.

    The Company depends upon the experience, skill and reputation of the employees of the Manager. The Manager’s ability to retain the service of these individuals, who are not obligated to remain employed by the Manager, and recruit successfully, is a significant factor in the success of the Company.

    PRINCIPAL RISKS AND UNCERTAINTIES

    The Company considers its principal risks (as well as several underlying risks comprising each principal risk) in four categories:

    1. Investment risks: the risk to performance resulting from ineffective or inappropriate investment selection, execution or monitoring.
    2. External risks: the risk of failing to deliver the Company’s investment objective and strategic goals due to external factors beyond the Company’s control.
    3. Operational risks: the risk of loss resulting from inadequate or failed internal processes, people or systems and external events, including regulatory risk.
    4. Financial risks: the risk of adverse impact on the Company due to having insufficient resources to meet its obligations or counterparty failure and the impact any material movement in foreign exchange rates may have on underlying valuations.

    RISK ASSESSMENT PROCESS

    A comprehensive risk assessment process is undertaken regularly to re-evaluate the impact and probability of each risk materialising and the strategic, financial and operational impact of the risk. Where the residual risk is determined to be outside appetite, appropriate action is taken. Further information on risk factors is set out within the financial statements.

    Risk appetite and tolerance

    The Board acknowledges and recognises that in the normal course of business, the Company is exposed to risk and it is willing to accept a certain level of risk in managing the business to achieve its targeted returns. The Board’s risk appetite framework provides a basis for the ongoing monitoring of risks and enables dialogue with respect to the Company’s current and evolving risk profile, allowing strategic and financial decisions to be made on an informed basis.

    The Board considers several factors to determine its acceptance for each principal risk and categorises acceptance for each risk as low, moderate and high. Where a risk is approaching or is outside the tolerance set, the Board will consider the appropriateness of actions being taken to manage the risk. In particular, the Board has a lower tolerance for financing risk with the aim to ensure that even under a stress scenario, the Company is likely to meet its funding requirements and financial obligations. Similarly, the Board has a low risk tolerance concerning operational risks including legal, tax and regulatory compliance and business process and continuity risk.

    How we manage and mitigate our key risks

    RISK IMPACT MITIGATION CHANGE IN THE YEAR
    INVESTMENT RISKS      
    INVESTMENT PERFORMANCE

    The Manager selects the fund investments and Direct Investments for the Company’s Portfolio, executing the investment strategy approved by the Board. The underlying managers of those funds in turn select individual investee companies. The origination, investment selection and management capabilities of both the Manager and the third-party managers are key to the performance of the Company.

    		 Poor origination, investment selection and monitoring by the Manager and/or third-party managers which may have a negative impact on Portfolio performance. The Manager has a strong track record of investing in private equity through multiple economic cycles. The Manager has a highly selective investment approach and disciplined process, which is overseen by ICG Enterprise Trust’s Investment Committee within the Manager, which comprises a balance of skills and perspectives.

    Further, the Company’s Portfolio is diversified, reducing the likelihood of a single investment decision impacting Portfolio performance.

    		 Stable

    The Board is responsible for ensuring that the investment policy is met. The day-to-day management of the Company’s assets is delegated to the Manager under investment guidelines determined by the Board. The Board regularly reviews these guidelines to ensure they remain appropriate and monitors compliance with the guidelines through regular reports from the Manager, including performance reporting. The Board also reviews the investment strategy at least annually.

    Following this assessment and other considerations, the Board concluded that investment performance risk has remained stable.
    VALUATION

    In valuing its investments in private equity funds and unquoted companies and publishing its NAV, the Company relies to a significant extent on the accuracy of financial and other information provided by the underlying managers to the Manager. There is the potential for inconsistency in the valuation methods adopted by the managers of these funds and companies and for valuations to be misstated.

    		 Incorrect valuations being provided would lead to an incorrect overall NAV. The Manager carries out a formal valuation process quarterly including a review of third-party valuations.

    This process includes a comparison of unaudited valuations to latest audited reports, as well as a review of any potential adjustments that are required to ensure the valuations of the underlying investments are in accordance with the fair market value principles required under UK-adopted International Accounting Standards (‘IAS’).

    		 Stable

    The Board regularly reviews and discusses the valuation process in detail with the Manager, including the sources of valuation information and methodologies used.

    Following this assessment and other considerations, the Board concluded that there was no material change in valuation risk.
    EXTERNAL RISKS      
    POLITICAL AND MACRO-ECONOMIC UNCERTAINTY
    Political and macro-economic uncertainty and other global events, such as pandemics, that are outside the Company’s control could adversely impact the environment in which the Company and its investment portfolio companies operate.    		 Changes in the political or macro-economic environment could significantly affect the performance of existing investments (and valuations) and prospects for realisations. In addition, they could impact the number of credible investment opportunities the Company can originate. The Manager uses a range of complementary approaches to inform strategic planning and risk mitigation, including active investment management, profitability and balance sheet scenario planning and stress testing to ensure resilience across a range of outcomes.
    The process is supported by a dedicated in-house economist and professional advisers where appropriate.    		 Increasing
    The Board monitors and reviews the potential impact on the Company from political and economic developments on an ongoing basis, including input and discussions with the Manager.
    Incorporating these views and other considerations, the Board concluded that this risk had increased.
    CLIMATE CHANGE
    The underlying managers of the fund investments and Direct Investments in the Company’s Portfolio fail to ensure that their portfolio companies respond to the emerging threats from climate change.    		 Climate-related transition risks, driven in particular by abrupt shifts in the political and technological landscape, impact the value of the Company’s Portfolio. The Manager has a well-defined, firm-wide Responsible Investing Policy and sustainable investing framework in place.
    A tailored sustainable investing framework applies across all stages of the Company’s investment process.    		 Stable

    The Board monitors and reviews the potential impact to the Company from failures by underlying managers to mitigate the impact of climate change on portfolio company valuation.
    THE LISTED PRIVATE
    EQUITY SECTOR
    The listed private equity sector could fall out of favour with investors leading to a reduction in demand for the Company’s shares.    		 A change in sentiment to the sector has the potential to damage the Company’s reputation and impact the performance of the Company’s share price and widen the discount the shares trade at relative to NAV per Share, causing shareholder dissatisfaction. Private equity continues to outperform public markets over the long term and has proved to be an attractive asset class through various cycles. The Manager is active in marketing the Company’s shares to a wide variety of investors to ensure the market is informed about the Company’s performance and investment proposition.
    In setting the capital allocation policy, including the allocations to dividends and share buybacks, the Board monitors the discount to NAV and considers appropriate solutions to address any ongoing or substantial discount to NAV.    		 Increasing
    The persistence of the discount to NAV, together with other sector uncertainties, indicates an increase in risk.
    The Board receives regular updates from the Company’s broker and is kept informed of all material discussions with investors and analysts.
    FOREIGN EXCHANGE
    The Company has continued to expand its geographic diversity by making investments in different countries. Accordingly, most investments are denominated in US dollars and euros.    		 The Company does not hedge its foreign exchange exposure. Therefore, movements in exchange rates between these currencies may have a material effect on the underlying sterling valuations of the investments and performance of the Company. The Board regularly reviews the Company’s exposure to currency risk and reconsiders possible hedging strategies on at least an annual basis.
    Furthermore, the Company’s multicurrency bank facility permits the borrowings to be drawn in euros and US dollars, if required.    		 Stable
    The Board reviewed the Company’s exposure to currency risk and possible hedging strategies and concluded that there was no material change in foreign exchange risk during the year and that it remains appropriate for the Company not to hedge its foreign exchange exposure.
    OPERATIONAL RISKS      
    REGULATORY, LEGAL
    AND TAX COMPLIANCE
    Failure by the Manager to comply with relevant regulation and legislation could have an adverse impact on the Company. Additionally, adherence to changes in the legal, regulatory and tax framework applicable to the Manager could become onerous, lessening competitive or market opportunities.    		 The failure of the Manager and the Company to comply with the rules of professional conduct and relevant laws and regulations could expose the Company to regulatory sanction and penalties as well as significant damage to its reputation. The Board is responsible for ensuring the Company’s compliance with all applicable regulatory, legal and tax requirements. Monitoring of this compliance has been delegated to the Manager, of which the in-house Legal, Compliance and Risk functions provide regular updates to the Board covering relevant changes to regulation and legislation.
    The Board and the Manager continually monitor regulatory, legislative and tax developments to ensure early engagement in any areas of potential change.    		 Stable
    The Company remains responsive to a wide range of developing regulatory areas; and will continue to enhance its processes and controls in order to remain compliant with current and expected legislation.
    KEY PROFESSIONALS
    Loss of key professionals at the Manager could impair the Company’s ability to deliver its investment strategy and meet its external obligations if replacements are not found in a timely manner.    		 If the Manager’s team is not able to deliver its objectives, investment opportunities could be missed or misevaluated, while existing investment performance may suffer. The Manager regularly updates the Board on team developments and succession planning. The Manager places significant focus on:
    Developing key individuals to ensure that there is a pipeline of potential succession candidates internally. External appointments are considered if that best satisfies the business needs.
    A team-based approach to investment decision-making, i.e. no one investment professional has sole responsibility for an investment or fund manager relationship.
    Sharing insights and knowledge widely across the investment team, including discussing all potential new investments and the overall performance of the Portfolio.
    Designing and implementing a compensation policy that helps to minimise turnover of key people.    		 Stable
    The Board reviewed the Company’s exposure to people risk and concluded that the Manager continues to operate sustainable succession, competitive remuneration and retention plans.
    The Board believes that the risk in respect of people remains stable.
    THE MANAGER AND THIRD-PARTY PROVIDERS (INCLUDING BUSINESS PROCESSES, BUSINESS CONTINUITY AND CYBER)
    The Company is dependent on third parties for the provision of services and systems, especially those of the Manager, the Administrator and the Depositary.    		 Failure by a third-party provider to deliver services in accordance with its contractual obligations could disrupt or compromise the functioning of the Company. A material loss of service could result in, among other things, an inability to perform business critical functions, financial loss, legal liability, regulatory censure and reputational damage.
    The failure of the Manager and Administrator to deliver an appropriate cyber security platform for critical technology systems could result in unauthorised access by malicious third parties, breaching the confidentiality, integrity and availability of Company data, negatively impacting the Company’s reputation.    		 The performance of the Manager, the Administrator, the Depositary and other third-party providers is subject to regular review and reported to the Board.
    The Manager, the Administrator and the Depositary produce internal control reports to provide assurance regarding the effective operation of internal controls. These reports are provided to the Audit Committee for review. The Committee would seek further representations from service providers if not satisfied with the effectiveness of their control environment.
    The Audit Committee formally assesses the internal controls of the Manager, the Administrator and Depositary on an annual basis to ensure adequate controls are in place.
    The assessment in respect of the current year is discussed in the Report of the Audit Committee.
    The Management Agreement and agreements with other third-party service providers are subject to notice periods that are designed to provide the Board with adequate time to put in place alternative arrangements.    		 Stable
    The Board carries out a formal annual assessment (supported by the Manager’s internal audit function) of the Manager’s internal controls and risk management systems.
    The Board also received regular reporting from the Manager and other third parties.
    Following this review and other considerations, the Board concluded that there was no material change in the Manager and other third-party suppliers risk.
    FINANCIAL RISKS      
    FINANCING
    The Company has outstanding commitments to private equity funds in excess of total liquidity that may be drawn down at any time. The ability to fund this difference is dependent on receiving cash proceeds from investments (the timing of which are unpredictable) and the availability of financing facilities.    		 If the Company encountered difficulties in meeting its outstanding commitments, there would be significant reputational damage as well as risk of damages being claimed from managers and other counterparties. The Manager monitors the Company’s liquidity, overcommitment ratio and covenants on a frequent basis, and undertakes cash flow monitoring, and provides regular updates on these activities to the Board. Stable
    The Board reviewed the Company’s exposure to financing risk, noting the Net Debt position, the increase in available facility and the short-term realisation forecast and concluded that this risk was stable.

    Audited Financial Statements for the year ended 31 January 2025

    INCOME STATEMENT

    Year to 31 January 2025 Year to 31 January 2024
      Notes Revenue
    return
    £’000    		 Capital return
    £’000    		 Total
    £’000    		 Revenue
    return
    £’000    		 Capital return
    £’000    		 Total
    £’000
    Investment returns              
    Income, gains and losses on investments 2,10 1,060 134,156 135,216 2,365 39,369 41,734
    Deposit interest 2 48 — 48 405 — 405
    Other income 2 5 — 5 104 — 104
    Foreign exchange gains and losses   — (729) (729) — 1,193 1,193
        1,113 133,427 134,540 2,874 40,562 43,436
    Expenses              
    Investment management charges 3 (1,618) (14,558) (16,175) (1,615) (14,533) (16,148)
    Other expenses including finance costs 4 (2,439) (8,417) (10,855) (2,520) (7,402) (9,922)
        (4,057) (22,974) (27,031) (4,135) (21,935) (26,070)
                   
    Profit/(loss) before tax   (2,943) 110,453 107,510 (1,261) 18,627 17,366
    Taxation 6     — — — —
    Profit/(loss) for the period   (2,943) 110,453 107,510 (1,261) 18,627 17,366
    Attributable to:              
    Equity shareholders   (2,943) 110,453 107,510 (1,261) 18,627 17,366
    Basic and diluted earnings per share 7     163.95p     25.63p
                   

    The columns headed ‘Total’ represent the income statement for the relevant financial years and the columns headed ‘Revenue return’ and ‘Capital return’ are supplementary information in line with guidance published by the AIC. There is no Other Comprehensive Income.

    All profits are from continuing operations.

    The notes on pages 34 to 59 form an integral part of the financial statements.

    BALANCE SHEET

     

    Notes

    31 January
    2025
    £’000

    31 January
    2024
    £’000
    Non-current assets      
    Investments held at fair value 9,10,17 1,469,549 1,296,382
           
    Current assets      
    Cash and cash equivalents 11 3,927 9,722
    Prepayments and receivables 12 2,018 2,258
        5,945 11,980
    Current liabilities      
    Borrowings   (131,931) (20,000)
    Payables 13 (11,171) (5,139)
           
    Net current assets / (liabilities)   (137,157) (13,159)
    Total assets less current liabilities   1,332,392 1,283,223
           
    Capital and reserves      
    Share capital 14 7,292 7,292
    Capital redemption reserve   2,112 2,112
    Share premium   12,936 12,936
    Capital reserve   1,315,727 1,279,751
    Revenue reserve   (5,675) (2,733)
    Total equity   1,332,392 1,283,223
           
    Net Asset Value per Share (basic and diluted) 15 2072.9p 1909.4p

    The notes on pages 34 to 59 form an integral part of the financial statements.

    The financial statements on pages 30 to 59 were approved by the Board of Directors on 7 May 2025 and signed on its behalf by:

    Jane Tufnell        Alastair Bruce
    Director                Director

    CASH FLOW STATEMENT

      Notes Year to 31 January 2025
    £’000    		 Year to 31st January 2024
    £’000
    Operating activities      
    Sale of portfolio investments   19,966 40,611
    Purchase of portfolio investments   (34,144) (25,162)
    Cash flow to subsidiaries’ investments   (152,174) (116,084)
    Cash flow from subsidiaries’ investments   125,769 195,300
    Interest income received from portfolio investments   494 1,695
    Dividend income received from portfolio investments   547 779
    Other income received   53 509
    Investment management charges paid   (16,021) (15,647)
    Other expenses paid   (1,881) (2,596)
    Net cash inflow/(outflow) from operating activities   (57,391) 79,405
           
    Financing activities      
    Bank facility fee paid   (2,011) (3,970)
    Interest paid   (545) (5,571)
    Credit Facility utilised   139,762 128,109
    Credit Facility repaid   (27,831) (174,954)
    Purchase of shares into treasury   (35,851) (13,068)
    Equity dividends paid 8 (22,308) (21,694)
    Net cash (outflow)/inflow from financing activities   51,215 (91,148)
    Net decrease in cash and cash equivalents   (6,176) (11,743)
           
    Cash and cash equivalents at beginning of year 11 9,722 20,694
    Net decrease in cash and cash equivalents   (6,176) (11,743)
    Effect of changes in foreign exchange rates   381 771
    Cash and cash equivalents at end of period 11 3,927 9,722
    1. Includes settlement of unbilled management fees relating to the prior year (see note 13).

    The notes on pages 34 to 59 form an integral part of the financial statements.

    STATEMENT OF CHANGES IN EQUITY

     

    Share capital
    £’000

    		 Capital
    redemption
    reserve
    £’000

    Share premium
    £’000

    		 Realised
    capital
    reserve1
    £’000    		 Unrealised
    capital
    reserve
    £’000    		 Revenue
    reserve1
    £’000    		 Total
    shareholders’
    equity
    £’000
           
    Opening balance at 1 February 2024 7,292 2,112 12,936 473,015 790,602 (2,733) 1,283,223
    Profit for the period and total comprehensive income — — — (6,033) 116,485 (2,942) 107,510
    Capital distribution by subsidiary2 — — — — — — —
    Dividends paid — — — (22,308) — — (22,308)
    Purchase of shares into treasury — — — (36,033) — — (36,033)
    Closing balance at 31 January 2025 7,292 2,112 12,936 408,641 907,087 (5,675) 1,332,392
                   
     

    Share capital
    £’000

    		 Capital redemption
    reserve
    £’000

    Share premium
    £’000

    		 Realised
    capital
    reserve1
    £’000    		 Unrealised
    capital
    reserve
    £’000    		 Revenue
    reserve1
    £’000    		 Total
    shareholders’
    equity
    £’000
           
    Opening balance at 1 February 2023 7,292 2,112 12,936 468,054 811,698 (1,473) 1,300,619
    Profit for the period and total comprehensive income — — — 31,032 (12,405) (1,261) 17,366
    Capital distribution by subsidiary2 — — — 8,691 (8,691) — —
    Dividends paid — — — (21,694) — — (21,694)
    Purchase of shares into treasury — — — (13,068) — — (13,068)
    Closing balance at 31 January 24 7,292 2,112 12,936 473,015 790,602 (2,734) 1,283,223
    1. Distributable reserves.
    2. During the prior reporting period ICG Enterprise Trust Limited Partnership made a distribution of realised profits totalling £8.6m to the Company.

    The notes on pages 34 to 59 form an integral part of the financial statements.

    NOTES TO THE FINANCIAL STATEMENTS

    1 ACCOUNTING POLICIES

    General information

    These financial statements relate to ICG Enterprise Trust Plc (‘the Company’). ICG Enterprise Trust Plc is registered in England and Wales and is incorporated in the United Kingdom. The Company is domiciled in the United Kingdom and its registered office is Procession House, 55 Ludgate Hill, London EC4M 7JW. The Company’s objective is to provide long-term growth by investing in private companies managed by leading private equity managers.

    (a) Basis of preparation

    The financial information for the year ended 31 January 2025 has been prepared in accordance with UK-adopted International Accounting Standards (‘UK-IAS’) and the Statement of Recommended Practice (‘SORP’) for investment trusts issued by the Association of Investment Companies in July 2022.

    UK-IAS comprises standards and interpretations approved by the International Accounting Standards Board (‘IASB’) and the IFRS Interpretations Committee.

    These financial statements have been prepared on a going concern basis and on the historical cost basis of accounting, modified for the revaluation of certain assets at fair value. The directors have concluded that the preparation of the financial statements on a going concern basis continues to be appropriate.

    Going concern

    In assessing the appropriateness of continuing to adopt the going concern basis of accounting, the Board has assessed the financial position and prospects of the Company. The Company’s business activities, together with factors likely to affect its future development, performance, position and cash flows, are set out in the Chair’s statement on page 5, and the Manager’s review on page 7.

    As part of this review, the Board assessed the potential impact of principal risks on the Company’s business activities, the Company’s cash position, the availability of the Company’s credit facility and compliance with its covenants, and the Company’s cash flow projections.

    Based on this assessment, the Board expects that the Company will be able to continue in operation and meet its liabilities as they fall due until, at least, 31 May 2026, a period of more than 12 months from the signing of the financial statements. Therefore it is appropriate to continue to adopt the going concern basis of preparation of the Company’s financial statements.

    Climate change

    In preparing the financial statements, the directors have considered the impact of climate change, particularly in the context of the climate change risks identified in the Principal risks and uncertainties section of this Report, and the impact of climate change risk on the valuation of investments.

    These considerations did not have a material impact on the financial reporting judgements and estimates in the current year, nor were they expected to have a significant impact on the Company’s going concern or viability.

    Accounting policies

    The principal accounting policies adopted are set out below. These policies have been applied consistently throughout the current and prior year. In order to reflect the activities of an investment trust company, supplementary information which analyses the income statement between items of revenue and capital nature has been presented alongside the income statement. In analysing total income between capital and revenue returns, the directors have followed the guidance contained in the SORP as follows:

    Capital gains and losses on investments sold and on investments held arising on the revaluation or disposal of investments classified as held at fair value through profit or loss should be shown in the capital column of the income statement.

    Returns on any share or debt security for a fixed amount (whether in respect of dividends, interest or otherwise) should be shown in the revenue column of the income statement.

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    The Board should determine whether the indirect costs of generating capital gains should also be shown in the capital column of the income statement. If the Board decides that this should be so, the management fee should be allocated between revenue and capital in accordance with the Board’s expected long-term split of returns, and other expenses should be charged to capital only to the extent that a clear connection with the maintenance or enhancement of the value of investments can be demonstrated.

    The accounting policy regarding the allocation of expenses is set out in note 1(i).

    In accordance with IFRS 10 (amended), the Company is deemed to be an investment entity on the basis that:

    (a) it obtains funds from one or more investors for the purpose of providing investors with investment management services;

    (b) it commits to its investors that its business purpose is to invest funds for both returns from capital appreciation and investment income; and

    (c) it measures and evaluates the performance of substantially all of its investments on a fair value basis.

    As a result, the Company’s controlled structured entities (‘subsidiaries’) are deemed to be investments and are classified as held at fair value through profit and loss.

    (b) Financial assets

    The Company classifies its financial assets in the following categories: at fair value through profit or loss; and at amortised cost. The classification depends on the purpose for which the financial assets were acquired. The classification of financial assets is determined at initial recognition.

    Financial assets at fair value through profit or loss

    The Company classifies its quoted and unquoted investments as financial assets at fair value through profit or loss. These assets are measured at subsequent reporting dates at fair value and further details of the accounting policy are disclosed in note 1(c).

    Financial assets at amortised cost

    Financial assets at amortised cost are non-derivative financial assets which pass the contractual cash flow test and are held to receive contractual cash flows. These are classified as current assets and measured at amortised cost using the effective interest rate method. The Company’s financial assets at amortised cost comprise cash and cash equivalents and trade and other receivables in the balance sheet.

    (c) Investments

    Investments comprise fund investments and portfolio company investments held by the Company directly, together with the fair value of the Company’s interest in controlled structured entities (see note 9) which themselves invest in fund investments and portfolio company investments.

    All investments are classified upon initial recognition as held at fair value through profit or loss (described in these financial statements as investments held at fair value) and are measured at subsequent reporting dates at fair value. All investments are fair valued in line with IFRS 13 ‘Fair Value Measurement’, using industry standard valuation guidelines such as the International Private Equity and Venture Capital (‘IPEV’) valuation guidelines. Changes in the value of all investments held at fair value, which include returns on those investments such as dividends and interest, are recognised in the income statement and are allocated to the revenue column or the capital column in accordance with the SORP (see note 1(a)). More detail on certain categories of investment is set out below. Given that the subsidiaries and associates are held at fair value and are exposed to materially similar risks as the Company, we do not expect the risks to materially differ from those disclosed in note 17.

    Unquoted Investments

    Fund investments and Co-investments (collectively ‘unquoted investments’) are fair valued using the net asset value of those unquoted investments as determined by the third-party investment manager of those funds. The third-party investment manager performs periodic valuations of the underlying investments in their funds, typically using earnings multiple or discounted cash flow methodologies to determine enterprise value in line with IPEV Guidelines. In the absence of contrary information, these net asset valuations received from the third-party investment managers are deemed to be

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    appropriate by the Manager, for the purposes of the Manager’s determination of the fair values of the unquoted investments. A robust assessment is performed by the Manager’s experienced Investment Committee to determine the capability and track record of the investment manager. All investment managers are scrutinised by the Investment Committee and an approval process is recorded before any new investment manager is approved and an investment made. This level of scrutiny provides reasonable comfort that the investment manager’s valuation will be consistent with the requirement to use fair value.

