NewzIntel.com

Category: European Union

  • MIL-OSI: cBrain intends to take lead in COTS for government industry

    Source: GlobeNewswire (MIL-OSI)

    Company Announcement no. 02/2025

    cBrain intends to take lead in COTS for government industry

    Copenhagen, February 20, 2025

    cBrain (NASDAQ: CBRAIN) revenue grew by +12% to DKK 268m in 2024, up from DKK 239m in 2023. Earnings before tax (EBT) grew to DKK 86m in 2024, up from DKK 81m in 2023, thereby reaching an EBT margin of 32%.

    Results are in line with expectations, forecasting a revenue growth range of 12-13% and EBT margin of 30-32%.

    Strong positive cash flow from operating activities enables an increase in dividends, investments in the growth of the company, and it reduces long-term loans on cBrain-owned buildings.

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

    Fueled by a lack of skilled IT resources and a growing demand for fast delivery, cBrain sees a rapidly emerging IT industry, referred to as Commercial Off-The-Shelf (COTS) for government. COTS for government, leveraging new technologies and platforms such as the F2 Digital Platform, enables digital transformation at higher speed and lower costs that outperform traditional IT modernization.

    For cBrain the accelerated market shift represents new strategic opportunities. cBrain wants to fully take advantage of this, and cBrain is therefore currently in the process of evaluating and potentially adjusting its international growth strategy.

    With the goal of being an internationally leading vendor in the emerging COTS for government industry, the strategy process includes evaluating organizational readiness, market and product development strategies.

    As a result of the strategy process, cBrain expects to implement a number of changes to the growth plan during the spring of 2025. Consequently, cBrain forecasts expected revenue growth in 2025 of 10-15% and earnings before tax (EBT) of 18-23%.

    The revenue forecast takes into account that e.g. developing new channel strategies may shortly delay revenue. The earnings forecast is based on significantly increased investments into international growth, across the African region, USA, Germany, and India, as well as increased investments into developing the F2-for-Partners concept.

    Best regards

    Per Tejs Knudsen, CEO

    Inquiries regarding this Company Announcement may be directed to 

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

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    The MIL Network –

  • MIL-OSI Europe: Foreign trade and development minister Reinette Klever: Dutch interests at the heart of development policy

    Source: Government of the Netherlands

    News item | 20-02-2025 | 08:36

    From now on, Dutch interests will take precedence in our country’s development policy. Those interests concern trade, security and migration. The government will focus on programmes and diplomatic activities in areas where the Netherlands excels: water management, food security and health.

    These principles form the core of the new development aid policy that the Minister for Foreign Trade and Development, Reinette Klever, sent to the House of Representatives on Thursday. The government has agreed it will impose structural spending cuts of €2.4 billion on development aid from 2027. ‘All the programmes we fund must contribute directly to our own interests: promoting trade, enhancing security and reducing migration,’ Ms Klever said.

    The minister believes that current Dutch policy is too fragmented to be sufficiently effective. She has therefore decided to apply a sharper focus and put Dutch interests first. ‘The goal is not merely to reduce development aid, but to make it better. We will make clear choices, doing only what we do best and working wherever possible with Dutch businesses. That will benefit the Netherlands and it will benefit recipient countries,’ the minister explained.

    The government is linking aid and trade more explicitly, too. ‘We will give Dutch businesses more opportunity to win development contracts,’ Ms Klever said. ‘And we’ll help the countries concerned to develop into trading partners, which will be good for their economies and employment figures.’

    The government will also use development aid as a way to boost security in various conflict regions surrounding Europe: West Africa, the Horn of Africa, the Middle East and North Africa. This should help avoid disruption to trade, combat the rise of terrorist or criminal organisations and prevent people applying for asylum in the Netherlands. ‘Food shortages, for example, are a cause of conflict,’ Ms Klever explained. ‘So we will deploy Dutch agricultural expertise to improve and increase food production.’

    The government wants to tackle migration and is therefore investing in migrant return, as well as reception and protection of refugees in their country or region of origin. Ms Klever: ‘Giving people future prospects in those regions will enable them to build livelihoods, meaning they won’t have to make the journey to Europe.’ The government wants to make agreements with migration countries, aimed at combating migration and encouraging return.

    Despite the major cutbacks, the government will continue providing humanitarian aid to people in crisis situations. Ms Klever aims to do this via local aid organisations, as they are able to respond swiftly and effectively in crises.

    Under the new policy, funding for various programmes will be terminated, in areas such as gender equality, vocational and higher education, sport and culture. Funding for climate action, civil society and UN organisations will be reduced.

    MIL OSI Europe News –

  • MIL-OSI Europe: Netherlands to return looted Benin Bronzes to Nigeria

    Source: Government of the Netherlands

    News item | 19-02-2025 | 00:05

    At the request of Nigeria, the Netherlands is returning 113 Benin Bronzes from the Dutch State Collection. This decision was taken by the Minister of Education, Culture and Science Eppo Bruins. In 1897 British soldiers looted these objects from the Kingdom of Benin (now part of modern-day Nigeria) and sold them. They eventually ended up in the Dutch State Collection. The Benin Bronzes are an important record of the history of the Kingdom of Benin and, thus, of great significance to Nigeria. The Bronzes, consisting of plaques, personal ornaments and figures, are currently housed in the collection of Wereldmuseum Leiden. The return of these objects is the result of intensive cooperation between experts and representatives of both countries.

    Minister Bruins: “This restitution contributes to redressing a historical injustice that is still being felt today. Cultural heritage is essential for telling and living the history of a country and a community. The Benin Bronzes are indispensable to Nigeria. It is good that they are going back.”

    The transfer agreement will be signed in Leiden on 19 February by Mr Bruins and Olugible Holloway, Director-General of the Nigerian National Commission for Museums and Monuments.

    DG Holloway: ‘The return from the Netherlands will represent the single largest return of Benin antiquities directly linked to the 1897 British punitive expedition. We thank the Netherlands for their cooperation and hope this will set a good example for other nations of the world in terms of repatriation of lost or looted antiquities.’

    The return follows the publication of an advisory report by the Colonial Collections Committee, chaired by Lilian Gonçalves-Ho Kang You. The objects will be returned to the Nigerian government, which will then decide how and where they will be displayed. The Wereldmuseum hopes that the return of the objects will not mark the end of the process, but rather serve as a starting point for further cooperation between museums in Nigeria and the Netherlands.

    Return of objects by the municipality of Rotterdam

    In addition to the return of 113 objects from the Dutch State Collection, on 19 February the municipality of Rotterdam will also be returning a further six objects that fall under the Benin Bronzes collection. These objects – a bell, three relief plaques, a coconut casing and a staff – were also looted in 1897.

    Said Kasmi, a member of the Rotterdam municipal executive: ‘Art and heritage should be where they belong. These objects belong in Nigeria. By returning them, we’re taking an important step towards recognising the past and respecting the value these objects hold for Nigeria.’

    Advisory report published by the Colonial Collections Committee

    On the basis of a provenance investigation conducted by the Wereldmuseum and the municipality of Rotterdam, the Colonial Collections Committee advised the minister to return these objects in line with the Netherlands’ colonial collections policy. This advisory report resulted from close consultation and collaboration with the Nigerian National Commission for Museums and Monuments. The Committee published the report on its website. This is the fifth time that the Netherlands is returning objects as a direct result of an advisory report by the Committee. The Committee is currently drawing up advisory reports in response to requests submitted by Sri Lanka, India and Indonesia.

    MIL OSI Europe News –

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

    Source: Lufthansa Group

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    ABOUT LUFTHANSA GROUP:

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

    ABOUT AIR INDIA GROUP:

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

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

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

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

    MIL OSI Economics –

  • MIL-OSI Security: Man guilty of rape in 2019

    Source: United Kingdom London Metropolitan Police

    A man has been convicted of rape after a meticulous investigation by specialist detectives convinced the jury of his guilt.

    Samsidi D’Souza-N’Gom, 31 (05.12.93), of Marshall Road, N17 was found guilty of rape at the Old Bailey Court on Wednesday, 19 February.

    He will be sentenced at the same court on 21 March.

    On Monday, 2 September 2019, the victim, a woman in her 20s at the time of the incident, contacted police to say she had been raped at an address in Osidge Lane, Barnet.

    She was supported by specialist officers who immediately launched an investigation, led by detectives from the North West Rape & Serious Sexual Offences team.

    On Sunday, 1 September both D’Souza-N’Gom and the victim were out at a bar with a wider group of friends in Hackney. In the early hours of the morning, they returned to D’Souza-N’Gom’s home address.

    The victim told police she had been asleep when she was woken up by the defendant raping with her. She tried to fight him off but was unable to do so.

    Officers gathered and analysed hours of CCTV to put together a timeline of events. This showed them leaving the venue together before making their way to the taxi office.

    Detectives also spoke to a significant number of witnesses who provided further information which assisted with the investigation.

    D’Souza-N’Gom denied the allegations and said everything had been consensual.

    Detective Constable Alan Wong, who led the investigation, said: “I would like to commend the courage and bravery of the victim, who after enduring a traumatic incident, spoke with officers and found the strength to assist with our enquiries.

    “We were also hugely supported by other witnesses who had seen or spent time with the victim and the defendant prior to the offence. Their accounts helped us to provide the jury with a clear chronology of the evening which was central to them reaching a guilty verdict.”

    Speaking after the verdict, Detective Inspector Richard Lewsley said: “I hope that this outcome encourages victims of this type of offending to have faith that we take crimes of rape and sexual assault seriously.

    “The circumstances of this offence are often not reported because victims feel there will be insufficient evidence to support a prosecution. We are trained to explore allegations in detail and to illicit details to understand what took place.

    “I acknowledge this investigation has taken a long time but we are working hard to investigate and achieve positive outcomes for investigations regardless of the length of time that has passed. I thank the victim of this case for her fortitude and resilience in remaining engaged and positive throughout which has allowed us to finally achieve justice for the victim and put a predatory offender is behind bars.”

    “We encourage any person who is a victim of rape or sexual assault, regardless of when it occurred, to report it to police. We will treat your allegations seriously, we will listen to you and we will support you throughout the process.”

    MIL Security OSI –

  • MIL-OSI: ING to redeem Perpetual Capital Securities

    Source: GlobeNewswire (MIL-OSI)

    ING to redeem Perpetual Capital Securities

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

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

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

    Note for editors

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

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

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

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

    Important legal information

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

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

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

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

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

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

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

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

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    The MIL Network –

  • MIL-OSI: Viridien and Matnex partner to accelerate AI-powered materials discovery

    Source: GlobeNewswire (MIL-OSI)

    Paris, France – February 20, 2025

    Viridien, an advanced technology and digital company, and Materials Nexus Ltd. (trading as Matnex), a leader in AI-driven materials discovery, are partnering to rapidly scale Matnex’s computational capacity for the discovery and production of groundbreaking materials.

    The partnership between Viridien and Matnex reflects a shared goal to accelerate innovation and reduce the environmental impact of technologies critical to the net-zero transition in areas such as energy generation, energy storage, transport and sustainable computing.

    This expansion of computational resources, powered by Viridien’s Outcome-as-a-Service model, represents a paradigm shift in materials discovery. By leveraging AI/HPC and optimization expertise, Viridien will industrialize Matnex’s innovation pipeline. This partnership is set to deliver the highest throughput of new material discoveries globally, unlocking unprecedented commercial opportunities and industry-wide transformation.

    Dr. Jonathan Bean, CEO of Matnex, said: “This project marks a major leap forward in materials science. By harnessing AI at this scale, we can tackle complex challenges that have previously been beyond reach. This partnership with Viridien provides us with computational power that is not only unrivalled but transformative for the field of materials discovery.”

    Chris Page, EVP, New Business Development, Viridien, said: “This agreement is another exciting example of how Viridien’s HPC & Cloud Solutions teams are collaborating with high HPC baseload scientific companies to achieve faster, more accurate results with lower and more predictable R&D and operating costs enabling them to accelerate scientific discoveries and push innovative products to the market more quickly and economically. We are particularly delighted to be supporting Matnex’s research into next-generation materials for the HPC industry. This fits well with our corporate commitment to help catalyze technology innovations for a more sustainable future for society.”

    About Viridien:

    Viridien (www.viridiengroup.com) is an advanced technology, digital and Earth data company that pushes the boundaries of science for a more prosperous and sustainable future. With our ingenuity, drive and deep curiosity we discover new insights, innovations, and solutions that efficiently and responsibly resolve complex natural resource, digital, energy transition and infrastructure challenges. Viridien employs around 3,500 people worldwide and is listed as VIRI on the Euronext Paris SA (ISIN: FR001400PVN6).

    Contacts

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    The MIL Network –

  • MIL-Evening Report: A new play about Julian Assange, Truth is an intelligent, thoughtful and unsettling work

    Source: The Conversation (Au and NZ) – By Kate Hunter, Senior Lecturer in Art and Performance, Deakin University

    Pia Johnson/Malthouse Theatre

    Truth, the new play from writer-director pair Patricia Cornelius and Susie Dee, dives headfirst into the contentious world of Julian Assange. It offers us a nuanced portrait of the WikiLeaks founder who transformed from hacker wunderkind to global lightning rod.

    An apt celebration of the significant body of work from the acclaimed duo, Truth opens nearly 40 years after the pair created and performed their first collaboration, Lilly and May.

    Assange rose to global prominence by publishing classified documents that exposed government secrets and surveillance programs. He became both a celebrated whistleblower and a controversial figure in debates about transparency and national security.

    Truth unravels the threads of his story.

    Truth reveals the complex legacy of a man whose actions have both championed and challenged modern democracy.
    Pia Johnson/Malthouse Theatre

    A complex legacy

    The work is set in a spare, black-box space, characterised by Matilda Woodroofe’s bureaucratic brutalist design.

    A backdrop of hard mesh enclosures and scaffolded structures evokes a monotonous line of outdoor exercise yards or prison cells. This is flanked by colourless filing cabinets, 80s-style laminated brown desks and office chairs on wheels. A giant LED screen crowns the structure.

    The ensemble (Emily Havea, Tomàš Kantor, James O’Connell, Eva Rees and Eva Seymour) weaves together key moments in Assange’s life, revealing the complex legacy of a man whose actions have both championed and challenged modern democracy.

    Speaking in chorus at times, the actors perform multiple versions of Assange and other characters. They are journalists, whistleblowers, narrators, and include the key figures of Edward Snowden and Chelsea Manning.

    A terrific and youthful ensemble cast delivers sensitive and energised performances.
    Pia Johnson/Malthouse Theatre

    Characterised by Cornelius’ trademark rapid-fire dialogue, the text is tightly calibrated with smart, sparse, dry comments that, at times, comically undercut our Australian sensibilities. As one character says, “the worst thing to be in this country is too smart”.

    The ensemble is physically dynamic and vocally strong. They have a particular choreographic fluidity. A spaciousness and attention to timing allows each performance to land. This is a testament both to Dee’s sharp, contained direction, and a terrific and youthful ensemble cast who deliver sensitive and energised performances.

    From geek to advocate

    The play moves chronologically through Assange’s life. We begin with the rocky early years marked by the dissonance between his sharp intelligence and reputation as computer nerd. We witness his arrests for hacking. We follow his evolution from awkward geek to outspoken advocate for free speech.

    The play offers us a nuanced portrait of the WikiLeaks founder who transformed from hacker wunderkind to global lightning rod.
    Pia Johnson/Malthouse Theatre

    The play is grounded in comprehensive research, and solo moments featuring Snowden and Manning serve as poignant interludes to the fast-paced narrative of Assange’s life events.

    I am struck by the way the work unsettles my preconceptions. The small, stark image of a naked Private Manning in her isolated cell is particularly raw and affecting – but is juxtaposed on stage against Assange’s dubious behaviour towards two young women in Sweden.

    The show clips along, all the while unfolding a nuanced consideration of the complexities of reported narratives and the myriad ways in which journalistic narratives are influenced – and controlled.

    The delivery to the audience is largely direct-address. This risks becoming tedious, but Cornelius’ intelligent style and the ensemble’s strong performance carries through.

    The LED screen is used to great effect. The video design (Meri Blazevski) shifts through rainstorms of binary digits, to list of early Assange manifestos or leaked stories, to pixellated images of actors’ faces as teenage gamers.

    The work is set in a spare, black-box space, characterised by Matilda Woodroofe’s bureaucratic brutalist design.
    Pia Johnson/Malthouse Theatre

    In a long and shocking sequence, we witness drone footage from the Afghanistan war logs accompanied by the chillingly dispassionate commentary of the operators.

    Often, the screen becomes a surface for live video feeds which work to personalise or disembody characters, functioning variously as narrator, witness, and surveillance device. Transitions between closeups, documentation and stark data both drive and complicate the storytelling.

    Kelly Ryall’s composition and sound design – often paired with the pulsing or flashing giant texts on the screen – is a retro-electronic tapestry of victory chimes, synthetic bleeps and Pac Man pings. It is all underscored by deep digital tones and rapid analogue tapping of keyboards.

    A long artistic relationship

    This is an intelligent and thoughtful show that manages to be both complex and entertaining. The play is particularly salient given current global events, challenging us to consider the scale of what we’re up against, how long we should remain silent, and what power – if any – we have to effect change.

    In an era of heated debate about transparency and fake news, Truth emerges as a vital and edgy work in the capable hands of two highly respected theatre makers.

    The work is testament to the longevity of an artistic relationship between two older women that carries decades of embodied knowledge.

    Despite the persistent ageism in Australian theatre that often equates “urgency” exclusively with youth, this work reminds us older artists can and do challenge and disrupt – and bring a special and necessary currency to our cultural life.

    Truth is at Malthouse Theatre, Melbourne, until March 8.

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

    – ref. A new play about Julian Assange, Truth is an intelligent, thoughtful and unsettling work – https://theconversation.com/a-new-play-about-julian-assange-truth-is-an-intelligent-thoughtful-and-unsettling-work-247909

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Establishment of a subsidiary and purchase of the property at Hiiu 42 in Tallinn for the construction of the Südamekodu nursing home

    Source: GlobeNewswire (MIL-OSI)

    Establishment of a subsidiary and purchase of the property at Hiiu 42 in Tallinn for the construction of the Südamekodu nursing home.
    A 100% subsidiary of EfTEN Real Estate Fund AS has entered into a contract under the law of obligations, with the aim of establishing a nursing home there together with Südamekodud AS. 
    The fund’s 100% subsidiary EfTEN Hiiu OÜ has entered into a contract under the law of obligations with Südamekodud AS for the acquisition of the property located at Hiiu 42 in the Nõmme district of Tallinn. The fund plans to partially rebuild the property into a general nursing home “Nõmme Südamekodu”, which could accommodate up to 170 Südamekodu clients in the future.
    The sale price of the property is four million euros, which will be paid upon conclusion of the real rights agreement, and the buyer will additionally invest up to two point five million euros in the reconstruction of the building. Currently, the design of the building’s reconstruction has begun. The expected return of the investment excluding bank leverage is 8%.
    The North Estonia Medical Centre will continue to use the property under a valid lease agreement. After the conclusion of the real rights agreement, the property will also be rented under a long-term lease agreement to Südamekodud AS, whose vision is to be the best local care service provider in Estonia. Südamekodud AS offers its services in nursing homes located across Estonia, including the Valkla Südamekodu, Tartu Südamekodu and Pirita Südamekodu properties owned by other subsidiaries of the fund. The purchase of the property and investments will be financed from the fund’s equity capital raised from the SPO and a bank loan. The prerequisite for completing the transaction is the consent of the Estonian Competition Authority, after which a real rights agreement will be concluded for the transfer of ownership of the property.
    EfTEN Hiiu OÜ is a 100% subsidiary of the fund established in the Republic of Estonia, with a share capital of 2,500 euros. The members of the management board of the limited liability company are Viljar Arakas and Tõnu Uustalu. The limited liability company does not have a supervisory board. The establishment of a subsidiary is not considered an acquisition of a qualifying holding within the meaning of the rules and regulations of the Tallinn Stock Exchange. The members of the Fund’s supervisory board and management board have no other personal interest in the transaction.

    Viljar Arakas
    Member of the Management Board
    Tel 655 9515
    E-post: viljar.arakas@eften.ee

    The MIL Network –

  • MIL-OSI: Aegon reports second half year 2024 results

    Source: GlobeNewswire (MIL-OSI)

    The Hague – February 20, 2025. Please click here to access all 2H 2024 results related documents. 

    2H 2024 IFRS results

    • Net profit of EUR 741 million as operating result and benefit from the a.s.r. stake are partly offset by restructuring charges and net impairments in the US
    • Operating result of EUR 776 million, up 14% compared with the second half of 2023, reflecting improved experience variance in the US and business growth in the US and asset management
    • Shareholders’ equity per share of EUR 4.53, increases by 13% compared with June 30, 2024, while contractual service margin per share after estimated tax adjustment increases by 5% to EUR 4.38. Valuation equity per share – the sum of these components – grew by 9% to EUR 8.91

    2H 2024 capital generation, cash and capital management

    • Operating capital generation before holding funding and operating expenses remained broadly stable at EUR 658 million compared with the second half of 2023. Aegon meets its increased guidance of EUR 1.2 billion for 2024
    • Capital ratios of Aegon’s main units remain above their respective operating levels and Cash Capital at Holding at EUR 1.7 billion per year-end 2024. EUR 200 million share buyback completed in December
    • Free cash flow of EUR 385 million, which includes capital distributions from a.s.r. Full-year free cash flow of EUR 759 million meets guidance of more than EUR 700 million
    • 2024 final dividend of EUR 0.19 per common share proposed, an increase of 19% compared with 2023 final dividend

    Lard Friese, Aegon CEO, commented:  
    In 2024, we continued to make good progress with our transformation and are on track to meet the 2025 targets we laid out at our 2023 Capital Markets Day (CMD). We will provide an update on our strategy and new group targets at our next CMD on December 10, 2025, in London. Looking back on the year, I am proud of what the teams achieved, and I am grateful for their hard work.

    We have delivered on both our increased guidance for operating capital generation (OCG) of EUR 1.2 billion, and on our free cash flow guidance of more than EUR 700 million for 2024. Our main business units remained well capitalized, and we have generated a full year IFRS operating result of EUR 1.5 billion. Our valuation equity per share, which is a measure of shareholder value, increased by 12% to EUR 8.91.

    We continued to execute our strategy to grow our businesses and improve the service we offer to customers. This included the roll-out of a new brand identity across our fully owned units that facilitates improved digital customer experiences. Taking a closer look at our commercial performance in 2024: in the Americas, we strengthened our distribution capabilities as World Financial Group (WFG) grew its number of licensed agents to over 86,000, up 17% compared with the prior year. This contributed to the 22% increase in the operating result of Transamerica’s distribution segment, which reached USD 191 million. Transamerica generated Individual Life sales of USD 473 million, slightly down compared with 2023. The Retirement Plans business experienced outflows but the mid-sized Retirement Plans business continued to grow with strong written plan sales and USD 557 million of net deposits. Throughout the year, we also continued to implement management actions to reduce our exposure to Financial Assets. This included achieving the goals of our program to purchase universal life policies from institutional owners earlier than anticipated.

    In the United Kingdom, we are executing the strategy we presented at our June 2024 Teach-In. Our UK Workplace platform performed strongly, with net deposits amounting to GBP 3.7 billion in 2024, due to the onboarding of new schemes and higher regular contributions from existing schemes. While outflows continued in our UK Adviser platform, we are executing our strategy to return the platform to growth by 2028 that includes targeting the top 500 financial adviser firms.

    2024 saw our Asset Management business return to growth, with third-party net deposits in Global Platforms and net deposits in Strategic Partnerships combined totaling around EUR 14 billion. This was driven by consecutive net deposits at both businesses during each quarter of 2024.

    Our International business saw 15% lower new life sales, mainly driven by pricing actions in China to reflect lower interest rates. At the same time, its value of new business grew by 18%, driven by Brazil and Spain & Portugal, underscoring our focus on profitable growth.

    Over the year, we remained disciplined in our management of capital. During the first half of 2024, we completed the EUR 1.535 billion share buyback program. In the second half, we completed a EUR 200 million share buyback program and announced a new EUR 150 million share buyback program, which began in January 2025.

    On the basis of our 2024 performance, we today propose a final dividend of 19 eurocents per share. This will result in a total dividend paid for the full-year 2024 of 35 eurocents, up 17% compared with 2023, and means we are on our way to achieve our target of around 40 eurocents per share over 2025.

    Additional information 
    Presentation
    The conference call presentation is available on aegon.com.

    Supplements
    Aegon’s second half 2024 Financial Supplement and other supplementary documents are available on aegon.com.

    Webcast and conference call including Q&A
    The webcast and conference call starts at 9:00 am CET. The audio webcast can be followed on aegon.com. To join the conference call and/or participate in the Q&A, you will need to register via the following registration link. Directly after registration you will see your personal pin on the confirmation screen, and you will also receive an email with the call details and your personal pin to enter the conference call. The link becomes active 15 minutes prior to the scheduled start time. To avoid any unforeseen connection issues, it is recommended to make use of the “Call me” option. Approximately two hours after the conference call, a replay will be available on aegon.com. 

