NewzIntel.com

Category: Emissions Trading

  • MIL-OSI: Nokia Corporation Interim Report for Q3 2024

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Interim Report
    17 October 2024 at 08:00 EEST

    Nokia Corporation Interim Report for Q3 2024

    Strong gross margin improvement amidst ongoing market weakness

    • Q3 net sales declined 7% y-o-y in constant currency (-8% reported) as growth in Network Infrastructure and Nokia Technologies was offset by decline in Mobile Networks primarily in India and a divestment in Cloud and Network Services.
    • Order intake remained strong in Network Infrastructure, while the sales recovery continues to be slower than expected.
    • Comparable gross margin in Q3 increased by 490bps y-o-y to 45.7% (reported increased 500bps to 45.2%), with improvements across business groups, particularly in Mobile Networks.
    • Q3 comparable operating margin increased 160bps y-o-y to 10.5% (reported up 70bps to 5.7%), mainly due to higher gross margin, continued cost control and a benefit from the reversal of loss allowances for certain trade receivables.
    • Q3 comparable diluted EPS for the period of EUR 0.06; reported diluted EPS for the period of EUR 0.03.
    • Q3 free cash flow of EUR 0.6 billion, net cash balance EUR 5.5 billion.
    • Continued to make significant progress with cost savings program, EUR 500 million run-rate of gross savings actioned.
    • Nokia’s full year 2024 outlook is unchanged. Nokia currently expects comparable operating profit of between EUR 2.3 billion and 2.9 billion and free cash flow conversion from comparable operating profit of between 30% and 60%.

    This is a summary of the Nokia Corporation Interim Report for Q3 2024 published today. Nokia only publishes a summary of its financial reports in stock exchange releases. The summary focuses on Nokia Group’s financial information as well as on Nokia’s outlook. The detailed, segment-level discussion will be available in the complete financial report hosted at http://www.nokia.com/financials. A video interview summarizing the key points of our Q3 results will also be published on the website. Investors should not solely rely on summaries of Nokia’s financial reports and should also review the complete reports with tables.

    PEKKA LUNDMARK, PRESIDENT AND CEO, ON Q3 2024 RESULTS

    As I reflect on our performance in the third quarter, I am optimistic we are now turning the corner in many parts of our business, even if some continue to experience market weakness. Among the key highlights was a return to net sales growth in Network Infrastructure with Fixed Networks growing 9% in constant currency and IP Networks growing 6%. Order intake in Network Infrastructure continued to be robust with strong year-on-year growth and a growing order backlog. Additionally, we delivered a significant improvement in our gross margin at the group level and cash generation remained strong with EUR 621 million free cash flow in the quarter.

    There are reasons for optimism across our portfolio. We expect a significant acceleration in growth in Q4 in Network Infrastructure and see a number of structural demand trends supporting our future growth. In Mobile Networks, although market dynamics are more challenging, we have secured several important deals in the quarter, remain confident in our competitive position and are improving our gross margin. In Cloud and Network Services we are seeing excellent momentum in 5G Core along with strong progress in network automation, cloudification and enabling network APIs. Nokia Technologies continues to benefit from greater stability following the conclusion of its smart-phone renewal cycle and is making good progress expanding into the new growth areas.

    Across Nokia we are investing to create new growth opportunities outside of our traditional communications service provider market. We see a significant opportunity to expand our presence in the data center market and are investing to broaden our product portfolio in IP Networks to better address this. Our pending acquisition of Infinera will also bolster our Optical Networks exposure to this market and accelerate our growth opportunities. Additionally, we see a compelling new long-term opportunity in bringing 5G technology to the defense market and we continue to invest in private wireless networks where we are the clear market leader.

    Regarding our financial performance in Q3, our net sales declined by 7% in the quarter in constant currency. Three quarters of the decline was driven by India due to a strong year-ago quarter. Importantly we delivered a significant improvement in comparable gross margin which expanded 490 basis points from the year-ago period to reach 45.7%. This was driven by a combination of improved product mix, regional mix and actions to reduce product cost. Despite continued intense competition, we remain disciplined on price while still winning deals as we remain focused on improving the profitability of our business. We also progressed our cost reduction efforts contributing to a solid improvement of 160 basis points in our comparable operating margin on a year-on-year basis.

    Regarding full year 2024, our comparable operating profit outlook remains EUR 2.3 to 2.9 billion and we are currently tracking within the bottom-half of the range. The net sales recovery is happening slower than we expected previously, however, this is being partially offset by an improving gross margin and quick action on cost. We expect to be at the high end of our free cash flow target of 30% to 60% conversion from comparable operating profit.

    FINANCIAL RESULTS

    EUR million (except for EPS in EUR) Q3’24 Q3’23 YoY change Constant currency YoY change Q1-Q3’24 Q1-Q3’23 YoY change Constant currency YoY change
    Reported results                
    Net sales 4 326 4 709 (8)% (7)% 13 236 15 722 (16)% (15)%
    Gross margin % 45.2% 40.2% 500bps   46.1% 39.4% 670bps  
    Research and development expenses (1 116) (1 067) 5%   (3 376) (3 197) 6%  
    Selling, general and administrative expenses (692) (697) (1)%   (2 101) (2 104) 0%  
    Operating profit 246 237 4%   1 082 1 127 (4)%  
    Operating margin % 5.7% 5.0% 70bps   8.2% 7.2% 100bps  
    Profit from continuing operations 145 130 12%   965 700 38%  
    Profit/(loss) from discontinued operations 31 3 933%   (494) 11    
    Profit for the period 175 133 32%   471 711 (34)%  
    EPS for the period, diluted 0.03 0.02 50%   0.08 0.13 (38)%  
    Net cash and interest-bearing financial investments 5 460 2 960 84%   5 460 2 960 84%  
    Comparable results                
    Net sales 4 326 4 709 (8)% (7)% 13 236 15 722 (16)% (15)%
    Gross margin % 45.7% 40.8% 490bps   47.0% 39.9% 710bps  
    Research and development expenses (1 029) (1 024) 0%   (3 169) (3 119) 2%  
    Selling, general and administrative expenses (591) (594) (1)%   (1 785) (1 833) (3)%  
    Operating profit 454 418 9%   1 477 1 507 (2)%  
    Operating margin % 10.5% 8.9% 160bps   11.2% 9.6% 160bps  
    Profit for the period 358 293 22%   1 198 1 035 16%  
    EPS for the period, diluted 0.06 0.05 20%   0.21 0.18 17%  
    ROIC(1) 10.4% 11.9% (150)bps   10.4% 11.9% (150)bps  

    1 Comparable ROIC = Comparable operating profit after tax, last four quarters / invested capital, average of last five quarters’ ending balances. Refer to the Alternative performance measures section in Nokia Corporation Interim Report for Q3 2024 for details.

    Business group results Network
    Infrastructure    		 Mobile
    Networks    		 Cloud and Network Services Nokia
    Technologies    		 Group Common and Other
    EUR million Q3’24 Q3’23 Q3’24 Q3’23 Q3’24 Q3’23 Q3’24 Q3’23 Q3’24 Q3’23
    Net sales 1 525 1 534 1 747 2 157 702 742 352 258 3 22
    YoY change (1)%   (19)%   (5)%   36%   (86)%  
    Constant currency YoY change 1%   (17)%   (4)%   35%   (86)%  
    Gross margin % 42.1% 40.5% 39.8% 34.8% 40.9% 39.1% 100.0% 100.0%    
    Operating profit/(loss) 180 165 92 99 65 36 242 181 (126) (62)
    Operating margin % 11.8% 10.8% 5.3% 4.6% 9.3% 4.9% 68.8% 70.2%    

    SHAREHOLDER DISTRIBUTION

    Dividend

    Under the authorization by the Annual General Meeting held on 3 April 2024, the Board of Directors may resolve on the distribution of an aggregate maximum of EUR 0.13 per share to be paid in respect of financial year 2023. The authorization will be used to distribute dividend and/or assets from the reserve for invested unrestricted equity in four installments during the authorization period, in connection with the quarterly results, unless the Board decides otherwise for a justified reason.

    On 17 October 2024, the Board resolved to distribute a dividend of EUR 0.03 per share. The dividend record date is 22 October 2024 and the dividend will be paid on 31 October 2024. The actual dividend payment date outside Finland will be determined by the practices of the intermediary banks transferring the dividend payments.

    Following this announced distribution, the Board’s remaining distribution authorization is a maximum of EUR 0.03 per share.

    Share buyback program

    In January 2024, Nokia’s Board of Directors initiated a share buyback program to repurchase shares to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The share buyback execution started on 20 March 2024. On 19 July 2024, Nokia’s Board of Directors decided to accelerate the timeframe for the share buyback program with the aim of completing the full EUR 600 million program by the end of this year instead of the initial two year timeframe.

    On 27 June 2024, Nokia announced its intention to acquire Infinera in a transaction that valued Infinera at US$1.7 billion equity value with up to 30% of the consideration to be paid in Nokia American depositary shares (“ADSs”), depending on the elections of Infinera shareholders. Nokia’s Board of Directors is committed to repurchase additional shares on top of the on-going EUR 600 million program to offset the dilution from the transaction to Nokia shareholders.

    Under the share buyback program, by 30 September 2024, Nokia had repurchased 84 295 899 of its own shares at an average price per share of approximately EUR 3.48.

    OUTLOOK

      Full Year 2024
    Comparable operating profit(1) EUR 2.3 billion to EUR 2.9 billion
    Free cash flow(1) 30% to 60% conversion from comparable operating profit

    1Please refer to Alternative performance measures section in Nokia Corporation Interim Report for Q3 2024 for a full explanation of how these terms are defined.

    The outlook, long-term targets and all of the underlying outlook assumptions described below are forward-looking statements subject to a number of risks and uncertainties as described or referred to in the Risk Factors section later in this release. Along with Nokia’s official outlook targets provided above, below are outlook assumptions by business group that support the group level outlook.

      Nokia business group assumptions (full year 2024)
      Net sales growth (constant currency) Operating margin
    Network Infrastructure -6% to -3% (update) 10.0% to 12.0% (update)
    Mobile Networks -22% to -19% (update) 5.0% to 7.0% (update)
    Cloud and Network Services -7% to -4% (update) 6.0% to 8.0% (update)

    Nokia provides the following approximate outlook assumptions for additional items concerning 2024:

      Full year 2024 Comment
    Nokia Technologies operating profit at least
    EUR 1.4 billion    		 Nokia expects cash generation in Nokia Technologies to be EUR 700 million below operating profit in 2024 due to prepayments received in 2023. From 2025 onwards Nokia expects greater alignment between cash generation and operating profit in Nokia Technologies.
    Group Common and Other operating expenses EUR 350 million This includes central function costs which are expected to be largely stable at approximately EUR 200 million and an increase in investment in long-term research to approximately EUR 150 million.
    Comparable financial income and expenses Positive EUR 75 to EUR 125 million  
    Comparable income tax rate ~25%  
    Cash outflows related to income taxes EUR 450 million  
    Capital Expenditures EUR 450 million (update)  

    2026 TARGETS

    Nokia’s current targets for its existing perimeter of the business for 2026 are outlined below. This does not consider pending acquisitions. The Network Infrastructure operating margin assumption below considers Submarine Networks being treated as a discontinued operation. Nokia sees further opportunities to increase margins beyond 2026 and believes an operating margin of 14% remains achievable over the longer term.
    Net sales    		 Grow faster than the market
    Comparable operating margin(1) ≥ 13%
    Free cash flow(1) 55% to 85% conversion from comparable operating profit

    1 Please refer to Alternative performance measures section in Nokia Corporation Interim Report for Q3 2024 for a full explanation of how these terms are defined.

    The comparable operating margin target for Nokia group is built on the following assumptions by business group for 2026:

    Network Infrastructure 13 – 16% operating margin
    Mobile Networks 6 – 9% operating margin
    Cloud and Network Services 7 – 10% operating margin
    Nokia Technologies Operating profit more than EUR 1.1 billion
    Group common and other Approximately EUR 300 million of operating expenses

    RISK FACTORS

    Nokia and its businesses are exposed to a number of risks and uncertainties which include but are not limited to:

    • Competitive intensity, which is expected to continue at a high level as some competitors seek to take share;
    • Changes in customer network investments related to their ability to monetize the network;
    • Our ability to ensure competitiveness of our product roadmaps and costs through additional R&D investments;
    • Our ability to procure certain standard components and the costs thereof, such as semiconductors;
    • Disturbance in the global supply chain;
    • Impact of inflation, increased global macro-uncertainty, major currency fluctuations and higher interest rates;
    • Potential economic impact and disruption of global pandemics;
    • War or other geopolitical conflicts, disruptions and potential costs thereof;
    • Other macroeconomic, industry and competitive developments;
    • Timing and value of new, renewed and existing patent licensing agreements with licensees;
    • Results in brand and technology licensing; costs to protect and enforce our intellectual property rights; on-going litigation with respect to licensing and regulatory landscape for patent licensing;
    • The outcomes of on-going and potential disputes and litigation;
    • Our ability to execute, complete and realize the expected benefits from our ongoing transactions;
    • Timing of completions and acceptances of certain projects;
    • Our product and regional mix;
    • Uncertainty in forecasting income tax expenses and cash outflows, over the long-term, as they are also subject to possible changes due to business mix, the timing of patent licensing cash flow and changes in tax legislation, including potential tax reforms in various countries and OECD initiatives;
    • Our ability to utilize our Finnish deferred tax assets and their recognition on our balance sheet;
    • Our ability to meet our sustainability and other ESG targets, including our targets relating to greenhouse gas emissions;as well the risk factors specified under Forward-looking statements of this release, and our 2023 annual report on Form 20-F published on 29 February 2024 under Operating and financial review and prospects-Risk factors.

    FORWARD-LOOKING STATEMENTS

    Certain statements herein that are not historical facts are forward-looking statements. These forward-looking statements reflect Nokia’s current expectations and views of future developments and include statements regarding: A) expectations, plans, benefits or outlook related to our strategies, projects, programs, product launches, growth management, licenses, sustainability and other ESG targets, operational key performance indicators and decisions on market exits; B) expectations, plans or benefits related to future performance of our businesses (including the expected impact, timing and duration of potential global pandemics, geopolitical conflicts and the general or regional macroeconomic conditions on our businesses, our supply chain, the timing of market changes or turning points in demand and our customers’ businesses) and any future dividends and other distributions of profit; C) expectations and targets regarding financial performance and results of operations, including market share, prices, net sales, income, margins, cash flows, cost savings, the timing of receivables, operating expenses, provisions, impairments, taxes, currency exchange rates, hedging, investment funds, inflation, product cost reductions, competitiveness, revenue generation in any specific region, and licensing income and payments; D) ability to execute, expectations, plans or benefits related to our ongoing transactions and changes in organizational structure and operating model; E) impact on revenue with respect to litigation/renewal discussions; and F) any statements preceded by or including “continue”, “believe”, “envisage”, “expect”, “aim”, “will”, “target”, “may”, “would”, “see”, “plan” or similar expressions. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from such statements. These statements are based on management’s best assumptions and beliefs in light of the information currently available to them. These forward-looking statements are only predictions based upon our current expectations and views of future events and developments and are subject to risks and uncertainties that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Factors, including risks and uncertainties that could cause these differences, include those risks and uncertainties identified in the Risk Factors above.

    ANALYST WEBCAST

    • Nokia’s webcast will begin on 17 October 2024 at 11.30 a.m. Finnish time (EEST). The webcast will last approximately 60 minutes.
    • The webcast will be a presentation followed by a Q&A session. Presentation slides will be available for download at http://www.nokia.com/financials.
    • A link to the webcast will be available at http://www.nokia.com/financials.
    • Media representatives can listen in via the link, or alternatively call +1-412-317-5619.

    FINANCIAL CALENDAR

    • Nokia plans to publish its fourth quarter and full year 2024 results on 30 January 2025.

    About Nokia

    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

    Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia
    Communications
    Phone: +358 10 448 4900
    Email:press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia
    Investor Relations
    Phone: +358 4080 3 4080
    Email:investor.relations@nokia.com

    Attachment

    The MIL Network –

  • MIL-OSI Europe: Answer to a written question – Overall outcome of climate policy action over two decades – E-001582/2024(ASW)

    Source: European Parliament

    Analyses on the effectiveness of climate mitigation policies are welcomed and can contribute towards the EUs climate-neutrality objectives.

    The Commission routinely follows methodological developments in policy analysis, including those exploiting artificial intelligence, striving to incorporate new techniques in its work, including for the preparation of climate action proposals.

    The Commission notes the conclusion on the potential for synergies with the implementation of coherent policy packages. This re-affirms the EU’s approach under the fit for 55 package, implementing a broad range of measures to tackle climate change. Combining pricing and non-pricing measures, such as standards and mandates, can maximise synergistic effects.

    The study underlines the effectiveness of carbon pricing, such as the EU Emissions Trading System (EU ETS[1]), in lowering emissions, particularly in electricity generation and industry.

    The Commission also notes the finding that the impact of a specific policy tool may be heterogenous across sectors and countries, calling for caution against overgeneralising estimated effects.

    Furthermore, the employed methodology is not fine-tuned to detect smaller emissions reductions, meaning many effective measures with a smaller scope or a more gradual impact on emissions have not been highlighted.

    The headline figure identifying only 63 cases of effective interventions is therefore very likely underestimated, with elements of efficient EU climate action most probably being overlooked.

    • [1] https://eur-lex.europa.eu/EN/legal-content/summary/eu-emissions-trading-system.html
    Last updated: 16 October 2024

    MIL OSI Europe News –

  • MIL-OSI: Solitron Devices, Inc. Announces Fiscal 2025 Second Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    WEST PALM BEACH, Fla., Oct. 15, 2024 (GLOBE NEWSWIRE) — Solitron Devices, Inc. (OTC Pink: SODI) (“Solitron” or the “Company”) is pleased to announce fiscal 2025 second quarter results.

    FISCAL 2025 SECOND QUARTER HIGHLIGHTS

    • Net sales increased 39% to approximately $3.58 million versus $2.58 million in the prior year period.
    • Net bookings decreased 21% to $1.75 million versus $2.23 million in the prior year period.
    • Backlog decreased 14% to $7.57 million at the end of the fiscal 2025 second quarter as compared to $8.79 million at the end of the fiscal 2024 second quarter.
    • Net income decreased to $0.02 million, or $0.01 per share, in the fiscal 2025 second quarter versus net income of $0.20 million, or $0.10 per share, in the fiscal 2024 second quarter.

    This is our fourth quarter since we closed the acquisition of Micro Engineering (MEI). Thus far we are pleased with the results. We continue the process of integration of systems and are excited about the potential to expand our relationship with existing customers. MEI contributed $1.58 million in revenue in the fiscal 2025 second quarter.

    While revenue increased from the prior year, it declined sequentially from $3.97 million in the fiscal first quarter to $3.58 million in the fiscal second quarter. Net income declined significantly due to the decreased revenue and increase in cost of sales. We had a number of issues negatively impact the quarter. The most significant was an issue with a plating supplier that resulted in fully reserving over 2,000 parts. To put that in some perspective we shipped approximately 9,200 units from Solitron’s WPB facility in the quarter. Scrapping the parts caused a loss of revenue while incurring the cost to reserve all raw material and work in process up until the time of scrapping. We are still in discussions with the supplier about recovering costs. We are withholding payment on existing payables while the matter is resolved. Also included in costs for the fiscal 2025 second quarter are $53,000 of intangible amortization; and $26,000 of non-cash interest costs related to the accrued contingent consideration.

    While reported operating income was $50,000 in the fiscal 2025 second quarter, if we adjust for the intangible amortization, it was $103,000. That number excludes the $26,000 of non-cash interest costs, which are non-operating. We believe the adjusted number more accurately reflects the performance of the business during the quarter. Regardless, it was a significant decline from the previous quarter due mainly to the scrapping of parts noted above.

    Bookings in the quarter were down compared to the prior year quarter. We once again want to reiterate that our bookings have historically been lumpy. Based on conversations, it is our expectation that the two largest programs Solitron generates revenue from will place orders in the coming months. At present, we expect the orders to be similar in size to the past year, thus we do not expect the orders to include any additional demand related to the stockpile program. We also recently quoted a large end-of-life order with expected deliveries over a three-year period. Our current expectation is to receive between $7 million and $12 million of bookings between today and calendar year end. The $12 million amount would include being awarded the end-of-life order near the maximum quantities quoted.

    We continue to see increased interest in new product development, including silicon carbide. We have developed various prototypes for testing by potential customers and continue to be optimistic about creating additional revenue sources.

     
    SOLITRON DEVICES, INC.
    CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
    FOR THE THREE AND SIX MONTHS ENDED AUGUST 31, 2024 AND AUGUST 31, 2023
    (in thousands except for share and per share amounts)
                   
      For The Three
    Months ended    		   For The Three
    Months ended    		   For The Six
    Months ended    		   For The Six
    Months ended
      August 31, 2024   August 31, 2023   August 31, 2024   August 31, 2023
      unaudited   unaudited    unaudited    unaudited
    Net sales $ 3,581     $ 2,579     $ 7,548     $ 4,617  
    Cost of sales   2,843       1,682       5,135       3,113  
                   
    Gross profit   738       897       2,413       1,504  
                   
    Selling, general and administrative expenses   688       614       1,571       1,156  
                   
    Operating income   50       283       842       348  
                   
    Other income (loss)              
    Interest income   1       6       6       20  
    Interest expense   (77 )     (26 )     (127 )     (53 )
    Dividend income   6       18       22       19  
    Realized gain on investments   22       210       33       332  
    Unrealized gain (loss) on investments   21       (291 )     48       (637 )
    Total other (loss)   (27 )     (83 )     (18 )     (319 )
                   
    Net income (loss) before tax $ 23     $ 200     $ 824     $ 29  
    Income taxes   (6 )     –       (218 )     –  
    Net income (loss) $ 17     $ 200     $ 606     $ 29  
                   
    Net income (loss) per common share – basic and diluted $ 0.01     $ 0.10     $ 0.29     $ 0.01  
                   
    Weighted average shares outstanding – basic and diluted   2,083,436       2,083,436       2,083,436       2,083,436  
                                   

    For more information see our 10-Q filing at https://www.sec.gov/edgar/browse/?CIK=91668&owner=exclude

    The unaudited financial information disclosed in this press release for the three months ended August 31, 2024, is based on management’s review of operations for that period and the information available to the Company as of the date of this press release. The Company’s results included herein have been prepared by, and are the responsibility of, the Company’s management. The Company’s independent auditors have audited the Company’s results for the fiscal year ending February 29, 2024. The financial results presented herein should not be considered a substitute for the information filed or to be filed with the SEC in the Company’s Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the respective periods once such reports become available.  

    About Solitron Devices, Inc.

    Solitron Devices, Inc., a Delaware corporation, designs, develops, manufactures, and markets solid state semiconductor components and related devices primarily for the military and aerospace markets. The Company manufactures a large variety of bipolar and metal oxide semiconductor (“MOS”) power transistors, power and control hybrids, junction and power MOS field effect transistors (“Power MOSFETS”), and other related products. Most of the Company’s products are custom made pursuant to contracts with customers whose end products are sold to the United States government. Other products, such as Joint Army/Navy (“JAN”) transistors, diodes, and Standard Military Drawings voltage regulators, are sold as standard or catalog items.

    Effective September 1, 2023, Solitron closed its acquisition of Micro Engineering Inc. (MEI) based in Apopka, Florida. MEI specializes in solving design layout and manufacturing challenges while maximizing efficiency and keeping flexibility to meet unique customer needs. Since 1980 the MEI team has been dedicated to overcoming obstacles to provide cost efficient and rapid results. MEI specializes in low to mid volume projects that require engineering dedication, quality systems and efficient manufacturing.

    Forward-Looking Statements

    This press release contains forward-looking statements regarding future events and the future performance of Solitron Devices, Inc. that involve risks and uncertainties that could materially affect actual results, including statements regarding the Company’s expectations regarding future performance and trends, including production levels, government spending, backlog and delivery timelines, new product development, our efforts and performance following our acquisition of MEI, and potential future revenue and trends with respect thereto from each of the foregoing. Factors that could cause actual results to vary from current expectations and forward-looking statements contained in this press release include, but are not limited to, the risks and uncertainties arising from potential adverse developments or changes in government budgetary spending and policy including with respect to the war in Ukraine, which may among other factors be affected by the upcoming presidential election and the possibility of reduced government spending on programs in which we participate depending on the outcome thereof and the policy interests of elected officials, inflation, elevated interest rates, adverse trends in the economy and the possibility of a recession the likelihood of which appears to have increased based on recent economic data, the possibility that management’s estimates and assumptions regarding bookings, sales and other metrics prove to be incorrect; the timing and size of orders from our clients, our delivery schedules and our liquidity and cash position; our ability to make the appropriate adjustments to our cost structure; our ability to properly account for inventory in the future; the demand for our products and potential loss of, or reduction of business from, substantial clients our dependence on government contracts, which are subject to termination, price renegotiations and regulatory compliance and which may among other factors be adversely affected by the factors described elsewhere herein, our ability to continue to integrate MEI in an efficient and effective manner, and the possibility that such acquisition or any other acquisition or strategic transaction we may pursue does not yield the results or benefits desired or anticipated. Descriptions of other risk factors and uncertainties are contained in the Company’s Securities and Exchange Commission filings, including its most recent Annual Report on Form 10-K for the fiscal year ended February 29, 2024.