    Adjustments may be made to the net asset values provided or an alternative valuation method may be adopted if deemed to be more appropriate. The most common reason for adjustments to the value provided by an underlying manager is to take account of events occurring between the date of the manager’s valuation and the reporting date, for example, subsequent cash flows or notification of an agreed sale.

    Subsidiary undertakings

    The investments in the controlled structured entities (‘subsidiaries’) are recognised at fair value through profit and loss.

    The valuation of the subsidiaries takes into account an accrual for the estimated value of interests in the Co-investment Incentive Scheme. Under these arrangements, ICG (the ‘Manager’) and certain of its executives and, in respect of certain historic investments, the executives and connected parties of Graphite Capital Management LLP (the ‘Former Manager’) (together ‘the Co-investors’), are required to co-invest alongside the Company, for which they are entitled to a share of investment profits if certain performance hurdles are met. At 31 January 2024, the accrual was estimated as the theoretical value of the interests if the Portfolio had been sold at the carrying value at that date.

    Associates

    The Company holds an interest (including indirectly through its subsidiaries) of more than 20% in a small number of investments that may normally be classified as subsidiaries or associates. These investments are not considered subsidiaries or associates as the Company does not exert control or significant influence over the activities of these companies/structured entities as they are managed by other third parties.

    (d) Prepayments and receivables

    Receivables include unamortised fees which were incurred directly in relation to the agreement of a financing facility. These fees will be amortised over the life of the facility on a straight-line basis.

    (e) Payables

    Other payables are non-interest bearing and are stated at their amortised cost, which is not materially different from fair value.

    (f) Cash and cash equivalents

    Cash and cash equivalents comprise cash and short-term bank deposits with an original maturity of three months or less.

    (g) Dividend distributions

    Dividend distributions to shareholders are recognised in the period in which they are paid.

    (h) Income

    When it is probable that economic benefits will flow to the Company and the amount can be measured reliably, interest is recognised on a time apportionment basis.

    Dividends receivable on quoted equity shares are brought into account on the ex-dividend date. Dividends receivable on equity shares where no ex-dividend date is applicable are brought into account when the Company’s right to receive payment is established.

    UK dividend income is recorded at the amount receivable. Overseas dividend income is shown net of withholding tax. Income distributions from funds are recognised when the right to distributions is established.

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    (i) Expenses

    All expenses are accounted for on an accruals basis. Expenses are allocated to the revenue column in the income statement, consistent with the SORP, with the following exceptions:

    • Expenses which are incidental to the acquisition or disposal of investments (transaction costs) are allocated to the capital column
    • The Board expects the majority of long-term returns from the Portfolio to be generated from capital gains. Expenses are allocated 90% to the capital column and 10% to the revenue column, reflecting the Company’s current and future return profile. Other expenses are allocated to the capital column where a clear connection with the maintenance or enhancement of the value of investments can be demonstrated.
    • All expenses allocated to the capital column are treated as realised capital losses (see note 1(l)).

    (j) Taxation

    Investment trusts which have approval as such under Section 1158 of the Corporation Tax Act 2010 are not liable for taxation on capital gains.
    Tax recognised in the income statement represents the sum of current tax and deferred tax charged or credited in the year. The tax effect of different items of expenditure is allocated between capital and revenue on the same basis as the particular item to which it relates.

    Deferred tax is the tax expected to be payable or recoverable on the difference between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method.

    Deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax assets are not recognised in respect of tax losses carried forward to future periods.

    Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the assets are realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

    (k) Foreign currency translation

    The functional and presentation currency of the Company is sterling, reflecting the primary economic environment in which the Company operates.

    Transactions in currencies other than sterling are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, financial assets and liabilities denominated in foreign currencies are translated at the rates prevailing on the balance sheet date.

    Gains and losses arising on the translation of investments held at fair value are included within gains and losses on investments held at fair value in the income statement. Gains and losses arising on the translation of other financial assets and liabilities are included within foreign exchange gains and losses in the income statement.

    (l) Revenue and capital reserves

    The revenue return component of total income is taken to the revenue reserve within the statement of changes in equity. The capital return component of total income is taken to the capital reserve within the statement of changes in equity.

    Gains and losses on the realisation of investments including realised exchange gains and losses and expenses of a capital nature are taken to the realised capital reserve (see note 1(i)). Changes in the valuations of investments which are held at the year end and unrealised exchange differences are accounted for in the unrealised capital reserve.

    Net gains on the realisation of investments in the controlled structured entities (see note 9) are transferred to the Company by way of profit distributions.

    The revenue reserve is distributable by way of dividends to shareholders. The realised capital reserve is distributable by way of dividends and share buybacks. The capital redemption reserve is not distributable and represents the nominal value of shares bought back for cancellation.

    (m) Treasury shares

    Shares that have been repurchased into treasury remain included in the share capital balance, unless they are cancelled.

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    (n) Critical estimates and assumptions

    Estimates and judgements used in preparing the financial information are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable. The resulting estimates will, by definition, seldom equal the related actual results.

    In preparing the financial statements, the directors have considered the impact of climate change on the key estimates within the financial statements.

    The only estimates and assumptions that have a significant risk of causing a material adjustment to the carrying values of assets and liabilities in the next financial year relate to the valuation of unquoted investments. Unquoted investments are primarily the Company’s investments in unlisted funds, managed by third-party investment fund managers and ICG. As such there is significant estimation in the valuation of the unlisted fund at a point in time. Note 1(c) sets out the accounting policy for unquoted investments. The carrying amount of unquoted investments at the year end is disclosed within note 10.

    (o) Segmental reporting

    Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker who is responsible for allocating resources and assessing performance of the segments has been identified as the Board. It is considered that the Company’s operations comprise a single operating segment.

    2 INVESTMENT RETURNS

      Year ended Year ended  
      31 January 2025 31 January 2024  
      £’000 £’000  
    Income from investments      
    Overseas interest and dividends 1,060 2,365  
      1,060 2,365  
    Deposit interest on cash 48 405  
    Other 5 104  
      53 509  
    Total income 1,113 2,874  
    Analysis of income from investments      
    Unquoted 1,060 2,365  
      1,060 2,365  

    3 INVESTMENT MANAGEMENT CHARGES

    Management fees paid to ICG for managing ICG Enterprise Trust amounted to 1.25% (2024: 1.25%) of the average net assets in the year. The reduction in the fee is due to the application of the cap.

    From 1 February 2023 the management fee is subject to a cap of 1.25% of net asset value.

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    3 INVESTMENT MANAGEMENT CHARGES CONTINUED

    The amounts charged during the year are set out below:

      Year ended 31 January 2025 Year ended 31 January 2024
      Revenue Capital Total Revenue Capital Total
      £’000 £’000 £’000 £’000 £’000 £’000
    Investment management charge 1,617 14,558 16,175 1,615 14,533 16,148

    The Company and its subsidiaries also incur management fees in respect of its investment in funds managed by members of ICG on an arms-length basis.

      Year ended Year ended
      31 January 2025 31 January 2024
      £’000 £’000
    ICG Europe VIII 434 467
    ICG Strategic Equity V 353 131
    ICG Strategic Equity IV 340 593
    ICG LP Secondaries Fund I LP 325 55
    ICG Europe VII 238 257
    ICG Strategic Equity III 238 183
    ICG Europe Mid-Market II 95 87
    ICG Augusta Partners Co-Investor II 89 91
    ICG Europe Mid-Market 87 120
    ICG North American Private Debt II 68 74
    ICG Strategic Secondaries II 36 74
    ICG Europe VI 23 41
    ICG Asia Pacific III 15 30
    ICG Recovery Fund 2008B 3 31
    ICG Europe V 2 1
      2,346 2,235

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    4 OTHER EXPENSES

    The Company did not employ any staff in the year to 31 January 2025 (2024: none).

      Year ended Year ended
      31 January 2025 31 January 2024
      £’000 £’000 £’000 £’000
    Directors’ fees (see note 5)   340   316
    Fees payable to the Company’s auditor for the audit of the Company’s annual accounts 170   239  
    Fees payable to the Company’s auditor and its associates for other services:        
    – Audit of the accounts of the subsidiaries 108   139  
    – Audit-related assurance services 71   53  
    Total auditors’ remuneration   349   431
    Administrative expenses   811   1,021
        1,500   1,768
    Bank facility costs allocated to revenue   277   258
    Interest costs allocated to revenue   661   493
    Expenses allocated to revenue   2,438   2,519
    Bank facility costs allocated to capital   8,417   7,403
    Total other expenses   10,855   9,922
             

    1. The auditors of the Company have additionally provided £16k (2024: £14k) of non-audit related services permitted under the Financial Reporting Council’s (‘FRC’) Revised Ethical Standards. The service related to agreed upon procedures over the Company’s carried interest scheme. These expenses have been charged to the Manager of the Company.

    Included within Total other expenses above are £9.4m (2024: £8.2m) of costs related to financing and £(0.2)m (credit) (2024: £0.1m) of other expenses which are non-recurring and are excluded from the Ongoing Charges as detailed in the glossary on page 58.

    Professional fees of £0.2m (2024: £0.2m) incidental to the acquisition or disposal of investments are included within gains/(losses) on investments held at fair value.

    5 DIRECTORS’ REMUNERATION AND INTERESTS

    No income was received or receivable by the directors from any other subsidiary of the Company.

    6 TAXATION

    In both the current and prior years the tax charge was lower than the standard rate of corporation tax of 19%, principally due to the Company’s status as an investment trust, which means that capital gains are not subject to corporation tax. The effect of this and other items affecting the tax charge are shown in note 6(b) below.

    The UK’s main rate of corporation tax increased from 19% to 25% with effect from 1 April 2023. A blended rate of 24% was applied for the year ended 31 January 2024, calculated by the number of days within the accounting period spanning the rate change. A corporation tax rate of 25% was applied for the year ended 31 January 2025.

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

      Year ended Year ended  
      31 January 2025 31 January 2024  
      £’000 £’000  
    a) Analysis of charge in the year      
    Tax credit on items allocated to revenue — —  
    Tax charge on items relating to prior years — —  
    Corporation tax — —  
    b) Factors affecting tax charge for the year      
    Profit on ordinary activities before tax 107,510 17,367  
    Profit before tax multiplied by rate of corporation tax in the UK of 25% (2024: 24%) 26,790 4,168  
    Effect of:      
    – net investment returns not subject to corporation tax (33,357) (9,735)  
    – dividends not subject to corporation tax (52) (187)  
    – expenses not deductible for tax purposes 1,353 —  
    – current year management expenses not utilised/(utilised) 489 5,754  
    – other deductions 4,777 —  
    Total tax charge — —  

    The Company has £70.0m excess management expenses carried forward (2024: £53.5m). No deferred tax assets or liabilities (2024: nil) have been recognised in respect of the carried forward management expenses due to the uncertainty that future taxable profit will be generated that these losses can be offset against. For all investments the tax base is equal to the carrying amount. There was no deferred tax expense relating to the origination and reversal of timing differences in the year (2024: nil).

    7 EARNINGS PER SHARE

      Year ended Year ended  
      31 January 2025 31 January 2024  
    Revenue return per ordinary share (4.49p) (1.86p)  
    Capital return per ordinary share 168.38p 27.49p  
    Earnings per ordinary share (basic and diluted) 163.95p 25.63p  

    Revenue return per ordinary share is calculated by dividing the revenue return attributable to equity shareholders of £(2.9)m (2024: £(1.3)m) by the weighted average number of ordinary shares outstanding during the year.

    Capital return per ordinary share is calculated by dividing the capital return attributable to equity shareholders of £102.4m (2024: £18.6m) by the weighted average number of ordinary shares outstanding during the year.

    Basic and diluted earnings per ordinary share are calculated by dividing the earnings attributable to equity shareholders of £99.5m (2024: £17.4m) by the weighted average number of ordinary shares outstanding during the year.

    The weighted average number of ordinary shares outstanding (excluding those held in treasury) during the year was 65,569,285 (2024: 67,761,359). There were no potentially dilutive shares, such as options or warrants, in either year.

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    8 DIVIDENDS

      Year ended Year ended
      31 January 2025 31 January 2024
      £’000 £’000
    Third quarterly dividend in respect of year ended 31 January 2024: 8p per share (2023: 6.0p) 5,345 4,781
    Final dividend in respect of year ended 31 January 2024: 9p per share (2023: 9.0p) 5,894 6,105
    First quarterly dividend in respect of year ended 31 January 2025: 8.5p per share (2024: 8.0p) 5,557 5,415
    Second quarterly dividend in respect of year ended 31 January 2025: 8.5p per share (2024: 8.0p) 5,512 5,393
    Total 22,308 21,694

    The Company paid a third quarterly dividend of 8.5p per share in February 2025. The Board has proposed a final dividend of 10.5p per share (estimated cost £6.7m) in respect of the year ended 31 January 2025 which, if approved by shareholders, will be paid on 18 July 2025 to shareholders on the Register of Members at the close of business on 04 July 2025.

    9 SUBSIDIARY UNDERTAKINGS AND UNCONSOLIDATED STRUCTURED ENTITIES
    Subsidiary undertakings (controlled structured entities)

    Subsidiaries of the Company as at 31 January 2025 comprise the following controlled structured entities, which are registered in England and Wales. Subsidiaries of the Company’s direct subsidiaries are reported as indirect subsidiaries.

    Direct subsidiaries   Ownership interest 2025 Ownership interest 2024
    ICG Enterprise Trust Limited Partnership   97.5% 97.5%
    ICG Enterprise Trust (2) Limited Partnership   97.5% 97.5%
    ICG Enterprise Trust Co-investment Limited Partnership   99.0% 99.0%
    Indirect subsidiaries   Ownership interest 2025 Ownership interest 2024
    ICG Enterprise Holdings LP   99.5% 99.5%
    ICG Morse Partnership LP   99.5% 99.5%
    ICG Lewis Partnership LP   99.5% 99.5%

    In accordance with IFRS 10 (amended), the subsidiaries are not consolidated and are instead included in unquoted investments at fair value.

    The value of the subsidiaries is shown net of an accrual for the interests of the Co-investors (ICG and certain of its executives and in respect of certain historical investments, the executives and connected parties of Graphite Capital, the Former Manager) in the Co-investment Incentive Scheme. As at 31 January 2025 a total of £53.9m (2024: £54.4m) was accrued in respect of these interests. During the year the Co-investors invested £1.0m (2024: £0.7m) into ICG Enterprise Trust Co-investment Limited Partnership. Payments received by the Co-investors amounted to £10.8m or 7.1% of £150.8m of Total Proceeds received in the year (2024: £5.4m or 2.3% of £238.6m proceeds received).

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    Unconsolidated structured entities

    The Company’s principal activity is investing in private equity funds and directly into private companies. Such investments may be made and held via a subsidiary. The majority of these investments are unconsolidated structured entities as defined in IFRS 12.
    The Company holds interests in closed-ended limited partnerships which invest in underlying companies for the purposes of capital appreciation. The Company and the other limited partners make commitments to finance the investment programme of the relevant manager, who will typically draw down the amount committed by the limited partners over a period of four to six years (see note 16).

    The table below disaggregates the Company’s interests in unconsolidated structured entities. The table presents for each category the related balances and the maximum exposure to loss.

      Unquoted investments
    £’000    		 Co-investment Incentive Scheme accrual
    £’000    		 Maximum loss exposure
    £’000
    As at 31 January 2025 1,523,459 (53,910) 1,469,549
    As at 31 January 2024 1,350,821 (54,439) 1,296,382

    Further details of the Company’s investment Portfolio are included in the Portfolio dashboard on page 16.

    10 INVESTMENTS

    The tables below analyse the movement in the carrying value of the Company’s investment assets in the year. In accordance with accounting standards, subsidiary undertakings of the Company are reported at fair value rather than on a ‘look-through’ basis.

    An investee fund is considered to generate realised gains or losses if it is more than 85% drawn and has returned at least the amount invested by the Company. All gains and losses arising from the underlying investments of such funds are presented as realised. All gains and losses in respect of fund investments that have not satisfied the above criteria are presented as unrealised.

    Direct Investments are considered to generate realised gains or losses when they are sold.

    Investments are held by both the Company and through its subsidiaries.

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

      Quoted Unquoted Subsidiary undertakings Total
      £’000 £’000 £’000 £’000
    Cost at 1 February 2024 — 179,528 300,114 479,642
    Unrealised appreciation at 1 February 2024 — 80,768 735,972 816,740
    Valuation at 1 February 2024 — 260,296 1,036,086 1,296,382
    Movements in the year:        
    Purchases — 34,144 151,292 185,436
    Sales        
    – capital proceeds   (20,214) (125,769) (145,983)
    – realised gains/(losses) based on carrying value at previous balance sheet date   1,530   1,530
    Movement in unrealised appreciation   29,473 102,711 132,184
    Valuation at 31 January 2025 — 305,229 1,164,320 1,469,549
    Cost at 31 January 2025 — 193,458 325,637 519,095
    Unrealised appreciation/ (depreciation) at 31 January 2025 — 111,771 838,683 950,454
    Valuation at 31 January 2025 — 305,229 1,164,320 1,469,549
     
      Quoted Unquoted Subsidiary undertakings Total
      £’000 £’000 £’000 £’000
    Cost at 1 February 2023 — 195,104 378,426 573,530
    Unrealised appreciation at 1 February 2023 — 74,074 701,471 775,545
    Valuation at 1 February 2023 — 269,178 1,079,897 1,349,075
    Movements in the year:        
    Purchases — 25,181 116,988 142,169
    Sales        
    – capital proceeds   (40,757) (195,300) (236,057)
    – realised gains/(losses) based on carrying value at previous balance sheet date   (1,044)   (1,044)
    Movement in unrealised appreciation   7,739 34,500 42,239
    Valuation at 31 January 2023 — 260,296 1,036,086 1,296,382
    Cost at 31 January 2024 — 179,528 300,114 479,642
    Unrealised appreciation/ (depreciation) at 31 January 2024 — 80,768 735,972 816,740
    Valuation at 31 January 2024 — 260,296 1,036,086 1,296,382

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

      31 January 2025 31 January 2024
      £’000 £’000
    Realised gains/loss based on cost 1,530 (1,044)
    Amounts recognised as unrealised in previous years — —
    Realised gains based on carrying values at previous balance sheet date 1,530 (1,044)
    Increase in unrealised appreciation 132,184 42,239
    Gains on investments 133,714 41,195

    ‘Realised gains based on cost’ represents the total increase in value, compared to cost, of those funds which meet the criteria set out in page 42. These gains are adjusted for amounts previously reported as unrealised (and included within the fair value at the previous balance sheet date) to determine the ‘Realised gains based on carrying values at previous balance sheet date’.

    Gains on investments includes the ‘Realised gains based on carrying values at previous balance sheet date’ together with the net fair value movement on the balance of the investee funds.

    Related undertakings

    At 31 January 2025, the Company held direct and indirect interests in six limited partnership subsidiaries. These interests, net of the incentive accrual as described in note 9, were:

    Investment 31 January 2025
    %    		 31 January 2024
    %
    ICG Enterprise Trust Limited Partnership 99.9% 99.9%
    ICG Enterprise Trust (2) Limited Partnership 66.5% 66.5%
    ICG Enterprise Trust Co-investment Limited Partnership 66.0% 66.0%
    ICG Enterprise Holdings LP 99.5% 99.5%
    ICG Morse Partnership LP 99.5% 99.5%
    ICG Lewis Partnership LP 99.5% 99.5%

    The registered address and principal place of business of the subsidiary partnerships is Procession House, 55 Ludgate Hill, London EC4M 7JW.

    In addition the Company held an interest (including indirectly through its subsidiaries) of more than 20% in the following entities. These investments are not considered subsidiaries or associates as the Company does not exert control or have significant influence over the activities of these companies/partnerships.

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    As at 31 January 2025        
    Investment Instrument % interest1    
    Graphite Capital Partners VII Top Up Plus Limited partnership interests 20.0%    
    Graphite Capital Partners VIII Top Up Limited partnership interests 41.1%    
    ICG Velocity3 Limited partnership interests 32.5%    
             
    As at 31 January 2024        
    Investment Instrument % interest1    
    Graphite Capital Partners VII Top Up Plus2 Limited partnership interests 20.0%    
    Graphite Capital Partners VIII Top Up2 Limited partnership interests 41.1%    
    ICG Velocity3 Limited partnership interests 32.5%    
    1. The percentage shown for limited partnership interests represents the proportion of total commitments to the relevant fund. The percentage shown for shares represents the proportion of total shares in issue.
    2. Address of principal place of business is 7 Air Street, Soho, London W1B 5AD.
    3. Address of principal place of business is Procession House, 55 Ludgate Hill, London, EC4M 7JW.

    11 CASH AND CASH EQUIVALENTS

      31 January 2025 31 January 2024
      £’000 £’000
    Cash at bank and in hand 3,927 9,722

    12 PREPAYMENTS AND RECEIVABLES

      31 January 2025 31 January 2024
      £’000 £’000
    Prepayments and accrued income 2,018 2,258

    As at 31 January 2025, prepayments and accrued income included £2.0m (2024: £2.3m) of unamortised costs in relation to the bank facility. Of this amount £0.8m (2024: £0.5m) is expected to be amortised in less than one year.

    13 PAYABLES – CURRENT

      31 January 2025 31 January 2024
      £’000 £’000
    Accruals, including facility interest 11,171 5,139
    Bank facility drawn 131,931 20,000
    Payables 143,102 25,139

    Bank facility details are shown in the liquidity section of note 17 on page 52.

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    14 SHARE CAPITAL

      Authorised Issued and fully paid
        Nominal   Nominal
    Equity share capital Number £’000 Number £’000
    Balance at 31 January 2025 120,000,000 12,000 72,913,000 7,292
    Balance at 31 January 2024 120,000,000 12,000 72,913,000 7,292

    All ordinary shares have a nominal value of 10.0p. At 31 January 2025 and 31 January 2024, 72,913,000 shares had been allocated, called up and fully paid. During the year 2,932,675 shares were bought back in the market and held in treasury (2024: 1,130,708 shares). At 31 January 2025, the Company held 8,640,808 shares in treasury (2024: 5,708,133) and had 64,272,192 (2024: 67,204,867) shares outstanding, all of which have equal voting rights.

      31 January 2025 31 January 2024
    Shares held in treasury 8,640,808 5,708,133
    Shares not held in treasury 64,272,192 67,204,867
    Total 72,913,000 72,913,000

    15 NET ASSET VALUE PER SHARE

    The net asset value per share is calculated on equity attributable to equity holders of £1,332.4m (2024: £1,283.2m) and on 67,272,192 (2024: 67,204,867) ordinary shares in issue at the year end. There were no potentially dilutive shares, such as options or warrants, at either year end. Calculated on both the basic and diluted basis the net asset value per share was 2,072.9p (2024: 1,909.4p).

    16 CAPITAL COMMITMENTS AND CONTINGENCIES

    The Company and its subsidiaries had uncalled commitments in relation to the following Portfolio investments:

      31 January
    2025
    £’000    		 31 January
    2024
    £’000
    ICG LP Secondaries Fund I LP 41,146 34,811
    ICG Strategic Equity V2 36,868 19,704
    ICG Europe Mid-Market Fund II1 19,245 21,316
    ICG Augusta Partners Co-Investor2 17,775 17,365
    ICG Strategic Secondaries Fund II2 16,938 16,547
    ICG Europe VIII1 14,339 25,901
    ICG Ludgate Hill (Feeder B) SCSp1 13,591 13,860
    ICG Strategic Equity Fund III2 11,201 10,942
    ICG MXV Co-Investment 8,361 —
    ICG Strategic Equity IV2 7,055 10,385
    ICG Europe VII1 6,082 6,541
    ICG Ludgate Hill (Feeder) IIIA Porsche SCSp2 5,691 4,652
    ICG Europe Mid-Market Fund1 5,524 5,476
    ICG Ludgate Hill (Feeder) II Boston SCSp2 5,392 5,267
    ICG Asia Pacific Fund III2 2,523 2,634
    ICG Europe VI1 4,013 4,311
    ICG North American Private Debt Fund II2 2,097 1,682
    ICG Colombe Co-investment1 1,811 2,378
    ICG Dallas Co-Investment2 1,240 1,280
    Commitments of less than £1,000,000 at 31 January 2025 5,746 5,991
    Total ICG 226,638 211,043
    Graphite Capital Partners IX 2,281 4,525
    Graphite Capital Partners VIII1 4,124 2,194
    Graphite Capital Partners VII1,2 456 456
    Total Graphite funds 6,861 7,175

    1.Includes interest acquired through a secondary fund purchase.

