NewzIntel.com

Category: European Union

  • MIL-OSI United Kingdom: RAF Digby personnel to benefit from £65 million new accommodation

    Source: United Kingdom – Executive Government & Departments

    The Defence Infrastructure Organisation has awarded a contract to construct 276 single occupancy bedrooms at RAF Digby.

    Artist’s impression of the new blocks. (Copyright Galliford Try/Arcadis)

    The Defence Infrastructure Organisation (DIO) has awarded a £65 million contract for new Single Living Accommodation (SLA) at RAF Digby in Lincolnshire.

    RAF Digby is the RAF’s oldest station, established in 1918, but is now operated by Strategic Command. The contract was awarded to Galliford Try with Arcadis as a Technical Support Provider and will see 4 new blocks of bedrooms created for junior ranks.

    Each block contains a kitchenette, drying rooms, laundry rooms and social spaces, as well as 69 single ensuite rooms.

    The buildings have been designed to be as carbon efficient as possible as part of MOD and wider government push towards net zero. They will benefit from solar panels and be heated using air source heat pumps.

    Other energy efficiency measures include:

    • provision for a system to recover heat from the waste water in the showers
    • temperature-controlled heating zones
    • energy efficient LED lighting
    • electric car charging points

    The contract value also includes provision of car parking, street lighting and landscaped outdoor communal areas. The contractors will be using local suppliers and labour as much as possible to benefit the local economy.

    John Weatherby, DIO’s Principal Project Manager, said:

    It’s fantastic to have reached this important milestone in our goal to transform the accommodation provision at RAF Digby with some high-quality new rooms for junior ranks serving at the station. We look forward to working with Galliford Try on the designs as we prepare for the start of construction in the coming months.

    Wing Commander Neil Hallett, Station Commander RAF Digby, said:

    This is an eagerly anticipated announcement welcomed by the service men and women stationed here. Having modern Single Living Accommodation will significantly improve the lived experience and there is buzz of excitement across the station following this contract award.

    This investment into Royal Air Force Digby is a clear demonstration by the MOD of its intent to enhance the accommodation offer to our personnel while making buildings more sustainable.

    Bill Hocking, Chief Executive of Galliford Try, said:

    We are delighted to be continuing our partnership with the DIO to deliver this much-needed facility for those serving at RAF Digby. We have a strong track record in providing this kind of facility to the armed forces and look forward to ensuring the personnel receive the high-quality living spaces they deserve.

    Construction is expected to start in March.

    Updates to this page

    Published 13 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: expert reaction to systematic review of studies on impacts of global pesticide use on biodiversity

    Source: United Kingdom – Executive Government & Departments

    A systematic review published in Nature Communications looks at the impact of pesticide use on biodiversity.

    Prof Oliver Jones, Professor of Chemistry, RMIT University, said:

    “There is a lot to like in this study. While the authors have not undertaken any new experiments, they have synthesised data from the existing scientific literature to make new deductions about the unintended effects of pesticides. They look at many different species worldwide and it’s great to see that they used environmentally realistic pesticide concentrations in the calculations

    “While the work has generated some useful insights, there are some points to keep in mind.

    “The word pesticide is a catch-all term for any substance used to control a species humans don’t want to be in a particular space. There are several subgroups: Herbicides are used to control plants, insecticides are used to control insects, etc. Because pesticides are designed to control classes of organisms, the fact that non-target species within those classes may also be affected is not new. While the study highlights negative impacts on over 800 non-target species, data was only available for these. Other species may also be impacted, but we don’t have the data on how.

    “There are also many, many pesticides in use, and some have much worse unintended effects than others. The types of pesticides and how they are used also differ between countries. Compounds used in one country are banned in others, making direct comparisons difficult.

    “Also, as the authors themselves point out, pesticide use is essential to modern agriculture; we could not feed the world’s population without them.

    “The above non-withstanding, the central tenet of this work—that if we are serious about reducing biodiversity loss, we need to be careful about how we use pesticides and look for alternative methods where possible—is very sensible. For example, the data from this work might be used to identify the compounds with the largest non-intended effects and remove them from common use in favour of those with the fewest non-intended effects.”

     

    Prof Toby Bruce, Professor of Insect Ecology, Keele University, said:

    “Increasing evidence of off-target effects of conventional pesticides means there is an urgent need to research and deliver alternative, better targeted approaches. Since the Green Revolution, farmers have been heavily reliant on pesticides for protecting their crops because many of the high yielding crop varieties we have today were developed as part of a package together with pesticides.”

    Dr Antonis Myridakis, Lecturer in Environmental Sciences, from Brunel University of London.

    “The study by Wan et al presents a comprehensive synthesis of the negative impacts of pesticides on a wide range of non-target organisms, incorporating data from over 1,700 studies and is methodologically sound. It is a quite extensive evaluation of pesticide effects on biodiversity. The findings reinforce existing concerns that pesticides have far-reaching consequences for non-target species, including plants, animals, fungi, and microbes, thereby contributing significantly to biodiversity loss.

    “The main conclusions are that pesticide exposure leads to reduced growth, reproduction and behavioural changes in a broad spectrum of species. However, while the study provides compelling evidence of harm to over 800 species, it does not comprehensively address the potential impacts on the vast number of other species not included in the dataset. Therefore, there is the possibility that the true extent of pesticide harm is even greater than reported. Another limitation is the reliance on available published data, which may introduce publication bias since studies reporting significant negative effects are more likely to be published than those finding minimal or no effects.

    “From a policy perspective, these findings highlight the need for stricter regulations on pesticide use and a broader implementation of Integrated Pest Management (IPM) strategies. It also underscores the necessity for improved risk assessment methodologies that incorporate ecosystem-wide effects rather than focusing solely on a few model species.

    “Overall, this study provides strong evidence that pesticides pose a significant and widespread threat to biodiversity. While it does not address every possible ecological consequence, its findings are a crucial step toward informing policymakers, farmers, and the public about the hidden costs of pesticide use.”

    Prof Tom Oliver, Professor of Applied Ecology, and Associate Pro-Vice Chancellor for Research (Environment), University of Reading:

    “Understanding the effects of the pesticides on wild species is hugely important. In combination with habitat loss and extreme weather from climate change, these chemicals are thought to be an important factor behind the devastation of our native biodiversity. Importantly, this study has corrected for ‘field-realistic’ levels of exposure. Many industrial chemicals are toxic if poured directly over animals and plants, but the important question is whether the concentration with which pesticides are applied from crops sprayers is damaging. The study finds that a whole range of ‘non-target’ organisations, i.e. those that aren’t pests, but are valuable plants, insects and fungi, are being impacted by these pesticides. Pesticides may be fatal to our native wildlife or they can have sub-lethal effects, such as disrupting growth, reproduction and behaviour (for example, the ability of bees to navigate effectively). The proliferation of certain harm causing human-made chemicals, which escape, or are purposely introduced, into the natural environment is a ticking time-bomb for the health of our ecosystems. It is fortunate that the UK Government (in the recently published 2025 National Risk Register) have now recognised pollution and environmental degradation as a ‘chronic risk’ faced by the UK.”

    ‘Pesticides have negative effects on non-target organisms’ by Nian-Feng Wan et al. was published in Nature Communications at 10:00am UK time on Thursday 13 February 2025. 

    DOI: 10.1038/s41467-025-56732-x

    Declared interests

    Dr Antonis Myridakis: Nothing to declare.

    Prof. Tom Oliver: employed by the University of Reading and has received funding from NERC, Green Finance Institute and BBSRC to develop methodologies for assessing nature-related risks.  He was previously seconded with the Government Office for Science to work with UK Cabinet Office on chronic and acute risks faced by the UK, and was seconded to Defra to help design their Systems Research Programme. He is lead educator on a Future Learn course “Using systems thinking to tackle the climate and biodiversity crisis” and is author of the book “The Self Delusion: The Surprising Science of Our Connection to Each Other and the Natural World” published by Weidenfeld & Nicholson. Oliver sits on the Food Standards Agency science council and is a member of the Office for Environmental Protection expert college.

    Prof Oliver Jones: Although it was over 15 years ago, I have worked and published papers with Dr David J. Spurgeon, who is one of the authors of this paper. I also conduct research on environmental contaminants, including pesticides. I have received funding from the Environment Protection Authority Victoria (https://www.epa.vic.gov.au/) and various water utilities for research on environmental pollution

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Njord report and safety flyer published

    Source: United Kingdom – Executive Government & Departments

    Capsize and foundering of a fishing vessel 150 nautical miles north-east of Peterhead, Scotland, with loss of 1 life.

    Image courtesy of SAR helicopter

    Today, we have published our accident investigation report into capsize and foundering of the stern trawler Njord (SH 90) on 6 March 2022, during which one crew member lost his life.

    The report, available via this link, contains details of what happened and subsequent actions taken.

    A safety flyer to the fishing industry has also been produced with this report.

    Media enquiries (telephone only)

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    Media enquiries out of hours 0300 7777878

    Updates to this page

    Published 13 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Funding boost to enhance walking and cycling routes in Portsmouth

    Source: City of Portsmouth

    Portsmouth City Council will use the funding to deliver improvements designed to help residents embrace healthier and more sustainable travel options. If approved, the council expects to use the funding to improve a crossing on London Road in North End, to make it easier and safer for people walking to navigate the busy district centre.

    This proposed improvement will build on the success of previous funding rounds, which delivered significant upgrades such as the new toucan crossing on Victoria Road North and the improved shared cycling and walking path outside Somerstown Hub. Together, these initiatives are helping to create a safer, more connected network of walking and cycling routes across the city.

    By making it easier and more appealing to travel actively, these upgrades aim to transform Portsmouth into a cleaner, greener, and better-connected city. Portsmouth City Council remains committed to supporting active travel as part of its vision for a healthier, more sustainable future, helping to reduce congestion, improve air quality, and create accessible travel options for everyone.

     Cllr Peter Candlish, Cabinet Member for Transport, Portsmouth City Council, said:
    “This funding allows us to build on the progress we’ve already made in improving walking and cycling across Portsmouth. Safer crossings, better routes, and School Streets are just some of the ways we’re making active travel the easy, accessible choice for everyone. These changes will create a healthier, better-connected city and support a cleaner, greener future for all.”

    The council’s transport service is now working to develop detailed plans for the proposed scheme, which will be presented for consideration at a future decision meeting.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Wavensmere Homes starts work at £150m Wolverhampton Canalside South

    Source: City of Wolverhampton

    Established through a partnership between City of Wolverhampton Council and the Canal & River Trust, the site is located off Qualcast Road, just moments from the transport interchange. Benefiting from a prime waterside position, it enjoys frontage onto both the Wyrley & Essington Canal and the Wolverhampton Branch of the Birmingham Main Line Canal.

    Site enabling works are underway, with groundworks scheduled to commence in Q2 2025. The development will be delivered in 3 phases – progressing sequentially from east to west – to minimise disruption to the surrounding community, and support the timely delivery of essential infrastructure and amenities.

    Phase 1 will comprise 153 contemporary 2 and 3 bedroom houses, with completion scheduled for Q2 2027. Access to the first 2 phases will be provided via Qualcast Road, which will function as the primary Spine Road, seamlessly connecting all secondary routes within the development. Phase 3 will be accessed via Bailey Street and fully integrated into the wider road network, ensuring efficient traffic flow throughout the site and surrounding areas.

    The full regeneration and build programme is projected to complete by the end of Q3 2031.

    James Dickens, Managing Director of Wavensmere Homes, said: “Having received confirmation of £20m of development funding from the West Midlands Combined Authority and Frontier Development Capital only last week, we are thrilled to be demonstrating our focus on deliverability by starting work at Canalside South immediately. With Wavensmere’s proud history of regenerating vacant land in the Black Country, we have mobilised our local and regional supply chain and will transform this current eyesore into a landmark development we can all be immensely proud of.”

    Pat McFadden, MP for Wolverhampton South East said: “It was great to visit and see work getting underway at the former British Steel and Crane Foundry site in Horseley Fields, which has been lying vacant for over 15 years. This redevelopment will revitalise our city centre, while creating hundreds of jobs and giving a major boost to the local economy, now and in the future.”

    The former British Steel site was a regional distribution and stockholding centre which has stood empty since the collapse of British Steel in 2019.

    Councillor Stephen Simkins, Leader of City of Wolverhampton Council, said: “Seeing this impressive scheme get on site is monumental and shows the game changing regeneration the council and its partners are delivering in Wolverhampton. As part of our brownfield first strategy, bringing life back to the redundant sites along our canal network is critical to boosting footfall into our city centre and building communities.

    “The decision to put our faith in Wavensmere Homes has paid off with one of the largest new housing developments in the Midlands and the hundreds of jobs for local people that come with it.

    Ultimately, this £150m development will enable Wolverhampton residents to benefit from superb connectivity, amenities, and health and wellbeing opportunities at this wonderful heritage location.”

    Richard Parker, Mayor of the West Midlands, said: “Wolverhampton desperately needs more homes and getting spades in the ground on Canalside South is part of the solution to that. It’s also why I have invested £20m into the scheme. But it’s more than just bricks and mortar, it’s about creating a thriving new community and shaping a bright future for the city. And it will provide more than a hundred affordable homes for local people, a key priority for me in tackling the region’s housing crisis.”

    Canalside South is one of the biggest regeneration projects of its kind in the region. The overall vision for the Wolverhampton Canalside masterplan is the delivery of around 1,000 homes to meet both the city and wider region’s housing needs, with sustainability and place making at its heart.

    Designed by Glancy Nicholls Architects, the low rise development will emulate the surrounding conservation area and maximise the canalside setting. The scheme will include 7 acres of vibrant green space and open up a new pedestrian route to the city core – reducing the previous walk time by 20 minutes – and igniting new investment into a commercial corridor.

    There will be a total of 378 2 and 3 bedroom townhouses, designed to target an EPC A rated specification, together with 145 1 and 2 bedroom apartments. A building of 10 co-living units – each containing 6 bedrooms – will deliver affordable living typologies to young professionals. 54 houses, together with 80 apartment and co-living bedrooms will benefit from waterside views. The multi award winning urban regeneration specialist will also be reanimating the disused railway arches on the site into 1,338sqm (14,400 sq ft) of lettable commercial space.

    Wavensmere Homes will future proof the new homes by installing electric only heating systems. A range of technologies will be utilised across the development, consisting of air source heat pumps, solar panels and mechanical ventilation with heat recovery (MVHR). There will also be EV charging to each house or parking space, alongside an array of EV chargers for visitors.