    Tim Eriksen
    Chief Executive Officer
    (561) 848-4311
    Corporate@solitrondevices.com

    The MIL Network –

  • MIL-OSI: ETC Announces Fiscal 2025 Second Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    SOUTHAMPTON, Pa., Oct. 15, 2024 (GLOBE NEWSWIRE) — Environmental Tectonics Corporation (OTC Pink: ETCC) (“ETC” or the “Company”) today reported its financial results for the thirteen week period ended August 23, 2024 (the “2025 fiscal second quarter”) and the twenty-six week period ended August 23, 2024.

    Robert L. Laurent, Jr., ETC’s Chief Executive Officer and President stated, “We are pleased with the overall 56% increase in 2025 fiscal second quarter sales vs. prior year, as well our improvements in gross margin, operating margin and our $2.1 million increase in net income in the 2025 fiscal second quarter versus the prior year. We ended the 2025 fiscal second quarter with a backlog of $109 million. The large backlog positions us well moving forward.”

    2025 Fiscal Second Quarter Results of Operations

    Net Income (Loss)

    Net income was $1.7 million, or $0.09 earnings per diluted share, in the 2025 fiscal second quarter, compared to net loss of ($0.4) million during the 2024 fiscal second quarter, equating to ($0.04) earnings per diluted share. The $2.1 million variance is due primarily to increased sales and improved gross profit margin.

    Net Sales

    Net sales in the 2025 fiscal second quarter were $14.1 million, an increase of $5.1 million, or 56.2%, compared to 2024 fiscal second quarter net sales of $9.0 million. The increase in net sales was driven by a $4.3 million or 100.4% increase in ATS, a $0.4 million or 51.7% increase in ADMS and a $0.3 million or 10.5% increase in Sterilizer Systems net sales in 2025 fiscal second quarter compared to 2024 fiscal second quarter net sales.

    Gross Profit

    Gross profit for the 2025 fiscal second quarter of $4.2 million increased from $2.3 million in the 2024 fiscal second quarter, an increase of $1.9 million or 83.3%. Gross profit margin of 29.8% increased 4.4% in the 2025 fiscal second quarter compared to 25.4% in the 2024 fiscal second quarter. The increase in gross profit was due to higher net sales within the ATS, ADMS and Sterilizer Systems business units, along with an increased overhead absorption resulting from higher production levels.

    Operating Expenses

    Operating expenses, including sales and marketing, general and administrative, and research and development, for the 2025 fiscal second quarter were $2.2 million, a decrease of $0.1 million, or 6.1%, compared to $2.4 million for the 2024 fiscal second quarter. Operating expenses decreased due primarily to lower research and development expense for the 2025 fiscal second quarter as compared to the 2024 fiscal second quarter. The increase in sales and gross profit margin along with the decrease in operating expenses resulted in an improvement in operating margin from (-0.8%) in the 2024 second fiscal quarter to 14.0% in the 2025 fiscal second quarter.

    2025 Fiscal First Half Results of Operations

    Net Income (Loss)

    Net income was $3.1 million, or $0.17 earnings per diluted share, in the 2025 fiscal first half, compared to net loss of ($1.5) million during the 2024 fiscal first half, equating to ($0.11) earnings per diluted share. The $4.6 million variance is attributable to an increase in sales and improved gross profit margin.

    Net Sales

    Net sales in the 2025 fiscal first half were $27.6 million, an increase of $10.9 million, or 65.3%, compared to 2024 fiscal first half net sales of $16.7 million. The increase in net sales is primarily attributable to a $7.7 million or 106.8% increase in ATS 2025 fiscal first half net sales and a $3.2 million or 54.1% increase in sterilizer systems net sales in the 2025 fiscal first half as compared to the 2024 fiscal first half.

    Gross Profit

    Gross profit for the 2025 fiscal first half was $8.7 million compared to $4.1 million in the 2024 fiscal first half, an increase of $4.6 million, or 111.5%. Gross profit margin of 31.6% increased 6.9% in the 2025 fiscal first half compared to 24.7% in the 2024 fiscal first half. The increase in gross profit was primarily due to an increase in net sales and gross profit margin within the ATS and Sterilizer Systems business units.

    Operating Expenses

    Operating expenses, including sales and marketing, general and administrative, and research and development, for the 2025 fiscal first half were $5.2 million, an increase of $0.2 million, or 4.4%, compared to $5.0 million for the 2024 fiscal first half. The increase in operating expenses was primarily due to increased expense related to higher sales and personnel expense and general and administrative expense slightly offset by a decrease in research and development expense. The increase in sales and gross profit margin along with the decrease in operating expenses resulted in an improvement in operating margin from (-5.1%) in the 2024 fiscal first half to 12.8% in the 2025 fiscal first half.

    Interest Expense, Net

    Interest expense, net for the 2025 fiscal first half was $0.3 million compared to interest expense, net of $0.4 million for the 2024 fiscal first half, a favorable variance of $0.1 million. The favorable variance was primarily attributable to an increase in interest income included in the proceeds received related to the 2020 and 2021 Employee Retention Credits received in the 2025 first fiscal first half.

    Cash Flows from Operating, Investing, and Financing Activities

    During the 2025 fiscal first half, the Company used $2.1 million of cash from operating activities, due primarily from an increase in contract assets and reduction in accounts payable and contract liabilities, slightly offset by an increase in net income and a decrease in accounts receivable and prepaid expenses and other assets, as compared to using $5.9 million during the 2024 fiscal first half.

    Cash used for investing activities was $0.2 million during the 2025 and 2024 fiscal first half and primarily relates to funds used for capital expenditures on equipment and software development.

    The Company’s financing activities included borrowings of $1.6 million during the first half of fiscal 2025 under the Company’s credit facility as compared to borrowing $4.7 million of cash during the 2024 fiscal first half under the Company’s credit facilities.

    About ETC

    ETC was incorporated in 1969 in Pennsylvania. For over five decades, we have provided our customers with products, services, and support. Innovation, continuous technological improvement and enhancement, and product quality are core values that are critical to our success. We are a significant supplier and innovator in the following areas: (i) software driven products and services used to create and monitor the physiological effects of flight, including high performance jet tactical flight simulation, fixed and rotary wing upset prevention and recovery and spatial disorientation, and both suborbital and orbital commercial human spaceflight, collectively, Aircrew Training Systems (“ATS”); (ii) altitude (hypobaric) chambers; (iii) hyperbaric chambers for multiple persons (multiplace chambers); (iv) Advanced Disaster Management Simulators (“ADMS”); (v) steam and gas (ethylene oxide) sterilizer systems (“Sterilizer Systems” or “Sterilizers”); and (vi) environmental testing and simulation systems (“ETSS”).

    We operate in two primary business segments, Aerospace Solutions (“Aerospace”) and Commercial/Industrial Systems (“CIS”). Aerospace encompasses the design, manufacture, and sale of: (i) ATS products; (ii) altitude (hypobaric) chambers; (iii) hyperbaric chambers for multiple persons (multiplace chambers); and (iv) ADMS, as well as integrated logistics support (“ILS”) for customers who purchase these products or similar products manufactured by other parties. These products and services provide customers with an offering of comprehensive solutions for improved readiness and reduced operational costs. Sales of our Aerospace products are made principally to U.S. and foreign government agencies and to civil aviation organizations. CIS encompasses the design, manufacture, and sale of: (i) steam and gas (ethylene oxide) sterilizer systems; and (ii) ETSS; as well as parts and service support for customers who purchase these products or similar products manufactured by other parties. Sales of our CIS products are made principally to the healthcare, pharmaceutical, and automotive industries.

    ETC-PZL Aerospace Industries Sp. z o.o. (“ETC-PZL”), our 100%-owned subsidiary in Warsaw, Poland, is currently our only operating subsidiary. ETC-PZL manufactures certain simulators and provides software to support products manufactured domestically within our Aerospace segment.

    The majority of our net sales are generated from long-term contracts with U.S. and foreign government agencies (including foreign military sales (“FMS”) contracted through the U.S. Government) for the research, design, development, manufacture, integration, and sustainment of ATS products, including Chambers and the simulators manufactured and sold through ETC-PZL, collectively, ATS. The Company also enters into long-term contracts with domestic customers for the sale of sterilizers and ETSS. Net sales of ADMS are generally much shorter term in nature and vary between domestic and international customers. We generally provide our products and services under fixed-price contracts.

    ETC’s unique ability to offer complete systems, designed and produced to high technical standards, sets it apart from its competition. ETC’s headquarters is located in Southampton, PA. For more information about ETC, visit http://www.etcusa.com/.

    ______________

    Forward-looking Statements

    This news release contains forward-looking statements, which are based on management’s expectations and are subject to uncertainties and changes in circumstances. Words and expressions reflecting something other than historical fact are intended to identify forward-looking statements, and these statements may include words such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “future”, “predict”, “potential”, “intend”, or “continue”, and similar expressions. We base our forward-looking statements on our current expectations and projections about future events or future financial performance. Our forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about ETC and its subsidiaries that may cause actual results to be materially different from any future results implied by these forward-looking statements. We caution you not to place undue reliance on these forward-looking statements.

    – Financial Tables Follow –

    Table A                
    Environmental Tectonics Corporation
    Summary Table of Results
    (in thousands, except per share information) 
    (unaudited) 
                       
        Thirteen weeks ended   Variance  
        August 23, 2024
    		     August 25, 2023
    		     ($)   (%)  
    Net sales $ 14,083     $ 9,016     $ 5,067     56.2    
    Cost of goods sold   9,886       6,726       3,160     47.0    
    Gross Profit   4,197       2,290       1,907     83.3    
      Gross profit margin %   29.8%       25.4%       4.4%     17.3%    
                       
    Operating expenses   2,219       2,364       (145 )   -6.1    
    Operating income (loss)   1,978       (74 )     2,052     2772.9    
      Operating margin %   14.0%       -0.8 %     14.8%     1799.0%    
                       
    Interest expense, net   233       228       5     2.2    
    Other expense, net   29       93       (64 )   -69.0    
    Income (loss) before income taxes   1,716       (395 )     2,111     534.4    
      Pre-tax margin %   12.2%       -4.4 %     16.6%     377.3%    
                       
    Income tax provision   20       40       (20 )   -50.0    
    Net income (loss)   1,696       (435 )     2,131     489.9    
    Preferred Stock dividends   (121 )     (121 )     –     0.0    
    Income (loss) attributable to common and                
    Participating shareholders $ 1,575     $ (556 )   $ 2,131     383.2    
                       
    Per share information:                
    Basic earnings (loss) per common and participating share:                
    Distributed earnings per share:                
    Common $ –     $ –     $ –        
    Preferred $ 0.02     $ 0.02     $ –     0.0    
    Undistributed earnings (loss) per share:                
    Common $ 0.10     $ (0.04 )   $ 0.14     350.0    
    Preferred $ 0.10     $ (0.04 )   $ 0.14     350.0    
    Earnings (loss) per diluted share $ 0.09     $ (0.04 )   $ 0.13     325.0    
                       
                       
    Total basic weighted average common and participating shares     15,569       15,569            
                       
    Total diluted weighted average shares   16,725       15,569            
    Table B                
    Environmental Tectonics Corporation 
    Summary Table of Results
    (in thousands, except per share information) 
    (unaudited) 
                       
        Twenty-six weeks ended   Variance  
        August 23, 2024   August 25, 2023
    		     ($)   (%)  
    Net sales $ 27,575     $ 16,683     $ 10,892     65.3    
    Cost of goods sold   18,851       12,559       6,292     50.1    
    Gross Profit   8,724       4,124       4,600     111.5    
      Gross profit margin %   31.6%       24.7%       6.9%     27.9%    
                       
    Operating expenses   5,194       4,973       221     4.4    
    Operating income (loss)   3,530       (849 )     4,379     515.8    
      Operating margin %   12.8%       -5.1 %     17.9%     351.0%    
                       
    Interest expense, net     349       426       (77 )   -18.1    
    Other expense, net   85       143       (58 )   -40.6    
    Income (loss) before income taxes   3,096       (1,418 )     4,514     318.3    
      Pre tax margin %   11.2%       -8.5 %     19.7%     231.8%    
                       
    Income tax provision   40       80       (40 )   -50.0    
    Net (loss) income   3,056       (1,498 )     4,554     304.0    
    Preferred Stock Dividends   (242 )     (242 )     –     0.0    
    Income (loss) attributable to common and                
    Participating shareholders $ 2,814     $ (1,740 )   $ 4,554     261.7    
                       
    Per share information:                
    Basic earnings (loss) per common and participating share:                
    Distributed earnings per share:                
    Common $ –     $ –            
    Preferred $ 0.04     $ 0.04     $ –     0.0    
    Undistributed (loss) per share:                
    Common $ 0.18     $ (0.11 )   $ 0.29     263.6    
    Preferred $ 0.18     $ (0.11 )   $ 0.29     263.6    
    Earnings (loss) per diluted share $ 0.17     $ (0.11 )   $ 0.28     254.5    
                       
    Total basic weighted average common and participating shares   15,569       15,569            
                       
    Total diluted weighted average shares   16,725       15,569            

    The MIL Network –

  • MIL-OSI: Luminar Media Group/Fortun (OTCMARKETS: LRGR) Forecasts Continued Significant Growth Q4 2024

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, Oct. 15, 2024 (GLOBE NEWSWIRE) — Luminar Media Group, Inc. (OTCMARKETS: LRGR), a leading fintech company providing capital and financial services to underserved businesses, is pleased to announce its forecast for continued strong growth in the fourth quarter of 2024.

    After delivering impressive financial results for the third quarter of 2024, the company—through its subsidiaries FortunCo and Fortun Advance—continues to achieve exceptional performance. Fortun Advance, in particular, has exceeded projections and is expanding its financial presence, positioning itself for sustained success as it continues its growth trajectory.

    Key Financial Highlights:             Q3 2024         Q4 2024 (Projected)      Growth (Projected)

    Funding Volume:                         $1,138,000        $1,650,000                  45% Increase

    Revenue:                                     $307,211           $407,550                     32% Increase

    Total Assets:                                $1,926,507        $2,430,000                  26% Increase

    Funding Volume Trajectory:

    July: $258,700, August: $389,700, September: $489,600, October (Projected): $550,000, November (Projected): $600,000, December (Projected): $650,000.

    Fortun Advance continues its rapid growth trajectory, with Q4 funding projections indicating a 45% increase from Q3. This steady growth reflects the company’s expanding market presence and its ongoing commitment to increasing funding operations.

    Business Performance Since Acquisition:

    As of September 30, 2024, Fortun Advance’s total assets had grown to $1,926,507, which includes $498,226 in cash and $1,428,281 in receivables. This is a significant improvement since Luminar Media Group’s strategic acquisition of Fortun Advance in May 2024. As part of its strategic growth plan, LRGR has begun the process of working with its attorney to change its stock symbol and rebrand the company as Fortun Corp.

    Market Insights:

    Small businesses are a critical growth engine for the U.S. economy, generating over $800 billion annually. Recent data shows a significant increase in the number of small business owners, further highlighting their importance to economic growth and job creation.

    Gianinna Nicoletti, Vice President of Operations for Fortun Advance, shared her thoughts on the company’s performance and future outlook:

    “The momentum we’ve built in just a few short months highlights our strategic approach to supporting the small business community. Our tailored funding solutions have been instrumental in their success. Looking ahead to the final quarter of 2024 and into 2025, we are confident that strong market demand, combined with our commitment to innovation and exceptional customer service, will continue to drive Fortun’s growth.”

    Yoel Damas, President, added: “Fortun has positioned itself as a crucial partner for small businesses, offering flexible, revenue-based funding solutions that are essential for their growth. With many entrepreneurs facing challenges in accessing traditional financing, Fortun’s commitment to providing accessible funding has strategically placed it in this underserved market.”

    About Luminar Media Group, Inc.

    Headquartered in Miami, Florida, Luminar Media Group, Inc. is a pioneering fintech company specializing in financial solutions for underserved communities, with a focus on Latino and minority-owned businesses. Leveraging innovative strategies and a commitment to excellence, Fortun empowers businesses to drive economic growth.

    Forward-Looking Statements.

    This release contains forward-looking statements that reflect Luminar Media Group’s current strategies and expectations for future performance. Actual results may differ materially due to various risks and uncertainties. Investors are encouraged to review the company’s filings with the SEC for further information.

    The financial data presented in this release is subject to review by independent accountants and may be adjusted before final reporting. Please note that the information provided is preliminary and should not be considered final until it has undergone a full review.

    For more information, please contact:
    Robert Rico
    Investor Relations
    Phone: 305-283-9237
    Email: Robert@Fortunco.com
    Follow us on X: [@FortunCorp](https://x.com/FortunCorp)

    The MIL Network –

  • MIL-OSI Australia: NSW launches life saving mobile ECMO service for children

    Source: New South Wales Ministerial News

    Published: 15 October 2024

    Released by: Minister for Health

    Paediatric patients across NSW will now have better access to advanced technology which provides live saving critical care and life support, thanks to the Kids ECMO Referral Service (KERS).

    Hosted by Sydney Children’s Hospitals Network (SCHN), the statewide service enables Extracorporeal Membrane Oxygenation (ECMO) to be provided on the road using specially designed mobile equipment and highly specialised retrieval teams.

    ECMO provides temporary life support for critically ill patients who have reversible acute respiratory or cardiac failure that are not responding to conventional treatments.

    The therapy uses a mechanical pump to take blood from the patient, remove the carbon dioxide and add oxygen to the blood before recirculating it through the body. By doing the work of the heart and lungs, ECMO allows the heart and lungs to rest and recover while the patient’s condition is treated.

    It can be used to help manage conditions including severe infection or sepsis caused by bacteria, influenza or enterovirus as well as other severe forms of neonatal and paediatric heart and lung disease.

    Mobile ECMO for neonatal and paediatric patients was established in NSW in December 2022, with the advanced intensive care therapy previously only able to be provided for children in two paediatric specialist hospitals: The Children’s Hospital at Westmead (CHW) and Sydney Children’s Hospital, Randwick (SCH).

    The KERS team provides highly specialised advice to local hospitals and can be deployed within an hour, once mobile ECMO is determined to be the best option for treatment. KERS is led by a dedicated paediatric ECMO intensive care specialist, and comprises a cardiothoracic surgeon, scrub nurse and perfusionist who work with the team from the Newborn and paediatric Emergency Transport Service (NETS).

    Two-year-old Jack was the first patient to be placed on mobile ECMO using the KERS service. Jack was born with severe meconium aspiration at his local hospital in Canberra, meaning his lungs weren’t working properly. Within 24 hours, the KERS team attended Canberra Hospital, placed Jack on mobile ECMO and transferred him with the support of the NETS team to The Children’s Hospital at Westmead.

    The intervention saved Jack’s life and thankfully, he made a full recovery. Jack is now back home in Canberra, with no need for follow up care.

    Quotes attributable to the Minister for Health Ryan Park:

    “KERS enhances equity of access to vital healthcare for children when they are at their most vulnerable and makes it possible to deliver lifesaving critical care across NSW.”

    “This service demonstrates the potential to change outcomes for children through collaboration not just across our paediatric services, but right across the health system.”

    “I am proud to offer this life-saving service here in New South Wales and to once again showcase the skill and ability of our healthcare teams.”

    Quotes attributable to Member for East Hills Kylie Wilkinson:

    “It’s really important that the Kids ECMO Referral Service is a statewide initiative, offering life-saving care to critically ill babies and children regardless of where they live.

    “The ability to offer this highly specialised and highly advanced level of medical care is a testament to the skill and expertise of teams across our two children’s hospitals and the retrieval teams at Newborn and Paediatric Emergency Transport Service.”

    Quotes attributable to Kids ECMO Referral Service Medical Director Dr Marino Festa:

    “KERS is a lifesaving service for children who are failing conventional intensive care and builds on the capacity of our two children’s hospitals to enable us to provide ECMO remotely.”

    “What we have been able to do is offer a referral service to local hospitals where they can get highly specialised advice and guidance on the most critically ill patients to determine if they will benefit from ECMO. If the answer is yes, we can deploy a team within an hour and get that child the urgent care they need while on the road, instead of waiting until they get to a paediatric hospital in Sydney.”

    “This service has been made possible through the collaboration of expert clinicians and existing health services within the state. It has the potential to truly transform the care available to children and families and positively impact outcomes, particularly in the regional and remote parts of our state.”

    MIL OSI News –

  • MIL-Evening Report: Speakers, vacuums, doorbells and fridges – the government plans to make your ‘smart things’ more secure

    Source: The Conversation (Au and NZ) – By Abu Barkat ullah, Associate Professor of Cyber Security, University of Canberra

    gorodenkoff/Shutterstock

    The Australian government has introduced its first-ever standalone cyber security act. Along with two other cyber security bills, it’s currently being reviewed by a parliamentary committee.

    Among the act’s many provisions are mandatory “minimum cyber security standards for smart devices”.

    This marks a crucial step in defending the digital lives of Australians. So what devices would it apply to? And what can you do right now to protect your smart devices from cyber criminals?

    Smart devices are everywhere

    The new legislation aims to cover a wide range of smart devices – products that can connect to the internet in some way.

    This includes “internet-connectable” products – think smartphones, laptops, tablets, smart TVs and gaming consoles. It also includes indirect “network-connectable” products, which can send and receive data. This means things like smart home devices and appliances, wearables (smart watches, fitness trackers), smart vacuums and many more.

    Simple electronic devices that don’t connect to the internet or can’t store or process sensitive data are not included.

    According to one study, 7.6 million Australian households – more than 70% – had at least one smart home device by the end of 2023, and 3 million of those households had more than five.

    To work as well as they do, smart devices typically collect, store and share data. This can include sensitive personal information, health data and geo-location data, making them attractive targets for cyber criminals.

    A notorious example is the Mirai botnet in 2016, when cyber criminals infected more than 600,000 devices such as cameras, home routers, and video players globally to use them in massively disruptive network attacks, known as a distributed denial-of-service (DDoS).

    Even implantable medical devices, such as pacemakers and insulin pumps, can have security flaws that could be exploited.

    Just last week, the ABC reported that one of the world’s largest home robotics companies has failed to address security issues in its robot vacuums despite warnings from the previous year.

    The consequences of such vulnerabilities can be even more dangerous when smart devices are part of critical infrastructure. As these devices become more interconnected, a breach in one can compromise entire networks, amplifying the security risks.

    What will be the ‘minimum’ security standards?

    The new cyber security act provides for “mandatory security standards” for smart devices. It establishes the legal framework for enforcing these standards, but doesn’t explicitly outline the technical details smart devices must meet. In the past the Department of Home Affairs has suggested that Australia consider adopting an international security standard, such as ETSI EN 303 645.

    The bill’s focus is on securing connected devices to protect users from internet-based threats, vulnerabilities and risks.

    In practice, this means manufacturers will have to ensure their products meet these minimum security standards and provide a statement of compliance. And suppliers will have to include statements of compliance with the product, and will be forbidden from selling non-compliant products.

    All this will be enforced through the Secretary of Home Affairs, who can issue compliance, stop, or recall notices for violations of these rules.

    You can do your bit to stay safe

    The proposed cyber security act is a significant step forward in protecting Australians from the growing threat of cyber attacks on smart devices.

    But this may only apply to new devices or ones still receiving updates from manufacturers. Exact details on how the legislation will apply to existing devices will be determined by the government agency responsible for its implementation.

    “Legacy” devices with outdated software – older products that are no longer supported and don’t receive the latest security patches – are particularly vulnerable to cyber attacks.

    While the government works on introducing the new cyber security laws, there are several things you can do to protect your smart devices:

    • set up a strong wifi password to prevent unauthorised access to your home network
    • create a dedicated, more secure wifi network for smart home devices
    • always install security patches and updates promptly
    • create unique and complex passwords for each account
    • where possible, use two-factor authentication to add an extra layer of security
    • disable unnecessary features or permissions, and be mindful of the information you share with apps and devices
    • make sure you understand how your data is collected and used by apps and devices.

    By mandating minimum cyber security standards and providing for effective enforcement mechanisms, Australia’s new cyber security act will help keep consumer devices safer.

    However, it’s important to note that as technology continues to evolve rapidly, the cyber crime ecosystem is also expanding. The global cost of cyber crime is projected to reach US$9.5 trillion in 2024.

    Given the dynamic nature of cyber threats, relying solely on standards may not be sufficient to address all potential risks. New vulnerabilities are discovered regularly, and it’s essential for every one of us to remain vigilant and practice good cyber hygiene by following the tips above.