    2.Includes the associated Top Up funds.

      31 January
    2025
    £’000    		 31 January
    2024
    £’000
    Leeds VIII-A 16,135 —
    Bowmark VII 15,000 15,000
    New Mountain VII 14,299 15,763
    PAI Europe VIII 12,356 20,900
    Thoma Bravo XVI-A 12,101 —
    Investindustrial VIII 12,009 —
    Cinven VIII 11,748 12,789
    CVC IX A 10,546 12,789
    Bain VI 9,939 11,319
    CDR XII 8,908 11,822
    The Resolute Fund VI 8,577 11,822
    Hellman Friedman XI (Parallel) 8,067 7,881
    Advent International X-A 8,039 10,849
    Bregal Unternehmerkapital IV-A 7,762 8,526
    Green Equity Investors Side IX 7,618 15,611
    Permira VIII 7,618 9,356
    Genstar Capital Partners XI (EU) 7,455 7,850
    Apax XI EUR 6,860 8,383
    Gridiron V 6,578 9,008
    Oak Hill VI (Offshore) 5,034 —
    Investindustrial VII 4,895 4,219
    Audax Private Equity VII-B 4,546 5,830
    Integrum I 4,052 5,715
    American Securities IX 4,034 —
    Thomas H Lee Equity Fund IX 3,998 6,762
    PAI Mid-Market Fund 3,764 4,963
    BC XI 3,710 4,900
    Bowmark VI 3,357 1,357
    Hg Genesis X 3,326 3,469
    Ivanti 2,979 2,910
    Valeas Capital Partners I A 2,973 —
    CVC VII 2,944 —
    PAI VII 2,430 2,872
    GHO Capital III 2,257 2,617
    Bain XIII 2,247 2,739
    Audiotonix 2,243 —
    Bain Tech Opportunities II 2,239 2,276
    Tailwind III 2,203 1,517
    Ambassador Theatre Group 2,056 2,049
    Thomas H Lee Equity Fund VIII 1,940 2,011
    Thoma Bravo XV 1,901 2,648
    Hg Saturn III 1,840 2,714
    Seventh Cinven Fund 1,812 2,929
    GI Partners VI-A 1,789 2,168
    Charlesbank X 1,685 3,543
    Apax X 1,677 1,442
    Hellman Friedman X 1,631 2,194
    Bregal Unternehmerkapital III 1,575 2,113
    Carlyle Europe Partners V 1,553 2,243
    Resolute V 1,363 855
    FSN VI 1,303 2,946
    Gridiron III 1,289 4,080
    AEA VII 1,243 464
    Resolute 02 Continuation (SEC 1) 1,145 9,893
    CVC European Equity Partners VIII 512 3,402
    New Mountain VI 498 2,276
    European Camping Group 2 399 1,474
    Leeds VII 317 3,581
    Commitments of less than £2,000,000 at 31 January 2025 62,785 36,908
    Total third party 319,687 333,747
    Total commitments 553,186 551,965

    The Company and its subsidiaries had no other unfunded commitments to investment funds. Commitments made by the Company and its subsidiaries are irrevocable.

    As at 31 January 2025, the Company (excluding its subsidiaries) had uncalled commitments in relation to the above Portfolio of £114.3m (2024: £98.1m). The Company did not have any contingent liabilities at 31 January 2025 (2024: None).

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    The Company’s subsidiaries, which are not consolidated, had the balance of uncalled commitments in relation to the above Portfolio of £438.9m (2024: £453.9m). The Company is responsible for financing its pro-rata share of those uncalled commitments (see note 9).

    17 FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

    The Company is an investment company as defined by Section 833 of the Companies Act 2006 and conducts its affairs so as to qualify as an investment trust under the provisions of Section 1158 of the Corporation Tax Act 2010 (‘Section 1158’). The Company’s objective is to provide long-term growth by investing in private companies managed by leading private equity managers.

    Investments in funds have anticipated lives of approximately 10 years. Direct Investments are made with an anticipated holding period of between three and five years.

    Financial risk management

    The Company’s activities expose it to a variety of financial risks: market risk (comprising currency risk, interest rate risk and price risk), investment risk, credit risk and liquidity risk. The Company’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Company’s financial performance. The Board has overall responsibility for managing the risks and the framework for monitoring and coordinating these risks. The Audit Committee regularly reviews, identifies and evaluates the risks taken by the Company to allow them to be appropriately managed. All of the Company’s management functions are delegated to the Manager which has its own internal control and risk monitoring arrangements. The Committee makes a regular assessment of these arrangements, with reference to the Company’s risk matrix. The Company’s financial risk management objectives and processes used to manage these risks have not changed from the previous period and the policies are set out below:

    Market risk
    (i) Currency risk

    The Company’s investments are principally in continental Europe, the US and the UK, and are primarily denominated in euro, US dollars and sterling. There are also smaller amounts in other European currencies. The Company’s investments in controlled structured entities are reported in Sterling. The Company is exposed to currency risk in that movements in the value of sterling against these foreign currencies will affect the net asset value and the cash required to fund undrawn commitments. The Board regularly reviews the level of foreign currency denominated assets and outstanding commitments in the context of current market conditions and may decide to buy or sell currency or put in place currency hedging arrangements. No hedging arrangements were in place during the financial year.

    The composition of the net assets of the Company by reporting currency at the year end is set out below:

      Sterling Euro USD Other Total
    31 January 2025 £’000 £’000 £’000 £’000 £’000
    Investments 1,201,166 81,755 186,623 5 1,469,549
    Cash and cash equivalents and other net current assets (139,168) 1,385 618 8 (137,157)
      1,061,998 83,140 187,241 13 1,332,392
               
      Sterling Euro USD Other Total
    31 January 2024 £’000 £’000 £’000 £’000 £’000
    Investments 1,068,115 81,164 146,881 222 1,296,382
    Cash and cash equivalents and other net current assets (21,553) 4,504 3,878 12 (13,159)
      1,046,562 85,668 150,759 234 1,283,223

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    On a look-through basis to the currency of the portfolio company, the effect of a 25% increase or decrease in the sterling value of the euro would be a fall of £71.3m and a rise of £65.1m in the value of shareholders’equity and on profit after tax at 31 January 2025 respectively (2024: a fall of £74m and a rise of £56.1m based on 25% increase or decrease).The effect of a 25% increase or decrease in the sterling value of the US dollar would be a fall of £158m and a rise of £152.1m in the value of shareholders’ equity and on profit after tax at 31 January 2025 respectively (2024: a fall of £141.9m and a rise of £124.4m based on 25% movement). The percentages applied are based on market volatility in exchange rates observed in prior periods.

    (ii) Interest rate risk

    The Company’s assets primarily comprise non-interest bearing investments in funds and non-interest bearing investments in portfolio companies. The fair values of these investments are not significantly directly affected by changes in interest rates. The Company’s net debt balance is exposed to interest rate risk; the financial impact of this risk is currently immaterial.

    The Company is indirectly exposed to interest rate risk through the impact of interest rates on the performance of investments in funds and portfolio companies as a result of interest rate changes impacting the underlying manager valuation. This performance impact as a result of interest rate risk is recognised through the valuation of those investments, which will be affected by the impact of any change in interest rates on the financial performance of the underlying portfolio companies and also on any valuation of those investments for sale. The Company is not able to quantify how a change in interest rates would impact valuations.

    (iii) Price risk

    The risk that the value of a financial instrument will change as a result of changes to market prices is one that is fundamental to the Company’s objective, which is to provide long-term capital growth through investment in unquoted companies. The investment Portfolio is continually monitored to ensure an appropriate balance of risk and reward in order to achieve the Company’s objective.

    The Company is exposed to the risk of change in value of its private equity investments. For all investments the market variable is deemed to be the price itself. The table below shows the impact of a 30% increase or decrease in the valuation of the investment Portfolio. The percentages applied are reasonable based on the Manager’s view of the potential for volatility in the Portfolio valuations under stressed conditions.

      31 January 2025 31 January 2024
      Increase in variable Decrease in variable Increase in variable Decrease in variable
      £’000 £’000 £’000 £’000
    30% (2024: 30%) movement in the price of investments        
    Impact on profit after tax 423,339 (370,568) 374,044 (320,217)

    A reasonably possible percentage change in relation to the earnings estimates or Enterprise Value/EBITDA multiples used by the underlying managers to value the private equity fund investments and co-investments may result in a significant change in the fair value of unquoted investments.

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    Investment and credit risk

    (i) Investment risk

    Investment risk is the risk that the financial performance of the companies in which the Company invests either improves or deteriorates, thereby affecting the value of that investment. Investments in unquoted companies whether indirectly or directly are, by their nature, subject to potential investment losses. The investment Portfolio is highly diversified in order to mitigate this risk.

    (ii) Credit risk

    The Company’s exposure to credit risk arises principally from its investment in cash deposits. The Company aims to invest the majority of its liquid portfolio in assets which have low credit risk. The Company’s policy is to limit exposure to any one investment to 15% of gross assets. This is regularly monitored by the Manager as a part of its cash management process.

    Cash is held on deposit with Royal Bank of Scotland (‘RBS’) and totalled £3.9m (2024: £9.7m). RBS currently has a credit rating of A1 from Moody’s. This represented the maximum exposure to credit risk at the balance sheet date. No collateral is held by the Company in respect of these amounts. None of the Company’s cash deposits or money market fund balances were past due or impaired at 31 January 2025 (2024: nil) and as a result of this, no ECL provision has been recorded.

    Liquidity risk

    The Company makes commitments to private equity funds in advance of that capital being invested, typically in illiquid, unquoted companies. These commitments are in excess of the Company’s total liquidity, therefore resulting in an overcommitment. When determining the appropriate level of overcommitment, the Board considers the rate at which commitments might be drawn down, typically over four to six years, versus the rate at which existing investments are sold and cash realised. The Company has an established liquidity management policy, which involves active monitoring and assessment of the Company’s liquidity position and its overcommitment risk. This is regularly reviewed by the Board and incorporated into the Board’s assessment of the viability of the Company. This process incorporates balance sheet and cash flow projections, including scenarios with varying levels of Portfolio gains and losses, fund drawdowns and realisations, availability of the credit facility, exchange rates, and possible remedial action that the Company could undertake if required in the event of significant Portfolio declines.

    At the year end, the Company had cash and cash equivalents totalling £3.9m and had access to committed bank facilities of €300m maturing in May 2028, which is a multi-currency revolving credit facility provided by SMBC and Lloyds. The key terms of the facility are:

    • Upfront cost: 120bps.
    • Non-utilisation fees: 115bps per annum.
    • Margin on drawn amounts: 300bps per annum.

    As at 31 January 2025 the Company’s total financial liabilities amounted to £143.1m (2024: £25.1m) of payables which were due in less than one year, which includes accrued balances payable in respect of the credit facility above.

    Movement in financial liabilities arising from financing activities

    The following tables sets out the movements in total liabilities held at amortised cost arising from financing activities undertaken during the year.

      2025 2024
      £’000 £’000
    At 1 February 2024 22,062 67,700
    Proceeds from borrowings 139,762 128,109
    Repayment of long term borrowings (27,831) (174,954)
    Change in capitalisation of bank facility fees 782 1,206
    At 31 January 2025 134,775 22,061
         

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    Capital risk management

    The Company’s capital is represented by its net assets, which are managed to achieve the Company’s investment objective. As at the year end, the Company had net debt of £135.9m (2024: £10.3m).

    The Board can manage the capital structure directly since it has taken the powers, which it is seeking to renew, to issue and buy back shares and it also determines dividend payments. The Company is subject to externally imposed capital requirements with respect to the obligation and ability to pay dividends by Section 1159 of the Corporation Tax Act 2010 and by the Companies Act 2006, respectively. Total equity at 31 January 2025, the composition of which is shown on the balance sheet, was £1,332.4m (2024: £1,283.2m).

    Fair values estimation
    IFRS 13 requires disclosure of fair value measurements of financial instruments categorised according to the following fair value measurement hierarchy:

    • Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).
    • Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2).
    • Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).

    The valuation techniques applied to level 3 assets are described in note 1(c) of the financial statements. No investments were categorised as level 1 or level 2.

    The Company’s policy is to recognise transfers into and transfers out of fair value hierarchy levels at the end of the reporting year when they are deemed to occur.

    The sensitivity of the Company’s investments to a change in value is discussed on page 51.

    The following table presents the assets that are measured at fair value at 31 January 2025 and 31 January 2024:

    31 January 2025        
    Level 1 Level 2 Level 3 Total
    £’000 £’000 £’000 £’000
    Investments held at fair value        
    Unquoted investments – indirect — — 150,987 150,987
    Unquoted investments – direct — — 154,242 154,242
    Quoted investments – direct — — — —
    Subsidiary undertakings — — 1,164,320 1,164,320
    Total investments held at fair value — — 1,469,549 1,469,549
    31 January 2024        
    Level 1 Level 2 Level 3 Total
    £’000 £’000 £’000 £’000
    Investments held at fair value        
    Unquoted investments – indirect — — 136,473 136,473
    Unquoted investments – direct — — 123,823 123,823
    Quoted investments – direct — — — —
    Subsidiary undertakings — — 1,036,085 1,036,085
    Total investments held at fair value — — 1,296,381 1,296,381

    All unquoted and quoted investments are valued at fair value in accordance with IFRS 13. The Company has no quoted investments as at 31 January 2025; quoted investments held by subsidiary undertakings are reported within Level 3.

    Investments in Level 3 securities are in respect of private equity fund investments and co-investments. These are held at fair value and are calculated using valuations provided by the underlying manager of the investment, with adjustments made to the statements to take account of cash flow events occurring after the date of the manager’s valuation, such as realisations or liquidity adjustments.

    The following tables present the changes in Level 3 instruments for the year to 31 January 2025 and 31 January 2024.

    31 January 2025 Unquoted investments (indirect) at fair value through profit or loss
    £’000    		 Unquoted investments (direct) at fair value through profit or loss
    £’000    		 Subsidiary undertakings
    £’000    		 Total
    £’000
    Opening balances 136,473 123,823 1,036,086 1,296,382
    Additions 18,124 16,020 151,292 185,436
    Disposals (16,076) (4,138) (125,769) (145,983)
    Gains and losses recognised in profit or loss 14,524 16,479 102,711 133,714
    Closing balance 153,045 152,184 1,164,320 1,469,549
    31 January 2024 Unquoted investments (indirect) at fair value through profit or loss
    £’000    		 Unquoted investments (direct) at fair value through profit or loss
    £’000    		 Subsidiary undertakings
    £’000    		 Total
    £’000
    Opening balances 158,896 110,282 1,079,897 1,349,075
    Additions 14,933 10,248 116,988 142,169
    Disposals (37,167) (3,590) (195,300) (236,057)
    Gains and losses recognised in profit or loss (188) 6,883 34,500 41,194
    Closing balance 136,474 123,823 1,036,085 1,296,381

    18 RELATED PARTY TRANSACTIONS

    Significant transactions between the Company and its subsidiaries are shown below:

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

    Subsidiary Nature of transaction Year ended
    31 January
    2025
    £’000    		 Year ended
    31 January
    2024
    £’000
    ICG Enterprise Trust Limited Partnership Increase in amounts owed to subsidiaries — —
      (Decrease) in amounts owed by subsidiaries (8,689) (102)
      Income allocated — —
    ICG Enterprise Trust (2) Limited Partnership Increase in amounts owed to subsidiaries (2,956) 11,420
      (Decrease) in amounts owed by subsidiaries — —
      Income allocated (169) 151
    ICG Enterprise Trust Co-investment LP Increase in amounts owed by subsidiaries 33,229 (10,416)
      Income allocated 2,127 6,681
    ICG Enterprise Holdings LP Increase in amounts owed to subsidiaries — (45,725)
      Income allocated 4,224 6,819
    ICG Morse Partnership LP Increase in amounts owed by subsidiaries — (14,513)
      Decrease in amounts owed to subsidiaries — —
      Income allocated — —
    ICG Lewis Partnership LP (Decrease) in amounts owed by subsidiaries 687 1,820
      Increase in amounts owed by subsidiaries — —
      Income allocated — —

    ICG Enterprise Trust Limited Partnership transferred its remaining assets to ICG Enterprise Trust PLC during the year ended 31 January 2025. It will be dissolved during the year ended 31 January 2026 and will cease to be a subsidiary at that time.

    For the purpose of IAS 24 Related Party Disclosures, key management personnel comprised the Board of Directors.

    Remuneration in the year (audited) Fees Expenses Total
    Name 2025
    £’000    		 2024
    £’000    		 2025
    £’000    		 2024
    £’000    		 2025
    £’000    		 2024
    £’000
    Jane Tufnell 74 71   — 74 71
    Alastair Bruce 60 58 — — 60 58
    David Warnock 59 46   — 59 46
    Gerhard Fusenig 48 46 3 2 51 49
    Adiba Ighodaro 48 46 — — 48 46
    Janine Nicholls 48 46 — — 48 46
    Total 337 313 3 2 340 316

    Amounts owed by/to subsidiaries represent the Company’s loan account balances with those entities, to which the Company’s share of drawdowns and distributions in respect of those entities are credited and debited respectively.

    NOTES TO THE FINANCIAL STATEMENTS CONTINUED

      Amounts owed by subsidiaries Amounts owed to subsidiaries
    Subsidiary 31 January 2025 £’000 31 January 2024 £’000 31 January 2025 £’000 31 January 2024 £’000
    ICG Enterprise Trust Limited Partnership — — (492) 8,197
    ICG Enterprise Trust (2) Limited Partnership — — 31,372 34,328
    ICG Enterprise Trust Co-Investment LP 273,555 240,326 — —
    ICG Enterprise Holdings LP — — — —
    ICG Morse Partnership LP — — — —
    ICG Lewis Partnership LP 8,569 7,881 — —

    The Company and its subsidiaries’ total shares in funds and co-investments managed by the Company’s Manager are:

      Year ended 31 January 2025 Year ended 31 January 2024
    Fund/Co-investment Remaining
    commitment
    £’000    		 Fair value investment
    £’000    		 Remaining
    commitment
    £’000    		 Fair value investment
    £’000
    ICG MXV Co-Investment 8,361 32,728 217 31,658
    ICG Strategic Equity Fund III 10,727 31,043 10,942 39,374
    ICG Europe VII 6,082 30,721 6,541 35,021
    ICG Ludgate Hill (Feeder B) SCSp 13,591 23,814 13,860 24,366
    ICG Europe VIII 14,339 23,640 25,901 10,746
    ICG Augusta Partners Co-Investor 17,775 20,469 17,365 15,533
    ICG Ludgate Hill (Feeder) III A Porsche SCSp 5,691 17,995 4,652 21,104
    ICG Newton Co-Investment 393 17,808 393 17,909
    ICG Progress Co-Investment 421 17,265 577 15,156
    ICG Vanadium Co-Investment 246 16,180 251 14,209
    ICG Ludgate Hill (Feeder) II Boston SCSp 5,392 16,030 5,267 14,721
    ICG Match Co-Investment 132 15,253 129 15,403
    ICG Colombe Co-investment 1,810 13,795 1,678 12,221
    ICG Europe Mid-Market Fund 5,524 13,494 5,476 13,819
    ICG LP Secondaries Fund I LP 41,146 12,175 34,811 21,980
    ICG Cheetah Co-Investment 635 11,123 669 11,570
    CX VIII Co-Investment 167 9,076 171 8,996
    ICG Asia Pacific Fund III 2,523 8,706 2,634 8,436
    ICG Dallas Co-Investment 1,240 8,172 1,280 8,245
    ICG Strategic Equity V 36,868 7,101 19,704 895
    ICG Strategic Equity IV 7,055 32,851 10,385 28,029
    ICG Sunrise Co-Investment 75 5,840 76 5,402
    ICG Crown Co-Investment 96 5,492 122 4,817
    ICG Recovery Fund 2008 B1 846 4,954 862 4,545
    ICG Strategic Secondaries Fund II 16,938 4,853 16,547 10,052
    ICG Holiday Co-Investor I 286 3,748 285 2,655
    ICG North American Private Debt Fund II 2,097 3,061 1,682 5,467
    ICG Europe VI 4,013 2,814 4,311 5,719
    ICG Holiday Co-Investor II 199 2,775 197 1,966
    ICG Europe Mid-Market II 19,245 1,534 21,316 (263)
    ICG Europe V 545 757 555 808
    ICG Cross Border 182 273 178 5,555
    ICG Diocle Co-Investment 145 81 148 98
    ICG Velocity Partners Co-Investor 650 18 635 —
    ICG European Fund 2006 B1 480 15 489 28
    ICG Topvita Co-Investment 687 — 700 —
    ICG Trio Co-Investment 36 — 37 7,988
    Ambassador Theatre Group — — — 14,177
    Total 226,638 415,652 211,043 438,410

    At the balance sheet date the Company has fully funded its share of capital calls due to ICG-managed funds in which it is invested.

    19 Post balance sheet events

    On 2 April 2025, the Company announced the completion of a secondary sale of primary fund interests generating £62m net proceeds and releasing undrawn commitments of £10m. On 30 April 2025 the Company cancelled its Treasury shares (see note 14). 9,358,808 shares were cancelled.

    GLOSSARY

    Term Short form Definition
    Alternative Performance Measures APMs Alternative Performance Measures are a term defined by the European Securities and Markets Authority as “financial measures of historical or future performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework”.

    APMs are used in this report if considered by the Board and the Manager to be the most relevant basis for shareholders in assessing the overall performance of the Company and for comparing the performance of the Company to its peers, taking into account industry practice.