    Birmingham headquartered Wavensmere Homes has 3,500 homes on site, or currently in planning. The firm is in the final phase of the £175m Nightingale Quarter, which is the redevelopment of the former Derbyshire Royal Infirmary into 925 energy efficient houses, apartments, and community amenities. The company is constructing 5 other major brownfield regeneration schemes, located in central Birmingham, Derby, Cheltenham, and Ipswich, and has further projects in the immediate pipeline.

    To view the plans, visit Canalside WV1.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Council partners on largest affordable housing development in years 13 February 2025 Council partners to deliver largest affordable housing development in years

    Source: Aisle of Wight

    The Isle of Wight Council is supporting its partners in the delivery of a new affordable housing scheme on the Island — the largest of its kind in several years.

    A recent event at the Three Oaks development on the outskirts of Newport showcased the council’s commitment to the delivery of affordable housing, whether doing it themselves or supporting partners.

    At the event, three new homes were constructed in a single day, demonstrating the potential of modern methods of construction (MMC) and the impressive capability of the local workforce.

    Organised by Sovereign Network Group and their construction partner Captiva Homes, the event highlighted the progress of the 145 affordable homes project at Three Oaks.

    The first homes are due to be ready for occupation from summer 2025 and anyone interested in one of the homes for rent should ensure they are registered on the Island Homefinder website.

    Senior representatives from the council, including council Leader Councillor Phil Jordan and deputy leader and Cabinet member for housing, Councillor Ian Stephens, were present to witness this significant milestone.

    Three Oaks is a priority project within the council’s broader strategy to meet the growing housing demands on the Island, especially in light of a 60 per cent increase in the need for temporary accommodation over the past two years.

    The council’s housing and planning teams have worked closely with Sovereign Network Group and Captiva Homes to ensure that the housing mix at Three Oaks meets local needs.

    The development comprises 87 homes available for social rent and 58 for Shared Ownership, aimed at supporting the local community.

    Councillor Jordan said: “Affordable housing being delivered on the Isle of Wight is a major priority for the council.

    “Achieving this on a large scale requires innovation and close collaboration, and this event has been an excellent demonstration of both.

    “It has also provided a vital platform to discuss the best ways forward with local stakeholders and see first-hand the impressive plans Sovereign Network Group and Captiva Homes have for Three Oaks.”

    Attendees observed the staged assembly process, beginning with the ground floor panels being lifted into place in the morning, followed by first-floor cassettes, and culminating with the roofing structure in the afternoon.

    The precision and close collaboration between teams demonstrated how MMC can be effectively applied in residential construction, highlighting the local construction expertise on the Island.

    The event also included a tour of the nearby Gibbs Timber Frame factory, providing insights into the off-site construction process that underpins MMC.

    Additionally, six new employment positions have been created at Gibbs Timber Frame as a result of the Three Oaks contract, emphasising the broader local economic benefits of new housebuilding.

    By embracing MMC and fostering strong partnerships, Councillor Stephens said the council continues to demonstrate its commitment to creating sustainable, affordable housing for its residents.

    He said: “The shortage of affordable homes on our Island is a critical issue that demands innovative solutions and unwavering determination.

    “The collaboration between Sovereign Network Group and Captiva Homes, with the support of the Isle of Wight Council, on the Three Oaks development exemplifies our commitment to the delivery of affordable new homes for our community.

    “We must ensure that families, young people starting out on the housing ladder, and those struggling to find a place to live, whether rented or bought, have access to quality, affordable housing.”

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  • MIL-OSI United Kingdom: Attracting and retaining nurses and midwives

    Source: Scottish Government

    Taskforce report highlights recommended actions.

    A taskforce has published 44 recommended actions on how to improve working conditions for Scotland’s nurses and midwives.

    The Nursing and Midwifery Taskforce was established by the Scottish Government in 2023 to build on efforts to make Scotland the best place for nurses and midwives to work.  Chaired by Health Secretary Neil Gray, it brings together key stakeholders, including the Royal Colleges of Nursing and Midwifery, to engage with nursing and midwifery staff, understand the challenges they face and recommend ways to improve the profession.

    A key part of this work was the Listening Project, which gathered insights from more than 4,000 nurses, midwives, students and academics to shape future improvements. The findings from the Listening Project have led to 44 recommended actions designed to improve recruitment and retention of staff and workplace conditions.

    These actions include:

    • ensuring appropriate staffing levels so that all staff can take the breaks they are entitled to
    • reviewing data-inputting and paperwork requirements to reduce the administrative burden on nurses and midwives
    • developing national guidance on rostering and flexible working to ensure better work-life balance
    • ensuring nurses and midwives can participate in decision making and planning
    • widening entry routes into nursing and midwifery careers

    The next stage of the taskforce will focus on implementation, with a dedicated group developing a detailed work plan and timeline that ensures these recommended actions are delivered effectively.

    Accepting all 44 recommendations, Cabinet Secretary for Health, Neil Gray said:

    “Our nurses and midwives are the backbone of Scotland’s healthcare system and we are committed to ensuring they have the support, flexibility and workplace conditions to thrive.

    “The publication of the Nursing and Midwifery Taskforce report marks an important milestone; we have heard directly from staff about what matters most to them, and this has shaped the recommended actions which will deliver real change for nurses and midwives. I am very grateful to everyone who has taken the time to take part in this important piece of work. The Scottish Government will now work with our partners to deliver the actions contained in the report.”

    Colin Poolman, RCN Scotland Director, said:

    “This is the culmination of two years of collaborative working, and we welcome the recommended actions announced today. We see this as a significant step and, as the implementation board begins its work, the recommendations should provide a strategic roadmap to begin to tackle the nursing retention and recruitment challenges in Scotland.

    “Implementation of the recommendations will take time and investment, we look forward to playing a key role in the Implementation Board to ensure delivery and enable Scottish government to meet its aspiration of making Scotland the best place for nurses and midwives to work.”

    Background 

    The report and recommended actions of the Ministerial Scottish Nursing and Midwifery Taskforce – gov.scot

    Listening Project: You shared, we listened – gov.scot

    Nursing and Midwifery Taskforce – gov.scot

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: University of Aberdeen secures third place in national work experience ranking The University of Aberdeen has been listed as one of the top three Universities in the UK for Work Experience in the 2025 Rate My Placement Awards.

    Source: University of Aberdeen

    The University of Aberdeen has been listed as one of the top three Universities in the UK for Work Experience in the 2025 Rate My Placement Awards.
    Five hundred of the industry’s finest came together celebrate the outstanding achievements of Employers and Universities in providing work experience for students and to find out where they’d placed in the rankings.
    Coming third in the top 50 Universities for Work Experience, a rise of 12 places since 2024, is particularly special given the ranking is solely based on student feedback on the support provided by their University.
    Tracey Innes, Head of the University’s Careers Service, said: “We really do put our students at the heart of everything we do, so this is a terrific result for the Careers and Employability Service team.
    “In addition to supporting students to independently secure work experience, the team have work extremely hard to develop, launch and continually grow the now fully formed ABDN Internship Programme which provides high-quality, paid internships for students.
    “In the short time since its inception, the programme has seen over 135 students interning with over 100 organisations. The programme provides a true win-win, as students bring the kinds of skills needed to make a real impact on projects in the host organisation, while students build evidence of the skills and experience needed for their own career success.”

    The programme provides a true win-win, as students bring the kinds of skills needed to make a real impact on projects in the host organisation, while students build evidence of the skills and experience needed for their own career success.” Tracey Innes, Head of the University’s Careers Service

    Designed to be fully inclusive, the ABDN Internship Programme is open to all students across every discipline and all study levels. One student highlighted its accessibility, stating: “No previous work experience is required,” and praised the 10-hour-per-week structure as manageable alongside studies.
    The team has worked tirelessly to develop efficient, fair and effective application and selection processes, using innovative shortlisting methods. The system and process minimises the time burden for employers in selecting the best candidates, while ensuring applicants can learn from the application experience through constructive feedback, and gain valuable insights to improve future applications.
    The employer engagement team continues to expand partnerships to secure diverse opportunities that align with students’ aspirations. One employer praised the interns, saying: “The engagement and interest from the interns was amazing… the quality of the end result was better than expected.” 
    Commenting on the award, Gary Coull, Employer Engagement Manager recognises the role employers play in supporting students: “I’d also like to give a special thank you to our brilliant employer partners for giving students such impactful and career-enhancing experiences. This is a true partnership and we

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  • MIL-OSI United Kingdom: New Culture Derby director appointed

    Source: City of Derby

    The new director of Culture Derby has pledged to work with communities to raise Derby’s profile as a creative and cultural city. 

    Alix Manning-Jones will head up the new strategic development agency to drive the growth and impact of the Derby’s culture and creative sectors. Culture Derby will work alongside the sectors as an advocate and champion, building relationships and working to increase investment.

    Funded by Arts Council England and Derby City Council for an initial two-year period, Culture Derby stems from the Derby Cultural Compact and the UK City of Culture 2025 bid. The Culture Derby Board will bring a wide range of professional skills and experience that is representative of the city, led by the director who will drive forward the plans and secure resources to achieve the project’s goals.

    Alix, who will take up her post at the beginning of April, said:

    Culture Derby will create a vibrant city centre, with culture at the heart. We know that the arts are struggling nationally and locally, and it’s important that we support the cultural sector by maintaining their presence through Culture Derby. 

    I’m committed to delivering high quality, accessible and enjoyable experiences for everyone, to celebrate our city. This is a shared vision and we’ll be working closely with our communities, partners, and businesses. 

    To be able to re-imagine culture in our city, we need to start with listening to our communities and young people and providing opportunities to help shape the programme. I hope to bring a fresh perspective and a new way of working in partnership across all sectors to bring Culture Derby to life.

    Our city needs a cultural beating heart and I’m really looking forward to making that happen.

    Alix has a strong background in the cultural sector. She started her career at the Royal Shakespeare Company and has worked in theatres across the country delivering and producing large-scale festival projects. In 2016 she was appointed as Derby’s Cultural Education Producer and then as Derby’s Opportunity Area Programme Manager, co-producing the This is Derby celebration in 2018. Most recently, Alix has worked at Derby City Council spearheading the city’s Family Hubs programme.

    Councillor Nadine Peatfield, Leader of Derby City Council, said:

    I’m delighted to welcome Alix as Director of Culture Derby. Derby is a city that has always had creativity and innovation at its heart and we believe that every resident and visitor should benefit from the power that arts and culture have to change people’s lives for the better.

    It’s an exciting time in the city, as we look forward to the opening of Becketwell Live and Derby Market Hall. We’re on a mission to create a vibrant hub that celebrates culture and offers something for everyone and I’m excited to work with Culture Derby and our other partners to make that happen.

    Rebecca Blackman, Arts Council England’s Director of Engagement and Communities and Area Director for the Midlands, said:

    We’re delighted to welcome Alix Manning-Jones as Culture Derby’s new director, bringing a wealth of sector experience across the cultural sector, local government, and local communities in Derby.

    Culture Derby is an important new strategic development for Derby, and Alix’s extensive experience in creating collaborative partnerships across culture, education, health, business and the voluntary sector will be a great benefit to Culture Derby. We look forward to working with her.

    Artcore CEO Ruchita Shaikh was part of the interview panel for the director role. She said:

    I am optimistic about the opportunities this new role will bring to the cultural sector in Derby. With fresh perspectives and dedicated support, I am confident that the new director will play a pivotal role in strengthening and enhancing our city’s vibrant cultural landscape. I warmly welcome Alix on board and look forward to the positive impact their leadership will have on Derby’s cultural scene.

    Tony Butler OBE, Executive Director for Derby Museums, who was also on the interview panel, said:

    I want to see culture permeate every area of public policy within our city, from public health to social care, from the environment and net zero, to education and skills. Alix’s great experience in working in the front line and strategically developing cultural programmes in Derby means the cultural sector will be more allied and be able to respond to the needs of the city. She will be a fantastic advocate and connector for culture.

    Dr Rhiannon Jones, Associate Professor (Civic Practice). Head of Civic and Communities University of Derby said: 

    This is an exciting moment for the city, recognising the value of culture as a driver for change which is a key aspect of our Civic University Agreement. We welcome the announcement of Alix as the Culture Derby Director post holder; a role that is crucial and a critical opportunity to support the bold and exciting ambitions for both our communities and for Derby and beyond.

    MIL OSI United Kingdom –

  • MIL-OSI Submissions: Energy Sector – Equinor appeals fine for violation of market regulations in France

    Source: Equinor

    The French Energy Regulatory Commission (CRE) has imposed a fine of 4 million Euros on Equinor for two cases of REMIT* violation in connection with the booking of annual gas transmission capacities, one in 2019 and one in 2020. Equinor will appeal the decision.

    The case concerns the booking of annual gas transmission capacities on capacity auctions relating to the French-Spanish network interconnection point Pirineos (PIR) back in 2019 and 2020. CRE finds that Equinor has colluded with Danske Commodities in the first round of the same annual gas capacity auctions by reserving more than the maximum volume of capacity offered for sale. Danske Commodities have been fined 8 million Euros and will appeal the decision.

    “Market compliance is fundamental in Equinor and we have standards and routines in place to ensure that we comply with regulations and conduct rules in the markets we operate in. We have found no signs of collusion and on that basis we do not agree with the decision from CRE that the alleged collusion took place. We will appeal the decision,” says Irene Rummelhoff, executive vice president for Marketing, Midstream and Processing in Equinor.

    From Equinor’s acquisition of Danske Commodities and onwards, market compliance measures have included information barriers in systems and organizational setup as well as training and follow-up by separate market compliance units. Equinor maintain that Equinor and Danske Commodities acted independently, and that Equinor booked capacity solely in order to keep access to the Spanish capacity booking platform and therefore ensure access to the Spanish gas market.

    Equinor will appeal the case to Conseil d’État, the highest court in France for handling cases involving public administration.