    Click to join
    With “Call me”, there’s no need to dial-in. Simply click the following registration link and select the option “Call me”.
    Enter your information and you will be called back to directly join the conference. The link becomes active 15 minutes prior to the scheduled start time. Should you wish not to use the “Click to join” function, dial-in numbers are also available. For passcode: you will receive a personal pin upon registration.

    Dial-in numbers for conference call:
    United States: +1 864 991 4103 (local)
    United Kingdom: +44 808 175 1536 (toll-free)
    The Netherlands: +31 800 745 8377 (toll-free); or +31 970 102 86838 (toll)

    Financial calendar 2025
    First quarter 2025 trading update – May 16, 2025
    Annual General Meeting – June 12, 2025
    Second half 2025 results – August 21, 2025
    Third quarter 2025 trading update – November 13, 2025
    Capital Markets Day – December 10, 2025

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

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

    Contacts

    Media relations Investor relations
    Richard Mackillican Yves Cormier
    +31(0) 6 27411546 +31(0) 70 344 8028
    richard.mackillican@aegon.com yves.cormier@aegon.com
       

    Local currencies and constant currency exchange rates
    This document contains certain information about Aegon’s results, financial condition and revenue generating investments presented in USD for the Americas and in GBP for the United Kingdom, because those businesses operate and are managed primarily in those currencies. Certain comparative information presented on a constant currency basis eliminates the effects of changes in currency exchange rates. None of this information is a substitute for or superior to financial information about Aegon presented in EUR, which is the currency of Aegon’s primary financial statements.

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

    • Unexpected delays, difficulties, and expenses in executing against Aegon’s environmental, climate, diversity and inclusion or other “ESG” targets, goals and commitments, and changes in laws or regulations affecting us, such as changes in data privacy, environmental, health and safety laws;
    • Changes in general economic and/or governmental conditions, particularly in Bermuda, the United States, the Netherlands and the United Kingdom;
    • Civil unrest, (geo-) political tensions, military action or other instability in a country or geographic region;
    • Changes in the performance of financial markets, including emerging markets, such as with regard to:         
      • The frequency and severity of defaults by issuers in Aegon’s fixed income investment portfolios;
      • The effects of corporate bankruptcies and/or accounting restatements on the financial markets and the resulting decline in the value of equity and debt securities Aegon holds;
      • The effects of declining creditworthiness of certain public sector securities and the resulting decline in the value of government exposure that Aegon holds;
      • The impact from volatility in credit, equity, and interest rates;
    • Changes in the performance of Aegon’s investment portfolio and decline in ratings of Aegon’s counterparties;
    • Lowering of one or more of Aegon’s debt ratings issued by recognized rating organizations and the adverse impact such action may have on Aegon’s ability to raise capital and on its liquidity and financial condition;
    • Lowering of one or more of insurer financial strength ratings of Aegon’s insurance subsidiaries and the adverse impact such action may have on the written premium, policy retention, profitability and liquidity of its insurance subsidiaries;
    • The effect of applicable Bermuda solvency requirements, the European Union’s Solvency II requirements, and applicable equivalent solvency requirements and other regulations in other jurisdictions affecting the capital Aegon is required to maintain;
    • Changes in the European Commissions’ or European regulator’s position on the equivalence of the supervisory regime for insurance and reinsurance undertakings in force in Bermuda;
    • Changes affecting interest rate levels and low or rapidly changing interest rate levels;
    • Changes affecting currency exchange rates, in particular the EUR/USD and EUR/GBP exchange rates;
    • Changes affecting inflation levels, particularly in the United States, the Netherlands and the United Kingdom;
    • Changes in the availability of, and costs associated with, liquidity sources such as bank and capital markets funding, as well as conditions in the credit markets in general such as changes in borrower and counterparty creditworthiness;
    • Increasing levels of competition, particularly in the United States, the Netherlands, the United Kingdom and emerging markets;
    • Catastrophic events, either manmade or by nature, including by way of example acts of God, acts of terrorism, acts of war and pandemics, could result in material losses and significantly interrupt Aegon’s business;
    • The frequency and severity of insured loss events;
    • Changes affecting longevity, mortality, morbidity, persistence and other factors that may impact the profitability of Aegon’s insurance products and management of derivatives;
    • Aegon’s projected results are highly sensitive to complex mathematical models of financial markets, mortality, longevity, and other dynamic systems subject to shocks and unpredictable volatility. Should assumptions to these models later prove incorrect, or should errors in those models escape the controls in place to detect them, future performance will vary from projected results;
    • Reinsurers to whom Aegon has ceded significant underwriting risks may fail to meet their obligations;
    • Changes in customer behavior and public opinion in general related to, among other things, the type of products Aegon sells, including legal, regulatory or commercial necessity to meet changing customer expectations;
    • Customer responsiveness to both new products and distribution channels;
    • Third-party information used by us may prove to be inaccurate and change over time as methodologies and data availability and quality continue to evolve impacting our results and disclosures;
    • As Aegon’s operations support complex transactions and are highly dependent on the proper functioning of information technology, operational risks such as system disruptions or failures, security or data privacy breaches, cyberattacks, human error, failure to safeguard personally identifiable information, changes in operational practices or inadequate controls including with respect to third parties with which Aegon does business, may disrupt Aegon’s business, damage its reputation and adversely affect its results of operations, financial condition and cash flows, and Aegon may be unable to adopt to and apply new technologies;
    • The impact of acquisitions and divestitures, restructurings, product withdrawals and other unusual items, including Aegon’s ability to complete, or obtain regulatory approval for, acquisitions and divestitures, integrate acquisitions, and realize anticipated results, and its ability to separate businesses as part of divestitures;
    • Aegon’s failure to achieve anticipated levels of earnings or operational efficiencies, as well as other management initiatives related to cost savings, Cash Capital at Holding, gross financial leverage and free cash flow;
    • Changes in the policies of central banks and/or governments;
    • Litigation or regulatory action that could require Aegon to pay significant damages or change the way Aegon does business;
    • Competitive, legal, regulatory, or tax changes that affect profitability, the distribution cost of or demand for Aegon’s products;
    • Consequences of an actual or potential break-up of the European Monetary Union in whole or in part, or further consequences of the exit of the United Kingdom from the European Union and potential consequences if other European Union countries leave the European Union;
    • Changes in laws and regulations, or the interpretation thereof by regulators and courts, including as a result of comprehensive reform or shifts away from multilateral approaches to regulation of global or national operations, particularly regarding those laws and regulations related to ESG matters, those affecting Aegon’s operations’ ability to hire and retain key personnel, taxation of Aegon companies, the products Aegon sells, the attractiveness of certain products to its consumers and Aegon’s intellectual property;
    • Regulatory changes relating to the pensions, investment, insurance industries and enforcing adjustments in the jurisdictions in which Aegon operates;
    • Standard setting initiatives of supranational standard setting bodies such as the Financial Stability Board and the International Association of Insurance Supervisors or changes to such standards that may have an impact on regional (such as EU), national or US federal or state level financial regulation or the application thereof to Aegon, including the designation of Aegon by the Financial Stability Board as a Global Systemically Important Insurer (G-SII);
    • Changes in accounting regulations and policies or a change by Aegon in applying such regulations and policies, voluntarily or otherwise, which may affect Aegon’s reported results, shareholders’ equity or regulatory capital adequacy levels;
    • Changes in ESG standards and requirements, including assumptions, methodology and materiality, or a change by Aegon in applying such standards and requirements, voluntarily or otherwise, may affect Aegon’s ability to meet evolving standards and requirements, or Aegon’s ability to meet its sustainability and ESG-related goals, or related public expectations, which may also negatively affect Aegon’s reputation or the reputation of its board of directors or its management; and
    • Other risks and uncertainties identified in the Form 20-F and in other documents filed or to be filed by Aegon with the SEC.
    • Reliance on third-party information in certain of Aegon’s disclosures, which may change over time as methodologies and data availability and quality continue to evolve. These factors, as well as any inaccuracies in third-party information used by Aegon, including in estimates or assumptions, may cause results to differ materially and adversely from statements, estimates, and beliefs made by Aegon or third-parties. Moreover, Aegon’s disclosures based on any standards may change due to revisions in framework requirements, availability of information, changes in its business or applicable governmental policies, or other factors, some of which may be beyond Aegon’s control. Additionally, Aegon’s discussion of various ESG and other sustainability issues in this document or in other locations, including on our corporate website, may be informed by the interests of various stakeholders, as well as various ESG standards, frameworks, and regulations (including for the measurement and assessment of underlying data). As such, our disclosures on such issues, including climate-related disclosures, may include information that is not necessarily “material” under US securities laws for SEC reporting purposes, even if we use words such as “material” or “materiality” in relation to those statements. ESG expectations continue to evolve, often quickly, including for matters outside of our control; our disclosures are inherently dependent on the methodology (including any related assumptions or estimates) and data used, and there can be no guarantee that such disclosures will necessarily reflect or be consistent with the preferred practices or interpretations of particular stakeholders, either currently or in future. 

    This document contains information that qualifies, or may qualify, as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation (596/2014). Further details of potential risks and uncertainties affecting Aegon are described in its filings with the Netherlands Authority for the Financial Markets and the US Securities and Exchange Commission, including the 2023 Integrated Annual Report. These forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, Aegon expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Aegon’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

    WORLD FINANCIAL GROUP (WFG):
    WFG CONSISTS OF:
    IN THE UNITED STATES, WORLD FINANCIAL GROUP INSURANCE AGENCY, LLC (IN CALIFORNIA, DOING BUSINESS AS WORLD FINANCIAL INSURANCE AGENCY, LLC), WORLD FINANCIAL GROUP INSURANCE AGENCY OF HAWAII, INC., WORLD FINANCIAL GROUP INSURANCE AGENCY OF MASSACHUSETTS, INC., AND / OR WFG INSURANCE AGENCY OF PUERTO RICO, INC. (COLLECTIVELY WFGIA), WHICH OFFER INSURANCE AND ANNUITY PRODUCTS.
    IN THE UNITED STATES, TRANSAMERICA FINANCIAL ADVISORS, INC. IS A FULL-SERVICE, FULLY LICENSED, INDEPENDENT BROKER-DEALER AND REGISTERED INVESTMENT ADVISOR. TRANSAMERICA FINANCIAL ADVISORS, INC. (TFA), MEMBER  FINRA, MSRB, SIPC , AND REGISTERED INVESTMENT ADVISOR, OFFERS SECURITIES AND INVESTMENT ADVISORY SERVICES.
    IN CANADA, WORLD FINANCIAL GROUP INSURANCE AGENCY OF CANADA INC. (WFGIAC), WHICH OFFERS LIFE INSURANCE AND SEGREGATED FUNDS. WFG SECURITIES INC. (WFGS), WHICH OFFERS MUTUAL FUNDS.
    WFGIAC AND WFGS ARE AFFILIATED COMPANIES.

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Growing concerns over phthalates in plastic packaging highlight importance of alternative packaging solutions, says GlobalData

    Source: GlobalData

    Growing concerns over phthalates in plastic packaging highlight importance of alternative packaging solutions, says GlobalData

    Posted in Packaging

    Environmental organizations are increasingly highlighting the numerous health risks associated with phthalates, leading to a rise in consumer awareness and concern over the use of plastic packaging in processed food and beverage products.

    The use of phthalates in plastic packaging is facing increased scrutiny due to a growing body of research that underscores significant health risks linked to these chemicals, observers GlobalData, a leading data and analytics company. This concern has led to legal action by environmental organizations such as Earthjustice and the Environmental Defense Fund against the FDA over its alleged refusal to address regulation concerning the issue.

    One notable health risk associated with plastics is their propensity to absorb flavors, colors, and odors, which consequently raises concerns about the potential leaching of harmful chemicals into food and beverage products packaged with this material.

    Chris Rowland, Packaging Consultant and Analyst at GlobalData, comments: “The European Union has implemented a ban or imposed restrictions on certain phthalate compounds that come into contact with food, a regulatory move adopted by other nations such as the United Kingdom and Canada. To future-proof their packaging capabilities, FMCG companies could explore innovative alternatives, including paper or plant-based materials, regardless of lagging regulation in the US. While initially this shift may entail higher costs, the growing consumer awareness of health risks associated with plastic packaging, coupled with a rising preference for sustainable packaging solutions and the tightening of global regulations on plastic packaging use, suggests that a failure to adapt could lead to a long-term competitive disadvantage.”

    Physical health and fitness concerns could be impacting packaging choices

    According to the latest consumer survey by GlobalData for Q4 2024, nearly half of global consumers (47%) are “extremely” or “quite” concerned about their physical fitness and health.

    The same survey also highlights that over 50% of consumers are “extremely” or “quite concerned” about the amount of processed food they eat or give to others in the “meat”, “pre-packaged meals”, and “food/drinks for children” categories.

    Rowland continues: “Consumers who are concerned about their physical fitness and dietary intake of processed foods tend to be more open to alternatives to plastic packaging. Consequently, an opportunity may arise for consumer packaged goods manufacturers to respond to these concerns, by providing packaging free from phthalates, prominently displaying this feature on the packaging, and working with their packaging suppliers to pioneer innovations in paper and biodegradable packaging for processed foods.”

    “Phthalate-Free” claims associated with personal care products

    At present, “Phthalate-Free” claims are predominantly associated with products within the personal care category, including soaps, cosmetics, and skincare products. Brands that provide phthalate-free options, such as Ecover, MyPure, and Natural Beauty, are at the forefront of this initiative. Additionally, certain niche food producers are making strides by advocating for packaging that is plastic-free, biodegradable, and recyclable. A case in point is Pheasants Hill Farm in the UK, which markets a range of food products, including steaks, mince, and burgers—in plastic-free pouches. These pouches are constructed from plant-based materials, which are claimed to be biodegradable, compostable, and ocean-friendly.

    Alternative packaging formats are increasing in both variety and popularity.

    Numerous packaging formats are now being presented as safer and more environmentally friendly alternatives to phthalate-containing plastic packaging. For example, mushroom packaging employs mycelium—the root structure of mushrooms—to bind agricultural waste into biodegradable packaging materials. This method is not only more sustainable but also provides natural insulation and protection for fragile goods. Seaweed is another material gaining popularity in the packaging industry because of its biodegradable properties and its ability to decompose without leaving harmful residues.

    Rowland adds: “The health and environmental concerns associated with plastic packaging are significant and complex. Addressing these issues necessitates a collaborative effort from consumers, businesses, and regulators to adopt sustainable practices and alternative materials. By adopting paper-based packaging and other alternative materials, brands can align with consumer preferences, comply with regulations, and demonstrate their commitment to health, well-being, and sustainability.”

    GlobalData Consumer Custom Solutions

    GlobalData Consumer Custom Solutions offers sector-level expertise in the Consumer Packaged Goods, Food, Beverages, Foodservice, Retail, Apparel, Packaging, Agribusiness and Automotive industries. We use our unique data, expert insights, and analytics to answer your bespoke questions with a tailored approach and deliverables. To learn more or have a chat, just drop us an email at consulting@globaldata.com or contact us here, and we’ll get in touch! CCS0210

    MIL OSI Economics –

  • MIL-OSI United Kingdom: By land and by sea: UK supports US-led military exercises improving African security and stability

    Source: United Kingdom – Government Statements

    The UK Armed Forces are working with allies to deliver joint exercises with African partners to protect our people, prosperity and shared values.

    UK advisors guide partner forces in urban operations drills at Justified Accord, Kenya (Credit: U.S. Army Southern European Task Force, Africa)

    Thursday 20 February 2025 – The UK Armed Forces have been one of the biggest contributors to two large-scale military exercises that are reaching their climax this week across the land and sea of East Africa. The United States is leading both exercises and has brought together over 2,000 personnel from the armed forces of 29 countries, including 22 African nations.

    The UK is responsible for delivering component parts of these multinational training exercises, under United States stewardship. The UK has been one of the biggest contributors to the Exercise Justified Accord ‘Field Training Exercise (FTX)’ which sees B Company 3 RIFLES exercise alongside a company from the US 173rd Airborne Brigade, a company of Kenya Army infantry, a troop of Kenyan Marines, Kenya Airforce fixed wing and rotary wing assets and, one infantry platoon each from Tanzania and Somalia.

    Exercise Justified Accord is a land multinational exercise being delivered between 10 – 21 February hosted by Djibouti, Kenya and Tanzania. It began with table-top exercises that have laid the foundation for full-scale live activity, which are now underway. The action-packed drills involve coordinating and executing ground attacks, calling in air-support, urban warfare, using drones, and breaching and clearing buildings, as well as medical evacuations.

    Cutlass Express is being conducted simultaneously, mostly in Mauritius, Seychelles and Tanzania. It is a naval warfare exercise which focuses on boarding various types of vessels at high speed to take command and control. The exercise challenges teams to complete scenarios which become increasingly harder and involve different types of vessels – from boarding small boats and dhows, to gaining control of larger vessels whilst under fire.

    In another example of the United Kingdom and the United States being long-term partners for long-term stability and security, Exercise Cutlass Express is taking place for the 15th time, whilst Exercise Justified Accord has been conducted in various forms since 1998. Further joint exercises with African partners are planned for 2025.

    Both exercises will ensure that the different forces involved work together to achieve combat objectives and prepare for real-life scenarios where they may have to collaborate quickly and effectively to counter threats in the region.

    Falling just after the election of the new African Union Chairperson, the exercises also support the African Union’s security objectives by preparing partners for United Nations and African Union missions in Africa.

    It serves as another example of the UK’s support for improved security not just in East Africa, but across the whole of Africa. These include the creation of the history-making, first-ever Kenyan marines and joint-training with the special forces of Nigeria and Ghana.

    Olly Bryant, Defence Attaché at the British High Commission Nairobi, said:

    The UK is a long-term partner, helping to deliver long-term stability and security across East Africa, and we are proud to be working with our allies on delivering high-capacity and high-quality activity. We are also proud of our security partnerships with our partners across Africa, which protect our people, prosperity and shared interests – we go far when we go together.

    EDITOR’S NOTES

    Video and photo content

    Please find free-to-access video and photo content for Justified Accord here: https://www.dvidshub.net/feature/JustifiedAccord

    Please find free-to-access photo and video content for Cutlass Express here: https://www.dvidshub.net/feature/CutlassExpress2025

    Here is a link to a small selection of photos on Google Drive taken from the sites above: https://drive.google.com/drive/folders/1DOz2ajnRjFK4vAMN7KxajL57RgXO-9aJ?usp=sharing 

    Background on Exercise Justified Accord

    You can find more information here, via U.S. Army Southern European Task Force, Africa.

    Background on Exercise Cutlass Express

    You can find more information here, via U.S. Naval Forces Europe-Africa/U.S. Sixth Fleet.

    List of participating nations

    Exercise Justified Accord

    Angola

    Botswana

    Djibouti

    DRC

    Ghana

    Kenya

    Madagascar

    Malawi

    Mozambique

    Nigeria

    Republic of the Congo

    Somalia

    Tanzania

    Tunisia

    Uganda

    Zambia

    France (Observer)

    India (Observer)

    Italy

    Netherlands

    United Kingdom

    United States

    Exercise Cutlass Express

    Comoros

    Djibouti

    Kenya

    Madagascar

    Malawi

    Mauritius

    Morocco

    Mozambique

    Senegal

    Seychelles

    Somalia

    Tanzania

    Tunisia

    France

    Georgia

    India (Observer)

    United Kingdom

    United States

    CONTACT

    For media enquiries, please contact Tom Walker at the British High Commission Nairobi on tom.walker2@fcdo.gov.uk.

    Updates to this page

    Published 20 February 2025

    MIL OSI United Kingdom –

  • MIL-Evening Report: Playing favourites, inconsistency or a fair decision? Unpacking Jannik Sinner’s doping case

    Source: The Conversation (Au and NZ) – By Matt Nichol, Lecturer in Law, CQUniversity Australia

    The tennis world is still reeling after news the number one ranked men’s player, Jannik Sinner, agreed to a three-month suspension issued by the World Anti-Doping Agency (WADA) to be served between the Australian and French Opens.

    Sinner, a three-time Grand Slam winner, received the ban after twice testing positive for clostebol, a steroid banned by the World-Anti Doping Code, in March 2024.



    Read more:
    Tennis is facing an existential crisis over doping. How will it respond?

    The fallout

    “Unintentional doping offences” – as in Sinner’s case – can attract a maximum two-year ban even if the athlete shows no fault or negligence.

    Sinner’s three-month ban was immediately criticised by many in the media and within tennis circles due to its leniency and convenient timing. It also did not result from a hearing before an anti-doping tribunal or the Court of Arbitration for Sport, as has been the case with other tennis players who have received bans in the past.

    The suspension was the product of a “case resolution agreement” (a negotiated settlement) between WADA and Sinner.

    WADA initially appealed the International Tennis Integrity Agency’s decision not to suspend Sinner on the basis of demonstrating no significant fault or negligence, but withdrew its case before the Court of Arbitration for Sport.

    Sinner argued the banned substance entered his system after a massage by a physiotherapist in his entourage who had used a cream with clostebol to treat a cut on his finger.

    Both WADA and the International Tennis Integrity Agency accepted this version of events.

    In the eyes of most, WADA’s actions failed to pass the “pub test” and many high-profile tennis players voiced their concerns.

    Novak Djokovic flagged issues over the treatment of high-ranked athletes such as Sinner compared to lower-ranked players.

    For example, Chilean Nicolas Jarry was suspended for 11 months in 2020 after testing positive to ligandrol and stanozolol that he alleged were in a supplement he took.

    In 2023 Sweden’s Mikael Ymer was suspended for 18 months by the Court of Arbitration for Sport for failing to submit to three out-of-competition tests in a 12-month period.

    Great Britain’s Tara Moore took nearly two years to clear her name before an anti-doping tribunal in 2023 revealed contaminated meat had led to her positive tests for nandrolone and boldenone. Despite this decision, Moore served a 19-month ban.

    Djokovic’s view suggested favouritism for higher-ranked players, who can access top lawyers. He also criticised a lack of transparency in the Sinner agreement with WADA.

    However, high-ranked players such as Simona Halep and Maria Sharapova have received lengthy suspensions for doping violations.

    Nick Kyrgios was similarly critical, stating it was a sad day for the sport and that fairness in tennis did not exist.

    Former Spanish player Feliciano Lopez was among those who supported Sinner. He said he believed in clean sport and that Sinner had not enhanced his performance and took responsibility for the actions of his physiotherapist.

    Intentional and unintentional doping

    The criticisms appear to be based on a misunderstanding of the anti-doping provisions in the World Anti-Doping Code and the failure by WADA to clearly communicate its rationale for Sinner’s suspension.

    Rather than favouritism for a high-ranked player, WADA’s decision to suspend Sinner for three months was based on the distinction in the World Anti-Doping Code between intentional and unintentional doping. It found that Sinner:

    • had not intended to cheat using clostebol
    • received no performance-enhancing benefit from the substance
    • had no knowledge of the administration of the substance.

    But WADA argued that under the code, Sinner was responsible for the negligence of his entourage and issued the suspension.

    WADA confirmed its rationale for the three-month suspension after Spanish media pointed out that figure skater Laura Barquero had received a six-year ban for a positive test of clostebol.

    WADA differentiated the two cases based on intention. It was not convinced by Barquero’s explanation of how clostebol entered her system, while it said the evidence supported Sinner’s version of events.

    Lessons from the Sinner case

    So what can be learned from Sinner’s case?

    One of the most important legal issues arising from the Sinner case is the distinction in the anti-doping rules between intentional and unintentional doping.

    This distinction explains the difference in penalties between Sinner and other athletes.

    Also, the facts of a doping case are relevant in determining circumstances that may reduce the severity of a penalty in matters resolved by negotiated case resolution agreements.

    An important lesson for WADA is ensuring transparency in proceedings and the clear communication of the rationale used to arrive at a penalty.

    Finally, a Court of Arbitration for Sport hearing may not have been needed for Sinner as the parties agreed on the facts leading to the doping rule violation.

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

    – ref. Playing favourites, inconsistency or a fair decision? Unpacking Jannik Sinner’s doping case – https://theconversation.com/playing-favourites-inconsistency-or-a-fair-decision-unpacking-jannik-sinners-doping-case-250143

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Diversified Energy Announces Pricing of Offering of Ordinary Shares

    Source: GlobeNewswire (MIL-OSI)

    BIRMINGHAM, Ala., Feb. 19, 2025 (GLOBE NEWSWIRE) — Diversified Energy Company PLC (LSE: DEC; NYSE: DEC) (“Diversified” or the “Company“), an independent energy company focused on natural gas and liquids production, transportation, marketing and well retirement, today announces the pricing of its previously announced underwritten public offering (the “Offering”) of 8,500,000 ordinary shares (the “Shares”) at a public offering price of $14.50 per Share for total gross proceeds of approximately $123.3 million. The Offering is expected to settle on February 21, 2025, subject to customary closing conditions. In addition, Diversified has granted the underwriters a 30-day option to purchase up to an additional 850,000 ordinary shares at the public offering price, less underwriting discount.