    Definitions and reconciliations to IFRS measures are provided in the main body of the report or in this Glossary, where appropriate.
    Buyback impact on NAV per Share   Buyback impact on NAV per Share is calculated by comparing the NAV per Share with an adjusted NAV per Share as follows:
      Year ended
    31 January 2025    		 Since inception (Oct. 22)  
    Opening number of shares 67,190,867 68,523,055 A
    Number of shares bought back in period 2,912,675 4,244,863  
    Closing number of shares 64,278,192 64,278,192 B
    31 January 2025 NAV £1,332m £1,332m C
    Add back cash invested in buybacks £36m £51m  
    31 January 2025 NAV + cash invested in buybacks £1,368m £1,383m D
    31 January 2025 NAV per Share 2,072.9p 2,072.9p E (C/B)
    Pro forma NAV per share excluding buybacks 2,036.4p 2,018.8p F (D/A)
    Impact of buybacks 36.5p 54.1p G (E-F)
    NAV per Share accretion
    from buybacks    		 1.8% 2.7% G/F
    Note: scenario excluding buyback does not include any cash impact of dividends that would have been paid to holders of those shares had the buyback not been undertaken
    Carried Interest   Carried interest is equivalent to a performance fee. This represents a share of the profits that will accrue to the underlying private equity managers, after achievement of an agreed Preferred Return.
    Cash drag   Cash drag is the negative impact on performance arising as a result of the allocation of a portion of the entity’s assets to cash.
    Co-investment   Co-investment is a Direct Investment in a company alongside a private equity fund.
    Co-investment Incentive Scheme Accrual   Co-investment Incentive Scheme Accrual represents the estimated value of interests in the Co-investment Incentive Scheme operated by the subsidiary partnerships of the Company.
    Commitment   Commitment represents the amount of capital that each investor agrees to contribute to a fund or a specific investment.
    Compound Annual Growth Rate CAGR The rate of return that would be required for an investment to grow from its beginning balance to its ending balance, assuming the profits were reinvested at the end of each period of the investment’s life span.
    Deployment   Please see ‘Total new investment’.
    Direct Investment   An investment in a portfolio company held directly, not through a private equity fund. Direct Investments are typically co-investments with a private equity fund.
    Discount   Discount arises when the Company’s shares trade at a price below the Company’s NAV per Share. In this circumstance, the price that an investor pays or receives for a share would be less than the value attributable to it by reference to the underlying assets. The Discount is the difference between the share price and the NAV, expressed as a percentage of the NAV. For example, if the NAV was 100p and the share price was 90p, the Discount would be 10%.
    Drawdowns   Drawdowns are amounts invested by the Company when called by underlying managers in respect of an existing Commitment.
    EBITDA   Stands for earnings before interest, tax, depreciation and amortisation, which is a widely used profitability measure in the private equity industry.
    Enlarged Perimeter   The aggregate Portfolio value of the Top 30 Companies and as many of the managers from within the Top 30 funds as practicable.
    Enterprise Value EV Enterprise Value is the aggregate value of a company’s entire issued share capital and Net Debt.
    Exclusion List   The Exclusion List defines the business activities which are excluded from investment.
    FTSE All-Share Index Total Return   The change in the level of the FTSE All-Share Index, assuming that dividends are re-invested on the day that they are paid.
    Full Exits   Full Exits are exit events (e.g., trade sale, sale by public offering, or sale to a financial buyer) following which the residual exposure to an underlying company is zero or immaterial; this does not include Fund Disposals. See ‘Fund Disposals’.
    Fund Disposals   Fund Disposals are where the Company receives sales proceeds from the full or partial sale of a fund position within the secondary market.
    General Partner GP The General Partner is the entity managing a private equity fund. This is commonly referred to as the manager.
    Hedging   Hedging is an investment technique designed to offset a potential loss on one investment by purchasing a second investment that is expected to perform in the opposite way.
    Initial Public Offering IPO An Initial Public Offering is an offering by a company of its share capital to the public with a view to seeking an admission of its shares to a recognised stock exchange.
    Internal Rate of Return IRR Internal Rate of Return is a measure of the rate of return received by an investor in a fund. It is calculated from cash drawn from and returned to the investor, together with the residual value of the investment.
    Investment Period   Investment Period is the period in which funds are able to make new investments under the terms of their fund agreements, typically up to five years after the initial Commitment.
    Last Twelve Months LTM Last Twelve Months refers to the timeframe of the immediately preceding 12 months in reference to financial metrics used to evaluate the Company’s performance.
    Limited Partner LP The Limited Partner is an institution or individual who commits capital to a private equity fund established as a Limited Partnership. These funds are generally protected from legal actions and any losses beyond the original investment.
    Limited Partnership   A Limited Partnership includes one or more General Partners, who have responsibility for managing the business of the partnership and have unlimited liability, and one or more Limited Partners, who do not participate in the operation of the partnership and whose liability is ordinarily capped at their capital and loan contribution to the partnership. In typical fund structures, the General Partner receives a priority share ahead of distributions to Limited Partners.
    Net Asset Value per Share NAV per Share Net Asset Value per Share is the value of the Company’s net assets attributable to one Ordinary share. It is calculated by dividing ‘shareholders’ funds’ by the total number of ordinary shares in issue. Shareholders’ funds are calculated by deducting current and long-term liabilities, and any provision for liabilities and charges, from the Company’s total assets.
    Net Debt   Net Debt is calculated as the total short-term and long-term debt in a business, less cash and cash equivalents.
    Ongoing charges   Ongoing Charges are calculated in line with guidance issued by the Association of Investment Companies (‘AIC’) and capture management fees and expenses, excluding finance costs, incurred at the Company level only. The calculation does not include the expenses and management fees incurred by any underlying funds.
        31 January 2025 Total per income statement
    £’000    		 Amount excluded from AIC Ongoing Charges
    £’000    		 Included Ongoing Charges
    £000
        Management fees 16,175 — 16,175
        General expenses 1,500 165 1,665
        Finance costs 9,354 (9,354) —
        Total 27,029 (9,189) 17,840
        Total Ongoing Charges 17,840
        Average NAV 1,294,186
        Ongoing Charges as % of NAV 1.38%
               
        31 January 2024 Total per income statement
    £’000    		 Amount excluded from AIC Ongoing Charges
    £’000    		 Included Ongoing Charges
    £000
        Management fees 16,148 — 16,148
        General expenses 1,773 (209) 1,564
        Finance costs 8,152 (8,152) —
        Total 26,073 (8,362) 17,712
        Total Ongoing Charges 17,712
        Average NAV 1,291,759
        Ongoing Charges as % of NAV 1.37%
        Included within General expenses above are £(0.2)m (credit) (2024: £0.2m) of other expenses which are non-recurring and are excluded from the Ongoing Charges.
    Other Net Liabilities   Other Net Liabilities at the aggregated Company level represent net other liabilities per the Company’s balance sheet. Net other liabilities per the balance sheet of the subsidiaries include amounts payable under the Co-investment Incentive Scheme Accrual.
    Overcommitment   Overcommitment refers to where private equity fund investors make Commitments exceeding the amount of liquidity immediately available for investment. When determining the appropriate level of Overcommitment, careful consideration needs to be given to the rate at which Commitments might be drawn down, and the rate at which realisations will generate cash from the existing Portfolio to fund new investment.
    Portfolio   Portfolio represents the aggregate of the investment Portfolios of the Company and of its subsidiary Limited Partnerships. This APM is consistent with the commentary in previous annual and interim reports. The Board and the Manager consider that disclosing our Portfolio assists shareholders in understanding the value and performance of the underlying investments selected by the Manager. It is shown before the Co-investment Incentive Scheme Accrual to avoid being distorted by certain funds and Direct Investments on which ICG Enterprise Trust Plc does not incur these costs (for example, on funds managed by ICG plc). Portfolio is related to the NAV, which is the value attributed to our shareholders, and which also incorporates the Co-investment Incentive Scheme Accrual as well as the value of cash and debt retained on our balance sheet.

    The value of the Portfolio at 31 January 2025 is £1,523.1m (31 January 2024: £1,349.0m).
        31 January 2025 £m IFRS Balance sheet fair value Net assets of subsidiary limited partnerships Co-investment Incentive Scheme Accrual Total Company and subsidiary Limited Partnership
        Investments1 1,469.5 (0.3) 53.9 1,523.1
        Cash 3.9 — — 3.9
        Other Net Liabilities (141.0) 0.3 (53.9) (194.6)
        Net assets 1,332.4 — — 1,332.4
                 
        31 January 2024 £m IFRS Balance sheet fair value Balances receivable from subsidiary Limited Partnerships Co-investment Incentive Scheme Accrual Total Company and subsidiary Limited Partnership
        Investments1 1,296.4 (1.9) 54.4 1,349.0
        Cash 9.7 — — 9.7
        Other Net Liabilities (22.9) 1.9 (54.4) (75.5)
        Net assets 1,283.2 — — 1,283.2
        1Investments as reported on the IFRS balance sheet at fair value comprise the total of assets held by the Company and the net asset value of the Company’s investments in the subsidiary Limited Partnerships.
    Portfolio Return on a Local Currency Basis   Portfolio Return on a Local Currency Basis represents the change in the valuation of the Company’s Portfolio before the impact of currency movements and Co-investment Incentive Scheme Accrual. The Portfolio return of 10.2% is calculated as follows:
          £m 31 January 2025 31 January 2024
        Income, gains and losses on Investments   142.0 125.3
        Foreign exchange gains and losses included in gains and losses on investments   5.4 (38.6)
        Incentive accrual valuation movement   (9.3) (3.7)
        Total gains on Portfolio investments excluding impact of foreign exchange   138.1 83.1
        Opening Portfolio valuation   1,349.0 1,406.4
        Portfolio Return on a Local Currency Basis   10.2% 5.9%
                 
    Term Short form Definition
    Portfolio Company   Portfolio Company refers to an individual company in an investment portfolio.
    Primary   A Primary Investment is a Commitment to a private equity fund.
    Quoted Company   A Quoted Company is any company whose shares are listed or traded on a recognised stock exchange.
    Realisation Proceeds   Realisation Proceeds are amounts received in respect of underlying realisation activity from the Portfolio and exclude any inflows from the sale of fund positions via the secondary market.
    Realisations – Multiple to Cost   Realisations – Multiple to Cost is the average return from Full Exits from the Portfolio in the period on a primary investment basis, weighted by cost.
        £m   31 January 2025 31 January 2024
        Realisation Proceeds from Full Exits in the year-to-date   73.7 100.8
        Cost   35.9 28.8
        Average return Multiple to Cost   2.9x 3.5x
    Realisations – Uplift To Carrying Value   Realisations – Uplift To Carrying Value is the aggregate uplift on Full exits from the Portfolio in the period excluding publicly listed companies that were exited via sell downs of their shares.
        £m   31 January 2025 31 January 2024
        Realisation Proceeds from Full Exits in the year-to-date   73.7 100.8
        Prior Carrying Value (at previous quarterly valuation prior to exit)   62.0 89.2
        Realisations – Uplift To Carrying Value   19.0% 29.5%
    Secondary Investments   Secondary Investments occur when existing private equity fund interests and Commitments are purchased from an investor seeking liquidity.
    Share Price Total Return   Share Price Total Return is the change in the Company’s share price, assuming that dividends are re-invested on the day that they are paid.
    Total New Investment   Total New Investment is the total of direct Co-investment and fund investment Drawdowns in respect of the Portfolio. In accordance with IFRS 10, the Company’s subsidiaries are deemed to be investment entities and are included in subsidiary investments within the financial statements.

    Movements in the cash flow statement within the financial statements reconcile to the movement in the Portfolio as follows:
          £m 31 January 2025 31 January 2024
        Purchase of Portfolio investments per cash flow statement   34.1 25.2
        Purchase of Portfolio investments within subsidiary investments   152.2 111.6
        Return of cost/expenses   (4.9) 0.0
        Total New Investment   181.4 136.7
    Term Short form Definition        
    Total Proceeds   Total Proceeds are amounts received by the Company in respect of the Portfolio, which may be in the form of capital proceeds or income such as interest or dividends. In accordance with IFRS 10, the Company’s subsidiaries are deemed to be investment entities and are included in subsidiary investments within the financial statements.
        £m     31 January 2025 31 January 2024
        Sale of Portfolio investments per cash flow statement     20.0 40.6
        Sale of Portfolio investments, interest received, and dividends received within subsidiary investments     125.8 195.3
        Interest income per cash flow statement     0.5 1.7
        Dividend income per cash flow statement     0.5 0.8
        Other income per cash flow statement     0.1 —
        Return of invested cost     4.0 0.0
        Total Proceeds     150.8 238.6
        Fund Disposals     — (67.6)
        Realisation Proceeds     150.8 171.0
    Total Return   The change in the Company’s Net Asset Value per Share, assuming that dividends are re-invested at the end of the quarter in which the dividend was paid.
    Undrawn Commitments   Undrawn Commitments are Commitments that have not yet been drawn down (please see ‘Drawdowns’).
    Unquoted Company   An Unquoted Company is any company whose shares are not listed or traded on a recognised stock exchange.
    Valuation Date   The date of the valuation report issued by the underlying manager.

    The MIL Network –

  • MIL-OSI: VAALCO Energy, Inc. Declares Second Quarter 2025 Dividend

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, May 08, 2025 (GLOBE NEWSWIRE) — Vaalco Energy, Inc. (NYSE: EGY; LSE: EGY) (“Vaalco” or the “Company”) today announced that it declared its quarterly cash dividend of $0.0625 per share of common stock for the second quarter of 2025 ($0.25 annualized), which is payable on June 27, 2025, to stockholders of record at the close of business on May 23, 2025. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Board of Directors.

    George Maxwell, Vaalco’s Chief Executive Officer, commented, “We are pleased to announce our second quarter 2025 dividend, marking our 14th consecutive quarterly dividend. We have an active investment program underway and we are seeing volatility in commodity prices, but we remain committed to paying a sustainable, meaningful dividend to our shareholders.”

    About Vaalco

    Vaalco, founded in 1985 and incorporated under the laws of Delaware, is a Houston, Texas, USA based, independent energy company with a diverse portfolio of production, development and exploration assets across Gabon, Egypt, Cote d’Ivoire, Equatorial Guinea, Nigeria and Canada.

    For Further Information

       
    Vaalco Energy, Inc. (General and Investor Enquiries) +00 1 713 543 3422
    Website: www.vaalco.com
       
    Al Petrie Advisors (US Investor Relations) +00 1 713 543 3422
    Al Petrie / Chris Delange  
       
    Buchanan (UK Financial PR) +44 (0) 207 466 5000
    Ben Romney / Barry Archer VAALCO@buchanan.uk.com
       

    Forward Looking Statements

    This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created by those laws and other applicable laws and may also include “forward-looking information” within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”). Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. All statements other than statements of historical fact may be forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “forecast,” “outlook,” “aim,” “target,” “will,” “could,” “should,” “may,” “likely,” “plan” and “probably” or similar words may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release include, but are not limited to, statements relating to expectations of future dividends to stockholders. Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to: risks relating to any unforeseen liabilities of Vaalco; the ability to generate cash flows that, along with cash on hand, will be sufficient to support operations and cash requirements; risks relating to the timing and costs of completion for scheduled maintenance of the Floating Production Storage and Offloading vessel servicing the Baobab field; and the risks described under the caption “Risk Factors” in Vaalco’s 2024 Annual Report on Form 10-K filed with the SEC on March 17, 2025 and subsequent Quarterly Reports on Form 10-Q filed with the SEC.

    Dividends beyond the second quarter of 2025 have not yet been approved or declared by the Board of Directors. The declaration and payment of future dividends remain at the discretion of the Board of Directors and will be determined based on Vaalco’s financial results, balance sheet strength, cash and liquidity requirements, future prospects, crude oil and natural gas prices, and other factors deemed relevant by the Board of Directors. The Board of Directors reserves all powers related to the declaration and payment of dividends. Consequently, in determining the dividend to be declared and paid on Vaalco’s common stock, the Board of Directors may revise or terminate the payment level at any time without prior notice.

    Inside Information

    This announcement contains inside information as defined in Regulation (EU) No. 596/2014 on market abuse which is part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”) and is made in accordance with the Company’s obligations under article 17 of MAR. The person responsible for arranging the release of this announcement on behalf of Vaalco is Matthew Powers, Corporate Secretary of Vaalco.

    The MIL Network –

  • MIL-OSI: Aegon publishes agenda for 2025 Annual General Meeting

    Source: GlobeNewswire (MIL-OSI)

    The Hague, May 8, 2025 – Aegon has today published the agenda for its Annual General Meeting of Shareholders (AGM), scheduled for Thursday, June 12, 2025. The related meeting materials, including the agenda, are now available on our website.

    At the AGM, the Board of Directors will present the 2024 Annual Accounts and propose a final dividend of EUR 0.19 per common share. This brings the total dividend for 2024 to EUR 0.35 per common share. The agenda further includes several proposals concerning the composition of Aegon Ltd.’s Board of Directors, as announced on March 31, 2025. 

    The AGM will take place in Bermuda, in a hybrid manner. Shareholders can attend in person and virtually. The meeting will provide opportunities to ask questions in person, via live chat or video connection. Those not attending in person or virtually, can vote in advance.

    Aegon’s policy on hybrid shareholder meetings will apply. Full details on how to attend, participate, and vote are available here.

    Contacts


    About Aegon
    Aegon is an international financial services holding company. Aegon’s ambition is to build leading businesses that offer their customers investment, protection, and retirement solutions. Aegon’s portfolio of businesses includes fully owned businesses in the United States and United Kingdom, and a global asset manager. Aegon also creates value by combining its international expertise with strong local partners via insurance joint-ventures in Spain & Portugal, China, and Brazil, and via asset management partnerships in France and China. In addition, Aegon owns a Bermuda-based life insurer and generates value via a strategic shareholding in a market leading Dutch insurance and pensions company.

    Aegon’s purpose of helping people live their best lives runs through all its activities. As a leading global investor and employer, Aegon seeks to have a positive impact by addressing critical environmental and societal issues, with a focus on climate change and inclusion & diversity. Aegon is headquartered in The Hague, the Netherlands, domiciled in Bermuda, and listed on Euronext Amsterdam and the New York Stock Exchange. More information can be found at aegon.com.

    Forward-looking statements
    The statements contained in this document that are not historical facts are forward-looking statements as defined in the US Private Securities Litigation Reform Act of 1995. The following are words that identify such forward-looking statements: aim, believe, estimate, target, intend, may, expect, anticipate, predict, project, counting on, plan, continue, want, forecast, goal, should, would, could, is confident, will, and similar expressions as they relate to Aegon. These statements may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. In addition, any statements that refer to sustainability, environmental and social targets, commitments, goals, efforts and expectations and other events or circumstances that are partially dependent on future events are forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Aegon undertakes no obligation, and expressly disclaims any duty, to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which merely reflect company expectations at the time of writing. Actual results may differ materially and adversely from expectations conveyed in forward-looking statements due to changes caused by various risks and uncertainties. Such risks and uncertainties include but are not limited to the following:

    • Changes in general economic and/or governmental conditions, particularly in Bermuda, the United States, the United Kingdom and in relation to Aegon’s shareholding in ASR Nederland N.V. and asset management business, the Netherlands;
    • Civil unrest, (geo-) political tensions, military action or other instability in a countries or geographic regions that affect our operations or that affect global markets;
    • Changes in the performance of financial markets, including emerging markets, such as with regard to:         
      • The frequency and severity of defaults by issuers in Aegon’s fixed income investment portfolios;
      • The effects of corporate bankruptcies and/or accounting restatements on the financial markets and the resulting decline in the value of equity and debt securities Aegon holds;
      • The effects of declining creditworthiness of certain public sector securities and the resulting decline in the value of government exposure that Aegon holds;
      • The impact from volatility in credit, equity, and interest rates;
    • Changes in the performance of Aegon’s investment portfolio and decline in ratings of Aegon’s counterparties;
    • The effect of tariffs and potential trade wars on trading markets and on economic growth, globally and in the markets where Aegon operates.
    • Lowering of one or more of Aegon’s debt ratings issued by recognized rating organizations and the adverse impact such action may have on Aegon’s ability to raise capital and on its liquidity and financial condition;
    • Lowering of one or more of insurer financial strength ratings of Aegon’s insurance subsidiaries and the adverse impact such action may have on the written premium, policy retention, profitability and liquidity of its insurance subsidiaries;
    • The effect of applicable Bermuda solvency requirements, the European Union’s Solvency II requirements, and applicable equivalent solvency requirements and other regulations in other jurisdictions affecting the capital Aegon is required to maintain and our ability to pay dividends;
    • Changes in the European Commissions’ or European regulator’s position on the equivalence of the supervisory regime for insurance and reinsurance undertakings in force in Bermuda;
    • Changes affecting interest rate levels and low or rapidly changing interest rate levels;
    • Changes affecting currency exchange rates, in particular the EUR/USD and EUR/GBP exchange rates;
    • The effects of global inflation, or inflation in the markets where Aegon operates;
    • Changes in the availability of, and costs associated with, liquidity sources such as bank and capital markets funding, as well as conditions in the credit markets in general such as changes in borrower and counterparty creditworthiness;
    • Increasing levels of competition, particularly in the United States, the United Kingdom, emerging markets and in relation to Aegon’s shareholding in ASR Nederland N.V. and asset management business, the Netherlands;
    • Catastrophic events, either manmade or by nature, including by way of example acts of God, acts of terrorism, acts of war and pandemics, could result in material losses and significantly interrupt Aegon’s business;
    • The frequency and severity of insured loss events;
    • Changes affecting longevity, mortality, morbidity, persistence and other factors that may impact the profitability of Aegon’s insurance products and management of derivatives;
    • Aegon’s projected results are highly sensitive to complex mathematical models of financial markets, mortality, longevity, and other dynamic systems subject to shocks and unpredictable volatility. Should assumptions to these models later prove incorrect, or should errors in those models escape the controls in place to detect them, future performance will vary from projected results;
    • Reinsurers to whom Aegon has ceded significant underwriting risks may fail to meet their obligations;
    • Changes in customer behavior and public opinion in general related to, among other things, the type of products Aegon sells, including legal, regulatory or commercial necessity to meet changing customer expectations;
    • Customer responsiveness to both new products and distribution channels;
    • Third-party information used by us may prove to be inaccurate and change over time as methodologies and data availability and quality continue to evolve impacting our results and disclosures;
    • As Aegon’s operations support complex transactions and are highly dependent on the proper functioning of information technology, operational risks such as system disruptions or failures, security or data privacy breaches, cyberattacks, human error, failure to safeguard personally identifiable information, changes in operational practices or inadequate controls including with respect to third parties with which Aegon does business, may disrupt Aegon’s business, damage its reputation and adversely affect its results of operations, financial condition and cash flows;
    • Aegon’s failure to swiftly, effectively, and securely adapt and integrate emerging technologies;
    • The impact of acquisitions and divestitures, restructurings, product withdrawals and other unusual items, including Aegon’s ability to complete, or obtain regulatory approval for, acquisitions and divestitures, integrate acquisitions, and realize anticipated results from such transactions, and its ability to separate businesses as part of divestitures;
    • Aegon’s failure to achieve anticipated levels of earnings or operational efficiencies, as well as other management initiatives related to cost savings, Cash Capital at Holding, gross financial leverage and free cash flow;
    • Changes in the policies of central banks and/or governments;
    • Litigation or regulatory action that could require Aegon to pay significant damages or change the way Aegon does business;
    • Competitive, legal, regulatory, or tax changes that affect profitability, the distribution cost of or demand for Aegon’s products;
    • Consequences of an actual or potential break-up of the European Monetary Union in whole or in part, or further consequences of the exit of the United Kingdom from the European Union and potential consequences if other European Union countries leave the European Union;
    • Changes in laws and regulations, or the interpretation thereof by regulators and courts, including as a result of comprehensive reform or shifts away from multilateral approaches to regulation of global or national operations, particularly regarding those laws and regulations related to ESG matters, those affecting Aegon’s operations’ ability to hire and retain key personnel, taxation of Aegon companies, the products Aegon sells, the attractiveness of certain products to its consumers and Aegon’s intellectual property;
    • Regulatory changes relating to the pensions, investment, insurance industries and enforcing adjustments in the jurisdictions in which Aegon operates;
    • Standard setting initiatives of supranational standard setting bodies such as the Financial Stability Board and the International Association of Insurance Supervisors or changes to such standards that may have an impact on regional (such as EU), national (such as Bermuda) or US federal or state level financial regulation or the application thereof to Aegon;
    • Changes in accounting regulations and policies or a change by Aegon in applying such regulations and policies, voluntarily or otherwise, which may affect Aegon’s reported results, shareholders’ equity or regulatory capital adequacy levels;
    • The rapidly changing landscape for ESG responsibilities, leading to potential challenges by private parties and governmental authorities, and/or changes in ESG standards and requirements, including assumptions, methodology and materiality, or a change by Aegon in applying such standards and requirements, voluntarily or otherwise, may affect Aegon’s ability to meet evolving standards and requirements, or Aegon’s ability to meet its sustainability and ESG-related goals, or related public expectations, which may also negatively affect Aegon’s reputation or the reputation of its board of directors or its management;
    • Unexpected delays, difficulties, and expenses in executing against Aegon’s environmental, climate, or other ESG targets, goals and commitments, and changes in laws or regulations affecting us, such as changes in data privacy, environmental, health and safety laws; and
    • Reliance on third-party information in certain of Aegon’s disclosures, which may change over time as methodologies and data availability and quality continue to evolve. These factors, as well as any inaccuracies in third-party information used by Aegon, including in estimates or assumptions, may cause results to differ materially and adversely from statements, estimates, and beliefs made by Aegon or third-parties. Moreover, Aegon’s disclosures based on any standards may change due to revisions in framework requirements, availability of information, changes in its business or applicable governmental policies, or other factors, some of which may be beyond Aegon’s control. Additionally, Aegon’s discussion of various ESG and other sustainability issues in this document or in other locations, including on our corporate website, may be informed by the interests of various stakeholders, as well as various ESG standards, frameworks, and regulations (including for the measurement and assessment of underlying data). As such, our disclosures on such issues, including climate-related disclosures, may include information that is not necessarily “material” under US securities laws for SEC reporting purposes, even if we use words such as “material” or “materiality” in relation to those statements. ESG expectations continue to evolve, often quickly, including for matters outside of our control; our disclosures are inherently dependent on the methodology (including any related assumptions or estimates) and data used, and there can be no guarantee that such disclosures will necessarily reflect or be consistent with the preferred practices or interpretations of particular stakeholders, either currently or in future.