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

    – ref. Speakers, vacuums, doorbells and fridges – the government plans to make your ‘smart things’ more secure – https://theconversation.com/speakers-vacuums-doorbells-and-fridges-the-government-plans-to-make-your-smart-things-more-secure-241057

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: DLNR News Release – WAIMĀNALO HOMELESS SHELTER GETS NEW LEASE ON LIFE, Oct. 11, 2024

    Source: US State of Hawaii

    DLNR News Release – WAIMĀNALO HOMELESS SHELTER GETS NEW LEASE ON LIFE, Oct. 11, 2024

    Posted on Oct 11, 2024 in Latest Department News, Newsroom

     

     

    DEPARTMENT OF LAND AND NATURAL RESOURCES 

     

    JOSH GREEN, M.D. 
    GOVERNOR 

     

    DAWN CHANG 
    CHAIRPERSON 

     

    NEWS RELEASE 

     

    WAIMĀNALO HOMELESS SHELTER GETS NEW LEASE ON LIFE

    FOR IMMEDIATE RELEASE 

    Oct. 11, 2024

     

    (HONOLULU) – Today, the state Board of Land and Natural Resources (BLNR) agreed to set aside nearly 11 acres of DLNR land in Waimānalo for a kauhale housing project.

     

    A community homeless shelter known as Hui Mahi‘ai ‘Āina has been operating at the site since 2020 without BLNR approval. However, the DLNR expressed a willingness to have nonprofit entities engage in helping occupants obtain proper authorization to be on the land.

     

    The department’s primary concern was that the current collection of small single-, double- and family shelters lie in a flood zone. After a topographical study, discussions with Aunty Blanche McMillan who currently provides housing for 80 people, the aio Foundation which will build out the new location, as well as state and county authorities, it was determined that another portion of the same property is elevated enough to allow for the residential development and the remainder of the property would be used for agricultural uses to support the community village.

     

    “The department is in full support of this project. Under the collaboration with aio Foundation, DLNR was reassured that our concerns were addressed. More importantly, when I visited Aunty Blanche’s Hui Mahi‘ai ‘Āina in Waimānalo, I was moved by the sense of community the residents felt for each other, for the place and for themselves,” stated DLNR Chair Dawn Chang.

     

    With the set-aside, the Statewide Office on Homelessness and Housing Solutions (SOHHS), along with the nonprofit aio Foundation is planning to build a community village for homeless individuals off ʻOluʻolu and Hilu Streets.

     

    The proposed project will have 32 single units, 18 double rooms, six family units, and two units for cancer patients. The 58 units will have shared kitchen and bathroom facilities, a laundry room, and classrooms.

     

    In its BLNR submittal, the DLNR Land Division noted, “aio Foundation has experience in this type of development involving public and private partnership with its development and operation of Kahauiki Village near the Daniel K. Inouye International Airport. It is a 144-unit community, housing nearly 700 adults and children.

     

    That property is under a set-aside to the City and County of Honolulu, which in turn issues a lease to the aio Foundation. The same approach is planned for the Waimānalo parcel in which the aio Foundation plans to obtain a lease from SOHSS. The BLNR will have to consent to the lease at a future meeting when more specific terms and conditions are available.

     

    Chapter 343 Environmental Assessment of the project was suspended by a Governor’s Proclamation, dated Jan. 23, 2023, to the extent necessary to expedite the provision of housing for homeless persons.

     

    Aunty Blanche, as she is affectionately known as by the dozens of people she’s helped over the past five years, is excited about the future. The land which currently has structures will be fully converted to food production for the community. She expects construction of new tiny homes on the parcel approved by the BLNR will take about a year.

     

    “Sharing and how to give back and how to love our people,” she said, is the most important thing. “Taking care of the houseless, our kūpuna, and even sick folks with stage 4 cancer is my style. I love it and I love teaching other people how to care. I believe that everything is going to fall in place,” McMillen added.

     

    # # #

     

     

    RESOURCES 

    (All images/video courtesy: DLNR) 

     

    HD video – Waimānalo homeless shelter site and SOTs (Oct. 10, 2024):

    [embedded content]

    (Shot sheet/transcription attached)

     

    Photographs – Waimānalo homeless shelter site (Oct. 10, 2024):

    https://www.dropbox.com/scl/fo/inmw75uniqmfnfni7wofl/AM6sz9PKFe3I0H8PXvQIPeQ?rlkey=9enouz1hw9b07t3f3htvkiw0b&st=aeeik7fk&dl=0

     

     

    Media Contact: 

    Dan Dennison 

    Communications Director 

    808-587-0396 

    [email protected] 

    MIL OSI USA News –

  • MIL-OSI New Zealand: Government and sector to improve Forestry ETS Registry

    Source: New Zealand Government

    Forestry Minister Todd McClay today announced the establishment of a Forestry Sector Reference Group to drive better outcomes from the Forestry Emissions Trading Scheme (ETS) Registry.

    “We are committed to working with the forestry sector to provide greater transparency and engagement on the forestry ETS registry as we work to reduce costs.  

    “This group will help the Government to restore confidence and certainty for Forestry”, Mr McClay says.

    The establishment of the Reference Group follows an independent review of the operational costs of the forestry ETS Register announced earlier this year.

    “Forest owners have raised concerns about the excessive costs that had been imposed upon them by the previous Labour government who put a $30.25 per hectare annual levy for participation in the Registry. 

    “I agree with the sector that this cost is unreasonable – the Reference Group is part of our response to reduce costs and drive greater efficiency.

    “In response, the Government has cancelled the 2023/24 annual charge that forest owners were required to pay to participate in the ETS Registry.

    “Today I am releasing the independent report that outlines where the current system fell short of the Coalition Government and sector’s expectations.

    “The 4,000 plus forestry participants deserve to have confidence in the system designed to manage their ETS obligations. There is a cost to the register, but they shouldn’t have to pay for the last government’s mistakes,” Mr McClay says.

    “any of the issues identified in the report have now been addressed, and the Reference Group will help prioritise work that can reduce the cost and unnecessary regulatory duplication in the ETS Registry. The Government will shortly consult on a new Forestry ETS Registry Levy for the 2024/2025 financial year.

    “Forestry plays an important role in helping New Zealand meet its emissions reductions obligations and grow our economy.”

    The independent review of the Forestry ETS Operational Costs report is available HERE

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Energy Resources Aotearoa welcomes pragmatic approach in Electricity GPS

    Source: Energy Resources Aotearoa

    Energy Resources Aotearoa welcomes the refreshing pragmatism in the Government’s Policy Statement (GPS) to the Electricity Authority.
    The GPS says mitigating climate change is not the job of the Electricity Authority, and Minister Brown has made it clear that the Authority should take a “fuel agnostic” approach to the electricity sector.
    Chief Executive John Carnegie says, “This is a welcome dose of pragmatism and the direction we need as we transition to a low-carbon electrified economy.
    This winter highlighted that we still need thermal generation to ensure a secure energy system.
    “We must keep our options open with facilities like Genesis’ Huntly Power Station, which can generate energy from domestic gas, coal, and biomass” Carnegie says.
    The GPS also says that the Government will not intervene in the wholesale market as this “can undermine incentives on market participants to manage their risks properly, chilling hedging and new investment leading to increased scarcity, more periods of high prices and reduced security. We couldn’t agree more”.
    The statement clarifies that the Electricity Authority must refrain from favouring one form of fuel or technology over another, something we have consistently advocated for over the last five years. Carnegie says it is great to see the government agree with Energy Resources’ Aotearoa’s long-standing position on fuel and technology agnosticism. 
    If thermal generation is cheaper than renewable alternatives, we should use it. It also says that the Emissions Trading Scheme with carbon pricing should be the mechanism for addressing climate change.
    Carnegie says, “This is a welcome departure from ideologically driven policy, which contorted our largely renewable energy system into a vehicle for reducing emissions. Right now, thermal generation is a necessary part of our generation mix, and it is great that the government acknowledges this. 
    “Now we need the right regulatory and market conditions to encourage the development of gas-fired peaking plants and the fuel we so badly need to keep the lights on.” 

    MIL OSI New Zealand News –

  • MIL-OSI: Artisan Partners Asset Management Inc. Reports September 2024 Assets Under Management

    Source: GlobeNewswire (MIL-OSI)

    MILWAUKEE, Oct. 09, 2024 (GLOBE NEWSWIRE) — Artisan Partners Asset Management Inc. (NYSE: APAM) today reported that its preliminary assets under management (“AUM”) as of September 30, 2024 totaled $167.8 billion. Artisan Funds and Artisan Global Funds accounted for $81.0 billion of total firm AUM, while separate accounts and other AUM1 accounted for $86.8 billion.

    PRELIMINARY ASSETS UNDER MANAGEMENT BY STRATEGY2    
         
    As of September 30, 2024 – ($ Millions)    
    Growth Team    
    Global Opportunities $         22,005          
    Global Discovery           1,688          
    U.S. Mid-Cap Growth           12,792          
    U.S. Small-Cap Growth           3,177          
    Global Equity Team    
    Global Equity           360          
    Non-U.S. Growth           13,217          
    China Post-Venture           188          
    U.S. Value Team    
    Value Equity           4,931          
    U.S. Mid-Cap Value           2,863          
    Value Income           17          
    International Value Team    
    International Value           46,605          
    International Explorer           343          
    Global Value Team    
    Global Value           29,390          
    Select Equity           338          
    Sustainable Emerging Markets Team    
    Sustainable Emerging Markets           2,006          
    Credit Team    
    High Income           11,295          
    Credit Opportunities           254          
    Floating Rate           73          
    Developing World Team    
    Developing World           4,225          
    Antero Peak Group    
    Antero Peak           2,175          
    Antero Peak Hedge           228          
    International Small-Mid Team    
    Non-U.S. Small-Mid Growth           7,311          
    EMsights Capital Group    
    Global Unconstrained           655          
    Emerging Markets Debt Opportunities           1,024          
    Emerging Markets Local Opportunities           680          
         
    Total Firm Assets Under Management (“AUM”) $         167,840          

    1 Separate account and other AUM consists of the assets we manage in or through vehicles other than Artisan Funds or Artisan Global Funds. Separate account and other AUM includes assets we manage in traditional separate accounts, as well as assets we manage in Artisan-branded collective investment trusts, and in our own private funds.
    2 AUM for Artisan Sustainable Emerging Markets and U.S. Mid-Cap Growth Strategies includes $97.7 million in aggregate for which Artisan Partners provides investment models to managed account sponsors (reported on a lag not exceeding one quarter).


    ABOUT ARTISAN PARTNERS
    Artisan Partners is a global investment management firm that provides a broad range of high value-added investment strategies to sophisticated clients around the world. Since 1994, the firm has been committed to attracting experienced, disciplined investment professionals to manage client assets. Artisan Partners’ autonomous investment teams oversee a diverse range of investment strategies across multiple asset classes. Strategies are offered through various investment vehicles to accommodate a broad range of client mandates.

    Investor Relations Inquiries: 866.632.1770 or ir@artisanpartners.com
    Source: Artisan Partners Asset Management Inc.

    The MIL Network –

  • MIL-OSI New Zealand: Minister to co-chair carbon market negotiations at COP29

    Source: New Zealand Government

    Climate Change Minister Simon Watts will chair negotiations on carbon markets at this year’s United Nations Climate Change Conference (COP29) alongside Singapore’s Minister for Sustainability and Environment, Grace Fu.

    “Climate change is a global challenge, and it’s important for countries to be enabled to work together and support each other in the transition to a low emission, net zero future,” Mr Watts says.

    “To support cooperation and unlock financial investment, Minister Fu and I have been asked to co-chair negotiations that will finalise details for how countries can cooperate on carbon markets under the Paris Agreement. Having credible, high integrity, and transparent carbon markets are good for countries, consumers, and the climate as they encourage direct investment towards reducing emissions.

    “It is an honour to be selected as one of the eight Ministerial representatives from among 195 countries to chair these negotiations. It recognises New Zealand and Singapore’s expertise in carbon markets and emissions pricing mechanisms, and the Government’s work to restore credibility in our domestic carbon market, the Emissions Trading Scheme.”

    The UN Climate Change system drives global action to reduce the impacts of climate change through the implementation of the Paris Agreement. These meetings also allow businesses and civil society to engage on climate solutions and navigating the economic transition.

    COP29 will be held in Baku, Azerbaijan from 11-22 November 2024. Ministers Watts and Fu will engage with their counterparts in preparation for the meeting to ensure smooth negotiations.

    MIL OSI New Zealand News –

  • MIL-OSI: VanEck Launches $30M Fund to Support Innovation in Fintech, Crypto and AI

    Source: GlobeNewswire (MIL-OSI)

    The Fund is available to Qualified Purchasers Only, is subject to significant risk and may not be suitable for all investors. Please carefully read the Private Placement Memorandum before investing.

    NEW YORK, Oct. 09, 2024 (GLOBE NEWSWIRE) — VanEck, a leading global investment management firm, announces the launch of VanEck Ventures, a $30 million early-stage fund dedicated to investing in visionary founders operating at the intersection of fintech, digital assets, and artificial intelligence. This launch marks VanEck’s strategic expansion into venture capital, building on its long-established record of identifying and supporting transformative markets.

    “From pioneering an approach to gold investing in 1968 to recognizing the disruptive potential of Bitcoin in 2017, embracing a long-term view on transformative opportunities has always been part of our investment philosophy. This fund extends that vision into the early-stage venture space,” said Jan van Eck, CEO of VanEck. “We look forward to supporting founders of what we believe are some of the most disruptive companies in fintech—those building the future of finance.”

    VanEck Ventures invests in category-defining founders pushing the boundaries of financial applications and markets leveraging emerging technologies like blockchain and large language models. The fund’s investment philosophy focuses on supporting exceptional teams building at the application layer while maintaining an infrastructure-agnostic approach. The fund’s core investment themes include tokenized assets, internet native financial marketplaces, and next-generation payments building on stablecoins and tokenized capital markets.

    The fund is led by Wyatt Lonergan and Juan Lopez, both seasoned investors with experience in fintech and crypto ventures. Previously, Lonergan and Lopez headed Circle Ventures, the venture arm of USDC-issuer Circle, where they successfully invested over $50 million in early-stage companies ranging from infrastructure to consumer applications. Their leadership, combined with VanEck’s strong reputation in asset management, positions VanEck Ventures as a valuable partner for emerging innovative startups. VanEck’s global workforce and senior leadership support the fund from an operational and advisory perspective.

    “Three inflection points core to our investment thesis are starting to reshape the foundation of the internet: stablecoins emerging as an open-source banking layer, the commoditization of blockspace, and AI breakthroughs. The convergence of these is creating unprecedented opportunities for globally connected, user-centric financial experiences, and we are excited to back founders building on these innovations,” said Wyatt Lonergan, General Partner at VanEck Ventures.

    The fund expects to make 25 to 35 investments with check sizes ranging from $500,000 to $1 million, focusing on companies that offer both strategic and financial upside. The fund has already made 4 investments yet to be announced.

    “Over the past few years, we’ve seen stablecoins enable seamless, large-scale value storage and transfer along with Linux-like composability,” said Juan Lopez, General Partner at VanEck Ventures. “As several on-chain utilities, focused on programmability and compliance, come to market with growing regulatory clarity, it’s never been a more exciting time to build. Our goal is to be a long-term partner to bold founders defining the next phase of blockchain utility.”

    About VanEck

    VanEck has a history of looking beyond the financial markets to identify trends that are likely to create impactful investment opportunities. We were one of the first U.S. asset managers to offer investors access to international markets. This set the tone for the firm’s drive to identify asset classes and trends – including gold investing in 1968, emerging markets in 1993, and exchange traded funds in 2006 – that subsequently shaped the investment management industry.

    Today, VanEck offers active and passive strategies with compelling exposures supported by well-designed investment processes. As of August 31, 2024, VanEck managed approximately $113.9 billion in assets, including mutual funds, ETFs and institutional accounts. The firm’s capabilities range from core investment opportunities to more specialized exposures to enhance portfolio diversification. Our actively managed strategies are fueled by in-depth, bottom-up research and security selection from portfolio managers with direct experience in the sectors and regions in which they invest. Investability, liquidity, diversity, and transparency are key to the experienced decision-making around market and index selection underlying VanEck’s passive strategies.

    Since our founding in 1955, putting our clients’ interests first, in all market environments, has been at the heart of the firm’s mission.

    General Disclosures

    This is not an offer to buy or sell, or a recommendation to buy or sell any of the securities, financial instruments or digital assets mentioned herein. The information presented does not involve the rendering of personalized investment, financial, legal, tax advice, or any call to action. Certain statements contained herein may constitute projections, forecasts and other forward-looking statements, which do not reflect actual results, are for illustrative purposes only, are valid as of the date of this communication, and are subject to change without notice. Actual future performance of any assets or industries mentioned is unknown. Information provided by third party sources are believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed. VanEck does not guarantee the accuracy of third party data. The information herein represents the opinion of the author(s), but not necessarily those of VanEck or its other employees.

    The Fund is available to Qualified Purchasers Only. Please carefully read the Private Placement Memorandum before investing. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. There is no guarantee the Fund will achieve its investment objective and investors may lose their entire investment. The Fund is not suitable for all investors. Past performance is not a guarantee of future results.

    The Partnership’s investment program is speculative and entails substantial risks. There can be no assurance that the Partnership’s investment objective will be achieved.

    An investment in the Fund involves a high degree of risk, including, without limitation, uncertain returns, market risk, risks associated with Limited Partner default, indemnification risks, illiquidity, possible lack of diversification, lack of management control, tax risks and potential conflicts of interest. There is no guarantee that the Funds’ investment objectives will be achieved.

    VANECK ABSOLUTE RETURN ADVISERS CORPORATION (“VEARA”), THE INVESTMENT MANAGER OF THE FUND, IS A MEMBER OF NFA AND IS SUBJECT TO NFA’S REGULATORY OVERSIGHT AND EXAMINATIONS. VEARA HAS ENGAGED OR MAY ENGAGE IN UNDERLYING OR SPOT VIRTUAL CURRENCY TRANSACTIONS IN THE FUND. ALTHOUGH NFA HAS JURISDICTION OVER VEARA, YOU SHOULD BE AWARE THAT NFA DOES NOT HAVE REGULATORY OVERSIGHT AUTHORITY FOR UNDERLYING OR SPOT MARKET VIRTUAL CURRENCY PRODUCTS OR TRANSACTIONS OR VIRTUAL CURRENCY EXCHANGES, CUSTODIANS OR MARKETS. YOU SHOULD ALSO BE AWARE THAT GIVEN CERTAIN MATERIAL CHARACTERISTICS OF THESE PRODUCTS, INCLUDING LACK OF A CENTRALIZED PRICING SOURCE AND THE OPAQUE NATURE OF THE VIRTUAL CURRENCY MARKET, THERE CURRENTLY IS NO SOUND OR ACCEPTABLE PRACTICE FOR NFA TO ADEQUATELY VERIFY THE OWNERSHIP AND CONTROL OF A VIRTUAL CURRENCY OR THE VALUATION ATTRIBUTED TO A VIRTUAL CURRENCY BY VEARA.

    General Digital Asset Risks

    Cryptocurrencies and digital assets are not suitable for all investors. Investments in digital assets and Web3 companies are highly speculative and involve a high degree of risk. These risks include, but are not limited to: the technology is new and many of its uses may be untested; intense competition; slow adoption rates and the potential for product obsolescence; volatility and limited liquidity, including but not limited to, inability to liquidate a position; loss or destruction of key(s) to access accounts or the blockchain; reliance on digital wallets; reliance on unregulated markets and exchanges; reliance on the internet; cybersecurity risks; and the lack of regulation and the potential for new laws and regulation that may be difficult to predict. Moreover, the extent to which Web3 companies or digital assets utilize blockchain technology may vary, and it is possible that even widespread adoption of blockchain technology may not result in a material increase in the value of such companies or digital assets.

    Digital asset prices are highly volatile, and the value of digital assets, and Web3 companies, can rise or fall dramatically and quickly. If their value goes down, there’s no guarantee that it will rise again. As a result, there is a significant risk of loss of your entire principal investment.

    Digital assets are not generally backed or supported by any government or central bank and are not covered by FDIC or SIPC insurance. Accounts at digital asset custodians and exchanges are not protected by SPIC and are not FDIC insured. Furthermore, markets and exchanges for digital assets are not regulated with the same controls or customer protections available in traditional equity, option, futures, or foreign exchange investing.

    Digital assets include, but are not limited to, cryptocurrencies, tokens, NFTs, assets stored or created using blockchain technology, and other Web3 products.

    Web3 Companies include but are not limited to, companies that involve the development, innovation, and/or utilization of blockchain, digital assets, or crypto technologies.

    © Van Eck Associates Corporation

    ©️ Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation
    666 Third Avenue, New York, NY 10017
    Phone: 800.826.2333
    Email: info@vaneck.com

    Media Contact

    Garret J. Shaw
    +1 517.213.3180
    garret@serotonin.co
     

    A photo accompanying this announcement is available at: 
    https://www.globenewswire.com/NewsRoom/AttachmentNg/6c23f9cc-2c26-4460-975f-b5b0c214c2e9

    The MIL Network –

  • MIL-OSI Europe: NOTICE TO MEMBERS Petition No 1101/2023 by Giorgio Santoriello (Italian), on behalf of the Associazione Cova Contro ETS, on the environmental consequences of the ENI’s Bluewater project in the Basilicata Region, Italy – PE765.036v01-00

    Source: European Parliament

    NOTICE TO MEMBERS Petition No 1101/2023 by Giorgio Santoriello (Italian), on behalf of the Associazione Cova Contro ETS, on the environmental consequences of the ENI’s Bluewater project in the Basilicata Region, Italy
    Committee on Petitions

    Source : © European Union, 2024 – EP

    MIL OSI Europe News –

  • MIL-OSI Europe: Minutes – Tuesday, 8 October 2024 – Strasbourg – Final edition

    Source: European Parliament

    PV-10-2024-10-08

    EN

    EN

    iPlPv_Sit

    Minutes
    Tuesday, 8 October 2024 – Strasbourg

     Abbreviations and symbols

    + adopted
    – rejected
    ↓ lapsed
    W withdrawn
    RCV roll-call votes
    EV electronic vote
    SEC secret ballot
    split split vote
    sep separate vote
    am amendment
    CA compromise amendment
    CP corresponding part
    D deleting amendment
    = identical amendments
    § paragraph

    IN THE CHAIR: Roberta METSOLA
    President

    1. Opening of the sitting

    The sitting opened at 9:01.


    2. Penalties

    Pursuant to Rules 10 and 183, and after taking into account the observations of the Member concerned, the President had decided to impose a penalty on Diana Iovanovici Şoşoacă for having disrupted the sitting of 18 July 2024 by behaving improperly during the debate on the statement by the candidate for President of the Commission (minutes of 18.7.2024, item 3).

    The penalty consisted of the forfeiture of the Member’s entitlement to the daily subsistence allowance for a period of seven days and of a temporary suspension from participation in Parliament’s plenary activities for a period of seven days on which Parliament meets, starting that day, 8 October 2024, without prejudice to the Member’s right to vote in plenary, and subject to strict compliance with the Members’ standards of conduct.

    The Member concerned had been notified of this decision and had lodged an internal appeal with the Bureau under Rule 184. At its meeting the previous day, the Bureau had upheld the penalty imposed, without prejudice to the external rights of appeal open to the Member concerned. The penalty was therefore final.


    IN THE CHAIR: Javi LÓPEZ
    Vice-President

    3. Preparation of the European Council of 17-18 October 2024 (debate)

    Council and Commission statements: Preparation of the European Council of 17-18 October 2024 (2024/2782(RSP))

    János Bóka (President-in-Office of the Council) and Maroš Šefčovič (Executive Vice-President of the Commission) made the statements.

    The following spoke: Siegfried Mureşan, on behalf of the PPE Group, Iratxe García Pérez, on behalf of the S&D Group, Anna Bryłka on behalf of the PfE Group, Carlo Fidanza, on behalf of the ECR Group, Valérie Hayer, on behalf of the Renew Group, Bas Eickhout, on behalf of the Verts/ALE Group, Manon Aubry, on behalf of the The Left Group, Anja Arndt, on behalf of the ESN Group, Dolors Montserrat, Alex Agius Saliba, Enikő Győri, Charlie Weimers, Gerben-Jan Gerbrandy, Damian Boeselager, João Oliveira, Michael von der Schulenburg, Paulo Cunha, Nicola Zingaretti, Gilles Pennelle, Beata Szydło, Karlo Ressler, Javier Moreno Sánchez, Csaba Dömötör, Nicolas Bay, Luděk Niedermayer, Matjaž Nemec, Emmanouil Fragkos, Seán Kelly, Dan Nica, Kris Van Dijck, Wouter Beke and Jaak Madison.