    Citigroup and Mizuho are acting as joint book-running managers and underwriters for the Offering. KeyBanc Capital Markets, Truist Securities, Jefferies and Raymond James are also acting as joint book-running managers and underwriters for the Offering. Johnson Rice & Company, Pickering Energy Partners, Stephens Inc. and Stifel are acting as co-managers and underwriters for the Offering.

    The Company intends to use the net proceeds from the Offering to repay a portion of the debt expected to be incurred by the Company in connection with the proposed acquisition of Maverick Natural Resources, LLC, as announced on January 27, 2025 (the “Acquisition”). In the event that the Acquisition does not close, the Company intends to use the net proceeds from the Offering to repay debt and for general corporate purposes. The consummation of the Offering is not conditioned upon the completion of the Acquisition, and the completion of the Acquisition is not conditioned upon the consummation of the Offering.

    A shelf registration statement relating to these securities was filed with the U.S. Securities and Exchange Commission (the “SEC“) on February 11, 2025 and became effective upon filing. Copies of the registration statement can be accessed through the SEC’s website free of charge at www.sec.gov. A preliminary prospectus supplement and an accompanying prospectus relating to and describing the terms of the Offering were filed with the SEC and are available free of charge by visiting EDGAR on the SEC’s website at www.sec.gov. When available, copies of the final prospectus supplement and the accompanying prospectus related to the Offering can be accessed through the SEC’s website free of charge at www.sec.gov or obtained free of charge from either of the joint book-running managers for the Offering: Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146); or Mizuho Securities USA LLC, Attention: Equity Capital Markets Desk, at 1271 Avenue of the Americas, New York, NY 10020, or by email at US-ECM@mizuhogroup.com.

    This announcement does not constitute an offer to sell or the solicitation of an offer to buy our ordinary shares nor shall there be any sale of securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

    In connection with the admission of the Shares to listing on the equity shares (commercial companies) category of the Official List of the Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange (“Admission”), the Company intends to publish a prospectus as required under the UK version of Regulation (EU) 2017/1129 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018. Applications will be made to the FCA and LSE for Admission, and Admission is expected to become effective at 8:00 am (London time) on February 24, 2025.

    Post Transaction Report

    In accordance with the Statement of Principles (November 2022) published by the Pre-Emption Group, Diversified announces the following post transaction report in connection with the Offering.

    Name of Issuer Diversified Energy Company PLC
    Transaction Details The Company issued 8,500,000 new Ordinary Shares (the “Shares”), representing 16.6% of the Company’s ordinary share capital as of 14 February 2025.

    Admission of the Shares representing 16.6% of the Company’s ordinary share capital as of 14 February 2024 is expected to occur at 8.00 am (London time) on 24 February 2024.
    Use of Proceeds The directors of the Company intend to use the net proceeds from the Offering to repay a portion of the debt expected to be incurred by the Company in connection with the proposed acquisition of Maverick Natural Resources, LLC, as announced on 27 January 2025 (the “Acquisition”). In the event that the Acquisition does not close, the Company intends to use the net proceeds from the Offering to repay debt and for general corporate purposes. 
    Quantum of Proceeds Total gross proceeds from the Offering, amounted to US$123.3 million (approximately £97.9 million), approximately US$118.3 million net of expenses (approximately £93.9 million net of expenses).
    Discount The Offering was completed at a price of US$14.50 per Share, representing a 3.4% percent discount from the NYSE closing price of US$15.01 per Share on 19 February 2025 (being the last business day prior to the pricing of the Offering).
    Allocations Soft pre-emption has been adhered to in the allocations process, where possible. Management was involved in the allocations process, which has been carried out in compliance with the MIFID II Allocation requirements.
    Consultation The Underwriters undertook a pre-launch wall-crossing process, including consultation with major shareholders, to the extent reasonably practicable and permitted by law.
    U.K. Retail Investors Following discussions between the Underwriters and the Company, it was decided that a retail offer would not be included in the Offering. The Offering structure was chosen to minimize cost, time to completion and complexity.


    CONTACTS

    Diversified Energy Company PLC +1 973 856 2757
    Doug Kris dkris@dgoc.com
    Senior Vice President, Investor Relations & Corporate Communications  
       
    FTI Consulting dec@fticonsulting.com
    U.S. & UK Financial Media Relations  


    About Diversified

    Diversified is a leading publicly traded energy company focused on natural gas and liquids production, transport, marketing, and well retirement. Through our unique differentiated strategy, we acquire existing, long-life assets and invest in them to improve environmental and operational performance until retiring those assets in a safe and environmentally secure manner. Recognized by ratings agencies and organizations for our sustainability leadership, this solutions-oriented, stewardship approach makes Diversified the Right Company at the Right Time to responsibly produce energy, deliver reliable free cash flow, and generate shareholder value.

    Forward-Looking Statements

    This press release includes forward-looking statements. Forward-looking statements are sometimes identified by the use of forward-looking terminology such as “believe”, “expects”, “targets”, “may”, “will”, “could”, “should”, “shall”, “risk”, “intends”, “estimates”, “aims”, “plans”, “predicts”, “continues”, “assumes”, “projects”, “positioned” or “anticipates” or the negative thereof, other variations thereon or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this announcement and include statements regarding the intentions, beliefs or current expectations of management or the Company concerning, among other things, expectations regarding the proposed Offering of securities and the Acquisition. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the Company’s control and all of which are based on management’s current beliefs and expectations about future events, including market conditions, failure of customary closing conditions and the risk factors and other matters set forth in the Company’s filings with the SEC and other important factors that could cause actual results to differ materially from those projected.

    Important Notice to UK and EU Investors

    This announcement contains inside information for the purposes of Regulation (EU) No. 596/2014 on market abuse and the UK Version of Regulation (EU) No. 596/2014 on market abuse, as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (together, “MAR”). In addition, market soundings (as defined in MAR) were taken in respect of the matters contained in this announcement, with the result that certain persons became aware of such inside information as permitted by MAR. Upon the publication of this announcement, the inside information is now considered to be in the public domain and such persons shall therefore cease to be in possession of inside information in relation to the Company and its securities.

    Members of the public are not eligible to take part in the Offering. This announcement is directed at and is only being distributed to persons: (a) if in member states of the European Economic Area, “qualified investors” within the meaning of Article 2(e) of Regulation (EU) 2017/1129 (the “Prospectus Regulation”) (“Qualified Investors“); or (b) if in the United Kingdom, “qualified investors” within the meaning of Article 2(e) of the UK version of Regulation (EU) 2017/1129 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018, who are (i) persons who fall within the definition of “investment professionals” in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order“), or (ii) persons who fall within Article 49(2)(a) to (d) of the Order; or (c) persons to whom they may otherwise lawfully be communicated (each such person above, a “Relevant Person“). No other person should act or rely on this announcement and persons distributing this announcement must satisfy themselves that it is lawful to do so. This announcement must not be acted on or relied on by persons who are not Relevant Persons, if in the United Kingdom, or Qualified Investors, if in a member state of the EEA. Any investment or investment activity to which this announcement or the Offering relates is available only to Relevant Persons, if in the United Kingdom, and Qualified Investors, if in a member state of the EEA, and will be engaged in only with Relevant Persons, if in the United Kingdom, and Qualified Investors, if in a member state of the EEA.

    No offering document or prospectus will be available in any jurisdiction in connection with the matters contained or referred to in this announcement in the United Kingdom and no such offering document or prospectus is required (in accordance with the Prospectus Regulation or UK Prospectus Regulation) to be published. The Company will publish a prospectus in connection with Admission as required under the UK Prospectus Regulation in due course.

    Neither the content of the Company’s website (or any other website) nor the content of any website accessible from hyperlinks on the Company’s website (or any other website) is incorporated into, or forms part of, this announcement.

    The Company has consulted with a number of existing shareholders and other investors ahead of the release of this announcement, including regarding the rationale for the offering. Consistent with each of its prior offerings, the Company will respect the principles of pre-emption, so far as is possible, through the allocation process, in the Offering.

    In connection with the Offering, Citigroup or any of its agents, may (but will be under no obligation to), to the extent permitted by applicable law, over-allot Shares or effect other transactions with a view to supporting the market price of the Shares at a higher level than that which might otherwise prevail in the open market. Citigroup may, for stabilization purposes, over-allot Shares up to a maximum of 10 per cent. of the total number of Shares comprised in the Offering. Citigroup will not be required to enter into such transactions and such transactions may be effected on any stock market, over-the-counter market, stock exchange or otherwise and may be undertaken at any time during the period commencing on the date of adequate public disclosure of the final price of the securities and ending no later than 30 calendar days thereafter. However, there will be no obligation on Citigroup or any of its agents to effect stabilizing transactions and there is no assurance that stabilizing transactions will be undertaken. Such stabilizing measures, if commenced, may be discontinued at any time without prior notice. In no event will measures be taken to stabilize the market price of the Shares above the offer price. Save as required by law or regulation, neither Citigroup nor any of its agents intends to disclose the extent of any over-allotments made and/or stabilization transactions conducted in relation to the Offering.

    Citigroup and Mizuho are acting exclusively for the Company and no one else in connection with the Offering and will not regard any other person as their respective clients in relation to the Offering and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients or for giving advice in relation to the Offering or the contents of this announcement or any transaction, arrangement or other matter referred to herein.

    In connection with the Offering, Citigroup and Mizuho or any of their respective affiliates, acting as investors for their own accounts, may subscribe for or purchase Shares and in that capacity may retain, purchase, sell, offer to sell or otherwise deal for their own accounts in such Shares and other securities of the Company or related investments in connection with the Offering or otherwise. Accordingly, references in the US prospectus, once published, to the Shares being issued, offered, subscribed, acquired, placed or otherwise dealt in should be read as including any issue or offer to, or subscription, acquisition, placing or dealing by, Citigroup and Mizuho or any of their respective affiliates acting as investors for their own accounts. Citigroup and Mizuho or any of their respective affiliates do not intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligations to do so.

    Neither Citigroup nor Mizuho, nor any of their respective subsidiary undertakings, affiliates or any of their respective directors, officers, employees, advisers, agents or any other person accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to the truth, accuracy, completeness or fairness of the information or opinions in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Company, its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith.

    The MIL Network –

  • MIL-OSI Global: Playing favourites, inconsistency or a fair decision? Unpacking Jannik Sinner’s doping case

    Source: The Conversation – Global Perspectives – By Matt Nichol, Lecturer in Law, CQUniversity Australia

    The tennis world is still reeling after news the number one ranked men’s player, Jannik Sinner, agreed to a three-month suspension issued by the World Anti-Doping Agency (WADA) to be served between the Australian and French Opens.

    Sinner, a three-time Grand Slam winner, received the ban after twice testing positive for clostebol, a steroid banned by the World-Anti Doping Code, in March 2024.



    Read more:
    Tennis is facing an existential crisis over doping. How will it respond?

    The fallout

    “Unintentional doping offences” – as in Sinner’s case – can attract a maximum two-year ban even if the athlete shows no fault or negligence.

    Sinner’s three-month ban was immediately criticised by many in the media and within tennis circles due to its leniency and convenient timing. It also did not result from a hearing before an anti-doping tribunal or the Court of Arbitration for Sport, as has been the case with other tennis players who have received bans in the past.

    The suspension was the product of a “case resolution agreement” (a negotiated settlement) between WADA and Sinner.

    WADA initially appealed the International Tennis Integrity Agency’s decision not to suspend Sinner on the basis of demonstrating no significant fault or negligence, but withdrew its case before the Court of Arbitration for Sport.

    Sinner argued the banned substance entered his system after a massage by a physiotherapist in his entourage who had used a cream with clostebol to treat a cut on his finger.

    Both WADA and the International Tennis Integrity Agency accepted this version of events.

    In the eyes of most, WADA’s actions failed to pass the “pub test” and many high-profile tennis players voiced their concerns.

    Novak Djokovic flagged issues over the treatment of high-ranked athletes such as Sinner compared to lower-ranked players.

    For example, Chilean Nicolas Jarry was suspended for 11 months in 2020 after testing positive to ligandrol and stanozolol that he alleged were in a supplement he took.

    In 2023 Sweden’s Mikael Ymer was suspended for 18 months by the Court of Arbitration for Sport for failing to submit to three out-of-competition tests in a 12-month period.

    Great Britain’s Tara Moore took nearly two years to clear her name before an anti-doping tribunal in 2023 revealed contaminated meat had led to her positive tests for nandrolone and boldenone. Despite this decision, Moore served a 19-month ban.

    Djokovic’s view suggested favouritism for higher-ranked players, who can access top lawyers. He also criticised a lack of transparency in the Sinner agreement with WADA.

    However, high-ranked players such as Simona Halep and Maria Sharapova have received lengthy suspensions for doping violations.

    Nick Kyrgios was similarly critical, stating it was a sad day for the sport and that fairness in tennis did not exist.

    Former Spanish player Feliciano Lopez was among those who supported Sinner. He said he believed in clean sport and that Sinner had not enhanced his performance and took responsibility for the actions of his physiotherapist.

    Intentional and unintentional doping

    The criticisms appear to be based on a misunderstanding of the anti-doping provisions in the World Anti-Doping Code and the failure by WADA to clearly communicate its rationale for Sinner’s suspension.

    Rather than favouritism for a high-ranked player, WADA’s decision to suspend Sinner for three months was based on the distinction in the World Anti-Doping Code between intentional and unintentional doping. It found that Sinner:

    • had not intended to cheat using clostebol
    • received no performance-enhancing benefit from the substance
    • had no knowledge of the administration of the substance.

    But WADA argued that under the code, Sinner was responsible for the negligence of his entourage and issued the suspension.

    WADA confirmed its rationale for the three-month suspension after Spanish media pointed out that figure skater Laura Barquero had received a six-year ban for a positive test of clostebol.

    WADA differentiated the two cases based on intention. It was not convinced by Barquero’s explanation of how clostebol entered her system, while it said the evidence supported Sinner’s version of events.

    Lessons from the Sinner case

    So what can be learned from Sinner’s case?

    One of the most important legal issues arising from the Sinner case is the distinction in the anti-doping rules between intentional and unintentional doping.

    This distinction explains the difference in penalties between Sinner and other athletes.

    Also, the facts of a doping case are relevant in determining circumstances that may reduce the severity of a penalty in matters resolved by negotiated case resolution agreements.

    An important lesson for WADA is ensuring transparency in proceedings and the clear communication of the rationale used to arrive at a penalty.

    Finally, a Court of Arbitration for Sport hearing may not have been needed for Sinner as the parties agreed on the facts leading to the doping rule violation.

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

    – ref. Playing favourites, inconsistency or a fair decision? Unpacking Jannik Sinner’s doping case – https://theconversation.com/playing-favourites-inconsistency-or-a-fair-decision-unpacking-jannik-sinners-doping-case-250143

    MIL OSI – Global Reports –

  • MIL-OSI China: 6th ‘Happy Chinese New Year’ film festival opens in Malta

    Source: China State Council Information Office 3

    The 6th “Happy Chinese New Year” film festival opened on Tuesday evening at Malta’s National Centre for Creativity in Valletta, with the first film, One and Only, receiving prolonged applause from the audience.

    The festival, co-hosted by the China Cultural Centre in Malta and the China Film Archive, will run until March 4. Three more Chinese films, namely Pegasus 2, Creation of the Gods I: Kingdom of Storms, and Yolo, will be screened.

    “Through these films, we aim to showcase the richness of China’s historical heritage, its unique cultural characteristics, and the dynamic spirit of contemporary Chinese society,” Xue Ning, deputy director of the China Film Archive, said at the opening of the film festival.

    “The charm of cinema will further enhance emotional resonance and cultural exchange between our nations,” Xue added.

    Following the screening, David Michael Schembri, mayor of Qrendi, southern Malta, said that the enthusiastic audience reaction reflected the artistic appeal of One and Only.

    “I was really excited about the movie and I loved it very much,” said Noemi Calisto, a 25-year-old movie enthusiast, who expressed her love for Chinese culture and films. She plans to watch all the films at this festival and hopes to see more outstanding Chinese movies in Malta in the future, she told Xinhua.

    Charmaine Zammit, education officer for art at the Ministry for Education, Sport, Youth, Research and Innovation, praised One and Only as a “very beautiful” movie that deeply captured the emotions of the audience. 

    MIL OSI China News –

  • MIL-Evening Report: NZ has long suffered from low productivity. A simple fix is keeping workers happy

    Source: The Conversation (Au and NZ) – By Dougal Sutherland, Clinical Psychologist, Te Herenga Waka — Victoria University of Wellington

    bbernard/Shutterstock

    The low-productivity bogeyman has long haunted New Zealand, with people working longer hours for lower output than other comparable countries. The country is now one of the least productive in the OECD.

    At its most basic level, productivity measures how much output can be produced with a set of inputs. The inputs can be the work of staff, as well as technical innovation, research and development and automation to encourage more efficient processes.

    Prime Minister Christopher Luxon has committed to resolving this persistent productivity crisis with science sector reforms and overseas investment.

    But after decades of lagging behind the rest of the world, a growing body of research shows the answer could lie in greater support for workers’ mental health.

    Linking productivity and mental health

    For many, increasing productivity equates to people working “harder” for longer hours – the implication being that if only we “pulled finger” and “knuckled down” the country’s productivity would magically increase.

    Instead, could the answer to our productivity crisis be in improving the psychological functioning and mental health of our workforce?

    There is a substantial body of evidence showing poor mental health is related to poor productivity. Recent New Zealand data show workers with the poorest mental health lost more than three times the number of productive workdays annually (71 days) than those with the highest mental health (19 days).

    Poor mental health can take a toll in the form of time away from work (absenteeism), loss of focus, and emotional exhaustion (presenteeism).

    Conversely, measures taken by employers to improve the mental health of workers show a strong positive relationship with increased productivity.

    Data from more than 1,600 publicly listed companies in the United States found employee wellbeing predicts higher company valuations, return on assets, gross profits and stock market performance.

    Of those interventions used to improve mental health and productivity at work, the most promising appear to target leadership capability, health screening and psycho-socially healthy working environments.

    One of the more notable initiatives happened in our own backyard. Andrew Barnes from Perpetual Guardian has been a vocal proponent of four-day work week.

    This doesn’t mean packing a 40-hour week into four days instead of five. Rather, its central tenet is reducing the working week (usually to 32 hours), keeping workers’ salaries at 100%, and continuing productivity at 100% (at least) of its existing level.

    Results from a pilot with 61 companies in the United Kingdom show an average increase of 36% per annum in revenue for participating businesses, with over 90% of UK businesses that have trialled the programme choosing to continue with it.

    Similarly positive results came from a widespread trial of a shorter working week (at full pay) in Iceland, involving 1% of the working population, including office workers, teachers, and healthcare workers.

    The four-day work week trial in Iceland has been heralded as a success.
    Canadastock/Shutterstock

    More than a ‘nice-to-have’

    But despite the need to improve productivity and the growing business case for improving employee wellbeing, demand for organisational mental health services has dipped.

    Anecdotally, organisations involved in supporting the mental health of New Zealand workplaces have reported a decrease in demand, with many businesses and government agencies citing budget constraints as a major barrier to investing in this area.

    This is likely a sign of the economic times, with more than three-quarters of New Zealand business leaders citing economic uncertainty as a key threat to their organisation in 2025.

    To some, providing psychological support to workplaces may appear frivolous at worst, and a “nice-to-have” at best. Understanding the mechanisms by which these interventions can boost productivity may help dispel these doubts.

    If we consider some of the core symptoms of poor mental health at work – namely exhaustion, reduced focus and greater sickness absence – it’s easy to see how improving workers’ mental health can improve the productivity of a business.

    Maintaining workers

    The idea of sustainable labour practices isn’t new or radical, nor is it just another attempt to load businesses with extra responsibility for worker mental health.

    It is a way to enable people to work more efficiently in the time they have, and to keep them in their jobs for longer. In turn, this improves overall company performance and, crucially, improves population health.

    For many businesses, people are their biggest asset. Ensuring your biggest asset is functioning well is as essential to enhancing productivity as regular maintenance and capital expenditure on physical machinery and buildings.

    Like any business strategy worth its while, it’s not always easy. But there is too much at stake not to get it right.

    Dougal Sutherland is an Honorary Teaching Fellow at Te Herenga Waka. He is also Principal Psychologist at Umbrella Wellbeing.

    Dr Amanda Wallis from Umbrella Wellbeing contributed to this article

    – ref. NZ has long suffered from low productivity. A simple fix is keeping workers happy – https://theconversation.com/nz-has-long-suffered-from-low-productivity-a-simple-fix-is-keeping-workers-happy-248752

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: US’ new tariffs worsen global prospects

    Source: China State Council Information Office

    U.S. President Donald Trump attends a press conference at the White House in Washington D.C., the United States, Feb. 13, 2025. [Photo/Xinhua]

    After US President Donald Trump’s first punitive tariffs targeted the United States’ major trade partners — Mexico, Canada and China — tariff threats are shifting to the European Union, even the rest of the world. The tariff threats are also shifting from steel and aluminum to computer chips and pharmaceuticals.

    In the latest move, Trump said on Tuesday he intends to impose auto tariffs “in the neighborhood of 25 percent” and similar duties on semiconductors and pharmaceutical imports.

    The US has a major trade deficit with many other trading economies, including Germany, Japan, the Republic of Korea and Vietnam, which are likely to be in the firing line later, if not soon.

    A tariff is a tax levied on imported goods and services. In its haste to target the three countries, the Trump administration has ignored concerns about these tariffs fostering inflation or snarling global supply chains. This is a serious mistake on the part of the administration. In the US, wholesale prices are already rising on higher food and energy costs, adding to the growing pile of bad inflation news ahead of more US tariffs. Globally, these risks are real, costly and damaging.

    As the new US administration has been launching another tariff war, China’s economy has been showing progressive signs of stabilization — especially since the fourth quarter of 2024, as the impact of the November stimulus measures has kicked in. During this period, growth accelerated from 4.6 percent to 5.4 percent to reach 5.0 percent year-on-year in 2024, which prompted the International Monetary Fund to recently upgrade China’s GDP growth.

    But what’s fueling these gains?

    China’s industrial production has proved resilient on the back of both domestic and international demand, particularly in electric vehicles and solar panels. The most prominent part of the growth story is the strong expansion of China’s advanced technology, electronics and automobile sectors. The pace of development in industrial robotics is almost as strong, while consumption is being fueled by equipment and durable goods upgrade.

    Yet two main challenges remain. At home, the nearly 11 percent decline in real estate investment suggests the property market is still ailing. But in about 300 Chinese cities, the decline of residential inventory is slowing.

    The external challenges China faces include the impending trade and tech wars, which the first Trump administration launched in 2017, the Biden administration expanded and the new Trump administration is broadening worldwide.

    On Feb 1, Trump imposed 25 percent tariffs and 10 percent duties on energy products imported from Canada and Mexico, and 10 percent tariffs on Chinese goods. The three countries are the US’ biggest trade partners and the US has a trade deficit with each one of them. These tariffs alone would cost an average US household more than $1,200 a year.

    After separate talks between Trump and the Canadian and Mexican presidents, the US agreed to delay levying the extra tariffs for 30 days. But the threatened tariffs on Canadian and Mexican goods, if they are imposed, could reduce long-run GDP by 0.3 percent.

    Moreover, a trade war between the US and its two largest trading partners would hit incomes in the US, impact employment and accelerate inflation. As Trump’s tariffs went into effect against China, Beijing announced a broad package of economic measures against Washington on Feb 10. And more countermeasures are likely to follow.

    Half a decade ago, the US’ punitive tariffs on Chinese goods covered goods worth $396 billion, or more than 90 percent of the total trade. But the first round of Trump’s tariffs against Canadian, Mexican and Chinese goods alone will cover far more traded goods in dollar terms.

    Trump’s four tranches of tariffs on Chinese goods in 2018-19 covered imports worth $360 billion. Today, Canada and Mexico and China account for more than two-fifths of all US imports. New tariffs on the goods imported from the two countries plus additional tariffs on Chinese goods would likely cover imports valued at more than $1.3 trillion. That’s more than 3.5 times the value than half a decade ago.

    This might be just the opening salvo in a series of tariffs the Trump administration is likely to announce in the coming weeks. Factor in the potential/likely retaliatory tariffs and duties by the affected countries and the Trump administration’s “reciprocal tariff” plan, and the final toll could be much higher.

    Ironically, US tariffs are legitimized by a flawed victimization narrative in which Washington is portrayed as a target of wrongful economic and geopolitical measures. In reality, the US’ imposed tariff levels are about geopolitical coercion, not economic factors.

