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  • MIL-OSI: Flow Traders 4Q and FY 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Flow Traders 4Q and FY 2024 Results

    Amsterdam, the Netherlands – Flow Traders Ltd. (Euronext: FLOW) announces its unaudited 4Q and FY 2024 results.

    Flow Traders posts record fourth quarter results and the second-best fiscal year results in its 20-year history with €159.0m and €479.3m in Total Income, respectively. The company also ends 2024 with record levels of Trading Capital and Shareholders’ Equity at €775m and €766m, respectively.

    Financial Highlights

    4Q 2024

    • Flow Traders recorded Net Trading Income of €153.8m and Total Income of €159.0m in 4Q24, increases of 112% and 114% when compared to the €72.7m and €74.3m in 4Q23, respectively.
    • Flow Traders’ ETP Value Traded increased by 13% in 4Q24 to €424m from €376m in 4Q23.
    • Fixed Operating Expenses were €45.3m in the quarter, an increase of 12% when compared to the €40.4m in 4Q23, due mostly to increased employee and technology expenses and an abnormally low 4Q23 given timing of expenses.
    • Total Operating Expenses were €76.8m in 4Q24, an increase of 23% when compared to the €62.5m in 4Q23, due mostly to higher variable employee compensation expenses.
    • EBITDA was €82.1m in the quarter, an almost seven-fold increase when compared to the €11.8m in 4Q23. EBITDA margin was 52% in 4Q24 vs. 16% in 4Q23.
    • Net Profit came in at €63.2m in 4Q24, yielding a basic EPS of €1.47 and diluted EPS of €1.42, an almost ten-fold increase compared to a Net Profit of €6.4m, basic EPS of €0.15, and diluted EPS of €0.14 in 4Q23.
    • Flow Traders employed 609 FTEs at the end of 4Q24, compared to 605 at the end of 3Q24 and 613 at the end of 4Q23 (see note 1).

    FY 2024

    • For full year 2024, Net Trading Income totaled €467.8m and Total Income was €479.3m, increases of 56% and 58% when compared to €300.3m and €303.9m in FY 2023, respectively.
    • Flow Traders’ ETP Value Traded increased by 5% in FY 2024 to €1,545b from €1,465b in FY 2023.
    • Fixed Operating Expenses for the year totaled €179.1m, an increase of 3% from €174.1m in FY 2023, which is in-line with guidance.
    • Total Operating Expenses for the year was €264.4m, an increase of 12% from €236.3m in FY 2023, due mostly to higher variable employee compensation expenses.
    • EBITDA for the year was €214.9m, up 218% compared to €67.5m in FY2023. EBITDA margin was 45% in FY 2024 vs. 22% in FY 2023.
    • Total Net Profit for the year totaled €159.5m with basic EPS of €3.69 and diluted EPS of €3.56, a more than four-fold increase compared to €36.2m, €0.84 and €0.81 in FY 2023, respectively.

    Trading Capital and Shareholders’ Equity

    • Trading capital stood at €775m at the end of 4Q24 and FY 2024, an increase of 16% compared to €668m at the end of 3Q24 and 33% compared to €584m at the end of 4Q23 and FY 2023.
    • Return on average trading capital2 was 69% in 4Q24 and FY 2024, compared to 49% in 4Q23 and FY 2023. With the accelerating growth of trading capital following the Capital Expansion Plan announced in July 2024, trading returns will be calculated as LTM NTI / Average Trading Capital going forward.
    • Shareholders’ equity was €766m at the end of 4Q24 and FY 2024, an increase of 15% compared to €666m at the end of 3Q24 and 31% compared to €586m at the end of 4Q23 and FY 2023.
    • Flow Traders generated a Return on Equity of 24% in FY 2024, compared to 6% in FY 2023.

    Financial Overview

    €million 4Q24 4Q23 Change FY2024 FY2023 Change
    Net trading income 153.8 72.7 112% 467.8 300.3 56%
    Other income 5.1 1.6   11.5 3.6  
    Total income 159.0 74.3 114% 479.3 303.9 58%
    Revenue by region3            
    Europe 86.9 42.6 104% 274.1 167.8 63%
    Americas 18.2 18.1 1% 93.6 82.1 14%
    Asia 53.8 13.6 295% 111.5 53.9 107%
    Employee expenses            
    Fixed employee expenses 20.2 17.5 15% 81.6 76.0 7%
    Variable employee expenses 31.5 22.1 43% 85.3 57.9 47%
    Technology expenses 16.9 15.3 10% 66.6 64.4 3%
    Other expenses 8.2 7.6 8% 30.9 33.7 (8%)
    One-off expenses4 – –   0.0 4.3 (100%)
    Total operating expenses 76.8 62.5 23% 264.4 236.3 12%
    EBITDA 82.1 11.8 597% 214.9 67.5 218%
    Interest Expense 0.5 –   1.1 0.0  
    Depreciation & amortisation 4.6 4.2 9% 17.4 18.4 (5%)
    Profit/(loss) on equity-accounted investments (0.1) (0.1) 5% (2.0) (4.5) (55%)
    Profit before tax 76.9 7.4 935% 194.4 44.7 335%
    Tax expense 13.7 1.0 1230% 34.8 8.5 310%
    Net profit 63.2 6.4 888% 159.5 36.2 341%
    Basic EPS5 (€) 1.47 0.15   3.69 0.84  
    Fully diluted EPS6 (€) 1.42 0.14   3.56 0.81  
    EBITDA margin 52% 16%   45% 22%  

    Revenue by Region

    €million 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24
    Europe 58.5 33.1 33.6 42.6 68.4 48.6 70.2 86.9
    Americas 32.8 9.3 22.0 18.1 41.3 13.4 20.8 18.2
    Asia 19.2 9.0 12.1 13.6 19.9 14.2 23.6 53.8

    Value Traded Overview

    €billion 4Q24 4Q23 Change FY2024 FY2023 Change
    Flow Traders ETP Value Traded 424 376 13% 1,545 1,465 5%
    Europe 195 151 29% 655 619 6%
    Americas 193 203 (5%) 776 754 3%
    Asia 36 22 65% 114 93 22%
    Flow Traders non-ETP Value Traded 1,233 1,074 15% 4,703 4,115 14%
    Flow Traders Value Traded 1,657 1,450 14% 6,248 5,580 12%
    Equity 809 762 6% 3,217 3,009 7%
    FICC 783 641 22% 2,817 2,396 18%
    Other 64 48 33% 214 176 22%
    Market ETP Value Traded7 13,192 11,714 13% 47,933 43,081 11%
    Europe 728 557 31% 2,518 2,039 24%
    Americas 9,954 9,877 1% 38,545 35,874 7%
    Asia 2,510 1,280 96% 6,871 5,168 33%
    Asia ex China 582 383 52% 2,020 1,578 28%

    Trading Capital

      1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24
    Trading Capital (€m) 647 574 585 584 609 624 668 775
    Return on Avg Trading Capital2 67% 65% 56% 49% 50% 58% 62% 69%
    Average VIX8 21.0 16.7 15.1 15.4 13.9 14.2 17.1 17.3

    Market Environment

    Europe

    Equity trading volumes in the quarter across major exchanges saw double-digit percentage point improvements when compared to the same period a year ago and single-digit improvements when compared to last quarter. Market volatility increased by single-digits compared to both the same period a year ago and last quarter.

    Fixed Income trading volumes on MTFs saw low double-digit percentage point improvements compared to the same period a year ago and single-digit improvements compared to last quarter.

    Americas

    Equity trading volumes in the U.S. saw single-digit percentage point improvements when compared to both the same period a year ago and last quarter. Market volatility increased slightly when compared to the same period a year ago and was flat compared to last quarter.

    Fixed Income trading volumes in the U.S. were mixed across the various trading venues but were in general better when compared to the same period a year ago but weaker compared to last quarter. Volatility declined when compared to the same period a year ago and was relatively flat when compared to last quarter.

    Asia

    Equity trading volumes in Asia were mixed as Hong Kong and China saw significant increases while Japan experienced declines both when compared to the same period a year ago as well as last quarter. Market volatility, for the most part, increased across all the regions both year-on-year and quarter-on-quarter, with the exception being Japan, where it declined compared to last quarter.

    Digital Assets

    Within Digital Assets, which trades across regions on a 24/7 basis, trading volumes increased significantly both compared to the same period a year ago and last quarter. Volatility increased slightly both year-on-year and quarter-on-quarter.

    Trading Capital Expansion Plan

    In recent years, Flow Traders has successfully diversified its core trading model across different asset classes and geographies, which resulted in increased optionality for the business. The company sees a range of emerging opportunities to accelerate growth by systematically expanding its trading capital base.

    With the 2Q 2024 results, the company announced the suspension of the dividend and bank term loan as the initial steps in boosting the firm’s trading capital. The bank loan and strong net profit generation boosted trading capital by €191m over the course of the year and immediately helped increase the capacity of the firm to capture more of the opportunities that arose during the year given the increased volatility and dislocations across different asset classes and regions around the world. Given the success of the Trading Capital Expansion Plan thus far, the firm will continue to pursue the most strategic debt financing options to further support its growth.

    Treasury Shares

    As a result of the second-best year in company history, portions of the previously repurchased shares from the €25m share buyback program conducted in July 2022 will be reallocated to employee incentive plans.

    Outlook

    Fixed operating expenses for FY 2025 are expected to be in the range of €190-210m given additional technology investments and targeted additions of subject matter experts in growth areas, partially offset by expected operational efficiency gains.

    CEO Statement

    Mike Kuehnel, CEO
    “Flow Traders closed out 2024 with a record fourth quarter and the second-best year in the company’s 20-year history. Following the strategic decision to accelerate the expansion of our trading capital base last July, the additional capital has enabled us to capture additional opportunities and leverage dislocations in the market during a period of heightened volatility across different regions and asset classes. Following one of the calmest markets in recent memory in 2023, we were able to achieve a 69% return on average trading capital in 2024. This demonstrates the robustness and coverage of our trading strategies and is a result of the company’s growth and diversification strategy.

    In the fourth quarter, market trading volumes and volatility increased meaningfully across Europe and Asia, and within equity and digital assets. We were able to capitalize on this increased activity given the significant multi-year investments in talent and technology that we made in Asia and digital assets. Additionally, our partnerships with emerging financial infrastructure providers, such as the Börse Stuttgart Digital and Wormhole partnerships in the digital assets space and OpenYield in the fixed income space, will allow the company to further participate in and shape the future of financial markets.

    As digital assets continue to gain acceptance by governments and institutions around the world, we believe Flow Traders has a pivotal role to play given our strong capabilities in both traditional finance and digital assets ecosystems. With our unique distribution network, technology and pricing capabilities, we aim to be an important bridge by connecting various stakeholders to bring the 24/7 trading currently available in digital assets to the traditional financial landscape. Our partnership with DWS and Galaxy in AllUnity is one example of a platform which we believe could be pivotal in achieving this transition.

    Looking forward to 2025, we will continue to invest in the expansion of our trading capabilities and increasing sophistication, with tailored investments in technology and additional talent given the attractive opportunities in front of us. Opportunities which would otherwise not be possible without the accelerated growth of our trading capital base as a result of our trading capital expansion plan. To offset some of the additional investments, we stay fully committed to the streamlining and automation work to systematically improve efficiency and strengthen our core operations as the firm continues to grow and scale.”

    Preliminary Financial Calendar

    24 April 2025                1Q25 Trading Update

    Analyst Conference Call and Webcast

    The 4Q24 results analyst conference call will be held at 10:00 am CET on Thursday 13 February 2025. The presentation can be downloaded at https://www.flowtraders.com/investors/results-centre and the conference call can be followed via a listen-only audio webcast. A replay of the conference call will be available on the company website for at least 90 days.

    Contact Details

    Flow Traders Ltd.

    Investors
    Eric Pan
    Phone:         +31 20 7996799
    Email:        investor.relations@flowtraders.com

    Media
    Laura Peijs
    Phone:         +31 20 7996799
    Email:        press@flowtraders.com

    About Flow Traders

    Flow Traders is a leading trading firm providing liquidity in multiple asset classes, covering all major exchanges. Founded in 2004, Flow Traders is a leading global ETP market marker and has leveraged its expertise in trading ETPs to expand into fixed income, commodities, digital assets and FX. Flow Traders’ role in financial markets is to ensure the availability of liquidity and enabling investors to continue to buy or sell financial instruments under all market circumstances, thereby ensuring markets remain resilient and continue to function in an orderly manner. In addition to its trading activities, Flow Traders has established a strategic investment unit focused on fostering market innovation and aligned with our mission to bring greater transparency and efficiency to the financial ecosystem. With nearly two decades of experience, we have built a team of over 600 talented professionals, located globally, contributing to the firm’s entrepreneurial culture and delivering the company’s mission.

    Notes

    1. Figures restated to include only active employees and exclude those on garden leave per CSRD definition.
    2. Return on trading capital defined as LTM NTI divided by the average of the prior and current end of period trading capital.
    3. Revenue by region includes NTI, Other Income, and inter-company revenue.
    4. One-off expenses related to the completed corporate holding structure update and capital structure review work.
    5. Weighted average shares outstanding: 4Q24 – 43,066,302; 3Q24 – 43,095,744; 4Q23 – 43,166,257.
    6. Determined by adjusting the basic EPS for the effects of all dilutive share-based payments to employees.
    7. Source – Flow Traders analysis.
    8. Starting in 3Q24, average VIX is calculated as the average of VIX daily closing prices.

    Important Legal Information

    This press release is prepared by Flow Traders Ltd. and is for information purposes only. It is not a recommendation to engage in investment activities and you must not rely on the content of this document when making any investment decisions. The information in this document does not constitute legal, tax, or investment advice and is not to be regarded as investor marketing or marketing of any security or financial instrument, or as an offer to buy or sell, or as a solicitation of any offer to buy or sell, securities or financial instruments.

    The information and materials contained in this press release are provided ‘as is’ and Flow Traders Ltd. or any of its affiliates (“Flow Traders”) do not warrant the accuracy, adequacy or completeness of the information and materials and expressly disclaim liability for any errors or omissions. This press release is not intended to be, and shall not constitute in any way a binding or legal agreement, or impose any legal obligation on Flow Traders. All intellectual property rights, including trademarks, are those of their respective owners. All rights reserved. All proprietary rights and interest in or connected with this publication shall vest in Flow Traders. No part of it may be redistributed or reproduced without the prior written permission of Flow Traders.

    This press release may include forward-looking statements, which are based on Flow Traders’ current expectations and projections about future events, and are not guarantees of future performance. Forward looking statements are statements that are not historical facts, including statements about our beliefs and expectations. Words such as “may”, “will”, “would”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “project”, “believe”, “could”, “hope”, “seek”, “plan”, “foresee”, “aim”, “objective”, “potential”, “goal” “strategy”, “target”, “continue” and similar expressions or their negatives are used to identify these forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of Flow Traders. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements. Accordingly, no undue reliance should be placed on any forward-looking statements. Forward-looking statements speak only as at the date at which they are made. Flow Traders expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statements contained in this press release to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based unless required to do so by applicable law.

    Financial objectives are internal objectives of Flow Traders to measure its operational performance and should not be read as indicating that Flow Traders is targeting such metrics for any particular fiscal year. Flow Traders’ ability to achieve these financial objectives is inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond Flow Traders’ control, and upon assumptions with respect to future business decisions that are subject to change. As a result, Flow Traders’ actual results may vary from these financial objectives, and those variations may be material.

    Efficiencies are net, before tax and on a run-rate basis, i.e. taking into account the full-year impact of any measure to be undertaken before the end of the period mentioned. The expected operating efficiencies and cost savings were prepared on the basis of a number of assumptions, projections and estimates, many of which depend on factors that are beyond Flow Traders’ control. These assumptions, projections and estimates are inherently subject to significant uncertainties and actual results may differ, perhaps materially, from those projected. Flow Traders cannot provide any assurance that these assumptions are correct and that these projections and estimates will reflect Flow Traders’ actual results of operations.

    By accepting this document you agree to the terms set out above. If you do not agree with the terms set out above please notify legal.amsterdam@nl.flowtraders.com immediately and delete or destroy this document.

    All results published in this release are unaudited.

    Market Abuse Regulation

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

    Attachment

    The MIL Network –

  • MIL-OSI: Falcon Oil & Gas Ltd. – Operational Update on the Stimulation Campaign

    Source: GlobeNewswire (MIL-OSI)

    Falcon Oil & Gas Ltd.
    (“Falcon”, “Group”)

    Operational Update on the Stimulation Campaign

    13 February 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) provides the following update on the stimulation campaign for the Shenandoah S2-2H ST1 (“SS-2H ST1”) and Shenandoah South 4H (“SS-4H”) wells in the Beetaloo Sub-basin, Northern Territory, Australia with Falcon Oil & Gas Australia Limited’s (“Falcon Australia”) joint venture partner, Tamboran (B2) Pty Limited (“Operator”).

    SS-2H ST1

    • As previously announced stimulation operations were successfully completed over 35 stages across the 1,671-metre (5,483-feet) horizontal section of the Amungee Member B-shale with Liberty Energy (NYSE: LBRT) stimulation equipment.
    • The SS-2H ST1 well is being prepared for the commencement of initial flow back and extended production testing.
    • Targeting announcement of 30 day initial production (“IP30”) flow rates in April 2025.

    SS-4H

    • Commenced stimulation operations in January 2025.
    • The Operator took proactive and precautionary steps to pause completion operations due to the detection of stress in a casing connection.
    • Reinforcement activities are planned to be conducted in Q1 2025, aiming for stimulation activities to recommence in Q2 2025, as soon as the IP30 flow test is completed at SS-2H ST1.
    • The deferred stimulation program should provide an opportunity to incorporate lessons from the SS-2H ST1 campaign.
    • Targeting announcement of IP30 flow rates in mid-2025.

    Working Capital

    • Falcon Australia has received a A$4.7 million (~US$3 million) research and development tax offset in cash.
    • The Group’s current cash balance is US$8.2 million.

    Philip O’Quigley, CEO of Falcon commented:
    “We continue to be extremely encouraged about the potential of the current stimulation program based on strong gas shows and other data observed whilst drilling, together with the completion of a successful stimulation program on SS-2H ST1 well. We look forward to updating the market on the IP30 flow test results from both wells as soon as they become available.”
                                                    

    Ends.
    CONTACT DETAILS:

    Falcon Oil & Gas Ltd.          +353 1 676 8702
    Philip O’Quigley, CEO +353 87 814 7042
    Anne Flynn, CFO +353 1 676 9162
     
    Cavendish Capital Markets Limited (NOMAD & Broker)
    Neil McDonald / Adam Rae +44 131 220 9771

    This announcement has been reviewed by Dr. Gábor Bada, Falcon Oil & Gas Ltd’s Technical Advisor. Dr. Bada obtained his geology degree at the Eötvös L. University in Budapest, Hungary and his PhD at the Vrije Universiteit Amsterdam, the Netherlands. He is a member of AAPG.

    About Falcon Oil & Gas Ltd.

    Falcon Oil & Gas Ltd is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland.

    Falcon Oil & Gas Australia Limited is a c. 98% subsidiary of Falcon Oil & Gas Ltd.

    For further information on Falcon Oil & Gas Ltd. Please visit www.falconoilandgas.com

    About Beetaloo Joint Venture (EP 76, 98 and 117)

    Company Interest
    Falcon Oil & Gas Australia Limited (Falcon Australia) 22.5%
    Tamboran (B2) Pty Limited 77.5%
    Total 100.0%

    Shenandoah South Pilot Project -2 Drilling Space Units – 46,080 acres1

    Company Interest
    Falcon Oil & Gas Australia Limited (Falcon Australia) 5.0%
    Tamboran (B2) Pty Limited 95.0%
    Total 100.0%

    1Subject to the completion of the SS2H ST1 and SS4H wells on the Shenandoah South pad 2.

    About Tamboran (B2) Pty Limited
    Tamboran (B1) Pty Limited (“Tamboran B1”) is the 100% holder of Tamboran (B2) Pty Limited, with Tamboran B1 being a 50:50 joint venture between Tamboran Resources Corporation and Daly Waters Energy, LP.

    Tamboran Resources Corporation, is a natural gas company listed on the NYSE (TBN) and ASX (TBN). Tamboran is focused on playing a constructive role in the global energy transition towards a lower carbon future, by developing the significant low CO2 gas resource within the Beetaloo Basin through cutting-edge drilling and completion design technology as well as management’s experience in successfully commercialising unconventional shale in North America.