    *Regulation on Wholesale Energy Market Integrity and Transparency

    MIL OSI – Submitted News –

  • MIL-OSI Europe: Envisioning Tomorrow: The Role of CBDCs in Europe’s Digital Financial Ecosystem | Frankfurt Digital Finance Conference

    Source: Deutsche Bundesbank in English

    Check against delivery.
    1 Introduction
    Good morning ladies and gentlemen and thank you very much for your warm welcome.
    I am honoured to have been invited back to this year’s Frankfurt Digital Finance Conference in this wonderful building here in Frankfurt’s Palmengarten and to have been asked to hold a keynote to kick off today’s event.
    Allow me to begin my keynote this morning with a quote attributed to Oscar Wilde: The future belongs to those who recognise opportunities before they become obvious. These words, ladies and gentlemen, could not be any better suited to our financial ecosystem. 
    And it is precisely opportunities that I wish to address in my keynote today – the opportunities provided by central bank digital currencies, or CBDCs for short. A subject that is as timely as it is significant.
    2 The future is digital
    We are at the cusp of a new era. One in which the digitalisation of the financial sector is not just an option but a necessity. New technologies are venturing into the realm of payments and new forms of money, such as digital central bank currencies and stablecoins, are also emerging as alternatives to physical cash.
    These developments all pose new challenges for central banks. Ultimately, central banks must continue to ensure secure and efficient payments in line with their mandate and redefine their role in an increasingly digitalised world in order to maintain the public’s trust in our monetary system.
    The question that we therefore now face is: how do we respond to these technological challenges?
    And that is precisely why we in the Eurosystem – by that I mean the European Central Bank and the national central banks of the euro-area member states, including the Bundesbank – are taking a proactive approach to actively help shape the future of Europe’s digital financial ecosystem.
    3 What are we aiming to achieve with the introduction of a digital euro?
    One could argue that the Eurosystem already offers enough sufficiently well-functioning products, be it physical banknotes and coins or cashless payment instruments. After all, these have proven their worth for decades. Yet at the same time, we cannot simply ignore the evolving world around us. In an increasingly digitalised society, we must adapt to the changing needs and demands of consumers and rethink our payment services. 
    Let me outline the three key motivations behind the possible introduction of a retail CBDC in Europe – a digital euro, which we sometimes like to summarise as resilience, autonomy and efficiency.
    Let me first start with resilience. The foundation of an independent and efficient monetary policy is the adoption and use of the euro. By providing our common currency – the euro – in its form as legal tender and as a modern “all-in-one” digital payment solution, we are paving the way for our currency to enter the digital age, making it “future-proof” and fit for purpose in an increasingly digital society.
    The digital euro would thereby help to preserve the euro’s fulfilment of the core monetary functions and shield the euro area from competing foreign currencies as well as foreign – and potentially unregulated – stablecoins by safeguarding the anchor function of central bank money.
    Second, the digital euro is necessary to improve the autonomy of the European payment system. In its current form, the European payments landscape is highly dependent on non-European providers. Almost 25 years after the introduction of the euro, we still do not have a digital payment solution that can be used across the entire euro area and that runs on a European infrastructure, which, in my view, is not compatible with the concept of a single European market. Although a small number of successful payment innovations have emerged across the euro area over the past years, such as iDEAL in the Netherlands or BIZUM in Spain, the reach of these payment solutions usually ends at national borders.
    As a result, payments in Europe are largely dependent on international schemes, primarily those in the United States. At present, just under two thirds of all card payments in the euro area are processed by non-European providers. And I believe that Europe’s dependencies in the digital age are likely to increase if we do not fundamentally take matters into our own hands. 
    Third, is the issue of efficiency. By creating a pan-European payment rail in a technically modern form, we would foster competition and innovation in payments across Europe, which we believe is the best path towards efficiency in payments. The payment initiatives we have today, such as BIZUM or WERO, would be able to integrate the digital euro into their payment applications, thereby enabling them to gain instant European reach.
    4 What would a digital euro be for the common citizen?
    Although the issues I have just touched upon are very important, they are not necessarily of primarily relevance for the daily life of a majority of citizens in Europe. Hence, what would the digital euro be from the perspective of the customer?
    I believe that the digital euro would not just be a commitment to Europe’s autonomy, increase the resilience of our payment system and foster competition and innovation, it would also improve payments and make life easier for the 350 million residents of the euro area.
    The digital euro would serve as an additional means of payment alongside cash. As a digital upgrade of banknotes and coins, it would be an “all-in-one payments solution”, as we like to call it, which means it can be used in almost all everyday payment situations, including at retail checkouts, transactions among family and friends, online purchases, and payments to or from public authorities. Furthermore, it would be the first digital currency which could be used both online and offline. That is to say, also in the event of a loss of internet reception.
    Moreover, the design of the digital euro would ensure that it would offer the highest possible level of user privacy, comparable only to cash. No other digital means of payment in Europe currently offers all these features.
    Despite the many benefits the digital euro would bring for Europe as a whole, we must, nevertheless, proceed with caution. The introduction of a digital euro raises important questions about privacy, security, and the impact on financial stability and monetary policy. We must ensure that the digital euro upholds the highest standards of data protection, that it is resilient against cyber threats, and that it does not have a negative impact on financial stability.
    5 Wholesale CBDC
    Digitalisation raises questions not only in terms of how we intend to continue providing access to central bank money for our European citizens in future, but also in terms of how we intend to supply money to our wholesale customers. It is and will remain essential that we are able to settle digital transactions using new and innovative technologies, such as distributed ledger technology (DLT) in central bank money. An entire ecosystem is currently evolving around the tokenisation of securities, which involves all parts of the financial system.
    Like other financial players, the Bundesbank, and also the Eurosystem as a whole, see the significant benefits that the use of these new technologies can bring. The advantages of DLT, such as automated settlement by means of smart contracts and reduced reconciliation needs, are clear.
    But to fully harness this potential, we also need an innovative settlement mechanism for the cash leg – one which settles transactions in central bank money. We are therefore working on developing wholesale solutions that enable banks to settle DLT-based financial market transactions in central bank money. 
    The Eurosystem recently completed an exploration phase together with the market, which ran from May to November 2024, during which we tested various new technologies for wholesale central bank money settlement using real transactions. The Bundesbank also participated in this exploration phase with its “Trigger solution”, which builds a bridge between DLT platforms and the conventional TARGET payment system. The feedback we have received from the market so far has been very positive. I think we can already say that the exploration phase was a complete success.
    The anticipated benefits of DLT are seen as having the potential to address and overcome the ecosystem’s current shortcomings, such as fragmentation, complexity, over-intermediation, and technological inefficiencies, which hinder the growth of a digital capital markets union. 
    By developing a new ecosystem from the ground up, it could be made more integrated and harmonised, featuring a “common set of rails” – a shared ledger or a network of fully interoperable ledgers – that would guarantee reachability, open access, and compatibility across the services of all participants.
    Our primary focus is now on implementing a short-term wholesale solution to meet the immediate and growing demands of the market. This will buy us some much-needed time to continue working on a vision for a long-term solution for wholesale CBDC. A solution which must ultimately go hand in hand with the evolving financial market ecosystem.
    6 Business-to-business (B2B) payments
    Alongside its work into the possible introduction of a digital euro and the exploration of wholesale CBDC, the ECB, together with the Eurosystem, has also been turning its focus to another area of payments – one which is increasingly gaining traction: business-to-business payments, or B2B payments for short.
    To fully leverage the potential of the evolving payments landscape in the area of CBDCs, last October the ECB organised a special focus workshop on innovations in B2B payments and the role central bank money could play. 
    This workshop provided a one-of-a-kind platform to learn more about the potential use cases out there in the market. Given the high level of interest shown in the first focus workshop, I’m sure this will not be the last one of its kind.
    7 Outlook
    Ladies and gentlemen,
    The introduction of the digital euro and the exploration of wholesale CBDC and B2B use cases are not just a technical exercise, but a clear commitment to the innovative strength and competitiveness of Europe.
    The Bundesbank and the Eurosystem are determined to play an active role in shaping this digital transformation.
    It is, however, crucial that we continue working together and pool our resources and expertise in order to fully exploit the opportunities offered by digitalisation to create a strong, stable and future-proof digital financial ecosystem for Europe.
    Thank you for your attention.

    MIL OSI

    MIL OSI Europe News –

  • MIL-OSI Economics: Global deal activity down 8.4% YoY in January 2025, reveals GlobalData

    Source: GlobalData

    Global deal activity (mergers & acquisitions (M&A), private equity (PE) and venture financing) experienced an 8.4% decline year-on-year (YoY) in January 2025 with decrease in deal volume observed across all the regions. Asia-Pacific and Europe faced the sharpest declines, while certain markets like India, Japan, and Germany saw growth according to GlobalData, a leading data and analytics company.

    An analysis of GlobalData’s Deals Database revealed that a total of 3,800 deals were announced globally during January 2025, which is a fall from 4,148 deals announced globally during the same period in the previous year.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The decline in deal activity across all the regions reflects the current challenges and uncertainties. Asia-Pacific and Europe experienced the most significant downturns, with their respective deal volume declining by 10.2% and 14.5% YoY during January 2025.”

    On the other hand, the total number of deals announced in North America, Middle East and Africa, and South and Central American regions were down by 1.9%, 5.5% and 23.8%, respectively.

    Among the select key markets, China, the UK, Canada, South Korea, France and Australia experienced YoY decline in their deal volume by 30.4%, 20.5%, 18.9%, 28.3%, 16.7% and 17.3% respectively, while markets such as India, Japan, and Germany showed improvement in deal activity by 27.3%, 35% and 8.2%, respectively.

    Meanwhile the trend remained a mixed bag across the different deal types under coverage. Venture financing deals volume saw YoY decline of 9.4% during January 2025 while the number of M&A deals fell by 8.6%. However, private equity deals experienced improvement in volume by 4.5% during the review period.

    Bose concludes: “The data reveals a challenging landscape for global deal activity, with a broad decline in deal volumes, particularly in certain key markets. In this shifting environment, it will be crucial for investors to stay vigilant, closely monitor these trends, and adjust their strategies to effectively navigate the evolving market dynamics.”

    MIL OSI Economics –

  • MIL-OSI Security: Family of innocent dad shot dead in Barking appeal for witnesses

    Source: United Kingdom London Metropolitan Police

    The family of an innocent man who was fatally shot outside a birthday party have appealed for the public’s help to get justice.

    Hanif Redwood, a 32-year-old father of two, was attacked in Linton Road, Barking in the early hours of Sunday, 13 October.

    He had been attending a party at the Factory 15 venue and was stood outside when, at around 04:33hrs, he was fatally shot by the gunman. He died at the scene.

    Four months on from his murder, Hanif’s family and the officers leading the investigation are appealing for any information that could lead to the arrest, charge and prosecution of those responsible.

    In an appeal for information, Hanif’s family said: “Hanif was a bright spark whose light has been dimmed far too soon. He was an innocent, hardworking and loving father of two, and it is heartbreaking to think that he has been taken away from us.

    “As his family, we are imploring anyone with information to make their voices heard, and to help us get justice for our beloved Hanif.

    “To those who may know or may have seen or heard what took place on that horrific night, any information you have will be of great value to us to help the authorities apprehend those that carried out such a dreadful act.”

    Detective Chief Inspector Mark Rogers, who is leading the investigation, said: “Hanif was an innocent man. His death has devastated his family and friends, as well as many in the local community.

    “We have continued to support Hanif’s family and update them at every point possible. While we have made significant progress with our enquiries, we are yet to secure a conviction and get the justice that they deserve.

    “I’m appealing for anyone who has any information to come forward. Were you out in Barking on that Saturday night? Perhaps you had also been at the birthday party at Factory 15 or at another event nearby? Did you see or hear the shooting or anything else that struck you as being unusual?

    “Someone must have seen or heard something, or must know why this shooting took place. No piece of information is too small. It could be the crucial clue that leads us to identify Hanif’s murderer.”

    Anyone with information is urged to call 101 or message @MetCC on X, giving the reference 1295/13OCT. Information, including photos or videos, can also be easily uploaded to our dedicated appeal page.

    To provide information anonymously, call Crimestoppers on 0800 555 111. They are an independent charity, separate from the police. They won’t ask for your name and can’t trace your call.

    Two men who were arrested on suspicion of murder, were subsequently released on bail. A further 7 people have since been arrested in connection with the murder and either released on bail or released pending further investigation.

    MIL Security OSI –

  • MIL-OSI United Kingdom: New Homes Accelerator call for evidence: response

    Source: United Kingdom – Executive Government & Departments

    A letter to respondents to the New Homes Accelerator call for evidence.

    Applies to England

    Documents

    New Homes Accelerator call for evidence: response

    HTML

    Details

    This letter is being sent to all respondents to the New Homes Accelerator call for evidence, which was published on 29 August 2024 and closed on 31 October 2024.

    Updates to this page

    Published 13 February 2025

    Sign up for emails or print this page

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Multi-Agency Safeguarding Hub now delivered by Isle of Wight Children 13 February 2025 Multi-Agency Safeguarding Hub now delivered by Isle of Wight Children

    Source: Aisle of Wight

    The delivery of the Isle of Wight’s Multi-Agency Safeguarding Hub (MASH) for children and families on the Isle of Wight is changing.

    As of Monday 24 February, the Isle of Wight Children’s Services will have its own Multi-Agency Safeguarding Hub (MASH), following the ending our partnership with Hampshire County Council. The Multi-Agency Safeguarding Hub (MASH) is a collaborative initiative that unites professionals from various sectors, including children’s social care, police, health providers, and education. The primary goal of the MASH is to share critical information and make timely, informed decisions to ensure the safety and promote the welfare of children. By working together, these professionals can identify risks early, provide appropriate interventions, and promote the well-being of children in our community.

    The Isle of Wight Council, along with its partner agencies, holds a statutory duty to safeguard children and promote their welfare. This duty is fulfilled through coordinated efforts and a shared commitment to protecting children from harm. By leveraging the collective expertise and resources of all involved agencies, the MASH ensures that children receive the support and protection they need in a timely and effective manner.

    If Island residents are worried about the welfare or safety of a child they can report any concerns through the Isle of Wight Council’s website or by calling 01983 823435.

    To reflect these changes, from the 24 February the  Inter-Agency Referral Form (IARF)  will be found on the Isle of Wight Council’s website, and the Isle of Wight Safeguarding Children Partnership website. The link will be shared via email with all partner agencies

    Statement from the Director of Children’s Services

    ”We are delighted to announce that the multi-agency safeguarding hub for our children and families on the Island is now being delivered in-house by Isle of Wight Children’s Services. This significant milestone reflects our unwavering commitment to providing the highest level of care and protection for the children in our community.

    We extend our heartfelt gratitude to Hampshire County Council for their invaluable support and collaboration over the past years. We also extend our thanks to the Isle of Wight Safeguarding Children Partnership, their expertise and dedication have been instrumental in helping us reach this point, and we look forward to continuing our strong partnership as we move forward.

