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Category: European Union

  • MIL-OSI Europe: Record employment levels in companies supported by EI, IDA and Údarás na Gaeltachta reflect strength and resilience

    Source: Government of Ireland – Department of Jobs Enterprise and Innovation

    18th February 2025

    Over 546,763 jobs in client companies of Government agencies in 2024, an increase of 7,030 jobs on 2023 

    The Minister for Enterprise, Tourism and Employment Peter Burke has today (18.02.2025) published two surveys on the Irish economy, which reflect the continued strength and resilience of industry in Ireland in the face of the challenges posed by global economic and political headwinds.

    The Annual Employment Survey 2024 finds that jobs in client companies of Enterprise Ireland, the IDA and Údarás na Gaeltachta, are now at their highest ever level, at over 546,763 jobs, which is a 1.3% increase on 2023 figures. 

    The Annual Business Survey of Economic Impact 2023 shows strong growth in sales, exports, value added and direct expenditures in the Irish economy for both Irish and foreign-owned companies in 2023.  

    The Minister said:

    “These results demonstrate the strength and resilience of our jobs market and industry in Ireland, in spite of the challenges posed by global economic and political headwinds. 

    “In 2024, employment growth in Irish owned firms was strong across the board, including in the Construction, Business Services and Food & Drink sectors. Total permanent, full-time jobs among Irish-owned companies has increased by another 2.3% this year, with Irish-owned companies growing in employment in every year over the past decade.  

    “Among Foreign owned firms, employment growth in Chemicals, Business Services and Medical Devices sectors has meant that we have maintained 300,000 roles across FDI, with 2,237 additional roles added this year. Sales and exports continue to grow strongly, and these companies purchase goods and services in the local economy.  

    “Government enterprise policy is working and making a significant impact on employment levels and wider society. My Department will maintain a laser focus on jobs, actively supporting and incentivising Irish businesses, while also investing in bringing new jobs to Ireland”

    Annual Employment Survey 2024 Key Findings: 

    • Employment in FDI firms increased by 0.3% since 2023, with 1,064 additional total jobs.  
    • In Irish-owned firms, employment increased by 2.7%, an increase of 5,966 total jobs since 2023. 
    • Among Irish owned firms the Energy, Water, Waste Construction sector gained the most jobs followed by Business Services with +1,444 and +995 full time jobs respectively. 
    • Among foreign owned firms Chemicals and Business Services gained the most jobs with +1,307 and +879 full time jobs respectively. 
    • Growth in employment between 2015-2024 was strongest in the Dublin region with an increase of 69.4% (+82,129), followed by the South-West (up 44.5%, +24,233 full time jobs). All regions grew employment over the ten-year period. 

    Annual Business Survey of Economic Impact (2023) Key Findings: 

    • Total sales amounted to €509.7 billion in 2023 which represents an increase of 6.8% in current prices on the previous year’s figure of €477.2 billion. 
    • Total exports in 2023 amounted to €459.4 billion, an increase of 7.0% on the previous year of €429.4 billion, with 92.4% of these exports being from foreign-owned enterprises.   
    • Value added (sales less materials and services costs) has also increased over this time-series and in 2023 amounted to €206.2 billion, up 6.4% on the previous year with 43.5% of this increase attributable to the foreign owned IT services sector.  
    • Direct Expenditure in the Irish Economy (Payroll, Irish Materials, Irish Services) has increased over 2022 by 4.8% to €78.5 billion in 2023. The level of direct expenditure in the Irish economy by foreign-owned client companies was €40.9 billion and €37.5 billion for Irish-owned client companies.  

    The Department of Enterprise, Trade and Employment co-ordinates these surveys of the client companies of the enterprise development agencies (Enterprise Ireland, IDA Ireland and Údarás na Gaeltachta). The results are presented by company ownership in terms of Irish and foreign-owned firms. 

    The indicators collected include annual sales and exports and payroll, materials and services costs. Data collected in 2023 and 2024 is merged with results of previous surveys to provide trend data and indicators are available by ownership and sector and are used by the agencies in their annual reports and end-of-year statements. 

    Agencies have commenced surveys of client companies for the 2024 Annual Business Survey of Economic Impact with all results expected early 2026. 

    ENDS

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    MIL OSI Europe News –

  • MIL-OSI: Sparekassen Kronjylland, number one in customer satisfaction, signs Agillic to raise the bar

    Source: GlobeNewswire (MIL-OSI)

    Press release, Copenhagen, 18 February 2025

    Sparekassen Kronjylland, among Denmark’s ten largest financial institutions, is organised around making a positive difference for the customers with a defined purpose to build life-long relationships and help customers get the best of their finance. As a guarantee savings bank, they aim to leverage the flexibility of not having shareholders to also make a difference in the local communities by supporting associations, clubs, and cultural institutions. 

    Customer satisfaction is the most important metric to Sparekassen Kronjylland and whilst ranking number one within banking in Denmark, they push to constantly improve and deliver ever more relevant information and customer experiences.

    Trine Kastrup Berthelsen, Project Manager at Sparekassen Kronjylland explains: “Our promise to customers is financial security and our advisors work hard to foster trusted relationships by providing the most relevant guidance and advice at any given time. With Agillic, we have a modern platform to complement their effort and one that not only provides immediate impact but also scales long term as we continue to evolve our ambitions for how individualised our information and communication can and should be.”

    Bo Sannung, Chief Solution Officer at Agillic adds: “Agillic’s ability to deliver highly individual customer experiences and personalised communication, and with uncompromising compliance on privacy and security, is critical for financial businesses. Welcoming Sparekassen Kronjylland, already number one in customer satisfaction, is a testament to that and we are proud to help them deliver as they continue to raise the bar on customer relationships.”

    For further information, please contact
    Christian Samsøe, CEO
    +45 24 88 24 24
    christian.samsoe@agillic.com 

    About Agillic A/S
    Agillic A/S (Nasdaq First North Growth Market Copenhagen: AGILC) is a Danish software company offering brands a platform through which they can work with data-driven insights and content to create, automate, and send personalised communication to millions. Agillic is headquartered in Copenhagen, Denmark. For further information, please visit agillic.com.

    The MIL Network –

  • MIL-OSI Economics: StaryDobry ruins New Year’s Eve, delivering miner instead of presents

    Source: Securelist – Kaspersky

    Headline: StaryDobry ruins New Year’s Eve, delivering miner instead of presents

    Introduction

    On December 31, cybercriminals launched a mass infection campaign, aiming to exploit reduced vigilance and increased torrent traffic during the holiday season. Our telemetry detected the attack, which lasted for a month and affected individuals and businesses by distributing the XMRig cryptominer. This previously unidentified actor is targeting users worldwide—including in Russia, Brazil, Germany, Belarus and Kazakhstan—by spreading trojanized versions of popular games via torrent sites.

    In this report, we analyze how the attacker evades detection and launches a sophisticated execution chain, employing a wide range of defense evasion techniques.

    Kaspersky’s products detect this threat as Trojan.Win64.StaryDobry.*, Trojan–Dropper.Win64.StaryDobry.*, HEUR:Trojan.Win64.StaryDobry.gen.

    Initial infection

    On December 31, while reviewing our telemetry, we first detected this massive infection. Further investigation revealed that the campaign was initially distributed via popular torrent trackers. Trojanized versions of popular games—such as BeamNG.drive, Garry’s Mod, Dyson Sphere Program, Universe Sandbox, and Plutocracy—were designed to launch a sophisticated infection chain, ultimately deploying a miner implant. These malicious releases were created in advance and uploaded around September 2024.

    Infection timeline

    Although the malicious releases were published by different authors, they were all cracked the same way.

    Malicious torrent available for download

    Among the compromised installers are popular simulator and sandbox games that require minimal disk space. Below is the distribution of affected users by game as of January 2025:

    Infected users per game (download)

    These releases, often referred to as “repacks”, were usually distributed in an archive. Let’s now take a closer look at one of the samples. Upon unpacking the archive, we found a trojanized installer.

    Technical details

    Trojanized installer

    After launching the installer (a Windows 32-bit GUI executable), we were welcomed with a GUI screen showing three options: install the game, choose the language, or quit.

    Installer screen

    This installer was created with Inno Setup. After decompiling the installer, we examined its code and found an interesting functionality.

    Decompiled installer code

    This code is responsible for extracting the malicious files used in this attack. First, it decrypts unrar.dll using the DECR function, which is a proxy for the RARExtract function within the rar.dll library. RARExtract decrypts unrar.dll using AES encryption with a hard-coded key, cls–precompx.dll. Next, additional files from the archive are dropped into the temporary directory, and execution proceeds to the RARGetDllVersion function within unrar.dll.

    Unrar.dll dropper

    First of all, the sample runs a series of methods to check if it’s being launched in a debugging environment. These methods search for debugger and sandbox modules injected into processes, and also check the registry and filesystem for certain popular software. If such software is detected, execution immediately terminates.

    Anti-debug checks example

    If the checks are passed, the malware executes cmd.exe to register unrar.dll as a command handler with regsvr32.exe. The sample attempts to query the following list of sites to determine the user’s IP address.

    This is done to identify the infected user’s location, specifically their country. If the malware fails to detect the IP address, it defaults the country code to CNOrBY (meaning “China or Belarus”). Next, the sample sends a request to hxxps://pinokino[.]fun/donate_button/game_id=%s&donate_text=%s with the following substitutions:

    • game_id = appended with DST_xxxx, where x represents digits. This value is passed as an argument from the installer; in this campaign, we discovered the variant DST_1448;
    • donate_text = appended with the country code.

    After this generic country check, the sample collects a fingerprint of the infected machine. This fingerprint consists of various parameters, forming a unique identifier as follows:

    This fingerprint is then encoded using URL-safe Base64 to be sent successfully over the network. Next, the malware retrieves MachineGUID from HKLMSoftwareMicrosoftCryptography and calculates its SHA256 checksum. It then collects 10 characters starting from the 20th position ( SHA256(MachineGUID)[20:30]). This hexadecimal sequence is used as the filename for two newly created files: %SystemRoot%%hash%.dat and %SystemRoot%%hash%.efi. The first file contains the encoded fingerprint, while the second is an empty decoy. The creation time of the .dat file is spoofed with a random date between 01/01/2015 and 12/25/2021. This file stores the Base64-encoded fingerprint.

    After this step, unrar.dll starts preparing to drop the decrypted MTX64.exe to the disk. First, it generates a new filename for the decrypted payload. The malware searches for files in %SystemRoot% or %SystemRoot%Sysnative. If these directories are empty, the decrypted MTX64.exe is written to the disk as Windows.Graphics.ThumbnailHandler.dll. Otherwise, unrar.dll creates a new file and names it by choosing a random file from the specified directories, taking its name, trimming its extension and appending a random suffix from a predefined list. Besides suffixes, this list contains junk data, most likely added to evade signature-based detection.

    Suffix list and junk data

    For example, if the malware finds a file named msvc140.dll in %SystemRoot%, it removes the extension and appends the resulting msvc140 with handler.dll (a random suffix from the list), resulting in msvc140handler.dll. The malware then writes the decrypted payload to the newly generated file in the %SystemRoot% folder.

    After that, the sample opens the encrypted MTX64.exe and decrypts it using AES-128 with a hard-coded key, cls–precompx.dll.

    The loader also carries out resource spoofing. First of all, it scans the _res.rc file for DLL property names and values—such as CompanyName, FileVersion and so on—and creates a dictionary of (key, value) pairs. Then it takes a random DLL from the %SystemRoot% folder (exiting if nothing is found), extracts its property values using the VerQueryValueW WinAPI, and replaces the corresponding dictionary values. The resulting resources are embedded into the decrypted MTX64.exe DLL. This file is then saved under the name generated in the previous step. Finally, unrar.dll changes the creation time of the resulting DLL using the same spoofing method as for the fingerprint file.

    Spoofed resources

    The dropped DLL is installed using the following command:

    MTX64

    This DLL is based on a public project called EpubShellExtThumbnailHandler, a Windows Shell Extension Thumbnail Handler. This stage completely mimics the legitimate behavior up until the actual thumbnail handling. It gets registered as a .lnk (shortcut) file handler, so whenever a .lnk file is opened, the DLL tries to process its thumbnail. However, here the sample implements its own version of the GetThumbnail interface function, and creates a separate thread to perform its malicious activities.

    First, this thread writes the current date and month in dd–mm format to the %TEMP%time_windows_com.ini file. This stage then retrieves MachineGUID from HKLMSOFTWAREMicrosoftCryptography, calculates SHA256(MachineGUID)[20 : 30], just like unrar.dll did. After that, it checks %SystemRoot% for the .dat file with this name. The presence of this file confirms that the infection is uninterrupted, prompting the DLL to extract the fingerprint and make a query to the hard-coded threat actors’ domain in the following format, where the UID is the fingerprint’s SHA256 hash.

    The server sends back a JSON that looks like {‘code’:‘reg’}. After this, the DLL makes another query to the server with an additional field, data, which is the Base64-encoded fingerprint ( uid remains the same):

    Upon receiving this request, the server also sends a JSON. The malware checks its code field, which must be equal to either 322 or 200. If it is, the sample proceeds to extract the MD5 checksum from the flmd field in the same JSON and download the next-stage payload from the following link:

    Next, the sample calculates the MD5 checksum of the received payload (a kickstarter PE file), and checks this hash against the MD5 checksum from the JSON. If they match, the malware parses the PE structure to locate the Export Address Table, retrieves the kickstarter function address, and executes it.

    Kickstarter running

    Kickstarter

    The kickstarter PE has an encrypted blob in its resources. This stage reads the blob and stores it in a C++ vector of bytes.

    Resource reading

    After that, it chooses a random name for the payload using the same method as for MTX64.exe during the execution of unrar.dll. However, there is a difference: if nothing is found in %SystemRoot% or %SystemRoot%Sysnative, it chooses Unix.Directory.IconHandler.dll as a default file name. The payload is saved to %appdataRoamingMicrosoftCredentials%InstallDate%. To locate the InstallDate directory, the DLL retrieves the system installation date from the registry subkey HKLMSOFTWAREMicrosoftWindows NTCurrentVersionInstallDate.

    Then the blob is decrypted using the CryptoPP AES-128 implementation. The key consists of the sequence of bytes from x00 to x10. The decrypted contents are written onto the disk. This executable also spoofs its resources using the same method as for MTX64.exe, after which it executes the following command:

    The first argument is the system installation date, while the second one is the path to the dropped DLL. A scheduled task to register a server with regsvr32.exe is created, using the first argument as its name, with a suppressed warning, set to trigger at 00:00. The loader sends a GET request to the hard-coded address 45.200.149[.]58/conf.txt, implicitly setting the request header to User–Agent: StupidSandwichAgentrn.
    The loader then waits for a response from the server. If the response begins with act, the sample stops execution after creating the scheduled task. If the response is noactive, meaning the targeted device has not been registered previously, the sample tries to delete itself with the following command, which clears everything in the %temp% directory:

    Cleanup

    Unix.Directory.IconHandler.dll

    Subsequently, Unix.Directory.IconHandler.dll creates a mutex named com_curruser_mttx. If this mutex has already been created, execution stops immediately. Then the DLL searches for the %TEMP%_cache.binary file. If the sample can’t find it, it downloads the binary directly from 45.200.149[.]58 using a GET 44912.f request, with the same StupidSandwichAgent User-Agent header. This file is written to the temporary directory and then decrypted using AES-128 with the same key consisting of the x00–x10 byte sequence.

