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Category: GlobeNewswire

  • MIL-OSI: ENGAGESMART SHAREHOLDER ALERT: CLAIMSFILER REMINDS INVESTORS of Lead Plaintiff Deadline in Class Action Lawsuit Against EngageSmart, Inc. – ESMT

    Source: GlobeNewswire (MIL-OSI)

    NEW ORLEANS, Oct. 23, 2024 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until December 9, 2024 to file lead plaintiff applications in a securities class action lawsuit against EngageSmart, Inc. (“EngageSmart” or the “Company”) (NYSE: ESMT), if they (1) purchased or otherwise acquired EngageSmart common stock between October 23, 2023 and January 26, 2024, or (2) held EngageSmart common stock as of the December 21, 2023 record date of the take-private acquisition of the Company (the “Merger”) by Vista Equity Partners Management, LLC and its affiliates. This action is pending in the United States District Court for the District of Delaware.

    Get Help

    EngageSmart investors should visit us at https://claimsfiler.com/cases/nyse-esmt/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

    About the Lawsuit

    The Complaint alleges that a pattern of material misstatements and omissions of material facts concealed the conflicted and tainted sales process that led to EngageSmart’s January 2024 take-private Merger with Vista, which was motivated not by what was best for Unaffiliated Stockholders but by controlling shareholder General Atlantic’s desire to monetize part of its five-year investment in EngageSmart while maintaining its control position or, at the very least, to roll over some of its equity to maintain an upside benefit in the Company going forward, in violation of an “equal treatment” provision in the Company charter.

    The case is Altshares Event-Driven ETF v. Engagesmart, Inc., et al., No. 24-cv-1083.

    About ClaimsFiler

    ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

    To learn more about ClaimsFiler, visit www.claimsfiler.com.

    The MIL Network –

  • MIL-OSI: ACADIA HEALTHCARE SHAREHOLDER ALERT: CLAIMSFILER REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against Acadia Healthcare Company, Inc. – ACHC

    Source: GlobeNewswire (MIL-OSI)

    NEW ORLEANS, Oct. 23, 2024 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until December 16, 2024 to file lead plaintiff applications in a securities class action lawsuit against Acadia Healthcare Company, Inc. (NasdaqGS: ACHC), if they purchased the Company’s securities between February 28, 2020 and October 18, 2024, inclusive (the “Class Period”). This action is pending in the United States District Court for the Middle District of Tennessee.

    Get Help

    Acadia Healthcare investors should visit us at https://claimsfiler.com/cases/nasdaq-achc-1/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

    About the Lawsuit

    Acadia and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

    On September 27, 2024, the Company disclosed the receipt of a voluntary request for information from the U. S. Attorney’s Office for the Southern District of New York as well as a grand jury subpoena from the United States District Court for the Western District of Missouri “related to its admissions, length of stay and billing practices.” On this news, the price of Acadia’s shares fell by $12.38 per share, or 16.36%, to close at $63.28 on September 27, 2024. Then, on October 18, 2024, The New York Times published a report entitled “Veterans Dept. Investigating Acadia Healthcare for Insurance Fraud” that highlighted claims regarding the Company’s billing and patient holding and discharge practices. On this news, the price of Acadia’s shares fell by $7.29 per share, or 12.28%, to close at $52.03 on October 18, 2024.

    The case is Kachrodia v. Acadia Healthcare Company, Inc., No. 24-cv-01238.

    About ClaimsFiler

    ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

    To learn more about ClaimsFiler, visit www.claimsfiler.com.

    The MIL Network –

  • MIL-OSI: Euronet Worldwide Reports Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    LEAWOOD, Kan., Oct. 23, 2024 (GLOBE NEWSWIRE) — Euronet Worldwide, Inc. (“Euronet” or the “Company”) (NASDAQ: EEFT), a leading global financial technology solutions and payments provider, reports third quarter 2024 financial results.

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

    • Revenues of $1,099.3 million, a 9% increase from $1,004.0 million (9% increase on a constant currency1 basis).
    • Operating income of $182.2 million, a 9% increase from $167.0 million (9% increase on a constant currency basis).
    • Adjusted EBITDA2 of $225.7 million, a 6% increase from $212.5 million (6% increase on a constant currency basis).
    • Net income attributable to Euronet of $151.5 million, or $3.21 diluted earnings per share, compared with $104.2 million, or $2.05 diluted earnings per share.
    • Adjusted earnings per share3 of $3.03, an 11% increase from $2.72.
    • Euronet’s cash and cash equivalents were $1,524.1 million and ATM cash was $805.4 million, totaling $2,329.5 million as of September 30, 2024, and availability under its revolving credit facilities was approximately $669.8 million.

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

    “I am pleased that we achieved a third quarter adjusted EPS of $3.03, an 11% increase over the prior year’s $2.72. I also point out that we did not include in our adjusted EPS approximately $0.28 per share related to an investment gain. Had we done so, adjusted EPS would have been $3.31. This year’s third quarter is a great reminder of how our product and geographic diversity helps to provide consistency in our earnings. Moreover, with our 17% nine months year to date adjusted EPS growth, we are well on track to be at the top end of the range with good prospects to exceed the range,” stated Michael J. Brown, Euronet’s Chairman and Chief Executive Officer. 

    “Money Transfer produced strong third quarter results compared to the prior year across all financial metrics. EFT produced solid results across all metrics with double digit growth in operating income and adjusted EBITDA. epay delivered double-digit revenue and transaction growth.”

    Taking into consideration recent trends in the business and the global economy, continued double-digit quarterly earnings growth, and historical seasonal patterns, the Company remains confident in its previously announced expectations that its 2024 adjusted EPS will grow 10-15% year-over-year, consistent with its 10 and 20 year compounded annualized growth rates. Moreover, the Company expects that in 2025 it will again produce adjusted EPS growth in the 10-15% range. This outlook does not include any changes that may develop in foreign exchange rates, interest rates or other unforeseen factors.

    Segment and Other Results

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

    • Revenues of $373.0 million, an 8% increase from $345.8 million (7% increase on a constant currency basis).
    • Operating income of $117.3 million, a 12% increase from $104.8 million (12% increase on a constant currency basis).
    • Adjusted EBITDA of $142.1 million, a 10% increase from $128.7 million (10% increase on a constant currency basis).
    • Transactions of 2,982 million, a 34% increase from 2,231 million.
    • Total of 55,292 installed ATMs as of September 30, 2024, a 4% increase from 53,272. We operated 54,020 active ATMs as of September 30, 2024, a 5% increase from 51,496 as of September 30, 2023.

    Constant currency revenue, operating income, and adjusted EBITDA growth in the third quarter 2024 was driven by travel, growth in the merchant services business and growth within recent market expansion. Operating margins benefited from transactions driven by continued travel recovery together with effective expense management.

    The increase in active ATMs includes the acquisition of 800 ATMs in Malaysia together with the addition of approximately 800 outsourcing ATMs, and the impact of winterizing 500 more ATMs in the prior year at September 30, 2023, compared to September 30, 2024.

    Transaction growth outpaced revenue growth due to continued growth in high-volume low-value transactions in India. 

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

    • Revenues of $290.3 million, a 10% increase from $264.5 million (10% increase on a constant currency basis).
    • Operating income of $29.1 million, a 3% increase from $28.3 million (2%  increase on a constant currency basis).
    • Adjusted EBITDA of $31.0 million, a 3% increase from $30.1 million (3% increase on a constant currency basis).
    • Transactions of 1,126 million, a 22% increase from 925 million.
    • POS terminals of approximately 766,000 as of September 30, 2024, a 5% decrease from approximately 810,000.
    • Retailer locations of approximately 348,000 as of September 30, 2024, unchanged from prior year.

    Double-digit revenue and transaction growth was driven by continued digital media and mobile growth. Operating income and adjusted EBITDA growth did not keep pace with the overall growth in revenue due to inflationary pressures in the business and expenses incurred to launch new proprietary product offerings.

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

    • Revenues of $438.2 million, an 11% increase from $395.9 million (10% increase on a constant currency basis).
    • Operating income of $58.1 million, an 8% increase from $53.7 million (7% increase on a constant currency basis).
    • Adjusted EBITDA of $64.1 million, a 6% increase from $60.7 million (4% increase on a constant currency basis).
    • Total transactions of 45.1 million, an 11% increase from 40.6 million.
    • Network locations of approximately 595,000 as of September 30, 2024, a 10% increase from approximately 540,000.

    Constant currency revenue growth was primarily driven by near double-digit growth in cross-border transactions, offset by a decrease in intra-US transactions. Direct-to-consumer digital transactions grew by 30%, reflecting strong consumer demand for digital products, which represents 19% of total digital transactions. The constant currency operating income increase of 7% was influenced by an additional $2 million year-over-year digital customer marketing spend during the quarter versus last year. Excluding the incremental digital customer marketing spend, constant currency operating income growth would have exceeded 10%, producing operating margins consistent with prior year. Money Transfer’s revenue and gross profit per transaction were consistent with the prior year.

    Corporate and Other reports $22.3 million of expense for the third quarter 2024 compared with $19.8 million for the third quarter 2023. The increase in corporate expenses is largely from increased salaries, performance-based compensation and other management expenses.

    Balance Sheet and Financial Position
    Unrestricted cash and cash equivalents on hand was $1,524.1 million as of September 30, 2024, compared to $1,271.8 million as of June 30, 2024.  The net increase in unrestricted cash and cash equivalents is the net result of the generation of cash from operations and working capital fluctuations partially offset by share repurchases.

    Total indebtedness was $2,278.8 million as of September 30, 2024, compared to $2,270.2 million as of June 30, 2024. Availability under the Company’s revolving credit facilities was approximately $669.8 million as of September 30, 2024.

    The Company repurchased 1 million shares for $101.3 million during the third quarter, which will improve earnings per share by 2% for future periods.

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

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

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

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

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

    Conference Call and Slide Presentation
    Euronet Worldwide will host an analyst conference call on October 24, 2024, at 9:00 a.m. Eastern Time to discuss these results. The call may also include discussion of Company developments on the Company’s operations, forward-looking information, and other material information about business and financial matters. To listen to the call via telephone please register at Euronet Worldwide Third Quarter 2024 Earnings Call. The conference call will also be available via webcast at http://ir.euronetworldwide.com. Participants should register at least five minutes prior to the scheduled start time of the event. A slideshow will be included in the webcast. 

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

    About Euronet Worldwide, Inc.
    Starting in Central Europe in 1994 and growing to a global real-time digital and cash payments network with millions of touchpoints today, Euronet now moves money in all the ways consumers and businesses depend upon. This includes money transfers, credit/debit card processing, ATMs, POS services, branded payments, foreign currency exchange and more. With products and services in more than 200 countries and territories provided through its own brand and branded business segments, Euronet and its financial technologies and networks make participation in the global economy easier, faster and more secure for everyone. 

    A leading global financial technology solutions and payments provider, Euronet has developed an extensive global payments network that includes 55,292 installed ATMs, approximately 949,000 EFT POS terminals and a growing portfolio of outsourced debit and credit card services which are under management in 113 countries; card software solutions; a prepaid processing network of approximately 766,000 POS terminals at approximately 348,000 retailer locations in 64 countries; and a global money transfer network of approximately 595,000 locations serving 205 countries and territories. Euronet serves clients from its corporate headquarters in Leawood, Kansas, USA, and 67 worldwide offices. For more information, please visit the Company’s website at www.euronetworldwide.com.

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

     EURONET WORLDWIDE, INC.
     Condensed Consolidated Balance Sheets
     (in millions)
           
      As of    
      September 30,   As of
      2024   December 31,
      (unaudited)   2023
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 1,524.1   $ 1,254.2
    ATM cash 805.4   525.2
    Restricted cash 18.9   15.2
    Settlement assets 1,461.0   1,681.5
    Trade accounts receivable, net 273.2   370.6
    Prepaid expenses and other current assets 303.2   316.0
    Total current assets 4,385.8   4,162.7
           
    Property and equipment, net 340.3   332.1
    Right of use lease asset, net 142.9   142.6
    Goodwill and acquired intangible assets, net 1,118.9   1,015.1
    Other assets, net 301.2   241.9
    Total assets $ 6,289.1   $ 5,894.4
           
    LIABILITIES AND EQUITY      
    Current liabilities:      
    Settlement obligations $ 1,461.0   $ 1,681.5
    Accounts payable and other current liabilities 877.4   816.9
    Current portion of operating lease liabilities 51.4   50.3
    Short-term debt obligations 1,081.4   151.9
    Total current liabilities 3,471.2   2,700.6
           
    Debt obligations, net of current portion 1,195.5   1,715.4
    Operating lease liabilities, net of current portion 95.4   95.8
    Capital lease obligations, net of current portion 1.9   2.3
    Deferred income taxes 77.6   47.0
    Other long-term liabilities 85.5   83.6
    Total liabilities 4,927.1   4,644.7
    Equity 1,362.0   1,249.7
    Total liabilities and equity $ 6,289.1   $ 5,894.4
     EURONET WORLDWIDE, INC.
     Consolidated Statements of Operations
     (unaudited – in millions, except share and per share data)
           
      Three Months Ended
      September 30,
      2024   2023
           
    Revenues $ 1,099.3     $ 1,004.0  
           
    Operating expenses:      
    Direct operating costs 634.0     576.7  
    Salaries and benefits 169.6     153.6  
    Selling, general and administrative 80.6     73.9  
    Depreciation and amortization 32.9     32.8  
    Total operating expenses 917.1     837.0  
    Operating income 182.2     167.0  
           
    Other income (expense):      
    Interest income 6.5     4.0  
    Interest expense (24.2 )   (15.0 )
    Foreign currency exchange gain (loss) 27.4     (8.8 )
    Other income 16.5     —  
    Total other income (expense), net 26.2     (19.8 )
    Income before income taxes 208.4     147.2  
           
    Income tax expense (56.8 )   (43.0 )
           
    Net income 151.6     104.2  
    Net loss attributable to non-controlling interests (0.1 )   —  
    Net income attributable to Euronet Worldwide, Inc. $ 151.5     $ 104.2  
    Add: Interest expense from assumed conversion of convertible notes, net of tax   1.1       1.1  
    Net income for diluted earnings per share calculation $ 152.6     $ 105.3  
    Earnings per share attributable to Euronet Worldwide, Inc. stockholders – diluted $ 3.21     $ 2.05  
           
    Diluted weighted average shares outstanding 47,554,606     51,470,603  
           
     EURONET WORLDWIDE, INC.
    Reconciliation of Net Income to Operating Income (Expense) and Adjusted EBITDA
     (unaudited – in millions)
                       
      Three months ended September 30, 2024
                       
      EFT Processing   epay   Money Transfer   Corporate Services   Consolidated
                       
    Net income                 $ 151.6  
                       
    Add: Income tax expense                 56.8  
    Less: Total other income, net                 (26.2 )
                       
    Operating income (expense) $ 117.3     $ 29.1     $ 58.1     $ (22.3 )   $ 182.2  
    Add: Depreciation and amortization 24.8     1.9     6.0     0.2     32.9  
    Add: Share-based compensation —     —     —     10.6     10.6  
    Earnings before interest, taxes, depreciation, amortization, share-based compensation (Adjusted EBITDA) (1) $ 142.1     $ 31.0     $ 64.1     $ (11.5 )   $ 225.7  
                       
      Three months ended September 30, 2023
                       
      EFT Processing   epay   Money Transfer   Corporate Services   Consolidated
                       
    Net income                 $ 104.2  
                       
    Add: Income tax expense                 43.0  
    Add: Total other expense, net                 19.8  
                       
    Operating income (expense) $ 104.8     $ 28.3     $ 53.7     $ (19.8 )   $ 167.0  
    Add: Depreciation and amortization 23.9     1.8     7.0     0.1     32.8  
    Add: Share-based compensation —     —     —     12.7     12.7  
    Earnings before interest, taxes, depreciation, amortization and share-based compensation (Adjusted EBITDA) $ 128.7     $ 30.1     $ 60.7     $ (7.0 )   $ 212.5  
    EURONET WORLDWIDE, INC.
    Reconciliation of Adjusted Earnings per Share
    (unaudited – in millions, except share and per share data)
           
      Three Months Ended
      September 30,
      2024   2023
           
    Net income attributable to Euronet Worldwide, Inc. $ 151.5     $ 104.2  
           
    Foreign currency exchange (loss) gain (27.4 )   8.8  
    Intangible asset amortization(1) 5.1     5.5  
    Share-based compensation(2) 10.6     12.7  
    Income tax effect of above adjustments(3) 4.9     (4.7 )
    Non-cash investment gain(4) (16.9 )   —  
    Non-cash GAAP tax expense(5) 8.8     6.2  
           
    Adjusted earnings(6) $ 136.6     $ 132.7  
           
    Adjusted earnings per share – diluted(6) $ 3.03     $ 2.72  
           
    Diluted weighted average shares outstanding (GAAP)   47,554,606     51,470,603  
    Effect of adjusted EPS dilution of convertible notes   (2,781,818 )     (2,781,818 )
    Effect of unrecognized share-based compensation on diluted shares outstanding   320,885     185,073  
    Adjusted diluted weighted average shares outstanding   45,093,673     48,873,858  
     

    (1) Intangible asset amortization of $5.1 million and $5.5 million are included in depreciation and amortization expense of $32.9 million and $32.8 million for both the three months ended September 30, 2024, and September 30, 2023, in the consolidated statements of operations.

    (2) Share-based compensation of $10.6 million and $12.7 million are included in salaries and benefits expense of $169.6 million and $153.6 million for the three months ended September 30, 2024, and September 30, 2023, respectively, in the consolidated statements of operations.

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

    (4) Non-cash investment gain of $16.9 million is included in other income in the consolidated statement of operations.

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

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

    The MIL Network –

  • MIL-OSI: Equinor third quarter 2024 results

    Source: GlobeNewswire (MIL-OSI)

    Equinor (OSE: EQNR, NYSE: EQNR) delivered adjusted operating income* of USD 6.89 billion and USD 2.04 billion after tax in the third quarter of 2024. Equinor reported net operating income of USD 6.91 billion and net income at USD 2.29 billion. Adjusted net income* was USD 2.19 billion, leading to adjusted earnings per share* of USD 0.79.

    Financial and operational performance

    • Solid financial results
    • Effective execution of extensive turnaround programme
    • Strong cash flow from operations

    Strategic progress

    • All-time high production from the Troll field in the gas year
    • Northern Lights facility completed and ready to receive CO2
    • Acquired a 9.8 percent stake in Ørsted in October

    Capital distribution

    • Third quarter ordinary cash dividend of USD 0.35 per share, extraordinary cash dividend of USD 0.35 per share and fourth tranche of share buy-back of up to USD 1.6 billion
    • Total capital distribution for 2024 in line with announced level of around USD 14 billion

    Anders Opedal, President and CEO of Equinor ASA:

    “With solid operational performance and results, we are well on track to deliver strong cashflow from operations in line with what we said at the capital markets update in February.”

    “Over time, we have upgraded the capacity in the gas value chain. This has contributed to an all-time high production from the Troll field in the gas year. In the quarter, the Johan Sverdrup field delivered a production record of more than 756 000 barrels of oil in one day and reached the milestone of one billion barrels produced since the start-up five years ago. This strengthens our position to deliver safe and reliable energy to Europe.”

    “We continue to invest in renewables and develop low carbon value chains. In the quarter, the world’s first commercial storage facility, Northern Lights, was completed and is now ready to receive CO2 from customers.”

    Operational performance

    Equinor delivered a total equity production of 1,984 mboe per day in the third quarter, down from 2,007 mboe in the same quarter last year.

    On the Norwegian continental shelf (NCS), production increased by 2 percent compared to the third quarter 2023. This was due to high gas production from the Troll field and positive contributions from Aasta Hansteen and Oseberg. The increase was partially offset by extensive turnarounds, natural decline and reduced ownership in the Statfjord area.

    Internationally, new wells contributed positively to the production. However, the international production was negatively impacted by offshore turnarounds and hurricanes in the United States.

    In the quarter, Equinor completed nine offshore exploration wells with one commercial discovery. Four wells were ongoing at the quarter end. Two wells were expensed.

    Equinor produced 677 GWh from renewable assets in the third quarter, up 82 percent from the same quarter last year. The increase was driven by the addition of onshore power plants in 2024. The offshore wind parks Dudgeon, Sheringham Shoal and Arkona also contributed positively to the production.

    The progress at Dogger Bank A is slower than expected. Based on this, the expected growth in power production from renewable assets in 2024 is adjusted to around 50 percent.

    Strategic progress

    Equinor continued to optimise the portfolio through projects and strategic business development in the quarter.

    On the NCS, the Johan Castberg production vessel was securely anchored at the field in the Barents Sea and hook-up is on track for production start before year-end. In the quarter, Troll B and C became partly powered from shore, contributing to the company’s efforts to strengthen competitiveness and halve operated emissions by 2030.

    The recent acquisition of a 9.8 percent stake in Ørsted, gives Equinor exposure to premium offshore wind assets in operation and a solid project pipeline. In the quarter, Equinor also won an offshore wind lease in the U.S. Atlantic Ocean at an attractive price, adding optionality of around 2 gigawatt capacity to its existing portfolio. Furthermore, the company started recalibrating its portfolio of early phase renewable projects to reduce cost and focus business development toward core markets.

    Equinor continues to progress its low carbon solutions portfolio. The Northern Lights facility was completed on estimated time and budget. In the UK, two key partner-operated low-carbon solution projects secured funding from the government.

    Solid financial results

    Equinor delivered adjusted operating income* of USD 6.89 billion. USD 5.88 billion come from Exploration and Production Norway, USD 407 million from E&P International and USD 207 million from E&P USA. Marketing, Midstream & Processing delivered adjusted operating income* of USD 545 million, driven by LNG, power trading and geographical arbitrage for LPG. Adjusted operating income* from Renewables was negative USD 115 million, as the costs of project development exceeded the earnings from assets in operation.

    Cash flow from operating activities before taxes paid and working capital items amounted to USD 9.23 billion for the third quarter. Cash flow from operations after taxes paid* was USD 6.25 billion for the quarter, and USD 14.0 billion year to date.

    Equinor paid one NCS tax instalment of USD 2.87 billion in the quarter and total capital expenditures were USD 3.14 billion. Organic capital expenditure* was USD 3.08 billion for the quarter and USD 8.73 billion year to date. The organic capital expenditure* guiding for the year is adjusted to USD 12-13 billion. After taxes, capital distribution to shareholders and investments, net cash flow* ended at negative USD 3.42 billion in the third quarter. The Norwegian state’s share of the share buy-back programme of USD 4.02 billion in July impacted the net cash flow*.

    Adjusted net debt to capital employed ratio* was negative 2.0 percent at the end of the third quarter, compared to negative 3.4 percent at the end of the second quarter of 2024.

    Capital distribution

    The board of directors has decided an ordinary cash dividend of USD 0.35 per share and an extraordinary cash dividend of USD 0.35 per share for the third quarter of 2024. This is in line with communication at the capital markets update in February.

    The board has decided to initiate a fourth and final tranche of share buy-back for 2024 of up to USD 1.6 billion. The fourth tranche will commence on 25 October and end no later than 31 January 2025. This fourth tranche will complete the announced share buy-back programme of up to USD 6 billion for 2024. It will also conclude total capital distribution for 2024 of around USD 14 billion.

    The third tranche of the share buy-back programme was completed on 16 October 2024 with a total value of USD 1.6 billion.

    All share buy-back amounts include shares to be redeemed by the Norwegian state.

    —
    * For items marked with an asterisk throughout this report, see Use and reconciliation of non-GAAP financial measures in the Supplementary disclosures.
    —

    Further information from:

    Investor relations
    Bård Glad Pedersen, senior vice president Investor relations,
    +47 918 01 791 (mobile)

    Press
    Sissel Rinde, vice president Media relations,
    +47 412 60 584 (mobile)

    This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act

    Attachments

    The MIL Network –

  • MIL-OSI: Equinor to commence fourth tranche of the share buy-back programme for 2024

    Source: GlobeNewswire (MIL-OSI)

    Equinor (OSE: EQNR, NYSE: EQNR) will on 25 October 2024 commence the fourth and final tranche of up to USD 1.6 billion of the share buy-back programme for 2024, as announced in relation with the third quarter results 24 October 2024.

    In this fourth tranche, shares for up to USD 528 million will be purchased in the market, implying a total tranche of up to USD 1.6 billion including shares to be redeemed from the Norwegian State. The tranche will end no later than 31 January 2025.

    Equinor announced at the Capital Market Update in February 2024 a two-year share buy-back programme of total USD 10-12 billion for 2024-2025, with up to USD 6 billion for 2024, including shares to be redeemed from the Norwegian State. The share buy-back programme will be subject to market outlook and balance sheet strength and be structured into tranches where Equinor will buy back shares for a certain value in USD over a defined period. For the fourth tranche for 2024, Equinor will be entering into a non-discretionary agreement with a third party who will execute repurchases of shares and make its trading decisions independently of the company.

    Commencement of new share buy-back tranches after the fourth tranche for 2024 will be decided by the board of directors on a quarterly basis in line with the company’s dividend policy and will be subject to board authorisation for share buy-back from the company’s annual general meeting and agreement with the Norwegian State regarding share buy-back (as further described below).

    The purpose of the share buy-back programme is to reduce the issued share capital of the company. All shares purchased as part of the fourth tranche for 2024 will thus be cancelled through a capital reduction at the annual general meeting of the company in May 2025.

    Further information about the share buy-back programme and the fourth tranche:

    The fourth tranche of the share buy-back programme for 2024 is based on an authorisation granted to the board of directors at the annual general meeting of the company held on 14 May 2024. According to the authorisation, the maximum number of shares to be purchased in the market is 92 million, of which 52,868,185 remain available per commencement of the fourth tranche for 2024 (buy-backs made under previous tranches in the authorisation period taken into account). The minimum price that can be paid per share is NOK 50, and the maximum price is NOK 1,000. The authorisation is valid until the earliest of 30 June 2025 and the annual general meeting of the company in 2025.