    Bryan Sheffield of Daly Waters Energy, LP is a highly successful investor and has made significant returns in the US unconventional energy sector in the past. He was Founder of Parsley Energy Inc. (“PE”), an independent unconventional oil and gas producer in the Permian Basin, Texas and previously served as its Chairman and CEO. PE was acquired for over US$7 billion by Pioneer Natural Resources Company.

    Advisory regarding forward-looking statements
    Certain information in this press release may constitute forward-looking information. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking information. Forward-looking information typically contains statements with words such as “may”, “will”, “should”, “expect”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “projects”, “dependent”, “consider” “potential”, “scheduled”, “forecast”, “outlook”, “budget”, “hope”, “suggest”, “support” “planned”, “approximately”, “potential” or the negative of those terms or similar words suggesting future outcomes. In particular, forward-looking information in this press release includes, details on the completion of the stimulation, preparation for initial flow back and targeting an IP30 flow rate of April 2025 for SS-2H ST1; steps taken to pause operations, planned reinforcement activities in Q1 2025, aiming for recommencement of activities in Q2 2025, opportunity to incorporate lessons from the SS-2H ST1 campaign and targeting IP30 flow rates in mid-2025 for SS-4H.

    This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. The risks, assumptions and other factors that could influence actual results include risks associated with fluctuations in market prices for shale gas; risks related to the exploration, development and production of shale gas reserves; general economic, market and business conditions; substantial capital requirements; uncertainties inherent in estimating quantities of reserves and resources; extent of, and cost of compliance with, government laws and regulations and the effect of changes in such laws and regulations; the need to obtain regulatory approvals before development commences; environmental risks and hazards and the cost of compliance with environmental regulations; aboriginal claims; inherent risks and hazards with operations such as mechanical or pipe failure, cratering and other dangerous conditions; potential cost overruns, drilling wells is speculative, often involving significant costs that may be more than estimated and may not result in any discoveries; variations in foreign exchange rates; competition for capital, equipment, new leases, pipeline capacity and skilled personnel; the failure of the holder of licenses, leases and permits to meet requirements of such; changes in royalty regimes; failure to accurately estimate abandonment and reclamation costs; inaccurate estimates and assumptions by management and their joint venture partners; effectiveness of internal controls; the potential lack of available drilling equipment; failure to obtain or keep key personnel; title deficiencies; geo-political risks; and risk of litigation.

    Readers are cautioned that the foregoing list of important factors is not exhaustive and that these factors and risks are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Falcon assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to Falcon. Additional information identifying risks and uncertainties is contained in Falcon’s filings with the Canadian securities regulators, which filings are available at www.sedarplus.com, including under “Risk Factors” in the Annual Information Form.

    Any references in this news release to initial production rates are useful in confirming the presence of hydrocarbons; however, such rates are not determinative of the rates at which such wells will continue production and decline thereafter and are not necessarily indicative of long-term performance or ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for Falcon. Such rates are based on field estimates and may be based on limited data available at this time.

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    The MIL Network –

  • MIL-OSI: Siili Solutions Plc, Financial statements bulletin, 1 January–31 December 2024 (unaudited)

    Source: GlobeNewswire (MIL-OSI)

    Siili Solutions Plc, Financial statements bulletin, 1 January–31 December 2024 (unaudited)

    YEAR 2024 FOR SIILI: Profitability affected by declined revenue, successful launch of the new data and AI focused strategy 

    Siili Solutions Plc Financial statements bulletin 13 February 2025 at 9:00 am (EET)

    In 2024 we clarified our new strategy and successfully launched its implementation. We focused on strengthening our competitiveness and securing profitability in a continuously challenging market situation. However, the challenging market situation affected negatively on Siili’s revenue and growth both domestically and internationally.

    July-December 2024

    • Siili published its new strategy in August
    • Siili signed an agreement to purchase majority stake of the Finnish Integrations Group Oy
    • Siili appointed Maria Niiniharju as Siili’s VP, Private Business and member of Siili’s management team
    • Revenue for the second half of the year was EUR 52,713 (57,414) thousand, representing decline of 8.2% year on year
    • Adjusted EBITA for the second half of the year was EUR 2,100 (3,732) thousand, which corresponds to 4.0% (6.5%) of revenue

    January-December 2024

    • We focused on streamlining our organization and creation of our new strategy
    • We strengthened data and AI expertise through training and recruitment
    • We achieved 10th place in the Young Professional A raction Index survey by Academic Work
    • Full-year revenue amounted EUR 111,899 (122,702) thousand, representing decline of 8.8% year on year
    • Adjusted EBITA was EUR 5,409 (8,742) thousand, which corresponds to 4.8% (7.1%) of revenue
      H2/2024 H2/2023 2024 2023 Q4/2024 Q4/2023
    Revenue, EUR 1,000 52,713 57,414 111,899 122,702 28,589 30,365
    Revenue growth, % -8.2% -3.4% -8.8% 3.7% -5.9% -6.7%
    Organic revenue growth, % -8.2% -5.5% -8.8% 0.1% -5.9% -6.7%
    Share of international revenue, % 30.2% 27.7% 29.0% 26.7% 28.8% 25.8%
    Adjusted EBITA, EUR 1,000 2,100 3,732 5,409 8,742 1,403 2,471
    Adjusted EBITA, % of revenue 4.0% 6.5% 4.8% 7.1% 4.9% 8.1%
    EBITA, EUR 1,000 2,058 3,399 4,752 8,409 1,361 2,138
    EBIT, EUR 1,000 1,482 2,763 3,592 6,909 1,075 1,844
    Earnings per share, EUR 0.20 0.18 0.43 0.61 0.18 0.14
    Number of employees at the end of the period 942 1,007 942 1,007 942 1,007
    Average number of employees during the period 954 1,034 975 1,026 944 1,030
    Total full-time employees and subcontractors (FTE)
    at the end of the period    		 1,033 1,091 1,033 1,091 1,033 1,091

    Outlook for 2025 and financial goals for 2025-2028

    Revenue for 2025 is expected to be EUR 108-130 million and adjusted EBITA EUR 4.7-7.7 million.

    On 26 November 2024, the company announced the financial goals for the years 2025–2028 as follows:

    • Annual revenue growth of 20 percent, of which organic growth accounts for about half.
    • Adjusted EBITA 12 percent of revenue.
    • The aim is to keep the ratio of net debt-to-EBITDA below two.
    • The aim is to pay a dividend corresponding to 30–70 percent of net profit annually.

    CEO TOMI PIENIMÄKI:

    2024 was another challenging year from a market perspective, both for Siili and the entire IT service sector. During the year, we focused on crystallising our strategy and creating a foundation for stronger competitiveness and profitability.

    The market situation affected both Siili’s revenue and the rate of growth both domestically and internationally. Full-year revenue amounted to approximately EUR 112 million, representing a decline of 9% year on year. The share of international operations in the Group’s revenue continued to increase and rose from the previous year’s level of 27% to 29% in 2024.

    The slowdown in growth also weighed on profitability. Adjusted EBITA for the year was EUR 5.4 million, which corresponds to about 5% of revenue. This year, we aim to improve Siili’s profitability by focusing on operational efficiency and growth with focus on the Data and AI business.

    Despite the challenges of the operating environment, last year was, however, successful for Siili in many ways. During the first half of the year, we focused on designing our new strategy and streamlining the organisation. We also launched a three-level training programme in artificial intelligence for our consultants and continued to strengthen the data and AI expertise of the Siili team through both training and recruitment throughout the year.

    Our new strategy has been well received

    In the new strategy published in August, we placed data and artificial intelligence at the core of the strategy. Our objective is to be a pioneer in the AI transition as a developer of generative AI solutions and as an AI partner that reinforces its customers’ competitiveness.

    We have now three strategic priorities that strengthen our position as a leader in leveraging AI:

    • Significant growth in Data and AI business
    • Pioneer in AI-powered digital development
    • Community of top talent

    Our updated strategy and our promise “Impact driven, AI powered” have been well received in the markets. During the year, we were selected as a partner for several AI and data projects in line with our strategy. Towards the end of the year, we had many successful openings consistent with the strategy in projects dealing with, for example, AI strategies, training, and implementation. We will continue to focus on expanding our business with strategic customers and building long-standing partnerships.

    We focus on improving our profitability

    We continue to improve our operational efficiency. We will focus in particular on capacity and utilization management, cost efficiency, offer development and pricing optimization. Improving profitability is progressing according to plan in stages. We have made a concrete action plan to improve our efficiency and profitability and we will implement it with determination and monitor its progress.

    Last year, we also started to develop our operating models towards more data-driven decision-making and better forecasting. In addition, we are strongly investing in the implementation of a new management model that increases efficiency, recruitments that support the strategy and optimization of subcontracting. We strive to seek profitable growth in growth areas in line with the strategy, while firmly protecting profitability in more challenging market segments.

    We are strengthening our community of top talent

    At the beginning of November, we strengthened the data and AI expertise of the management team when Maria Niiniharju took up the position as the leader of Siili’s Private Business and became a new member of Siili’s management team. In accordance with our strategy, we also expanded our competence through recruitment of data and AI experts, who we have now 43% more compared to previous year. Towards the end of the year, we strengthened our integration expertise by signing an agreement to purchase a majority stake in Integrations Group Oy. With Integrations Group, we will be a stronger partner for our customers in various demanding AI and data integration projects.

    We aim to be the best community for digital development professionals, and we continued to develop our culture and leadership further last year. Our efforts to develop Siili’s community were recognized in autumn when Siili achieved 10th place in the Young Professional Attraction Index survey by Academic Work.

    In 2025, we will celebrate Siili’s 20th anniversary. With two decades of innovation and growth under our belt, this is a good time to continue Siili’s journey by focusing on the implementation of the strategy and the improvement of profitability during the year. Although we cannot see immediate signs of an improvement in market conditions, our successes in 2024 have proven the performance of our strategy. I want to extend my thanks to the entire Siili team and our customers for the past year. I am looking forward to the opportunity to build new and innovative solutions at the cutting edge of the AI transition.

    RISKS AND UNCERTAINTY FACTORS

    Siili is exposed to various risk factors related to its operational activities and business environment. The realisation of risks may have an unfavourable effect on Siili’s business, financial position or company value. The most significant risks related to Siili’s operations are described below, along with other known risks that may become significant in the future. In addition, there are risks that Siili is not necessarily aware of and which may become significant.

    • The loss of one or more key clients, a considerable decrease in purchases, financial difficulties experienced by clients or a change in a client’s strategy with regard to the procurement of IT services could have a negative effect on the company.
    • Failure to achieve recruitment goals in terms of both quality and quantity, and failure to match supply to customer demand in a timely manner.
    • Probability and adverse effects of the realisation of the aforementioned risks are more likely in an uncertain economic environment.
    • Failure in pricing, planning, implementation and improving cost efficiency of customer projects.
    • Loss of the contribution of key personnel or deterioration of the employer’s reputation.
    • Realisation of information security risks, for example, as a result of data breach and/or human error by an employee.

    General negative or weakened economic development and the resulting uncertainty in the clients’ operating environment. The general economic cycle and changes in the clients’ operating environment can have negative effects through slowing down, postponing or cancelling decision-making on IT investments.

    Russia’s war of aggression against Ukraine has not had and is not expected have a direct impact on Siili’s business. However, the general uncertainty and inflation in 2024 continued to affect in particular our clients’ investment decisions, thereby also weighing on Siili’s business. Slow recovery of the economy is expected to continue to affect Siili’s business and growth opportunities also in the current financial year. According to management observations and estimates, the impacts of the market environment in the financial year 2024 were moderate, and they are expected to reduce in 2025. We prepare for these effects by taking care of customer satisfaction and cost efficiency.

    EVENTS AFTER THE END OF THE FINANCIAL YEAR

    Acquisition of Integrations Group Oy

    On 18 November 2024, Siili Solutions Plc announced it had signed an agreement to purchase a stake of 51% of the shares in the Finnish company Integrations Group Oy. The transaction in Integrations Group Oy shares was completed on 2 January 2025. Siili is committed to purchasing the remaining 49% of shares in Integrations Group Oy over the coming years in parts as detailed in the shareholders’ agreement; hence, Integrations Group Oy is consolidated 100% in the Siili Group as of 2 January 2025.

    Integrations Group Oy is a company specialising in integration implementations and services, based in Espoo and Tampere. The company’s unaudited revenue for the financial year 2024 was EUR 2.2 million, and its operating profit amounted to EUR 0.3 million. The company has 13 employees. Integrations Group Oy will continue to operate as a stand-alone company under its own brand.

    The acquisition of the majority stake in Integrations Group executes on Siili’s strategic objective to expand its business in the growing data and generative AI market.

    The acquisition does not have a material effect on the Siili Group’s revenue, adjusted EBITA or balance sheet values. The company will prepare an acquisition cost calculation under IFRS 3 during the first year-half.

    DIVIDEND PROPOSAL

    In line with the dividend policy approved by its Board of Directors, Siili seeks to distribute 30–70% of its profit for the period to shareholders. In addition, an additional profit distribution can be made.

    On 31 December 2024, the distributable assets of the parent company of Siili Solutions Plc amounted to EUR 35,291,522.61, including the profit for the period EUR 1,629,162.50. The Board of Directors proposes to the Annual General Meeting 2025 that a dividend of EUR 0.18 per share be paid for the financial year 2024. According to the proposal, a total dividend of EUR 1,460,215.62 would be paid. The proposed dividend represents approximately 42% of the Group’s profit for the financial year.

    No significant changes have taken place in Siili’s financial position since the end of the financial year. The company has a good level of liquidity, and the Board believes that the proposed dividend will not pose a risk to liquidity.

    FINANCIAL CALENDAR FOR 2025

    Siili will hold a results announcement event for analysts, portfolio managers and the media on 13 February 2025 at 1:00 p.m. The presentation materials will be published on the company website after the event.

    • The Annual Report 2024 will be published in electronic format on the company website on 14 March 2025.
    • The Annual General Meeting will be held on 8 April 2025.
    • The business review for 1 January–31 March 2025 will be published on 22 April 2025.
    • The half-year report for 1 January–30 June 2025 will be published on 12 August 2025.
    • The business review for 1 January–30 September 2025 will be published on 21 October 2025.

    Helsinki, 13 February 2025

    Board of Directors, Siili Solutions Plc

    FURTHER INFORMATION:

    CEO Tomi Pienimäki

    tel. +358 40 834 1399

    CFO Aleksi Kankainen

    tel. +358 40 534 2709

    SIILI SOLUTIONS IN BRIEF:

    Siili Solutions Plc is a unique combination of a digital agency and a technology powerhouse. We believe in human-centricity in everything we deliver. Siili is the go-to partner for clients seeking growth, efficiency and competitive advantage through digital transformation. Siili has offices in Finland, Germany, Poland, Hungary, Netherlands, United Kingdom, Austria and USA. Siili Solutions Plc shares are listed on Nasdaq Helsinki Ltd. Siili has grown profitably since it was founded in 2005. / www.siili.com

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    The MIL Network –

  • MIL-OSI Russia: Gazprom Transgaz Saint Petersburg Continues Cooperation with Polytech

    Translartion. Region: Russians Fedetion –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    On February 12, Georgy Fokin, CEO of Gazprom Transgaz Saint Petersburg, and Andrey Rudskoy, Rector of Peter the Great Saint Petersburg Polytechnic University (SPbPU), signed a new version of the cooperation agreement.

    At the meeting held at the university, prospects for further cooperation were discussed. One of the important achievements is the creation in 2014 of the basic department of the company “Gas Turbine Units for Gas Pumping Stations” as part of the Institute of Energy and Transport Systems of SPbPU, where joint scientific research is carried out in priority areas of science and technology applicable to the gas industry and the fuel and energy complex. Training is conducted according to bachelor’s and master’s degree programs.

    Since 2012, Gazprom Transgaz Saint Petersburg LLC and Peter the Great Saint Petersburg Polytechnic University have had a cooperation agreement in the area of developing joint educational, scientific and research activities.

    According to the terms of the agreement, university students undergo industrial and pre-graduation practice at the enterprise’s facilities, take part in conferences for young workers and research projects, and participate in a competition to receive the Society’s Personal Scholarship. The most promising of them receive the opportunity for employment and professional development at Gazprom Transgaz Saint Petersburg.

    Gazprom Transgaz Saint Petersburg LLC is a 100% subsidiary of Gazprom PJSC. The company transports gas to Saint Petersburg, Leningrad, Novgorod, Pskov, Kaliningrad, Tver, Smolensk, Bryansk regions, the Republic of Karelia, and the Republic of Belarus.

    The company operates over 12 thousand kilometers of gas pipelines. The enterprise’s area of responsibility includes 34 compressor shops with 206 gas pumping units, 251 gas distribution stations, heat, power and water supply facilities, communications, metrology and automation. The company has 18 branches, including 14 linear production departments of main gas pipelines.

    The company’s staff numbers over 7,000 people. The head office is located in St. Petersburg.

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

    MIL OSI Russia News –

  • MIL-OSI: LHV Group financial plan for 2025 and the five-year financial forecast

    Source: GlobeNewswire (MIL-OSI)

    The largest financial group based on Estonian capital will be driven this year by an increase in business volumes and client activity, and by more efficient operations. However, in an environment of falling interest rates, the net profit of LHV Group in 2025 will decrease compared to the previous year.

    Key indicators 2024 FP 2025 ∆
    Profit before taxes 175.1 153.3 -12%
    Net profit 150.3 125.1 -17%
    Deposits 6,910 7,558 9%
    Loans 4,552 5,345 17%
    Volume of funds 1,558 1,735 11%
    Number of payments related to financial intermediaries (million pcs) 75 75 0%
    Cost/income ratio 43.4% 47.7% +4.3 pp
    ROE* (before taxes; owners’ share) 28.7% 22.1% -6.6 pp
    ROE* (from net profit; owners’ share) 24.7% 18.1% -6.6 pp
    Capital adequacy 20.7% 21.0% +0.3 pp

    * Calculated on the basis of the average end-of-month equity volumes
     Business volumes in millions of euros

    According to the latest financial plan, LHV Group’s business volumes will continue to grow significantly this year. The consolidated loan portfolio is set to grow by 17%, i.e. EUR 793 million, over the year to EUR 5.35 billion. Of this, EUR 223 million will come from corporate banking in Estonia and EUR 278 million from retail loans, while in the United Kingdom the plan is to increase lending by EUR 292 million. As a result of the improving economic environment, write-down costs are planned to decrease to EUR 10.2 million in 2025.

    The focus remains on growing deposits. Consolidated deposits are expected to grow by EUR 648 million, i.e. 9%, to EUR 7.56 billion this year. Of the additional deposits, EUR 302 million are to be raised by LHV Pank in Estonia and EUR 388 by LHV Bank in the United Kingdom.

    LHV Pank’s interest income will decrease, but net fee and commission income is planned to increase mainly from higher business volumes resulting from the growth and activation of the client base. It is planned to reduce the bank’s expenses by 2% compared to the previous year, which will be helped by the automation of processes. The goal is to continue to provide the best service to clients in all channels by developing digital channels and supplementing services.

    The number of payments by financial intermediaries reached 75 million in 2024, and it will remain similar this year according to the financial plan.

    In the United Kingdom, in addition to corporate loans, the focus is on introducing retail offering to the market and, consequently, increasing the number of retail clients. In the first half of the year, deposits and direct debits will be added to the new bank app, and the issuance of bank cards will begin. The plans for the second half of the year include the inclusion of other currencies and the opening of accounts for corporate clients. In order to expand the offering, LHV Bank plans to apply for a consumer credit activity licence, join the real-time euro payments scheme, and develop additional payment collection solutions.

    According to the financial plan, the volume of funds managed by LHV will increase by 11% this year to EUR 1.74 billion, i.e. by EUR 177 million. The volumes are supported by increased contributions to the II pension pillar and the opening of the new LHV Euro Bond Fund. Varahaldus continues with an investment strategy that stands out clearly from its competitors, focusing on different high-yield asset classes. The forecast for 2025 does not include earning a success fee from pension funds.

    The gross premiums of LHV Kindlustus will increase by 11% this year to EUR 42 million. It is planned to increase sales volumes and improve efficiency. This should be supported by extending the provision of property insurance to businesses as well. The goal of LHV Kindlustus is to position itself as the most preferred insurance partner on the market.