    Together, we are making a profound difference in the lives of children and families on the Isle of Wight.”

    Further information on what this means can be found on the Isle of Wight Council’s website.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: York furniture charity gets boosted through council-funded scheme

    Source: City of York

    Through a partnership between City of York Council and York Centre for Voluntary Services (CVS), charities across the city can access expert support to maximise their social impact.

    One of the charities that has benefited from the project is York Community Furniture Stores (CFS), which has tackled furniture and digital poverty across North Yorkshire for over three decades by collecting pre-loved home furnishings and selling them back to the community at an affordable price, with additional discounts availble for those on means-tested benefits.

    Through the Organisational Health Check programme, supported by the council through the nationwide UK Shared Prosperity Fund, York charities can access the services of freelance, expert consultants to take a detailed look at all aspects of their organisation and understand which areas could be improved. They then work with the consultants on issues that could include fundraising, HR, structure and governance, and develop strategies to help the charities run more smoothly, become more cost-effective and build future resilience in the face of the challenges currently facing the voluntary sector.

    York CFS initially sought help with a merger process, combining their three branches in York, Selby and Scarborough, but through working with Adrian Ashton, a consultant specialising in voluntary sector governance, developed a broader plan for the organisation’s future.

    Speaking in a new video celebrating the project, Katy Ridsdill-Smith, CEO of York CFS, explained:

    What I thought would be a relatively straightforward project – merging the three charities into one – has transformed into a larger organisational change programme which will include a rebrand, the launch of a bold anti-poverty strategy and a new organisational structure.

    “The support has enabled to us to think critically about the level of support we provide to our local communities and how we can be more effective in our work. It’s a really exciting time for CFS!”

    Alison Semmence, Chief Executive of York CVS, said:

    Our work with York Community Furniture Store provides an excellent example of how the partnership has enabled us to connect voluntary, community and social enterprise (VCSE) sector organisations in York with specialist expertise, to not only support the sector’s ability to navigate challenges, but so that organisations can seize opportunities, grow their impact, and continue to deliver meaningful change across our city.

    Cllr Pete Kilbane, Executive Member for Economy and Culture at City of York Council, said:

    Like so many of York’s voluntary organisations, York Community Furniture Store plays a vital role in supporting the whole community, especially those who need great quality furniture at an affordable price.

    “Through this partnership with York CVS, who are experts in our city’s voluntary sector, we’re delighted to have helped organisations like York CFS become more resilient and run more efficiently, meaning they’ll be better able to support our communities for years to come.”

    To find out more about how York CFS benefited from the scheme, watch our video about supporting York charities.

    MIL OSI United Kingdom –

  • MIL-OSI Africa: Bluewater to Sell Apex International Energy, Highlighting Full-Cycle Private Equity (PE) Investment Model in Africa’s Oil and Gas Sector

    Source: Africa Press Organisation – English (2) – Report:

    PARIS, France, February 13, 2025/APO Group/ —

    Private equity is playing an increasingly pivotal role in Africa’s energy sector, driving growth and innovation in the continent’s oil and gas markets. This week, specialist energy private equity firm Bluewater announced the sale of Apex International Energy – transformed under its stewardship into a leading player in Egypt’s energy market – to a subsidiary of Hong Kong-listed United Energy Group. The transaction underscores the full-cycle nature of private equity investing and its potential to unlock value in Africa’s resource-rich markets. 

    Bluewater, which invested in Apex in 2018 as part of its second fund, saw the opportunity to develop the Houston-based company into a significant contributor to Egypt’s oil and gas industry. Under Bluewater’s stewardship, Apex grew from a small, independent exploration and production company into a top-ten producer in Egypt. Over the course of six years, Apex expanded its portfolio to include interests in eight concessions, with production averaging over 11,000 barrels of oil equivalent per day in 2024. 

    This transformation was driven by strategic acquisitions, new discoveries and a laser focus on operational excellence. Key milestones included the 2021 oil discovery in the Southeast Meleiha concession, which saw first production later that year. In 2023, Apex expanded its footprint with the acquisition of six concessions in Egypt’s Western Desert from Italian energy giant Eni, as well as began first gas production. These strategic moves not only boosted Apex’s production levels, but also reinforced its position as a key contributor to Egypt’s energy security. 

    For Bluewater, this growth was a result of carefully managed investments that allowed Apex to capitalize on Egypt’s favorable energy market while navigating the complexities of local regulations and political landscapes. By taking a hands-on approach to governance and working closely with Apex’s leadership team, Bluewater was able to foster a culture of growth and innovation that delivered tangible results. 

    The sale exemplifies how private equity firms complete the full investment cycle – starting with identifying a promising asset, nurturing its growth and ultimately realizing value through a sale or exit strategy. In this case, the sale to United Energy Group positions Apex for continued growth and expansion under new ownership, while providing Bluewater with a profitable return on its investment. This model of buying, growing and exiting is at the heart of private equity’s role in driving value creation and economic development in emerging markets like Africa. 

    The transaction also underscores the increasing confidence that private equity investors are placing in Africa’s energy sector. Despite challenges like fluctuating commodity prices and complex regulatory environments, the energy sector in countries like Egypt offers substantial growth opportunities. For private equity firms, the continent’s untapped reserves, coupled with a growing demand for energy, make it an attractive destination for long-term investments. 

    Looking to the future, the role of private equity in African oil and gas is expected to grow further. The upcoming Invest in African Energy Forum in Paris will serve as a key platform for private equity firms to explore investment opportunities in Africa’s growing energy sector, where strategic partnerships and capital infusion are driving innovation and growth. In particular, firms that focus on full-cycle investment strategies – such as Bluewater’s approach with Apex – are well-positioned to thrive in this evolving landscape. They can bring capital, technical expertise and a deep understanding of local markets, enabling them to navigate challenges and capitalize on emerging opportunities in Africa’s energy sector. 

    IAE 2025 (https://apo-opa.co/3CMcOXk) is an exclusive forum designed to facilitate investment between African energy markets and global investors.Taking place May 13-14, 2025 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit www.Invest-Africa-Energy.com. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

    MIL OSI Africa –

  • MIL-OSI: Ooredoo Qatar taps Nokia 5G Standalone Core to deliver advanced network services and generate new revenue streams

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    Ooredoo Qatar taps Nokia 5G Standalone Core to deliver advanced network services and generate new revenue streams

    • Nokia will deliver a modernized core network that enables Ooredoo Qatar to offer more advanced services using network slicing.
    • Network will generate new consumer and enterprise revenue streams across industries such as ports, mining and natural gas.

    13 February 2025
    Espoo, Finland – Ooredoo Qatar, the leading telecommunications company in Qatar with more than 3.4 million customers, has selected Nokia to modernize the operator’s core network to enable the delivery of more advanced services, using network slicing and the integration of AI and machine learning capabilities that strengthen network performance, reliability, and the overall customer experience.

    The modernization will support Ooredoo Qatar’s network evolution to unlock more value faster from its network assets through new business models and consumer and enterprise revenue streams.

    Sheikh Ali Bin Jabor Al-Thani, Chief Executive Officer at Ooredoo Qatar, said: “Our vision is about enriching people’s digital lives and taking this important step with Nokia, of moving to a 5G standalone core network, supports our group-wide project initiatives of evolving our network operations with new digital capabilities and business models that strengthen the customer and enterprise experience.”

    The deal includes Nokia 5G voice core, packet core, and subscriber data management, which will provide Ooredoo Qatar with the capabilities to deliver ultra-low latency bandwidth and multi-access edge computing, which are needed to provide real-time industrial automation and high-quality gaming experiences at scale. 

    Nokia’s core solutions give communication service providers the flexibility required to operate multi-vendor networks. Ooredoo Qatar will also be able to create thousands of virtual networks on a single physical network infrastructure, with each “slice” tailored to specific requirements for different applications, services, and customers. 

    Raghav Sahgal, President of Cloud and Network Services at Nokia, said: “As a leading operator in the Middle East, Ooredoo Qatar continues to drive transformation projects that meet its customers’ evolving digital needs. We are delighted to grow Nokia’s strong partnership with Ooredoo Qatar by providing our flexible 5G standalone Core capabilities and supporting the operator’s multi-level network requirements.”

    Ooredoo Qatar will also use Nokia’s MantaRay NM solution for a consolidated and automated network view that optimizes network monitoring and management.

    The deal includes the rollout of Nokia Data Center Fabric solution, which enables data centers and cloud environments to easily scale, adapt, and operate. As part of the solution, Nokia’s 7220 Interconnect Router (IXR) system will be deployed, allowing Ooredoo Qatar to provide its services at higher efficiency, reduced energy consumption, and increased capacity.

    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.

    Media inquiries
    Nokia Press Office
    Email: Press.Services@nokia.com

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    The MIL Network –

  • MIL-OSI: Valeura Energy Inc.: Record Reserves and Resources at Year-End 2024: 2P Reserves Replacement Ratio of 245%

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Feb. 13, 2025 (GLOBE NEWSWIRE) — Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) (“Valeura” or the “Company”) is pleased to announce the results of its third-party independent reserves and resources assessment as at year-end 2024.

    Highlights

    • Record high year-end reserves: 32 MMbbl proved (1P), 50 MMbbl proved plus probable (2P) and 60 MMbbl proved plus probable plus possible (3P) reserves;
    • 2P reserves replacement ratio of 245% even after annual production increase of 12%;
    • 2P reserves and end of field life (“EOFL”) increased at every field;
    • 2P reserves net present value before tax of US$934 million and US$752 million after tax(1);
    • Considering year-end 2024 cash position of US$259 million, Company net asset value (“NAV”) is US$1,012 million, equating C$13.6 per common share(2);
    • Contingent resources(3) of 48 MMbbl, more than double the total at end 2023; and
    • Decommissioning costs significantly reduced through engineering studies and increased EOFL to beyond 2030.
    (1) Discounted at 10% (NPV10)
    (2) Proved plus probable (2P) NPV10after tax plus cash of US$259.4 million (no debt), using US$/C$ exchange rate of 1.435, and 106.65 million common shares outstanding, as at December 31, 2024
    (3) Unrisked 2C (best estimate) contingent resources

    Dr. Sean Guest, President and CEO commented:

    “I am pleased to announce the results of our end 2024 reserves and resources evaluation, which shows again that our aggressive work programme can increase the ultimate potential of our fields and add value to our Company. In our second full year of operations we have again added more than double the reserves we produced, achieving a 2P reserves replacement ratio of 245%. This is a significant feat, considering we also increased production by 12% relative to 2023.

    We also added to the ultimate potential of our portfolio, with all Thailand fields now having an economic field life lasting beyond 2030. Since taking over these assets, we have added at least four additional years of production life to each field. This means more years of future cash flow and is therefore a prime example of one key element of our strategy in action – driving further organic growth.

    The net asset value of our business is now over US$1 billion – a record high, equating to more than C$13.6 per common share. This is based on our 2P after tax NPV10increasing by 76% year-on-year, coupled with a new record year-end cash position.

    In addition to discovering volumes through the drill bit and aggressively working to build our understanding of the intricate subsurface environment, various other financial and engineering studies have also added value. Our field abandonment costs have been reduced further through updated engineering studies which are benchmarked to actual abandonment operations in the Gulf of Thailand. The effect of this, combined with extended field life across the portfolio, is expected to reduce our Asset Retirement Obligation (“ARO”) on our balance sheet by more than 50% since we first assumed operatorship of these assets.

    We are relentless in our pursuit of value and we remain focussed on allocating capital efficiently. Moreover, we see exciting reserves-adding opportunities ahead through the potential Wassana field redevelopment, as well as through ongoing infill development and appraisal drilling across the portfolio, and the selective exploration targets we will pursue this year.

    At the same time, inorganic growth remains a key part of our strategy, and we are actively evaluating several opportunities to assess fit with our strict screening criteria.”

    Valeura commissioned Netherland, Sewell & Associates, Inc. (“NSAI”) to assess reserves and resources for all of its Thailand assets as of December 31, 2024. NSAI’s evaluation is presented in a report dated February 13, 2025 (the “NSAI 2024 Report”). This follows previous evaluations conducted by the same firm for December 31, 2023 (the “NSAI 2023 Report”) and December 31, 2022 (the “NSAI 2022 Report”).

    Oil and Gas Reserves by Field Based on Forecast Prices and Costs

        Gross (Before Royalties) Reserves, Working Interest Share (Mbbl)
    Reserves by Field Jasmine
    (Light/Medium)    		 Manora
    (Light/Medium)    		 Nong Yao
    (Light/Medium)    		 Wassana
    (Heavy)    		 Total
    Proved Producing Developed 5,268 1,370 6,541 2,894 16,073
    Non-Producing Developed 703 433 153 242 1,531
    Undeveloped 4,713 705 3,742 5,490 14,650
    Total Proved (1P) 10,684 2,509 10,436 8,626 32,255
    Total Probable (P2) 6,108 848 6,500 4,297 17,753
    Total Proved + Probable (2P) 16,792 3,357 16,936 12,923 50,008
    Total Possible (P3) 3,647 718 4,297 1,027 9,689
    Total Proved + Probable + Possible (3P) 20,440 4,075 21,233 13,950 59,697

     
    Summary of Reserves Replacement, Value, and Field Life

    As compared to the NSAI 2023 Report, the NSAI 2024 Report indicates an addition of 2.4 MMbbl of proved (1P) reserves and 12.1 MMbbl of proved plus probable (2P) reserves, after having produced 8.4 MMbbl of oil in 2024. This reflects a 1P reserves replacement ratio of 128% and a 2P reserves replacement ratio of 245%.

    Based on the mid-point of the Company’s 2025 production guidance of 23.0 – 25.5 Mbbl/d (24.25 Mbbl/d), on a 2P reserves basis as of December 31, 2024, the Company estimates its reserves life index (“RLI”) to be approximately 5.6 years. Using the same 2025 production estimate and 2P reserves as of December 31, 2023 and December 31, 2022, the RLI was approximately 4.3, and 3.3 years, respectively.

    The net present value of estimated future revenue after income taxes, based on a 10% discount rate has increased between the NSAI 2023 Report and the NSAI 2024 Report from US$193.9 million to US$358.6 million on a 1P basis, an increase of 85%. On a 2P basis, the net present value of estimated future revenue after income taxes, based on a 10% discount rate has increased from US$428.5 million to US$752.2 million, an increase of 76%.