    The sample proceeds to open the current process, look for SeDebugPrivilege in the process token, and adjust it if applicable. We believe this is done to inject code into a newly created cmd.exe process. The author chose the easiest way possible, copying the entire open source injector, including its debug strings:

    Injector

    After injecting the code into the command interpreter, the sample enters an endless loop, continuously checking for taskmgr.exe and procmon.exe in the list of running processes. If either process is detected, the sample is shut down.

    Miner implant

    This implant is a slightly modified XMRig miner executable. Instead of parsing command-line arguments, it constructs a predefined command line.

    The last parameter is calculated from the CPU topology: the implant calls the GetSystemInfo API to check the number of processor cores. If there are fewer than 8, the miner does not start. Moreover, the attacker chose to host a mining pool server in their own infrastructure instead of using a public one.

    XMRig parses the constructed command line using its built-in functionality. The miner also creates a separate thread to check for process monitors running in the system, using the same method as in the previous stage:

    Anti-tracing

    Victims

    This campaign primarily targets regular users by distributing malicious repacks. Some organizations were also affected, but these seem to be compromised computers inside corporate infrastructures, rather than direct targets.

    Most of the infections have been observed in Russia, with additional cases in Belarus, Kazakhstan, Germany, and Brazil.

    Attribution

    There are no clear links between this campaign and any previously known crimeware actors, making attribution difficult. However, the use of Russian language in the PDB suggests the campaign may have been developed by a Russian-speaking actor.

    Conclusions

    StaryDobry tends to be a one-shot campaign. To deliver the miner implant, the actors implemented a sophisticated execution chain that exploited users seeking free games. This approach helped the threat actors make the most out of the miner implant by targeting powerful gaming machines capable of sustaining mining activity. Additionally, the attacker’s use of DoH helped conceal communication with their infrastructure, making it harder to detect and trace the campaign.

    Indicators of compromise

    File hashes

    15c0396687d4ff36657e0aa680d8ba42
    461a0e74321706f5c99b0e92548a1986
    821d29d3140dfd67fc9d1858f685e2ac
    3c4d0a4dfd53e278b3683679e0656276
    04b881d0a17b3a0b34cbdbf00ac19aa2
    5cac1df1b9477e40992f4ee3cc2b06ed

    Domains and IPs

    45.200.149[.]58
    45.200.149[.]146
    45.200.149[.]148
    hxxps://promouno[.]shop
    hxxps://pinokino[.]fun

    MIL OSI Economics –

  • MIL-OSI Economics: Lufthansa introduces new innovative baggage collection and check-in service

    Source: Lufthansa Group

    Lufthansa Airlines is further expanding its premium service for its passengers.

    In cooperation with the technology provider AirPortr, Lufthansa Airlines is now offering all travelers departing from Frankfurt a new and innovative baggage collection and check-in service. The offer is as simple as it is convenient: guests can have their suitcases and bags picked up at home or at their hotel. The luggage is then sealed, brought securely to the airport and checked in there. Travelers receive real-time updates via a personalized tracking link and a digital baggage tag receipt. Passengers can therefore travel to the airport without having to carry heavy check-in luggage and go straight to the security checkpoint – they only collect their luggage again at their destination.

    The new premium service saves time, is convenient and makes it easier to travel, especially by public transport.

    Interested guests can now book the new offer on lufthansa.com up to 36 hours before departure. It is available to customers from the greater Frankfurt, Mannheim, Heidelberg, Hanau, Aschaffenburg, Wiesbaden, Mainz, Darmstadt and Bensheim areas. Further expansion is planned in the near future. The service is available from as little as 25 euros, with prices varying depending on location and pick-up time.

    “We aim to continuously improve the overall travel experience of our guests and further expand our premium services – both during the flight and on the ground,” says Heiko Reitz, Chief Customer Officer Lufthansa Airlines. “With the new pick-up and check-in service, we are offering our passengers another exclusive service that is unique in Germany. We are making the journey easier from the very first minute.”

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Appointment of a new Senior Judicial Commissioner of the Judicial Appointments Commission: February 2025

    Source: United Kingdom – Executive Government & Departments

    His Majesty The King, on the advice of the Lord Chancellor, has approved the appointment of a new Commissioner to the Judicial Appointments Commission.

    His Majesty The King has approved the appointment of Upper Tribunal Judge Clive Lane as a Senior Judicial Commissioner of the Judicial Appointments Commission (JAC) for three years commencing 1 May 2025.

    The JAC is an independent body that selects candidates for judicial office in courts and tribunals in England and Wales, and for some tribunals with a UK-wide jurisdiction.

    JAC Commissioners are appointed, under Schedule 12(1) of the Constitutional Reform Act 2005, by His Majesty The King on the recommendation of the Lord Chancellor.

    The appointment of Upper Tribunal Judge Clive Lane was made in accordance with Regulation 11 of the Judicial Appointment Commission Regulations 2013.

    Biography

    Upper Tribunal Judge Clive Lane was admitted as a solicitor in 1985 and was in private practice until 2001. He was a Legal Chair of the Appeals Service (now Social Entitlement Chamber) from 1999 until 2007. He was appointed a Deputy District Judge (Civil) in 2001. He served as an Immigration Judge from 2001 until 2009 when he was appointed a Judge of the Upper Tribunal (Immigration and Asylum Chamber).

    Since 2021, he has been authorised to sit as a Judge of the High Court (Family Division). In 2024, he was appointed a Justice of the Court of Appeal of the British Indian Ocean Territory.

    Updates to this page

    Published 18 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Delivering for rural Scotland

    Source: Scottish Government

    Communities surveyed on key priorities.

    People living and working in rural communities are being asked their views on what government priorities should be to improve their lives.

    A Scottish Government survey will help develop the forthcoming Rural Delivery Plan and is an opportunity to take a fresh look at to bring about change and address the issues in mainland rural Scotland. A separate National Islands Plan looks at how the Scottish Government is delivering for island communities.

    Rural Scotland accounts for 98% of the land mass of Scotland and 17% of the population.

    The Rural Delivery Plan will cover a range of areas, such as agriculture, transport, housing, health and social care, marine, land reform, population, skills, digital connectivity and economic development.

    Cabinet Secretary for Rural Affairs, Land Reform and Islands Mairi Gougeon said:

    “The Rural Delivery Plan will introduce, for the first time, a vision for rural Scotland with specific objectives and achievements we want to reach, how we intend to get there and how we will measure success along the way. This builds on our record of support for rural communities, such as preserving direct support for farmers and crofters, to improving online connectivity, and comes on the back of a lot of work with partners and communities to better understand the opportunities in our rural communities, as well as the particular challenges rural Scotland faces.

    “Our vision is for a vibrant and sustainable rural Scotland with a thriving economy where families are able to access the services they need. I would encourage all those with an interest to take part in the survey and tell their friends and family so that the Plan we produce reflects their experiences and what is most important to them.”

    Background

    Rural Delivery Plan: vision, strategic objectives and key performance indicators – Scottish Government consultations – Citizen Space

    The Survey is open until 17th March.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Stoke-on-Trent set to be awarded up to £7m government funding to tackle fuel poverty

    Source: City of Stoke-on-Trent

    Published: Tuesday, 18th February 2025

    Stoke-on-Trent is set to receive up to £7 million to improve the energy efficiency of low-income homes in the city.

    The grant funding, which will come from the government’s Warm Homes: Local Grant scheme, will help to pay for energy efficiency improvements for home owners and private tenants who find themselves facing fuel poverty.

    Improvements, which are likely to start from June 2025, include wall and loft insulation, solar panelling and heating systems which will ultimately make homes warmer and reduce energy bills.

    The latest available figures show that nearly a quarter (24.7 per cent) of households in Stoke-on-Trent are in fuel poverty – this compares to the national average of 13.1 per cent and the West Midlands average of 19.6 per cent. It is also estimated that there are over 60,000 homes in the city with low energy efficiency.

    Councillor Chris Robinson, cabinet member for housing and planning at Stoke-on-Trent City Council, said: “Everybody deserves the right to live in a safe and warm home and we are already making significant improvements to council-owned homes to ensure this is the case for all our residents.

    “The government’s Warm Homes funding will enable us to build on these efforts by providing us with an opportunity to support residents living in private housing in the city, particularly those who are impacted by fuel poverty.”

    Cllr Robinson added: “We expect these improvements will help to reduce energy bills, raise housing standards and reduce carbon emissions. They will also build on the fantastic work which has already been delivered by our private sector housing team who have a proven track record of success when it comes to delivering similar schemes.”

    Over the last four years, the council’s private sector housing team has successfully delivered a number of schemes aimed at improving the energy efficiency rates of homes in Stoke-on-Trent.

    This includes the Local Authority Delivery Schemes (LAD) phases two and three that saw 375 improvement measures delivered at 290 properties in the city.

    The city council’s cabinet is set to agree to accept the Warm Homes grant at a meeting on Tuesday 25 February. The council will find out exactly how much it has been awarded from government in the next few weeks and information on how to apply for funding will follow in due course.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Experience Shakespeare under the stars with The Lord Chamberlain’s Men

    Source: City of Wolverhampton

    Duke Orsino is hopelessly in love with Countess Olivia but she, deep in mourning, has sworn off all suitors. Enter Viola – shipwrecked, disguised as a man and unknowingly about to turn Orsino’s world upside down. Sent to woo Olivia on Orsino’s behalf, Viola soon finds herself the object of Olivia’s affections while secretly falling for Orsino herself. With mistaken identities, romantic entanglements and mischievous plots unfolding at every turn, Twelfth Night is a joyous celebration of love in all its wonderful, chaotic glory.

    Cabinet Member for City Development, Jobs and Skills Councillor Chris Burden said, “The Lord Chamberlains Men are always welcome guests at Bantock, and hundreds turn out to see these fantastic performance. Bantock House Museum is an idyllic location for an open air theatre, and I hope everyone who attends has a fantastic evening.”

    Twelfth Night takes place on Thursday 31 July at 7pm (gates open at 6pm). Adults – £18 and children (under 16) £10, plus a booking fee if purchasing via the box office or website. Tickets can be purchased in person at Bantock House Museum or from the box office on 0208 852 5761 or boxoffice@tlcm.co.uk.

    Join us for an evening of laughter, music and timeless storytelling. Bring a chair, pack a picnic, and immerse yourself in the magic of open-air theatre. Book early to secure your place!

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Food Writers set to Discover Derry’s Thriving Food Scene During LegenDerry Food Month

    Source: Northern Ireland – City of Derry

    Food Writers set to Discover Derry’s Thriving Food Scene During LegenDerry Food Month

    18 February 2025

    Food writers, journalists, and specialist media from across Ireland, the UK and Europe, are set to descend on Derry this week as part of a special media showcase celebrating the city’s renowned food and drink scene during LegenDerry Food Month.

    The event will offer media professionals an exclusive opportunity to sample some of the finest locally sourced produce, meet passionate chefs and artisans, and experience firsthand why Derry is gaining a reputation as a must-visit sustainable food destination.

    Some of the top food writers and high-profile influencers will visit the city to take part in the showcase event that will see them embark on a culinary journey of the city’s unique and diverse food and drink scene that celebrates its rich culture and heritage.

    During their visit to the city they will enjoy bespoke tastings, and take part in an immersive dining experience and a behind-the-scenes insight into how local food producers, chefs and crafters have been working in close collaboration to create an exciting food scene that has something for every palate. The showcase event will highlight the city’s commitment to sustainability, farm-to-table dining, and its innovative approach to modern gastronomy that defines Derry’s unique vibrant food culture.

    The media showcase forms a key part of Love LegenDerry Food Month, a month-long celebration dedicated to showcasing the best of Derry’s food and drink industry. From fresh seafood sourced along the Wild Atlantic Way to handcrafted artisan cheeses, locally distilled spirits, and innovative plant-based cuisine, Derry’s diverse offerings will take centre stage.

    Jennifer O’Donnell Tourism Manager with Derry City and Strabane District Council said: “Derry is fast becoming one of the most exciting food destinations in Ireland, and we’re delighted to welcome leading food writers and journalists to experience it for themselves. Legenderry Food Month is about celebrating our rich culinary heritage, our passionate producers, and our commitment to sustainability. This showcase will be a fantastic opportunity to share our city’s unique food story with a wider audience.

    “We are delighted to have some of the top food writers and media coming to the city this week to see for themselves how Derry is gaining recognition as a must visit food destination and to get to meet with our local chefs and food and drink producers to hear their stories of how our rich heritage and commitment to sustainability and locally sourced ingredients with a focus on land and sea and our natural resources, is allowing us to make our mark in the food tourism market,” she added.

    Robert Hull from DAERA’s NI Regional Food Programme said: “The lush landscapes of Northern Ireland provide an abundance of fresh, high-quality ingredients for its innovative chefs to create a unique food story. From grass-fed beef and free-range poultry to freshly caught seafood from the nearby Atlantic, local farmers, fishers, and artisan producers play a central role in shaping Derry’s culinary identity. This media showcase is an excellent way of not only shining a spotlight on the city and the key role it is playing in Northern Ireland’s evolving culinary landscape, but a fantastic opportunity to showcase and celebrate the quality of local producers within this region and give them the profile and recognition they deserve.”

    The media showcase event will see attendees enjoying a specialist tasting menu using home grown and produced quality produce that will be curated by some of the city’s finest chefs and complemented with locally produced drinks to amplify and enhance the overall experience.  During the event, the Walled City Brewery will officially launch their much-anticipated new Brandy ball flavoured poitin ‘Snifter’.

    In addition to the media showcase, Love Legenderry Food Month will feature a series of exciting dining experiences, chef collaborations, food trails, masterclasses, and more, inviting visitors and locals to immerse themselves in the best of Derry’s food and drink offering.

    The Love LegenDerry Food Month creates a platform for the city’s chefs and producers to showcase just why Derry features on the bucket lists of those planning food themed breaks in 2025 and to promote the city as an international foodie destination to celebrate the North West region’s outstanding food and drink and the people who produce it.

    For more info visit – www.legenderryfood.com

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Statement following confirmation of withdrawal of UK Levelling Up fund money

    Source: Scotland – City of Perth

    Following confirmation from the UK Government that they will be withdrawing the £5m funding awarded to Perth and Kinross Council in March 2024, Council Leader, Councillor Grant Laing, said: “Perth has once again been set aside by the UK Government which seems determined to ignore all that our city has to offer. After finally being awarded funds as part of the UK Levelling Up Fund, at literally the last gasp, the incoming Labour government quickly put our hopes on hold. 

    “I appreciate that the UK Government is facing financial difficulties, it’s a problem that we share. But, it feels like Perth has felt the lion’s share of this impact because it took so long for us to be recognised as deserving of funding in the first place. 

    “Despite providing shovel ready projects which would demonstrably have had a beneficial impact on the city centre, the rug has been pulled out from under us and once again Perth has been left without investment while every other Scottish local authority with a city benefitted from Levelling Up Fund support. 

