Category: Europe

MIL-OSI USA: The Evolving Threat of ISKP – Caspian Tides Podcast

Source: United States Institute of Peace

Welcome to Caspian Tides, the Caspian Policy Center’s new monthly podcast unpacking the major issues facing the South Caucasus and Central Asia.

On our inaugural episode, we delve into Islamic State – Khorasan Province, the Afghanistan-based offshoot of the Islamic State. In recent months, ISKP has grabbed major headlines not only for attacks conducted within Afghanistan, but also for major attacks in Iran, Russia, and Europe. What distinguishes ISKP from other terror groups and how does it interact with Central Asia? To answer these questions and more, we welcome our expert guests, Dr. Tricia Bacon of American University and Dr. Gavin Helf of the United States Institute of Peace.

MIL OSI USA News –

January 25, 2025
MIL-OSI Russia: Materials for the Government meeting on October 31, 2024

Translation. Region: Russian Federation –

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

The following issues are planned to be considered at the meeting:

1. On the draft amendments of the Government of the Russian Federation to the draft federal law No. 727320-8 “On the federal budget for 2025 and for the planning period of 2026 and 2027”

The draft amendments are aimed at clarifying the provisions of the draft federal law adopted by the State Duma in the first reading.

2. On the draft federal law “On Amendments to Article 2 of the Federal Law “On Assistance to the Development and Improvement of Management Efficiency in the Housing Sector and on Amendments to Certain Legislative Acts of the Russian Federation”

The adoption of the bill will contribute to achieving the goals of the state program of the Russian Federation “Provision of affordable and comfortable housing and utilities to citizens of the Russian Federation”, approved by the Decree of the Government of the Russian Federation of December 30, 2017 No. 1710.

3. On the draft federal law “On Amendments to Articles 340 and 342 of Part Two of the Tax Code of the Russian Federation”

The bill is aimed at eliminating ambiguous interpretations of the current legislation on taxes and fees.

4. On the draft federal law “On Amendments to Certain Legislative Acts of the Russian Federation” (in terms of bringing the provisions of certain federal laws into line with the provisions of the Civil Code of the Russian Federation)

The bill is aimed at bringing legislative acts regulating the specifics of the civil-legal status of non-profit organizations of certain organizational-legal forms, types and kinds, as well as the special procedure for their state registration, into line with the provisions of the Civil Code.

5. On the draft federal law “On Amendments to the Code of the Russian Federation on Administrative Offenses”

The bill was prepared in order to secure the legal basis for the use of modern information technologies in proceedings on administrative offences.

6. On the draft federal law “On Amendments to the Federal Law “On the Implementation of the Code of the Russian Federation on Administrative Offenses” (in terms of the use of electronic documents and regulation of remote participation in proceedings on administrative offenses)

The bill was prepared with the aim of empowering individual government agencies to adopt regulatory legal acts governing the procedure for electronic document management and remote participation in proceedings on administrative offenses.

7. On the draft federal law “On Amendments to the Labor Code of the Russian Federation” (in terms of providing guarantees to employees undergoing military service in connection with a special military operation, during the period of suspension of the employment contract, regardless of the term of the contract)

The bill is aimed at protecting the labor rights of workers.

8. On the draft amendments of the Government of the Russian Federation to the draft federal law No. 727321-8 “On the budget of the Pension and Social Insurance Fund of the Russian Federation for 2025 and for the planning period of 2026 and 2027”

The draft amendments are aimed at clarifying certain provisions of the draft federal law in terms of the areas of expenditure carried out by the Social Fund of Russia and the names of budget classification codes.

Moscow, October 30, 2024

The content of the press releases of the Department of Press Service and References is a presentation of materials submitted by federal executive bodies for discussion at a meeting of the Government of the Russian Federation.

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 –

January 25, 2025
MIL-OSI Russia: Government meeting (2024, No. 32)

Translation. Region: Russian Federation –

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

1. On the draft amendments of the Government of the Russian Federation to the draft federal law No. 727320-8 “On the federal budget for 2025 and for the planning period of 2026 and 2027”

The draft amendments are aimed at clarifying the provisions of the draft federal law adopted by the State Duma in the first reading.

2. On the draft federal law “On Amendments to Article 2 of the Federal Law “On Assistance to the Development and Improvement of Management Efficiency in the Housing Sector and on Amendments to Certain Legislative Acts of the Russian Federation”

The adoption of the bill will contribute to achieving the goals of the state program of the Russian Federation “Provision of affordable and comfortable housing and utilities to citizens of the Russian Federation”, approved by the Decree of the Government of the Russian Federation of December 30, 2017 No. 1710.

3. On the draft federal law “On Amendments to Articles 340 and 342 of Part Two of the Tax Code of the Russian Federation”

The bill is aimed at eliminating ambiguous interpretations of the current legislation on taxes and fees.

4. On the draft federal law “On Amendments to Certain Legislative Acts of the Russian Federation” (in terms of bringing the provisions of certain federal laws into line with the provisions of the Civil Code of the Russian Federation)

The bill is aimed at bringing legislative acts regulating the specifics of the civil-legal status of non-profit organizations of certain organizational-legal forms, types and kinds, as well as the special procedure for their state registration, into line with the provisions of the Civil Code.

5. On the draft federal law “On Amendments to the Code of the Russian Federation on Administrative Offenses”

The bill was prepared in order to secure the legal basis for the use of modern information technologies in proceedings on administrative offences.

6. On the draft federal law “On Amendments to the Federal Law “On the Implementation of the Code of the Russian Federation on Administrative Offenses” (in terms of the use of electronic documents and regulation of remote participation in proceedings on administrative offenses)

The bill was prepared with the aim of empowering individual government agencies to adopt regulatory legal acts governing the procedure for electronic document management and remote participation in proceedings on administrative offenses.

7. On the draft federal law “On Amendments to the Labor Code of the Russian Federation” (in terms of providing guarantees to employees undergoing military service in connection with a special military operation, during the period of suspension of the employment contract, regardless of the term of the contract)

The bill is aimed at protecting the labor rights of workers.

8. On the draft amendments of the Government of the Russian Federation to the draft federal law No. 727321-8 “On the budget of the Pension and Social Insurance Fund of the Russian Federation for 2025 and for the planning period of 2026 and 2027”

The draft amendments are aimed at clarifying certain provisions of the draft federal law in terms of the areas of expenditure carried out by the Social Fund of Russia and the names of budget classification codes.

Moscow, October 30, 2024

The content of the press releases of the Department of Press Service and References is a presentation of materials submitted by federal executive bodies for discussion at a meeting of the Government of the Russian Federation.

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 –

January 25, 2025

MIL-OSI Russia: IMF Executive Board Concludes the Seventh and Eighth Reviews under the Extended Fund Facility and Extended Credit Facility and Review under the Resilience and Sustainability Facility Arrangement with Kenya

Source: IMF – News in Russian

October 30, 2024

The Executive Board’s decision to complete the reviews enables a combined disbursement of around US$606 million to support the authorities’ efforts to rebuild fiscal and external buffers, including to enhance resilience to climate shocks.
Resolution of the exceptional external financing pressure earlier this year has revived market confidence, aided stabilization of the shilling, and enabled a faster buildup of foreign exchange reserves. However, large revenue shortfalls in FY2023/24 and pushback against revenue measures owing to governance concerns pose a challenge to the ongoing fiscal consolidation efforts.
The Kenyan authorities face a difficult balancing act of boosting domestic revenues to protect critical spending in priority areas while meeting heavy debt service obligations. Delivering on this would call for improving governance and transparency to restore public trust in the effective use of public resources.

Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded today the seventh and the eighth reviews under the extended arrangement under the Extended Fund Facility (EFF) and the arrangement under the Extended Credit Facility (ECF), approved in April 2021, and a review under the Resilience and Sustainability Facility (RSF) arrangement, approved in July 2023, with Kenya.

The EFF/ECF arrangements aim to support Kenya’s program to address debt vulnerabilities while safeguarding resources for priority social and developmental needs; build resilience to shocks; improve governance and transparency; and support broader economic reforms to realize the country’s medium-term potential. The RSF arrangement aims to reinforce Kenya’s strong efforts to address climate-related challenges and catalyze further private climate finance.

The Executive Board’s decision allows for the immediate disbursements of SDR365.28 million (about US$485.8 million) under the EFF/ECF arrangements and SDR90.47 million (about US$120.3 million) under the RSF arrangement. In addition, following the resolution of exceptional financing needs earlier this year, the Board approved a reduction in the total access under the EFF/ECF arrangements from exceptional access, approved in January 2024 (see PR24/12), to within the normal access limits and a rebalancing of access toward the zero-interest ECF arrangement. Together with the recent changes to the IMF’s charges and surcharges policy, these adjustments would lower Kenya’s interest payments to the IMF.

Under the EFF/ECF arrangements, total IMF financial commitment stands at SDR2.714 billion (about US$3.61 billion), of which SDR2.343 billion (about US$3.12 billion) has been approved for disbursement. For the RSF arrangement, the corresponding amounts are SDR407.1 million (about US$541.3 million) and SDR135.70 million (about US$180.4 million), respectively.

In completing the reviews, the Executive Board recognized that the resolution of the exceptional external financing pressure earlier this year has revived market confidence, supporting shilling stabilization and facilitating faster buildup of reserves. However, the fiscal consolidation efforts have faced headwinds following a sizable tax revenue shortfall in FY2023/24 and withdrawal of the 2024 Finance Bill after widespread public protests. Nevertheless, the EFF/ECF program has delivered on reducing inflation, strengthening external buffers, and stabilizing the exchange rate. In addition, the Board approved waivers of non-observance for the end-December 2023 tax revenue and the end-June 2024 primary budget balance and tax revenue targets based on the corrective action taken through the passage of the Supplementary FY2024/25 Budget, which together with medium-term fiscal consolidation would help reduce debt vulnerabilities, a core objective of the program. The Board also completed review under the RSF arrangement and approved the disbursements associated with two reform measures implemented.

The Board emphasized that sustaining progress requires improving the quality of fiscal adjustment, addressing fiscal and financial sector vulnerabilities, advancing governance reforms, and implementing the structural agenda, including climate-related reforms. Continued efforts to support the vulnerable population, broadening the socio-political support for reforms, and ensuring agile policymaking will also be necessary.

At the conclusion of the Executive Board’s discussion, Ms. Gita Gopinath, First Deputy Managing Director of the IMF and Acting Chair, made the following statement:

“Kenya’s economy remains resilient, with growth above the regional average, inflation decelerating, and external inflows supporting the shilling and a buildup of external buffers, despite a difficult socio-economic environment.

“The EFF/ECF and the RSF arrangements continue to support the authorities’ efforts to anchor macroeconomic stability, reduce debt vulnerabilities, promote reforms, and mitigate climate-related risks.

“Performance since the last reviews of these arrangements has weakened. While accumulation of foreign exchange reserves and inflation were better than expected, the fiscal performance fell significantly short of the targets. The revenue and export underperformances increased debt vulnerabilities. Implementation of several reforms was also delayed.

“In this context, a difficult adjustment path lies ahead. A credible fiscal consolidation strategy remains central to addressing debt vulnerabilities while protecting social and development spending. Reforms to make the tax regime more efficient, equitable, and progressive as well as strengthening accountability, transparency, and efficiency of public finances will help garner political and societal support for reforms. Clearly communicating the necessity and benefits of the reforms is paramount.

“Given the elevated risks around the fiscal strategy, policymaking needs to be agile. Contingency planning remains critical, with policies adapting to evolving outcomes to safeguard stability and ensure that program objectives continue to be met.

“The Central Bank of Kenya’s decisive actions have supported price stability and external sustainability, including through institutional changes to improve the functioning of the monetary policy operational framework and the money and foreign exchange markets. Exchange rate flexibility is vital to improve resilience to external shocks and competitiveness. Addressing banks’ deteriorating asset quality and emerging risks requires close monitoring and strengthened oversight.

“Fast-tracking key reforms would raise medium-term potential. In particular, addressing deficiencies in governance, anti-corruption frameworks, and AML/CFT, including leveraging the requested governance diagnostic, is essential for garnering public trust and enhancing policy credibility, and for attracting fresh investments, including finance to build climate resilience.”

Kenya: Selected Economic Indicators, 2021–2026

2021		2022	2023	2024	2025	2026
Act.		Act.	Act.	Est./ Proj.	Proj.	Proj.
Output
Real GDP growth (percent)	7.6	4.9	5.6	5.0	5.0	5.0
Prices
Inflation –average (percent)	6.1	7.6	7.7	5.0	5.3	5.1
Central government finances (fiscal year)¹
Total revenue (percent of GDP)	16.1	17.5	16.7	17.2	18.0	18.7
Expenditure and net lending (percent of GDP)	24.4	23.7	22.5	22.8	22.3	22.7
Overall fiscal balance (percent of GDP)	–8.3	–6.2	–5.6	–5.3	–4.3	–4.0
Public debt
Gross nominal debt (percent of GDP)	68.1	67.8	73.1	67.0	68.8	68.8
Gross external debt (percent of GDP)	34.7	34.6	40.4	34.9	37.0	37.4
Money and Credit (end of period)
Broad money (percent change)	6.1	7.1	21.3	5.6	10.3	10.2
Credit to private sector (percent change)	8.6	12.5	13.9	3.3	12.4	11.2
Policy rate, end-of-period (percent)	7.0	8.75	12.50	…	…	…
Balance of payments
Current account balance (percent of GDP)	–5.2	–5.0	–4.0	–3.9	–4.0	–4.1
Gross international reserves (in months of imports)	4.7	4.4	3.8	4.1	4.1	4.2
Exchange rate
REER (average percent change; positive = appreciation)	–2.6	2.2	–8.3	…	…	…

Sources: Kenyan authorities; and IMF staff estimates and projections.

¹ Based on fiscal year (i.e., 2025 represents fiscal year 2024/25, covering July 2024–June 2025).

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Pavis Devahasadin

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

@IMFSpokesperson

https://www.imf.org/en/News/Articles/2024/10/30/pr-24398-kenya-imf-concludes-7th-and-8th-rev-under-the-eff-and-ecf-and-rev-under-rsf-arrangement

MIL OSI

MIL OSI Russia News –

January 25, 2025

MIL-OSI: Superior Energy Services Announces Third Quarter 2024 Results and Conference Call

Source: GlobeNewswire (MIL-OSI)

HOUSTON, Oct. 30, 2024 (GLOBE NEWSWIRE) — Superior Energy Services, Inc. (the “Company”) filed its Form 10-Q for the period ended September 30, 2024. In accordance with the Company’s Shareholders Agreement, it will host a conference call with shareholders on November 1, 2024.

For the third quarter of 2024, the Company reported net income from continuing operations of $21.9 million, or $1.09 per diluted share, with revenue of $197.3 million. This compares to net income from continuing operations of $29.5 million or $1.46 per diluted share, with revenue of $201.1 million, for the second quarter of 2024.

The Company’s Adjusted EBITDA (a non-GAAP measure defined on page 4) was $57.8 million compared to $60.0 million for the second quarter of 2024. Refer to pages 11 and 12 for a reconciliation of Adjusted EBITDA to GAAP results.

Third Quarter 2024 Geographic Breakdown

U.S. land revenue was $36.0 million for the third quarter of 2024, a decrease of 8% compared to revenue of $39.0 million for the second quarter of 2024. The decline in U.S. land revenue was primarily driven by decreased activity from our premium drill pipe and bottom hole accessories product lines within our Rentals segment, consistent with a reduced U.S. land rig count.

U.S. offshore revenue was $49.7 million in the third quarter of 2024, a decrease of 8% compared to revenue of $53.8 million in the second quarter of 2024. U.S. offshore revenue decreased primarily in our Well Services segments, with the most significant decline coming from our project-based completion services product line. U.S. Offshore revenue in the Rentals segment for the third quarter of 2024 was up $1.6 million versus the second quarter of 2024, despite approximately $1.0 million of revenue slipping to the fourth quarter of 2024 due to hurricane activity in September.

International revenue was $111.6 million in the third quarter of 2024, an increase of 3% compared to revenue of $108.4 million in the second quarter of 2024. International revenue was up across both our Rentals and Well Services segments, with the increase being driven by our hydraulic snubbing and well control services product lines.

Third Quarter 2024 Segment Reporting

The Rentals segment revenue in the third quarter of 2024 was $97.9 million, a 2% decrease compared to revenue of $99.9 million in the second quarter of 2024, primarily driven by reduced activity in U.S. land and hurricane disruptions in the U.S. offshore market. In the third quarter of 2024, Rentals segment income from operations was $43.9 million as compared to $44.1 million in the second quarter of 2024. Adjusted EBITDA was $55.9 million, a decrease from $56.0 million in the second quarter of 2024. Adjusted EBITDA Margin (a non-GAAP measure defined on page 4) was 57%, a 1% increase from the second quarter of 2024.

The Well Services segment revenue in the third quarter of 2024 was $99.5 million, a 2% decrease compared to revenue of $101.2 million in the second quarter of 2024 and income from operations for the third quarter of 2024 was $3.8 million as compared to $10.7 million in the second quarter of 2024. Adjusted EBITDA for the third quarter of 2024 was $15.4 million with an Adjusted EBITDA Margin of 16%, as compared to Adjusted EBITDA of $19.1 million with an Adjusted EBITDA Margin of 19% in the second quarter of 2024. The Well Services segment sequential decline was primarily driven by lower activity in our project-based completion services product line.

Liquidity

As of September 30, 2024, the Company had cash, cash equivalents, and restricted cash of approximately $380.6 million. As of September 30, 2024, our borrowing base, as defined in our credit agreement, was approximately $89.9 million, and we had $39.5 million in letters of credit outstanding which reduced the borrowing availability to $50.4 million. At September 30, 2024, we had no outstanding borrowings under our credit facility.

During the third quarter of 2024, we utilized an indirect foreign exchange mechanism known as a Blue Chip Swap. The transactions were completed at implied exchange rates that were approximately 63.0% higher than the official exchange rate, resulting in a loss of approximately $5.1 million during the third quarter of 2024.

During the third quarter of 2024, net cash from operating activities was $62.5 million. Free Cash Flow (a non-GAAP measure defined on page 4) for the third quarter of 2024 totaled $50.5 million as compared to $39.0 million for the second quarter of 2024. Refer to page 8 for a reconciliation of Free Cash Flow to Net Cash from Operating Activities.

Third quarter 2024 capital expenditures were $12.0 million. The Company expects total capital expenditures for 2024 to be approximately $100 to $110 million. Approximately 91% of total 2024 capital expenditures are targeted for the replacement of existing assets. Of the total estimated 2024 capital expenditures, approximately 68% is expected to be invested in the Rentals segment.

2024 Guidance

Our full year 2024 guidance remains consistent from the second quarter 2024 guidance. We expect 2024 revenue to come in at a range of $780 million to $840 million with 2024 Adjusted EBITDA expected to be in a range of $235 million to $265 million.

Conference Call Information

The Company’s management team will host a conference call on Friday, November 1, 2024, at 10:00 a.m. Eastern Time. The call will be available via live webcast in the “Events” section at ir.superiorenergy.com. To access via phone, participants can register for the call here, where they will be provided a phone number and access code. The call will be available for replay until November 1, 2025 on Superior’s website at ir.superiorenergy.com. If you are a shareholder and would like to submit a question, please email your question beforehand to Jamie Spexarth at ir@superiorenergy.com.

About Superior Energy Services

Superior Energy Services serves the drilling, completion and production-related needs of oil and gas companies worldwide through a diversified portfolio of specialized oilfield services and equipment that are used throughout the economic life cycle of oil and gas wells. For more information, visit: www.superiorenergy.com.