    The Company estimates that, based on the 2P net present value of estimated future revenue after income taxes in the NSAI 2024 Report, based on a 10% discount rate, plus the Company’s 2024 year-end cash position of US$259.4 million, as disclosed on January 8, 2025, the Company has a 2P net asset value (“NAV”) of US$1,011.6 million. Using the year-end count of common shares outstanding (being 106.65 million) and foreign exchange rates, Valeura’s NAV equates to approximately C$13.6/share.

      1P NPV10 2P NPV10 3P NPV10
      Before Tax After Tax Before Tax After Tax Before Tax After Tax
    NPV10(US$ million) 360.7 358.6 933.9 752.2 1,339.1 990.2
    Cash at December 31, 2024 (US$ million)(1) 259.4 259.4 259.4 259.4 259.4 259.4
    Net Asset Value (US$ million) 620.1 618.0 1,193.3 1,011.6 1,598.5 1,249.6
    Common shares (million)(2) 106.65 106.65 106.65 106.65 106.65 106.65
    Estimated NAV per basic share (C$ per share)(3) 8.3 8.3 16.1 13.6 21.5 16.8
    (1) Cash at December 31, 2024 of US$259.4 million, debt nil
    (2) Issued and outstanding common shares as of December 31, 2024
    (3) US$/C$ exchange rate of 1.435 as at December 31, 2024

    The NSAI 2024 Report indicates a further extension in the anticipated end of field life for all assets in Valeura’s Thailand portfolio, as compared to the NSAI 2023 Report.

      Gross (Before Royalties) 2P Reserves, Working Interest Share End of Field Life 2P NPV10After Tax (US$ million)
    Fields December 31, 2023
    (MMbbl)    		 2024 Production
    (MMbbl)    		 Additions
    (MMbbl)    		 December 31, 2024
    (MMbbl)    		 Reserves Replacement Ratio (%) NSAI 2023 Report NSAI 2024 Report December 31, 2023 December 31, 2024
    Jasmine 10.4 (2.9 ) 9.2 16.8 324 % Dec 2028 Aug 2031 81.8 163.9
    Manora 2.2 (0.9 ) 2.1 3.4 223 % Jul 2027 Apr 2030 21.2 45.7
    Nong Yao 12.4 (3.1 ) 7.7 16.9 245 % Dec 2028 Dec 2033 185.6 416.1
    Wassana 12.9 (1.4 ) 1.5 12.9 102 % Jun 2032 Dec 2035 139.9 126.6
    Total 37.9 (8.4 ) 20.5 50.0 245 %     428.5 752.2

     
    Valeura has demonstrated two consecutive years of growth in both aggregate 2P reserves and the associated after-tax 2P NPV10 value.

      Gross (Before Royalties) 2P Reserves,
    Working Interest Share (MMbbl)    		 2P NPV10After Tax
    (US$ million)
    Fields December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2022 December 31, 2023 December 31, 2024
    Jasmine 10.0 10.4 16.8 37.1 81.8 163.9
    Manora 1.8 2.2 3.4 12.1 21.2 45.7
    Nong Yao 11.2 12.4 16.9 145.5 185.6 416.1
    Wassana 6.1 12.9 12.9 66.3 139.9 126.6
    Total 29.1 37.9 50.0 261.0 428.5 752.2

     
    The NSAI 2024 Report does not assume a new redevelopment concept for the Wassana field and therefore does not include potential upside volumes associated with the Company’s contemplated redevelopment. Valeura is targeting readiness for a final investment decision (“FID”) in early Q2 2025. Should the Company opt to proceed with the redevelopment, management anticipates a higher production profile, with longer field life than is currently reflected in the NSAI 2024 Report.

    Net Present Values of Future Net Revenue Based on Forecast Prices and Costs

    Net present values of future net revenue from oil reserves are based on cost estimates as of the date of the NSAI 2024 Report, and forecast Brent crude oil reference prices of US$75.58, US$78.51, US$79.89, US$81.82, and US$83.46 per bbl for the years ending December 31, 2025, 2026, 2027, 2028, and 2029, respectively, with 2% escalation thereafter. NSAI assumes cost inflation of 2% per annum. Price realisation forecasts for each field are based on the Brent crude oil reference prices above, and adjusted for oil quality, and market differentials.

    Based on Valeura’s revised corporate structure, as modified by the reorganisation completed in November 2024, values estimated by NSAI assume a combined, single tax filing for all of the Company’s Thai III fiscal concessions, covering the Wassana, Nong Yao, and Manora fields. The Jasmine field, being a Thai I fiscal concession, is outside this scope.

    All estimated costs associated with the eventual decommissioning of the Company’s fields are included as part of the calculation of future net revenue, specifically within the Proved Producing Developed category.

        Before Tax NPV10(US$ million)
    Future Net Revenue by Field Jasmine Manora Nong Yao Wassana Total
    Proved Producing Developed (124.7)   (27.6)   146.2 (160.7)   (166.8)  
    Non-Producing Developed 35.3   27.9   7.0 16.2   86.4  
    Undeveloped 93.6   7.9   108.1 231.5   441.0  
    Total Proved (1P) 4.2   8.2   261.3 87.0   360.7  
    Total Probable (P2) 217.4   39.1   204.5 112.3   573.3  
    Total Proved + Probable (2P) 221.5   47.3   465.8 199.3   933.9  
    Total Possible (P3) 168.8   29.6   150.7 56.1   405.1  
    Total Proved + Probable + Possible (3P) 390.3   76.9   616.5 255.4   1,339.1  
        After Tax NPV10(US$ million)
    Future Net Revenue by Field Jasmine Manora Nong Yao Wassana Total
    Proved Producing Developed (131.4)   (27.6)   146.2 (160.7)   (173.4)  
    Non-Producing Developed 33.9   27.9   7.0 16.2   85.1  
    Undeveloped 99.6   7.9   108.1 231.5   447.0  
    Total Proved (1P) 2.1   8.2   261.3 87.0   358.6  
    Total Probable (P2) 161.8   37.4   154.8 39.6   393.6  
    Total Proved + Probable (2P) 163.9   45.7   416.1 126.6   752.2  
    Total Possible (P3) 96.7   20.4   93.3 27.6   238.0  
    Total Proved + Probable + Possible (3P) 260.6   66.1   509.3 154.2   990.2  

     
    Asset Retirement Obligations

    During 2024, the Company conducted extensive engineering studies into the eventual decommissioning of its fields. These studies utilised costs benchmarked to current decommissioning activities underway elsewhere within the Gulf of Thailand. Valeura’s work since acquiring the assets in early 2023 has resulted in a reduction of 32% in the anticipated cost to decommission the assets (US$ real basis).  

    In addition, the significant extensions to the economic life of all of the Company’s fields means the timing for decommissioning expenditure has shifted further into the future. The combined effect is estimated to be a material reduction in the ARO liability to be shown on the Company’s balance sheet. While the final ARO is still to be reviewed by the Company’s auditor, management estimates that the ARO as at December 31, 2024 will have been reduced by approximately 35% from year-end 2023 and more than 50% relative to the Company’s first estimate upon assuming operatorship of the Thai portfolio in Q1 2023.

    Resources

    NSAI assessed the Company’s contingent resources of its Thailand assets for additional reservoir accumulations and reported estimates in the NSAI 2024 Report, the NSAI 2023 Report, and the NSAI 2022 Report. Contingent resources are heavy crude oil and light/medium crude oil, and are further divided into two subcategories, being Development Unclarified and Development Not Viable (see oil and gas advisories). Each subcategory is assigned a percentage risk, reflecting the estimated chance of development. Aggregate totals are provided below.

    Contingent Resources NSAI 2022 Report
    Gross (Before Royalties) Working Interest Share    		 NSAI 2023 Report
    Gross (Before Royalties) Working Interest Share    		 NSAI 2024 Report
    Gross (Before Royalties) Working Interest Share
    Unrisked (MMbbl) Risked (MMbbl) Unrisked (MMbbl) Risked (MMbbl) Unrisked (MMbbl) Risked (MMbbl)
    Low Estimate (1C) 10.4 1.8 15.2 6.5 29.4 9.2
    Best Estimate (2C) 14.1 2.5 19.9 8.9 48.4 13.5
    High Estimate (3C) 22.1 3.9 27.9 11.6 72.1 18.0

     
    Comparing the NSAI 2023 Report to the NSAI 2024 Report, the Company has recorded an increase in the best estimate (2C) unrisked contingent resources of 143%.

    The Company last completed an independent assessment of its prospective resources in Türkiye, effective December 31, 2018, which is available under Valeura’s issuer profile on SEDAR+ at www.sedarplus.com. Valeura has no reserves or contingent resources associated with its properties in Türkiye.

    Further Disclosure and Webcast
    Valeura intends to disclose a summary of the NSAI 2024 Report to Thailand’s upstream regulator later in February 2025. Thereafter, the Company will publish its estimates of reserves and resources in accordance with the requirements of National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities along with its annual information form for the year ended December 31, 2025, on approximately March 26, 2025.

    Valeura’s management team will host an investor and analyst webcast at 08:00 Calgary / 15:00 London / 22:00 Bangkok / 23:00 Singapore on Thursday, February 13, 2025 to discuss its reserves and contingent resources. Please register in advance via the link below.

    Registration link: https://events.teams.microsoft.com/event/a527dbad-61ff-47b1-8330-a10c28cfd2ee@a196a1a0-4579-4a0c-b3a3-855f4db8f64b

    As an alternative, an audio only feed of the event is available by phone using the Conference ID and dial-in numbers below.

    Thailand: +66 2 026 9035,,817613646#
    Singapore: +65 6450 6302,,817613646#
    Canada: (833) 845-9589,,817613646#
    Türkiye: 0800 142 034779,,817613646#
    United States: (833) 846-5630,,817613646#
    United Kingdom: 0800 640 3933,,817613646#

    Phone conference ID: 817 613 646#

    For further information, please contact:

    Valeura Energy Inc. (General Corporate Enquiries)                +65 6373 6940
    Sean Guest, President and CEO
    Yacine Ben-Meriem, CFO
    Contact@valeuraenergy.com

    Valeura Energy Inc. (Investor and Media Enquiries)                +1 403 975 6752 / +44 7392 940495
    Robin James Martin, Vice President, Communications and Investor Relations
    IR@valeuraenergy.com

    Contact details for the Company’s advisors, covering research analysts and joint brokers, including Auctus Advisors LLP, Canaccord Genuity Ltd (UK), Cormark Securities Inc., Research Capital Corporation, and Stifel Nicolaus Europe Limited, are listed on the Company’s website at www.valeuraenergy.com/investor-information/analysts/.

    About the Company

    Valeura Energy Inc. is a Canadian public company engaged in the exploration, development and production of petroleum and natural gas in Thailand and in Türkiye. The Company is pursuing a growth-oriented strategy and intends to re-invest into its producing asset portfolio and to deploy resources toward further organic and inorganic growth in Southeast Asia. Valeura aspires toward value accretive growth for stakeholders while adhering to high standards of environmental, social and governance responsibility.

    Additional information relating to Valeura is also available on SEDAR+ at www.sedarplus.ca.

    Oil and Gas Advisories

    Reserves and contingent resources disclosed in this news release are based on an independent evaluation conducted by the incumbent independent petroleum engineering firm, NSAI with an effective date of December 31, 2024. The NSAI estimates of reserves and resources were prepared using guidelines outlined in the Canadian Oil and Gas Evaluation Handbook and in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities. The reserves and contingent resources estimates disclosed in this news release are estimates only and there is no guarantee that the estimated reserves and contingent resources will be recovered.

    This news release contains a number of oil and gas metrics, including “NAV”, “reserves replacement ratio”, “RLI”, and “end of field life” which do not have standardised meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics are commonly used in the oil and gas industry and have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.

    “NAV” is calculated by adding the estimated future net revenues based on a 10% discount rate to net cash, (which is comprised of cash less debt) as of December 31, 2024. NAV is expressed on a per share basis by dividing the total by basic common shares outstanding. NAV per share is not predictive and may not be reflective of current or future market prices for Valeura.

    “Reserves replacement ratio” for 2024 is calculated by dividing the difference in reserves between the NSAI 2024 Report and the NSAI 2023 Report, plus actual 2024 production, by the assets’ total production before royalties for the calendar year 2024.

    “RLI” is calculated by dividing reserves by management’s estimated total production before royalties for 2025.

    “End of field life” is calculated by NSAI as the date at which the monthly net revenue generated by the field is equal to or less than the asset’s operating cost.

    Reserves

    Reserves are estimated remaining quantities of commercially recoverable oil, natural gas, and related substances anticipated to be recoverable from known accumulations, as of a given date, based on the analysis of drilling, geological, geophysical, and engineering data, the use of established technology, and specified economic conditions, which are generally accepted as being reasonable. Reserves are further categorised according to the level of certainty associated with the estimates and may be sub-classified based on development and production status.

    Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.

    Developed reserves are those reserves that are expected to be recovered from existing wells and installed facilities or, if facilities have not been installed, that would involve a low expenditure (e.g., when compared to the cost of drilling a well) to put the reserves on production.

    Developed producing reserves are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty.

    Developed non-producing reserves are those reserves that either have not been on production, or have previously been on production, but are shut in, and the date of resumption of production is unknown.

    Undeveloped reserves are those reserves expected to be recovered from known accumulations where a significant expenditure (e.g., when compared to the cost of drilling a well) is required to render them capable of production. They must fully meet the requirements of the reserves classification (proved, probable, possible) to which they are assigned.

    Probable reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves.

    Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved plus probable plus possible reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of the estimated proved plus probable plus possible reserves.

    The estimated future net revenues disclosed in this news release do not necessarily represent the fair market value of the reserves associated therewith.

    The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation.

    Contingent Resources

    Contingent resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies are conditions that must be satisfied for a portion of contingent resources to be classified as reserves that are: (a) specific to the project being evaluated; and (b) expected to be resolved within a reasonable timeframe.

    Contingent resources are further categorised according to the level of certainty associated with the estimates and may be sub‐classified based on a project maturity and/or characterised by their economic status. There are three classifications of contingent resources: low estimate, best estimate and high estimate. Best estimate is a classification of estimated resources described in the Canadian Oil and Gas Evaluation Handbook as the best estimate of the quantity that will be actually recovered; it is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50 percent probability that the quantities actually recovered will equal or exceed the best estimate.