    An agreement between Equinor and the Norwegian State regulates the State’s participation in the share buy-back: at the annual general meeting of the company in May 2025, the State will, as per proposal by the board of directors, vote for the cancellation of shares purchased in the market pursuant to the board authorisation, and the redemption and cancellation of a proportionate number of its shares in order to maintain its ownership share in the company at 67%. The price to be paid to the State for redemption of the State’s shares shall be the volume-weighted average of the price paid by Equinor for shares purchased in the market plus an interest rate compensation, adjusted for any dividends paid.

    In the fourth tranche for 2024, shares will be purchased on the Oslo Stock Exchange and possibly other trading venues within the EEA. Transactions will be conducted in accordance with applicable safe harbour conditions, and as further set out in the Norwegian Securities Trading Act of 2007, EU Commission Regulation (EC) No 2016/1052 and the Oslo Stock Exchange’s Guidelines for buy-back programmes and price stabilisation from February 2021.

    The board of directors will propose to the annual general meeting of the company to be held in May 2025, to cancel shares purchased in the market in this fourth tranche for 2024 and to redeem and cancel a proportionate number of the State’s shares per the agreement with the State. Based on renewal of this agreement, shares purchased under subsequent tranches of the two-year share buy-back programme for 2024-2025 and a proportionate number of the State’s shares will follow a similar process at the annual general meetings of the company in 2025 and 2026, respectively.

    This is information that Equinor is obliged to make public pursuant to the EU Market Abuse Regulation and that is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

    Further information from:

    Investor relations
    Bård Glad Pedersen, senior vice president Investor Relations,
    +47 918 01 791

    Media
    Sissel Rinde, vice president Media Relations,
    +47 412 60 584

    The MIL Network –

  • MIL-OSI: Equinor ASA: Key information relating to cash dividend for third quarter 2024

    Source: GlobeNewswire (MIL-OSI)

    Key information relating to the cash dividend to be paid by Equinor ASA (OSE: EQNR, NYSE: EQNR) for third quarter 2024.

    Ordinary cash dividend amount: 0.35

    Extraordinary cash dividend amount: 0.35

    Announced currency: USD

    Last day including rights: 12 February 2025

    Ex-date Oslo Børs: 13 February 2025

    Ex-date New York Stock Exchange: 14 February 2025

    Record date : 14 February 2025

    Payment date: 28 February 2025

    Date of approval: 23 October 2024

    Other information: The cash dividend per share in NOK will be communicated 21 February 2025.

    This information is published in accordance with the requirements of the Continuing Obligations and is subject to the disclosure requirements pursuant to Section 5-12 in the Norwegian Securities Trading Act.

    The MIL Network –

  • MIL-OSI: Dassault Systèmes: European Energy Infrastructure Company Snam Embarks on Strategic Sustainable Project with Dassault Systèmes’ 3DEXPERIENCE Platform

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    VELIZY-VILLACOUBLAY, France — October 24, 2024

    European Energy Infrastructure Company Snam Embarks on Strategic Sustainable Project with Dassault Systèmes’ 3DEXPERIENCE Platform

    • Snam deploys Dassault Systèmes’ 3DEXPERIENCE platform to digitally transform the management and optimization of its gas network as part of its innovation and sustainability strategy
    • Snam will rely on Dassault Systèmes’ solutions to create virtual twins of existing and future assets
    • Snam can manage and optimize asset operations collaboratively, improve structural safety, and reduce emissions

    Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today announced that Snam, the leading and pan-European gas infrastructure operator, is accelerating its digital transformation with the 3DEXPERIENCE platform at the core of a new asset management project to drive a sustainable energy transition.

    Snam will use the 3DEXPERIENCE platform to create virtual twins of its gas pipelines network, storage sites and liquefied natural gas (LNG) terminals in Italy, as well as the future assets it develops to diversify energy resources. Snam can manage and optimize asset operations, improve structural safety, and reduce emissions.

    Snam’s extensive ecosystem of assets and operators provides a stable supply of energy throughout Italy and internationally. With the ambition to develop energy infrastructure for a sustainable future, the company wanted to implement technology to manage existing and future assets in a more collaborative way, streamline engineering, and enhance the assets’ effectiveness, safety and reliability.

    The 3DEXPERIENCE platform will enable Snam to connect all stakeholders around virtual twins that simulate this complex asset network, and will integrate real-time data and information collected by sensors in the field seamlessly.

    “Operational efficiency and safety are imperatives for delivering affordable and accessible energy services. Our 3DEXPERIENCE platform enables utility companies like Snam to maintain assets throughout their life cycle, adapt them to ensure that energy systems work when they are needed most, and deliver new solutions,” said Remi Dornier, Vice President, Architecture, Engineering and Construction Industry, Dassault Systèmes.  

    ###

    FOR MORE INFORMATION

    Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: http://www.3ds.com

      

    ABOUT DASSAULT SYSTÈMES

    Dassault Systèmes is a catalyst for human progress. We provide business and people with collaborative virtual environments to imagine sustainable innovations. By creating virtual twin experiences of the real world with our 3DEXPERIENCE platform and applications, our customers can redefine the creation, production and life-cycle-management processes of their offer and thus have a meaningful impact to make the world more sustainable. The beauty of the Experience Economy is that it is a human-centered economy for the benefit of all – consumers, patients and citizens. Dassault Systèmes brings value to more than 350,000 customers of all sizes, in all industries, in more than 150 countries. For more information, visit www.3ds.com

    © Dassault Systèmes. All rights reserved. 3DEXPERIENCE, the 3DS logo, the Compass icon, IFWE, 3DEXCITE, 3DVIA, BIOVIA, CATIA, CENTRIC PLM, DELMIA, ENOVIA, GEOVIA, MEDIDATA, NETVIBES, OUTSCALE, SIMULIA and SOLIDWORKS are commercial trademarks or registered trademarks of Dassault Systèmes, a European company (Societas Europaea) incorporated under French law, and registered with the Versailles trade and companies registry under number 322 306 440, or its subsidiaries in the United States and/or other countries. All other trademarks are owned by their respective owners. Use of any Dassault Systèmes or its subsidiaries trademarks is subject to their express written approval.

    Dassault Systèmes Press Contacts
    Corporate / France        Arnaud MALHERBE        arnaud.malherbe@3ds.com        +33 (0)1 61 62 87 73
    North America        Natasha LEVANTI        natasha.levanti@3ds.com        +1 (508) 449 8097
    EMEA        Virginie BLINDENBERG        virginie.blindenberg@3ds.com        +33 (0) 1 61 62 84 21
    China        Grace MU        grace.mu@3ds.com        +86 10 6536 2288
    Japan        Reina YAMAGUCHI        reina.yamaguchi@3ds.com        +81 90 9325 2545
    Korea        Jeemin JEONG        jeemin.jeong@3ds.com         +82 2 3271 6653

    Attachment

    The MIL Network –

  • MIL-OSI: TGS announces Q3 2024 results

    Source: GlobeNewswire (MIL-OSI)

    OSLO, Norway (24 October 2024) – TGS today reports interim financial results for Q3 2024.

    Financial highlights:

    • Merger with PGS completed on 1 July 2024 – Q3 2024 first quarter including PGS
    • Strong multi-client sales driven by a combination of solid pre-commitments for new investments and increased sales of existing data supported by material transfer fees
    • Record-high OBN contract activity – utilization of streamer fleet improving on high bid activity
    • Continued growth in New Energy Solutions 
    • Full-year pro-forma organic multi-client investments lowered to USD 425-450 million as certain projects have been deferred into 2025
    • Order inflow of USD 423 million during Q3 2024 – total produced backlog of USD 750 million
    • Significant upgrades of credit ratings by S&P and Moody’s
    • Robust balance sheet allows for continued dividend payment – USD 0.14 per share to be paid in Q4 2024

    “Q3 2024 was the first quarter after completion of the TGS-PGS merger, and I am pleased to report revenues of half a billion dollars. We have completed the merger reorganization process, and we are ahead of schedule in realizing annual synergies of between USD 110 and 130 million. Strong multi-client revenues in the quarter were driven by a combination of robust pre-commitments to ongoing programs and strong library sales supported by material transfer fees. Further, we achieved record high utilization of our OBN crews, and the business continues its strong performance among a production-oriented client base. Although the utilization of the 3D streamer fleet has been lower than expected so far this year, we are on a positive trend based on ongoing negotiations and tenders.  Finally, I’m pleased to see that our solid balance sheet and sound financial policy has prompted substantial upgrades to the credit ratings by both Moody’s and S&P which puts us in good position to refinance the debt structure at attractive terms,” says Kristian Johansen, CEO of TGS. 

    Management presentation
    CEO Kristian Johansen and CFO Sven Børre Larsen will present the results at 09:00 a.m. CEST at House of Oslo, Ruseløkkveien 34 in Oslo, Norway. The presentation is open to the public and will be webcasted live.

    Access and registration for webcast attendees are available by copying and pasting the link below into your browser, or use the link on the front page of www.tgs.com: https://channel.royalcast.com/landingpage/hegnarmedia/20241024_5/

    A recorded version of the entire presentation will be available on TGS.com (http://www.tgs.com) after the live event.

    For more information, visit TGS.com (http://www.tgs.com) or contact:

    Bård Stenberg
    Vice President IR & Communication
    Tel: +47 992 45 235
    E-mail: investor@tgs.com

    About TGS
    TGS provides advanced data and intelligence to companies active in the energy sector. With leading-edge technology and solutions spanning the entire energy value chain, TGS offers a comprehensive range of insights to help clients make better decisions. Our broad range of products and advanced data technologies, coupled with a global, extensive and diverse energy data library, make TGS a trusted partner in supporting the exploration and production of energy resources worldwide. For further information, please visit www.tgs.com (https://www.tgs.com/).

    Forward Looking Statement
    All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict and are based upon assumptions as to future events that may not prove accurate. These factors include volatile market conditions, investment opportunities in new and existing markets, demand for licensing of data within the energy industry, operational challenges, and reliance on a cyclical industry and principal customers. Actual results may differ materially from those expected or projected in the forward- looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.

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  • MIL-OSI: Dassault Systèmes: Third quarter results in-line – Anticipating top line acceleration in 4Q – Confirming full year EPS objective

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    VELIZY-VILLACOUBLAY, France — October 24, 2024

    Dassault Systèmes: Third quarter results in-line

    Anticipating top line acceleration in 4Q

    Confirming full year EPS objective

    Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today reports its IFRS unaudited estimated financial results for the third quarter 2024 and nine months ended September 30, 2024. The Group’s Board of Directors approved these estimated results on October 23, 2024. This press release also includes financial information on a non-IFRS basis and reconciliations with IFRS figures in the Appendix.

    Summary Highlights1  

    (unaudited, non-IFRS unless otherwise noted,
    all growth rates in constant currencies)

    • 3Q24: total revenue rose 4% to €1.46 billion driven by subscription revenue up 8%;
    • 3Q24: sequential improvement of MEDIDATA revenue;
    • 3Q24: operating margin of 29.6% and EPS at €0.29, in line with guidance;
    • YTD24: IFRS cash flow from operations up 6% as reported;
    • FY24: confirming diluted EPS objectives of €1.27 – €1.30, while updating total revenue growth from 6 – 8% to 5 – 7% to reflect the continued scrutiny and contraction of the automotive market. Anticipating total revenue growth acceleration at 8% mid-point in 4Q24.

    Dassault Systèmes’ Chief Executive Officer Commentary

    Pascal Daloz, Dassault Systèmes’ Chief Executive Officer, commented:

    “As we enter the second half of the year, we have seen several end-markets gaining momentum. In Life Sciences, MEDIDATA is back to sequential growth improvement. At the same time, we had excellent performance in Consumer industries driven by CENTRIC PLM. SOLIDWORKS accelerated growth in revenue and seats. Importantly, Aerospace & Defense was resilient and delivered a solid performance this quarter.

    However, since late summer, automotive customers in Europe and the US have been impacted by a contraction in volumes. This accelerates the need for transformative decisions, while elongating decision-making in the short term. Momentum in Asia, and China in particular, remains strong.

    We are well-positioned to continue gaining market share in the industrial sector. We are confident that our data-centric platform will serve as a catalyst for transformation. In the age of AI, virtualizing industrial processes from design to manufacturing will be a prerequisite for OEMs and suppliers to compete successfully in this next decade.”  

      

    Dassault Systèmes’ Chief Financial Officer Commentary

    (revenue, operating margin and diluted EPS growth rates in constant currencies,
    data on a non-IFRS basis)

    Rouven Bergmann, Dassault Systèmes’ Chief Financial Officer, commented:

    “In the third quarter, our total revenue grew by 4%, while the operating margin remained resilient at 29.6% and EPS stood at €0.29, highlighting the operating efficiency of the company.

    For the full year, we are reconfirming our EPS target range of €1.27 – €1.30 while remaining disciplined to offset the effects of ongoing deal delays and contraction in automotive volumes. Accordingly, we are adjusting our total revenue growth expectations from 6 – 8% to 5 – 7%.

    This updated guidance reflects expected growth acceleration in the fourth quarter, driven by continued improvements at MEDIDATA and a robust 3DEXPERIENCE pipeline.”

    Financial Summary

    In millions of Euros,
    except per share data and percentages    		   IFRS   IFRS
      Q3 2024 Q3 2023 Change Change in constant currencies   YTD 2024 YTD 2023 Change Change in constant currencies
    Total Revenue   1,463.9 1,424.7 3% 4%   4,459.3 4,308.0 4% 4%
    Software Revenue   1,312.4 1,286.7 2% 3%   4,011.8 3,883.9 3% 4%
    Operating Margin   18.9% 21.2% (2.4)pts     19.6% 20.0% (0.3)pt  
    Diluted EPS   0.18 0.18 0%     0.61 0.54 12%  
    In millions of Euros,
    except per share data and percentages    		   Non-IFRS   Non-IFRS
      Q3 2024 Q3 2023 Change Change in constant currencies   YTD 2024 YTD 2023 Change Change in constant currencies
    Total Revenue   1,463.9 1,424.7 3% 4%   4,459.3 4,308.0 4% 4%
    Software Revenue   1,312.4 1,286.7 2% 3%   4,011.8 3,883.9 3% 4%
    Operating Margin   29.6% 31.0% (1.5)pt     30.2% 31.0% (0.8)pt  
    Diluted EPS   0.29 0.28 3% 4%   0.89 0.84 6% 8%

    Third Quarter 2024 Versus 2023 Financial Comparisons

    (unaudited, IFRS and non-IFRS unless otherwise noted,
    all revenue growth rates in constant currencies)

    • Total Revenue: Total revenue in the third quarter grew by 4% to €1.46 billion, and software revenue increased by 3% to €1.31 billion, both at the low end of the Company’s objectives. Subscription & support revenue rose 5%; recurring revenue represented 83% of software revenue, up 2 percentage points compared to last year. Licenses and other software revenue declined by 7% to €229 million. Services revenue increased by 10% to €151 million, during the quarter.
    • Software Revenue by Geography: Revenue in the Americas increased by 6% to represent 41% of software revenue, led by Home & Lifestyle from an Industry standpoint. Europe (36% of software revenue) declined by 4%, largely impacted by a strong comparison basis after a large transformation deal signed in the third quarter of 2023. In Asia, revenue increased by 9% with continued momentum across countries led by improvement in China, up double digits. Asia represented 23% of software revenue at the end of the third quarter.
    • Software Revenue by Product Line:
      • Industrial Innovation software revenue declined by 1% to €685 million, against a high comparison basis. The strong baseline effect combined with a weaker automotive market in Europe and the US weighed on the performance. Industrial Innovation software represented 52% of software revenue, during the period.
      • Life Sciences software revenue was flat, at €280 million, accounting for 21% of software revenue. Sequential growth improvement confirms MEDIDATA progressive recovery.
      • Mainstream Innovation software revenue increased by 15% to €348 million and represented 26% of software revenue. SOLIDWORKS had a good start in the second half of 2024, up mid-single digits in the quarter. CENTRIC PLM delivered another excellent quarter, due to competitive displacements and strong renewals.
    • Software Revenue by Industry: Home & Lifestyle, High-Tech, Aerospace & Defense and Marine & Offshore were among the best performers during the quarter.
    • Key Strategic Drivers: 3DEXPERIENCE software revenue was impacted by a tough comparison base due to the anniversary of a mega deal. Hence, we saw a temporary decline of 10%. However, the performance on a year-to-date basis was in line with objectives and, looking at the subscription growth, the trend was very strong at 41%. 3DEXPERIENCE software revenue represented 37% of 3DEXPERIENCE eligible software revenue. Cloud software revenue grew by 7% and represented 25% of software revenue during the period. Excluding MEDIDATA, Cloud software revenue increased by a strong 38%.
    • Operating Income and Margin: IFRS operating income declined by 9% at €276 million, as reported. Non-IFRS operating income declined by 1% in constant currencies at €433 million (2% as reported). The IFRS operating margin stood at 18.9% compared to 21.2% in the third quarter of 2023. The non-IFRS operating margin totaled 29.6% versus 31.0% during the same period last year.
    • Earnings per Share: IFRS diluted EPS was €0.18, flat as reported. Non-IFRS diluted EPS grew to €0.29, up 3% as reported, or 4% in constant currencies.

    Nine months ended 2024 Versus 2023 Financial Comparisons

    (unaudited, IFRS and non-IFRS unless otherwise noted,
    all revenue growth rates in constant currencies)

    • Total Revenue: Total revenue grew by 4% to €4.46 billion. Software revenue increased by 4% to €4.01 billion. Subscription and support revenue rose 5% to €3.29 billion; recurring revenue represented 82% of total software revenue. Licenses and other software revenue declined by 1% to €720 million. Services revenue rose 6% to €448 million.
    • Software Revenue by Geography: The Americas grew 3% and represented 40% of software revenue. Europe rose by 2% and represented 37% of software revenue. Asia increased by 9%, representing 23% of software revenue.
    • Software Revenue by Product Line:
      • Industrial Innovation software revenue rose by 4% to €2.12 billion and represented 53% of software revenue. ENOVIA, SIMULIA and DELMIA exhibited the strongest performance.
      • Life Sciences software revenue decreased by 2% to €847 million, representing 21% of software revenue.
      • Mainstream Innovation software revenue increased by 11% to €1.05 billion. Mainstream Innovation represented 26% of software revenue. SOLIDWORKS delivered mid-single digit growth while CENTRIC PLM continued to perform well with strong, double-digit growth.
    • Software Revenue by Industry: Home & Lifestyle, Aerospace and Defense, High-Tech and Consumer Packaged Good & Retail displayed some of the strongest performance.
    • Key Strategic Drivers: 3DEXPERIENCE software revenue increased by 10%, representing 37% of 3DEXPERIENCE eligible software revenue. Cloud software revenue grew by 7% and represented 25% of software revenue. Excluding MEDIDATA, Cloud software revenue increased by more than 50% versus the same period last year.
    • Operating Income and Margin: IFRS operating income increased by 2%, to €876 million, as reported. Non-IFRS operating income increased by 1% as reported (2% in constant currencies) to €1.35 billion. IFRS operating margin totaled 19.6% compared to 20.0% for the same period in 2023. The non-IFRS operating margin was preserved, standing at 30.2% in the first nine months of 2024 compared to 31.0% in the same period last year, thanks to cost containment measures.
    • Earnings per Share: IFRS diluted EPS was €0.61 increasing 12% as reported. Non-IFRS diluted EPS grew by 6% to €0.89, as reported, up 8% in constant currencies.
    • Cash Flow from Operations (IFRS): Cash flow from operations totaled €1.35 billion, up 6% year over year, thanks to the increase in net income adjusted for non-cash items and positive cash tax effects in 2024.
    • Balance Sheet (IFRS): Dassault Systèmes’ net financial position totaled €1.07 billion as of September 30, 2024, an increase of €0.49 billion, compared to €0.58 billion for the year ending December 31, 2023. Cash and cash equivalents totaled €3.66 billion as of September 30, 2024. The movements of the quarter on cash and cash equivalents include the reimbursement for €700 million of the second Tranche of the Bond issued by the company in 2019.

    Financial Objectives for 2024

    Dassault Systèmes’ fourth quarter and 2024 financial objectives presented below are given on a non-IFRS basis and reflect the principal 2024 currency exchange rate assumptions for the US dollar and Japanese yen as well as the potential impact from additional non-Euro currencies:

               
          Q4 2024 FY 2024  
      Total Revenue (billion) €1.696 – €1.816 €6.155 – €6.275  
      Growth 3 – 10% 3 – 5%  
      Growth ex FX 5 – 12% 5 – 7%  
               
      Software revenue growth * 5 – 13% 5 – 7%  
        Of which licenses and other software revenue growth * 0 – 20% (1) – 6%  
        Of which recurring revenue growth * 7 – 11% 6 – 7%  
     

    Services revenue growth *

    0 – 5%

    		 4 – 6%  
               
      Operating Margin 35.9% – 36.9% 31.8% – 32.2%  
               
      EPS Diluted €0.38 – €0.41 €1.27 – €1.30  
      Growth 4 – 12% 5 – 8%  
      Growth ex FX 5 – 13% 7 – 10%  
               
      US dollar $1.10 per Euro $1.09 per Euro  
      Japanese yen (before hedging) JPY 155.0 per Euro JPY 162.0 per Euro  
      * Growth in Constant Currencies      

    These objectives are prepared and communicated only on a non-IFRS basis and are subject to the cautionary statement set forth below.

    The 2024 non-IFRS financial objectives set forth above do not take into account the following accounting elements below and are estimated based upon the 2024 principal currency exchange rates above: no significant contract liabilities write-downs; share-based compensation expenses, including related social charges, estimated at approximately €232 million (these estimates do not include any new stock option or share grants issued after September 30, 2024); amortization of acquired intangibles and of tangibles reevaluation, estimated at approximately €360 million, largely impacted by the acquisition of MEDIDATA; and lease incentives of acquired companies at approximately €2 million.

    The above objectives also do not include any impact from other operating income and expenses, a net principally comprised of acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; from one-time items included in financial revenue; from one-time tax effects; and from the income tax effects of these non-IFRS adjustments. Finally, these estimates do not include any new acquisitions or restructuring completed after September 30, 2024.

    Corporate Announcements

    Today’s Webcast and Conference Call Information

    Today, Thursday, October 24, 2024, Dassault Systèmes will host, from London, a webcasted presentation at 9:00 AM London Time / 10:00 AM Paris time, and will then host a conference call at 8:30 AM New York time / 1:30 PM London time / 2:30 PM Paris time. The webcasted presentation and conference calls will be available online by accessing investor.3ds.com.

    Additional investor information is available at investor.3ds.com or by calling Dassault Systèmes’ Investor Relations at +33.1.61.62.69.24.

    Investor Relations Events

    • Fourth Quarter 2024 Earnings Release: February 4, 2025
    • First Quarter 2025 Earnings Release: April 24, 2025
    • Second Quarter 2025 Earnings Release: July 24, 2025

    Forward-looking Information

    Statements herein that are not historical facts but express expectations or objectives for the future, including but not limited to statements regarding the Group’s non-IFRS financial performance objectives are forward-looking statements. Such forward-looking statements are based on Dassault Systèmes management’s current views and assumptions and involve known and unknown risks and uncertainties. Actual results or performances may differ materially from those in such statements due to a range of factors.

    The Group’s actual results or performance may be materially negatively affected by numerous risks and uncertainties, as described in the “Risk Factors” section 1.9 of the 2023 Universal Registration Document (‘Document d’enregistrement universel’) filed with the AMF (French Financial Markets Authority) on March 18, 2024, available on the Group’s website www.3ds.com.

    In particular, please refer to the risk factor “Uncertain Global Economic Environment” in section 1.9.1.1 of the 2023 Universal Registration Document set out below for ease of reference:

    “In light of the uncertainties regarding economic, business, social, health and geopolitical conditions at the global level, Dassault Systèmes’ revenue, net earnings and cash flows may grow more slowly, whether on an annual or quarterly basis, mainly due to the following factors:

    • the deployment of Dassault Systèmes’ solutions may represent a large portion of a customer’s investments in software technology. Decisions to make such an investment are impacted by the economic environment in which the customers operate. Uncertain global geopolitical, economic and health conditions and the lack of visibility or the lack of financial resources may cause some customers, e.g. within the automotive, aerospace, energy or natural resources industries, to reduce, postpone or terminate their investments, or to reduce or not renew ongoing paid maintenance for their installed base, which impact larger customers’ revenue with their respective sub-contractors;
    • the political, economic and monetary situation in certain geographic regions where Dassault Systèmes operates could become more volatile and impact Dassault Systèmes’ business, for example, due to stricter export compliance rules or the introduction of new customs tariffs;
    • continued pressure or volatility on raw materials and energy prices could also slow down Dassault Systèmes’ diversification efforts in new industries;
    • uncertainties regarding the extent and duration of inflation could adversely affect the financial position of Dassault Systèmes; and
    • the sales cycle of Dassault Systèmes’ products – already relatively long due to the strategic nature of such investments for customers – could further lengthen.

    The occurrence of crises – health and political in particular – could have consequences both for the health and safety of Dassault Systèmes’ employees and for the Company. It could also adversely impact the financial situation or financing and supply capabilities of Dassault Systèmes’ existing and potential customers, commercial and technology partners, some of whom may be forced to temporarily close sites or cease operations. A deteriorating economic environment could generate increased price pressure and affect the collection of receivables, which would negatively impact Dassault Systèmes’ revenue, financial performance and market position.

    Dassault Systèmes makes every effort to take into consideration this uncertain macroeconomic outlook. Dassault Systèmes’ business results, however, may not develop as anticipated. Furthermore, due to factors affecting sales of Dassault Systèmes’ products and services, there may be a substantial time lag between an improvement in global economic and business conditions and an upswing in the Company’s business results.