    The following spoke under the catch-the-eye procedure: Maria Grapini, Tobiasz Bocheński, Lukas Sieper, Juan Fernando López Aguilar and Grzegorz Braun.

    The following spoke: Maroš Šefčovič and János Bóka.

    The debate closed.


    4. Escalation of violence in the Middle East and the situation in Lebanon (debate)

    Statement by the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy: Escalation of violence in the Middle East and the situation in Lebanon (2021/2850(RSP))

    Josep Borrell Fontelles (Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy) made the statement.

    The following spoke: Željana Zovko, on behalf of the PPE Group.

    IN THE CHAIR: Sabine VERHEYEN
    Vice-President

    The following spoke: Yannis Maniatis, on behalf of the S&D Group, Sebastiaan Stöteler, on behalf of the PfE Group, Alberico Gambino, on behalf of the ECR Group, Hilde Vautmans, on behalf of the Renew Group, Villy Søvndal, on behalf of the Verts/ALE Group, Lynn Boylan, on behalf of The Left Group, Alexander Sell, on behalf of the ESN Group, Nicolás Pascual De La Parte, Nacho Sánchez Amor, António Tânger Corrêa, who also answered a blue-card question by Bruno Gonçalves, Assita Kanko, Christophe Grudler, Hannah Neumann, who also declined to take a blue-card question from Alexander Sell, Giorgos Georgiou, Hans Neuhoff, Kostas Papadakis, François-Xavier Bellamy, who also answered a blue-card question by Anthony Smith, Hana Jalloul Muro, Hermann Tertsch, Alexandr Vondra, who also answered a blue-card question by Ondřej Dostál, Bernard Guetta, Leoluca Orlando, Rima Hassan, who also answered a blue-card question by François-Xavier Bellamy, Tomasz Froelich, Kateřina Konečná, Loucas Fourlas, Evin Incir, Thierry Mariani, Rihards Kols, Barry Andrews, Ana Miranda Paz, Mimmo Lucano, Petar Volgin, Alice Teodorescu Måwe, who also answered a blue-card question by Evin Incir (the President reminded the House of the provisions of Rule 10), Matjaž Nemec, Raffaele Stancanelli, Abir Al-Sahlani, Mika Aaltola, Ana Catarina Mendes, Michael McNamara, Milan Zver, Aodhán Ó Ríordáin, Elena Yoncheva, Seán Kelly, Thijs Reuten, Lukas Mandl, Chloé Ridel, Dimitris Tsiodras, Lucia Annunziata, Ingeborg Ter Laak, Maria Walsh and Sander Smit.

    The following spoke under the catch-the-eye procedure: Cecilia Strada, Jaume Asens Llodrà, Marc Botenga, Grzegorz Braun, Luke Ming Flanagan and Alvise Pérez.

    The following spoke: Josep Borrell Fontelles.

    The debate closed.

    (The sitting was suspended for a few moments.)


    IN THE CHAIR: Esteban GONZÁLEZ PONS
    Vice-President

    5. Resumption of the sitting

    The sitting resumed at 12:31.

    ⁂

    Jordan Bardella spoke.


    6. Voting time

    For detailed results, see also ‘Results of votes’ and ‘Results of roll-call votes’.


    6.1. Mobilisation of the European Union Solidarity Fund: assistance to Italy, Slovenia, Austria, Greece and France further to natural disasters that occurred in 2023 (vote)

    Report on the proposal for a decision of the European Parliament and of the Council on the mobilisation of the European Union Solidarity Fund to provide assistance to Italy, Slovenia, Austria, Greece and France relating to six natural disasters that occurred in 2023 [COM(2024)0325 – C10-0088/2024 – 2024/0212(BUD)] – Committee on Budgets. Rapporteur: Georgios Aftias (A10-0002/2024)

    (Majority of the votes cast)

    PROPOSAL FOR A DECISION

    Approved by single vote (P10_TA(2024)0015)

    Detailed voting results

    1

    (The sitting was suspended for a few moments.)


    7. Resumption of the sitting

    The sitting resumed at 12:36.


    8. Approval of the minutes of the previous sitting

    The minutes of the previous sitting were approved.


    9. The crisis facing the EU’s automotive industry, potential plant closures and the need to enhance competitiveness and maintain jobs in Europe (debate)

    Commission statement: The crisis facing the EU’s automotive industry, potential plant closures and the need to enhance competitiveness and maintain jobs in Europe (2024/2820(RSP))

    Valdis Dombrovskis (Executive Vice-President of the Commission) made the statement.

    The following spoke: Jens Gieseke, on behalf of the PPE Group, Mohammed Chahim, on behalf of the S&D Group, Paolo Borchia, on behalf of the PfE Group, Daniel Obajtek, on behalf of the ECR Group, Christophe Grudler, on behalf of the Renew Group, Sara Matthieu, on behalf of the Verts/ALE Group, Rudi Kennes, on behalf of The Left Group, Milan Uhrík, on behalf of the ESN Group, and Peter Liese.

    IN THE CHAIR: Pina PICIERNO
    Vice-President

    The following spoke: Gabriele Bischoff, Philippe Olivier, Elena Donazzan, Jan-Christoph Oetjen, Anna Cavazzini, Li Andersson, who also answered a blue-card question by Ewa Zajączkowska-Hernik, Markus Buchheit, Diego Solier, who also answered a blue-card question by Jacek Ozdoba, Raúl de la Hoz Quintano, who also answered a blue-card question by Waldemar Buda, Dan Nica, András Gyürk, Alexandr Vondra, Marie-Pierre Vedrenne, Kai Tegethoff, Jonas Sjöstedt, Siegbert Frank Droese, Lukas Sieper, Dennis Radtke, Estelle Ceulemans, Barbara Bonte, Johan Van Overtveldt, Svenja Hahn, Majdouline Sbai, Marina Mesure, Arno Bausemer, Thomas Geisel, Massimiliano Salini, Bernd Lange, Filip Turek, Carlo Fidanza, Pascal Canfin, who also answered a blue-card question by Anne-Sophie Frigout, Benedetta Scuderi, Carola Rackete, Anja Arndt, Susana Solís Pérez, Johan Danielsson, Roman Haider, Nicolas Bay, Ľubica Karvašová, Virginijus Sinkevičius, Pasquale Tridico, Tom Berendsen, Antonio Decaro, Vilis Krištopans, Gheorghe Piperea, Sophie Wilmès, Saskia Bricmont, Jan Farský, Giorgio Gori, Klara Dostalova, Marlena Maląg, Eugen Tomac, Michael Bloss, François-Xavier Bellamy, François Kalfon, Anna Bryłka, Mariateresa Vivaldini, Engin Eroglu, Niels Flemming Hansen, Marit Maij, Mélanie Disdier, Beata Szydło, Gerben-Jan Gerbrandy, Dariusz Joński, Matthias Ecke, Jorge Buxadé Villalba and Giovanni Crosetto.

    IN THE CHAIR: Roberts ZĪLE
    Vice-President

    The following spoke: Oihane Agirregoitia Martínez, Paulius Saudargas, Rosa Serrano Sierra, Sebastian Kruis, Ondřej Krutílek, Yvan Verougstraete, Angelika Niebler, Christel Schaldemose, Marie Dauchy, Pietro Fiocchi, Michał Kobosko, Wouter Beke, Bruno Tobback, Julie Rechagneux, Stefano Cavedagna, Miriam Lexmann, Daniel Attard, Angéline Furet, Anna Zalewska, Eszter Lakos, Thomas Pellerin-Carlin, Anne-Sophie Frigout, Claudiu-Richard Târziu, who also answered a blue-card question by Nicolae Ştefănuță, Sophia Kircher, Annalisa Corrado, Jaak Madison, Juan Ignacio Zoido Álvarez, Andreas Schieder, Matej Tonin and Idoia Mendia Cueva.

    The following spoke under the catch-the-eye procedure: Sunčana Glavak, Maria Grapini, Silvia Sardone, Tobiasz Bocheński, Benoit Cassart, Marc Botenga, Marcin Sypniewski, Kateřina Konečná, Radan Kanev, Elena Sancho Murillo, Dario Tamburrano, Katarína Roth Neveďalová and Elżbieta Katarzyna Łukacijewska.

    The following spoke: Valdis Dombrovskis.

    Motions for resolutions to be tabled under Rule 136(2) would be announced at a later stage.

    The debate closed.

    Vote: at a later part-session.


    10. Strengthening Moldova’s resilience against Russian interference ahead of the upcoming presidential elections and a constitutional referendum on EU integration (debate)

    Statement by the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy: Strengthening Moldova’s resilience against Russian interference ahead of the upcoming presidential elections and a constitutional referendum on EU integration (2021/2821(RSP))

    Věra Jourová (Vice-President of the Commission) made the statement on behalf of the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy.

    The following spoke: Siegfried Mureşan, on behalf of the PPE Group, Thijs Reuten, on behalf of the S&D Group, Pierre-Romain Thionnet, on behalf of the PfE Group, Tobiasz Bocheński, on behalf of the ECR Group, Dan Barna, on behalf of the Renew Group, Reinier Van Lanschot, on behalf of the Verts/ALE Group, Jonas Sjöstedt, on behalf of The Left Group, Alexander Sell, on behalf of the ESN Group, Michael Gahler, Maria Grapini, Claudiu-Richard Târziu, Helmut Brandstätter, Virginijus Sinkevičius, David McAllister, Kristian Vigenin, Cristian Terheş, Petras Auštrevičius, Rasa Juknevičienė, Vasile Dîncu, Adam Bielan, Eugen Tomac, Sandra Kalniete, Pina Picierno, Adrian-George Axinia, Michał Szczerba, Tonino Picula, Małgorzata Gosiewska and Andrea Wechsler.

    IN THE CHAIR: Esteban GONZÁLEZ PONS
    Vice-President

    The following spoke: Victor Negrescu, Davor Ivo Stier, Francisco Assis, Krzysztof Brejza, Mika Aaltola, Sven Simon, Michał Wawrykiewicz and Jüri Ratas.

    The following spoke under the catch-the-eye procedure: Grzegorz Braun.

    The following spoke: Věra Jourová.

    Motions for resolutions tabled under Rule 136(2) to wind up the debate: minutes of 9.10.2024, item II.

    The debate closed.

    Vote: 9 October 2024.


    11. Composition of committees and delegations

    The Renew Group had notified the President of the following decisions changing the composition of delegations:

    Delegation to the EU-Russia Parliamentary Cooperation Committee: Jana Toom

    Delegation for relations with the countries of South Asia: Michael McNamara to replace Vlad Vasile-Voiculescu

    The decisions took effect as of that day.




    13. The democratic backsliding and threats to political pluralism in Georgia (debate)

    Statement by the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy: The democratic backsliding and threats to political pluralism in Georgia (2021/2822(RSP))

    Věra Jourová (Vice-President of the Commission) made the statement on behalf of the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy.

    The following spoke: Rasa Juknevičienė, on behalf of the PPE Group, Sven Mikser, on behalf of the S&D Group, Thierry Mariani, on behalf of the PfE Group, Małgorzata Gosiewska, on behalf of the ECR Group, Urmas Paet, on behalf of the Renew Group, Reinier Van Lanschot, on behalf of the Verts/ALE Group, Danilo Della Valle, on behalf of The Left Group, Hans Neuhoff, on behalf of the ESN Group, Michael Gahler, Nacho Sánchez Amor, Rihards Kols, who also answered a blue-card question by Alessandro Zan, Petras Auštrevičius, Markéta Gregorová, who also answered a blue-card question by Ondřej Dostál, Petar Volgin, who also answered a blue-card question by Tobiasz Bocheński, Ľuboš Blaha, Michał Szczerba, Pierfrancesco Maran, Adam Bielan, Helmut Brandstätter, Leoluca Orlando, Ondřej Dostál, Ondřej Kolář, Francisco Assis, Brigitte van den Berg, Riho Terras, Raphaël Glucksmann, Dainius Žalimas, Davor Ivo Stier, Tobias Cremer, Ivars Ijabs, Mika Aaltola, Robert Biedroń, Paulius Saudargas, Thijs Reuten and Jacek Protas.

    IN THE CHAIR: Ewa KOPACZ
    Vice-President

    The following spoke: Michał Wawrykiewicz.

    The following spoke under the catch-the-eye procedure:Alessandro Zan, Tobiasz Bocheński, Vytenis Povilas Andriukaitis, Grzegorz Braun, Milan Mazurek and Lukas Sieper.

    The following spoke: Věra Jourová.

    Motions for resolutions tabled under Rule 136(2) to wind up the debate: minutes of 9.10.2024, item II.

    The debate closed.

    Vote: 9 October 2024.


    14. Outcome of the Summit of the Future: transforming global governance for building peace, promoting human rights and achieving the sustainable development goals (debate)

    Statement by the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy: Outcome of the Summit of the Future: transforming global governance for building peace, promoting human rights and achieving the sustainable development goals (2021/2823(RSP))

    Věra Jourová (Vice-President of the Commission) made the statement on behalf of the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy.

    The following spoke: Lukas Mandl, on behalf of the PPE Group, Udo Bullmann, on behalf of the S&D Group, António Tânger Corrêa, on behalf of the PfE Group, Arkadiusz Mularczyk, on behalf of the ECR Group, Barry Andrews, on behalf of the Renew Group, Ignazio Roberto Marino, on behalf of the Verts/ALE Group, Giorgos Georgiou, on behalf of The Left Group, Marc Jongen, on behalf of the ESN Group, Hildegard Bentele, Ana Catarina Mendes, Juan Carlos Girauta Vidal, Claudiu-Richard Târziu, Isabella Lövin, Merja Kyllönen, Rada Laykova, Milan Mazurek, Francisco José Millán Mon, Vytenis Povilas Andriukaitis, Jorge Martín Frías, Dick Erixon, Vladimir Prebilič, Pernando Barrena Arza, Ivan David, Ruth Firmenich, Nicolás Pascual De La Parte, Leire Pajín, André Rougé, Gordan Bosanac, Carolina Morace, Katarína Roth Neveďalová, Brando Benifei, Tiago Moreira de Sá, Evin Incir, Carla Tavares and Hannes Heide.

    IN THE CHAIR: Younous OMARJEE
    Vice-President

    The following spoke under the catch-the-eye procedure: Juan Fernando López Aguilar, Lukas Sieper and Grzegorz Braun.

    The following spoke: Věra Jourová.

    The debate closed.


    15. Composition of committees and delegations

    The PPE Group and the non-attached Members had notified the President of the following decisions changing the composition of the committees and delegations:

    Committee on International Trade: Lukas Sieper

    Committee on Budgets: Lukas Sieper was no longer a member

    Delegation for relations with the Mashreq countries: Christophe Gomart to replace François-Xavier Bellamy

    Delegation for relations with Mercosur: Alma Ezcurra Almansa to replace Esther Herranz García

    Delegation to the Euro-Latin American Parliamentary Assembly: Juan Ignacio Zoido Álvarez to replace Dolors Montserrat

    The decisions took effect as of that day.


    16. Situation in Sudan (debate)

    Statement by the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy: Situation in Sudan (2021/2851(RSP))

    Věra Jourová (Vice-President of the Commission) made the statement on behalf of the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy.

    The following spoke: Lukas Mandl, on behalf of the PPE Group, Francisco Assis, on behalf of the S&D Group, Barry Andrews, on behalf of the Renew Group, Ana Miranda Paz, on behalf of the Verts/ALE Group, Per Clausen, on behalf of The Left Group, Tomasz Froelich, on behalf of the ESN Group, Ingeborg Ter Laak, Marit Maij, Hanna Gedin, Maria Walsh, Hannes Heide, Evin Incir and Cecilia Strada.

    The following spoke under the catch-the-eye procedure: Seán Kelly.

    The following spoke: Věra Jourová.

    The debate closed.


    17. Explanations of vote

    Written explanations of vote

    Explanations of vote submitted in writing under Rule 201 appear on the Members’ pages on Parliament’s website.

    Oral explanations of vote


    17.1. Mobilisation of the European Union Solidarity Fund: assistance to Italy, Slovenia, Austria, Greece and France further to natural disasters that occurred in 2023 (A10-0002/2024 – Georgios Aftias)

    The following spoke: Dick Erixon and Seán Kelly.


    18. Agenda of the next sitting

    The next sitting would be held the following day, 9 October 2024, starting at 09:00. The agenda was available on Parliament’s website.


    19. Approval of the minutes of the sitting

    In accordance with Rule 208(3), the minutes of the sitting would be put to the House for approval at the beginning of the afternoon of the next sitting.


    20. Closure of the sitting

    The sitting closed at 20:28.


    ATTENDANCE REGISTER

    Present:

    Aaltola Mika, Abadía Jover Maravillas, Adamowicz Magdalena, Aftias Georgios, Agirregoitia Martínez Oihane, Agius Peter, Agius Saliba Alex, Allione Grégory, Al-Sahlani Abir, Anadiotis Nikolaos, Anderson Christine, Andersson Li, Andresen Rasmus, Andrews Barry, Andriukaitis Vytenis Povilas, Androuët Mathilde, Angel Marc, Annunziata Lucia, Antoci Giuseppe, Arias Echeverría Pablo, Arimont Pascal, Arłukowicz Bartosz, Arnaoutoglou Sakis, Arndt Anja, Arvanitis Konstantinos, Asens Llodrà Jaume, Assis Francisco, Attard Daniel, Aubry Manon, Auštrevičius Petras, Axinia Adrian-George, Azmani Malik, Bajada Thomas, Baljeu Jeannette, Bardella Jordan, Barna Dan, Barrena Arza Pernando, Bartulica Stephen Nikola, Bartůšek Nikola, Bausemer Arno, Bay Nicolas, Bay Christophe, Beke Wouter, Bellamy François-Xavier, Benifei Brando, Benjumea Benjumea Isabel, Beňová Monika, Bentele Hildegard, Berendsen Tom, Berger Stefan, Berg Sibylle, Berlato Sergio, Bernhuber Alexander, Biedroń Robert, Bielan Adam, Bischoff Gabriele, Blaha Ľuboš, Blom Rachel, Bloss Michael, Bocheński Tobiasz, Boeselager Damian, Bogdan Ioan-Rareş, Bonaccini Stefano, Bonte Barbara, Borchia Paolo, Borrás Pabón Mireia, Borvendég Zsuzsanna, Borzan Biljana, Bosanac Gordan, Boßdorf Irmhild, Bosse Stine, Botenga Marc, Boyer Gilles, Boylan Lynn, Brandstätter Helmut, Brasier-Clain Marie-Luce, Braun Grzegorz, Brejza Krzysztof, Bricmont Saskia, Brnjac Nikolina, Bryłka Anna, Buchheit Markus, Buczek Tomasz, Buda Daniel, Buda Waldemar, Budka Borys, Bugalho Sebastião, Buła Andrzej, Bullmann Udo, Burkhardt Delara, Buxadé Villalba Jorge, Bystron Petr, Bžoch Jaroslav, Camara Mélissa, Canfin Pascal, Carberry Nina, Cârciu Gheorghe, Carême Damien, Casa David, Caspary Daniel, Cassart Benoit, Castillo Laurent, del Castillo Vera Pilar, Cavazzini Anna, Cavedagna Stefano, Ceccardi Susanna, Cepeda José, Ceulemans Estelle, Chaibi Leila, Chastel Olivier, Chinnici Caterina, Christensen Asger, Cifrová Ostrihoňová Veronika, Ciriani Alessandro, Cisint Anna Maria, Clausen Per, Clergeau Christophe, Cormand David, Corrado Annalisa, Costanzo Vivien, Cotrim De Figueiredo João, Cowen Barry, Cremer Tobias, Crespo Díaz Carmen, Crosetto Giovanni, Cunha Paulo, Dahl Henrik, Danielsson Johan, Dauchy Marie, Dávid Dóra, David Ivan, Decaro Antonio, de la Hoz Quintano Raúl, Della Valle Danilo, Deloge Valérie, De Masi Fabio, De Meo Salvatore, Deutsch Tamás, Devaux Valérie, Dibrani Adnan, Diepeveen Ton, Dieringer Elisabeth, Dîncu Vasile, Di Rupo Elio, Disdier Mélanie, Dobrev Klára, Doherty Regina, Doleschal Christian, Dömötör Csaba, Do Nascimento Cabral Paulo, Donazzan Elena, Dorfmann Herbert, Dostalova Klara, Dostál Ondřej, Droese Siegbert Frank, Düpont Lena, Dworczyk Michał, Ecke Matthias, Ehler Christian, Ehlers Marieke, Eriksson Sofie, Erixon Dick, Eroglu Engin, Estaràs Ferragut Rosa, Ezcurra Almansa Alma, Falcă Gheorghe, Falcone Marco, Farantouris Nikolas, Farreng Laurence, Farský Jan, Ferber Markus, Ferenc Viktória, Fernández Jonás, Fidanza Carlo, Fiocchi Pietro, Firea Gabriela, Firmenich Ruth, Fita Claire, Flanagan Luke Ming, Fourlas Loucas, Fourreau Emma, Fragkos Emmanouil, Freund Daniel, Frigout Anne-Sophie, Friis Sigrid, Fritzon Heléne, Froelich Tomasz, Fuglsang Niels, Funchion Kathleen, Furet Angéline, Furore Mario, Gahler Michael, Gál Kinga, Galán Estrella, Gálvez Lina, Gambino Alberico, García Hermida-Van Der Walle Raquel, Garraud Jean-Paul, Gasiuk-Pihowicz Kamila, Geadi Geadis, Gedin Hanna, Geese Alexandra, Geier Jens, Geisel Thomas, Gemma Chiara, Georgiou Giorgos, Gerbrandy Gerben-Jan, Germain Jean-Marc, Gerzsenyi Gabriella, Geuking Niels, Gieseke Jens, Giménez Larraz Borja, Girauta Vidal Juan Carlos, Glavak Sunčana, Glucksmann Raphaël, Gomes Isilda, Gonçalves Bruno, Gonçalves Sérgio, González Casares Nicolás, González Pons Esteban, Gori Giorgio, Gosiewska Małgorzata, Gotink Dirk, Gozi Sandro, Grapini Maria, Gregorová Markéta, Grims Branko, Griset Catherine, Groothuis Bart, Grossmann Elisabeth, Grudler Christophe, Gualmini Elisabetta, Guetta Bernard, Guzenina Maria, Győri Enikő, Gyürk András, Hadjipantela Michalis, Hahn Svenja, Haider Roman, Halicki Andrzej, Hansen Christophe, Hansen Niels Flemming, Hassan Rima, Hauser Gerald, Häusling Martin, Hava Mircea-Gheorghe, Hazekamp Anja, Heide Hannes, Heinäluoma Eero, Henriksson Anna-Maja, Herbst Niclas, Herranz García Esther, Hetman Krzysztof, Hojsík Martin, Holmgren Pär, Humberto Sérgio, Ijabs Ivars, Imart Céline, Incir Evin, Iovanovici Şoşoacă Diana, Jaki Patryk, Jalloul Muro Hana, Jamet France, Jarubas Adam, Jerković Romana, Jongen Marc, Joński Dariusz, Joron Virginie, Jouvet Pierre, Joveva Irena, Juknevičienė Rasa, Junco García Nora, Jungbluth Alexander, Kabilov Taner, Kalfon François, Kaliňák Erik, Kaljurand Marina, Kalniete Sandra, Kamiński Mariusz, Kanev Radan, Kanko Assita, Karlsbro Karin, Kartheiser Fernand, Karvašová Ľubica, Katainen Elsi, Kefalogiannis Emmanouil, Kelleher Billy, Keller Fabienne, Kelly Seán, Kennes Rudi, Khan Mary, Kircher Sophia, Knotek Ondřej, Kobosko Michał, Köhler Stefan, Kohut Łukasz, Kokalari Arba, Kolář Ondřej, Kollár Kinga, Kols Rihards, Konečná Kateřina, Kopacz Ewa, Körner Moritz, Kountoura Elena, Kovařík Ondřej, Kovatchev Andrey, Krah Maximilian, Krištopans Vilis, Kruis Sebastian, Krutílek Ondřej, Kubilius Andrius, Kubín Tomáš, Kuhnke Alice, Kulja András Tivadar, Kulmuni Katri, Kyllönen Merja, Kyuchyuk Ilhan, Lagodinsky Sergey, Lakos Eszter, Lange Bernd, Langensiepen Katrin, Laššáková Judita, László András, Latinopoulou Afroditi, Laurent Murielle, Laureti Camilla, Laykova Rada, Lazarov Ilia, Lazarus Luis-Vicențiu, Le Callennec Isabelle, Leggeri Fabrice, Lenaers Jeroen, Leonardelli Julien, Lewandowski Janusz, Lexmann Miriam, Liese Peter, Lins Norbert, Loiseau Nathalie, Løkkegaard Morten, López Aguilar Juan Fernando, Lövin Isabella, Lucano Mimmo, Luena César, Łukacijewska Elżbieta Katarzyna, Lupo Giuseppe, McAllister David, Madison Jaak, Maestre Cristina, Magyar Péter, Maij Marit, Maląg Marlena, Manda Claudiu, Mandl Lukas, Maniatis Yannis, Mantovani Mario, Maran Pierfrancesco, Marczułajtis-Walczak Jagna, Mariani Thierry, Marino Ignazio Roberto, Marquardt Erik, Martín Frías Jorge, Martins Catarina, Marzà Ibáñez Vicent, Mato Gabriel, Matthieu Sara, Mavrides Costas, Maydell Eva, Mayer Georg, Mazurek Milan, McNamara Michael, Mebarek Nora, Mehnert Alexandra, Meimarakis Vangelis, Meleti Eleonora, Mendes Ana Catarina, Mendia Idoia, Mertens Verena, Mesure Marina, Metsola Roberta, Metz Tilly, Mikser Sven, Milazzo Giuseppe, Millán Mon Francisco José, Minchev Nikola, Mînzatu Roxana, Miranda Paz Ana, Molnár Csaba, Montero Irene, Montserrat Dolors, Morace Carolina, Morano Nadine, Moreira de Sá Tiago, Moreno Sánchez Javier, Moretti Alessandra, Mularczyk Arkadiusz, Mullooly Ciaran, Mureşan Siegfried, Muşoiu Ştefan, Nagyová Jana, Nardella Dario, Navarrete Rojas Fernando, Negrescu Victor, Nemec Matjaž, Nerudová Danuše, Nesci Denis, Neuhoff Hans, Neumann Hannah, Nevado del Campo Elena, Nica Dan, Niebler Angelika, Niedermayer Luděk, Niinistö Ville, Nikolic Aleksandar, Ní Mhurchú Cynthia, Noichl Maria, Nordqvist Rasmus, Novakov Andrey, Nykiel Mirosława, Obajtek Daniel, Ódor Ľudovít, Oetjen Jan-Christoph, Ohisalo Maria, Oliveira João, Olivier Philippe, Omarjee Younous, Ó Ríordáin Aodhán, Orlando Leoluca, Ozdoba Jacek, Paet Urmas, Pajín Leire, Palmisano Valentina, Panayiotou Fidias, Papadakis Kostas, Papandreou Nikos, Pascual De La Parte Nicolás, Patriciello Aldo, Paulus Jutta, Pedro Ana Miguel, Pedulla’ Gaetano, Pellerin-Carlin Thomas, Peltier Guillaume, Penkova Tsvetelina, Pennelle Gilles, Pérez Alvise, Peter-Hansen Kira Marie, Petrov Hristo, Picaro Michele, Picierno Pina, Picula Tonino, Piera Pascale, Pimpie Pierre, Piperea Gheorghe, de la Pisa Carrión Margarita, Pokorná Jermanová Jaroslava, Polato Daniele, Polfjärd Jessica, Popescu Virgil-Daniel, Pozņaks Reinis, Prebilič Vladimir, Princi Giusi, Protas Jacek, Pürner Friedrich, Rackete Carola, Radtke Dennis, Rafowicz Emma, Ratas Jüri, Razza Ruggero, Rechagneux Julie, Regner Evelyn, Repasi René, Repp Sabrina, Ressler Karlo, Reuten Thijs, Ricci Matteo, Ridel Chloé, Riehl Nela, Ripa Manuela, Rodrigues André, Ros Sempere Marcos, Roth Neveďalová Katarína, Rougé André, Ruissen Bert-Jan, Ruotolo Sandro, Rzońca Bogdan, Saeidi Arash, Salini Massimiliano, Salis Ilaria, Salla Aura, Sánchez Amor Nacho, Sanchez Julien, Sancho Murillo Elena, Saramo Jussi, Sardone Silvia, Šarec Marjan, Sargiacomo Eric, Satouri Mounir, Saudargas Paulius, Sbai Majdouline, Sberna Antonella, Schaldemose Christel, Schaller-Baross Ernő, Schenk Oliver, Scheuring-Wielgus Joanna, Schieder Andreas, Schilling Lena, Schwab Andreas, Scuderi Benedetta, Seekatz Ralf, Sell Alexander, Serrano Sierra Rosa, Sidl Günther, Sienkiewicz Bartłomiej, Sieper Lukas, Simon Sven, Singer Christine, Sinkevičius Virginijus, Sjöstedt Jonas, Śmiszek Krzysztof, Smit Sander, Sokol Tomislav, Solier Diego, Solís Pérez Susana, Sommen Liesbet, Sonneborn Martin, Sorel Malika, Søvndal Villy, Squarta Marco, Staķis Mārtiņš, Stancanelli Raffaele, Ştefănuță Nicolae, Steger Petra, Stier Davor Ivo, Storm Kristoffer, Stöteler Sebastiaan, Stoyanov Stanislav, Strack-Zimmermann Marie-Agnes, Strada Cecilia, Streit Joachim, Strik Tineke, Strolenberg Anna, Sturdza Şerban-Dimitrie, Stürgkh Anna, Sypniewski Marcin, Szczerba Michał, Szekeres Pál, Szydło Beata, Tamburrano Dario, Tânger Corrêa António, Tarczyński Dominik, Tarquinio Marco, Tarr Zoltán, Târziu Claudiu-Richard, Tavares Carla, Tegethoff Kai, Teodorescu Georgiana, Teodorescu Måwe Alice, Terheş Cristian, Ter Laak Ingeborg, Terras Riho, Tertsch Hermann, Thionnet Pierre-Romain, Timgren Beatrice, Tinagli Irene, Tobback Bruno, Tobé Tomas, Tolassy Rody, Tomac Eugen, Tomašič Zala, Tomc Romana, Tonin Matej, Toom Jana, Topo Raffaele, Torselli Francesco, Tosi Flavio, Toussaint Marie, Toveri Pekka, Tridico Pasquale, Trochu Laurence, Tsiodras Dimitris, Tudose Mihai, Turek Filip, Uhrík Milan, Ušakovs Nils, Vaidere Inese, Valchev Ivaylo, Valet Matthieu, Van Brempt Kathleen, Van Brug Anouk, van den Berg Brigitte, Vandendriessche Tom, Van Dijck Kris, Van Lanschot Reinier, Van Leeuwen Jessika, Vannacci Roberto, Van Overtveldt Johan, Van Sparrentak Kim, Varaut Alexandre, Vasconcelos Ana, Vasile-Voiculescu Vlad, Vautmans Hilde, Vedrenne Marie-Pierre, Ventola Francesco, Verheyen Sabine, Verougstraete Yvan, Veryga Aurelijus, Vešligaj Marko, Vicsek Annamária, Vieira Catarina, Vigenin Kristian, Vilimsky Harald, Vincze Loránt, Virkkunen Henna, Vistisen Anders, Vivaldini Mariateresa, Volgin Petar, von der Schulenburg Michael, Vondra Alexandr, Voss Axel, Vozemberg-Vrionidi Elissavet, Vrecionová Veronika, Vázquez Lázara Adrián, Waitz Thomas, Walsh Maria, Walsmann Marion, Warborn Jörgen, Warnke Jan-Peter, Wąsik Maciej, Wawrykiewicz Michał, Wcisło Marta, Wechsler Andrea, Weimers Charlie, Wiesner Emma, Wiezik Michal, Wilmès Sophie, Winkler Iuliu, Winzig Angelika, Wiseler-Lima Isabel, Wiśniewska Jadwiga, Wolters Lara, Yar Lucia, Yon-Courtin Stéphanie, Yoncheva Elena, Zacharia Maria, Zajączkowska-Hernik Ewa, Zalewska Anna, Žalimas Dainius, Zan Alessandro, Zarzalejos Javier, Zdechovský Tomáš, Zdrojewski Bogdan Andrzej, Zijlstra Auke, Zīle Roberts, Zingaretti Nicola, Złotowski Kosma, Zoido Álvarez Juan Ignacio, Zovko Željana, Zver Milan