    The project maturity subclasses include development pending, development on hold, development unclarified and development not viable. The contingent resources disclosed in this news release are classified as either development unclarified or development not viable.

    Development unclarified is defined as a contingent resource that requires further appraisal to clarify the potential for development and has been assigned a lower chance of development until commercial considerations can be clearly defined. Chance of development is the likelihood that an accumulation will be commercially developed.

    Conversion of the development unclarified resources referred to in this news release is dependent upon (1) the expected timetable for development; (2) the economics of the project; (3) the marketability of the oil and gas production; (4) the availability of infrastructure and technology; (5) the political, regulatory, and environmental conditions; (6) the project maturity and definition; (7) the availability of capital; and, ultimately, (8) the decision of joint venture partners to undertake development.

    The major positive factor relevant to the estimate of the contingent development unclarified resources referred to in this news release is the successful discovery of resources encountered in appraisal and development wells within the existing fields. The major negative factors relevant to the estimate of the contingent development unclarified resources referred to in this news release are: (1) the outstanding requirement for a definitive development plan; (2) current economic conditions do not support the resource development; (3) limited field economic life to develop the resources; and (4) the outstanding requirement for a final investment decision and commitment of all joint venture partners.

    Development not viable is defined as a contingent resource where no further data acquisition or evaluation is currently planned and hence there is a low chance of development, there is usually less than a reasonable chance of economics of development being positive in the foreseeable future. The major negative factors relevant to the estimate of development not viable referred to in this news release are: (1) current economic conditions do not support the resource development; and (2) availability of technical knowledge and technology within the industry to economically support resource development.

    If these contingencies are successfully addressed, some portion of these contingent resources may be reclassified as reserves.

    Of the best estimate 2C contingent resources estimated in the NSAI 2024 Report, on a risked basis: 74% of the estimated volumes are light/medium crude oil, with the remainder being heavy oil; 77% are categorised as Development Unclarified, with the remainder being Development Not Viable. Development Unclarified 2C resources have been assigned an average chance of development for the four fields ranging from 30% to 50% depending on oil type, while 2C Development Not Viable resources have been assigned an average chance of development ranging from 16% to 17%.

    Resources Project
    Maturity Subclass    		 Light and Medium Crude Oil
    (Development Unclarified)    		 Chance of Development (%)
    Unrisked Risked
    Gross (Mbbl) Net (Mbbl) Gross (Mbbl) Net (Mbbl)
    Contingent Low Estimate (1C) Development Unclarified 8,267 7,334 3,108 2,742 38 %
    Contingent Best Estimate (2C) Development Unclarified 14,178 12,538 4,227 3,728 30 %
    Contingent High Estimate (3C) Development Unclarified 21,072 18,644 5,289 4,673 25 %
    Resources Project
    Maturity Subclass    		 Heavy Crude Oil
    (Development Unclarified)    		 Chance of Development (%)
    Unrisked Risked
    Gross (Mbbl) Net (Mbbl) Gross (Mbbl) Net (Mbbl)
    Contingent Low Estimate (1C) Development Unclarified 7,807 7,358 4,045 3,813 52 %
    Contingent Best Estimate (2C) Development Unclarified 10,641 10,029 5,325 5,018 50 %
    Contingent High Estimate (3C) Development Unclarified 14,524 13,689 6,560 6,182 45 %
    Resources Project
    Maturity Subclass    		 Light and Medium Crude Oil
    (Development Not Viable)    		 Chance of Development (%)
    Unrisked Risked
    Gross (Mbbl) Net (Mbbl) Gross (Mbbl) Net (Mbbl)
    Contingent Low Estimate (1C) Development Not Viable 11,294 10,502 1,694 1,575 15 %
    Contingent Best Estimate (2C) Development Not Viable 21,539 19,965 3,652 3,319 17 %
    Contingent High Estimate (3C) Development Not Viable 33,503 30,964 5,363 4,802 16 %
    Resources Project
    Maturity Subclass    		 Heavy Crude Oil
    (Development Not Viable)    		 Chance of Development (%)
    Unrisked Risked
    Gross (Mbbl) Net (Mbbl) Gross (Mbbl) Net (Mbbl)
    Contingent Low Estimate (1C) Development Not Viable 2,069 1,950 310 293 15 %
    Contingent Best Estimate (2C) Development Not Viable 2,091 1,971 341 321 16 %
    Contingent High Estimate (3C) Development Not Viable 3,003 2,830 815 768 27 %

    The NSAI estimates have been risked, using the chance of development, to account for the possibility that the contingencies are not successfully addressed. Due to the early stage of development for the development unclarified resources, NSAI did not perform an economic analysis of these resources; as such, the economic status of these resources is undetermined and there is uncertainty that any portion of the contingent resources disclosed in this new release will be commercially viable to produce.

    Glossary

    bbl                barrels of oil
    Mbbl              thousand barrels of oil
    MMbbl            million barrels of oil

    Advisory and Caution Regarding Forward-Looking Information

    Certain information included in this news release constitutes forward-looking information under applicable securities legislation. Such forward-looking information is for the purpose of explaining management’s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. Forward-looking information typically contains statements with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “project”, “target” or similar words suggesting future outcomes or statements regarding an outlook.

    Forward-looking information in this news release includes, but is not limited to, the Company’s belief that it has added to the ultimate potential of its portfolio; the anticipated economic life of its portfolio; expectations regarding future cash flow; the expectation that ARO on its December 31, 2024 balance sheet will indicate a reduction of approximately 35% versus December 31, 2023 and more than 50% since first assuming operatorship of its assets; business objectives and targets; organic and inorganic growth opportunities; the anticipated end of life for Valeura’s Thailand assets; the potential for adding reserves through the Wassana field redevelopment as well as through ongoing infill development, appraisal drilling, and exploration targets; statements related to the Company’s 2025 production guidance of 23.0 – 25.5 Mbbl/d; estimates of the Company’s RLI; timing for FID readiness on the potential Wassana field redevelopment; management’s anticipation of a higher production profile with longer field life from the Wassana field, should it opt to proceed with the redevelopment; forecast Brent crude oil reference prices; assumption of a single tax filing; estimated costs for the eventual decommissioning of its fields; the intention to disclose a summary of the NSAI 2024 Report to Thailand’s upstream regulator; the anticipated filing date of the Company’s annual information form along with its estimates of reserves and resources; and the timing of the investor and analyst webcast.

    In addition, statements related to “reserves” and “resources” are deemed to be forward-looking information

    as they involve the implied assessment, based on certain estimates and assumptions, that the resources can

    be discovered and profitably produced in the future.

    Although the Company believes the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect.

    Forward-looking information is based on management’s current expectations and assumptions regarding, among other things: political stability of the areas in which the Company is operating; continued safety of operations and ability to proceed in a timely manner; continued operations of and approvals forthcoming from governments and regulators in a manner consistent with past conduct; ability to achieve extensions to licences in Thailand and Türkiye to support attractive development and resource recovery; future drilling activity on the required/expected timelines; the prospectivity of the Company’s lands; the continued favourable pricing and operating netbacks across its business; future production rates and associated operating netbacks and cash flow; decline rates; future sources of funding; future economic conditions; the impact of inflation of future costs; future currency exchange rates; interest rates; the ability to meet drilling deadlines and fulfil commitments under licences and leases; future commodity prices; the impact of the Russian invasion of Ukraine; the impact of conflicts in the Middle East; royalty rates and taxes; management’s estimate of cumulative tax losses being correct; future capital and other expenditures; the success obtained in drilling new wells and working over existing wellbores; the performance of wells and facilities; the availability of the required capital to funds its exploration, development and other operations, and the ability of the Company to meet its commitments and financial obligations; the ability of the Company to secure adequate processing, transportation, fractionation and storage capacity on acceptable terms; the capacity and reliability of facilities; the application of regulatory requirements respecting abandonment and reclamation; the recoverability of the Company’s reserves and contingent resources; future growth; the sufficiency of budgeted capital expenditures in carrying out planned activities; the impact of increasing competition; the availability and identification of mergers and acquisition opportunities; the ability to successfully negotiate and complete any mergers and acquisition opportunities; the ability to efficiently integrate assets and employees acquired through acquisitions; global energy policies going forward; international trade policies; future debt levels; and the Company’s continued ability to obtain and retain qualified staff and equipment in a timely and cost efficient manner. In addition, the Company’s work programmes and budgets are in part based upon expected agreement among joint venture partners and associated exploration, development and marketing plans and anticipated costs and sales prices, which are subject to change based on, among other things, the actual results of drilling and related activity, availability of drilling, offshore storage and offloading facilities and other specialised oilfield equipment and service providers, changes in partners’ plans and unexpected delays and changes in market conditions. Although the Company believes the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect.

    Forward-looking information involves significant known and unknown risks and uncertainties. Exploration, appraisal, and development of oil and natural gas reserves and resources are speculative activities and involve a degree of risk. A number of factors could cause actual results to differ materially from those anticipated by the Company including, but not limited to: the ability of management to execute its business plan or realise anticipated benefits from acquisitions; the risk of disruptions from public health emergencies and/or pandemics; competition for specialised equipment and human resources; the Company’s ability to manage growth; the Company’s ability to manage the costs related to inflation; disruption in supply chains; the risk of currency fluctuations; changes in interest rates, oil and gas prices and netbacks; the risk that the Company’s tax advisors’ and/or auditors’ assessment of the Company’s cumulative tax losses varies significantly from management’s expectations of the same; potential changes in joint venture partner strategies and participation in work programmes; uncertainty regarding the contemplated timelines and costs for work programme execution; the risks of disruption to operations and access to worksites; potential changes in laws and regulations, including international treaties and trade policies; the uncertainty regarding government and other approvals; counterparty risk; the risk that financing may not be available; risks associated with weather delays and natural disasters; and the risk associated with international activity. See the most recent annual information form and management’s discussion and analysis of the Company for a detailed discussion of the risk factors.

    Certain forward-looking information in this news release may also constitute “financial outlook” within the meaning of applicable securities legislation. Financial outlook involves statements about Valeura’s prospective financial performance or position and is based on and subject to the assumptions and risk factors described above in respect of forward-looking information generally as well as any other specific assumptions and risk factors in relation to such financial outlook noted in this news release. Such assumptions are based on management’s assessment of the relevant information currently available, and any financial outlook included in this news release is made as of the date hereof and provided for the purpose of helping readers understand Valeura’s current expectations and plans for the future. Readers are cautioned that reliance on any financial outlook may not be appropriate for other purposes or in other circumstances and that the risk factors described above or other factors may cause actual results to differ materially from any financial outlook.

    The forward-looking information contained in this news release is made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.

    This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction, including where such offer would be unlawful. This news release is not for distribution or release, directly or indirectly, in or into the United States, Ireland, the Republic of South Africa or Japan or any other jurisdiction in which its publication or distribution would be unlawful.

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

    This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

    The MIL Network –

  • MIL-OSI Russia: 80 years since the liberation of Budapest

    Translartion. Region: Russians Fedetion –

    Source: State University of Management – Official website of the State –

    On February 13, 1945, the Budapest operation of Soviet troops during the Great Patriotic War ended, as a result of which the central regions of Hungary, including its capital, were liberated, and the puppet “Government of National Unity” lost power over the country.

    By the end of 1944, Germany’s position was already unenviable, it had to fight on three fronts: in Italy, France and against the Red Army rapidly advancing from the east. The defense of Budapest was of paramount importance, because its loss meant the loss of the last major source of oil, so Hitler even declared that it was better to surrender Berlin than to lose Hungarian oil. The Germans built three lines of defense around Budapest and significantly fortified the city itself, which was defended by Army Group South and the remnants of the Hungarian armed forces.

    The Soviet offensive on Budapest began on October 29. They failed to take the city on the move. The second attempt also met with fierce resistance. In December, the Germans even attempted to counterattack and pushed the Russians back in some areas of the front. However, on December 26, their forces were completely surrounded, with 188,000 people trapped in the cauldron. And they had no intention of surrendering; moreover, they shot the envoys sent with an ultimatum to capitulate. Their counterattacking tanks numbered 50-60 units per kilometer of front – a density of equipment unseen throughout the war. Having had the bloody experience of the Battle of Stalingrad and the Battle of Kursk, the Red Army responded with a deeply echeloned defense, effective reconnaissance, and preemptive strikes. The Germans were unable to break out of the encirclement, and in early February, their counteroffensive finally petered out in all directions.

    The heaviest urban battles in some areas began on January 18. That same day, our troops liberated about 70,000 Jews from the Budapest ghetto. Now, when the organized counteroffensive of the Germans had failed, they rushed out of Budapest chaotically and with particular despair. From the memoirs of Soviet Major General Andrei Kovtun-Stankevich:

    “Everyone takes part in the battle, including the telephone operators. Telephone operator Zoya Vasilchenko destroyed up to 15 fascists with a machine gun. The battalion captured more prisoners than it had personnel.”

    “The commander of the medical battalion, Krutilov, arrived and proudly handed me a “combat” report. It turns out that the medical battalion had fought a battle today, as a result of which 49 Germans were killed and 56 were taken prisoner. Everyone took part in the battle, including the wounded who were able to fire. Even the pharmacist, an elderly woman, fired a pistol.”

    On February 13, 1945, the German group in Budapest was finally liquidated. The commander, SS-Obergruppenführer Karl Pfeffer-Wildenbruch, dressed in a soldier’s uniform along with all the staff officers, surrendered on his own initiative to the head of the chemical service of the 180th rifle division, Major Skripin.

    In honor of this victory, a salute of 24 salvos from 324 guns was given in Moscow. The result of the successful operation was the complete liquidation of the enemy forces and the withdrawal of Hungary from the war. In addition, the advancement on the remaining sections of the Soviet-German front was noticeably facilitated by the transfer of German troops to Budapest. A threat was created to the Balkan group of the Wehrmacht, which was forced to accelerate its withdrawal from Yugoslavia.

    The State University of Management congratulates on this memorable date and recalls our scientific regiment – employees awarded the medal “For the capture of Budapest”:
    -Hero of the Soviet Union, Alexander Davydov, Guard Lieutenant Colonel, Deputy Head of the Nile MIE-MIU department from 1962 to 1985;
    -Gennady Belykh, Colonel, Head of the educational and methodological department of the MIU;
    -Peter Burov, Major Engineer, Vice-Rector for the Academic Affairs of MIEI from 1952 to 1962;
    -Ivan Steel, Major Engineer, chief of staff of the railway troops of the 3rd Ukrainian Front, associate professor of the Department of structures and structures of MIEI.

