Category: Russian Federation

  • MIL-OSI: No. 5/2025 – Notice to convene annual general meeting

    Source: GlobeNewswire (MIL-OSI)

    Nasdaq Copenhagen                                                                                   
    Nikolaj Plads 6
    DK-1067 Copenhagen K   

    Copenhagen, 28 February 2025
    ANNOUNCEMENT no. 5/2025

    CEMAT A/S
    Company reg. (CVR) no. 24 93 28 18
    Annual general meeting

    The Board of Directors hereby convene the annual general meeting of Cemat A/S (the “Company”) for Wednesday, 26 March 2025, at 1:00 pm at the office of DLA Piper Denmark, Oslo Plads 2, 2100 Copenhagen OE, Denmark.

    Agenda

    The agenda of the annual general meeting is the following:

    1. The management’s report on the Company’s activities during the past financial year.
    1. Presentation of the audited annual report for adoption.
    1. The Board of Directors’ proposal for appropriation of profit or covering of loss according to the adopted annual report.
    1. Presentation of and indicative vote on remuneration report.
    1. Approval of the Board of Directors’ fees for the current financial year.
    1. Election of members to the Board of Directors.
    2. Appointment of auditor.
    1. Proposals from the Board of Directors or shareholders.
    1. Any other business.

    Complete proposals

    Re item 1     The management’s report on the Company’s activities during the past financial year.

    The Board of Directors proposes that the general meeting takes note of the management’s report.

    Re item 2     Presentation of the audited annual report for adoption.

    The Board of Directors proposes that the general meeting adopts the annual report.

    Re item 3     The Board of Directors’ proposal for appropriation of profit or covering of loss according to the adopted annual report.

    The Board of Directors proposes that the profit for the year as recorded in the Annual Report as adopted by the general meeting be carried forward to next year.   

    Re item 4     Presentation of and indicative vote on remuneration report.

    The Board of Directors proposes that the general meeting adopts the presented remuneration report.

    Re item 5     Approval of the Board of Directors’ fees for the current financial year.

    The Board of Directors proposes that members of the Board of Directors will receive the basic fee of DKK 220,000 for the financial year 2025.

    The chairman of the Board of Directors will receive the basic fee multiplied by a factor of 2.5, and the vice-chairman will receive the basic fee multiplied by a factor of 1.75.

    Re item 6     Election of members to the Board of Directors.

    The Board of Directors proposes to re-elect:

    Frede Clausen, chairman, born 1959
    Professional board member
    Various banking qualifications
    Graduate Diploma in Business Administration
    Elected chairman in 2018
    Other duties and offices:
    Frede Clausen Holding ApS (CEO)
    Core Poland Residential V (board member)
    Malik Supply A/S (chairman)
    Developnord A/S (chairman)
    Søndergaard Holding Aalborg ApS (chairman)
    Palma Ejendomme ApS (chairman)
    Ejendomsselskabet Gøteborgvej 18 ApS (vice-chairman)
    PL Holding Aalborg A/S (chairman)
    Radioanalyzer ApS (chairman)
    Independent
    Special qualifications: Strategic management, business development and real estate
    Languages: Danish and English

    Eivind Dam Jensen, vice-chairman, born 1951
    Estate Agent
    Member of the Danish Association of Chartered Estate Agents
    Diploma in Administration
    Elected vice-chairman in 2005
    Other duties and offices:
    Owner of Chartered Estate Agency E. Dam Jensen
    Chairman and sole shareholder of A/S Eivind Dam Jensen
    Owner of Brundtland Golfcenter (via A/S Eivind Dam Jensen)
    Non-independent
    Special competences: Purchase, sale, valuation and letting of commercial and
    investment properties and property management
    Languages: Danish, English and German.

    Joanna L. Iwanowska-Nielsen, born 1968
    Real Estate Expert
    Degree in International Trade, Organisation and Management
    from the Warsaw School of Economics
    Joined the Board of Directors in 2016
    Directorships and other managerial positions:
    Member of the board of directors of Sustainable Malkowo
    Advisor to the Board of Directors, Ecofarm Foundation
    Member of the board of directors of Coille Righ Green Energy, Scotland
    Member of the board of directors of WildaNova
    Member of the board at NielsenNielsen Ltd (UK)
    Managing Partner in NOLTA Consultants and NOLTA Career Experts
    Board Member of EPI (European Property Institute) think tank
    Member of Warsaw Women in Real Estate & Development
    Founding Member of Women in Global Health’s CEE Chapter
    No directorships in other Danish companies
    Independent
    Special qualifications:
    Experience in the real estate trade in Poland, CEE and
    internationally (development, strategy, sales and project
    management in both the commercial and residential property
    sectors, including sustainable housing, farming enterprises and energy solutions)
    EMCC accredited business coach & mentor
    Languages: Polish, English and Russian.

    Brian Winther Almind, born 1966
    Executive Vice President, DSV Group Property
    Joined the Board of Directors in 2023
    Other duties and offices:
    Shipping agent – Ellegard Transport, of which 2 years were in Verona, Italy
    Traffic manager – DFDS Transport
    Traffic manager – DHL A/S
    Executive Vice President – DSV A/S since 1997
    Directorships and other managerial positions:
    Member of the board in several companies owned by DSV A/S
    Network – European Logistics Forum (ELF), VL 111
    No directorships in other Danish companies
    Special competences:
    Generel management, business development, integration of companies. Property in relation with purchase of land, public sector handling, project management, building activities, purchase and sale, leasing, law, strategy, finances, various large projects in more than 90 countries.  
    Languages: Danish and English.

    Re item 7     Appointment of auditor.

    The Board of Directors proposes that BDO Statsautoriseret Revisionsaktieselskab be reappointed.

    Re item 8     Proposals from the Board of Directors.

    No proposals have been received from the board of directors or executive board

    General information

    The Company’s nominal share capital amounts to DKK 4,997,006.06, divided into 249,850,303 shares of DKK 0.02 each. Each share of DKK 0.02 entitles the holder to one vote.

    The Company has concluded a connection agreement with VP Securities A/S. The financial rights of the shareholders may thus be exercised through VP Securities A/S.

    Requirements for adoption

    Items 2-7 considered at the general meeting will be determined by a simple majority of votes, see article 10.1 of the Company’s articles of association as well as section 105 of the Danish Companies Act.

    The Company’s website

    This notice, including the agenda, remuneration report, information about the total number of shares and voting rights on the date of the notice and proxy, postal voting and registration forms for ordering an entry card, will be made available to the shareholders on the Company’s website, www.cemat.dk, under “Investor/General Meetings” from 28 February 2025.

    This notice has also been published via Nasdaq Copenhagen A/S, the IT system of the Danish Business Authority and the Company’s website as well as by e-mail to the shareholders having requested e-mail notification of general meetings when stating their e-mail addresses.

    Date of registration

    The shareholders will be entitled to exercise the right to vote attaching to the shareholders’ shares, by attendance at the Company’s general meetings or by post pro rata to their shareholding at the date of registration, which is one week before the general meeting.

    The date of registration is Wednesday, 19 March 2025.

    The shareholding of each individual shareholder will be determined at the end of the date of registration based on the number of shares held by the shareholder according to the register of shareholders as well as any notice of ownership received by the Company for the purpose of registration in the register of shareholders, but not yet been registered. In order to be registered in the register of shareholders and included in the calculation, notices of shareholdings must be documented by a transcript from VP Securities A/S or other similar documentation. This documentation must be received by the Company before the end of the date of registration.

    Only the persons who are shareholders of the Company on the date of registration will be entitled to participate and vote at the general meeting but see below regarding the shareholders’ timely request for entry cards.

    Accordingly, any person who has purchased shares, whether by transfer or otherwise, will not be entitled to vote on the shares in question at the general meeting, unless he or she has been recorded in the register of shareholders or has notified the Company and provided documentation of his or her acquisition, no later than on the date of registration, which is Wednesday, 19 March 2025.

    Entry cards

    In order to participate in the general meeting, the shareholders must request an entry card for the general meeting no later than Friday, 21 March 2025. Entry cards may be requested electronically via www.cemat.dk until Friday, 21 March 2025, at 23:59 using MitID or custody account number and password on the Company’s shareholder portal. Shareholders registering for the general meeting electronically will immediately receive a confirmation of their registration.

    It is also possible to request an entry card by forwarding a completed registration form to the Company’s keeper of the register of shareholders, Computershare A/S, Lottenborgvej 26D, 2800 Kongens Lyngby, Denmark, which must receive the form by Friday, 21 March 2025 at 23.59. The registration form is available at www.cemat.dk.

    Please notice that ordered admission cards will no longer be sent out by ordinary mail.

    Admission cards ordered via the shareholder portal will be sent out electronically via email to the email address specified in the shareholder portal upon registration. The admission card must be presented at the annual general meeting either electronically on a smartphone/tablet or in a printed version.

    Admission cards can be picked up at the entrance of the general meeting upon presentation of a valid ID.

    Proxy

    Shareholders are entitled to attend by proxy. An electronic proxy instrument may also be submitted via the shareholder portal until Friday, 21 March 2025, at 23:59.

    The complete proxy form must be received by the Company’s keeper of the register of shareholders, Computershare A/S, by Friday, 21 March 2025, at 23:59. The proxy form is available at www.cemat.dk.

    Postal voting

    Shareholders may elect to vote by post, i.e., by casting their votes in writing, before the general meeting, instead of attending the general meeting and voting there.

    Shareholders who elect to vote by post may submit their postal vote electronically via the shareholder portal or send their postal vote to Computershare A/S where it must be received by Tuesday, 25 March 2025, at 16:00.

    Once received, a postal vote cannot be recalled. Please note that letters may sometimes take several days to reach their destination.

    Questions

    Shareholders will have an opportunity to ask questions to the agenda as well as to the other materials for the general meeting before the general meeting.

    Any questions concerning this announcement may be directed to info@cemat.dk.

    Cemat A/S

    Frede Clausen
    Chairman of the Board of Directors

    This announcement has been issued in Danish and English. In case of any inconsistencies, the Danish version will prevail.

    Please write to investor@cemat.dk to deregister from this mailing list.

    Attachment

    The MIL Network

  • MIL-OSI Russia: A year in RIM: at SPbGASU, estimators discussed the results of work on the resource-index method

    Translartion. Region: Russians Fedetion –

    Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering – Victoria Vinogradova, Alexander Grimitlin, Valery Uskov, Evgeny Enokaev, Maxim Shibnev, Alexey Belousov, Oleg Razgulyaev, Pavel Goryachkin

    For the second time, SPbGASU held a conference on the application of the resource-index method (RIM) for pricing the estimated cost of construction for government procurement projects.

    RIM is a new method for determining the estimated cost of construction. It involves the use of estimate standards – a list of resources required to carry out the work and their quantity, but without base prices. The cost of each resource is determined in current prices directly at the time of drawing up the estimate. Since the first quarter of 2024, 85 regions of the country have switched to RIM. Let us recall that a year ago, the Consortium of the Construction Industry of the Northwestern Federal District (includes the construction committees of St. Petersburg and the Leningrad Region, the SRO Association “Association of Builders of St. Petersburg”, SPbGASU, NP “Association of Manufacturers of Building Materials”), the IOO “Union of Estimating Engineers” and the National Association of Surveyors and Designers (NOPRIZ) held the first conference on the use of RIM. Then the professional community discussed the expected effectiveness of the innovation and the problems in construction processes associated with it. This year, the organizers of the conference summed up some of the work.

    “A year ago, the obligation to switch to RIM was an event that took many by surprise. Today, we intend to discuss ways to facilitate and increase the reliability of the work of estimators,” emphasized Oleg Razgulyaev, Vice President of the Association of Construction Materials Manufacturers, moderator of the conference.

    Alexey Belousov, General Director of the Saint Petersburg Builders Association and Coordinator of the Northwestern Federal District Construction Industry Consortium, noted that today prices for construction materials are quite volatile, which requires better work with them, so the conference is of great importance. “RIM allows for more efficient work in the current conditions. In addition, the government has legislatively allowed for price adjustments during construction in the range of up to 30 percent. This is serious support for the industry,” he said.