    Further details of potential risks and uncertainties affecting Aegon are described in its filings with the Netherlands Authority for the Financial Markets and the US Securities and Exchange Commission, including the 2024 Integrated Annual Report. These forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, Aegon expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Aegon’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

    Attachment

    The MIL Network –

  • MIL-OSI: Interim Reports Q1 2025 – Nykredit Realkredit Group

    Source: GlobeNewswire (MIL-OSI)

     
    To        Nasdaq Copenhagen A/S
    and the press
    8 May 2025

    Nykredit today announces its Q1 Interim Reports 2025 of:

    Nykredit A/S, CVR no 12 71 92 48
    Nykredit Realkredit A/S, CVR no 12 71 92 80

    Michael Rasmussen, Group Chief Executive, comments on the Q1 Interim Report 2025:

    • Today, we are pleased to present a highly satisfactory interim profit after tax of DKK 3,000 million. At the same time, we are raising our full-year guidance to a profit after tax of DKK 9.25-10.0 billion as a result of growth in all core business areas in the first three months of the year, including rising net interest and fee income. We continue to welcome new customers and have seen an increase in mortgage and bank lending to both personal and business customers. This has resulted in expanded market positions across the board.
    • The upgraded full-year profit guidance is also driven by a positive trend in investment portfolio income despite market turbulence. The strong performance also reflects the financial robustness of our customers, and impairment charges consequently remain low.
    • Totalkredit has concluded an agreement with the 41 Totalkredit partner banks to adjust the partnership agreement. We have future-proofed Totalkredit and our joint competitiveness, ensuring that we, with the KundeKroner discount programme, can continue offering Danish homeowners the best and cheapest home loans in most loan scenarios. Early in the year, we raised the KundeKroner discount to 0.25% from 0.20% for new as well as existing customers, making it cheaper once again for more than 900,000 homeowners to have a Totalkredit loan. We will do our utmost to continue investing in Totalkredit and our other important partnerships, collectively presenting the strongest possible front to customers and competing effectively in financial markets.
    • At the beginning of 2025, we launched a public tender offer to buy Spar Nord Bank. By combining our two banks, we aim to build a strong, customer-owned alternative to the largest listed banks in Denmark. Together, we will be firmly positioned for joint growth, prioritising decentralised decision-making and trusting relationships with our customers. We look forward to demonstrating to even more customers all the advantages of banking with a financial provider owned by its customers. Pending the Danish Competition and Consumer Authority’s approval of the combination, Nykredit and Spar Nord Bank will continue as two competing companies. We expect the acquisition to be completed in the first six months of 2025, after which we can proceed with the integration.
    • While we generally anticipate growth in our core business in 2025, we do not expect financial results to match our performance in 2024 that was our strongest ever. Results for the year are expected to be affected by increased geopolitical and trade policy tensions coupled with higher volatility in the financial markets. This creates uncertainty about the economic development and the potential impact on Nykredit’s operating conditions. We also anticipate falling interest rates, which will lower return on equity.

    Highlights from the Q1 Interim Report 2025:

    • Net interest and fee income increased by DKK 54 million in Q1 2025 compared to Q1 2024.
    • Totalkredit’s mortgage lending increased to DKK 921.8 billion at the end of March 2025 from DKK 879.7 billion at the end of March 2024.
    • Nykredit Bank’s lending after impairments went up to DKK 108.8 billion at the end of March 2025 from DKK 94.5 billion at the end of March 2024.
    • Income from Wealth Management grew to DKK 713 million in Q1 2025 from DKK 668 million in Q1 2024.
    • Nykredit maintained a very strong capital position with a Common Equity Tier 1 (CET1) capital ratio of 20.7%.
    • Nykredit’s cost/income ratio remained relatively low at 30.8% in Q1 2025.
    Nykredit Group Q1 Q1 Change
    DKK million 2025 2024  
    Net interest income 3,039 3,011 28
    Net fee income 754 728 26
    Wealth management income 713 668 45
    Net interest from capitalisation 345 597 -252
    Net income relating to customer benefits programmes (161) (135) -26
    Trading, investment portfolio and other income 744 1,143 -399
    Income 5,434 6,012 -578
    Costs 1,671 1,647 24
    Profit before impairment charges and legacy derivatives 3,763 4,365 -602
    Impairment charges for loans and advances 34 (53) 87
    Legacy derivatives 46 52 -6
    Profit before tax for the period 3,775 4,470 -695
    Tax 775 926 -151
    Profit for the period 3,000 3,544 -544

    Contact: For further comments, please contact Orhan Gökcen, Head of Press Relations, tel +45 31 21 06 39.

    Attachment

    The MIL Network –

  • MIL-OSI: CLIQ Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    CLIQ Reports First Quarter 2025 Results

    • Tough market conditions persist: €50m sales (-32%) and €4m EBITDA before special items (-31%)
    • €0.16 EPS resulting from €1m net profit
    • €14m net cash position (cf. €12m at year-end 2024)
    • Expected average lifetime value of a customer (LTV) down 14% year-on-year to €70 (1Q 2024: €81)
    • Number of paying customers declined to 0.8m per 31 March 2025 (31/03/2024: 1.1m)
    • Delisting still under consideration

    DÜSSELDORF, 8 May 2025 – The CLIQ Group publishes today its first quarter 2025 unaudited financial report, which is available on the Group’s website at https://cliqdigital.com/investors/financialreporting.

    Performance

    in millions of € 1Q
    2025    		 1Q
    2024    		 Δ
    North America 37 48 -24%
    Europe 9 18 -50%
    Latin America 4 4 4%
    ROW 1 3 -74%
    Sales 50 73 -32%
    Expected average lifetime value (LTV, in €) 70 81 -14%
    Total customer acquisition costs -15 -29 -49%
    EBITDA before special items 4 5 -31%
    EBITDA margin (before special items) 7% 7%  
    Profit for the period 1 0 n/a
    EPS (basic, in €) 0.16 0.02 n/a
    • Sales: In 1Q 2025, Group sales decreased by 32% against the prior year’s quarter to €50 million (1Q 2024: €73 million) mainly due to challenging market conditions. Year-on-year, sales in the first quarter in North America declined by 24% and in Europe by 50%; conversely, sales in Latin America increased by 4%. Quarter-on-quarter, Group sales increased by 4% as a result of the Group’s transformation programme “Fit For Future”.
    • Total customer acquisition costs: The total customer acquisition costs in 1Q 2025 amounted to €15 million (1Q 2024: €29 million) and were 49% lower against prior year’s first quarter. The 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: EBITDA before special items in 1Q 2025 decreased by 31% year-on-year to €4 million (1Q 2024: €5 million). However, the corresponding EBITDA margin stabilised at 7% (1Q 2024: 7%) as a result of (1) a reduction in customer acquisition costs paid for acquiring new subscribers and (2) lower operating expenses executed in line with the Group’s focus on profitability. During 1Q 2025, special items came in at €0.5 million and were related also to costs incurred from the “Fit For Future” transformation programme to restructure and optimise the Group’s operational and organisational structures (1Q 2024: €3.5 million).
    • Earnings per share: Basic EPS in 1Q 2025 increased year-on-year to €0.16 (1Q 2024: €0.02) on the back of a profit for the period of €1 million (1Q 2024: €0.1 million).
    • Cash flow & liquidity: As at 31 March 2025, the Group’s net cash position amounted to €14 million (31/12/2024: €12 million). Cash flow from financing activities in the first quarter amounted to €0.4 million and included €22 thousand for the repurchase of 4,625 shares to complete the Group’s share buyback programme. Operating free cash flow improved in 1Q 2025 and totalled €2 million (1Q 2024: -€4 million). The cash inflow from operating activities during 1Q 2025 amounted to €2 million (1Q 2024: -€1 million) and the increase was mainly due to a positive change in working capital in the period, which over-compensated a significantly higher corporate tax payment. The 1Q 2025 cash outflow from investing activities decreased from €2 million in 1Q 2024 to €0.4 million due largely to reduced payments for licensed content as well as for investments in platform and technical developments.

    Operational indicators

    • Lifetime value of a customer: In 1Q 2025, the expected average lifetime value of a customer (LTV) was down 14% year-on-year to €70 (1Q 2024: €81). The year-on-year decrease was due to the persistently higher churn rates 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 0.8 million per 31 March 2025 (31/03/2024: 1.1 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 March 2025, the lifetime value of the customer base (LTVCB) declined by €35 million to €101 million compared to prior year’s first quarter-end (31/03/2024: €136 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.
    • “Fit For Future”: The initiated Group-wide transformation programme (“Fit For Future”) to improve both its cost efficiencies and productivity gains was essentially concluded during the first quarter 2025. However, the Group expects to continue optimising and streamlining its personnel structure and IT landscape in the next quarter(s). The main objective of the programme was to fundamentally transform the Group to become more focused, streamlined, and goal-driven.

    Delisting

    On 6 March 2025, CLIQ announced that it is considering applying for a delisting of its shares from all stock exchanges on which its shares are currently traded mainly due to low investor demand. Should the delisting take place, the rights of CLIQ’s minority shareholders will generally remain unchanged, except that CLIQ will no longer be subject to capital market reporting requirements, and shareholders will lose the ability to sell their shares via the stock exchange.

    The Management Board and Supervisory Board have, however, not yet taken any decision with respect to the delisting.

    Annual General Meeting 2025

    CLIQ’s Annual General Meeting, originally scheduled for 11 April 2025, has been postponed to an as yet undetermined date no later than 31 August 2025.

    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

    “While market conditions remain challenging, we are pleased to start 2025 with an increased cash position, complemented by some baby steps in our sequential sales development. The transformation of our Group, which is still not yet finished, is now hard-wired in our operational framework and DNA and is foreseen to deliver the first tangible positive signs,” said CEO Luc Voncken.

    Earnings call

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

    Questions submitted before 12.00 p.m. CEST 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_HLObw8qZSw6QvktGjKh7_Q

    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 To be determined
    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.

    The MIL Network –

  • MIL-Evening Report: In the age of the influencer, does the political backing of News Corp matter anymore?

    Source: The Conversation (Au and NZ) – By Edward Hurcombe, Senior Lecturer in Media and Communication, RMIT University

    This year’s federal election demonstrated that Australia’s media landscape has changed. Big players are no longer “kingmakers” in politics.

    Influencers on TikTok and Instagram have seemingly become journalists. Politicians are going on podcasts, and campaign advertising has become memes.

    Australia’s news media has historically been concentrated in the hands of a few large companies. Now there are fresh new voices.

    But who are these new players? Are they even “journalists”? And to what extent are older media, such as News Corp, still influential?

    Too much attention?

    Labor’s stunning victory on Saturday night defied even the most optimistic predictions. But it was also evidence of the apparently declining influence of the largest commercial media company operating in Australia, News Corp.

    In the recent past, News Corp and its owner Rupert Murdoch were regarded by politicians as a major factor in deciding elections. Getting on Murdoch’s good side was an important goal for budding prime ministers.

    But despite its major papers supporting the Coalition at every state and federal election since 2010, the Labor Party still wins elections.

    In the aftermath of the Coalition’s smashing defeat, commentators were even openly considering whether the Liberal and National parties were providing Murdoch and its Sky News channel with too much attention.

    Analysts have suggested the Coalition’s fixation on “culture wars”, promoted by Sky News television hosts, left them out of touch with the issues ordinary Australians care about. The Coalition’s focus on Welcome to Country ceremonies in the final weeks of the campaign is an example of this tone-deaf misstep.



    Read more:
    In its soul-searching, the Coalition should examine its relationship with the media

    Shifts of influence

    The other major feature of this election was the rise of influencers. This started in December last year, when Peter Dutton appeared on Sam Fricker’s podcast. Fricker is a former diver with 168,000 Instagram followers.

    Anthony Albanese followed suit in early 2025, when he appeared on Abbie Chatfield’s podcast. Chatfield is a politically progressive Instagram star with more than 560,000 followers.

    Influencers weren’t just interviewing politicians, however. They were also reporting the news. In March, a dozen influencers were invited by the Labor Party to participate in the annual budget lock-up.

    The privilege of reading the budget ahead of its official launch is usually reserved for journalists, but financial and feminist influencers, among others, were also included.

    Some news outlets raised eyebrows at this development, while others expressed concern at reports the Labor Party had funded the travel costs for these influencers.

    But what was clear was the government felt it could no longer rely on traditional media to get the message out. Instead, it recognised that influencers are now a major source of news for many people – especially young people.



    Read more:
    Social media is the new election battleground. Is embracing influencers smart, risky or both?

    How do we make sense of this?

    Does this mean influencers have replaced journalists? Well, it’s more complicated than that.

    Research from the University of Canberra has shown young audiences receive most of their news from social media, and video content is increasingly popular for this demographic. The video platform YouTube has also become a powerhouse for political content, and upstart digital outlets such as The Daily Aus on Instagram have cemented themselves as legitimate news sources.

    But we shouldn’t ignore traditional media. The ABC, along with SBS, is still the most trusted news source in Australia. The ABC’s recent election night coverage broke viewership records.

    Established media has also been experimenting in digital news. This includes Guardian Australia’s influencer-style TikTok content, and the “Politics Explained” videos produced by the ABC’s multiplatform journalism team.

    These developments in Australia reflect what’s been happening in the United States, where legacy outlets such as the LA Times and the Washington Post have become adept at creating fun, accessible and informative news content for digital audiences.

    The recent focus on influencers also neglects how Australian news has been facing digital disruption for decades. In the 2010s, BuzzFeed Australia was also producing accessible and millennial-friendly news, and faced similar controversy when its journalists joined the Canberra Press Gallery.

    Still, influencers present both opportunities and challenges for news. On the one hand, they can reach audiences who would otherwise be avoiding news. They can provide fresh new perspectives on issues, especially on topics relevant to young people, such as housing.

    However, their ambivalent status also can present ethical concerns. Not being bound by newsroom codes of conduct can be freeing, but it can result in the transparency issues we saw in the budget lock-up.

    Influencers’ emphasis on “authenticity” can also lead to partisan news coverage. Some influencers who call themselves “citizen journalists” have even been accused of spreading misinformation.

    Australia’s news landscape is much more diverse than it used to be. But it’s also more complex than simply a story of old versus new media.

    Edward Hurcombe receives funding from the Australian Research Council.

    – ref. In the age of the influencer, does the political backing of News Corp matter anymore? – https://theconversation.com/in-the-age-of-the-influencer-does-the-political-backing-of-news-corp-matter-anymore-255876

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Energy Secretary Wright Testifies Before House Appropriations Subcommittee on FY2026 Budget Request

    Source: US Department of Energy

    WASHINGTON — U.S. Secretary of Energy Chris Wright testified today before the House Committee on Appropriations, Subcommittee on Energy and Water Development, outlining the Department of Energy’s Fiscal Year 2026 budget request.

    The FY2026 Budget reflects President Trump’s directive to unleash American energy, eliminate wasteful spending and refocus the Department on its core mission. It brings non-defense discretionary spending to its leanest level since 2017 and eliminates over $15 billion in Green New Scam funding that supports more expensive, less reliable energy sources. For more details, view the budget toplines here.

    Secretary Wright’s opening remarks:

    Chairman Fleischmann, Ranking Member Kaptur, and Members of the Committee, it is an honor to appear before you and this Committee today to discuss the President’s Fiscal Year 2026 Budget request for the Department of Energy.

    I’m especially honored to be at my first hearing before you as U.S. Secretary of Energy. I want to commend this Committee for its longstanding commitment to energy policy and to the mission of the Department of Energy.

    Energy is the backbone of civilization. It is the essential catalyst of human progress— enabling everything that we do, from the lights in our home, the process heat in our factories and the innovation in our national laboratories. I’ve dedicated my life to increasing access to energy, and I’m thrilled to carry my work forward at the Department of Energy at this pivotal moment in our history.

    My priorities for the Department are clear — to unleash a golden era of American energy dominance, strengthen our national security, and lead the world in innovation. A reliable and abundant energy supply is the foundation of a strong and prosperous nation– it drives our economy, safeguards our freedoms and fuels breakthroughs that improve our lives. When America leads in energy, we lead in prosperity, security and human flourishing.

    Achieving this vision means fully leveraging the resources that have powered our country for generations. The United States is blessed with the abundance of coal, oil, and natural gas, and the Trump administration is committed to using them to provide affordable, reliable, and secure energy for the American people.

    America has a historic opportunity to secure our energy systems, deliver leadership in scientific and technological innovation; maintain and strengthen our weapons stockpiles, and meet Cold War legacy waste commitments. The Department of Energy will advance these critical missions while cutting red tape, increasing efficiency, unleashing innovation and ensuring we are better stewards of taxpayer dollars.

    The President’s FY2026 budget will ensure taxpayer resources are allocated appropriately and cost-effectively. This budget will return DOE to its core mission of advancing energy innovation and global competitiveness through research and development. We will invest DOE’s resources in sources and technologies that support affordable, reliable, and secure energy and provide a return on investment for the American taxpayers.

    Just last week, the Trump administration celebrated its 100th day in office, and the Department of Energy has been hard at work to deliver on these goals of unleashing energy expansion while improving operational efficiency. I am proud to report that we have officially ended the previous administration’s reckless pause on LNG export permits and returned DOE to regular order for reviewing and approving new permits. Since January, the Department has approved applications for projects that will export more than 9.5 billion cubic feet per day of LNG, adding nearly as much incremental capacity as the world’s leading LNG exporting countries.

    We are advancing President Trump’s pledge to lower the cost of living and expand consumer choice for all Americans by rightsizing DOE’s regulatory approach to home efficiency standards. This ensures that the American people can choose which appliances work best for their homes and budgets.

    While we actively work to strengthen America’s role as the world’s leader in oil and natural gas production and lower costs for all Americans, we are also taking steps to accelerate innovation in the commercial nuclear development. America must lead the commercialization of affordable and abundant nuclear energy. DOE is working to advance the rapid deployment and export of next-generation nuclear technology, including small modular reactors. Small modular reactors will provide reliable power for our Nation’s growing energy demands, with the added benefits of flexible deployment due to their compact size and modular design.

    The responsible stewardship and modernization of the nation’s nuclear weapons systems is paramount for the Department of Energy and this Administration. DOE is focused on addressing critical upgrades for the U.S. nuclear stockpile and maintaining our engine powerhouses for submarines and aircraft carriers. Both tasks will become even more crucial in the next few years.

    We also need to unleash American energy innovation, and the National Labs are the engine that drives research and development to further this aim. When it comes to our National Labs, we are capable of doing more with less. We can both increase efficiency and drive innovation. We will prioritize research that supports true technological breakthroughs, such as nuclear fusion, high-performance computing, quantum computing, and AI, which will maintain America’s global competitiveness.

    AI is the next Manhattan Project. AI technology will define the future of the world, and it is essential that the U.S. leads in the development of this technology. DOE has a significant role to play in driving AI innovation for scientific discovery, energy innovation, and national security. Our agency has the world-class high-performance computing capabilities that enable fast and efficient AI research and development, including four of the world’s top ten supercomputers. We need all energy sources to power the global AI race and meet growing energy demand while also ensuring the security of the grid.

    America doesn’t back down from big challenges or big builds. If we want abundant, affordable, and secure energy, we must invest in the transmission, generation, and innovation that get us there. We are working to accelerate projects through permitting reform. We need to break ground faster with streamlined permitting, standardized designs, and public-private partnerships to build at the speed of national need.

    DOE will also work to replenish the Strategic Petroleum Reserve (SPR). The SPR is a national asset that protects our security in times of crisis. The last administration’s politically motivated depletion of 180 million barrels has significantly degraded SPR infrastructure, brought storage levels to historic lows, and weakened America’s ability to respond to new geopolitical oil market shocks.

    As Secretary of Energy, I am honored by the responsibility to help meet the American people’s growing energy needs and lead the world in energy development. Thank you for the opportunity to testify before this subcommittee.

    MIL OSI USA News –

  • MIL-OSI USA: May 7th, 2025 Heinrich Demands Answers on DOGE Staffer’s Unchecked Authority Over Department of the Interior

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

    WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.), Ranking Member of the U.S. Senate Energy and Natural Resources Committee, sent a letter to the U.S. Department of the Interior (DOI) Secretary Doug Burgum slamming DOI’s decision to elevate Department of Government Efficiency” (DOGE) staffer Tyler Hassen’s role in the agency. The letter comes after a March request from Heinrich urging Burgum to revoke his delegation of authority to Mr. Hassen, who never received a Senate hearing or confirmation, despite wielding significant power over the agency.

    In his letter, Heinrich demands a number of records related to Mr. Hassen’s authority, including a legal justification under the Vacancies Reform Act — of which Hassen’s role appears in direct violation — employment classifications and service history, all DOI staffing changes (past, current, and planned), an analysis of how layoffs affect the DOI’s mission, communications with DOGE and the Office of Management and Budget (OMB) about layoffs, as well as a list of all contracts and grants DOGE has targeted for termination or renegotiation.

    “On March 26, 2025, I wrote to you to express serious concern over your decision to appoint Tyler Hassen to a role responsible for performing the functions and duties of the Assistant Secretary for Policy, Management and Budget in an acting capacity. I outlined the delegation ran afoul of the Vacancies Reform Act. Troublingly, instead of revoking Mr. Hassen’s delegation, you have further empowered him,” Heinrich began.

    Heinrich continued, “On April 17, 2025, you signed a Secretarial Order giving Mr. Hassen extensive authority over Departmental functions. Under the Order, Mr. Hassen, who joined the Department of the Interior (“DOI” or “Department”) as a member of Elon Musk’s Department of Government Efficiency (DOGE), is now responsible for a broad portfolio, including human resources, contracting, federal financial assistance, and information technology. The Order appears to give Mr. Hassen free reign over key Departmental restructuring and decision-making for an indefinite period of time without a set expiration date.”

    In the last several months, DOI has fired thousands of hardworking public servants and additional reductions in force (RIF) are reportedly looming. The Department has also pushed employees to voluntarily resign or take early retirement through buyout offers. According to reports, in February, DOI fired more than 2,000 employees, which has been the subject of litigation. In April, the Department reportedly fired the agency’s Chief Information Officer, Chief Information Security Officer, and others in the solicitor’s office after they objected to DOGE gaining access to major payroll and personnel systems that processes the salaries of approximately 276,000 employees.

    Heinrich emphasized these drastic changes, slamming the Secretary’s decision to further empower Mr. Hassen at DOI, “Your latest action to further empower Mr. Hassen underscores your willingness to freely hand over the keys to the Department to a DOGE representative. The Department plays a vital role in managing public lands, safeguarding cultural resources, and engaging in responsible energy development. Delegating sweeping authorities and responsibilities to a non-Senate confirmed person in violation of the Vacancies Reform Act is baffling and extremely troubling.”

    Read the full letter here and below.

    Dear Mr. Secretary:

    On March 26, 2025, I wrote to you to express serious concern over your decision to appoint Tyler Hassen to a role responsible for performing the functions and duties of the Assistant Secretary for Policy, Management and Budget in an acting capacity. I outlined the delegation ran afoul of the Vacancies Reform Act. Troublingly, instead of revoking Mr. Hassen’s delegation, you have further empowered him.

    On April 17, 2025, you signed a Secretarial Order giving Mr. Hassen extensive authority over Departmental functions. Under the Order, Mr. Hassen, who joined the Department of the Interior (“DOI” or “Department”) as a member of Elon Musk’s Department of Government Efficiency (DOGE), is now responsible for a broad portfolio, including human resources, contracting, federal financial assistance, and information technology. The Order appears to give Mr. Hassen free reign over key Departmental restructuring and decision-making for an indefinite period of time without a set expiration date.

    Indeed, it appears that Mr. Hassen has wielded significant power since arriving at DOI. Mr. Hassen—appearing with Mr. Musk in a Fox News interview—touted reviewing “every single contract, every single grant” at DOI. In the same interview, Mr. Hassen boasted about access to you, stating, “[w]hen things come to my attention that don’t make sense, I’m bringing them to Secretary Burgum. He’s been fantastic. He’s a businessman, he’s very supportive of DOGE.”  In recent months, the Department has undergone drastic changes. DOI has fired thousands of hardworking public servants and additional reductions in force (RIF) are reportedly looming. The Department has also pushed employees to voluntarily resign or take early retirement through buyout offers. According to reports, in February, DOI fired more than 2,000 employees, which has been the subject of litigation. In April, the Department reportedly fired the agency’s Chief Information Officer, Chief Information Security Officer, and others in the solicitor’s office after they objected to DOGE gaining access to a major payroll and personnel systems that processes the salaries of approximately 276,000 employees.

    Your latest action to further empower Mr. Hassen underscores your willingness to freely hand over the keys to the Department to a DOGE representative. The Department plays a vital role in managing public lands, safeguarding cultural resources, and engaging in responsible energy development. Delegating sweeping authorities and responsibilities to a non-Senate confirmed person in violation of the Vacancies Reform Act is baffling and extremely troubling.