    Excused:

    Homs Ginel Alicia

    MIL OSI Europe News –

  • MIL-OSI: Byrna Technologies Reports Fiscal Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Q3 Revenue Hits New Record of $20.9 Million, a 194% Increase from Q3 2023

    Gross Margin Improves to 62.4% as Manufacturing Scales

    ANDOVER, Mass., Oct. 09, 2024 (GLOBE NEWSWIRE) — Byrna Technologies Inc. (“Byrna” or the “Company”) (Nasdaq: BYRN), a personal defense technology company specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions, today reported select financial results for its fiscal third quarter (“Q3 2024”) ended August 31, 2024.

    Fiscal Third Quarter 2024 and Recent Operational Highlights

    • Continued to generate a highly accretive return on ad spend (ROAS) of 5.0X through the celebrity endorsement program, even as Byrna’s advertising spend grew from $800,000 per month in Q2 to $1.0 million per month in Q3, fueling record quarterly results and strong year-over-year growth.
    • Added Mike Huckabee, former Governor of Arkansas, to its roster of high-profile celebrity endorsers, and has signed agreements with two additional prominent celebrities, which will kick-off in December.
    • Secured earned media placements to date on over two dozen news programs, including ABC, Fox, Newsmax, NewsNation, and numerous other local radio and television news shows. Total media coverage continues to grow, with the celebrity endorsement program playing a key role in driving this earned media for Byrna, helping build significant brand awareness and contributing to the continued normalization of the less-lethal industry.
    • Reached national account status with Bass Pro Shops and Cabela’s, expanding Byrna’s presence from 42 stores to 137 stores nationwide and demonstrating the growing awareness around Byrna launchers.
    • Expanded Byrna’s sales reach into Mexico following a successful partnership with the Secretaría de Trabajo y Previsión Social (STPS) of Mexico to create a federally certified training program allowing civilians to legally carry the Byrna.
    • Secured an initial order with the Ministry of the Interior of Uruguay for 400 Byrna launchers and over 100,000 rounds of less-lethal ammunition for the Uruguayan National Police.
    • Deployed 1,000 launchers across airports in Argentina with the Policía de Seguridad Aeroportuaria.
    • Transferred its 51% stake in Byrna LATAM S.A. to its joint venture partner, enabling Byrna to earn royalty income and recognize revenue directly from sales to Byrna LATAM. Additionally, by selling its stake, the Company no longer needs to report Byrna LATAM’s losses in its financial statements.
    • Repurchased $3.0 million of stock at an average price of $10.25 as part of a new $10 million stock repurchase program commenced in August.

    Fiscal Third Quarter 2024 Financial Results
    Results compare Q3 2024 to the 2023 fiscal third quarter ended August 31, 2023 unless otherwise indicated.

    Net revenue for Q3 2024 was $20.9 million, compared to $7.1 million in the fiscal third quarter of 2023 (“Q3 2023”). The 194% year-over-year increase is primarily due to the transformational shift in Byrna’s advertising strategy implemented in September of last year and the resulting normalization of Byrna and the less-lethal space generally. For the first nine months of 2024, revenue was $57.8 million, compared to $27.0 million in the prior year period, an increase of 114% year-over-year.

    Gross profit for Q3 2024 was $13.0 million (62.4% of net revenue), up from $3.2 million (44.6% of net revenue) in Q3 2023. The increase in gross profit was driven by the increase in the proportion of sales made through the high-margin direct-to-consumer (DTC) channels (Byrna.com and Amazon.com), a reduction in component costs driven through an intensive cost reduction effort focused on “design for manufacturability” spearheaded by Byrna’s engineering team, and the economies of scale resulting from increased production volumes. For the first nine months of 2024, gross margin was 60.9%, compared to 54.1% for the same period in 2023.

    Operating expenses for Q3 2024 were $12.2 million, compared to $7.3 million for Q3 2023, an increase of 67%. The increase in operating expenses was driven by an increase in variable selling costs (such as freight and third-party processing fees), increased marketing spend tied to the Company’s celebrity endorsement strategy, and higher payroll expenses in marketing and engineering as the Company has added personnel to handle the higher sales and production volumes. For the first nine months of 2024, operating expenses were $32.6 million compared to $21.5 million in 2023, a 52% increase year-over-year.

    Net income for Q3 2024 was $1.0 million compared to a loss of $(4.1) million for Q3 2023, a $5.1 million improvement. For the first nine months of 2024, net income was $3.1, compared to a loss of $(7.4) million in 2023, a $10.5 million year-over-year improvement.

    Adjusted EBITDA1, a non-GAAP metric reconciled below, for Q3 2024 totaled $1.9 million, compared to $(2.4) million in Q3 2023. For the first nine months of 2024, adjusted EBITDA totaled $6.3 million, an $8.5 million improvement over the loss of $(2.2) million in the prior year period, ahead of the traditionally strong fourth quarter.

    Cash and cash equivalents at August 31, 2024 totaled $20.1 million compared to $20.5 million at November 30, 2023. Inventory at August 31, 2024 totaled $19.8 million compared to $13.9 million at November 30, 2023. The Company has no current or long-term debt.

    Management Commentary
    Byrna CEO Bryan Ganz stated: “In the third quarter, we generated $20.9 million in revenue while also improving our gross margin and operating leverage. This performance underscores the continued impact of our celebrity influencer strategy, which has driven increasing brand recognition and contributed to the growing normalization of our product category.

    “Since launching the celebrity advertising program in Q4 of last year, we’ve consistently maintained a highly accretive 5.0X ROAS, driving profitable growth throughout the year. Today, over ten celebrities are actively evangelizing Byrna’s less-lethal mission, helping to normalize less-lethal as a legitimate alternative to lethal force, build brand awareness, and drive both consumer and institutional demand. The continued success of this program is evident in our September sales, which came in at $8.3 million—averaging just over $275,000 in sales per day during what is traditionally our weakest month of the seasonally strong fourth quarter.

    “As we continue to post record sales, we remain focused on scaling up production to meet this increasing demand. In Q3, production totaled over 55,000 units as we build inventory to support current sales growth, the anticipated holiday season surge, and the upcoming launch of the Compact Launcher.

    “To further increase capacity, we are introducing a partial second shift in the fourth fiscal quarter of 2024, with plans to operate a full second shift by the end of the first quarter next year. Additionally, we are adding a third production line dedicated to the Byrna Compact Launcher. We are also preparing to scale domestic ammunition production, enabling us to meet growing demand and position Byrna to support future product lines. This will also allow us to offer a full range of ammunition that is Made in America. These measures will ensure we can keep up with current launcher demand while building inventory for the Compact Launcher, slated for release in Summer 2025.

    “With this continued growth, Byrna is now a self-sustaining, profitable, and cash-flowing enterprise. As we scale, we are strategically investing in initiatives that will drive growth while we continue to focus on returning value to shareholders. In the third quarter, we authorized a $10 million buyback, and, to date, have repurchased $3 million of shares at an average price of $10.25, demonstrating our confidence in Byrna’s long-term strategy and growth potential.

    “In addition to expanding production, we are also investing in our retail footprint. We have recently signed leases for Byrna-owned stores in key markets, including Nashville, Tennessee; Ft. Wayne, Indiana; Scottsdale, Arizona; and Salem, New Hampshire. We are also finalizing a lease for a proposed Pasadena, California location. These new stores, which build on the successful proof-of-concept from our Las Vegas location—launched two years ago and running at a $1 million annual revenue rate with a 60%+ gross profit margin—will provide valuable market data for future expansion. Each store will feature a shooting range for customers to experience our products firsthand, supporting both revenue growth and brand awareness, complementing our continued success in DTC sales.

    “Internationally, we are seeing strong momentum in Latin America, with a string of recent law enforcement deployments reinforcing our optimism for the region’s growth potential. Our strategic divestment of our stake in Byrna LATAM allows us to fully recognize revenue from future sales to Byrna LATAM and earn a royalty on every launcher produced in Argentina. Additionally, we no longer have to report Byrna LATAM’s losses in its financial statements, improving our reported income and enabling us to focus on our core markets.

    “We are confident that our growth will continue into 2025 and beyond, driven by increased advertising, which will result in both direct and indirect sales as less-lethal weapons become normalized, alongside new retail stores, mobile trailers, and the launch of our anticipated Compact Launcher. The Compact Launcher, set for release in mid-2025, will strengthen our product lineup by enhancing accessibility and ease of use, allowing for broader market penetration and increased consumer adoption. As we scale and expand production, we expect further improvements in manufacturing efficiency, which will enhance both gross and net margins. With these initiatives, Byrna is positioned for sustained growth and success well into 2025 and 2026.”

    Conference Call
    The Company’s management will host a conference call today, October 9, 2024, at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss these results, followed by a question-and-answer period.

    Toll-Free Dial-In: 877-709-8150
    International Dial-In: +1 201-689-8354
    Confirmation: 13748618

    Please call the conference telephone number 5-10 minutes prior to the start time of the conference call. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group at 949-574-3860.

    The conference call will be broadcast live and available for replay here and via the Investor Relations section of Byrna’s website.

    About Byrna Technologies Inc.
    Byrna is a technology company specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions. For more information on the Company, please visit the corporate website here or the Company’s investor relations site here. The Company is the manufacturer of the Byrna® SD personal security device, a state-of-the-art handheld CO2 powered launcher designed to provide a less-lethal alternative to a firearm for the consumer, private security, and law enforcement markets. To purchase Byrna products, visit the Company’s e-commerce store.

    Forward-Looking Statements
    This news release contains “forward-looking statements” within the meaning of the securities laws. All statements contained in this news release, other than statements of current and historical fact, are forward-looking. Often, but not always, forward-looking statements can be identified by the use of words such as “plans,” “expects,” “intends,” “anticipates,” and “believes” and statements that certain actions, events or results “may,” “could,” “would,” “should,” “might,” “occur,” or “be achieved,” or “will be taken.” Forward-looking statements include descriptions of currently occurring matters which may continue in the future. Forward-looking statements in this news release include but are not limited to our statements related to our expected sales during the fourth quarter, our ability to scale production, add shifts and production lines, the expected timing for the launch of the Compact Launcher, Byrna’s ability to remain self-sustaining, profitable and cash flow positive, Byrna’s ability to open new retail locations and realize revenue growth from them, continued momentum in the Latin American market, expected increases in gross and net margins, and Byrna’s positioning for sustained growth in 2025 and 2026. Forward-looking statements are not, and cannot be, a guarantee of future results or events. Forward-looking statements are based on, among other things, opinions, assumptions, estimates, and analyses that, while considered reasonable by the Company at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies, and other factors that may cause actual results and events to be materially different from those expressed or implied.

    Any number of risk factors could affect our actual results and cause them to differ materially from those expressed or implied by the forward-looking statements in this news release, including, but not limited to, disappointing market responses to current or future products or services; prolonged, new, or exacerbated disruption of our supply chain; the further or prolonged disruption of new product development; production or distribution disruption or delays in entry or penetration of sales channels due to inventory constraints, competitive factors, increased transportation costs or interruptions, including due to weather, flooding or fires; prototype, parts and material shortages, particularly of parts sourced from limited or sole source providers; determinations by third party controlled distribution channels, including Amazon, not to carry or reduce inventory of the Company’s products; determinations by advertisers or social media platforms, or legislation that prevents or limits marketing of some or all Byrna products; the loss of marketing partners; increases in marketing expenditure may not yield expected revenue increases; potential cancellations of existing or future orders including as a result of any fulfillment delays, introduction of competing products, negative publicity, or other factors; product design or manufacturing defects or recalls; litigation, enforcement proceedings or other regulatory or legal developments; changes in consumer or political sentiment affecting product demand; regulatory factors including the impact of commerce and trade laws and regulations; and future restrictions on the Company’s cash resources, increased costs and other events that could potentially reduce demand for the Company’s products or result in order cancellations. The order in which these factors appear should not be construed to indicate their relative importance or priority. We caution that these factors may not be exhaustive; accordingly, any forward-looking statements contained herein should not be relied upon as a prediction of actual results. Investors should carefully consider these and other relevant factors, including those risk factors in Part I, Item 1A, (“Risk Factors”) in the Company’s most recent Form 10-K and Part II, Item 1A (“Risk Factors”) in the Company’s most recent Form 10-Q, should understand it is impossible to predict or identify all such factors or risks, should not consider the foregoing list, or the risks identified in the Company’s SEC filings, to be a complete discussion of all potential risks or uncertainties, and should not place undue reliance on forward-looking information. The Company assumes no obligation to update or revise any forward-looking information, except as required by applicable law.

    Investor Contact:
    Tom Colton and Alec Wilson
    Gateway Group, Inc.
    949-574-3860
    BYRN@gateway-grp.com

    -Financial Tables to Follow-

    BYRNA TECHNOLOGIES INC.
    Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
    (Amounts in thousands except share and per share data)
    (Unaudited)
                                     
        For the Three Months Ended
    		     For the Nine Months Ended
    		  
        August 31,
    		     August 31,
    		  
          2024       2023       2024       2023  
    Net revenue   $ 20,854     $ 7,085     $ 57,777     $ 27,004  
    Cost of goods sold     7,842       3,927       22,566       12,402  
    Gross profit     13,012       3,158       35,211       14,602  
    Operating expenses     12,184       7,267       32,633       21,522  
    INCOME (LOSS) FROM OPERATIONS     828       (4,109 )     2,578       (6,920 )
    OTHER INCOME (EXPENSE)                
    Foreign currency transaction loss     (103 )     (54 )     (381 )     (238 )
    Interest income     281       239       883       525  
    Loss from joint venture     (62 )     (287 )     (42 )     (625 )
    Other income (expense)     3       (7 )     7       (270 )
    INCOME (LOSS) BEFORE INCOME TAXES     947       (4,218 )     3,045       (7,528 )
    Income tax benefit     78       124       75       165  
    NET INCOME (LOSS)   $ 1,025     $ (4,094 )   $ 3,120     $ (7,363 )
                     
    Foreign currency translation adjustment for the period     381       585       410       (641 )
    COMPREHENSIVE INCOME (LOSS)   $ 1,406     $ (3,509 )   $ 3,530     $ (8,004 )
                     
    Basic net income (loss) per share   $ 0.05     $ (0.19 )   $ 0.14     $ (0.34 )
    Diluted net income (loss) per share   $ 0.04     $ (0.19 )   $ 0.14     $ (0.34 )
                     
    Weighted-average number of common shares outstanding – basic     22,758,155       21,960,163       22,509,018       21,895,815  
    Weighted-average number of common shares outstanding – diluted     23,410,159       21,960,163       23,072,498       21,895,815  
                     
                     
    BYRNA TECHNOLOGIES INC.
    Condensed Consolidated Balance Sheets
    (Amounts in thousands, except share and per share data)
                     
        August 31,
    		     November 30,
    		  
         2024      2023  
        Unaudited
    		      
    ASSETS        
    CURRENT ASSETS        
    Cash and cash equivalents   $ 20,077     $ 20,498  
    Accounts receivable, net     2,128       2,945  
    Inventory, net     19,797       13,890  
    Prepaid expenses and other current assets     1,983       868  
    Total current assets     43,985       38,201  
    LONG TERM ASSETS        
    Intangible assets, net     3,401       3,583  
    Deposits for equipment     1,927       1,163  
    Right-of-use asset, net     2,404       1,805  
    Property and equipment, net     3,481       3,803  
    Goodwill     2,258       2,258  
    Loan to joint venture     —       1,473  
    Other assets     1,548       28  
    TOTAL ASSETS   $ 59,004     $ 52,314  
             
    LIABILITIES        
    CURRENT LIABILITIES        
    Accounts payable and accrued liabilities   $ 11,124     $ 6,158  
    Operating lease liabilities, current     596       644  
    Deferred revenue, current     818       1,844  
    Total current liabilities     12,538       8,646  
    LONG TERM LIABILITIES        
    Deferred revenue, non-current     28       91  
    Operating lease liabilities, non-current     1,899       1,258  
    Total liabilities     14,465       9,995  
             
             
    STOCKHOLDERS‘ EQUITY        
    Preferred stock     —       —  
    Common stock     24       24  
    Additional paid-in capital     132,364       130,426  
    Treasury stock     (20,747 )     (17,500 )
    Accumulated deficit     (66,456 )     (69,575 )
    Accumulated other comprehensive loss     (646 )     (1,056 )
             
    Total Stockholders’ Equity     44,539       42,319  
             
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 59,004     $ 52,314  
             

    Non-GAAP Financial Measures

    In addition to providing financial measurements based on generally accepted accounting principles in the United States (GAAP), we provide an additional financial metric that is not prepared in accordance with GAAP (non-GAAP) with presenting non-GAAP adjusted EBITDA. Management uses this non-GAAP financial measure, in addition to GAAP financial measures, to understand and compare operating results across accounting periods, for financial and operational decision making, for planning and forecasting purposes and to evaluate our financial performance. We believe that this non-GAAP financial measure helps us to identify underlying trends in our business that could otherwise be masked by the effect of certain expenses that we exclude in the calculations of the non-GAAP financial measure.

    Accordingly, we believe that this non-GAAP financial measure reflects our ongoing business in a manner that allows for meaningful comparisons and analysis of trends in the business and provides useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects.