    In summary, the financial plan for 2025 foresees a 7% decrease in the income of the LHV Group consolidation group to EUR 313 million. Expenditure is expected to increase by 2% to EUR 149.4 million. The company’s net profit for this year is estimated at EUR 125.1 million, which means a decrease of 17% compared to the previous record year. LHV Group’s return on equity (ROE) ratio will remain at 18.1% in 2025 and the company forecasts a cost/income ratio of 47.7%.

    This year, in addition to the decrease in base interest rates, the profitability of LHV Group is affected by the interest expense and increased tax rates associated with the revaluation of liabilities and the growth of volume, while positively increasing efficiency, increasing net fee and commission income and lower write-downs due to the improvement of the economic environment, as well as increasing efficiency.

    Comment by Madis Toomsalu, the Chairman of the Management Board at LHV Group:
    “In recent years, LHV has developed into a financial institution with a significant impact on the Estonian economy. Over the course of five years, the volume of LHV’s loans and deposits has increased by as much as 2.6 times, with new loans issued in Estonia in the amount of EUR 7.6 billion, while the loan portfolio has grown by EUR 2.5 billion during this period. The bank belonging to LHV Group in the United Kingdom has also entered the growth phase from the creation phase, with its share increasing.

    We will continue to be ambitious for the next five years. Of the business volumes, we expect our loan portfolio to double, including a fivefold increase in the loan portfolio in the United Kingdom. We also expect double growth from insurance activities, the volume of funds will increase more than one and a half times. Our goal is to provide the best access to financial services and capital through high-quality relations.

    We want to fulfil our long-term growth ambitions more effectively than before. In Estonia, we continue to innovate technology, the main keywords here are moving systems to the cloud and thoroughly updating the data strategy. In the United Kingdom, we are opening the direction of retail banking, and throughout the year we are developing new products there.

    In 2024, we will continue to grow business volumes to offset falling interest rates. However, the net profit will fall as planned, partly due to the increase in the advance income tax of the banks to 18%, which effectively is the taxation of current profits. The return on equity is influenced by capitalization that, supported by strong results, has grown above the optimal level and which, according to the financial plan, does not find fully efficient use within the group.”

    Financial forecast for 2025–2029

    AS LHV Group discloses its financial forecast for the next five years. The forecast has been prepared on the basis of the assumptions that the Estonian economy will grow from 2025, tax rates in Estonia will rise, and base interest rates will fall rapidly until mid-2025. It is expected that the long-term dividend policy will be maintained, that capital layers will be optimised, and that LHV Varahaldus will earn a success fee from 2026.

    Key indicators FP2025 FP2026 FP2027 FP2028 FP2029
    Profit before taxes  153.4 192.5 233.1 287.6 328.5
    Net profit 125.1 154.0 184.7 229.2 268.5
    Deposits  7,558 8,473 9,485 10,339 11,375
    Loans 5,345 6,227 7,099 7,956 8,865
    Volume of funds  1,735 1,978 2,233 2,497 2,774
    Number of payments related to financial intermediaries (million pcs) 75 75 75 76 76
    Cost/income ratio 47.7% 42.3% 38.3% 34.8% 32.9%
    ROE (before taxes; owners’ share) 22.1% 25.1% 26.8% 29.1% 29.6%
    ROE* (from net profit; owners’ share) 18.1% 20.1% 21.2% 23.2% 24.1%
    Capital adequacy 21.0% 20.4% 20.8% 20.6% 20.3%

    * Calculated on the basis of the average end-of-month equity volumes
    Business volumes in millions of euros

    According to the long-term forecast, all important business volumes of LHV will grow organically over the next five years. The volume of loans will increase 1.9 times to EUR 8.87 billion in five years, with corporate loans increasing by EUR 1.2 billion, home loans by EUR 1.4 billion, and the United Kingdom loan portfolio by EUR 1.4 billion. The volume of deposits will increase by 65% to EUR 11.38 billion. The volume of funds will increase by 78% to EUR 2.77 billion in five years.

    According to the financial forecast, within five years, revenue will grow faster than expenditure, with revenue from the United Kingdom taking on an increasing share. Costs are increasing mainly due to increased labour costs and IT costs. Due to changes in the economic environment and the growth of the credit portfolio, costs from write-downs will decrease in 2025, but they are expected to increase in the future.

    According to the five-year forecast, LHV’s consolidated net profit will reach nearly EUR 268.5 million by 2029, with an average annual growth of 12%. Although this year the return on equity will be below the long-term target of 20%, it is planned to exceed it in the coming years. The Group’s cost/income ratio continues to decline.

    LHV Group will amend the financial plan for 2025 if it becomes likely that the planned net profit will differ by more than 10% from the financial plan. The company will update its five-year forecast in early 2026.

    To access the reports of AS LHV Group, please visit the website at: https://investor.lhv.ee/en/reports/.

    To introduce the financial plan, LHV will organise an investor meeting (in Estonian) on 13 February at 9.00 via Zoom, the online seminar environment. Investors and interested parties are invited to register at: https://lhvbank.zoom.us/webinar/register/WN_h9xQnBP2Qj-Gaa3m6DIRnA.

    LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 1,200 people. As at the end of December, LHV’s banking services are being used by nearly 460,000 clients, the pension funds managed by LHV have 114,000 active clients, and LHV Kindlustus is protecting a total of 170,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

    Priit Rum
    Communications Manager
    Phone: +372 502 0786
    Email: priit.rum@lhv.ee 

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    The MIL Network –

  • MIL-OSI: Unaudited financial results of Coop Pank for Q4 and 12 months of 2024

    Source: GlobeNewswire (MIL-OSI)

    Coop Pank’s business results for 2024 were positively impacted by solid business volume growth – both the number of customers and the loan portfolio showed strong growth. The overall economic and interest rate environment had a negative impact on business results.

    Over the year, the number of Coop Pank customers increased by 26,000 (+14%) and the number of active customers increased by 17,400 (+21%). Of the new customers, 23,000 were private customers and 3,000 were business customers. By the end of 2024, the number of Coop Pank customers reached 208,000, of which 99,400 were active customers.

    By the end of 2024, deposits of Coop Pank reached 1.89 billion euros, increased by 164 million euros (+10%) over the year. Term deposits increased by 7% over the year and demand deposits by 15%. The bank’s financing cost increased over the year from the level of 2.4% to the level of 3.3%. The market share of the bank’s deposits increased from 6.0% to 6,1% over the year.

    By the end of 2024, loan portfolio of Coop Pank reached 1.77 billion euros, increased by 283 million euros (+19%) over the year. Business loans and home loans made the biggest contribution to portfolio growth. Business loans portfolio increased by 129 million euros (+20%) and home loan portfolio increased by 121 million euros (+20%). Leasing portfolio increased by 24 million euros (+16%) and consumer finance portfolio increased by 9 million euro (+9%). The market share of the bank’s loans increased from 6.0% to 6.3% over the year.

    In 2024, the quality of the loan portfolio remained very good, despite of the changes in the economic environment. To cover possible loan losses, 4.6 million euros provisions were made in 2024 – that was 26% less than a year earlier. The cost ratio for credit risk decreased from 0.5% to 0.3%.

    The net income of Coop Pank reached 81.9 million euros, decreased by 3.3 million euros (-4%) over the year. Net interest income decreased 3.7 million euros (-5%) over the year. Net service fee revenues decreased 0.5 million euros (-10%) over the year. The bank’s operating cost reached 40.6 million euros, increased by 5.4 million euros (+16%) over the year. Personnel, IT and marketing costs continued to make up the largest part of operating costs.

    Net profit of Coop Pank in 2024 was 32.2 million euros, decreased by 18% over the year. The bank’s cost / income ratio increased from 41% to 50% over the year and the return on equity decreased from the level from 23.5% to 16.2% – similar level was also seen in 2022.

    As of 31 December 2024, Coop Pank has 35,885 shareholders.

    Results in Q4

    In Q4 2024, the number of the bank’s customers increased by 6,000 (+3%), of which 5,000 were private customers and 1000 were corporate customers. By the end of the year 2024, Coop Pank had 208,000 daily banking customers.

    In Q4 2024, the volume of deposits increased by 47 million euros (+3%) and reached 1.89 billion euros by the end of the year. Over the quarter, the volume of demand deposits decreased by 14 million euros and the volume of term deposits increased by 61 million euros.

    The bank’s net loan portfolio increased by 113 million euros (+7%) over the quarter, reaching 1.77 billion euros by the end of the year. The volume of corporate loans increased by 73 million euros and the volume of home loans increased by 32 million euros. Consumer financing increased by 5 million euros and leasing by 4 million euros.

    In Q4 2024, Coop Pank earned a profit of 6.4 million euros, which is 26% less than in Q3 and 24% less than in the same period last year. Quarterly profitability was negatively impacted primarily by the interest rate environment, which was partially offset by business volume growth.

    Comments of the CEO of Coop Pank Margus Rink:

    “To evaluate Coop Pank’s activities and results in 2024, it is essential to consider the broader context. We operate in an environment shaped by rising base interest rates during 2022–2023, which resulted in decreased purchasing power, diminished corporate investment appetite, and a cooling economy. In 2024, we reached the bottom of the economic downturn, and gradually, signs began to emerge that set the stage for a cyclical turnaround: base interest rates are now declining, real wages have increased over recent quarters, tax changes have been fixed for the coming years, energy prices are stable, and entrepreneurs are dusting off business plans that were shelved.

    Based on this context, Coop Pank’s performance in 2024 was influenced by two factors. First – declining interest rates. This was an independent process beyond our control, which simultaneously significantly reduced both our interest income and interest expenses at the same time. Secondly, the growth of business volumes. This factor depended entirely on us. As a growth-focused bank, we worked hard and managed to increase business volumes (loan portfolio size, customer base) by approximately 19% during the year of economic downturn. This is 2–3 times higher than the overall Estonian banking market. This achievement is one we are proud of.

    In 2024, our customer base grew by 26 000 (+14% YoY). Increasingly, account openings are followed by customers switching their primary banking relationship to Coop Pank. At the same time, this also represents our greatest challenge moving forward. Primary banking relationships bring growth in demand deposits and help lower financing costs. Currently, demand deposits constitute only one-third of our total deposits.

    Coop Pank’s loan portfolio grew by 283 million euros (+19% YoY) in 2024. Throughout the year, home loans and car leasing showed strong growth, indicating that demand for personal loans remained solid despite the challenging economic environment. Demand for business loans was low during the first half of the year. In the fall, demand emerged, and in the final months of the year, we achieved significant growth in the business loan portfolio. Demand for consumer loans remained weak throughout the year. The quality of the loan portfolio remained strong all year.
    Coop Pank’s net profit for 2024 amounted to 32,2 million euros, decreasing 8%. The decline in profit was primarily caused by the low-interest economic environment, which could not be offset by 19% growth in business volumes.

    We adhered to our current dividend policy and distributed 25% of the consolidated group’s 2023 pre-tax profit as dividends, amounting to a net total of 8.9 million euros (8.7 cents per share, nearly double the amount of the previous year. In addition, 2 million euros in income tax on dividends was paid. Over 98% of the dividends were paid into the accounts of Estonian individuals and companies. By the end of the year, Coop Pank had 35 885 shareholders.

    In 2024, we further expanded our role as contributors to society. While we have previously contributed the advancement of life in Estonia primarily through our extensive branch network and Coop stores’ cash network, we have now begun directly supporting Estonia’s defense capabilities with the innovative Kaardivägi client program. Additionally, Coop Pank became a major sponsor of both the national volleyball team and Estonian decathletes. Furthermore, in collaboration with the TalTech Arengufond, we started awarding scholarships.

    Last year, a public discussion arose about teachers’ workload and salaries. We responded quickly and started offering teachers mortgage loans on favorable terms, a program we are continuing this year. In collaboration with the Estonian startup Montonio Finance, we also launched the most competitive e-commerce payment solution for merchants.

    Beginning of 2024, we secured a subordinated loan of 15 million euros to support the bank’s growth strategy. This is a capital instrument classified as part of the bank’s Tier 2 own funds.

    Eesti Pank designated Coop Pank as a systemically important credit institution, justifying its decision by stating that the bank’s significance in Estonia’s financial system has steadily increased in recent years. The rating agency Moody’s affirmed Coop Pank’s Credit rating on the level Baa2 and raised outlook to positive. This confirms that the bank is trustworthy with solid capital base and high quality of the loan portfolio even in difficult times and has shown good profitability.

    In November, on the proposal of Estonian Financial Supervision Authority, the European Central Bank granted to the bank an additional activity license enabling the issuance of covered bonds. The actual issuance, including the timing, volume, and other conditions, will be decided by the bank based on market conditions and the bank’s financing needs.

    Coop Pank’s strategic goal is to increase its market share in Estonia to 10% by the beginning of 2027 and grow its loan portfolio to at least 2 billion euros. This will position us as the primary bank for more than one in ten Estonians – amounting to at least 150 000 active customers. Through business volume growth, the bank aims to operate with high efficiency (cost-to-income ratio below 50%) and deliver a solid return on equity (ROE of at least 15%).

    I would like to thank all Coop Pank customers, shareholders, and employees for the year 2024. Our goal is to build Coop Pank into a success story for everyone: a success story for customers, shareholders, employees and society alike.”

    Income statement, in th. of euros Q4 2024 Q3 2024 Q4 2023 12M 2024 12M 2023
    Net interest income 19 148 20 021 20 594 77 570 81 265
    Net fee and commission income 1 303 1 040 1 489 4 358 4 847
    Net other income -483 167 -1 666 -45 -908
    Total net income 19 968 21 228 20 415 81 883 85 204
    Payroll expenses -6 007 -6 138 -5 495 -23 411 -20 234
    Marketing expenses -788 -593 -912 -2 690 -2 587
    Rental and office expenses, depr. of tangible assets -798 -729 -678 -3 097 -2 776
    IT expenses and depr. of intangible assets -1 731 -1 579 -1 363 -6 189 -4 803
    Other operating expenses -1 473 -1 221 -1 498 -5 189 -4 728
    Total operating expenses -10 797 -10 261 -9 948 -40 575 -35 128
    Net profit before impairment losses 9 171 10 967 10 468 41 306 50 076
    Impairment costs on financial assets -1 821 -1 022 -1 148 -4 643 -6 302
    Net profit before income tax 7 351 9 945 9 322 36 663 43 774
    Income tax expenses -957 -1 296 -935 -4 486 -4 570
    Net profit for the period 6 393 8 649 8 386 32 178 39 204
               
    Earnings per share, eur 0,06 0,08 0,08 0,31 0,38
    Diluted earnings per share, eur 0,06 0,08 0,08 0,31 0,38
    Statement of financial position, in th. of euros 31.12.2024 30.09.2024 31.12.2023
    Cash and cash equivalents 343 678 404 472 428 354
    Debt securities 37 751 37 445 36 421
    Loans to customers 1 774 118 1 661 152 1 490 873
    Other assets 33 066 31 956 30 564
    Total assets 2 188 614 2 135 025 1 986 212
    Customer deposits and loans received 1 886 145 1 838 626 1 721 765
    Other liabilities 27 683 28 026 28 435
    Subordinated debt 63 148 63 410 50 187
    Total liabilities 1 976 977 1 930 062 1 800 387
    Equity 211 637 204 963 185 825
    Total liabilities and equity 2 188 614 2 135 025 1 986 212

    The reports of Coop Pank are accessible at: https://www.cooppank.ee/aruandlus.

    Coop Pank will hold an Investor Webinar for the introduction of its financial results, which is scheduled at 09:00 on 13 February 2025. To participate, please register in advance via the following link: https://bit.ly/CP-veebiseminar-registreerimine-13-02-2025

    The webinar will be recorded and posted on the company’s website www.cooppank.ee and YouTube account.

    Coop Pank, which is based on Estonian capital, is one of the five universal banks operating in Estonia. The bank has 208,000 everyday banking customers. Coop Pank aims to put the synergy generated by the interaction of retail business and banking to good use and to bring everyday banking services closer to people’s homes. The strategic owner of the bank is the local retail chain Coop Estonia, which has a sales network of 320 stores.

    Further information:
    Margus Rink
    Chief Executive Office
    Email: margus.rink@cooppank.ee

    Attachments

    The MIL Network –

  • MIL-OSI: The net asset value of EfTEN Real Estate Fund AS shares as of 31.01.2025

    Source: GlobeNewswire (MIL-OSI)

    EfTEN Real Estate Fund AS generated €2,556 thousand in consolidated rental income in January. In comparison, the fund’s rental income in December 2024 was €2,861 thousand, which included €238 thousand in turnover-based rent from shopping centers recognized at the end of the year. Rental income also decreased due to a rent discount agreement in Lithuania for the next six months, under which the tenant invested €135 thousand at their own expense in the improvement of rental premises.

    In January, the lease agreement between a  tenant of the office building at Pärnu mnt 102 and the fund’s subsidiary ended, resulting in 2,5 thousand sqm of vacant rental space. To meet market demand, the vacant office space will be converted into smaller units and leased gradually. The design work underlying the reconstruction of the rental premises has been completed, and construction work will begin shortly.

    In Menulio 11 office building, where the fund has the largest vacancy, negotiations with a potential tenant interested in 9% of the leasable area have reached the stage of redesigning the rental premises. and procurement of technical solutions.

    After the disclosure of the bankruptcy proceedings of the tenant at the Laagri Hortes gardening center, several prospective tenants and buyers have approached the fund. As a result, the fund’s management believes there are several good alternatives for further action.

    The fund’s consolidated EBITDA in January amounted to €2,043 thousand (December 2024: €2,448 thousand).

    The weighted average interest rate on the fund’s subsidiaries’ loans decreased to 4.78% by the end of January, down by 0.11 percentage points compared to the end of December. Since the peak in interest rates in December 2023, the weighted average interest rate on bank loans has fallen by a total of 1.13 percentage points.

    The fund’s consolidated cash balance increased by €1,119 thousand in January, reaching €21,626 thousand, including short-term deposits, as of January 31, 2025.

    As of January 31, 2025, the fund’s net asset value per share was €20.4905, and EPRA NRV was €21.3432. The net asset value per share increased by the usual 0.6% in January.

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

    Attachment

    The MIL Network –

  • MIL-OSI: KBC Group: Fourth-quarter result of 1 116 million euros

    Source: GlobeNewswire (MIL-OSI)


    KBC Group – overview (consolidated, IFRS)    		 4Q2024 3Q2024 4Q2023 FY2024 FY2023
    Net result (in millions of EUR) 1 116 868 677 3 415 3 402
    Basic earnings per share (in EUR) 2.75 2.14 1.59 8.33 8.04
    Breakdown of the net result by business unit (in millions of EUR)          
    Belgium 487 598 474 1 846 1 866
    Czech Republic 238 179 102 858 763
    International Markets 175 205 178 751 676
    Group Centre 215 -114 -77 -40 97
    Parent shareholders’ equity per share (in EUR, end of period) 56.6 54.1 53.9 56.6 53.9

    ‘We recorded a net profit of 1 116 million euros in the last quarter of 2024. Compared to the result of the previous quarter, our total income benefited from several factors, including higher net interest income, increased insurance revenues and sharply higher net fee and commission income driven by an excellent business performance. This clearly illustrates how our integrated customer offering strongly contributes to income growth and income diversification. These items were partly offset by a decrease in trading & fair value income and lower net other income. 

    Our loan portfolio continued to expand, increasing by 2% quarter-on-quarter and by 5% year-on-year. Customer deposits – excluding volatile, low-margin short-term deposits at KBC Bank’s foreign branches – were up 2% quarter-on-quarter and 7% year-on-year, with the latter figure benefiting from the successful return of customer funds after the Belgian state note had matured in the previous quarter.

    Operational expenses were up in the quarter under review but remained perfectly within our full-year 2024 guidance. Insurance service expenses were lower, as the previous quarter had been impacted by storms and floods in Central Europe (especially Storm Boris). Loan loss impairment charges, excluding the reserve for geopolitical and macroeconomic uncertainties, were down on the level recorded in the previous quarter, leading to a credit cost ratio of 16 basis points for full-year 2024, well below our guidance figure. Including the reserve for geopolitical and macroeconomic uncertainties, the credit cost ratio stood at 10 basis points for full-year 2024. We also recorded a one-off tax benefit of 318 million euros in the quarter under review, due to the forthcoming liquidation of Exicon (the remaining activities of KBC Bank Ireland).

    Consequently, when adding up the four quarters of the year, our full-year net profit amounted to an excellent 3 415 million euros, slightly up year-on-year.

    On the sustainability front, we are proud to be included for the third consecutive year in the CDP Climate A List. This recognition highlights KBC’s leading role in climate-related disclosures and actions.