    In preparing such forward-looking statements, the Group has in particular assumed an average US dollar to euro exchange rate of US$1.10 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY155.0 to €1.00, before hedging for the fourth quarter 2024. The Group has assumed an average US dollar to euro exchange rate of US$1.09 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY162.0 to €1.00, before hedging for the full year 2024. However, currency values fluctuate, and the Group’s results may be significantly affected by changes in exchange rates.   

    Non-IFRS Financial Information

    Readers are cautioned that the supplemental non-IFRS financial information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered in isolation from or as a substitute for IFRS measurements. The supplemental non-IFRS financial information should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with IFRS. Furthermore, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Specific limitations for individual non-IFRS measures are set forth in the Company’s 2023 Universal Registration Document filed with the AMF on March 18, 2024.

    In the tables accompanying this press release the Group sets forth its supplemental non-IFRS figures for revenue, operating income, operating margin, net income and diluted earnings per share, which exclude the effect of adjusting the carrying value of acquired companies’ deferred revenue, share-based compensation expense and related social charges, the amortization of acquired intangible assets and of tangibles reevaluation, certain other operating income and expense, net, including impairment of goodwill and acquired intangibles, the effect of adjusting lease incentives of acquired companies, certain one-time items included in financial revenue and other, net, and the income tax effect of the non-IFRS adjustments and certain one-time tax effects. The tables also set forth the most comparable IFRS financial measure and reconciliations of this information with non-IFRS information.

    FOR MORE INFORMATION

    Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: http://www.3ds.com

    ABOUT DASSAULT SYSTÈMES

    Dassault Systèmes is a catalyst for human progress. We provide business and people with collaborative virtual environments to imagine sustainable innovations. By creating virtual twin experiences of the real world with our 3DEXPERIENCE platform and applications, our customers can redefine the creation, production and life-cycle-management processes of their offer and thus have a meaningful impact to make the world more sustainable. The beauty of the Experience Economy is that it is a human-centered economy for the benefit of all – consumers, patients and citizens. Dassault Systèmes brings value to more than 350,000 customers of all sizes, in all industries, in more than 150 countries. For more information, visit www.3ds.com

    Dassault Systèmes Investor Relations Team                        FTI Consulting

    Beatrix Martinez: +33 1 61 62 40 73                                Arnaud de Cheffontaines: +33 1 47 03 69 48

                                                                    Jamie Ricketts : +44 20 3727 1600

    investors@3ds.com

    Dassault Systèmes Press Contacts

    Corporate / France        Arnaud MALHERBE        

    arnaud.malherbe@3ds.com        

    +33 (0)1 61 62 87 73

    © Dassault Systèmes. All rights reserved. 3DEXPERIENCE, the 3DS logo, the Compass icon, IFWE, 3DEXCITE, 3DVIA, BIOVIA, CATIA, CENTRIC PLM, DELMIA, ENOVIA, GEOVIA, MEDIDATA, NETVIBES, OUTSCALE, SIMULIA and SOLIDWORKS are commercial trademarks or registered trademarks of Dassault Systèmes, a European company (Societas Europaea) incorporated under French law, and registered with the Versailles trade and companies registry under number 322 306 440, or its subsidiaries in the United States and/or other countries. All other trademarks are owned by their respective owners. Use of any Dassault Systèmes or its subsidiaries trademarks is subject to their express written approval.

    APPENDIX TABLE OF CONTENTS

    Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.    

    Glossary of Definitions

    Non-IFRS Financial Information

    Acquisitions and Foreign Exchange Impact

    Condensed consolidated statements of income

    Condensed consolidated balance sheet

    Condensed consolidated cash flow statement

    IFRS – non-IFRS reconciliation

    DASSAULT SYSTÈMES – Glossary of Definitions

    Information in Constant Currencies

    Dassault Systèmes has followed a long-standing policy of measuring its revenue performance and setting its revenue objectives exclusive of currency in order to measure in a transparent manner the underlying level of improvement in its total revenue and software revenue by activity, industry, geography and product lines. The Group believes it is helpful to evaluate its growth exclusive of currency impacts, particularly to help understand revenue trends in its business. Therefore, the Group provides percentage increases or decreases in its revenue and expenses (in both IFRS as well as non-IFRS) to eliminate the effect of changes in currency values, particularly the U.S. dollar and the Japanese yen, relative to the euro. When trend information is expressed “in constant currencies”, the results of the “prior” period have first been recalculated using the average exchange rates of the comparable period in the current year, and then compared with the results of the comparable period in the current year.

    While constant currency calculations are not considered to be an IFRS measure, the Group believes these measures are critical to understanding its global revenue results and to compare with many of its competitors who report their financial results in U.S. dollars. Therefore, Dassault Systèmes includes this calculation for comparing IFRS revenue figures as well non-IFRS revenue figures for comparable periods. All information at constant exchange rates is expressed as a rounded percentage and therefore may not precisely reflect the absolute figures.

    Information on Growth excluding acquisitions (“organic growth”)

    In addition to financial indicators on the entire Group’s scope, Dassault Systèmes provides growth excluding acquisitions effect, also named organic growth. In order to do so, the data relating to the scope is restated excluding acquisitions, from the date of the transaction, over a period of 12 months.

    Information on Industrial Sectors

    The Group provides broad end-to-end software solutions and services: its platform-based virtual twin experiences combine modeling, simulation, data science and collaborative innovation to support companies in the three sectors it serves, namely Manufacturing Industries, Life Sciences & Healthcare, and Infrastructure & Cities.

    These three sectors comprise twelve industries:

    • Manufacturing Industries: Transportation & Mobility; Aerospace & Defense; Marine & Offshore; Industrial Equipment; High-Tech; Home & Lifestyle; Consumer Packaged Goods – Retail. In Manufacturing Industries, Dassault Systèmes helps customers virtualize their operations, improve data sharing and collaboration across their organization, reduce costs and time-to-market, and become more sustainable;
    • Life Sciences & Healthcare: Life Sciences & Healthcare. In this sector, the Group aims to address the entire cycle of the patient journey to lead the way toward precision medicine. To reach the broader healthcare ecosystem from research to commercial, the Group’s solutions connect all elements from molecule development to prevention to care, and combine new therapeutics, med practices, and Medtech;
    • Infrastructure & Cities: Infrastructure, Energy & Materials; Architecture, Engineering & Construction; Business Services; Cities & Public Services. In Infrastructure & Cities, the Group supports the virtualization of the sector in making its industries more efficient and sustainable, and creating desirable living environments.

    Information on Product Lines

    The Group’s product lines financial reporting include the following financial information:

    • Industrial Innovation software revenue, which includes CATIA, ENOVIA, SIMULIA, DELMIA, GEOVIA, NETVIBES, and 3DEXCITE brands;
    • Life Sciences software revenue, which includes MEDIDATA and BIOVIA brands;
    • Mainstream Innovation software revenue which includes its CENTRIC PLM and 3DVIA brands, as well as its 3DEXPERIENCE WORKS family which includes the SOLIDWORKS brand.

    Starting from 2022, 3DS OUTSCALE became a brand of Dassault Systèmes. As the first sovereign and sustainable operator on the cloud, 3DS OUTSCALE enables governments and corporations from all sectors to achieve digital autonomy through a Cloud experience and with a world-class cyber governance.

    GEO’s

    Eleven GEOs are responsible for driving development of the Company’s business and implementing its customer‑centric engagement model. Teams leverage strong networks of local customers, users, partners, and influencers.

    These GEOs are structured into three groups:

    • the “Americas” group, made of two GEO’s;
    • the “Europe” group, comprising Europe, Middle East and Africa (EMEA) and made of four GEO’s;
    • the “Asia” group, comprising Asia and Oceania and made of five GEO’s.  

    3DEXPERIENCE Software Contribution

    To measure the relative share of 3DEXPERIENCE software in its revenues, Dassault Systèmes uses the following ratio: for software revenue, the Group calculates the percentage contribution by comparing total 3DEXPERIENCE software revenue to software revenue for all product lines except SOLIDWORKS, MEDIDATA, CENTRIC PLM and other acquisitions (defined as “3DEXPERIENCE Eligible software revenue”).

    Cloud revenue

    Cloud revenues correspond to revenue generated through a catalog of cloud-based solutions, infrastructure as a service, cloud solution development and cloud managed services. They are delivered by Dassault Systèmes via a cloud infrastructure hosted by Dassault Systèmes, or by third party providers of cloud computing infrastructure services. These offerings are available through different deployment methods: Dedicated cloud, Sovereign cloud and International cloud. Cloud solutions are generally offered through subscriptions models or perpetual licenses with support and hosting services.

    DASSAULT SYSTÈMES

    NON-IFRS FINANCIAL INFORMATION

    (unaudited; in millions of Euros, except per share data, percentages, headcount and exchange rates)

    Non-IFRS key figures exclude the effects of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue), share-based compensation expense, including related social charges, amortization of acquired intangible assets and of tangible assets revaluation, lease incentives of acquired companies, other operating income and expense, net, including the acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets, certain one-time items included in financial loss, net, certain one-time tax effects and the income tax effects of these non-IFRS adjustments.

    Comparable IFRS financial information and a reconciliation of the IFRS and non-IFRS measures are set forth in the separate tables within this Attachment.

    In millions of Euros, except per share data, percentages, headcount and exchange rates Non-IFRS reported
    Three months ended Nine months ended
    September 30,

    2024

    		 September 30,

    2023

    		 Change Change in constant currencies September 30,

    2024

    		 September 30,

    2023

    		 Change Change in constant currencies
    Total Revenue € 1,463.9 € 1,424.7 3% 4% € 4,459.3 € 4,308.0 4% 4%
                     
    Revenue breakdown by activity                
    Software revenue 1,312.4 1,286.7 2% 3% 4,011.8 3,883.9 3% 4%
    Of which licenses and other software revenue 229.5 246.0 (7)% (7)% 719.8 735.8 (2)% (1)%
    Of which subscription and support revenue 1,082.9 1,040.8 4% 5% 3,292.0 3,148.1 5% 5%
    Services revenue 151.5 138.0 10% 10% 447.6 424.1 6% 6%
                     
    Software revenue breakdown by product line                
    Industrial Innovation 684.6 698.8 (2)% (1)% 2,117.9 2,070.7 2% 4%
    Life Sciences 280.1 283.6 (1)% (0)% 846.6 863.8 (2)% (2)%
    Mainstream Innovation 347.7 304.2 14% 15% 1,047.4 949.5 10% 11%
                     
    Software Revenue breakdown by geography                
    Americas 540.6 513.6 5% 6% 1,619.7 1,575.2 3% 3%
    Europe 470.3 490.5 (4)% (4)% 1,465.4 1,426.3 3% 2%
    Asia 301.5 282.7 7% 9% 926.6 882.4 5% 9%
                     
    Operating income € 432.6 € 442.0 (2)%   € 1,347.0 € 1,335.7 1%  
    Operating margin 29.6% 31.0%     30.2% 31.0%    
                     
    Net income attributable to shareholders € 380.1 € 371.3 2%   € 1,174.4 € 1,110.7 6%  
    Diluted earnings per share € 0.29 € 0.28 3% 4% € 0.89 € 0.84 6% 8%
                     
    Closing headcount 25,996 25,377 2%   25,996 25,377 2%  
                     
    Average Rate USD per Euro 1.10 1.09 1%   1.09 1.08 0%  
    Average Rate JPY per Euro 163.95 157.25 4%   164.29 149.65 10%  

    DASSAULT SYSTÈMES

    ACQUISITIONS AND FOREIGN EXCHANGE IMPACT

    (unaudited; in millions of Euros)

    In millions of Euros Non-IFRS reported o/w growth at constant rate and scope o/w change of scope impact at current year rate o/w FX impact on previous year figures
    September 30,

    2024

    		 September 30,

    2023

    		 Change
    Revenue QTD 1,463.9 1,424.7 39.2 49.8 1.3 (11.8)
    Revenue YTD 4,459.3 4,308.0 151.3 190.2 1.6 (40.4)

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME

    (unaudited; in millions of Euros, except per share data and percentages)

    In millions of Euros, except per share data and percentages IFRS reported
    Three months ended Nine months ended
    September 30, September 30, September 30, September 30,
    2024 2023 2024 2023
    Licenses and other software revenue 229.5 246.0 719.8 735.8
    Subscription and Support revenue 1,082.9 1,040.8 3,292.0 3,148.1
    Software revenue 1,312.4 1,286.7 4,011.8 3,883.9
    Services revenue 151.5 138.0 447.6 424.1
    Total Revenue € 1,463.9 € 1,424.7 € 4,459.3 € 4,308.0
    Cost of software revenue (1) (127.6) (105.2) (364.4) (329.0)
    Cost of services revenue (125.3) (133.1) (385.0) (386.1)
    Research and development expenses (321.0) (299.2) (958.5) (910.8)
    Marketing and sales expenses (403.7) (381.0) (1,247.7) (1,195.2)
    General and administrative expenses (117.5) (103.2) (334.1) (325.9)
    Amortization of acquired intangible assets and of tangible assets revaluation (88.5) (93.4) (274.1) (284.0)
    Other operating income and expense, net (4.2) (7.1) (19.2) (16.7)
    Total Operating Expenses (1,187.7) (1,122.2) (3,583.1) (3,447.7)
    Operating Income € 276.2 € 302.5 € 876.2 € 860.3
    Financial income (loss), net 32.1 (4.3) 95.5 31.1
    Income before income taxes € 308.2 € 298.2 € 971.7 € 891.5
    Income tax expense (68.5) (54.9) (184.4) (171.5)
    Net Income € 239.8 € 243.3 € 787.2 € 719.9
    Non-controlling interest (0.0) 0.1 0.9 1.0
    Net Income attributable to equity holders of the parent € 239.7 € 243.5 € 788.2 € 720.9
    Basic earnings per share 0.18 0.18 0.60 0.55
    Diluted earnings per share € 0.18 € 0.18 € 0.61 € 0.54
    Basic weighted average shares outstanding (in millions) 1,313.3 1,316.1 1,313.4 1,315.2
    Diluted weighted average shares outstanding (in millions) 1,323.1 1,326.1 1,327.0 1,326.8

    (1) Excluding amortization of acquired intangible assets and of tangible assets revaluation.

    IFRS reported

     

    		 Three months ended September 30, 2024 Nine months ended September 30, 2024
    Change (2) Change in constant currencies Change (2) Change in constant currencies
    Total Revenue 3% 4% 4% 4%
    Revenue by activity        
    Software revenue 2% 3% 3% 4%
    Services revenue 10% 10% 6% 6%
    Software Revenue by product line        
    Industrial Innovation (2)% (1)% 2% 4%
    Life Sciences (1)% (0)% (2)% (2)%
    Mainstream Innovation 14% 15% 10% 11%
    Software Revenue by geography        
    Americas 5% 6% 3% 3%
    Europe (4)% (4)% 3% 2%
    Asia 7% 9% 5% 9%

    (2) Variation compared to the same period in the prior year.

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED BALANCE SHEET

    (unaudited; in millions of Euros)

    In millions of Euros IFRS reported
    September 30, December 31,
    2024 2023
    ASSETS    
    Cash and cash equivalents 3,657.7 3,568.3
    Trade accounts receivable, net 1,359.8 1,707.9
    Contract assets 45.1 26.8
    Other current assets 495.1 477.1
    Total current assets 5,557.7 5,780.1
    Property and equipment, net 946.2 882.8
    Goodwill and Intangible assets, net 7,301.4 7,647.0
    Other non-current assets 253.2 312.5
    Total non-current assets 8,500.7 8,842.3
    Total Assets € 14,058.4 € 14,622.5
    LIABILITIES    
    Trade accounts payable 181.2 230.5
    Contract liabilities 1,376.7 1,479.3
    Borrowings, current 548.8 950.1
    Other current liabilities 768.6 901.0
    Total current liabilities 2,875.4 3,561.0
    Borrowings, non-current 2,042.8 2,040.6
    Other non-current liabilities 1,137.7 1,174.8
    Total non-current liabilities 3,180.5 3,215.4
    Non-controlling interests 13.8 11.9
    Parent shareholders’ equity 7,988.7 7,834.1
    Total Liabilities € 14,058.4 € 14,622.5

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED CASH FLOW STATEMENT

    (unaudited; in millions of Euros)

    In millions of Euros IFRS reported
    Three months ended Nine months ended
    September 30, September 30, Change September 30, September 30, Change
    2024 2023 2024 2023
    Net income attributable to equity holders of the parent 239.7 243.5 (3.7) 788.2 720.9 67.3
    Non-controlling interest 0.0 (0.1) 0.1 (0.9) (1.0) 0.0
    Net income 239.8 243.3 (3.6) 787.2 719.9 67.3
    Depreciation of property and equipment 49.4 47.3 2.1 142.1 138.4 3.7
    Amortization of intangible assets 90.3 95.2 (5.0) 279.7 290.3 (10.6)
    Adjustments for other non-cash items 39.3 65.4 (26.1) 113.6 123.5 (10.0)
    Changes in working capital (201.1) (205.3) 4.2 25.2 (0.4) 25.6
    Net Cash From Operating Activities € 217.6 € 246.0 € (28.4) € 1,347.8 € 1,271.7 € 76.0
                 
    Additions to property, equipment and intangibles assets (36.5) (35.1) (1.4) (144.3) (102.8) (41.5)
    Payment for acquisition of businesses, net of cash acquired (2.6) (14.8) 12.2 (18.3) (15.6) (2.6)
    Other 0.7 4.5 (3.8) 23.9 (0.4) 24.2
    Net Cash Provided by (Used in) Investing Activities € (38.3) € (45.3) €7.0 € (138.7) € (118.8) € (19.9)
                 
    Proceeds from exercise of stock options 8.8 11.6 (2.7) 44.0 38.5 5.5
    Cash dividends paid – (0.0) 0.0 (302.7) (276.3) (26.4)
    Repurchase and sale of treasury stock (65.8) (218.6) 152.8 (373.5) (386.0) 12.5
    Capital increase (0.0) 0.0 (0.0) – 146.1 (146.1)
    Acquisition of non-controlling interests (0.7) 0.0 (0.7) (3.3) (0.8) (2.5)
    Proceeds from borrowings 300.0 (0.3) 300.3 300.0 20.3 279.7
    Repayment of borrowings (700.5) (0.9) (699.6) (700.7) (28.2) (672.5)
    Repayment of lease liabilities (18.7) (21.1) 2.4 (61.0) (63.0) 2.1
    Net Cash Provided by (Used in) Financing Activities € (476.9) € (229.4) € (247.5) € (1,097.1) € (549.4) €( 547.7)
                 
    Effect of exchange rate changes on cash and cash equivalents (76.2) 51.7 (127.9) (22.6) (4.4) (18.2)
                 
    Increase (decrease) in cash and cash equivalents € (373.8) €22.7 € (396.5) € 89.4 € 599.2 € (509.8)
                 
    Cash and cash equivalents at beginning of period € 4,031.5 € 3,345.4   € 3,568.3 € 2,769.0  
    Cash and cash equivalents at end of period € 3,657.7 € 3,368.1   € 3,657.7 € 3,368.1  

    DASSAULT SYSTÈMES
    SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION
    IFRS – NON-IFRS RECONCILIATION
    (unaudited; in millions of Euros, except per share data and percentages)

    Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Group’s Document d’Enregistrement Universel for the year ended December 31, 2023 filed with the AMF on March 18, 2024. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Group’s consolidated financial statements prepared in accordance with IFRS.

    In millions of Euros, except per share data and percentages Three months ended September 30, Change
    2024 Adjustment(1) 2024 2023 Adjustment(1) 2023 IFRS Non-IFRS(2)
    IFRS Non-IFRS IFRS Non-IFRS
    Total Revenue € 1,463.9 – € 1,463.9 € 1,424.7 – € 1,424.7 3% 3%
    Revenue breakdown by activity                
    Software revenue 1,312.4 – 1,312.4 1,286.7 – 1,286.7 2% 2%
    Licenses and other software revenue 229.5 – 229.5 246.0 – 246.0 (7)% (7)%
    Subscription and Support revenue 1,082.9 – 1,082.9 1,040.8 – 1,040.8 4% 4%
    Recurring portion of Software revenue 83%   83% 81%   81%    
    Services revenue 151.5 – 151.5 138.0 – 138.0 10% 10%
    Software Revenue breakdown by product line                
    Industrial Innovation 684.6 – 684.6 698.8 – 698.8 (2)% (2)%
    Life Sciences 280.1 – 280.1 283.6 – 283.6 (1)% (1)%
    Mainstream Innovation 347.7 – 347.7 304.2 – 304.2 14% 14%
    Software Revenue breakdown by geography                
    Americas 540.6 – 540.6 513.6 – 513.6 5% 5%
    Europe 470.3 – 470.3 490.5 – 490.5 (4)% (4)%
    Asia 301.5 – 301.5 282.7 – 282.7 7% 7%
    Total Operating Expenses € (1,187.7) € 156.5 € (1,031.2) € (1,122.2) € 139.5 € (982.7) 6% 5%
    Share-based compensation expense and related social charges (63.4) 63.4 – (38.4) 38.4 –    
    Amortization of acquired intangible assets and of tangible assets revaluation (88.5) 88.5 – (93.4) 93.4 –    
    Lease incentives of acquired companies (0.4) 0.4 – (0.7) 0.7 –    
    Other operating income and expense, net (4.2) 4.2 – (7.1) 7.1 –    
    Operating Income € 276.2 € 156.5 € 432.6 € 302.5 € 139.5 € 442.0 (9)% (2)%
    Operating Margin 18.9%   29.6% 21.2%   31.0%    
    Financial income (loss), net 32.1 0.6 32.6 (4.3) 26.8 22.5 N/A 45%
    Income tax expense (68.5) (15.8) (84.3) (54.9) (38.1) (93.0) 25% (9)%
    Non-controlling interest (0.0) (0.9) (0.9) 0.1 (0.4) (0.3) (117)% 229%
    Net Income attributable to shareholders € 239.7 € 140.3 € 380.1 € 243.5 € 127.8 € 371.3 (2)% 2%
    Diluted Earnings Per Share (3) € 0.18 € 0.10 € 0.29 € 0.18 € 0.10 € 0.28 0% 3%

    (1) In the reconciliation schedule above, (i) all adjustments to IFRS revenue data reflect the exclusion of the effect of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue); (ii) adjustments to IFRS operating expense data reflect the exclusion of the amortization of acquired intangible assets and of tangible assets revaluation, share-based compensation expense, including related social charges, lease incentives of acquired companies, as detailed below, and other operating income and expense, net including acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; (iii) adjustments to IFRS financial loss, net reflect the exclusion of certain one-time items included in financial loss, net, and; (iv) all adjustments to IFRS income data reflect the combined effect of these adjustments, plus with respect to net income and diluted earnings per share, certain one-time tax effects and the income tax effect of the non-IFRS adjustments.

    In millions of Euros, except percentages Three months ended September 30, Change
    2024

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2024

    Non-IFRS

    		 2023

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2023

    Non-IFRS

    		 IFRS Non-

    IFRS
    Cost of revenue (252.9) 3.3 0.1 (249.5) (238.2) 2.1 0.2 (236.0) 6% 6%
    Research and development expenses (321.0) 20.4 0.2 (300.4) (299.2) 14.9 0.3 (284.1) 7% 6%
    Marketing and sales expenses (403.7) 18.9 0.0 (384.8) (381.0) 11.1 0.1 (369.8) 6% 4%
    General and administrative expenses (117.5) 20.8 0.0 (96.6) (103.2) 10.3 0.0 (92.9) 14% 4%
    Total   € 63.4 € 0.4     € 38.4 € 0.7      

    (2) The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
    (3) Based on a weighted average 1,323.1 million diluted shares for Q3 2024 and 1,326.1 million diluted shares for Q3 2023, and, for IFRS only, a diluted net income attributable to the sharehorlders of € 243.2 million for Q3 2024 (€ 243.5 million for Q3 2023). The Diluted net income attributable to equity holders of the Group corresponds to the Net Income attributable to equity holders of the Group adjusted by the impact of the share-based compensation plans to be settled either in cash or in shares at the option of the Group.

    DASSAULT SYSTÈMES
    SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION
    IFRS – NON-IFRS RECONCILIATION
    (unaudited; in millions of Euros, except per share data and percentages)

    Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Group’s Document d’Enregistrement Universel for the year ended December 31, 2023 filed with the AMF on March 18, 2024. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Group’s consolidated financial statements prepared in accordance with IFRS.