    Subscribe to the TG channel “Our GUU” Date of publication: 02/13/2025

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

    MIL OSI Russia News –

  • MIL-OSI: Notice convening the Annual General Meeting of Siili Solutions Plc

    Source: GlobeNewswire (MIL-OSI)

    Notice convening the Annual General Meeting of Siili Solutions Plc

    Siili Solutions Plc Stock Exchange Release 13 February 2025 at 9:10 a.m. (Finnish time)

    The shareholders of Siili Solutions Plc are invited to the Annual General Meeting to be held on Tuesday, 8 April 2025 starting at 2:00 p.m. (Finnish time) at the address Töölönlahdenkatu 2, FI-00100 Helsinki, Finland (event venue Eliel, Sanomatalo). The reception of persons who have registered for the meeting and the distribution of voting tickets will commence at the meeting venue at 1:30 p.m. (Finnish time).

    Shareholders may also exercise their voting rights by voting in advance. Further information on advance voting is presented in section C. 2. of this meeting notice.

    Shareholders can follow the General Meeting via a video stream. Other persons than the Company’s shareholders are also welcome to follow the video stream. Instructions on how to follow the video stream are available on the Company’s website at the address https://sijoittajille.siili.com/general-meeting2025. It is not possible to pose any other questions than those referred to below in this section, make counterproposals, otherwise speak or vote via the video stream. Following the meeting via the video stream or asking questions as referred to below shall not be considered as participation in the General Meeting or as the exercise of shareholder rights. Persons who follow the video stream may ask questions or make comments to the CEO in writing during the CEO’s review in agenda item 6. through the chat functionality. A recording of the video stream will be available on the Company’s website after the General Meeting, no later than on 22 April 2025.

    A. MATTERS ON THE AGENDA OF THE GENERAL MEETING

    The General Meeting shall consider the following matters:

    1. Opening of the meeting
    1. Calling the meeting to order
    1. Election of the persons to scrutinise the minutes and the persons to supervise the counting of votes
    1. Recording the legality of the meeting
    1. Recording the attendance at the meeting and adoption of the list of votes
    1. Presentation of the financial statements, including the consolidated financial statements, the report of the Board of Directors, the auditor’s report and the assurance report on sustainability reporting for the year 2024
    • Presentation of the CEO’s review.

    The annual report, including the report of the Board of Directors, the consolidated financial statements, the financial statements of the parent company, the auditor’s report and the assurance report on sustainability reporting will be available on the Company’s website at https://sijoittajille.siili.com/general-meeting2025 at the latest on 14 March 2025.

    1. Adoption of the financial statements, including the consolidated financial statements
    1. Resolution on the use of the profit shown on the balance sheet and the distribution of dividend

    The Board of Directors proposes to the General Meeting that, based on the adopted balance sheet for the financial period 2024, a dividend of EUR 0,18 per share be paid from the Company’s distributable funds, i.e., approximately EUR 1.46 million in total based on the status of the date of this meeting notice, and that the rest of the distributable funds be retained in equity. 

    The dividend shall be paid to shareholders who on the dividend record date 10 April 2025 are registered in the Company’s shareholders’ register held by Euroclear Finland Oy. The Board of Directors proposes that the dividend be paid on 17 April 2025.

    1. Resolution on the discharge of the members of the Board of Directors and the CEO from liability
    1. Consideration of the Remuneration Report for Governing Bodies

    The remuneration report for governing bodies is available on the Company’s website at the address https://sijoittajille.siili.com/general-meeting2025 at the latest on 14 March 2025.

    1. Resolution on the remuneration of the members of the Board of Directors

    The Shareholders’ Nomination Board proposes that the remuneration of the members of the Board of Directors would remain unchanged and be as follows:

    The Chair of the Board of Directors is paid EUR 3,850 per month, the Deputy Chair EUR 2,500 per month, the Chair of the Audit Committee EUR 2,500 per month and other members EUR 2,000 per month. The Chairs of the Board of Directors’ Committees are paid EUR 200 per month for their work on the Committee, in addition to which all Committee members are paid a meeting fee of EUR 300 per meeting. In addition, the members of the Board of Directors receive compensation for travel expenses in line with the Company’s business travel policy.

    1. Resolution on the number of members of the Board of Directors

    The Shareholders’ Nomination Board proposes that five (5) members be elected to the Board of Directors.

    1. Election of the members of the Board of Directors

    The Shareholders’ Nomination Board proposes the re-election of the current members of the Board of Directors for the next term of office Harry Brade, Jesse Maula, Katarina Cantell and Henna Mäkinen. Tero Ojanperä has informed that he does not stand for re-election to the Board of Directors.

    Consequently, the Nomination Board proposes that Sebastian Nyström shall be elected as new member of the Board of Directors.

    Sebastian Nyström, b. 1974, M.Sc., acts currently as S-Group’s Chief Transformation Officer and EVP, Loyalty, IT and Digital Development. Prior to his current role, Nyström has acted e.g. as S-Group’s EVP Strategy & M&A, as well as in other leading roles in Nokia Corporation over the past 20 years.

    The term of office of the members lasts until the end of the next Annual General Meeting. All persons proposed have given their consent to the election.

    Background information on each person proposed for the Board of Directors is available on the website of Siili Solutions Plc at https://sijoittajille.siili.com/en.

    The proposed members Jesse Maula, Henna Mäkinen, Katarina Cantell and Sebastian Nyström are considered independent of the Company and its significant shareholders. Harry Brade is independent of the Company but non-independent of its significant shareholder Lamy Oy.

    In addition, the Shareholders’ Nomination Board recommends to the Board of Directors that it re-elects Harry Brade as its Chair and Jesse Maula as Deputy Chair.

    In the selection of the Board member candidates, the Nomination Board has emphasized relevant experience and competence of the candidates, especially considering the strategic objectives of the company. Further, in its selection process the Nomination Board has considered the diversity of the Board.

    With regard to the selection procedure of the members of the Board of Directors, the Nomination Board recommends that shareholders take a position on the proposal as a whole at the General Meeting. The Nomination Board, in addition to ensuring that individual nominees for membership of the Board of Directors possess the required competences, is also responsible for making sure that the proposed Board of Directors as a whole also has the best possible expertise and experience for the Company and that the composition of the Board of Directors also meets other requirements of the Finnish Corporate Governance Code for listed companies.

    1. Resolution on the remuneration of the auditor

    The Board of Directors proposes upon proposal of the Audit Committee that the auditor of the Company be paid remuneration in accordance with the auditor’s reasonable invoice approved by the Company.

    1. Election of the auditor

    The Board of Directors proposes upon proposal of the Audit Committee that audit firm KPMG Oy Ab be re-elected as the Company’s auditor for the following term of office. KPMG Oy Ab has stated that if it is elected as the Company’s auditor, Leenakaisa Winberg, APA, will continue as the principal auditor.

    1. Resolution on the remuneration of the sustainability reporting assurer

    The Board of Directors proposes upon proposal of the Audit Committee that the sustainability reporting assurer of the Company be paid remuneration in accordance with the sustainability reporting assurer’s reasonable invoice approved by the Company.

    1. Election of the sustainability reporting assurance provider

    The Board of Directors proposes upon proposal of the Audit Committee that authorised sustainability audit firm KPMG Oy Ab be elected as the Company’s sustainability reporting assurance provider for the following term of office. KPMG Oy Ab has stated that if it is elected as the Company’s sustainability reporting assurance provider, Leenakaisa Winberg, ASA, will continue as the principal sustainability auditor.

    1. Authorisation of the Board of Directors to resolve on the repurchase and/or on the acceptance as pledge of own shares

    The Board of Directors proposes that the General Meeting authorises the Board of Directors to resolve on the repurchase and/or acceptance as pledge of the Company’s own shares under the following terms and conditions:

    Using the Company’s unrestricted equity, a maximum of 814,000 shares may be repurchased and/or accepted as pledge in one or more tranches, which corresponds to approximately 10% of all shares in the Company.

    The shares will be repurchased in trading on Nasdaq Helsinki Oy’s regulated market at a price formed in public trading on the date of repurchase. The Company’s own shares shall be repurchased to be used for carrying out acquisitions or implementing other arrangements related to the Company’s business, for optimising the Company’s capital structure, for implementing the Company’s incentive scheme or otherwise to be transferred further or cancelled.

    Own shares can be repurchased otherwise than in proportion to the shareholdings of the shareholders (directed repurchase). The share purchase will decrease the Company’s distributable unrestricted equity. The Board of Directors resolves on all other terms and conditions for the repurchase and/or acceptance as pledge of the Company’s own shares.

    The authorisation is proposed to remain in force until the end of the next Annual General Meeting, however no later than until 30 June 2026. The authorisation shall revoke earlier unused authorisations to resolve on the repurchase and/or acceptance as pledge of the Company’s own shares.

    1. Authorisation of the Board of Directors to resolve on a share issue and the issuance of special rights entitling to shares

    The Board of Directors proposes that the General Meeting authorise the Board of Directors to resolve on the issuance of shares and the issuance of special rights entitling to shares within the meaning of chapter 10, section 1 of the Finnish Limited Liability Companies Act in one or more tranches either against consideration or free of consideration.

    The number of shares to be issued, including shares received on the basis of the special rights shall not exceed a maximum of 814,000 shares, which corresponds to approximately 10% of all shares in the Company. The Board of Directors may resolve either to issue new shares or to transfer treasury shares held by the Company.

    The authorisation entitles the Board of Directors to resolve on all terms of the share issue and the issuance of special rights entitling to shares, including the right to deviate from the shareholders’ pre-emptive subscription right (directed issue). The authorisation may be used to strengthen the Company’s balance sheet and financial position, to pay purchase prices for acquisitions, in share-based incentive schemes or for other purposes resolved by the Board of Directors.

    The total maximum number of shares to be issued for the purpose of share-based incentive schemes is 162,800 shares, which corresponds to approximately 2.0% of all the shares in the Company. For the avoidance of doubt, the above maximum number of shares intended for the incentive schemes is included in the maximum number of the issuance authorisation referred to above.

    Based on the authorisation, the Board of Directors is also authorised to resolve on a share issue directed to the Company itself, provided that the number of shares held by the Company after the issue would be a maximum of 10% of all the shares in the Company. This number includes all the Company’s own shares held by the Company and its subsidiaries in the manner provided for in chapter 15, section 11(1) of the Limited Liability Companies Act.

    The authorisation is proposed to remain in force until the end of the next Annual General Meeting, however no later than until 30 June 2026. The authorisation shall revoke earlier authorisations concerning share issues and the issuance other special rights entitling to shares.

    1. Closing the meeting

    B. DOCUMENTS OF THE GENERAL MEETING

    This notice of the General Meeting, which includes all the resolution proposals of the Board of Directors and the Shareholders’ Nomination Board on the agenda of the General Meeting, is available on Siili Solutions Plc’s website at the address https://sijoittajille.siili.com/general-meeting2025 as of 13 February 2025. Siili Solutions Plc’s annual report for the year 2024, including the report of the Board of Directors, the consolidated financial statements, the financial statements of the parent company, the auditor’s report and the assurance report on sustainability reporting and the remuneration report for governing bodies will be available on said website at the latest as of 14 March 2025. The resolution proposals and other documents mentioned above will also be made available at the General Meeting.

    The minutes of the General Meeting will be available on the above website at the latest on 22 April 2025.

    C. INSTRUCTIONS FOR MEETING PARTICIPANTS

    1. Shareholders registered in the shareholders’ register

    Shareholders who are registered in the Company’s shareholders’ register held by Euroclear Finland Oy on 27 March 2025 (the record date of the General Meeting) have the right to participate in the General Meeting. A shareholder whose shares are registered on the shareholder’s Finnish book-entry account is registered in the shareholders’ register of the Company.

    The registration period for the General Meeting commences on 14 February 2025 at 10:00 a.m. (Finnish time). A shareholder who is registered in the shareholders’ register of the Company and wishes to participate in the General Meeting shall register no later than on 1 April 2025 at 4:00 p.m. (Finnish time), by which time the registration must be received. A shareholder can register for the General Meeting by one of the following means:

    a) Via the Company’s website at the address https://sijoittajille.siili.com/general-meeting2025. Electronic registration requires strong identification of the shareholder or their legal representative or proxy representative with a Finnish, Swedish or Danish bank ID or a mobile certificate.

    b) By email to the address agm@innovatics.fi. In the email, registering shareholders must submit the registration and advance voting form available on the Company’s website at the address https://sijoittajille.siili.com/general-meeting2025 or equivalent information.

    The requested information, such as the shareholder’s name, date of birth or business ID and contact information (telephone number and/or email address) as well as the name of the shareholder’s assistant and/or the name, date of birth and contact information (telephone number and/or email address) of proxy representative, if any, must be provided in connection with the registration. The personal data disclosed by the shareholders to Siili Solutions Plc, Innovatics Ltd or Inderes Oyj is only used in connection with the General Meeting and the processing of the necessary registrations related thereto.

    Changes in shareholding after the record date of the General Meeting do not affect the right to participate in the General Meeting or the number of votes of the shareholder.

    Upon request, shareholders, their representatives or proxy representatives must be able to prove their identity and/or right of representation at the meeting venue.

    Further information on registration and advance voting is available by telephone during the registration period of the General Meeting by calling Innovatics Ltd at +358 10 2818 909 between 9:00 a.m. and 12:00 p.m. and 1:00 p.m. and 4:00 p.m. (Finnish time) on business days.

    1. Advance voting

    A shareholder whose shares are registered on the shareholder’s personal Finnish book-entry account may vote in advance on certain items on the agenda between 14 February 2025 at 10:00 a.m. (Finnish time) and 1 April 2025 at 4:00 p.m. (Finnish time) in the following ways:

    1. Via the service available on the Company’s website at the address https://sijoittajille.siili.com/general-meeting2025. Shareholders can sign into the advance voting service the same way as to the online registration service referred to above in section C. 1. a) of these instructions.
    1. By email by submitting the advance voting form available on the Company’s website or equivalent information to Innovatics Ltd at agm@innovatics.fi.

    Advance votes must be received by the time the advance voting ends. The submission of votes via the service available on the Company’s website or by email before the end of the registration and advance voting period shall be considered as registration for the General Meeting, provided that it contains the above information required for registration.