Non-GAAP Financial Measures

To supplement Superior’s consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States (“GAAP”), the Company also uses Adjusted EBITDA and Adjusted EBITDA Margin. Management uses Adjusted EBITDA and Adjusted EBITDA Margin internally for financial and operational decision-making and as a means to evaluate period-to-period comparisons. The Company also believes these non-GAAP measures provide investors useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making. Non-GAAP financial measures are not recognized measures for financial statement presentation under U.S. GAAP and do not have standardized meanings and may not be comparable to similar measures presented by other public companies. Adjusted EBITDA and Adjusted EBITDA Margin should be considered as supplements to, and not as substitutes for, or superior to, the corresponding measures calculated in accordance with GAAP. We define Adjusted EBITDA as net income (loss) from continuing activities before net interest expense, income tax expense (benefit) and depreciation, amortization, accretion and depletion, restructuring and transaction expenses, adjusted for other gains and losses and other expenses, net, which management does not consider representative of our ongoing operations. We define Adjusted EBITDA Margin as Adjusted EBITDA by segment as a percentage of segment revenues. For a reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP financial measure, please see the tables under “―Superior Energy Services, Inc. and Subsidiaries Reconciliation of Adjusted EBITDA” and “—Superior Energy Services, Inc. and Subsidiaries Reconciliation of Adjusted EBITDA by Segment” included on pages 11 and 12 of this press release.

Free Cash Flow is defined as net cash from operating activities less payments for capital expenditures. Free Cash Flow is considered a non-GAAP financial measure under the SEC’s rules. Management believes, however, that Free Cash Flow is an important financial measure for use in evaluating the Company’s financial performance, as it measures our ability to generate additional cash from our business operations. Free Cash Flow should be considered in addition to, rather than as a substitute for, net income as a measure of our performance or net cash provided by operating activities as a measure of our liquidity. Additionally, our definition of Free Cash Flow is limited and does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other obligations or payments made for business acquisitions. Therefore, we believe it is important to view Free Cash Flow as supplemental to our entire Statement of Cash Flows. Please see table under “—Condensed Consolidated Statements of Cash Flows” included on page 8 of this press release.

The Company is unable to provide a reconciliation of the forward-looking non-GAAP financial measure, Adjusted EBITDA, contained in this press release to its most directly comparable GAAP financial measure, net income, as the information necessary for a quantitative reconciliation of the forward-looking non-GAAP financial measure to its respective most directly comparable GAAP financial measure is not (and was not, when prepared) available to the Company without unreasonable efforts due to the inherent difficulty and impracticability of predicting certain amounts required by GAAP with a reasonable degree of accuracy. Net income includes the impact of depreciation, income taxes and certain other items that impact comparability between periods, which may be significant and are difficult to project with a reasonable degree of accuracy. In addition, we believe such reconciliation could imply a degree of precision that might be confusing or misleading to investors. The probable significance of providing this forward-looking non-GAAP financial measure without the directly comparable GAAP financial measure is that such GAAP financial measure may be materially different from the corresponding non-GAAP financial measure.

Forward-Looking Statements

This press release contains, and future oral or written statements or press releases by the Company and its management may contain, certain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Generally, the words “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks”, “will,” “could,” “may” and “estimates,” variations of such words and similar expressions identify forward-looking statements, although not all forward-looking statements contain these identifying words. All statements other than statements of historical fact regarding the Company’s financial position and results, financial performance, liquidity, market outlook, future capital needs, capital allocation plans, business strategies and other plans and objectives of our management for future operations and activities are forward-looking statements. These statements are based on certain assumptions and analyses made by the Company’s management in light of its experience and prevailing circumstances on the date such statements are made. Such forward-looking statements, and the assumptions on which they are based, are inherently speculative and are subject to a number of risks and uncertainties, including but not limited to conditions in the oil and gas industry, U.S. and global market and economic conditions generally and macroeconomic conditions worldwide (including inflation, interest rates, supply chain disruptions and capital and credit markets conditions) and other uncertainties (such as the war in Ukraine and conflict in Israel and broader geopolitical tensions in the Middle East and eastern Europe) that could cause the Company’s actual results to differ materially from such statements. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of the Company, which could cause actual results to differ materially from such statements.

While the Company believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business.

These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties described in the Company’s Form 10-K for the year ended December 31, 2023 and subsequent reports on Form 10-Qs and those set forth from time to time in the Company’s other periodic filings with the Securities and Exchange Commission, which are available at www.superiorenergy.com. Except as required by law, the Company expressly disclaims any intention or obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise.

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, unaudited)

	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,
	2024			2024			2023			2024			2023

Rentals	$	97,857		$	99,851		$	113,201		$	305,799		$	334,433
Well Services		99,450			101,230			97,184			301,223			340,562
Total revenues		197,307			201,081			210,385			607,022			674,995

Rentals		35,227			36,596			37,769			109,589			109,258
Well Services		74,172			71,672			72,076			214,717			239,062
Total cost of revenues		109,399			108,268			109,845			324,306			348,320

Depreciation, depletion, amortization and accretion		21,077			20,868			20,490			62,392			61,250
General and administrative expenses		33,458			33,404			30,089			101,837			92,256
Restructuring and transaction expenses		5,891			–			–			5,891			1,983
Other gains, net		(133	)		(614	)		(4,073	)		(1,829	)		(5,424	)
Income from operations		27,615			39,155			54,034			114,425			176,610

Other income (expense):
Interest income, net		5,032			5,760			6,629			17,632			18,581
Loss on Blue Chip Swaps		(5,113	)		–			(12,120	)		(5,113	)		(12,120	)
Other income (expense)		979			(2,082	)		(4,520	)		(2,916	)		(8,508	)
Income from continuing operations before income taxes		28,513			42,833			44,023			124,028			174,563
Income tax expense		(6,597	)		(13,370	)		(11,403	)		(34,754	)		(44,615	)
Net income from continuing operations		21,916			29,463			32,620			89,274			129,948
Income from discontinued operations, net of income tax		–			1,896			128			1,896			408
Net income	$	21,916		$	31,359		$	32,748		$	91,170		$	130,356

Income per share – basic:
Net income from continuing operations	$	1.09		$	1.46		$	1.62		$	4.43		$	6.46
Income from discontinued operations, net of income tax		–			0.09			0.01			0.09			0.02
Net income	$	1.09		$	1.55		$	1.63		$	4.52		$	6.48

Income per share – diluted
Net income from continuing operations	$	1.09		$	1.46		$	1.62		$	4.42		$	6.45
Income from discontinued operations, net of income tax		–			0.09			–			0.10			0.02
Net income	$	1.09		$	1.55		$	1.62		$	4.52		$	6.47

Weighted-average shares outstanding
Basic		20,177			20,172			20,136			20,170			20,123
Diluted		20,186			20,183			20,159			20,182			20,144

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)

	September 30,		December 31,
	2024		2023
ASSETS
Current assets:
Cash and cash equivalents	$	325,881	$	391,684
Accounts receivable, net		200,106		276,868
Inventory		70,293		74,995
Income taxes receivable		13,383		10,542
Prepaid expenses		23,363		18,614
Other current assets		7,765		7,922
Total current assets		640,791		780,625
Property, plant and equipment, net		306,285		294,960
Note receivable		72,694		69,005
Restricted cash		54,707		85,444
Deferred tax assets		59,555		67,241
Other assets, net		42,319		43,718
Total assets	$	1,176,351	$	1,340,993

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable	$	38,897	$	38,214
Accrued expenses		106,203		103,782
Income taxes payable		20,100		20,220
Decommissioning liability		30,747		21,631
Total current liabilities		195,947		183,847
Decommissioning liability		140,030		148,652
Other liabilities		38,599		47,583
Total liabilities		374,576		380,082

Total equity		801,775		960,911
Total liabilities and equity	$	1,176,351	$	1,340,993

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, unaudited)

	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,
	2024			2024			2023			2024			2023

Cash flows from operating activities
Net income	$	21,916		$	31,359		$	32,748		$	91,170		$	130,356
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation, depletion, amortization and accretion		21,077			20,868			20,490			62,392			61,250
Loss on Blue Chip Swaps		5,113			–			12,120			5,113			12,120
Washington State Tax Settlement		–			–			–			–			(27,068	)
Decommissioning costs		(5,111	)		(143	)		(3,401	)		(5,684	)		(6,279	)
Other non-cash items		(2,642	)		4,205			566			4,798			23,357
Changes in operating assets and liabilities:		22,162			17,487			(10,112	)		67,396			(38,390	)
Net cash from operating activities		62,515			73,776			52,411			225,185			155,346

Cash flows from investing activities
Payments for capital expenditures		(12,005	)		(34,744	)		(21,592	)		(67,447	)		(67,218	)
Proceeds from sales of assets		292			669			9,563			3,577			24,710
Proceeds from sales of Blue Chip Swap securities		8,121			–			9,656			8,121			9,656
Purchases of Blue Chip Swap securities		(13,234	)		–			(21,776	)		(13,234	)		(21,776	)
Net cash from investing activities		(16,826	)		(34,075	)		(24,149	)		(68,983	)		(54,628	)

Cash flows from financing activities
Distributions to shareholders		–			–			–			(250,417	)		–
Repurchase of shares		–			–			–			(962	)		–
Other		(358	)		–			–			(1,363	)		(1,116	)
Net cash from financing activities		(358	)		–			–			(252,742	)		(1,116	)
Net change in cash, cash equivalents, and restricted cash		45,331			39,701			28,262			(96,540	)		99,602
Cash, cash equivalents and restricted cash at beginning of period		335,257			295,556			410,447			477,128			339,107
Cash, cash equivalents, and restricted cash at end of period	$	380,588		$	335,257		$	438,709		$	380,588		$	438,709

Reconciliation of Free Cash Flow
Net cash from operating activities	$	62,515		$	73,776		$	52,411		$	225,185		$	155,346
Payments for capital expenditures		(12,005	)		(34,744	)		(21,592	)		(67,447	)		(67,218	)
Free Cash Flow	$	50,510		$	39,032		$	30,819		$	157,738		$	88,128

Free Cash Flow is a Non-GAAP measure. See Non-GAAP Financial Measures for our definition of Free Cash Flow.

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
REVENUE BY GEOGRAPHIC REGION BY SEGMENT
(in thousands, unaudited)

	Three Months Ended						Nine Months Ended
	September 30,		June 30,		September 30,		September 30,
	2024		2024		2023		2024		2023
U.S. land
Rentals	$	28,934	$	32,713	$	37,478	$	100,653	$	127,341
Well Services		7,027		6,242		8,223		20,735		20,384
Total U.S. land		35,961		38,955		45,701		121,388		147,725

U.S. offshore
Rentals		32,228		30,644		44,681		100,123		117,867
Well Services		17,489		23,125		14,459		69,486		54,185
Total U.S. offshore		49,717		53,769		59,140		169,609		172,052

International
Rentals		36,695		36,494		31,042		105,023		89,225
Well Services		74,934		71,863		74,502		211,002		265,993
Total International		111,629		108,357		105,544		316,025		355,218
Total Revenues	$	197,307	$	201,081	$	210,385	$	607,022	$	674,995

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
SEGMENT HIGHLIGHTS
(in thousands, unaudited)

	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,
	2024			2024			2023			2024			2023
Revenues
Rentals	$	97,857		$	99,851		$	113,201		$	305,799		$	334,433
Well Services		99,450			101,230			97,184			301,223			340,562
Total Revenues	$	197,307		$	201,081		$	210,385		$	607,022		$	674,995

Income (loss) from Operations
Rentals	$	43,856		$	44,061		$	56,253		$	139,128		$	167,373
Well Services		3,789			10,686			10,581			27,867			50,860
Corporate and other		(20,030	)		(15,592	)		(12,800	)		(52,570	)		(41,623	)
Income from operations	$	27,615		$	39,155		$	54,034		$	114,425		$	176,610

Adjusted EBITDA
Rentals	$	55,915		$	56,023		$	68,791		$	174,959		$	204,632
Well Services		15,427			19,078			15,137			56,028			69,697
Corporate and other		(13,576	)		(15,078	)		(12,125	)		(45,096	)		(37,207	)
Total Adjusted EBITDA	$	57,766		$	60,023		$	71,803		$	185,891		$	237,122

Adjusted EBITDA Margin
Rentals		57	%		56	%		61	%		57	%		61	%
Well Services		16	%		19	%		16	%		19	%		20	%
Corporate and other	n/a			n/a			n/a			n/a			n/a
Total Adjusted EBITDA Margin		29	%		30	%		34	%		31	%		35	%

Adjusted EBITDA is a Non-GAAP measure. See Non-GAAP Financial Measures for our definition of Adjusted EBITDA and pages 11 and 12 for a reconciliation to income (loss) from operations.

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA
(in thousands, unaudited)

	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,
	2024			2024			2023			2024			2023

Net income from continuing operations	$	21,916		$	29,463		$	32,620		$	89,274		$	129,948
Depreciation, depletion, amortization and accretion		21,077			20,868			20,490			62,392			61,250
Interest income, net		(5,032	)		(5,760	)		(6,629	)		(17,632	)		(18,581	)
Income tax expense		6,597			13,370			11,403			34,754			44,615
Restructuring expenses and other adjustments ⁽¹⁾		9,074			–			(2,721	)		9,074			(738	)
Loss on Blue Chip Swap Securities		5,113			–			12,120			5,113			12,120
Other (income) expense, net		(979	)		2,082			4,520			2,916			8,508
Adjusted EBITDA	$	57,766		$	60,023		$	71,803		$	185,891		$	237,122

Adjusted EBITDA is a Non-GAAP measure. See Non-GAAP Financial Measures for our definition of Adjusted EBITDA.

⁽¹⁾Restructuring expenses and other adjustments for the three and nine months ended September 30, 2024 relate to costs associated with changes in our executive management and other restructuring costs. Adjustments for the three and nine months ended September 30, 2023 relate to exit and disposal activities related to non-core businesses and other restructuring costs.

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA BY SEGMENT
(in thousands, unaudited)

	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,
	2024			2024			2023			2024			2023
Rentals
Income from operations	$	43,856		$	44,061		$	56,253		$	139,128		$	167,373
Depreciation, depletion, amortization and accretion		12,059			11,962			12,538			35,831			37,259
Adjusted EBITDA	$	55,915		$	56,023		$	68,791		$	174,959		$	204,632

Well Services
Income from operations	$	3,789		$	10,686		$	10,581		$	27,867		$	50,860
Depreciation, depletion, amortization and accretion		8,455			8,392			7,277			24,978			21,558
Restructuring expenses and other adjustments⁽¹⁾		3,183			–			(2,721	)		3,183			(2,721	)
Adjusted EBITDA	$	15,427		$	19,078		$	15,137		$	56,028		$	69,697

Corporate
Loss from operations	$	(20,030	)	$	(15,592	)	$	(12,800	)	$	(52,570	)	$	(41,623	)
Depreciation, depletion, amortization and accretion		563			514			675			1,583			2,433
Restructuring expenses and other adjustments ⁽¹⁾		5,891			–			–			5,891			1,983
Adjusted EBITDA	$	(13,576	)	$	(15,078	)	$	(12,125	)	$	(45,096	)	$	(37,207	)

Total
Income from operations	$	27,615		$	39,155		$	54,034		$	114,425		$	176,610
Depreciation, depletion, amortization and accretion		21,077			20,868			20,490			62,392			61,250
Restructuring expenses and other adjustments ⁽¹⁾		9,074			–			(2,721	)		9,074			(738	)
Adjusted EBITDA	$	57,766		$	60,023		$	71,803		$	185,891		$	237,122

Adjusted EBITDA is a Non-GAAP measure. See Non-GAAP Financial Measures for our definition of Adjusted EBITDA.

⁽¹⁾Restructuring expenses and other adjustments for the three and nine months ended September 30, 2024 relate to costs associated with changes in our executive management and other restructuring costs. Adjustments for the three and nine months ended September 30, 2023 relate to exit and disposal activities related to non-core businesses and other restructuring costs.

FOR FURTHER INFORMATION CONTACT:
Jamie Spexarth, Chief Financial Officer
1001 Louisiana St., Suite 2900
Houston, TX 77002
Investor Relations, ir@superiorenergy.com, (713) 654-2200

The MIL Network –

January 25, 2025

MIL-OSI: Kneat to Announce 2024 Third-Quarter Financial Results November 6, 2024

Source: GlobeNewswire (MIL-OSI)

LIMERICK, Ireland, Oct. 30, 2024 (GLOBE NEWSWIRE) — kneat.com, inc. (TSX: KSI) (OTC: KSIOF) (“Kneat” or the “Company”) a leader in digitizing and automating validation and quality processes, announced today that the Company will release its financial results for the quarter ended September 30, 2024, after TSX market close on November 6, 2024.

Eddie Ryan, Chief Executive Officer and Hugh Kavanagh, Chief Financial Officer, will host a conference call and Q&A for sell side analysts via webcast on November 7, 2024 at 09:00 ET (14:00 GMT).

Interested parties can register for the live webcast via the following link:

Register Here

The third-quarter financial results will be available from the Financial Information section of the Investors page on the Kneat Solutions website, at: https://kneat.com/investors/

About Kneat
Kneat Solutions provides leading companies in highly regulated industries with unparalleled efficiency in validation and compliance through its digital validation platform Kneat Gx. We lead the industry in customer satisfaction with an unblemished record for retention and implementation, powered by our user-friendly design, expert support, and on-demand training academy. Kneat Gx is an industry-leading digital validation platform that enables highly regulated companies to manage any validation discipline from end-to-end. Kneat Gx is fully ISO 9001 and ISO 27001 certified, fully validated, and 21 CFR Part 11/Annex 11 compliant. Multiple independent customer studies show a 40% or more reduction in validation cycle times, nearly 20% faster speed to market, and 80% reduced changeover time. For more information visit www.kneat.com.

For further information:

Katie Keita, Investor Relations Lead, +902-706-9074, katie.keita@kneat.com

The MIL Network –

January 25, 2025
MIL-OSI USA: Senator Wicker Statement on Georgia’s Parliamentary Election

US Senate News:

Source: United States Senator for Mississippi Roger Wicker

WASHINGTON – Following Georgia’s election results, U.S. Senator Roger Wicker, R-Miss., issued this statement:

“This past Saturday, the people of Georgia went to the polls to exercise their democratic right to choose their next government. Instead of a dignified, transparent, and lawful process, what they got was a farce. The people of Georgia’s democratic choice was undermined by rampant violations, including intimidation, violence, vote buying, and results that diverged sharply from credible independent pre-election and exit polling as well as trends from prior elections.

“We share Georgian President Zourabichvili’s belief that these elections were neither free nor fair and do not reflect the will of the people. Unfortunately, the Moscow-backed Georgian Dream party seems to think that alongside Russia and its authoritarian axis, they can wait out the United States and Georgia’s democratic allies. They are wrong.

“The manipulation of this election is not only a blow to Georgia’s fragile democracy but, if allowed to stand, an end to the country’s longstanding Euro-Atlantic aspirations—and possibly its very sovereignty. This is electoral fraud, and its illegitimate result must be confronted with clarity and resolve. As long as Georgian Dream clings to power through undemocratic means and under the tutelage of violent authoritarians, they will reap the contempt and isolation they so richly deserve.”

MIL OSI USA News –

January 25, 2025
MIL-OSI Security: Minneapolis Man Sentenced to Prison for Insider Trading Scheme

Source: Office of United States Attorneys

ST. PAUL, Minn. – A Minneapolis man has been sentenced to 18 months in federal prison, followed by two years of supervised release, and 320 hours of community service for an insider trading conspiracy involving nonpublic negotiations for the acquisition of a medical device company valued at $1.6 billion, announced First Assistant U.S. Attorney Lisa D. Kirkpatrick.

According to evidence presented at trial, beginning in January 2018 through at least August 2020, Doron “Ron” Tavlin, 69, of Minneapolis, and Afshin “Alex” Farahan, 58, of Los Angeles, engaged in an insider trading conspiracy. The conspiracy involved nonpublic information about the acquisition of Mazor Robotics, an Israeli-based company that specialized in robotics for spinal procedures, by Medtronic, Inc., an Ireland-based medical device company that primarily operated from its executive headquarters in Minneapolis. Tavlin, while working as vice president of business development at Mazor Robotics, learned material, nonpublic information about Medtronic’s impending acquisition of his company. In violation of federal law and his duty to his former employer, Mazor Robotics, Tavlin tipped this information about the acquisition to his friend, Farahan, and instructed him to buy shares in the company. Tavlin and Farahan knew that Medtronic’s imminent acquisition of Mazor would likely result in an increase in Mazor’s stock price. Farahan used the nonpublic information tipped by Tavlin to quickly buy more than $1 million of Mazor stock throughout August and September 2018. The morning after the secret acquisition was publicly announced, Farahan immediately sold all the stock he had purchased over the preceding weeks based on Tavlin’s illegal tip, which resulted in a profit of over $246,000. According to evidence presented at trial, after the acquisition occurred, Tavlin learned that the Financial Industry Regulatory Authority (FINRA) was investigating certain trades of Mazor securities that occurred prior to the publicly announced acquisition. As part of its inquiry, FINRA asked Tavlin, and other insiders who knew about the secret acquisition negotiations, whether he knew any of the parties who traded in Mazor securities leading up to the public announcement. In January 2019, Tavlin responded to FINRA’s inquiry by falsely denying that he recognized any names on a list of persons and entities that purchased Mazor securities, which included Farahan.