    In millions of Euros, except per share data and percentages Nine months ended September 30, Change
    2024 Adjustment(1) 2024 2023 Adjustment(1) 2023 IFRS Non-IFRS(2)
    IFRS Non-IFRS IFRS Non-IFRS
    Total Revenue € 4,459.3   € 4,459.3 € 4,308.0 – € 4,308.0 4% 4%
    Revenue breakdown by activity                
    Software revenue 4,011.8   4,011.8 3,883.9 – 3,883.9 3% 3%
    Licenses and other software revenue 719.8 – 719.8 735.8 – 735.8 (2)% (2)%
    Subscription and Support revenue 3,292.0   3,292.0 3,148.1 – 3,148.1 5% 5%
    Recurring portion of Software revenue 82%   82% 81%   81%    
    Services revenue 447.6 – 447.6 424.1 – 424.1 6% 6%
    Software Revenue breakdown by product line                
    Industrial Innovation 2,117.9 – 2,117.9 2,070.7 – 2,070.7 2% 2%
    Life Sciences 846.6 – 846.6 863.8 – 863.8 (2)% (2)%
    Mainstream Innovation 1,047.4 – 1,047.4 949.5 – 949.5 10% 10%
    Software Revenue breakdown by geography                
    Americas 1,619.7   1,619.7 1,575.2 – 1,575.2 3% 3%
    Europe 1,465.4 – 1,465.4 1,426.3 – 1,426.3 3% 3%
    Asia 926.6 – 926.6 882.4 – 882.4 5% 5%
    Total Operating Expenses € (3,583.1) € 470.8 € (3,112.4) € (3,447.7) € 475.4 € (2,972.3) 4% 5%
    Share-based compensation expense and related social charges (175.9) 175.9 – (172.6) 172.6 –    
    Amortization of acquired intangible assets and of tangible assets revaluation (274.1) 274.1 – (284.0) 284.0 –    
    Lease incentives of acquired companies (1.5) 1.5 – (2.1) 2.1 –    
    Other operating income and expense, net (19.2) 19.2 – (16.7) 16.7 –    
    Operating Income € 876.2 € 470.8 € 1,347.0 € 860.3 € 475.4 € 1,335.7 2% 1%
    Operating Margin 19.6%   30.2% 20.0%   31.0%    
    Financial income (loss), net 95.5 2.1 97.6 31.1 28.3 59.4 207% 64%
    Income tax expense (184.4) (83.8) (268.2) (171.5) (112.8) (284.3) 8% (6)%
    Non-controlling interest 0.9 (2.8) (1.9) 1.0 (1.2) (0.2) (3)% N/A
    Net Income attributable to shareholders € 788.2 € 386.2 € 1,174.4 € 720.9 € 389.7 € 1,110.7 9% 6%
    Diluted Earnings Per Share (3) € 0.61 € 0.28 € 0.89 € 0.54 € 0.29 € 0.84 12% 6%

    (1) In the reconciliation schedule above, (i) all adjustments to IFRS revenue data reflect the exclusion of the effect of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue); (ii) adjustments to IFRS operating expense data reflect the exclusion of the amortization of acquired intangible assets and of tangible assets revaluation, share-based compensation expense, including related social charges, lease incentives of acquired companies, as detailed below, and other operating income and expense, net including acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; (iii) adjustments to IFRS financial loss, net reflect the exclusion of certain one-time items included in financial loss, net, and; (iv) all adjustments to IFRS income data reflect the combined effect of these adjustments, plus with respect to net income and diluted earnings per share, certain one-time tax effects and the income tax effect of the non-IFRS adjustments.

    In millions of Euros, except percentages Nine months ended September 30, Change
    2024

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2024

    Non-IFRS

    		 2023

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2023

    Non-IFRS

    		 IFRS Non-

    IFRS
    Cost of revenue (749.4) 11.2 0.4 (737.8) (715.1) 12.1 0.6 (702.3) 5% 5%
    Research and development expenses (958.5) 58.7 0.7 (899.1) (910.8) 65.9 0.9 (844.0) 5% 7%
    Marketing and sales expenses (1,247.7) 55.7 0.2 (1,191.8) (1,195.2) 52.7 0.4 (1,142.2) 4% 4%
    General and administrative expenses (334.1) 50.3 0.1 (283.7) (325.9) 42.0 0.1 (283.8) 3% (0)%
    Total   € 175.9 € 1.5     € 172.6 € 2.1      

    (2) The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
    (3) Based on a weighted average 1,327.0 million diluted shares for YTD 2024 and 1,326.8 million diluted shares for YTD 2023, and, for IFRS only, a diluted net income attributable to the shareholders of € 805.5 million for YTD 2024 (€ 720.9 million for YTD 2023). The Diluted net income attributable to equity holders of the Group corresponds to the Net Income attributable to equity holders of the Group adjusted by the impact of the share-based compensation plans to be settled either in cash or in shares at the option of the Group.

    1 IFRS figures for 3Q24: total revenue at €1.46 billion, operating margin of 18.9% and diluted EPS at €0.18; IFRS figures for YTD24: total revenue at €4.46 billion, operating margin of 19.6% and diluted EPS at €0.61.  

    Attachment

    The MIL Network –

  • MIL-OSI: WISeKey Launches its Enhanced INeS AI Security Broker Solution

    Source: GlobeNewswire (MIL-OSI)

    WISeKey Launches its Enhanced INeS AI Security Broker Solution

    Geneva, Switzerland – October 24, 2024 – WISeKey International Holding (“WISeKey”, SIX: WIHN, NASDAQ: WKEY), a global leader in cybersecurity digital identity and Internet of Things (IoT) innovations operating as a holding company, today announced the launch of the enhanced INeS AI Security Broker solution. This innovative upgrade integrates Artificial Intelligence (AI) with Public Key Infrastructure (PKI) technologies, revolutionizing how credentials are remotely and securely verified. The new solution manages the activation, deactivation, revocation, renewal, and secure update of IoT devices and business applications with end-to-end protection.

    As organizations increasingly incorporate AI-powered applications into their operations, the number of digital identities in circulation continues to rise, creating challenges not just in scale but also in security and management complexity. To address these evolving needs, WISeKey’s INeS AI Security Broker introduces a smarter, automated approach to managing digital certificates and identities across expanding IoT networks.

    Key Features of the INeS AI Security Broker:

    • Seamless Integration: Easily compatible with any IoT platform, the INeS AI Security Broker supports the secure issuance of digital certificates, lifecycle management, and rapid authentication for vast networks of devices.
    • AI-Powered Insights: The integration of machine learning enables automatic pattern recognition and anomaly detection from sensor data, such as temperature, pressure, humidity, and vibration, providing real-time insights and enhanced security.
    • Proactive Threat Management: AI-enhanced PKI solutions mitigate risks by automating security processes and preventing potential threats before they escalate. Predictive analytics allow organizations to pinpoint vulnerabilities and address misconfigurations swiftly.

    The surge in digital identities and devices places significant strain on traditional PKI systems, increasing operational burdens for system administrators. Any disruption or mismanagement in digital identity management could result in severe security risks and operational downtime. To counter these challenges, WISeKey’s AI-powered PKI solutions streamline processes, enabling organizations to efficiently manage their digital certificates while significantly reducing the risk of breaches and operational failures.

    Addressing Key Challenges in AI-PKI Integration:
    While the advantages of integrating AI with PKI systems are clear, adoption remains low due to the technical complexity of these domains. WISeKey seeks to bridge this gap through strategic partnerships, offering organizations access to tailored AI and PKI solutions that meet their specific security needs.

    As AI continues to transform the cybersecurity landscape, its role in managing and securing digital identities will become indispensable. The combination of PKI and AI will help organizations protect their digital assets, ensure compliance with evolving regulations, and maintain resilient digital infrastructures.

    Strategic Implications for the Future:
    The integration of AI into PKI not only enhances security but also builds trust by embracing cutting-edge approaches to digital identity management. WISeKey’s technology enables organizations to stay ahead of emerging threats, positioning them to manage the growing complexity of IoT networks while ensuring that their infrastructure is secure and compliant.

    WISeKey remains committed to advancing its technology platform and forming long-term relationships with strategic partners, enabling high-profile clients to leverage state-of-the-art solutions in cybersecurity, digital identity, AI, and IoT.

    For more information on the INeS AI Security Broker and WISeKey’s suite of cybersecurity solutions, visithttps://www.wisekey.com/device-identity-lifecycle-management/. .

    About WISeKey
    WISeKey is a Swiss-based computer infrastructure company specializing in cybersecurity, digital identity, blockchain, Internet of Things (IoT) solutions, and post-quantum semiconductors. As a computer infrastructure company, WISeKey provides secure platforms for data and device management across industries like finance, healthcare, and government. It leverages its Public Key Infrastructure (PKI) to ensure encrypted communications and authentication, while also focusing on next-generation security through post-quantum cryptography.

    WISeKey’s work with post-quantum semiconductors is aimed at future-proofing its security solutions against the threats posed by quantum computing. These advanced semiconductors support encryption that can withstand the computational power of quantum computers, ensuring the long-term security of connected devices and critical infrastructure. Combined with its expertise in blockchain and IoT, WISeKey’s post-quantum technologies provide a robust foundation for secure digital ecosystems at the hardware, software, and network levels.

    Disclaimer
    This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

    This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”), the FinSa’s predecessor legislation or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.

    Press and Investor Contacts

    WISeKey International Holding Ltd
    Company Contact: Carlos Moreira
    Chairman & CEO
    Tel: +41 22 594 3000
    info@wisekey.com     		 WISeKey Investor Relations (US) 
    The Equity Group Inc.
    Lena Cati
    Tel: +1 212 836-9611 / lcati@equityny.com
    Katie Murphy
    Tel: +1 212 836-9612 / kmurphy@equityny.com

    The MIL Network –

  • MIL-OSI: Central Bank of Savings Banks Finland Plc, Sp Mortgage Bank Plc & Savings Banks Group: Release of Financial Statements for 2024 will be published on 13th of February 2025

    Source: GlobeNewswire (MIL-OSI)

    Central Bank of Savings Banks Finland Plc, Sp Mortgage Bank Plc & Savings Banks Group

    Stock Exchange Release
    24th of October 2024 at 8 am (CET +1)

    Central Bank of Savings Banks Finland Plc and Sp Mortgage Bank Plc will publish their Board of Directors Report and IFRS Financial Statements 2024 on 13th of February 2025. Savings Banks Group will publish their Releases of Financial Statements for 2025 at the same time on 13th of February 2025. All will be published as a stock exchange release and can be also found at www.saastopankki.fi.

    CENTRAL BANK OF SAVINGS BANKS FINLAND PLC, SP MORTGAGE BANK PLC & SAVINGS BANKS GROUP

    Further information:

    Kai Koskela
    acting CEO
    Säästöpankkiliitto osk
    +358 40 549 0430  
    kai.koskela@saastopankki.fi

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

    The MIL Network –

  • MIL-OSI: EfTEN Real Estate Fund AS unaudited results for 3rd quarter and nine months of 2024

    Source: GlobeNewswire (MIL-OSI)

    The decrease in euro interest rates is quietly increasing transaction activity on the Baltic real estate market and has a positive effect on the financial results of EfTEN Real Estate Fund AS. Thus, in the third quarter of 2024, the fund’s consolidated interest expense decreased by more than 60 thousand euros compared to the previous quarter. From the transactions perspective, the third quarter was the most active in recent years – the Fund’s subsidiary EfTEN Tähesaju tee OÜ sold the Tähesaju Hortes property, and the fund established two new 100% subsidiaries to acquire the logistics centers Paemurru and Härgmäe respectively in Tallinn and Harjumaa. The acquisition cost of the two new properties will be almost 15 million euros upon their final completion. In the third quarter of this year, the construction work was completed and the ERM elderly care home was also opened next to Tartu.

    A further decline in interest rates is expected. This has already had a positive effect on listed share and bond prices of real estate sector companies on the Scandinavian stock exchange. In the wake of these developments, banks with Nordic owners operating in the Baltics are again looking more positively at financing the real estate sector. According to the fund manager, this creates a good basis for overcoming the decline of the past few years in the Baltic commercial real estate market. However, since local major real estate investors lack capital at the moment and there is no sign of foreign investors entering the local market, the recovery will not be quick. The market still remains a so-called buyer’s market, where it is possible to acquire high-quality property at a good price level. For this reason, the fund announced its intention to launch a new share issue in the fall of 2024, with the aim of raising additional equity of up to a maximum of EUR 30 million. At the extraordinary general meeting held on 16 October 2024, the shareholders granted the supervisory board and management the necessary authorizations to organize the share issue.

    Financial overview

    The consolidated sales revenue of EfTEN Real Estate Fund AS for the third quarter of 2024 was 8.006 million euros (2023 third quarter: 7.965 million euros). The consolidated sales revenue of EfTEN Real Estate Fund AS for the 9 months of 2024 was 23.924 million euros (2023: 23.714 million euros). The Group’s net rental income in the 9 months of 2024 was a total of 22.203 million euros (2023: 22.201 million euros). The group’s net profit in the same period was 10.104 million euros (2023: 6.880 million euros).

    The consolidated net rental income margin was 93% (2023: 94%) in the 9 months of 2024, so costs directly related to property management (including land tax, insurance, maintenance and improvement costs) and distribution costs constituted 7% (2023: 6%) of sales revenue.

    The volume of the Group’s assets as of 30.09.2024 was 377,723 million euros (31.12.2023: 380.944 million euros), of what the fair value of investment properties made up 96% (31.12.2023: 94%). 

    Investment portfolio

    As of the end of September 2024, the Group owns 34 (31 December 2023: 35) commercial investment properties, with a fair value of EUR 358.577 million as of the balance sheet date (31 December 2023: EUR 357.916 million) and an acquisition cost of EUR 356.156 million (31 December 2023: EUR 354.408 million). In addition, in September 2024, the Group entered into purchase agreements for the Härgmäe and Paemurru logistics centers, making advance payments under the agreements totaling EUR 2.173 million. After the balance sheet date, in October 2024, the Group’s subsidiary signed a real rights contract for the Härgmäe property, paying an additional EUR 8.3 million for the investment property on top of the previously made advance payment (a total of EUR 8.8 million).

    In September 2024, the Group sold the Tähesaju Hortese property for EUR 4.675 million.

    In addition to the investment properties held by the subsidiaries of the fund, the Group also holds a 50% stake in the joint venture that owns the Palace Hotel in Tallinn, with a fair value of EUR 8.543 million as of 30 September 2024 (31 December 2023: EUR 9.0 million).

    In the 9 months of 2024, the group earned a total of 23.043 million euros in rental income, which is 1% more than at the same time in 2023. Rental income increased the most in shopping centers. In the office segment, rental income decreased mainly due to the expiration of the lease agreement with the anchor tenant in the Menulio 11 office building in Vilnius.

    As of 30.09.2024, the vacancy of investment properties belonging to the Group was 3.2% (31.12.2023: 2.6%). The largest vacancy is in the office segment (13.1%), where it takes longer than before to fill vacant rental premises.

    Financing

    During the 9 months of 2024, the Fund’s subsidiaries EfTEN Autokeskus OÜ and EfTEN Jurkalne SIA extended their loan agreements. In the next 12 months, the loan agreements of two subsidiaries of the Group will expire, the balance of which as of 30.09.2024 is 8,025 thousand euros in total. The LTV of the expiring loan agreements is 28.3% and 46.5%, and both investment property have a stable rental cash flow, therefore, according to the management of the Group, there are no obstacles to the extension of the loan agreements.

    The weighted average interest rate of the Group’s loan agreements is 5.35% as of 30.09.2024 (31.12.2023: 5.91%) and the LTV (Loan to Value) is 41% (31.12.2023: 42%). All loan agreements of the Fund’s subsidiaries are linked to a floating interest rate.

    After the balance sheet date, in October 2024, the Group entered into two loan agreements related to the purchase of the Härgmäe logistics center, with a total amount of EUR 7.3 million. This includes a loan agreement for EUR 2.8 million with an interest rate of 2.5% + 6-month EURIBOR, maturing on 31 December 2024, and a loan agreement for EUR 4.5 million with an interest rate of 1.8% + 6-month EURIBOR, maturing on 27 September 2029.

    Information on shares

    The net value of the share of EfTEN Real Estate Fund AS as of 30.09.2024 was 20.15 euros (31.12.2023: 20.21 euros). The net value of the share of EfTEN Real Estate Fund AS decreased by 0.3% in the 9 months of 2024. In April 2024, the Fund paid dividends in the total amount of 10.82 million euros. Without profit distribution, the net value of EfTEN Real Estate AS shares would have increased by 4.6% during the nine months of the year.

    As of 30.09.2024, the Fund has 10,819,796 shares.

    CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

      III quarter 9 months
      2024 2023 2024 2023
    € thousands        
    Revenue 8,006 7,965 23,924 23,714
    Cost of services sold -473 -363 -1,232 -1,120
    Gross profit 7,533 7,602 22,692 22,594
             
    Marketing costs -111 -105 -489 -393
    General and administrative expenses -860 -841 -2,679 -2,568
    Profit / loss from the change in the fair value of investment property -415 0 -1,869 -6,182
    Other operating income and expense -41 10 45 23
    Operating profit 6,106 6,666 17,700 13,474
             
    Profit / loss from joint ventures 83 84 -171 -25
    Interest income 51 77 216 97
    Other finance income and expense -2,171 -2,156 -6,644 -5,693
    Profit before income tax 4,069 4,671 11,101 7,853
             
    Income tax expense -215 -236 -997 -973
    Net profit for the reporting period 3,854 4,435 10,104 6,880
    Total consolidated profit for the reporting period 3,854 4,435 10,104 6,880
    Earnings per share        
    – basic 0.36 0.41 0.93 0.64
    – diluted 0.36 0.41 0.93 0.64

    CONSOLIDATED STATEMENT OF FINANCIAL POSITION

      30.09.2024 31.12.2023
    € thousands    
    ASSETS    
    Cash and cash equivalents 10,637 14,712
    Current deposits 2,142 3,400
    Receivables and accrued income 1,603 2,360
    Prepaid expenses 200 106
    Total current assets 14,582 20,578
         
    Non-current receivables 355 214
    Shares in joint ventures 1,907 2,078
    Investment property 360,750 357,916
    Property, plant, and equipment 129 158
    Total non-current assets 363,141 360,366
    TOTAL ASSETS 377,723 380,944
         
    LIABILITIES AND EQUITY    
    Borrowings 13,809 16,907
    Payables and prepayments 3,110 3,417
    Total current liabilities 16,919 20,324
         
    Borrowings 132,094 130,849
    Other non-current liabilities 1,832 1,790
    Deferred income tax liability 8,896 9,283
    Total non-current liabilities 142,822 141,922
    Total liabilities 159,741 162,246
         
    Share capital 108,198 108,198
    Share premium 84,721 84,721
    Statutory reserve capital 2,799 2,749
    Retained earnings 22,264 23,030
    TOTAL EQUITY 217,982 218,698
    TOTAL LIABILITIES AND EQUITY 377,723 380,944

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

    Attachment

    The MIL Network –

  • MIL-OSI: TGS Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    OSLO, NORWAY (24 October 2024) – Following the authorization from the Annual General Meeting on 28 June 2024, the Board of TGS ASA has resolved to distribute a quarterly dividend of the NOK equivalent of USD 0.14 per share (NOK 1.53 per share) in Q4 2024.

    Key information relating to the cash dividend:

    • Dividend amount and declared currency: USD 0.14 per share (equivalent to NOK 1.53 per share)
    • Last trading day including right: 30 October 2024
    • Ex-date: 31 October 2024
    • Record date: 1 November 2024
    • Payment date: 14 November 2024
    • Date of approval: 23 October 2024   

    About TGS
    TGS provides advanced data and intelligence to companies active in the energy sector. With leading-edge technology and solutions spanning the entire energy value chain, TGS offers a comprehensive range of insights to help clients make better decisions. Our broad range of products and advanced data technologies, coupled with a global, extensive and diverse energy data library, make TGS a trusted partner in supporting the exploration and production of energy resources worldwide. For further information, please visit www.tgs.com (https://www.tgs.com/).

    The MIL Network –

  • MIL-OSI: Bank of Åland Plc: Financial information and Annual General Meeting, 2025

    Source: GlobeNewswire (MIL-OSI)

    Bank of Åland Plc
    Financial Calendar
    October 24, 2024, 8.30 EET


    Financial information and Annual General Meeting, 2025

    The Bank of Åland Plc (Ålandsbanken Abp) will publish financial information in 2025 as follows:

    Year-end Report and Annual Report for 2024

    • Year-end Report for 2024: Wednesday, February 5, 2025
    • Annual Report and Capital and Risk Management Report for 2024, will be published during week 9, 2025 (February 24 – March 2)

    Interim Reports, 2025

    • Interim Report for January-March: Tuesday, April 29, 2025 
    • Half-Year Financial Report for January-June: Friday, July 18, 2025
    • Interim Report for January-September:  Friday, October 24, 2025

    Annual General Meeting, 2025

    • The Annual General Meeting: Tuesday, March 25, 2025

    Further information is available from Peter Wiklöf, Managing Director and Chief Executive, tel. +358 40 512 7505.

    The MIL Network –

  • MIL-OSI: Viridien and SLB complete the data acquisition for a multi-client survey in Bonaparte Basin, offshore Australia

    Source: GlobeNewswire (MIL-OSI)

    Paris, France – October 24, 2024

    Viridien and SLB have recently completed the acquisition of a new multi-client survey in the Bonaparte Basin, off the NW coast of Australia, that has received industry support and prefunding. The resulting ~6,760 sq km ultramodern PSDM seismic data set will provide a thorough evaluation of this highly prospective and underexplored area to improve industry understanding. The data is currently being processed and the final data will be available in Q2 2025.

    The complex geological area has been historically challenging to image due to the presence of carbonates and the shallow water. The new survey will provide modern, high-quality data over an area lacking recent, or any 3D data. The data also partially covers a carbon storage block, recently awarded as permit G-13-AP. The survey deployed Sercel Sentinel MS multi-component streamers and the Sercel QuietSea marine mammal monitoring system.

    Dechun Lin, EVP, Earth Data, Viridien, said: “We are delighted to have partnered with SLB for the first time in Australia to successfully complete this large data acquisition project. The new high-quality data set will give interested players greater insight into the exploration and carbon storage potential of this promising area. We will continue to look for opportunities to invest in the country.”

    About Viridien:

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

    Contacts

    Attachment

    The MIL Network –

  • MIL-OSI: TRAINERS’ HOUSE GROUP INTERIM REPORT 1 JANUARY – 30 SEPTEMBER 2024

    Source: GlobeNewswire (MIL-OSI)

    TRAINERS’ HOUSE GROUP, STOCK EXCHANGE RELEASE, 24 OCTOBER 2024 at 8:30
              
    January-September 2024 in brief

    • net sales EUR 5.9 million (EUR 6.5 million), change of -9.7 % compared to the corresponding period of the previous year
    • operating result EUR 0.1 million (EUR 0.1 million), 1.1 % of net sales (1.0 %)
    • cash flow from operations EUR 0.1 million (EUR 0.1 million)
    • earnings per share EUR 0.03 (EUR 0.04)

    July-September 2024 in brief

    • net sales EUR 1.6 million (EUR 1.6 million), change of -1.2 % compared to the corresponding period of the previous year
    • operating result EUR -0.1 million (EUR -0.1 million), -9.4 % of net sales (-6.7 %)
    • cash flow from operations EUR -0.3 million (EUR -0.2 million)
    • earnings per share EUR -0.07 (EUR -0.05)

    Key figures at the end of third quarter of 2024

    • cash and cash equivalents EUR 1.1 million (EUR 1.5 million)
    • interest-bearing liabilities of EUR 0.7 million (EUR 0.3 million) and interest-bearing net debt of EUR -0.4 million (EUR -1.3 million).
    • equity ratio 65.2 % (65.3 %)

    OUTLOOK FOR 2024

    The company estimates the operating profit for 2024 to be negative.

    CEO ARTO HEIMONEN

    Despite the challenging market conditions, the company’s year-to-date result is slightly profitable at the end of the third quarter.

    Due to the holiday season, the third quarter of Trainers’ House is actually two months long from the point of view of revenue accumulation.

    Customer activity and customer satisfaction remained at a high level. Acquiring new assignments succeeded moderately. The productivity of encounter marketing business increased.

    Healthy cash flow and profitability are the company’s most important business goals in 2024 as well.

    The purpose of Trainers’ House is to help people forward. This is possible by touching people, electrifying management and producing verifiable results.

    Thanks to customers, employees, and partners.

    More information:
    Arto Heimonen, CEO, +358 404 123 456
    Saku Keskitalo, CFO, +358 404 111 111

    OPERATIONAL REVIEW

    During the review period, the company focused on serving its customers.

    FINANCIAL PERFORMANCE

    Net sales for the reporting period were EUR 5.9 million (EUR 6.5 million). Operating result was EUR 0.1 million, 1.1 % of net sales (EUR 0.1 million, 1.0 %). The result for the period was EUR 0.1 million, 1.1 % of net sales (EUR 0.1 million, 1.2 %).

    The breakdown of the Group’s figures (unit thousand euros) is presented in the following table:

    Group’s main figures (kEUR) 1-9/2024 1-9/2023
    Net sales 5 907 6 541
    Expenses:    
    Expenses arising from employee benefits -3 947 -4 339
    Other expenses -1 635 -1 729
    EBITDA 325 473
    Depreciation and impairment losses -259 -405
    EBIT 66 68
    EBIT, % of net sales 1.1 1.0
    Financial income and expenses -15 8
    Result before taxes 51 76
    Income taxes 14 4
    Result of the period 65 80
    Result, % of net sales 1.1 1.2

    LONG-TERM OBJECTIVES

    The company’s long-term goal is profitable growth.

    FINANCING, INVESTMENTS AND SOLVENCY

    Cash flow and key financing figures (unit million euros) 1-9/2024 1-9/2023
    Cash flow from operations before financial items 0.2 0.1
    Cash flow from operations 0.1 0.1
    Cash flow from investments 0.0 0.1
    Cash flow from financing -0.2 -0.9
    Total cash flow -0.1 -0.7
         
      9/2024 9/2023
    Cash 1.1 1.5
    Interest-bearing debt 0.7 0.3
    Equity ratio % 65.2 65.3

    MAJOR RISKS AND UNCERTAINTIES

    Trainers’ House’s business is sensitive to economic fluctuations.

    The general economic situation internationally and in Finland contains significant risks. The war in Europe and Middle East, the tense world political situation and the possible expansion of the crisis can cause rapid changes in the operating environment.

    Possible world trade restrictions and changes in the world political situation affect the exports of Finnish companies, which is reflected in the demand of the domestic market. The demand in domestic market will also diminish due to public cost-cuttings and tax increases. The change in domestic market demand directly affects Trainers’ House’s business.

    Compared to the level of the last decade, the high interest rate has a negative effect on economic activity. Inflation can also accelerate due to, for example, escalation of world political crises.

    The constant competition for the best employees affects recruitment and the commitment of key personnel. From the company’s point of view, the labor market situation has eased over the past year.

    The above-mentioned risks, when realized alone or together, have a significant impact on the company’s operations.

    The company divides the risk factors affecting business, earnings, and market capitalization into five main categories: market and business risks, personnel-related risks, technology and information security risks, financial risks, and legal risks.

    Trainers’ House has sought to hedge against the adverse effects of other risks with comprehensive insurance policies. These include statutory insurance, liability and property insurance and legal expenses insurance. Insurance coverage, insurance values and deductibles are reviewed annually together with the insurance company.