    Digital aspects

    Alexander Grimitlin

    Vice President of NOPRIZ Alexander Grimitlin recalled that in light of geopolitical events, unprecedented pressure caused certain concerns, since many foreign software products were supplied from unfriendly countries. Risks arose that could have led to tragic consequences, but became less unpleasant and certainly not catastrophic.

    “Until 2022, about 600 software products were used in 49 areas of the domestic construction industry, after the well-known events, almost half left the Russian market. But our activities have not undergone significant transformation. Since the beginning of this year, NOPRIZ has launched a program to stimulate software developers, to increase their own product, including with the help of government measures, because this task is not easy due to the financial situation of the developers themselves. If large companies are able to provide for themselves, then it is more difficult for small ones – they cannot organize the development of the new product they need.

    In addition, I consider the assistance in training personnel within the framework of the TIM championships of SPbGASU to be significant. They also include costing, which is very useful for participants, since at the very beginning of their professional activity it gives them skills in working in the automated calculation system.

    The digital modeling method is very important in science. It allows achieving greater efficiency and solving problems in an unconventional way. The introduction of calculation programs and price instability create serious difficulties for the industry, but you can’t choose your time. Therefore, it is necessary to continue to engage in qualified cost estimates,” says Alexander Grimitlin.

    In the process of implementation

    Deputy Chairman of the Committee for Construction of St. Petersburg Evgeny Uskov noted that his department began analyzing the necessary data and issuing the relevant documentation practically from the moment the decree on the transition to RIM was signed.

    “In 2024, 118 social facilities were built, 37 of which were financed from the city budget and 81 from investors. We managed to obtain permission using the new calculation method for two facilities. For 2025-2027, design survey work is planned for 124 facilities, of which two projects using RIM are undergoing examination and technical specifications have been developed for 19. In 2025, it is planned to commission 112 social facilities, 42 of which are financed from the city budget. A large amount of funding is planned for the development of design documentation. Since December 1, 2024, documentation has been submitted electronically in the information system of the Ministry of Construction of Russia. Digital technologies allow for more efficient and effective management of construction processes. RIM is considered a tool with a number of advantages, including increasing the accuracy and reliability of cost determination. The transition to it is gradual, but accompanied by difficulties,” recalled Evgeny Uskov.

    Among the difficulties, he named the low filling of the Federal State Information System of Pricing in Construction (FSISPC), the decrease in the final cost of construction projects, the lack of standard pilot projects in RIM and the experience of specialists. Many questions also arise regarding the procedure for developing estimates, in particular, the procedure for drawing up estimate documentation and the procedure for determining the cost of resources, the increase in the volume of the estimate itself, the form of which is cumbersome and inconvenient for analyzing interim results. A market analysis of transportation prices and the calculation of the time and cost of delivery is necessary.

    Strategy of the Leningrad Region

    First Deputy Chairman of the Leningrad Region Construction Committee Evgeny Enokaev recalled that, in accordance with the strategy for the development of the regional construction industry, the task of improving the pricing system has been implemented since 2016.

    “The Leningrad Region switched to RIM a little earlier than St. Petersburg – in 2023, due to which we have more facilities built and under construction using the new calculation method. In 2024, 125 positive conclusions were issued using RIM. One facility – the Prosthetics Center in Vsevolozhsk – has already been built, another one – a clinic in Kirovsk – is at the implementation stage.

    We expected an increase in the reliability of cost estimates. Were they more reliable? It is difficult to say yet. But, in any case, the introduction of such innovations is associated with the need to improve them at the implementation stages, so RIM continues to develop: the Ministry of Construction of Russia is working to improve regulatory documents, involving the regions. Issues on improving software are being discussed.

    Our committee interacts with construction organizations and understands the problems of the industry well. For example, there is a discrepancy in the cost of resources in remote areas of the region. We cannot make decisions at the local level based on situations that are contrary to the regulatory documents of the federal government, but we actively participate in the discussion of the pricing system. Thus, in early February, a round table was held in the Federal Assembly with the participation of the Ministry of Construction and representatives of the regions. We made proposals that were included in the recommendations for development and implementation for the relevant ministries,” said Evgeny Enokaev.

    He noted that one of the key elements influencing the formation of a single price and index database in the FGISTSS is the monitoring center, a subordinate body of the executive power of the subjects. In the Leningrad Region, the tasks of monitoring the filling of the FGISTSS, quarterly monitoring of resource prices, and annual calculation of the wages of a first-category worker are assigned to the pricing department in construction. According to him, over the past five years, the growth of industry wages has amounted to about 100 percent. However, today the standard wage is significantly underestimated relative to the actual one. It is expected that this year it will amount to 63,500 rubles and will exceed the figures for the previous year by 38 percent. The next area is providing data for calculating indices based on the current cost of resources in accordance with the nomenclature. Over the past five years, the volume of the nomenclature has increased by 85 percent, and indices are already being issued based on the results of this data.

    “The FGISTS database remains low in volume; it has not been possible to increase its volume to 50 percent in five years. In the first quarter of this year, only 34 percent of 800 legal entities engaged in construction activities in the Leningrad Region submitted data. In our opinion, business entities do not have a strong motivation to provide prices for their products. We also made a proposal to strengthen this motivation in the Federation Council. The Ministry of Construction is considering various proposals to increase the database, including a possible expansion of the list of legal entities in the construction community that provide information for the formation of estimated prices. Self-regulatory organizations may be involved in this. The creation of an aggregated resource based on the Unified Information System for collecting prices in automatic mode is also being considered, on the basis of which data on price offers formed based on the results of procurement procedures, that is, from electronic trading platforms, will be collected,” said Evgeny Enokaev.

    In his opinion, in the conditions of price volatility, the discussed tasks for improving the pricing system may go beyond the RIM. For example, the introduction of a correct calculation of average industry salaries in the construction sector. In early February, the state announced that the methodology for calculating them would be revised, which is now quite strictly regulated so that the region cannot increase salaries, even if it considers it necessary. In addition, the development of a comprehensive forecast index-deflator by types of objects is being discussed, since the current procedure for determining the initial maximum contract price is based on the conditions of a fixed contract price taking into account the forecast inflation of the Ministry of Economic Development of Russia, and there is no mechanism for recalculating prices in the conditions of outstripping inflation. It turns out that the current procedure for determining prices in the terms of the contract does not allow contractors to compensate for the resulting difference. The development of a mechanism for automatic indexation of contract prices is also being discussed, that is, the introduction of a mechanism that provides for the possibility of adjusting the contract price in the event of a deviation of actual inflation from the forecast. Optimization of the processes of compensation of expenses not taken into account in the consolidated estimate calculation, which reasonably arose during the implementation of the contract, is also being discussed. For specific decisions, a long way needs to be made, summarized Evgeny Enokaev.

    Using RIM is cheaper and more reliable

    Pavel Goryachkin

    It is too early to draw conclusions, but there are some observations, and the main one shows that most government procurement projects using RIM are cheaper, and the calculations are more reliable, emphasized Pavel Goryachkin, President of the International Public Organization “Union of Estimating Engineers”, Director of the Department of Pricing and Expert-Analytical Work of the Association of Builders of Russia. He emphasized that it is most correct to tie salary calculation not to the first category, but to the actual statistics of accrual of the minimum wage in the region and industry, taking into account the indexation coefficient. For example, in the Leningrad Region, the average minimum accrued salary for October 2024 was 93 thousand rubles, in St. Petersburg – 90 thousand rubles.

    “The filling of the FGISTSS is not the main task. Over the year, the live price indicator in it for the Leningrad Region and St. Petersburg has doubled. A year ago, at this conference, we talked about about 647 resources with live prices, today there are 1,200–1,300 of them. The situation is the same in other regions. Considering that there are 64–67 thousand resources in the industry, we will be doubling their number with live prices for more than a decade. Therefore, when drawing up estimates in the absence of a live price, we take the 2022 price and multiply it by the index. But an estimate that is too voluminous and requires a lot of analytical work is a problem,” says Pavel Goryachkin.

    He also spoke in detail about the problems of settlements for work performed under the RIM estimate and the changes introduced this year.

    With the right approach, the job will become easier

    Maxim Shibnev, Director of Development at Inter Group of Companies, expressed confidence that with a skillful approach and the ability to use digital tools, it is possible to significantly facilitate the work of estimators, including estimators.

    “There is no shortage of software developers now, but there is a crisis in understanding the subject area, that is, in what a specific specialist who will use the software really needs. For example, it is needed by a designer who must correctly allocate resources. Correctly allocated resources are the basis for correctly allocated production, construction management, material quality assessment, and logistics. During construction, there is a lot of different documentation, and the information system operates with this metadata. Currently, titanic efforts are being made at the state level to collect a large amount of metadata. They are accumulating, but it is not yet clear how they will be used. If automation tools are installed on the basis of this metadata, including estimated cost, then it is possible to significantly facilitate work with routine tasks, while leaving creative expert work to specialists,” said Maxim Shibnev.

    He recalled that currently departments of one enterprise cannot exchange information in the information system due to the lack of uniform requirements and classification, a uniform approach. If the same object in the system is called differently, then nothing can be done automatically, especially if you work separately from designers and testing laboratories. Estimators are now starting to enter the digital circuit, but there are still subcontractors without the appropriate competencies.

    “As long as there are gaps in the overall information system, bureaucracy, expenses, and dissatisfaction with technology will multiply. Now, together with the Digitalization and Robotization of the Construction Industry consortium, we are developing an approach for a single bus of interaction between participants in the construction process, which will be based on the regulatory requirements of SMART standards, developed by the Codex consortium. In addition, colleagues from JSC IndigoSoft CT have their own developments in the Project Technical Committee (PTC) 711 “Smart (SMART) Standards”, which can become a link in this interaction bus. It is necessary to ensure universal circulation, exchange and processing of data, manage knowledge, simplify and reduce the cost of access to automation systems. Without comprehensive solutions, it is difficult for individual companies to solve this problem,” said Maxim Shibnev.

    Successful automation requires quality data

    Vitaly Shchukin, General Director for Development of JSC IndigoSoft CT, believes that RIM is a great idea, it combines the need for material and supplier prices. If this is combined, automation will occur.

    “Our company has invested a lot of resources to automate various processes, including interaction with suppliers. But this does not work, because high-quality data is needed. How can a neural network help an estimator? To quickly select a product with an up-to-date price. Correctly built automation is the basis for training a neural network. The task of automation is to organize data. But there is no single standardization methodology yet, and this is a problem that companies are trying to cope with as best they can: they create working catalogs, describing materials at their own discretion. In this regard, they cannot interact with the market, where these products are described differently,” explained Vitaly Shchukin.

    Problems in product descriptions include incomplete names, missing characteristics, spelling and punctuation errors, noted Vitaly Teplov, product manager at IndigoSoft CT.

    “We offer a standard – a unique record according to a template with a set of pricing characteristics. This allows you to get a specific product at current prices in automatic mode by pressing one button, save time on checks and form a high-quality library of materials. It turns out to be an ideal life cycle: the designer adds this standard at the beginning of the design, the estimator selects what is needed, and the buyer knows exactly what he needs to purchase. The catalog is constantly updated,” Vitaly Teplov said.

    Nikolay Samopal, Deputy General Director for Development at ZAO WizardSOFT, used specific examples to talk about options for automating the receipt of a statement and an estimate based on it, and passing a state examination.

    SPbGASU is ready to provide the necessary personnel

    Victoria Vinogradova

    Vice-Rector of SPbGASU for Continuing Education Victoria Vinogradova noted that the mass transition to RIM is complicated by changes in the regulatory framework, the need to use information modeling and obtain additional professional competencies.