According to evidence presented at trial, the insider trading conspiracy included an agreement between Tavlin and Farahan that Farahan would pay money to Tavlin in exchange for the material, nonpublic information.

On February 16, 2024, Tavlin was found guilty on one count of conspiracy to commit insider trading and ten counts of securities fraud and aiding and abetting securities fraud following a nine-day trial. He was sentenced yesterday in U.S. District Court by Judge Donovan W. Frank.

Farahan pleaded guilty on August 4, 2022, to one count of conspiracy to engage in insider trading. His sentencing hearing will be scheduled at a later time.

This case is the result of an investigation conducted by the FBI.

Assistant U.S. Attorneys Matthew S. Ebert, Robert M. Lewis, and William C. Mattessich prosecuted the case.

MIL Security OSI –

January 25, 2025
MIL-OSI United Kingdom: Scheme launches to support Registered lower-income workers30 October 2024 A temporary scheme to support lower-income workers who have lived in Jersey less than five years has been launched. The Registered Employee Support Payment Scheme (RESPS) has been established as part… Read more
Source: Channel Islands – Jersey

30 October 2024

A temporary scheme to support lower-income workers who have lived in Jersey less than five years has been launched.

The Registered Employee Support Payment Scheme (RESPS) has been established as part of the range of support measures to assist employers and employees during Jersey’s transition towards a living wage.

Approximately 900 people who are believed to be eligible have been contacted by CLS to let them know that the support is available and that they have until 22 November to apply for a one-off lump sum payment of £250.

In order to be eligible for this scheme an individual must:
- be aged 18 or over
- have been be resident in Jersey for less than 5 years
- have Control of Housing and Work Law ‘Registered’ status
- not live in a household that meets the residency condition for the Income Support scheme
- have contribution earnings declared in every month for Quarter C of 2024 i.e. July, August and September
- be resident in Jersey and have a Jersey or other accepted UK bank account in their own name.
The scheme acknowledges that, while low-income individuals who have lived in Jersey for more than five years are eligible for Income Support and the Community Cost Bonus to help with their living costs, this support is not available to those that have been in Jersey for less than five years.

Minister for Social Security, Deputy Lyndsay Feltham, said: “The transition towards a living wage is an important priority of this Government. By 2026 we aim to reach a minimum wage based on two-thirds of the median wage and we are providing some temporary support measures to these employees during that time.

“I also recognise the impact the current cost of living is having on lower-income workers not entitled to Income Support. These Islanders provide valuable services across a range of sectors and make a significant contribution to the Island.

“They will benefit significantly from increases in the minimum wage over the next two years and this scheme is designed to support lower wage earners through this transitionary period, and hopefully encourage them to stay in the Island, and continue to provide important services and skills.”
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI United Kingdom: E3 foreign ministries call for the urgent renewal of Israeli-Palestinian correspondent banking services
Source: United Kingdom – Executive Government & Departments 3

Statement calling on Israel to urgently renew reciprocal banking arrangements to prevent economic collapse in the Occupied Palestinian Territories.
The foreign ministries of France, Germany and the United Kingdom call for the urgent renewal of Israeli-Palestinian correspondent banking services for a period of at least one year. Failure to renew would completely suspend cross-border trade, which would be catastrophic for the Palestinian economy. This will endanger regional security and harm Palestinian and Israeli businesses alike.

We note the significant steps completed in recent months to mitigate risks related to illicit financing, including the completion of a National Risk Assessment by the Palestinian Monetary Authority and agreement for a MENAFATF on-site evaluation to take place next year.

We urge the Government of Israel to renew the indemnifications without delay for a period of least one year, in line with their obligations under the Paris Protocol. We are committed to working with Israel and the Palestinian Authorities to continue countering the financing of terrorism while reiterating that a failure to renew indemnifications, or another temporary renewal, would be unacceptable and cause serious economic damage to both Israel and the West Bank.

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Published 30 October 2024
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI New Zealand: Te Māori Manaaki Taonga Trust Board strengthened

Source: New Zealand Government

He toi whakairo, he mana tangata.

The reappointment of one trustee and the appointment of four new trustees to the Te Māori Manaaki Taonga Trust Board will enable the legacy of Te Māori to be carried forward into the future, Māori Development Minister Tama Potaka and Arts Minister Paul Goldsmith have announced.

Mr Arapata Hakiwai (Rongowhakaata, Ngāti Kahungunu, Ngāti Porou, Ngāi Tahu) has been reappointed. Mr Hakiwai is currently the kaihautū Māori co-leader at the Museum of New Zealand Te Papa Tongarewa, where he provides bicultural leadership and works to develop strong relationships with iwi.

The four new appointments are:

Tā Selwyn Parata (Ngāti Porou). Tā Selwyn is a champion of the utilisation and revitalisation of te reo Māori, tikanga, waiata and kapa haka. Under his leadership, Te Matatini has grown significantly in viewership and kapa haka participation across the country.

Ms Puamiria Parata-Goodall (Ngāi Tahu, Ngāti Māmoe, Waitaha and Ngāti Kahungunu). Ms Parata-Goodall has over 30 years’ experience in the arts, culture and heritage sectors. She is current a member of the Ngāi Tahu Fund, Te Pae Kōrako Ngāi Tahu Archives, Canterbury Museum Trust Board and the Arts Council of New Zealand.

Mr Ngataiharuru Taepa (Te Arawa, Te Āti Awa). Mr Taepa is one of New Zealand’s most significant and innovative contemporary Māori artists and is the present Chair of Te Atinga, Contemporary Visual Arts Committee of Toi Māori Aotearoa.

Ms Evie O’Brien (Ngāti Awa, Ngāti Ranginui and Ngāti Pikiao). Ms O’Brien has built a career working in executive leadership in higher education. She was previously the inaugural Program Director at the Atlantic Institute based at Rhodes Trust, Oxford, in the United Kingdom.

These appointments come as we have just marked the 40^th anniversary of Te Māori, Arts Minister Paul Goldsmith says.

“Te Māori stands as one of Aotearoa New Zealand’s most significant cultural achievements, a transformative event that brought Māori taonga to the world, showcasing the identity, mana, and the richness of Māori culture.”

Established by founding trustees Tā Hirini Moko Mead, Wiremu Cooper and Te Aue Davis, the Trust sought to ensure that Māori were afforded the skills needed to care for their taonga, Māori Development Minister Tama Potaka says.

The Trust was relaunched in 2015 by Piri Sciascia, Arapata Hakiwai and Garry Nicholas, with a broader focus including leading and supporting information exchange, knowledge transfer, and increasing awareness and understanding of taonga Māori.

“I believe there is potential for a reimagined Te Māori, where our culture and taonga amplify international trade and tourism opportunities.

“To quote Tā Hirini Moko Mead, ‘Te Māori raised our self-esteem, it gave us more space in the world, it defined clearly our identity as Māori and as New Zealanders, it ennobled us and lifted our morale – illuminated by a new glow of internationalism’.

“Te Māori is as relevant today as it was 40 years ago, and our collective challenge is to enable its impact to continue.

“I want to acknowledge and thank Garry Nicholas, for his commitment to reviving and strengthening the Trust.”

Kua whakapakarihia te Poari o Te Māori Manaaki Taonga Trust

He toi whakairo, he mana tangata.

I te whakatūnga i tētahi kaitiaki, me te whakatūnga anō i tētahi tokowhā kaitiaki hōu ki te Poari o Te Māori Manaaki Taonga Trust ka whai mana tonu Te Māori haere ake nei, e ai ki tā te Minita Whanaketanga Māori Tama Potaka rāua ko te Minita Toi Paul Goldsmith tauākī.

Kua whakatūngia anō a Mr Arapata Hakiwai (Rongowhakaata, Ngāti Kahungunu, Ngāti Porou, Ngāi Tahu). Ko Mr Hakiwai te kaihautū Māori takirua i Te Papa Tongarewa, te tukuna ai e ia ngā aratakinga ā-ahurea, te whakapau kaha ai hoki e kino ai te painga o ngā hononga ki ngā iwi.

Koia ēnei ko ngā whakatūnga hōu e whā:

Tā Selwyn Parata (Ngāti Porou). He kaihapahapai a Tā Selwyn i te karawhiua me te whakarauoratia o te reo Māori, te tikanga, te waiata, me te haka. I te urungitanga āna, kua mātotoru te tupuranga o tō Te Matatini hunga mātakitaki, waihoki, kua pēnā hoki te nōhanga mai a te tini makiu ki ngā kapa haka puta noa i te motu.

Ms Puamiria Parata-Goodall (Ngāi Tahu, Ngāti Māmoe, Waitaha, Ngāti Kahungunu). Kua koni atu i te 30 tau a Ms Parata-Goodall e noho nei ki te ururuatanga o ngā rāngai mō te toi, te ahurea me te tiaki taonga. He mema ia i te Tahua Ngāi Tahu, Te Pae Kōrako Ngāi Tahu Archives, Canterbury Museum Trust Board me Toi Aotearoa.

Mr Ngataiharuru Taepa (Te Arawa, Te Āti Awa). Ko Mr Taepa tētahi o ngā tino i te ao toi hōu Māori i Aotearoa, ā, ko ia hoki te Upoko o Te Atinga, te Komiti Toi Ataata Hōu o Toi Māori Aotearoa.

Ms Evie O’Brien (Ngāti Awa, Ngāti Ranginui, Ngāti Pikiao). Kua poipoi a Ms O’Brien i tōna anō umanga i āna mahinga i te hunga kaihautū i te ao mātauranga tiketike. I ōna wā, ko ia te Kaihautū Kaupapa tuatahi i te Atlantic Institute i te Rhodes Trust, i Oxford, i Peretānia.

He huanga ēnei whakatūnga i tā mātou whakanui i te huringa tau 40 o Te Māori, hei tā te Minita Toi Paul Goldsmith.

“Mātāmua ko Te Māori e tū ana hei angitutanga ā-ahurea nā Aotearoa, arā, he huinga whakaumu i kitea ai ngā taonga Māori e te ao, i whakaaturia ai te tuakiri, te mana, me te iho o te ahurea Māori.”

He mea whakatū e ngā kaitiaki, e Tā Hirini Moko Mead rātou ko Wiremu Cooper, ko Te Aue Davis, me te aha anō, ko te kōingotanga o te Tiakitanga kia whāia e te Māori ngā pūkenga e tiakina ai ā rātou taonga, hei tā te Minita Whanaketanga Māori Tama Potaka.

I whakarewaina anō te Tiakitanga i te 2015 e Piri Sciascia rātou ko Arapata Hakiwai, ko Garry Nicholas, me te whāinga whānui e tae rā anō ana ki te aratakinga me te tautokonga i te whakawhitia o te mōhiohio, te mātauranga, me te whakatairanga i ngā mōhiotanga me ngā māramatanga ki ngā taonga Māori.

“Hei tāku, he pito mata e pohewatia anō ai Te Māori, e whakanuia ai te tauhokohoko ā-ao me ngā whai wāhitanga ā-tāpoi e tō tātou ahurea me ā tātou taonga.

“Arā te kōrero a Tā Hirini Moko Mead, ‘Nā Te Māori i hiki ai te wairua, i whai wāhi ai tātou ki te ao hurihuri, nāna tō tātou tuakiri i āta whakatauria mai hei Māori, hei ngāi Aotearoa hoki, nāna tātou i rangatira ai, i mana ai – ā, i miramiratia e te kura o te ao’.

“E pērā tonu ana te hāngai o Te Māori i ēnei rā, tērā i ngā tau e 40 ki muri, ka mutu, ko tā mātou wero he para i te huarahi e whai pānga tonu ai ia.

“E tika ana rā hoki kia mihia a Garry Nicholas i tāna ūnga ki te whakaoranga ake me te whakapakarihia o te Tiakitanga.”

MIL OSI New Zealand News –

January 25, 2025
MIL-OSI USA: Defense Secretary Lloyd J. Austin III and South Korean Defense Minister Kim Yong Hyun Hold Joint Media Availability

Source: United States Department of Defense

PENTAGON PRESS SECRETARY MAJOR GENERAL PAT RYDER: Well, good afternoon and thank you for being here today. Ladies and gentlemen, it is my pleasure to introduce Secretary of Defense Lloyd J. Austin and Republic of Korea Minister of National Defense Kim Yong Hyun. The secretary and the minister will deliver opening remarks and then we’ll have time to take a few questions.

Please note that I will moderate and call on journalists. And with that, Secretary Austin, over to you sir. SECRETARY OF DEFENSE LLOYD AUSTIN: Thanks, Pat. Good afternoon, everybody and thanks for being here. Minister Kim, let me again welcome you and your team to the Pentagon. It’s our honor to host our allies in the Republic of Korea for our 56th Security Consultative Meeting. The SCM is the annual capstone event for the US-ROK Alliance. It brings our defense leaders together to tackle shared challenges and to deepen our friendship.

For more than 70 years, our alliance has been the foundation of peace and stability on the Korean Peninsula. Our two proud democracies share a vision of a free and open Indo-Pacific and we stand shoulder to shoulder against those who would upend the status quo. Now we’re closely tracking the unprecedented level of direct military cooperation between Russia and the DPRK. In our meetings today, we shared our deep concerns about the deployment of DPRK troops to Russia.

We also discussed how we’re going to work together with our allies and partners to respond to this dangerous and destabilizing escalation. The evidence now suggests that North Korea has sent around 10,000 soldiers to train in eastern Russia and some of these DPRK troops have already moved closer to Ukraine.

And we’re seeing them outfitted with Russian uniforms and provided with Russian equipment. And I am increasingly concerned that the Kremlin plans to use these North Korean soldiers to support Russia’s combat operations in Russia’s Kursk region near the border with Ukraine. And let me remind you that Russia signed on to the UN Security Council resolutions agreeing not to provide military assistance to North Korea.

Of course, we know that Putin has gone tin cupping to get weapons from the DPRK and Iran. Turning to a pariah state like North Korea for troops just underscores how much trouble he is in. And we take this very seriously. We urge the Kremlin to change course and we fully understand the security implications for both Europe and the Indo-Pacific.

Putin will not prevail in Ukraine even with more help from North Korea, but these deeply concerning developments only underscore the importance of our alliance with the ROK and other allies and partners committed to shared security and prosperity. Now, Minister Kim and I had an outstanding meeting today.

Our discussions move the ball forward to modernize and deepen our alliance that will help protect the security of the Korean Peninsula and shape the future of the Indo-Pacific. It was with a sense of urgency we’ve delivered on a shared security objectives that we set forth just a year ago in a defense vision of the US-ROK Alliance.

The US Department of Defense and the ROK Ministry of National Defense signed the Nuclear Consultative Group guidelines in July and later that month I traveled to Japan to join an historic trilateral ministerial meeting with the ROK and Japan. It was held in Tokyo for the first time as envisioned by the 2023 Camp David Summit.

Now I assured Minister Kim today that the United States remains fully committed to the defense of the ROK and our extended deterrence commitment remains ironclad. That commitment is backed by the full range of America’s conventional missile defense, nuclear and advanced non-nuclear capabilities. We’ve also returned to large scale exercises with our ROK allies and that strengthening our combined readiness and our interoperability.

We’re also working together to tackle shared security challenges across the Indo-Pacific. So today Minister Kim and I endorsed a framework to expand our cooperation throughout the region based on our shared values and common interests. We also discussed the important role of the United Nations Command, which reflects the international community’s long-standing commitment to peace on the peninsula.

And earlier this year with support from the ROK, we accepted Germany as the 18th member state of the UNC. Moving forward, we’ll build on our momentum and will expand the scope and scale of our cooperation. We’ll use our strategic advantages and innovation in our defense industrial bases to bring cutting edge tech to our warfighters.

Now our alliance has always been rooted in our shared commitment to act together in the interests that brought us together seven decades ago have continued to grow stronger. Today’s discussion again underscored our shared vision for this alliance’s future. So, Minister Kim, thanks for your leadership and your commitment to this proud alliance.

We got a lot done today and I look forward to doing even more tomorrow in the US-ROK 2+2 with Secretary Blinken and Minister Cho and thanks very much and now let me turn it over to Minister Kim. SOUTH KOREAN DEFENSE MINISTER KIM YONG-HYUN: (Via interpreter) Good afternoon. This is the Minister of National Defense of the Republic of Korea, Kim Yong-hyun. I find it highly meaningful to conduct my first overseas defense diplomatic engagements after my inauguration here at the Pentagon, the heart of safeguarding liberal democracy. Today at the SCM, Secretary Austin and I reviewed the work of implementing the defense vision of the ROK-US alliance over the last year.

In addition, we reaffirmed that the ROK-US alliance remains more robust than ever, even amid complex international security crisis. While asserting its theory of hostile two nations. North Korea continues to escalate tensions on the Korean Peninsula through detonation of sections of inter-Korean roads. In order to deter and respond to DPRK, provocations and

threats, Secretary Austin and I agreed to maintain an overwhelming combined defense posture and engage in close coordination and responses.

In particular, we made it clear that DPRK’s ongoing practice of sending filth and trash balloons constitutes a violation of the armistice agreement and called for an immediate cessation of this activity with one voice. Furthermore, we condemned in the strongest terms with a unified voice, the unlawful military cooperation between North Korea and Russia, which directly violates the rules-based order through the deployment of North Korean forces to Russia and arms trade and pledged to closely work with the international community.

This July, the defense authorities of Korea and the United States completed the NCG Joint Guidelines through the Nuclear Consultative Group, thereby elevating the ROK-US alliance to an unequivocal nuclear based alliance. Building on these guidelines, Secretary Austin and I will diligently pursue the NCG tasks in a substantive manner to enhance the execution capabilities of extended deterrence of ROK and US equal partners.

Throughout this process, the ROK Strategic Command will be a key unit in the execution of the ROK-US conventional nuclear integration, CNI, operations. Secretary Austin reaffirmed the United States’ unwavering commitment to providing extended deterrence to the Republic of Korea by utilizing the full range of its military capabilities.

In addition, as tangible evidence of the US commitment to the defense of the ROK, Secretary Austin reiterated that the frequency and intensity of US strategic asset deployment would be increased and made regularized in accordance with President Biden’s commitment in the Washington Declaration. The ROK and the United States will further enhance their — continue to further enhance the Alliance’s capabilities and posture in response to nuclear and missile threats through implementing combined exercises that reflect the North Korean nuclear threats.

Secretary Austin and I agreed to strengthen security cooperation in the region based on the respective Indo-Pacific strategies of our two countries. The nuclear and missile threat from North Korea is now an existential threat, not only to the ROK, but also to the Indo-Pacific region. We had a shared understanding that the ROK-US-Japan Trilateral Security Cooperation Framework signed this July represents a historic milestone in trilateral security cooperation.

We will continue to further enhance it. In particular, we highly appreciated the achievements of freedom to exercise the first multi-domain training and have decided to conduct a second training in the near future. In today’s meeting, Secretary Austin and I approved the regional cooperation framework for ROK-US Alliance contributions to security in the Indo-Pacific, demonstrating our commitment to cooperation both domestically and internationally.

Based on the framework, we will expand substantive cooperation with ASEAN and Pacific Island nations, enhancing the level and broadening the scope of the ROK-US Alliance.

Secretary Austin and I pledge to strengthen cooperation in science and technology and defense industry based on the defense vision of the alliance.