    This non-GAAP financial measure does not replace the presentation of our GAAP financial results and should only be used as a supplement to, not as a substitute for, our financial results presented in accordance with GAAP. There are limitations in the use of non-GAAP measures, because they do not include all the expenses that must be included under GAAP and because they involve the exercise of judgment concerning exclusions of items from the comparable non-GAAP financial measure. In addition, other companies may use other non-GAAP measures to evaluate their performance, or may calculate non-GAAP measures differently, all of which could reduce the usefulness of our non-GAAP financial measure as a tool for comparison.

    Adjusted EBITDA

    Adjusted EBITDA is defined as net (loss) income as reported in our condensed consolidated statements of operations and comprehensive (loss) income excluding the impact of (i) depreciation and amortization; (ii) income tax provision (benefit); (iii) interest income (expense); (iv) stock-based compensation expense, (v) impairment loss, and (vi) one time, non-recurring other expenses or income. Our Adjusted EBITDA measure eliminates potential differences in performance caused by variations in capital structures (affecting finance costs), tax positions, the cost and age of tangible assets (affecting relative depreciation expense) and the extent to which intangible assets are identifiable (affecting relative amortization expense). We also exclude certain one-time and non-cash costs. Reconciliation of Adjusted EBITDA to net (loss) income, the most directly comparable GAAP measure, is as follows (in thousands):

        For the Three Months Ended   For the Nine Months Ended
        August 31,   August 31,
         2024     2023     2024     2023 
    Net Income (Loss)   $ 1,025     $ (4,094 )   $ 3,120     $ (7,363 )
                     
    Adjustments:                
    Interest income     (281 )     (239 )     (883 )     (525 )
    Income tax benefit     (78 )     (124 )     (75 )     (165 )
    Depreciation and amortization     263       333       1,113       897  
    Non-GAAP EBITDA   $ 929     $ (4,124 )   $ 3,275     $ (7,156 )
                     
    Stock-based compensation expense     819       1,738       2,615       4,691  
    Impairment loss     –       –       –       176  
    Severance/Separation/Officer recruiting     196       30       431       82  
    Non-GAAP adjusted EBITDA   $ 1,944     $ (2,356 )   $ 6,321     $ (2,207 )
                     

    1 See non-GAAP financial measures at the end of this press release for a reconciliation and a discussion of non-GAAP financial measures.

    The MIL Network –

  • MIL-OSI USA: GUBERNATORIAL PROCLAMATION: Litter-Free Rhode Island’s Take the Pledge Week

    Source: US State of Rhode Island

    Published on Tuesday, October 08, 2024

    WHEREAS, Rhode Island is known for its natural beauty, which extends across its pristine beaches, green parks, rich forests, vibrant cities, and rural towns, all offering unique contributions to the state’s diverse landscape; and 

    WHEREAS, to protect that beauty, the Governor and First Lady launched the Litter-Free Rhode Island program in 2022 and have since made it a top priority year after year to support cleaner cities and towns and to help beautify Rhode Island so that residents and visitors take pride in their surroundings; and 

    WHEREAS, the Litter-Free Rhode Island program has committed tens of thousands of dollars in microgrant opportunities for environmental projects, clean-ups, and educational materials so that Rhode Islanders and students understand the importance of responsible trash disposal and its connection to improving our state’s overall health; and 

    WHEREAS, the Litter-Free Rhode Island program has worked closely with the state’s Department of Environmental Management (DEM), the Department of Transportation (DOT), the Division of Motor Vehicles (DMV), Enterprise Technology Strategy and Services (ETSS), and the Rhode Island Infrastructure Bank (RIIB) to advance these goals; and 

    WHEREAS, the DOT has hired additional highway crews to address litter build-up on state roads and highways and has collected more than 800,000 gallons of trash and more than 460 tons of large debris to support a better-looking and healthier community; and  

    WHEREAS, the DMV has purchased bags to give to drivers to have in their cars so that they can dispose of litter and displays videos at different DMV locations about the Litter-Free Rhode Island program; and 

    WHEREAS, in partnership with the DOT, Litter-Free Rhode Island has created a “Trashboard” to monitor those clean-ups by DOT highway crews, groundskeepers, microgrant recipients, and volunteers; and  

    WHEREAS, ETSS designed and developed the Litter-Free Rhode Island website, https://litterfree.ri.gov, leveraging the award-winning State of Rhode Island Enterprise Content Management System (eCMS); and 

    WHEREAS, DEM and RIIB have partnered together to administer a microgrant program to help fund clean-ups and clean-up supplies for nearly 100 non-profits, schools, environmental organizations, and community groups so those parties can enhance the quality of life for residents and local ecosystems; and 

    WHEREAS, empowering more Rhode Islanders to get involved and to take pride in their state starts by encouraging good habits that promote cleaner and greener Ocean State communities; and 

    WHEREAS, taking the Litter-Free Rhode Island pledge is a simple, easy way to engage and educate residents so they are actively involved in ways bettering their local parks, playgrounds, beaches, rivers, sidewalks, roads, and more. 

    NOW, THEREFORE, I, Daniel J. McKee, Governor of the State of Rhode Island, do hereby proclaim the week of October 7-11, 2024, as Litter-Free Rhode Island’s Take the Pledge Week and encourage all residents, businesses, schools, organizations, agencies, and families to take the pledge to end litter in our state and leave it better for the next generation of Rhode Islanders. 

    MIL OSI USA News –

  • MIL-OSI Security: Halifax Regional Municipality — RCMP arrests four impaired drivers in HRM over 24-hour period

    Source: Royal Canadian Mounted Police

    Over a 24-hour period, RCMP officers in the Halifax Regional Municipality arrested four impaired drivers and suspended the licence of another.

    On October 5, at approximately 8:15 p.m., an officer from RCMP Halifax Regional Detachment Traffic Unit (HDTU) conducted a traffic stop on Knightsridge Dr. in Halifax. The driver, a 33-year-old Halifax man, provided a roadside breath sample into an approved screening device (ASD), which resulted in a “fail.” He was arrested and transported to the Lower Sackville RCMP Detachment where he provided breath samples that registered 110 mg% and 90 mg%.

    Later that evening, at approximately 10:15 p.m., RCMP officers responded to a report of impaired driving on Main St. in Dartmouth. An officer from the RCMP’s Southeast Traffic Services located the suspect vehicle and conducted a traffic stop. The driver, a 35-year-old Halifax man, failed a standard field sobriety test. A subsequent drug impairment evaluation completed by a Drug Recognition Expert from Halifax Regional Police determined the man was impaired by drugs.

    Approximately one hour later, an officer from RCMP Southeast Traffic Services (SETS) stopped a vehicle for speeding on Hwy. 102 in Bedford. The driver, a 29-year-old Halifax man, was administered an ASD test with a result over the provincial limit of 50 mg%. The driver’s licence was suspended for seven days.

    On October 6, at approximately 12:40 a.m., an officer from RCMP SETS observed a vehicle driving erratically on Dartmoor Cres., in Bedford, and completed a traffic stop. The driver, a 71-year-old Upper Hammonds Plains man, provided a roadside breath sample into an ASD, which resulted in a “fail.” He was arrested and transported to the Lower Sackville RCMP Detachment where he provided subsequent breath samples that registered 90 mg% and 80 mg%.

    That night, at approximately 8:10 p.m., an officer from the RCMP HDTU conducted a traffic stop on Baker Dr., in Dartmouth. The driver, a 51-year-old Cole Harbour man, provided a roadside breath sample into an ASD with a result of “fail.” He was arrested and transported to the Cole Harbour RCMP Detachment where he provided breath samples that registered 140 mg% and 120 mg%.

    The four drivers were released from custody and are all scheduled to appear in court at later dates.

    Road safety is a shared responsibility. If you suspect an impaired driver, it’s an emergency; call 911.

    File #s: 24-137112; 24-137176; 24-137197; 24-137232; 24-137540

    MIL Security OSI –

  • MIL-OSI Security: North Sydney — RCMP investigates fatal vehicle-pedestrian collision

    Source: Royal Canadian Mounted Police

    RCMP Northeast Traffic Services (NETS) is investigating a fatal vehicle-pedestrian collision that occurred in North Sydney.

    On October 4, at approximately 7:55 p.m., RCMP NETS, Cape Breton Regional Police (CBRP), fire services, and EHS responded to a report of a crash on Hwy. 125. RCMP officers learned that a pedestrian was on the roadway when they were struck by a Nissan Murano travelling eastbound.

    The pedestrian, a 65-year-old Sydney Mines man, was transported to hospital and pronounced deceased.

    The driver and passenger of the Nissan did not report physical injuries.

    An RCMP collision reconstructionist attended the scene and the investigation is ongoing.

    Hwy. 125 was closed for several hours but has since reopened.

    Our thoughts are with the victim’s loved ones at this difficult time.

    MIL Security OSI –

  • MIL-OSI Europe: Written question – Price scale for emission allowances as a tool for European competitiveness on the global market – E-001860/2024

    Source: European Parliament

    Question for written answer  E-001860/2024
    to the Commission
    Rule 144
    Tomáš Zdechovský (PPE)

    The EU Emissions Trading System (ETS) requires polluters to pay for their greenhouse gas emissions. The price of emission allowances is a key parameter of the entire system. If it is too low, the polluter can buy the necessary allowances cheaply, and the principle of paying an appropriate price for pollution caused remains unfulfilled[1]. The issue nowadays is, firstly, that European industries and power plants pay twice as much per tonne of emissions as businesses in California and ten times as much as emitters in China, which makes them uncompetitive[2]. Secondly, the price of the permit cannot be estimated in advance.[3]

    • 1.How will the Commission help to set a reasonable scale of minimum and maximum prices for these allowances to help support the European economy’s competitiveness on the global market?
    • 2.In what other ways will the Commission help European businesses so that efforts to reduce emissions will not lead to them being forced to shut down?
    • 3.Is the Commission devoted to delivering a transparent and predictable overview of future price developments for emission allowances?

    Submitted: 27.9.2024

    • [1] https://faktaoklimatu.cz/explainery/emisni-povolenky-ets
    • [2] https://ekonomickydenik.cz/knotek-ceny-emisnich-povolenek-by-se-mely-zastropovat/
    • [3] https://www.statista.com/statistics/1322214/carbon-prices-european-union-emission-trading-scheme/
    Last updated: 3 October 2024

    MIL OSI Europe News –

  • MIL-OSI New Zealand: Yet again, ACT drives change in quarterly plan

    Source: ACT Party

    “ACT’s contribution to the Coalition Government’s fourth quarterly plan shows how we’re driving the real change Kiwis voted for,” says ACT Leader David Seymour.

    “The document is a clear demonstration of how ACT in Government makes New Zealanders’ lives better. We’re unleashing builders and growers by cutting red tape, empowering families with choice in education, delivering consequences for crime, and more.

    “For the fourth plan in a row, ACT voters have made a disproportionate impact – more than half of the plan’s action points reflect our contribution.

    “Every day in Government, we’re taking great ideas and turning them into action to secure a freer, more prosperous future for New Zealanders.”

    Of the 43 actions listed, 22 are led by ACT ministers, advance ACT coalition commitments, or reflect ACT policies. These actions include:

    • Pass the first Resource Management Amendment Bill to reduce the regulatory burden on farmers and the primary sector.
      – ACT coalition commitment
    • Introduce the government’s second RMA reform Bill to Parliament to cut red tape holding back growth in the infrastructure, energy, housing, and farming sectors.
      – ACT coalition commitment
    • Establish the National Infrastructure Agency.
      – ACT policy
    • Take Cabinet decisions on funding and financing tools to get more housing built.
      – ACT coalition commitment
    • Introduce legislation to make it easier to build offshore wind farms.
      – ACT policy
    • Take Cabinet decisions on allowing greater use of road tolling to support the delivery of transport infrastructure.
      – ACT coalition commitment
    • Finalise the development of farm-level emissions measurement methodology.
      – ACT coalition commitment
    • Pass legislation to complete the removal of agriculture from the Emissions Trading Scheme.
      – ACT coalition commitment
    • Take Cabinet decisions to streamline regulations around food safety export exemptions.
      – ACT Minister
    • Pass legislation to reverse the ban on oil and gas exploration.
      – ACT coalition commitment
    • Take Cabinet decisions on the form of the Regulatory Standards Bill.
      – ACT Minister & coalition commitment
    • Initiate a third regulatory sector review to identify and remove unnecessary red tape.
      – ACT Minister & coalition commitment
    • Pass legislation extending deadlines for earthquake prone buildings to enable a review of the current settings.
      – ACT policy
    • Pass legislation to allow lotteries for non-commercial purposes to operate online, cutting red tape to make fundraising more effective.
      – ACT Minister
    • Take final design decisions for an online casino gambling regulator.
      – ACT Minister
    • Introduce legislation to remove the GE ban and enable the safe use of gene technology in agriculture, health science and other sectors.
      – ACT coalition commitment
    • Introduce legislation to enable stronger consequences for serious youth offending.
      – ACT Minister
    • Publish the second action plan on family and sexual violence.
      – ACT Minister
    • Begin delivery of new cancer treatments.
      – ACT Minister (through Pharmac)
    • Commence a review of the funding formula for independent schools.
      – ACT coalition commitment & ACT Minister
    • Negotiate contracts with, and announce, the first charter schools.
      – ACT coalition commitment & ACT Minister
    • Introduce legislation to expand the Traffic Light System to include additional consequences for beneficiaries who do not meet their obligations.
      – ACT coalition commitment

    MIL OSI New Zealand News –

  • MIL-OSI Translation: The fight against racism in the canton of Vaud

    MIL OSI Translation. Government of the Republic of France statements from French to English –

    Source: Swiss Canton of Vaud – news in French

    Its systemic nature is highlighted by studies. On the occasion of the Assises, the IntégrAction 2024 Prize also rewarded the NELA and Action-parrainages associations.

    Organised by the Cantonal Consultative Chamber of Immigrants (CCCI) chaired by Guy Gaudard, the 2024 Immigration Conference was dedicated on Saturday to the fight against racism, the subject of the 2004 edition. “20 years later, if things have moved forward, the findings have also evolved. Racism is a very real reality in Switzerland”, underlines Isabelle Moret, head of the Department of Economy, Innovation, Employment and Heritage.

    Since then, the Cantonal Office for the Integration of Foreigners and the Prevention of Racism (BCI), created in 2009, has set up a consultation for people facing racism since 2012, which was subsequently supplemented by that of the Lausanne Office for Immigrants (BLI). A new consultation is currently being planned in the north of the canton. To counter systemic racism, action plans are underway or being considered with various cantonal services, including the police, schools and the health sector,

    During the Assizes, Ludovic Vérolet, a lawyer specializing in this field, noted that, while the criminal law against discrimination and incitement to hatred (article 261 bis of the penal code) certainly makes it possible to counter racist acts and behavior, despite 30 years of existence, it still faces challenges in its application (the public dimension of the act is necessary for the offense to be constituted and the definitions of the groups or individuals targeted are very restrictive).

    Denise Efionayi-Mäder, deputy director of the Swiss Forum for Migration and Population Studies at the University of Neuchâtel, notes the existence of real systemic racism, a racism that goes beyond individual deviant behavior and can unconsciously influence institutions.

    Anthropologist Ninian Hubert van Blijenburgh noted that the scientifically based claim that races do not exist (there is only one human species) must be supplemented by an explanation that accounts for human diversity. He emphasizes that diversity education is essential to counter racist misrepresentations.

    Journalist Julie Eigenmann also presented the exploratory survey “Switzerland in flagrant denial” which brings together testimonies and analyses on various concrete facets of racism. Several articles taken from this survey were exhibited at the Lausanne School of Social Work and Health (HETSL) which hosted the Assises this year.

    The IntegrAction 2024 prize was awarded by the president of the jury, Professor Patrick Bodenmann, head physician of the Department of Vulnerabilities and Social Medicine at the University Center for General Medicine and Public Health (Unisanté), to two winners: on the one hand, the NELA association, which welcomes, supports and supervises young migrants through sponsorships and the implementation of cultural and social projects, and on the other hand, to the Action-parrainages association, which connects families living in the canton and migrants in order to facilitate their integration, by promoting the learning of French and the creation of links with the population.

    Link to the press release

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.

    MIL Translation OSI

  • MIL-OSI Submissions: Telecommunications – Industry growth and rising energy demand put pressure on tech sector sustainability efforts

    Source: The International Telecommunication Union

    Cutting value-chain emissions could be key to reducing carbon footprints to net zero, ITU-WBA report shows.

    Geneva, 30 September 2024 – The carbon footprint of the digital technology sector is growing to keep pace with global demand for hardware, network services, data storage and emerging technologies, according to a report co-authored by the International Telecommunication Union (ITU) and the World Benchmarking Alliance (WBA).  

    Alongside commitments expressed across industry to embrace both digital growth and environmental sustainability, the report reveals an overall decline in progress towards climate goals. Greenhouse gas (GHG) emissions and energy consumption in the global tech sector have increased, while transparency and accountability remain a challenge.

    Greening Digital Companies 2024 offers insights and best practices to help tech companies worldwide accelerate their emissions reductions, achieve low-carbon operations, and improve climate reporting.

    “An effective green transition needs digital companies to drive progress and lead by example,” said ITU Secretary-General Doreen Bogdan-Martin. “This report is an important tool for understanding where to focus efforts to maximize digital technology’s immense potential to advance sustainability in the face of climate change for the digital future we want. The report’s findings formulate a clear call for action for leaders gathering at the Green Digital Action meeting at COP29’s landmark Digitalisation Day.”

    Balancing benefits and costs

    Digital technologies offer numerous socio-economic benefits and can accelerate progress on the UN’s Sustainable Development Goals (SDGs).

    Tech can enhance weather predictions and climate-change monitoring, optimize energy use, and help integrate low-emission technologies.

    But to advance sustainable development, industry must monitor and address its own environmental challenges, including carbon emissions, energy and water consumption, e-waste, and raw-material depletion.

    Greening Digital Companies 2024 evaluates the greenhouse gas emissions and energy use of 200 leading digital companies around the world.

    Of the 200 companies covered in the report, 148 reported electricity consumption totaling 518 terawatt-hours (TWh) in 2022, about 1.9 per cent of the world total. The 10 companies with the highest consumption levels – all headquartered in East Asia or the United States – consumed 51 per cent of this total, 9 per cent higher than in 2021.

    Assessing the corporate value chain

    The report’s 2024 edition provides the first comprehensive overview of corporate value-chain emissions. Often referred to as “Scope 3,” these make up most of the emission footprints of digital companies.

    Scope 3 emissions include everything from material suppliers and outsourced device production to the use of a company’s end-products by consumers. Such end-products range from cell phones and computers to search engines and AI chatbots.

    On average, these emissions are six times greater than the combined Scope 1 and Scope 2 emissions that a company produces itself or is responsible for indirectly, according to the report.

    Many companies struggle to accurately calculate and attribute their Scope 3 emissions, with common challenges including lack of data from suppliers, double counting, and inconsistent application of emission-allocation principles.

    “Digital companies need to do their part in the fight against climate change,” said Lourdes O. Montenegro, Director of Research and Digitisation at the World Benchmarking Alliance. “This report uniquely offers evidence-based insights on the sector’s state of play. We are bringing these data and insights to the attention of the international community to help ensure that the impact on people and planet is consequential to success in business.”

    Managing emissions from emerging technologies

    The rapid growth of artificial intelligence (AI) technologies will further strain energy resources and keep adding to emissions, the report makes clear.

    The report also notes the contributions that AI and other transformative technologies can make to support sustainable development.

    To help digital companies meet sustainability goals, Greening Digital Companies 2024 underscores the role of governments in implementing monitoring frameworks and accelerating the availability of green energy.

    “From the development point of view, it is increasingly important for industry players to more closely monitor their own greenhouse gas emissions and act to reduce emissions and energy use,” said Cosmas Zavazava, Director of the ITU’s Telecommunication Development Bureau.

    “GHG impacts can be devastating and include extreme and changing weather patterns and rising sea levels. If left unchecked, climate change will undo part of the development progress of the past. Governments can support the tech industry’s efforts to balance innovation with sustainability, fostering a twin transition towards digital growth and environmental responsibility.”

    Liberalizing energy markets, reducing red tape for permitting, modernizing power grids, and investing in energy storage are all ways that governments can support industry sustainability efforts. Renewable energy investment is also critical.

    Research and analysis to support green digital action

    Greening Digital Companies 2024 reflects ITU’s wider push for effective climate action across the global tech industry.

    ITU, the UN Agency for Digital Technologies, urges the industry to take responsibility for its own emissions; helps develop and promote technical standards to cut emissions in line with global climate goals; and encourages industry partners worldwide to support ITU’s Green Digital Action, aiming to strengthen the contribution of digital technologies to climate and environmental action.

    Notes:

    Advance interviews under the embargo are available.

    The full report is available for media preview at https://bit.ly/4gAdZYI

    The report will be launched Monday 30 September during the ITU-WBA webinar: “Greening Digital Companies 2024: Monitoring emissions and climate commitments,” taking place in two sessions to accommodate different world regions:

    Session One: 9:00 – 10:15 CEST / Session Two: 18:00 – 19:15 CEST

    To register: http://www.itu.int/go/gdc-24

    The upcoming UN Climate Conference in Baku, Azerbaijan (COP29) will host the first Digitalisation Day at a COP, shining a spotlight on the growing opportunities and challenges posed by increasing digitalisation. This will include the inaugural high-level meeting on digitalisation at a COP.

    Resources and background information:

    • Virtual launch event of the Greening Digital Companies 2024 report, 30 September 2024
    • Greening Digital Companies 2024: Monitoring Emissions and Climate Commitments
    • Greening Digital Companies 2023: Monitoring Emissions and Climate Commitments
    • Greening Digital Companies 2022: Monitoring Emissions and Climate Commitments.

    International Telecommunication Union (ITU)

    About ITU

    The International Telecommunication Union (ITU) is the United Nations specialized agency for information and communication technologies (ICTs), driving innovation in ICTs together with 194 Member States and a membership of over 1,000 companies, universities, and international and regional organizations. Established in 1865, it is the intergovernmental body responsible for coordinating the shared global use of the radio spectrum, promoting international cooperation in assigning satellite orbits, improving communication infrastructure in the developing world, and establishing the worldwide standards that foster seamless interconnection of a vast range of communications systems. From broadband networks to cutting-edge wireless technologies, aeronautical and maritime navigation, radio astronomy, oceanographic and satellite-based earth monitoring as well as converging fixed-mobile phone, Internet and broadcasting technologies, ITU is committed to connecting the world.

    Learn more: http://www.itu.int

    About WBA

    The World Benchmarking Alliance (WBA) is a non-profit organization that assesses and ranks the performance of the world’s most influential companies on the United Nations Sustainable Development Goals. Data in this report were collected as part of the WBA Digital Inclusion Benchmark, which assesses the world’s leading technology companies on their performance in enhancing access to digital technologies, improving digital skills, fostering trustworthy use, and innovating openly, inclusively and ethically. In addition, WBA produces the Climate and Energy Benchmark, which measures corporate progress against the Paris Agreement and covers 450 of the world’s most influential companies in high-emitting sectors such as the automotive, utilities, oil, gas and transport industries.

    Learn more: https://www.worldbenchmarkingalliance.org/ 

    Appendices

    Greening Digital Companies 2024 report: a focus on Scope 3 emissions

    The Greening Digital Companies 2024 report provides the first comprehensive overview of corporate supply chain, or Scope 3, emissions, which are roughly six times Scope 1 and 2 emissions combined.

    Scope 3 emissions are indirect emissions from a company’s upstream and downstream activities, such as outsourced suppliers in information and communication technologies (ICTs) manufacturing and emissions from the use of products like computers and smartphones.

    By definition, Scope 3 emissions are outside the company’s direct control. But firms can exert important influence through their choice of suppliers, on the one hand, and the energy efficiency of their products and services, on the other.

    Scope 3 reporting, however, is beset by a lack of data from suppliers and transparency. A total of 75 of the 200 companies provide relevant data across all 15 categories, ranging from purchased goods/services, upstream transportation and distribution, waste generated in operations, to business travel, use of sold products, and downstream leased assets. But most fall short in their reporting.

    “Despite an abundance of guidance, the majority of digital companies do not calculate a full Scope 3 emissions inventory,” said the report. “This makes it impossible to assess progress in reducing emissions across their value chain.

    While 103 digital companies covered in this report have submitted an emissions reduction target to SBTi, only 73, just over one-third, have a Scope 3 target.

    By the numbers:

    ASSESSMENT: DISCLOSURE, TARGETS, PERFORMANCE

    • The Greening Digital Companies report assesses companies on their data disclosure, targets and performance.

    • Only three of 200 digital companies scored 90% or higher (Apple, Logitech, Telefonica).

    • 26 companies scored 75% or higher (see figure below), up four from the assessment in the 2023 edition of the report.