    Our solvency position remained strong, with a fully loaded common equity ratio of 15.0% at the end of December 2024. Our liquidity position remained very solid too, as illustrated by an LCR of 158% and NSFR of 139%. Our Board of Directors has decided to propose a total gross dividend of 4.85 euros per share to the General Meeting of Shareholders for the accounting year 2024. That amount includes 0.70 euro per share already paid in May 2024, reflecting the surplus capital above the 15% fully loaded CET1 threshold per end 2023 and 4.15 euros per share, of which an interim dividend of 1 euro per share was already paid in November 2024 and the remaining 3.15 euros per share to be paid in May 2025. When including the proposed dividend of 4.15 euros per share and additional tier-1 coupon, the pay-out ratio would amount to approximately 51% of 2024 net profit.

    Lastly, we have also updated our short-term financial guidance. For 2025, we are aiming to achieve an annual growth rate of at least 5.5% for total income and an annual growth rate of below 2.5% for operating expenses excluding bank and insurance taxes. Furthermore, we also want to achieve a combined ratio of maximum 91% in non-life insurance.

    In closing, I would like to sincerely thank all our customers, employees, shareholders and all other stakeholders for their trust and support, and assure them that we remain committed to being the reference in bank-insurance, innovation and digitalisation in all our home markets.’ 

    Johan Thijs
    Chief Executive Officer

    Attachments

    The MIL Network –

  • MIL-OSI: DNO Shares Traded Ex-Dividend

    Source: GlobeNewswire (MIL-OSI)

    Oslo, 13 February 2025 – DNO ASA, the Norwegian oil and gas operator, today announced that the Company’s shares will be traded ex-dividend effective 13 February 2025.

    A dividend payment of NOK 0.3125 per share will be made on or about 21 February 2025 to all shareholders of record as of 14 February 2025.

    –

    For further information, please contact:

    Media: media@dno.no
    Investors: investor.relations@dno.no

    –

    DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development, and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Côte d’Ivoire, Netherlands and Yemen.

    This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act and section 4.2.5.3 of Euronext Oslo Rulebook II.

    The MIL Network –

  • MIL-Evening Report: Here’s why some people still evade public transport fares – even when they’re 50 cents

    Source: The Conversation (Au and NZ) – By Milad Haghani, Associate Professor & Principal Fellow in Urban Risk & Resilience, The University of Melbourne

    Public transport in Queensland now costs just 50 cents. Yet in the first six months of the trial, it’s been revealed that thousands of commuters were fined for fare evasion.

    More than 3,000 people received fines of A$322 each, amounting to more than $1 million in penalties. And more than 21,000 were issued warnings over this period.

    Queensland’s 50 cent fares trial was designed to boost ridership and ease cost-of-living pressures. Now it has exposed a paradox: why do people evade fares even when the price is nearly free?

    Fare evasion isn’t just a Queensland problem — it’s a nationwide challenge. Queensland’s experience raises bigger questions about enforcement, policy, and the role of public transport funding.

    A nationwide challenge

    Across the country, fare evasion drains millions from state public transport budgets. In New South Wales, for example, fare evasion costs the state government about $80 million each year.

    The latest NSW Fare Compliance Survey inspected 52,152 tickets, including Opal cards, contactless payments, and single-trip tickets, across the NSW public transport network.

    Fare evasion costs the NSW government $80 million a year.
    Gordon Bell/Shutterstock

    It found most non-compliance came down to passengers travelling without a valid ticket. This included not only those customers carrying no ticket at all, but also those who did have an Opal or other payment card but hadn’t tapped on.

    Another form of non-compliance was when passengers used concessions for which they weren’t eligible.

    The survey also highlighted variations in compliance – across different modes of transport, times of day and days of the week.

    Overall, compliance did not significantly differ between weekends and weekdays.

    Looking at weekday use, Sydney Metro had the highest compliance rate at 97%. This was followed by Sydney Ferries (95.9%), all trains (93.6%), Sydney Light Rail (91%) and all buses (89.2%).

    Who evades fares and why?

    Fare evasion isn’t just about people trying to save money. Research shows there are different types of fare evaders, ranging from habitual dodgers to those who evade unintentionally.

    An international study on Santiago’s Transantiago system found that evaders could be categorised into four groups:

    • radical evaders who view non-payment as a form of protest
    • strategic evaders who evade when they believe the risk of being caught is low
    • ambivalent evaders who sometimes pay but don’t always see the value in it
    • accidental evaders who forget or run into ticketing system barriers.

    A separate study in Melbourne also identified a wide spectrum of attitudes on fare evasion, from those who consider it morally wrong to those who take calculated risks based on enforcement patterns.

    Does lowering fares reduce evasion?

    Queensland’s 50-cent fare trial presents a real-world test of a long-standing question: does cheaper public transport reduce fare evasion?

    Our calculations using the state’s early data show a 27% drop in fare evasion fines since the trial began, compared with the same period in the previous year.

    This aligns with the idea that fare evasion is, at least partially, a rational economic decision. When the price is lower, the incentive to evade diminishes – though it does not completely disappear.

    Modelling evidence from Santiago’s bus system also suggests price sensitivity, but with caveats. A 10% increase in fares led to a two-percentage-point rise in fare evasion.

    The role of trust and public perception

    A surprising insight from research is that fare evasion isn’t just an economic decision. It’s a social one, too.

    When passengers perceive the system as unfair (due to factors such as unreliable service, high fares or lack of investment), fare evasion rises.

    Further, if fare dodging behaviour is normalised within a city or demographic, it spreads like contagion.

    Studies have suggested that permissive social attitudes toward fare evasion are as strong a predictor as actual financial hardship.

    The limits of enforcement

    Most transit agencies rely on two standard deterrents: more ticket inspections, and harsher fines for fare evaders.

    Does this approach work? Research suggests only to a point.

    All states and territories have had to grapple with the issue of fare evasion.
    Adam Calaitzis/Shutterstock

    Empirical evidence suggests that potential evaders are more deterred by the certainty of getting caught than by the size of the fine.

    In other words, the visibility of inspectors matters more than the penalty itself. For many, the social stigma of getting caught is a key factor, regardless of how big the penalty is.

    A crucial question in the Queensland debate is: if public transport is already nearly free, does fare evasion even matter?

    The lost revenue from the unpaid fares by those who were issued a fine over the period in question amounts to just $1,663.

    Depending on the level of crackdown, at such low fees, enforcement measures could easily end up costing more than the revenue lost. Security patrols, inspections and fine processing can amount to significant costs.

    Why it matters

    There are at least two key factors to consider in relation to whether cracking down on evaders is worth it.

    First, allowing widespread fare evasion could erode social norms around paying for public services. If the expectation of compliance disappears, what happens if fares rise again?

    And second, even when fares are zero or near-zero, requiring passengers to validate a ticket (such as by tapping on and off) allows transport agencies to track demand, plan services, and prevent system abuse.

    Even in Tallinn, Estonia — where residents ride for free — tap-ons are still required for data collection and preventing system abuse.

    Even at 50 cents a trip, authorities still expect public transport to function within a structured system, with rules that encourage accountability and predictability.

    But enforcement alone won’t solve fare evasion. Winning public trust is just as important as enforcing rules. Investing in better service quality, reliability and community engagement can be as effective as increasing inspections.

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

    – ref. Here’s why some people still evade public transport fares – even when they’re 50 cents – https://theconversation.com/heres-why-some-people-still-evade-public-transport-fares-even-when-theyre-50-cents-249739

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Central Bank of Savings Banks Finland Plc: Annual Financial Report 2024

    Source: GlobeNewswire (MIL-OSI)

    Central Bank of Savings Banks Finland Plc’s IFRS financial statements and Board of Directors’ report for 2024 have been published. 

    Stock Exchange Release 
    13th of February 2025 at 6.55 am (CET +1) 

    The materials are attached to this release and available in English and Finnish at www.saastopankki.fi. 


    Further information:      

    Kai Brander
    Managing Director  
    Central Bank of Savings Banks Finland Plc 
    kai.brander@saastopankki.fi 
    +358 50 384 8220 

    Central Bank of Savings Banks Finland Plc is part of the Savings Banks Amalgamation and Savings Banks Group and operates as Group’s central credit institution. Central Bank of Savings Banks’ role is to ensure liquidity and wholesale funding of the Savings Banks Group via operating in the money and capital markets, issue payment cards, and provide payment transfer and account operator services. 

    Attachment

    The MIL Network –

  • MIL-OSI: Sp Mortgage Bank Plc: Annual Financial Report 2024

    Source: GlobeNewswire (MIL-OSI)

    Sp Mortgage Bank Plc’s IFRS financial statements and Board of Directors’ report for 2024 have been published. 

    Sp Mortgage Bank Plc 
    Stock Exchange Release 
    13th of February 2025 at 6.55 am (CET +1) 

    The materials are attached to this release and available in English and Finnish at www.saastopankki.fi. 

    Sp Mortgage Bank Plc 

    Further information: 

    Tero Kangas
    Managing Director  
    Sp Mortgage Bank Plc 
    tero.kangas@saastopankki.fi 
    +358 50 420 1022 

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

    Attachment

    The MIL Network –

  • MIL-OSI: Central Bank of Savings Banks Finland Plc: Savings Banks Group’s Release of Financial Statements for 2024

    Source: GlobeNewswire (MIL-OSI)

    Central Bank of Savings Banks Finland Plc  

    Stock Exchange Release  
    13th February 2025 at 6.55 am (CET +1)  

    Savings Banks Group’s Release of Financial Statements for 2024 has been published.  

    Document containing the Financial Statements Release is attached to this release. The Financial Statements Release can be also found at www.saastopankki.fi.  

      

    SAVINGS BANKS GROUP  

    Additional information:  

    Kai Koskela
    acting CEO  
    Savings Banks’ Union Coop  
    kai.koskela@sastopankki.fi 
    +358 40 549 0430   

    Attachment

    The MIL Network –

  • MIL-Evening Report: This is Australia’s only icebreaker. Here’s why experts say we need another

    Source: The Conversation (Au and NZ) – By Jane Younger, Lecturer in Southern Ocean Vertebrate Ecology, Institute for Marine and Antarctic Studies, University of Tasmania

    Australia’s Antarctic territory represents the largest sliver of the ice continent. For decades, Australian scientists have headed to one of our three bases – Mawson, Davis and Casey – as well as the base on sub-Antarctic Macquarie Island, to research everything from ecology to climate science.

    But despite our role as leaders in Antarctic science, Australian funding and logistics for Antarctic research hasn’t kept pace. Our single icebreaking vessel spends most of its time on resupply missions, restricting its use for actual science. And funding is often piecemeal, which makes it hard to plan the complex, multi-year efforts it takes to do research down on the ice.

    This week, we saw a welcome change. The federal parliamentary committee on Australia’s external territories delivered a report calling for a second icebreaking vessel and more reliable funding. It also urged the government to progress work on marine protected areas in east Antarctica as well as resume fishing patrols, due to concern over illegal or exploitative fishing.

    These measures are long overdue. For those of us who work and study on the ice continent, logistics and funding have long been a challenge. Illegal fishing in Antarctica must be stamped out, and a second vessel would support our ambitious, world-leading science.

    Why is Antarctic science so important?

    Antarctica is often out of sight, out of mind for many Australians. But what happens on the ice doesn’t stay there.

    For climate science, Antarctica matters a great deal. For decades, much of the concern about melting ice focused on the Arctic and Greenland, while Antarctica stayed relatively stable. But this is now changing. Sea ice is melting more quickly than in the past. Glacial ice is retreating. Increased melting will affect sea level rise and ocean currents.

    I study diseases such as the lethal strain of bird flu which has devastated bird and some mammals populations around the world. It recently reached Antarctica, where it killed large numbers of penguins, skuas, crabeater seals and more. I saw the devastation myself on my recent journey there.

    If this strain makes it to Australia – the last continent free of it – it could come from the south and devastate both Australian wildlife and poultry.

    To study these large and important changes, we need to be down there on the ice. It’s not an easy task. Keeping our bases functional means we need regular resupply missions. Repairs and extensions require tradies. Scientists and other workers need to be brought home.

    Antarctic science has long relied on just one vessel, now the RSV Nuniya, which the Australian Antarctic Division describes as the “main lifeline to Australia’s Antarctic and sub-Antarctic research stations and the central platform of our Antarctic and Southern Ocean scientific research”.

    The problem is, resupply can trump science. After all, no one wants bases running short of food or fuel. This is, in fact, what the Nuniya is largely doing.

    Australia’s role is key

    The Australian Antarctic Territory represents about 40% of the ice continent – the largest territory by far.

    Territory, here, doesn’t mean exclusive rights. In 1959, 12 nations with a scientific interest in the ice continent signed the Antarctic Treaty. This treaty was an agreement that Antarctica – the only landmass with no indigenous human presence – would be reserved for peaceful, scientific purposes.

    But in recent years, this treaty has come under pressure. Nations such as Norway and China have expanded fishing operations for krill. Illegal and unregulated fishing from various nations continues.

    The report recommends the Australian government continue efforts to establish a marine protected area off East Antarctica – where fishing would be restricted – as well as reopening fishing patrols. China – which recently opened its fifth Antarctic base – is opposed to the idea of fishing-free zones and is pushing to expand fishing in the Southern Ocean.

    Under Antarctica’s ice lie many resources. Mining is banned in Antarctica until 2048. What happens after that is uncertain. The race to tap critical minerals in Greenland signals what may lie ahead for Antarctica.

    This is why Australia’s leadership in Antarctic science matters. Australia was an original signatory to the Antarctic Treaty, and has a long history of exploration and science. Hobart has long been the home of Australia’s Antarctic vessels.

    As Antarctica changes, Australian scientists must be there to analyse, understand and report back. To do that, improvements are needed, including new vessels and longer-term funding. This report is the first step.

    The government is yet to formally respond to the report’s recommendations. Let’s hope it takes heed of the findings.

    Jane Younger receives funding from the Australian Research Council, WIRES Australia, the Geoffrey Evans Trust and the National Geographic Society.

    – ref. This is Australia’s only icebreaker. Here’s why experts say we need another – https://theconversation.com/this-is-australias-only-icebreaker-heres-why-experts-say-we-need-another-249714

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Short-term politics keeps stalling long-term fixes. This bill offers a way forward

    Source: The Conversation (Au and NZ) – By Susan Harris Rimmer, Professor, Griffith Law School, Griffith University

    Two federal politicians from opposing camps reached across the aisle this week to promote a valuable cause – the wellbeing of future Australian generations.

    Independent MP Sophie Scamps tabled the Wellbeing of Future Generations Bill 2025, which was seconded by Liberal backbencher Bridget Archer.

    In an election year no less, this was a highly unusual moment of bipartisan collaboration.

    It is extremely rare for private members bills to be passed into law. But the ideas in the Scamps bill have merit – especially its central recommendation that all decision makers properly consider the needs of young people when drafting government policy.

    The bill was a direct response to a diverse civil society campaign in Australia and overseas to prioritise long term solutions to deliver a fairer, more sustainable future.

    We support those efforts through our involvement in the youth-driven non-profit Foundations for Tomorrow, which worked closely with Scamps on her bill.

    What is in the bill?

    The bill would introduce a range of measures to try and apply a future focus to decision making across the policy spectrum. This includes housing, environment, climate change, mental health and job security, all of which are pressing issues for young people.

    An independent Commissioner for Future Generations would be appointed to advocate for better policies and sustainable practices, while the government would have a public duty to always consider the best interests of future generations.

    Importantly, a national conversation would be launched to engage Australians in a public consultation to help shape the nation’s vision for the future.

    What is future governance?

    Globally, we are in a state of polycrisis.

    We are confronting cascading climate disasters, intense regional conflicts and geo-strategic competition. In response to this, a growing international movement representing the interests of future generations has emerged.

    The concept incorporates an approach to decision making that overcomes the trappings of short-term, inadequate solutions. Instead, the emphasis is on planning for the future, not just the here and now.

    Here in Australia, it aspires to future-proof the country by managing extreme, long-term risks that are damaging current and future prosperity.

    Growing inequality is showing up in many policy areas, none more so than in the housing wealth gap between people in their 30s and 50s, which has widened to an extraordinary 234%.

    By improving governance, it is hoped that intergenerational justice will be achieved. This ethical lens is compatible with the Australian Public Service value of good stewardship.

    A global movement

    Many countries, including Scotland, Finland, the United Arab Emirates and Singapore, are exploring ways to reorient their policy making towards a better understanding of long-term impacts of decisions taken now. It has also been taken up by the United Nations and the European Union.

    The Australian bill is based on the experience in Wales, where similar legislation was introduced in 2015.

    The Welsh model has delivered significant practical benefits by including community involvement in planning, and protecting essential services from election cycles. For instance, environmental protection has been given higher status in decision making about transport.

    The Australian landscape

    Australia has undertaken other efforts to think long term. The Intergenerational Report was launched by former treasurer Peter Costello in 2002 to build consensus around the big issues facing Australia over the next 40 years.

    The most recent report, in 2023, identified five major areas needing future generations policy. These were population and ageing, technological and digital transformation, climate change and the net zero transformation, rising demand for care and support services, and geopolitical risk and fragmentation.

    The ideas in the Wellbeing of Future Generations bill could help guide policy in these critical areas. It would be an improvement on our current approach of recognising issues, but constantly kicking the can down the road.

    There have been other excellent future generations measures at all levels of government. One of these is the Albanese government’s commitment to the Measuring What Matters framework.

    And there is merit in independent Senator David Pocock’s Duty of Care Bill and the establishment of the Parliamentary Group for Future Generations at the Commonwealth level.

    An increasing number of leaders and policy makers are recognising the power and potential of expanding our definitions of policy success.

    Young voters and the 2025 election

    However, much more needs to be done to overcome intergenerational inequities. Policy-making continues to be driven by short-term political objectives, which is eroding trust and optimism in Australia’s future.

    In a 2021 survey for Foundations for Tomorrow, 71% of young Australians said said that they “do not feel secure”. Young people are also drifting away from supporting the major parties, especially the Coalition.

    Tabling her bill, Scamps correctly pointed out that today’s young Australians are the first generation in modern history to be worse off than their parents.

    Australians want politicians to start thinking beyond their own re-election prospects. They want long term solutions, they want vision, they want hope. We owe them that much.

    A recent survey by EveryGen (a network convened by Griffith University’s Policy Innovation Hub) found that 81% of Australians feel that politicians focus too much on short-term priorities. An overwhelming 97% of people believe that current policies must consider the interests of future generations.

    Genuine futures thinking is not always easy. But it does add an important ethical dimension to decision making, that of real attention to political legacy.

    Susan Harris Rimmer receives funding from the Australian Research Council. She is affiliated with Foundations for Tomorrow as a board member who are running the For the Future campaign, and is founder of the EveryGen network. EveryGen is a member of the Intergenerational Fairness Coalition.

    Elise Stephenson receives funding from the Australian Research Council. She is a founding member of the EveryGen network and supporter of Foundations for Tomorrow. EveryGen is a member of the Intergenerational Fairness Coalition.

    – ref. Short-term politics keeps stalling long-term fixes. This bill offers a way forward – https://theconversation.com/short-term-politics-keeps-stalling-long-term-fixes-this-bill-offers-a-way-forward-249598

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: OPEC maintains oil demand forecasts for 2025, 2026

    Source: China State Council Information Office 3

    Photo taken on Nov. 30, 2023 shows the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria. [Photo/Xinhua]

    The Organization of the Petroleum Exporting Countries (OPEC) announced on Wednesday that it is maintaining its previous forecasts for global oil demand growth in 2025 and 2026.

    In its February monthly oil market report, OPEC projects a “healthy” increase in global oil demand, estimating growth of 1.45 million barrels per day (bpd) in 2025, followed by a rise of 1.43 million bpd in 2026, figures unchanged from last month’s assessment.

    “Growth this year is expected to be driven by transportation fuels on the back of strong air travel demand and healthy road mobility. Support is also expected to come from the industrial, construction and agricultural sectors in non-OECD (the Organization for Economic Co-operation and Development) countries,” OPEC said.

    The organization also left its global economic growth projections for 2025 and 2026 unchanged, forecasting a 3.1 percent expansion this year and 3.2 percent in the following year.