    “We remain committed to continuing to promote Perth and Kinross and all that it has to offer to all possible funding sources, whether that be public sector or private investors. And, as a Council we will continue to use the limited funding we have available to deliver on local priorities for the benefit of residents and businesses.”   

    The three projects identified for funding were:  

    • Lower City Mills – visitor attraction and office space 
    • Former Ironworks, South St John’s Place – exhibition and UNESCO City of Crafts makers and retail space 
    • A Taste of Perth and Kinross – High Street micro-producers outlet 

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Liverpool City Council to use AI and automation to transform the way it deals with customer enquiries

    Source: City of Liverpool

    Liverpool City Council has announced the implementation of a new system which will vastly improve the way in which it handles enquiries from residents.

    It will see the introduction of a new case management platform, seamlessly integrating front-office customer experiences with back-office systems, as well as delivering enhanced self-service capabilities, using AI and automation to free up staff from carrying out time-consuming administrative tasks.

    The aim is to provide residents with a platform to access services online, over the phone, or in-person, along with real-time updates and easy access to information.

    It forms part of the Council’s ‘Customer Experience Improvement Plan’, designed to address resident feedback that has called for more integrated, responsive and user-friendly services.

    The first services to be included in the roll out are Environmental Services.

    One benefit of the new customer software is that residents will receive regular notifications on their council inquiry. They will also be able to check the status of their case by logging in to their Council account, which will also have useful information such as their bin collection day or Council Tax account details.

    The platform will deliver cost savings of an estimated £1.8 million per year, while increasing operational efficiencies across the Council’s services by reducing pressures caused by residents requesting progress updates.

    The Council is partnering with Jadu, which works with around 100 local authorities in the UK, to implement the system.

    Councillor Ruth Bennett, Deputy Council Leader and Cabinet Member for Transformation, said: “As part of our improvement journey, we are committed to delivering lower cost, value-for-money services, which are efficient and good quality.

    “We know from feedback from our residents that they just want an easy way to contact the Council, and to be kept up-to-date on where their request is up to.

    “This is part of our drive to deliver high quality services which reflect the needs of our residents and communities and which are not only efficient, but also truly accessible to everyone in our community.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Severn Trent bring exciting job opportunities to Coventry

    Source: City of Coventry

    It’s estimated that there’s some 1.5m people above the age of 16 currently unemployed across the UK, with many of those across the Midlands.

    Severn Trent’s commitment to change that statistic is seeing it create opportunities to connect people to jobs in Coventry.

    Working with Coventry City Council, the company is bringing back it’s Big Boost for Coventry – where it promises jobs, skills, training and work opportunities for those in the city and beyond.

    The company is to be joined by employers such as British Army, EON, National Gas, Warwickshire Police, NHS and more – following the success of its first event that saw over 500 people through the doors at the Transport Museum.

    The event, that’s free to enter and will take place on Thursday 6th March 2025 – between 10am and 2pm at Coventry Transport Museum.

    As well as employers with live jobs, there’s free cv workshops, virtual reality interview practice, and other employability training and other support available, such as help with water bills and cost of living support.

    Councillor Dr Kindy Sandhu, Cabinet Member for Education and Skills said: “It’s fantastic that Severn Trent want to bring another jobs fair back to the city. The last event was a huge success, so we hope to build on that for 2025. We want to make sure our residents are equipped with the right skills to go onto pursue future careers in and around the city. The jobs fair is definitely something that will help support this. 

    “I encourage anyone looking for support with interview skills, CV writing, confidence building or seeking work opportunities to go along.”

    To support the event the museum is also offering a massively discounted day rate to the museum of only £5 for anyone who attends. Where it’s usually £15 for the year.

    Adam Stevens, Societal Programme Officer, at Severn Trent said: “Our first event in Coventry was hugely successful, so we had to plan and bring back another session quickly to bring more opportunities to the city. We’re a big employer in Coventry and know our responsibility in creating opportunities and connecting people to them. We want people to come out and look at what jobs are available, as well as other opportunities like apprenticeships and free employability training.

    “We’re looking forward to seeing many local people there taking advantage of some of the biggest employers together in one room to help boost employment in Coventry and make use of our free training sessions can get people job ready.”

    The event builds on the company’s work in region, where it first launched a 10-year plan to support 100,000 people who are at risk of water poverty by tackling one of the underlying causes of poverty.  

    The company has been partnering with local schools, hosting jobs fairs, as well as delivering mentoring to prison leavers – in its commitment to help support those from marginalised groups with employment opportunities.

    To register your interest to this free event, visit Severn Trent’s Big Boost for Cov Jobs Fair Tickets, Thu 6 Mar 2025 at 10:00 | Eventbrite

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Milestone at Shoreham flood defence project

    Source: United Kingdom – Executive Government & Departments

    Work at one section of the Adur Tidal Walls Scheme now complete, with roads and paths re-opened

    A major flood defence scheme that will significantly reduce flood risk to over 2,300 properties in Shoreham-by-Sea and Lancing has taken a step towards completion.

    Work at Reach E3 of the Shoreham Adur Tidal Walls Scheme is now complete, and the northern section of the Downs Links and Lower Beach Road re-opened on Friday 8 December. Also, as a result of updated modelling for the project, part of the initial plan has been adapted and removed the need for major road works on the A283.

    The scheme is made up of 10 individual reaches, and work has now started on 8. Construction on Reach E3, which includes raised walls and embankments, started in 2016. Steel piling has been installed along the landward side of the path, and has been clad with brick. The Downs Link path was diverted while the work was completed.

    Before the advanced modelling took place, the A283 in Shoreham-by-Sea would have been closed for 12 weeks during construction in spring 2018. As a result of the work that has already taken place, only a very small number of properties would benefit from the road raising work. Instead, these properties will be protected with an alternative solution to ensure they also receive a high level of protection, and the road closures will not take place.

    Elsewhere in the scheme, work on the slipway at Emerald Quay and Sussex Wharf is advancing and the first panes of glass of the riverside flood defence have been installed. The majority of the new wall at Ferry Bridge is complete, and vegetation clearance at Riverbank in preparation for construction to start in the new year is finished. Work at Emerald Quay, Shoreham Harbour Club and Shoreham Fort is progressing well. Much of the work behind the High Street in Shoreham has been completed and is open to the public.

    Phil Prydderch, Shoreham Adur Tidal Walls Manager at the Environment Agency, said:

    It’s great news for Shoreham-by-Sea residents that we will be able to enhance their flood protection without the planned road closures. We are committed to protecting all members of the community, and will continue to work with local residents to make them more resilient against flooding.

    When complete, the Shoreham scheme will reduce the tidal flood risk to thousands of homes and a significant number of commercial properties in the area, as well as protecting important local infrastructure such as the road network, railway line and Shoreham Airport. This is one part of the Environment Agency’s national effort to reduce the risk of flooding for at least 300,000 homes by 2020/21.

    The Shoreham scheme’s dedicated project visitor centre is at Beach Green Car Park, Shoreham-by-Sea, and is open between midday and 5:00pm on weekdays. Further information on the scheme is available on GOV.UK or by calling 03708 506506.

    You can also request information by emailing shorehamwestbank@environment-agency.gov.uk or by writing to

    SSD Enquiries, Environment Agency
    Teville Gate House
    25 Railway Approach
    Worthing
    West Sussex
    BN11 1UR

    Notes to editors

    The visitor centre may be closed during scheduled visits from schools and interest groups. Flood impact maps showing the detailed modelling outcomes are available upon request.

    All media enquiries: 0800 141 2743. Or email southeastpressoffice1@environment-agency.gov.uk

    Follow us on Twitter @EnvAgencySE

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Today is National Battery Day.

    Source: City of Coventry

    Observed each year on February 18th, the day serves to appreciate the convenience batteries provide to our everyday lives.

    Its also a reminder to recycle batteries correctly. They can be recycled at your local tip or at most supermarkets and DIY centres such as B & Q.

    Book a visit to the Tip. 

    Tuesday, 18th February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Mayor urges more businesses to donate old IT equipment and help digitally excluded Londoners get online

    Source: Mayor of London

    • Get Online London has reached more than 100,000 digitally excluded Londoners, thanks to 1,106 Digital Inclusion Hubs across the capital
    • Donating mobile phones, laptops and other IT equipment helps provide digital access for more Londoners
    • Mayor has donated over 700 City Hall devices and is calling on other organisations to follow suit

    The Mayor of London, Sadiq Khan, has today called on businesses and public bodies to help more digitally excluded Londoners get online by donating unwanted mobile phones, laptops and other IT equipment.

    More than 100,000 Londoners have already been supported by Get Online London, the capital’s first ever digital inclusion service set up by City Hall and the London Office of Technology and Innovation (LOTI), to ensure every Londoner has access to essential digital connectivity, skills, devices and support.

    Digital exclusion is a major issue for many Londoners, impacting people’s health, education and work outcomes. It can prevent people from fully participating in society as many essential services linked to vital areas including education, employment and social interaction are increasingly reliant on online platforms.

    Around two million residents across the capital still have very limited digital engagement, such as lacking their own device or facing difficulties with online services. Over 250,000 are completely offline, with no internet access at all. [1]

    Get Online London helps those across the capital who are digitally excluded by giving people the tools and knowledge to get online and participate in the digital world.

    Working in partnership with the UK’s leading digital inclusion charity Good Things Foundation and the LOTI, Get Online London has established 1,106 Digital Inclusion Hubs across every borough in London, providing free internet for Londoners who couldn’t otherwise afford to get online, which have so far distributed 88,500 data packages

    Working in partnership with the UK’s leading digital inclusion charity Good Things Foundation and the LOTI, Get Online London has established a National Databank [2] across every borough, providing free internet for Londoners who couldn’t otherwise afford to get online, which have so far distributed 88,500 data packages.

    The innovative service ensures donated digital equipment is securely and sustainably refurbished, so it can then be given to those in need. As well as providing 7,119 devices to get Londoners online, it is helping organisations that donate to reduce e-waste and boost London’s progress towards achieving net zero.

    The Mayor has recently signed an agreement to donate more than 700 City Hall devices and he is calling on businesses and public bodies to join City Hall, the Metropolitan Police Service, Thames Water, London Councils and many London borough councils already contributing to Get Online London.

    The Mayor of London, Sadiq Khan, said: “Get Online London has been a huge success and I’m really proud that we’ve now reached more than 100,000 Londoners, working alongside the London Office of Technology and Innovation and the Good Things Foundation to tackle digital exclusion.

    “Demand for devices still far outstrips supply, so we must do more. That’s why I’m calling on businesses and public bodies to donate mobile phones, laptops and other IT kit to help us fix the digital divide and ensure access for all. Devices an organisation no longer needs can be essential lifelines for others, and together we can build a better and fairer London for everyone.”

    Genta Hajri, Digital Innovation Delivery Lead, London Office of Technology and Innovation, said: “The ability to get online is such a basic and increasingly vital part of being fully included in society: to access education, work, look after our health and wellbeing and to connect with friends and family.

    “We’re delighted by the progress that’s already been achieved with Get Online London and encourage organisations from the public and private sectors to support this work to ensure no Londoner is left behind.”

    Helen Milner OBE, Group Chief Executive Officer, Good Things Foundation, said: “Thousands of Londoners are still offline. They are unable to participate in everyday life – from accessing essential services, to finding work and connecting with their loved ones – leaving them feeling disconnected from the digital world we live in.

    “Businesses who donate their disused devices and equipment to Get Online London, London’s Digital Inclusion Service, are helping to tackle digital exclusion with zero tech waste and giving people the opportunity to get online. Help solve one of today’s biggest problems, and together we can fix the digital divide for good.”  

    To find out more about how to donate devices and support Get Online London, please visit: https://loti.london/get-online-london/

    MIL OSI United Kingdom –

  • MIL-OSI China: MOFA response to inclusion of Taiwan-friendly statements in coalition agreement of new Belgian government

    Source: Republic of Taiwan – Ministry of Foreign Affairs

    MOFA response to inclusion of Taiwan-friendly statements in coalition agreement of new Belgian government

    • Date：2025-02-12
    • Data Source：Department of European Affairs

    February 12, 2025  

    On February 11, the Kingdom of Belgium’s five-party coalition government, which was formed on January 31, publicized a coalition agreement that for the first time stressed the importance of maintaining peace, stability, and the status quo across the Taiwan Strait and South China Sea, and called for the signing of investment agreements between Europe and countries in the region. 

     

    This is the first coalition agreement of a Belgian government to contain content on Taiwan. MOFA expresses sincere appreciation for this action and congratulates Prime Minister Bart De Wever and his cabinet on their inauguration on February 3. Building upon shared values, MOFA looks forward to working with the Belgian government to further promote cordial relations; enhance all forms of substantive bilateral exchanges; advance regional peace, stability, and prosperity; and foster robust friendship between the peoples of Taiwan and Belgium. 

    MIL OSI China News –

  • MIL-OSI Video: Young Trade Leaders: Yassine, France

    Source: World Trade Organization – WTO (video statements)

    The Young Trade Leaders Programme was established to connect young people with the work of the WTO. Yassine Krouk, from France, is a political science and international relations student at Sciences Po Lille.
    Yassine shares his plans as a Young Trade Leader.

    More about the Young Trade Leaders Programme:
    https://www.wto.org/english/forums_e/young_trade_leader_e/young_trade_leader_e.htm

    Download this video from the WTO website:
    https://www.wto.org/english/res_e/webcas_e/webcas_e.htm

    https://www.youtube.com/watch?v=_wsnqnJ5gjQ

    MIL OSI Video –

  • MIL-OSI United Kingdom: HMRC and VOA’s response to the Adjudicator’s Office 2024 annual report

    Source: United Kingdom – Executive Government & Departments

    HM Revenue and Customs’ and the Valuation Office Agency’s response to the Adjudicator’s Office annual report published in September 2024.

    The Adjudicator’s Office Annual Report was published in September 2024. The report highlighted learning based on insight from complaints they investigated in 2023 to 2024. This is the department’s – HMRC’s and its executive agency, the Valuation Office Agency’s (VOA) – published response to the Adjudicator’s Annual Report.  

    We value the Adjudicator’s feedback and his continued support to help us achieve our vision of being a trusted, modern tax and customs organisation. This is Mike McMahon’s first report as the new Adjudicator, and we welcome Richard Fowler as the new Head of the Adjudicator’s Office.

    The Adjudicator’s Annual Report highlighted the high volume of complaints we received during 2023 to 2024. We acknowledge that this was a difficult period as we faced serious challenges in delivering our customer services because of financial pressures and the need to manage a growing number of customers with complex tax affairs. Reducing demand for traditional contact channels like post and telephone, alongside the deployment of additional customer service advisers, has now enabled us to meet our telephony service standard and more effectively support those who need to speak to an adviser.

    As noted in our Annual Report and Accounts, our strategy is firmly focused on how we can help more customers get things right first time, rather than fixing problems after they happen, and supporting more customers to self-serve using our online services. As more customers use our digital services, we will ensure that our customer service resource is focused on customers who need additional help. 

    Working together 

    We continue to work closely with the Adjudicator’s Office and embrace the two-way approach to feedback ensuring that we maximise learning from complaints to improve our services. The feedback we receive from the Adjudicator helps us to work towards our ambitions and deliver against our Charter and Compliance Professional Standards. 