    Proposals for resolutions that are subject to advance voting are considered to have been presented unchanged in the General Meeting, and the advance votes are taken into account in a possible vote held at the general meeting venue also in circumstances where an alternative proposal for resolution has been made in the relevant matter. For the advance votes to be considered, the shareholder must be registered in the Company’s shareholder register maintained by Euroclear Finland Oy on the record date of the General Meeting. A shareholder who has voted in advance cannot exercise the right to ask questions or demand a vote under the Limited Liability Companies Act unless they participate in the General Meeting at the meeting venue in person or by proxy representative.  

    Instructions for advance voting will be available on the Company’s website at https://sijoittajille.siili.com/general-meeting2025.

    With respect to holders of nominee-registered shares, the advance voting is carried out by the account operators. The account operators may vote in advance on behalf of the holders of nominee-registered shares they represent in accordance with the relevant shareholders’ voting instructions during the registration period applicable to holders of nominee-registered shares.

    1. Holder of nominee-registered shares

    Holders of nominee-registered shares have the right to participate in the General Meeting by virtue of shares, based on which they would be entitled to be registered in the shareholders’ register of the Company held by Euroclear Finland Oy on the record date of the General Meeting, 27 March 2025. In addition, the right to participate in the General Meeting requires that the holders of nominee-registered shares be temporarily entered into the shareholders’ register held by Euroclear Finland Oy based on these shares by 3 April 2025 at 10:00 a.m. (Finnish time) at the latest. As regards nominee-registered shares, this constitutes due registration for the General Meeting. Changes in shareholding after the record date of the General Meeting do not affect the right to participate in the General Meeting or the number of votes of the shareholder.

    Holders of nominee-registered shares are advised to ask their custodian bank in good time for the necessary instructions regarding temporary registration in the Company’s shareholders’ register, the issuing of proxy documents and voting instructions, registration for and participation in the General Meeting as well as advance voting. The account manager of the custodian bank shall temporarily register a holder of nominee-registered shares who wishes to participate in the Annual General Meeting into the shareholders’ register of the Company at the latest by the time stated above. When necessary, the account manager of the custodian bank shall also arrange advance voting on behalf of the holder of nominee-registered shares before the end of the registration period for holders of nominee-registered shares.

    1. Proxy representative and powers of attorney

    A shareholder may participate in the General Meeting and exercise their rights at the meeting by way of a proxy representation. A shareholder’s proxy representative may also elect to vote in advance as described in section C. 2. of these instructions if they so wish.

    The proxy representative shall produce a dated proxy document, or otherwise in a reliable manner prove that the proxy representative is entitled to represent the shareholder at the General Meeting. If a shareholder participates in the General Meeting through several proxies representing the shareholder with shares held in different book-entry accounts, the shares on the basis of which each proxy representative represents the shareholder shall be identified in connection with the registration.

    A proxy template will be available on the Company’s website at https://sijoittajille.siili.com/general-meeting2025.

    Any proxy documents are requested to be submitted preferably as an attachment with the electronic registration or alternatively by mail to Innovatics Oy, General Meeting / Siili Solutions Plc, Ratamestarinkatu 13 A, FI-00520 Helsinki or by email to agm@innovatics.fi before the end of the registration period, by which the proxy documents must be received. In addition to submitting proxy documents, a shareholder or the shareholder’s proxy representative shall register for the General Meeting in the manner described above in this notice.

    As an alternative to a traditional proxy document, a shareholder may authorise a proxy representative by using the Suomi.fi e-authorisation service. The proxy representative is authorised via the Suomi.fi service at www.suomi.fi/e-authorizations (authorisation for ‘Representation at the General Meeting’). When registering for the General Meeting service, the proxy representative must identify themselves by using strong electronic identification, after which the proxy representative can register and vote in advance on behalf of the shareholder the proxy representative represents. Strong electronic identification requires a Finnish, Swedish or Danish bank ID or a mobile certificate. For more information on e-authorisation, please see www.suomi.fi/e-authorizations. The Suomi.fi service can also be used in another way than by authorising a proxy via the authorisation for ‘Representation at the General Meeting’ alternative. For example, a CEO can register the company he/she represents for the General Meeting by using the Suomi.fi service without a separate proxy.

    1. Other instructions/information

    The meeting language is Finnish.

    Pursuant to chapter 5, section 25 of the Limited Liability Companies Act, shareholders who are present at the General Meeting at the meeting venue have the right to request information with respect to the matters to be considered at the meeting.

    On the date of this notice to the General Meeting, Siili Solution Plc has a total of 8,140,263 shares, which represent the same number of votes. On the date of the notice, the Company holds 27,954 treasury shares that do not entitle to participation in the General Meeting according to the Limited Liability Companies Act. 

    Helsinki, 13 February 2025

    SIILI SOLUTIONS PLC

    Board of Directors

    For more information:

    General Counsel, Taru Kovanen

    Phone: +358 (0)40 4176 221, email: taru.kovanen(at)siili.com

    Distribution

    Nasdaq Helsinki Ltd
    Principal media
    www.siili.com

    Siili Solutions in brief

    Siili Solutions Plc is a forerunner in AI-powered digital development. Siili is the go-to partner for clients seeking growth, efficiency and competitive advantage through digital transformation. Our main markets are Finland, the Netherlands, the United Kingdom, and Germany. Siili Solutions Plc’s shares are listed on the Nasdaq Helsinki Stock Exchange. Siili has grown profitably since its founding in 2005. www.siili.com/en

    The MIL Network –

  • MIL-OSI: The Board of Directors of Siili Solutions Plc established a matching share plan for key employees and resolved on a new performance period for the performance share plan

    Source: GlobeNewswire (MIL-OSI)

    The Board of Directors of Siili Solutions Plc established a matching share plan for key employees and resolved on a new performance period for the performance share plan  

    Siili Solutions Plc Stock Exchange Release 13 February 2025 at 9:15 EET

    Matching Share Plan 2025–2027
                                                                                                                                                   
    The Board of Directors of Siili Solutions Plc has resolved to establish a Matching Share Plan directed to the key employees of the Group. The purpose of the plan is to commit the key employees to the company and to offer them a competitive incentive plan that is based on acquiring and accumulating Siili Solutions shares as well as to encourage them to personally invest in the company’s shares. The plan also aims to align the interests of the shareholders and the key employees to increase the value of the company in the long term.

    The Matching Share Plan 2025–2027 consists of one (1) matching period, which covers the years 2025–2027. The prerequisite for participation in the plan and receiving a reward is that a participant personally has acquired Siili Solutions shares within the limits set by the Board of Directors. Furthermore, payment of the reward is based on the participant’s valid employment or director contract upon reward payment. The potential rewards from the plan will be paid after the end of the matching period.

    The target group of the matching period 2025–2027 consists of approximately 30 key employees, including the CEO and members of the Management Team. As a reward for their commitment, Siili Solutions grants the participants a gross reward of two (2) matching shares for every three (3) shares committed to the plan. The rewards will be paid by the end of May 2028.

    Performance period 2025–2027 of the Performance Share Plan 2023–2027

    The Board of Directors of Siili Solutions Plc established the Performance Share Plan 2023–2027 for the key employees of the company in 2023. The Performance Share Plan 2023–2027 comprises three performance periods, covering the calendar years 2023–2025, 2024–2026 and 2025–2027. The key terms of the Performance Share Plan 2023–2027 were published in a stock exchange release on 24 January 2023.

    The Board of Directors of Siili Solutions has resolved on the target group, the amount of the possible rewards and the performance criteria for the performance period 2025–2027.

    During the performance period 2025–2027, the earning of rewards is based on the following performance criteria:

    • Revenue (EUR) in 2025 (weight 40%);
    • EBITA (EUR) in 2025 (weight 60%);
    • Development of shareholder value (TSR) in 2025–2027.

    The target group of the Performance Share Plan during the performance period 2025–2027 consists of approximately 45 key employees, including the Group’s CEO and Management Team. The rewards will be paid by the end of May 2028.

    General

    The rewards to be paid based on the Matching Share Plan 2025-2027 and Performance Share Plan’s performance period 2025-2027 correspond to the value of approximately 160,000 Siili Solutions Plc shares in maximum total, also including the portion to be paid in cash.

    The rewards of the Matching Share Plan and the Performance Share Plan will be paid partly in Siili Solutions Plc shares and partly in cash. The cash proportions of the rewards are intended to cover taxes and social security contributions arising from the rewards to the participants. In general, no reward is paid if the participant’s employment or director contract terminates during the performance period or the matching period.

    A member of the Management Team is obliged to hold all the net shares paid to them under the new plans until the value of their total shareholding in the company corresponds to half of their annual salary. Such number of shares must be held as long as the membership in the Management Team continues.

    Further information

    CEO Tomi Pienimäki
    Phone: +358 (0)40 834 1399, email: tomi.pienimaki(at)siili.com

    CFO Aleksi Kankainen
    Phone: +358 (0)40 534 2709, email: aleksi.kankainen(at)siili.com

    Distribution

    Nasdaq Helsinki Ltd

    Main media

    www.siili.com/en


    Siili Solutions in brief
     Siili Solutions Plc is a forerunner in AI-powered digital development. Siili is the go-to partner for clients seeking growth, efficiency and competitive advantage through digital transformation. Our main markets are Finland, the Netherlands, the United Kingdom, and Germany. Siili Solutions Plc’s shares are listed on the Nasdaq Helsinki Stock Exchange. Siili has grown profitably since its founding in 2005. www.siili.com/en

    The MIL Network –

  • MIL-OSI China: Malta issues special zodiac stamps to mark Year of the Snake

    Source: China State Council Information Office 3

    Photo taken on Feb. 12, 2025 shows a set of newly released Year of the Snake zodiac postage stamps in Valletta, Malta. MaltaPost unveiled these stamps here on Wednesday, marking the second consecutive year the country has issued stamps celebrating the Chinese Lunar New Year. (Photo by Jonathan Borg/Xinhua)

    MaltaPost unveiled its Year of the Snake zodiac postage stamps on Wednesday in Valletta, marking the second consecutive year the country has issued stamps celebrating the Chinese Lunar New Year.

    The newly released set of two stamps, designed by Maltese artist Fabio Agius and Chinese designer Fang Jun, showcases a unique blend of Maltese and Chinese cultural motifs.

    Agius’s design intricately weaves the sinuous form of a snake with Malta’s iconic floral-patterned ceramic tiles, symbolizing the fusion of ancient heritage and contemporary artistry. Meanwhile, Fang’s creation incorporates the traditional Chinese knot, a symbol of good fortune, alongside the “Eye of Horus,” an ancient Maltese maritime emblem representing protection and safe voyages. Together, the designs embody the themes of growth, peace, and prosperity associated with the Wood Snake year in the Chinese zodiac.

    Speaking at the launch ceremony, MaltaPost Chairman Joseph Said emphasized the stamps’ cultural significance and their role in fostering international friendship. “I am confident that this philatelic initiative will strengthen cultural exchanges between Malta and China, bringing our nations even closer,” he stated.

    A parallel launch event was held in Beijing, co-organized by the Beijing Zodiac Philatelic Research Association and the Beijing Zodiac Culture Theme Post Office.

    Yuan Xikun, director of the Beijing Jintai Art Museum, highlighted the growing global appreciation of zodiac culture as a bridge for cross-cultural dialogue. “The issuance of these stamps is not only a tribute to traditional Chinese culture but also a vivid reflection of the friendship and cooperation between our two nations,” he said. “It will deepen the Maltese people’s understanding of Chinese culture and inject new vitality into cultural exchanges between our countries.”

    Liao Hongyun, president of the Beijing Zodiac Philatelic Research Association, echoed these sentiments, describing the stamp issuance as a testament to the enduring friendship between China and Malta.

    As a key advocate for Malta’s zodiac stamp series, Chen Juheng, councilor of the Maltese Chinese Chamber of Commerce, noted that this marks the first time a Chinese designer’s work has been featured in Malta’s zodiac collection. He expressed hope for further postal collaborations to promote Chinese zodiac culture within Malta’s philatelic community. 

    MIL OSI China News –

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

    Source: GlobeNewswire (MIL-OSI)

    Flow Traders 4Q and FY 2024 Results

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

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

    Financial Highlights

    4Q 2024

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

    FY 2024

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

    Trading Capital and Shareholders’ Equity

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

    Financial Overview

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

    Revenue by Region

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

    Value Traded Overview

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

    Trading Capital

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

    Market Environment

    Europe

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

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

    Americas

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

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

    Asia

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

    Digital Assets

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

    Trading Capital Expansion Plan

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

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

    Treasury Shares

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

    Outlook

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

    CEO Statement

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

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

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

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

    Preliminary Financial Calendar

    24 April 2025                1Q25 Trading Update

    Analyst Conference Call and Webcast

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

    Contact Details

    Flow Traders Ltd.

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

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

    About Flow Traders

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

    Notes

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

    Important Legal Information

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

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

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

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

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

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

    All results published in this release are unaudited.

    Market Abuse Regulation

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

    Attachment

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

    Operational Update on the Stimulation Campaign

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

    SS-2H ST1

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

    SS-4H

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

    Working Capital

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

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

    Ends.
    CONTACT DETAILS:

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

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

    About Falcon Oil & Gas Ltd.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

    July-December 2024

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

    January-December 2024

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

    Outlook for 2025 and financial goals for 2025-2028

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

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

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

    CEO TOMI PIENIMÄKI:

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

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

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

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

    Our new strategy has been well received

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

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

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

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

    We focus on improving our profitability

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

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

    We are strengthening our community of top talent

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

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

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

    RISKS AND UNCERTAINTY FACTORS

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

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

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

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

    EVENTS AFTER THE END OF THE FINANCIAL YEAR

    Acquisition of Integrations Group Oy

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

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

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

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

    DIVIDEND PROPOSAL

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

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

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

    FINANCIAL CALENDAR FOR 2025

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

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

    Helsinki, 13 February 2025

    Board of Directors, Siili Solutions Plc

    FURTHER INFORMATION:

    CEO Tomi Pienimäki

    tel. +358 40 834 1399

    CFO Aleksi Kankainen

    tel. +358 40 534 2709

    SIILI SOLUTIONS IN BRIEF:

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

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Financial forecast for 2025–2029

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

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

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

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

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

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

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

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

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

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

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

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

    Results in Q4

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

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

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

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

    Comments of the CEO of Coop Pank Margus Rink:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

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

    Source: GlobeNewswire (MIL-OSI)


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

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

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

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

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

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

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

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

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

    Johan Thijs
    Chief Executive Officer

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