    “Our university trains personnel capable of solving issues related to pricing in the construction industry. The university development program for 2023-2032 meets the specified vectors. It includes, among other things, an ecosystem approach to the implementation of educational activities, digital transformation of curricula, the formation of digital and professional competencies of graduates, an individual educational trajectory, and a flexible learning system. 108 basic educational programs are being implemented in 14 large groups of specialties and areas of training. They have state accreditation, most of them also have professional and public accreditation. Most curricula include the discipline “Estimating in Construction,” the vice-rector said.

    According to Victoria Vinogradova, more than 70 percent of graduates find employment in the industry, and the university aims to eliminate the gap between the requirements of educational programs and the needs of the labor market. The expert council at the educational and methodological council of SPbGASU, which includes both graduates and representatives of the real sector of the economy, helps with this. The vice-rector named the practice of targeted training, project-based training, and the implementation of corporate and network programs, within the framework of which the educational organization combines its resources with the employer, as a good way to interact with employers.

    “We work within the framework of the concept of continuous education, where the industrial partner is considered as the customer, and the educational organization is considered as the performer. Moreover, this is possible already at the initial stages – in career guidance work in schools and colleges. As part of continuous education and taking into account the digital transformation, we are implementing a number of projects related to information modeling technologies. In 13 schools in St. Petersburg and one school in Yekaterinburg, we are implementing TIM classes, holding a TIM elective for colleges. We attract industrial partners to work with students as part of the TIM championship.

    A unique story – complex TIM diploma projects. Students of different specialties, including estimators, jointly complete a diploma project. In addition, the university is conducting scientific research on the formation of a methodology for determining the estimated cost, taking into account the use of digital information models.

    Today, any specialist understands that in the course of their professional activity they need to acquire additional competencies. Therefore, we implement additional education. In the field of economics and management, we currently have six additional retraining programs and several advanced training programs. Among the latter is a program that examines RIM issues.

    I would like to thank all the conference participants. I am sure that our discussion will significantly help in resolving issues related to the transition to this method,” concluded Victoria Vinogradova.

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

    MIL OSI Russia News

  • MIL-OSI Russia: Support teams from the State University of Management at the KVN League Festival “Youth of Moscow”

    Translartion. Region: Russians Fedetion –

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

    On February 27-28, as well as March 3, 4 and 5, more than 250 teams will take to the stage of the International Youth Center “Planet KVN” to demonstrate their performances and compete for entry into the official Moscow and Moscow Region KVN leagues. Among them will be six teams from the State University of Management.

    This is one of the most important events in the life of every KVN player, so be sure to come support the teams from our university!

    February 28 at 15:00 “Syrbor”

    February 28 at 19:00 “Office” “What you need”

    March 3 at 15:00 “I don’t remember”

    March 4 at 19:00 “Minimum”

    March 5 at 19:00 “Fildy” (“Fildepersovye”)

    You can get free tickets here.

    The guys are really counting on your support!

    Subscribe to the tg channel “Our State University” Announcement date: 02/28/2025

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

    MIL OSI Russia News

  • MIL-OSI Russia: With the support of Rosneft, a professional skills championship was held in Bashkiria

    Translartion. Region: Russians Fedetion –

    Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

    With the support of ANK Bashneft (part of Rosneft), the regional stage of the All-Russian Championship in Professional Skills “Professionals – 2025” was held in Bashkortostan. The competition was held at more than 40 sites of regional colleges, with over 1,500 students taking part.

    The intensive program of the championship, which lasted for 3 weeks, included more than 200 competencies, including: oil and gas production, laboratory chemical analysis, oil and gas processing, electrical installation, chemical technology operator and others. 24 winners in the oil and gas field were awarded certificates and memorable gifts from Bashneft.

    As part of the championship’s business program, Bashneft specialists took part in a plenary session and organized a meeting with students from specialized colleges, where they discussed career prospects in the Company and the possibility of continuing their education at a partner university.

    Rosneft aims to ensure a constant flow of professionally trained young specialists from among the best graduates. The company supports schools, colleges, technical schools and universities in the regions of production activity and cooperates with 203 educational partner organizations in training qualified specialists in the oil industry and forming an external personnel reserve.

    In 2024, almost 2,000 university and college students completed internships at Bashneft, of which more than 1,000 received employment and payment for the internship period. About 170 final-year students combine their studies with permanent employment at Bashneft enterprises thanks to their transfer to individual training plans.

    Reference:

    The All-Russian championship movement “Professionals” is aimed at increasing the prestige of blue-collar jobs, attracting young people to the production sectors of the economy and improving qualification standards for blue-collar jobs and specialties.

    ANK Bashneft is one of the oldest enterprises in the country’s oil and gas industry, operating in the extraction and processing of oil and gas. The company’s key assets are located in the Republic of Bashkortostan. Oil and gas exploration and production are also carried out in the Khanty-Mansiysk Autonomous Okrug – Yugra, Nenets Autonomous Okrug, Orenburg Region, Perm Krai and the Republic of Tatarstan.

    Department of Information and Advertising of PJSC NK Rosneft February 28, 2025

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

    MIL OSI Russia News

  • MIL-OSI Russia: The Laser and Additive Technologies laboratory is mastering domestic software

    Translartion. Region: Russians Fedetion –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    The world does not stand still. It is important to keep up with trends and be “on the crest of a wave”. In order to expand the range of tasks to be solved, specialists from the Research Laboratory “Laser and Additive Technologies” of the Institute of Mechanical Engineering, Materials and Transport of SPbPU have completed online training on working with the domestic CAM system SprutCAM.

    “The main goal of the training was to master the capabilities of domestic software for creating control programs for robotic laser complexes,” said Maxim Larin, an engineer at the LiAT Research Laboratory. “We focused on using the program in modern laser technologies: laser welding, hybrid laser-arc welding, laser cladding, and direct laser deposition.”

    The training included both theoretical and practical parts. Particular attention was paid to the creation of tool movement trajectories and the adjustment of process parameters. In the practical block, the students developed a program for direct laser growth of separation module elements.

    SprutCAM demonstrates high potential for solving our production tasks. Training in this system is an excellent opportunity to improve the qualifications of laboratory staff. The introduction of domestic software is an important step in the development of technological independence and increasing the efficiency of production processes, – believes the head of the Scientific Research Laboratory “LiAT” of the Institute of Metallurgy and Metallurgy of St. Petersburg Polytechnic University Mikhail Kuznetsov.

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

    MIL OSI Russia News

  • MIL-OSI Economics: BSTDB Strengthens Partnership with Hayat Kimya in Türkiye

    Source: Black Sea Trade and Development Bank

    Press Release | 17-Dec-2024

    New Financing to Boost Capacity and Energy Efficiency

    Hayat Kimya Sanayi A.Ş., a leading Turkish manufacturer of detergents, hygiene products, and tissue paper, will advance its investment plans with the support of a €25 million loan from the Black Sea Trade and Development Bank (BSTDB). The agreement marks an important milestone in a partnership that began nine years ago.

    The BSTDB financing will back Hayat Kimya’s investment program, focusing on expanding production capacity, introducing new product lines, and enhancing energy efficiency. This initiative is also expected to bolster regional trade, as a significant portion of the company’s exports targets BSTDB member countries.

    Commenting on the agreement, BSTDB President Dr. Serhat Köksal said: “We are pleased to support Hayat Kimya, a leading manufacturer and major employer in Türkiye, as it pursues its ambitious growth plans. Our new financing underlines BSTDB’s commitment to sustainable industrial development and regional integration. By prioritizing energy efficiency and environmentally conscious practices, Hayat Kimya’s investment programme aligns with our mission to support projects that drive long-term economic and environmental benefits. Our support will help modernize Türkiye’s industrial capacity and strengthen trade ties within the Black Sea region, advancing shared prosperity and sustainable development.”

    “As part of our collaboration with the Black Sea Trade and Development Bank, we will increase the production capacity of our home care category at our facilities in Mersin and Kocaeli, Turkey. Today, at least one Hayat product can be found in 9 out of 10 households in Turkey. Globally, our export penetration ranges between 60% and 80% across more than 100 countries. With this new investment in the home care category, we aim to further strengthen our leadership, particularly in the detergent product segment.” said Ayla Hacıahmetoğlu, the Global Treasury Director of Hayat Kimya.

     

    Founded in 1937, Hayat Kimya is a leading global manufacturer and exporter of detergents, hygiene products, and tissue paper. The company operates 26 state-of-the-art production facilities across 8 countries, employing over 10,000 people. All products are produced in a fully automated, hands-free environment, meticulously designed and managed in compliance with the ISO 9001 Quality Assurance System.

     

    The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. For information on BSTDB, visit www.bstdb.org.

     

    Contact: Haroula Christodoulou

    : @BSTDB

    MIL OSI Economics

  • MIL-OSI Economics: BSTDB, TBC Bank to Boost Local Currency Financing in Georgia

    Source: Black Sea Trade and Development Bank

    Press Release | 11-Feb-2025

    New Partnership to Strengthen SMEs in the Country

    The Black Sea Trade and Development Bank (BSTDB) has extended a GEL 135 million local-currency loan to TBC Bank Georgia. The financing will be on-lent to small and medium-sized enterprises (SMEs) to support their investment programmes, working capital needs, and expansion into domestic and international markets, thus enhancing SMEs’ competitiveness and export capacity.

    In addition, the funding will boost local-currency financing opportunities for private companies while reducing their dependence on foreign currency borrowings and protecting business owners from direct exposure to exchange rate risk.

    “Our new agreement with TBC Bank reinforces our commitment to fostering long-term partnerships while advancing access to local currency financing for Georgian small businesses,” said Dr. Serhat Köksal, BSTDB President. “By boosting lending in Georgian Lari, we aim to support economic growth, create jobs, and strengthen businesses’ ability to succeed in their domestic markets. This initiative also enhances the resilience and competitiveness of Georgia’s banking sector by mitigating currency risks.”

    Vakhtang Butskhrikidze, CEO, TBC Bank, commented: “We are delighted to continue and further strengthen our cooperation with BSTDB. This transaction reflects both institutions’ strong commitment to support Georgian MSMEs, which are key contributors to economic growth and job creation in the country. On the back of supporting de-dollarisation of the financial sector, this facility will further strengthen TBC’s position as a leading local currency provider on the market. I would like to thank BSTDB for being a long-standing supporter of TBC and look forward to executing many more successful deals in the future”.

    BSTDB has been cooperating with TBC Group since 2003, providing over USD 192 million in revolving trade finance, SME finance, and leasing facilities.

     

    TBC Bank Group PLC (“TBC PLC”) is a public limited company registered in England and Wales and is the parent company of TBC Bank Georgia and TBC Uzbekistan. TBC Bank Georgia, together with its subsidiaries, is the leading financial services group in Georgia, with a total market share of 38.7% of customer loans and 38.4% of customer deposits as of 30 September 2024, according to data published by the National Bank of Georgia. TBC PLC is listed on the London Stock Exchange under the symbol TBCG and is a constituent of the FTSE 250 Index. It is also a member of the FTSE4Good Index Series and the MSCI United Kingdom Small Cap Index.

    The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. For information on BSTDB, visit www.bstdb.org.

     

    Contact: Haroula Christodoulou

    : @BSTDB

    MIL OSI Economics

  • MIL-OSI Economics: BSTDB Clarifies No Affiliation with the Black Sea Bank for Reconstruction and Development

    Source: Black Sea Trade and Development Bank

    Press Release | 25-Feb-2025

    Reaffirmation of our Distinct Identity as a Multilateral Financial Institution

    Following the announcement of EU sanctions concerning the Black Sea Bank for Reconstruction and Development (ChBRR, in Russian – ЧБРР, based in Simferopol, Crimea), the Black Sea Trade and Development Bank (BSTDB) is issuing this public clarification to unequivocally state that BSTDB has no (no) affiliation, connection, or dealings with the Black Sea Bank for Reconstruction and Development.

    BSTDB is an International Financial Institution established by an intergovernmental treaty, comprising eleven Member States from the Black Sea region. Headquartered in Thessaloniki, Greece, the Bank was established under an intergovernmental treaty registered with the United Nations (Multilateral, No. 36909) and operates in accordance with international standards.