    • Only 70 companies had at least a “passing grade” of 50%, and 27 scored zero.

    • The top 26 performers are all headquartered in Europe or the US

    SCOPE 1 & 2: OPERATIONAL EMISSIONS

    ● 166 companies reported emissions totaling 293 million tCO2e in 2022, amounting to 0.8% of global emissions from energy use and 12% more than in 2021.

    ● Top 10 emitting companies – all in the US or East Asia – accounted for 55%of the total, with all but one reporting increased operational emissions in 2022.

    ● The Science Based Target initiative (SBTi) has not validated the emissions reduction target of any top ten emitters as aligned with the Paris Agreement 1.5°C target.

    ELECTRICITY & RENEWABLE ENERGY

    ● 2022 electricity consumption for the 148 companies providing data topped 500 terawatt-hours (TWh), 1.9% of the global total.

    ● The top ten – all headquartered in East Asia and the US – consumed 51% of the total, 9% more than in 2021.

    ● The top four corporate purchasers of renewable energy globally in 2022 were digital companies: Amazon, Meta, Alphabet and Microsoft (see figure below).

    ● Sixteen companies reported sourcing 100% renewable electricity (see figure below). Four of which – Alphabet, Amazon, Microsoft and Deutsche Telekom – highlight that despite purchasing renewable electricity, it is not always available where their data centres are located or the electricity grid was not always supplying them.

    ● Four top ten companies consuming electricity in 2022– Alphabet, Amazon, Microsoft and Deutsche Telekom – purchased 100% renewable energy, but it has not always been available where needed.

    ● Samsung and TSMC have committed to 100% renewable electricity, but not before 2050 and 2040 respectively.

    ● None of the three Chinese telecom operators in the top ten electricity consumers have made commitments towards 100% renewable electricity.

    TARGETS VALIDATED BY THE SCIENCE BASED TARGETS INITIATIVE (SBTi)

    ● 104 (out of 200) digital companies have submitted Scope 1 & 2 emissions reduction targets to the SBTi, of which 69 have been validated.

    ● Of the 69 validated targets: 45 companies are on track, 13 are not on track, and 11 have seen emissions rise.

    ● Validated targets account for 19% of the 200 companies’ total emissions (56 million tCO2e).

    ● 81% of the 294 million tCO2e of total operational emissions are not covered by an SBTi target.

    SCOPE 3: CORPORATE VALUE CHAIN EMISSIONS

    ● Among companies that report all relevant Scope 3 emissions, Scope 1 accounts for 4%, Scope 2 for 15% and Scope 3 for 81%. Scope 3 emissions are on average 6 times greater than Scope 1 and 2 combined (see figure below).

    ● Only 75 of 200 companies provided a complete Scope 3 inventory despite it accounting for most digital company emissions.

    AI & DATA CENTERS

    • Generating responses to Chatbot queries (“inference”) accounts for up to 90% of total machine learning cloud computing costs according to research by Amazon Web Services.

    • A ChatGPT inquiry needs almost ten times as much electricity to process as a standard web search.

    • Data centers consumed about 460 TWh of electricity in 2022, a figure which is projected to increase 35% to 100% by 2026. At the upper end of this range, this demand is roughly equivalent to the electricity consumption in Japan.

    • Large cloud providers are experiencing rapid growth in energy use and consequent emissions. Alphabet, Amazon and Microsoft operational GHG emissions are up 62% from 2020 reaching 47 million metric tons in 2023 (see figure below). Electricity use has grown even faster, up 78% over the same period and standing at just over 100 TWh in 2023, around what the entire country of the Philippines uses in a year. The trio have made huge investments to decarbonize their operations: they all procure 100% renewable electricity and they were three of the top four corporate purchasers of green energy in 2022.

    • Given the uncertainty surrounding the climate impacts of AI, it will be important for energy usage and GHG emissions to be included as key metrics when evaluating AI models.

    ADDITIONAL NUMBERS

    ● The number of global Internet users has doubled since 2010, and data traffic has expanded 25-fold

    ● E-waste increased 82% from 2010 to 2022, and on current trends will reach 82 million metric tonnes by 2030, equivalent to nearly 8 kg of e-waste per person every year according to the Global E-waste Monitor 2024.

    The International Telecommunication Union: http://www.itu.int
    World Benchmarking Alliance: worldbenchmarkingalliance.org

    MIL OSI – Submitted News –

  • MIL-OSI: Forex Expo Dubai 2024 Breaks Records with Unprecedented Attendance and Sponsors

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Oct. 01, 2024 (GLOBE NEWSWIRE) — Forex Expo Dubai 2024 is set to make history as it breaks records with the highest-ever number of attendees and sponsors in its esteemed legacy. Welcoming participants from across the globe, the event expects more than 15,000+ attendees and features 200+ sponsors, making it the largest gathering of traders, investors, and financial professionals in the Middle East. 

    Celebrating Women in the FX Industry 

    In addition to its record-breaking success, Forex Expo Dubai 2024 is proud to celebrate the growing influence of women in the online trading and financial industries. This year’s event will honour the exceptional contributions of women leading innovation and transformation in the forex sector. Our distinguished women speakers will share insights on topics ranging from trading strategies to fintech advancements, empowering the next generation of female professionals. 

    Featured speakers include: 

    • Razan Assaf, Compliance Manager, Kama Capital LLC
    • Elena Kupriianova, Chief Marketing Officer, Spotware Systems Ltd.
    • Negin Negahdari, Senior Business Development, Exness
    • Maria Gaibor, Senior Business Development Manager, VT MARKETS
    • Nilima Akter, Head of Marketing, Space World Capital
    • Luna Tajik, Chief Executive Officer, Finest 
    • And many more 

    Their participation highlights Forex Expo Dubai’s commitment to promoting diversity, inclusion, and gender equality within the financial sector. 

    A Special Thanks to Our 200+ Exhibitors 

    Forex Expo Dubai 2024 proudly showcases over 200 exhibitors from around the world, featuring the latest trends, technologies, and opportunities in the trading space. We extend our deepest appreciation to all exhibitors for their invaluable contributions, which have solidified this event as a must-attend for industry professionals. 

    To Register, Users Can Click Here: https://bit.ly/4dppQX5 

    About Forex Expo Dubai 2024 

    Forex Expo Dubai 2024 is the premier event for the global trading community, offering a platform for industry leaders, investors, and professionals to connect, learn, and explore the latest trends in online trading. With a focus on innovation, education, and networking, Forex Expo Dubai is where the future of trading comes to life. 

    Contact

    Ms
    ANJALI KUMARI
    HQMENA
    anjali@hqmena.com

    The MIL Network –

  • MIL-OSI USA: US Department of Labor, Albany State University launch partnership to support veterans, enhance employment opportunities at HBCUs

    Source: US Department of Labor

    WASHINGTON – The U.S. Department of Labor’s Veterans’ Employment and Training Service today signed a memorandum of understanding with Albany State University designed to enhance career readiness and employment opportunities for veterans and military-affiliated students at historically Black colleges and universities.

    The memorandum of understanding marks the beginning of this unique collaboration, which will give veterans – including Albany State alumni who have served, ROTC cadets, military spouses and servicemembers currently on active duty, in the reserves or the National Guard – access to career resources and support from VETS job training programs. They also will gain access to apprenticeships, internships and employment placement services aimed at easing the transition into the civilian workforce.

    The memorandum was signed by Assistant Secretary for Veterans’ Employment and Training James D. Rodriguez and Albany State University Interim President Dr. Lawrence M. Drake II.

    “Veterans bring a wealth of experience, leadership and skill to the workforce, and we are excited to partner with Albany State University to support their students as they matriculate and move toward civilian careers,” said Assistant Secretary Rodriguez. “This memorandum of understanding formalizes a partnership that will open doors to career development, job training and employment opportunities for veterans and military students at Albany State University and more HBCUs.” 

    The partnership is part of a larger initiative to connect the department with HBCUs nationwide, enhancing opportunities for veteran students, alumni and military-affiliated individuals. It also aligns with the Biden-Harris Administration’s broader efforts to support HBCUs and veterans, building on executive orders focused on workforce development, education and expanding career pathways for underrepresented groups.

    For more information on the services provided to veterans through VETS please visit dol.gov/vets.

    MIL OSI USA News –

  • MIL-OSI USA: Gosar Lauds Committee Markup of Veterans Expedited TSA Screening Legislation

    Source: United States House of Representatives – Congressman Paul A Gosar DDS (AZ-04)

    Washington, D.C. — Congressman Paul Gosar issued the following statement after H.R. 7365, the Veterans Expedited TSA Screening (VETS) Safe Travel Act, bipartisan legislation introduced by Congressman Gosar that would provide expedited security screening under the Transportation Security Administration’s (TSA) PreCheck program to severely injured or disabled veterans was marked up successfully in the House Committee on Homeland Security:

    “I am pleased that my bipartisan and common-sense legislation providing injured or disabled veterans a safer and more dignified experience when passing through domestic airport security checkpoints by enrolling them in the expedited PreCheck program free of charge was unanimously marked up in committee. 

    I particularly wish to thank Chairman Mark Green for recognizing the importance of advancing legislation that eliminates many of the challenges disabled veterans face when traveling.  

    No American veteran, particularly disabled veterans, should be hassled at our airports.  With this successful committee markup, it is time Speaker Johnson brings the VETS Safe Travel Act to the House floor for a final vote,” said Congressman Paul Gosar. 

    Background:

    Congressman Gosar introduced the VETS Safe Travel Act on February 15, 2024. Under the VETS Safe Travel Act, the Department of Veterans Affairs would certify that a veteran is severely injured and therefore eligible to apply for the TSA PreCheck program free of charge. TSA would process the veteran’s application, granting access to TSA PreCheck program provided they successfully pass the necessary background check and interview process. 

    According to the Transportation Security Administration, approximately 400,000 veterans would become eligible for this free PreCheck screening program.

    A copy of the bill text can be found by clicking here.

    MIL OSI USA News –

  • MIL-OSI: Atos selected by the European Space Agency (ESA) to expand the capabilities of the Destination Earth (DestinE) services platform

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    Atos selected by the European Space Agency (ESA) to expand the capabilities of the Destination Earth (DestinE) services platform

    Funded by the European Commission, the DestinE initiative powers a platform harnessing extensive climate data using a digital model of Earth

    Paris, France – September 25, 2024 – Atos today announces that it has been selected by the European Space Agency (ESA) to lead a consortium tasked with an initial 12-month mission to expand the capabilities of the Destination Earth (DestinE) services platform. To accomplish this task, the Group will design and implement advanced applications and services (AAS).

    Kick-started by the European Commission, DestinE has the following components: digital twins of the Earth; a data lake to process big data in the cloud; and a services platform engineered by ESA. AAS will expedite the use of DestinE platform data as well as the roll-out of services by stakeholders within Europe’s ecosystem. As a result, European Union member states, European institutions, manufacturers, academics and scientists will be able to devise strategies for adapting to climate change and implement accurate, actionable measures that ensure mitigation.

    Together with its partners Mews and ACRI-ST, Atos will support ESA in its efforts to pinpoint and deploy pioneering technologies in generative AI, data fusion and 3D visualization. These technologies will be integrated into the DestinE services platform, forming the application and architectural building blocks that will enable users to unlock the full potential of the data lake and digital twin capabilities to create content, services and decision-making tools. Users will enjoy access to a host of different algorithms, collaborative digital tools, thematic information, models, simulations, forecasts and graphic visualizations.

    The platform’s components will accelerate the development of multiple use cases spotlighting the impact of natural phenomena and human activities on Earth while planning for extreme weather events, adapting policy to climate challenges and raising public awareness. For instance, what are the effects of climate change on land use? Which initiatives should be led in cities and regions and how can we monitor their positive impact over the course of decades? What tools should be deployed to address the impact of manufacturing and educate others on climate issues?

    ESA entrusted Atos with its expertise in developing and operating advanced services into DestinE platform under large-scale European initiatives, and the Group’s ability to combine its partners’ know-how, in this case, Mews’ consulting acumen and ACRI-ST’s core business skills to process and manage satellite data. Full knowledge of Atos’ cloud platforms will be key, since DestinE runs on a flexible and secure open-source computing infrastructure which is supported by public cloud operators located in Europe.

    This initiative is spearheaded by Atos’ Toulouse-based teams who specialize in deploying and utilizing Earth observation platforms, backed by interdisciplinary experts working for Atos’ Inno’Labs – innovation hubs that are home to scientists, data scientists, AI specialists, IT architects and software developers.

    Raoul Roth, CEO France, Atos, commented: “We are honored that ESA places its trust in our Group. It is a testament to our expertise and long-standing commitment to helping organizations across Europe deliver services with high value-added technologies and a lasting impact on the future of our planet.”

    The DestinE services platform is powered by ESA’s space observation data thanks to the Earth Explorers and Copernicus Sentinel missions, coupled with data provided by Europe’s meteorological organizations, ECMWF and EUMETSAT. DestinE uses climate simulation models based on Europe’s High-Performance Computing (HPC) systems.

    The European Commission launched the DestinE initiative in 2022. The services platform, data lake, and digital twin engine have been launched in 2024. Focusing on weather-induced extremes and climate change adaptation, the first two digital twins also went through demo testing. Between now and 2030, additional digital twins will be integrated, culminating in DestinE’s development as a full digital replica of the Earth.

    ***

    The DestinE platform is co-funded by the European Union. The perspectives and opinions expressed in this press release are those of the contributing authors only, and do not necessarily reflect the views of the European Union or the European Commission. Neither the European Union nor the European Commission can be held responsible for them.

    ***

    About Atos

    Atos is a global leader in digital transformation with c. 92,000 employees and annual revenue of c. € 10 billion. European number one in cybersecurity, cloud and high-performance computing, the Group provides tailored end-to-end solutions for all industries in 69 countries. A pioneer in decarbonization services and products, Atos is committed to a secure and decarbonized digital for its clients. Atos is a SE (Societas Europaea) and listed on Euronext Paris.

    The purpose of Atos is to help design the future of the information space. Its expertise and services support the development of knowledge, education and research in a multicultural approach and contribute to the development of scientific and technological excellence. Across the world, the Group enables its customers and employees, and members of societies at large to live, work and develop sustainably, in a safe and secure information space.

    Press contact

    Isabelle Grangé | isabelle.grange@atos.net | Tél : +33 (0) 6 64 56 74 88

    Attachment

    The MIL Network –

  • MIL-OSI Security: Sydney River — Tips from the public lead to impaired driving arrest

    Source: Royal Canadian Mounted Police

    RCMP Northeast Traffic Services – Cape Breton (NETS-CB) has charged a man with impaired driving in Sydney River.

    On September 21, at approximately 11:30 a.m., RCMP NETS-CB responded to a report of a Nissan Altima, which was traveling eastbound on Hwy. 4 from East Bay, weaving on the road and driving too slowly for the conditions.

    Based on details provided by concerned callers, RCMP officers located and safely stopped the vehicle near Sydney River.

    The driver of the Altima, a 28-year-old man from Reserve Mines, showed signs of impairment by alcohol. He was arrested and transported to the NETS-CB office where he provided breath samples that registered at 200mg% and 180mg%. He will face charges of Impaired Operation of a Conveyance and Impaired Operation Equal to, or Over, 80mg%.

    The man was also arrested in relation to an outstanding warrant and transported to Cape Breton Correctional Centre.

    “Callers gave significant details that helped us locate and stop this vehicle,” says A/Cpl. J. Michael Francis, RCMP NETS-CB. “We had information about not only what road they were on and the direction of travel, but also a unique feature of the vehicle that allowed us to identify it. The information we had from the public was key to getting this impaired driver off the road.”

    A passenger in the vehicle was not arrested and will not face charges.

    Road safety is a priority for the Nova Scotia RCMP. We continue to encourage members of the public to call 911 if they see a suspected impaired driver.

    MIL Security OSI –

  • MIL-OSI New Zealand: Three cheers for Simon Court

    Source: ACT Party

    The Haps

    ACT MP Todd Stephenson has picked up the End of Life Choice baton. David Seymour’s original bill did not restrict access to people terminal within six months, but he would have had no bill without adding the restriction. That political compromise has meant some of the people who suffer most – especially those with long, slow, degenerative diseases like Motor Neurone Disease – are denied choice and control. Stephenson explains how his new bill would put this compromise right on Q&A, here.

    Three cheers for Simon Court

    The most important thing this Government does in three years may be what’s happening quietly in the background of resource management reform. Last week Court announced, beside Chris Bishop, that the Government is replacing the RMA with two laws based on property rights.

    If you’re a long-term Free Press reader, all of this will sound very familiar. The difference is that this time it is happening. It is now official Government policy with a series of dates by when legislation will be drafted, introduced to Parliament, and passed into law.

    At the heart of New Zealand’s problem is that it’s a beautiful, isolated piece of land. It has a mild climate that beats Canada’s skin-freezing cold or Australia’s blood-boiling heat any day. It’s filled with resources that make it one of the richest per-capita in the world. Climate change will probably actually make New Zealand even better off compared with the rest of the world.

    When a group of people have such a wonderful inheritance, they have two choices. Either make the most of it, or pull up the drawbridge.

    Making the most of it would mean making it easy for each generation to build a home. That would mean making it easy to build the infrastructure that connects homes together, forming towns and cities. It should be easy to farm the land, and extract resources that make human life long and happy (just not while they’re left in the ground).

    This seems like an obvious choice, but enter human nature. For the last few decades, the net result has been pulling up the drawbridge. You can’t do bloody anything, home building has only once reached the levels of the 1970s, when there were only three million people. There are probably more Kiwis working in Australian mines than New Zealand ones.

    The result is a generation who feel hopeless. Born into the best place on the planet where it’s needlessly hard to get a place of your own. Why not vote for a politician who promises to tax the rich? Better still, cut out the middle man, join a gang, and do it yourself. Then there’s those who leave.

    That is the result of the RMA. The simple diagnosis is that it’s a bureaucratic nightmare, but it’s more than that. It is the legislative expression of a people’s desire to enjoy what they have and bugger anyone else.

    The central concept in the RMA is sustainable development, to provide for current generations without taking from future ones. Because nobody knows what future generations want, or what technology they’ll have to achieve it, the best way to achieve this is to do as little as possible, which is pretty much what’s happened.

    Too many people have too many grounds to object to too many activities meaning nothing gets done. It’s not unusual for it to take longer to get permission to do something than to actually do it. The range of criteria Councils must consider under the RMA is everything from climate change (but you already pay under the ETS for whatever you do) to the ‘intrinsic values of ecosystems’ (how can you know them if they’re intrinsic)?

    David Parker’s RMA reforms, replacing it with three acts, introduced a new central concept ‘te oranga o te taiao.’ Nobody knows what that means in the context of resource management decisions. By the time the Courts figured it out, Indonesia would have overtaken us in GDP per capita.

    So that’s gone and the Resource Management Act is being replaced with a law whose central concept is the enjoyment of private property. The starting point is that you have a right to use and develop your own property. The second result is that you have a right to object only if your own property is affected.

    The result is a switch back to the pioneering vision of New Zealand. A nation of people who can instead of a nation of people who are not allowed.

    The law will also make many processes standard. If you have a water treatment plant that spits out water with less than x parts per million of E. Coli, congratulations. You’ve met the standard and can just build it.

    The Government will now listen to an expert advisory group, people with real experience of development, as the law itself is developed for introduction to Parliament. It will be passed before the next election, and New Zealand will have taken a massive step forward to achieving its potential.

    Much of this is owed to Simon Court, one of only two engineers in Parliament (David Seymour is the other one). Court has been working away since he entered Parliament, releasing ACT’s detailed RMA policy in 2022, and making it real in Government. A very good example of how ACT keeps the Government in place, and makes it better.

    MIL OSI New Zealand News –

  • MIL-OSI: QUADIENT: H1 2024 results: Solid 3.2% reported revenue growth and sharp improvement in profitability from Digital

    Source: GlobeNewswire (MIL-OSI)

    H1 2024 results: Solid 3.2% reported revenue growth
    and sharp improvement in profitability from Digital

    Key highlights

    • H1 2024 consolidated sales of €534 million, up +3.2% on a reported basis including the contribution of the latest acquisitions (Daylight and Frama) and up +0.8% organically(1)
    • H1 2024 subscription-related revenue up +0.7% on an organic basis, representing 72% of total revenue
    • Strong performance from North America at +2.8% organic growth in H1 2024, representing 58% of Group Sales
    • H1 2024 EBITDA of €111 million, up 2.6% organically, primarily driven by a strong increase in profitability in Digital
    • H1 2024 Group current EBIT of €61 million, up 0.3% organically
    • Net attributable income of €24 million
    • Leverage ratio excluding leasing reduced to 1.6x2
    • FY 2024 outlook confirmed
    • Launch of share buyback program for up to €30 million

    Paris, 23 September 2024

    Quadient S.A. (Euronext Paris: QDT), a global automation platform powering secure and sustainable business connections, , today announces its 2024 second-quarter consolidated sales and first half results (period ended on 31 July 2024). The first-half 2024 results were approved by the Board of Directors during a meeting held on 20 September 2024.

    Geoffrey Godet, Chief Executive Officer of Quadient S.A., stated:

    “Quadient achieved a solid performance in the first half of 2024, setting a good start to the execution of our new strategic plan, ‘Elevate to 2030’, which aims at delivery €1 billion of subscription-related revenue by 2030. The various modules of our SaaS communication and financial automation platform are further recognized for their technical specificities as well as for their ease of use, reflecting our strong customer centric approach. Our highly recurring business model continues to be fueled by good results in both cross-selling and up-selling our solutions, by the strong outperformance of our Mail business as well as by a solid volume increase within our European parcel lockers open networks.

    In parallel, the profitability of our Digital business has sharply increased. Indeed, our Digital EBITDA margin gained 6 points compared to the first half of 2023, demonstrating our commitment to strengthen our investment proposition. Confident in our value-creation potential and in our capacity to achieve our short- and long-term guidance, including our 2026 leverage target, we are announcing today a share buy-back program aimed at improving the return to our shareholders. More than ever, our objective is to accelerate our existing growth trajectory and propel Quadient as the leader in intelligent automation.”

    Comments on H1 2024 performance

    Group sales came in at €534 million in H1 2024, a 3.2% increase on a reported basis, and 0.8% organic growth compared to H1 2023 in line with Quadient’s expectations. The reported growth includes a positive currency impact of €1 million and a positive scope effect of €12 million, which is related to the acquisition of Daylight in September 2023 and to the acquisition of Frama in February 2024. In Q2 2024, organic revenue growth reached 0.6% compared to Q2 2023.

    Consolidated sales and EBITDA by solution

    H1 2024 consolidated sales

    In € million H1 2024 H1 2023
    restated(a)    		 Change Organic change
    Digital 130 120 +8.3% +5.9%
    Mail 362 353 +2.5% (0.5)%
    Lockers 43 45 (4.7)% (2.5)%
    Group total 534 517 +3.2% +0.8%
    (a)  The full-year 2023 financial statements published in March 2024 reflected Quadient’s decision to review the future of its Mail activity in Italy with a view to divest this subsidiary within the next 12 months.
    As this was the case in the full-year 2023 statements, H1 2023 revenue from the aforementioned subsidiary is not represented in the consolidated revenue of the Group as it is recorded as discontinued operations. This is still the case in H1 2024.

    EBITDA and EBITDA margin

      H1 2024 H1 2023 restated (a)
    In € million EBITDA EBITDA margin EBITDA EBITDA margin
    Digital 20 15.7% 11 9.3%
    Mail 94 25.8% 102 29.0%
    Lockers (3) (6.7)% (1) (3.0)%
    Group total 111 20.8% 112 21.7%
    (a)  The full-year 2023 financial statements published in March 2024 reflected Quadient’s decision to review the future of its Mail activity in Italy with a view to divest this subsidiary within the next 12 months.
    As this was the case in the full-year 2023 statements, H1 2023 EBITDA from the aforementioned subsidiary is not represented in the consolidated EBITDA of the Group as it is recorded as discontinued operations. This is still the case in H1 2024.

    Digital

    In H1 2024, revenue from Digital reached €130 million, up 5.9% organically (+5.8% in Q2 2024 vs. Q2 2023) and up 8.3% on a reported basis (including the contribution from Daylight) compared to H1 2023. Importantly, growth for the Solution was still impacted by the delay in the implementation of two large contracts, announced in Q3 2023.

    At the end of H1 2024, annual recurring revenue (ARR), which is a forward-looking indicator of future subscription-related revenue, reached €221 million, up from €206 million at the end of FY 2023, representing a 15.3% organic(3)growth on an annualized basis.

    In H1 2024, subscription-related revenue recorded a strong 8.7% organic growth, now representing 82% of Digital total sales, a further increase compared to 80% in H1 2023. The share of SaaS customers stands at 83% at the end of H1 2024.