We plan to establish a vice minister level defense Science and Technology executive committee within this year to explore the application of cutting-edge science and technology in the defense sector as well as cooperation on all cause Pillar 2. Furthermore, we acknowledge the significance of securing supply chain resilience and modernizing alliance capabilities and pledge to engage in active cooperation in the defense industry sector.

In this regard, Secretary Austin welcomed ROK’s participation in the US MRO pilot project and underscored the efforts to expand cooperation between our two countries. For more than 70 years, the ROK-US Alliance has overcome countless challenges establishing itself as one of the world’s most premier and exemplary alliances.

Through the 56th Security Consultative Meeting, Secretary Austin and I reaffirmed our resolve to leap forward as a stronger alliance in response to uncertain future challenges. As the minister of National Defense, I will work closely with Secretary Austin so that the ROK-US Alliance serves as a linchpin of peace and stability in the world extending beyond the Korean Peninsula.

I deeply appreciate Secretary Austin’s active support for the successful meeting we had today. We go together, [untranslated]. Thank you. MAJ. GEN. RYDER: Thank you very much, gentlemen. Our first question will go to Phil Stewart, Reuters. Q: To Secretary Austin, how soon do you believe that North Korean soldiers may enter the fight against Ukrainian forces in Kursk? Are we talking days or weeks? And do you believe there’s anything the international community can still do to stop that deployment? And to Mr. Kim, does this deployment increase the risk of war on the Korean Peninsula?

And does this change South Korea’s willingness to provide lethal direct aid to Ukraine? If not, why not? SEC. AUSTIN: Well, Phil, as you heard me say in my opener (pause for translation)— Phil, as you heard me say in my opener, we believe that the DPRK has sent some 10,000 troops into eastern Ukraine and there they’ve been drawing equipment and conducting some training. And some of those troops have begun to make their way towards the border of Ukraine in the Kursk region.

Whether or not they’ll be employed in the fight, is left to be seen yet. But certainly, if they are employed, then that’s very disturbing. And so, we remain concerned that they’re going to use these troops in combat. I won’t speculate on the timing of employment. Again, this is something we’re going to continue to watch and we’re going to continue to work with allies and partners to discourage Russia from employing these troops in combat.

Again, this is a violation of the UN security agreement. So, this is pretty serious. Again, we’re going to continue to watch it and continue to work with our allies and partners to discourage it, so (pause for translation) Phil, to be clear, violation of UN sanctions. Q: Do you mean eastern Ukraine? SEC. AUSTIN: I’m sorry? Q: I thought you said deployed to eastern Ukraine. Yeah? Q: Did you mean eastern Ukraine or Eastern Russia that they had deployed to? SEC. AUSTIN: They had deployed to Eastern Russia and then they’re making their way west towards the Ukrainian border, sorry about that. DEFENSE MINISTER KIM YONG-HYUN: (Via interpreter) I’d like to answer the question regarding the increase in the possibility of war breaking out on the Korean Peninsula following the North Korean’s troops deployment to Russia. I do not necessarily believe that the North Korean troops deployment to Russia results in the changes in the possibility of war breaking out on the Korean Peninsula.

However, I believe this can result in the escalation of the security threats on the Korean Peninsula. This is because there is a high possibility that North Korea, in exchange for their troops deployment, would ask for cutting edge technology transfer. There is a high chance that they would, in exchange for their deployment, North Korea is very likely to ask for technology transfers in diverse areas, including the technologies relating to tactical nuclear weapons technologies related to their advancement of ICBM, also those regarding reconnaissance satellite and those regarding SSBNs as well.

There is also a high chance that they will try to replace their equipment that have been taken a lot of time, so therefore old technologies or equipment. I believe such changes in the technological situation of North Korea can pose an increase in the escalation of security threats on the Korean Peninsula.

However, one thing to consider is that as we have witnessed in the Russia-Ukraine war, the conventional weapon capabilities of Russia is not as formidable as we expected it to be. Therefore, even with the possibility of Russia’s cutting-edge technology flowing into North Korea and thereby resulting in the advancement of North Korea’s military technology, I believe it is possible for us to overcome such challenges based on our robust ROK-US alliance and ROK-US-Japan trilateral security cooperation.

And through these cooperation, I believe we can secure enough and sufficient capability in order to overcome such security challenges. In short, I would rather see the results or impacts of the deployment as an increase that can result. I believe the deployment can result in the security threats on the Korean Peninsula and it could also have a destabilizing impact on the security of the Korean Peninsula, but I don’t believe it is going to be any changes in the possibility of war breaking out on the Korean Peninsula.

MR. RYDER: Thank you both. Our next question will go to Ji Hun Kim, Yonhap News Agency. Q: (Via interpreter) This is Reporter Kim from Yonhap Agency, and first I have a question to direct it to Minister Kim. Last year’s munition deal between Korea’s corporation and the United States is an exemplary case where Korea was able to provide support toward United States in accordance with the mutual defense treaty. And do you have any additional plans to give indirect support to Ukraine by supplying munitions to the United States in an indirect way?

And also, there’s another question about the trash and filth balloons. Korea has been showing consistently the kind of response — Korea has been showing response such as collecting the trash balloons after they were dropped on the territory of Korean Peninsula, or they have consistently asked North Korea to cease the release of trash balloons.

Do you have any additional measures in order to respond to such release of trash or filth balloons from North Korea? And this question, the last question is directed to both Minister Kim and Secretary Austin. North Korea has consistently shown their anti-humanitarian provocations. Do you have any messages in mind that you can deliver to Kim Jong Un and North Korea? DEFENSE MINISTER KIM YONG-HYUN: (Via interpreter) So the first question about munitions supply to United States, I have to give you an answer that at the current moment, nothing is determined. And for your second question about Korea’s response to North Korea’s release of trash and filth balloons, in today’s meeting, Secretary Austin and I have confirmed that the deployment of trash and filth balloons are a violation of armistice agreement. And as the release of trash and filth balloons is a provocation that poses a safety threat to our people, we have been using the response of first identifying and then tracking and then after we found out the location of the dropping. And then we checked if there is any biological or chemical weapons in it after we have gone through all the tests, then we collected those balloons.

These measures were taken under our assessment that this is the best and most optimal way of guaranteeing and confirming the safety of our people and that this is the way to protect our people in our best way. However, North Korea is crossing the line with various methods of provocations and we are open to all alternatives when it comes to the risk — when it comes to our response to North Korea’s provocation.

On your third question, I recall it was if I have any message toward — that I have to Kim Jong Un. I believe the essence of North Korean troop deployment is the possibility of expansion of the war. And this results from the intervention of the third party, which is North Korea. And such possibility is resulting in grave concerns of European countries, including Ukraine.

And the deployment is — North Korea is joining the collusion of Russia’s illegal aggression and invasion, and therefore I see that the deployment is Kim Jong Un’s attempt to maintain

its dictatorship and Kim Jong Un didn’t hesitate to sell out its young people and troops as cannon fodder mercenaries. I believe such activities is a war crime that is not only anti-humanitarian but also anti-peaceful.

Therefore, I would like to strongly condemn the activity of Kim Jong Un and I believe all responsibility from the results of the deployment belong to Kim Jong Un. We call for Kim Jong Un’s immediate withdrawal of his troops in our strongest terms. Thank you.

SEC. AUSTIN: Thank you for the question. I don’t have any messages for the leadership of DPRK. I call upon them to cease their potentially destabilizing behavior in both the Indo-Pacific region and now in the European theater as well. And like my colleague here, Minister Kim, I call upon them to withdraw their troops out of Russia.

It does have the potential of lengthening the conflict or broadening the conflict if that continues. MR. RYDER: Our next question will go to Courtney Kube, NBC. Q: Thank you. Mr. Secretary, you told Phil that you — the US will continue to watch this deployment and work with allies to discourage it. But how specifically can the US or the international community actually stop? Is there anything the US can do? And you just said that that this does have the potential for broadening the conflict.

Does that mean that you see the possibility that if in fact Russian troops are fighting alongside North Korean troops that that means other countries could send troops perhaps even to fight alongside the Ukrainians in an advisory level or fighting or anything? And then just one more, this is my real question. Those were follow ups.

My real question is just what happens when North Korean troops are killed by US provided weapons? And then Minister Kim, do you see any signs that North Korea plans to interfere in the US elections? We — your DIA said today that DPRK may be ready to launch an ICBM, perhaps a nuclear weapon.

Is there any indication that that could be or other actions that they may be taking could be specifically to interfere with the US election? Thank you. You only get one. SEC. AUSTIN: So Courtney, the first of your 20 questions here was whether or not we can stop the DPRK from sending troops. We certainly can work with others to discourage this — this kind of behavior. But I didn’t mean to imply that we can stop that. But certainly, their actions have consequences as all actions have consequences.

And we need to be mindful of that. In terms of what could happen, you mentioned my reference to potentially broadening this conflict. Yes, it could encourage others to take action, different kinds of action, but I won’t speculate on what could exactly happen. But we — there are a number of things that could happen.

And what happens when DPRK soldiers are killed with US provided weapons? Well, if the DPRK soldiers are fighting alongside Russian soldiers in this conflict and attacking Ukrainian soldiers, Ukrainian soldiers have the right to defend themselves and they will do that with the weapons that we provided and others have provided.

That’s to be expected. But if they are fighting alongside of — of Russian soldiers, they are co-belligerents and you have every reason to believe that those kinds of things will happen, that they will be killed and wounded as a result of battle. DEFENSE MINISTER KIM YONG-HYUN: (Via interpreter) Thank you for giving 20 questions to Secretary Austin, but only one for me. I’m so happy. So on your question about the possibility that North Korea attempts to interfere with US presidential election, my short answer is that the possibility is not high. I believe there isn’t a high chance of them attempting to interfere with the election.

However, I believe there is a high chance that they would want to exaggerate their existence around the season of US presidential election before and after the election. The expected courses of action that North Korea could take in their attempt to provoke could be either their launch of ICBM or their seventh nuclear tests. MR. RYDER: Thank you. Our final question will go to Ji-ho Yang, Chosun. Q: (Via interpreter) This is Reporter Yang from Chosun Daily. First, I have a question to Minister Kim. The main opposition party of Republic of Korea has expressed their opposition to North Korea’s dispatch of analysis team and Korean delegation to Ukraine. So from your perspective, Minister Kim, what do you think is the role that Korean military can play in Ukraine?

And I have another — I have a question to Secretary Austin. So it is my understanding that the current assessment of the United States DOD is that North Korea did deploy troops to Ukraine — to Russia, however, they were not involved in any combats at the moment. So however, some are claiming that North Korean troops that are — are already being deployed are being — are already being in engagement.

So like, what would be your standard to determine whether the participation of these North Korean troops will be deployment or actual participation in combat operations? And also you have — US DOD has also made a statement that the North Korean troops who are in Russia will also be classified as enemies that can be attacked by — by US weapons that are supplied to Ukraine.

So could you give a little more elaboration on this statement? This concludes my question. DEFENSE MINISTER KIM YONG-HYUN: So I recall the question was about our observers and monitoring teams of Korea that are — that are and could be sent to Ukraine. So throughout the history in many different wars, including the Iraq war, there have been many

cases where we have sent monitoring teams or lesson learned analysis team to the countries that are currently — that were in war.

The role of such observers or analysis team play in the war is mainly analysis of the trends of the modern warfare or different aspects of modern welfare. And especially as we have confirmed North Korean troops were deployed to Russia, I believe it could serve as a great opportunity for our analysis team or observer to learn the movements or trends of the North Korean troops.

In many wars there — we have witnessed many new and diverse weapon systems continuously popping up and also we were able to witness many different modern tactics in the war. I believe if we can collect such information diligently and then utilize it for our future safety of — and stability of our country, I believe it can serve as an opportunity for us to provide better protection to our — the people of Republic of Korea.

I believe it is an obvious task that our military should play to send observers and analysis team to the Russia-Ukraine war. And I — I would even say that if we don’t send our observers or analysis team, it would mean that we are not faithfully doing our jobs. SEC. AUSTIN: So thank you for your question. As I understand it, the first question was what was our — what is our standard for determining whether or not the DPRK troops are actually fighting or in the fight. And the second question was whether or not they can be engaged with US weapons. So I think standards are pretty easy.

If they’re fighting, if they’re attacking Ukrainian soldiers and they are co-belligerents, they’re a part of this fight, that’s fairly easy to determine. And it’s not certain that they will be introduced into this fight. But clearly 10,000 soldiers, and some of them are moving west towards the Ukrainian border, then there’s a good likelihood that they will be employed, but we’ll see.

We won’t speculate. We’ll collect evidence. They’re doing this because Putin has lost a lot of troops, a lot of troops. And you know, he has a choice of either getting other people to help him or he can mobilize. And he doesn’t want to mobilize because then the people in Russia will begin to understand the extent of his losses of their losses.

So there’s a good likelihood that these troops will be introduced into combat, not certain, but I think the likelihood is pretty high. But this is not a sign of strength. It’s a sign of weakness. Putin has not achieved one strategic objective in two and a half years against a force that was far inferior to his force. That’s a sign of weakness. Again, he’s gone to other countries for weapons and munitions and now he’s going to other countries for people. And as I said earlier, if they are fighting and they’re co-belligerents, they’re attacking Ukrainian troops and the Ukrainian troops have the right to defend themselves, and we have every expectation that they will.

They’ll use their own weapons. They’ll use the weapons that they’ve been provided, and that won’t be a surprise to anyone. But this doesn’t have to happen. Putin can end this war

today. It was his choice to launch this war. He’s not achieved his objectives. He can end this war and he should end this war.

Otherwise, we’ll see a lot more losses on both sides and that’s really highly unnecessary. But I think in terms of our standards for determining whether or not they’re fighting, they’re in the fight, I think it’ll be pretty easy to determine that. OK. MAJ. GEN. RYDER: Secretary Austin, Minister Kim, thank you both, gentlemen. Ladies and gentlemen, that’s all the time we have available today. This concludes our press briefing. Thank you.

MIL OSI USA News –

January 25, 2025
MIL-OSI Canada: Preparation, swift response define wildfire season
Source: Government of Canada regional news

Aerial view of wildfires near Fox Lake and Garden River in July.

Through effective investments, including a historic $155-million wildfire base budget, Alberta’s government ensured the province was prepared to respond throughout the 2024 wildfire season. In anticipation of the wildfire season, Alberta’s government recruited 100 additional wildland firefighters and an additional 40 contract wildland firefighters – in addition to securing more airtankers, heavy equipment, and helicopters equipped with night vision technology. As a result of this preparation, front-line crews were able to respond quickly and fight fires around the clock, containing 85 per cent of wildfires within 24 hours of detection.

“While the 2024 wildfire season was challenging, our coordinated efforts and the resilience of Albertans have been crucial in mitigating the impact. We will continue to adapt and strengthen our wildfire management strategies to protect our communities and natural resources.”

Todd Loewen, Minister of Forestry and Parks

“This wildfire season has tested our resolve, especially in areas like Fox Lake and Jasper. The coordinated efforts of our firefighters and support teams were instrumental in protecting our communities. We will build on this experience to continue to improve response strategies and initiate new strategies to ensure the safety of all Albertans.”

Martin Long, MLA for West Yellowhead

The 2024 wildfire season began earlier than usual, with 64 carryover wildfires stemming from a mild winter and extremely dry conditions. In response to this elevated danger, Alberta’s government activated an early start to the wildfire season on February 20, 2024, implementing a fire ban and fire permit system to prevent additional human-caused wildfires.

Despite significant challenges, including large wildfires near Jasper that led to evacuations and the tragic loss of an Alberta wildland firefighter, as well as the loss of homes and businesses in the community, Alberta Wildfire demonstrated remarkable coordination, offering immediate aid and resources to Parks Canada, including support personnel, firefighters, aircraft and equipment.

While supporting the Jasper response led by Parks Canada, Alberta Wildfire crews continued to tackle substantial wildfires throughout the province, deploying personnel, aircraft and equipment to combat wildfires and assist impacted communities. Throughout the season, residents of Garden River, John D’Or Prairie, Fox Lake in the Little Red River Cree Nation, and the Chipewyan Cree Nation were also evacuated. Additionally, an area near Peace River and four neighborhoods in Fort McMurray faced short-term evacuations due to wildfires.

“In the wake of the heartbreaking loss from the Jasper wildfire, we are reminded of the strength found in collaboration – with each other and among all orders of government. We are reminded also of the compelling need to invest together in training, preparation, mitigation and adaptation, ensuring that we not only respond effectively, but that we also build a more resilient future.”

Richard Ireland, mayor, Town of Jasper

“The 2024 wildfire season underscored the importance of early planning and preparation. Investments in people, resources and new technology proved invaluable in our response efforts.”

Trevor Lamabe, executive director Wildfire Management Branch

During the 2024 wildfire season, Alberta Wildfire responded to more than 1,210 wildfires in the Forest Protection Area, exceeding last year’s record-breaking total. While the number of fires in 2024 exceeded the total number of fires in 2023, wildfires this season burned less than a third of the area compared with 2023, underscoring the effectiveness of Alberta’s preparation and investments.

Although Oct. 31 marks the end of Alberta’s wildfire season, Alberta Wildfire remains vigilant and ready to respond to any potential wildfires across the province.

Quick Facts
- Alberta Wildfire responded to more than 1,210 wildfires this year with more than 705,000 hectares burned.
- In 2023, there were 1,080 wildfires and more than 2.2 million hectares burned.
- Alberta Wildfire had almost 1,900 firefighters, contractors and support staff working on Alberta’s provincial response.
- Alberta Wildfire also received assistance from other agencies with more than 1,300 firefighters and support staff arriving from around the world to assist.
- While most wildfires were caused by people, we had 410 lightning-caused wildfires in July, the highest number in 20-years.
Related information
- Alberta Wildfire
- Alberta Wildfire app
- Alberta Wildfire Status Dashboard
MIL OSI Canada News –
January 25, 2025
MIL-OSI China: China publishes world’s first international standard for stem cell data

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

BEIJING, Oct. 30 — The world’s first international standard for stem cell data, ISO8472-1, has been officially released, the Institute of Zoology of the Chinese Academy of Sciences said Wednesday.

This standard is expected to enhance global stem cell data management and make contributions to the advancement of stem cell research and applications, according to the institute.

As biotechnology advances rapidly worldwide, stem cell data is proliferating. However, the lack of international standards for stem cell data has resulted in issues such as unregulated data management and low efficiency in data sharing and application.

ISO8472-1, co-formulated by experts from China, Japan, the Republic of Korea, Germany, the United Kingdom, the United States, France, and other countries, stipulates a framework for the interoperability of stem cell data. It is applicable to related databases, data management systems, web interfaces, and more in the field of stem cell research.

The release of ISO8472-1 will provide standard and guidance for data management in the field of stem cells and offer a systematic framework for the development of subsequent international standards for stem cell data, said Qiao Gexia, director of the Institute of Zoology.

MIL OSI China News –

January 25, 2025

MIL-OSI: Capgemini Q3 2024 revenues

Source: GlobeNewswire (MIL-OSI)

Media relations:
Victoire Grux
Tel.: +33 6 04 52 16 55
victoire.grux@capgemini.com

Investor relations:
Vincent Biraud
Tel.: +33 1 47 54 50 87
vincent.biraud@capgemini.com

Capgemini Q3 2024 revenues

Q3 2024 revenues of €5,377 million, down -1.6% at constant exchange rates^*
9M 2024 revenues of €16,515 million, down -2.3% at constant exchange rates
FY 2024 constant currency revenue growth target revised to -2.0% to -2.4% and operating margin target narrowed to 13.3% to 13.4%
FY 2024 organic free cash-flow target confirmed at around €1.9 billion

Paris, October 30, 2024 – The Capgemini Group reported consolidated revenues of €5,377 million in Q3 2024, down -1.9% year-on-year on a reported basis, and down -1.6% at constant exchange rates^*.

Aiman Ezzat, Chief Executive Officer of the Capgemini Group, said: “Our growth improved marginally in Q3 compared to Q2, despite stronger headwinds than anticipated in some sectors, primarily in Manufacturing. However, we continue to see recovery in Financial Services and gradually lesser headwinds from Telco and Tech.