    The threatened wave of tariffs could further heighten trade tensions, reduce investments, hit market pricing, distort trade flows, disrupt supply chains and undermine consumer confidence. In fact, much worse could happen.

    Due to the new US tariffs, we are in for a far costlier, global déjà vu all over again.

    MIL OSI China News –

  • MIL-OSI China: China always reliable partner of Hungary: FM

    Source: China State Council Information Office

    Chinese Foreign Minister Wang Yi, also a member of the Political Bureau of the Communist Party of China Central Committee, meets with Hungarian Foreign Minister Peter Szijjarto at the United Nations headquarters in New York, Feb. 18, 2025. [Photo/Xinhua]

    China appreciates that Hungary has always regarded China as an opportunity for development, and China will always be a reliable partner of Hungary, Chinese Foreign Minister Wang Yi said at the United Nations headquarters on Tuesday.

    In today’s chaotic world, global governance faces difficulties, said Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, in a meeting with Hungarian Foreign Minister Peter Szijjarto at the United Nations headquarters in New York.

    Wang noted that as this month’s rotating president of the UN Security Council, China proposes to hold a high-level meeting on “Practicing multilateralism, reforming and improving global governance.”

    He said that China is willing to take the 80th anniversary of the UN foundation as an opportunity to work with the international community to promote true multilateralism and jointly maintain world peace and stability, which is in the interests of all parties and the expectations of the international community.

    China appreciates Hungary’s rational and objective stance on hot-spot issues, and believes that Hungary will be committed to peace and stability in Europe and play an important and unique role in this regard, said Wang.

    Wang also said that no matter how the international situation changes, China will always be a reliable partner of Hungary.

    Noting this year marks the 50th anniversary of the establishment of diplomatic ties between China and the European Union (EU), Wang expressed his belief that Hungary will continue to play a constructive role in the sound and stable development of China-EU relations.

    For his part, Szijjarto said Hungary will support and actively participate in the UN meeting, and continue to strengthen communication and cooperation with China.

    In a turbulent world, China is actively committed to building international consensus and playing an important leading role in promoting world peace and improving global governance, Szijjarto said, adding that Hungary highly appreciates that.

    Hungary cherishes its friendship with China, and is pleased to see that the two countries have maintained close high-level exchanges and sound communication and achieved remarkable results in practical cooperation in various fields, he said.

    Hungary is willing to work with China to lift bilateral relations to higher levels, said Szijjarto, adding that effective cooperation between Europe and China is in the common interests of all parties, and that Hungary will continue to be committed to promoting the development of EU-China relations.

    MIL OSI China News –

  • MIL-OSI China: China taps box office success to boost tourism

    Source: China State Council Information Office 3

    China’s film authorities launched a movie-themed tourism campaign at the China National Film Museum in Beijing on Feb. 17, riding the momentum of the country’s recent box office success to attract foreign tourists.

    The “China Travel with Chinese Films” campaign is launched at the China National Film Museum in Beijing, Feb. 17, 2025. [Photo courtesy of China Movie Channel]

    The “China Travel with Chinese Films” campaign aims to leverage growing international interest in Chinese cinema following a record-breaking Spring Festival movie season. Supported by the country’s expanded transit visa-free policy, the initiative promotes filming locations and cultural sites featured in popular Chinese movies, officials said at the launch event.

    The campaign, sponsored by the China Film Administration and China Media Group and organized by CGTN and the China Movie Channel Program Center, will promote a “film plus tourism” concept, encouraging international audiences to discover China through cinema while boosting tourism spending.

    The initiative will also nurture collaboration between the film and tourism industries by creating themed travel routes connecting filming locations with cultural heritage sites.

    During the 2025 Spring Festival season, six blockbusters generated 9.51 billion yuan ($1.32 billion) in ticket sales and drew 187 million viewers in seven days, according to box office tracker Maoyan Pro. The booming film market has sparked a growing interest in movie-related tourism centered on filming locations and cultural elements among domestic and international visitors.

    Ne Zha and Ao Bing performers dance during the “China Travel with Chinese Films” campaign launch at the China National Film Museum in Beijing, Feb. 17, 2025. [Photo courtesy of China Movie Channel]

    Among the blockbusters, the animated sensation “Ne Zha 2” has led the race and has continued its record-breaking run beyond the holiday season. So far, the film has grossed over 12.4 billion yuan, making it the highest-grossing Chinese film and animated feature of all time, surpassing both domestic and global box office records.

    Thus, “Ne Zha” has become the campaign’s promotional ambassador. A performer dressed as the animated character received a certificate onstage before joining another character, Ao Bing, for a dance performance inviting global audiences to explore China. The film’s influence has spread beyond theaters, sparking nationwide interest. Regions are competing to claim Ne Zha’s “hometown” status to boost local tourism, while related merchandise has sold out quickly.

    “‘Ne Zha 2’ is a visually spectacular comedy that tells a Chinese story, innovates traditional Chinese culture and continues the legacy of Eastern aesthetics,” said Wang Jing, the film’s executive producer. “With strong support from Chinese audiences, it aims to deliver a powerful voice of Chinese culture in the new era to global viewers.”

    Another Chinese New Year release making international inroads is “Detective Chinatown 1900,” which has grossed more than 3.2 billion yuan ($446 million) in China and opened in nearly 20 overseas territories, including North America, the United Kingdom and Malaysia.

    “Chinatowns have long served as windows for Chinese cultural exchange,” said producer Fan Xia, noting how the film showcases historic landmarks across these communities. “The ‘Detective Chinatown’ series, which tells their stories, has also demonstrated remarkable vitality in the field of cultural exchanges.”

    Representatives of Spring Festival films present their films’ achievements and tourist destinations during the “China Travel with Chinese Films” campaign launch at the China National Film Museum in Beijing, Feb. 17, 2025. [Photo courtesy of China Movie Channel]

    During the event, actor Anastasia Shestakova also invited international visitors to tour the film’s shooting locations in China, including a Native American village constructed in Xingtai, Hebei province, and a full-scale replica of various locations in 1900s San Francisco in Laoling, Shandong province. The 200,000-square-meter San Francisco set, built in just seven months at Laoling Film Studio, opened to the public during the Spring Festival, allowing moviegoers to explore the landmarks they saw on screen.

    Actor Nashi, who plays the female general Deng Chanyu in “Creation of the Gods II: Demon Force,” a film set in ancient China’s Shang dynasty, passionately shared insights about period artifacts preserved in museums across Henan and Shaanxi provinces.

    Besides the cities and attractions featured in the films, film studios and shooting locations have become popular cultural tourism spots. Representatives from China Movie Metropolis, Wuxi Studios, Western Film Group and Hengdian World Studios presented their production facilities advantages, industry policies and tourism offerings.

    Representatives of film studios present their production resources, facilities and tourism offerings during the “China Travel with Chinese Films” campaign launch at the China National Film Museum in Beijing, Feb. 17, 2025. [Photo courtesy of China Movie Channel]

    Several foreign cultural ambassadors and travel bloggers shared their China travel plans inspired by Spring Festival films at the event. Tourism and financial sector representatives offered promotional deals, while China Media Group announced its international bureaus would partner with Chinese filmmakers to expand the “China Travel with Chinese Films” campaign, attracting more overseas audiences.

    This Chinese New Year, the first since the Spring Festival was added to UNESCO’s Representative List of Intangible Cultural Heritage, has triggered increased overseas interest in traveling to China.

    Ma Yiliang, chief statistician at the China Tourism Academy, said the successful holiday films drove both domestic and international tourists to cities like Xiangyang and Yibin. Local products, including Hubei’s lotus root starch, saw sharp sales increases.

    “This wave of cultural tourism has not only enhanced brand recognition for local destinations but also generated significant economic benefits,” he said.

    MIL OSI China News –

  • MIL-OSI United Kingdom: Major investment to boost growth and cement Britain’s place as cultural powerhouse

    Source: United Kingdom – Executive Government & Departments

    Over £270 million Arts Everywhere Fund for arts venues, museums, libraries and the heritage sector in major boost for growth

    • Intervention is next step of Government’s Plan for Change to help boost local economies and increase opportunities to gain creative skills 
    • Comes as Culture Secretary marks the 60th anniversary of the first ever arts white paper

    People across the nation will benefit from access to the arts and culture on their doorsteps as a result of a major funding package to boost growth and opportunity. 

    Hundreds of arts venues, museums, libraries and heritage buildings will receive a share of more than £270 million as part of an Arts Everywhere Fund from the government, supporting jobs and creating opportunities for young people to learn creative skills while helping to boost people’s sense of pride in where they live. 

    The cash will be targeted at organisations in urgent need of financial support to keep them up and running, carry out vital infrastructure work and improve long term financial resilience. 

    Today’s announcement will help protect hundreds of jobs in the cultural and heritage sectors. Overall, cultural sectors support 666,000 filled jobs across the country.

    Arts and culture are a vital part of our first-class creative industries and are a key part of what makes Britain so great. The creative industries are worth £124 billion to our economy, creating jobs, opportunities and showcasing the best of Britain to the world. That is why the creative industries were identified as one of the eight growth-driving sectors in the government’s Industrial Strategy – with the potential to boost economic growth throughout communities in the UK.

    At an inaugural lecture marking the 60th anniversary of the first ever arts white paper by former Minister Jennie Lee, Culture Secretary Lisa Nandy will gather leaders from across the arts and culture sectors at the Royal Shakespeare Company (RSC) in Stratford-upon-Avon. She will set out how Jennie Lee’s vision of the ‘arts for everyone, everywhere’ will be made a reality as part of the Government’s Plan for Change. 

    Culture Secretary Lisa Nandy said: 

    Arts and culture help us understand the world we live in, they shape and define society and are enjoyed by people in every part of our country. They are the building blocks of our world-leading creative industries and make a huge contribution towards boosting growth and breaking down barriers to opportunities for young people to learn the creative skills they need to succeed. 

    The funding we are announcing today will allow the arts to continue to flourish across Britain, creating good jobs and growth by fixing the foundations in our cultural venues, museums, libraries and heritage institutions.  

    As a government that is on your side, our Plan for Change will ensure that arts and cultural institutions truly are for everyone, everywhere.

    During the lecture, the Culture Secretary will announce the following funding for the next financial year, beginning in April:

    • A new £85 million Creative Foundations Fund to support urgent capital works to keep venues across the country up and running; 
    • A fifth round of the popular Museum Estate and Development Fund worth £25 million, which will support museums to undertake vital infrastructure projects, and tackle urgent maintenance backlogs; 
    • A new £20 million Museum Renewal Fund to help keep cherished civic museums open and engaging, protect opening hours and jobs, continue serving communities, and tell our national story at a local level;
    • An additional £15 million for Heritage at Risk will provide grants for repairs and conservation to heritage buildings at risk, focusing on those sites with most need. This will restore local heritage, such as shops, pubs, parks, and town halls;
    • A fourth round of the Libraries Improvement Fund worth £5.5 million, which will enable public library services across England to upgrade buildings and technology to better respond to changing user needs;
    • A new £4.85 million Heritage Revival Fund to empower local people to take control of and look after their local heritage. It will support community organisations to own neglected heritage buildings bringing them back into good use;
    • An additional £120 million to continue the Public Bodies Infrastructure Fund, which will ensure national cultural public institutions are able to address essential works to their estate;
    • A 5% increase to the budgets of all national museums and galleries to support their financial resilience and help them provide access to the national collection; 
    • Confirmation that DCMS will be providing £3.2 million in funding for four cultural education programmes for the next financial year to preserve increased access to arts for children and young people through the Museums and Schools Programme, the Heritage Schools Programme, the Art & Design National Saturday Club and the BFI Film Academy.

    This package will be integral to ensuring that arts and culture are a catalyst for growth in the Creative Industries and local economies by making sure cultural venues are supported to reach their full potential and attracting more tourists through our cultural institutions. 

    The Culture Secretary is also set to confirm the advisory panel of experts who will be supporting Baroness Margaret Hodge with her independent review of Arts Council England, as well as the scope of the review within the newly agreed Terms of Reference. 

    The beneficiaries of the fourth round of the Museum Estate and Development Fund will also be announced, which will see 29 local museums up and down the country receiving a share of almost £25 million to upgrade their buildings. 

    The news follows another boost for regional growth and regeneration earlier this week, when the Ministry of Housing, Communities and Local Government announced ten critical culture projects across the UK will receive a total of £67 million. This funding will support exciting projects such as the National Railway Museum in York, the International Slavery Museum and Maritime Museum in Liverpool, and in Leeds, both the National Poetry Centre and the revamping of ‘Temple Works’, paving the way for it to house the British Library North.

    Deputy Prime Minister Angela Rayner said:   

    Our Plan for Change promises growth for every corner of the UK, which is why this week I announced more than £67 million for ten major cultural projects that celebrate our nation.

    I had the pleasure to visit some of these projects last week and seeing the role they will play in igniting regeneration in their communities and on a national scale. This means more tourism, more growth and more money in people’s pockets.

    This comes on top of the £60 million package recently announced by the Culture Secretary at the Creative Industries Growth Summit to support hundreds of creative businesses and projects across the UK. This is the first step towards delivering the Creative Industry Sector Plan, as part of the UK’s modern Industrial Strategy. Today’s announcement will build upon this, ensuring that the culture sector is able to achieve its full potential. 

    More details on how to apply to each of these funds and schemes will be made available in due course.

    Supportive quotes

    Daniel Evans, Tamara Harvey and Andrew Leveson from the Royal Shakespeare Company, said:

    The RSC welcomes the government’s celebration of the anniversary of Jennie Lee’s White Paper for the Arts and its announcement of the £85m Creative Foundations Fund, an urgently needed intervention.  Ageing capital infrastructure remains a tremendous drag on the sector’s ability to create the work for which it is globally celebrated and maximise its economic and social contribution.  We stand ready to work with the government and other stakeholders to ensure that theatre buildings are effectively maintained and put to the most effective use in creating impactful programmes of work that, true to Jennie Lee’s legacy, make the arts accessible to as many people as possible.

    Arts Council England, Chief Executive, Darren Henley said: 

    Today’s a good news day for arts organisations, museums and libraries. We know how much cultural places and spaces are valued in towns and cities across the land. For years to come, this new investment will help more people in more places to flourish by finding joy and connection with high quality culture close to home.

    Baroness Hodge’s review gives all of us at the Arts Council the chance to make sure that we’re doing everything we can to serve audiences right across England – and that we’re nurturing an environment where artists, arts organisations, museums and libraries can create their best work for those audiences. We’re looking forward to working with Baroness Hodge and her advisory panel to make sure that happens for everyone everywhere every day.

    Duncan Wilson, Chief Executive at Historic England, said: 

    The £15m Heritage at Risk funding will enable us to help regenerate cherished historic buildings in some of our most deprived areas, boosting local pride and wellbeing, as well as stimulating economic growth where it’s really needed.

    Kate Varah, Executive Director and Co-Chief Executive, National Theatre, said: 

    The support announced today shows that, like the visionary Jennie Lee, this Government keenly understands the arts ecosystem and its leading role in boosting the economy, enriching local communities and enhancing soft power. Much-needed capital investment will begin the task of enabling arts venues in towns and cities across our country to upgrade their facilities, providing more jobs and training, improving their financial and environmental sustainability, and offering more opportunities for young people and communities. Today’s announcement is further proof that the Government sees the benefit of working long term, in deep partnership with our sector, to break down barriers to growth and opportunity. Capital isn’t about bricks and mortar, it’s about making space for creativity to flourish.

    Alex Beard, CEO of Royal Ballet and Opera, said: 

    I am delighted that Government has recognised the need to invest in the country’s performing arts infrastructure. This one year programme is a vital first step in ensuring that future generations of audience members can continue to enjoy our world leading performing arts sector, which plays such an important role in the Government’s growth and wellbeing agendas.

    Gurinder Chadha, Film Director, said:

    Time and time again the creative industries have proved how much income they bring into our economy from box office sales to expertise, skills and jobs. I am proud to be a part of the British arts industry that is respected globally. Anything that helps local communities and local artists build their skills, to fulfil their potential and further the cultural economy is something to be applauded. 

    Kwame Kwei-Armah, Director and Playwright, said: 

    Today’s announcement by our government to invest in our world leading cultural sector could not have come sooner or at a better time. From personal inspiration to international soft power I, like many, will be overjoyed that our government has seen the cultural sector who we are and what we contribute to Britain and beyond.

    James Graham, Playwright and Writer, said: 

    This new investment is an extremely welcome acknowledgement of the role culture can play in rebuilding local communities.

    The sector has been just-about-surviving for too long and such injections mean much-loved local venues can begin planning for the future.

    On a personal note, as someone who grew up in a town with very limited access to the arts, the new funding for education programmes is to be celebrated. I only fell in love with theatre because of the passion of the drama teachers in my comprehensive school. It’s deeply encouraging to see that the collapse of culture in education over the last decade can finally turnaround, and unleash the creativity of all young people everywhere.

    Adjoa Andoh, Actress and Writer, said: 

    Arts and culture belong to all the people of our amazing creative nation.

    Our drama, our literature, our music, our painting, our history – it’s what we’re known for across the world, so at home everyone should have access to their heritage with no barriers to participation. I am thrilled that with the announcement of this fantastic injection of targeted funding for arts infrastructure and education, locally and nationally, the government recognises that only with their active support can all the people fully share in our wonderful cultural inheritance. I am sure Jennie Lee whose white paper championed the arts 60 years ago, would be proud.

    Tracy-Ann Oberman, Actress and playwright, said:

    Lisa Nandy has shown a huge commitment to the arts. She has been incredibly supportive of my production of “The Merchant of Venice 1936” and the need to tell stories through theatre to bring communities together. I think this announcement shows a real commitment to the arts in the UK and investment in the rich cultural heritage of this country.

    Lemn Sissay, Author and Broadcaster, said: 

    Investing in the arts is an investment in our communities, our creativity, and our future. The creation of the National Poetry Centre is a shining example of this commitment, offering a space where creativity can flourish and voices from all backgrounds are celebrated.

    Lisa Nandy’s commitment to providing funding for the arts, for everyone everywhere, ensures that the transformative power of culture reaches every corner of our nation, fostering unity, inspiration, and opportunity for all.

    Actors Sanjeev Bhaskar and Meera Syal said:

    As not only a vital sector for tourism but also for local communities and businesses, it’s encouraging to see British arts and culture being supported in a tangible and constructive way.

    Es Devlin, Stage Designer, said: 

    Now, more than ever, the cultivation of our collective consciousness, our shared imagination, our ability to seek patterns and imagine possible futures is critical, and this investment in the arts and arts education is urgent and most welcome.

    Kate Mosse CBT, Novelist, Historian & Playwright, said: 

    Today marks the 60th anniversary of Jennie Lee’s visionary White Paper that changed everything. The idea – radical at the time and no less important today – that the arts are for everyone, that creativity can be found everywhere and fostered, that books, theatre, dance, music transform lives, these ideas took root because of Lee’s commitment, enthusiasm and passion. She was one of the great transformational politicians of the 20th century and writers – and artists – salute you.

    Nicholas Cullinan, British Museum Director, said: 

    This additional funding is a wonderful investment in the UK’s museums sector. In every corner of the country, our national and civic museums play a vital role protecting our heritage, bringing communities together, and supporting and inspiring the UK’s world-leading cultural sector.

    Mary Beard, Trustee of the British Museum: 

    This is great news. Museums across the country are places where we go to learn, to be challenged, to wonder, to debate and disagree, and to discover times, people and places different from ourselves. They deserve (and need) all the support we can give them.

    Doug Gurr, Natural History Museum Director, said: 

    I really welcome and am grateful for the additional support from the government for the museums sector, providing a vital lifeline to ensure we continue to reach and inspire audiences locally, nationally, globally.

    Tom Sleigh, Chair, Norwich Theatre, said: 

    We really welcome this announcement. There is a pressing need for better investment in cultural infrastructure, and this funding will be incredibly important for many regional arts organisations, who have such an important role to play in their local communities.

    Isobel Hunter MBE, chief executive of Libraries Connected, said:

    The Libraries Improvement Fund has been transformative in helping library services in England adapt to the changing needs of their users. This new round will broaden that legacy, creating more accessible, sustainable and inclusive libraries across the country. We can’t wait to see the successful projects take shape.

    Jenny Mollica, Chief Executive Officer of English National Opera and London Coliseum, said:

    We warmly welcome today’s announcement from the Secretary of State of a new Creative Foundations Fund. This will provide critical and transformative support for many performing and visual arts venues across the country, ensuring that they continue to play a vital role at the heart of their communities. These much-needed, urgent interventions in our cultural spaces will support creativity and innovation, locally and nationally – and are an investment in our audiences of today and the future.

    Stephen Freeman, Chief Executive, Royal Exchange Theatre said: 

    Today’s announcement of a new capital fund to support our cultural infrastructure is most welcome. It is deeply encouraging to see the Secretary of State responding to the real and urgent need for support at cultural venues up and down the country. Many of our most iconic institutions are in serious need of capital funds to support the future sustainability of our world class cultural offer.

    Sir Ian Blatchford, Director and Chief Executive, Science Museum Group said: 

    We are delighted with the Government’s continued strong support for national museums and the wider cultural sector. Museums benefit society in many ways, inspiring audiences with engaging stories, contributing to cohesive communities and showcasing creativity that helps drive tourism. The confirmation this week of £15 million Government investment in our ambitious plans for the National Railway Museum is a clear vote of confidence in the transformative work underway across the Science Museum Group.

    Jon Finch – Chair of English Civic Museum Network (ECMN) and Head of Culture and Visitor Economy at Barnsley Council said:

    On behalf of England’s regional museum sector, the English Civic Museum Network (ECMN) welcomes the Government’s unprecedented announcement of £45M investment to support regional museums. ECMN is delighted that the Government has recognised the compelling case for investment in local museums as part of its growth agenda. Civic museums are a fundamental part of England’s cultural, creative, and social fabric and are a catalyst for growth on our high streets

    Michael Eakin OBE, Chief Executive of Royal Liverpool Philharmonic said:

    Royal Liverpool Philharmonic welcomes this additional capital funding to support the sector in 2025-26. We are grateful that Liverpool Philharmonic Hall, one of the UK’s great concert halls, has benefitted from such essential support in past years, but we know that it will continue to need investment in the future. Many of this country’s great cultural buildings are urgently in need of capital works  to ensure they can continue to function and meet the needs of performances and audiences, and this new funding will be very welcome and helpful in addressing some of those needs.

    Jenny Waldman, Director of Art Fund said:

    The £20 million Museum Renewal Fund is a vital lifeline for our civic museums, which have a central place in the lives of local communities. It’s a welcome response to the severe financial pressures museums are facing, particularly those reliant on local authority funding. How appropriate that this crucial investment has been announced to mark the 60th anniversary of Jennie Lee’s visionary first White Paper on the Arts. This investment is an important first step to ensuring financial resilience, economic growth and ensuring our public collections remain accessible for future generations.

    Grayson Perry, Artist said: 

    We should be proud of the brilliant museums and galleries that we have all across the country. It is great to hear that the government understands how important they are and is putting a good chunk of money into maintaining them. These cultural powerhouses give our towns and cities a vital part of their identity, art is a central element of who we are.

    Sir Alistair Spalding and Britannia Morton, Co CEOs Sadler’s Wells. Artistic and Executive Directors said: 

    We welcome today’s announcement. It shows that the Culture Secretary is listening to the needs of the sector and is prepared to  act to protect our cultural infrastructure for future generations.

    Joshua McTaggart, CEO of Theatres Trust:

    Theatres Trust is thrilled that the government has announced its £85million Creative Foundations Fund. We know from our research and industry knowledge that this funding is desperately needed by so many theatres across England. Our diligent team is primed to advise and support theatres up and down the country as they begin their journey on developing and delivering new capital projects, and we encourage people to make use of Theatres Trust’s free impartial expert advice service as they begin their applications.

    Rebecca Lawrence, Chief Executive Officer:

    The British Library welcomes the extension of the Public Bodies Infrastructure Fund for the next financial year. We hope it will be a vital source of support for addressing some of the most urgent pressures on our buildings and estates, which continue to require substantial ongoing investment to ensure they are well maintained for our users and the national collection. We are also pleased to see the extension of the Libraries Improvement Fund for local authority run library services, who we collaborate with all across the country.

    Maria Balshaw, Director of Tate and Chair of the National Museum Directors’ Council said:

    Today’s funding announcements are fantastic news for the whole museum sector. We are incredibly grateful to see the Government’s recognition of the importance of our world-class museums.

    The increase in budgets for national museums and galleries like my own organisation Tate will be vital in supporting our financial resilience, enabling us to continue caring for and providing access to the national collection and the incredible public benefit we deliver. We also warmly welcome the announcement of additional capital investment for national and regional museums through the Public Bodies Infrastructure Fund and the Museum Estate and Development Fund. This investment is urgently needed right across the museum sector for maintenance and repairs.