    BSTDB remains committed to its mission of promoting economic development and regional cooperation across the Black Sea region and underscores its distinct and separate identity from any similarly named organizations.

    To avoid any misrepresentation, BSTDB also urges all media outlets and stakeholders to ensure the correct use of its official logo and branding in any related reporting.

     

    The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. For information on BSTDB, visit www.bstdb.org.

     

    Contact: Haroula Christodoulou

    : @BSTDB

    MIL OSI Economics

  • MIL-OSI Economics: BSTDB and TuranBank Partner to Boost Small Businesses in Azerbaijan

    Source: Black Sea Trade and Development Bank

    Press Release | 28-Feb-2025

    Promoting Sustainable Growth and Trade in the Country

    To facilitate development and growth in Azerbaijan, the Black Sea Trade and Development Bank (BSTDB) has extended the Azeri Manat equivalent of a USD 6 million loan to TuranBank. The funds will be channeled to domestic small and medium-sized enterprises (SMEs) to meet their investment programmes and working capital needs, as well as enhance their trade activity.

    In addition, the funding will also expand access to local-currency financing for private companies, further reducing their reliance on foreign currency borrowings and protecting business owners from direct exposure to exchange rate risks.

    “BSTDB is pleased to continue its partnership with TuranBank to empower SMEs in the country, giving them access to resources they need to grow, innovate and drive inclusive economic progress. This will help unlock employment opportunities and foster sustainable development both within the country and across the region. We are confident that our joint efforts will continue to deliver meaningful results in the future.”, said Dr. Serhat Köksal, BSTDB President.

    “The funds raised in local currency will be allocated to financing the real sector, particularly micro, small, and medium-sized enterprises, which are the primary focus of the bank’s strategic objectives. This will also help support entrepreneurs operating in the regions. This agreement further underscores international financial institutions’ confidence in the long-term stability and sustainable development of our bank as a reliable partner,” said Orkhan Garayev, Chairman of the Management of TuranBank OJSC.

    BSTDB has been cooperating with TuranBank since 2011, having provided revolving trade finance and SME finance facilities that have benefited dozens of beneficiaries.

    Established in 1992 and headquartered in Baku, TuranBank OJSC is a mid-sized bank expanding to 22 sales points across the country. The bank is one of the key participants in the country’s financial sector, distinguished by its stability and reliability. For detailed information about the products and services offered by TuranBank, visit https://www.turanbank.az/en/pages/1, or follow its social media pages.

    The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. For information on BSTDB, visit www.bstdb.org.

     

    Contact:
    Haroula Christodoulou
    E-mail: cchristodoulou@bstdb.org
    Phone: +30 2310 290533
    Twitter: @BSTDB; @Haroulax 

    MIL OSI Economics

  • MIL-OSI Russia: AI Ethics: What Tasks Should (Not) Be Used for Smart Algorithms

    Translartion. Region: Russians Fedetion –

    Source: State University Higher School of Economics – State University Higher School of Economics –

    It would be logical to say that not very, but I think it is very humane, including from the point of view of the availability of these resources. Many do not go to a psychologist because of embarrassment, lack of understanding of how to talk about their problem. But they can tell the chatbot. And if, for example, there is a psychologist “on the other side” and he heard that the person said something dangerous, he can pay attention to this and offer: “Look, there are specialists, they have such time slots, call them.” You can redirect to a specialist and relieve some kind of crisis, if it has arisen. Such resources are good to use as an indicator of problems and for instant self-help. For example, they can recommend doing some exercises.

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

    MIL OSI Russia News

  • MIL-OSI Russia: New Materials and Collaboration: IMMiT at the Future Technologies Forum

    Translartion. Region: Russians Fedetion –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    A delegation of scientists from the Institute of Mechanical Engineering, Materials and Transport took part in the Future Technologies Forum 2025, which was held at the World Trade Center in Moscow.

    The Future Technologies Forum is a discussion platform dedicated to the development of high-tech technologies in Russia. It started in 2023 and has become a flagship event, where leading experts, scientists, representatives of business and government bodies talk about advanced scientific developments and product solutions based on them.

    The forum is operated by the Roscongress Foundation, and co-organized by major Russian corporations. The first forum was dedicated to quantum technologies as one of the areas capable of changing approaches to the development of entire industries, the second covered developments in the field of neurobiotechnology aimed at improving the quality and duration of human life. The third provided an opportunity to become more familiar with the technologies of new materials.

    At the plenary session, the participants of the discussion paid special attention to the issues of strategic development of the Arctic and the role of advanced materials in ensuring Russia’s technological leadership in the region. The event was attended by the President of the Russian Federation Vladimir Putin and representatives of the scientific community.

    Polytechnic was represented at the forum by the Director of IMMiT Anatoly Popovich and Associate Professor of the Scientific and Educational Center “Structural and Functional Materials” Evgeny Borisov. They held a session “Intelligent, Adaptive Materials and Coatings”. Following its results, the partners identified areas of scientific research in which cooperation can be developed.

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

    MIL OSI Russia News

  • MIL-OSI Russia: Director of the Ministry of Education and Science Department Andrey Tolmachev visited the Polytechnic and gave an interview to students

    Translartion. Region: Russians Fedetion –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    Andrey Tolmachev, Director of the Department of Information Policy and Comprehensive Security of the Ministry of Science and Higher Education of the Russian Federation, paid a working visit to the Polytechnic University.

    At a meeting with SPbPU Rector Andrey Rudskoy, the head of the Ministry of Education and Science Department discussed the details of the All-Russian conference on university security planned for the near future, one of the tracks of which will be held at the Polytechnic University. The negotiations were attended by Vice-Rector for Information Technology Andrey Lyamin, Vice-Rector for Youth Policy and Communication Technologies Maxim Pasholikov, Vice-Rector for Security Alexander Airapetyan and Head of the Public Relations Department Marianna Dyakova.

    In the research building of Technopolis Polytech, the rector of SPbPU, using a model of the university campus as an example, told Andrey Tolmachev about the university’s development prospects. Andrey Anatolyevich also visited the Polytech TV studio and gave an interview to the student media center “Polymer”.

    The guys were interested in the details of the media forum, which was held as part of the media relay race “17 Values of Russia”, for the opening of which Andrey Tolmachev came to St. Petersburg. The participants of the event were students from ten St. Petersburg universities, including the Polytechnic University. The theme of the St. Petersburg forum is the value of “Life”. Over the course of two days, representatives of student media attend lectures and master classes by experts in media, healthcare, ethics, philosophy, charity, participate in panel discussions and themselves come up with and create social videos and posters about the value of life. The authors of the best works will be determined by representatives of the Ministry of Education and Science of Russia and the Institute of Internet Development. The winner will go to the student media rally.

    Answering the question from Polimer, “Do you think that student media can become a key platform for discussing traditional values among young people?”, Andrei Tolmachev emphasized that it is the young people themselves who should promote traditional values among young people.

    “The goal of the media relay is for the kids to experience the values of Russia, understand what they are, translate them into the language of their generation and broadcast their views to the masses through visual content,” Andrey Anatolyevich explained. “And our experts help them with this: some of them show how to shoot videos and write scripts, while others teach them to think about what life is and how to live it.”

    Andrey Tolmachev believes that the media relay has already achieved its goal from the day it started — hundreds of universities and thousands of students have united across the country. The first forum was held on Russian Student Day at the V. Dahl Luhansk State University. It was dedicated to the value of “Service to the Fatherland and Responsibility for Its Fate.” After St. Petersburg, Ufa will take up the baton, where the forum’s theme will be the value of “High Moral Ideals.”

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

    MIL OSI Russia News

  • MIL-OSI: DIGITALIST GROUP’S FINANCIAL STATEMENT RELEASE, 1 JANUARY–31 DECEMBER 2024

    Source: GlobeNewswire (MIL-OSI)

    DIGITALIST GROUP’S FINANCIAL STATEMENT RELEASE, 1 JANUARY–31 DECEMBER 2024 
    (Not audited)

    DIGITALIST 2024 

    SUMMARY

    October–December 2024 (comparable figures for 2023 in parentheses):

    • Turnover: EUR 4.7 million (EUR 4.2 million), change 12.9%. 
    • EBITDA: EUR -0.2 million (EUR -0.4 million*), -4.3% of turnover (-9.1%).
    • EBIT: EUR -0.3 million (EUR -0.6 million*), -7.1% of turnover (-14.4%). 
    • Net income: EUR -1.0 million (EUR -1.6 million*), -21.3% of turnover (-38.9%).
    • Earnings per share EUR -0.00 (EUR -0.00).

    January–December 2024 (comparable figures for 2023 in parentheses): 

    • Turnover: EUR 16.2 million (EUR 16.7 million), change -3.1%. 
    • EBITDA: EUR -1.5 million (EUR -0.9 million**), -9.4% of turnover (-5.2%). 
    • EBIT: EUR -2.0 million (EUR -1.7 million**), -12.3% of turnover (-10.2%). 
    • Net income: EUR -5.0 million (EUR -4.1 million**), -31.0% of turnover (-24.5%). 
    • Earnings per share: EUR -0.01 (EUR -0.01). 
    • Earnings per share (diluted): EUR -0.01 (EUR -0.01). 
    • Cash flow from operations EUR -1.4 million (EUR -2.9 million). 
    • Number of employees at the end of the review period: 122 (126), decrease of 3.2%.

    *) EBIT, EBITDA, and net income for the comparison period were affected by a recorded gain of EUR 0.3 million, resulting from the write-down of Turret accounts payable and an additional purchase price related to the Ticknovate divestment.

    **) EBIT, EBITDA, and net income for the period were affected by a one-time gain of EUR 1.0 million, which includes a recorded gain of EUR 0.6 million from the FutureLab Share transaction, EUR 0.3 million from the write-down of Turret accounts payable and an additional purchase price adjustment related to the Ticknovate divestment.

    CEO’s review 

    As we close the year 2024, Digitalist Group stands at the intersection of ongoing market challenges and promising opportunities. While the Finnish economy remained weak, causing clients to hesitate in initiating new projects, we observed steady growth in Sweden. We are committed to coping with the challenges in the Finnish market, but we have increased focus on exploiting opportunities in the Swedish market and have expanded our offering with new applied AI services.

    Despite the turnover growth in the last quarter, the Group’s turnover in 2024 slightly declined to EUR 16.2 million (from EUR 16.7 million in 2023) and EBITDA ended at EUR -1.5 million (EUR -0.9 million in 2023 including a one-time gain of EUR 1.0 million). This outcome mirrors both the current market conditions and the positive but not sufficient impact of the strategic measures we implemented throughout the year.

    A key driver of our performance has been the Swedish market, where demand remained robust enough to offset weaker activity in Finland. In 2024 Sweden contributed around 70% of our total turnover, up from 61% in the same period last year. We also intensified our cost-saving efforts, reducing personnel costs and streamlining our organizational structure to create a stronger foundation for future improvements.

    This year, we enhanced our service portfolio through the full launch of Digitalist Open Cloud AB and the introduction of Digitalist Private AI Hub, offering secure and GDPR-compliant AI capabilities. These new solutions cater to the rising demand for data privacy and advanced digital services, attracting clients who recognize the value of our approach.

    Looking ahead, we remain focused on driving operational efficiency, sharpening our service offerings, and capitalizing on growth opportunities. Although the market may remain challenging in the near term, our product innovation and constant focus on cost management, positions Digitalist Group for long-term success.

    I extend my sincere gratitude to our employees for their commitment and to our clients for their trust. Together, we have navigated a demanding year, and together we will seize the opportunities that lie ahead.

    Magnus Leijonborg
    CEO, Digitalist Group

    Future prospects

    In 2025, it is expected that turnover and EBITDA will improve in comparison with 2024.

    SEGMENT REPORTING

    Digitalist Group reports its business in a single segment.