    The introduction of the Adjudicator’s three-level reporting has supported even closer working between the organisations, with an open and constructive approach to identifying and engaging on issues. We have drawn insight from the Adjudicator’s Office to strengthen how we gather and share complaints insight on a quarterly basis, which has supported us to identify trends in customer issues.

    The Adjudicator has played a valuable role at HMRC’s senior strategic forums, acting as a strong advocate for our customers.  

    Complaint handling  

    As noted in the Adjudicator’s Annual Report, we have taken a pro-active approach to addressing the cyclical nature of our complaints handling and seeking new and innovative ways to resolve the underlying causes of complaints. During 2023 to 2024, we conducted a deep dive into our complaints processes and handling to drive forward improvements to customer experience. This included resolving complaints at the earliest opportunity and we have seen an overall improvement in our 2024 to 2025 complaint performance as a result.  

    HMRC’s complaints strategy is aligned with the Parliamentary and Health Service Ombudsman’s UK Central Government Complaint Standards, which were developed in collaboration with government departments. The standards also align with HMRC’s Charter Standards and will deliver a consistent cross-government approach to complaint handling.

    Learning from complaints 

    We continue to learn from the valuable insight gained through our complaints handling and have a multi-layered approach to gathering and acting on customer feedback, which is complemented by the feedback we receive from the Adjudicator and the Adjudicator’s Office.

    Our Complaints Strategy and Insight Board (CSIB) continues to play a key role in providing oversight for the strategic direction of complaints and has supported work to address the Adjudicator’s feedback to improve customer experience.

    We acted upon complaints insight to implement the following improvements for our customers during 2023 to 2024:   

    • delivery of a series of insight events on customer impacts for complaints handlers to build capability and improve customer experience
    • support to complaint handlers to resolve issues at the first point of contact by enhancing our training products
    • development of a digital complaint route for agents

    Customer focus 

    The Adjudicator’s Annual Report references our readiness to learn from our customers by highlighting the reversal of our decision to close our Self Assessment, VAT and PAYE helplines in March 2024. We stopped our plans in response to feedback and engaged with stakeholders to ensure we met taxpayers’ needs as we continue to encourage more customers to self-serve online.  

    The HMRC Charter defines the service and standard of behaviour that customers should expect when interacting with us. We continue to embrace the charter as the driver for cultural change and we welcome the Adjudicator’s feedback and case studies to ensure the standards are embedded throughout HMRC, including in our decision making. We have improved our processes to help customers who need extra support and those experiencing financial hardship. For example, we have implemented guidance to support our colleagues in making decisions on suitable reasonable adjustments for our customers.  

    Performance

    The Adjudicator’s Annual Report recognised the challenges faced by HMRC during 2023 to 2024 noting that, despite delay being a key feature in complaints, we made positive improvements to our service levels towards the end of the reporting year. 

    We saw a slight increase in receipts of new complaints during 2023 to 2024, up by 1% compared to 2022 to 2023. Delay in our operational services continued to be a key driver with complaints relating to difficulty contacting us during peak periods. Average response times for dealing with new complaints also continued to be higher than we would like at 35.7 days.   

    The Adjudicator’s Annual Report highlighted an increase in complaints received from HMRC customers, up 10% on the previous year and they also fully investigated more complaints than in 2022 to 2023.

    We resolved over 98% of complaints internally and during 2023 to 2024 upheld rates at the Adjudicator stage were down by 6% to 41% including partially and fully upheld.

    HMRC’s response to the Adjudicator’s Office Insight Report: Applying Customer Circumstances to Decision Making

    We value the Adjudicator’s insight report on applying customer circumstances to decision making and welcome publication of the report to improve transparency. We have reviewed the recommendations within the report and have taken the following actions to respond to the feedback in line with our Charter Standards:

    • launched a quality strategy to identify additional training requirements when applying customer circumstances to decision making
    • raised awareness of applying customer circumstances to decision making through our internal complaint newsletter and Complaints Community Forum
    • updated our internal guidance to support complaint handlers to identify customer vulnerabilities and fully consider their circumstances in the resolution of the complaint
    • reviewed a sample of customer cases to gain insight on how we can effectively apply customer circumstances to decision making

    Valuation Office Agency

    Over the last year, the VOA has seen increased customer demand for its services. Following the closure of the 2017 non-domestic rating list, the VOA received a significant number of checks and a subsequent increase in the number of challenges. Alongside this, the VOA continued to see high numbers of customers looking to challenge their Council Tax band.   

    The VOA handled 1,346 complaints in 2023 to 2024 which was a 58% increase from 2022 to 2023. Despite the increase in complaints received, the VOA have not seen a similar rise in escalations to the Adjudicator’s Office, demonstrating the effectiveness of the new resolution-focused approach and commitment to providing excellent customer service.  

    The VOA benefit from a constructive working relationship with the Adjudicator’s Office and are pleased the Adjudicator recognises their progress in learning from complaints. This includes the introduction of quarterly complaints insight reports and sharing regular feedback on learning from complaints to support service improvements, resulting in better outcomes for customers.

    Updates to this page

    Published 18 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Europe: President Meloni addresses Conference of Italy’s prefects and police commissioners

    Source: Government of Italy (English)

    17 Febbraio 2025

    The President of the Council of Ministers, Giorgia Meloni, delivered a speech at the Conference of Italy’s prefects and police commissioners (‘questori’) on policy guidelines to counter irregular immigration, held in Rome today.

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: MOFA response to inclusion of Taiwan-friendly statements in coalition agreement of new Belgian government

    Source: Republic of China Taiwan 3

    MOFA response to inclusion of Taiwan-friendly statements in coalition agreement of new Belgian government

    Date：2025-02-12
    Data Source：Department of European Affairs

    February 12, 2025  

    On February 11, the Kingdom of Belgium’s five-party coalition government, which was formed on January 31, publicized a coalition agreement that for the first time stressed the importance of maintaining peace, stability, and the status quo across the Taiwan Strait and South China Sea, and called for the signing of investment agreements between Europe and countries in the region. 
     
    This is the first coalition agreement of a Belgian government to contain content on Taiwan. MOFA expresses sincere appreciation for this action and congratulates Prime Minister Bart De Wever and his cabinet on their inauguration on February 3. Building upon shared values, MOFA looks forward to working with the Belgian government to further promote cordial relations; enhance all forms of substantive bilateral exchanges; advance regional peace, stability, and prosperity; and foster robust friendship between the peoples of Taiwan and Belgium. 

    MIL OSI Asia Pacific News –

  • MIL-OSI United Kingdom: Mayor proposes record-breaking £1.16bn investment in the Metropolitan Police

    Source: Mayor of London

    • In a draft budget published last night the Mayor proposed an additional £83m investment – £10m from City Hall and £73m from central Government – to go into policing
    • The £83m additional builds on the extra £237m already announced for next year to give a record £320m increase
    • In total, this means there will be £1.159 billion Mayoral funding policing in 2025-26. It is the largest figure ever spent on policing in the capital, the biggest year-on-year settlement ever proposed for the Met and more than double the previous Mayor’s final budget for policing
    • It comes as the number of homicides, young people being injured with knives and burglary are all down since Sadiq was first elected in 2016

    The Mayor of London, Sadiq Khan, has today proposed an extra £83m million – £10m from City Hall and £73million from central government – for policing in his final draft budget bringing total Mayoral investment in the Met to an historic £1.159 billion for the next year.

    It means there is an additional £320m funding for the Metropolitan Police compared to the current year’s budget, an unprecedented increase. This additional investment will keep hundreds of Metropolitan Police officer posts and reduce expected cuts to key specialist police units.

    Last November’s budget submission from the Mayor’s Office for Policing and Crime (MOPAC) assumed that by 31 March 2026, the Met would need to reduce the number of officers by 1,899 to 30,553 due to chronic underfunding by the previous government, which reduced annual core funding for policing in the capital by £1.1 billion in real terms.

    The Mayor has confirmed that some of the cuts the Metropolitan Police had originally proposed in November will be substantially scaled back due to this proposed investment, which will be used to fund additional police officers, key police staff and the equipment they need to carry out their roles.  Final decisions on how to use the extra investment will be considered by MOPAC and the Met, with plans announced next month. It is expected that hundreds of officer posts will be kept in place due to this investment, on top of the 420 officers funded in last month’s Provisional Policing Settlement.

    There is still much more to do to tackle crime in London and this proposed investment by the Mayor and the Government will help the Met to continue to invest in tacking crime locally and build on the progress being made. The number of homicides, young people being injured with knives, and burglary are all down since Sadiq was first elected in 2016. Homicides are also falling – there were fewer homicides of people under-25 in London last year than any year since 2003. The number of teenage homicides in London last year was at its lowest total since 2012.

    In total, Sadiq has earmarked a record £1.159 billion to fund policing in 2025-26 – an increase of nearly 105 per cent in annual funding compared to the previous Mayor’s final budget.  But despite this investment, and the extra support from the new government, the Met is still facing significant financial pressures due to over a decade of real terms cuts by the previous government.  

    The Mayor of London, Sadiq Khan, said: “No-one should under-estimate the significance of this. It is a record amount of investment.

    “Bearing down on crime and keeping Londoners safe is my top priority as Mayor and I’ll always use all the levers at my disposal to fund the police, investing record sums from City Hall.

    “I am pleased to propose an additional £320 million since last year for the Metropolitan Police, with £83m more since January, thanks to Government support.

    “Despite this record-breaking additional funding, the Met still faces a difficult financial situation due to over a decade of cuts by the previous government. As Mayor, I will continue to work with the new government and the Commissioner ahead of the forthcoming spending review on the funding the Met needs to ensure we can continue building a safer London for everyone.”

    The Mayor’s final draft Budget also confirms £147.5 million of funding to deliver free school meals for all London’s state primary schoolchildren in 2025-26 – the third year of the historic scheme. Delivering free school meals has been one of Sadiq’s proudest moments as Mayor and he has vowed to continue the scheme for as long as he is in office.

    More than 43 million free school meals were funded in the first year of the scheme, with up to 287,000 children benefitting and families saving more than £1,000 per child over the first two years of the scheme.

    MIL OSI United Kingdom –

  • MIL-OSI: Telefónica selects Nokia Packet Core to deliver superior network quality for enterprises in Spain #MWC25

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    Telefónica selects Nokia Packet Core to deliver superior network quality for enterprises in Spain #MWC25

    • Nokia Packet Core solutions will support Telefónica in rolling out 4G and 5G low latency services and other use cases to the operator’s enterprise customers.
    • Telefónica will deploy the Nokia cloud-native software solutions on top of its telco cloud and as packet core appliances on enterprise premises.

    18 February 2025
    Espoo, Finland – Telefónica, the top operator in Spain for enterprise customers, has selected Nokia’s Packet Core solution to enhance the scale, capacity, performance, and reliability of its 4G and 5G network for enterprise customers in the country while simplifying its network architecture.

    Nokia Packet Core solutions will support Telefónica in rolling out low-latency services like drone control, robotics and industrial applications, smart metering that enables real-time monitoring and billing for utility consumers, and other use cases to the operator’s enterprise customers.

    Telefónica and Nokia already collaborate on a host of other network technologies, including 5G RAN, XGSPON, IP and Optical transport, network analytics, and network APIs. Telefónica will deploy Nokia Cloud Mobile Gateway and Nokia Mediation on its telco cloud, providing flexibility and operational efficiencies with its multi-vendor and multi-cloud capabilities.

    Nokia Cloud Mobile Gateway will enable Telefonica to more efficiently manage and route user traffic for enterprises, a key operator growth area.

    Erez Sverdlov, Vice President, Cloud and Network Services Market Leader for Europe at Nokia, said: “We are pleased to support Telefónica in strengthening the enterprise customer experience in Spain. Beyond better data capacity, latency, and reliability, our packet core will also provide a local breakout of user traffic with our latest generation appliances, providing reduced latency and improved security.”

    Nokia had the most 5G Standalone Core communication service provider customers, with 123 in total, at the end of 2024.

    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.

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    The MIL Network –

  • MIL-OSI United Kingdom: National Insurance: Labour should be taxing wealthy not cutting services

    Source: Scottish Greens

    18 Feb 2025 Economy

    Labour’s National Insurance hike could do serious damage to vital services.

    More in Economy

    Unless Labour’s increase on Employer National Insurance Contributions is funded it could have a devastating impact on Scotland’s services, says Scottish Green co-leader Lorna Slater.

    Ms Slater, who was speaking ahead of a Scottish Government debate on the increase, has urged the UK government to introduce a wealth tax which would raise far more funding while ensuring it is the best-off that are paying the most rather than causing anxiety and possibly cuts by implementing a tax increase on service providers.

    Ms Slater said:

    “Without full funding, this increase could do a lot of damage to vital services like health and social care as well as punishing small businesses and charities.

    “There is more than enough money to ensure that services are fully funded and that everyone can have security and a good standard of living, but so much of it is being hoarded by a small number of very wealthy people.

    “Labour has refused to provide clarity about how it will offset the costs it is choosing to inflict.

    “It’s a cowardly move which has been done to avoid raising taxes on the richest people, including the ones who bankroll the Labour Party.

    “Rather than saddling overstretched service providers with anxiety and extra costs, the Prime Minister and his chancellor should be asking the super wealthy to pay their fair share.”

    Analysis from the University of Greenwich shows that a wealth tax starting at a marginal rate of 1%, rising to 5% for those with £5.7 million and above (the richest 0.5%), and 10% for those with £18.2 million (the richest 0.15%) would raise over £70 billion a year.

    MIL OSI United Kingdom –

  • MIL-OSI: Nykredit extends the offer period concerning the recommended, voluntary public tender offer for Spar Nord Bank A/S until 20 March 2025 – Nykredit Realkredit A/S

    Source: GlobeNewswire (MIL-OSI)

    THIS ANNOUNCEMENT IS PUBLISHED PURSUANT TO SECTION 9(4) AND (5) AND SECTION 21(3) OF EXECUTIVE ORDER NO. 636 OF 15 MAY 2020

    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR TO ANY JURISDICTION WHERE DOING SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

    Publication of supplement concerning extension of offer period for Nykredit’s recommended, voluntary public tender offer for Spar Nord Bank A/S until 20 March 2025

    18 February 2025

    Nykredit extends the offer period concerning the recommended, voluntary public tender offer for Spar Nord Bank A/S until 20 March 2025

    In accordance with section 4(1) of the Danish Takeover Order1, Nykredit Realkredit A/S (“Nykredit”) announced on 10 December 2024 that Nykredit intended to submit a voluntary public tender offer (the “Offer”) to acquire all shares in Spar Nord Bank A/S (“Spar Nord Bank”), with the exception of Spar Nord Bank’s treasury shares, for a cash price of DKK 210 per share, valuing the aggregated issued share capital of Spar Nord Bank at DKK 24.7 billion.

    On 8 January 2025, Nykredit published the offer document regarding the Offer (the “Offer Document”), as approved by the Danish FSA in accordance with section 11 of the Danish Takeover Order.

    Today, Nykredit published a supplement (the “Supplement”) to the Offer Document, which extends the Offer Period for the Offer. The Supplement has been approved by the Danish FSA on 18 February 2025 in accordance with section 9(4) and section 9(5) of the Danish Takeover Order.