    The Management Team reports to the Board on a monthly basis on key business-related risks and, where necessary, risk management measures.

    The Group has the reporting systems required for effective business monitoring. Internal control is linked to the company’s vision, strategic goals and the business goals set on the basis of them.

    The realization of business objectives and the Group’s financial development are monitored on a monthly basis through the Group’s corporate governance system. As an essential part of the control system, actual data and up-to-date forecasts are reviewed monthly by the Group Management Team. The control system includes, among other things, sales reporting, an income statement, a rolling revenue and profit forecast, and key figures that are important to operations.

    Trainers’ House is an expert organization. The magnitude of market and business risks is difficult to determine. Typical risks in this area are related to, for example, general economic development, customer distribution, technology choices, the development of competition and the management of personnel costs.

    Risks are managed through the planning and regular monitoring of sales, human resources, and operating expenses, which enables rapid action when circumstances change. The risks of trade receivables have been taken into account by the recognition of expenses based on the age of the receivables and individual risk analyzes.

    The goal of Trainers’ House’s financial risk management is to secure the availability of equity and debt financing on competitive terms and to reduce the impact of adverse market movements on the company’s operations.

    Financial risks are divided into four categories, which are liquidity, interest rate risks, currency risks and credit risks. Each risk is monitored separately. Liquidity and interest rate risks are reduced with sufficient cash resources and efficient collection of receivables. Currency risks are low as Trainers’ House operates primarily in the euro market. In financial risk management, the focus is on liquidity.

    The success of Trainers’ House as an expert organization depends on its ability to attract and retain skilled staff. In addition to a competitive salary, personnel risks are managed through incentive schemes and investments in personnel training, career opportunities and general well-being.

    Technology is a key part of Trainers’ House’s business. Technology risks include, but are not limited to, supplier risk, risks related to internal systems, challenges posed by technological change, and security risks. Risks are protected against long-term cooperation with technology suppliers, appropriate security systems, staff training and regular security audits.

    Trainers’ House’s legal risks are mainly focused on the contractual relationship between the company and customers or service providers. At their most typical, they relate to delivery responsibility and the management of intellectual property rights. In order to manage the risks related to contracts and intellectual property rights, the company has internal guidelines for contractual procedures. In the company’s view, the contractual risks are not unusual.

    At the end of the review period, goodwill and other intangible assets recognized in the balance sheet have been tested in the normal way. The test did not reveal any need for impairment.

    The consolidated balance sheet of Trainers’ House has goodwill of EUR 2.1 million. The balance sheet value of other intangible assets is EUR 1.0 million. If the Group’s profitability does not develop as forecasted or other external factors independent of the Group’s operations, such as interest rates, change significantly, it is possible that goodwill and other intangible assets will have to be written off. Recognition of an impairment loss would have no effect on the Group’s cash flow.

    Due to the project nature of the operations, the order backlog is short, and predictability is therefore challenging.

    The description of potential risks is not comprehensive. Trainers’ House conducts continuous risk assessment in connection with its operations and strives to hedge against identified risks.

    Investors have also been informed about the risks in the company’s annual review and on the website at www.trainershouse.fi.

    PERSONNEL

    At the end of the review period, the Group had 107 (111) employees. As before, the company reports the number of employees converted to full-time employees.

    DECISIONS REACHED AT THE ANNUAL GENERAL MEETING

    The annual general meeting of Trainers’ House Plc was held on 27 March 2024 in Helsinki.

    The annual general meeting confirmed the financial statements and discharged CEO and the members of the Board of Directors from liability for the fiscal year 1 January – 31 December 2023. The annual general meeting also decided to adopt the remuneration policy of the governing bodies.

    The annual general meeting decided, in accordance with the board’s proposal, that the company does not distribute a dividend from 2023.

    Aarne Aktan, Jari Sarasvuo, Jarmo Hyökyvaara, Elma Palsila and Emilia Tauriainen were re-elected as members of the Board of Directors. In the board meeting held after the annual general meeting, the Board of Directors elected Jari Sarasvuo as the chairperson of the board.

    The annual general meeting decided that the board member’s remuneration shall be EUR 1,500 per month and the chairperson’s remuneration will be EUR 3,500 per month.

    Grant Thornton Oy was elected as the company’s auditor. The remuneration to the auditor is paid according to the auditor’s reasonable invoice.

    SHARES AND SHARE CAPITAL

    The company’s share is listed on Nasdaq Helsinki Ltd under the name Trainers’ House Plc (TRH1V).

    At the end of the reporting period, Trainers’ House Plc had 2,147,826 shares and a registered share capital of EUR 880,743.59. The company does not hold any of its own shares. There have been no changes in the share capital during the period.

    Share performance and trading

      1-9/2024 1-9/2023
    Traded shares, pcs 203 608 213 827
    Average number of all company shares, % 9.5 10.0
    Traded shares, EUR 576 890 1 013 869
    Highest share quotation 4.88 6.12
    Lowest share quotation 2.07 3.38
    Closing price 2.27 3.73
    Weighted average price 2.83 4.74
    Market capitalization 4.9 mil. 8.0 mil.

    SUMMARY OF FINANCIAL STATEMENTS AND NOTES

    The report has been prepared in accordance with IAS 34 standard. The report has been prepared in accordance with IFRS standards and interpretations that have been approved for application in the EU and are in force on 1 January 2024.

    In this interim report Trainers’ House has followed the same accounting policies and calculation methods as in the 2023 annual financial statements.

    The figures given in the interim report are unaudited.

    INCOME STATEMENT IFRS (kEUR) 1-9/2024 1-9/2023 1-12/2023
    NET SALES 5 907 6 541 8 437
    Expenses:      
    Materials and services -286 -308 -391
    Personnel-related expenses -3 947 -4 339 -5 691
    Depreciation and impairment losses -259 -405 -531
    Other operating expenses -1 348 -1 420 -1 925
    Total expenses -5 841 -6 473 -8 538
    Operating result 66 68 -101
    Financial income and expenses -15 8 6
    Result before taxes 51 76 -95
    Income taxes 14 4 4
    RESULT OF THE PERIOD 65 80 -91
    Result attributable to owners of the parent company 65 80 -91
    Earnings per share, EUR 0.03 0.04 -0.04
    Earnings per share attributable to owners of the parent company, EUR 0.03 0.04 -0.04
    BALANCE SHEET IFRS (kEUR) 9/2024 9/2023 12/2023
    ASSETS      
    Non-current assets      
    Tangible assets 704 430 961
    Goodwill 2 129 2 129 2 129
    Other intangible assets 1 013 1 025 1 013
    Long-term receivables      
    Other receivables, long-term 105 138 138
    Deferred tax receivables 218 204 202
    Total long-term receivables 324 342 341
    Total non-current assets 4 170 3 926 4 443
           
    Current assets      
    Account receivables and other receivables 1 002 942 783
    Cash and cash equivalents 1 120 1 533 1 175
    Total current assets 2 122 2 475 1 958
    TOTAL ASSETS 6 292 6 400 6 401
           
    SHAREHOLDERS’ EQUITY AND LIABILITIES 9/2024 9/2023 12/2023
    Equity attributable to the owners of the parent company      
    Share capital 881 881 881
    Distributable non-restricted equity fund 37 37 37
    Retained earnings 3 021 3 111 3 111
    Result of the period 65 80 -91
    Total shareholders’ equity 4 004 4 109 3 939
    Long-term liabilities      
    Deferred tax liabilities 203 205 203
    Long-term financial liabilities 420 58 631
    Total long-term liabilities 622 263 833
    Short-term liabilities      
    Short-term financial liabilities 280 216 197
    Accounts payable and other liabilities 1 386 1 812 1 432
    Total short-term liabilities 1 666 2 028 1 629
    Total liabilities 2 288 2 291 2 462
    TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 6 292 6 400 6 401
    CASH FLOW STATEMENT IFRS (kEUR) 1-9/2024 1-9/2023 1-12/2023
    CASH FLOW FROM OPERATIONS      
    Result of the period 65 80 -91
    Adjustments 263 435 570
    Changes in working capital -169 -398 -257
    Cash flow from operations before financial items and taxes 158 117 222
    Financial items and taxes paid -22 -13 -16
    CASH FLOW FROM OPERATIONS 137 104 206
    CASH FLOW FROM INVESTMENTS      
    Investments in tangible and intangible assets -3 -12 -12
    Repayment of loan receivables 17 42 42
    Interests received 5 21 21
    CASH FLOW FROM INVESTMENTS 18 51 51
    CASH FLOW FROM FINANCING      
    Repayment of lease liabilities -128 -272 -363
    Dividends paid -82 -597 -966
    CASH FLOW FROM FINANCING -210 -869 -1 329
    TOTAL CASH FLOW -55 -714 -1 072
    CHANGE IN CASH AND CASH EQUIVALENTS      
    Opening balance of cash and cash equivalents 1 175 2 247 2 247
    Closing balance of cash and cash equivalents 1 120 1 533 1 175
    CHANGE IN CASH AND CASH EQUIVALENTS -55 -714 -1 072

    CHANGE IN SHAREHOLDERS’ EQUITY (kEUR)
    Equity attributable to owners of the parent company

    CHANGE IN SHAREHOLDERS’ EQUITY (kEUR) Share capital Distributable non-restricted equity fund Retained earnings Total
    Equity 1 January 2023 881 37 4 121 5 039
    Other comprehensive income     80 80
    Dividends     -1 009 -1 009
    Equity 30 September 2023 881 37 3 191 4 109
             
    Equity 1 January 2024 881 37 3 021 3 939
    Other comprehensive income     65 65
    Dividends     0 0
    Equity 30 September 2024 881 37 3 086 4 004

    RELATED PARTY TRANSACTIONS

    During the period under review, Trainers’ House had transactions with Causa Prima Ltd, a company controlled by Jari Sarasvuo, the Chairperson of the Board of Directors, and Pro Vividus Ltd and Anorin Liekki Ltd, which are related to the company.

    The following transactions took place with related parties:

    RELATED PARTY TRANSACTIONS (kEUR) 1-9/2024 1-9/2023 1-12/2023
    Purchases during the period 272 131 168
    Liabilities at the end of the period 95 31 39
    PERSONNEL 1-9/2024 1-9/2023 1-12/2023
    Average number of personnel 108 115 113
    Personnel at the end of the period 107 111 96
    COMMITMENTS AND CONTINGENT LIABILITIES 9/2024 9/2023 12/2023
    Collaterals and contingent liabilities given for own commitments(kEUR) 120 120 120
    OTHER KEY FIGURES 9/2024 9/2023 12/2023
    Equity ratio (%) 65.2 65.3 63.5
    Shareholders’ equity/share (EUR) 1.86 1.91 1.83

    Calculation formulas for key figures

    Earnings per share        = Result of the period attributable to owners of the parent company
                                          Average number of shares adjusted for share issue in financial period

    Interest-bearing net debt = Interest-bearing liabilities – cash and cash equivalents

    Equity ratio (%)          = Equity x 100
                                        Balance sheet total – advances received

    Equity / share            = Equity                                              
                                        Number of shares adjusted for share issue at the
                                        end of financial period

    Items affecting the calculation of key figures 9/2024 9/2023 12/2023
    Advances received (kEUR) 154 107 198
    Interest-bearing liabilities (kEUR) 700 274 828
    Average number of shares adjusted for share issue in financial period (unit thousand shares) 2 148 2 148 2 148
    Number of shares adjusted for share issue at the end of the financial period (unit thousand shares) 2 148 2 148 2 148

    In Helsinki 24 October 2024

    TRAINERS’ HOUSE PLC

    BOARD OF DIRECTORS

    Information:
    Arto Heimonen, CEO, +358 404 123 456
    Saku Keskitalo, CFO, +358 404 111 111

    DISTRIBUTION
    Nasdaq Helsinki
    Main media
    www.trainershouse.fi – For investors

    Attachment

    The MIL Network –

  • MIL-OSI: Atos reports third quarter 2024 revenue

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    Third quarter 2024 revenue in line with September 2ndBusiness Plan

    Cash position in line with September 2ndbusiness plan & FY2024 outlook

    Q3 2024 revenue of €2,305m, down -4.4% organically, consistent with September 2ndbusiness plan communicated on September 2nd, 2024

    • Eviden down -6.4% organically due to continued market softness in the Americas and Central Europe and previously-established contract scope reductions
    • Tech Foundations down -2.6% organically, reflecting lower scope of work and previously-established contract completions and terminations
    • Q4 and FY2024 outlook in line with September 2nd business plan1

    Q3 order entry of €1.5bn, with stronger commercial activity and improved order entry expected in Q4

    • Eviden book-to-bill at 73%, compared with 80% in prior year. Solid commercial activity in BDS with several High-Performance Computing contracts signed. Eviden Q4 book-to-bill expected to be close to Q4 20232
    • Tech Foundations book-to-bill at 60%, consistent with previous years3. Q4 book-to-bill expected to be close to historical average4 thanks to anticipated return of multi-year contracts with existing customers
    • Group Q3 book-to-bill at 66% (84% in prior year), in line with Q3 2023 book-to-bill excluding large exceptional deals5. Group Q4 2024 book-to-bill expected in line with prior year6

    Cash position of €1.1bn as at September 30, 2024

    • Net debt position of €4.6bn, including a €1.6bn reduction of working capital optimization compared with December 2023
    • Q3 cash consumption of €-3m excluding change in working capital optimization for €232m
    • Full year free cash flow before normalization of working capital optimization expected in line with September 2nd business plan

    Atos focused on its industrial turnaround and growth:

    • Decision from the Court on pre-arranged financial restructuring plan expected today
    • Financial restructuring plan expected to close in December 2024 or early January 2025
    • New governance in place with Philippe Salle named chairman and becoming CEO on February 1st.

    Paris, France – October 24, 2024 – Atos, a global leader in digital transformation, high-performance computing and information technology infrastructure, today announces its revenue for the third quarter of 2024.

    Jean Pierre Mustier, Atos Chief Executive Officer, declared:

    “With our financial restructuring plan and our new governance in place, Atos can confidently focus on its industrial turnaround and growth under the leadership of Philippe Salle. He is the best person to lead our transformation journey and restore confidence in Atos.

    I have seen a positive change of perception with our clients, who have taken note of our restructuring, and are looking to resume a normalized interaction with us. I expect stronger commercial activity in the coming months, with the anticipated return of multi-year strategic contracts with existing customers.

    I would like to take this opportunity to sincerely thank our employees for their ongoing commitment, and our customers and partners for their continued support.”

    Revenue by Businesses

    In € million Q3 2024
    Revenue    		 Q3 2023
    revenue    		 Q3 2023
    revenue*    		 Organic variation*
    Eviden 1,093 1,202 1,167 -6.4%
    Tech Foundations 1,212 1,373 1,244 -2.6%
    Total 2,305 2,575 2,412 -4.4%
    *at constant scope and average exchange rates    

    Group revenue was €2,305 million in Q3 2024, down -4.4% organically compared with Q3 2023 as expected. Overall, Group revenue in the third quarter reflects softer market conditions and is consistent with the business plan communicated on Sept 2nd.

    Eviden revenue was €1,093 million, down -6.4% organically.

    • Digital activities decreased high single-digit. The business was impacted by the general market slowdown in Americas and Central Europe and previously-established contract scope reductions.
    • Big Data & Security (BDS) revenue was roughly stable organically. In Advanced Computing, stronger activity in Denmark and France was offset by a high comparison basis in the prior year. Revenue in Digital Security slightly decreased, despite the growth of Mission Critical Systems, notably in Central Europe.

    Tech Foundations revenue was €1,212 million, down -2.6% organically.

    • Core revenue (excluding BPO and value-added resale (“VAR”)) decreased low single-digit. Stronger contributions related to the Paris Olympic & Paralympic games were offset by contract terminations in Americas and previously-established contract scope and volume reduction in Northern Europe & APAC.
    • Non-core revenue declined high single-digit during the quarter as expected, reflecting contract completion in BPO activities in the UK.

    Revenue by Regional Business Unit

    In € million Q3 2024
    Revenue    		 Q3 2023
    revenue    		 Q3 2023
    revenue*    		 Organic variation*
    Americas 500 606 558 -10.5%
    Northern Europe & APAC 707 769 757 -6.6%
    Central Europe 544 627 546 -0.4%
    Southern Europe 477 501 480 -0.7%
    Others & Global Structures 76 73 69 +10.1%
    Total 2,305 2,575 2,412 -4.4%
    *at constant scope and average exchange rates    

    Americas revenue decreased by -10.5% on an organic basis, reflecting the current general slowdown in market conditions and previously-established contract terminations and completions.

    • Eviden was down double-digit, impacted by contract terminations and volume decline in Healthcare, Finance, and Transport & Logistics. BDS declined high single-digit due to volume reductions.
    • Tech Foundations revenue declined mid single-digit due to contract completions and terminations as well as scope reductions with select customers.

    Northern Europe & Asia-Pacific revenue decreased by -6.6% on an organic basis.

    • Eviden revenue declined mid-single-digit. A revenue increase at BDS due to new business in Advanced Computing with an innovation center in Denmark was offset by the decline of Digital revenue, reflecting a lower demand from Public Sector customers in the UK.
    • Revenue in Tech Foundations was down high single-digit, with contract completions and volume decline in Public Sector BPO.

    Central Europe revenue was nearly stable at -0.4% on an organic basis.

    • Eviden revenue declined low single-digit, impacted by volume reductions in Digital from Manufacturing and Public Sector customers.
    • Tech Foundations revenue grew mid-single-digit, with strong demand for hardware products.

    Southern Europe revenue was down -0.7% organically.

    • Eviden revenue was roughly flat. Growth in Digital, which benefitting from a contract win with a major European utility company, was offset by lower revenue in BDS compared to Q3 2023, when a supercomputer project was delivered in Spain.
    • Tech Foundations revenue declined low single-digit due to volume reductions with select customers.

    Revenue in Others and Global Structures, which encompass Middle East, Africa, Major Events as well as the Group’s global delivery centers and global structures, grew double-digit reflecting stronger contributions from the Paris Olympic & Paralympic Games and the positive performance of Africa.

    Commercial activity

    Order entry for the Group was €1,526 million. Eviden order entry was €794 million and Tech Foundations order entry was €733 million.

    Book-to-bill ratio for the Group was 66% in Q3 2024, down from 84% in Q3 2023, reflecting softer market conditions and delays in contract awards as clients await the final resolution of the Group’s refinancing plan. This ratio is in line with the book-to-bill ratio for Q3 2023, excluding exceptionally large contract7.

    Book-to-bill ratio at Eviden was 73%. Main contracts signatures during the third quarter included the supply of an HPC to a leading player in the Aerospace sector, another HPC contract signed with a major French utility provider, together with control room utility solutions.

    Book-to-bill ratio at Tech Foundations was 60%, consistent with the seasonality observed in previous years, in particular in Q3 2021 (54%) and in Q3 2022 (58%). Main contracts signatures in the third quarter included several renewals to provide Hybrid Cloud & Infrastructure services in Financial Services, Public Sector, and Manufacturing industries.

    Stronger commercial activity is expected in the coming months in both Eviden and Tech Foundation, which would lead to a significant improvement of the Group book-to-bill ratio in the fourth quarter, as confidence in the Group’s financial sustainability has been restored.

    At the end of September 2024, the full backlog was €14.7 billion representing 1.4 years of revenue. The full qualified pipeline amounted to €5.7 billion at the end of September 2024.

    Human resources

    The total headcount was 82,211 at the end of September 2024, decreasing by -10.3% since the end of June 2024. Following contract completions in Americas and the UK, the Group transferred circa 4,900 employees to the new providers. Excluding these transfers, headcount has decreased by circa -5%.

    During the third quarter, the Group hired 1,839 staff (of which 91% were Direct employees), while attrition rate increased compared with Q2. The attrition rate over the past 9 months is in line with normal historical levels.

    Q3 cash position

    As of September 30, 2024, cash & cash equivalents was €1.1 billion, down €1.2 billion compared with December 31, 2023 primarily reflecting €1.6 billion lower working capital actions compared with the end of fiscal 2023 and €1.1 billion of new borrowings.

    As of September 30, 2024, net debt was €4.6 billion compared with €2.2 billion at the end of last year, reflecting primarily the reduction of working capital optimization down to €265 million.

    Cash consumption was €-3 million in the third quarter, excluding change in working capital optimization of €232 million.

    Full year 2024 outlook

    The Group expects for the full year 2024:

    • Mid-single-digit organic revenue decrease, corresponding to revenue of circa €9.7 billion
    • Operating margin of circa €238 million excluding additional provisions to be booked for some underperforming contracts8
    • Change in cash before debt repayment of circa €-783 million excluding the full unwind of the working capital optimization of circa €1.8 billion as of December 31, 2023.

    Financial restructuring process

    Atos expected to receive today the decision from the Court on its pre-arranged financial restructuring plan.

    Assuming the plan is accepted by the court, the next steps of the financial restructuring process would be as follows:

    November 12 – 22:
    • €233 million rights issue with preferred subscription rights
    Mid to end December:
    • Execution of concomitant reserved capital increases
    End of December 2024 or early 2025
    • Receipt of €1.5bn to €1.7bn of new money debt
    • Closing of the restructuring process

    Asset disposal processes

    The discussions with Alten regarding the sale of the Worldgrid business are progressing well and are on track.

    Following the communication issued on October 7, discussions related to the potential acquisition by the French state of the Advanced Computing, Mission-Critical Systems and Cybersecurity Products businesses of BDS are continuing based on a new proposal compatible with the financial restructuring plan of the Company.

    Governance

    As communicated on October 15, 2024, Philippe Salle has been appointed as Chairman of the Board of Directors of the Company with immediate effect and as Chairman and Chief Executive Officer with effect from February 1, 2025.

    Conference call

    Atos’ Management invites you to a conference call on the Group revenue for the third quarter of 2024, on Thursday, October 24, 2024 at 08:00 am (CET – Paris).

    You can join the webcast of the conference:

    • via the following link: https://edge.media-server.com/mmc/p/bkriazto
    • by telephone by dial-in, 10 minutes prior the starting time. Please note that if you want to join the webcast by telephone, you must register in advance of the conference using the following link:

    https://register.vevent.com/register/BI8dc47a058ab84cb88b1ba638c295b440

    Upon registration, you will be provided with Participant Dial In Numbers, a Direct Event Passcode and a unique Registrant ID. Call reminders will also be sent via email the day prior to the event.
    During the 10 minutes prior to the beginning of the call, you will need to use the conference access information provided in the email received upon registration.

    After the conference, a replay of the webcast will be available on atos.net, in the Investors section.

    APPENDIX

    9-month organic revenue evolution by RBUs and business lines

    In € million 9-month 2024
    Revenue    		 9 month 2023
    revenue*    		   Organic variation*
    Americas 1,608 1,748   -8.0%
    Northern Europe & APAC 2,249 2,320   -3.0%
    Central Europe 1,621 1,673   -3.1%
    Southern Europe 1,561 1,564   -0.2%
    Others & Global Structures 230 211   +9.1%
    Total 7,268 7,516   -3.3%
    *at constant scope and average exchange rates        
             
             
             
       
    In € million 9-month 2024
    Revenue    		 9-month2023
    revenue*    		   Organic variation*
    Eviden 3,478 3,658   -4.9%
    Tech Foundations 3,790 3,858   -1.8%
    Total 7,268 7,516   -3.3%
    *at constant scope and average exchange rates        

    Q3 2023 Revenue at constant scope and exchange rates reconciliation

    For the analysis of the Group’s performance, revenue is compared with Q3 2023 revenue at constant scope and foreign exchange rates. Reconciliation between the Q3 2023 reported revenue and the Q3 2023 revenue at constant scope and foreign exchange rates is presented below.

    In 2023, the Group reviewed the accounting treatment of certain third-party standard software resale transactions following the decision published by ESMA in October 2023 that illustrated the IFRS IC decision and enacted a restrictive position on the assessment of Principal vs. Agent under IFRS 15 for such transactions. The Q3 2023 revenue is therefore restated by €-15 million. The restatement impacted Eviden in the Americas RBU without impacting the operating margin.

    Q3 2023 revenue
    In € million    		 Q3 2023 published Restatement Q3 2023 restated Internal transfers Scope effects Exchange rates effects Q3 2023*
    Eviden 1,217 -15 1,202 -3 -31 -1 1,167
    Tech Foundations 1,373 0 1,373 3 -122 -9 1,244
    Total 2,590 -15 2,575 0 -154 -10 2,412
                   
                   
    Q3 2023 revenue
    In € million    		 Q3 2023 published Restatement Q3 2023 restated Internal transfers Scope effects Exchange rates effects Q3 2023*
    Americas 621 -15 606 0 -34 -13 558
    Norther Europe & APAC 769 0 769 0 -18 7 757
    Central Europe 627 0 627 0 -81 0 546
    Southern Europe 501 0 501 0 -21 0 480
    Others & Global structures 73 0 73 0 0 -3 69
    Total 2,590 -15 2,575 0 -154 -10 2,412

    *: At constant scope and foreign exchange rates

    Scope effects on revenue amounted to €-154 million. They mainly related to the divesture of UCC across all regions, EcoAct in Americas, Southern Europe and Northern Europe & Asia-Pacific, State Street JV in Americas and Elexo in Southern Europe.

    Currency effects negatively contributed to revenue for €-10 million. They mostly came from the depreciation of the American dollar, Argentinian peso, Brazilian real, and Turkish lira, not offset by the appreciation of the British pound.