    EBITDA for Digital was €20 million for the period, representing a 15.7% EBITDA margin, up 6.4 points compared to H1 2023. Strong improvement in profitability continues, supported by the combination of subscription-related revenue growth, and platform size benefits, despite further commercial and innovation investments. The profitability is expected to continue improving in FY 2024.

    As part of the customer acquisition focus, Digital continues to experience strong commercial dynamics, supported by solid cross-selling with Mail including some large deals (notably one deal above USD1 million) in North America. Digital is benefiting from a positive start to Q3 2024 thanks to a new large deal with a US insurance company worth more than USD7 million over 5 years. Regarding the upcoming e-invoicing regulation in Europe, Quadient is now officially registered as a Partner Dematerialization Platform in France.

    As part of the customer expansion process, the onboarding of all eligible customers on the Quadient Hub is now completed. Focus continues on further increasing up-selling. New partnerships, notably with Microsoft business central, Sage200 (ERP solutions) and Stripe (payment solution), have also been signed. Lastly, the churn rate in Digital continues to decline, now standing well below 5%.

    Mail

    Mail revenue reached €362 million in H1 2024, down only 0.5% on an organic basis (-0.8% in Q2 2024 vs. Q2 2023). The reported growth stood at +2.5%, including the contribution of Frama.

    Hardware sales recorded a 4.8% organic growth in H1 2024, with strong contributions from North America, including a positive impact from decertification. The focus on investing into renewing the products offering continues to support product placements, as seen in the further increase in the share of the upgraded installed base, reaching 36.6% at the end of H1 2024 vs. 31.5% at the end of FY 2023.

    Subscription-related revenue (68% of Mail sales) recorded a limited 2.8% organic decline in H1 2024.

    EBITDA for Mail was €94 million for H1 2024. EBITDA margin reached 25.8%, down 3.2 points compared to H1 2023. The level of EBITDA margin of Mail was impacted by the higher proportion of revenue from equipment sales as well as by the dilution due to Frama acquisition, which performance is expected to improve significantly from 2025.

    Thanks to its strong customer acquisition focus, Quadient’s Mail business continues to outperform the market. The commercial performance is expected to be resilient in Q3 2024. On the acquisition side, the aim is to upgrade the installed base.

    As part of the customer expansion focus, the cross-selling remains solid, especially in the US, with several large contracts signed. Lastly, Mail benefited from the positive impact of the ongoing US mailing systems decertification.

    Lockers

    Lockers revenue reached €43 million in H1 2024, a 2.5% decrease on an organic basis (-1.8% in Q2 2024 vs Q2 2023) and a 4.7% decrease on a reported basis compared to H1 2023.

    Subscription-related revenue was up 5.3% organically in H1 2024, benefiting from the solid volumes ramp up within the UK and the French open networks, as well as the contribution of the existing installed base, supported by the higher number of carriers committed to use Quadient’s open networks. However, change in commercial agreements with Yamato in Japan in Q3 2023 leading to a greater focus on usage as opposed to a rental-based model, continues for now to weigh on the subscription-related revenue. Overall, subscription-related revenue stood at 65% of total revenue in H1 2024, up from 61% in H1 2023.

    Non-recurring revenue (license & hardware sales and professional services) were down 15.1% organically in H1 2024. Hardware sales were still impacted by slower new installations in North America.

    Quadient’s global locker installed base reached c.21,400 units at the end of H1 2024 vs. c.20,200 units at the end of FY 2023. This is reflecting an acceleration in the pace of installation of new lockers, notably in the UK, fueled by the partnerships signed by Quadient to host parcel lockers in new suitable locations.

    EBITDA for Lockers was negative at €(3) million in H1 2024. EBITDA margin stood at (6.7)%, down by 3.7 points. The decrease in EBITDA margin was mainly due to the negative impact from the change in commercial agreement with Yamato for the Japanese installed base at the start of H2 2023.

    As part of the customer acquisition focus, Quadient is accelerating the installation pace for lockers in the open networks in Europe, mostly in France and in the UK. This is supported by the additional deals signed for premium locations and conversion of existing lockers. Conversely, the trend remains slow in North America.

    As part of the customer expansion focus, volume increased strongly from both pick-up and drop-off in the open networks. The lockers business is also fueled by innovation in usage offerings, notably with new partnership with KeyNest in the United Kingdom, bringing additional volumes into the open network.

    REVIEW OF 2024 FIRST HALF-YEAR RESULTS

    Simplified P&L

    In € million H1 2024 H1 2023 restated (a) Change
    Sales 534 517 +3.2%
    Gross profit 399 387 +3.2%
    Gross margin 74.4% 74.8%  
    EBITDA 111 112 (1.1)%
    EBITDA margin 20.8% 21.7%  
    Current EBIT 61 65 (6.0)%
    Current EBIT margin 11.5% 12.6%  
    Optimization expenses and other operating income & expenses (16) (6) n/a
    EBIT 45 59 (24.4)%
    Financial income/(expense) (21) (16) +32.3%
    Income before tax 24 43 (45.4)%
    Income taxes 2 (6) n/a
    Net income of continued operations 26 37 (31.0)%
    Net income from discontinued operations (1) (0) n/a
    Net attributable income 24 36 (32.8)%
    Earnings per share 0.71 1.05 n/a
    Diluted earnings per share 0.71 1.05 n/a
    (a)  The full-year 2023 financial statements published in March 2024 reflected Quadient’s decision to review the future of its Mail activity in Italy with a view to divest this subsidiary within the next 12 months.
    As this was the case in the full-year 2023 statements, H1 2023 contribution from the aforementioned subsidiary is not represented in the consolidated P&L of the Group as it is recorded as discontinued operations. This is still the case in H1 2024.

    Gross margin stood at 74.4% in H1 2024 from 74.8% in H1 2023, due to slightly higher cost of sales and the impact of Frama integration.

    EBITDA(4) for the Group reached €111 million in H1 2024, almost flat compared to H1 2023. Organically, the EBITDA grew by 2.6%, thanks to a solid increase at Digital offsetting a weaker EBITDA performance in Mail. EBITDA margin stood at 20.8% in H1 2024, vs 21.7% in H1 2023.

    Depreciation and amortization stood at €50 million in H1 2024, compared to €47 million in H1 2023. This is mainly due to slightly higher amortization of Lockers’ capex for rent.

    Current operating income (current EBIT) reached €61 million in H1 2024 compared to €65 million in H1 2023, down 6.0% on a reported basis and up 0.3% on an organic basis. Current operating margin stood at 11.5% of sales in H1 2024 compared to 12.6% in H1 2023.

    Optimization costs and other operating expenses stood at €16 million in H1 2024, versus €6 million in H1 2023 which was impacted by the write-off of an IT project and additional office optimization in the United States and the United Kingdom.

    Consequently, EBIT reached €45 million in H1 2024, versus €59 million recorded in H1 2023.

    Net attributable income

    Net cost of debt was up year-on-year at €20 million, against €15 million in H1 2023, impacted by higher interest rates on the variable portion of the debt (one third of Quadient’s debt). The currency gains & losses and other financial items was a loss of €(1) million in H1 2024, stable vs. H1 2023. Overall, net financial result was a loss of €21 million in H1 2024 compared to a loss of €16 million in H1 2023.

    Income tax reached a €2 million profit in H1 2024, benefitting from the positive impact of internal IP transfers. It compares to an expense of €6 million in H1 2023.

    Net income from discontinued operations of the Mail Italian subsidiary amounts to €(1) million, including additional fees related to the ongoing sale process for this subsidiary.

    Net attributable income after minority interest amounted to €24 million in H1 2024 compared to €36 million in H1 2023.

    Earnings per share from continued operations came in at €0.74 in H1 2024 compared to €1.06 in H1 2023. The fully diluted earnings per share(5) was €1.05 in H1 2023.

    Earnings per share stood at €0.71 in H1 2024 compared to €1.05 in H1 2023. The fully diluted earnings per share(5) was €0.71 in H1 2024 compared to €1.05 in H1 2023. The impact of dilutive instruments is accretive, dilutive earnings per share is therefore brought into line with net earnings per share.

    Cash flow generation

    The change in working capital was a net cash outflow by €19 million in H1 2024 compared to a net cash outflow of €55 million in H1 2023, mostly reflecting a better level of cash collection and the one-off positive impact from timing differences in VAT payments.

    The leasing portfolio and other financing services stood at €591 million as of 31 July 2024, compared to €598 million as of 31 January 2024 (only down by (1.0)% on an organic basis), thanks to the solid performance of the Mail activity. While generating future subscription-related revenue, the expected increase in lease receivables resulting from the good performance in the placement of new equipment will translate into a cash outflow in H2 2024. At the end of H1 2024, the default rate of the leasing portfolio stood at around 1.2% compared to c.1.3% at the end of FY 2023.

    Interest and taxes paid increased slightly to €38 million in H1 2024 versus the amount of €35 million paid in H1 2023. The difference was mostly explained by higher interest rates in H1 2024.

    Capital expenditure reached €46 million in H1 2024, stable compared to H1 2023 reflecting an increase in capex for rent offset by the non-renewal of office leases (lower IFRS 16 capex). Capex for Digital reached €12 million in H12024, slightly up compared to €11 million in H1 2023 and was mainly focused on R&D. Capex for Mail decreased from €25 million to €22 million, due to lower IFRS 16 capex linked to less office leases renewal. Capex for Lockers increased from €10 million to €13 million to support the open network deployment in the UK and France.

    All in all, cash flow after capital expenditure was up from a negative amount of €15 million in H1 2023 to a positive amount of €3 million in H1 2024.

    Leverage and liquidity position

    Net debt stood at €726 million as of 31 July 2024, a slight increase against the €709 million of net financial debt recorded as of 31 January 2024. In June 2024, the Group extended by an additional year the maturity of its Revolving Credit Facility to 2029. In July 2024, Quadient proceeded to a partial bond buy-back for a total amount of €7 million, leaving the outstanding amount of the 2.25% bond at €260 million.

    The Group is well positioned to refinance its 2.25% bond, maturing early 2025.

    The leverage ratio (net debt/EBITDA) remained broadly stable from 3.0x(2) as of 31 July 2024 compared to 2.9x(2) as of 31 January 2024. Excluding leasing, Quadient leverage ratio improved from 1.65x(2) as of 31 January 2024 to 1.6x(2) as of 31 July 2024.

    As of 31 July 2024, the Group had a robust liquidity position of €494 million, split between €194 million in cash and a €300 million undrawn credit line, maturing in 2029.

    Shareholders’ equity stood at €1,064 million as of 31 January 2024 compared to €1,069 million as of 31 January 2024. The gearing ratio(6) stood at 68,2% as of 31 July 2024.

    MAIL ITALIAN SUBSIDIARY

    Following the reclassification of the Mail Italian Subsidiary as discontinued operations under IFRS 5 in full-year 2023, an agreement for its sale has been signed with a local mail distribution company in July 2024.

    CAPITAL ALLOCATION

    In line with Quadient’s capital allocation policy, the Company announces the launch of a share buyback program for a total consideration of up to €30 million to be executed on the market over an18-month(7) period.

    This operation aims at improving shareholders’ return. It also demonstrates Quadient’s confidence in the value creation potential of its new Elevate to 2030 strategic plan, its ability to reach its FY 2026 leverage ratio target(8) and is in line with the capital allocation policy of the Company. A press release detailing this share buyback program has been published alongside today’s H1 2024 results.

    OUTLOOK

    With H1 2024 organic growth in line with expectations, Quadient confirms its FY 2024 financial guidance of organic growth both at the revenue and current EBIT levels. H2 2024 will benefit from an easier comparison basis for both Digital and Lockers as there will no longer be any negative impact neither from the delay in implementation of the two large SaaS contracts, nor from the change in commercial agreement with Yamato, which took place at the beginning of H2 2023.

    Q2 2024 BUSINESS HIGHLIGHTS

    Approval of all resolutions by the combined Shareholders’ meeting of 14 June 2024
    On 17 June 2024, Quadient announced that its combined Annual General Meeting was held on 14 June 2024, under the chairmanship of Mr. Didier Lamouche. All submitted resolutions were ratified, with an attendance rate of 74.19% (quorum for ordinary and extraordinary resolutions).

    The Annual General Meeting approved the renewal of the three-year terms of directorship of Hélène Boulet-Supau, Geoffrey Godet, Richard Troksa. Vincent Mercier’s directorship was renewed for an 18-month term, until 31 December 2025. The Annual General Meeting also approved the co-option and approved the renewal for a three-year term of Bpifrance Investissement, represented by Emmanuel Blot.

    Quadient expands its Open Locker Network in new high traffic locations in Japan, leveraging existing JR East Smart Logistics Lockers
    On 21 June 2024, Quadient announced a significant expansion of its open locker network in Japan through a strategic partnership with JR East Smart Logistics Co., Ltd., the logistics arm of the major Japanese rail company. This collaboration integrates Quadient’s advanced parcel delivery and pickup functionalities into JR East’s existing multifunctional locker system, Multi E-Cube, across Japan’s extensive railway network. This marks the first time Quadient is expanding its intelligent locker capacities to third-party networks, highlighting its agility in deploying an open and interoperable logistics ecosystem with new approaches.

    Quadient reports cross-selling success in North America, reinforcing strategic vision
    On 2 July 2024, Quadient announced that nearly 50% of the large deals signed in North America with mail automation customers in May included digital automation platform applications, confirming the critical role its software solutions play in influencing customer decisions. Additionally, two-thirds of these cross-sell deals, secured by Quadient’s mail teams, featured both mail and digital automation solutions, reaching an over 60% integration rate.

    Quadient launches new cloud-based application to empower small businesses in their Mail management processes
    On 4 July 2024, Quadient announced the launch of Secure Barcode, a cloud-based application designed to enhance the security of customer physical communications through seamless barcode generation and insertion into documents. This innovative solution is tailored for small businesses that are beginning their journey into digital mail solutions, providing immediate benefits in document management and operational efficiency.

    Quadient and Punch Pubs Partner to enhance parcel locker access for UK communities
    On 11 July 2024, Quadient announced a new contract with Punch Pubs, a leading pub company in the UK. This partnership will see the deployment of Quadient’s Parcel Pending open locker network across 1,261 pub locations managed by Punch Pubs, enhancing the accessibility and convenience of parcel deliveries and returns for communities nationwide. This collaboration supports sustainable growth strategies, leveraging Punch Pubs’ nationwide commercial properties to deliver value to local populations. 

    More than 1.5 million higher education Students in the U.S. now rely on Quadient smart lockers for package delivery
    On 25 July 2024, Quadient announced it has reached a new milestone of installed smart lockers totaling more than 250 colleges and universities across the United States. Across the campuses, more than 1.5 million students per year are served by the automated lockers.

    POST-CLOSING EVENTS

    Quadient recognized as a major player for first time in IDC MarketScape for worldwide accounts payable automation software for midmarket and small businesses
    On 14 August 2024, Quadient announced it has been named a Major Player for the first time in two IDC MarketScape reports – IDC MarketScape: Worldwide Accounts Payable Automation Software for Midmarket 2024 Vendor Assessment (doc # US52378624, July 2024) and IDC MarketScape: Worldwide Accounts Payable Automation Software for Small Businesses 2024 Vendor Assessment (doc # US52378824, July 2024).

    Quadient secures major contract in North America, demonstrating strength in integrating Digital communications and Mail automation solutions
    On 28 August 2024, Quadient announced a new contract with a North American global leader in financial services, worth approximately €1.4 million per year over an initial period of three years. This successful deal underscores Quadient’s capability to meet the complex communication needs of large organizations through its extensive portfolio of digital and mail automation platforms, combined with high-level consulting and professional services.

    Quadient unveils new mobile app, enabling any local business to offer parcel locker delivery services to customers
    On 4 September 2024, Quadient announced the launch of a mobile app that enables local businesses to deliver customer orders directly to Quadient open network lockers without the need for specific software integrations. The app is already available in the Japanese market under the name PUDO ACCESS and will soon be made available in other countries, continuing to create value for merchants and their local communities.

    E-invoicing mandate for businesses in France: Quadient officially registered as a Dematerialization Platform Partner
    On 12 September 2024, Quadient announced its official registration as a Partner Dematerialization Platform (PDP) under number 0060. This registration, issued on 12 September 2024 by the PDP Registration Service of the Public Finance Department, acknowledges that Quadient meets all the requirements of the new Finance Law and is authorized to participate in the next phase of interoperability tests with the tax authorities’ platform when it becomes available.

    Quadient Named a Leader in 2024 SPARK Matrix for Accounts Payable Automation
    On 19 September 2024, Quadient announced it has been recognized as a Technology Leader in the “SPARK Matrix: Accounts Payable Automation” report, a detailed analysis of the accounts payable (AP) automation market by independent analyst firm QKS Group. The recognition comes on the heels of Quadient also being named a Technology Leader in the “2024 SPARK Matrix: Accounts Receivable (AR) Applications” report, which was published in May. This marks the second year in a row that Quadient has been named a leader in both AP and AR in the SPARK Matrix reports.

    To know more about Quadient’s news flow, previous press releases are available on our website at the following address: https://invest.quadient.com/en/newsroom.

    CONFERENCE CALL & WEBCAST

    Quadient will host a conference call and webcast today at 6:00 pm Paris time (5:00 pm London time).

    To join the webcast, click on the following link: Webcast.

    To join the conference call, please use one of the following phone numbers:

    ▪ France: +33 (0) 1 70 37 71 66.

    ▪ United States: +1 786 697 3501.

    ▪ United Kingdom (standard international): +44 (0) 33 0551 0200.

    Password: Quadient

    A replay of the webcast will also be available on Quadient’s Investor Relations website for 12 months.

    Calendar

    • 27 November 2024: Third quarter 2024 sales release (after close of trading on the Euronext Paris regulated market).

    About Quadient®

    Quadient is a global automation platform provider powering secure and sustainable business connections through digital and physical channels. Quadient supports businesses of all sizes in their digital transformation and growth journey, unlocking operational efficiency and creating meaningful customer experiences. Listed in compartment B of Euronext Paris (QDT) and part of the CAC® Mid & Small and EnterNext® Tech 40 indices, Quadient shares are eligible for PEA-PME investing.

    For more information about Quadient, visit https://invest.quadient.com/en/.

    Contacts

    APPENDIX

    Digital: New name for Intelligent Communication Automation

    Mail: New name for Mail-Related Solutions

    Lockers: New name for Parcel Locker Solutions

    H1 2024 and Q2 2024 consolidated sales

    H1 2024 consolidated sales by geography

    In € million H1 2024 H1 2023
    restated (a)    		 Change Organic
    change
    North America 308 295 +4.1% +2.8%
    Main European countries(b) 182 173 +4.9% (1.6)%
    International(c) 45 49 (8.0)% (2.5)%
    Group total 534 517 +3.2% +0.8%
    (a)  The full-year 2023 financial statements published in March 2024 reflected Quadient’s decision to review the future of its Mail activity in Italy with a view to divest this subsidiary within the next 12 months.
    As this was the case in the full-year 2023 statements, H1 2023 revenue from the afore-mentioned subsidiary is not represented in the consolidated revenue of the Group as it is recorded as discontinued operations. This is still the case in H1 2024.
    (b)  Including Austria, Benelux, France, Germany, Ireland, Italy (excluding Mail), Switzerland, and the United Kingdom
    (c)  International includes the activities of Digital, Mail and Lockers outside of North America and the Main European countries

    Q2 2024 consolidated sales by Solution

    In € million Q2 2024 Q2 2023
    restated (a)    		 Change Organic change
    Digital 66 61 +8.1% +5.8%
    Mail 183 179 +2.4% (0.8)%
    Lockers 23 24 (3.2)% (1.8)%
    Group total 273 264 +3.3% +0.6%
    (a)   The full-year 2023 financial statements published in March 2024 reflected Quadient’s decision to review the future of its Mail activity in Italy with a view to divest this subsidiary within the next 12 months.
    As this was the case in the full-year 2023 statements, Q2 2023 revenue from the afore-mentioned subsidiary is not represented in the consolidated revenue of the Group as it is recorded as discontinued operations. This is still the case in Q2 2024.

    Q2 2024 consolidated sales by geography

    In € million Q2 2024 Q2 2023
    restated (a)    		 Change Organic
    change
    North America 157 150 +4.9% +3.2%
    Main European countries(b) 93 89 +4.2% (1.8)%
    International(c) 22 25 (10.1)% (5.8)%
    Group total 273 264 +3.3% +0.6%
    (a)  The full-year 2023 financial statements published in March 2024 reflected Quadient’s decision to review the future of its Mail activity in Italy with a view to divest this subsidiary within the next 12 months.
    As this was the case in the full-year 2023 statements, Q2 2023 revenue from the afore-mentioned subsidiary is not represented in the consolidated revenue of the Group as it is recorded as discontinued operations. This is still the case in Q2 2024.
    (b)  Including Austria, Benelux, France, Germany, Ireland, Italy (excluding Mail), Switzerland, and the United Kingdom
    (c)  International includes the activities of Digital, Mail and Lockers outside of North America and the Main European countries

    First half-year 2024

    Consolidated income statement

    In € million H1 2024
    (period ended
    on 31 July 2024)    		 H1 2023 restated
    (period ended
    on 31 July 2023)
    Sales 534 517
    Cost of sales (135) (131)
    Gross margin 399 387
    R&D expenses (31) (31)
    Sales and marketing expenses (143) (139)
    Administrative and general expenses (97) (90)
    Service and support expenses (58) (55)
    Employee profit-sharing, share-based payments and other expenses (5) (3)
    Acquisition-related expenses (4) (3)
    Current operating income 61 65
    Optimization expenses and other operating income & expenses (16) (6)
    Operating income 45 59
    Financial income/(expense) (21) (16)
    Income before taxes 24 43
    Income taxes 2 (6)
    Share of results of associated companies 0 (0)
    Net income from continued operations 26 37
    Net income of discontinued operations (1) (0)
    Net income 25 37
    Of which:

    • Minority interests
    		 1 1
    • Net attributable income
    		 24 36

    Simplified consolidated balance sheet

    Assets
    In € million    		 H1 2024
    (period ended
    on 31 July 2024)    		 FY 2023
    (period ended
    on 31 January 2024)
    Goodwill 1,089 1,082
    Intangible fixed assets 118 121
    Tangible fixed assets 158 156
    Other non-current financial assets 66 65
    Other non-current receivables 2 2
    Leasing receivables 591 598
    Deferred tax assets 47 17
    Inventories 71 67
    Receivables 193 228
    Other current assets 74 84
    Cash and cash equivalents 194 118
    Current financial instruments 2 2
    Assets held for sale 11 9
    TOTAL ASSETS 2,617 2,550
    Liabilities
    In € million    		 H1 2024
    (period ended
    on 31 July 2024)    		 FY 2023
    (period ended
    on 31 January 2024)
    Shareholders’ equity 1,064 1,069
    Non-current provisions 15 12
    Non-current financial debt 552 715
    Current financial debt 329 66
    Lease obligations 39 46
    Other non-current liabilities 4 2
    Deferred tax liabilities 119 104
    Financial instruments 4 5
    Trade payables 69 79
    Deferred income 190 212
    Other current liabilities 219 225
    Liabilities held for sale 13 15
    TOTAL LIABILITIES 2,617 2,550

    Simplified cash flow statement

     

    In €millions

    		 H1 2024
    (period ended
    on 31 July 2024)    		 H1 2023 restated
    (period ended
    on 31 July 2023)
    EBITDA 111 112
    Other elements (11) (7)
    Cash flow before net cost of debt and income tax 100 105
    Change in the working capital requirement (19) (55)
    Net change in leasing receivables 6 16
    Cash flow from operating activities 87 66
    Interest and tax paid (38) (35)
    Net cash flow from operating activities 49 31
    Capital expenditure (46) (46)
    Net cash flow after investing activities 3 (15)
    Impact of changes in scope (8) 0
    Others 0 (0)
    Net cash flow after acquisitions and divestments (5) (15)
    Dividends paid 0 (0)
    Change in debt and others 64 25
    Net cash flow from financing activities 64 25
    Cumulative translation adjustments on cash (0) (1)
    Net cash from discontinued operations 2 (1)
    Change in net cash position 60 10

    Figures exclude Mail Italian subsidiary which has been reclassified as discontinued operations in 2023.
    (1) H1 2024 sales are compared to H1 2023 sales, to which is added pro rata temporis the revenue of Daylight and Frama for a consolidated amount of €12 million. The currency impact is positive for €1 million.
    (2) Including IFRS 16
    (3) H1 2024 ARR impacted by a €0.2 million negative currency effect vs 31 January 2024
    (4) EBITDA = current operating income + provisions for depreciation of tangible and intangible fixed assets.
    (5) For the H1 2024, the average compounded number of shares is 33,950,930. Diluted number of shares is 34,487,900.
    (6) Net debt / shareholders’ equity
    (7) Subject to the renewal of the share buyback authorizations at the 2025 AGM
    (8) FY 2026 leverage ratio excluding leasing target of 1.5x

    Attachment

    The MIL Network –