    Under the Offer document, the offer period is set to expire on 19 February 2025 at 23:59 (CET) (the “Initial Offer Period”).

    With the Supplement, Nykredit extends the Initial Offer Period, such that the Offer will expire on 20 March 2025 at 23:59 (CET). Subsequently, any reference to the “Offer Period” in the Offer Document or other documents relating to the Offer will refer to the period commencing on the day of publication of the Offer Document on 8 January 2025 and ending on 20 March 2025 at 23:59 (the “Extended Offer Period”).

    The purpose of the extension is to provide Nykredit with more time to obtain the approval from the Danish Competition and Consumer Authority required to complete the Offer. The process to obtain such approval from the Danish Competition and Consumer Authority is proceeding as planned.

    If the approval from the Danish Competition and Consumer Authority has not been granted by the expiry of the Extended Offer Period, Nykredit expects to extend the Extended Offer Period further.

    The extension of the Initial Offer Period entails that the expected completion of the Offer and settlement of the Offer Price to the Spar Nord Bank shareholders who have accepted the Offer will be extended correspondingly. Completion is subsequently expected to take place on 28 March 2025.

    At the time of this announcement, Nykredit holds 32.44 per cent of the shares in Spar Nord Bank, and on 4 February 2025 Nykredit released an announcement to the effect that a preliminary compilation of the acceptances that Nykredit is aware of indicates that the 67 per cent acceptance limit of the Offer has been achieved. The final result of the Offer will be determined on expiry of the Offer Period and published in accordance with section 21(3) of the Danish Takeover Order.

    The full terms and conditions of the Offer are contained in the Offer Document as amended by the Supplement. The Offer Document and the Supplement are published in the Danish FSA’s OAM database: https://oam.finanstilsynet.dk/ and can also, with certain restrictions, be accessed at https://www.nykredit.com/kobstilbud-spar-nord/ and https://www.sparnord.dk/investor-relations/overtagelsestilbud.

    About Spar Nord Bank

    Spar Nord Bank was founded in 1824 and is now a nationwide bank with 58 branches. Spar Nord Bank offers all types of financial services, consultancy and products, focusing its business on retail customers and primarily small and medium-sized enterprises (SMEs) in the local areas in which the bank is represented. The bank is also focused on leasing operations and large corporate customers, which are both business areas handled by the head offices.

    Spar Nord Bank has historically been rooted in northern Jutland and continues to be a market leader in this region. However, in the period from 2002 to 2024, Spar Nord Bank has established and acquired branches outside northern Jutland. Over the course of the years, the bank has adjusted its branch network in an ongoing process and now has a nationwide distribution network comprising 58 branches. These 58 branches are distributed on 32 banking areas, each of which is headed by a manager reporting directly to the bank’s executive board.

    The Spar Nord Bank Group consists of two earnings entities: Spar Nord Bank’s branches and the Trading Division. As an entity, the Trading Division serves customers from Spar Nord Bank’s branches as well as large retail customers and institutional clients in the field of equities, bonds, fixed income and forex products, asset management and international transactions. Finally, under the concept Sparxpres, the bank offers consumer loans to personal customers through Sparxpres’ platform as well as debt consolidation loans and consumer financing via retail stores and gift voucher solutions via shopping centres and city associations.

    About Nykredit

    Nykredit Realkredit A/S (“Nykredit”) is a public limited company incorporated under the laws of Denmark, company reg. (CVR) no. 12 71 92 80, having its registered office at Sundkrogsgade 25, 2150 Nordhavn, Denmark. Nykredit is a mortgage credit institution and, together with its wholly-owned subsidiary Totalkredit A/S, is a market leader of the Danish mortgage credit market with a market share of some 45.2 per cent. Nykredit offers mortgage financing for private individuals and businesses.

    Nykredit is part of the Nykredit Group, which historically dates back to 1851. In addition to carrying on mortgage credit business, the Group carries on banking business through Nykredit Bank – including banking and wealth management operations – and has a total of around 4,000 employees in Denmark.

    Nykredit is owned by an association of the Nykredit Group’s customers, Forenet Kredit. Forenet Kredit owns close to 80 per cent of Nykredit’s shares. Other major shareholders are five Danish pension funds: Akademikernes Pension AP Pension, PensionDanmark, PFA and PKA.

    Nykredit is known for the advantages offered through the association. Forenet Kredit makes capital contributions to the Nykredit Group when times are good, and Nykredit has decided to pass these on to its customers.

    Since, 2017, Forenet Kredit has paid over DKK 8 billion in capital contributions to the Nykredit Group, and in the period to 2027, Forenet Kredit has provided a further DKK 7 billion.

    Questions and further information

    Any questions concerning the Offer may be directed to:

    Nykredit Bank A/S

    Company reg. (CVR) no.: 10 51 96 08

    Sundkrogsgade 25

    2150 Nordhavn
    Denmark

    Telephone: +45 7010 9000

    and

    Carnegie Investment Bank

    Filial af Carnegie Investment Bank AB (publ), Sverige

    Company reg. (CVR) no. 35 52 12 67

    Overgaden Neden Vandet 9 B

    1414 Copenhagen K
    Denmark

    E-mail: annette.hansen@carnegie.dk

    For further information about the Offer, please see: https://www.nykredit.com/kobstilbud-spar-nord/.

    This announcement and the Offer Document (with Supplement) are not directed at shareholders of Spar Nord Bank A/S whose participation in the Offer would require the issuance of an offer document, registration or activities other than what is required under Danish law (and, in the case of shareholders in the United States of America, Section 14(e) of, and applicable provisions of Regulation 14E promulgated under, the US Securities Exchange Act of 1934, as amended). The Offer is not made and will not be made, directly or indirectly, to shareholders resident in any jurisdiction in which the submission of the Offer or acceptance thereof would be in contravention of the laws of such jurisdiction. Any person coming into possession of this announcement, the Offer Document or any other document containing a reference to the Offer is expected and assumed to independently obtain all necessary information about any applicable restrictions and to observe these.

    This announcement does not constitute an offer or an invitation to purchase securities or a solicitation of an offer to purchase securities in accordance with the Offer or otherwise. The Offer will be submitted only in the form of the Offer Document (with Supplement) approved by the FSA, which sets out the full terms and conditions of the Offer, including information on how to accept the Offer. The shareholders of Spar Nord Bank are advised to read the Offer Document and any related documents as they contain important information.

    Restricted jurisdictions

    The Offer is not made, and acceptance of the Offer to tender Spar Nord Bank Shares is not accepted, neither directly nor indirectly, in or from any jurisdiction in which the making or acceptance of the Offer would not be in compliance with the laws of such jurisdiction or would require any registration, approval or any other measures with any regulatory authority not expressly contemplated by the Offer Document (the “Restricted Jurisdictions”). Neither the United States nor the United Kingdom is a Restricted Jurisdiction.

    Restricted Jurisdictions include, but are not limited to: Australia, Canada, Hong Kong, Japan, New Zealand and South Africa.

    Persons obtaining documents or information relating to the Offer (including custodians, account holding institutions, nominees, trustees, representatives, fiduciaries or other intermediaries) should not distribute, communicate, transfer or send these in or into a Restricted Jurisdiction or use mail or any other means of communication in or into a Restricted Jurisdiction in connection with the Offer. Persons (including, but not limited to, custodians, custodian banks, nominees, trustees, representatives, fiduciaries or other intermediaries) intending to communicate this announcement, the Supplement, the Offer Document or any related document to any jurisdiction outside Denmark or the United States should inform themselves about these restrictions before taking any action. Any failure to comply with these restrictions may constitute a violation of the Laws of such jurisdiction, including securities Laws. It is the responsibility of all Persons obtaining announcement, the Supplement, the Offer Document, an acceptance form and/or other documents relating to the Offer, or into whose possession such documents otherwise come, to inform themselves about and observe all such restrictions.

    Nykredit is not responsible for ensuring that the distribution, dissemination or communication of this announcement, the Supplement or the Offer Document to Shareholders outside Denmark, the United States and the United Kingdom is consistent with applicable Law in any jurisdiction other than Denmark, the United States and the United Kingdom.

    Important Information for Shareholders in the United States

    The Offer concerns the shares in Spar Nord Bank, a public limited liability company incorporated and admitted to trading on a regulated market in Denmark, and is subject to the disclosure and procedural requirements of Danish law, including the Danish capital markets act and the Danish takeover order.

    The Offer is being made to shareholders in Spar Nord Bank in the United States in compliance with the applicable US tender offer rules under the U.S. Securities Exchange Act of 1934, as amended, (the “U.S. Exchange Act”), including Regulation 14E promulgated thereunder, subject to the relief available for a “Tier II” tender offer, and otherwise in accordance with the requirements of Danish law and practice

    Accordingly, US Spar Nord Bank shareholders should be aware that this announcement and any other documents regarding the Offer have been prepared in accordance with, and will be subject to, the disclosure and other procedural requirements, including with respect to withdrawal rights, the Offer timetable, settlement procedures and timing of payments of Danish law and practice, which may differ materially from those applicable under US domestic tender offer law and practice. In addition, the financial information contained in this announcement or the Offer Document has not been prepared in accordance with generally accepted accounting principles in the United States, or derived therefrom, and may therefore differ from, or not be comparable with, financial information of US companies.

    In accordance with the laws of, and practice in, Denmark and to the extent permitted by applicable law, including Rule 14e-5 under the U.S. Exchange Act, Nykredit, Nykredit’s affiliates or any nominees or brokers of the foregoing (acting as agents, or in a similar capacity, for Nykredit or any of its affiliates, as applicable) may from time to time, and other than pursuant to the Offer, directly or indirectly, purchase, or arrange to purchase, outside of the United States, shares in Spar Nord Bank or any securities that are convertible into, exchangeable for or exercisable for such shares in Spar Nord Bank before or during the period in which the Offer remains open for acceptance. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any information about such purchases will be announced via Nasdaq Copenhagen and relevant electronic media if, and to the extent, such announcement is required under applicable law. To the extent information about such purchases or arrangements to purchase is made public in Denmark, such information will be disclosed by means of a press release or other means reasonably calculated to inform US shareholders of Spar Nord Bank of such information.

    In addition, subject to the applicable laws of Denmark and US securities laws, including Rule 14e-5 under the U.S. Exchange Act, the financial advisers to Nykredit or their respective affiliates may also engage in ordinary course trading activities in securities of Spar Nord Bank, which may include purchases or arrangements to purchase such securities.

    It may not be possible for US shareholders to effect service of process within the United States upon Spar Nord Bank, Nykredit or any of their respective affiliates, or their respective officers or directors, some or all of which may reside outside the United States, or to enforce against any of them judgments of the United States courts predicated upon the civil liability provisions of the federal securities laws of the United States or other US law. It may not be possible to bring an action against Nykredit, Spar Nord Bank and/or their respective officers or directors (as applicable) in a non-US court for violations of US laws. Further, it may not be possible to compel Nykredit and Spar Nord Bank or their respective affiliates, as applicable, to subject themselves to the judgment of a US court. In addition, it may be difficult to enforce in Denmark original actions, or actions for the enforcement of judgments of US courts, based on the civil liability provisions of the US federal securities laws.

    The Offer, if completed, may have consequences under US federal income tax and under applicable US state and local, as well as non-US, tax laws. Each shareholder of Spar Nord Bank is urged to consult its independent professional adviser immediately regarding the tax consequences of the Offer.

    NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION NOR ANY SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY IN ANY STATE OF THE U.S. HAS APPROVED OR DECLINED TO APPROVE THE OFFER OR THIS ANNOUNCEMENT, PASSED UPON THE FAIRNESS OR MERITS OF THE OFFER OR PROVIDED AN OPINION AS TO THE ACCURACY OR COMPLETENESS OF THIS ANNOUNCEMENT OR ANY OFFER DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE IN THE UNITED STATES.

    1 Executive Order no. 636 of 15 May 2020

    Attachment

    The MIL Network –

  • MIL-OSI: Correction: Nykredit extends the offer period concerning the recommended, voluntary public tender offer for Spar Nord Bank A/S until 20 March 2025 – Nykredit Realkredit A/S

    Source: GlobeNewswire (MIL-OSI)

    THIS ANNOUNCEMENT IS PUBLISHED PURSUANT TO SECTION 9(4) AND (5) AND SECTION 21(3) OF EXECUTIVE ORDER NO. 636 OF 15 MAY 2020

    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR TO ANY JURISDICTION WHERE DOING SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

    Publication of supplement concerning extension of offer period for Nykredit’s recommended, voluntary public tender offer for Spar Nord Bank A/S until 20 March 2025

    18 February 2025

    Nykredit extends the offer period concerning the recommended, voluntary public tender offer for Spar Nord Bank A/S until 20 March 2025

    In accordance with section 4(1) of the Danish Takeover Order1, Nykredit Realkredit A/S (“Nykredit”) announced on 10 December 2024 that Nykredit intended to submit a voluntary public tender offer (the “Offer”) to acquire all shares in Spar Nord Bank A/S (“Spar Nord Bank”), with the exception of Spar Nord Bank’s treasury shares, for a cash price of DKK 210 per share, valuing the aggregated issued share capital of Spar Nord Bank at DKK 24.7 billion.

    On 8 January 2025, Nykredit published the offer document regarding the Offer (the “Offer Document”), as approved by the Danish FSA in accordance with section 11 of the Danish Takeover Order.

    Today, Nykredit published a supplement (the “Supplement”) to the Offer Document, which extends the Offer Period for the Offer. The Supplement has been approved by the Danish FSA on 18 February 2025 in accordance with section 9(4) and section 9(5) of the Danish Takeover Order.

    Under the Offer document, the offer period is set to expire on 19 February 2025 at 23:59 (CET) (the “Initial Offer Period”).

    With the Supplement, Nykredit extends the Initial Offer Period, such that the Offer will expire on 20 March 2025 at 23:59 (CET). Subsequently, any reference to the “Offer Period” in the Offer Document or other documents relating to the Offer will refer to the period commencing on the day of publication of the Offer Document on 8 January 2025 and ending on 20 March 2025 at 23:59 (the “Extended Offer Period”).

    The purpose of the extension is to provide Nykredit with more time to obtain the approval from the Danish Competition and Consumer Authority required to complete the Offer. The process to obtain such approval from the Danish Competition and Consumer Authority is proceeding as planned.

    If the approval from the Danish Competition and Consumer Authority has not been granted by the expiry of the Extended Offer Period, Nykredit expects to extend the Extended Offer Period further.

    The extension of the Initial Offer Period entails that the expected completion of the Offer and settlement of the Offer Price to the Spar Nord Bank shareholders who have accepted the Offer will be extended correspondingly. Completion is subsequently expected to take place on 28 March 2025.

    At the time of this announcement, Nykredit holds 32.44 per cent of the shares in Spar Nord Bank, and on 4 February 2025 Nykredit released an announcement to the effect that a preliminary compilation of the acceptances that Nykredit is aware of indicates that the 67 per cent acceptance limit of the Offer has been achieved. The final result of the Offer will be determined on expiry of the Offer Period and published in accordance with section 21(3) of the Danish Takeover Order.