    ***

    Disclaimer

    This document contains forward-looking statements that involve risks and uncertainties, including references, concerning the Group’s expected growth and profitability in the future which may significantly impact the expected performance indicated in the forward-looking statements. These risks and uncertainties are linked to factors out of the control of the Company and not precisely estimated, such as market conditions or competitors’ behaviors. Any forward-looking statements made in this document are statements about Atos’s beliefs and expectations and should be evaluated as such. Forward-looking statements include statements that may relate to Atos’s plans, objectives, strategies, goals, future events, future revenues or synergies, or performance, and other information that is not historical information. Actual events or results may differ from those described in this document due to a number of risks and uncertainties that are described within the 2023 Universal Registration Document filed with the Autorité des Marchés Financiers (AMF) on May 24, 2024 under the registration number D.24-0429 and the half-year report filed with the Autorité des Marchés Financiers (AMF) on August 6, 2024. Atos does not undertake, and specifically disclaims, any obligation or responsibility to update or amend any of the information above except as otherwise required by law.
    This document does not contain or constitute an offer of Atos’s shares for sale or an invitation or inducement to invest in Atos’s shares in France, the United States of America or any other jurisdiction. This document includes information on specific transactions that shall be considered as projects only. In particular, any decision relating to the information or projects mentioned in this document and their terms and conditions will only be made after the ongoing in-depth analysis considering tax, legal, operational, finance, HR and all other relevant aspects have been completed and will be subject to general market conditions and other customary conditions, including governance bodies and shareholders’ approval as well as appropriate processes with the relevant employee representative bodies in accordance with applicable laws .

    About Atos

    Atos is a global leader in digital transformation with circa 82,000 employees and annual revenue of circa €10 billion. European number one in cybersecurity, cloud and high-performance computing, the Group provides tailored end-to-end solutions for all industries in 69 countries. A pioneer in decarbonization services and products, Atos is committed to a secure and decarbonized digital for its clients. Atos is a SE (Societas Europaea) and listed on Euronext Paris.

    The purpose of Atos is to help design the future of the information space. Its expertise and services support the development of knowledge, education and research in a multicultural approach and contribute to the development of scientific and technological excellence. Across the world, the Group enables its customers and employees, and members of societies at large to live, work and develop sustainably, in a safe and secure information space.

    Contacts

    Investor relations:
    David Pierre-Kahn | investors@atos.net | +33 6 28 51 45 96
    Sofiane El Amri      | investors@atos.net | +33 6 29 34 85 67

    Individual shareholders: 0805 65 00 75

    Press contact: globalprteam@atos.net

    1 Eviden Q4 organic revenue evolution expected slightly negative and Tech Foundations Q4 revenue expected to decrease double digit on previously established contract completions and terminations
    2 Q4 2023 Eviden book-to-bill of 100%
    3 2021 (54%), 2022 (58%) and 2023 (84% including one large exceptional deal)
    4 Q4 2021-2023 book-to-bill average of 98%
    5 Q3 2023 book-to-bill of 65% excluding one large exceptional deal in Eviden and another one in Tech Foundations
    6 108%
    7 Book-to-bill ratio of 65% in Q3 2023, excluding an exceptionally large contract at Eviden and another at Tech Foundations.
    8 Negotiations are in progress with customers, which could lead to a low double digit % reduction of the operating margin

    Attachment

    The MIL Network –

  • MIL-OSI: Sampo plc’s share buybacks 23 October 2024

    Source: GlobeNewswire (MIL-OSI)

    Sampo plc, stock exchange release, 24 October 2024 at 8:30 am EEST

    Sampo plc’s share buybacks 23 October 2024

    On 23 October 2024, Sampo plc (business code 0142213-3, LEI 743700UF3RL386WIDA22) has acquired its own A shares (ISIN code FI4000552500) as follows:                

    Sampo plc’s share buybacks Aggregated daily volume (in number of shares) Daily weighted average price of the purchased shares* Market (MIC Code)
      – – AQEU        
      – – CEUX
      – – TQEX
      93,245 40.47 XHEL
    TOTAL 93,245 40.47  

    *rounded to two decimals                

    On 17 June 2024, Sampo announced a share buyback programme of up to a maximum of EUR 400 million in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052. On 16 September 2024, the Board of Directors of Sampo plc resolved to increase the share buyback programme to EUR 475 million. The programme, which started on 18 June 2024, is based on the authorisation granted by Sampo’s Annual General Meeting on 25 April 2024.

    After the disclosed transactions, the company owns in total 9,227,711 Sampo A shares representing 1.68 per cent of the total number of shares in Sampo plc, taking the issuance of shares on 16 September 2024 into account.

    Details of each transaction are included as an appendix of this announcement.

    On behalf of Sampo plc,
    Morgan Stanley

    For further information, please contact:

    Sami Taipalus
    Head of Investor Relations
    tel. +358 10 516 0030

    Distribution:
    Nasdaq Helsinki
    Nasdaq Stockholm
    Nasdaq Copenhagen
    London Stock Exchange
    The principal media
    FIN-FSA
    DEN-FSA
    www.sampo.com

    Attachment

    The MIL Network –

  • MIL-OSI: Bank of Åland Plc: Interim Report for the period January – September 2024

    Source: GlobeNewswire (MIL-OSI)

    Bank of Åland Plc
    Interim Report
    October 24, 2024 9.00 EET

    Interim Report for the period January – September 2024

    “We are reporting our best nine-month operating profit ever, at EUR 49.8 million (41.5), which generated a return on equity after taxes of 18.4 per cent (15.7).

    “It has been nearly a year since market interest rates reached their highest levels, and we can see that declining market interest rates are negatively impacting net interest income. However, because of rising activity levels within our financial investment operations and our IT operations, net commission income and IT income during the quarter together rose more than the decline in net interest income. Our core income in the form of net interest income, net commission income and IT income thus increased by EUR 0.6 M or 1 per cent compared to the same quarter of 2023, reaching EUR 52.7 M (52.1).

    “Hopefully, falling market interest rates will lead to a continued surge in activity levels in our society.”

    Peter Wiklöf, Managing Director and Chief Executive

    January-September 2024 compared to January-September 2023

    • Net operating profit increased by 20 per cent to EUR 49.8 M (41.5).
    • Core income in the form of net interest income, net commission income and IT income increased by 10 per cent to EUR 161.1 M (146.4).
    • Other income increased to EUR 1.1 M (0.3). • Total expenses increased by 7 per cent to EUR 110.0 M (103.1).
    • Net impairment losses on financial assets (including recoveries) totalled EUR 2.5 M (2.0), equivalent to a loan loss level of 0.08 per cent (0.06).
    • Return on equity after taxes (ROE) increased to 18.4 per cent (15.7).
    • Earnings per share increased by 22 per cent to EUR 2.60 (2.13).
    • The common equity Tier 1 capital ratio increased to 14.0 per cent (13.7 on December 31, 2023).
    • Unchanged future outlook: The Bank of Åland expects its net operating profit in 2024 to be about the same as in 2023.

    The third quarter of 2024 compared to third quarter of 2023

    • Net operating profit decreased by 9 per cent to EUR 17.3 M (19.1).
    • Core income in the form of net interest income, net commission income and IT income increased by 1 per cent to EUR 52.7 M (52.1).
    • Other income increased to EUR 0.4 M (−0.9).
    • Total expenses increased by 11 per cent to EUR 35.1 M (31.5).
    • Net impairment losses on financial assets (including recoveries) totalled EUR 0.8 M (0.7), equivalent to a loan loss level of 0.08 per cent (0.06).
    • Return on equity after taxes (ROE) decreased to 19.0 per cent (21.5).
    • Earnings per share decreased by 9 per cent to EUR 0.89 (0.99).

    Financial summary

    Group Q3
    2024    		 Q2
    2024    		  % Q3
    2023    		  % Jan-Sep
    2024    		 Jan-Sep
    2023    		 %
    EUR M                
    Income                 
    Net interest income 26.2 26.4 -1 27.9 -6 78.9 71.8 10
    Net commission income 18.9 19.4 -3 17.8 6 56.5 54.3 4
    IT income 7.6 9,7 -22 6.4 18 25.6 202 27
    Other income 0,4 -0,1   -0,9   1,1 0,3  
    Total income 53.1 55.3 -4 51.2 4 162.2 146.6 11
                     
    Staff costs -21.3 -22.8 -6 -19.4 10 -65.7 -60.4 9
    Other expenses -10.8 -12.5 -14 -8.9 20 -34.8 -30.4 14
    Statutory fees             -3,2 -100
    Depreciation/amortisation -3.0 -3.3 -8 -3.1 -3 -9.5 -9.0 5
    Total expenses -35.1 -38.5 -9 -31.5 11 -110.0 -103.1 7
                     
    Profit before impairment losses 18.0 16.8 7 19.8 -9 52.2 43.5 20
                     
    Impairment losses on financial assets, net -0.8 -1.2 -36 -0.7 8 -2.5 -2.0 23
    Net operating profit 17.3 15.6 11 19.1 -9 49.8 41.5 20
                     
    Income taxes -3.5 -3.1 16 -4.0 -10 -9.9 -8.9 11
    Profit for the period 13.7 12.6 9 15.1 -9 39.9 32.6 22
                     
    Attributable to:                
    Shareholders in Bank of Åland Plc 13.7 12.6 9 15.1 -9 39.9 32.6 22
                     
    Volume                
    Lending to the public 3,514 3,530 0 3,777 -7      
    Deposits from the public 3,396 3,475 -2 3,553 -4      
    Actively managed assets 10,654 10,343 3 8,982 19      
    Managed mortage loans 3,060 2,952 4 2,600 18      
    Equity capital 325 311 5 318 2      
    Balance sheet total 4,789 4,782 0 5,197 -8      
    Risk exposure amount 1,693 1,681 1 1,741 -3      

    The Bank of Åland (Ålandsbanken) follows the disclosure procedure stipulated in “Disclosure obligation of the issuer (7/2013)”, published by the Finnish Financial Supervisory Authority and hereby publishes its Interim Report for the period January – September 2024, which is enclosed with this stock exchange release.

    The Bank`s Interim Report for the period January – September 2024 is attached to this release in PDF format and is also available on the company’s web site at

    https://www.alandsbanken.com/uploads/pdf/result/en_resultat_jan-sep_24.pdf

    Mariehamn, October 24, 2024

    THE BOARD OF DIRECTORS

    For more information please contact:

    Peter Wiklöf, Managing Director and Chief Executive, Bank of Åland, tel. + 358 (0)40 512 7505

    Attachment

    The MIL Network –

  • MIL-OSI: Decisive new step in the completion of the financial restructuring: Atos’ accelerated safeguard plan approved by the specialized Commercial Court of Nanterre

    Source: GlobeNewswire (MIL-OSI)

    Paris, France – October 24, 2024 – Atos SE (“Atos” or the “Company”) announces today that, by judgment dated October 24, 2024, the specialized Commercial Court of Nanterre (the “Court”), after having acknowledged, pursuant to the provisions of article L. 626-31 of the French Code de commerce, that all legal conditions had been satisfied, has approved the accelerated safeguard plan of Atos (the “Plan”), presented at the hearing of October 15, 2024.

    Philippe Salle, Chairman of the Board of Directors of Atos, said: “The approval of Atos’ accelerated safeguard plan by the Nanterre Specialized Commercial Court is a decisive step in our financial restructuring process and I would like to thank the entire management team for the remarkable work they have accomplished over the last few months. This important step guarantees the continuity of Atos’ activities in the best interests of our employees and customers, and allows us to project the Group confidently towards a new page in its history.”

    Jean Pierre Mustier, Chief Executive Officer of Atos, said: “Our Group has reached a decisive step, providing sufficient financial resources to successfully complete a new period of industrial development under the leadership of Philippe Salle, with a strong focus of all our teams to provide the best possible service to our customers through innovation and quality of service.”

    The Court has appointed, as practitioner in charge of supervising the implementation of the Plan (commissaire à l’exécution du plan), SELARL AJRS, represented by Maître Thibaut Martinat, for the duration of the Plan.

    In the absence of a suspensory appeal against the judgment approving the Plan, it is envisaged that all the financial restructuring transactions provided for in the Plan will be executed between November 2024 and December 2024/January 20251, subject in particular to the approval by the Autorité des Marchés Financiers (AMF) of the prospectuses relating to the various securities issues provided for in the Plan.

    As a reminder, the transactions provided under the Plan should lead to, in particular:

    • the equitization of €2.9 billion of financial debt; and
    • the provision to Atos of €1.5 to €1.675 billion of new money debt and the new money equity resulting from the rights issue (up to €233 million) already backstopped in cash by participating bondholders for €75 million and by the creditors participating in the new financings by set off against a portion of their debts for €100 million, as previously communicated and, as the case may be, from the potential voluntary additional subscription in cash by the participating creditors of up to €75 million as part of the Potential Capital Increase as provided in the Plan.

    The main characteristics of the share capital transactions to be implemented as part of the Plan are described in the document entitled “Main terms and conditions of the share capital transactions carried out as part of the Company’s financial restructuring plan” (Principales modalités des opérations sur le capital mises en œuvre dans le cadre du plan de restructuration financière de la Société) published on the Company’s website (section “Financial Restructuring”) on September 6, 2024 and updated on September 16, 2024. These share capital transactions will be covered by prospectuses submitted to the Autorité des Marchés Financiers (AMF) for approval.

    The Company will continue to inform the market in due course of the next steps of its financial restructuring.

    ***

    Disclaimer

    This document contains forward-looking statements that involve risks and uncertainties, including references, concerning the Group’s expected growth and profitability in the future which may significantly impact the expected performance indicated in the forward-looking statements. These risks and uncertainties are linked to factors out of the control of the Company and not precisely estimated, such as market conditions or competitors’ behaviors. Any forward-looking statements made in this document are statements about Atos’s beliefs and expectations and should be evaluated as such. Forward-looking statements include statements that may relate to Atos’s plans, objectives, strategies, goals, future events, future revenues or synergies, or performance, and other information that is not historical information. Actual events or results may differ from those described in this document due to a number of risks and uncertainties that are described within the 2023 Universal Registration Document filed with the Autorité des Marchés Financiers (AMF) on May 24, 2024 under the registration number D.24-0429 and the half-year report filed with the Autorité des Marchés Financiers (AMF) on August 6, 2024. Atos does not undertake, and specifically disclaims, any obligation or responsibility to update or amend any of the information above except as otherwise required by law.
    This document does not contain or constitute an offer of Atos’s shares for sale or an invitation or inducement to invest in Atos’s shares in France, the United States of America or any other jurisdiction. This document includes information on specific transactions that shall be considered as projects only. In particular, any decision relating to the information or projects mentioned in this document and their terms and conditions will only be made after the ongoing in-depth analysis considering tax, legal, operational, finance, HR and all other relevant aspects have been completed and will be subject to general market conditions and other customary conditions, including governance bodies and shareholders’ approval as well as appropriate processes with the relevant employee representative bodies in accordance with applicable laws .

    About Atos

    Atos is a global leader in digital transformation with circa 82,000 employees and annual revenue of circa €10 billion. European number one in cybersecurity, cloud and high-performance computing, the Group provides tailored end-to-end solutions for all industries in 69 countries. A pioneer in decarbonization services and products, Atos is committed to a secure and decarbonized digital for its clients. Atos is a SE (Societas Europaea) and listed on Euronext Paris.

    The purpose of Atos is to help design the future of the information space. Its expertise and services support the development of knowledge, education and research in a multicultural approach and contribute to the development of scientific and technological excellence. Across the world, the Group enables its customers and employees, and members of societies at large to live, work and develop sustainably, in a safe and secure information space.

    Contacts

    Investor relations:
    David Pierre-Kahn | investors@atos.net | +33 6 28 51 45 96
    Sofiane El Amri      | investors@atos.net | +33 6 29 34 85 67

    Individual shareholders: 0805 65 00 75

    Press contact: globalprteam@atos.net

    1 Subject to the required regulatory approvals.

    Attachment

    The MIL Network –

  • MIL-OSI: Portfolio Update: Alliance Witan completes portfolio transition, brings in EdgePoint for Black Creek

    Source: GlobeNewswire (MIL-OSI)

    Alliance Witan PLC (the “Company”)

    LEI: 213800SZZD4E21OZ9W55

    Portfolio Update: Alliance Witan completes portfolio transition, brings in EdgePoint for Black Creek

    Alliance Witan’s investment manager, Willis Towers Watson (“WTW”), is pleased to announce the completion of the transition of assets from Witan Investment Trust (“Witan”) to Alliance Witan following shareholder approval for the combination of Alliance Trust and Witan on 9 October.

    Blackrock Inc. has helped to manage the transition and keep the costs to a minimum. While Blackrock was completing the transition of assets, WTW took the opportunity to also make a manager change, replacing Black Creek Investment Management (“Black Creek”) with EdgePoint Wealth Management (“EdgePoint”).

    The appointment of EdgePoint follows that of Jennison Associates, previously one of Witan’s investment managers, which was announced at the start of the transition just over two weeks ago.

    EdgePoint, based in Toronto, is an employee-owned business, founded in 2008. It manages $25bn of client assets, as of 30 June 2024, and seeks to buy good, undervalued business and hold them until the market fully realises their potential.

    With the portfolio realignment now completed, the new manager allocations are as follows:

    Manager Allocations  
    ARGA 8.0%
    Dalton 5.5%
    EdgePoint 7.0%
    GQG Global 13.5%
    GQG EM 6.0%
    Jennison 6.0%
    Lyrical 6.5%
    Metropolis 9.5%
    Sands 4.5%
    SGA 10.5%
    Veritas 13.5%
    Vulcan 7.0%
    Other assets 2.5%

    The resulting risk profile of the portfolio is largely unchanged, with no excessive exposure relative to the benchmark to regions, sectors or styles, and most of the added value is expected to come from stock selection.

    The direct costs of the portfolio transition and manager changes, including BlackRock’s fee, trading commissions, tax and bid/offer spreads, will be less than 0.04% of the Alliance Witan portfolio, representing fair value for shareholders.

    Craig Baker, Chief Investment Officer of WTW and Chair of the Alliance Witan Investment Committee, said: “We would like to express our appreciation to the team at Black Creek for their contribution to the Company since their appointment in 2017. While we continue to rate Black Creek highly, a senior member of the team left in the last 12 months on health grounds, and we have been evaluating succession planning for some time. While Bill Kanko has no specific retirement date in mind and there are other experienced investors at the firm, we have taken the opportunity to switch to a manager in which we have high conviction, and which brings a fresh perspective to the new, combined portfolio.

    Baker added: “Now that Witan’s assets are fully invested, it is business as usual. We will be using the same proven investment approach we have always used for Alliance Witan, although we will be retaining a small number of Witan’s discounted investment trust holdings, which represent less than 3% of the portfolio, until such time that they can be sold at an attractive price for shareholders.”

    Ends

    About Alliance Witan (ALW)

    Alliance Witan aims to deliver long-term capital growth and rising income from investing in global equities at a competitive cost. Our investment manager blends the top stock selections of some of the world’s best active managers into a single diversified portfolio designed to outperform the market while carefully managing risk and volatility. Alliance Trust is an AIC Dividend Hero with 57 consecutive years of rising dividends

    https://www.alliancewitan.com

    For more information, please contact:

    Mark Atkinson
    Senior Director
    Client Management, Wealth & Retail
    Willis Towers Watson
    Tel: 07918 724303
    mark.atkinson@wtwco.com

    Sarah Gibbons-Cook
    Quill PR
    Tel: 020 7466 5050

    The MIL Network –

  • MIL-OSI: Co-op teams up with Quadient to deliver parcel locker convenience in communities in the UK

    Source: GlobeNewswire (MIL-OSI)

    Quadient (Euronext: QDT), a global automation platform powering secure and sustainable business connections, has partnered with Co-op in the United Kingdom to deliver further parcel locker growth and added convenience to its communities, it has revealed today.

    The partnership to supply Parcel Pending by Quadient lockers to Co-op’s stores, aims to align Co-op’s footprint in the heart of local communities with the continued growth in consumer demand for safe, secure and accessible parcel lockers.

    Parcel Pending by Quadient is a growing network of intelligent lockers used for deliveries and returns from significant carriers, including Royal Mail, DPD, Evri, and UPS, as well as for new services across the UK like convenient key drop-offs with Keynest.

    More than 30 units will initially be installed at Co-op stores, with the potential for this partnership to grow. The first lockers will be seen this month at Co-op stores in Bedford, Bradford, Guildford, Keighley, Liverpool, Stockport, Swinton, and Telford.

    The multicarrier open locker network form part of Co-op’s strategy to develop added services and enhanced convenience – creating a compelling customer offer to ensure its stores are a convenient destination not only for groceries but for a range of services that meet the needs of local communities.

    George Hayworth, Head of Q-Comm Development, Co-op, said: “We are delighted to partner with Quadient. Safe, secure and convenient parcel lockers are one of the ways in which we make things easier and deliver enhanced convenience for our member-owners and customers. With our stores conveniently located in high streets and transport hubs, university campuses and residential developments, parcel lockers can help local residents and time-pressed consumers pick up or return parcels at a time that is convenient to them, quickly, easily and conveniently.”

    Katia Bourgeais-Crémel, Director of Lockers Automation Europe at Quadient said: “We are proud to collaborate with the Co-op to introduce our open lockers in their stores. This partnership enables us to offer Co-op customers a secure and efficient solution for managing parcel deliveries and returns. Our open locker network is accessed by multiple carriers, including Royal Mail, DPD, Evri, and UPS, providing even greater convenience than others in the market. Shoppers can easily collect or return parcels, whether during a grocery run or as part of their daily routine, making the process both simple and seamless.”

    Learn more at parcelpending.com/en-gb. 

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

    Contacts

    Sandy Armstrong, Sterling Kilgore Joe Scolaro, Quadient         
    Director of Media & Communications Global Press Relations Manager
    +1-630-699-8979 +1 203-301-3673
    sarmstrong@sterlingkilgore.com j.scolaro@quadient.com

    About Co-op
    Co-op is one of the world’s largest consumer co-operatives with interests across food, funerals, insurance and legal services. Owned by millions of UK consumers, the Co-op operates almost 2,400 food stores, over 800 funeral homes and provides products to over 6,000 other stores, including those run by independent co-operative societies and through its wholesale business, Nisa Retail Limited. Employing 56,000 people, the Co-op has an annual turnover of over £11billion and is a recognized leader for its social goals and community-led programs. The Co-op exists to meet members’ needs and stand up for the things they believe in. For more information about the Co-op, visit www.co-op.co.uk

    Attachments

    The MIL Network –

  • MIL-OSI: BE Semiconductor Industries N.V. Announces Q3-24 Results

    Source: GlobeNewswire (MIL-OSI)

    Q3-24 Revenue of € 156.6 Million and Net Income of € 46.8 Million Up 27.0% and 33.7%, Respectively, vs. Q3-23
    Orders of € 151.8 Million Up 19.2% vs. Q3-23. Hybrid Bonding Adoption Continues

    YTD-24 Revenue of € 454.1 Million and Net Income of € 122.7 Million
    Orders of € 464.8 Million Up 21.7% vs. YTD-23

    DUIVEN, the Netherlands, Oct. 24, 2024 (GLOBE NEWSWIRE) — BE Semiconductor Industries N.V. (the “Company” or “Besi”) (Euronext Amsterdam: BESI; OTC markets: BESIY), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its results for the third quarter and nine months ended September 30, 2024.

    Key Highlights Q3-24

    • Revenue of € 156.6 million up 3.6% vs. Q2-24 and 27.0% vs. Q3-23 due to increased demand by computing end user markets for hybrid bonding, photonics and other AI applications partially offset by ongoing weakness in automotive and Chinese end user markets
    • Orders of € 151.8 million up 19.2% vs. Q3-23 due to increased hybrid bonding orders. Down 18.0% vs. Q2-24 due primarily to fluctuations in hybrid bonding order patterns by customers
    • Gross margin of 64.7% decreased by 0.3 points vs. Q2-24 but was up 0.1 point vs. Q3-23. Gross margin development in the comparable periods was adversely affected by net forex influences
    • Net income of € 46.8 million increased 11.7% vs. Q2-24 and 33.7% vs. Q3-23 primarily due to higher revenue levels and cost control efforts which limited baseline operating expense growth. Q3-24 net margin rose to 29.9% vs. 27.7% in Q2-24 and 28.4% reported in Q3-23
    • Net cash of € 110.7 million at quarter-end increased by € 36.3 million (48.8%) vs. Q2-24 and € 20.5 million (22.7%) vs. Q3-23

    Key Highlights YTD-24

    • Revenue of € 454.1 million increased 8.3% vs. YTD-23 principally due to higher demand by computing end user markets, particularly for hybrid bonding and photonics applications and by Taiwanese and Korean subcontractors partially offset by weakness in mobile and automotive markets
    • Orders of € 464.8 million increased 21.7% vs. YTD-23 due to increased demand for hybrid bonding and photonics applications partially offset by lower bookings for automotive and, to a lesser extent, mobile applications and ongoing weakness in Chinese end user markets
    • Gross margin of 65.6% increased by 0.8 points vs. YTD-23 due to more favorable AI advanced packaging product mix
    • Net income of € 122.7 million was approximately equal to YTD-23 as higher revenue and gross margins were offset by higher R&D spending and share-based compensation expense. Besi’s net margin decreased to 27.0% vs. 29.1% in YTD-23

    Q4-24 Outlook

    • Revenue expected to be flat plus or minus 10% vs. the € 156.6 million reported in Q3-24 partially due to shipment delays by a customer for certain hybrid bonding systems scheduled for delivery in Q4-24
    • Gross margin expected to range between 63-65% vs. the 64.7% realized in Q3-24
    • Operating expenses expected to be flat to up 5% vs. the € 46.2 million reported in Q3-24
    (€ millions, except EPS) Q3-
    2024    		 Q2-
    2024    		 Δ Q3-
    2023    		 Δ YTD-
    2024    		 YTD-
    2023    		 Δ
    Revenue 156.6 151.2 +3.6% 123.3 +27.0% 454.1 419.2 +8.3%
    Orders 151.8 185.2 -18.0% 127.3 +19.2% 464.8 381.9 +21.7%
    Gross Margin 64.7% 65.0% -0.3 64.6% +0.1 65.6% 64.8% +0.8
    Operating Income 55.1 49.3 +11.8% 42.7 +29.0% 145.0 147.3 -1.6%
    EBITDA 62.4 56.2 +11.0% 48.9 +27.6% 166.2 166.4 -0.1%
    Net Income* 46.8 41.9 +11.7% 35.0 +33.7% 122.7 122.2 +0.4%
    Net Margin* 29.9% 27.7% +2.2 28.4% +1.5 27.0% 29.1% -2.1
    EPS (basic) 0.59 0.53 +11.3% 0.45 +31.1% 1.56 1.57 -0.6%
    EPS (diluted) 0.59 0.53 +11.3% 0.45 +31.1% 1.55 1.54 +0.6%
    Net Cash and Deposits 110.7 74.4 +48.8% 90.2 +22.7% 110.7 90.2 +22.7%

    * Excluding share-based compensation expense, net income (net margin) would have been € 50.2 million (32.1%), € 48.5 million (32.1%) and € 36.6 million (29.7%) in Q3-24, Q2-24 and Q3-23, respectively and € 148.8 million (32.8%) in YTD-24 vs. € 137.6 million (32.8%) in YTD-23

    Richard W. Blickman, President and Chief Executive Officer of Besi, commented:

    “Besi reported significant growth in revenue, orders and net income in Q3-24 versus the comparable quarter of last year as we continue to benefit from strength in our advanced packaging product portfolio for AI applications despite continued headwinds in mainstream and Chinese assembly equipment markets. For the quarter, revenue of € 156.6 million and orders of € 151.8 million grew by 27.0% and 19.2%, respectively, versus Q3-23 due primarily to strong growth by computing end user markets including hybrid bonding, photonics and other AI applications. Such growth was partially offset by weakness in automotive and Chinese end user markets continuing trends we have experienced this year. Net income of € 46.8 million grew by € 11.8 million, or 33.7%, reflecting a number of favorable trends including increased advanced packaging system revenue, increased gross margins related thereto and better than forecast operating expense levels despite continued growth in R&D spending for next generation hybrid bonding and TCB systems.