    MIL OSI China News –

  • MIL-OSI USA: Senator Marshall Joins Senator Moran, Hoeven on Moving Food for Peace to USDA

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall
    Washington, D.C. – Yesterday, U.S. Senator Roger Marshall, M.D. joined Senators Moran, Hoeven, and Representatives Mann, Crawford, Newhouse, and Rouzer, as well as House Agriculture Chairman Thompson in introducing legislation to move the Food for Peace program from the U.S. Agency for International Development (USAID) to the U.S. Department of Agriculture (USDA).
    “Food for Peace was started in Kansas by farmers who wanted to feed people in need across the world. Now, over 70 years later, the mission continues. The USDA understands farmers and food distribution better than any other agency in town, and moving the jurisdiction of Food for Peace under the USDA ensures that American grain is going to the people who need it most,” said Senator Marshall. “As President Trump and congressional leadership continue to find ways to curb wasteful spending and promote our nations’ goods and commodities, this is a step in the right direction toward a brighter future for America, its farmers, and the original mission of Food for Peace.”
    “The move of this program to USDA strengthens our ability to get food to those who need it most while supporting US sorghum farmers,” said Amy France, National Sorghum Producers Chairwoman. “NSP supports this shift, as it ensures the long-term success of Food for Peace and the efforts to deliver American-grown sorghum to food-insecure communities worldwide.”
    “Kansas farmers take great pride in Food for Peace and the impact the program and American commodities have had on feeding the world,” said Chris Tanner, Kansas Association of Wheat Growers President. “Moving Food for Peace to USDA would continue to provide the needed relief for people in need.”
    “Kansas-grown sorghum is a critical crop for food security in America and abroad,” said Adam York, CEO of Kansas Sorghum Producers Association. “Throughout changes in administrations, sorghum farmers have worked to have a seat at the table in international food programs housed across many agencies to ensure America’s farmers can contribute to our national security. We recommend policy makers continue prioritizing American agriculture as a solution to challenges in domestic and foreign policy.”
    “Our nation’s millers take great pride in feeding those facing famine emergencies around the world,” said Kim Z Cooper, Vice President of Government Affairs for the North American Millers’ Association. “Our flagship emergency food aid program Food for Peace not only helps those abroad, but is a critical component of Buy American and America First policies.”
    Senator Marshall has championed reforms to the Food for Peace program in the past, co-leading the America’s Farmers Feed the World Act, which sought to restore the Food for Peace program to its original intent by using U.S.-grown commodities to fight global hunger rather than spending American taxpayers’ dollars on foreign goods with limited oversight and accountability safeguards.

    MIL OSI USA News –

  • MIL-Evening Report: Heads vs tails? A simple coin flip can be enough to change how we treat others

    Source: The Conversation (Au and NZ) – By Eliane Deschrijver, Senior Lecturer in Social Psychology and Neuroscience, University of Sydney

    Circles in a Circle (1923) Wassily Kandinsky / Philadelphia Museum of Art / The Louise and Walter Arensberg Collection, 1950

    Imagine you are asked to give a small amount of money to a stranger. It’s not your money, so it doesn’t cost you anything. You’re just deciding how much they get.

    But first, a pair of coins is flipped – one for you and one for the stranger – and you are told the results.

    Would the coin flip change how much money you give? Specifically, would you give them a larger amount if you both got heads or tails than if you got different results?

    As we discovered in a series of experiments with more than 1,400 participants, the coin flip – or other seemingly insignificant points of similarity or difference – might well affect your behaviour.

    In a new paper in Proceedings of the National Academy of Sciences, we show how understanding why even a coin flip can influence behaviour might help us understand what makes people discriminate against others.

    ‘Us’ versus ‘them’

    Historically, many psychological theories that aim to explain discrimination have focused on group processes, rather than on how we respond to individual people.

    This focus on group processes followed, in part, from the discovery that people benefit their own group over another group even if the division into groups had happened based on seemingly irrelevant features.

    The use of such features has been crucial for explaining the core psychology of discrimination, stripped from any wider societal elements such as race, gender, values or attitudes.

    In the seminal “minimal group” experiment, people were assigned to one of two groups based on seemingly irrelevant differences. Some groups were split by a preference for the paintings of Paul Klee versus those of Wassily Kandinsky, others by whether they had over- or underestimated the number of dots in an image. Some were even allocated to groups by a random event like a coin flip.

    The so-called ‘minimal group’ experiment showed that separating people into groups was enough to make them favour members of their own group.
    Andrii Yalanski/Shutterstock

    The result? Klee fans tended to give financial benefits to other Klee fans ahead of Kandinsky enthusiasts. Likewise, people in the “heads” group favoured their own group over those in the “tails” group.

    The results could not be explained easily by existing research at the time. Some theories had emphasised that people show favour towards an individual after agreeing on more meaningful topics than painting preferences or dots estimations. The meaningful topics were things like one’s belief system, values or political or religious views.

    Small studies had also found that a coin flip – which didn’t lead to explicitly dividing people into groups – was not enough to make people show discriminatory tendencies.

    An influential theory called social identity theory thus concluded that social categorisation – thinking in terms of “us” versus “them” – could lead to people discriminating. This was tied to an idea that people elevate their self-image or improve their self-esteem by benefiting their own group over others.

    New research emphasises a role for even random similarity versus difference

    In our recent research, we set out to reassess whether group division is crucial to understand discriminatory tendencies.

    We carried out seven experiments with over 1,400 participants in total (all based in the United Kingdom).

    The study analysed data from participants who were asked to either repeatedly choose their preferred painting from two, estimate the number of dots presented in a “cloud”, or take part in a coin toss.

    After each choice or coin flip, participants had to assign money to another person (the same person each time).

    The result of a coin flip was enough to change how study participants treated another person.
    Motortion Films/Shutterstock

    The only information participants were given about the other individual was their outcome in the same situation. Neither participants nor the other person were assigned to groups. Someone asked to pick between two paintings, for instance, was only told which painting the person they were allocating money to preferred in that instance.

    Participants allocated on average 43.1% more money to another person who demonstrated the same judgement – or chance outcome – to their own.

    Our research demonstrates that some of our discriminatory tendencies may be driven by individual difference versus sameness even when that difference or sameness is based on random chance, like a coin flip.

    The findings raise the possibility that more basic neural processes than thinking about groups may have contributed to these outcomes.

    Detecting a difference often comes with a conflict signal in the brain, and may come with negative emotions. Sameness with another person may hence lead to a more favourable treatment. However, this potential explanation will require further research.

    Why does this matter?

    The findings can help understand our own tendencies for favouring another person.

    Previous research had suggested that “incidental similarity” with somebody, such as sharing a birthday or a name, can influence pro-social behaviour or liking because we associate the person with the way we see ourselves.

    Our research surprisingly suggests that something similar can happen on the basis of an even less-relevant chance event such as a coin flip.

    This may affect how we think about discrimination. We usually understand discrimination as making unfair distinctions between people based on groups or other social categories.

    Our research suggests future perspectives on discrimination may incorporate a role for individual-level difference, too.

    Does this new understanding suggest ways we can lessen discrimination? At this stage, they would only be speculative.

    However, earlier scientific efforts to find ways to reduce prejudice and discrimination have largely been informed by group-based theories of discrimination. For example, some interventions have aimed to influence people’s perceptions of other groups.

    In the same way, our new findings may inspire future research into interventions based on individual-level drivers of discrimination.

    Eliane Deschrijver receives funding from the Australian Research Council.

    Richard Ramsey 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. Heads vs tails? A simple coin flip can be enough to change how we treat others – https://theconversation.com/heads-vs-tails-a-simple-coin-flip-can-be-enough-to-change-how-we-treat-others-249611

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: CATL aiming to raise over $5B from HK listing

    Source: China State Council Information Office

    Contemporary Amperex Technology Co Ltd, the world’s largest electric vehicle battery maker, has filed for a Hong Kong listing that is expected to be the city’s biggest initial public offering in four years.

    The long-awaited CATL listing aims to raise more than $5 billion, which the company said will fund overseas production capacity and international business expansion, supporting its long-term global strategy.

    Already an A-share listed company, CATL’s Hong Kong listing will attract more international capital, further diversifying its financing channels, said analysts.

    According to public disclosures, as of June 2024, CATL had foreign currency balances of $6.74 billion and 3.86 billion euros ($4 billion), which were challenging to cover the hefty investments in Europe and other regions, as well as the ongoing need for overseas strategic expansion that often amount to billions of euros.

    Zhou Mi, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation, said CATL’s Hong Kong listing is poised to assist the company in garnering funds on a global scale to support its endeavors in overseas research and development, production capacity expansion and market outreach. Additionally, the Hong Kong listing is expected to enhance CATL’s brand influence in international markets, strengthening its global competitiveness.

    “This listing opens avenues for financing. Given CATL’s expansive global reach, substantial financial support is imperative, a need that can be met through a successful IPO. In addition, CATL’s global expansion necessitates collaboration from diverse stakeholders. By opting for a Hong Kong listing, CATL can also engage with a broad spectrum of international investors. This move is pivotal in enhancing CATL’s global standing,” Zhou said.

    In recent years, CATL has accelerated its overseas expansion efforts, establishing battery factories in European countries including Germany and Hungary. In December, CATL signed a joint venture agreement with Dutch automotive group Stellantis that will build a large-scale lithium iron phosphate battery plant in Zaragoza, Spain.

    According to SNE Research — a South Korean company providing global market research and consulting services for rechargeable battery industries — CATL maintained its top position globally in terms of battery usage for electric vehicles from January to November 2024, witnessing a 28.6 percent year-on-year growth. Following CATL are BYD and LG Energy Solution.

    Many major Chinese original equipment manufacturers such as Zeekr, Aito and Li Auto, operating in the world’s largest EV market of China, have integrated CATL’s batteries into their products.

    Furthermore, prominent global OEMs including Tesla, BMW, Mercedes-Benz and Volkswagen have also chosen CATL’s batteries for their EV models.

    MIL OSI China News –

  • MIL-OSI USA: Duckworth Outlines How Trump’s Attack on USAID is Hurting National Security and All Americans

    US Senate News:

    Source: United States Senator for Illinois Tammy Duckworth
    February 12, 2025
    [WASHINGTON, D.C.] – Today, U.S. Senator Tammy Duckworth (D-IL)—a member of the U.S. Senate Foreign Relations Committee (SFRC)—outlined how President Donald Trump’s illegal foreign assistance freeze and dismantling of USAID undermines our national security, empowers our adversaries and jeopardizes Americans’ economic security. Her discussion with the panel highlighted how USAID programs abroad help improve the global competitiveness of American products. Video of Duckworth’s full remarks can be found on the Senator’s YouTube.
    “Donald Trump promised he’d lower costs and keep Americans safe, but his attack on USAID is doing the opposite: hurting our national security and empowering our adversaries,” Duckworth said. “The only people winning here are our adversaries and those who thrive on chaos—whether that be the PRC, Russia or Elon Musk. Meanwhile, Trump’s destructive actions are causing real harm to people’s lives and their livelihoods.”
    Duckworth has repeatedly called out President Donald Trump and his Administration’s illegal attack on USAID. Last week, Duckworth led her fellow SFRC Democratic colleagues in demanding immediate answers from U.S. Secretary of State Marco Rubio on how much it will cost American taxpayers to pull USAID workers off the job overseas and relocate them back to the United States. Duckworth also spoke out against Trump’s ongoing illegal power grabs—including the shuttering of USAID—on the Senate floor as part of Senate Democrats’ 30-hour protest opposing Project 2025 architect Russell Vought’s nomination to serve as the Director of the Office of Management and Budget (OMB). As a result of Trump’s ongoing lawlessness, Duckworth also announced that she will be a blanket-no on all remaining top-level cabinet nominees.
    -30-

    MIL OSI USA News –

  • MIL-OSI Australia: Sally Sara, ABC Radio National

    Source: Minister for Trade

    Sally Sara: Well, Australian industry is on tenterhooks, awaiting indications on whether there’ll be an Australian exemption from US tariffs on steel and aluminium. The Trade Minister, Don Farrell, has his bags all but packed, ready to fly to the US to meet his US counterpart, Howard Lutnick, as soon as Mr Lutnick is confirmed in the role. But before that, Mr Farrell is at the centre of electoral forms. He has negotiated with the Coalition in what integrity experts have called an affront to our democracy.

    Don Farrell is with me in the studio. Don Farrell, welcome to Radio National Breakfast.

    Minister for Trade: Nice to be with you, Sally.

    Sara: You’ve got quite a bit on in your portfolios at the moment. Let’s start with the question of tariffs. Has Australia been killing the American aluminium market as Donald Trump’s senior trade adviser, Peter Navarro has accused Australia of doing?

    Minister for Trade: I don’t believe we have, Sally. We make a terrific product here in aluminium. It’s a high-quality product. Australian companies do really well in the export market, and we sell our product to willing purchasers in the United States. I think we the reason we’re making those sales, of course, is the high quality and the high value of the product we sell. And I don’t believe we have done at any stage anything that has not been agreed to by the American Government.

    Sara: Has DFAT been reporting the sales of Australian steel and aluminium to the US Commerce Department?

    Minister for Trade: Well, I can’t say I know exactly how that information is collected by the Americans. I’m sure they have accurate figures on what we export into the United States. I think it’s important to remember, Sally, that in the relationship between Australia and the United States, it’s overwhelmingly in the United States’ favour. We have trade worth about $100 billion. $30 billion of that is what we sell for the United States, but 70 billion is what the Americans sell to us.

    Sara: Minister, I’ll bring you back to the question, though. Have we been – has Australia been reporting the volumes of steel and aluminium exports to the US Commerce Department?

    Minister for Trade: I’m sure that we comply with all of the obligations that America imposes on those companies that are supplying into the United States. And it wouldn’t matter whether it was beef or lamb or grain or steel or aluminium, I would be absolutely certain Australian companies comply with all of their obligations in terms of reporting into the United States. But just getting back to my other point —

    Sara: But has DFAT been passing on those figures to the US Department of Commerce?

    Minister for Trade: I don’t know who is responsible for reporting to the United States, but whoever it would be, would be complying with all of the obligations.

    Sara: So, you you’re not sure?

    Minister for Trade: Well, I don’t know exactly – I don’t get down into those precise details, but I’m certain that we comply with all of our obligations to report to the United States Government in terms of whatever exports that we might be passing on into the United States.

    Sara: There’s a bit of a tangle of words here on the previous exemption what’s your understanding? Did the Coalition Government give a verbal agreement about limiting Australian aluminium being exported into the United States, which it then didn’t abide by?

    Minister for Trade: You’d have to ask Mr. Morrison or —

    Sara: What’s your understanding?

    Minister for Trade: Well, look, they are matters for Mr Morrison or Mr Birmingham, who was the Trade Minister at the time. What I’m aware of is what we’ve been doing over the last three years, and I think we have been complying with all of the arrangements that were in place and the appropriate arrangements that were in place to ensure that we continued to supply high-quality Australian-made aluminium into the American market.

    Sara: Has DFAT been in contact with Australian aluminium exporters urging them to contain the amount of aluminium – Australian aluminium – that’s going into the US, has that occurred?

    Minister for Trade: I would say DFAT is very commonly in contact with all of the Australian companies that sell product into the American market. Where there are arrangements in place we would ensure that the companies that export to the United States are fully aware of their obligations.

    Sara: How can you comply with a deal when you’re not sure what that deal was?

    Minister for Trade: Well, I’m not sure quite what you’re referring to —

    Sara: In terms of containing what the previous promise was.

    Minister for Trade: I would expect, and I understand that Australian companies that export to the United States are exporting on the basis of what they understand to be the rules.

    Sara: What do you understand the rules to be?

    Minister for Trade: Well, we were given an exemption by the former, well, President Trump when he was formally president for the first time, and we have supplied aluminium in accordance with that arrangement. I might say the total amount of aluminium that we supply to the United States is a relatively small amount in the scheme of things and –

    Sara: What’s your understanding of the deal when it comes to the amount that we are allowed to send?

    Minister for Trade: Well, I understand that there’s a ceiling to how much we export to the United States. Of course, in the middle of all of this you had the Russia-Ukraine war. And I understand that because of difficulties in arrangements between getting Russian aluminium into the United States, we increased the amount of aluminium that we supplied into the American market. But all of that was done with the full knowledge of the American Government. We haven’t done, at any stage, anything that the American Government has not been comfortable with.

    Sara: Minister, I need to ask you about electoral reforms. After the deal was announced yesterday, the Centre for Public Integrity issued a statement saying they’ve been advocating for political donations reform and transparency for a long time. But in terms of this agreement, they’ve described it as an affront to our democratic process and the legislation went through without proper process and scrutiny. What’s your response to those comments?

    Minister for Trade: Well, Sally, I say this. From the time that I became the Special Minister of State three years ago, we have worked on reforming the Australian electoral system. We want to make it easier for ordinary Australians to participate in the electoral process. And you shouldn’t have to be beholden to billionaires in order to successfully run for politics in Australia. I want to see the ideas of Australia being the issue that determines whether or not they are or are not elected, not their wealth. And what we did last night was, as you say, dramatically increase the transparency of the Australian political system. For the first time, when you walk into the ballot place in the election after next, so, it doesn’t apply to this election because we’re so close to the election, for the first time, you’ll know exactly who else is donating to the candidate that you’re contemplating supporting. These are significant reforms. We’re capping the amount of money that you can spend on elections. Instead of the cost of elections blowing out, we are capping those costs.

    Sara: Do you understand the criticism of the independents? Because they will be capped with this per candidate cap. But if a candidate is a member of a major party, they’ll have the money under that per candidate cap and then another pot of money that is capped with the party. In other words, they have access to two pots of money.

    Minister for Trade: Can I say that they are completely wrong about that assessment. At the moment, there is no cap at all on how much candidates or parties can spend. The major parties, the Labor Party, the Liberal Party, have voluntarily capped the amount of money that they can spend on an election. So, that, in fact, it’s the opposite of the criticism that is being made about this legislation. We’re actually reducing the amount of money that the major political parties can spend on an election and that is to the benefit of all candidates. And can I say this, Sally? We’ve kept the amount of money you can spend on a single electorate at $800,000. If you can’t get your message out to the Australian people with a spend of $800,000, then there’s something wrong with your campaigning.

    Sara: Minister, we’ll need to leave it there. You’ve got a lot on your plate at the moment. Thank you so much.

    Minister for Trade: Thanks, Sally.

    MIL OSI News –

  • MIL-OSI: Euronet Reports Record Results Across All Financial Metrics For The Fourth Quarter And Full Year 2024

    Source: GlobeNewswire (MIL-OSI)

    LEAWOOD, Kan., Feb. 12, 2025 (GLOBE NEWSWIRE) — Euronet (or the “Company”) (NASDAQ: EEFT), a global leader in payments processing and cross-border transactions, today announced fourth quarter and full year 2024 financial results. 

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

    • Revenues of $1,047.3 million, a 9% increase from $957.7 million (10% increase on a constant currency1 basis).
    • Operating income of $122.7 million, a 26% increase from $97.4 million (27% increase on a constant currency basis).
    • Adjusted operating income2 of $122.7 million, a 23% increase from $99.9 million (24% increase on a constant currency basis).
    • Adjusted EBITDA3 of $165.8 million, a 12% increase from $147.6 million (13% increase on a constant currency basis).
    • Net income attributable to Euronet of $45.2 million, or $0.98 diluted earnings per share, compared with $69.3 million, or $1.43 diluted earnings per share.
    • Adjusted earnings per share4 of $2.08, a 10% increase from $1.88.
    • Euronet’s cash and cash equivalents were $1,278.8 million and ATM cash was $643.8 million, totaling $1,922.6 million as of December 31, 2024, and availability under its revolving credit facilities was approximately $1,335 million.

    Euronet reports the following consolidated results for the full year 2024 compared with the same period of 2023:

    • Revenues of $3,989.8 million, an 8% increase from $3,688.0 million (9% increase on a constant currency basis).
    • Operating income of $503.2 million, a 16% increase from $432.6 million (18% increase on a constant currency basis).
    • Adjusted operating income of $502.8 million, a 16% increase from $432.1 million (18% increase on a constant currency basis).
    • Adjusted EBITDA of $678.5 million, a 10% increase from $618.7 million (11% increase on a constant currency basis).
    • Net income attributable to Euronet of $306.0 million, or $6.45 diluted earnings per share, compared with $279.7 million, or $5.50 diluted earnings per share.
    • Adjusted earnings per share of $8.61, a 15% increase from $7.46.