In a market that remains soft overall, we expect to deliver a similar growth in Q4 while demonstrating the resilience of our operating margin and organic free cash-flow. Client demand continues to be driven by operational efficiencies and cost reduction and we seize their growing appetite for AI and Gen AI services.

Our positioning as a business and technology transformation partner, the relevance of our offerings and the quality of our talent are driving our solid book-to-bill ratio and growing pipeline of strategic deals. We are also launching a set of targeted actions to simplify our operations to make the Group more agile with a stronger emphasis on growth.

Based on Q4 perspectives, we now expect a full-year constant currency growth rate of -2.0% to -2.4% and narrow the operating margin target to 13.3% to 13.4%, while the organic free cash-flow target of around €1.9 billion is confirmed.”

	(in millions of euros)		Change
Revenues	2023	2024	At current exchange rates	At constant exchange rates^*
Q3	5,480	5,377	-1.9%	-1.6%
9 months	16,906	16,515	-2.3%	-2.3%

After bottoming out in Q1 2024, Capgemini activity trends improved again in Q3, but only marginally. The Group generated revenues of €5,377 million in Q3 2024, down -1.9% year-on-year on a reported basis and -1.6% at constant exchange rates^*. On an organic basis (i.e., restated for changes in Group scope and exchange rates), revenues contracted by -2.1%. For the first nine months of the year, growth stands at -2.3%, both on a reported basis and at constant exchange rates.

Clients remained focused on driving efficiencies through large digital transformation programs, at the expense of discretionary deals. This is fueling strong demand for Capgemini’s Cloud and Data & AI/Gen AI services, as well as for digital core modernization and intelligent supply chain services that are key focus themes in the current environment.

Bookings totaled €5,222 million in Q3 2024, down -0.8% at constant exchange rates, leading to a book-to-bill ratio of 0.97 for the period. Generative AI bookings amounted to around €600 million over the last 9 months which represent around 3.5% of Group bookings.

OPERATIONS BY REGION

In the Group’s largest regions, Q3 growth rates remained similar to Q2. Overall, this reflects the continued recovery in Financial Services across all regions combined with, as anticipated, a slowdown in the Manufacturing sector.

At constant exchange rates, revenues in the North America region (28% of Group revenues in Q3 2024) decreased by -3.9% year-on-year. Financial Services further improved, yet still posting a year-on-year decline in Q3. Overall, the revenue contraction was driven by the Consumer Goods & Retail, Energy & Utilities, and Public sectors.

Revenues in the United Kingdom and Ireland region (13% of Group revenues) returned to positive growth at +0.4%. The continued dynamism of the Energy & Utilities sector and a resilient Manufacturing sector outweighed the contraction in the Consumer Goods & Retail sector.

Revenues in France (19% of Group revenues) decreased by -2.5%. Growth in the Public sector, along with positive momentum in TMT (Telecoms, Media & Technology), were more than offset by the slowdown of the Manufacturing sector.

Revenues in the Rest of Europe region (31% of Group revenues) increased by +0.6%. Solid growth in Financial Services, as well as continued dynamism in Energy & Utilities and Public sector, made up for the contraction in the Manufacturing and TMT sectors.

Lastly, revenues in the Asia-Pacific and Latin America region (9% of Group revenues) were down -2.2%. In the Asia-Pacific region, strong momentum in the Public sector and improving Financial Services were more than offset by visible weakness in the Consumer Goods & Retail and Manufacturing sectors. Growth acceleration in Latin America was mostly driven by the Consumer Goods & Retail sector.

OPERATIONS BY BUSINESS

In Q3 2024, at constant exchange rates, the growth in Strategy & Transformation services (9% of the Group’s total revenues^* in Q3 2024) further strengthened to +6.5% year-on-year. This reflects continued client demand for strategic consulting on their transition towards a more digital and sustainable model as well as their unwavering interest in the broad AI and Gen AI opportunities.

In Applications & Technology services (63% of the Group’s total revenues and Capgemini’s core business), growth rates improved by 170 basis points compared to Q2, to -1.2% year-on-year in Q3.

Lastly, Operations & Engineering total revenues (28% of the Group’s total revenues) decreased by -3.4% primarily driven by the contraction in Infrastructure Services and, to a lesser extent, Engineering services.

HEADCOUNT

The Group’s total headcount stands at 338,900 as at September 30, 2024, down -1.1% year-on-year and up +0.6% since the end of June. The offshore workforce stands at 194,400 employees or 57% of the total headcount.

OUTLOOK

The Group’s financial targets for 2024 are updated as follows:

Revenue growth of -2.0% to -2.4% at constant currency (was -0.5% to -1.5%);
Operating margin of 13.3% to 13.4% (was 13.3% to 13.6%);
Organic free cash-flow of around €1.9 billion (unchanged).

The inorganic contribution to growth should be 40 basis points.

CONFERENCE CALL

Aiman Ezzat, Chief Executive Officer, accompanied by Nive Bhagat, Chief Financial Officer, and Olivier Sevillia, Chief Operating Officer, will present this press release during a conference call in English to be held today at 8.00 a.m. Paris time (CET). You can follow this conference call live via webcast at the following link. A replay will also be available for a period of one year.

All documents relating to this publication will be posted on the Capgemini investor website at https://investors.capgemini.com/en/.

PROVISIONAL CALENDAR

February 18, 2025        FY 2024 results
April 29, 2025        Q1 2025 revenues
May 7, 2025        Shareholders’ Meeting
July 30, 2025        H1 2025 results

DISCLAIMER

This press release may contain forward-looking statements. Such statements may include projections, estimates, assumptions, statements regarding plans, objectives, intentions and/or expectations with respect to future financial results, events, operations and services and product development, as well as statements, regarding future performance or events. Forward-looking statements are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates”, “plans”, “projects”, “may”, “would”, “should” or the negatives of these terms and similar expressions. Although Capgemini’s management currently believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking statements are subject to various risks and uncertainties (including, without limitation, risks identified in Capgemini’s Universal Registration Document available on Capgemini’s website), because they relate to future events and depend on future circumstances that may or may not occur and may be different from those anticipated, many of which are difficult to predict and generally beyond the control of Capgemini. Actual results and developments may differ materially from those expressed in, implied by or projected by forward-looking statements. Forward-looking statements are not intended to and do not give any assurances or comfort as to future events or results. Other than as required by applicable law, Capgemini does not undertake any obligation to update or revise any forward-looking statement.

This press release does not contain or constitute an offer of securities for sale or an invitation or inducement to invest in securities in France, the United States or any other jurisdiction.

ABOUT CAPGEMINI

Capgemini is a global business and technology transformation partner, helping organizations to accelerate their dual transition to a digital and sustainable world, while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fueled by its market leading capabilities in AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2023 global revenues of €22.5 billion.

Get the Future You Want | www.capgemini.com

* *

APPENDIX3F¹

BUSINESS CLASSIFICATION

Strategy & Transformation includes all strategy, innovation and transformation consulting services.
Applications & Technology brings together “Application Services” and related activities and notably local technology services.
Operations & Engineering encompasses all other Group businesses. These comprise Business Services (including Business Process Outsourcing and transaction services), all Infrastructure and Cloud services, and R&D and Engineering services.

DEFINITIONS

Organic growth or like-for-like growth in revenues is the growth rate calculated at constant Group scope and exchange rates. The Group scope and exchange rates used are those for the reported period. Exchange rates for the reported period are also used to calculate growth at constant exchange rates.

Reconciliation of growth rates	Q1 2024	Q2 2024	Q3 2024	9M 2024
Organic growth	-3.6%	-2.3%	-2.1%	-2.7%
Changes in Group scope	+0.3 pts	+0.4 pts	+0.5 pts	+0.4 pts
Growth at constant exchange rates	-3.3%	-1.9%	-1.6%	-2.3%
Exchange rate fluctuations	-0.2 pts	+0.4 pts	-0.3 pts	-0.0 pts
Reported growth	-3.5%	-1.5%	-1.9%	-2.3%

When determining activity trends by business and in accordance with internal operating performance measures, growth at constant exchange rates is calculated based on total revenues, i.e., before elimination of inter-business billing. The Group considers this to be more representative of activity levels by business. As its businesses change, an increasing number of contracts require a range of business expertise for delivery, leading to a rise in inter-business flows.

Operating margin is one of the Group’s key performance indicators. It is defined as the difference between revenues and operating costs. It is calculated before “Other operating income and expense” which include amortization of intangible assets recognized in business combinations, expenses relative to share-based compensation (including social security contributions and employer contributions) and employee share ownership plan, and non-recurring revenues and expenses, notably impairment of goodwill, negative goodwill, capital gains or losses on disposals of consolidated companies or businesses, restructuring costs incurred under a detailed formal plan approved by the Group’s management, the cost of acquiring and integrating companies acquired by the Group, including earn-outs comprising conditions of presence, and the effects of curtailments, settlements and transfers of defined benefit pension plans.

Normalized net profit is equal to profit for the year (Group share) adjusted for the impact of items recognized in “Other operating income and expense”, net of tax calculated using the effective tax rate. Normalized earnings per share is computed like basic earnings per share, i.e., excluding dilution.

Organic free cash flow is equal to cash flow from operations less acquisitions of property, plant, equipment and intangible assets (net of disposals) and repayments of lease liabilities, adjusted for cash out relating to the net interest cost.

Net debt (or net cash) comprises (i) cash and cash equivalents, as presented in the Consolidated Statement of Cash Flows (consisting of short-term investments and cash at bank) less bank overdrafts, and also including (ii) cash management assets (assets presented separately in the Consolidated Statement of Financial Position due to their characteristics), less (iii) short- and long-term borrowings. Account is also taken of (iv) the impact of hedging instruments when these relate to borrowings, intercompany loans, and own shares.

REVENUES BY REGION

	Revenues (in millions of euros)		Year-on-year growth
	Q3 2023	Q3 2024	Reported	At constant exchange rates
North America	1,608	1,530	-4.9%	-3.9%
United Kingdom and Ireland	676	690	+2.1%	+0.4%
France	1,045	1,019	-2.5%	-2.5%
Rest of Europe	1,633	1,646	+0.8%	+0.6%
Asia-Pacific and Latin America	518	492	-5.0%	-2.2%
TOTAL	5,480	5,377	-1.9%	-1.6%

	Revenues (in millions of euros)		Year-on-year growth
	9 months 2023	9 months 2024	Reported	At constant exchange rates
North America	4,896	4,638	-5.3%	-4.9%
United Kingdom and Ireland	2,062	2,070	+0.4%	-1.8%
France	3,353	3,264	-2.6%	-2.6%
Rest of Europe	5,105	5,116	+0.2%	+0.1%
Asia-Pacific and Latin America	1,490	1,427	-4.2%	-1.9%
TOTAL	16,906	16,515	-2.3%	-2.3%

REVENUES BY BUSINESS

	Total revenues* (% of Group revenues)	Year-on-year growth at constant exchange rates in total revenues of the business
	Q3 2024
Strategy & Transformation	9%	+6.5%
Applications & Technology	63%	-1.2%
Operations & Engineering	28%	-3.4%

	Total revenues* (% of Group revenues)	Year-on-year growth at constant exchange rates in total revenues of the business
	9 months 2024
Strategy & Transformation	9%	+3.9%
Applications & Technology	62%	-2.7%
Operations & Engineering	29%	-2.3%

¹ Note that in the appendix, certain totals may not equal the sum of amounts due to rounding adjustments.

Attachments

The MIL Network –

January 25, 2025

MIL-OSI: SUBC – Ex. Dividend NOK 3.00 on 30 October 2024
Source: GlobeNewswire (MIL-OSI)

Luxembourg – 30 October 2024
- Issuer: Subsea 7 S.A.
- Ex-date: 30 October 2024
- Dividend amount: NOK 3.00
- Announced currency: Norwegian Krone
Contact for investment community enquiries:
Katherine Tonks
Investor Relations Director
Tel +44 20 8210 5568
ir@subsea7.com

This information is published in accordance with the requirements of the Continuing Obligations.

This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 30 October 2024 at 07:00 CET.

The MIL Network –
January 25, 2025
MIL-OSI: Melexis Q3 2024 results – Third quarter sales of 247.9 million EUR
Source: GlobeNewswire (MIL-OSI)

^{Regulated information}

Intermediate declaration by the Board of Directors

Ieper, Belgium – October 30th, 2024, 07.00 hrs CET

Dear,

Please find herewith the link to our most recent press release:

www.melexis.com/en/news/2024/financial/melexis-q3-2024-results

Attachment
- PR_ENG_Melexis_Q3 2024
The MIL Network –
January 25, 2025

MIL-OSI: Amundi: Third quarter and nine-month 2024 results

Source: GlobeNewswire (MIL-OSI)

Amundi: Third quarter and nine-month 2024 results

Net income¹^,²up +16% Q3/Q3 and record assets under management at €2.2 trillion

Strong growth in earnings and revenues		Q3 – adjusted net income¹^,² at €337m, fast-growing: +16.1% Q3/Q3 Thanks to revenue growth (+10.5%) and positive jaws effect Q3/Q3 cost/income ratio improvement at 52.9%³ 9 months – adjusted net income¹^,² at €1,005m, up +10.4% 9M/9M Earnings per share²: €1.65 for Q3, €4.91 for 9M

Record AuM & dynamic MLT inflows⁵		Record assets under management³: €2,192bn at 30 September 2024, up +11% year-on-year Q3 net inflows³ of +€2.9bn, or +€14.5bn excluding the exit from a large, low-income institutional mandate⁴ +€9.1bn in MLT assets⁴^,⁵^,⁶ Solid commercial momentum of Asian JVs: +€5.3bn

Continued strategic progress		ETFs⁶: +€8bn in Q3 net inflows, now more than €250bn in assets under management Third-party distribution: +€7bn Q3 net inflows, with contribution from all regions and asset classes Asia: +€7bn in Q3 net inflows, from JVs and direct distribution in Japan, Singapore, Hong Kong, Taiwan and China Technology: revenues +42% Q3/Q3 Victory Capital: approval⁷ of the partnership with Amundi secured at EGM, transaction expected to close in Q1 2025

Paris, 30 October 2024

Amundi’s Board of Directors met on 29 October 2024 under the chairmanship of Philippe Brassac, and reviewed the financial statements for the third quarter and the first 9 months of 2024.

Valérie Baudson, Chief Executive Officer, said:
« Amundi’s results in the third quarter of 2024 demonstrate our ongoing strategic progress and continued growth potential. Our Q3 net profit¹^,²of €337m, increased by +16% compared to the same period in 2023 and exceeded one billion euros over 9 months. Assets under management reached a record level of €2.2 trillion.

We have been able to support our clients whatever their profile and needs, which has resulted in a high level of net inflows in our strategic development areas, namely Asia, Third-Party Distributors, and ETFs.

By putting clients at the heart of our strategy and by continuing to develop the areas of expertise that primarily seek to meet their needs, we are ideally positioned to seize growth opportunities in the savings industry. »

* * * * *

Further progress in achieving our 2025 Ambitions plan

Q3 2024 saw key areas of focus under the “2025 Strategic Ambitions” plan contribute to activity and earnings growth.

ETFs exceeded €250bn in assets under management at the end of September, up +31% year-on-year, thanks in particular to very dynamic net inflows reaching +€17bn over 9 months, including +€8bn in Q3. This places Amundi in second place in the European market in terms of net inflows this quarter⁸. these inflows are well diversified across equity and fixed income products, with a high share of products classified as responsible investment⁹ in net inflows (+€3bn, or 34% market share in flows in this market segment). Amundi has had many commercial successes this quarter: for example, the Amundi ETF Stoxx Europe 600 is the best-selling (+€0.85bn) European equity ETFs in Q3, the Amundi ETF Euro Government Tilted Green Bond, launched last year, saw its assets under management exceed €3bn after gathering +€1.1bn since the beginning of the year, and the Amundi ETF Prime ACWI exceeded €1bn in assets under management 8 months after its launch.
Third-Party Distribution reached €377bn in assets under management at the end of September, up +24% year-on-year, with net inflows +€19bn for 9 months 2024, and +€7bn in Q3, thanks to contributions from all regions and asset classes, from ETFs, treasury products and active management;
Asia assets under management increased by +17% year-on-year to €458bn; net inflows for 9 months 2024 stood at +€30bn with a significant contribution from Amundi’s Indian JV SBI MF, which now has €278bn in assets, up +19% year-on-year (+€18bn in net inflows); €103bn of total Asian assets under management come from direct distribution excluding JVs (+20% year-on-year), with net inflows for 9 months 2024 standing at +€3bn in Japan, +€2.4bn Singapore, +€1.4bn Hong Kong and also +€1.7bn in China outside the two JVs, mainly with institutional clients;
The Technology & Services offering is also experiencing strong growth, with technology revenues of €54m over 9 months, up +28% compared to the same period in 2023, and even +42% Q3/Q3; the Fund Channel fund distribution platform exceeded €490bn in assets at the end of September 2024; during the quarter it signed a distribution agreement with ING Germany and integrated the fintech AirFund into its ecosystem to digitise access to private markets; Fund Channel was also ranked “Best Distribution Platform” for the third consecutive year by the consulting and research firm Platforum;
In fixed income expertise, Amundi now manages €1,160bn in assets¹⁰ across a wide range of solutions, from treasury products to target maturity funds, offering attractive returns and capital protection; fixed income net inflows stood at +€46bn¹⁰ over 9 months and +€14bn¹⁰ in Q3 thanks to sustained activity in active bond strategies (+€11bn excluding JV) and ETFs (+€2.5bn);
The partnership project with Victory Capital reached an important milestone with shareholder approval of resolutions⁷ necessary to finalise the transactions, expected in Q1 2025. As a reminder, this partnership aims at creating a larger US investment platform, via the contribution of Amundi US to Victory Capital in return for Amundi taking a 26%-stake of the combined entity as well as 15-year distribution agreements, to serve the clients of both companies; Amundi would thus have a greater number of US and global management expertise to offer its clients. The transaction, which involves no disbursement of cash, is expected to bring a low single-digit accretion for Amundi shareholders, with an increase in the contribution of our US operations to the adjusted net income and EPS.

Activity

Market environment

In the third quarter of 2024, equity markets¹¹ increased by +1.1% in average compared to the previous quarter and by +15.6% compared to Q3 2023. The European bond markets¹² also rose, reflecting the shift in monetary policy and the ECB’s decision to cut rates. Year-on-year, our benchmark index¹² increased by +6.3% in Q3 2024 compared to Q3 2023 and by +2.1% compared to Q2 2024. The market effect is therefore positive on the evolution of Amundi’s revenues and net income.

When compared to the 2021 averages used as a reference for the 2025 Ambitions plan, the market effect is only slightly positive.

The European asset management market continues its gradual recovery. Open-ended fund volumes¹³, at +€213bn in the third quarter, continued to be driven by treasury products (+€93bn) and passive management (+€75bn). Nevertheless, the third quarter recorded positive flows in medium- to long-term active management for the second quarter in a row (+€45bn), driven by fixed income strategies (+€69bn).

High level of activity over the quarter in MLT assets⁵, assets under management at a record level of €2.2tn

Activity this quarter continues to be marked, like the rest of the European market, by risk aversion among retail clients. However, Amundi performed well, driven in particular by ETFs, bond solutions, third-party distributors and Asia. Excluding the exceptional exit from a low-income insurance mandate⁴, net inflows were positive in all major medium- to long-term areas of expertise (passive, active, structured products and real assets), in all client segments (Retail, Institutional and JV), and in all major markets (France, Italy, Germany, Asia and the United States).

Amundi’s assets under management at 30 September 2024 increased by +11.1% year-on-year (compared to the end of September 2023) and by +1.6% quarter-on-quarter (compared to the end of June 2024), to €2,192bn, an all-time high.

In the third quarter of 2024, the market and currency effect amounted to +€32.5bn (+€175.9bn over a year) and Amundi generated positive net inflows of +€2.9bn. As announced at the time of the second quarter results publication, this amount includes the exit of a low-income multi-asset mandate⁴ with a European insurer, of €11.6bn.