    The full terms and conditions of the Offer are contained in the Offer Document as amended by the Supplement. The Offer Document and the Supplement are published in the Danish FSA’s OAM database: https://oam.finanstilsynet.dk/ and can also, with certain restrictions, be accessed at https://www.nykredit.com/kobstilbud-spar-nord/ and https://www.sparnord.dk/investor-relations/overtagelsestilbud.

    About Spar Nord Bank

    Spar Nord Bank was founded in 1824 and is now a nationwide bank with 58 branches. Spar Nord Bank offers all types of financial services, consultancy and products, focusing its business on retail customers and primarily small and medium-sized enterprises (SMEs) in the local areas in which the bank is represented. The bank is also focused on leasing operations and large corporate customers, which are both business areas handled by the head offices.

    Spar Nord Bank has historically been rooted in northern Jutland and continues to be a market leader in this region. However, in the period from 2002 to 2024, Spar Nord Bank has established and acquired branches outside northern Jutland. Over the course of the years, the bank has adjusted its branch network in an ongoing process and now has a nationwide distribution network comprising 58 branches. These 58 branches are distributed on 32 banking areas, each of which is headed by a manager reporting directly to the bank’s executive board.

    The Spar Nord Bank Group consists of two earnings entities: Spar Nord Bank’s branches and the Trading Division. As an entity, the Trading Division serves customers from Spar Nord Bank’s branches as well as large retail customers and institutional clients in the field of equities, bonds, fixed income and forex products, asset management and international transactions. Finally, under the concept Sparxpres, the bank offers consumer loans to personal customers through Sparxpres’ platform as well as debt consolidation loans and consumer financing via retail stores and gift voucher solutions via shopping centres and city associations.

    About Nykredit

    Nykredit Realkredit A/S (“Nykredit”) is a public limited company incorporated under the laws of Denmark, company reg. (CVR) no. 12 71 92 80, having its registered office at Sundkrogsgade 25, 2150 Nordhavn, Denmark. Nykredit is a mortgage credit institution and, together with its wholly-owned subsidiary Totalkredit A/S, is a market leader of the Danish mortgage credit market with a market share of some 45.2 per cent. Nykredit offers mortgage financing for private individuals and businesses.

    Nykredit is part of the Nykredit Group, which historically dates back to 1851. In addition to carrying on mortgage credit business, the Group carries on banking business through Nykredit Bank – including banking and wealth management operations – and has a total of around 4,000 employees in Denmark.

    Nykredit is owned by an association of the Nykredit Group’s customers, Forenet Kredit. Forenet Kredit owns close to 80 per cent of Nykredit’s shares. Other major shareholders are five Danish pension funds: Akademikernes Pension AP Pension, PensionDanmark, PFA and PKA.

    Nykredit is known for the advantages offered through the association. Forenet Kredit makes capital contributions to the Nykredit Group when times are good, and Nykredit has decided to pass these on to its customers.

    Since, 2017, Forenet Kredit has paid over DKK 8 billion in capital contributions to the Nykredit Group, and in the period to 2027, Forenet Kredit has provided a further DKK 7 billion.

    Questions and further information

    Any questions concerning the Offer may be directed to:

    Nykredit Bank A/S

    Company reg. (CVR) no.: 10 51 96 08

    Sundkrogsgade 25

    2150 Nordhavn
    Denmark

    Telephone: +45 7010 9000

    and

    Carnegie Investment Bank

    Filial af Carnegie Investment Bank AB (publ), Sverige

    Company reg. (CVR) no. 35 52 12 67

    Overgaden Neden Vandet 9 B

    1414 Copenhagen K
    Denmark

    E-mail: annette.hansen@carnegie.dk

    For further information about the Offer, please see: https://www.nykredit.com/kobstilbud-spar-nord/.

    This announcement and the Offer Document (with Supplement) are not directed at shareholders of Spar Nord Bank A/S whose participation in the Offer would require the issuance of an offer document, registration or activities other than what is required under Danish law (and, in the case of shareholders in the United States of America, Section 14(e) of, and applicable provisions of Regulation 14E promulgated under, the US Securities Exchange Act of 1934, as amended). The Offer is not made and will not be made, directly or indirectly, to shareholders resident in any jurisdiction in which the submission of the Offer or acceptance thereof would be in contravention of the laws of such jurisdiction. Any person coming into possession of this announcement, the Offer Document or any other document containing a reference to the Offer is expected and assumed to independently obtain all necessary information about any applicable restrictions and to observe these.

    This announcement does not constitute an offer or an invitation to purchase securities or a solicitation of an offer to purchase securities in accordance with the Offer or otherwise. The Offer will be submitted only in the form of the Offer Document (with Supplement) approved by the FSA, which sets out the full terms and conditions of the Offer, including information on how to accept the Offer. The shareholders of Spar Nord Bank are advised to read the Offer Document and any related documents as they contain important information.

    Restricted jurisdictions

    The Offer is not made, and acceptance of the Offer to tender Spar Nord Bank Shares is not accepted, neither directly nor indirectly, in or from any jurisdiction in which the making or acceptance of the Offer would not be in compliance with the laws of such jurisdiction or would require any registration, approval or any other measures with any regulatory authority not expressly contemplated by the Offer Document (the “Restricted Jurisdictions”). Neither the United States nor the United Kingdom is a Restricted Jurisdiction.

    Restricted Jurisdictions include, but are not limited to: Australia, Canada, Hong Kong, Japan, New Zealand and South Africa.

    Persons obtaining documents or information relating to the Offer (including custodians, account holding institutions, nominees, trustees, representatives, fiduciaries or other intermediaries) should not distribute, communicate, transfer or send these in or into a Restricted Jurisdiction or use mail or any other means of communication in or into a Restricted Jurisdiction in connection with the Offer. Persons (including, but not limited to, custodians, custodian banks, nominees, trustees, representatives, fiduciaries or other intermediaries) intending to communicate this announcement, the Supplement, the Offer Document or any related document to any jurisdiction outside Denmark or the United States should inform themselves about these restrictions before taking any action. Any failure to comply with these restrictions may constitute a violation of the Laws of such jurisdiction, including securities Laws. It is the responsibility of all Persons obtaining announcement, the Supplement, the Offer Document, an acceptance form and/or other documents relating to the Offer, or into whose possession such documents otherwise come, to inform themselves about and observe all such restrictions.

    Nykredit is not responsible for ensuring that the distribution, dissemination or communication of this announcement, the Supplement or the Offer Document to Shareholders outside Denmark, the United States and the United Kingdom is consistent with applicable Law in any jurisdiction other than Denmark, the United States and the United Kingdom.

    Important Information for Shareholders in the United States

    The Offer concerns the shares in Spar Nord Bank, a public limited liability company incorporated and admitted to trading on a regulated market in Denmark, and is subject to the disclosure and procedural requirements of Danish law, including the Danish capital markets act and the Danish takeover order.

    The Offer is being made to shareholders in Spar Nord Bank in the United States in compliance with the applicable US tender offer rules under the U.S. Securities Exchange Act of 1934, as amended, (the “U.S. Exchange Act”), including Regulation 14E promulgated thereunder, subject to the relief available for a “Tier II” tender offer, and otherwise in accordance with the requirements of Danish law and practice

    Accordingly, US Spar Nord Bank shareholders should be aware that this announcement and any other documents regarding the Offer have been prepared in accordance with, and will be subject to, the disclosure and other procedural requirements, including with respect to withdrawal rights, the Offer timetable, settlement procedures and timing of payments of Danish law and practice, which may differ materially from those applicable under US domestic tender offer law and practice. In addition, the financial information contained in this announcement or the Offer Document has not been prepared in accordance with generally accepted accounting principles in the United States, or derived therefrom, and may therefore differ from, or not be comparable with, financial information of US companies.

    In accordance with the laws of, and practice in, Denmark and to the extent permitted by applicable law, including Rule 14e-5 under the U.S. Exchange Act, Nykredit, Nykredit’s affiliates or any nominees or brokers of the foregoing (acting as agents, or in a similar capacity, for Nykredit or any of its affiliates, as applicable) may from time to time, and other than pursuant to the Offer, directly or indirectly, purchase, or arrange to purchase, outside of the United States, shares in Spar Nord Bank or any securities that are convertible into, exchangeable for or exercisable for such shares in Spar Nord Bank before or during the period in which the Offer remains open for acceptance. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any information about such purchases will be announced via Nasdaq Copenhagen and relevant electronic media if, and to the extent, such announcement is required under applicable law. To the extent information about such purchases or arrangements to purchase is made public in Denmark, such information will be disclosed by means of a press release or other means reasonably calculated to inform US shareholders of Spar Nord Bank of such information.

    In addition, subject to the applicable laws of Denmark and US securities laws, including Rule 14e-5 under the U.S. Exchange Act, the financial advisers to Nykredit or their respective affiliates may also engage in ordinary course trading activities in securities of Spar Nord Bank, which may include purchases or arrangements to purchase such securities.

    It may not be possible for US shareholders to effect service of process within the United States upon Spar Nord Bank, Nykredit or any of their respective affiliates, or their respective officers or directors, some or all of which may reside outside the United States, or to enforce against any of them judgments of the United States courts predicated upon the civil liability provisions of the federal securities laws of the United States or other US law. It may not be possible to bring an action against Nykredit, Spar Nord Bank and/or their respective officers or directors (as applicable) in a non-US court for violations of US laws. Further, it may not be possible to compel Nykredit and Spar Nord Bank or their respective affiliates, as applicable, to subject themselves to the judgment of a US court. In addition, it may be difficult to enforce in Denmark original actions, or actions for the enforcement of judgments of US courts, based on the civil liability provisions of the US federal securities laws.

    The Offer, if completed, may have consequences under US federal income tax and under applicable US state and local, as well as non-US, tax laws. Each shareholder of Spar Nord Bank is urged to consult its independent professional adviser immediately regarding the tax consequences of the Offer.

    NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION NOR ANY SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY IN ANY STATE OF THE U.S. HAS APPROVED OR DECLINED TO APPROVE THE OFFER OR THIS ANNOUNCEMENT, PASSED UPON THE FAIRNESS OR MERITS OF THE OFFER OR PROVIDED AN OPINION AS TO THE ACCURACY OR COMPLETENESS OF THIS ANNOUNCEMENT OR ANY OFFER DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE IN THE UNITED STATES.

    1 Executive Order no. 636 of 15 May 2020

    Attachments

    The MIL Network –

  • MIL-OSI United Kingdom: CMA provisionally clears poultry feed merger

    Source: United Kingdom – Executive Government & Departments

    An independent inquiry group has provisionally cleared Boparan’s deal to buy ForFarmers’ Burston and Radstock feed mills in an interim report published today.

    iStock

    The Competition and Markets Authority’s (CMA) independent inquiry group has provisionally cleared Boparan’s proposed purchase of ForFarmers’ Burston and Radstock feed mill sites, following an in-depth Phase 2 investigation.  

    ForFarmers and Boparan (through 2Agriculture) both manufacture and supply chicken feed and other types of poultry feed in the UK.    

    The inquiry group’s investigation has provisionally found that Boparan’s purchase of ForFarmers’ Burston feed mill site could reduce the capacity available to manufacture chicken feed for chicken suppliers in the area around the mill in East Anglia. However, these suppliers will still have choice and the option to switch providers due to competition from other chicken feed providers in the market. Therefore, the inquiry group does not believe the merger would lead to a substantial lessening of competition as a result. 

    Kirstin Baker, chair of the independent inquiry group, said:  

    Having assessed the evidence, we have provisionally found that Boparan’s purchase of ForFarmers’ Burston feed mill does not raise competition concerns. We’re reassured by the evidence which shows that farmers and chicken suppliers in the UK will continue to have options when it comes to choosing chicken feed providers, should the deal go ahead.  

    We’re now seeking feedback and views on our interim report before reaching a final decision.

    The independent inquiry group will now consult on its interim report and is inviting any feedback from interested parties by Tuesday 11 March 2025. A final decision will be made by the statutory deadline of 13 May 2025. 

    For more information, visit the Boparan / ForFarmers (Burston and Radstock mills) case page.   

    Notes to Editors:  

    1. ForFarmers is a European manufacturer and supplier of animal feed, based in the Netherlands. 2Agriculture, a subsidiary of Boparan, is one of the UK’s largest suppliers of poultry feed and supplies feed to Hook 2 Sisters, a company affiliated with Boparan, as well as farmers on the open market. 

    2. At the Phase 1 investigation stage, the CMA concluded that Boparan’s purchase of the Radstock feed mill site does not raise competition concerns and the sale of this mill has completed.  

    3. The CMA has a statutory duty to promote competition for the benefit of consumers and assesses each case on its individual merits. This includes a duty to investigate mergers that could raise competition concerns in the UK where it has jurisdiction to do so. In this case, the CMA has concluded that the CMA has jurisdiction to review this merger because a relevant merger situation has been created: each of Boparan and ForFarmers’ Burston and Radstock feed mills is an enterprise that will cease to be distinct as a result of the merger and the turnover test is met.  More information on the CMA’s mergers jurisdiction and procedure can be read on its guidance page. 

    4. All media enquiries should be directed to the CMA press office by email on press@cma.gov.uk, or by phone on 020 3738 6460.

    Updates to this page

    Published 18 February 2025

    MIL OSI United Kingdom –

  • MIL-Evening Report: Having dense breasts is linked to cancer. But advice about breast density can depend on where you live

    Source: The Conversation (Au and NZ) – By Jennifer Stone, Principal Research Fellow, School of Population and Global Health, The University of Western Australia

    Gorodenkoff/Shutterstock

    Having dense breasts is a clear risk factor for breast cancer. It can also make cancers hard to spot on mammograms.

    Yet you might not be aware you have dense breasts, even after mammographic screening.

    In Australia, advice for women with dense breasts and their health-care professionals can be inconsistent and confusing.

    This is because there’s not currently consensus on whether women who have dense breasts, but no symptoms, benefit from further imaging such as ultrasounds. Concerns include potential cost of these tests and the risk they can produce false positives.

    What is breast density?

    Breasts are made up of fatty tissue and fibroglandular tissue (including glands that make milk, held together by fibrous tissue).

    On a mammogram – an x-ray of the breast – fibroglandular tissue appears white and fatty tissue appears dark. The white areas are referred to as breast density.

    Fibroglandular tissue shows up white on a mammogram.
    Nata Sokhrannova/Shutterstock

    A higher proportion of fibroglandular tissue means your breasts are dense.

    There are four categories to classify breast density:

    • A: almost entirely fatty
    • B: scattered areas of fibroglandular density
    • C: heterogeneously or consistently dense
    • D: extremely dense.

    Breast density is very common. Around 40% of women aged 40–74 are estimated to have “dense breasts”, meaning they fall in category C or D.

    What’s the link to cancer?

    Breast density is associated with the risk of breast cancer in two ways.

    First, breast density usually decreases with age. But if a woman has high breast density for her age, it increases her likelihood of breast cancer.

    One study looked at the risk of breast cancer over the age of 50. It found there was a 6.2% risk for the one-third of women with the lowest density. For the 5% with the highest density, the risk was 14.7%.

    Second, breast density “masks” cancers if they develop. Both cancers and breast density appear white on a mammogram, making cancers very hard to see.