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

    “I am pleased we delivered 15% growth in Adjusted EPS for the full year — at the top end of our range, driven by strong performance in all three segments. As we entered 2024, we told shareholders that we expected our Adjusted EPS to grow between 10% and 15%, and we would be driving to go through the range. Throughout the year our results increasingly demonstrated that it was likely we would perform at the upper end of that range. Now with these very good fourth quarter results, you can see we performed at the top of the range and even ahead of our historical 10- and 20-year CAGR rates. I would like to also point out that our 2024 adjusted EPS of $8.61 was adversely impacted by significant increases in interest and tax expense, but also benefited from share repurchases. With interest, taxes and share repurchases netting each other, you can see that the 15% increase in adjusted EPS was driven by the 16% increase in operating income made possible by strong revenue growth, scale and cost management. For the fourth quarter we delivered record adjusted EPS of $2.08, a 10% year-over-year increase as well as double-digit growth in operating income and adjusted EBITDA,” stated Michael J. Brown, Euronet’s Chairman and Chief Executive Officer. “EFT delivered double-digit growth across all metrics driven by international travel, growth in merchant acquiring business, fee increase opportunities, and expansion into new markets. Money Transfer produced strong fourth quarter results across all metrics including a 33% growth in digital transactions. In epay, our core business delivered strong results from continued digital branded payments and mobile growth.”

    Adjusted operating income and adjusted EBITDA were adjusted for non-cash purchase accounting adjustments in the EFT Segment during the fourth quarter and full-year of 2023 and the full year of 2024 and a non-cash gain in the full year 2023.

    Taking into consideration recent trends in the business and the global economy, the Company anticipates its 2025 adjusted EPS will grow 12% to 16% year-over-year, consistent with its 10 and 20 year compounded annualized growth rates. This outlook does not include any changes that may develop in foreign exchange rates, interest rates or other unforeseen factors.

    Segment and Other Results

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

    • Revenues of $265.6 million, a 12% increase from $237.9 million (13% increase on a constant currency basis).
    • Operating income of $37.3 million, a 46% increase from $25.5 million (48% increase on a constant currency basis).
    • Adjusted operating income of $37.3 million, a 33% increase from $28.0 million (35% increase on a constant currency basis).
    • Adjusted EBITDA of $61.7 million, an 18% increase from $52.2 million (19% increase on a constant currency basis).
    • Transactions of 3,203 million, a 35% increase from 2,369 million.
    • Total of 55,248 installed ATMs as of December 31, 2024, a 5% increase from 52,652 at December 31, 2023. Operated 49,945 active ATMs as of December 31, 2024, a 6% increase from 47,303 as of December 31, 2023.

    The EFT Processing Segment reports the following results for the full year 2024 compared with the same period in 2023:

    • Revenues of $1,161.2 million, a 10% increase from $1,058.3 million (10% increase on a constant currency basis).
    • Operating income of $256.0 million, a 24% increase from $206.3 million (25% increase on a constant currency basis).
    • Adjusted operating income of $255.6 million, a 24% increase from $205.8 million (25% increase on a constant currency basis).
    • Adjusted EBITDA of $353.5 million, an 18% increase from $300.4 million (19% increase on a constant currency basis).
    • Transactions of 11,424 million, a 35% increase from 8,473 million.

    Revenue, operating income, and adjusted EBITDA growth for both the fourth quarter and full year 2024 was driven by continued growth in transactions in nearly all markets, new market expansion, fee increase opportunities, cost management and growth in the merchant acquiring business with adjusted EBITDA doubling in the last two years.

    The EFT Segment’s total installed ATMs at December 31, 2024 grew 5% over December 31, 2023 ATMs due to the net addition of 1,729 Euronet-owned ATMs, 773 new outsourcing ATMs and the addition of 94 low-margin ATMs in India. The difference between installed and active ATMs relates to ATMs that have been seasonally deactivated. 

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

    • Revenues of $342.2 million, an 8% increase from $316.7 million (10% increase on a constant currency basis).
    • Operating income of $48.0 million, a 10% increase from $43.6 million (12% increase on a constant currency basis).
    • Adjusted EBITDA of $49.9 million, a 10% increase from $45.4 million (12% increase on a constant currency basis).
    • Transactions of 1,185 million, a 31% increase from 906 million.
    • POS terminals of approximately 777,000 as of December 31, 2024, a 5% decrease from approximately 821,000.
    • Retailer locations of approximately 362,000 as of December 31, 2024, a 3% increase from approximately 352,000.

    The epay Segment reports the following results for the full year 2024 compared with the same period in 2023:

    • Revenues of $1,150.5 million, a 6% increase from $1,082.4 million (7% increase on a constant currency basis).
    • Operating income of $129.9 million, a 3% increase from $126.2 million (4% increase on a constant currency basis).
    • Adjusted EBITDA of $137.2 million, a 3% increase from $133.1 million (4% increase on a constant currency basis).
    • Transactions of 4,374 million, a 15% increase from 3,789 million.

    Fourth quarter and full year 2024 constant currency revenue, operating income and adjusted EBITDA growth was driven by continued expansion of digital branded payment and mobile sales.

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

    • Revenues of $441.9 million, a 9% increase from $405.1 million (9% increase on a constant currency basis).
    • Operating income of $58.4 million, a 13% increase from $51.9 million (12% increase on a constant currency basis).
    • Adjusted EBITDA of $64.4 million, a 9% increase from $59.3 million (9% increase on a constant currency basis).
    • Total transactions of 46.9 million, an 11% increase from 42.4 million.
    • Network locations of approximately 607,000 as of December 31, 2024, a 5% increase from approximately 580,000.

    The Money Transfer Segment reports the following results for the full year 2024 compared with the same period in 2023:

    • Revenues of $1,686.5 million, an 8% increase from $1,555.2 million (9% increase on a constant currency basis).
    • Operating income of $201.0 million, an 8% increase from $185.4 million (9% increase on a constant currency basis).
    • Adjusted EBITDA of $227.0 million, a 5% increase from $216.4 million (5% increase on a constant currency basis).
    • Total transactions of 176.9 million, a 9% increase from 161.7 million.

    Fourth quarter constant currency revenue, operating income and adjusted EBITDA growth was the result of 14% growth in U.S.-outbound transactions, 11% growth in international-originated money transfers and 8% growth in xe transactions, partially offset by a 14% decline in the intra-U.S. business. These transaction growth rates include 33% growth in direct-to-consumer digital transactions.

    Full year 2024 constant currency revenue, operating income, and adjusted EBITDA growth was the result of 12% growth in U.S.-outbound transactions, 11% growth in international-originated money transfers and 16% growth in xe transactions, partially offset by a 14% decline in the intra-U.S. business. These transaction growth rates include 28% growth in direct-to-consumer digital transactions.

    Corporate and Other reports $21.0 million of expense for the fourth quarter 2024 compared with $23.6 million for the fourth quarter 2023. For the full year 2024, Corporate and Other reports $83.7 million of expense compared with $85.3 million for the full year 2023. The decrease in corporate expenses for both the fourth quarter and full year 2024 is largely the result of a decrease in long-term compensation expenses based on lower share value. 

    Balance Sheet and Financial Position
    Unrestricted cash and cash equivalents on hand were $1,278.8 million as of December 31, 2024, compared to $1,524.1 million as of September 30, 2024. The net decrease in unrestricted cash and cash equivalents during the quarter is mainly due to working capital fluctuations, repayment of short-term borrowings, $50 million in share repurchases, partially offset by cash generated from operations. Total indebtedness was $1,949.8 million as of December 31, 2024, compared to $2,278.8 million as of September 30, 2024. The decrease in debt was largely due to repayment of short-term borrowings. Availability under the Company’s revolving credit facility was approximately $1,335 million as of December 31, 2024. The increase in availability of the revolving credit facility was primarily the result of an increase and extension of our credit facility in December 2024 from $1.25 billion to $1.90 billion.

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

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

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

    (2) Adjusted operating income is defined as operating income excluding, to the extent incurred in the period, non-cash gains and non-cash purchase accounting adjustments. Adjusted operating income represents a performance measure and is not intended to represent a liquidity measure.

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

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

    Conference Call and Slide Presentation
    Euronet Worldwide will host an analyst conference call on February 13, 2025, at 9:00 a.m. Eastern Time to discuss these results. The call may also include discussion of Company developments on the Company’s operations, forward-looking information, and other material information about business and financial matters. To listen to the call via telephone please register at Euronet Worldwide Fourth Quarter 2024 Earnings Call. The conference call will also be available via webcast at http://ir.euronetworldwide.com. Participants should register at least five minutes prior to the scheduled start time of the event. A slideshow will be included in the webcast.

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

    About Euronet Worldwide, Inc.
    A global leader in payments processing and cross-border transactions, Euronet moves money in all the ways consumers and businesses depend upon. This includes money transfers, credit/debit processing, ATMs, point-of-sale services, branded payments, currency exchange and more. With products and services in more than 200 countries and territories provided through its own brand and branded business segments, Euronet and its financial technologies and networks make participation in the global economy easier, faster and more secure for everyone.

    Starting in Central Europe in 1994, Euronet now supports an extensive global real-time digital and cash payments network that includes 55,248 installed ATMs, approximately 1,160,000 EFT point-of-sale terminals and a growing portfolio of outsourced debit and credit card services which are under management in 67 countries; card software solutions; a prepaid processing network of approximately 777,000 point-of-sale terminals at approximately 362,000 retailer locations in 64 countries; and a global money transfer network of approximately 607,000 locations serving 197 countries and territories with digital connections to 4.1 billion bank accounts and 3.1 billion digital wallet accounts. Euronet serves clients from its corporate headquarters in Leawood, Kansas, USA, and 67 worldwide offices. For more information, please visit the Company’s website at www.euronetworldwide.com.

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

     EURONET WORLDWIDE, INC.
     Condensed Consolidated Balance Sheets
     (in millions)
           
      As of    
      December 31,   As of
      2024   December 31,
      (unaudited)   2023
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 1,278.8   $ 1,254.2
    ATM cash 643.8   525.2
    Restricted cash 9.2   15.2
    Settlement assets 1,522.7   1,681.5
    Trade accounts receivable, net 284.9   370.6
    Prepaid expenses and other current assets 297.1   316.0
    Total current assets 4,036.5   4,162.7
           
    Property and equipment, net 329.7   332.1
    Right of use lease asset, net 132.1   142.6
    Goodwill and acquired intangible assets, net 1,048.1   1,015.1
    Other assets, net 288.1   241.9
           
    Total assets $ 5,834.5   $ 5,894.4
           
    LIABILITIES AND EQUITY      
    Current liabilities:      
    Settlement obligations $ 1,522.7   $ 1,681.5
    Accounts payable and other current liabilities 841.0   816.9
    Current portion of operating lease liabilities 48.3   50.3
    Short-term debt obligations 814.0   151.9
    Total current liabilities 3,226.0   2,700.6
           
    Debt obligations, net of current portion 1,134.4   1,715.4
    Operating lease liabilities, net of current portion 87.4   95.8
    Capital lease obligations, net of current portion 1.4   2.3
    Deferred income taxes 71.8   47.0
    Other long-term liabilities 84.3   83.6
    Total liabilities 4,605.3   4,644.7
    Equity 1,229.2   1,249.7
           
    Total liabilities and equity $ 5,834.5   $ 5,894.4
                                   
    EURONET WORLDWIDE, INC.
     Consolidated Statements of Operations
     (unaudited – in millions, except share and per share data)
                           
        Year Ended     Three Months Ended
        December 31,     December 31,
        2024         2023     2024   2023
                           
    Revenues $ 3,989.8       $ 3,688.0     $ 1,047.3       $ 957.7  
                           
    Operating expenses:                      
    Direct operating costs   2,389.3         2,222.8     640.8       596.4  
    Salaries and benefits   650.2         602.9     167.9       158.0  
    Selling, general and administrative   315.3         296.8     83.4       72.4  
    Depreciation and amortization   131.8         132.9     32.5       33.5  
    Total operating expenses   3,486.6         3,255.4     924.6       860.3  
    Operating income   503.2         432.6     122.7       97.4  
                           
    Other income (expense):                      
    Interest income   23.8         15.2     5.7       5.1  
    Interest expense   (80.5 )       (55.6 )   (21.3 )     (16.5 )
    Foreign currency exchange (loss) gain   (19.1 )       8.0     (35.5 )     11.6  
    Other income   21.5         0.2     4.3       0.3  
    Total other (expense) income, net   (54.3 )       (32.2 )   (46.8 )     0.5  
    Income before income taxes   448.9         400.4     75.9       97.9  
                           
    Income tax expense   (142.6 )       (120.9 )   (30.6 )     (28.4 )
                           
    Net income   306.3         279.5     45.3       69.5  
    Net (income) loss attributable to non-controlling interests   (0.3 )       0.2     (0.1 )     (0.2 )
    Net income attributable to Euronet Worldwide, Inc. $ 306.0       $ 279.7     $ 45.2       $ 69.3  
    Add: Interest expense from assumed conversion of convertible notes, net of tax   4.2         4.2       0.9         1.0  
    Net income for diluted earnings per share calculation $ 310.2       $ 283.9     $ 46.1       $ 70.3  
    Earnings per share attributable to Euronet                      
    Worldwide, Inc. stockholders – diluted $ 6.45       $ 5.50     $ 0.98       $ 1.43  
                           
    Diluted weighted average shares outstanding   48,082,766         51,599,633     47,050,602       49,066,284  

     

     EURONET WORLDWIDE, INC.
    Reconciliation of Net Income to Operating Income (Expense), Adjusted Operating Income (Expense) and Adjusted EBITDA
     (unaudited – in millions)
                       
      Three months ended December 31, 2024
                       
      EFT Processing   epay   Money Transfer   Corporate Services   Consolidated
                       
    Net income                 $ 45.3  
                       
    Add: Income tax expense                 30.6  
    Add: Total other expense, net                 46.8  
                       
    Operating income (expense) $ 37.3     $ 48.0     $ 58.4     $ (21.0 )     $ 122.7  
                       
    Add: Depreciation and amortization 24.4     1.9     6.0     0.2       32.5  
    Add: Share-based compensation —     —     —     10.6       10.6  
                       
    Earnings before interest, taxes, depreciation, amortization, share-based compensation (Adjusted EBITDA) (1) $ 61.7     $ 49.9     $ 64.4     $ (10.2 )     $ 165.8  
                       
      Three months ended December 31, 2023
                       
      EFT Processing   epay   Money Transfer   Corporate Services   Consolidated
                       
    Net income                 $ 69.5  
                       
    Add: Income tax expense                 28.4  
    Less: Total other income, net                 (0.5 )
                       
    Operating income (expense) $ 25.5     $ 43.6     $ 51.9     $ (23.6   )   $ 97.4  
    Add: non-cash purchase accounting expense adjustment   2.5       —       —       —         2.5  
    Adjusted operating income (expense) (1)   28.0       43.6       51.9       (23.6   )     99.9  
                       
    Add: Depreciation and amortization 24.2     1.8     7.4     0.1       33.5  
    Add: Share-based compensation —     —     —     14.2       14.2  
                       
    Earnings before interest, taxes, depreciation, amortization, non-cash purchase accounting expense adjustment and share-based compensation (Adjusted EBITDA) (1) $ 52.2     $ 45.4     $ 59.3     $ (9.3   )   $ 147.6  

    (1) Adjusted operating income (expense) and Adjusted EBITDA are non-GAAP measures that should be considered in addition to, and not a substitute for, net income computed in accordance with U.S. GAAP. 

     EURONET WORLDWIDE, INC.
    Reconciliation of Net Income to Operating Income (Expense), Adjusted Operating Income (Expense) and Adjusted EBITDA
     (unaudited – in millions)
                       
      Twelve months ended December 31, 2024
                       
      EFT Processing   epay   Money Transfer   Corporate Services   Consolidated
                       
    Net income                 $ 306.3  
                       
    Add: Income tax expense                 142.6  
    Add: Total other expense, net                 54.3  
                       
    Operating income (expense) $ 256.0     $ 129.9     $ 201.0     $ (83.7 )   $ 503.2  
                       
    Less: Non-cash purchase accounting income adjustment (0.4 )   —     —     —     (0.4 )
    Adjusted operating income (expense) (1) 255.6     129.9     201.0     (83.7 )   502.8  
                           
    Add: Depreciation and amortization 97.9     7.3     26.0     0.6     131.8  
    Add: Share-based compensation —     —     —     43.9     43.9  
                       
    Earnings before interest, taxes, depreciation, amortization, non-cash purchase accounting income adjustment and share-based compensation (Adjusted EBITDA) (1) $ 353.5     $ 137.2     $ 227.0     $ (39.2 )   $ 678.5  
                       
      Twelve months ended December 31, 2023
                       
      EFT Processing   epay   Money Transfer   Corporate Services   Consolidated
                       
    Net income                 $ 279.5  
                       
    Add: Income tax expense                 120.9  
    Add: Total other expense, net                 32.2  
                       
    Operating income (expense) $ 206.3     $ 126.2     $ 185.4     $ (85.3 )   $ 432.6  
                       
    Add: Non-cash purchase accounting expense adjustment 2.5     —     —     —     2.5  
    Less: Non-cash gain (3.0 )   —     —     —     (3.0 )
    Adjusted operating income (expense) (1) 205.8     126.2     185.4     (85.3 )   432.1  
                           
    Add: Depreciation and amortization 94.6     6.9     31.0     0.4     132.9  
    Add: Share-based compensation —     —     —     53.7     53.7  
                       
    Earnings before interest, taxes, depreciation, amortization, non-cash purchase accounting expense adjustment, non-cash gain and share-based compensation (Adjusted EBITDA) (1) $ 300.4     $ 133.1     $ 216.4     $ (31.2 )   $ 618.7  

    (1) Adjusted operating income (expense) and Adjusted EBITDA are non-GAAP measures that should be considered in addition to, and not a substitute for, net income computed in accordance with U.S. GAAP. 

    EURONET WORLDWIDE, INC.
    Reconciliation of Adjusted Earnings per Share
     (unaudited – in millions, except share and per share data)
                                   
      Year Ended    Three Months Ended
      December 31,   December 31,
        2024         2023       2024         2023  
                                   
    Net income attributable to Euronet Worldwide, Inc. $ 306.0       $ 279.7     $ 45.2       $ 69.3  
                                   
    Foreign currency exchange loss (gain)   19.1         (8.0 )     35.5         (11.6 )
    Intangible asset amortization(1)   21.7         24.4       4.7         5.4  
    Share-based compensation(2)   43.9         53.7       10.6         14.2  
    Non-cash gain(3)   —         (3.0 )     —         —  
    Non-cash purchase accounting (income) expense adjustment(4)   (0.4 )       2.5       —         2.5  
    Income tax effect of above adjustments(5)   13.2         (3.0 )     3.2         1.2  
    Non-cash investment gain(6)   (20.3 )       —       (3.5 )       —  
    Non-cash GAAP tax expense (benefit)(7)   9.9         19.7       (3.1 )       6.4  
                                   
    Adjusted earnings(8) $ 393.1       $ 366.0     $ 92.6       $ 87.4  
                                   
    Adjusted earnings per share – diluted(8) $ 8.61       $ 7.46     $ 2.08       $ 1.88  
                                   
    Diluted weighted average shares outstanding (GAAP)   48,082,766         51,599,633       47,050,602         49,066,284  
    Effect of adjusted EPS dilution of convertible notes   (2,781,818 )       (2,781,818 )     (2,781,818 )       (2,781,818 )
    Effect of unrecognized share-based compensation on diluted shares outstanding   369,573         230,000       295,559         158,030  
    Adjusted diluted weighted average shares outstanding   45,670,521         49,047,815       44,564,343         46,442,496  

    (1) Intangible asset amortization of $4.7 million and $5.4 million are included in depreciation and amortization expense of $32.5 million and $ 33.5 million for both the three months ended December 31, 2024 and December 31, 2023, in the consolidated statements of operations. Intangible asset amortization of $21.7 million and $24.4 million are included in depreciation and amortization expense of $131.8 million and $132.9 million for the twelve months ended December 31, 2024 and December 31, 2023, respectively, in the consolidated statements of operations. 

    (2) Share-based compensation of $10.6 million and $14.2 million are included in salaries and benefits expense of $167.9 million and $158.0 million for the three months ended December 31, 2024 and December 31, 2023, respectively, in the consolidated statements of operations. Share-based compensation of $43.9 million and $53.7 million are included in salaries and benefits expense of $650.2 million and $602.9 million for the twelve months ended December 31, 2024 and December 31, 2023, respectively, in the consolidated statements of operations.

    (3) A non-cash gain of $3.0 million is included in operating income for the twelve months ended December 31, 2023, in the consolidated statements of operations. 