    In particular, we are delighted to see the announcement of new funding for civic museums, who are facing an unprecedented set of economic pressures. They are some of the finest creative and cultural spaces in the world – caring for internationally significant collections, driving regional tourism and providing vital community services. The new Museum Renewal Fund will help bring civic museums back to a more sustainable position, and we are heartened that Government has listened to calls to protect this key part of our cultural and civic infrastructure.

    Andrew Lovett OBE, Chief Executive, Black Country Living Museum

    We welcome the financial support announced by the Secretary of State, coming as it does at a challenging economic time for many in the sector. A financial decision is a policy decision and we welcome this policy. On the anniversary of the publication of Jennie Lee’s white paper, this is a timely reminder that Museums and the arts are not only crucial to everyday lives and wellbeing, but are also a vital part of the UK economy and merit sustained investment. We make a mistake when we think museums are in the business of collecting and exhibitions; their business is social cohesion and helping us to better understand the world. And it doesn’t get more important than that.

    Notes to editors: 

    On the review of Arts Council England

    Arts Council England is set to undergo a transformative review that will reimagine how we support, develop, and celebrate creativity across every corner of our nation. This landmark independent review, led by Baroness Margaret Hodge, will shine a light on how we can break down barriers, amplify diverse voices, and ensure that arts and culture are truly accessible to everyone, regardless of background or postcode. By examining everything from funding mechanisms to community engagement, we’re taking a crucial step towards building a more inclusive, vibrant, and dynamic cultural landscape that reflects the rich creativity of every community in England.

    Cultural organisations and other interested parties are invited to participate in a survey to feed in their views as part of the review. 

    Read the survey, the advisory panel of experts and the full Terms of Reference for the review.

    On the fourth round of the Museum Estate and Development Fund

    The Museum Estate and Development Fund enables museums across the country to deliver a better experience for visitors and staff, make access and environmental improvements, unlock income-generating opportunities, and continue to protect treasured buildings and collections for future generations. It is open to museums in England accredited by the Arts Council which are not directly funded by DCMS. This fourth round of funding, worth £24.8 million, will benefit 29 local museums across the country: 

    North West

    • Queen Street Mill, Burnley, Lancashire – £813,115
    • Furness Abbey, Barrow-in-Furness, Lancashire – £457,795
    • Fusilier Museum and Learning Centre, Bury, Lancashire –  £81,244

    North East

    • Weardale Museum, Weardale, County Durham – £499,665
    • Sunderland Winter Gardens, Sunderland, Tyne and Wear –  £488,705
    • Preston Park Museum, Stockton-on-Tees, County Durham – £366,300
    • Hartlepool Art Gallery, Hartlepool, County Durham – £302,383

    Yorkshire

    • Museum of North Craven Life, Settle, North Yorkshire –  £798,500
    • Land of Iron, Skinningrove, North Yorkshire  – £655,907
    • Bankfield Museum, Halifax, West Yorkshire – £441,978
    • Pickering Beck Isle Museum, Pickering, North Yorkshire – £388,023 
    • Millennium Gallery, Sheffield, South Yorkshire – £315,684

    Midlands

    • Tamworth Castle, Tamworth, Staffordshire – £1,716,238
    • Wolverhampton Art Gallery, Wolverhampton, West Midlands – £1,695,75
    • Newstead Abbey, Ravenshead, Nottinghamshire – £1,482,882 
    • Creswell Crags, Worksop, Nottinghamshire – £499,999

    East

    • Peterborough Museum & Art Gallery, Peterborough, Cambridgeshire – £137,745 
    • Sainsbury Centre, Norwich, Norfolk – £1,276,711 
    • Bressingham Steam Museum, Diss, Norfolk – £429,719
    • Colchester Castle, Colchester, Essex – £1,293,625
    • Southchurch Hall, Southend-on-Sea, Essex – £423,105

    South East 

    • Bletchley Park, Bletchley, Buckinghamshire – £2,451,350 
    • The Lightbox, Woking, Surrey – £319,000

    South West

    • Russell Cotes Art Gallery and Museum, Bournemouth, Dorset – £1,500,817 
    • Nothe Fort, Weymouth, Dorset – £1,374,763  
    • Dorset Museum and Art Gallery, Dorchester, Dorset – £940,500 
    • Wheal Martyn Clay Works, St Austell, Cornwall – £707,200

    London

    • London Museum of Water and Steam, Brentford, London – £2,626,277
    • The Foundling Museum, Camden, London – £319,000

    Updates to this page

    Published 20 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Australia: Screen Australia and Stan Announce New Comedy-Horror Series Gnomes

    Source: Australia Government Statements 4

    18 02 2025 – Media release

    Gnomes writers Tegan Higginbotham and Paul Verhoeven, and creator/producer Joel Kohn. 
    Stan and Screen Australia have announced the brand-new Stan Original Series Gnomes, which is slated for production in 2025 in Victoria.
    The series is set in a fading country town that finds itself under siege by an army of murderous garden gnomes on the eve of their first Gnome-a-Palooza festival. At the heart of the story are two police officers, Senior Sergeant Arnold Kipps and his ex-partner from the force (and life) Senior Constable Ellie McKay, who has returned to town with the task of shutting down Arnold’s beloved police station. When the town’s gnome population is brought to life by an ancient evil, all hell breaks loose. Arnold and Ellie must team up with a motley crew of locals to try and save their home from a Gnome-apocalypse.
    Gnomes has been created by award-winning filmmaker Joel Kohn, who will produce alongside Total Fiction producers John Molloy (Barons, The Gloaming) and Richard Kelly (The Tailings, Jones Family Christmas). The series boasts a stellar creative team, with writers Tegan Higginbotham and Paul Verhoeven penning the scripts.
    Screen Australia Director of Narrative Content Louise Gough said, “Gnomes is a thrilling example of the kind of bold, genre-defying storytelling that continues to capture global attention. This series not only showcases the dynamic creativity of Australian talent but also highlights how local and international partnerships can elevate Australian productions to new heights. With a unique blend of horror and comedy, and a stellar creative team, Gnomes has all the ingredients to engage audiences worldwide.”
    Stan Chief Content Officer Cailah Scobie said, “Gnomes is set to deliver a darkly comedic treat unlike anything we’ve seen before. Australian audiences adore horror and genre, and this project typifies the kind of audacious and unique productions that we love to show on Stan. We’re thrilled to be partnering with such an exceptional creative team, along with Happy Accidents on their first Australian series.”
    Co-CEO of Happy Accidents Holly Hines said, “I fell in love with this concept the moment I heard the pitch and the scripts have been just exceptional. Gnomes is a complete gem – wildly imaginative, hilariously offbeat, and unlike anything else in the comedy-drama space. With Paul and Tegan writing, and our wonderful co-producers, we have created a series that truly stands out in the global marketplace. The enthusiasm from our partners is a testament to how universal its appeal truly is, and we can’t wait to introduce this unique adventure to even more audiences.”
    VicScreen CEO Caroline Pitcher said, “Nurturing talented Victorians to bring their bold vision and innovation to the global screen is what we do best, and VicScreen is thrilled to support the Victorian creative force bringing the comedy-horror Gnomes to life.” 
    Gnomes is produced by Total Fiction and Screen Invaders alongside co-producers Happy Accidents (USA) and Network Movie (Germany). Happy Accidents will handle international distribution, German pre-sale via Network Movie. Major production investment from Screen Australia in association with Stan. Produced in association with VicScreen. Post, digital and visual effects supported by Screen Queensland. Developed with assistance of Screen Australia. Stan Executive Producers are Cailah Scobie and Donna Chang.
    The Stan Original Series Gnomes will begin production in 2025.
    Stan Media Enquiries
    [email protected]
    Media enquiries
    Maddie Walsh | Publicist
    + 61 2 8113 5915  | [email protected]
    Jessica Parry | Senior Publicist (Mon, Tue, Thu)
    + 61 428 767 836  | [email protected]
    All other general/non-media enquiries
    Sydney + 61 2 8113 5800  |  Melbourne + 61 3 8682 1900 | [email protected]

    MIL OSI News –

  • MIL-OSI Global: In pushing for Ukraine elections, Trump is falling into Putin-laid trap to delegitimize Zelenskyy

    Source: The Conversation – Global Perspectives – By Lena Surzhko Harned, Associate Teaching Professor of Political Science, Penn State

    President Donald Trump and Ukrainian President Volodymyr Zelenskyy meet on Sept. 25, 2019, on the sidelines of the United Nations General Assembly. Saul Loeb/AFP via Getty Images

    Ukraine President Volodymyr Zelenskyy was shut out of the discussions concerning the future of his country, which took place in Saudi Arabia on Feb. 18, 2025. In fact, there were no Ukrainian representatives, nor any European Union ones – just U.S. and Russian delegations, and their Saudi hosts.

    The meeting – which followed a mutually complimentary phone call between U.S. President Donald Trump and Russian leader Vladimir Putin just days earlier – was gleefully celebrated in Moscow. The absence of Ukraine in deciding its own future is very much in line with Putin’s policy toward its neighbor. Putin has long rejected Ukrainian statehood and the legitimacy of the Ukrainian government, or as he calls it the “Kyiv regime.”

    While the U.S. delegation did reiterate that future discussions would have to involve Ukraine at some stage, the Trump administration’s actions and words have no doubt undermined Kyiv’s position and influence.

    To that end, the U.S. is increasingly falling in line with Moscow on a key plank of the Kremlin’s plan to delegitimize Zelenskyy and the Ukrainian government: calling for elections in Ukraine as part of any peace deal.

    Questioning Zelenskyy’s legitimacy

    Challenging Zelenskyy’s legitimacy is part of a deliberate ongoing propaganda campaign by Russia to discredit Ukrainian leadership, weaken support for Ukraine from its key allies and remove Zelenskyy – and potentially Ukraine – as a partner in negotiations.

    Claims by the Russian president that his country is ready for peace negotiations appear, to many observers of its three-year war, highly suspect given Russia’s ongoing attacks on its neighbor and its steadfast refusal to date to agree to any temporary truce.

    Yet the Kremlin is pushing the narrative that the problem is that there is no legitimate Ukrainian authority with which it can deal. As such, Putin can proclaim his commitments to a peace without making any commitments or compromises necessary to any true negotiation process.

    Meanwhile, painting Zelenskyy as a “dictator” dampens the enthusiastic support that once greeted him from democratic countries. This, is turn, can translate to the reduction or even end of military support for Kyiv, Putin hopes, allowing him a fillip in what has become a war of attrition.

    What Putin needs for this plan to work is a willing partner to help get the message out that Zelenskyy and the current Ukraine government are not legitimate representatives of their country – and into this gap the new U.S. administration appears to have stepped.

    Then-candidate Volodymyr Zelenskyy at a polling station during Ukraine’s presidential election in Kiev on March 31, 2019.
    Genya Savilov/AFP via Getty Images)

    Dictating terms

    Take the narrative on elections.

    At the meeting in Saudi Arabia, the U.S. reportedly discussed elections in Ukraine as being a key part of any peace deal. Trump himself has raised the prospect of elections, noting in a Feb. 18 press conference: “We have a situation where we haven’t had elections in Ukraine, where we have martial law.” The U.S. president went on to claim, incorrectly, that Zelenskyy’s approval rating was down to “4%.” The latest polling actually shows the Ukrainian president to be sitting on a 57% approval rating.

    A day later, Trump upped the attacks, describing Zelenskyy as a “dictator without elections.”

    Such statements echo Russia’s narrative that the government in Kyiv is illegitimate.

    The Kremlin’s claims regarding what it describes as the “legal aspects related to his [Zelenskyy’s] legitimacy” are based on the premise that the Ukraine president’s five-year term as president of Ukraine should have ended in 2024.

    And elections in Ukraine would have taken place in May of that year had it not been for the martial law that Ukraine put into place when the Russian Federation launched a full-scale invasion of Ukraine in February 2022.

    The Martial Law Act – which Ukraine imposed on Feb. 24, 2022 – explicitly bans all elections in Ukraine for the duration of the emergency action.

    And while the Ukrainian Constitution only includes language regarding the extension of parliament’s powers until martial law is lifted, constitutional lawyers in Ukraine tend to agree that the implication is that this also applies to presidential powers.

    Notwithstanding what the law says, the Kremlin’s questioning of the democratic institutions of Ukraine and its push for elections in Ukraine have found traction in Washington of late. Trump’s special envoy Gen. Keith Kellogg declared on Feb. 1 that elections “need to be done” as part of peace process, saying that elections are a “beauty of a solid democracy.”

    The ballot box trap

    Zelenskyy is not opposed to elections in principle and has agreed that elections should be held when the time is right. “Once martial law is over, then the ball is in parliament’s court – the parliament then picks a date for elections,” Zelenskyy stated in a Jan. 2 interview.

    And he appears to have the backing of the majority of Ukrainians. In May 2024, 69% of Ukrainians polled said Zelenskyy should remain president until the end of marshal law, after which elections should be held.

    The issue, as Zelenskyy has said, is the timing and circumstances. “During the war, there can be no elections. It’s necessary to change legislation, the constitution, and so on. These are significant challenges. But there are also nonlegal, very human challenges,” he said on Jan. 4.

    Even opposition politicians in Ukraine agree that now is not the time. Petro Poroshenko, Zelenskyy’s main political rival, has dismissed the idea of wartime elections, as has Inna Sovsun, the leader of the opposition Golos Party.

    Apart from logistical problems of ensuring free and fair elections in the middle of a war, the conflict would present logistical hurdles to campaigning and accessing polling sites. There is also the question of whether and how to include Ukrainians in Russian-occupied territories and those who are internally displaced, as well as the 6.5 million who fled fighting and currently reside abroad.

    Good elections … and bad

    Russia did, of course, hold elections during the current conflict. But the 2024 election that Putin won with 87% of the vote was, according to most international observers, neither free nor fair.

    Rather, it was a sham vote that only underlined what most political scientists will confirm: Elections are at best a necessary but insufficient marker of democracy.

    This point is not wasted on Ukrainians, whose commitment to democracy strengthened in the years leading up to the 2022 invasion. Indeed, a survey taken a few months into the war found that 76% of Ukrainians agreed that democracy was the best form of governance – up from 41% three years earlier.

    There are other reasons Ukraine might be wary of elections. The adversarial nature of political campaigns can be divisive, especially among a society in high stress.

    Ukrainian politicians have openly argued that holding an election during the war would be destabilizing for Ukrainian society, undermining the internal unity in face of Russian aggression.

    Outside influence

    And then there is concern over outside influence in any election. Ukrainians have had enough experience with Russian meddling in their politics to take it for granted that the Kremlin will attempt to put a thumb on the scale.

    Russia has since the breakup of the Soviet Union in 1991 employed its substantial resources to influence Ukraine’s politics through all available means, ranging from propaganda, economic pressures and incentives to energy blackmail, threats and use of violence.

    In 2004, Moscow’s electoral manipulations in favor of the pro-Russian candidate, Viktor Yanukovich, led to the Orange Revolution – in which Ukrainians rose up to reject rigged elections. Nine years later, Yanukovich – who became president in 2010 – was deposed though the Revolution of Dignity, which saw Ukrainians oust a man many saw as a Russian stooge in favor of a path toward greater integration with Europe.

    Putin’s history of meddling in elections extends beyond Ukraine, of course. Most recently, the Romanian Constitutional Court annulled the country’s presidential elections, citing an electoral process compromised by foreign interference.

    An impossible position

    In raising elections as a prerequisite to negotiations, Putin is setting a
    “catch-22” trap for Ukraine: The Ukrainian Constitution states that elections can happen only when martial law is lifted; but the lifting of the martial law is possible only when the “hot phase” of the war is over. So without a ceasefire, no election is possible.

    But in refusing to agree to elections, Ukraine can be cast as the blockage to any peace deal – playing to a narrative that is already forming in the U.S. administration that Kyiv is the problem and will need to be sidelined for there to be progress.

    In short, in seemingly echoing Russian talking points on an election being a prerequisite for peace, the U.S. puts the Ukrainian government in an impossible position: Agree to the vote and risk internal division and outside interference, or reject it and allow Moscow – and, perhaps, Washington – to frame Ukraine’s leaders as illegitimate and unable to negotiate on the behalf of their people.

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

    – ref. In pushing for Ukraine elections, Trump is falling into Putin-laid trap to delegitimize Zelenskyy – https://theconversation.com/in-pushing-for-ukraine-elections-trump-is-falling-into-putin-laid-trap-to-delegitimize-zelenskyy-250003

    MIL OSI – Global Reports –

  • MIL-OSI New Zealand: Universities – Power struggles: The psychology behind workplace energy use – UoA

    Source: University of Auckland (UoA)

    Do you ever take the stairs instead of the lift or print double-sided – not for fitness, or to stretch the last few sheets of paper, but to save energy?
      
    An international study co-authored by researchers from the University of Auckland looks at how businesses can support these kinds of everyday choices, often overlooked in corporate sustainability plans.

    Published in Renewable and Sustainable Energy Reviews, the study analyses 70 research papers on employee energy-saving behaviours and shows that a combination of personal attitudes, social norms, habits, organisational culture and peer feedback shapes employees’ willingness to save energy.
       
    It suggests that businesses looking to cut energy use should focus on engagement rather than enforcement.

    Employees who feel encouraged, rather than monitored or penalised, are more likely to develop lasting energy-saving habits.
       
    “A work environment that recognises the value of energy-saving behaviour and employees with intentions to save energy are very effective,” says Business School Professor Sholeh Maani.

    The economics professor says businesses that integrate energy-saving behaviours into workplace policies and culture see greater engagement from staff.

    For example, giving employees control over lighting and temperature settings and regular feedback on energy use, combined with positive reinforcement, can motivate staff to save energy. 

    Digital tools like Internet of Things (IoT) sensors and gamified apps can help staff track their energy use, says Maani, encouraging autonomy and responsibility.

    And while many businesses rely on employee education campaigns to encourage energy conservation, the research suggests that providing information alone is not enough, and in some cases, it may even backfire if it’s seen as personal monitoring.

    One study the researchers point out took place at a university in Canada and surveyed 595 employees in 24 buildings. The results found that feedback and peer education reduced energy use by seven percent and four percent respectively, while energy consumption increased by four percent in the buildings that educated employees on how and why to save energy.

    Another study in the Netherlands examined a 13-week energy-saving initiative at an environmental consulting firm with 83 employees across five departments. Employees received weekly rewards for saving energy, with some receiving monetary incentives and others getting positive public  recognition. The results were clear: public feedback was more effective than financial incentives.
       
    These results and others highlight that awareness alone won’t necessarily drive change – practical interventions that reinforce personal and group habits, such as social incentives and feedback can be effective, say Maani and co-author Dr Le Wen.

    If businesses want to reduce energy waste, they need to focus on building a workplace culture that supports and normalises energy-saving behaviours, says Maani.
     
    “Employees are more likely to conserve energy when they see their colleagues doing the same, receive regular feedback on workplace energy use, and feel supported to make changes and take control.

    “And when managers and colleagues actively participate in energy-saving initiatives, other employees are far more likely to follow suit.”

    With rising electricity costs and increasing pressure to cut carbon emissions, New Zealand businesses have a lot to gain from empowering employees to be part of the solution, says Maani.
      
    “In a country where sustainability is a priority, reducing workplace energy waste is a low-cost, high-impact way for businesses to reach their environmental goals.”  

    MIL OSI New Zealand News –

  • MIL-OSI United Kingdom: The continued advance into DRC of M23 and the Rwandan Defence Forces is a breach of the UN charter: UK statement at the UN Security Council

    Source: United Kingdom – Executive Government & Departments

    Statement by Ambassador James Kariuki, UK Deputy Permanent Representative to the UN, at the UN Security Council meeting on Democratic Republic of the Congo.

    I will make three points.

    First, we express our deep concern at the continued advance into DRC of the M23 and Rwandan Defence Forces. 

    This is an unacceptable violation of DRC’s sovereignty and territorial integrity and a breach of the UN Charter.

    The occupation of Bukavu is a serious escalation which heightens the risk of a wider regional conflict.

    The United Kingdom is clear that there needs to be an immediate cessation of hostilities and a return to dialogue via African-led peace processes. 

    There can be no military solution. As my Foreign Secretary has said, Rwanda must withdraw its troops.

    The UK is actively considering next steps, alongside international partners, including the possibility of a review of all UK support to Rwanda.

    Second, urgent action is needed to halt the rapidly deteriorating humanitarian situation. 

    The M23 and Rwandan Defence Forces’ takeover of Goma has displaced close to one million people in North and South Kivu.

    Hundreds of thousands are now in desperate need of lifesaving support. 

    Civilians, particularly women and girls, are at increased risk of violence, including sexual violence.

    We have seen harrowing reports, including of 165 women raped and many burned alive at Goma Muzenze Prison earlier this month.

    The parties to the conflict must adhere to their obligations under international humanitarian law. 

    And humanitarian access, especially via Goma airport, should urgently be restored.

    Third, MONUSCO’s freedom of movement is essential to support the protection of civilians and facilitate aid delivery. 

    Restrictions by the M23 and Rwandan Defence Forces are unacceptable.

    The parties must respect MONUSCO’s mandate, as authorised by this Council.

    The UK strongly condemns all attacks on UN peacekeepers and recalls that attacks on MONUSCO could be grounds for UN sanctions.

    President, to conclude, the UK welcomes regional efforts to secure a lasting solution to this conflict. 

    We welcome the contribution of the recent joint EAC and SADC summit and the AU PSC summit.

    We urge DRC and Rwanda to engage in good faith in existing peace processes. 

    We need to see the rapid implementation of the actions agreed at the summits, supported by urgent action by this Council.

    Updates to this page

    Published 19 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI: PDF Solutions to Acquire secureWISE to Expand the Reach of its Semiconductor Manufacturing Data Platform

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., Feb. 19, 2025 (GLOBE NEWSWIRE) — PDF Solutions, Inc. (Nasdaq: PDFS) today announced it has entered into a definitive agreement to acquire secureWISE, LLC, the most widely used secure, remote connectivity solution in the semiconductor manufacturing equipment industry, from Telit IOT Solutions Inc.

    The secureWISE global network enables equipment manufacturers to bring up new equipment faster, provide operational support, and maximize the value derived from the equipment customers’ investments. It is currently used by over 100 equipment vendors to connect and control their tools located in over 190 semiconductor fabs and to manage the exchange of multiple petabytes of data annually.

    PDF Solutions empowers semiconductor companies to maximize their manufacturing effectiveness. The PDF Solutions platform breaks down data silos to enable engineers to uncover critical relationships across manufacturing and design, resulting in better process control, product screening, and equipment operations.

    As the semiconductor industry becomes more globally distributed, and as advanced devices rely on the integration of multiple chiplets into a single package, more collaboration and integration are required across the semiconductor industry. This collaboration needs to be executed securely with each participant controlling access to its intellectual property.

    Today, secureWISE customers have built applications on top of the secureWISE network to deliver equipment analytics. PDF Solutions expects the acquisition to accelerate equipment makers’ ability to derive value from equipment data by enabling them to leverage PDF Solutions’ Exensio analytics software.

    Beyond enabling equipment vendors to build equipment analytics at foundries, the acquisition of secureWISE is expected to dramatically expand the capability of PDF Solutions’ secure DEX OSAT network by allowing equipment makers, fab operators, and fabless companies to collaborate to optimize chip manufacturing and test.   

    “This acquisition extends PDF Solutions analytics for equipment makers and fabless to the factory manufacturing level, which allows them to generate value from AI,” said Dr. John Kibarian, President, CEO and co-founder of PDF Solutions. He continued, “We provide the leading analytics platform for semiconductor manufacturing, and with secureWISE, the PDF Solutions platform will also be able to help members of the semiconductor ecosystem collaborate through a secure, direct connection and control the manufacturing process down to the production equipment.”

    Mike Dempsey, Vice President of secureWISE LLC, said, “We believe PDF Solutions is the ideal partner to accelerate secureWISE’s evolution, ensuring we remain at the forefront of industry trends and ahead of our customers’ needs. This acquisition will strengthen our ability to anticipate, pioneer, and integrate a far richer suite of security, collaboration, and analytics capabilities into our platform. As data exchange and collaboration become increasingly relevant to the semiconductor industry, this acquisition will better position secureWISE to deliver maximum long-term benefit to its customers who have invested in our platform.”

    Under the terms of the definitive agreement, PDF Solutions will pay a cash amount of $130.0 million, subject to customary purchase price adjustments. The purchase price will be funded by a combination of cash on hand and $70M of new bank debt. The acquisition is subject to certain closing conditions and is expected to close in the first calendar quarter of 2025.

    TD Securities (USA) LLC acted as financial advisor and Latham & Watkins LLP acted as legal advisor to PDF Solutions.

    Updated Financial Outlook

    John Kibarian, CEO and President of PDF Solutions, said, “Assuming the transaction closes in the first quarter of 2025, and with purchase accounting adjustments, we would expect to achieve a full year 2025 revenue growth rate between 21% to 23% on year-over-year basis. Given that, we also expect to achieve 2025 gross margin in line with our corporate gross margin, our target model 20% operating margin, and for EPS to be slightly accretive.”