    Breast cancer screening saves lives through early detection and improved treatment options. But we don’t yet know if telling women about their breast density leads to earlier cancer detection, or lives saved.

    In Australia, screening mammography is free for all women* aged 40 and older. This is run through BreastScreen Australia, a joint national, state and territory initiative. Those aged 50-74 are invited to have a mammogram, but it’s available for free without a referral from age 40.

    However, the messages Australian women currently receive about breast density – and whether it’s recorded – depends on where they live.

    What does the advice say?

    In 2023, the Royal Australian and New Zealand College of Radiologists updated its position statement to recommend breast density is recorded during screening and diagnostic tests in Australia and New Zealand.

    Meanwhile BreastScreen Australia says it “should not routinely record breast density or provide supplemental testing for women with dense breasts”. However this position statement is from 2020 and is currently under review.

    Some state and territory BreastScreen programs, including in Western Australia, South Australia and soon Victoria, notify women if they have dense breasts. Victoria is currently at an early stage of its roll-out.

    While the messaging regarding breast density differs by state, none currently recommend further imaging for women with dense breasts without speaking to a doctor about individual risk.

    What are the issues?

    Providing recommendations for women with dense breasts is difficult.

    The European Society of Breast Imaging recommends women with extremely dense breasts aged 50–70 receive an MRI every two to four years, in addition to screening mammography. This is based on a large randomised controlled trial from the Netherlands.

    But the Royal Australian and New Zealand College of Radiologists describes this recommendation as “aspirational”, acknowledging cost, staffing and accessibility as challenges.

    That is, it is not feasible to provide a supplemental MRI for everyone in the screening population in category D with extremely dense breasts (around 10%).

    Further, there is no consensus on appropriate screening recommendations for women in the category C (heterogeneous density).

    We need a national approach to breast density reporting in Australia and to do better at identifying who is most likely to benefit from further testing.

    BreastScreen Australia is currently undergoing a review of its policy and funding.

    One of its goals is to enable a nationally consistent approach to breast screening practices. Hopefully breast density reporting, including funding to support national implementation, will be a priority.

    *This includes those recorded female at birth and who are gender diverse.

    Jennifer Stone receives funding from Cancer Council Western Australia and the NHMRC. She is affiliated with the University of Western Australia and the University of Melbourne. She is Co-chair of the Australian Breast Density Consumer Advisory Council and member of the InforMD Alliance (www.informd.org.au).

    – ref. Having dense breasts is linked to cancer. But advice about breast density can depend on where you live – https://theconversation.com/having-dense-breasts-is-linked-to-cancer-but-advice-about-breast-density-can-depend-on-where-you-live-249863

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Full-year 2024 results

    Source: GlobeNewswire (MIL-OSI)

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

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

    Full-year 2024 results

    • Revenues of €22,096 million in 2024, down -1.9%
    • Revenue growth at constant exchange rates* of -2.0% for the full year, and -1.1% in Q4
    • Bookings at €23.8 billion with a 1.08 book-to-bill
    • Stable operating margin*, at 13.3% of revenues
    • Net profit, Group share, up +0.5% and basic earnings per share up +1.2%
    • Organic free cash flow0F*of €1,961 million
    • Proposed dividend of €3.40 per share

    Paris, February 18, 2025 – The Board of Directors of Capgemini SE, chaired by Paul Hermelin, convened on February 17 in Paris to review and adopt the accounts1F1 of the Capgemini Group for the year-ended December 31, 2024.

    Aiman Ezzat, Chief Executive Officer of the Capgemini Group, said: “Our performance in the fourth quarter is in line with expectations. As anticipated, Manufacturing and France experienced strong headwinds, whereas we saw an improvement in Financial Services and Consumer Goods & Retail, as well as a robust Public Sector.

    The Group demonstrated strong resilience in 2024, maintaining its operating margin and free cash flow generation, thanks to the growth of its high value-added offerings as well as its ecosystem of leading technology partners.

    Client demand continues to be driven by efficiency, operational agility and cost-optimization programs which are driving traction for our Cloud and Data & AI services. The Group is recognized as a global leader in AI by market analysts, reflecting our continued investments. Generative AI supported strong bookings and accounted for around 5% of bookings in Q4. The acquisition of Syniti strengthens the Group’s data-driven digital transformation capabilities.

    Our clients keep showing a strong appetite for technology and recognize the value we bring as their trusted business and technology transformation partner. However, we remain cautious in this uncertain environment, notably around Manufacturing and Europe, and expect H1 2025 constant currency revenue growth to remain in the same range as in Q4 2024. We will continue to demonstrate in 2025 the strength of our positioning and the resilience of our operating model, with growth as a priority.”

    KEY FIGURES

    (in millions of euros) 2023 2024 Change
    Revenues 22,522 22,096 -1.9%
    Operating margin* 2,991 2,934 -1.9%
    as a % of revenues 13.3% 13.3% 0pt
    Operating profit 2,346 2,356 +0.4%
    as a % of revenues 10.4% 10.7% +0.3pts
    Net profit (Group share) 1,663 1,671 +0.5%
    Basic earnings per share (€) 9.70 9.82 +1.2%
    Normalized earnings per share (€)* 12.44 12.23 -1.7%
    Organic free cash flow* 1,963 1,961 -€ 2m
    Net cash / (Net debt)* (2,047) (2,107)  

    In an environment that proved weaker than initially anticipated, Capgemini demonstrated in 2024 the resilience of its operating model and its leadership on AI and Generative AI. Clients focused on driving efficiency, prioritizing operational agility and cost optimization while discretionary spend remained soft. This environment has fueled a strong demand for transformation programs which translated into continued traction for Capgemini’s Cloud, Data & AI services as well as its innovative offerings, most notably in intelligent supply chain, digital core and generative AI projects. This is contributing to the continuous improvement of the portfolio mix toward innovation and enhanced client value creation.

    Capgemini reported revenues of €22,096 million in 2024, down -1.9% year-on-year. Constant currency growth* was -2.0%, at the top end of the outlook as revised in October 2024. Organic growth* (i.e., excluding the impact of currency fluctuations and changes in Group scope) was -2.4%. After bottoming out in Q1, revenue trends gradually improved through the year with a revenue decline limited to -1.1% at constant currency and -1.5% organically in Q4.

    With bookings of €23,821 million in 2024 and €6,806 million in Q4, the Group maintained a strong commercial momentum despite client decision cycles that remain long, achieving a solid book-to-bill of 1.08 for the year, and 1.22 in Q4. When compared to 2023 bookings, this represents, at constant exchange rates, a decrease of -0.5% for the year and an increase of +1.9% in Q4. Generative AI bookings amounted to close to 4% of Group bookings for the year and around 5% for Q4.

    The ongoing shift in Capgemini’s offerings portfolio towards higher value services, coupled with enhanced operational efficiency, generated a 50 basis points increase in gross margin to 27.4% of revenues, reflecting the resilience of its operating model. This enabled the Group to absorb the incremental investment in selling efforts aimed at driving future growth and offset the slight increase in G&A expenses.

    Consequently, the operating margin* was stable at 13.3% of revenues, or €2,934 million, in line with the operating margin target set for 2024.

    Other operating income and expenses was a net expense of €578 million, down €67 million year-on-year. This decrease is mainly attributable to lower restructuring charges, which decreased by €55 million.

    Capgemini’s operating profit was €2,356 million, or 10.7% of revenues, compared with €2,346 million, or 10.4% of revenues in 2023.

    Capgemini reported a net financial income of €13 million in 2024, compared to a net expense of €42 million in 2023, reflecting higher interest income.

    The income tax expense was €681 million, up from €626 million last year. This represents an increase in the effective tax rate from 27.2% in 2023 to 28.8% this year.

    Taking into account the share of profits of associates and non-controlling interests, the Group share in net profit rose by +0.5% year-on-year to €1,671 million. Basic earnings per share increased by +1.2% to €9.82. Normalized earnings per share* was €12.23, compared with €12.44 in 2023.

    Organic free cash flow* generation remained strong at €1,961 million, in line with the 2024 target and the previous year despite lower revenues.

    CAPITAL ALLOCATION & BALANCE SHEET

    In 2024, Capgemini actively redeployed close to €2.0 billion of capital, essentially funded by the organic free cash flow of the year. Capgemini invested €827 million in acquisitions. The Group also paid dividends of €580 million (€3.40 per share) to Capgemini SE shareholders and allocated €972 million to share buybacks: €498 million on its multiyear program and €474 million to neutralize the dilution of the 11th employee share ownership plan (ESOP). This ESOP plan, which proved highly successful and thus contributed to maintaining employee shareholding at around 8% of the share capital, led to a gross capital increase of €415 million.

    In October 2024, the Group also redeemed in full and at maturity its €600 million bond issued in April 2018.

    At December 31, 2024, the Group had cash, cash equivalents and cash management assets of €3.1 billion. After accounting for borrowings of €5.1 billion as well as for derivative instruments, Group net debt* is €2.1 billion, slightly up compared with €2.0 billion at December 31, 2023.

    The Board of Directors decided to recommend the payment of a dividend of €3.40 per share at the Shareholders’ Meeting of May 7, 2025. The corresponding payout ratio is 35% of net profit (Group share), in line with the Group’s historical distribution policy.

    OPERATIONS BY REGION

    At constant exchange rates, revenues in North America (28% of Group revenues) decreased by -4.1% with improving trends in H2. The Financial Services, Consumer Goods & Retail and Telco, Media & Technology (TMT) sectors were the main drivers of improvement. In contrast, the Manufacturing and Public sectors slowed down in H2. The operating margin increased to 16.5%, from 15.6% in 2023.

    The United Kingdom and Ireland region (12% of Group revenues) remained resilient, posting a -1.0% decline in revenue primarily driven by the contraction of the Consumer Goods & Retail sector. The region’s return to growth in H2 was driven by the recovery in Financial Services and the continued strength in the Energy & Utilities sector. The operating margin reached 19.7% compared with 18.6% in 2023.

    France (20% of Group revenues) revenues decreased by -3.5%, in an environment that led to a visible degradation in H2. This evolution was mostly driven by the contraction of the Manufacturing sector. However, as in most regions, Financial Services visibly improved through the year. The operating margin contracted from 12.6% to 10.2%.

    In the Rest of Europe region (31% of Group revenues), revenues stood at +0.1% with solid Public and Energy & Utilities sectors and Financial Services returning to growth. The Manufacturing sector also negatively weighed on activity in the region. The operating margin was 12.0%, slightly up from 11.7% a year earlier.

    Finally, revenues in the Asia-Pacific and Latin America region (9% of Group revenues) were slightly down
    -0.3% driven by a slower Financial Services sector in Asia-Pacific. However, the Public Sector in Asia-Pacific and the Consumer Goods & Retail sector in Latin America, both enjoyed double-digit growth rates. The operating margin slightly improved to 12.4% compared with 12.2% the year before.

    OPERATIONS BY BUSINESS

    At constant exchange rates, Strategy & Transformation consulting services (9% of Group revenues) reported +3.2% growth in total revenues* in 2024. This continued momentum illustrates the strength of the Group’s positioning as a strategic partner to its clients.

    Applications & Technology services (62% of Group revenues and Capgemini’s core business) reported
    a -2.1% decrease in total revenues.

    Finally, Operations & Engineering services total revenues (29% of Group revenues) decreased -2.1%.

    OPERATIONS IN Q4 2024

    Q4 was the third consecutive quarter of gradual improvement in growth rate. As expected, the Financial Services and Consumer Goods & Retail sectors saw an acceleration and TMT returned to growth. This was offset by the slowdown in Manufacturing.

    Geographically, growth rates improved substantially in North America, but also the United Kingdom and Ireland, Asia-Pacific and Latin America, but slowed down visibly in France.

    Group revenues totaled €5,581 million in Q4 2024, a decline of -1.1% year-on-year at constant exchanges rate and -1.5% organically. This decline in revenue can be solely attributable to -6.1% slowdown in Manufacturing.

    At constant exchange rates, the decline in revenues in the North America region was limited to -1.6%, with the growth in Financial Services, Consumer Good & Retail and TMT, more than offset by the weakness in the Manufacturing and Energy & Utilities sectors. Revenues in the United Kingdom and Ireland region grew +1.5%, supported by the good performance of the Energy & Utilities and Manufacturing sectors and to a lesser extent the growth in Financial Services. In France, the weakness in the Manufacturing, Consumer Goods & Retail and Energy & Utilities sectors led the revenue to decline -5.8%. Revenues in the Rest of Europe region were stable (+0.1%), driven by robust activity in the Public, Energy & Utilities and Financial Services sectors that offset the decline in the Manufacturing sector. Finally, revenues in the Asia-Pacific and Latin America region grew by +4.6% supported by the visible recovery in the Financial Services and Consumer Goods & Retail sectors, more than offsetting the weak Manufacturing and Energy & Utilities sectors.

    HEADCOUNT

    At December 31, 2024, the Group’s total headcount stood at 341,100, slightly up by +0.2% year-on-year and +0.7% compared to the end of September 2024.

    The onshore workforce decreased by -1.1% at 144,200 employees, while the offshore workforce was up by +1.2% to 196,900 employees, i.e., 58% of the total headcount.

    ESG PERFORMANCE

    In 2024, Capgemini demonstrated continued leadership in corporate responsibility by making significant advancements aligned with its ESG (Environment, Social and Governance) policy and commitments.

    From an environmental standpoint, Capgemini set ambitious near-term (2030) and long-term (2040) carbon reduction targets in 2022, including a 90% reduction in all emissions (Scope 1, 2 and 3) by 2040 to reach its “net zero emissions” targets as validated by the SBTi (Science-Based Targets initiative). At the end of 2024, the Group had reduced its absolute emissions (Scope 1, 2 and 3) by 35% compared to 2019. Reflecting the commitment to 100% renewable electricity (RE100) by 2025, Capgemini’s scope 1 and 2 emissions have decreased by 93% since 2019. The share of renewable energy in the Group’s electricity consumption reached 98% last year up from 96% in 2023.

    In human capital development, Capgemini continued to invest in its talent in 2024. The average number of learning hours per employee trained reached 77 hours last year, significantly up notably with the expansion of the generative AI training program.

    The Group also made notable progress in gender balance, nearing its global objective of 40% by 2025. By the end of 2024, women comprised 39.7% of the total workforce, up by almost 1 point year-on-year and almost 7 points since 2019. The proportion of women among executive leadership positions globally reached 29.0%, up by almost 3 points year-on-year and more than 12 points since 2019.

    The scale of impact through digital inclusion initiatives also extended greatly in 2024. Overall, the Group’s various programs and partnerships with leading non-profit organizations benefited almost 3.2 million individuals in 2024.

    In recognition of this continued progress, the Group was confirmed as a constituent of the Dow Jones Sustainability Index (DJSI) Europe and maintained its position on the “A list” in the 2024 CDP (Carbon Disclosure Project) assessment.

    OUTLOOK

    The Group’s financial targets for 2025 are:

    • Revenue growth of -2.0% to +2.0% at constant currency;
    • Operating margin of 13.3% to 13.5%;
    • Organic free cash flow of around €1.9 billion.