    (4) Non-cash purchase accounting (income)/expense adjustment of respectively ($0.4) million and $2.5 million is included in operating income for the twelve months ended December 31, 2024 and December 31, 2023 in the consolidated statement of operations. 

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

    (6) Non-cash investment gain of respectively $3.5 million and $20.3 million for the three and twelve months ended December 31, 2024 is included in other income in the consolidated statement of operations.

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

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

    The MIL Network –

  • MIL-OSI China: Nation’s rail network continued to break records in 2024

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

    Remarkable progress was made in China’s railway sector in 2024, with the improvement of the nation’s transportation infrastructure contributing to economic growth and improving lives.

    As of the end of last year, China’s railway network had stretched to 162,000 kilometers, with 48,000 km dedicated to high-speed rail, further pressing its advantage as the global leader in high-speed rail. The network also expanded into more remote and mountainous areas, where constructing railways was once considered impossible.

    Freight train services linking China and Europe saw steady growth in 2024. Launched in 2011, the total number of China-Europe freight train services surpassed 100,000 last year.

    One of the highlights of the year was the debut of the CR450 prototypes, the next generation of high-speed trains that are faster, greener and more comfortable than those in current operation. Once they enter commercial operation, speeds will be increased to 400 km/h from the current 350 km/h. This development underscores China’s commitment to advancing transportation technology and improving efficiency.

    China’s railway freight and passenger volumes both reached record highs last year, playing a key role in supporting socioeconomic development. According to China State Railway Group, the national railway operator, in 2024, China’s national railway handled a record 4.08 billion passenger trips, with daily traffic reaching a high of nearly 21.45 million. The network also moved 3.99 billion metric tons of cargo, marking the eighth consecutive year of growth.

    Expansion milestones

    On a crisp September morning during China’s Mid-Autumn Festival, Luo Wei and her family stood at Chengdu East Railway Station, excited but unsure. They were embarking on a last-minute trip to Jiuzhaigou, a picturesque UNESCO World Heritage Site nestled in the mountains of western Sichuan province. In the past, such a journey would have been an exhausting multi-day ordeal. The eight-hour road trip from Chengdu to Jiuzhaigou is notorious for its winding roads through the mountains and steep drop-offs below. But this time, they were about to board a new train service that would transform the experience.

    In 1 hour and 39 minutes, they reached their destination, smoothly gliding through the mountains aboard a cutting-edge bullet train. Although a two-hour bus ride linking the railway station and the scenic area still awaits, it was much better than the previous eight-hour journey from Chengdu. No more hours spent cramped in a car on winding roads. It was a glimpse into the future of transportation in China, where high-speed rail has turned what once felt like an impossible journey into a comfortable, efficient reality.

    “We thought it might be different to see Jiuzhaigou by train, especially with our 10-year-old son,” Luo said, reminiscing about the challenging, fun-filled backpacking and self-driving trips she and her husband had taken several times during their school years.

    “It (the train journey) was certainly easier, and the trip was far more comfortable — much more suitable for a family outing, especially with a child,” she said.

    “Before, a round trip to Jiuzhaigou would take at least three days. Now we can do it in just a day.”

    The 69-km newly opened railway from Zhengjiangguan to Huangshengguan links this remote yet breathtaking region to China’s extensive railway network for the first time.

    Over a century ago, Sun Yat-sen, a pioneering Chinese revolutionary leader, envisioned a modernized China in his book The International Development of China. His plan included the construction of 1.6 million km of roads and approximately 160,000 km of railways. Last year, while Sun’s vision for railways became a reality, the development of China’s high-speed rail has in all likelihood exceeded his expectations.

    Last year, more than 3,100 km of new rail was built, including 2,457 km of high-speed rail, linking key cities and regions.

    Since 2012, the total length of China’s rail network has grown by more than 65 percent, while high-speed rail has expanded over fourfold.

    Compared to 2012, when China’s total railway length was 98,000 km with 9,356 km of high-speed rail, the country’s rail infrastructure has undergone an impressive transformation.

    Li Jingwei, deputy head of the development and reform department of China State Railway Group, highlighted the accelerated pace of construction.

    “Since 2012, the expansion of China’s high-speed rail has intensified, with an average of over 3,000 km of new high-speed rail lines put into operation annually,” Li said.

    Notably, China is the only country to achieve commercial operation of high-speed rail at 350 km/h, showcasing technological prowess, he said.

    “From snowy forests in the northern part of China to the water towns in the eastern region, and from the desert to the sea, China’s high-speed rail traverses major rivers and rugged mountains, and connects all regions,” Li said.

    He added that the high-speed railway network covers more than 96 percent of cities with populations over 500,000, including the Hong Kong Special Administrative Region.

    By 2030, China aims to have built a world-class modern railway network covering about 180,000 km, including around 60,000 km of high-speed rail. This expansion will create a more efficient and interconnected transportation system, allowing passengers to travel between major cities in just one to three hours and ensuring the swift movement of cargo across the country.

    The expansion of the network has not only reduced travel times but also increased connectivity between major cities and more isolated areas, including regions with challenging terrain, where building roads is already difficult, let alone railways. This is particularly true in the rugged mountains of Sichuan and the Xizang autonomous region, where new rail lines have brought services to remote locations, boosting regional development and tourism.

    Greater access

    The improvement of China’s railway network has had a transformative effect on the tourism industry.

    Yin Wei, head of a travel agency in Jiuzhaigou, with 12 years of experience in the industry, has witnessed dramatic changes in travel patterns over the years. He said the new rail line has had an enormous impact on tourism.

    “The travel time from Chengdu to Jiuzhaigou has been greatly shortened,” he said.

    “Tourists have eagerly awaited this rail line, and we received a lot of inquiries,” he said. “In the past, our tours typically lasted five days, but now, visitors can experience it in just one or two days.”

    The agency has already started developing tailored weekend getaway packages for tourists.

    “Visitors can arrive on Friday and spend two days exploring Jiuzhaigou and Huanglong, or even come for a one-day trip to enjoy the snowy scenery in the morning and return by evening. It’s incredibly appealing to tourists,” he said.

    Yin believes the easy access will benefit not only Jiuzhaigou but also the surrounding attractions, leading to an overall increase in tourism revenue for the region.

    Ferrying freight

    While passenger services have seen dramatic improvements, China’s railway network is also revolutionizing global trade. A notable milestone was achieved on Dec 3 when freight train X8083 — carrying goods such as electronics, home appliances, auto parts and daily necessities — arrived in Duisburg, Germany, marking the 100,000th journey between China and Europe. The train, which departed from Chongqing on Nov 15, took 18 days to reach the German city.

    As a cornerstone of the Belt and Road Initiative, the China-Europe freight train has evolved into a critical link for trade and connectivity, fostering open cooperation, mutual benefit and economic integration among the countries along the route.

    In 2024, the service hit a significant benchmark with 19,000 China-Europe freight trains operated, transporting 2.07 million containers — an increase of 10 percent and 9 percent, respectively, compared to the previous year.

    Since launching in 2011, the service has transformed global trade by enhancing connectivity between China and Europe. It has maintained a strong track record for safety, stability and efficiency, making it an indispensable component of the international logistics network.

    Li Chao, deputy director of the Policy Research Office of China’s National Development and Reform Commission, said: “The China-Europe freight train service is a vital carrier of open cooperation, fostering mutual benefit and supporting the Belt and Road Initiative. It provides a new, all-weather, high-capacity, green and low-carbon transport route that has become a valuable international public good.”

    The service is notably less affected by natural environmental factors, offering higher reliability compared to other forms of transportation. With costs just one-fifth of air freight and transit times a quarter of sea transport, the freight train has become a preferred choice for many businesses. In 2023, it accounted for over 7 percent of the total trade between China and Europe.

    Over the past 13 years, the network has expanded rapidly, growing from a handful of routes into a comprehensive service covering most of the Eurasian region. Today, it connects 227 cities in 25 European countries, 100 cities in 11 Asian countries, and is continually expanding. This broadening network has significantly transformed the logistics landscape between China and Europe, offering businesses more efficient options across diverse regions.

    The range of goods transported via the China-Europe freight train is also diversifying. It now handles over 50,000 types of goods across 53 categories, including automobiles, machinery, electronics and epidemic prevention materials, according to China State Railway Group, the service’s operator.

    The rail service has benefited both Chinese and international consumers and businesses. For example, Zhejiang Mundiver Import & Export, a company engaged in trade with Spain, has seen significant improvements in its logistics operations. Since 2014, when the China-Europe freight train began operating from Yiwu, Zhejiang province, the company has been using the service to import goods from Europe.

    Kong Zhijian, the company’s marketing manager, said: “Before the rail service, we relied on sea transport, which took about 45 days and required a secondary transfer at Ningbo Port. Now, goods can be delivered directly to Yiwu from Europe in less than 20 days.”

    The faster transit time has helped streamline their business operations, particularly with products like wine. “This shorter shipping cycle helps us manage cash flow more effectively, which is crucial for our business,” Kong added.

    The impact of the rail service extends beyond China. It has also brought significant economic benefits to cities along the route. For instance, Duisburg Port has become a major logistics hub, attracting over 100 logistics companies and creating more than 20,000 jobs.

    The progress of railways has always been driven by technology and innovation. In this regard, China also made remarkable strides in 2024, with faster trains now on track.

    Next generation

    On Dec 29, China unveiled two CR450 high-speed train prototypes, which are capable of reaching a test speed of 450 km/h and an operational speed of 400 km/h. They will be the fastest high-speed trains in the world once they enter commercial service, surpassing China’s current CR400, which operates at 350 km/h.

    It was one of the most exciting developments in the railway sector in 2024. This leap in speed and comfort reflects China’s ongoing leadership in high-speed rail technology.

    The two prototypes, with their futuristic design, have reduced weight by 10 percent to improve fuel efficiency. To decrease rolling resistance, the development team wrapped the trains’ running gear — such as the wheels, axles and suspension system — partly, marking a breakthrough in railway engineering.

    The interiors of the prototypes are also cutting-edge. In business class, the seats can be adjusted to a meeting mode, allowing them to be arranged face-to-face, transforming the compartment into a conference room at any time.

    In economy class, the seats are ergonomically designed for greater comfort, with curves that better suit the body. In response to passenger smartphone use, small tables in economy class now feature a rack that enables passengers to prop up their phones to watch videos.

    Inside the train, lighting adjusts automatically in response to the brightness outside, enhancing passenger comfort. The luggage storage areas have also been made more spacious, reducing congestion. The interior has been redesigned for greater comfort and convenience, increasing cabin space by 4 percent. Adjustable luggage racks and versatile storage areas can accommodate passengers’ needs, including bicycles, wheelchairs and other large items. These upgrades anticipate potential regulatory changes in passenger transport.

    Sui Fusheng, a researcher at the Institute of Acoustics at the Chinese Academy of Sciences, highlighted the challenge of balancing weight reduction with noise control. He led a team dedicated to optimizing the noise management for the prototypes.

    “To reduce weight is detrimental to noise control, and increasing speed also exacerbates noise, so we have to overcome these two critical factors to ensure a comfortable passenger experience,” he said.

    “The results have been good; the ride experience is similar to that of the current CR400 running at 350 km/h,” he added.

    To balance noise control and weight reduction, the team developed integrated composite materials that offer both thermal insulation and soundproofing. These innovations not only reduce material costs and complexity but also enhance passenger comfort by effectively managing temperature and noise levels.

    The team’s solutions have laid the groundwork for quieter, more efficient high-speed rail travel, Sui added.

    “China’s high-speed rail system has made a historic leap, evolving from a follower to a global leader. Its high-speed rail technology has now set an international benchmark,” said Li Yongheng, an official from China State Railway Group, referring to the development of the CR450.

    “To further strengthen and expand China’s leadership in high-speed rail technology, and to better support Chinese modernization, our company, together with relevant ministries, organizations, research institutes, universities and enterprises, has formed an innovative team to tackle critical technological challenges,” he added.

    The CR450 represents the culmination of years of innovation in high-speed rail, making it a fitting symbol of China’s railway sector in 2024 — a year marked by groundbreaking achievements, record-breaking passenger and freight volumes, and a continually expanding network that links China to the rest of the world.

    Looking ahead

    These breakthroughs in railway technology are not just abstract concepts — they’re transforming the way people experience travel. On that September morning, Luo Wei and her family were not just passengers on a train — they were part of a story of transformation that is reshaping the future of travel, trade and global connectivity. The ease and efficiency of their journey to Jiuzhaigou were a microcosm of the larger changes sweeping across China.

    As China looks ahead, its railway sector remains a symbol of the country’s ambition to lead the world in technological innovation and sustainable development. With the CR450 on the horizon and a growing railway network connecting regions far and wide, China is poised to continue pushing the boundaries of what’s possible in transportation. And with it, the world will continue to move faster, more efficiently and more sustainably.

    For Luo Wei and countless others, the high-speed rail of 2024 is a journey into tomorrow — one that is already well underway.

    MIL OSI China News –

  • MIL-OSI Security: U.S. Attorney Tara McGrath Concludes Tenure as Chief Law Enforcement Officer in Southern District of California

    Source: Office of United States Attorneys

    SAN DIEGO – The U.S. Attorney’s Office for the Southern District of California announced that U.S. Attorney Tara McGrath’s tenure as the chief federal law enforcement official for San Diego and Imperial counties ended today, February 12, 2025.

    As a Presidential appointee, Ms. McGrath was informed of her termination in a communication from the White House, at the direction of the President of the United States. The White House also thanked Ms. McGrath for her service to the nation.

    “It has been an honor to serve as U.S. Attorney, working alongside an exceptional team in this office and forging strong partnerships with our law enforcement agencies and communities in pursuit of justice,” Ms. McGrath said. “As I step down from a decades-long career in public service, I remain inspired by dedicated public servants across this district and am proud of all we achieved together.”

    Ms. McGrath was confirmed by the U.S. Senate after nomination by President Biden. She was sworn in as the district’s top federal law enforcement official on October 5, 2023. She oversaw one of the nation’s busiest United States Attorney’s Offices, which has a staff of about 300 and serves approximately 3.5 million residents in San Diego and Imperial counties.

    During her tenure, Ms. McGrath prioritized protecting the community from the deadly scourge of fentanyl; investigating and prosecuting scammers targeting vulnerable populations; getting firearms out of the hands of felons and violent offenders; bringing cases to root out corruption and enforce civil rights; and using the legal tools available to safeguard the environment. The office also successfully prosecuted cases involving Mexican drug cartels and drug trafficking — leading the nation in the number of drug trafficking cases prosecuted — as well as firearms trafficking and violent crime; complex financial frauds; national security and cybersecurity; and human smuggling and trafficking.

    Some key accomplishments of the U.S. Attorney’s Office under Ms. McGrath’s leadership:

    • Became first in the nation to charge defendants for smuggling potent greenhouse gases across the U.S.-Mexico border, in violation of U.S. environmental laws.
    • Secured sentences of six consecutive life terms and 45 years, respectively, for brothers convicted of murdering their American half-sister, her three children, and her partner in Tijuana.
    • Reinforced the region’s Elder Justice Task Force in partnership with the FBI and San Diego County District Attorney’s Office, recovering approximately $4.5 million stolen from elderly victims through sophisticated scams.
    • Charged 40 individuals with stealing public-assistance benefits from low-income families, as part of an ongoing effort targeting thieves who exploit the government’s electronic payment system.
    • Negotiated a $130,131,645 forfeiture settlement with Wynn Las Vegas for criminal conspiracy involving unlicensed money transmitting businesses worldwide. Achieved what is believed to be the largest forfeiture by a casino based on admissions of criminal wrongdoing.
    • Secured conviction at trial against a defendant on 25 counts of securities fraud, bank fraud, and money laundering in connection with a $35 million investment and COVID-relief fraud scheme. Highlighted victim impact during the trial, including the defendant’s immigrant uncle who’d been swindled out of $4.5 million and many other victims who collectively lost millions of dollars.
    • Facilitated the extradition of Michael Pratt, the alleged mastermind behind the GirlsDoPorn commercial sex trafficking ring, following his arrest in Spain after more than three years as an international fugitive.

    Ms. McGrath also oversaw key civil cases, including successful defensive litigation on behalf of the United States, and led efforts to recover millions of dollars from individuals and companies involved in fraud and civil rights violations.

    Since Ms. McGrath took the helm, the U.S. Attorney’s Office has obtained settlements and recoveries in excess of $41 million. This includes cases brought under the False Claims Act across a broad spectrum of program areas including health care, defense procurement, and the Paycheck Protection Program enacted in response to the COVID-19 pandemic. These substantial recoveries also involved matters investigated under the Controlled Substances Act in response to the opioid epidemic, including those against a large-scale pharmacy and other DEA registrants for failing to meet their obligations to properly handle and dispense opioids and other dangerous controlled substances.   

    Pursuant to the Vacancies Reform Act, career prosecutor and current First Assistant U.S. Attorney, Andrew R. Haden, has taken over as the Acting United States Attorney, effective today.

    For more information about Ms. McGrath, please see Tara McGrath Sworn In

    MIL Security OSI –

  • MIL-OSI New Zealand: Auckland Council’s intern adventures in Healthy Waters end

    Source: Auckland Council

    In December last year, 50 ambitious, wide-eyed twenty-somethings strode into Auckland Council, each wearing an outfit meticulously chosen to scream “hire me!” (or at least whisper it convincingly). Day one was a heady mix of excitement, nerves, and an almost audible chorus of imposter syndrome echoing off the walls. As we exchanged awkward smiles and first-day introductions, one question loomed large: why us? 

    For three of our interns, the answer lies in their unique stories and unstoppable passion. 

    Georgia Dennis: a life of green perspectives 

    Georgia Dennis is the person you’d want to sit next to on a plane — and not just because she’s clocked enough frequent flyer miles to rival a seasoned pilot. From backpacking across South America to attending high school in Italy, Georgia’s experiences have shaped her passion for sustainability. 

    A small Guatemalan town devoid of plastic opened her eyes to a world without mass production. A month-long conversation with a Venezuelan man in Ecuador taught her how privilege shapes opportunity. Canada showed her how New Zealand leads the way in environmental action. Her most important lesson? Perspective. 

    Now, pursuing a master’s in environmental management and armed with degrees in physics and philosophy, Georgia is bringing that perspective and purpose to her role. 

    “Working at Council feels like a way to repay the environment for all we’ve taken from it,” she says. Georgia believes the world isn’t black and white, but if we all embraced a little more “green”, it might just thrive. 

    Deshma Weerapperuma: passionate about rocks and ripple effects 

    “I love rocks,” Deshma declared at three, setting the stage for a lifelong passion that’s now guiding her through a degree in Earth Sciences.  

    Born in Botswana and raised in New Zealand, Deshma’s love for nature is as vast as her hobbies. She climbs mountains despite being terrified of heights, bakes stunning treats through her own pâtisserie business, and plays competitive tennis when she’s not sampling water as a Safeswim intern. 

    Driving to Auckland’s beaches and waterways for Safeswim makes her work feel like an adventure, blending her passion for the outdoors with meaningful environmental action. Whether she’s scaling rocks or analysing them, Deshma’s enthusiasm reminds us all to chase what we love — even if it’s scary sometimes. 

    Olivia Wentzell: where wildlife meets waterways 

    If animals, photography, and travel had a mascot, it would be Olivia Wentzell. Splitting her early years between Montana and Nelson, Olivia developed a “dream big” mindset. Now pursuing a degree in zoology, Olivia balances volunteering at Auckland Zoo and a wild bird hospital with her role on the Overland Flow Path Compliance Team. 

    Through site visits and stormwater projects, she’s learning how protecting waterways supports biodiversity and marine life. She sees her internship as more than a stepping stone — it’s a chance to make lasting connections while safeguarding New Zealand’s future ecosystems. 

    The answer to “why us?” 

    So, why us? Because we care. And that’s what makes all the difference. 

    It’s not about the miles we’ve travelled, the hobbies we’ve mastered, or the degrees we’re earning. It’s about our shared drive to make a difference. Every one of us, from bakers to backpackers, climbers to conservationists, brings passion to Auckland Council. 

    So, after 11 weeks packed with hard-work, meetings, and lots of laughter, the 2025 Intern Programme has come to a close.   

    Clarke Mckinney, Auckland Councils Healthy Waters Recourse Management Team Manager, and the interns work dad, thinks this group of interns has the potential to go far.  

    “The interns have exceeded all expectations: their curiosity, passion and skill have brought immense value to the council, and we look forward to repeating the success of this programme next year!” 

    More information on Auckland Council’s graduate programme is available via the Auckland Council Careers website.