    Conference Call

    PDF Solutions will discuss this announcement on a live conference call beginning at 3:00 p.m. Pacific Time / 6:00 p.m. Eastern Time today. To participate in the live call, analysts and investors should pre-register at: https://register.vevent.com/register/BI9abfc7eadb2245c5ba00c59922fe6c87.

    Registrants will receive dial-in information and a unique passcode to access the call. We encourage participants to dial into the call ten minutes ahead of the scheduled time. The teleconference will also be webcast simultaneously on the Company’s website at https://ir.pdf.com/webcasts. A replay of the conference call webcast will be available after the call on the Company’s investor relations website. A copy of this press release will also be available on PDF Solutions’ website at News & PR Archives – PDF Solutions following the date of this release.

    Forward-Looking Statements

    The statements in this press release regarding the expected future financial results, benefits and synergies of the secureWISE acquisition on PDF Solution’s product offerings, and the expected closing of the secureWISE acquisition are forward looking and are subject to future events and circumstances. Actual results could differ materially from those expressed in these forward-looking statements. Risks and uncertainties that could cause results to differ materially include risks associated with: uncertainties with respect to the timing of the closing of the proposed transaction, including when and whether all conditions to closing will be satisfied; the failure of expected benefits from the proposed transaction to be realized or to be realized within the expected time period; uncertainties with respect to the future performance of secureWISE following an acquisition by PDF Solutions; PDF Solution’s ability to integrate secureWISE and its product and service offerings, the cost and schedule of new product development; continued adoption of the PDF Solution’s and secureWISE’s solutions by new and existing customers; the fact that operating costs and business disruption may be greater than expected following the public announcement or consummation of the proposed transaction; potential adverse reactions or changes to business or employee relationships, including those resulting from the public announcement or consummation of the proposed transaction; the incurrence of significant transaction costs related to the proposed transaction; unknown or understated liabilities of secureWISE; and other risks set forth in PDF Solutions’ periodic public filings with the Securities and Exchange Commission, including, without limitation, its Annual Reports on Form 10-K, most recently filed for the year ended December 31, 2023, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K and amendments to such reports. The forward-looking statements made herein are made as of the date hereof, and PDF Solutions does not assume any obligation to update such statements nor the reasons why actual results could differ materially from those projected in such statements.

    About PDF Solutions 

    PDF Solutions (Nasdaq: PDFS) provides comprehensive data solutions designed to empower organizations across the semiconductor and electronics industry ecosystem to improve the yield and quality of their products and operational efficiency for increased profitability. The Company’s products and services are used by Fortune 500 companies across the semiconductor and electronics ecosystem to achieve smart manufacturing goals by connecting and controlling equipment, collecting data generated during manufacturing and test operations, and performing advanced analytics and machine learning to enable profitable, high-volume manufacturing. 

    Founded in 1991, PDF Solutions is headquartered in Santa Clara, California, with operations across North America, Europe, and Asia. The Company (directly or through one or more subsidiaries) is an active member of SEMI, INEMI, TPCA, IPC, the OPC Foundation, and DMDII. For the latest news and information about PDF Solutions or to find office locations, visit https://www.pdf.com. 

    Headquartered in Santa Clara, California, PDF Solutions also operates worldwide in Canada, China, France, Germany, Italy, Japan, Korea, Sweden, and Taiwan. For the Company’s latest news and information, visit https://www.pdf.com. 

    About secureWISE 

    The secureWISE platform enables secure and controlled remote connectivity, collaboration and service enablement in the semiconductor industry. The secureWISE suite of products and services is designed to give OEM suppliers role-based, real-time and on-demand access to their equipment that is installed at the production facilities of their customers, to deliver valuable operational insights, mission-critical performance, substantial time and cost savings, and new service revenue opportunities. As the only remote access tool built around the ISMI guidelines, secureWISE is installed in over 90% of the world’s 300mm semiconductor fabs and also numerous solar and chemical plants across the globe. https://www.telit.com/iot-platforms-overview/telit-securewise/ 

    PDF Solutions and the PDF Solutions logo are trademarks or registered trademarks of PDF Solutions, Inc. and/or its subsidiaries in the United States and other countries. Other trademarks used herein are the property of their owners. 

    Company Contacts:      
    Adnan Raza    Sonia Segovia 
    Chief Financial Officer    Investor Relations 
    Tel: (408) 516-0237    Tel: (408) 938-6491 
    Email: adnan.raza@pdf.com   Email: sonia.segovia@pdf.com 

    The MIL Network –

  • MIL-OSI: Tenaris Announces 2024 Fourth Quarter and Annual Results

    Source: GlobeNewswire (MIL-OSI)

    The financial and operational information contained in this press release is based on audited consolidated financial statements presented in U.S. dollars and prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board and adopted by the European Union, or IFRS. Additionally, this press release includes non-IFRS alternative performance measures i.e., EBITDA, Free Cash Flow, Net cash / debt and Operating working capital days. See exhibit I for more details on these alternative performance measures.

    LUXEMBOURG, Feb. 19, 2025 (GLOBE NEWSWIRE) — Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) (“Tenaris”) today announced its results for the fourth quarter and year ended December 31, 2024 in comparison with its results for the fourth quarter and year ended December 31, 2023.

    Summary of 2024 Fourth Quarter Results

    (Comparison with third quarter of 2024 and fourth quarter of 2023)

      4Q 2024 3Q 2024 4Q 2023
    Net sales ($ million) 2,845 2,915 (2%) 3,415 (17%)
    Operating income ($ million) 558 537 4% 819 (32%)
    Net income ($ million) 519 459 13% 1,146 (55%)
    Shareholders’ net income ($ million) 516 448 15% 1,129 (54%)
    Earnings per ADS ($) 0.94 0.81 16% 1.92 (51%)
    Earnings per share ($) 0.47 0.40 16% 0.96 (51%)
    EBITDA* ($ million) 726 688 6% 975 (26%)
    EBITDA margin (% of net sales) 25.5% 23.6%   28.6%  
               

    *EBITDA in fourth quarter of 2024 includes a $67 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas. If this charge was not included EBITDA would have amounted to $659 million, or 23.2% of sales

    Net sales in the fourth quarter were more resilient than expected as we were able to reduce inventories and advance some shipments in the Middle East and Turkey, despite lower demand in Mexico, Argentina and Saudi Arabia. Our EBITDA declined 4% on a comparable basis with the margin supported by a favorable product mix which offset the effect of residual price declines in North America. Net income increased due to the partial reversal of the provision made in the second quarter for the ongoing litigation related to the acquisition of a participation in Usiminas jointly with our associate company, Ternium.

    During the quarter, our free cash flow amounted to $310 million and, after spending $299 million on dividends and $454 million on share buybacks, our net cash position declined to $3.6 billion at December 31, 2024.

    Summary of 2024 Annual Results

      12M 2024 12M 2023 Increase/(Decrease)
    Net sales ($ million) 12,524 14,869 (16%)
    Operating income ($ million) 2,419 4,316 (44%)
    Net income ($ million) 2,077 3,958 (48%)
    Shareholders’ net income ($ million) 2,036 3,918 (48%)
    Earnings per ADS ($) 3.61 6.65 (46%)
    Earnings per share ($) 1.81 3.32 (45%)
    EBITDA* ($ million) 3,052 4,865 (37%)
    EBITDA margin (% of net sales) 24.4% 32.7%  
           

    *EBITDA in 12M 2024 includes a $107 million loss from the provision for the ongoing litigation related to the acquisition of a participation in Usiminas. If this charge was not included EBITDA would have amounted to $3,159 million, or 25.2% of sales.

    Our sales in 2024 amounted to $12.5 billion with a decrease of 16% compared to 2023, primarily reflecting a decline in market prices for our tubular products used in onshore drilling applications in the Americas, lower drilling activity in Mexico and Colombia, lower shipments for pipeline projects in Argentina and lower sales of mechanical pipes in Europe. On the other hand, sales in the Middle East reached a record level as Saudi Aramco replenished OCTG stocks and increased gas drilling activity. EBITDA and margins also declined to $3.1 billion, being further affected by a $107 million loss from a provision for the ongoing litigation related to the acquisition of a participation in Usiminas. Net income amounted to $2.1 billion, or 17% of net sales, and was affected by a reduction of $43 million from our participation in Ternium related to the same case.

    Cash flow provided by operating activities amounted to $2.9 billion during 2024. This was used to fund capital expenditures of $694 million, with the remainder distributed to shareholders through dividend payments of $758 million and share buybacks for $1,440 million in the year. We maintained a net cash position of $3.6 billion at the end of December 2024.

    Change of Chief Financial Officer

    Effective as of May 2, 2025, Mr. Carlos Gomez Alzaga will assume the position of Chief Financial Officer, replacing Ms. Alicia Mondolo, who will retire from this role.

    Mr. Gomez Alzaga, who has more than 20 years of experience in Administration and Finance at Tenaris, previously served as Regional CFO for Mexico and Central America, and Economic and Financial Planning Director, among other positions, and currently holds the position of Regional CFO for Argentina and South America.

    Ms. Mondolo will continue to serve as senior advisor to our Chairman and CEO.

    Paolo Rocca and the Board of Tenaris would like to express their gratitude and appreciation for Alicia´s contribution as CFO of Tenaris and her 41 years of service within the Techint Group.

    Market Background and Outlook

    Oil prices remain relatively stable (as they have done over the past two years) with OPEC+ maintaining their voluntary production cuts in the face of limited global demand growth. European and US natural gas prices have, however, risen as relatively cold winter weather and the cutoff of Russian supply have led to a rapid drawdown in inventories.

    These prices and the continuing balance between oil and gas demand and supply should continue to support overall investment in oil and gas drilling activity, as well as OCTG demand, at current levels, albeit with some regional nuances.

    In North America, consolidation among major operators and drilling efficiencies led to a drop in US drilling activity last year, which has now stabilized, while OCTG consumption per rig has been increasing. In Latin America, drilling activity is increasing in Argentina, as investment in pipeline and LNG infrastructure investment for the Vaca Muerta shale moves forward, while, in Mexico, it has been affected by financial constraints on Pemex. In the Middle East, some reduction in oil drilling has taken place in Saudi Arabia while gas drilling has risen, and, in Abu Dhabi, oil drilling is increasing.

    OCTG reference prices in North America, which fell steadily for two years until the second half of 2024, have so far recovered by 9% from their August low and could rise further following the US government’s announced reset of Section 232 tariffs on all imports of steel products without exception.

    In this environment, we expect our sales and EBITDA (excluding extraordinary effects) in the first quarter to be in line with the previous one before rising moderately in the second quarter. Beyond that, likely changes in US tariffs and their possible ramifications on trade flows will introduce a new dynamic with a high level of uncertainty for costs and prices to our results.

    Annual Dividend Proposal

    Upon approval of the Company´s annual accounts in April 2025, the board of directors intends to propose, for approval of the annual general shareholders’ meeting to be held on May 6, 2025, the payment of a dividend per share of $0.83 (in an aggregate amount of approximately $0.9 billion), which would include the interim dividend per share of $0.27 (approximately $0.3 billion) paid in November 2024. If the annual dividend is approved by the shareholders, a dividend of $0.56 per share ($1.12 per ADS), or approximately $0.6 billion, will be paid according to the following timetable:

    • Payment date: May 21, 2025
    • Record date: May 20, 2025
    • Ex-dividend for securities listed in Europe and Mexico: May 19, 2025
    • Ex-dividend for securities listed in the United States: May 20, 2025

    Analysis of 2024 Fourth Quarter Results

    Tubes

    The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:

    Tubes Sales volume (thousand metric tons) 4Q 2024 3Q 2024
    		 4Q 2023
    Seamless 748 746 0% 760 (2%)
    Welded 164 191 (14%) 246 (33%)
    Total 913 937 (3%) 1,006 (9%)
               

    The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:

    Tubes 4Q 2024 3Q 2024 4Q 2023
    (Net sales – $ million)          
    North America 1,131 1,273 (11%) 1,501 (25%)
    South America 595 484 23% 590 1%
    Europe 341 280 22% 302 13%
    Asia Pacific, Middle East and Africa 629 754 (17%) 805 (22%)
    Total net sales ($ million) 2,695 2,790 (3%) 3,198 (16%)
    Services performed on third party tubes ($ million) 93 97 (4%) 34 176%
    Operating income ($ million) 533 527 1% 780 (32%)
    Operating margin (% of sales) 19.8% 18.9%   24.4%  
               

    Net sales of tubular products and services decreased 3% sequentially and 16% year on year. Sequentially volumes sold decreased 3% while average selling prices decreased less than 1% as a favorable product mix offset price declines in North America. Sequentially, in North America sales declined due to lower prices throughout the region and lower activity in Mexico. In South America sales increased as higher sales in Brazil with shipments to the Raia pipeline and a recovery of OCTG offset lower sales for pipelines and the industrial market in Argentina. In Europe sales increased due to shipments to the Sakarya offshore line pipe project and higher sales of OCTG in Turkey. In Asia Pacific, Middle East and Africa sales declined due to lower sales in Saudi Arabia upon completion of inventory replenishment program and lower activity, partially offset by an increase in sales to the UAE.

    Operating results from tubular products and services amounted to a gain of $533 million in the fourth quarter of 2024 compared to a gain of $527 million in the previous quarter and a gain of $780 million in the fourth quarter of 2023. This quarter’s operating income includes a $67 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas. Excluding this gain Tubes operating income would have amounted to $467 million (17.3% of sales) in the fourth quarter, a 12% sequential reduction following the decline in sales and margins. Margins declined due to the decline in prices and a more costly product mix.

    Others

    The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:

    Others 4Q 2024 3Q 2024 4Q 2023
    Net sales ($ million) 150 125 20% 217 (31%)
    Operating income ($ million) 25 10 156% 39 (36%)
    Operating margin (% of sales) 16.8% 7.9%   18.1%  
               

    Net sales of other products and services increased 20% sequentially and decreased 31% year on year. Sequentially, sales increased mainly due to higher sales of oil services in Argentina and coiled tubing.

    Selling, general and administrative expenses, or SG&A, amounted to $446 million, or 15.7% of net sales, in the fourth quarter of 2024, compared to $454 million, 15.6% in the previous quarter and $471 million, 13.8% in the fourth quarter of 2023. Sequentially, the decline in SG&A is mainly due to lower shipment costs due to a reduction in volumes shipped.

    Other operating results amounted to a net gain of $81 million in the fourth quarter of 2024, compared to a gain of $11 million in the previous quarter and a $5 million loss in the fourth quarter of 2023. The fourth quarter of 2024 includes a $67 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas.

    Financial results amounted to a gain of $48 million in the fourth quarter of 2024, compared to a gain of $48 million in the previous quarter and a gain of $93 million in the fourth quarter of 2023. Financial result of the quarter is mainly attributable to a $42 million net finance income from the net return of our portfolio investments.

    Equity in earnings of non-consolidated companies generated a gain of $35 million in the fourth quarter of 2024, compared to a gain of $8 million in the previous quarter and a gain of $57 million in the fourth quarter of 2023. These results are mainly derived from our participation in Ternium (NYSE:TX). During the fourth quarter of 2024 the result from Ternium´s investment includes a $43 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas.

    Income tax charge amounted to $123 million in the fourth quarter of 2024, compared to $134 million in the previous quarter and $177 million in the fourth quarter of 2023.

    Cash Flow and Liquidity of 2024 Fourth Quarter

    Net cash generated by operating activities during the fourth quarter of 2024 was $492 million, compared to $552 million in the previous quarter and $0.8 billion in the fourth quarter of 2023. During the fourth quarter of 2024 cash generated by operating activities includes a net working capital increase of $37 million.

    With capital expenditures of $182 million, our free cash flow amounted to $310 million during the quarter. Following a dividend payment of $299 million and share buybacks of $454 million in the quarter, our net cash position amounted to $3.6 billion at December 31, 2024.

    Analysis of 2024 Annual Results

    The following table shows our net sales by business segment for the periods indicated below:

    Net sales ($ million) 12M 2024
    		 12M 2023
    		 Increase/(Decrease)
    Tubes 11,907 95% 14,185 95% (16%)
    Others 617 5% 684 5% (10%)
    Total 12,524   14,869   (16%)
               

    Tubes

    The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:

    Tubes Sales volume (thousand metric tons) 12M 2024 12M 2023 Increase/(Decrease)
    Seamless 3,077 3,189 (4%)
    Welded 852 953 (11%)
    Total 3,928 4,141 (5%)
           

    The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:

    Tubes 12M 2024 12M 2023 Increase/(Decrease)
    (Net sales – $ million)      
    North America 5,432 7,572 (28%)
    South America 2,294 3,067 (25%)
    Europe 1,143 1,055 8%
    Asia Pacific, Middle East and Africa 3,038 2,491 22%
    Total net sales ($ million) 11,907 14,185 (16%)
    Services performed on third party tubes ($ million) 484 165 193%
    Operating income ($ million) 2,305 4,183 (45%)
    Operating margin (% of sales) 19.4% 29.5%  
           

    Net sales of tubular products and services decreased 16% to $11,907 million in 2024, compared to $14,185 million in 2023 due to a 5% decrease in volumes and a 12% decrease in average selling prices, primarily reflecting a decline in market prices for our tubular products used in onshore drilling applications in the Americas, lower drilling activity in Mexico and Colombia, lower shipments for pipeline projects in Argentina and lower sales of mechanical pipes in Europe. On the other hand, sales in the Middle East reached a record level as Saudi Aramco replenished OCTG stocks and increased gas drilling activity.

    Operating results from tubular products and services amounted to a gain of $2,305 million in 2024 compared to a gain of $4,183 million in 2023. The decline in operating results is mainly due to the decline in average selling prices and the corresponding impact on sales and margins. Additionally, in 2024 our Tubes operating income includes a charge of $107 million from the provision for the ongoing litigation related to the acquisition of a participation in Usiminas, included in other operating expenses.

    Others

    The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:

    Others 12M 2024 12M 2023 Increase/(Decrease)
    Net sales ($ million) 617 684 (10%)
    Operating income ($ million) 113 133 (15%)
    Operating margin (% of sales) 18.4% 19.5%  
           

    Net sales of other products and services decreased 10% to $617 million in 2024, compared to $684 million in 2023.

    Operating results from other products and services amounted to a gain of $113 million in 2024, compared to a gain of $133 million in 2023.

    Selling, general and administrative expenses, or SG&A, amounted to $1,905 million in 2024, representing 15.2% of sales, and $1,919 million in 2023, representing 12.9% of sales. SG&A expenses increased as a percentage of sales due to the 16% decline in revenues, mainly due to lower Tubes average selling prices and an increase of fixed costs.

    Other operating results amounted to a loss of $65 million in 2024, compared to a gain of $36 million in 2023. In 2024 we recorded a $107 million loss from provision for the ongoing litigation related to the acquisition of a participation in Usiminas. In 2023 other operating income includes a non-recurring gain of $33 million corresponding to the transfer of the awards related to the Company’s Venezuelan nationalized assets.

    Financial results amounted to a gain of $129 million in 2024, compared to a gain of $221 million in 2023. While net finance income increased due to a higher net financial position, net foreign exchange results decreased significantly in respect to the previous year.

    Equity in earnings of non-consolidated companies generated a gain of $9 million in 2024, compared to a gain of $95 million in 2023. These results were mainly derived from our equity investment in Ternium (NYSE:TX) and in 2024 were negatively affected by a $43 million loss from the provision for the ongoing litigation related to the acquisition of a participation in Usiminas on our Ternium investment.

    Income tax amounted to a charge of $480 million in 2024, compared to $675 million in 2023. The lower income tax charge mainly reflects the reduction in results at several subsidiaries.

    Cash Flow and Liquidity of 2024

    Net cash provided by operating activities in 2024 amounted to $2.9 billion (including a reduction in working capital of $287 million), compared to cash provided by operations of $4.4 billion (including a reduction in working capital of $182 million) in 2023.

    Capital expenditures amounted to $694 million in 2024, compared to $619 million in 2023. Free cash flow amounted to $2.2 billion in 2024, compared to $3.8 billion in 2023.

    Following dividend payments of $758 million and share buybacks of $1.4 billion during 2024, our net cash position amounted to $3.6 billion at December 31, 2024.

    Conference call

    Tenaris will hold a conference call to discuss the above reported results, on February 20, 2025, at 08:00 a.m. (Eastern Time). Following a brief summary, the conference call will be opened to questions.

    To listen to the conference please join through one of the following options:
    ir.tenaris.com/events-and-presentations or
    https://edge.media-server.com/mmc/p/p836i5mj 

    If you wish to participate in the Q&A session please register at the following link:

    https://register.vevent.com/register/BIb7ae4609ff564d95a338d90813a3c8cc 

    Please connect 10 minutes before the scheduled start time.

    A replay of the conference call will also be available on our webpage at: ir.tenaris.com/events-and-presentations

    Some of the statements contained in this press release are “forward-looking statements”. Forward-looking statements are based on management’s current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.

    Consolidated Income Statement

    (all amounts in thousands of U.S. dollars) Three-month period ended
    December 31,    		 Twelve-month period ended
    December 31,
      2024 2023 2024 2023
             
    Net sales 2,845,226 3,414,930 12,523,934 14,868,860
    Cost of sales (1,922,263) (2,120,591) (8,135,489) (8,668,915)
    Gross profit 922,963 1,294,339 4,388,445 6,199,945
    Selling, general and administrative expenses (445,988) (470,542) (1,904,828) (1,919,307)
    Other operating income 18,483 1,468 60,650 53,043
    Other operating expenses 62,919 (6,302) (125,418) (17,273)
    Operating income 558,377 818,963 2,418,849 4,316,408
    Finance income 51,331 63,621 242,319 213,474
    Finance cost (8,928) (19,759) (61,212) (106,862)
    Other financial results 5,777 49,249 (52,051) 114,365
    Income before equity in earnings of non-consolidated companies and income tax 606,557 912,074 2,547,905 4,537,385
    Equity in earnings of non-consolidated companies 35,283 56,859 8,548 95,404
    Income before income tax 641,840 968,933 2,556,453 4,632,789
    Income tax (122,709) 176,848 (479,680) (674,956)
    Income for the period 519,131 1,145,781 2,076,773 3,957,833
             
    Attributable to:        
    Shareholders’ equity 516,213 1,129,098 2,036,445 3,918,065
    Non-controlling interests 2,918 16,683 40,328 39,768
      519,131 1,145,781 2,076,773 3,957,833
             

    Consolidated Statement of Financial Position

    (all amounts in thousands of U.S. dollars) At December 31, 2024   At December 31, 2023
             
    ASSETS          
    Non-current assets          
    Property, plant and equipment, net 6,121,471     6,078,179  
    Intangible assets, net 1,357,749     1,377,110  
    Right-of-use assets, net 148,868     132,138  
    Investments in non-consolidated companies 1,543,657     1,608,804  
    Other investments 1,005,300     405,631  
    Deferred tax assets 831,298     789,615  
    Receivables, net 205,602 11,213,945   185,959 10,577,436
    Current assets          
    Inventories, net 3,709,942     3,921,097  
    Receivables and prepayments, net 179,614     181,368  
    Current tax assets 332,621     256,401  
    Contract assets 50,757     47,451  
    Trade receivables, net 1,907,507     2,480,889  
    Derivative financial instruments 7,484     9,801  
    Other investments 2,372,999     1,969,631  
    Cash and cash equivalents 675,256 9,236,180   1,637,821 10,504,459
    Total assets   20,450,125     21,081,895
    EQUITY          
    Shareholders’ equity   16,593,257     16,842,972
    Non-controlling interests   220,578     187,465
    Total equity   16,813,835     17,030,437
    LIABILITIES          
    Non-current liabilities          
    Borrowings 11,399     48,304  
    Lease liabilities 100,436     96,598  
    Derivative financial instruments –     255  
    Deferred tax liabilities 503,941     631,605  
    Other liabilities 301,751     271,268  
    Provisions 82,106 999,633   101,453 1,149,483
    Current liabilities          
    Borrowings 425,999     535,133  
    Lease liabilities 44,490     37,835  
    Derivative financial instruments 8,300     10,895  
    Current tax liabilities 366,292     488,277  
    Other liabilities 585,775     422,645  
    Provisions 119,344     35,959  
    Customer advances 206,196     263,664  
    Trade payables 880,261 2,636,657   1,107,567 2,901,975
    Total liabilities   3,636,290     4,051,458
    Total equity and liabilities   20,450,125     21,081,895
               

    Consolidated Statement of Cash Flows

      Three-month period ended
    December 31,    		 Twelve-month period ended
    December 31,
    (all amounts in thousands of U.S. dollars) 2024 2023 2024 2023
             
    Cash flows from operating activities        
    Income for the period 519,131 1,145,781 2,076,773 3,957,833
    Adjustments for:        
    Depreciation and amortization 167,781 156,347 632,854 548,510
    Bargain purchase gain – – (2,211) (3,162)
    Income tax accruals less payments (160) (277,559) (222,510) (143,391)
    Equity in earnings of non-consolidated companies (35,283) (56,859) (8,548) (95,404)
    Interest accruals less payments, net 7,246 (8,554) (1,067) (53,480)
    Provision for the ongoing litigation related to the acquisition of participation in Usiminas (87,975) – 89,371 –
    Changes in provisions (19,808) (651) (25,155) 21,284
    Reclassification of currency translation adjustment reserve – (878) – (878)
    Changes in working capital (36,604) (65,697) 286,917 182,428
    Others, including net foreign exchange differences (22,100) (56,195) 39,794 (18,667)
    Net cash provided by operating activities 492,228 835,735 2,866,218 4,395,073
             
    Cash flows from investing activities        
    Capital expenditures (181,870) (166,820) (693,956) (619,445)
    Changes in advance to suppliers of property, plant and equipment 5,092 834 (10,391) 1,736
    Acquisition of subsidiaries, net of cash acquired – (161,238) 31,446 (265,657)
    Other investments at fair value – (1,126) – (1,126)
    Additions to associated companies – – – (22,661)
    Loan to joint ventures (1,414) (1,092) (5,551) (3,754)
    Proceeds from disposal of property, plant and equipment and intangible assets 9,646 3,858 28,963 12,881
    Dividends received from non-consolidated companies 20,674 25,268 73,810 68,781
    Changes in investments in securities 458,407 740,153 (821,478) (1,857,272)
    Net cash provided by (used in) investing activities 310,535 439,837 (1,397,157) (2,686,517)
             
    Cash flows from financing activities        
    Dividends paid (299,230) (235,128) (757,786) (636,511)
    Dividends paid to non-controlling interest in subsidiaries – – (5,862) (18,967)
    Changes in non-controlling interests 28 – 1,143 3,772
    Acquisition of treasury shares (454,462) (213,739) (1,439,589) (213,739)
    Payments of lease liabilities (17,248) (15,524) (68,574) (51,492)
    Proceeds from borrowings 344,222 365,455 1,870,666 1,723,677
    Repayments of borrowings (382,656) (406,774) (1,999,427) (1,931,747)
    Net cash used in financing activities (809,346) (505,711) (2,399,429) (1,125,007)
             
    (Decrease) increase in cash and cash equivalents (6,583) 769,861 (930,368) 583,549
             
    Movement in cash and cash equivalents        
    At the beginning of the year 681,306 864,012 1,616,597 1,091,433
    Effect of exchange rate changes (13,925) (17,276) (25,431) (58,385)
    (Decrease) increase in cash and cash equivalents (6,583) 769,861 (930,368) 583,549
    At December 31, 660,798 1,616,597 660,798 1,616,597
             

    Exhibit I – Alternative performance measures

    Alternative performance measures should be considered in addition to, not as substitute for or superior to, other measures of financial performance prepared in accordance with IFRS.