    TURNOVER

    In the fourth quarter, the Group’s turnover was EUR 4.7 million (EUR 4.2 million), reflecting a 12.9% increase compared to the previous year. The increase was due to the strengthening of the Swedish business.

    The Group’s turnover for the period totalled EUR 16.2 million (EUR 16.7 million), which is 3.1% lower than the previous year, as a result of the weak market situation in Finland. The turnover for the whole year fell short of the targets, as the economic slowdown and uncertainty have made customers more cautious when starting new projects.

    Market conditions in Finland have been challenging. The share of turnover outside Finland rose to 70 percent (61 %), and the increase was mainly due to the strengthening of the Swedish business. The net impact on turnover from the divestment of FutureLab and the acquisition of Open Communications for the review period is EUR 0.1 million compared to the comparison period.

    RESULT

    In the fourth quarter, EBITDA was EUR -0.2 million (EUR -0.4 million), EBIT was EUR -0.3 million (EUR -0.6 million) and profit before taxes was EUR -0.9 million (EUR -1.6 million). EBITDA was positively affected by improved sales and a EUR 0.3 million reduction in personnel and operating expenses. Net income for the final quarter amounted to EUR -1.0 million (EUR -1.6 million), earnings per share were EUR -0.00 (EUR -0.00).

    EBITDA for the financial period amounted to EUR -1.5 million (EUR -0.9 million), EBIT was EUR -2.0 million (EUR -1.7 million) and profit before taxes was EUR -4.9 million (EUR -4.0 million). Expenses were EUR 0.7 million lower compared to the previous year, of which operating expenses were EUR 0.3 million lower and personnel expenses EUR 0.4 million lower. Cost savings improved EBITDA, but the decline in sales weakened the overall impact.

    The EBIT was influenced by the decrease of depreciations of balance sheet items by EUR 0.4 million. EBIT, EBITDA and net income of the comparison period were impacted by a booked gain of EUR 0.6 million from the FutureLab Share transaction and EUR 0.3 million is attributed to the write-down of Turret accounts payable and an additional purchase price related to the Ticknovate divestment.

    Net financial items amounted to EUR -3.0 million (EUR -2.3 million), mainly comprising external interest expenses related to loans from financial institutions and related parties. External interest expenses were EUR -2.2 million (EUR -2.1 million). Financial items in the comparison period were positively impacted by Business Finland’s non-collection decision on a EUR 0.3 million part of the product development loan and unrealized exchange gains. Net income for the financial period amounted to EUR -5.0 million (EUR -4.1 million), earnings per share totalled EUR -0.01 (EUR -0.01).

    RETURN ON EQUITY

    The Group’s shareholders’ equity amounted to EUR -37.7 million (EUR -32.7 million). The Group’s equity considering the capital loans was EUR -13.8 million (EUR -15.8 million). Return on equity (ROE) was negative. Return on investment (ROI) was -161.9% (-27.8%).

    BALANCE SHEET AND FINANCING

    The balance sheet total was EUR 10.1 million (EUR 11.4 million). The solvency ratio was -379.1% (-285.9%). 

    At the end of the period, the Group’s liquid assets totalled EUR 0.9 million (EUR 0.9 million).

    At the end of the financial period the Group’s interest-bearing liabilities amounted to EUR 38.2 million (EUR 35.7 million). The Group’s balance sheet recognised EUR 11.0 million (EUR 11.4 million) in loans from financial institutions, including the overdrafts in use. IFRS 16 leasing debts were EUR 0.6 million (EUR 1.0 million). 

    In addition, the company has loans from its main owners. The loans from related parties amount to EUR 26.6 million (EUR 23.4 million). EUR 23.9 million (EUR 16.9 million) related party loans were capital loans, EUR 0 million (EUR 5.8 million) were convertible bonds, EUR 2.8 million (EUR 0.8 million) were other related party loans, of which EUR 2.0 million were short term. The changes result from the conversion of convertible bonds into capital loans in accordance with Chapter 12 of the Limited Liability Companies Act and from the new loan installments from Turret. More information about the arrangements can be found in the section of the review: Related party transactions.

    CASH FLOW

    The Group’s cash flow from operating activities during the review period was EUR -1.4 million (EUR -2.9 million), a change of EUR 1.5 million. The development of the company’s liquid assets was influenced by improved working capital. In order to reduce the rate of turnover of trade receivables, the Group sells part of its trade receivables from Finnish customers. In addition, some Swedish trade receivables are financed through factoring arrangements.

    GOODWILL

    On 31 December 2024, the Group’s balance sheet included goodwill of EUR 5.2 million (EUR 5.4 million). The company tested goodwill in accordance with IAS 36 on 31 December 2024 and no need for an impairment charge was detected. 

    PERSONNEL

    During the financial period, the Group had an average of 123 employees (139). At the end of the financial period, the total number of employees was 122 (126), with 52 (52) working for the Group’s Finnish companies and 70 (74) employed by its foreign subsidiaries.

    SHARES AND SHARE CAPITAL

    Share turnover and price

    During the financial period, the company’s share price hit a high of EUR 0.02 (EUR 0.03) and a low of EUR 0.01 (EUR 0.01), and the closing price on 31 December 2024 was EUR 0.01 (EUR 0.02). The average price in the financial period was EUR 0.01 (EUR 0.02). During the financial period 78,321,067 (40,711,793) shares were traded, corresponding to 11.3% (6.0%) of the number of shares in circulation at the end of the period. The Group’s market capitalisation at the closing share price on 31 December 2024 was EUR 9,985,399 (EUR 10,236,341).
         
    Share capital

    At the beginning of the period under review, the company’s registered share capital was EUR 585,394.16, and there were 693,430,455 shares. At the end of the period, the share capital was EUR 585,394.16, and there were 693,430,455 shares. The company has one class of shares. At the end of the reporting period, the company held a total of 7,664,943 treasury shares corresponding to 1.1% of the total shares. 

    Option plan 2019 and 2021

    The option plan 2019 has expired.

    The option rights belonging to the company’s option program 2021 are marked as series 2021A1, 2021A2, 2021B1, 2021B2 and 2021C1. A maximum of 60,000,000 stock options can be issued and they entitle to subscribe for a maximum of 60,000,000 new shares of the Company. A total of 38,450,000 options belonging to the 2021A1 and 2021A2 series have been distributed among the options included in the option program. The last exercise date for the series 2021A1 was 31.12.2024. 28,650,000 of the distributed options have expired, so based on the terms of the option program, it is possible to subscribe for a maximum of 9,800,000 new shares of the Company.

    The theoretical market value of the options allocated by the end of the financial period is approximately EUR 0.8 million, which is recognised as an expense in accordance with IFRS 2 for the years 2021-2025. The expense recognition for 2024 is EUR 0.1 million. The expense recognition does not have cash flow impact.

    Terms and conditions of option programs can be found at the Company’s web site https://investor.digitalistgroup.com//investor

    Shareholders

    The number of shareholders on 31 December 2023 was 5,705 (5,578). Private individuals owned 11.8% (10.4%) of the shares, and institutions held 78.4% (79.5%). Foreign nationals or entities held 9.8% (10.0%) of the shares. Nominee-registered shares accounted for 12.6% (6.3%) of the total.

    AUTHORIZATIONS OF THE BOARD OF DIRECTORS

    Annual General Meeting 25 April 2024

    The company held its Annual General Meeting on 25 April 2024. The minutes of the Annual General Meeting and the decisions made are on the company’s website at https://investor.digitalistgroup.com/investor/governance/annual-general-meeting

    The financial statements and consolidated financial statements for the financial year ended December 31, 2023, were approved as presented.

    The Annual General Meeting resolved that the loss EUR 4,575,895.22 indicated by the financial statements for 2023 be recorded in the Company’s profit and loss account, and that no dividend be paid to shareholders for the financial period 2023.

    The Annual General Meeting elected Johan Almquist, Paul Ehrnrooth, Peter Eriksson, Esa Matikainen, and Andreas Rosenlew as ordinary members of the Board of Directors, and Magnus Wetter as a new member of the Board of Directors. At the Board meeting held on 25 April 2024 after the Annual General Meeting, the Board of Directors elected Esa Matikainen as the Chair of the Board and Andreas Rosenlew as the Deputy Chair of the Board. The Board resolved to continue with the Audit Committee. Esa Matikainen was elected as a chairman and Peter Eriksson and Magnus Wetter as members of the Audit Committee.

    The Board of Directors evaluated on the date of the financial statement release the independence of the Committee members in compliance with the recommendations of the Finnish Corporate Governance Code 2020 as follows. Esa Matikainen and Magnus Wetter are independent of the company and independent of a significant shareholder. Peter Eriksson is independent of the company and dependent on a significant shareholder.

    Audit firm KPMG Oy Ab was appointed as the company’s auditor.

    Authorisation of the Board of Directors to decide on share issues and on granting special rights entitling to shares

    The Annual General Meeting authorised the Board to decide on a paid share issue and on granting option rights and other special rights entitling to shares that are set out in Chapter 10 Section 1 of the Finnish Limited Liability Companies Act, or on the combination of all or some of the aforementioned instruments in one or more tranches on the following terms and conditions:

    The total number of the Company’s treasury shares and new shares to be issued under the authorisation may not exceed 346,715,227, which corresponds to approximately 50 per cent of all the Company’s shares at the time of convening the Annual General Meeting.

    Within the limits of the aforementioned authorisation, the Board of Directors may decide on all terms and conditions applied to the share issue and to the special rights entitling to shares, such as that the payment of the subscription price may take place not only by cash but also by setting off receivables that the subscriber has from the Company.

    The Board of Directors shall be entitled to decide on crediting the subscription price either to the Company’s share capital or, entirely or in part, to the invested unrestricted equity fund.

    The share issue and the issuance of special rights entitling to shares may also take place in a directed manner in deviation from the pre-emptive rights of shareholders if there is a weighty financial reason for the Company to do so, as set out in the Limited Liability Companies Act. In such a case, the authorisation may be used to finance corporate acquisitions or other investments related to the operations of the Company as well as to maintain and improve the solvency of the Group and to carry out an incentive scheme.

    The authorisation is proposed to be effective until the Annual General Meeting held in 2025, yet no further than until 30 June 2025.

    Authorising the Board of Directors to decide on the acquisition and/or on the acceptance as pledge of the Company’s treasury shares

    The Annual General Meeting authorised the Board to decide on acquiring or accepting as pledge, using the Company’s distributable funds, a maximum of 69,343,000 treasury shares, which corresponds to approximately 10 per cent of the Company’s total shares at the time of convening the Annual General Meeting. The acquisition may take place in one or more tranches. The acquisition price shall not exceed the highest market price of the share in public trading at the time of the acquisition.

    In executing the acquisition of treasury shares, the Company may enter into derivative, share lending or other contracts customary in the capital market, within the limits set out in laws and regulations. The authorisation entitles the Board to decide on an acquisition in a manner other than in a proportion to the shares held by the shareholders (directed acquisition).

    The Company may acquire the shares to execute corporate acquisitions or other business arrangements related to the Company’s operations, to improve its capital structure, or to otherwise further transfer the shares or cancel them.

    The authorisation is proposed to include the right for the Board of Directors to decide on all other matters related to the acquisition of shares. The authorisation is proposed to be effective until the Annual General Meeting held in 2025, yet no further than until 30 June 2025.

    The Annual General Meeting approved the Board’s proposals to change the terms of the Convertible Bonds 2021/1, 2021/3, and 2022/1 issued to Turret Oy Ab without modifications.

    The Annual General Meeting approved the Board’s proposals to change the terms of the Convertible Bonds 2021/2 and 2021/4 issued to Holdix Oy Ab without modifications.

    It was noted that the following measures have been taken in the Company after the end of the fiscal year on December 31, 2023:

    ●     Convertible bonds 2021/3 and 2021/4 were partially converted into capital loans as per Chapter 12 of the Companies Act, as announced on March 22, 2024; and
    ●     the General Meeting has decided, following the board’s proposals, to change the terms of the Convertible Bonds 2021/1, 2021/2, 2021/3, 2021/4, and 2022/1, including their maturity extensions until September 30, 2026.