    For the first nine months of 2024, revenue of € 454.1 million and orders of € 464.8 million increased by 8.3% and 21.7%, respectively. Growth was due to significantly higher demand by computing end user markets, particularly for AI-related hybrid bonding and photonics applications and from Taiwanese and Korean subcontractors. Net income of € 122.7 million was approximately equal to YTD-23 as higher revenue and gross margins this year were offset by higher R&D spending in support of wafer level assembly development and share-based compensation expense.

    Our financial position improved as well in Q3-24 with net cash increasing to € 110.7 million at quarter-end, an improvement of € 36.3 million (+48.8%) versus Q2-24 and € 20.5 million (+22.7%) versus Q3-23 despite increased share buy-back activity. Total cash and deposits at quarter end grew to € 637.4 million including net proceeds from our Senior Note offering in July 2024 which positions us favorably for anticipated growth in the next market upcycle.

    During Q3-24, Besi continued to receive substantial orders for hybrid bonding systems from existing and new customers. At quarter-end, total revenue producing hybrid bonding orders since 2021 exceeded 100 systems highlighting the importance of this new technology for 3-D AI-related assembly applications. We anticipate additional orders in Q4-24 from a variety of customers as adoption continues to expand globally. We have also received increased interest for Besi’s TCB Next system from leading logic and memory customers which positions us favorably for anticipated growth in next generation 2.5D and HBM applications.

    As such, we have taken steps recently to expand our advanced packaging production capacity in anticipation of future growth. In 2025, we intend to approximately double the cleanroom capacity of our Malaysian production facilities and increase R&D and process development for our hybrid bonding and thermo compression bonding capabilities and customer support at our Singapore facility.

    Looking forward to Q4-24, we expect expanded adoption for hybrid bonding applications to be mitigated by ongoing weakness in mainstream assembly markets. For Q4-24, we forecast that revenue will be flat plus or minus 10% versus Q3-24 partially due to shipment delays by a customer for certain hybrid bonding systems scheduled for delivery in Q4-24. In addition, gross margins are anticipated to range between 63-65% based on our projected product mix. Aggregate operating expenses are forecast to be flat to up 5% versus Q3-24.”

    Share Repurchase Activity

    During the quarter, Besi repurchased approximately 230,000 of its ordinary shares at an average price of € 120.45 per share or a total of € 27.8 million. In August 2024, Besi completed its prior € 60 million share repurchase program and initiated a new € 100 million share repurchase program with an anticipated completion date of October 2025. Cumulatively, as of September 30, 2024, a total of € 7.0 million has been purchased under the new share repurchase program at an average price of € 110.55 per share. As of September 30, 2024, Besi held approximately 1.6 million shares in treasury equal to 2.0% of its shares outstanding.

    Investor and media conference call
    A conference call and webcast for investors and media will be held today at 4:00 pm CET (10:00 am EDT). To register for the conference call and/or to access the audio webcast and webinar slides, please visit www.besi.com.
       
    Important Dates  
    •  Publication Q4/Full year 2024 results February 20, 2025
    •  Publication Q1-2025 results April 23, 2025
    •  Besi’s 2025 AGM April 23, 2025
       

    Basis of Presentation

    The accompanying Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union. Reference is made to the Summary of Significant Accounting Policies to the Notes to the Consolidated Financial Statements as included in our 2023 Annual Report, which is available on www.besi.com.

    Contacts:

    Richard W. Blickman, President & CEO
    Andrea Kopp-Battaglia, Senior Vice President Finance        
    Claudia Vissers, Executive Secretary/IR coordinator
    Edmond Franco, VP Corporate Development/US IR coordinator

    Tel. (31) 26 319 4500                
    investor.relations@besi.com   

    About Besi

    Besi is a leading supplier of semiconductor assembly equipment for the global semiconductor and electronics industries offering high levels of accuracy, productivity and reliability at a low cost of ownership. The Company develops leading edge assembly processes and equipment for leadframe, substrate and wafer level packaging applications in a wide range of end-user markets including electronics, mobile internet, cloud server, computing, automotive, industrial, LED and solar energy. Customers are primarily leading semiconductor manufacturers, assembly subcontractors and electronics and industrial companies. Besi’s ordinary shares are listed on Euronext Amsterdam (symbol: BESI). Its Level 1 ADRs are listed on the OTC markets (symbol: BESIY) and its headquarters are located in Duiven, the Netherlands. For more information, please visit our website at www.besi.com.

    Caution Concerning Forward-Looking Statements

    This press release contains statements about management’s future expectations, plans and prospects of our business that constitute forward-looking statements, which are found in various places throughout the press release, including, but not limited to, statements relating to expectations of orders, net sales, product shipments, expenses, timing of purchases of assembly equipment by customers, gross margins, operating results and capital expenditures. The use of words such as “anticipate”, “estimate”, “expect”, “can”, “intend”, “believes”, “may”, “plan”, “predict”, “project”, “forecast”, “will”, “would”, and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The financial guidance set forth under the heading “Outlook” contains such forward-looking statements. While these forward-looking statements represent our judgments and expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from those contained in forward-looking statements, including any inability to maintain continued demand for our products; failure of anticipated orders to materialize or postponement or cancellation of orders, generally without charges; the volatility in the demand for semiconductors and our products and services; the extent and duration of the COVID-19 and other global pandemics and the associated adverse impacts on the global economy, financial markets, global supply chains and our operations as well as those of our customers and suppliers; failure to develop new and enhanced products and introduce them at competitive price levels; failure to adequately decrease costs and expenses as revenues decline; loss of significant customers, including through industry consolidation or the emergence of industry alliances; lengthening of the sales cycle; acts of terrorism and violence; disruption or failure of our information technology systems; consolidation activity and industry alliances in the semiconductor industry that may result in further increased customer concentration, inability to forecast demand and inventory levels for our products; the integrity of product pricing and protection of our intellectual property in foreign jurisdictions; risks, such as changes in trade regulations, conflict minerals regulations, currency fluctuations, political instability and war, associated with substantial foreign customers, suppliers and foreign manufacturing operations, particularly to the extent occurring in the Asia Pacific region where we have a substantial portion of our production facilities; potential instability in foreign capital markets; the risk of failure to successfully manage our diverse operations; any inability to attract and retain skilled personnel, including as a result of restrictions on immigration, travel or the availability of visas for skilled technology workers; those additional risk factors set forth in Besi’s annual report for the year ended December 31, 2023 and other key factors that could adversely affect our businesses and financial performance contained in our filings and reports, including our statutory consolidated statements. We expressly disclaim any obligation to update or alter our forward-looking statements whether as a result of new information, future events or otherwise.

    Consolidated Statements of Operations

    (€ thousands, except share and per share data) Three Months Ended
    September 30,
    (unaudited)    		 Nine Months Ended
    September 30,
    (unaudited)
      2024 2023 2024 2023
             
    Revenue 156,570 123,320 454,060 419,227
    Cost of sales 55,325 43,709 156,276 147,374
             
    Gross profit 101,245 79,611 297,784 271,853
             
    Selling, general and administrative expenses 27,318 23,310 97,473 81,679
    Research and development expenses 18,874 13,614 55,296 42,907
             
    Total operating expenses 46,192 36,924 152,769 124,586
             
    Operating income 55,053 42,687 145,015 147,267
             
    Financial expense, net 1,560 1,758 3,194 4,974
             
    Income before taxes 53,493 40,929 141,821 142,293
             
    Income tax expense 6,719 5,889 19,123 20,104
             
    Net income 46,774 35,040 122,698 122,189
             
    Net income per share – basic 0.59 0.45 1.56 1.57
    Net income per share – diluted 0.59 0.45 1.55 1.54
             
    Number of shares used in computing per share amounts:        
    – basic 79,630,787 77,374,933 78,701,287 77,656,542
    – diluted1 81,876,505 82,444,358 81,978,112 83,038,212

    ______________________
    1) The calculation of diluted income per share assumes the exercise of equity settled share based payments and the conversion of all Convertible Notes outstanding

    Consolidated Balance Sheets

    (€ thousands) September
    30, 2024
    (unaudited)    		 June
    30, 2024
    (unaudited)    		 March
    31, 2024
    (unaudited)    		 December
    31, 2023
    (audited)
    ASSETS        
             
    Cash and cash equivalents 307,448 127,234 232,053 188,477
    Deposits 330,000 130,000 215,000 225,000
    Trade receivables 169,266 174,601 150,192 143,218
    Inventories 104,103 99,291 99,384 92,505
    Other current assets 44,731 36,346 34,756 39,092
             
    Total current assets 955,548 567,472 731,385 688,292
             
    Property, plant and equipment 44,220 43,571 41,328 37,516
    Right of use assets 16,419 16,821 16,901 18,242
    Goodwill 45,278 45,710 45,613 45,402
    Other intangible assets 94,855 92,627 90,241 93,668
    Deferred tax assets 8,610 9,517 11,444 12,217
    Other non-current assets 1,316 1,239 1,252 1,216
             
    Total non-current assets 210,698 209,485 206,779 208,261
             
    Total assets 1,166,246 776,957 938,164 896,553
             
             
    Current portion of long-term debt 2,241 3,033 984 3,144
    Trade payables 49,211 51,620 52,382 46,889
    Other current liabilities 87,739 73,023 100,606 87,200
             
    Total current liabilities 139,191 127,676 153,972 137,233
             
    Long-term debt 524,527 179,801 265,142 297,353
    Lease liabilities 13,033 13,448 13,625 14,924
    Deferred tax liabilities 11,619 10,396 12,136 12,959
    Other non-current liabilities 12,449 11,352 12,914 12,671
             
    Total non-current liabilities 561,628 214,997 303,817 337,907
             
    Total equity 465,427 434,284 480,375 421,413
             
    Total liabilities and equity 1,166,246 776,957 938,164 896,553

     

    Consolidated Cash Flow Statements

    (€ thousands) Three Months Ended
    September 30,
    (unaudited)    		 Nine Months Ended
    September 30,
    (unaudited)
      2024 2023 2024 2023
             
    Cash flows from operating activities:        
    Income before income tax 53,493 40,929 141,821 142,293
             
    Depreciation and amortization 7,388 6,248 21,181 19,155
    Share based payment expense 3,400 1,575 27,216 16,300
    Financial expense, net 1,560 1,758 3,194 4,974
             
    Changes in working capital 6,031 15,697 (43,914) (2,581)
    Interest (paid) received (1,996) (2,649) (19,513) (27,948)
    Income tax paid 2,156 1,582 7,218 3,075
             
    Net cash provided by operating activities 72,032 65,140 137,203 155,268
             
    Cash flows from investing activities:        
    Capital expenditures (2,099) (1,990) (10,965) (5,448)
    Capitalized development expenses (4,415) (4,700) (13,990) (15,341)
    Repayments of (investments in) deposits (200,000) – (105,000) (5,268)
             
    Net cash provided by (used in) investing activities (206,514) (6,690) (129,955) (26,057)
             
    Cash flows from financing activities:        
    Proceeds from notes 350,000 – 350,000 –
    Transaction costs related to notes (6,395) – (6,395) –
    Payments of lease liabilities (1,080) (995) (3,186) (3,207)
    Purchase of treasury shares (27,829) (45,537) (57,418) (190,264)
    Dividends paid to shareholders – – (171,534) (222,109)
             
    Net cash used in financing activities 314,696 (46,532) 111,467 (415,580)
             
    Net increase (decrease) in cash and cash equivalents 180,214 11,918 118,715 (286,369)
    Effect of changes in exchange rates on cash and
    cash equivalents    		 – 130 256 (292)
    Cash and cash equivalents at beginning of the
    period    		 127,234 192,977 188,477 491,686
             
    Cash and cash equivalents at end of the period 307,448 205,025 307,448 205,025

      

    Supplemental Information (unaudited)
    (€ millions, unless stated otherwise)

    REVENUE Q3-2024 Q2-2024 Q1-2024 Q4-2023 Q3-2023 Q2-2023 Q1-2023
                                 
    Per geography:                            
    China 45.5 29% 57.5 38% 58.5 40% 62.0 39% 40.8 33% 64.9 40% 37.6 28%
    Asia Pacific (excl. China) 51.6 33% 54.1 36% 43.6 30% 57.9 36% 42.3 34% 59.2 36% 58.2 44%
    EU / USA / Other 59.5 38% 39.6 26% 44.2 30% 39.7 25% 40.2 33% 38.4 24% 37.6 28%
                                 
    Total 156.6 100% 151.2 100% 146.3 100% 159.6 100% 123.3 100% 162.5 100% 133.4 100%
                                 
    ORDERS Q3-2024 Q2-2024 Q1-2024 Q4-2023 Q3-2023 Q2-2023 Q1-2023
                                 
    Per geography:                            
    China 45.4 30% 43.3 23% 51.1 40% 71.1 43% 46.0 36% 51.4 46% 35.5 25%
    Asia Pacific (excl. China) 69.3 46% 72.0 39% 45.0 35% 36.6 22% 40.9 32% 33.2 29% 71.3 50%
    EU / USA / Other 37.1 24% 69.9 38% 31.6 25% 58.7 35% 40.4 32% 28.0 25% 35.2 25%
                                 
    Total 151.8 100% 185.2 100% 127.7 100% 166.4 100% 127.3 100% 112.6 100% 142.0 100%
                                 
    Per customer type:                            
    IDM 84.5 56% 122.4 66% 53.5 42% 82.7 50% 70.5 55% 60.5 54% 74.0 52%
    Subcontractors 67.3 44% 62.8 34% 74.2 58% 83.7 50% 56.8 45% 52.1 46% 68.0 48%
                                 
    Total 151.8 100% 185.2 100% 127.7 100% 166.4 100% 127.3 100% 112.6 100% 142.0 100%
                                 
    HEADCOUNT Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023
                                 
    Fixed staff (FTE) 1,807 87% 1,783 86% 1,760 88% 1,736 93% 1,725 87% 1,689 86% 1,682 84%
    Temporary staff (FTE) 271 13% 279 14% 236 12% 134 7% 248 13% 279 14% 312 16%
                                 
    Total 2,078 100% 2,062 100% 1,996 100% 1,870 100% 1,973 100% 1,968 100% 1,994 100%
                                 
    OTHER FINANCIAL DATA Q3-2024 Q2-2024 Q1-2024 Q4-2023 Q3-2023 Q2-2023 Q1-2023
                                 
    Gross profit 101.2 64.7% 98.3 65.0% 98.3 67.2% 103.9 65.1% 79.6 64.6% 106.6 65.6% 85.7 64.2%
                                 
                                 
    Selling, general and admin expenses:                            
    As reported 27.3 17.4% 30.5 20.2% 39.6 27.1% 24.3 15.2% 23.3 18.9% 29.4 18.1% 29.0 21.7%
    Share-based compensation expense (3.4) -2.1% (6.9) -4.6% (16.9) -11.6% (2.8) -1.7% (1.6) -1.3% (5.5) -3.4% (9.3) -7.0%
                                 
    SG&A expenses as adjusted 23.9 15.3% 23.6 15.6% 22.7 15.5% 21.5 13.5% 21.7 17.6% 23.9 14.7% 19.7 14.8%
                                 
                                 
    Research and development expenses:                            
    As reported 18.9 12.1% 18.5 12.2% 17.9 12.2% 13.5 8.5% 13.6 11.0% 14.3 8.8% 15.0 11.2%
    Capitalization of R&D charges 4.4 2.8% 4.9 3.2% 4.7 3.2% 5.7 3.6% 4.7 3.8% 5.3 3.3% 5.4 4.0%
    Amortization of intangibles (3.9) -2.5% (3.6) -2.3% (3.6) -2.4% (3.3) -2.1% (3.3) -2.6% (3.5) -2.2% (3.5) -2.6%
                                 
    R&D expenses as adjusted 19.4 12.4% 19.8 13.1% 19.0 13.0% 15.9 10.0% 15.0 12.2% 16.1 9.9% 16.9 12.7%
                                 
                                 
    Financial expense (income), net:                            
    Interest income (5.2)   (3.0)   (4.0)   (3.6)   (2.9)   (3.1)   (2.6)  
    Interest expense 5.7   2.1   2.8   3.0   2.8   2.9   2.9  
    Net cost of hedging 1.9   1.4   1.6   1.7   1.7   2.0   1.6  
    Foreign exchange effects, net (0.8)   0.5   0.2   (0.4)   0.2   (0.1)   (0.4)  
                                 
    Total 1.6   1.0   0.6   0.7   1.8   1.7   1.5  
                                 
    Gross cash 637.4   257.2   447.1   413.5   391.2   378.3   644.9  
                                 
                                 
    Operating income (as % of net sales) 55.1 35.2% 49.3 32.6% 40.7 27.8% 66.1 41.4% 42.7 34.6% 62.9 38.7% 41.7 31.3%
                                 
    EBITDA (as % of net sales) 62.4 39.8% 56.2 37.2% 47.5 32.5% 72.7 45.6% 48.9 39.7% 69.3 42.6% 48.2 36.1%
                                 
    Net income (as % of net sales) 46.8 29.9% 41.9 27.7% 34.0 23.2% 54.9 34.4% 35.0 28.4% 52.6 32.4% 34.5 25.9%
                                 
    Effective tax rate 12.6%   13.0%   15.3%   16.1%   14.4%   14.0%   14.0%  
                                 
                                 
    Income per share                            
    Basic 0.59   0.53   0.44   0.71   0.45   0.68   0.44  
    Diluted 0.59   0.53   0.44   0.68   0.45   0.66   0.44  
                                 
    Average shares outstanding (basic) 79,630,787 79,281,533 77,181,326 77,070,082 77,374,933 77,634,197 77,946,873
                                 
    Shares repurchased                            
    Amount 27.8   14.8   14.8   23.1   45.5   66.9   77.7  
    Number of shares 230,807 105,042 101,049 226,572 447,829 761,937 1,120,327
                                 

    The MIL Network –

  • MIL-OSI: Gate Ventures, Movement Labs, and Boon Ventures Launch $20M Fund to Accelerate Web3 Innovation

    Source: GlobeNewswire (MIL-OSI)

    PANAMA CITY, Oct. 24, 2024 (GLOBE NEWSWIRE) — Gate Ventures, a global venture capital firm specializing in blockchain; Movement Labs, a leader in Move-based blockchain technology; and Boon Ventures, a prominent investor in emerging tech startups, today announced the establishment of a groundbreaking $20 million fund designed to transform the Web3 space. This strategic alliance will invest in cutting-edge projects and accelerate the development of Move-based blockchain technologies.

    The fund will concentrate on four key areas:

    1. Accelerating the adoption of Move-based blockchain solutions
    2. Enhancing security and performance in decentralized networks
    3. Supporting projects that bridge Move and EVM ecosystems
    4. Driving innovation in Web3 infrastructure and applications

    “This $20 million fund marks a significant milestone in our mission to drive forward-thinking solutions in the Web3 ecosystem,” said Kevin Yang, Managing Partner at Gate Ventures. “By collaborating with Movement Labs and other visionary projects, we’re paving the way for the future of decentralized technology.”

    Rushi Manche, Co-Founder of Movement Labs added, “This $20 million fund is a game-changer for the Move ecosystem. It’s a powerful validation of what we’re building at Movement Labs. Move’s capabilities in security and scalability are setting new standards in Web3. This fund will specifically be used to support builders building the future of secure decentralized finance, fully on-chain gaming and consumer, as well as decentralized physical infrastructure efforts.”

    Teerus Boon-Long, CEO of Boon Ventures, said, “This is the beginning of a great journey forward in the Web3 space. It’s not aimed at short-term goals but at building a promising future for a decentralized society.”

    The partnership leverages the unique strengths of each entity:

    • Gate Ventures brings extensive resources, a global network, and deep experience in Web3 investments, enabling strategic partnerships and growth opportunities.
    • Movement Labs offers profound expertise in Move-based blockchain technology, infrastructure, and ecosystem building.
    • Boon Ventures has a successful track record of empowering innovative startups across multiple sectors through funding, mentorship, and strategic guidance.

    To help achieve its goals, the fund will implement several key initiatives:

    • Organize global hackathons to stimulate innovation in Move-based technologies and attract top talent.
    • Establish a mentorship program connecting industry veterans with promising Web3 startups to provide guidance and expertise.
    • Create a research grant program to advance blockchain interoperability solutions, fostering cross-ecosystem collaboration.
    • Host quarterly thought leadership summits to address pressing challenges in the Web3 space and drive collective progress.

    As the fund deploys its $20 million, the partners are committed to fostering innovation and driving the Web3 space forward. They will provide updates on investments, collaborations, and leading-edge technologies that will define the future of Web3, blockchain, and decentralized applications.

    About Gate Ventures
    Gate Ventures is the venture capital arm of Gate.io, one of the world’s largest and most trusted cryptocurrency exchanges, specializing in early-stage investments in blockchain technology and digital assets. Our mission is to drive innovation and foster growth across the global blockchain ecosystem. By collaborating with industry leaders worldwide, we support visionary teams and startups that have the potential to reshape social and financial interactions. As a long-term investor, we are committed to offering comprehensive support to our portfolio companies, from product development and operational scaling to global expansion. Follow Gate Ventures on X for more updates.
    https://gate.io/ventures

    About Movement Labs
    Movement Labs develops the Movement Network, an ecosystem of Modular Move-Based Blockchains. The company is creating the first Move Virtual Machine L2 for Ethereum, along with open-source tools to promote Move adoption across blockchains. Their platform enables developers to launch high-performance Move VM rollups easily, bridging Move and EVM ecosystems. Backed by $38 million in Series A funding, Movement Labs is advancing Move-based technologies and blockchain interoperability in Web3. Follow Movement Labs on X and on Discord for updates. Movement Labs is on a mission to create a global community of Move builders, working together to increase the security, performance, and user experience of building in decentralized networks.

    About Boon Ventures
    Boon Ventures is a single-family office spun out of the Boon-Long family, one of the longest-established families in Thailand, in 2015. Since then, it has served as the alternative investment and advisory arm of the Boon-Long family. Boon Ventures is an independent, fast-moving organization with a strong network and partnerships both in Thailand and globally, driven by a mission to foster innovative change, long-term growth, and sustainable value.

    Media Contact:
    Elaine Wang at elaine.w@gate.io

    Name: Teerus Boon-Long Kanyarat Ondeekul
    Email: kanyarat.o@boonventures.com
    Company: Boon Ventures

    Name: Carmen Pearson
    Email: Carmen.Pearson@MovementLabs.xyz
    Company: Movement Labs

    Disclaimer: This content is provided by Gate. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/843b1a84-4e76-4e19-a8b1-6a30ff656efd

    The MIL Network –

  • MIL-OSI: eQ Community Properties Fund renewed loans in excess of EUR 400 million – Deutsche Bank as a new lender

    Source: GlobeNewswire (MIL-OSI)

    Press release
    24 October 2024 10:30 am

    eQ Community Properties Fund (AIF) has entered into a EUR 154 million senior secured loan arrangement with Deutsche Bank AG. The collateral portfolio consists of community and healthcare assets in the Helsinki Metropolitan Area and Tampere.

    In June, the fund also extended a EUR 253 million senior secured loan facility with its current lenders Nordea Bank, Danske Bank, Swedbank and Aktia.

    Through the recent successful arrangements, the Fund has broadened and strengthened its lender base, secured a long-term financing as well as extended its loan maturities and fixed interest periods.

    Head of Real Estate Investments at eQ, Tero Estovirta says: “We are very pleased to have an international and prominent financier, Deutsche Bank, as a new lender in eQ Community Properties Fund. We have worked for a long time and systematically to obtain international debt financing and Deutsche Bank has been one of the most interesting ones already for a while. It is great to have now initiated our cooperation. Generally, financiers have shown strong interest and trust towards Finnish real estate and open-ended funds. Access to debt has clearly improved as interest rate levels decrease. It is possible to reach cost-effective and sustainable financing solutions. All the lenders of eQ Community Properties Fund are leading players in the market and together with our latest addition, Deutsche Bank, they facilitate a strong financing platform for the future. We thank all our lenders for pragmatic and solution-orientated processes.”

    eQ Community Properties Fund (AIF) was established in 2012. The market value of the fund’s property portfolio is EUR 1.75 billion as per September 2024. The fund is the largest community properties investor and developer in Finland. The assets are located in the Helsinki Metropolitan Area and selected growth centres in Finland.