     To better understand the basis of your delegation of authorities to Mr. Hassen, as well as the breadth of workforce reductions at the Department, please provide the following information by May 21, 2025:

    Appointment

    1. Prior to your appointment of Mr. Hassen to a role responsible for performing the functions and duties of the Assistant Secretary for Policy, Management and Budget, did the Department assess whether the delegation of authority complied with the Vacancies Reform Act? If so, please provide a copy of the Department’s analysis.
    1. The Vacancies Reform Act permits only three categories of Government officials to perform the functions of a vacant office in an acting capacity. Please indicate if Mr. Hassen meets any of these three categories.
    1. What is Mr. Hassen’s current employment classification (e.g., Schedule C employee or another classification)? In responding to this question, please also provide all other employment classifications Mr. Hassen has served under at the Department and the dates of service for each classification.

    Terminations and Workforce Reductions

    1. Please provide the current and planned staffing levels at the Department. In responding to this question, please provide the following information:
      1. A detailed breakdown and the reason for the staff changes at the Department (e.g., retirement, termination, participation in a Deferred Resignation Program, or other action) and corresponding figures for each category listed.
    1. For each bureau and program office, please provide the following information:
      1. The number of employees in each bureau and program office on January 20, 2025, and the current number of employees in that bureau and program office.
      1. A detailed description of planned changes to workforce in each bureau and program office, including target employment numbers for each bureau and program office.
    1. Prior to making workforce reductions at the Department or offering the Deferred Resignation Program option to employees, did the Department conduct a comprehensive analysis to understand if such reductions compromised the Department’s ability to meet its statutory mission? If so, please provide the Committee with a copy of that analysis.
    1. Does DOI plan to eliminate, merge, or reduce the function of any bureau or program office? If so, please explain.
    1. Please provide all documents and communications between Mr. Hassen and agents or representatives of DOGE referring or relating to terminations and workforce reductions at DOI.
    1. Please provide all documents and communications between Mr. Hassen and OMB referring or relating to terminations and workforce reductions at DOI.

    Grants and Contract Terminations and Renegotiations

    1. Please provide a list of all Department grants or contracts DOGE has identified for termination or renegotiation. In responding to this question, please provide the following information:
      1. A description of each grant or contract DOGE has identified for termination or renegotiation and the current status.
      1. DOGE’s justification for terminating or renegotiating the grant or contract.
    1. Since January 20, 2025, has the Department terminated or recompeted any contract? If so, please provide the following information for each contract terminated or recompeted:
      1. A description of the contract terminated or recompeted.
      1. b. The reason the Department terminated or recompeted the contract.
    1. Since January 20, 2025, has the Department entered into any new contracts? If so, please provide detailed information.

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI USA: Crapo, Tuberville Introduce Legislation to Level Playing Field for Sporting Equipment Businesses

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

    Washington, D.C.–U.S. Senators Mike Crapo (R-Idaho) and Tommy Tuberville (R-Alabama) introduced the Sporting Goods Excise Tax Modernization Act to close a tax loophole that has resulted in lost revenue for state-led wildlife conservation efforts.  Foreign sellers should be held to the same tax regulations as domestic manufacturers, and this bill will ensure that happens.

    “Federal excise taxes on certain recreational outdoor sporting equipment provide funding for conservation programs,” said Crapo.  “This bill closes loopholes on imported fishing and archery equipment that deprive fish and wildlife conservation programs of additional critical funds.  This move will help level the playing field for Idaho and American companies and strengthen existing conservation programs.”

    “Alabama is proud to be home to hundreds of small businesses who make sporting equipment that outdoorsmen and conservationists rely on.  The last thing these business owners need is to be punished for producing goods right here in the U.S.A.” said Tuberville.  “Under President Trump, we are laser-focused on doing everything we can to encourage domestic production.  I’m proud to introduce this legislation with Senator Crapo which closes a loophole allowing foreign sellers to exploit our domestic retailers and rob money from our state conservation programs.”

    Numerous conservation and sporting groups, including the Archery Trade Association, Association of Fish and Wildlife Agencies, American Sportfishing Association and The Conservation Fund have endorsed the legislation. 

    “We thank Senators Tuberville and Crapo for their leadership in helping to make the Sport Fish Restoration and Wildlife Restoration funds whole,” said Jim Fredericks, Director of the Idaho Department of Fish and Game.  “State fisheries programs count on these funds to maintain the good quality fishing opportunities that keep our anglers coming back for more.”

    “The archery industry applauds Senators Crapo and Tuberville for their exceptionally strong leadership and introduction of this high priority legislation,” said Dan Forster, Vice President & Chief Conservation Officer, Archery Trade Association.  “Holding foreign companies accountable for paying the federal excise tax is not only about protecting American businesses but it will help ensure that our conservation funding and outdoor heritage are protected for future generations.”

    “The Sporting Goods Excise Tax Modernization Act will ensure the future viability of the Sport Fish Restoration Fund by closing a loophole and securing millions of dollars in lost excise tax revenue to improve recreational fishing,” said Glenn Hughes, President and CEO of American Sportfishing Association.  “Since 1950, excise taxes on fishing equipment have provided $12 billion for conservation efforts and improved access for anglers across the country–a unique user-pay, public-benefit system that has become a cornerstone of the American conservation model.  We applaud Senators Tuberville and Crapo for introducing this legislation and for their commitment to the sportfishing industry, which contributes $230 billion to the U.S. economy each year.”

    Complete text of the bill can be found here.  U.S. Representatives Blake Moore (R-UT-01) and Jimmy Panetta (D-CA-19) introduced companion legislation in the U.S. House of Representatives earlier this year.

    BACKGROUND:

    For decades, the Pittman-Robertson Wildlife Restoration Act and the Dingell-Johnson Sport Fish Restoration Act have provided states and territories with essential funding for wildlife restoration, conservation, hunter education programs and boating access programs.  These programs, funded through excise taxes on sportfishing and archery equipment, have contributed more than $1.3 billion in FY2025 to support conservation efforts across the country.

    However, a loophole in current tax policy allows some online purchases of imported sporting goods to bypass these excise taxes when purchased directly from foreign sellers, leading to a shortfall of tens of millions of dollars from going to conservation funds.  Many consumers are unaware that they may be responsible for these taxes, and even those who are aware often struggle to navigate IRS guidelines on calculating and paying them.  A recent Government Accountability Office (GAO) report recommended that Congress address this issue by ensuring that U.S. online marketplaces, rather than consumers, are responsible for collecting and remitting these excise taxes.

    The Sporting Goods Excise Tax Modernization Act would:

    • Require U.S. online marketplaces to collect and remit federal excise taxes on imported archery and fishing equipment, treating them as the importer of record.
    • Ensure that funding for state-led wildlife conservation efforts is not lost due to tax loopholes.
    • Maintain fairness for domestic retailers who already pay these taxes on sporting goods they sell.
    • Simplify the tax process for consumers, eliminate confusion and ensure that conservation programs receive the full funding they deserve.

    MIL OSI USA News –

  • MIL-OSI: NOTICE OF CALLING THE ANNUAL GENERAL MEETING OF THE SHAREHOLDERS

    Source: GlobeNewswire (MIL-OSI)

    Dear Shareholder of Aktsiaselts Infortar!

    The Management Board of Aktsiaselts Infortar (registry code 10139414, seat and address Liivalaia 9, 10118 Tallinn) hereby calls the Annual General Meeting of Shareholders (hereinafter the General Meeting) to be held on 4 June 2025 at 11:00 (Estonian time) at the conference centre of Tallink SPA & Conference Hotel at Sadama 11a, Tallinn.

    The registration of Shareholders begins at 10:00.

    The list of Shareholders entitled to participate in the General Meeting shall be determined as at seven calendar days before the general meeting is held, i.e. on 28 May 2025, at the end of the business day of the settlement system of the registrar of the Estonian register of securities (Nasdaq CSD) (date of fixation of the list).

    In addition to participation at the General Meeting, the Shareholders shall have the possibility to vote by e mail before the General Meeting. 

    By its resolution of 6 May 2025, the Supervisory Board of Aktsiaselts Infortar has determined the following agenda for the General Meeting of Aktsiaselts Infortar. The proposals of the Management Board and Supervisory Board regarding the agenda items are presented as a draft resolution with each agenda item and the Supervisory Board has made the proposal to vote in favour of all the resolutions presented with each agenda item:

    1.    Approval of the 2024 Annual Report
    Approve the 2024 Annual Report of Aktsiaselts Infortar submitted by the Management Board

    2.    Deciding on the distribution of profit
    Approve the following proposal for the distribution of profit submitted by the Management Board of Aktsiaselts Infortar:
    2.1. Approve the net profit for 2024 in the amount 193,670 thousand euros;
    2.2. Pay the Shareholders dividend 3 euros per share. Dividend shall be paid in two parts as follows:
    2.2.1. 1.5 euros per share shall be paid to the Shareholders who have been entered in the list of Shareholders on 4 July 2025 at the end of the business day of the settlement system of the securities registrar (record-date). Consequently, the day of change of the rights related to the shares (ex-date) is 3 July 2025. Dividend shall be paid to the Shareholders on 15 July 2025 by transfer to the bank account of the Shareholder;
    2.2.2. 1.5 euros per share shall be paid to the Shareholders who have been entered in the list of Shareholders on 4 December 2025 at the end of the business day of the settlement system of the securities registrar (record-date). Consequently, the day of change of the rights related to the shares (ex-date) is 3 December 2025. Dividend shall be paid to the Shareholders on 15 December 2025 by transfer to the bank account of the Shareholder.

    3.    Appointment of an auditor for the 2025 financial year and determination of the procedure of remuneration of an auditor
    Appoint the company of auditors KPMG Baltics OÜ to conduct the audit of Aktsiaselts Infortar in the financial year 2025 and to remunerate the work according to the audit contract to be concluded with the auditor.

    4.    Deciding on conduction of the Option Plan
    Terminate the share option plan of Aktsiaselts Infortar approved by resolution no. 6 of the Annual General Meeting of the Shareholders held on 15 June 2021 and the conclusion of option agreements under this plan prematurely as of 30 June 2025. To approve the implementation of a new share option plan of Aktsiaselts Infortar and to grant the Supervisory Board the right to establish the new share option plan under the following principles (“Option Plan”):
    4.1. The purpose of the Option Plan is to motivate the management and employees of Aktsiaselts Infortar by involving them as Shareholders, thereby enabling them to benefit from the increase in the value of the shares as a result of their work. The Option Plan applies to Aktsiaselts Infortar and its group entities in Estonia, Latvia, Lithuania, Finland, and Poland. The Supervisory Board of Aktsiaselts Infortar may decide to extend the Option Plan to group entities in other countries.
    4.2. The term of the Option Plan is four (4) years, and options (“Options”) may be granted and option agreements concluded under the Option Plan from 1 July 2025 until 1 July 2029. Should an Entitled Person (as defined below) fail to conclude an option agreement within the aforementioned period, they shall lose the right to acquire the Options made available to them.
    4.3. Under the Option Plan, Aktsiaselts Infortar shall have the right to issue up to 400,000 Options for the acquisition of 400,000 shares, representing up to 1,89% of the share capital of Aktsiaselts Infortar.
    4.4. Entitled Persons under the Option Plan (“Entitled Persons”) shall be:
    (a) Members of the Supervisory Board of Aktsiaselts Infortar, whereby the granting of Options and the number of Options to be granted to specific members of the Supervisory Board shall be determined annually by the General Meeting by a separate resolution, provided that no Supervisory Board member shall acquire more than 4000 Options per year during the term of the Option Plan;
    (b) Members of the Management Board of Aktsiaselts Infortar appointed by the Supervisory Board, whereby the number of Options to be granted to each Management Board member shall be determined annually by the Supervisory Board by a separate resolution, provided that no Management Board member shall acquire more than 4000 Options per year during the term of the Option Plan;
    (c) Employees of Aktsiaselts Infortar and members of management bodies and employees of group companies, as designated by the Supervisory Board, or by the Management Board if so delegated by the Supervisory Board, whereby the number of Options to be granted to each such person shall be determined annually by the Supervisory Board or the Management Board (in case of delegation) by a separate resolution, provided that no such Entitled Person shall acquire more than 4000 Options per year during the term of the Option Plan.
    4.5. Generally, Options issued under the Option Plan cannot be exercised, and the underlying shares cannot be acquired, before the 3-year vesting period has passed from the grant of the Option. A prerequisite for exercising the Option is that the Entitled Person remains a member of a management body or an employee of Aktsiaselts Infortar or any of its subsidiaries at the time of exercising the Option.
    4.6. Each Option granted under the Option Plan entitles the Entitled Person to acquire one (1) share of Aktsiaselts Infortar upon fulfilment of the preconditions for exercising the Option. In the event of a change in the nominal value of shares, the number of shares granted under each Option shall be adjusted accordingly. The price payable for the shares upon exercising the Options shall be determined annually by decision of the Supervisory Board before the issuance of Options and the conclusion of option agreements for the respective year, provided that the price of the share option must be at least 26 euros per share and represent at least 50% of the weighted average stock exchange price of the  share option over the six-month period preceding 1 June of the calendar year in which the option agreement is concluded. In the case of Options being granted to members of the Supervisory Board, the price per share shall be determined by the General Meeting based on the same principles.
    4.7. The implementation and administration of the Option Plan shall be managed by the Supervisory Board of Aktsiaselts Infortar which shall establish the terms and conditions of the Option Plan by its resolution, following the principles approved by this resolution. The Supervisory Board may delegate decision-making and actions related to the implementation of the Option Plan to the Management Board of Aktsiaselts Infortar. 
    4.8. For the fulfilment of the Option Plan and the acquisition of shares to be transferred to Entitled Persons upon exercise of Options:
    (a) New shares may be issued under the authorisation granted to the Supervisory Board by resolution no. 5 of the Annual General Meeting of the Shareholders, which shall be issued to the Entitled Persons; or
    (b) Own shares held by Aktsiaselts Infortar may be used, including own shares acquired by Aktsiaselts Infortar under the authorisation granted by resolution no. 6 of the Annual General Meeting of the Shareholders.

    5.    Amendment of the Articles of Association and exclusion of the pre-emptive subscription right of the Shareholders
    Decide to grant the Supervisory Board the right to increase the share capital for the purpose of issuing new shares necessary to fulfil the conditions of the Option Plan approved by resolution no. 4 of the Annual General Meeting of the Shareholders and to amend the Articles of Association accordingly and to exclude the pre-emptive subscription right of Shareholders upon each increase of the share capital if the Supervisory Board increases the share capital of Aktsiaselts Infortar under the authorisation given by the Articles of Association for the implementation of the Option Plan:
    5.1. Amend clause 2.1.2 of the Articles of Association with the following wording:
    „The supervisory board of the company has the right, within three (3) years from 1 July 2025, to increase the share capital through contributions by up to 500,000 euros in accordance with the procedure set out by law.“
    5.2. Shareholders shall exclude their pre-emptive subscription right in respect of shares issued by the Supervisory Board pursuant to the authorisation granted in clause 5.1 of this resolution, in accordance with § 345 (1) of the Commercial Code, and the right to subscribe for shares shall be granted to the Entitled Persons to the share option under the Option Plan approved by resolution no. 4 of the Annual General Meeting of the Shareholders for the purpose of ensuring the implementation of the Option Plan.

    6.    Deciding on the acquisition of own shares
    Grant Aktsiaselts Infortar the right to acquire its own shares under the following conditions:
    6.1. Aktsiaselts Infortar shall have the right to acquire its own shares within five (5) years from the adoption of this resolution under a buy-back programme as defined in Regulation (EU) No 596/2014 (Market Abuse Regulation) and Commission Delegated Regulation (EU) No 2016/1052, by purchasing the shares through Nasdaq Tallinn Stock Exchange. The acquired shares may be used for fulfilling obligations arising from the Option Plan approved by resolution no. 4 of the Annual General Meeting of the Shareholders;
    6.2. The maximum number of shares to be repurchased shall be 250,000 shares, the total nominal value of which corresponds to 1,18% of the share capital of Aktsiaselts Infortar;
    6.3. The minimum price per share to be paid by Aktsiaselts Infortar shall be no less than 0 euros and the maximum price shall not exceed the average stock exchange price of the share of Aktsiaselts Infortar of the last 30 trading days preceding the relevant buy-back transaction by more than fifty percent (50%); and
    6.4. The acquisition of own shares by Aktsiaselts Infortar must not cause the net assets to become less than the total of share capital and reserves which pursuant to law or the Articles of Association shall not be paid out to shareholders.
    6.5. To authorise the Management Board to decide and execute share buy-backs in accordance with this resolution and applicable laws, to determine the buy-back price, procedure and other conditions, and to carry out all necessary actions.

    Review of the documents of the General Meeting
    The documents related to the Annual General Meeting of Aktsiaselts Infortar, the documents to be presented to the General Meeting, including the drafts of the resolutions, Annual Report of the financial year 2024 of Aktsiaselts Infortar, the sworn auditor’s report, the proposal for the distribution of profit, the Supervisory Board’s report on the 2024 Annual Report and the substantiations presented by the Shareholders regarding items on the agenda (if any are received) may be examined on the website of Aktsiaselts Infortar at the address www.infortar.ee/investorile and as annexed to the stock notice on the website of the Tallinn Stock Exchange at the address www.nasdaqbaltic.com until the date of holding the General Meeting (included).  

    Shareholders may send any questions regarding the items on the agenda to the e-mail address investor@infortar.ee.

    Rights of the Shareholders regarding the agenda of the General Meeting
    A Shareholder has the right to receive information from the Management Board on the activities of Aktsiaselts Infortar at the General Meeting of Aktsiaselts Infortar. The Management Board may refuse to give information or to present documents if there is a basis to presume that this may cause significant damage to the interests of the public limited company. In the event the Management Board refuses to give information, a Shareholder may demand the General Meeting to decide on the legality of his or her request or file, within two weeks after the General Meeting, a petition to a court by way of proceedings on petition in order to obligate the Management Board to give information.

    The Shareholders whose shares represent at least 1/20 of the share capital may demand the inclusion of additional issues on the agenda of the Annual General Meeting if the respective demand has been submitted no later than 15 days before the General Meeting is held. The Shareholders whose shares represent at least 1/20 of the share capital may submit to the company a draft of the resolution in respect to each item on the agenda. This right may not be exercised later than 3 days before the General Meeting is held. The above documents must be submitted to the company in writing to the address: Aktsiaselts Infortar, Liivalaia 9, 10118 Tallinn or sent with digital signature to the e-mail address investor@infortar.ee.

    Pre-voting
    Shareholders who are unable to or do not wish to participate in the General Meeting can vote on the draft resolutions on the agenda of the General Meeting before the General Meeting (hereinafter Pre-Voting) during the period from the publication of the notice of calling the General Meeting as of 8 May 2025 until 2 June 2025 at 16:00. The procedure for Pre-Voting has been published on the website of Aktsiaselts Infortar at www.infortar.ee/investorile and has been added to the stock notice on calling the General Meeting. The Shareholders who have duly voted shall be deemed to have taken part in the General Meeting and the votes represented by their shares shall be accounted as part of the quorum of the General Meeting, unless otherwise provided by law. 

    Instructions for the participants in the Annual General Meeting and appointment of representative
    Before the General Meeting is held, the Shareholders can notify about the appointment of a representative and the revocation of authorisation by the principal by e-mail at investor@infortar.ee, using the templates that have been published on the website of Aktsiaselts Infortar at www.infortar.ee/investorile and added to the stock notice on the calling of the General Meeting. 

    We kindly ask the Shareholders, who are as at the date of fixation of the list, i.e. on 28 May 2025, registered in the share register maintained by Nasdaq CSD SE and who wish to participate in the Annual General Meeting, to present the following documents for registration:
    –  A Shareholder who is a natural person should present an identity document (passport or ID-card). 
    – A representative of a Shareholder who is a natural person should present an identity document (passport or ID-card) and a properly signed written power of attorney or an electronic power of attorney (digitally signed).
    – A legal representative of a legal person should present an extract (or other similar document) from the respective business register in which the legal person is registered, which shows the person’s right to represent the Shareholder (legal persons registered in Estonia should present an extract of the commercial register registry card which is not issued sooner than 15 days before the General Meeting is held).
    – Authorised representative of a legal person whose right of representation is not indicated in the respective business register extract (or other similar document) should, in addition to the aforementioned documents, submit a power of attorney duly issued by the legal representative of the Shareholder in at least a written or digital format (digitally signed). 

    All documents submitted in foreign languages must be in English or translated into English or Estonian by a sworn translator or an official who is equivalent to a sworn translator.

    We kindly ask that electronic documents (digitally signed) are sent by e-mail to the address investor@infortar.ee not later than by the date of the General Meeting.

    Yours sincerely, 
    Management Board of Aktsiaselts Infortar

    Infortar operates in seven countries, the company’s main fields of activity are maritime transport, energy and real estate. Infortar owns a 68.47% stake in Tallink Grupp, a 100% stake in Elenger Grupp and a versatile and modern real estate portfolio of approx. 141,000 m2. In addition to the three main areas of activity, Infortar also operates in construction and mineral resources, agriculture, printing, and other areas. A total of 110 companies belong to the Infortar group: 101 subsidiaries, 4 affiliated companies and 5 subsidiaries of affiliated companies. Excluding affiliates, Infortar employs 6,296 people.

    Additional information:

    Kadri Laanvee
    Investor Relations Manager
    Phone: +372 5156662
    e-mail: kadri.laanvee@infortar.ee
    www.infortar.ee/en/investor

    Attachments

    The MIL Network –

  • MIL-OSI China: SCIO briefing on China’s imports, exports in Q1 2025

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

    中文

    Speakers:

    Mr. Wang Lingjun, vice minister of the General Administration of Customs of China (GACC)

    Mr. Lyu Daliang, spokesperson of the GACC and director general of the Department of Statistics and Analysis of the GACC

    Chairperson:

    Ms. Xing Huina, deputy director general of the Press Bureau of the State Council Information Office (SCIO) and spokesperson of the SCIO

    Date:

    April 14, 2025

    Xing Huina:

    Ladies and gentlemen, good morning. Welcome to this press conference held by the State Council Information Office (SCIO). Today, we will conduct a routine release of economic data. We have invited Mr. Wang Lingjun, vice minister of the General Administration of Customs of China (GACC), to introduce China’s import and export performance in the first quarter of this year and answer your questions. Also attending today’s press conference is Mr. Lyu Daliang, spokesperson of the GACC and director general of the Department of Statistics and Analysis of the GACC.

    Now, I’ll give the floor to Mr. Wang for his introduction.

    Wang Lingjun:

    Good morning. I will start by briefing you on the import and export performance in the first quarter of this year, and then my colleague Mr. Lyu and I will answer your questions.

    Since the beginning of this year, under the strong leadership of the Party Central Committee with Comrade Xi Jinping at its core, China has adhered to the general principle of pursuing progress while maintaining stability, fully and faithfully applied the new development philosophy, accelerated efforts to foster a new pattern of development, and solidly promoted high-quality development. Both existing policies and incremental policies have continued to exert their effects. The economy has got off to a steady start, and the development trend is positive and dynamic. China’s foreign trade has withstood pressure, achieving growth in scale and improvement in quality. Customs statistics show that in the first quarter of this year, China’s foreign trade in goods stood at 10.3 trillion yuan, up 1.3% year on year. Exports were 6.13 trillion yuan, up by 6.9%, and imports were 4.17 trillion yuan, down by 6%. Specifically, there were four main features:

    First, the growth rate of imports and exports rebounded month by month. In the first quarter, China’s imports and exports reached a record high for the same period, exceeding 10 trillion yuan for eight consecutive quarters. Looking at the monthly trends, imports and exports fell by 2.2% in January, remained basically flat in February, and grew by 6% in March.

    Second, the proportion of private enterprises in imports and exports increased. In the first quarter, the imports and exports of private enterprises in China reached 5.85 trillion yuan, an increase of 5.8%, accounting for 56.8% of the total import and export value, an increase of 2.4 percentage points compared with the same period last year. During the same period, the imports and exports of foreign-invested enterprises reached 2.99 trillion yuan, an increase of 0.4%, accounting for 29% of the total import and export value.