    Written by Auckland Council intern Kaavya Ghoshal of Healthy Waters. 

    MIL OSI New Zealand News –

  • MIL-Evening Report: Antarctic research has long been hamstrung by reliance on one icebreaker and sporadic funding. That might be about to change

    Source: The Conversation (Au and NZ) – By Jane Younger, Lecturer in Southern Ocean Vertebrate Ecology, Institute for Marine and Antarctic Studies, University of Tasmania

    Australia’s Antarctic territory represents the largest sliver of the ice continent. For decades, Australian scientists have headed to one of our three bases – Mawson, Davis and Casey – as well as the base on sub-Antarctic Macquarie Island, to research everything from ecology to climate science.

    But despite our role as leaders in Antarctic science, Australian funding and logistics for Antarctic research hasn’t kept pace. Our single icebreaking vessel spends most of its time on resupply missions, restricting its use for actual science. And funding is often piecemeal, which makes it hard to plan the complex, multi-year efforts it takes to do research down on the ice.

    This week, we saw a welcome change. The federal parliamentary committee on Australia’s external territories delivered a report calling for a second icebreaking vessel and more reliable funding. It also urged the government to progress work on marine protected areas in east Antarctica as well as resume fishing patrols, due to concern over illegal or exploitative fishing.

    These measures are long overdue. For those of us who work and study on the ice continent, logistics and funding have long been a challenge. Illegal fishing in Antarctica must be stamped out, and a second vessel would support our ambitious, world-leading science.

    Why is Antarctic science so important?

    Antarctica is often out of sight, out of mind for many Australians. But what happens on the ice doesn’t stay there.

    For climate science, Antarctica matters a great deal. For decades, much of the concern about melting ice focused on the Arctic and Greenland, while Antarctica stayed relatively stable. But this is now changing. Sea ice is melting more quickly than in the past. Glacial ice is retreating. Increased melting will affect sea level rise and ocean currents.

    I study diseases such as the lethal strain of bird flu which has devastated bird and some mammals populations around the world. It recently reached Antarctica, where it killed large numbers of penguins, skuas, crabeater seals and more. I saw the devastation myself on my recent journey there.

    If this strain makes it to Australia – the last continent free of it – it could come from the south and devastate both Australian wildlife and poultry.

    To study these large and important changes, we need to be down there on the ice. It’s not an easy task. Keeping our bases functional means we need regular resupply missions. Repairs and extensions require tradies. Scientists and other workers need to be brought home.

    Antarctic science has long relied on just one vessel, now the RSV Nuniya, which the Australian Antarctic Division describes as the “main lifeline to Australia’s Antarctic and sub-Antarctic research stations and the central platform of our Antarctic and Southern Ocean scientific research”.

    The problem is, resupply can trump science. After all, no one wants bases running short of food or fuel. This is, in fact, what the Nuniya is largely doing.

    Australia’s role is key

    The Australian Antarctic Territory represents about 40% of the ice continent – the largest territory by far.

    Territory, here, doesn’t mean exclusive rights. In 1959, 12 nations with a scientific interest in the ice continent signed the Antarctic Treaty. This treaty was an agreement that Antarctica – the only landmass with no indigenous human presence – would be reserved for peaceful, scientific purposes.

    But in recent years, this treaty has come under pressure. Nations such as Norway and China have expanded fishing operations for krill. Illegal and unregulated fishing from various nations continues.

    The report recommends the Australian government continue efforts to establish a marine protected area off East Antarctica – where fishing would be restricted – as well as reopening fishing patrols. China – which recently opened its fifth Antarctic base – is opposed to the idea of fishing-free zones and is pushing to expand fishing in the Southern Ocean.

    Under Antarctica’s ice lie many resources. Mining is banned in Antarctica until 2048. What happens after that is uncertain. The race to tap critical minerals in Greenland signals what may lie ahead for Antarctica.

    This is why Australia’s leadership in Antarctic science matters. Australia was an original signatory to the Antarctic Treaty, and has a long history of exploration and science. Hobart has long been the home of Australia’s Antarctic vessels.

    As Antarctica changes, Australian scientists must be there to analyse, understand and report back. To do that, improvements are needed, including new vessels and longer-term funding. This report is the first step.

    The government is yet to formally respond to the report’s recommendations. Let’s hope it takes heed of the findings.

    Jane Younger receives funding from the Australian Research Council, WIRES Australia, the Geoffrey Evans Trust and the National Geographic Society.

    – ref. Antarctic research has long been hamstrung by reliance on one icebreaker and sporadic funding. That might be about to change – https://theconversation.com/antarctic-research-has-long-been-hamstrung-by-reliance-on-one-icebreaker-and-sporadic-funding-that-might-be-about-to-change-249714

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: ICYMI: Tuberville in Yellowhammer: President Trump’s tariffs are Making America Great Again

    US Senate News:

    Source: United States Senator Tommy Tuberville (Alabama)

    “President Trump is keeping his promises to strengthen and revitalize our nation’s economy”

    WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) penned an op-ed in Yellowhammer praising President Donald Trump’s recent implementation of reciprocal tariffs to ensure fairness and bolster our national security.

    Read excerpts from the piece below or here. 

    “The media is in full meltdown mode after President Trump imposed duties and retaliatory tariffs this week on countries who have been ripping us off for decades. Apparently, globalists and Democrats are just fine with other countries imposing tariffs on U.S. exports. But, when it comes to President Trump trying to establish a level playing field for domestic producers, well, that’s a bridge too far.

    No one should be remotely surprised by President Trump’s actions. He campaigned on this platform three times and has been crystal clear on his intentions – now he is following through on his promises. He views tariffs both as a negotiating tool to get other countries to bend to his will and as a way to boost American manufacturing and put America First. 

    President Trump has his work cut out for him after the disastrous past four years under President Biden. The Biden administration made it clear to our friends and foes alike that the globalist agenda would take precedent over the safety and wellbeing of the American people. 

    Thankfully, those days are over. The American people gave President Donald J. Trump a clear mandate to restore our country’s superpower status and put America First. That starts with securing our borders. That’s why President Trump threatened to impose 25% tariffs on Mexico and Canada last week unless they start working with the U.S. to secure our borders and stop the flow of fentanyl into our nation. 

    Over the past four years, the Mexican government turned a blind eye while caravans of illegal aliens flowed through Mexico into the United States. Thousands of women and children were trafficked and raped along the way. Drug cartels were uninhibited from smuggling illicit drugs across the border. That is, until President Trump re-entered the White House on January 20. 

    President Trump correctly understands that Mexico’s economy is heavily dependent on its trade relationship with the U.S. In fact, more than 80 percent of Mexico’s exports come to the United States. Mexico’s economy would almost instantly feel the effects of a 25 percent tariff, leaving Mexico’s President Claudia Sheinbaum no choice but to come to the negotiating table with master dealmaker Donald Trump. As a result, within hours of President Trump’s announcement, Mexico caved by agreeing to start helping the United States secure the border and crack down on the cartel issue.

    Our neighbor to the North also caved to President Trump after a 25 percent tariff was threatened on Canadian imports. Not only are illicit drugs like fentanyl coming into our country from Mexico, but there has also been a 2,050 percent increase from FY 2023 in drugs coming across our Northern Border. In the last fiscal year alone, enough fentanyl was seized at our Northern Border to kill 9.8 million Americans. This is a serious problem.

    Thanks to President Trump, our North American neighbors to the North and South are making changes that will protect American citizens from deadly drugs, criminals, and human traffickers.

    In addition to using tariffs as a negotiating tool, President Trump also views tariffs as a way to right the wrongs of past, ineffective trade deals. That’s why this week he is imposing a 25 percent tariff on steel and aluminum. Contrary to what the media would tell you, this isn’t unprecedented. […]

    The tariffs being imposed this week are an important step in President Trump’s plan to restore fairness to trade, boost domestic manufacturing and put American consumers and producers first. America has some of the best and brightest manufacturers, producers, farmers, and businesses. We shouldn’t be going to other countries for products we can make right here at home.

    Three weeks into his presidency, President Trump is keeping his promises to strengthen and revitalize our nation’s economy, stem the flow of illicit drugs and illegal immigration, and make sure our trade deals are fair for taxpayers and the American worker. President Trump is utilizing every tool at his disposal, including tariffs, to usher in the Golden Age of America.”

    MORE:
    Tuberville Speaks On Importance Of Boosting U.S. Economy To Help Struggling Seniors
    Tuberville Praises President Trump For Making Tariffs Great Again
    ICYMI: Tuberville Joins “The Bottom Line” on Fox Business
    Tuberville Calls for Increase in Agricultural Exports
    Tuberville Introduces Bill to End Reliance on Russia, Boost Alabama Businesses and Workers
    Tuberville Cosponsors Legislation to Protect American Manufacturing
    Tuberville Continues Advocating for Alabama’s Ag Interests in Farm Bill Hearing

    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP, and Aging Committees.

    MIL OSI USA News –

  • MIL-OSI Russia: Building Resilience and Boosting Growth in Asia

    Source: IMF – News in Russian

    Opening Remarks by Deputy Managing Director Kenji Okamura at the 7th IMF-JICA Conference, Tokyo, Japan

    February 13, 2025

    Honorable Ministers and Governors, President Tanaka, Vice Minister Mimura, and Ladies and Gentlemen:

    Welcome to the 7th IMF-JICA Conference. I am so pleased to be here. Let me first express my gratitude to our co-organizer, JICA, and to the Japanese authorities for their generous support. My thanks also to the JICA and IMF staff who have been working for months to organize this event.

    Let me start with the good news. Despite the shocks of recent years, the global economy has remained surprisingly resilient. Our global projections released in January suggest global growth will hold steady at 3.3 percent this year and next.

    Having said that, divergences across countries are widening. The U.S. is outperforming its advanced economy peers with stronger growth than projected. By contrast, growth in the Euro area will increase only modestly due to weak momentum and high energy prices.

    For emerging market economies, growth projections remain at 4.2 percent and 4.3 percent this year and next. We revised up our growth forecast for China slightly for this year and next. But growth remains slower than in past years and is now more like that of other emerging market economies.

    These forecasts could easily change. There is tremendous uncertainty. The world is changing rapidly: global trade and capital flows are shifting; AI is fast advancing.

    Policymakers will need to be agile and focused on building resilience and lifting growth, which is key to raising living standards and creating jobs. We will discuss how to do that in some of the topics covered today but let me focus on three priorities.

    First, implementing reforms to lift productivity. There is no one-size-fits-all approach, but measures that improve the business environment and encourage entrepreneurship, like cutting red tape and deepening capital markets are important. And through our surveillance, we will work with you to identify the right approach with granular and tailored policy advice.

    The second priority is to rebuild fiscal buffers. Public debt and debt servicing ratios in Asia are well above pre-pandemic levels, especially in many Pacific Island countries and emerging markets. Well-designed and growth-friendly fiscal consolidation can reduce debt risks, and create the fiscal space needed to deal with shocks and challenges like ageing or climate change. The Fund can provide useful capacity development in this area, including through peer-to-peer learning.

    Finally, strengthening cooperation. By working together, Asian countries can leverage their collective strengths. In a changing world, this can help buffer against shocks and heightened uncertainty.

    Among Asian countries, cooperation in the areas of AI, digital connectivity, and cross-border digital payments is moving fast, and could be a big boost to growth.

    Let me add one more point as an important message from my end. The IMF continues to play its part at the center of the Global Financial Safety Net (GFSN). My goal—as the Deputy Managing Director that oversees the Fund’s finances—is to ensure that the IMF remains financially strong and sound well into the future. We are also committed to helping Regional Financing Arrangements (RFAs) in Asia be important elements of the GFSN.

    In conclusion, I hope that today’s sessions can contribute to strengthening our ties, as we all navigate these uncertain times together.

    Thank you.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER:

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/02/13/sp021325-building-resilience-and-boosting-growth-in-asia

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI USA: Kaine & Colleagues Press Rubio for Answers on Impact of Foreign Assistance Cuts in the Western Hemisphere

    US Senate News:

    Source: United States Senator for Virginia Tim Kaine
    WASHINGTON, D.C. – Today, U.S. Senator Tim Kaine (D-VA), Ranking Member of the Senate Foreign Relations Subcommittee on the Western Hemisphere, led his colleagues in sending a letter to Secretary of State Marco Rubio pressing him for answers on the Trump Administration’s cuts to U.S. foreign assistance programs and its harmful impact on U.S. national security, including the abrupt curtailment of efforts to mitigate narcotics trafficking, migration, and cartel violence in the Western Hemisphere. The letter comes after Secretary Rubio made his first trip as Secretary of State to Panama, El Salvador, Costa Rica, Guatemala, and the Dominican Republic.
    “We welcomed your decision to visit key Latin American countries from February 1-6, 2025 – Panama, El Salvador, Costa Rica, Guatemala and the Dominican Republic – for your first trip as Secretary of State,” wrote the senators. “All five countries are also home to important U.S. foreign assistance programs and USAID missions that manage much of this funding.”
    “These programs are fundamental to advancing the exact national security priorities you highlighted as the trip’s themes: bolstering regional cooperation, preventing large-scale irregular migration, curtailing cartel activity, countering China and deepening economic partnerships. However, all five countries continue to be subject to a blanket freeze, including on critical national security assistance programming and the suspension of USAID activities on January 24,” they continued.
    The senators then provided several examples of how U.S. foreign assistance in Panama, El Salvador, Costa Rica, Guatemala, and the DR has helped counter migration and drug trafficking, strengthen democratic institutions and the rule of law, and boost economic growth in the region. They also emphasized the critical role of U.S. foreign assistance in countering China, which has made significant investments in the region over the past decade in an effort to exert influence and control.  
    The senators continued, “During your confirmation hearing, you affirmed that our foreign policy should make America safer, stronger and more prosperous. This freeze in foreign assistance runs contrary to your stated goals and only helps the U.S’s  adversaries. We urge you to closely consider the disruption caused to U.S. security interests by the blanket freezing of these programs, and by the efforts of Elon Musk and the Trump Administration to destroy USAID.”
    “Now that you have returned from your historic trip, we urge you to reflect on the role of U.S. foreign assistance in solidifying our partnerships and advancing our national security interests in Panama, El Salvador, Costa Rica, Guatemala, and the Dominican Republic, as well as throughout the world, and quickly reverse this short-sighted and damaging freeze,” the senators concluded.
    In addition to Kaine, the letter is cosigned by U.S. Senators Chuck Schumer (D-NY), Cory Booker (D-NJ), Chris Van Hollen (D-MD), Peter Welch (D-VT), Mazie K. Hirono (D-HI), John Hickenlooper (D-CO), Richard Blumenthal (D-CT), and Alex Padilla (D-CA).
    Full text of the letter is available here and below:
    Dear Secretary Rubio:
    We welcomed your decision to visit key Latin American countries from February 1-6, 2025 – Panama, El Salvador, Costa Rica, Guatemala and the Dominican Republic – for your first trip as Secretary of State. This decision reflects our mutual understanding of the critical role of our Western Hemisphere partnerships in U.S. national security.
    All five countries are also home to important U.S. foreign assistance programs and USAID missions that manage much of this funding. These programs are fundamental to advancing the exact national security priorities you highlighted as the trip’s themes: bolstering regional cooperation, preventing large-scale irregular migration, curtailing cartel activity, countering China and deepening economic partnerships. However, all five countries continue to be subject to a blanket freeze, including on critical national security assistance programming and the suspension of USAID activities on January 24.
    During your stop in El Salvador, you visited the Aeroman aeronautics plant and used this location as a venue for disparaging the work of USAID and its employees. Although you touted Aeroman as an example of private sector innovation, you may be interested to learn that Aeroman itself is a longstanding beneficiary of USAID’s Bridges to Employment program.
    Other examples include:
    Migrant return programs supported by USAID have helped El Salvador, Guatemala and Honduras receive and process nearly 150,000 returned migrants. Prior to January 24, USAID fostered the sustainable reintegration of these migrants into their communities, significantly reducing repeat migration. At a time in which the Trump administration is pushing these countries to accept more and more deportees, these programs are no longer active. 
    In Panama, U.S. foreign assistance has supported projects to enhance border security and boost Panama’s ability to counter narcotrafficking routes and networks. The Darien Gap, on Panama’s southern border with Colombia, is the only land route for migrants traveling north from South America. These programs are no longer active.
    In El Salvador, Congress has appropriated funds for programs to address the security, economic, and social drivers of irregular migration and to strengthen democratic institutions. With poverty around 30 percent over the last five years and with an economy highly dependent on remittances, mass deportations to El Salvador as well as political instability risk an explosion of gang violence. These programs are no longer active.
    In Costa Rica, U.S. foreign assistance has supported Costa Rican law enforcement efforts to dramatically reduce the influence of drug cartels and mitigate other destabilizing security threats – to include helping the country house migrants who would otherwise travel north to the U.S. border. U.S. economic assistance programming has also fostered a ripe investment climate for U.S. firms, including a major Intel computer chip factory that is essential to efforts to counter China’s chipmaking capacity. These programs are no longer active.
    In Guatemala, U.S. foreign assistance has promoted democratic resilience and political stability, including the provision of cost-effective development assistance to support job creation and fostering opportunities for foreign direct investment. This has played a major role in stemming migration and creating economic incentives for migrants and Guatemalans to stay in Guatemala rather than traveling north to the U.S. border. As a result of active U.S. partnership, Guatemala remains one of 12 countries to recognize Taiwan, despite significant pressure from China. These programs are no longer active.
    In the Dominican Republic, U.S. assistance has supported health programs that have limited the spread of infectious diseases – in a country geographically very close to the United States – and has served to mitigate migrant outflows. These programs are no longer active.
    As must have been clear during your trip, U.S. national security interests in every location you visited have been directly advanced by the thoughtful execution of U.S. foreign assistance programming.
    Throughout your Congressional career you were a forceful advocate for curtailing Chinese influence globally and advancing the interests of the American people. You spoke eloquently about the essential role of foreign assistance in advancing U.S. interests. You have also rightly asserted that although foreign assistance represents less than 1 percent of the U.S. budget, it is a major force multiplier that keeps our adversaries at bay. During your confirmation hearing, you affirmed that our foreign policy should make America safer, stronger and more prosperous. This freeze in foreign assistance runs contrary to your stated goals and only helps the U.S’s  adversaries. We urge you to closely consider the disruption caused to U.S. security interests by the blanket freezing of these programs, and by the efforts of Elon Musk and the Trump Administration to destroy USAID.
    What is further clear is that Elon Musk – who maintains deep financial connections to China and engages in secret meetings with Russian officials – does not share your priorities or those of the United States. China and Russia are already moving rapidly to exploit the weaknesses created by the Trump Administration’s global retreat.
    The United States is best able to project power around the world when we are comfortable in our own hemisphere. We are safer and more prosperous when our neighbors are safer and more prosperous. Now that you have returned from your historic trip, we urge you to reflect on the role of U.S. foreign assistance in solidifying our partnerships and advancing our national security interests in Panama, El Salvador, Costa Rica, Guatemala, and the Dominican Republic, as well as throughout the world, and quickly reverse this short-sighted and damaging freeze.
    Sincerely,

    MIL OSI USA News –

  • MIL-OSI USA News: President Donald J. Trump Secures Release of Another American Held Hostage

    Source: The White House

    An American citizen held hostage in Belarus has been released thanks to the leadership of President Donald J. Trump and his administration — the second American released from captivity abroad in the past 24 hours and the eleventh since President Trump took office.

    The remarkable success in freeing American citizens comes as the United States displays a renewed strength under President Trump. In the words of Special Envoy for Hostage Affairs Adam Boehler, President Trump “has made bringing Americans home a top priority and people respond to that.”

    • Secretary of State Marco Rubio: “President Trump’s strong leadership has led to the release of an American unjustly detained in Belarus and two political prisoners … We remain committed to the release of other U.S. citizens in Belarus and elsewhere.”
    • Press Secretary Karoline Leavitt: “It speaks to President Trump’s dealmaking ability … It’s a remarkable victory on the heels of Marc Fogel returning to America last night.”
    • Special Envoy Adam Boehler: “It’s happening now because the President of the United States has made it a top priority — and he leads through strength.”
    • Deputy Assistant Secretary of State Chris Smith: “A huge win — and a response to President Trump’s Peace through Strength agenda … We’re going to keep working until we get all Americans out.”
    • U.S. Ambassador to Lithuania Kara McDonald: “It is a big day for Team America, for the President, for the Secretary of State…”

    Promises made, promises kept.

    MIL OSI USA News –