    CONFERENCE CALL

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

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

    PROVISIONAL CALENDAR

    April 29, 2025        Q1 2025 revenues
    May 7, 2025        Shareholders’ meeting
    July 30, 2025        H1 2025 results
    October 28, 2025        Q3 2025 revenues

    The dividend payment schedule to be submitted to the Shareholders’ Meeting for approval would be:

    May 20, 2025        Ex-dividend date on Euronext Paris
    May 22, 2025        Payment of the dividend

    DISCLAIMER

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

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

    ABOUT CAPGEMINI

    Capgemini is a global business and technology transformation partner, helping organizations to accelerate their dual transition to a digital and sustainable world, while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fueled by its market leading capabilities in AI, generative AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2024 global revenues of €22.1 billion.

    Get the Future You Want | www.capgemini.com

    * *

    *

    APPENDIX3F2

    BUSINESS CLASSIFICATION

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

    DEFINITIONS

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

    Reconciliation of growth rates Q1
    2024    		 Q2
    2024    		 Q3
    2024    		 Q4
    2024    		 FY
    2024
    Organic growth -3.6% -2.3% -2.1% -1.5% -2.4%
    Changes in Group scope +0.3 pts +0.4 pts +0.5 pts +0.4 pts +0.4 pts
    Growth at constant exchange rates -3.3% -1.9% -1.6% -1.1% -2.0%
    Exchange rate fluctuations -0.2 pts +0.4 pts -0.3 pts +0.5 pts +0.1 pts
    Reported growth -3.5% -1.5% -1.9% -0.6% -1.9%

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

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

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

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

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

    RESULTS BY REGION

      Revenues   Year-on-year growth   Operating margin rate
      2024
    (in millions of euros)    		   reported at constant exchange rates   2023 2024
    North America 6,188   -4.2% -4.1%   15.6% 16.5%
    United Kingdom and Ireland 2,753   +1.6% -1.0%   18.6% 19.7%
    France 4,380   -3.5% -3.5%   12.6% 10.2%
    Rest of Europe 6,851   +0.2% +0.1%   11.7% 12.0%
    Asia-Pacific and Latin America 1,924   -2.6% -0.3%   12.2% 12.4%
    TOTAL 22,096   -1.9% -2.0%   13.3% 13.3%

    RESULTS BY BUSINESS

      Total revenues*   Year-on-year growth
      2024
    (% of Group revenues)    		   At constant exchange rates in Total revenues* of the business
    Strategy & Transformation 9%   +3.2%
    Applications & Technology 62%   -2.1%
    Operations & Engineering 29%   -2.1%

    SUMMARY INCOME STATEMENT AND OPERATING MARGIN

    (in millions of euros) 2023 2024 Change
    Revenues 22,522 22,096 -1.9%
    Operating expenses (19,531) (19,162)  
    Operating margin 2,991 2,934 -1.9%
    as a % of revenues 13.3% 13.3% 0bp
    Other operating income and expenses (645) (578)  
    Operating profit 2,346 2,356 +0.4%
    as a % of revenues 10.4% 10.7% +30bp
    Net financial expenses (42) 13  
    Income tax income/(expense) (626) (681)  
    Share of profit of associates and joint-ventures (10) (11)  
    (-) Non-controlling interests (5) (6)  
    Profit for the period, Group share 1,663 1,671 +0.5%

    NORMALIZED AND DILUTED EARNINGS PER SHARE

    (in millions of euros) 2023 2024 Change
    Average number of shares outstanding 171,350,138 170,201,409 -0.7%
    BASIC EARNINGS PER SHARE (in euros) 9.70 9.82 +1.2%
    Diluted average number of shares outstanding 177,396,346 176,375,256  
    DILUTED EARNINGS PER SHARE (in euros) 9.37 9.47 +1.1%
           
    (in millions of euros) 2023 2024 Change
    Profit for the period, Group share 1,663 1,671 +0.5%
    Effective tax rate 27.2% 28.8%  
    (-) Other operating income and expenses, net of tax 469 412  
    Normalized profit for the period 2,132 2,083 -2.3%
    Average number of shares outstanding 171,350,138 170,201,409 -0.7%
    NORMALIZED EARNINGS PER SHARE (in euros) 12.44 12.23 -1.7%

    CHANGE IN CASH AND CASH EQUIVALENTS AND ORGANIC FREE CASH FLOW

    (in millions of euros) 2023 2024
    Net cash from operating activities 2,525 2,526
    Acquisitions of property, plant and equipment and intangible assets, net of disposals (254) (310)
    Net interest cost (11) 37
    Repayments of lease liabilities (297) (292)
    ORGANIC FREE CASH FLOW 1,963 1,961
    Other cash flows from (used in) investing and financing activities (2,126) (2,788)
    Increase (decrease) in cash and cash equivalents (163) (827)
    Effect of exchange rate fluctuations (115) 97
    Opening cash and cash equivalents 3,795 3,517
    Closing cash and cash equivalents 3,517 2,787

    NET DEBT

    (in millions of euros) December 31, 2023 December 31, 2024
    Cash and cash equivalents 3,536 2,789
    Bank overdrafts (19) (2)
    Cash and cash equivalents 3,517 2,787
    Cash management assets 161 268
    Long-term borrowings (5,071) (4,281)
    Short-term borrowings and bank overdrafts (675) (863)
    (-) Bank overdrafts 19 2
    Borrowings, excluding bank overdrafts (5,727) (5,142)
    Derivative instruments 2 (20)
    NET CASH / (NET DEBT) (2,047) (2,107)

    ESG PERFORMANCE

      Objectives Key Performance Indicators 2019
    (baseline)    		 2023 2024 Change vs. 2019 2025 Objective 2030 Objective (vs 2019)
    Environment Be carbon neutral for our own operations no later than 2025 and across our supply chain by 2030, and committed to becoming a net zero business by 2040 Scope 1 & 2 – Absolute emissions (ktCO₂e) 154.1 13.6 11.2 -93%   -80%
    Scope 3 – Employee commuting emissions per headcount (tCO₂e/head) 1.08 0.50 0.55 -49%   -55%
    Scope 3 – Business travel emissions per headcount (tCO₂e/head) 1.26 0.50 0.48 -62%   -55%
    Scope 3 – Purchased goods and services (ktCO₂e) 305.7 352.1 301.5 -1%   -50%
    Transition to 100% renewable electricity by 2025, and electric vehicles by 2030 % of electricity from renewables 28% 96% 98% +70pts 100%  
    Social Increase average learning hours per employee by 5% every year to ensure regular lifelong learning Average Completed Learning Hours per headcount trained during the reporting period 41.9 53.8 77.4 +85%    
    40% of women in our teams by 2025 % of women in the workforce 33.0% 38.8% 39.7% +6.7pts 40%  
    5m beneficiaries supported by our digital inclusion programs by 2030 Cumulated number of beneficiaries since 2018 29,012 4.4m 7.5m     5m
    Governance 30% of women in Group executive leadership positions in 2025 % of women in Group executive leadership positions 16.8% 26.2% 29.0% +12.2pts 30%  
    Maintain over 80% of the workforce with an Ethics score of 7-10 % of the headcount with an Ethics score of 7-10   86% 85%   >80% >80%
    Be recognized as a front leader in data protection and cybersecurity Cyber Rating agencies – CyberVadis score   958 977   940-950
    out of 1,000
    DPO certification   72% 76%   95%  

    Note: in the table above, 2024 data may include some estimates and some historical data points have been restated to ensure comparability.

    1 Audit procedures on the consolidated financial statements have been completed. The auditors are in the process of issuing their report.
    2 Note that in the appendix, certain totals may not equal the sum of amounts due to rounding adjustments.

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  • MIL-OSI: LHV Group results in January 2025

    Source: GlobeNewswire (MIL-OSI)

    After a strong end to year, January’s results, as is customary for the season, were more modest in terms of results for LHV. The consolidated loan portfolio of LHV Group decreased by EUR 8 million in January, and the total volume of clients’ deposits decreased by EUR 15 million. The volume of the funds managed by LHV decreased by EUR 10 million. A total of 6.6 million payments related to financial intermediaries were made over the month.

    In January, AS LHV Group earned EUR 9 million in consolidated net profit. Among the subsidiaries, the net profit of AS LHV Pank was EUR 6.9 million, while LHV Bank Ltd earned EUR 1.4 million in net profit, AS LHV Varahaldus EUR 363 thousand, and AS LHV Kindlustus EUR 249 thousand. The financial plan, which was disclosed in February, remains.

    The loan portfolio of LHV Pank decreased by EUR 23 million, with retail loans increasing by EUR 27 million; however, corporate loans decreased by EUR 50 million due to the planned loan repayment of one client. Although credit quality generally remained strong, the result for the month was affected this time by a short-term increase in write-downs due to a decrease in the rating of one client. The decline in the total volume of deposits of EUR 11 million was due to a decrease in the deposits of regular clients by EUR 78 million, as the deposits of financial intermediaries increased.

    LHV Pank added 4,000 clients to its ranks in January. At the beginning of the year, the research company Dive declared LHV Pank the bank with the best service in Estonia for the ninth time, both in terms of phone calls and visits to a bank branch.

    The volume of loans from LHV Bank, which operates in the United Kingdom, continued to rise, as the portfolio grew by EUR 16 million in January, while the amount of approved but not yet issued loans rose to EUR 186 million. Additional deposits in the amount of EUR 25 million were raised from deposit platforms. By the end of January, the first 100 retail clients had opened an account with LHV Bank, and work continues to supplement the offer intended for retail customers. The net income of the Bank was higher than planned in January, due to the increased revenues from the financial intermediaries business line.

    For LHV Varahaldus, the year started with good results. Pension funds M, L, and XL increased by 1.8%, 2.6%, and 3.7%, respectively, over the month. Indeks increased by 3.7% and Roheline 1.3%. Conservative funds S and XS increased by 1.2% and 0.7%, respectively. In January, LHV Varahaldus launched a new LHV Euro Bond Fund available to all retail investors, the units of which were subscribed for in the initial public offering by more than 1,000 investors worth EUR 9.6 million.

    In January, clients entered into 17,500 new insurance agreements with LHV Kindlustus in the volume of EUR 6.6 million. Sales results were excellent in vehicle insurance products, home insurance, and travel insurance. Losses were compensated in the amount of EUR 2 million. All in all, the first month of the year was profitable for LHV Kindlustus.

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

    LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 1,200 people. As at the end of January, LHV’s banking services are being used by 460,000 clients, the pension funds managed by LHV have 112,000 active clients, and LHV Kindlustus protects a total of 172,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

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

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  • MIL-OSI: CoinShares Announces Q4 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    18thFebruary 2024 | SAINT HELIER, Jersey | CoinShares International Limited (“CoinShares” or “the Group”) (Nasdaq Stockholm: CS; US OTCQX: CNSRF), a leading global investment company specialising in digital assets, has today published its results for the quarter ending 31st December 2024.  

    Jean-Marie Mognetti, Chief Executive Officer of CoinShares said:

    “Q4 2024 was arguably the most transformative quarter in digital asset history, marked by groundbreaking policy shifts. It was also one of CoinShares’ strongest quarters since inception, with EBITDA reaching £33.6 million (£109.8 million year-to-date), a 37% increase from Q4 2023 and 116% year-on-year growth.

    Over the past three years, we have systematically built a strong foundation, establishing leading platforms in both Europe and the United States. With our infrastructure in place and market position stronger than ever, we are uniquely poised to seize this pivotal moment in digital assets.”

    Q4 2024 financial highlights

    • Q4 revenue, gains and other income of £48.3 million (Q4 2023: £31.6 million)
    • Q4 adjusted EBITDA of £33.6 million (Q4 2023: £24.5 million)
    • Total comprehensive income for Q4 2024 of £46.7 million (Q4 2023: £15.8 million)

    Full Year 2024 financial highlights

    • 2024 revenue, gains and other income of £126.8 million (2023: £76.3 million)
    • 2024 adjusted EBITDA of £109.8 million (2023: £50.9 million)
    • Total comprehensive income for 2024 of £107.5 million (2023: £38.4 million)

    Q4 2024 operational highlights

    • CoinShares’ Asset Management division achieved its strongest quarter to date, with the Physical platform seeing notable growth in Q4. Our Physical Staked Ethereum ETP led inflows with $75 million, while our Physical XRP ETP attracted $31 million in new investments. The CoinShares Physical platform’s total assets increased by 54% to $2.3 billion, with our Physical Bitcoin ETP becoming Europe’s largest. Despite outflows in our XBT platform, strong crypto price appreciation drove AuM up by 30% to $3.74 billion. In the U.S., our CoinShares-Valkyrie business line saw positive net flows of $19 million, led by WGMI with $52 million in inflows, amidst a broader U.S. market that saw $16 billion flow into crypto spot, futures, and equity ETPs. The Asset Management division generated £25.3 million in revenue for the quarter and £87.1 million in revenue for the full year 2024.
    • The Capital Markets and Hedge Fund Solutions division demonstrated robust performance across all business lines in Q4. Our trading team capitalized on market volatility, while liquidity provisioning saw materially higher flows than previous quarters. The lending book remained stable with a focus on credit quality, and staking activities generated consistent yields between 3-3.5%. Together with gains from our Bitcoin treasury position, the division delivered £21.2 million in Q4, bringing the full year 2024 revenue to £57.4 million.

    The performance for Q4 marks one of the Group’s strongest quarter ever and has contributed to 2024 being the second strongest year in the Group’s history after 2021. Full details of the Q4 results, inclusive of financial information on each of the Group’s business units, are included within the full report, available here.

    Proposed Dividend

    The Board of the Company today announces that, subject to finalisation of the Group audit, it has resolved to declare and pay in four equal instalments an annual dividend in relation to the financial year ending 31 December 2024 amounting to £20,000,000, to be paid from the Group’s reserves.

    The annual dividend payment will be made in four quarterly instalments via the Euroclear Sweden settlement system, subject to an assessment by the Board of the financial health and cash requirements of the Group prior to each payment being made. 

    ENDS 

    Download the Swedish Executive Summary here.

    The Annual Report for the Group, inclusive of full audited financials is due to be released on 30th April 2025. 

    ABOUT COINSHARES

    CoinShares is a leading global investment company specialising in digital assets, that delivers a broad range of financial services across investment management, trading and securities to a wide array of clients that includes corporations, financial institutions and individuals. Focusing on crypto since 2013, the firm is headquartered in Jersey, with offices in France, Sweden, Switzerland, the UK and the US. CoinShares is regulated in Jersey by the Jersey Financial Services Commission, in France by the Autorité des marchés financiers, and in the US by the Securities and Exchange Commission, National Futures Association and Financial Industry Regulatory Authority. CoinShares is publicly listed on the Nasdaq Stockholm under the ticker CS and the OTCQX under the ticker CNSRF.

    For more information on CoinShares, please visit: https://coinshares.com
    Company | +44 (0)1534 513 100 | enquiries@coinshares.com
    Investor Relations | +44 (0)1534 513 100 | enquiries@coinshares.com

    This information is information that CoinShares International Limited is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information in this press release has been published through the agency of the contact persons set out below, at 7:00 am CET on 18th February 2025.

    PRESS CONTACT

    CoinShares
    Benoît Pellevoizin
    bpellevoizin@coinshares.com

    M Group Strategic Communications
    Peter Padovano
    press@coinshares.com

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