    EBITDA, Earnings before interest, tax, depreciation and amortization.

    EBITDA provides an analysis of the operating results excluding depreciation and amortization and impairments, as they are recurring non-cash variables which can vary substantially from company to company depending on accounting policies and the accounting value of the assets. EBITDA is an approximation to pre-tax operating cash flow and reflects cash generation before working capital variation. EBITDA is widely used by investors when evaluating businesses (multiples valuation), as well as by rating agencies and creditors to evaluate the level of debt, comparing EBITDA with net debt.

    EBITDA is calculated in the following manner:

    EBITDA = Net income for the period + Income tax charges +/- Equity in Earnings (losses) of non-consolidated companies +/- Financial results + Depreciation and amortization +/- Impairment charges/(reversals).

    EBITDA is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) Three-month period ended
    December 31,    		 Twelve-month period ended
    December 31,
      2024 2023 2024 2023
    Income for the period 519,131 1,145,781 2,076,773 3,957,833
    Income tax charge / (credit) 122,709 (176,848) 479,680 674,956
    Equity in earnings of non-consolidated companies (35,283) (56,859) (8,548) (95,404)
    Financial results (48,180) (93,111) (129,056) (220,977)
    Depreciation and amortization 167,781 156,347 632,854 548,510
    EBITDA 726,158 975,310 3,051,703 4,864,918
             

    Free Cash Flow

    Free cash flow is a measure of financial performance, calculated as operating cash flow less capital expenditures. FCF represents the cash that a company is able to generate after spending the money required to maintain or expand its asset base.

    Free cash flow is calculated in the following manner:

    Free cash flow = Net cash (used in) provided by operating activities – Capital expenditures.

    Free cash flow is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) Three-month period ended
    December 31,    		 Twelve-month period ended
    December 31,
      2024 2023 2024 2023
    Net cash provided by operating activities 492,228 835,735 2,866,218 4,395,073
    Capital expenditures (181,870) (166,820) (693,956) (619,445)
    Free cash flow 310,358 668,915 2,172,262 3,775,628
             

    Net Cash / (Debt)

    This is the net balance of cash and cash equivalents, other current investments and fixed income investments held to maturity less total borrowings. It provides a summary of the financial solvency and liquidity of the company. Net cash / (debt) is widely used by investors and rating agencies and creditors to assess the company’s leverage, financial strength, flexibility and risks.

    Net cash/ debt is calculated in the following manner:

    Net cash = Cash and cash equivalents + Other investments (Current and Non-Current)+/- Derivatives hedging borrowings and investments – Borrowings (Current and Non-Current).

    Net cash/debt is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) At December 31,
      2024 2023
    Cash and cash equivalents 675,256 1,637,821
    Other current investments 2,372,999 1,969,631
    Non-current investments 998,251 398,220
    Current borrowings (425,999) (535,133)
    Non-current borrowings (11,399) (48,304)
    Net cash / (debt) 3,609,108 3,422,235
         

    Operating working capital days

    Operating working capital is the difference between the main operating components of current assets and current liabilities. Operating working capital is a measure of a company’s operational efficiency, and short-term financial health.

    Operating working capital days is calculated in the following manner:

    Operating working capital days = [(Inventories + Trade receivables – Trade payables – Customer advances) / Annualized quarterly sales ] x 365.

    Operating working capital days is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) Three-month period ended December 31,
      2024 2023
    Inventories 3,709,942 3,921,097
    Trade receivables 1,907,507 2,480,889
    Customer advances (206,196) (263,664)
    Trade payables (880,261) (1,107,567)
    Operating working capital 4,530,992 5,030,755
    Annualized quarterly sales 11,380,904 13,659,720
    Operating working capital 145 134
         

    Giovanni Sardagna        
    Tenaris
    1-888-300-5432
    www.tenaris.com

    The MIL Network –

  • MIL-OSI: Ansys Announces Q4 and FY 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    / Q4 2024 Results

    • Revenue of $882.2 million
    • GAAP diluted earnings per share of $3.21 and non-GAAP diluted earnings per share of $4.44
    • GAAP operating profit margin of 40.3% and non-GAAP operating profit margin of 53.3%
    • Operating cash flows of $258.0 million and unlevered operating cash flows of $266.8 million
    • Annual contract value (ACV) of $1,094.6 million

    /FY 2024 Results

    • Revenue of $2,544.8 million
    • GAAP diluted earnings per share of $6.55 and non-GAAP diluted earnings per share of $10.91
    • GAAP operating profit margin of 28.2% and non-GAAP operating profit margin of 45.7%
    • Operating cash flows of $795.7 million and unlevered operating cash flows of $834.6 million
    • ACV of $2,563.0 million
    • Deferred revenue and backlog of $1,718.3 million on December 31, 2024

    PITTSBURGH, Feb. 19, 2025 (GLOBE NEWSWIRE) — ANSYS, Inc. (NASDAQ: ANSS), today reported fourth quarter 2024 revenue of $882.2 million, an increase of 10% in reported currency, or 11% in constant currency, when compared to the fourth quarter of 2023. For FY 2024, revenue growth was 12% in reported currency, or 13% in constant currency, when compared to FY 2023. For the fourth quarter of 2024, the Company reported diluted earnings per share of $3.21 and $4.44 on a GAAP and non-GAAP basis, respectively, compared to $3.14 and $3.94 on a GAAP and non-GAAP basis, respectively, for the fourth quarter of 2023. For FY 2024, the Company reported diluted earnings per share of $6.55 and $10.91 on a GAAP and non-GAAP basis, respectively, compared to $5.73 and $8.80 on a GAAP and non-GAAP basis, respectively, for FY 2023. Additionally, the Company reported fourth quarter and FY 2024 ACV growth of 15% and 11% in reported currency, respectively, or 16% and 13% in constant currency, respectively, when compared to the fourth quarter and FY 2023. Fourth quarter 2024 ACV of $1.1 billion contributed 43% of the full year 2024 ACV while Q1, Q2 and Q3 each contributed 16%, 20% and 21%, respectively. The Company expects double-digit FY 2025 ACV growth.

    As previously announced, on January 15, 2024, Ansys entered into a definitive agreement with Synopsys, Inc. (“Synopsys”) under which Synopsys will acquire Ansys. As previously announced by Synopsys, Ansys and Synopsys have received conditional clearance from the European Commission. The U.K. Competition and Markets Authority provisionally accepted our remedies towards a transaction approval in Phase 1. The State Administration for Market Regulation of the People’s Republic of China has officially accepted our filing, and its review of the proposed transaction is in process. We continue to work with the regulators in other relevant jurisdictions to conclude their reviews. The transaction is anticipated to close in the first half of 2025, subject to the receipt of required regulatory approvals and other customary closing conditions. As previously announced, in light of the pending transaction with Synopsys, Ansys has suspended quarterly earnings conference calls and no longer provides quarterly or annual guidance.

    The non-GAAP financial results highlighted represent non-GAAP financial measures. Reconciliations of these measures to the comparable GAAP measures can be found later in this release.
     

    / Summary of Financial Results

    Ansys’ fourth quarter and fiscal year (FY) 2024 and 2023 financial results are presented below. The 2024 and 2023 non-GAAP results exclude the income statement effects of stock-based compensation, excess payroll taxes related to stock-based compensation, amortization of acquired intangible assets, expenses related to business combinations and adjustments for the income tax effect of the excluded items.

    Our results are as follows:

      GAAP
    (in thousands, except per share data and percentages) Q4 QTD
    2024    		   Q4 QTD
    2023    		   % Change   FY
    2024    		   FY
    2023    		   % Change
    Revenue $ 882,174     $ 805,108     9.6 %   $ 2,544,809     $ 2,269,949     12.1 %
    Net income $ 282,688     $ 274,762     2.9 %   $ 575,692     $ 500,412     15.0 %
    Diluted earnings per share $ 3.21     $ 3.14     2.2 %   $ 6.55     $ 5.73     14.3 %
    Gross margin   91.8 %     91.3 %         89.0 %     88.0 %    
    Operating profit margin   40.3 %     41.4 %         28.2 %     27.6 %    
    Effective tax rate   21.3 %     15.4 %         19.8 %     15.5 %    
                                           
      Non-GAAP
    (in thousands, except per share data and percentages) Q4 QTD
    2024    		   Q4 QTD
    2023    		   % Change   FY
    2024    		   FY
    2023    		   % Change
    Net income $ 391,044     $ 345,317     13.2 %   $ 959,252     $ 769,308     24.7 %
    Diluted earnings per share $ 4.44     $ 3.94     12.7 %   $ 10.91     $ 8.80     24.0 %
    Gross margin   94.6 %     94.3 %         93.1 %     92.2 %    
    Operating profit margin   53.3 %     53.0 %         45.7 %     42.6 %    
    Effective tax rate   17.5 %     17.5 %         17.5 %     17.5 %    
                                           
      Other Metrics
    (in thousands, except percentages) Q4 QTD
    2024    		   Q4 QTD
    2023    		   % Change   FY
    2024    		   FY
    2023    		   % Change
    ACV $   1,094,552   $   955,161   14.6 %   $ 2,563,029   $ 2,300,466   11.4 %
    Operating cash flows $   257,973   $   232,722   10.9 %   $    795,740   $    717,122   11.0 %
    Unlevered operating cash flows $   266,777   $   242,848   9.9 %   $    834,582   $    755,129   10.5 %
                                       

    / Key Long-Term Metrics

    The Company’s long-term outlook covering the years 2022 through 2025 provided at the 2022 Investor Update has been suspended given the pending transaction with Synopsys. Below is a summary of key metrics covering the years 2022 through 2024.

    • Consistent double-digit ACV growth with a 2022 through 2024 CAGR of 12.3% at actual exchange rates and 13.0% at 2022 exchange rates.
    • Unlevered operating cash flows grew faster than ACV with a 2022 through 2024 CAGR of 13.5%.
    • With FY 2024 unlevered operating cash flows of $834.6 million, cumulative 3-year unlevered operating cash flows (FY 2022 to 2024) are $2.2 billion.
    • Note: 2024 unlevered operating cash flows includes $28.2 million of cash outflows primarily associated with the pending transaction with Synopsys.
    Supplemental Financial Information

    / Annual Contract Value

    (in thousands, except percentages) Q4 QTD
    2024    		   Q4 QTD 2024 in Constant Currency   Q4 QTD
    2023    		   % Change   % Change in
    Constant Currency
    ACV $    1,094,552   $      1,110,711   $        955,161   14.6 %   16.3 %
                       
    (in thousands, except percentages) FY
    2024    		   FY 2024 in
    Constant Currency    		   FY
    2023    		   % Change   % Change in
    Constant Currency
    ACV $    2,563,029   $      2,593,819   $    2,300,466   11.4 %   12.8 %
                                 

    *Subscription lease ACV includes the bundled arrangement of time-based licenses with related maintenance.
    **Perpetual and service ACV includes perpetual licenses, with related maintenance, and services.

    Recurring ACV includes both subscription lease ACV and all maintenance ACV (including maintenance from perpetual licenses). It excludes perpetual license ACV and service ACV.

      

    / Revenue

    (in thousands, except percentages) Q4 QTD
    2024    		   Q4 QTD 2024 in Constant Currency   Q4 QTD
    2023    		   % Change   % Change in
    Constant Currency
    Revenue $        882,174   $         893,996   $        805,108   9.6 %   11.0 %
                       
    (in thousands, except percentages) FY
    2024    		   FY 2024 in
    Constant Currency    		   FY
    2023    		   % Change   % Change in
    Constant Currency
    Revenue $    2,544,809   $     2,570,207   $    2,269,949   12.1 %   13.2 %
                                 
    REVENUE BY LICENSE TYPE
                           
    (in thousands, except percentages) Q4 QTD
    2024    		   % of Total   Q4 QTD
    2023    		   % of Total   % Change   % Change in Constant Currency
    Subscription Lease $        441,120   50.0 %   $        399,556   49.6 %   10.4 %   12.1 %
    Perpetual            102,295   11.6 %              102,721   12.8 %   (0.4)%   1.7 %
    Maintenance1            319,381   36.2 %              283,130   35.2 %   12.8 %   13.8 %
    Service              19,378   2.2 %                19,701   2.4 %   (1.6)%   (1.2)%
    Total $        882,174       $        805,108       9.6 %   11.0 %
                           
                           
    (in thousands, except percentages) FY
    2024    		   % of Total   FY
    2023    		   % of Total   % Change   % Change in Constant Currency
    Subscription Lease $        948,831   37.3 %   $        786,050   34.6 %   20.7 %   22.1 %
    Perpetual            315,085   12.4 %              302,698   13.3 %   4.1 %   5.1 %
    Maintenance1         1,209,217   47.5 %           1,103,523   48.6 %   9.6 %   10.6 %
    Service              71,676   2.8 %                77,678   3.4 %   (7.7)%   (7.4)%
    Total $    2,544,809       $    2,269,949       12.1 %   13.2 %
                                   

    1Maintenance revenue is inclusive of both maintenance associated with perpetual licenses and the maintenance component of subscription leases.

    REVENUE BY GEOGRAPHY
                           
    (in thousands, except percentages) Q4 QTD
    2024    		   % of Total   Q4 QTD
    2023    		   % of Total   % Change   % Change in Constant Currency
    Americas $        457,752   51.9 %   $        410,681   51.0 %   11.5 %   11.5 %
                           
    Germany              98,527   11.2 %                81,828   10.2 %   20.4 %   24.2 %
    Other EMEA            170,541   19.3 %              155,023   19.3 %   10.0 %   12.2 %
    EMEA            269,068   30.5 %              236,851   29.4 %   13.6 %   16.3 %
                           
    Japan              52,294   5.9 %                61,243   7.6 %   (14.6)%   (11.1)%
    Other Asia-Pacific            103,060   11.7 %                96,333   12.0 %   7.0 %   10.1 %
    Asia-Pacific            155,354   17.6 %              157,576   19.6 %   (1.4)%   1.8 %
                           
    Total $        882,174       $        805,108       9.6 %   11.0 %
                           
                           
    (in thousands, except percentages) FY
    2024    		   % of Total   FY
    2023    		   % of Total   % Change   % Change in Constant Currency
    Americas $    1,297,367   51.0 %   $    1,106,242   48.7 %   17.3 %   17.3 %
                           
    Germany            209,714   8.2 %              199,068   8.8 %   5.3 %   6.6 %
    Other EMEA            445,791   17.5 %              406,719   17.9 %   9.6 %   9.8 %
    EMEA            655,505   25.8 %              605,787   26.7 %   8.2 %   8.8 %
                           
    Japan            184,547   7.3 %              203,013   8.9 %   (9.1)%   (2.1)%
    Other Asia-Pacific            407,390   16.0 %              354,907   15.6 %   14.8 %   16.9 %
    Asia-Pacific            591,937   23.3 %              557,920   24.6 %   6.1 %   10.0 %
                           
    Total $    2,544,809       $    2,269,949       12.1 %   13.2 %
                                   
    REVENUE BY CHANNEL
                   
      Q4 QTD
    2024    		   Q4 QTD
    2023    		   FY
    2024    		   FY
    2023
    Direct revenue, as a percentage of total revenue 79.7 %   74.5 %   75.2 %   73.9 %
    Indirect revenue, as a percentage of total revenue 20.3 %   25.5 %   24.8 %   26.1 %
                           

    / Deferred Revenue and Backlog

    (in thousands) December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023    		   September 30,
    2023
    Current Deferred Revenue $            504,527   $            427,188   $            457,514   $            349,668
    Current Backlog                524,617                  475,604                  439,879                  424,547
    Total Current Deferred Revenue and Backlog            1,029,144                  902,792                  897,393                  774,215
                   
    Long-Term Deferred Revenue                  31,778                    24,150                    22,240                    20,765
    Long-Term Backlog                657,345                  536,855                  552,951                  410,697
    Total Long-Term Deferred Revenue and Backlog                689,123                  561,005                  575,191                  431,462
                   
    Total Deferred Revenue and Backlog $        1,718,267   $        1,463,797   $        1,472,584   $        1,205,677
                           

    / Currency

    The fourth quarter and FY 2024 revenue, operating income, ACV and deferred revenue and backlog, as compared to the fourth quarter and FY 2023, were impacted by fluctuations in the exchange rates of foreign currencies against the U.S. Dollar. The currency fluctuation impacts on revenue, GAAP and non-GAAP operating income, ACV, and deferred revenue and backlog based on 2023 exchange rates are reflected in the tables below. Amounts in brackets indicate an adverse impact from currency fluctuations.

    (in thousands) Q4 QTD
    2024    		   FY
    2024
    Revenue $       (11,822 )   $       (25,398 )
    GAAP operating income $          (9,057 )   $       (19,588 )
    Non-GAAP operating income $          (9,076 )   $       (19,335 )
    ACV $       (16,159 )   $       (30,790 )
    Deferred revenue and backlog $       (38,306 )   $       (40,993 )
                   

    The most meaningful currency impacts are typically attributable to U.S. Dollar exchange rate changes against the Euro and Japanese Yen. Historical exchange rates are reflected in the charts below.

      Period-End Exchange Rates
    As of EUR/USD   USD/JPY
    December 31, 2024                    1.04                       157
    December 31, 2023                    1.10                       141
    December 31, 2022                    1.07                       131
           
      Average Exchange Rates
    Three Months Ended EUR/USD   USD/JPY
    December 31, 2024                    1.07                       153
    December 31, 2023                    1.08                       148
           
      Average Exchange Rates
    Twelve Months Ended EUR/USD   USD/JPY
    December 31, 2024                    1.08                       151
    December 31, 2023                    1.08                       140
           

    / GAAP Financial Statements

    ANSYS, INC. AND SUBSIDIARIES
    Condensed Consolidated Balance Sheets
    (Unaudited)
    (in thousands) December 31, 2024   December 31, 2023
    ASSETS:      
    Cash & short-term investments $                      1,497,517   $                          860,390
    Accounts receivable, net                          1,022,850                                864,526
    Goodwill                          3,778,128                             3,805,874
    Other intangibles, net                              716,244                                835,417
    Other assets                          1,036,692                                956,668
    Total assets $                      8,051,431   $                      7,322,875
    LIABILITIES & STOCKHOLDERS’ EQUITY:      
    Current deferred revenue $                          504,527   $                          457,514
    Long-term debt                              754,208                                753,891
    Other liabilities                              706,256                                721,106
    Stockholders’ equity                          6,086,440                             5,390,364
    Total liabilities & stockholders’ equity $                      8,051,431   $                      7,322,875
               
    ANSYS, INC. AND SUBSIDIARIES
    Condensed Consolidated Statements of Income
    (Unaudited)
      Three Months Ended   Twelve Months Ended
    (in thousands, except per share data) December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023
    Revenue:              
    Software licenses $                   543,415     $                   502,277     $               1,263,916     $           1,088,748  
    Maintenance and service                       338,759                           302,831                        1,280,893                   1,181,201  
    Total revenue                       882,174                           805,108                        2,544,809                   2,269,949  
    Cost of sales:              
    Software licenses                         12,947                             10,909                             45,367                         40,004  
    Amortization                         21,801                             20,586                             88,560                         80,990  
    Maintenance and service                         37,940                             38,554                           145,892                       150,304  
    Total cost of sales                         72,688                             70,049                           279,819                       271,298  
    Gross profit                       809,486                           735,059                        2,264,990                   1,998,651  
    Operating expenses:              
    Selling, general and administrative                       314,009                           269,857                           995,340                       855,135  
    Research and development                       134,259                           126,288                           528,014                       494,869  
    Amortization                            5,623                                5,914                             23,748                         22,512  
    Total operating expenses                       453,891                           402,059                        1,547,102                   1,372,516  
    Operating income                       355,595                           333,000                           717,888                       626,135  
    Interest income                         14,636                                7,199                             51,131                         19,588  
    Interest expense                        (10,924 )                          (12,551 )                          (47,849 )                     (47,145 )
    Other expense, net                               (14 )                            (2,876 )                            (3,132 )                       (6,440 )
    Income before income tax provision                       359,293                           324,772                           718,038                       592,138  
    Income tax provision                         76,605                             50,010                           142,346                         91,726  
    Net income $                   282,688     $                   274,762     $                   575,692     $              500,412  
    Earnings per share – basic:              
    Earnings per share $                          3.23     $                          3.16     $                          6.59     $                     5.76  
    Weighted average shares                         87,455                             86,888                             87,313                         86,833  
    Earnings per share – diluted:              
    Earnings per share $                          3.21     $                          3.14     $                          6.55     $                     5.73  
    Weighted average shares                         88,137                             87,541                             87,895                         87,386  
                                   

    / Glossary of Terms

    Annual Contract Value (ACV): ACV is a key performance metric and is useful to investors in assessing the strength and trajectory of our business. ACV is a supplemental metric to help evaluate the annual performance of the business. Over the life of the contract, ACV equals the total value realized from a customer. ACV is not impacted by the timing of license revenue recognition. ACV is used by management in financial and operational decision-making and in setting sales targets used for compensation. ACV is not a replacement for, and should be viewed independently of, GAAP revenue and deferred revenue as ACV is a performance metric and is not intended to be combined with any of these items. There is no GAAP measure comparable to ACV. ACV is composed of the following:

    • the annualized value of maintenance and subscription lease contracts with start dates or anniversary dates during the period, plus
    • the value of perpetual license contracts with start dates during the period, plus
    • the annualized value of fixed-term services contracts with start dates or anniversary dates during the period, plus
    • the value of work performed during the period on fixed-deliverable services contracts.

    When we refer to the anniversary dates in the definition of ACV above, we are referencing the date of the beginning of the next twelve-month period in a contractually committed multi-year contract. If a contract is three years in duration, with a start date of July 1, 2024, the anniversary dates would be July 1, 2025 and July 1, 2026. We label these anniversary dates as they are contractually committed. While this contract would be up for renewal on July 1, 2027, our ACV performance metric does not assume any contract renewals.