Adjusted for this exit⁴, net inflows for the quarter were +€14.4bn of which +€9.1bn in MLT Assets⁵. It was positive in active management (+€4.3bn) and ETFs (+€7.8bn), partially offset by outflows from index strategies. Structured products and real and alternative assets also recorded positive net inflows (+€0.8bn), while treasury products were flat (+€0.1bn).

Finally, the JVs¹⁴continued their solid commercial momentum, with net inflows of +€5.3bn, reflecting a positive contribution from India (SBI MF, +€6.0bn) and South Korea (NH-Amundi, +€0.4bn), partially offset this quarter by slight net outflows in China (ABC-CA) despite continued open-ended net inflows.

By Client Segment, Retail recorded net inflows of +€6.3bn, of which +€1.3bn in MLT assets⁵, with contrasting developments according to the sub-segments:

Third-Party Distributors had another very good quarter in terms of total net inflows (+€6.8bn); all regions contributed to these inflows, which were highly diversified across asset classes, with positive contributions from ETFs, treasury products but also active management (+€1.5bn);
Risk aversion has a larger impact on the activity of partner network clients in France (+€1.1bn) and outside France excluding Amundi BOC WM (-€0.9bn), despite the good performance of structured and treasury products as well as bond strategies; Sabadell’s network in Spain continues its sales momentum (+€0.4bn);
In China, Amundi BOC WM posted net outflows this quarter (-€0.7bn), as the maturities of fixed-term funds were not offset by open-ended fund subscriptions.

Excluding the loss of the low-income insurance mandate already mentioned⁴, the Institutional segment recorded very positive inflows in MLT Assets⁵(+€7.8bn), in all sub-segments: Institutional & Sovereigns with +€4.4bn, CA & SG insurance mandates with +€2.4bn thanks to the continued recovery of the traditional life insurance Euro contracts this quarter, Corporates and Employee Savings (+€1.0bn) thanks to net inflows in short-term bond products from corporates. Net outflows in Treasury Products (-€4.9bn) are to a large extent seasonal.

Results

Sustained growth in net income, +16% Q3/Q3 to €337m, and more than €1bn in the 9 months of 2024

Adjusted data²

In the third quarter of 2024, adjusted net income²reached €337m, up +16.1% compared to the third quarter of 2023. Since the second quarter, it includes Alpha Associates, whose acquisition was finalised in early April.

The growth in net income was mainly due to organic revenue growth, amplified by operating efficiency, which led to a positive jaws effect, and by the very strong momentum of Asian JVs. These results were achieved against the backdrop of continued client risk aversion, and inflation.

Adjusted net revenues² reached €862m, up +10.5% compared to the third quarter of 2023.

The sustained growth in net management fees, up +9.2% compared to the third quarter of 2023, to €805m, reflects the good level of activity and the increase in average assets under management excluding JVs (+8.6% over the same period);
Performance fees (€20m) doubled compared to the third quarter of 2023 (€10m), a low basis of comparison; however, they were down compared to the second quarter of 2024 (€50m) due to the lower level of crystallisation¹⁵ in the third quarter than in the second and fourth quarters, as it does every year; however, the performance of Amundi’s management is at a good level, with more than 71% of assets under management ranked in the first or second quartiles according to Morningstar¹⁶ over 1, 3 or 5 years and 257 Amundi funds rated 4 or 5 stars by Morningstar as of 30 September;
Amundi Technology’s revenues, at €20m, continued to grow steadily (+41.8% compared to the third quarter of 2023; +13.0% compared to the second quarter of 2024), confirming the development of this business;
Finally, the Financial and other income² amounted to €17m, down slightly compared to the third quarter of 2023 and previous quarters.

The increase in operating expenses², by +7.4% compared to the third quarter of 2023, to €456m, remains lower than the increase in revenues (+10.5%) over the same period, thus generating a positive jaws effect which reflects the Group’s operational efficiency.

The increase is mainly due to:

the first consolidation of Alpha Associates;
the provision for individual variable remuneration in line with the increase in results;
and finally the acceleration of investments in development initiatives according to the axes of the 2025 Ambitions Plan, particularly in technology.

The Cost income ratio improved to 52.9% in adjusted data² compared to the same quarter last year, and remains in line with the 2025 target and at the best level in the industry.

The Adjusted gross operating income²(EBIT) amounted to €406m, up +14.2% compared to the third quarter of 2023, reflecting double-digit revenue growth amplified by operational efficiency.

Income from equity-accounted companies, which reflects Amundi’s share of the net income of minority JVs in India (SBI MF), China (ABC-CA), South Korea (NH-Amundi) and Morocco (Wafa Gestion), was up +36.5% compared to the third quarter of 2023, to €33m, representing 10% of adjusted net income, reflecting the good level of activity in India and Korea.

Adjusted earnings per share²in the third quarter of 2024 reached €1.65, up +16.0%.

Accounting data in the third quarter of 2024

Accounting Net income Group share amounted to €320m and includes non-cash charges related to acquisitions, in particular the amortisation of intangible assets related to distribution and client contracts (-€24m before tax in the quarter including the corresponding new charges related to Alpha Associates, see details in p. 11), representing a total of -€17m after tax.

Accounting earnings per share in the third quarter of 2024 reached €1.56.

In the first 9 months of 2024, adjusted net income²amounted to €1,005m, up +10.4%, reflecting the same trends as in the third quarter:

Adjusted net revenues² grew by +7.3% compared to the first 9 months of 2023, to €2,573m, reflecting as in the quarter the sustained growth in management fees (+6.6%) and the strong increase in Amundi Technology’s revenues (€54m, +28.2%) and financial and other income² (€67m, +38.2%); performance fees, on the other hand, were down by -2.0% to €88m;
Adjusted operating expenses² are well controlled with an increase of +5.9% compared to the first 9 months of 2023, at €1,356m, resulting in a positive jaws effect;
Adjusted cost income ratio² stands at 52.7%.

Adjusted gross operating income² was €1,217m, up +8,9% compared to the first 9 months of 2023, showing a higher growth rate than revenue growth thanks to operating efficiency.

Income from equity-accounted companies increased by +28.6% compared to the first 9 months of 2023, to €94m.

Adjusted earnings per share²for the first 9 months of 2024 reached €4.91, up +10.1% compared to the first 9 months of 2023.

Accounting data for the first 9 months of 2024

Accounting Net income Group share amounted to €956m and includes non-cash charges related to acquisitions, in particular the amortisation of intangible assets related to distribution and client contracts (-€68m before tax in the 9 months including the corresponding new charges related to Alpha Associates, see details on p. 11), representing a total of -€49m after tax in the first 9 months of 2024.

Accounting earnings per share for the first 9 months of 2024 reached €4.67.

To be noted for the fourth quarter and full-year 2024

Success of the capital increase reserved for employees – The capital increase reserved for employees “We Share Amundi”, announced on 23 September 2024, is expected to be completed tomorrow, 31 October 2024. This operation offered for the seventh consecutive year a subscription of shares at a discount.

It was once again a great success this year: more than 2,000 employees in 15 countries subscribed to this capital increase, for a total amount of €36.3m. This represents nearly two out of three employees in France and more than two out of five worldwide.
This transaction, which is in line with the existing legal authorisations voted by the Shareholders’ Meeting on 12 May 2023, reflects Amundi’s desire to involve its employees not only in the development of the Company but also in the creation of economic value.

The impact of this transaction on earnings per share will be very limited: the number of shares to be created will be 771,628 (i.e. ~0.4% of the share capital before the transaction).
This issue will bring the number of shares making up Amundi’s share capital to 205,419,262 as of 31 October 2024, i.e. a share capital increased to €513,548,155.
Employees will now hold around 1.7% of Amundi’s capital, compared to 1.3% before the transaction. In the fourth quarter of 2024, the Amundi Group will record in its consolidated financial statements a charge relating to the subscription discount of €12.3m before tax.

On the basis of the Finance Bill presented by the French government, an exceptional tax contribution on the profits of large companies would apply to Amundi, whose turnover in France for tax purposes is more than €3bn.

* * * * *

APPENDICES

Adjusted income statement²of the first 9 months of 2024 and 2023

(€m)	9M 2024	9M 2023	% chg. 9M/9M

Net revenue – Adjusted	2,573	2,397	+7.3%
Management fees	2,364	2,217	+6.6%
Performance fees	88	89	-2.0%
Technology	54	42	+28.2%
Net financial & other net income	67	49	+38.2%
Operating expenses – Adjusted	(1,356)	(1,280)	+5.9%
Cost income ratio – Adjusted (%)	52.7%	53.4%	-0.7pp
Gross operating income – Adjusted	1,217,	1,117,	+8.9%
Cost of risk & other	(7)	(5)	+24.5%
Equity-accounted companies	94	73	+28.6%
Income before tax – Adjusted	1,305	1,185	+10.1%
Corporate tax	(302)	(277)	+8.8%
Non-controlling interests	2	3	-25.2%
Net income, Group share – Adjusted	1,005	910	+10.4%
Depreciation of intangible assets after tax	(49)	(44)	+11.6%
Integration costs net of tax	0	0	NS
Net income, Group share	956	866	+10.3%
Earnings per share (€)	4.67	4.25	+10.0%
Earnings per share – Adjusted (€)	4.91	4.46	+10.1%

Adjusted income statement²of the third quarter of 2024

(€m)	Q3 2024	Q3 2023	% chg. Q3/Q3	Q2 2024	% chg. Q3/Q2

Net revenue – Adjusted	862	780	+10.5%	887	-2.9%
Management fees	805	737	+9.2%	794	+1.3%
Performance fees	20	10	+97.3%	50	-58.9%
Technology	20	14	+41.8%	17	+13.0%
Net financial & other net income	17	19	-10.6%	26	-34.0%
Operating expenses – Adjusted	(456)	(424)	+7.4%	(461)	-1.1%
Cost income ratio – Adjusted (%)	52.9%	54.4%	-1.5pp	51.9%	+1.0pp
Gross operating income – Adjusted	406	356	+14.2%	426	-4.8%
Cost of risk & other	(2)	(3)	-36.0%	(5)	-63.4%
Equity-accounted companies	33	24	+36.5%	33	-0.1%
Income before tax – Adjusted	437	377	+15.9%	454	-3.9%
Corporate tax	(101)	(88)	+14.9%	(105)	-3.8%
Non-controlling interests	1	1	-23.5%	0	NS
Net income, Group share – Adjusted	337	290	+16.1%	350	-3.7%
Depreciation of intangible assets after tax	(17)	(15)	+17.9%	(17)	+1.2%
Integration costs net of tax	0	0	NS	0	NS
Net income, Group share	320	276	+16.0%	333	-4.0%
Earnings per share (€)	1.56	1.35	+15.9%	1.63	-4.0%
Earnings per share – Adjusted (€)	1.65	1.42	+16.0%	1.71	-3.7%

Evolution of assets under management from the end of 2020 to the end of September 2024¹⁷

(€bn)	Assets under management	Net inflows	Market & Forex Effect	Scope effect			Change in AuM vs. previous quarter
As of 31/12/2020	1,729				/	+4.0%
Q1 2021		-12.7	+39.3		/
As of 31/03/2021	1,755				/	+1.5%
Q2 2021		+7.2	+31.4		/
As of 30/06/2021	1,794				/	+2.2%
Q3 2021		+0.2	+17.0		/
As of 30/09/2021	1,811				/	+1.0%
Q4 2021		+65.6	+39.1		+148¹⁸
As of 31/12/2021	2,064				/	+14%
Q1 2022		+3.2	-46.4		/
As of 31/03/2022	2,021				/	-2.1%
Q2 2022		+1.8	-97.75		/
As of 30/06/2022	1,925				/	-4.8%
Q3 2022		-12.9	-16.3		/
As of 30/09/2022	1,895				/	-1.6%
Q4 2022		+15.0	-6.2		/
As of 31/12/2022	1,904				/	+0.5%
Q1 2023		-11.1	+40.9		/
As of 31/03/2023	1,934				/	+1.6%
Q2 2023		+3.7	+23.8		/
As of 31/06/2023	1,961				/	+1.4%
Q3 2023		+13.7	-1.7		/
As of 30/09/2023	1,973				/	+0.6%
Q4 2023		+19.5	+63.8		-20
As of 31/12/2023	2,037				/	+3.2%
Q1 2024		+16.6	+63.0		/
As of 31/03/2024	2,116				/	+3.9%
Q2 2024		+15.5	+16.6		+8
30/06/2024	2,156					+1.9%
Q3 2024		+2.9	+32.5		/
30/09/2024	2,192					+1.6%

Total over one year between September 30, 2023 and September 30, 2024: +11.1%

Net inflows +€54.5bn
Market & exchange rate effects +€175.9bn
Scope effects -€12.2bn
(disposal of Lyxor Inc. in Q4 2023, first consolidation of Alpha Associates in Q2 2024)

Details of assets under management and net inflows by client segments¹⁹

(€bn)	AuM 30.09.2024	AuM 30.09.2023	% change /30.09.2023	Net flows Q3 2024	Net flows Q3 2023	Net flows 9M 2024	Net flows 9M 2023
French networks	138	126	+9.1%	+1.1	+0.9	+0.3	+4.6
International networks	167	156	+7.1%	-1.6	-1.0	-4.4	-3.2
o/w Amundi BOC WM	3	4	-26.9%	-0.7	-0.5	-0.5	-3.3
Third-party distributors	377	305	+23.5%	+6.8	+2.1	+19.2	+4.1
Retail	681	587	+16.1%	+6.3	+2.0	+15.1	+5.6
Institutional & Sovereigns (*)	518	489	+6.0%	-9.3	+17.9	+1.4	+14.4
Corporates	113	97	+16.0%	+2.3	-3.8	-5.8	-7.4
Employee savings plans	92	84	+9.8%	-0.5	-0.9	+2.5	+2.6
CA & SG insurers	428	406	+5.3%	-1.2	-3.9	+0.5	-9.6
Institutional	1,151	1,076	+6.9%	-8.7	+9.3	-1.4	+0.0
JVs	360	310	+16.0%	+5.3	+2.4	+21.3	+0.7
Total	2,192	1,973	+11.1%	+2.9	+13.7	+35.0	+6.3

Details of assets under management and net inflows by asset classes¹⁹

(€bn)	AuM 30.09.2024	AuM 30.09.2023	% change /30.09.2023	Net flows Q3 2024	Net flows Q3 2023	Net flows 9M 2024	Net flows 9M 2023
Equity	527	443	+18.9%	-0.7	+7.0	+0.0	+2.0
Multi-assets	274	274	-0.0%	-15.4	-5.9	-22.3	-17.0
Bonds	732	624	+17.3%	+12.8	+7.7	+36.8	+10.1
Real, alternative & structured assets	114	124	-8.3%	+0.8	-1.1	+1.5	+2.4
MLT ASSETS excl. JVs	1,647	1,465	+12.4%	-2.5	+7.8	+16.1	-2.4
Treasury products excl. JVs	185	198	-6.5%	+0.1	+3.5	-2.4	+8.0
Assets excl. JVs	1,832	1,663	+10.1%	-2.4	+11.3	+13.6	+5.6
JVs	360	310	+16.0%	+5.3	+2.4	+21.3	+0.7
TOTAL	2,192	1,973	+11.1%	+2.9	+13.7	+35.0	+6.3
*o/w MLT assets*	*1,973*	*1,745*	*+13.1%*	*+3.4*	*+11.3*	*+34.9*	*-0.7*
*o/w Treasury products*	*219*	*229*	*-4.2%*	*-0.5*	*+2.5*	*+0.1*	*+7.1*

Details of assets under management and net inflows by management type and asset classes¹⁹

(€bn)	AuM 30.09.2024	AuM 30.09.2023	% change /30.09.2023	Net flows Q3 2024	Net flows Q3 2023	Net flows 9M 2024	Net flows 9M 2023
Active management	1,136	1,022	+11.1%	-7.1	-1.9	+2.2	-15.6
Equity	208	187	+11.4%	-2.3	-1.6	-5.4	-2.5
Multi-assets	263	265	-0.9%	-15.7	-6.3	-23.4	-18.2
Bonds	665	570	+16.6%	+10.8	+6.1	+31.0	+5.1
Structured products	43	35	+22.3%	+0.8	-0.2	+2.7	+2.9
Passive management	397	319	+24.5%	+3.8	+10.8	+12.4	+10.8
ETFs & ETC	251	192	+31.1%	+7.8	+3.6	+17.3	+8.0
Index & Smart Beta	146	127	+14.5%	-4.0	+7.2	-5.0	+2.8
Real & alternative assets	71	89	-20.5%	+0.0	-0.9	-1.2	-0.5
Real assets	67	63	+4.8%	+0.2	-0.3	-0.1	+0.2
Alternative assets	4	25	-83.8%	-0.2	-0.6	-1.1	-0.7
MLT ASSETS excl. JVs	1,647	1,465	+12.4%	-2.5	+7.8	+16.1	-2.4
Treasury products excl. JVs	185	198	-6.5%	+0.1	+3.5	-2.4	+8.0
TOTAL ASSETS excl. JVs	1,832	1,663	+10.1%	-2.4	+11.3	+13.6	+5.6
JVs	360	310	+16.0%	+5.3	+2.4	+21.3	+0.7
TOTAL	2,192	1,973	+11.1%	+2.9	+13.7	+35.0	+6.3

Details of assets under management and net inflows by geographical areas¹⁹

(€bn)	AuM 30.09.2024	AuM 30.09.2023	% change /30.09.2023	Net flows Q3 2024	Net flows Q3 2023	Net flows 9M 2024	Net flows 9M 2023
France	987	903	+9.3%	+2.8	+4.1	+12.8	-1.2
Italy	202	197	+2.7%	-10.8	-1.5	-13.8	-2.2
Europe excl. France & Italy	421	353	+19.2%	+1.9	-0.8	+6.0	+6.0
Asia	458	392	+17.0%	+7.4	+3.4	+29.6	-0.3
Rest of the world	124	129	-4.3%	+1.7	+8.4	+0.4	+4.0
TOTAL	2,192	1,973	+11.1%	+2.9	+13.7	+35.0	+6.3
*TOTAL outside France*	1,204	1,070	+12.5%	+0.1	+9.6	+22.2	+7.5

Methodology Appendix

Accounting & adjusted data

Accounting data – These include the amortization of intangible assets, recorded as other income, and since Q2 2024, other non-cash expenses spread according to the schedule of payments of the earn-out until the end of 2029; these expenses are recognized as deductions from net income, in finance costs.

The aggregate amounts of these items are as follows for the different periods under review:

Q1 2023: -€20m before tax and -€15m after tax
Q2 2023: -€20m before tax and -€15m after tax
Q3 2023: -€20m before tax and -€15m after tax
9M 2023: -€61m before tax and -€44m after tax
2023: -€82m before tax and -€59m after tax
Q1 2024: -€20m before tax and -€15m after tax
Q2 2024: -€24m before tax and -€17m after tax
Q3 2024: -€24m pre-tax and -€17m after tax
9M 2024: -€68m before tax and -€49m after tax

There were no significant integration costs recorded in the third quarter as a result of the acquisition of Alpha Associates

Adjusted data – in order to present an income statement closer to economic reality, the following adjustments are made: restatement of the amortization of distribution contracts with Bawag, UniCredit and Banco Sabadell, intangible assets representing the client contracts of Lyxor and, since the second quarter of 2024, Alpha Associates, as well as other non-cash charges related to the acquisition of Alpha Associates; such depreciation and amortization and non-cash expenses are recorded as a deduction from net revenues.

Acquisition of Alpha Associates

In accordance with IFRS 3, recognition of Amundi’s balance sheet as at 01/04/2024:

goodwill of €290m;
an intangible asset of €50m representing client contracts, depreciable on a straight-line basis until the end of 2030;
a liability representing the conditional earn-out not yet paid, for €160m, including an actuarial discount of -€30m, which will be amortized over 6 years.

In the Group’s income statement, the following is recorded:

amortization of intangible assets for a full-year expense of -€7.6m (-€6.1m after tax)
other non-cash expenses spread according to the schedule of payments of the earn-out until the end of 2029; These expenses are recorded as deductions from net income, as finance costs.