    Third, the growth rate of imports and exports with countries participating in the Belt and Road Initiative (BRI) was higher than the overall level. In the first quarter, China’s imports and exports with BRI partner countries reached 5.26 trillion yuan, increasing by 2.2%, which was 0.9 percentage points higher than the overall growth, accounting for 51.1% of the total import and export value. Among these, imports and exports with ASEAN countries reached 1.71 trillion yuan, up 7.1%.

    Fourth, the imports and exports of mechanical and electrical products grew rapidly. In the first quarter, China’s imports and exports of mechanical and electrical products reached 5.29 trillion yuan, an increase of 7.7%. Among these, exports of goods such as household appliances, notebook computers and electronic components grew relatively quickly; and imports of parts and components of automatic data processing equipment, ships and offshore engineering equipment also grew relatively quickly.

    Generally speaking, in the face of increasing external difficulties and challenges, local governments, various departments and a large number of foreign-trade operators actively responded, promoting a stable start for China’s imports and exports in the first quarter.

    Recently, the United States government has wantonly imposed tariffs, which will inevitably have a negative impact on global trade, including that between China and the U.S. China has resolutely taken necessary countermeasures in a timely manner. This is not only to safeguard its legitimate rights and interests but also to defend international trade rules and international fairness and justice. China will unswervingly promote a high level of opening up and carry out mutually beneficial economic and trade cooperation with other countries.

    Customs authorities will resolutely implement the decisions and deployments of the Party Central Committee, firmly uphold their duties, strictly implement all countermeasures against the U.S. in accordance with the law, and safeguard national sovereignty, security and development interests. We will accelerate the construction of smart customs and international cooperation, innovate customs supervision systems, continuously improve supervision efficiency and service levels, facilitate enterprises’ customs clearance, and promote the stable development of foreign trade with more optimized supervision, higher security, greater convenience and stricter anti-smuggling efforts. Thank you.

    Xing Huina:

    Thank you, Mr. Wang, for your introduction. We will now move on to the Q&A session. Please raise your hand if you have a question. Please identify your news outlet before asking your question.

    MIL OSI China News –

  • MIL-OSI USA: Padilla, Moran Introduce Bipartisan Bill to Bolster U.S. STEM Leadership, Address Financial Insecurity for Graduate and Postdoctoral Researchers

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    Padilla, Moran Introduce Bipartisan Bill to Bolster U.S. STEM Leadership, Address Financial Insecurity for Graduate and Postdoctoral Researchers

    WASHINGTON, D.C. — Today, U.S. Senators Alex Padilla (D-Calif.) and Jerry Moran (R-Kan.) introduced bipartisan legislation to bolster U.S. leadership in STEM by requiring federal research agencies to help address the financial insecurity crisis among graduate and postdoctoral researchers. The Relieving Economic Strain to Enhance American Resilience & Competitiveness in Higher Education & Research (RESEARCHER) Act would also commission studies to better understand the landscape of financial insecurity for these researchers and improve the STEM career pipeline.
    The scientific workforce is fueled by our graduate and postdoctoral researchers making groundbreaking discoveries and technological innovations that help protect American global competitiveness. However, these young researchers face significant financial stressors — including food insecurity, student loan debt, housing costs, and child care costs — that threaten to force many of them to drop out of the STEM pipeline entirely.
    In a 2023 “Postdoctoral Barriers to Success” survey, nearly 95 percent of postdoctoral researchers reported that their salary negatively affected their professional or personal lives, with 85 percent indicating that a lack of benefits was harming their careers. In California, the percentage of University of California graduate students facing food insecurity has increased dramatically in recent years, from 21 percent in 2021 to 35 percent in 2023.
    “As a mechanical engineer, I know a strong STEM workforce pipeline is essential to securing America’s global leadership and promoting lifesaving scientific and technological innovation. But rising costs of living and insufficient salaries are forcing graduate and postdoctoral researchers to look toward other careers,” said Senator Padilla. “The current system is unsustainable for researchers in California and across the country. Our bipartisan bill would help address and improve our understanding of the widespread challenges young researchers face — like food insecurity, student loan debt, health, housing, and child care — to support the researchers who will guide the future of our scientific enterprise.”
    “To remain globally competitive, it is critical that our nation is supporting and prioritizing STEM education and research,” said Senator Moran. “Recent reports demonstrate that financial insecurity is a major barrier for postdoctoral research. This legislation will help equip universities with the tools to better support the success of STEM students in higher education and encourage postdoctoral researchers to pursue a degree in the Midwest.”
    “Although a vital part of the scientific enterprise, graduate students and postdoctoral researchers have endured insufficient support to sustain their most basic needs while doing innovative science.  The Relieving Economic Strain to Enhance American Resilience and Competitiveness in Higher Education and Research, or RESEARCHER Act, is imperative to addressing these barriers. From increasing access to affordable housing, food and health care to addressing costs of caregiving for family members, this legislation seeks to standardize policies and guidance for the federal government agencies to examine as they provide financial support for the future STEM workforce. The University of California thanks Sen. Padilla for his leadership in introducing the RESEARCHER Act and encourages Congress to pass this important legislation quickly,” said UC Vice President for Research & Innovation Theresa A. Maldonado, Ph.D., P.E.
    “The California State University applauds the introduction of the RESEARCHER Act. Addressing the financial instability faced by graduate and postdoctoral researchers is critical to ensuring a strong and sustainable research workforce. This legislation is an important step toward creating equitable and supportive conditions for the next generation of innovators and scholars,” said Dr. Ganesh Raman, Assistant Vice Chancellor for Research at the California State University.
    “Fair compensation is the issue most frequently raised by postdoctoral researchers nationally,” said Thomas P. Kimbis, executive director and chief executive officer of the National Postdoctoral Association (NPA). “The NPA encourages passage of the RESEARCHER Act to increase understanding of the financial needs of postdocs and graduate students, including locality pay issues, and steps that can be taken to address them.”
    “Graduate students and postdocs are the future of the nation’s STEM workforce, yet we are failing to pay many a competitive, livable wage. The RESEARCHER Act is a first step towards ensuring a continued, thriving U.S. scientific enterprise in an increasingly competitive world,” said Jonathan A. Bagger, American Physical Society CEO.
    “AGU applauds the RESEARCHER Act for working to support our nation’s student and early career scientists.  Science needs us like never before with support and resources. By reducing the financial hardships for graduate and postdoctoral researchers, the bill will help increase participation in STEM fields and help build long-term American leadership and innovation in the sciences,” said American Geophysical Union.
    “Graduate students and postdoctoral researchers have long been the foundation of America’s standing as a global leader in science and technology—often while facing enormous financial uncertainty. The RESEARCHER Act is a vital step toward giving these researchers the stability they deserve to continue pushing the boundaries of knowledge and maintaining U.S. leadership in innovation,” said Michael Espinal and Braden Gilleland, Co-Chairs of Federal Affairs, MIT Graduate Student Council.
    Specifically, the RESEARCHER Act would:
    Require federal research agencies to implement policies to address the financial instability of graduate and postdoctoral researchers based on policy guidelines developed by the White House Office of Science and Technology Policy;
    Increase data collection on the financial instability of graduate and postdoctoral researchers by amending the CHIPS and Science Act and directing the National Science Foundation to award institutions of higher education and nonprofit organizations with grants to research the subject;
    Commission a National Academies of Sciences, Engineering, and Medicine study on the status of graduate and postdoctoral researcher financial insecurity; and
    Direct the Government Accountability Office to report on the implementation of the guidelines enacted by federal research agencies and make recommendations to improve said guidelines.
    The RESEARCHER Act is endorsed by the American Physical Society, American Geophysical Union, American Mathematical Association, National Postdoctoral Association, Association for Women in Science, American Association of Immunologists, University of California, California State University, and the MIT Student Graduate Council.
    As a Massachusetts Institute of Technology (MIT) mechanical engineering graduate and a Commissioner of the bipartisan National Security Commission on Emerging Biotechnology (NSCEB), Senator Padilla has worked to advance U.S. scientific and technological leadership. He recently introduced the bipartisan National Biotechnology Initiative Act of 2025 to set in motion a whole-of-government approach to advancing biotechnology for U.S. national security, economic productivity, and competitiveness. The bill followed the Commission’s release of their major report and action plan, urging Congressional action to protect U.S. national security by bringing the full weight of American innovation to improve and maintain U.S. global leadership in biotechnology.
    Senator Padilla also hosted students and advocates last year to reintroduce the Basic Assistance for Students in College (BASIC) Act, bicameral legislation to help ensure college and university students can better meet their basic needs while pursuing higher education.
    A one-pager on the bill is available here.
    Full text of the bill is available here.

    MIL OSI USA News –

  • MIL-OSI USA: Padilla, Bennet, Salinas, Lofgren Introduce Bicameral Legislation to Provide Disaster Relief for Farm Workers

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    Padilla, Bennet, Salinas, Lofgren Introduce Bicameral Legislation to Provide Disaster Relief for Farm Workers

    WASHINGTON, D.C. — Today, U.S. Senators Alex Padilla (D-Calif.) and Michael Bennet (D-Colo.) introduced the Disaster Relief for Farm Workers Act to provide compensation for farm workers who lose out on wages due to extreme weather, public health emergencies, and other disasters beyond their control. Representatives Andrea Salinas (D-Ore.-06) and Zoe Lofgren (D-Calif.-18) are leading companion legislation in the House of Representatives.
    California is home to as many as 800,000 year-round and seasonal farm workers who help power the state’s $59 billion agricultural economy, yet despite their contributions to the local, regional, and national economies, there are few protections for the farm workforce. The California agricultural economy faced almost $4 billion in damages from 2023 to 2024, and that’s without even accounting for flooded farm worker homes in Pajaro or lost farm worker income. Existing federal disaster relief programs insufficiently compensate farm workers when they lose wages as a result of conditions out of their control.
    “California’s farm workers often work under extreme conditions to help put food on the table for hundreds of millions of Americans,” said Senator Padilla. “But increasingly frequent natural disasters, including historic flooding in Pajaro, have devastated California’s agricultural communities. We must protect the heart of our nation’s food supply by providing critical emergency assistance to these essential workers.”
    “Agriculture is the backbone of Colorado’s economy and central to our Western way of life, but as climate-fueled disasters become increasingly common, our state’s farm workers are paying the price,” said Senator Bennet. “Our bill will help ensure the people that grow America’s fruits, vegetables, and other crops get the assistance they need in the wake of emergencies like drought, wildfires, and other natural disasters.”
    “Extreme weather and natural disasters are only getting worse with climate change. Unfortunately, many of the hardworking individuals who grow and harvest our food do not receive direct financial support when they are forced to miss work and lose wages as a result of these disasters,” said Representative Salinas. “My legislation would finally correct this injustice by providing federal disaster relief for farmworkers. This change is well-deserved and long-overdue, and I will continue to advocate for the brave men and women who help feed America.”
    “When extreme weather occurs, farmworkers across our country continue to feed the nation. And yet, these essential workers and their families face great uncertainty when unexpected disasters harm their communities and livelihood. For example, hundreds of farmworkers in my congressional district faced displacement and lost wages after severe flooding devastated the Pajaro community in early 2023. We owe them – and all farmworkers – more. The Disaster Relief for Farm Workers Act ensures America’s indispensable farmworkers can receive disaster relief funding they need and have earned,” said Representative Lofgren.
    The Disaster Relief for Farm Workers Act would address this problem by providing direct relief funding for farm workers. Specifically, this bill would:
    Make grants available to eligible farm worker organizations to provide emergency relief to farm workers affected by a disaster.
    Ensure the U.S. Department of Agriculture (USDA) develops and executes a promotional plan prior to and throughout the distribution of the relief grants to increase awareness of the assistance available.
    Require USDA to work with eligible farm worker organizations.
    Provide definitions for a covered disaster, eligible farm worker organization, and migrant or seasonal farm worker.
    Amend Section 2281 of the Food, Agriculture, Conservation, and Trade Act of 1990 to allow for emergency assistance for farm workers.
    The legislation is endorsed by the following organizations: A Better Balance, Alianza Americas, Alianza Nacional de Campesinas, Association of Farmworker Opportunity Programs (AFOP), Borderlands Resource Initiative, California Human Development, Campesinos Sin Fronteras, Care in Action, CASA of Oregon, Center for Employment Training, Central Coast Alliance United for a Sustainable Economy (CAUSE), Central Valley Opportunity Center, Centro de los Derechos del Migrante, Inc (CDM), Child Labor Coalition, CHILDREN AT RISK, CIERTO, Civic Empowerment Coalition, Coalition for Humane Immigrant Rights (CHIRLA), Columbia Legal Services, CRLA Foundation, Davidson County Local Food Network, El Futuro es Nuestro, Farm Worker Ministry Northwest, Farmworker and Landscaper Advocacy Project-FLAP, Farmworker Housing Development Corporation (FHDC), Farmworker Justice, Food Empowerment Project, GALEO Impact Fund, Hand in Hand/Mano en Mano, Hispanic Affairs Project, Hispanic Federation, Houston Immigration Legal Services Collaborative, Immigrant Defenders Law Center, La Union del Pueblo Entero (LUPE), Latino Outdoors, League of Conservation Voters, Make the Road CT, Make the Road NJ, Make the Road NV, Make the Road NY, Make the Road PA, Make the Road States, Michiganders for a Just Farming System, National Association of Social Workers, National Association of Social Workers – Florida and Virgin Islands Chapter, National Consumers League, National Domestic Workers Alliance, National Employment Law Project, National Migrant and Seasonal Head Start Association, NC FIELD, Inc., NETWORK Lobby for Catholic Social Justice, North Carolina Council of Churches, North Carolina Farmworker Advocacy Network, North Carolina Justice Center, Nourish Up, Opportunity Arizona, Oregon Human Development Corporation, Organización en California de Lideres Campesinas, Inc, PCUN, Oregon’s Farmworker Union, Pesticide Action and Agroecology Network (PAN), Popular Democracy, Presente.org, Progress Michigan, Proteus Inc., Puente de la Costa Sur, Sikh American Legal Defense and Education Fund (SALDEF), Slow Food USA, Student Action with Farmworkers, Sur Legal Collaborative, TODEC Legal Center, Toxic Free North Carolina, UFW Foundation, Unidos Yamhill County, United Farm Workers, and Voces Unidas de las Montañas.
    “Farm workers are always on the front lines of fires, floods, and storms — yet are too often excluded from federal disaster relief programs,” said Teresa Romero, President of United Farm Workers (UFW). “If the federal government can provide emergency support to farm owners who lose crops in natural disaster, then the federal government can emergency provide support to farm workers who lose work in that same disaster. The Disaster Relief for Farm Workers Act will ensure that farm workers who put food on all our tables can continue to put food on their family’s table when disaster strikes.”
    “Every year we see an alarming number of natural disasters that drastically and disproportionately impact the farm worker community. As climate change gets worse, these types of disasters will only worsen and farm workers are the ones who are affected the most by these calamities. Just last year, we saw heavy California rains flooding Ventura County farm areas and Hurricane Helen devastating Georgia’s farm worker communities, leading to organizations like ours stepping up to do what we can. But that is not enough. We must have a federal response to these kinds of disasters. From wildfires to tornadoes to hurricanes, farm workers have little to no safety net to help them recover from unexpected disasters,” said Erica Lomeli Corcoran, Chief Executive Officer at UFW Foundation. “This is exactly why the UFW Foundation is supporting the Disaster Relief for Farm Workers Act. It would provide resources and aid to those who truly need it and would ensure that those responsible for our nation’s food supplies are not overlooked, as they have been in the past. Farm workers have been largely ignored and neglected by the law, shut out from basic protections provided to all workers. It is time that Congress acts and ensures that our nation’s farm workers are given the support they need to overcome times of emergencies and to provide equity to all workers.” 
    “Farmworkers are frontline workers, which means they are the hardest hit by the impacts of extreme weather conditions across the country. Many farmworkers feel that they are risking their health with extreme heat and colder days, but losing even one day of work is not an option for their families’ economic situation. Outdoor protections are important, yet there are days that are becoming too extreme to even be outside. Our vision is to be a resilient workforce for the agricultural industry. Disaster relief means we can start investing in addressing the issues that workers are facing today by building resilience for climate change in the future, without sacrificing the economic well-being of farmworkers,” said Reyna Lopez, Executive Director of Pineros y Campesinos Unidos del Noreste (PCUN).
    Senator Padilla has fought hard to deliver relief to agricultural communities devastated by natural disasters. Earlier this year, Padilla announced bipartisan, bicameral legislation to improve access to federal agriculture disaster programs. Padilla also introduced the Smoke Exposure Research Act, legislation to better protect winegrape growers against wildfire smoke damage by strengthening research and risk management efforts at West Coast land-grant universities. Last year, he led a bipartisan coalition of California members in urging the Senate and House Agriculture Committees to incorporate permanent disaster assistance for agricultural producers and communities in the Farm Bill. The letter called for the inclusion of his bipartisan Agricultural Emergency Relief Act, which would create a permanent structure at the USDA to provide relief for farmers who lost crops due to natural disasters. Previously, Padilla introduced a pair of bills to equip the USDA to better meet the needs of farm workers. He also introduced the Fairness for Farm Workers Act last Congress to update the nation’s labor laws to ensure farm workers receive fairer wages and compensation.
    Full text of the bill is available here.

    MIL OSI USA News –

  • MIL-OSI Economics: Money Market Operations as on May 07, 2025

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 5,98,270.16 5.75 3.00-6.85
         I. Call Money 15,647.98 5.83 4.90-5.95
         II. Triparty Repo 3,70,157.00 5.75 5.50-5.90
         III. Market Repo 2,11,034.33 5.74 3.00-6.05
         IV. Repo in Corporate Bond 1,430.85 6.04 5.95-6.85
    B. Term Segment      
         I. Notice Money** 149.50 5.73 5.35-5.90
         II. Term Money@@ 550.00 – 6.05-6.15
         III. Triparty Repo 8,015.95 5.88 5.80-6.00
         IV. Market Repo 1,723.88 6.01 3.50-6.12
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Wed, 07/05/2025 1 Thu, 08/05/2025 5,192.00 6.01
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Wed, 07/05/2025 1 Thu, 08/05/2025 493.00 6.25
    4. SDFΔ# Wed, 07/05/2025 1 Thu, 08/05/2025 1,82,611.00 5.75
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -1,76,926.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo Fri, 02/05/2025 14 Fri, 16/05/2025 149.00 6.01
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo Thu, 17/04/2025 43 Fri, 30/05/2025 25,731.00 6.01
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       8,709.21  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     34,589.21  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -1,42,336.79  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on May 07, 2025 9,55,693.56  
         (ii) Average daily cash reserve requirement for the fortnight ending May 16, 2025 9,41,653.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ May 07, 2025 5,192.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on April 18, 2025 2,02,749.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    ^ As per the Press Release No. 2025-2026/91 dated April 11, 2025.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2025-2026/279

    MIL OSI Economics –

  • MIL-Evening Report: ‘These violations should never have occurred’: the troubled history of intercountry adoption

    Source: The Conversation (Au and NZ) – By Samara Kim, PhD Candidate & Researcher, Southern Cross University

    Korean adoptees worldwide are grappling with a devastating possibility: they were not truly orphans, but may have been made into orphans.

    For decades, adoptees were told they were “abandoned”, “rescued” or “unwanted”. Many were told their Korean families were too “poor” or “incapable” to raise them – and they should only ever feel grateful for being adopted.

    But these long-held stories are now under scrutiny.

    Our recent research interrogates the narratives that have obscured the darker realities of intercountry adoption. Rather than viewing adoption solely through the lens of “rescue”, our work examines the broader power structures that facilitated the mass migration of Korean children to western countries, including Australia.

    South Korea’s reckoning with its adoption history

    In March, South Korea’s Truth and Reconciliation Commission released its preliminary findings after collecting records and testimony from a coalition of overseas Korean adoptee-led organisations (including the Australia–US Korean Rights Group).

    The preliminary report revealed a disturbing pattern of human rights violations in the country’s adoption industry, including:

    • forced relinquishments
    • falsified records
    • babies switched at adoption
    • inadequate screening processes, and
    • deep-rooted institutional corruption.

    The commission’s chair described finding

    serious violations of the rights of adoptees, their biological parents – particularly Korean single mothers – and others involved. These violations should never have occurred.

    The commission is expected to release its final report soon, but due to the upcoming presidential election and political uncertainty in South Korea, the timeline remains unclear.

    Chilling cases

    This is not the first time intercountry adoption has made headlines for irregularities, human rights abuses, or illicit and illegal practices.

    While Australia was expanding the number of children for intercountry adoption from South Korea in the 1980s, Park In-keun – director of South Korea’s infamous Brothers Home, an illegal detention facility that sent children overseas for adoption – was arrested for embezzlement and illegal confinement.

    He was ultimately acquitted of the most serious charges in South Korea before escaping to Australia. He was then charged again in 2014 for embezzlement, including government subsidies and wages of inmates forced into slave labour in South Korea. He died two years later.

    Other allegations of human rights violations and abuses came to light around the same time with the arrest of Julie Chu.

    She was accused of facilitating a “baby export” syndicate. Children were believed to have been kidnapped from Taiwan to send to Western countries, including Australia, in the 1970s and 80s. She was convicted of forgery, but denied being involved in trafficking.

    Since then, other cases have continued to emerge involving countries such as Chile, Sri Lanka, India, Ethiopia and Guatemala.

    What is the adoption industrial complex?

    Intercountry adoption is not just a social practice. It’s also an economic and political system sometimes known as the transnational adoption industrial complex.

    This network of organisations, institutions, government policies and financial systems created a globalised adoption economy worth billions of dollars. According to numerous investigations, Western nations, as “receiving” countries, drove the demand for the continuous sourcing of children.

    As Park Geon-Tae, a senior investigator with South Korea’s Truth and Reconciliation Commission, said:

    To put it simply, there was supply because there was demand.

    Australia received an estimated 3,600 Korean children from the 1970s to the present, as part of more than 10,000 intercountry adoptions.

    Prospective parents typically paid between US$4,500 and $5,000 to facilitate acquiring a child in Australia in the 1980s, equivalent to A$21,000 today.

    Since colonisation, Australia has had a long and painful history of child removal. From the Stolen Generations involving First Nations children to the forced adoption of children born to unwed mothers, child separation has been deeply embedded in the nation’s social policy.

    While national apologies have acknowledged the irreparable harms caused by these policies, the same ideologies and structures were repurposed as the blueprint for intercountry adoption.

    In recent years, other western nations, such as Denmark, Norway, the Netherlands, Sweden and Switzerland, have begun to investigate their own roles in the intercountry adoption industry. These nations have either suspended their adoption programs, issued formal apologies or launched formal investigations.

    Thus far, Australia and the United States have not.

    Challenging the ‘rescue’ myth

    Intercountry adoption has long been framed as a humanitarian act. The central idea was that children needed “rescuing” and any life in a Western country would be “better” than one with their families in their home country.

    Many adoptees and their original families were expected to just move on or be grateful for being “saved”.

    However, research shows this gratitude narrative disregards the deep trauma caused by forced separation.

    Studies have reported that adoptees experience lifelong ruptures due to cultural, familial and ancestral displacement. Forced assimilation makes reconnection with family and culture complex or nearly impossible.

    Many intercountry adoptees have also voiced concerns about abuse, violence and mistreatment in adoptive homes.

    Questioning the ‘orphan crisis’ myth

    The myth of a global orphan crisis has also been a powerful driver of intercountry adoption.

    Adoption groups often reference outdated UNICEF estimates that there are 150 million orphans globally. However, this figure obscures the fact most of the children classified as “orphans” are children of single parents, or children currently living in homes with extended family or other caregivers.

    This was the case in South Korea. Most children sent for adoption were not true orphans, but children who had at least one parent or extended family they could have stayed with if they were adequately supported.

    The belief that millions of children of single parents were “orphans” in need of “rescue” was used to justify calls for faster, less regulated adoptions.

    Labelling these children as “orphans” also helped attract millions of dollars in philanthropic donations. However, donors were rarely interested in supporting children to stay with their families and communities in their home countries.

    Instead, the focus was often on removing and migrating them for the purpose of intercountry adoption.

    The question then emerges: was this about finding families for babies or finding babies for Western families?

    Samara Kim is a founding member of KADS Connect, an advocacy organisation for South Korean adoptees.