    It was noted that these actions have supported and will support the Company’s balance sheet and solvency.

    It was resolved to accept the proposition of the Board of Directors of the Company not to implement immediate additional measures to rectify the Company’s financial position, but the Company will actively evaluate other possibilities and means to support the Company’s financial standing.

    The stock exchange releases are on the company’s website at https://investor.digitalistgroup.com/investor/releases

    CHANGES IN THE GROUP STRUCTURE

    Digitalist Open Tech AB sold part of its IT and SaaS business to the newly established Digitalist Open Cloud AB through an internal business transfer agreement 1 April 2024. Digitalist Open Cloud AB is now a subsidiary of Digitalist Open Tech AB, with a 15% minority stake held by the subsidiary management.

    Digitalist Group divested its fully-owned subsidiary Open Communications International AB 31 May 2024 to its subsidiary Grow AB, in which it holds a 90% ownership. Sales price was EUR 0.9 million.

    In addition, Digitalist Group has closed non-operative companies. Digitalist USA Ltd was formally dissolved in 2024. Grow Finland Oy and Ixonos Estonia have been removed from the trade register in 2024.

    EVENTS SINCE THE FINANCIAL PERIOD

    There have been no significant events since the end of the financial period.

    RELATED-PARTY TRANSACTIONS 

    Financing arrangements with related parties:

    Strengthening Digital Group Plc’s equity, conversion of convertible bonds partly into capital loans

    In order to strengthen the Company’s equity, Digital Group decided on 22 March 2024 to utilize the right provided by Turret Oy Ab and Holdix Oy Ab to convert a total of 1,907,175.40+interest 334,513.29 euros of the principal and interest of the convertible bonds 2021/3 and 2021/4 subscribed by Turret and Holdix into a capital loan in accordance with Chapter 12 of the Limited Liability Companies Act.

    Amendment of the terms concerning Convertible Bonds 2021/1, 2021/2, 2021/3, 2021/4 and 2022/1 issued by Digitalist Group Plc

    Convertible Bonds 2021/1, 2021/3 and 2022/1 directed to Turret Oy Ab

    The Annual General Meeting of Digitalist Group 25 April 2024 resolved on the amendments to the Terms of the Convertible Bonds 2021/1, 2021/3, and 2022/1 issued to Turret.

    Digitalist Group Plc and Turret Oy Ab signed agreements April 26 2024 to amend the terms of the Convertible Bonds 2021/1, 2021/3, and 2022/1 and the option rights and other special rights pursuant to Chapter 10 section 1(2) of the Limited Liability Companies Act attached to them issued to Turret.

    The maturity of the Convertible Bonds was extended to 30 September 2026.

    Convertible Bonds 2021/2 and 2021/4 directed to Holdix Oy Ab

    The Annual General Meeting of Digitalist Group 25 April 2024 resolved on the amendments to the Terms of the Convertible Bonds 2021/2 and 2021/4 issued to Holdix.

    Digitalist Group and Holdix Oy Ab signed agreements April 26 2024 to amend the terms of the Convertible Bonds 2021/2 and 2021/4 and the option rights and other special rights pursuant to Chapter 10 section 1(2) of the Limited Liability Companies Act attached to them issued to Holdix.

    The maturity of the Convertible Bonds was extended to 30 September 2026.

    Digitalist Group structures its financing

    Digitalist Group Plc’s agreed 28.10.2024 with Turret Oy Ab on a loan amounting to EUR 1,000,000 in order to strengthen the Company’s working capital. The Company has the right to withdraw the Loan in instalments by 31 December 2025 at the latest. The Loan was granted on market terms and it will fall due on 31 December 2026.

    Strengthening Digitalist Group Plc’s balance sheet position and conversion of convertible bonds 2021/1, 2021/2, 2021/3 and 2021/4 into capital loans

    Digitalist Group Plc decided 30.12.2024, in order to strengthen the Company’s balance sheet position, to utilize the right offered by Turret Oy Ab and Holdix Oy Ab to convert a total of 3,860,763.40 + interest 861,271.93 euros of the principal and interest of the convertible bonds 2012/1, 2021/2, 2021/3 and 2021/4 subscribed by Turret and Holdix into a capital loan in accordance with Chapter 12 of the Limited Liability Companies Act.

    OTHER EVENTS DURING THE FINANCIAL PERIOD

    Digitalist Group decreased its earlier guidance regarding future prospects 17.10.2024. The new guidance was: In 2024, turnover and EBITDA are expected to decrease in comparison with 2023.

    Operationally, not including the impact of other operating income (EUR 1.0 million), the current financial year was expected to be stronger than the previous year.

    The stock exchange releases for the review period are on the company’s website at https://investor.digitalistgroup.com/investor/releases

    RISK MANAGEMENT AND SHORT-TERM UNCERTAINTIES

    The objectives of Digitalist Group Plc’s risk management are to ensure the undisrupted continuity and development of the company’s operations, support the achievement of the company’s business objectives and increase the company’s value. For more details about the organisation of risk management, processes and identified risks, see the company’s website at https://investor.digitalistgroup.com/investor

    The company has been making a loss despite the efficiency measures it has taken. The company’s loss-making performance directly affects its working capital and the sufficiency of its financing. This risk is managed by maintaining the capacity to use different financing solutions. The company aims to continuously assess and monitor the amount of necessary business financing to ensure that it has sufficient liquid assets to finance its operations and repay maturing loans. Any disruptions in the financial arrangements would weaken Digitalist Group’s financial position.

    The company is currently dependent on external financing, most of which has been obtained from related-party companies and financial institutions. Digitalist Group’s ability to finance its operations and reduce the amount of its debt depends on several factors, such as the cash flow from operations and the availability of debt and equity financing, and there is no certainty that such financing will be available in the future. Similarly, there can be no certainty in the long term that Digitalist Group will be able to obtain additional debt or refinance its current debt on acceptable terms, if at all.

    During 2024, negotiations regarding the restructuring of maturing convertible bonds held by related parties were concluded, and the maturity date was extended until autumn 2026. The convertible bonds were converted into capital loans in two tranches in accordance with Chapter 12 of the Limited Liability Companies Act in 2024, strengthening the company’s balance sheet.

    Any changes to key client accounts could have a substantial impact on Digitalist Group’s operations, earning potential and financial position. If one of Digitalist Group’s largest clients decided to switch to a competing company or drastically altered its operating model, the chances of finding client volumes to replace the shortfall in the near term would be limited.

    The Group’s business consists mainly of individual client agreements, which are often relatively short-term. Forecasting the start dates and scopes of new products is occasionally challenging, while the cost structure is largely fixed. The aforementioned aspects can lead to unpredictable fluctuations in turnover and, thereby, in profitability. The Group’s business consists of some fixed-price deliveries (65%). Fixed-price client deliveries carry risks related to timing and content. The company endeavours to manage these risks through contractual and project management measures.

    Irrespective of the market situation, there is a shortage of certain experts in the Group’s business sector. Although the aggressive recruitment policies that occasionally arise in the Group’s business sector have decreased significantly, there is still a risk of personnel moving to competitors. There are no guarantees that the company will be able to retain its current personnel and recruit new employees to enable growth. If Digitalist Group loses a significant number of its current personnel, it would be more difficult to complete existing projects and acquire new ones. This could have an adverse impact on Digitalist Group’s business, earnings and financial position.

    The cost inflation has decreased significantly but can still exert pressure to raise salaries, so the importance of cost monitoring is emphasised further. Variation in interest rates do not have a significant direct impact on financing costs because most of the company’s debts have fixed interest rates. If the interest rates on the company’s loans from financial institutions rose by 1 per cent, the company’s annual interest costs would rise by approximately EUR 0.1 million.

    Part of the Group’s turnover is invoiced in currencies other than the euro – mainly in the Swedish krona. The risk associated with changes in exchange rates can be managed in various ways, including net positioning and currency hedging contracts. In 2024 and 2023, the Group had no hedging contracts.

    The Group’s balance sheet contains goodwill that is subject to impairment risk in the event that the Group’s future yield expectations decrease due to internal or external factors. The goodwill is tested for impairment every six months and whenever the need arises.

    General economic uncertainty and low growth forecasts in the company’s key markets affected the Group’s business during the financial period, but the future impact is difficult to estimate. Geopolitical uncertainty may affect the business activities of some of the Group’s clients, thereby indirectly affecting the Group’s business. The Group has no business activities in Russia or Ukraine.

    LONG-TERM GOALS AND STRATEGY

    Digitalist Group aims to achieve a profit margin of at least 10% over the long term. In order to achieve its long-term goals, Digitalist Group strives for profitable, international growth by shaping new forms of thinking, services and technological solutions for a variety of sectors. These sectors include, among others, the technology industry, energy industry, transport and logistics, as well as consumer services in both the public and private sectors. Digitalist Group’s strategy focuses on enhancing its service and solution business and seamlessly integrating user and operational research, branding, design and technology.

    PROPOSAL BY THE BOARD OF DIRECTORS TO THE ANNUAL GENERAL MEETING

    The Board of Directors of Digitalist Group Plc proposes to the Annual General Meeting that the distributable funds be retained in shareholders’ equity and that no dividend be distributed to shareholders for the 2024 financial period. On 31 December 2024, the parent company’s distributable assets were negative.

    Digitalist Group Plc’s Annual General Meeting will be held on 29 April 2025. 
    Digitalist Group’s Financial Statements 2024 will be published and posted on the company’s website on 28 March 2025. Digitalist Group Plc’s Financial Statements will be published in Finnish and English and they are available on the Group’s website https://investor.digitalistgroup.com/investor immediately after publication.

    NEXT REVIEW

    The Business review for January–March 2025 will be published on Friday 25 April 2025.

    DIGITALIST GROUP PLC
    Board of Directors

    Further information:
    Digitalist Group Plc
    CEO Magnus Leijonborg, tel. +46 76 315 8422, magnus.leijonborg@digitalistgroup.com
    Chairman of the Board Esa Matikainen, tel. +358 40 506 0080, esa.matikainen@digitalistgroup.com

    Distribution:
    NASDAQ Helsinki

    Key media
    https://investor.digitalistgroup.com/investor

    DIGITALIST GROUP 

    SUMMARY OF THE FINANCIAL STATEMENTS AND NOTES, 1 JANUARY–31 DECEMBER 2024

    CONSOLIDATED INCOME STATEMENT, EUR THOUSAND 

      1 Oct – 31 Dec 24 1 Oct – 31 Dec 23 Change (%) 1 Jan – 31 Dec 24 1 Jan – 31 Dec 23 Change (%)
    Turnover 4,698.85 4,160.22 12,9 % 16,164.54 16,680.74 -3,1 %
    Other operating income -41.02 280.21 -114,6 % 50.00 1,006.67 -95,0 %
                 
    Materials and services -932.52 -639.82 -45,7 % -3,102.99 -3,202.01 3,1 %
    Expenses from employee benefits -3,251.70 -3,331.27 2,4 % -11,874.22 -12,269.02 3,2 %
    Depreciation and impairment -132.28 -218.14 39,4 % -469.53 -834.41 43,7 %
    Other operating expenses -673.33 -848.57 20,7 % -2,750.27 -3,077.67 10,6 %
    Total expenses -4,989.83 -5,037.80 1,0 % -18,197.01 -19,383.11 6,1 %
                 
    EBIT -331.99 -597.37 44,4 % -1,982.47 -1,695.70 -16,9 %
                 
    Financial income 78.27 4.17 1779,2 % 155.41 752.50 -79,3 %
    Financial expenses -695.08 -1,021.72 32,0 % -3,103.37 -3,026.21 -2,5 %
    Total financial income and expenses -616.81 -1,017.55 39,4 % -2,947.96 -2,273.71 -29,7 %
                 