    Example 1: For purposes of calculating ACV, a $100,000 subscription lease contract or a $100,000 maintenance contract with a term of July 1, 2024 – June 30, 2025, would each contribute $100,000 to ACV for fiscal year 2024 with no contribution to ACV for fiscal year 2025.

    Example 2: For purposes of calculating ACV, a $300,000 subscription lease contract or a $300,000 maintenance contract with a term of July 1, 2024 – June 30, 2027, would each contribute $100,000 to ACV in each of fiscal years 2024, 2025 and 2026. There would be no contribution to ACV for fiscal year 2027 as each period captures the full annual value upon the anniversary date.

    Example 3: A perpetual license valued at $200,000 with a contract start date of March 1, 2024 would contribute $200,000 to ACV in fiscal year 2024.

    Backlog: Deferred revenue associated with installment billings for periods beyond the current quarterly billing cycle and committed contracts with start dates beyond the end of the current period.

    Deferred Revenue: Billings made or payments received in advance of revenue recognition.

    Subscription Lease or Time-Based License: A license of a stated product of our software that is granted to a customer for use over a specified time period, which can be months or years in length. In addition to the use of the software, the customer is provided with access to maintenance (unspecified version upgrades and technical support) without additional charge. The revenue related to these contracts is recognized ratably over the contract period for the maintenance portion and up front for the license portion.

    Perpetual / Paid-Up License: A license of a stated product and version of our software that is granted to a customer for use in perpetuity. The revenue related to this type of license is recognized up front.

    Maintenance: A contract, typically one year in duration, that is purchased by the owner of a perpetual license and that provides access to unspecified version upgrades and technical support during the duration of the contract. The revenue from these contracts is recognized ratably over the contract period.

    / Reconciliations of GAAP to Non-GAAP Measures (Unaudited)

      Three Months Ended
      December 31, 2024
    (in thousands, except percentages and per share data) Gross Profit   % of Revenue   Operating Income   % of Revenue   Net Income   EPS – Diluted1
    Total GAAP $      809,486   91.8 %   $      355,595   40.3 %   $    282,688     $        3.21  
    Stock-based compensation expense               3,635   0.4 %              73,016   8.2 %             73,016                 0.83  
    Excess payroll taxes related to stock-based awards                     39   — %                1,272   0.2 %               1,272                 0.01  
    Amortization of intangible assets from acquisitions             21,801   2.4 %              27,424   3.1 %             27,424                 0.31  
    Expenses related to business combinations                     —   — %              12,988   1.5 %             12,988                 0.15  
    Adjustment for income tax effect                     —   — %                      —   — %             (6,344 )             (0.07 )
    Total non-GAAP $      834,961   94.6 %   $      470,295   53.3 %   $    391,044     $        4.44  
                                           

    1 Diluted weighted average shares were 88,137.

      Three Months Ended
      December 31, 2023
    (in thousands, except percentages and per share data) Gross Profit   % of Revenue   Operating Income   % of Revenue   Net Income   EPS – Diluted1
    Total GAAP $      735,059   91.3 %   $     333,000   41.4 %   $    274,762     $        3.14  
    Stock-based compensation expense               3,413   0.4 %              63,358   7.9 %             63,358                 0.73  
    Excess payroll taxes related to stock-based awards                       4   — %                   271   — %                  271                    —  
    Amortization of intangible assets from acquisitions             20,586   2.6 %              26,500   3.3 %             26,500                 0.30  
    Expenses related to business combinations                     —   — %                3,664   0.4 %               3,664                 0.04  
    Adjustment for income tax effect                     —   — %                      —   — %           (23,238 )             (0.27 )
    Total non-GAAP $      759,062   94.3 %   $     426,793   53.0 %   $    345,317     $        3.94  
                                           

    1 Diluted weighted average shares were 87,541.

      Twelve Months Ended
      December 31, 2024
    (in thousands, except percentages and per share data) Gross Profit   % of Revenue   Operating Income   % of Revenue   Net Income   EPS – Diluted1
    Total GAAP $   2,264,990   89.0 %   $     717,888   28.2 %   $    575,692     $        6.55  
    Stock-based compensation expense             14,313   0.6 %           270,900   10.7 %           270,900                 3.08  
    Excess payroll taxes related to stock-based awards                  506   — %                8,643   0.3 %               8,643                 0.10  
    Amortization of intangible assets from acquisitions             88,560   3.5 %           112,308   4.4 %           112,308                 1.28  
    Expenses related to business combinations                     —   — %             52,841   2.1 %             52,841                 0.60  
    Adjustment for income tax effect                     —   — %                      —   — %           (61,132 )             (0.70 )
    Total non-GAAP $   2,368,369   93.1 %   $ 1,162,580   45.7 %   $    959,252     $      10.91  
                                           

    1 Diluted weighted average shares were 87,895.

      Twelve Months Ended
      December 31, 2023
    (in thousands, except percentages and per share data) Gross Profit   % of Revenue   Operating Income   % of Revenue   Net Income   EPS – Diluted1
    Total GAAP $   1,998,651   88.0 %   $     626,135   27.6 %   $    500,412     $        5.73  
    Stock-based compensation expense             13,337   0.6 %           221,891   9.9 %           221,891                 2.54  
    Excess payroll taxes related to stock-based awards                  307   0.1 %                5,541   0.2 %               5,541                 0.06  
    Amortization of intangible assets from acquisitions             80,990   3.5 %           103,502   4.5 %           103,502                 1.18  
    Expenses related to business combinations                     —   — %                9,422   0.4 %               9,422                 0.11  
    Adjustment for income tax effect                     —   — %                      —   — %           (71,460 )             (0.82 )
    Total non-GAAP $   2,093,285   92.2 %   $     966,491   42.6 %   $    769,308     $        8.80  
                                           

    1 Diluted weighted average shares were 87,386.

      Three Months Ended   Twelve Months Ended
    (in thousands) December 31,
    2024    		   December 31,
    2023    		   December 31,
    2024    		   December 31,
    2023    		   December 31,
    2022
    Net cash provided by operating activities $            257,973     $            232,722     $            795,740     $            717,122     $            631,003  
    Cash paid for interest                  10,671                      12,274                      47,081                      46,069                      20,844  
    Tax benefit                   (1,867 )                     (2,148 )                     (8,239 )                     (8,062 )                     (3,752 )
    Unlevered operating cash flows $            266,777     $            242,848     $            834,582     $            755,129     $            648,095  
                                           

    / Use of Non-GAAP Measures

    We provide non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating income, non-GAAP operating profit margin, non-GAAP net income, non-GAAP diluted earnings per share and unlevered operating cash flows as supplemental measures to GAAP regarding our operational performance. These financial measures exclude the impact of certain items and, therefore, have not been calculated in accordance with GAAP. A detailed explanation of each of the adjustments to these financial measures is described below. This press release also contains a reconciliation of each of these non-GAAP financial measures to its most comparable GAAP financial measure, as applicable.

    We use non-GAAP financial measures (a) to evaluate our historical and prospective financial performance as well as our performance relative to our competitors, (b) to set internal sales targets and spending budgets, (c) to allocate resources, (d) to measure operational profitability and the accuracy of forecasting, (e) to assess financial discipline over operational expenditures and (f) as an important factor in determining variable compensation for management and employees. In addition, many financial analysts that follow us focus on and publish both historical results and future projections based on non-GAAP financial measures. We believe that it is in the best interest of our investors to provide this information to analysts so that they accurately report the non-GAAP financial information. Moreover, investors have historically requested, and we have historically reported, these non-GAAP financial measures as a means of providing consistent and comparable information with past reports of financial results.

    While we believe that these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures are not prepared in accordance with GAAP, are not reported by all our competitors and may not be directly comparable to similarly titled measures of our competitors due to potential differences in the exact method of calculation. We compensate for these limitations by using these non-GAAP financial measures as supplements to GAAP financial measures and by reviewing the reconciliations of the non-GAAP financial measures to their most comparable GAAP financial measures.

    The adjustments to these non-GAAP financial measures, and the basis for such adjustments, are outlined below:

    Amortization of intangible assets from acquisitions. We incur amortization of intangible assets, included in our GAAP presentation of amortization expense, related to various acquisitions we have made. We exclude these expenses for the purpose of calculating non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating income, non-GAAP operating profit margin, non-GAAP net income and non-GAAP diluted earnings per share when we evaluate our continuing operational performance because these costs are fixed at the time of an acquisition, are then amortized over a period of several years after the acquisition and generally cannot be changed or influenced by us after the acquisition. Accordingly, we do not consider these expenses for purposes of evaluating our performance during the applicable time period after the acquisition, and we exclude such expenses when making decisions to allocate resources. We believe that these non-GAAP financial measures are useful to investors because they allow investors to (a) evaluate the effectiveness of the methodology and information used by us in our financial and operational decision-making, and (b) compare our past reports of financial results as we have historically reported these non-GAAP financial measures.

    Stock-based compensation expense. We incur expense related to stock-based compensation included in our GAAP presentation of cost of maintenance and service; research and development expense; and selling, general and administrative expense. We also incur excess payroll tax expense related to stock-based compensation, which is an additional non-GAAP adjustment. Although stock-based compensation is an expense and viewed as a form of compensation, we exclude these expenses for the purpose of calculating non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating income, non-GAAP operating profit margin, non-GAAP net income and non-GAAP diluted earnings per share when we evaluate our continuing operational performance. Specifically, we exclude stock-based compensation during our annual budgeting process and our quarterly and annual assessments of our performance. The annual budgeting process is the primary mechanism whereby we allocate resources to various initiatives and operational requirements. Additionally, the annual review by our Board of Directors during which it compares our historical business model and profitability to the planned business model and profitability for the forthcoming year excludes the impact of stock-based compensation. In evaluating the performance of our senior management and department managers, charges related to stock-based compensation are excluded from expenditure and profitability results. In fact, we record stock-based compensation expense into a stand-alone cost center for which no single operational manager is responsible or accountable. In this way, we can review, on a period-to-period basis, each manager’s performance and assess financial discipline over operational expenditures without the effect of stock-based compensation. We believe that these non-GAAP financial measures are useful to investors because they allow investors to (a) evaluate our operating results and the effectiveness of the methodology used by us to review our operating results, and (b) review historical comparability in our financial reporting as well as comparability with competitors’ operating results.

    Expenses related to business combinations. We incur expenses for professional services rendered in connection with acquisitions and divestitures, which are included in our GAAP presentation of selling, general and administrative expense. We also incur other expenses directly related to business combinations, including compensation expenses and concurrent restructuring activities, such as employee severances and other exit costs. These costs are included in our GAAP presentation of selling, general and administrative and research and development expenses. We exclude these acquisition-related expenses for the purpose of calculating non-GAAP operating income, non-GAAP operating profit margin, non-GAAP net income and non-GAAP diluted earnings per share when we evaluate our continuing operational performance, as we generally would not have otherwise incurred these expenses in the periods presented as a part of our operations. We believe that these non-GAAP financial measures are useful to investors because they allow investors to (a) evaluate our operating results and the effectiveness of the methodology used by us to review our operating results, and (b) review historical comparability in our financial reporting as well as comparability with competitors’ operating results.

    Non-GAAP tax provision. We utilize a normalized non-GAAP annual effective tax rate (AETR) to calculate non-GAAP measures. This methodology provides better consistency across interim reporting periods by eliminating the effects of non-recurring items and aligning the non-GAAP tax rate with our expected geographic earnings mix. To project this rate, we analyzed our historic and projected non-GAAP earnings mix by geography along with other factors such as our current tax structure, recurring tax credits and incentives, and expected tax positions. On an annual basis we re-evaluate and update this rate for significant items that may materially affect our projections.

    Unlevered operating cash flows. We make cash payments for the interest incurred in connection with our debt financing which are included in our GAAP presentation of operating cash flows. We exclude this cash paid for interest, net of the associated tax benefit, for the purpose of calculating unlevered operating cash flows. Unlevered operating cash flow is a supplemental non-GAAP measure that we use to evaluate our core operating business. We believe this measure is useful to investors and management because it provides a measure of our cash generated through operating activities independent of the capital structure of the business.

    Non-GAAP financial measures are not in accordance with, or an alternative for, GAAP. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.

    We have provided a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures as listed below:

    GAAP Reporting Measure Non-GAAP Reporting Measure
    Gross Profit Non-GAAP Gross Profit
    Gross Profit Margin Non-GAAP Gross Profit Margin
    Operating Income Non-GAAP Operating Income
    Operating Profit Margin Non-GAAP Operating Profit Margin
    Net Income Non-GAAP Net Income
    Diluted Earnings Per Share Non-GAAP Diluted Earnings Per Share
    Operating Cash Flows Unlevered Operating Cash Flows
       

    Constant currency. In addition to the non-GAAP financial measures detailed above, we use constant currency results for financial and operational decision-making and as a means to evaluate period-to-period comparisons by excluding the effects of foreign currency fluctuations on the reported results. To present this information, the 2024 period results for entities whose functional currency is a currency other than the U.S. Dollar were converted to U.S. Dollars at rates that were in effect for the 2023 comparable period, rather than the actual exchange rates in effect for 2024. Constant currency growth rates are calculated by adjusting the 2024 period reported amounts by the 2024 currency fluctuation impacts and comparing the adjusted amounts to the 2023 comparable period reported amounts. We believe that these non-GAAP financial measures are useful to investors because they allow investors to (a) evaluate the effectiveness of the methodology and information used by us in our financial and operational decision-making, and (b) compare our reported results to our past reports of financial results without the effects of foreign currency fluctuations.

    / About Ansys

    Our Mission: Powering Innovation that Drives Human Advancement™

    When visionary companies need to know how their world-changing ideas will perform, they close the gap between design and reality with Ansys simulation. For more than 50 years, Ansys software has enabled innovators across industries to push boundaries by using the predictive power of simulation. From sustainable transportation to advanced semiconductors, from satellite systems to life-saving medical devices, the next great leaps in human advancement will be powered by Ansys.

    / Forward-Looking Information

    This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). Forward-looking statements are statements that provide current expectations or forecasts of future events based on certain assumptions. Forward-looking statements are subject to risks, uncertainties, and factors relating to our business which could cause our actual results to differ materially from the expectations expressed in or implied by such forward-looking statements.

    Forward-looking statements use words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “likely,” “may,” “outlook,” “plan,” “predict,” “project,” “should,” “target,” or other words of similar meaning. Forward-looking statements include those about market opportunity, including our total addressable market, the proposed transaction with Synopsys, including the expected date of closing and the potential benefits thereof, and other aspects of future operations. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

    The risks associated with the following, among others, could cause actual results to differ materially from those described in any forward-looking statements:

    • our ability to complete the proposed transaction with Synopsys on anticipated terms and timing, including completing the associated divestiture of our PowerArtist RTL business and obtaining regulatory approvals, and other conditions related to the completion of the transaction with Synopsys;
       
    • the realization of the anticipated benefits of the proposed transaction with Synopsys, including potential disruptions to our and Synopsys’ businesses and commercial relationships with others resulting from the announcement, pendency, or completion of the proposed transaction and uncertainty as to the long-term value of Synopsys’ common stock;
       
    • restrictions on our operations during the pendency of the proposed transaction with Synopsys that could impact our ability to pursue certain business opportunities or strategic transactions, including tuck-in M&A;
       
    • adverse conditions in the macroeconomic environment, including inflation, recessionary conditions and volatility in equity and foreign exchange markets;
       
    • political, economic and regulatory uncertainties in the countries and regions in which we operate;
       
    • impacts from tariffs, trade sanctions, export controls or other trade barriers, including export control restrictions and licensing requirements for exports to China;
       
    • impacts resulting from the conflict between Israel and Hamas and other countries and groups in the Middle East, including impacts from changes to diplomatic relations and trade policy between the United States and other countries resulting from the conflict;
       
    • impacts from changes to diplomatic relations and trade policy between the United States and Russia or between the United States and other countries that may support Russia or take similar actions due to the conflict between Russia and Ukraine;
       
    • constrained credit and liquidity due to disruptions in the global economy and financial markets, which may limit or delay availability of credit under our existing or new credit facilities, or which may limit our ability to obtain credit or financing on acceptable terms or at all;
       
    • our ability to timely recruit and retain key personnel in a highly competitive labor market, including potential financial impacts of wage inflation and potential impacts due to the proposed transaction with Synopsys;
       
    • our ability to protect our proprietary technology; cybersecurity threats or other security breaches, including in relation to breaches occurring through our products and an increased level of our activity that is occurring from remote global off-site locations; and disclosure or misuse of employee or customer data whether as a result of a cybersecurity incident or otherwise;
       
    • volatility in our revenue due to the timing, duration and value of multi-year subscription lease contracts; and our reliance on high renewal rates for annual subscription lease and maintenance contracts;
       
    • declines in our customers’ businesses resulting in adverse changes in procurement patterns; disruptions in accounts receivable and cash flow due to customers’ liquidity challenges and commercial deterioration; uncertainties regarding demand for our products and services in the future and our customers’ acceptance of new products; delays or declines in anticipated sales due to reduced or altered sales and marketing interactions with customers; and potential variations in our sales forecast compared to actual sales;
       
    • our ability and our channel partners’ ability to comply with laws and regulations in relevant jurisdictions; and the outcome of contingencies, including legal proceedings, government or regulatory investigations and tax audit cases;
       
    • uncertainty regarding income tax estimates in the jurisdictions in which we operate; and the effect of changes in tax laws and regulations in the jurisdictions in which we operate;
       
    • the quality of our products, including the strength of features, functionality and integrated multiphysics capabilities; our ability to develop and market new products to address the industry’s rapidly changing technology, including the use of artificial intelligence and machine learning in our products as well as the products of our competitors; failures or errors in our products and services; and increased pricing pressure as a result of the competitive environment in which we operate;
       
    • investments in complementary companies, products, services and technologies; our ability to complete and successfully integrate our acquisitions and realize the financial and business benefits of such transactions; and the impact indebtedness incurred in connection with any acquisition could have on our operations;
       
    • investments in global sales and marketing organizations and global business infrastructure, and dependence on our channel partners for the distribution of our products;
       
    • current and potential future impacts of any global health crisis, natural disaster or catastrophe; the actions taken to address these events by our customers, our suppliers, and regulatory authorities; the resulting effects on our business, the global economy and our consolidated financial statements; and other public health and safety risks and related government actions or mandates;
       
    • operational disruptions generally or specifically in connection with transitions to and from remote work environments; and the failure of our technological infrastructure or those of the service providers upon whom we rely including for infrastructure and cloud services;
       
    • our intention to repatriate previously taxed earnings and to reinvest all other earnings of our non-U.S. subsidiaries;
       
    • plans for future capital spending; the extent of corporate benefits from such spending including with respect to customer relationship management; and higher than anticipated costs for research and development or a slowdown in our research and development activities;
       
    • our ability to execute on our strategies related to environmental, social, and governance matters, and meet evolving and varied expectations, including as a result of evolving regulatory and other standards, processes, and assumptions, the pace of scientific and technological developments, increased costs and the availability of requisite financing, and changes in carbon markets; and
       
    • other risks and uncertainties described in our reports filed from time to time with the Securities and Exchange Commission (the SEC).  

    Ansys and any and all ANSYS, Inc. brand, product, service and feature names, logos and slogans are registered trademarks or trademarks of ANSYS, Inc. or its subsidiaries in the United States or other countries. All other brand, product, service and feature names or trademarks are the property of their respective owners.

    Visit https://investors.ansys.com for more information.

    ANSS-F

    Photos accompanying this announcement are available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/771cf00e-f710-44a2-8ccc-01eb3722147f

    https://www.globenewswire.com/NewsRoom/AttachmentNg/463dbc35-5aba-4a20-b2cb-2f5ed540482e

    https://www.globenewswire.com/NewsRoom/AttachmentNg/37428910-76eb-46be-b869-77a96fa55c58

    https://www.globenewswire.com/NewsRoom/AttachmentNg/37a46a1f-16f4-49b3-b28b-7074ac1615f3

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI Global: The success of the Delta Flight 4819 rescue effort highlights the need for co-ordinated responses

    Source: The Conversation – Canada – By Jack L. Rozdilsky, Associate Professor of Disaster and Emergency Management, York University, Canada

    The day after the Delta Flight 4819 crash on Feb. 17 at Toronto Pearson International Airport, the damaged aircraft remained on the runway as the crash investigation ramped up.

    Whether it was due to luck, skill, heroism or aircraft design, the evacuation of passengers took place quickly and everyone aboard the ill-fated flight were able to exit the plane and make it on to the tarmac.

    Post-accident investigations will provide more details about what contributed to the accident, and the strengths and weaknesses of the emergency response. But one point is already obvious: the positive outcome speaks to the importance of the institutions and expertise that keep our aviation system safe overall.

    The response

    The response to Delta Flight 4819 air crash was an example of just how important inter-agency collaboration is in emergency response.

    Within minutes of the crash, not only were the airport’s firefighters on the scene to douse any flames and assist with the rescue of passengers, but other agencies were already providing aid. Mississauga Fire and Emergency Services sent six vehicles to the airport as part of the mutual aid effort.

    The news conference following the accident involving Delta Flight 4819 at Toronto Pearson Airport.

    Ornge, Ontario’s air ambulance system, also sent multiple units to the scene to help transport injured passengers to hospitals, aiding Peel Region paramedics who were also triaging passengers.

    Multiple agencies collaborated to save lives. This collaboration in emergency response isn’t developed on the fly, but instead follows a highly choreographed and practised set of plans.

    Both the airport and partner agencies maintain air crash emergency response plans that lay out the details of how help will be requested, where aid will arrive and how to scale up the response as needed.

    Preparation facilitates response

    A primary reason the air crash response worked so well was preparation. An important component of preparation at airports is regularly testing response plans and operations with specialized full-scale mock disaster exercises.

    In these exercises, airport response personnel work through scenarios that simulate emergencies. Real emergency equipment is tested, volunteer victims participate in search-and-rescue scenarios and theatrical make-up is even used to simulate injuries.

    These exercises serve multiple purposes, including increasing familiarity with the plan for responders and creating real challenges that will help to find any potential weaknesses in the plan before a real event.

    Practice saves lives

    Another less desirable way responses can be improved is for an actual disaster to happen. Actual air crash disasters force plans to be activated, require response actions to be taken, and — ideally — foster adaptive learning through hard-won experience.

    According to data from the Aviation Safety Network, there have been 23 aircraft accidents at or near Pearson Airport since 1939. As a testament to safety at Pearson, no casualties occurred in 18 of those 23 accidents.

    One past significant Pearson crash with no casualties is especially relevant to revisit now. In August 2005, Air France Flight 358 rolled off the runway during landing and caught fire.

    All 309 people on board evacuated and survived. An organizational analysis of the 2005 accident highlighted that the crash investigation report “praised the seamless tracking of events and communication between the parties involved” in response.

    Twenty years later, and Pearson CEO Deborah Flint said the crew, airport emergency workers and first responders mounted a “textbook response” to the Delta incident.

    An investigation begins

    While the immediate response may have been over fairly quickly after passengers were successfully evacuated, the mutual aid and collaboration between agencies will continue in the months ahead.

    The Transportation Safety Board (TSB) has already launched an investigation into the incident. The cockpit voice and flight data recorders have been retrieved from the wreckage, a key aspect in what will be a slow and methodical investigation.

    The integrity of the investigation depends on strong institutions and trust in experts. In the context of air crashes, lessons learned from these investigations are critical to improving airline procedures for maintaining safety, creating better regulation to avoid accidents in the first place and ensuring emergency systems are well prepared.

    Safety in aviation

    According to the most recent TSB data, the 2023 overall air transportation accident rate of 2.8 per 100,000 aircraft movements is among the lowest recorded by the federal agency since it began measuring in 2004.

    Within the first 24 hours after the Delta crash, a pivot from the emergency response phase to the investigation phase took place.

    It’s far too early to speculate on what the ultimate cause of the accident may have been. While learning about what contributed to the crash of Delta Flight 4819 is important, we can also seek comfort in the fact that air travel in Canada continues to be a safe activity for passengers.

    Jack L. Rozdilsky receives support for research communication and public scholarship from York University. He also has received research support from the Canadian Institutes of Health Research.


    – ref. The success of the Delta Flight 4819 rescue effort highlights the need for co-ordinated responses – https://theconversation.com/the-success-of-the-delta-flight-4819-rescue-effort-highlights-the-need-for-co-ordinated-responses-250211

    MIL OSI – Global Reports –

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 19.02.2025

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    19 February 2025 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 19.02.2025

    Espoo, Finland – On 19 February 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 1,396,657 4.74
    CEUX – –
    BATE – –
    AQEU – –
    TQEX – –
    Total 1,396,657 4.74

    * Rounded to two decimals

    On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.

    Total cost of transactions executed on 19 February 2025 was EUR 6,621,272. After the disclosed transactions, Nokia Corporation holds 253,189,663 treasury shares.

    Details of transactions are included as an appendix to this announcement.

    On behalf of Nokia Corporation

    BofA Securities Europe SA

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

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

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

    Nokia Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network –