    Kathomi Gatwiri and Lynne McPherson do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. ‘These violations should never have occurred’: the troubled history of intercountry adoption – https://theconversation.com/these-violations-should-never-have-occurred-the-troubled-history-of-intercountry-adoption-254200

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Tuberville, Crapo Introduce Legislation to Level Playing Field for Alabama Sporting Equipment Businesses

    US Senate News:

    Source: United States Senator Tommy Tuberville (Alabama)
    WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) and U.S. Senator Mike Crapo (R-ID) introduced the Sporting Goods Excise Tax Modernization Act  to close a tax loophole that has resulted in lost revenue for state-led wildlife conservation efforts.  Foreign sellers should be held to the same tax regulations as domestic manufacturers, and this bill will ensure that happens. 
    “Alabama is proud to be home to hundreds of small businesses who make sporting equipment that outdoorsmen and conservationists rely on. The last thing these business owners need is to be punished for producing goods right here in the U.S.A.” said Senator Tuberville.“Under President Trump, we are laser-focused on doing everything we can to encourage domestic production. I’m proud to introduce this legislation with Senator Crapo which closes a loophole allowing foreign sellers to exploit our domestic retailers and rob money from our state conservation programs.”
    “Federal excise taxes on certain recreational outdoor sporting equipment provide funding for conservation programs,” said Senator Crapo. “This bill closes loopholes on imported fishing and archery equipment that deprive fish and wildlife conservation programs of additional critical funds. This move will help level the playing field for Idaho and American companies and strengthen existing conservation programs.”
    Numerous conservation and sporting groups, including the Alabama Department of Conservation, Archery Trade Association, Association of Fish and Wildlife Agencies, American Sportfishing Association, and The Conservation Fund haveendorsed Senator Tuberville’s legislation. 
    “We applaud Senator Tuberville’s support of the Sporting Goods Excise Tax Modernization Act,” said Chris Blankenship, Commissioner of the Alabama Department of Conservation and Natural Resources.“These funds are critical to supporting outdoor activities in the U.S. and we rely on them heavily in Alabama. This legislation will help secure state conservation funding and ensure all Americans have access to quality outdoor recreation throughout the country.”
    “The archery industry applauds Senators Crapo and Tuberville for their exceptionally strong leadership and introduction of this high priority legislation,” said Dan Forster, Vice President & Chief Conservation Officer, Archery Trade Association. “Holding foreign companies accountable for paying the federal excise tax is not only about protecting American businesses but it will help ensure that our conservation funding and outdoor heritage are protected for future generations.”
    “We thank Senators Tuberville and Crapo for their leadership in helping to make the Sport Fish Restoration and Wildlife Restoration funds whole,” said Jim Fredericks, Chair of the Association of Fish and Wildlife Agencies’ Fisheries and Water Resources Policy Committee and Director of the Idaho Department of Fish and Game.“State fisheries programs count on these funds to maintain the good quality fishing opportunities that keep our anglers coming back for more.”
    “The Sporting Goods Excise Tax Modernization Act will ensure the future viability of the Sport Fish Restoration Fund by closing a loophole and securing millions of dollars in lost excise tax revenue to improve recreational fishing,” said Glenn Hughes, President and CEO of American Sportfishing Association. “Since 1950, excise taxes on fishing equipment have provided $12 billion for conservation efforts and improved access for anglers across the country – a unique user-pay, public-benefit system that has become a cornerstone of the American conservation model. We applaud Senators Tuberville and Crapo for introducing this legislation and for their commitment to the sportfishing industry, which contributes $230 billion to the U.S. economy each year.”
    Complete text of the bill can be found here. U.S. Representatives Blake Moore (R-UT-01) and Jimmy Panetta (D-CA-19) introduced companion legislation in the House of Representatives earlier this year.
    BACKGROUND:
    For decades, the Pittman-Robertson Wildlife Restoration Act and the Dingell-Johnson Sport Fish Restoration Act have provided states and territories with essential funding for wildlife restoration, conservation, hunter education programs, and boating access programs.  These programs, funded through excise taxes on sportfishing and archery equipment, have contributed more than $1.3 billion in FY2025 to support conservation efforts across the country.
    However, a loophole in current tax policy allows some online purchases of imported sporting goods to bypass these excise taxes when purchased directly from foreign sellers, leading to a shortfall of tens of millions of dollars from going to conservation funds. Many consumers are unaware that they may be responsible for these taxes, and even those who are aware often struggle to navigate IRS guidelines on calculating and paying them. A recent Government Accountability Office (GAO) report recommended that Congress address this issue by ensuring that U.S. online marketplaces, rather than consumers, are responsible for collecting and remitting these excise taxes.
    The Sporting Goods Excise Tax Modernization Act would:
    Require U.S. online marketplaces to collect and remit federal excise taxes on imported archery and fishing equipment, treating them as the importer of record.
    Ensure that funding for state-led wildlife conservation efforts is not lost due to tax loopholes.
    Maintain fairness for domestic retailers who already pay these taxes on sporting goods they sell.
    Simplify the tax process for consumers, eliminate confusion, and ensure that conservation programs receive the full funding they deserve.
    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

    MIL OSI USA News –

  • MIL-OSI New Zealand: PM’s Science Prizes celebrate excellence

    Source: NZ Music Month takes to the streets

    Some of New Zealand’s most outstanding scientific minds have been recognised at the 2024 Prime Minister’s Science Prizes Award Ceremony, held this evening in Wellington.

    Prime Minister Christopher Luxon praised the winners, acknowledging the crucial role that science plays in building a more productive, innovative, and sustainable New Zealand.

    “This year’s top honour, the Prime Minister’s Science Prize, has been awarded to Dr Linda Johnson and the Endophyte Discovery Team at AgResearch,” Christopher Luxon says. 

    “Their groundbreaking work to improve the health and productivity of ryegrass is making a tangible difference for New Zealand farmers, boosting yields while reducing reliance on pesticides.”

    Ryegrass is the most commonly used pasture grass in New Zealand agriculture. The team’s research has led to the development of beneficial microorganisms that protect grass from pests and disease, while also enhancing drought resistance.

    “This is an excellent example of science delivering real-world solutions.

    “By improving the quality of pasture on our farms, we’re not only increasing our capacity to produce high-quality food, but we’re also supporting the growth of our economy and ensuring a more resilient future for our agricultural sector.”

    The Prime Minister’s Science Prizes comprise five prestigious awards, with a total prize pool of $975,000. The 2024 recipients include:

    • Dr Olivia Harrison, University of Otago – awarded the MacDiarmid Emerging Scientist Prize for her multidisciplinary work in understanding and managing anxiety.
    • Dr Aiden Kiely, Aorere College, Auckland – awarded the Science Teacher Prize for his dedication to equity and excellence in science education.
    • Professor Jemma Geoghegan, University of Otago – awarded the Science Communication Prize for advancing public understanding of infectious diseases and guiding policy responses to pandemic threats in New Zealand and the Pacific.
    • Rena Misra, Epsom Girls’ Grammar School – awarded the Future Scientist Prize for her innovative research into using fungi to improve stormwater filtration systems.

    “Congratulations to all this year’s winners. Your achievements are a testament to the power of Kiwi ingenuity and scientific excellence,” Mr Luxon says. 

    “Your work is not only advancing knowledge—it’s improving lives and building a better New Zealand for future generations.”

    The five prizes are: 

    The Prime Minister’s Science Prize

    An individual or team for a transformative scientific discovery or achievement, which has had a significant economic, health, social and/or environmental impact on New Zealand and/or internationally. The total value of this prize is $500,000. $100,000 goes towards the team, and $400,000 will be used to support the ongoing research.

    The Prime Minister’s MacDiarmid Emerging Scientist Prize

    An outstanding emerging scientist who has had their PhD or equivalent qualification conferred within the last eight years i.e. (no earlier than 1 January 2014). The total value of the Prize is $200,000. $50,000 is for the winner, and $150,000 for their ongoing research. 

    The Prime Minister’s Science Teacher Prize

    A registered teacher kaiako who has been teaching science, mathematics, technology, pūtaiao, hangarau or pāngarau learning areas of the New Zealand curriculum to school-age children in a primary, intermediate or secondary New Zealand registered school or kura kaupapa. The total value of this prize is $150,000. The winner can use $50,000 at their own discretion. The winner’s school will receive $100,000 which must be used for the development of science in their school.

    The Prime Minister’s Science Communication Prize

    A practising scientist who can demonstrate an interest, passion and aptitude for science communication and public engagement, or to a person who has developed expertise in public engagement, or communication of complex scientific or technological information to the public and/or science and research communities. The total value of the Prize is $75,000. $55,000 of the Prize money is to be used to support the recipient to carry out a programme of activities/professional development to further their understanding of science communication.  $20,000 is for the winner.

    The Prime Minister’s Future Scientist Prize

    Awarded to a Year 12 or Year 13 school tauira student for outstanding achievement in carrying out a practical and innovative science research, maths, technology or engineering project. This Prize is valued at $50,000 and is to be used to support the winner’s tertiary education.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: PM’s Science Council to set direction for science

    Source: NZ Music Month takes to the streets

    Prime Minister Christopher Luxon has today announced the new Prime Minister’s Chief Science Advisor, and the members of the Prime Minister’s Science and Technology Advisory Council.

    “We have world-class scientists in our universities and research institutes, but they’re working in a system held back by outdated settings. To unlock the full potential of science and technology, we need a sharper focus on commercialisation, better access to global investment, and clearer priorities at home,” Mr Luxon says. 

    “This Council is a new initiative to get clear, independent advice to ensure our investments in science and technology are delivering real outcomes for New Zealanders.

    “The Council will provide advice on long-term priorities for government-funded science and innovation. They will help identify areas of focus that will have the greatest benefit for Kiwis and our economy. 

    “I also expect them to provide bold and courageous advice about those areas that aren’t delivering value for New Zealanders and may need to be deprioritised. It’s about making sure we are investing in what will have the greatest impact for New Zealanders.”

    Members of the Council bring a strong mix of scientific, commercial and strategic expertise. They include:

    Sir Peter Gluckman
    Craig Piggott
    Professor Merryn Tawhai
    Komal Mistry-Mehta
    Malcolm Johns
    Dr John Roche

    “I am also pleased to announce that Dr John Roche has been appointed as the Prime Minister’s Chief Science Advisor. In this role, John will support robust decision making by providing high quality, independent scientific advice. John, in his capacity as my science advisor, will also be a member of the council.”

    Minister for Science, Innovation and Technology, Hon Dr Shane Reti, will chair the Council, with Dr John Roche as deputy chair.

    “These are highly capable individuals who understand both the science and the economic imperatives. They are prepared to make the bold calls needed to ensure the system is future-focused, outcome-driven and aligned with our economic goals,” Mr Luxon says.

    “A strong, well-directed science and innovation sector is critical to lifting productivity, creating high-value jobs and supporting a more resilient and competitive economy.”

    The Council will provide its first formal advice to the Prime Minister and Minister Reti later this year.

    Biographies of Council members:

    Sir Peter Gluckman 
    Professor Sir Peter Gluckman ONZ KNZM FRSNZ FMedSci FRS trained as a paediatrician and biomedical scientist. He is Director of Koi Tu- Centre for Informed Futures and holds a Distinguished University Professorship at the University of Auckland. He is currently the chair of the Science System Advisory Group. Sir Peter is President of the International Science Council (ISC, 2021-2026). From 2014-2021 he was the inaugural Chair of the International Network of Government Science Advice (INGSA), and from 2009-2018 he was the first Chief Science Advisor to the Prime Minister of New Zealand. He was also Science Envoy for the New Zealand Ministry of Foreign Affairs and Trade and coordinated the secretariat of the Small Advanced Economies Initiative. He has written and spoken extensively on science-policy and science-diplomacy and science-society interactions. He has received the highest scientific and civilian honours in New Zealand and numerous international scientific awards. 
    Craig Piggott
    Craig Piggott is the founder of Halter. The company’s solar-powered collar for dairy and beef cows, pairs with an app for farmers and allows cows to respond to guidance cues, enabling virtual herding and fencing while monitoring health 24/7. This innovation helps farmers increase milk and protein production propelling the company to become one of New Zealand’s fastest-growing businesses with a thriving international customer base. Craig brings experience in innovation, agriculture and business.  
    Merryn Tawhai
    Merryn Tawhai graduated from the University of Auckland with a PhD in Engineering Science in 2001. She leads a research programme at the Auckland Bioengineering Institute (ABI) in applied computational physiology of the respiratory system. Merryn is the Director of the ABI and sits on the Board of Directors for Cure Kids Ventures and the Virtual Physiological Human Institute. She was ABI’s Deputy Director for 10 years, Director of the Medical Technologies Centre of Research Excellence (MedTech CoRE), and an independent Director for Izon Science. Merryn was awarded the 2016 MacDiarmid Medal by the Royal Society of New Zealand (RSNZ) Te Apārangi, is a Fellow of the RSNZ, a Fellow of IAMBE and AIMBE, and an elected member of the Fleischner Society.
    Komal Mistry-Mehta
    Komal is Chief Innovation & Brand Officer at Fonterra and Managing Director of the Ki Tua Fund, Fonterra’s corporate venture capital arm. She leads global innovation, research and development, digital, brand and marketing functions for New Zealand’s largest company. Prior to joining the Fonterra Executive Team, Komal led Fonterra’s global health and nutrition business based in Singapore. With experience across Asia, the America’s and Europe, she has led major transformations in sales, innovation, digital enablement and technology. Komal was named New Zealand’s Young Executive of the Year in 2017 and serves on several international boards. Komal has completed the Executive Program at Stanford University School of Business and holds Bachelor of Laws and Bachelor of Management degrees from the University of Waikato. She is a Barrister and Solicitor of the High Court of New Zealand as well as a member of the New Zealand Institute of Chartered Accountants.
    Malcolm Johns
    Malcolm is the Chief Executive of Genesis Energy. Previously he was the Chief Executive of InterCity Group and held several governance roles within New Zealand’s transport, infrastructure and tourism sectors. He is Convenor of the Climate Leaders Coalition and served as Chair of the APEC Business Advisory Council leading the regional trade policy task force for climate change. Malcolm has extensive business acumen and understanding of Government systems

    John Roche 
    John was appointed MPI’s Chief Science Adviser in June 2018 to provide an independent science perspective. He leads MPI’s Science Forum, chairs the Science Governance Group at MPI and the independent Mycoplasma bovis Strategic Science Advisory Group. John is also a member of the Prime Minister’s Chief Science Adviser’s forum and is an adjunct professor in University of Auckland’s School of Biological Sciences. John was previously DairyNZ’s Principal Scientist for Animal Science. He has held science appointments in Ireland and Australia. He is also Managing Director of Down to Earth Advice Ltd. Widely published and a regular contributor to international science and farming conferences, John has an Honours degree in Agricultural Science, a Masters in Farm Systems and Pasture Management, and a PhD in Animal Nutrition.

    MIL OSI New Zealand News –

  • MIL-OSI Asia-Pac: CE to seek Middle East opportunities

    Source: Hong Kong Information Services

    Chief Executive John Lee will lead a delegation to the Middle East on Saturday, with his trip encompassing visits to Qatar and Kuwait.

    Executive Council member and Legislative Councillor for the Commercial Functional Constituency Jeffrey Lam, who will be part of Mr Lee’s delegation, explained that the Middle East has seen rapid development in recent years in areas such as finance, infrastructure and tourism. He believes there is significant potential for economic co-operation with Hong Kong, and that the city must accelerate its exploration of emerging overseas markets.

    Mr Lam expressed optimism about the potential for such co-operation, noting that – as an international financial centre – Hong Kong is ideally positioned to advance collaborative efforts in various sectors.

    “Especially after the import duty trade war started by the US, a lot of people do not want to rest all their investments or businesses in the US. So, they are looking into Hong Kong, the Middle East, Association of Southeast Asian Nations countries, etc.”

    Mr Lam added that he hopes the trip can facilitate opportunities for co-operation related to new energy. He highlighted that the Middle East, traditionally reliant on oil, is increasingly interested in diversifying and adopting new technologies.

    “Solar energy is another area that we can develop,” he said. “Imagine 6.5 to 8.5 hours of sunlight, how we can save that energy and use that energy. That needs technology to accomplish it.”

    Mr Lam also outlined that in addition to helping Hong Kong businesses develop opportunities overseas, the delegation hopes to bring in more capital from the Middle East region. This includes attracting companies to set up regional headquarters in Hong Kong, leveraging the city’s role as a hub connecting the Mainland and the rest of the world.

    MIL OSI Asia Pacific News –

  • MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for May 8, 2025

    ER Report: Here is a summary of significant articles published on EveningReport.nz on May 8, 2025.

    Women’s sports are fighting an uphill battle against our social media algorithms
    Source: The Conversation (Au and NZ) – By Hans Westerbeek, Professor of International Sport Business, Head of Sport Business Insights Group, Victoria University Women’s sport is more and more getting the attention it deserves. Stadiums are filling, television ratings for many sports are climbing and athletes such as the Matildas’ Mary Fowler, triple Olympic gold

    New taxes on super didn’t get much attention in the election campaign. But they could be tricky to implement
    Source: The Conversation (Au and NZ) – By Mark Melatos, Associate Professor of Economics, University of Sydney Poetra.RH/Shutterstock The re-election of the Albanese government has led to renewed concern about planned changes to the taxation of investment returns in superannuation funds. Labor’s emphatic victory on Saturday night, including what looks like an increased presence in

    New Caledonia’s political talks – no outcome after three days of ‘conclave’
    By Patrick Decloitre, RNZ Pacific correspondent French Pacific Desk After three solid days of talks in retreat mode, New Caledonia’s political parties have yet to reach an agreement on the French Pacific territory’s future status. The talks, held with French Minister for Overseas Manuel Valls and French Prime Minister’s special advisor Eric Thiers, have since

    Forest home of ‘polar dinosaurs’ 120 million years ago in southern Australia recreated in detail for the first time
    Source: The Conversation (Au and NZ) – By Vera Korasidis, Lecturer in Environmental Geoscience, The University of Melbourne Artwork © Bob Nicholls 2024 Roughly 140 million to 100 million years ago, the piece of land that is modern day Australia was located much further south on Earth. In fact, what is now Victoria was once

    Ovarian cysts can be painful when they burst. When do you need to see a doctor?
    Source: The Conversation (Au and NZ) – By Anna Chruścik, Lecturer in Biomedical Sciences, University of Southern Queensland PeopleImages.com – Yuri A/Shutterstock Cysts are small pockets of fluid that form inside the body. Ovarian cysts are common, affecting around one in ten women. But sometimes they can cause pain – especially when they burst. You

    Keith Rankin Chart Analysis – International Trade over time: gifts with strings
    Analysis by Keith Rankin. The ‘see-saw’ chart above shows the accumulated ‘excess benefits’ that Aotearoa New Zealand, and a few other countries, have enjoyed from international trade over the last 40 years. These are benefits arising from ‘unbalanced trade’ which are in addition to the regular benefits – arising from efficient specialisation – of ‘balanced’

    ‘Utu’ as foreign policy: how a Māori worldview can make sense of a shifting world order
    Source: The Conversation (Au and NZ) – By Nicholas Ross Smith, Senior Research Fellow, National Centre for Research on Europe, University of Canterbury Getty Images There is a growing feeling in New Zealand that the regional geopolitical situation is becoming less stable and more conflicted. China has ramped up its Pacific engagement, most recently with

    While the Liberals haemorrhaged, the Nationals held their own. Is it time to break up the Coalition?
    Source: The Conversation (Au and NZ) – By Linda Botterill, Visiting Fellow, Crawford School of Public Policy, Australian National University Among the notable features of this year’s election campaign was that Australia’s second-oldest political party was apparently missing in action. At the same time, it managed to avoid the rout inflicted on its coalition partner.

    Why is hospital parking so expensive? Two economics researchers explain
    Source: The Conversation (Au and NZ) – By Lisa Farrell, Professor of Economics (Health Economist), RMIT University ThirtyPlus/Shutterstock Imagine having to pay A$39 dollars a day to park your car while visiting your sick child in hospital. For families already struggling in a cost-of-living crisis, hospital parking fees are not just another expense. They can

    Vietnam is poised to become a top 20 economy, so why is Australia taking so long to make trade and investment links?
    Source: The Conversation (Au and NZ) – By Anne Vo, Senior lecturer in Vietnamese culture and politics, University of Wollongong Aritra Deb/Shutterstock At a time of widespread global trade instability, Australia should be expanding and diversifying its economic partnerships. Supply chains remain fragile, and protectionist rhetoric is once again gaining traction in major Western economies.

    Marvel’s Thunderbolts* shines a light on men’s mental illness – but falls down with this outdated plotline
    Source: The Conversation (Au and NZ) – By Emily Baulch, Research Associate, Discipline of Media and Communications, University of Sydney Marvel Studios This piece contains spoilers. Marvel’s men are sad. And that’s a good thing. Thor’s depressed in Avengers: Endgame. Tony Stark has panic attacks in Iron Man 3. Peter grieves in Spider-Man: No Way

    Australia is set to be a renewables nation. After Labor’s win, there’s no turning back
    Source: The Conversation (Au and NZ) – By Wesley Morgan, Research Associate, Institute for Climate Risk and Response, UNSW Sydney bmphotographer/Shutterstock An emphatic election victory for the incumbent Labor government means Australia’s rapid shift to renewable energy will continue. As Climate Change and Energy Minister Chris Bowen said on Saturday: In 2022, the Australian people

    Financial Times: The West’s shameful silence on Gaza – do more to restrain Benjamin Netanyahu
    EDITORIAL: The Financial Times editorial board After 19 months of conflict that has killed tens of thousands of Palestinians and drawn accusations of war crimes against Israel, Benjamin Netanyahu is once more preparing to escalate Israel’s offensive in Gaza. The latest plan puts Israel on course for full occupation of the Palestinian territory and would

    ‘Under no illusions’ about France, says author of new Rainbow Warrior book
    Pacific Media Watch The author of the book Eyes of Fire, one of the countless publications on the Rainbow Warrior bombing almost 40 years ago but the only one by somebody actually on board the bombed ship, says he was under no illusions that France was behind the attack. Journalist David Robie was speaking last

    Australia doesn’t have a federal Human Rights Act – but the election clears the way for overdue reform
    Source: The Conversation (Au and NZ) – By Amy Maguire, Professor in Human Rights and International Law, University of Newcastle Master1305/Shutterstock The Albanese government has achieved an historic re-election, substantially building its majority in the House of Representatives. Much has already been written about the potential for a more ambitious legislative program on the back

    Samoa down in RSF media freedom world ranking due to ‘authoritarian pressure’
    Talamua Online News Samoa has dropped in its media and information freedom world ranking from 22 in 2024 to 44 in 2025 in the latest World Press Freedom Index compiled annually by the Paris-based Reporters Without Borders (RSF). For the Pacific region, New Zealand is ranked highest at 16, Australia at 29, Fiji at 40,

    How maximum security prison inmates and officers worked together to create a farm behind bars
    Source: The Conversation (Au and NZ) – By Christian Tietz, Senior Lecturer in Industrial Design, UNSW Sydney Macquarie Correctional Centre Media Unit At Macquarie Correctional Centre in western New South Wales, a story of collaboration and persistence is unfolding. Inmates and prison officers are farming commercial quantities of fresh food in a purpose-built indoor facility.

    Can what you eat during pregnancy and breastfeeding affect whether your child develops food allergies?
    Source: The Conversation (Au and NZ) – By Jennifer Koplin, Evidence and Translation Lead, National Allergy Centre of Excellence; Chief Investigator, Centre of Food Allergy Research; Associate Professor and Group Leader, Childhood Allergy & Epidemiology Group, Child Health Research Centre, The University of Queensland Maria Evseyeva/Shutterstock Many questions pop up when you’re growing or raising

    How do you put a tariff on movies? Here’s what Trump’s plan could mean for Australia
    Source: The Conversation (Au and NZ) – By Mark David Ryan, Professor, Film, Screen, Animation, Queensland University of Technology Kirk Wester/Shutterstock US President Donald Trump’s recent announcement of a plan to impose a 100% tariff on movies “produced in foreign lands” could have a massive impact on the global entertainment industry. Film and television production

    Labor says its second term will be about productivity reform. These ideas could help shift the dial
    Source: The Conversation (Au and NZ) – By Roy Green, Emeritus Professor of Innovation, University of Technology Sydney Summit Art Creations/Shutterstock In his victory speech, Prime Minister Anthony Albanese highlighted social policy as a major factor in Labor’s electoral success, particularly Medicare, housing and cost of living relief. He was justified in doing so. But

    MIL OSI Analysis – EveningReport.nz –