    Profit before taxes -948.80 -1,614.92 41,2 % -4,930.43 -3,969.41 -24,2 %
    Income taxes -50.82 -3.87 -1214,3 % -87.04 -115.46 24,6 %
    PROFIT/LOSS FOR FINANCIAL PERIOD -999.62 -1,618.78 38,2 % -5,017.47 -4,084.87 -22,8 %
                 
    Distribution:            
    Parent company shareholders -875.12 -1,557.64 43,8 % -4,707.38 -4,042.14 -16,5 %
    Non-controlling interests -124.50 -61.15 -103,6 % -310.09 -42.73 -625,8 %
    Earnings per share:            
    Undiluted (EUR) 0.00 0.00   -0.01 -0.01  
    Diluted (EUR) 0.00 0.00   -0.01 -0.01  

    COMPREHENSIVE INCOME STATEMENT, EUR THOUSAND

      1 Oct – 31 Dec 24 1 Oct – 31 Dec 23 Change (%) 1 Jan – 31 Dec 24 1 Jan – 31 Dec 23 Change (%)
    Profit/loss for the financial period -999.62 -1,618.78 38,2% -5,017.47 -4,084.87 -22,8%
    Other items of comprehensive income            
    Translation difference -140.67 663.20 -121,2% -67.99 229.71 -129,6%
    TOTAL COMPREHENSIVE INCOME FOR THE YEAR -1,140.29 -955.58 -19,3% -5,085.47 -3,855.45 -31,9%
    Parent company shareholders -1,006.68 -869.23 -15,8% -4,759.00 -3,807.09 -25,0%
    Non-controlling interests -133.61 -86.35 -54,7% -327.00 -48.06 -580,4%

    CONSOLIDATED BALANCE SHEET, EUR THOUSAND

    ASSETS 31 December 2024 31 December 2023
    NON-CURRENT ASSETS    
    Intangible assets 313.78 422.06
    Goodwill 5,244.98 5,444.44
    Tangible assets 569.43 916.99
    Buildings and structures, rights-of-use 528.59 867.73
    Machinery and equipment 27.55 34.52
    Other tangible assets 13.29 14.74
    Investments 6.23 6.28
    Other non-current financial assets 88.02 24.35
    NON-CURRENT ASSETS 6,222.44 6,814.12
         
    CURRENT ASSETS    
    Trade and other receivables 2,612.34 3,508.10
    Income tax asset 320.88 228.46
    Cash and cash equivalents 943.53 893.65
    CURRENT ASSETS 3,876.75 4,630.21
    ASSETS 10,099.19 11,444.12
         
    SHAREHOLDERS’ EQUITY AND LIABILITIES    
    SHAREHOLDERS’ EQUITY    
    Parent company shareholders    
    Share capital 585.39 585.39
    Share premium account 218.73 218.73
    Invested non-restricted equity fund 73,916.78 73,916.78
    Retained earnings -107,368.76 -103,343.29
    Profit/loss for the financial period -4,707.38 -4,042.14
    Non-controlling interests -311.28 -53.08
    Parent company shareholders -37,355.24 -32,664.53
    SHAREHOLDERS’ EQUITY -37,666.53 -32,717.43
    NON-CURRENT LIABILITIES 25,438.08 3,748.88
    CURRENT LIABILITIES 22,327.73 40,412.84
    SHAREHOLDERS’ EQUITY AND LIABILITIES 10,099.29 11,444.28

    CALCULATION OF CHANGES IN CONSOLIDATED SHAREHOLDERS’ EQUITY, EUR THOUSAND
    A:   Share capital
    B:   Share premium account
    C:  Invested unrestricted equity fund
    D:  Translation difference
    E:   Retained earnings
    F:   Total shareholders’ equity attributable to the parent company’s
    G: Non-controlling interests
    H:  Total shareholders’ equity

      A B C D E F G H
    Shareholders’ equity 1 Jan 2023 585.39 218.73 73,662.55 -1,197.92 -104,545.23 -31,276.47 503.13 -30,773.34
    Other changes                
    Profit/loss for the financial period         -4,042.14 -4,042.14 -42.73 -4,084.87
    Purchase of own shares       235.05   235.05 -5.33 229.72
    Other items of comprehensive income           -3,807.09    
    Paid in capital     253.98     253.98   253.98
    Translation difference         176.44 176.44   176.44
    Share-based remuneration         0.00 0.00   0.00
    Transactions with non-controlling interests             -508.15 1,480.52
    Shareholders’ equity 31 December 2023 585.00 219.00 73,916.78 -1,192.36 -106,192.89 -32,664.35 -53.08 -32,717.43
                     
      A B C D E F G H
    Shareholders’ equity 1 Jan 2024 585.00 219.00 73,916.78 -1,192.36 -106,192.89 -32,664.35 -53.08 -32,717.43
    Other changes       0.00 0.00      
    Profit/loss for the financial period         -4,707.38 -4,707.38 -310.09 -5,017.47
    Purchase of own shares       -51.33   -51.33 -16.66 -67.99
    Other items of comprehensive income           -4,758.71    
    Translation difference         54.23 54.23   54.23
    Share-based remuneration         -14.40 -14.40   -14.40
    Sale of subsidiary         13.81 13.81   13.81
    Transactions with non-controlling interests         14.18 14.18 68.55 82.73
    Shareholders’ equity 31 December 2024 585.00 219.00 73,916.78 -1,243.69 -110,832.45 -37,355.23 -311.29 -37,666.52

    CONSOLIDATED CASH FLOW STATEMENT, EUR THOUSAND 

      1 Jan – 31 Dec 24 1 Jan – 31 Dec 23 1 Jul – 31 Dec 24 1 Jul – 31 Dec 23
    Cash flow from operations        
    Earnings before taxes in the period -5,017.47 -4,084.87 -2,461.65 -2,094.96
    Adjustments to cash flow from operations:        
    Other income and expenses with no payment -235.55 -76.63 -261.44 -174.25
    Depreciation, impairment 469.53 834.41 265.81 417.90
    Income taxes 87.04 115.46 42.16 31.37
    Unrealised foreign exchange gains and losses -85.26 -255.59 124.47 -296.11
    Financial income and expenses 3,057.58 2,273.71 1,655.67 1,704.54
    Other adjustments 4.81 -561.90 3.25 -576.30
    Cash flow financing before changes in working capital -1,719.32 -1,755.41 -631.73 -987.82
             
    Change in working capital 1,290.45 -262.04 936.75 -313.93
    Interest received 47.37 0.72 10.04 3.07
    Interest paid -883.89 -710.82 -395.39 -333.90
    Taxes paid -133.04 -149.35 -40.34 -46.81
    Net cash flow from operations -1,398.42 -2,876.89 -120.68 -1,679.39
             
    Cash flow from investments        
    Acquisition of shares in group companies 0.00   0.00  
    Proceeds from disposal of shares in group companies 0.00   0.00  
    Investments in tangible and intangible assets -15.42 -22.33 -6.49 -9.95
    Proceeds from repayment of loans 0.00      
    Interest received on investments 0.00      
    Taxes paid on investments 0.00      
    Cash flow from investments -15.42 2,447.66 -6.49 1,049.09
             
    Net cash flow before financial items -1,413.84 -429.23 -127.18 -630.30
             
    Cash flow from financing activities        
    Transactions with non-controlling interests 19.53 136.18 -6.25 -12.17
    Drawdown of long-term loans 2,025.00 750.00 1,275.00 750.00
    Drawdown of short-term loans 0.00 736.90 -212.58  
    Repayment of short-term loans -129.07   -105.31 -1.81
    Repayment of lease liabilities -429.40 -697.51 -184.02 -354.56
    Net cash flow from financing 1,486.06 423.76 766.83 441.83
             
    Change in cash and cash equivalents 72.22 -5.46 639.66 -188.47
    Liquid assets, beginning of period 893.44 898.55 308.06 1,041.04
    Impact of changes in exchange rates -22.14 0.36 -4.20 40.88
    Liquid assets, end of period 943.53 893.44 943.53 893.44

    Accounting principles

    This release has been prepared in accordance with IAS 34 – Interim Financial Reporting. The interim report release complies with the same accounting principles and calculation methods as the annual financial statements. The updates to the IFRS standards that entered into force on 1 January 2024 do not have a significant impact on the figures presented.

    The preparation of a financial statement release in accordance with IFRS requires the management to use certain estimates and assumptions that affect the amounts recognised in assets and liabilities when the balance sheet was prepared, as well as the amounts of income and expenses in the period. In addition, discretion must be used in applying the accounting policies. As the estimates and assumptions are based on outlooks on the balance sheet date, they contain risks and uncertainties. The realised values may deviate from the original assessments and assumptions.

    The original release is in Finnish. The English release is a translation of the original.

    Going concern

    The Group’s result has remained negative, and the financial situation has been challenging at times but the financial statement release has been prepared in accordance with the principle of the business as a going concern. The assumption of continuity is based management assumptions on several factors, including the following:

    • The cost-saving programs have improved the Group’s profitability in 2023 and 2024. Operating expenses and personnel expenses have decreased by EUR 0.7 million in comparison with the review period and the cost structure is now lighter.
    • Additional cost-saving programs started in 2024 will have nearly full effect in 2025.
    • The Group is finding new growth areas and reinforcing its market position in Sweden, which is expected to have a positive impact on sales trends.
    • Negotiations regarding the arrangements for related party convertible bonds maturing in 2024 were successfully completed in 2024, resulting in the extension of their maturity to the autumn 2026.

    EUR 2.0 million of the Group’s financial institution loans are set to begin repayment on April 30, 2025. As of the publication date of the financial statement release, negotiations to extend the loan’s maturity date are still ongoing. However, management is confident that the outcome will be favorable for the company.

    At the time of the financial statement release, the company expects its working capital to be sufficient to cover its requirements over the next 12 months based on the financing support provided by the main owner if needed. Negotiations with the main owner to secure financing for the next 12 months are ongoing and are expected to be completed before the publication of the financial statements and based on this the financial statement release has been prepared in accordance with the going concern principle.

    Goodwill impairment testing and recognised impairment

    Digitalist Group tested its goodwill for impairment on 30 June 2024 and 31 December 2024. The goodwill is allocated to one cash-generating unit. No need to write down goodwill was identified.

    The value in use of the tested property exceeded the tested amount by EUR 9.0 million. The tested amount of goodwill in the balance sheet at the end of the review period is EUR 4.9 million.

    The company tests its goodwill based on the utility value of the assets. In the testing conducted on 31 December 2024 in conjunction with the financial statements, the cash flow forecasting period was from 2025 to 2029. During the forecast period, average growth in revenue of 15% is expected to be achieved which is supported by the market growth of the group’s industries and the increasingly extensive impact of digitalization in business life. In addition, the rapid development of artificial intelligence (AI) and its integration into service offerings will accelerate growth by offering more efficient and innovative solutions to customers. The efficiency measures and strategic recruitment carried out provide a solid basis for growth. EBITDA is projected to rise to 7% in 2026 and to 12% by the end of the forecasting period, being 9% on average.

    The method involves comparing the tested assets with their cash flow over the selected period, taking into account the discount rate and the growth factor of the cash flows after the forecast period. The discount rate is 11.4% (11.4%). The growth factor used to calculate the cash flows after the forecast period is 2.35%.

    The average EBITDA margin for the forecast period was used to calculate the value of the terminal period. A significant negative change in individual assumptions used in the calculations can necessitate a goodwill impairment charge. The sensitivity analysis indicates that an impairment charge may be necessary if the average growth in turnover is below 14% in the forecasting period and the fixed cost structure does not change. If the EBITDA falls below 6% in the forecasting period or the WACC surpasses 28%, all else equal, impairment charges may become necessary.