    Helsinki 24 October 2024

    eQ Asset Management Ltd

    Further information:
    Tero Estovirta, Head of Real Estate Investments, eQ Asset Management Ltd
    +358 50 593 6194 / tero.estovirta@eQ.fi

    eQ Group is a group of companies that concentrates on asset management and corporate finance business. eQ Asset Management offers a wide range of asset management services (including private equity funds and real estate asset management) for institutions and private individuals. The assets managed by the Group total approximately EUR 13.3 billion. Advium Corporate Finance, which is part of the Group, offers services related to mergers and acquisitions, real estate transactions and equity capital markets.

    More information about the Group is available on our website www.eQ.fi.

    The MIL Network –

  • MIL-OSI: MKS Instruments Breaks Ground on Super Center Factory in Malaysia

    Source: GlobeNewswire (MIL-OSI)

    ANDOVER, Mass., United States and KUALA LUMPUR, Malaysia, Oct. 24, 2024 (GLOBE NEWSWIRE) — MKS Instruments, Inc. (NASDAQ: MKSI), a global provider of technologies that transform the world, the Malaysian Investment Development Authority (MIDA) and InvestPenang today announced that MKS celebrated the groundbreaking ceremony of its super center factory in Penang, Malaysia to support the growing needs of semiconductor equipment for wafer fabrication in the region and globally. The state-of-the-art facility will be located on a 17-acre plot, spanning approximately 500,000 square feet. and will employ approximately 1,000 people. The new factory will be built in multiple phases, with the first phase scheduled for completion in the first half of 2026.

    ADUN Bukit Tambun and Director of InvestPenang, YB Goh Choon Aik stated, “Penang, renowned as the Silicon Valley of the East, has cemented its position as a preferred global destination for electronics and electrical investments in Southeast Asia. With a legacy of five decades of industrialisation and a reputation for innovation and technological excellence, the state offers a thriving industrial ecosystem that naturally attracts investors. MKS Instruments’ expansion into Penang is a testament to the state’s appeal as a preferred investment destination, supported by its robust ecosystem.”

    YB Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, Minister of Investment, Trade and Industry (MITI), welcomed MKS Instruments to Malaysia, stating, “This groundbreaking super center factory is a resounding affirmation of our government’s commitment to expediting investors’ projects with the able assistance of agencies like MIDA. More importantly, this aligns with our New Industrial Master Plan 2030, which aims to enhance our economic complexity, fostering symbiotic relationships between global companies and local SMEs, and creating high-skilled, high-paying jobs in cutting-edge sectors like engineering and technical fields, for the benefit of Malaysians. I’m confident that these initiatives will catapult our semiconductor sector to the pinnacle of the global value chain, a true ‘tour de force’ in the world of industry.”

    Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid stated “This momentous occasion presents a golden opportunity for our machinery and equipment (M&E) companies to showcase their prowess in producing high-value products and integrated services that meet the exacting standards of multinational corporations (MNCs). MIDA remains steadfast in its commitment to supporting and facilitating investments that enhance operational capabilities, ultimately catalysing the meteoric rise of Malaysia’s manufacturing sector, a true ‘industrial powerhouse’ in the making.”

    “Penang offers an attractive and rapidly growing semiconductor ecosystem, and building a significant presence here is part of our strategic and long-term capital planning,” said Dr. John T.C. Lee, President and Chief Executive Officer of MKS. “Adding Penang to our global footprint puts us closer to our customers, suppliers and a robust technology infrastructure, including a deep and talented labor pool, as we continue to spur innovation and enhance our capabilities as a leader across a broad array of semiconductor manufacturing applications.”

    MIDA reports that for the first half of 2024 (1H2024), the Machinery and Equipment (M&E) sector saw promising growth, with a total of 64 projects approved, amounting to investments valued at RM2.8 billion. These projects are anticipated to create significant opportunities, generating over 3,500 new jobs and contributing to the sector’s continued development and expansion in Malaysia.

    About MIDA

    MIDA is the government’s principal investment promotion and development agency under the Ministry of Investment, Trade and Industry (MITI) to oversee and drive investments into the manufacturing and services sectors in Malaysia. Headquartered in Kuala Lumpur Sentral, MIDA has 12 regional and 21 overseas offices. MIDA continues to be the strategic partner to businesses in seizing the opportunities arising from the technology revolution of this era. For more information, please visit www.mida.gov.my and follow us on X, Instagram, Facebook, LinkedIn, TikTok and YouTube channel.

    About InvestPenang

    InvestPenang is the Penang State Government’s principal agency for the promotion of investments. Its objectives are to develop and sustain Penang’s economy by enhancing and continuously supporting business activities in the State through foreign and local investments, including spawning viable new growth centers. To realize its objectives, InvestPenang also runs initiatives like the SMART Penang Center (providing assistance to SMEs), Penang CAT Center (for talent attraction and retention), and Global Business Services (GBS) Focus Group (promoting and developing digital economy). For more information, please visit https://investpenang.gov.my.

    About MKS Instruments

    MKS Instruments enables technologies that transform our world. We deliver foundational technology solutions to leading edge semiconductor manufacturing, electronics and packaging, and specialty industrial applications. We apply our broad science and engineering capabilities to create instruments, subsystems, systems, process control solutions and specialty chemicals technology that improve process performance, optimize productivity and enable unique innovations for many of the world’s leading technology and industrial companies. Our solutions are critical to addressing the challenges of miniaturization and complexity in advanced device manufacturing by enabling increased power, speed, feature enhancement, and optimized connectivity. Our solutions are also critical to addressing ever-increasing performance requirements across a wide array of specialty industrial applications. Additional information can be found at www.mks.com.

    For more information, please contact:

    MIDA InvestPenang MKS Instruments
    Ms. Zakiah Sajidan
    Director, Machinery and Metal
    Technology Division
    Email: zakiah@mida.gov.my
    Tel.: +603 22676769    		 Ms. Elaine Cheah
    Communications & Business
    Intelligence
    Email: elaine@investpenang.gov.my
    Tel.: +604 6468833    		 Mr. Bill Casey
    Senior Director, Marketing
    Communications 
    Email: press@mksinst.com
    Tel.: +1 630 995 6384 

    Ms. Kerry Kelly
    Partner, Kekst CNC
    Email: kerry.kelly@kekstcnc.com
         

    Safe Harbor for Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, regarding MKS’ construction of a factory in Malaysia and the projected timeline. Any statements that are not statements of historical fact should be considered to be forward-looking statements. Actual events or results may differ materially from those in the forward-looking statements set forth herein, including as a result of the factors described in MKS’ Annual Report on Form 10-K for the year ended December 31, 2023 and any subsequent Quarterly Reports on Form 10-Q, as filed with the U.S. Securities and Exchange Commission. MKS is under no obligation to, and expressly disclaims any obligation to, update or alter these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release.

    The MIL Network –

  • MIL-OSI: Form 8.3 – PRS REIT Plc

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

    PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)   Full name of discloser: Jupiter Fund Management Plc
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.    		  
    (c)   Name of Offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree    		 PRS REIT plc, The
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:  
    (e)   Date position held:
            For an opening position disclosure, state the latest practicable date prior to the disclosure    		 23rd October 2024
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”    		 No

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

    (a)      Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

    Class of relevant security: 1p ordinary
      Interests Short positions
      Number % Number %
    (1)   Relevant securities owned and/or controlled: 6,394,359 1.16%    
    (2)   Cash-settled derivatives:        
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        

            TOTAL:

    		 6,394,359 1.16%    

    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

    (b)      Rights to subscribe for new securities (including directors’ and other employee options)

    Class of relevant security in relation to which subscription right exists: None
    Details, including nature of the rights concerned and relevant percentages: None

    3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit
    None      

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD    		 Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position    		 Number of reference securities Price per unit
    NONE        
             

    (c)        Stock-settled derivative transactions (including options)

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.    		 Expiry date Option money paid/ received per unit
    NONE              

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option    		 Exercising/ exercised against Number of securities Exercise price per unit
    NONE        

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion    		 Details Price per unit (if applicable)
    None      

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

    NONE

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i)   the voting rights of any relevant securities under any option; or
    (ii)   the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”

    NONE

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? NO
    Date of disclosure: 24thOctober 2024
    Contact name: Katie Wild
    Telephone number: 0203 817 1620

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network –

  • MIL-OSI: Prospera Energy Inc. Corporate Update: Three Years of Strategic Restructuring, Recovery, and Future Growth

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Oct. 24, 2024 (GLOBE NEWSWIRE) — Prospera Energy Inc. (“PEI”) (TSX.V: PEI, OTC: GXRFF, FRA: OF6B)

    The 2024 Prospera corporate update outlines the company’s restructuring efforts since 2021, highlighting key milestones achieved, challenges faced, and the strategic path forward to achieve production stability and profitability.

    Preamble:
    By the end of 2020 Prospera faced a litany of financial challenges, including low production, high operating costs, and the global impacts of the Covid pandemic. The company’s liability was in excess of $24MM ($12MM ARO, $11MM AP arrears, & $1.5MM in Credit Facilities) mainly towards secured mezzanine capital, CRA, mineral royalties, municipality property tax, landowners lease payments, numerous local service providers, and high asset retirement obligations. Adding to the problems, Prospera had in excess of 400+ non-compliance infractions with spills, dysfunctional monitoring devices, and facilities that had been neglected and orphaned. Consequently, Prospera Energy Inc. was in a terminal position. In Q1 2021, the municipality and secured debt holder exercised their rights, taking control of payments from the limited revenue and production that remained. The then-CEO and directors were fleeing from the company’s obligations, especially to the CRA.

    Towards the end of 2020, PEI’s continuing operations had become difficult due to high and long-term liabilities, a situation further amplified by the pandemic and drastic reduction in produced volumes (less than 200 bpd Gross).

    At the time, Mr. Samuel David was leading a private company developing medium-light oil around the Brooks area and as a result of his association with the late Burkhart Franz, founder of Prospera Energy Inc. (formerly Georox Resources), Mr. David accepted a role as an advisor to help rescue the company from entering into CCA.

    Prospera Energy Restructure:
    Prospera Energy Inc’s restructuring commenced in Q1, 2021, with the appointment of Mr. David as President, CEO & Director. Mr. David observed legacy heavy (13-17API) oil fields were developed with numerous vertical wells on reduced spacing. These wells were in primary depletion without any patterned pressure support. Produced water was randomly disposed resulting in water recycling. Reserves were estimated on the decline of the small number of low producing wells and their economies were burdened by high surface lease costs and their high number of standing wells. Unprocessed 3-D seismic coverage was available over the entire reservoir of each asset, each of which has a facility processing capacity to handle large volumes of produced fluid, and the wells were tied into these central facilities. Clean oils were trucked out to a nearby terminal. Produced water was reinjected by central pumps at the facility to injectors throughout the field. These infrastructures had previously been neglected and not maintained.

    Mr. David recognized the recovery to date was low with respect to volumetric estimation of oil in place, and a significant amount of oil remains within adequate infrastructure. The recovery has been from an under pressured solution gas drive reservoir with low active edge water and exploited by vertical well technology only. However, high AP arrears, ARO and neglected infrastructure were significant obstacles. Overcoming poor technical conduct and neglect required sufficient capital to exploit the remaining reserves effectively and profitably. To rectify these issues, Samuel devised a development plan in phases to capture the significant remaining reserves.

    The Prospera development plan is comprised of three phases:

    1. Phase one was to bring operations to safe operating conditions and optimize low hanging opportunities to increase production.
    2. Phase two was to transition to horizontal wells and abandon depleted vertical wells along the path. This reduces the environmental footprint and the corresponding fixed operating cost. It would also diversify product mix by adding higher API oil assets.
    3. The third and final phase is to implement improved and enhanced recovery methods tailored to the reservoir conditions, aiming to reduce decline for sustained long-term production. This approach, combined with a reduced footprint and lower operating costs, is designed to yield higher margins.

    At the time, the minimum allowed for a private placement was five cents, while PEI stock was trading at one cent and at risk of being halted. Fortunately, a one-time, two-cents private placement offering opportunity, that was only offered during extraordinary circumstances such as the pandemic, was permitted. Utilizing this opportunity and the proposed engineering solutions, capital was raised with the assistance of Kurt Soost, who played a key role in connecting credible investors such as Peter Lacey, Dave Richardson, and others to the seed capital provided by the management group, which included Mr. David and Jaz Dhaliwal. They participated in the initial and subsequent private placement offerings, helping Prospera secure a financial lifeline.

    This realigned the PEI board, which requested Mr. David amalgamate his private company assets into Prospera at an equal interest, to avoid any perception of bias towards his assets and to ensure focus on Prospera’s asset development going forward. As a result, Prospera acquired a 50% working interest in a medium-light oil property with operatorship from Mr. David on favorable terms, with no upfront cash consideration and delayed consideration on a success basis. These terms were released on December 7th, 2022, and the transaction consideration was based on third-party evaluations, TSX approval, and independent scrutiny and approval resolution by the directors.

    Restructuring Efforts Resulted In:
    Oil in Place Validated – Prospera Oil in place and remaining reserves were authenticated by geological delineation, well control & production performance, 3D seismic confirmation, and by 3rd party evaluation

    • Total OOIP = 396.7 MMbbl
    • Produced = 34.2 MMbbl
    • Recovered = 8.6%

    NPV Appreciation – Net Present value of the reserves was steadily substantiated by PEI’s optimization and development. As a result:

    • Before Tax PDP reserves increased 508% from $4.4MM$ to $27.1MM$ in 2023 at a 10% discount rate
    • Before tax 2P reserves increased by $60.8m from $72.5m to $133.3MM$ in 2023 at a 10% discount rate
    • Total proved and probable reserves increased by 25% from 4,306 to 5,403 Mboe
    • Reserve life index increased by 6% from 28.4 to 30.0 years

    Increased Ownership – In the three core heavy oil properties from an average of 35% to 95% by settling out joint venture receivables.

    Regulator License Liability Rating – Asset to liability ratio was elevated by PEI restructured efforts

    • The Saskatchewan regulator assessed the company’s asset value 18MM$ higher due to the changes implemented
    • The asset to liability ratio has increased from 0.47 to 1.44 in Saskatchewan
    • The asset to liability ratio has increased from 0.90 to 2.60 in Alberta

    Diversify Production Mix – Acquired a 50% interest in Medium-oil development play and successfully perforated two existing wells with favorable results. In 2023, the first well was drilled, with initial production (IP) rates exceeding expectations. This led to attractive investment returns, with a payout achieved in just seven months.

    In 2024, four development wells were drilled, encountering pay, structure, and oil shows as anticipated. The first medium-oil horizontal well encountered 800 meters of porous reservoirs with oil shown in the lateral section. The well test demonstrated strong inflow, producing over 50 m³/d of fluid at 50% oil cuts. The oil quality is 26–30-degrees API. This well is now online and delivering consistent rates as it is stabilizing.

    Financial Position Appreciation – Netbook value (Total assets) has increased from $5.5 million in 2020 to approximately $59.0 million by the end of Q3 2024. This growth was driven by capital raised ($35MM) and cash flow from operations ($7MM), both of which were deployed for optimization and development. Additional value appreciation resulted from an impairment reversal, supported by the substantiation of remaining reserve value ($8 million) and the capitalization of a working interest acquisition ($3 million). Since 2021, the total asset value has been appreciated by $53+ million. 

    Due to capital deployed for optimization, non-compliance elimination, infrastructure upgrades and development aimed at increasing production and recoveries, the company is beginning to see operational profitability. 2022 saw production increased and, if not for the lower commodity prices in 2023, the company would have been profitable in 2022. Nonetheless, 2022 was a rebound year, generating $2.3 million in operating income compared to a substantial loss the previous year. With ongoing production optimization and development, Prospera has achieved approximately $2.6 million in cash operating income as of Q3, 2024.

    The restructuring efforts have transformed the company into cash-flow-positive operation. Prospera’s bare bones break-even operating expenses are $1.1 million per month (500 boe/d @ $75/boe CAD). Any cash flow above this break-even amount is allocated to servicing debt, addressing legacy arrears and further funding, optimization and development initiatives.

    With current production levels around 900 boe/d, the company has generated $2.6 million year to date Q3, 2024.

    Production Appreciation & Challenges – PEI’s restructuring efforts successfully optimized production from 80 boepd to 800 boepd during the phase one execution. By the end of 2023, peak production rates reach 1,800 boepd driven by horizontal development and medium oil development.

    While the restructuring yielded positive results, Prospera production progress and forecast were impacted by operational set-back and by severe cold weather conditions. These issues hindered expected production rates, preventing the company from achieving its short-term production and financial targets.

    PEI has continually implemented measures to address operational constraints, and restore and maintain peak production rates. These include failure analysis, calibrated equipment, revised operational procedures, and accountability for accurate and timely data to maximize run time with experienced personnel. As a result, Cuthbert operations are starting to stabilize while challenges are being addressed. Approximately 70+ m3/d of production is currently behind pipe at Cuthbert, and PEI is focused on capturing this additional volume.

    Revised 2024 Prospera Forecast
    Following a challenging recalibration, Prospera has expressed optimism going forward, however, PEI has faced a series of challenges including cold weather conditions, infrastructure breakdown, water recycling issues, legacy arrears, non-participating JV partners, and lower commodity prices. These factors have unexpectedly delayed the company’s timeline for attaining the initially projected targets.

    The legacy reservoirs are now in the final stages of primary pressure depletion and require additional energy in-situ to increase the mobility of the viscous oil. Enhanced recovery methods suited to the specific reservoir conditions must be applied gradually and methodically to maximize oil recovery, which will take time. PEI has initiated horizontal transformation while testing the recovery methods to be applied to the future horizontal wells while modifying necessary infrastructure adjustments. With the benefit of new information, extensive data, and a revised plan, Prospera has reassessed and incorporated the challenges and setback into the company’s updated forecast moving forward.

    Prospera has achieved many technical and financial successes, these accomplishments have been overshadowed by production shortfalls set out by optimistic early targets. Moving forward, PEI’s primary focus is on efficient operations to ensure sustained, stable production and production growth.  

    Conclusion
    Prospera Energy Inc. has come a long way since the brink of bankruptcy in Q1, 2021. Through a successful restructuring, PEI has eliminated the risk of insolvency, addressed critical regulatory non-compliances, and raised regulator license liability ratings by increasing production through optimization and development. The company has also substantiated the large amount of remaining reserves and substantially increased the proven asset value of the company. By improving cash flow from operations well above break-even, PEI has remained operational while deploying capital to address legacy accounts payable arrears and implement proven technical applications. Additionally, the acquisition of medium-oil assets has reduced dependency on heavy-oil differentials.

    In short, Prospera have made significant progress in positioning the company for future growth. However, PEI achievements have been overshadowed by production short fall set out by optimistic targets by optimization and drilling success. Prospera acknowledges these challenges encountered and has incorporated them into the revised 2024 forecast, to allocate sufficient time and resources to improve operational efficiencies, optimize well run times, and implement reservoir management applications while adhering to safety & regulatory guidelines. These proactive measures are being implemented in Q4 2024 and Q1 2025 to stabilize and support robust, sustained growth throughout Q2 and Q3 of 2025.

    While the company is revising the year-end production target down to 1,250 barrels, it is important to emphasize that the fundamentals of Prospera Energy’s assets remain strong. The significant recovery potential remains within reach, and PEI continues to execute on our long-term development plan to capitalize on these opportunities. The reduction in short-term targets does not diminish the company’s confidence in the strategic path forward. Prospera remains focused on optimizing production, improving efficiency, and unlocking the full value of PEI’s resources. As Prospera moves ahead, the company is committed to increasing production through optimization, horizontal transformation, and enhanced oil recovery.

    About Prospera
    Prospera is a publicly traded energy company based in Western Canada, specializing in the exploration, development, and production of crude oil and natural gas. Prospera is primarily focused on optimizing hydrocarbon recovery from legacy fields through environmentally safe and efficient reservoir development methods and production practices. Prospera was restructured in the first quarter of 2021 to become profitable and in compliance with regulatory, environmental, municipal, landowner, and service stakeholders.

    The company is in the midst of a three-stage restructuring process aimed at prioritizing cost effective operations while appreciating production capacity and reducing liabilities. Prospera has completed the first phase by optimizing low hanging opportunities, attaining free cash flow, while bringing operation to safe operating condition, all while remaining compliant. Currently, Prospera is executing phase II of the restructuring process, the horizontal transformation intended to accelerate growth and capture the significant oil in place (400 million bbls). These horizontal wells allow PEI to reduce its environmental and surface footprint by eliminating the numerous vertical well leases along the lateral path. Phase III of Prospera’s corporate redevelopment strategy is to optimize recovery through EOR applications. Furthermore, Prospera will pursue its acquisition strategy to diversify its product mix and expand its core area. Its goal is to attain 50% light oil, 40% heavy oil and 10% gas.

    The Corporation continues to apply efforts to minimize its environmental footprint. Also, efforts to reduce and eventually eliminate emissions, alongside pursuing innovative ESG methods to enhance API quality, thereby achieving higher margins and eliminating the need for diluents.

    For Further Information:
    Shawn Mehler, PR
    Email: investors@prosperaenergy.com
    Website: www.prosperaenergy.com

    FORWARD-LOOKING STATEMENTS
    This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will,” “may,” “should,” “anticipate,” “expects” and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding future plans and objectives of the Corporation, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

    Although Prospera believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Prospera can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

    The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Prospera. As a result, Prospera cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward- looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and Prospera does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.

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

    Photos accompanying this announcement are available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/0b193b58-7798-4139-b69d-1f8aec58a8f7
    https://www.globenewswire.com/NewsRoom/AttachmentNg/46e266dc-9f3f-43b1-a3f7-1f71bb526cce
    https://www.globenewswire.com/NewsRoom/AttachmentNg/2d404ae6-c38e-40c3-910a-403f9376549f
    https://www.globenewswire.com/NewsRoom/AttachmentNg/506b134d-3ce3-4639-9a61-f0caa42b633e
    https://www.globenewswire.com/NewsRoom/AttachmentNg/b0ac6d1d-5ea5-4c86-b5b4-d49a72936f7b
    https://www.globenewswire.com/NewsRoom/AttachmentNg/e14fb81b-462a-456d-99fa-e4a54a549e7d
    https://www.globenewswire.com/NewsRoom/AttachmentNg/100176cb-60ba-45e8-9311-e94604dcd117
    https://www.globenewswire.com/NewsRoom/AttachmentNg/8fc83e60-6686-4b8f-93e8-84598ec586a0
    https://www.globenewswire.com/NewsRoom/AttachmentNg/6c20cd2d-ef07-41b7-9149-5d80f7288b16
    https://www.globenewswire.com/NewsRoom/AttachmentNg/fb37dc99-2c7f-4db1-bcab-a3807af55016

    The MIL Network –

  • MIL-OSI: Get Ready to Trade & Treat: BTCC Exchange Kicks Off Hauntingly Good Halloween Futures Trading Campaign

    Source: GlobeNewswire (MIL-OSI)

    VILNIUS, Lithuania, Oct. 24, 2024 (GLOBE NEWSWIRE) — As the Halloween season approaches, BTCC Exchange is excited to announce its Halloween Futures Trading Campaign, inviting users to enter a thrilling crypto haunted dungeon where they can unlock treats worth up to 1,830,000 USDT. This campaign, running until November 1, 2024, promises a hauntingly good time for both seasoned traders and newcomers alike.

    This year, BTCC is offering three enticing treats for participants. The first treat allows users to trade futures and share in a 1,000,000 USDT prize pool. For every 10,000 USDT in futures trading volume, traders will earn 1 USDT in trading funds. There’s no limit to how much can be collected, but users must act quickly as the prize pool rewards will be given out on a first-come first-served basis.

    New traders will find their own special treat with a 3,000 USDT prize pool specifically designed for those who haven’t yet ventured into futures trading on BTCC. The first 1,000 participants to complete a futures trade exceeding 1,000 USDT will receive a 3 USDT coupon.

    Additionally, BTCC is offering free position vouchers of up to 700,000 USDT for users who complete consecutive daily trades. The first 1,000 users to meet the requirements will unlock these rewards.

    “Market sentiment has been buzzing with anticipation for a bull run since we entered ‘Uptober’,” said Alex, Head of Operations at BTCC. “With the upcoming U.S. election potentially adding fuel to crypto prices, this campaign arrives just in time for users to take advantage of the uptrend and profit from it.”

    Alongside the Halloween trading campaign, BTCC recently reduced its futures trading fees from just 0.01% for a limited period. Coupled with the potential to trade futures with up to 500x leverage, users can maximize their strategies while minimizing costs. This not only empowers both traders to capitalize on market movements but also elevates their chances of profiting during this Halloween season.

    About BTCC

    BTCC is a leading exchange that provides traders with a safe and secure platform to trade cryptocurrencies. With a commitment to user satisfaction, BTCC continues to explore new ways to enhance the trading experience for users around the globe.

    Website: https://www.btcc.com    

    X: https://x.com/BTCCexchange

    Contact: press@btcc.com

    The MIL Network –

  • MIL-OSI: WisdomTree Merger – UK Equity Income in to UK Quality Dividend Growth – De-listing notice

    Source: GlobeNewswire (MIL-OSI)

    STOCK EXCHANGE ANNOUNCEMENT

    For Immediate Release        24 October 2024

    WISDOMTREE ISSUER ICAV (the “ICAV”)

    Re: Cancellation of Listing

    The Directors of the ICAV wish to announce that they have applied to the London Stock Exchange to delist the shares of WisdomTree UK Equity Income UCITS ETF (ISIN: IE00BYPGTJ26), being a Sub-Fund of the ICAV.

    Application has been made for the Sub-Fund to cancel trading on the main market for listed securities of the London Stock Exchange. Shares of the Sub-Fund will be delisted after close of trading on 24 October 2024.

    Enquiries: europesupport@wisdomtree.com

    The MIL Network –