In Q3 2024, the amortization of intangible assets was -€1.9m before tax (-€1.5m after tax) and non-cash expenses were -€1.4m before tax (i.e. -€1.1m after tax). Over the first 9 months of 2024, these expenses are respectively -€3.8m and -€2.9m (-€6.6m in total), since they only started in Q2.

Alternative Performance Measures²⁰

In order to present an income statement that is closer to economic reality, Amundi publishes adjusted data that excludes the depreciation of intangible assets and, since the second quarter of 2024, Alpha Associates, as well as other non-cash charges related to the acquisition of Alpha Associates.
Adjusted, normalized data are reconciled with accounting data as follows:

= accounting data

= adjusted data

(m€)	9M 2024	9M 2023	Q3 2024	Q3 2023	Q2 2024

Net operating income	2,452	2,307	825	747	844
Technology	54	42	20	14	17
Net financial income and other income	(1)	(13)	(6)	(1)	3
Adjusted net financial income and other income	67	49	17	19	26

Net revenues (a)	2,505	2,336	838	760,	864,
– Depreciation of intangible assets before tax	(65)	(61)	(22)	(20)	(22)
– other non-cash charges relating to Alpha Associates	(3)	0	(1)	0	(1)
Net revenues – Adjusted (b)	2,573	2,397	862,	780,	887

Operating expenses (c)	(1,356)	(1,280)	(456)	(424)	(461)
– Integration costs before tax	0	0	0	0	0
Operating expenses – Adjusted (d)	(1,356)	(1,280)	(456)	(424)	(461)

Gross operating income (e) = (a) + (c)	1,149	1,056	382	335	403
Gross operating income – Adjusted (f) = (b) + (d)	1,217	1,117	406	356	426
Cost-income ratio (%) -(c)/(a)	54.1%	54.8%	54.4%	55.9%	53.4%
Cost-income ratio – Adjusted (%) -(d)/(b)	52.7%	53.4%	52.9%	54.4%	51.9%
Cost of risk & other (g)	(7)	(5)	(2)	(3)	(5)
Equity-accounted companies (h)	94	73	33	24	33
Income before tax (i) = (e) + (g) + (h)	1,237	1,124	413	356	431
Income before tax – Adjusted (j) = (f) + (g) + (h)	1,305	1,185	437	377	454
Income tax (k)	(283)	(260)	(94)	(82)	(98)
Income tax – Adjusted (l)	(302)	(277)	(101)	(88)	(105)
Non-controlling interests (m)	2	3	1	1	0
Net income, Group share (o) = (i)+(k)+(m)	956	866	320	276	333
Net income, Group share – Adjusted (p) = (j)+(l)+(m)	1,005	910	337	290	350

Earnings per share (€)	4.67	4.25	1.56	1.35	1.63
Adjusted earnings per share (€)	4.91	4.46	1.65	1.42	1.71

Shareholding

	30 September 2023		31 December 2023		30 September 2024
(units)	Number of shares	% of share capital	Number of shares	% of share capital	Number of shares	% of share capital
Crédit Agricole Group	141,057,399	68.93%	141,057,399	68.93%	141,057,399	68.93%
Employees	3,042,292	1.49%	2,918,391	1.43%	2,751,891	1.34%
Treasury shares	1,297,231	0.63%	1,247,998	0.61%	958,031	0.47%
Free float	59,250,712	28.95%	59,423,846	29.04%	59,880,313	29.26%

Number of shares at end of period	204,647,634	100.0%	204,647,634	100.0%	204,647,634	100.0%
Average number of shares year-to-date	204,050,516	–	204,201,023	–	204,647,634	–
Average number of shares quarter-to-date	204,425,079	–	204,647,634	–	204,647,634	–

Average number of shares on a pro rata basis.

The average number of shares is unchanged between Q2 and Q3 2024, it increased by +0.1% between Q3 2023 and Q3 2024 and by +0.3% between the first 9 months of 2023 and the same period of 2024;
A capital increase reserved for employees will be carried out on October 31, 2024. 771,628 shares were created (approximately 0.4% of the share capital before the transaction), bringing the share of employees to about 1.7% of the capital, compared to 1.34% at September 30, 2024, before the transaction.

Financial communication calendar

Q4 and Full Year 2024 Results: February 4, 2025
Q1 2025 earnings release: April 29, 2025
Annual General Meeting: May 27, 2025
Q2 and H1 2025 earnings release: July 29, 2025
Q3 and 9-month 2025 results: October 28, 2025

About Amundi

Amundi, the leading European asset manager, ranking among the top 10 global players²¹, offers its 100 million clients – retail, institutional and corporate – a complete range of savings and investment solutions in active and passive management, in traditional or real assets. This offering is enhanced with IT tools and services to cover the entire savings value chain. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages close to €2.2 trillion of assets²².

With its six international investment hubs²³, financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape.

Amundi clients benefit from the expertise and advice of 5,500 employees in 35 countries.

Amundi, a trusted partner, working every day in the interest of its clients and society.

www.amundi.com

Press contacts:
Natacha Andermahr
Tel. +33 1 76 37 86 05
natacha.andermahr@amundi.com

Corentin Henry
Tel. +33 1 76 36 26 96
corentin.henry@amundi.com

Investor contacts:
Cyril Meilland, CFA
Tel. +33 1 76 32 62 67
cyril.meilland@amundi.com

Thomas Lapeyre
Tel. +33 1 76 33 70 54
thomas.lapeyre@amundi.com

Annabelle Wiriath

Tel. + 33 1 76 32 43 92

annabelle.wiriath@amundi.com

WARNING

This document does not constitute an offer or invitation to sell or purchase, or any solicitation of any offer to purchase or subscribe for, any securities of Amundi in the United States of America or in France. Securities may not be offered, subscribed or sold in the United States of America absent registration under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements thereof. The securities of Amundi have not been and will not be registered under the U.S. Securities Act and Amundi does not intend to make a public offer of its securities in the United States of America or in France.

This document may contain forward looking statements concerning Amundi’s financial position and results. The data provided do not constitute a profit “forecast” or “estimate” as defined in Commission Delegated Regulation (EU) 2019/980.

These forward looking statements include projections and financial estimates based on scenarios that employ a number of economic assumptions in a given competitive and regulatory context, assumptions regarding plans, objectives and expectations in connection with future events, transactions, products and services, and assumptions in terms of future performance and synergies. By their very nature, they are therefore subject to known and unknown risks and uncertainties, which could lead to their non-fulfilment. Consequently, no assurance can be given that these forward looking statement will come to fruition, and Amundi’s actual financial position and results may differ materially from those projected or implied in these forward looking statements. [In particular, conditions to completion of the announced transaction between Amundi and Victory Capital, may not be satisfied and such transaction may not be completed on schedule, or at all; risks relating to the expected benefits or impact of the transaction on Victory Capital’s and Amundi’s respective businesses are contained in their respective public filings.]

Amundi undertakes no obligation to publicly revise or update any forward looking statements provided as at the date of this document. Risks that may affect Amundi’s financial position and results are further detailed in the “Risk Factors” section of our Universal Registration Document filed with the French Autorité des Marchés Financiers. The reader should take all these uncertainties and risks into consideration before forming their own opinion.

The figures presented were prepared in accordance with applicable prudential regulations and IFRS guidelines, as adopted by the European Union and applicable at that date. The financial information set out herein do not constitute a set of financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting” and has not been audited.

Unless otherwise specified, sources for rankings and market positions are internal. The information contained in this document, to the extent that it relates to parties other than Amundi or comes from external sources, has not been verified by a supervisory authority or, more generally, subject to independent verification, and no representation or warranty has been expressed as to, nor should any reliance be placed on, the fairness, accuracy, correctness or completeness of the information or opinions contained herein. Neither Amundi nor its representatives can be held liable for any decision made, negligence or loss that may result from the use of this document or its contents, or anything related to them, or any document or information to which this document may refer.

The sum of values set out in the tables and analyses may differ slightly from the total reported due to rounding.

¹        Net income Group share
²        Adjusted data: excluding amortisation of intangible assets relating to distribution and client contracts as well as other non-cash charges relating to the acquisition of Alpha Associates recorded in net financial income (see note p. 11)
³        Assets under management and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV
⁴        As announced at the time of the publication of the Q2 results, exit in Q3 from a large low-income mandate (€11.6 billion) with a European insurer, in multi-asset; including this exit, net inflows were positive by +€2.9bn in Q3 and +€35bn over 9 months
⁵        Medium-Long Term Assets
⁶        Excluding JVs
⁷        Extraordinary General Meeting of Shareholders of Victory Capital, held on 11 October 2024
⁸        Source: TrackInsight Q3 2024
⁹        Classified as article 8 or 9 of the SFDR regulation of the European Union
¹⁰        Including JV: €234bn in assets, +€12bn net inflows over 9 months and +€1bn in Q3
¹¹        50% MSCI World + 50% Eurostoxx 600 composite index for equity markets, average values over each period considered
¹²        Bloomberg Euro Aggregate for bond markets, average values over each reporting period
¹³        Source: Morningstar FundFile, ETFGI. European & cross-border open-ended funds (excluding mandates and dedicated funds). Data as of the end of June 2024.
¹⁴        Assets under management and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV
¹⁵        Anniversary dates of the funds triggering the recognition of these fees
¹⁶        Source: Morningstar Direct, Broadridge FundFile – Open-ended funds and ETFs, global fund scope, September 2024; as a percentage of the assets under management of the funds in question; the number of Amundi open-ended funds rated by Morningstar was 1063 at the end of September 2024. © 2024 Morningstar, all rights reserved
¹⁷        Assets under management and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV
¹⁸        Lyxor, integrated as of 31/12/2021
¹⁹        Assets under management and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV; as of 01/01/2024, reclassification of short-term bond strategies (€30 billion in outstandings) as Bonds previously classified as Treasury until that date; Outstanding amounts up to that date have not been reclassified in these tables
²⁰        See also the section 4.3 of the 2023 Universal Registration Document filed with the AMF on April 18, 2024
²¹Source: IPE “Top 500 Asset Managers” published in June 2024, based on assets under management as at 31/12/2023
²²Amundi data at 30/09/2024
²³Boston, Dublin, London, Milan, Paris and Tokyo

Attachment

Amundi PR results Q3&9M 2024

The MIL Network –

January 25, 2025

MIL-OSI Russia: The government has expanded the list of railway infrastructure facilities

Translation. Region: Russian Federation –

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

Order dated October 29, 2024 No. 3053-r

Document

Order dated October 29, 2024 No. 3053-r

The new railway, which is necessary for transporting coal from deposits in Krasnoyarsk Krai and Yakutia to ports in Khabarovsk Krai, has been included in the list of railway infrastructure facilities, the construction of which is being carried out at an accelerated pace. The order to this effect was signed by Prime Minister Mikhail Mishustin.

The railway is being built by a private investor. The new line will connect the Tunguska coal basin, as well as the Elga coal complex with the sea terminals in the area of Cape Manorsky in Khabarovsk Krai. Now this construction is included in the list of objects covered by the federal law “On the specifics of regulating certain relations for the purpose of implementing priority projects for the modernization and expansion of infrastructure.” The document introduces a special legal regime in the construction sector and allows for the acceleration of the implementation of projects for a period of 9 to 21 months.

The construction of a new railway line will make it possible to relieve the BAM and Trans-Siberian Railway. In addition, the constructed engineering infrastructure – electrical networks and communication networks – will improve the quality of life of people in Siberia and the Far East.

The signed document introduces changes toGovernment Order of September 7, 2020 No. 2278-r.

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 –

January 25, 2025
MIL-OSI Russia: Over 600 tons of garbage during navigation: how river waters are cleaned in Moscow

Translation. Region: Russian Federation –

Source: Moscow Government – Government of Moscow –

The municipal fleet collected more than 600 tons of garbage from the capital’s waters during the navigation period this year. This was reported by the Deputy Mayor of Moscow for Housing and Public Utilities and Improvement Petr Biryukov.

“Communal vessels were engaged in daily garbage collection from the water surface of the Moscow River and the navigable part of the Yauza, eliminated pollution, and removed silt sediment. In total, they collected over 600 tons of floating garbage, eliminated almost 140 different types of pollution, and removed about 6.5 thousand tons of sand and soil from the bottom,” noted Pyotr Biryukov.

Thanks to the competent arrangement of the fleet and waste collection bases, the entire water area of the Moscow River within the city boundaries and the navigable section of the Yauza are under 24-hour control. The main efforts to collect floating waste were concentrated in the upper reaches of the Moscow River, which ensured the cleanliness of the riverbed downstream. Garbage collection vessels worked mainly, with small vessels operating in shallow areas. Floating cranes and non-self-propelled barges with tugs were used to extract bottom sediments of sand and soil.

The head of the city economy complex reminded that the capital’s municipal fleet operates all year round. Even after the end of the seasonal navigation, two vessels with an ice class of up to 20 centimeters remain on the water. Garbage collectors and rapid response boats continue to operate on non-freezing rivers.

During the inter-navigation period, the bulk of the fleet is moored in winter mooring areas, where maintenance and routine repairs are carried out.

Sergei Sobyanin: Icebreakers of the municipal fleet patrol the Moscow River every day The southern part of the Moscow River water area has been cleared of abandoned ships and floating objects

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.

Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

https://vvv.mos.ru/nevs/item/145940073/

MIL OSI Russia News –

January 25, 2025
MIL-OSI China: Foreign secondary school students compete in 17th ‘Chinese Bridge’ contest

Source: China State Council Information Office 3

On the evening of Oct. 28, the global finals and awarding ceremony for the 17th Chinese Bridge—Chinese Proficiency Competition for Foreign Secondary School Students and the 4th Chinese Bridge—Chinese Show for Foreign Primary School Students took place in Tianjin. The event was attended by officials from the Tianjin Municipal Government, the Center for Language Education and Cooperation of the Ministry of Education (MOE), and the Department of International Cooperation and Exchange of the MOE, along with the Kenyan Ambassador to China and representatives from the UAE’s Chinese Language Teaching “100 Schools Project.”

The global finals of the 17th Chinese Bridge—Chinese Proficiency Competition for Foreign Secondary School Students. [Photo courtesy of Chinese Bridge]

The finals opened with a visually stunning show titled “Jin·Cai Hua Zhang,” featuring outstanding primary and secondary school students from around the world, who gathered to communicate in Chinese and share their understanding of Chinese culture. After a series of rigorous selections during the overseas preliminary rounds, Chitpasong Souvanhxay from Laos, Irina Mei Li from Madagascar, Kuchinskaia Anastasiia from Russia, Rothschild Shiraz Palestrant from the U.S. and Blaom Oliver Garion from New Zealand emerged as continental champions to advance to the global finals.

Chitpasong Souvanhxay from Laos wins the global champion of the 17th Chinese Bridge—Chinese Proficiency Competition for Foreign Secondary School Students. [Photo courtesy of Chinese Bridge]

During the finals, the five contestants competed in five rounds: “History of the Spring and Autumn Period,” “Books of the Qin and Han Dynasties,” “The Lasting Appeal of the Tang and Song Dynasties,” “Window to Modernity,” and “The Final Showdown.” Chitpasong Souvanhxay from Laos showcased exceptional skills and won the global championship. Guests at the event presented awards to the participants who received individual awards in the 4th Chinese Bridge–Chinese Show for Foreign Primary School Students, as well as to those who won individual awards and the first, second, and third prizes in the 17th Chinese Bridge–Chinese Proficiency Competition for Foreign Secondary School Students, along with the continental champions and the global champion.

In the finals, contestants including Kiri Meier Werner from the U.S., Solo Uniacke from the U.K., Frida Quetzalli Garcia Lins from Mexico, Tessa Mir from Georgia and her mother shared personal stories about their experiences with the Chinese Bridge competition and the growth and benefits they gained from participating in the competition.

This year, 181 primary and secondary school contestants from 102 countries gathered in Beijing and Tianjin for a grand celebration of Chinese language learning and cultural exchange. Over a period of 15 days filled with competitions and cultural activities, contestants explored iconic landmarks in China, including the Great Wall, the Summer Palace, the Forbidden City, and Tiananmen Square. They also experienced intangible cultural heritage such as Clay Figurine Zhang, Yangliuqing New Year paintings, shadow puppetry and traditional opera, allowing them to appreciate the development and heritage of Chinese culture and history. Additionally, contestants toured Tianjin, visiting attractions like the Tianjin Eye Ferris wheel, Haihe River, the historic Wudadao area (Five Great Avenues), Jingwu Town, the National Maritime Museum, and Tianjin Port, witnessing the city’s inclusiveness and application of intelligent technologies.

At the award ceremony, primary and secondary school contestants from around the world, together with previous champions, sang the “Chinese Bridge” theme song. Through the medium of Chinese, they connected cultures, fostered lasting friendships, and strengthened global understanding of China.

MIL OSI China News –

January 25, 2025
MIL-OSI: Quadient secures €25 million Schuldschein facility from EBRD to finance R&D programs in Czech Republic
Source: GlobeNewswire (MIL-OSI)

Quadient secures €25 million Schuldschein facility from EBRD
to finance R&D programs in Czech Republic

Paris, October 30, 2024

Quadient S.A. (Euronext Paris: QDT), a global automation platform powering secure and sustainable business connections, today announces that it has secured a new €25 million Schuldschein facility from the European Bank of Reconstruction and Development (EBRD) to finance R&D programs in Czech Republic.

The Schuldschein loan from the EBRD is for a total nominal amount of €25 million with maturities spread equally between 5 and 7 years. The new credit facility aims at financing R&D programs at Quadient’s state of the art R&D center in Hradec Králové, Czech Republic.

Quadient’s R&D center in Czech Republic is the Company’s hub for its Digital automation platform development. It currently hosts around 400 employees, including software developers, testers, IT consultants, trainers and UX designers. The R&D team is responsible for driving continuous improvements to Quadient software offerings and developing innovative Digital solutions, by leveraging advanced technologies such as Artificial Intelligence, complex frameworks, and programming languages. A strong focus is placed on fostering continuous learning and collaboration by partnering with local schools and universities to train future engineers and developers. Notably, Quadient regularly collaborates with the University of Hradec Králové, offering classes, organizing IT events, and hosting BarCamps on new technologies.

In addition to the headquarters in Hradec Králové, Quadient also has offices established in Olomouc and Ostrava in the Czech Republic. This strong presence in the Královéhradecký region is well recognized locally as Quadient Czech Republic has been named Employer of the Year for several consecutive years and recently achieved 4^th place nationally.

Laurent du Passage, Chief Financial Officer of Quadient, said: “We are pleased to be partnering with the EBRD to strengthen our R&D activities in Czech Republic. Our R&D center in Hradec Králové is central to Quadient’s Digital strategy and plays a key role in the local community. We are excited to be able to further enhance our development capabilities while maintaining our leadership in the field of innovation and Artificial Intelligence, continuing to offer best in class solutions to our customers.”

In the full-year 2023, Quadient dedicated a total of €63.2 million to R&D spending across its three automation platforms, representing 5.9% of its Group revenue.

About Quadient®

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

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

Contacts

About EBRD

The EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 36 economies across three continents. The Bank is owned by 73 countries as well as the EU and the EIB. EBRD investments are aimed at making the economies in its regions competitive, well governed, green, inclusive, resilient and integrated.

Attachment
- Quadient EBRD loan vGB
The MIL Network –
January 25, 2025

MIL-OSI: Falcon Oil & Gas Ltd. – Results of Special Meeting of Shareholders

Source: GlobeNewswire (MIL-OSI)

FALCON OIL & GAS LTD.

(“Falcon”)

Results of Special Meeting of Shareholders

30 October 2024 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) held its special meeting of shareholders in Dublin, Ireland yesterday.

All resolutions considered and voted upon by the shareholders were approved. The full text of each resolution was included in the Management Information Circular communicated in advance of the meeting to shareholders.

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

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, South Africa and Hungary. Falcon Oil & Gas Ltd. is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland with a technical team based in Budapest, Hungary.

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

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 –

January 25, 2025

MIL-OSI: RIBER: Solid Business Growth at End-September 2024
Source: GlobeNewswire (MIL-OSI)

SOLID BUSINESS GROWTH AT END-SEPTEMBER 2024
- Revenues up +14% to €18.5m
- Order book strengthened to €38.3m (+14%)
Bezons, October 30, 2024 – 8:00am – RIBER, the global leader for molecular beam epitaxy (MBE) equipment serving the semiconductor industry, is reporting its revenues for the year to end-September 2024.

Change in revenues

€m 2024 2023 Change

First quarter 4.5 3.7 +20 %

Second quarter 9.3 8.5 +10 %

Third quarter 4.7 4.0 +19 %

Total 9-month revenues 18.5 16.2 +14 %

At end-September (€m) 2024 2023 Change

Systems 12.3 9.6 +28 %

Services and accessories 6.2 6.6 -6 %

Total 9-month revenues 18.5 16.2 +14 %

At September 30, 2024, RIBER revenues amounted to €18.5m, up +14% compared with the same period in 2023, reflecting the company’s strengthened position in the MBE market for both research and industrial production.

Systems revenues came to €12.3 m, up +28% with the delivery of 4 machines, compared with 5 machines in the first nine months of 2023.

Revenues for services and accessories totaled €6.2 m, down 6% compared with the previous year.

The geographical breakdown of revenues at end-September 2024 was as follows: Asia 68%, Europe 25% and North America 6%.

Order book developments

At end-September (€m) 2024 2023 Change

Systems 31,9 27,6 +16%

Services and accessories 6,4 6,1 +6%

Total order book 38,3 33,6 +14%

The systems order book came to €31.9m, up +16%, with a total of 13 systems, including 8 production machines. This figure does not include the order for a production system announced on October 21, 2024.

The services and accessories order book reached €6.4m, up +6% from the previous year.

As a result, at September 30, 2024, the total order book came to €38.3m, up +14% compared with the same period in 2023.

Outlook

Based on the fourth-quarter delivery schedule, RIBER expects to exceed €40m in full-year revenues, along with further improvements in earnings.

Against a favorable backdrop of growth in the compound semiconductor market, new orders should continue to be booked before the end of the year.

Next date: 2024 full-year revenues will be released on Wednesday January 29, 2025 (before start of trading).

About RIBER

Founded in 1964, RIBER is the global market leader for MBE – molecular beam epitaxy – equipment. It designs and produces equipment for the semiconductor industry, and provides scientific and technical support for its clients (hardware and software), maintaining their equipment and optimizing their performance and output levels.
Accelerating the performance of electronics, RIBER’s equipment performs an essential role in the development of advanced semiconductor systems that are used in numerous applications, from information technologies to photonics (lasers, sensors, etc.), 5G telecommunications networks and research, including quantum computing.

RIBER is a BPI France-approved innovative company and is listed on the Euronext Growth Paris market (ISIN: FR0000075954).
www.riber.com

Contacts

RIBER : Annie Geoffroy| tel: +33 (0)1 39 96 65 00 | invest@riber.com

CALYPTUS : Cyril Combe | tel: +33 (0)1 53 65 68 68 | cyril.combe@calyptus.net

Attachment
- 2024 10 30 RIBER_CA_T3 2024_EN
The MIL Network –
January 25, 2025
MIL-OSI Russia: Hello, Lucky: “Active Citizens” Chose a Name for a Baby Dolphin from Moskvarium

Translation. Region: Russian Federation –

Source: Moscow Government – Government of Moscow –

Muscovites chose a name for a Black Sea bottlenose dolphin calf in the Active Citizen project. More than 290,000 people took part in the voting.

According to its results, the baby will be called Lucky, which means “lucky” in English. This option was chosen by 34 percent of participants. In second place was the name Fedya – 24 percent of votes. 14 percent of “active citizens” voted for Kesha. 13 percent of Muscovites would like to name the baby Leon. 12 percent of participants liked the name Lars. Four percent of users trusted their choice to specialists.

The baby dolphin was born in the Moskvarium oceanography and marine biology center in July. As Moskvarium reported, during the two months of voting, the baby managed to grow a lot and become more independent.

“The baby is developing quickly, gaining weight well and growing actively. Since birth, its weight has tripled, and it has grown by about 40 centimeters. It has also started teething. We regularly monitor all of its physiological indicators and can confidently say that the baby’s development is within the biological norms for this age,” shared Irina Suvorova, head of the veterinary service at Moskvarium.

The baby dolphin is also increasingly showing interest in the world around him. Previously, he spent all his time with his mother, but now he often communicates with other inhabitants, especially with the cubs Loki and Izy.

“The baby is very playful and inquisitive. He loves his toys, especially the fitballs and the big ring. Recently he learned to blow bubbles with his blowhole, his favorite pastime now is blowing them up and popping them. He actively tries to interact with the trainers, comes up to scratch himself, offers his tummy and tail,” said Ilya Siplivy, a marine mammal trainer at Moskvarium.

With the help of voting in the Active Citizen project, residents of the capital have already chosen names for animals of the Moscow Zoo and the City Farm at VDNKh. Among them are panda Katyusha, tiger Amur, macaques Manya and Dunya, yak Zvezdochka, alpacas Shokoladka and Chernichka, and others.

The vote is prepared VDNKh and the Active Citizen project. The results can be found on the website or in the project’s mobile application.

Project “Active Citizen” has been operating since 2014. During this time, more than seven million people have joined it, and over 6.7 thousand votes have been held. Every month, 30–40 decisions made by Muscovites are implemented in the city. The project is being developed Department of Information Technology of the City of Moscow and the State Institution “New Management Technologies”.

The use of digital technologies and artificial intelligence to improve the quality of life of city residents corresponds to the objectives of the national program “Digital Economy of the Russian Federation” and the regional project of the capital “Digital Public Administration”. More information about this and other national projects implemented in Moscow can be found Here.

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.

Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

https://vvv.mos.ru/nevs/item/145915073/

MIL OSI Russia News –

January 25, 2025
MIL-OSI Russia: Renovation program: phased resettlement of almost 900 residents of old houses begins in Kryukov

Translation. Region: Russian Federation –

Source: Moscow Government – Government of Moscow –

In the Kryukovo district, a phased resettlement of 860 residents of four old houses to a new building on Zavodskaya Street is beginning. This was announced by the Deputy Mayor of Moscow for Urban Development Policy and Construction Vladimir Efimov.

“The new building is located at the address: Zavodskaya Street, Building 14, Buildings 1 and 2. It was erected on the site of four old buildings that were resettled and dismantled. 860 residents of the Kryukovo district are starting to move to the new residential complex. In total, 34 houses are to be resettled under the renovation program in Zelenograd, and more than seven thousand residents of the district will receive modern apartments,” said Vladimir Efimov.

The first stage of the renovation program in the district has come to an end. The resettlement of city residents has been completed ahead of schedule.

“The completion of the new building on Zavodskaya Street has made it possible to speed up the resettlement of residents of buildings included in the second stage of the renovation program. The building is designed for 477 apartments. For the convenience of Muscovites, entrance groups were made on both sides. You can exit both into the inner courtyard space with a playground, and into the outer part of the courtyard with guest parking for cars,” added the Minister of the Moscow Government, head of the capital’s Department of Urban Development Policy Vladislav Ovchinsky.

The first to be resettled are residents of old buildings located at the following addresses: Zavodskaya Street, Buildings 4 and 6. According to the Minister of the Moscow Government, Head of the Moscow Department of City Property Maxim Gaman, letters offering equivalent apartments to 280 Muscovites were sent on October 30. City residents will be able to inspect the new housing starting the next day. Another 580 residents of two buildings at the addresses: Zavodskaya Street, Building 2 and 1 Maya Street, Building 4 will begin inspecting apartments on November 6 and 12, respectively. Specialists from the City Property Department will send them notifications with offers the day before — November 5 and 11.

On the first floor of the new building, a public information center will be open from October 31, where you can get free consultations on resettlement issues.

To all participants renovation programs The city offers spacious apartments with improved finishing, plumbing, electric stoves and lighting fixtures. The entrances are level with the ground. Thanks to this, parents with strollers and residents with limited mobility can get into the entrance without assistance. Children’s and sports grounds are arranged in the courtyards.

Previously Sergei Sobyanin reported, that since the beginning of the year, 23 new buildings have been commissioned under the renovation program and 44 residential complexes have been handed over for occupancy.

Renovation program housing was approved in August 2017. It concerns about a million Muscovites and provides for the resettlement of 5,176 houses. In 2023 alone, 59 new buildings in the capital were handed over for settlement and the resettlement of over 47 thousand people was ensured. The Mayor of Moscow has instructed to double the pace of implementation of the renovation program.

Moscow is one of the leaders among regions in terms of construction rates and volumes. In recent years, within the framework of the federal project “Housing” of the national project “Housing and Urban Environment” the volume of construction and commissioning of residential properties in the capital has doubled – from three to five to seven million square meters per year. More information about national projects being implemented in Moscow can be found Here.

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.

Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

http://vvv.mos.ru/nevs/item/145937073/

MIL OSI Russia News –

January 25, 2025
MIL-OSI Russia: The government has improved the mechanism for providing tax incentives for scientific research and development work

Translation. Region: Russian Federation –

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

The government continues to create favorable conditions for conducting research and development work. A decree has been signed establishing a new coefficient value, which reduces the base for calculating income tax.

We are talking about expenses incurred in conducting research and development, which are excluded from the calculation base of the profit tax. They are classified as other expenses. Until now, the coefficient increasing them was equal to 1.5, now it will be equal to 2. Thus, the tax payments of organizations and enterprises will decrease, which will allow them to allocate more funds for conducting research.

The list of research and development activities covered by this benefit is approved by the Government. Today, it includes several hundred types of work in 10 areas. Among them are “Nanosystems Industry”, “Information and Telecommunication Systems”, “Transport and Space Systems”, “Small- and Medium-Tonnage Chemistry”.

The increase in the coefficient reducing the base for calculating income tax is provided for by the new version of the Tax Code. It was adopted by legislators in July 2024.

The document will be published.

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 –

January 25, 2025
MIL-OSI Economics: Q&A: Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP)
Source: Asia Development Bank
Workers walking by a solar power plant in Kazakhstan

Article | 30 October 2024
Read time: 6 mins

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IF-CAP is the first leveraged guarantee mechanism for climate finance to ever be adopted by a multilateral development bank.

Various simulations have shown that for every $1 that is guaranteed, up to $4.5 of new climate finance will be generated under IF-CAP’s mechanism.

IF-CAP will strengthen ADB’s developing member countries’ capacity to develop their low-carbon and climate-resilient strategies and build a larger pipeline of potential investments.

What is IF-CAP?

The Innovative Finance Facility for Climate in Asia and the Pacific, or IF-CAP, is a multi-donor financing partnership facility with the goal of scaling-up finance for accelerated action against climate change in Asia and the Pacific. IF-CAP partners will provide guarantees for parts of ADB’s sovereign loan portfolios to enable ADB to free up capital to increase lending for climate investments. Supplementary grants will facilitate project preparation, capacity building, and knowledge solutions.

Why is IF-CAP being formed?

The battle against climate change will be won or lost in Asia and the Pacific. And our region is uniquely vulnerable to the impacts. More than 40% of climate-related disasters occurred in Asia and the Pacific since the start of the century, affecting nearly 3.6 billion people. ADB estimates that $1.7 trillion per year will need to be invested in infrastructure in developing Asia between 2016-2030 to meet both climate and development goals. The Intergovernmental Panel for Climate Change (IPCC) says the year 2030 is a significant crossroad after which it will become considerably harder to meet climate targets.

As Asia and the Pacific’s climate bank, the Asian Development Bank is spearheading significant climate change financing and expertise across the region. IF-CAP is the first leveraged guarantee mechanism for climate finance to ever be adopted by a multilateral development bank. It is inspired by the International Finance Facility for Education (IFFEd), which aims to use innovative financing to unlock new education funding in low-and middle-income countries.

What will IF-CAP do?

IF-CAP will allow ADB to significantly increase climate finance for investments that are aligned with the Paris Agreement and other key ADB policies, including the forthcoming Climate Change Action Plan.

With a model of “$1 in, $4.5 out”, IF-CAP’s current guarantee size of $2.5 billion will create over $11 billion in climate finance for much-needed climate projects across Asia and the Pacific. Alongside lending facilitated by IF-CAP, ADB will provide up to $1 billion in concessional ordinary capital resources lending (COL) from its own resources, in support of projects enabled by IF-CAP’s guarantee structure. In total, resources aligned with IF-CAP amount to over $12 billion.

IF-CAP enabled projects will address both climate change mitigation, which focuses on reducing greenhouse gas emissions, and climate change adaptation, which focuses on building resilience to the worsening effects of climate change. These investments could cover a wide range of sectors, such as transportation, energy, urban, and agriculture and natural resources, as well as social sectors such as health and education, for projects with high climate impacts.

What will IF-CAP not do?

IF-CAP will not support new or existing fossil fuel-based electricity generation facilities or dedicated transmission, or any new or existing natural gas-related projects. Climate finance enabled by IF-CAP will not be used towards early retirement or repurposing of fossil fuel fired power plants.

Developing Asia’s share of global greenhouse gas emissions nearly doubled, from 22% in 1990 to 44% in 2019 and is expected to remain at this level until mid-century under current policies.

Asia and the Pacific can only realize its climate goals if it pursues a transition away from coal-based energy in the near term.

How does the leverage mechanism work?

The program is based on the use of financial guarantees from our partners. By guaranteeing a portfolio of ADB sovereign loans on a first-loss basis, they will help shoulder some of the loss in case of a default by one of our borrowers included in our portfolio.

This is a groundbreaking arrangement because IF-CAP’s portfolio guarantee enables ADB to optimize the usage of our balance sheet, supported by the strength of our triple-A credit ratings and preferred creditor status. This allows ADB to reduce the capital held for credit risk and release more capital for climate loans. Every dollar of guarantee into IF-CAP will result in the capacity to provide more climate finance for eligible projects. Simulations show that for every $1 that is guaranteed, $4.5 of climate finance could be generated. That is a fundamental shift from the traditional “one dollar in, one dollar out” facilities at MDBs, because of IF-CAP’s leverage effect.

Who are the partners supporting IF-CAP?

IF-CAP’s founding partners are Denmark, Japan, Norway, Republic of Korea, Sweden, the United Kingdom, and the United States. In 2023, the Global Energy Alliance for People and Planet established a trust fund under the IF-CAP Financing Partnership Facility.

What sovereign portfolios will their guarantees cover?

IF-CAP will cover a dynamic and diversified reference portfolio consisting of ADB’s exposures to a board spectrum of developing member countries, which have been identified to achieve the desired leverage based on the risk appetite of the partners.

Which countries are eligible for IF-CAP financing?

All ADB’s developing member countries (DMCs) are eligible. Individual financing partners may exercise discretion for certain projects based on their policies and priorities.

Will IF-CAP differ from ADB’s regular climate financing?

Functionally, there will be no difference. IF-CAP’s role will be to enable ADB to approve climate financing more quickly and at a higher volume.

What are the benefits of IF-CAP?

For DMCs, IF-CAP can help them advance operations with high climate ambition that are currently not in their pipeline, increase climate finance components of existing pipeline projects, and enable greater visibility and demonstration effects for projects including those with innovative components or high climate impact.

For IF-CAP partners, it can enable them to make a greater impact through a leveraged guarantee mechanism not offered by other financing partnership facilities, providing them with an effective and efficient way to fight climate change in support of their national commitments.

For ADB, IF-CAP is an innovative method to optimize our balance sheet, unlock capital resources, and increase our lending capacity by over $11 billion so we can make more resources available for critical climate projects in Asia and the Pacific.

Will IF-CAP contribute to ADB’s ambition of $100 billion climate financing for 2019-2030?

IF-CAP will be one of the flagship instruments to enable ADB to reach its climate finance target beyond $100 billion and support our target for climate finance to reach 50% of the total committed financing volume by 2030.

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MIL OSI Economics –
January 25, 2025
MIL-OSI Russia: What excursions await the participants of the ninth season of the project “Discover

Translation. Region: Russian Federation –

Source: Moscow Government – Government of Moscow –

From November 5 to 22, more than 170 excursions will be held around the capital’s high-tech industrial enterprises. Participants will visit production facilities that produce cosmetics, footwear, clothing, confectionery and bakery products, ventilators, emergency medical supplies, elevators and other products. You can register for the excursion on the project’s website “Open. This was reported by the Minister of the Moscow Government, head of the capital’s Department of Investment and Industrial Policy Anatoly Garbuzov.

“We continue to introduce Moscow residents to the production processes of food products, children’s educational kits, laser equipment, pharmaceuticals, auto parts and other high-tech products. In November, we prepared over 170 excursions to 35 enterprises, as well as 75 master classes. This season, four new factories have joined the project, which produce Christmas tree decorations, clothing, cable products and printed products,” said Anatoly Garbuzov.

The new season will see the first tours of the Kolomeyev Christmas tree toy factory. Guests will see how the products are blown and painted. The company makes classic Soviet toys: pine cones, Christmas trees, houses, astronaut figurines, as well as New Year’s decorations for the interior and dolls for the tree. Most of the products are made using traditional technologies and hand-painted by master artists.

For the first time, the company “Printing House “Tissot”” will welcome visitors. The company’s specialists will show how postcards, books, calendars, folders and other products are produced. In addition, a master class on making notebooks will be held here.

In addition, Muscovites will be able to visit the production of PLNB Jeans, where jeans, trousers, jackets, shirts and much more are produced. The tour will tell about all stages of preparation and production of products, as well as the history of denim culture and the capital brand.

At the Spetskabel plant, which will also welcome visitors for the first time, guests will see how modern cable and wire products are manufactured. The company manufactures cables for all industries, including the oil and gas, energy, shipbuilding and space sectors. Many of the company’s developments have no analogues in the world. The plant produces more than 40 thousand kilometers of cable per year.

The Open Project

Sobyanin: This year, the project “Open

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.

Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

http://vvv.mos.ru/nevs/item/145935073/

MIL OSI Russia News –

January 25, 2025
MIL-OSI Russia: Sergei Sobyanin named the most popular measures to support technology companies

Translation. Region: Russian Federation –

Source: Moscow Government – Government of Moscow –

Moscow is constantly increasing support for high-tech companies in the form of grants and loans. This was reported by Sergei Sobyanin in his telegram channel.

“In May, they determined

main tasks to support innovation and business development until 2030. We approach the issue comprehensively: over the past years, we have formed a unique line of tools,” the Mayor of Moscow emphasized.

Source: Sergei Sobyanin’s Telegram channel @mos_sobyanin

One of the successful and fast growing programs is preferential loans under the pledge of rights to the results of intellectual activity. With the support of the city, entrepreneurs concluded 20 contracts for the amount of 608 million rubles, 13 of them this year for the amount of 452 million rubles, which is already almost three times more than for the whole of last year.

Sobyanin: 66 billion rubles were attracted to the city’s SME economy through guarantees Moscow Mayor Talks About City Projects to Support Tech Business

Thus, a loan was received by a company that produces special pipeline fittings for heating systems of housing and communal services. Support was also provided to a company that creates briquettes from small waste of large industrial enterprises for their further use as raw materials or fuel.

Another measure in demand is grants for the purchase of equipment and development of activities. The city compensates businesses for expenses already incurred. Since the beginning of the year, Moscow entrepreneurs have been approved for over 450 applications for a total of almost 1.9 billion rubles. This is 17 percent more than last year’s figure for the same period. Thanks to the capital’s support, companies have purchased equipment for over 4.2 billion rubles.

Among those receiving compensation was a company that produces vaccines for adults and children. In addition, the list includes a developer and manufacturer of equipment for precision machining of parts in various industries with numerical control.

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.

Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

https://vvv.mos.ru/major/themes/11970050/

MIL OSI Russia News –

January 25, 2025

€m	2024	2023	Change
First quarter	4.5	3.7	+20 %
Second quarter	9.3	8.5	+10 %
Third quarter	4.7	4.0	+19 %
Total 9-month revenues	18.5	16.2	+14 %

At end-September (€m)	2024	2023	Change
Systems	12.3	9.6	+28 %
Services and accessories	6.2	6.6	-6 %
Total 9-month revenues	18.5	16.2	+14 %

Category: Europe

IMF Communications Department

MEDIA RELATIONS

30 October 2024

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