    CONSOLIDATED INCOME STATEMENT BY QUARTER, EUR THOUSAND

      Q4/2024 Q3/2024 Q2/2024 Q1/2024 Q4/2023
      1.10.-31.12.24 1.7.-30.9.24 1.4.-30.6.24 1.1.-31.3.24 1.10.-31.12.21
    Turnover 4,698.85 3,585.61 4,021.60 3,858.48 4,160.22
    Other operating income and expenses -5,031.05 -3,898.35 -4,749.35 -4,468.49 -4,757.59
    EBIT -331.99 -312.54 -727.84 -610.10 -597.37
    Financial income and expenses -616.81 -1,158.14 -783.20 -389.80 -1,017.55
    Profit before taxes -948.80 -1,470.68 -1,511.03 -999.91 -1,614.92
    Income taxes -50.64 8.66 -1.20 -43.68 -3.87
    PROFIT/LOSS FOR COMPARISON PERIOD -999.62 -1,462.03 -1,512.24 -1,043.59 -1,618.78

    CHANGES IN INTANGIBLE AND TANGIBLE ASSETS, EUR THOUSAND
      

      Goodwill Intangible assets Tangible fixed assets Right-of-use assets Other investments Total
    Carrying value 1 Jan 2023 4,677.98 109.82 65.08 1,135.06 101.76 6,090.22
    Increases   462.69 26.56 416.91 4.70 2,059.07
    Decreases            
    Changes in exchange rates 43.80 6.30 -0.40 -5.85   43.85
    Depreciation for the review period   -156.59 -37.63 -640.18   -834.47
    Carrying value 31 Dec 2023 5,444.44 422.53 48.47 867.05 6.27 6,789.76
                 
                 
      Goodwill Intangible assets Tangible fixed assets Right-of-use assets Other investments Total
    Carrying value 1 Jan 2024 5,444.44 422.53 48.47 867.05 6.27 6,789.76
    Increases 0.00 0.42 15.97 482.60 0.00 498.99
    Decreases 0.00   0.00 -462.23 0.00 -462.23
    Changes in exchange rates -199.68 -22.70 -1.35 -12.90   -236.64
    Depreciation for the review period   -85.57 -22.18 -344.61   -452.36
    Carrying value 31 Dec 2024 5,244.75 314.67 40.91 529.90 6.27 6,137.51

    KEY INDICATORS

      1 Jan – 31 Dec 2024 1 Jan – 31 Dec 2023
    Earnings per share (EUR) diluted -0.01 0.00
    Earnings per share (EUR) -0.01 -0.01
    Shareholders’ equity per share (EUR) -0.05 -0.05
    Cash flow from operations per share (EUR) diluted 0.00 0.00
    Cash flow from operations per share (EUR) 0.00 0.00
    Return on capital employed (%) -161.86 -27.8
    Return on equity (%) neg. neg.
    Operating profit/turnover (%) -12.27 -10.2
    Gearing as a proportion of shareholders’ equity (%) -99.00 -106.5
    Equity ratio as a proportion of shareholders’ equity (%) -379.11 -285.9
    EBITDA (EUR thousand) -1,512.94 -861.30

    MATURITY OF FINANCIAL LIABILITIES AND INTEREST ON LOANS

    31 December 2023 Balance sheet value Cash flow Under 1 year 1-5 years Over 5 years
    Loans from financial institutions 2,865.85 3,067.25 340.83 2,726.43  
    Credit limits 8,525.07 8,525.07 8,525.07    
    Convertible bonds 5,767.94 6,849.62   0.00  
    Capital loans 16,865.42 19,265.00   0.00  
    Other related-party loans 750.00 876.00 0.00    
    Lease liabilities IFRS 16 973.00 961.00 701.00 260.00  
    Accounts payable 864.66 864.66 864.66    
               
    31 December 2024 Balance sheet value Cash flow Under 1 year 1-5 years Over 5 years
    Loans from financial institutions 2,783.19 2,828.47 2,362.78 465.69  
    Credit limits 8,258.19 8,258.19 8,258.19    
    Capital loans 23,867.82 29,233.30   29,233.30  
    Other related-party loans 2,775.00 3,191.33   907.67  
    Lease liabilities IFRS 16 555.71 562.27 298.30 264.32  
    Accounts payable 1,124.07 1,124.07 1,124.07 0.00  

    Credit limits are valid until further notice.

    OTHER INFORMATION

      1 Jan – 31 Dec 2024 1 Jan – 31 Dec 2023
    NUMBER OF EMPLOYEES, average 123 139
    Personnel at the end of the period 122 126
         
    LIABILITIES, EUR THOUSAND    
    Pledges made for own obligations    
    Corporate mortgages 13,300.00 13,300.00
         
    Total interest-bearing liabilities    
    Long-term loans from financial institutions 458.98 2,659.11
    Other long-term liabilities 24,902.02 1,007.67
    Short-term loans from financial institutions 2,221.92 414.39
    Other short-term interest-bearing liabilities 10,657.00 31,665.62
    Total 38,239.92 35,746.80
         

    CALCULATION OF KEY FINANCIAL FIGURES

    EBITDA = earnings before interest, tax, depreciation and amortisation

    Diluted earnings per share = Profit for the financial period / Average number of shares, adjusted for share issues and for the effect of dilution

    Earnings per share = Profit for the financial period / Average number of shares adjusted for share issues

    Shareholders’ equity per share = Shareholders’ equity / Number of undiluted shares on the balance sheet date

    Cash flow from operations per share (EUR) diluted = Net cash flow from operations / Average number of shares, adjusted for share issues and for the effect of dilution

    Return on investment (ROI) =
    (Profit before taxes + Interest expenses + Other financial expenses) /
    (Balance sheet total – non-interest-bearing liabilities (average)) x 100

    Return on equity (ROE) = Net income / Total shareholders’ equity (average) x 100

    Gearing = interest-bearing liabilities – liquid assets / total shareholders’ equity x 100

    Attachment

    The MIL Network

  • MIL-OSI: FRO – Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    FRONTLINE PLC REPORTS RESULTS FOR THE FOURTH QUARTER ENDED DECEMBER 31, 2024

    Frontline plc (the “Company”, “Frontline,” “we,” “us,” or “our”), today reported unaudited results for the three and twelve months ended December 31, 2024:

    Highlights

    • Profit of $66.7 million, or $0.30 per share for the fourth quarter of 2024.
    • Adjusted profit of $45.1 million, or $0.20 per share for the fourth quarter of 2024.
    • Declared a cash dividend of $0.20 per share for the fourth quarter of 2024.
    • Reported revenues of $425.6 million for the fourth quarter of 2024.
    • Achieved average daily spot time charter equivalent earnings (“TCEs”)1 for VLCCs, Suezmax tankers and LR2/Aframax tankers in the fourth quarter of $35,900, $33,300 and $26,100 per day, respectively.
    • Fully drew down a sale-and-leaseback agreement in an amount of $512.1 million to refinance 10 Suezmax tankers, which generated net cash proceeds of $101.0 million in the fourth quarter of 2024.
    • Sold its oldest Suezmax tanker, built in 2010, for a net sales price of $48.5 million and delivered the vessel to its new owner in October 2024. The transaction generated net cash proceeds of $36.5 million after repayment of existing debt and a gain of $17.9 million in the fourth quarter of 2024.
    • Repaid the remaining $75.0 million outstanding under the $275.0 million senior unsecured revolving credit facility with an affiliate of Hemen Holding Limited, the Company’s largest shareholder (“Hemen”) in the fourth quarter of 2024.
    • Entered into three senior secured credit facilities for a total amount of up to $239.0 million to refinance outstanding debt on three VLCCs and one Suezmax tanker and, in addition, to provide revolving credit capacity in a total amount of up to $91.9 million.

    Lars H. Barstad, Chief Executive Officer of Frontline Management AS, commented:

    “The fourth quarter of 2024 came in unusually soft compared to previous years. Global oil demand was up marginally as the year came to an end, but global seaborne exports slowed in the fourth quarter. During the quarter we saw positive developments in the enforcement of sanctions against Iran and Russia in particular, but we could not escape the fact that these two countries represent a material part of the supply to Asia, at cost to demand for the vessels Frontline operates. For 2025 we have already seen broader sanctions with a wider scope, at the same time as key importers of exposed crude are diversifying away from the mentioned suppliers. Compliant fleet growth for the asset classes we deploy peaked a few years back, making the outlook very constructive as Frontline sail into the new year with our cost-efficient operations and modern fleet.”

    Inger M. Klemp, Chief Financial Officer of Frontline Management AS, added:

    ”In February 2025 we entered into three senior secured credit facilities for a total amount of up to $239.0 million to refinance three existing term loan facilities, with total balloon payments of $142.0 million maturing during 2025, leaving the Company with no debt maturities until the end of 2026 and, in addition, to provide revolving credit capacity in a total amount of up to $91.9 million. Through these new financings we further strengthen our strong liquidity and reduce our borrowing costs and cash break even rates. We continue to focus on maintaining our competitive cost structure, breakeven levels and solid balance sheet to ensure that we are well positioned to generate significant cash flow and create value for our shareholders.”

    Average daily TCEs and estimated cash breakeven rates

    ($ per day) Spot TCE Spot TCE currently contracted % Covered Estimated average daily cash breakeven rates for 2025
      2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024 2023 Q1 2025 2025
    VLCC 43,400 35,900 39,600 49,600 48,100 50,300 43,700 80% 29,200
    Suezmax 41,400 33,300 39,900 45,600 45,800 52,600 35,400 77% 24,000
    LR2 / Aframax 42,300 26,100 36,000 53,100 54,300 46,800 29,700 64% 22,200

    We expect the spot TCEs for the full first quarter of 2025 to be lower than the spot TCEs currently contracted, due to the impact of ballast days during the first quarter of 2025. See Appendix 1 for further details.

    The Board of Directors
    Frontline plc
    Limassol, Cyprus
    February 27, 2025

    Ola Lorentzon – Chairman and Director
    John Fredriksen – Director
    James O’Shaughnessy – Director
    Steen Jakobsen – Director
    Cato Stonex – Director
    Ørjan Svanevik – Director
    Dr. Maria Papakokkinou – Director

    Questions should be directed to:

    Lars H. Barstad: Chief Executive Officer, Frontline Management AS
    +47 23 11 40 00

    Inger M. Klemp: Chief Financial Officer, Frontline Management AS
    +47 23 11 40 00 

    Forward-Looking Statements

    Matters discussed in this report may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements, which include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

    Frontline plc and its subsidiaries, or the Company, desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. This report and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and financial performance and are not intended to give any assurance as to future results. When used in this document, the words “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “will,” “may,” “should,” “expect” and similar expressions, terms or phrases may identify forward-looking statements.

    The forward-looking statements in this report are based upon various assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

    In addition to these important factors and matters discussed elsewhere herein, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include:

    • the strength of world economies;
    • fluctuations in currencies and interest rates, including inflationary pressures and central bank policies intended to combat overall inflation and rising interest rates and foreign exchange rates;
    • the impact that any discontinuance, modification or other reform or the establishment of alternative reference rates have on the Company’s floating interest rate debt instruments;
    • general market conditions, including fluctuations in charter hire rates and vessel values;
    • changes in the supply and demand for vessels comparable to ours and the number of newbuildings under construction;
    • the highly cyclical nature of the industry that we operate in;
    • the loss of a large customer or significant business relationship;
    • changes in worldwide oil production and consumption and storage;
    • changes in the Company’s operating expenses, including bunker prices, dry docking, crew costs and insurance costs;
    • planned, pending or recent acquisitions, business strategy and expected capital spending or operating expenses, including dry docking, surveys and upgrades;
    • risks associated with any future vessel construction;
    • our expectations regarding the availability of vessel acquisitions and our ability to complete vessel acquisition transactions as planned;
    • our ability to successfully compete for and enter into new time charters or other employment arrangements for our existing vessels after our current time charters expire and our ability to earn income in the spot market;
    • availability of financing and refinancing, our ability to obtain financing and comply with the restrictions and other covenants in our financing arrangements;
    • availability of skilled crew members and other employees and the related labor costs;
    • work stoppages or other labor disruptions by our employees or the employees of other companies in related industries;
    • compliance with governmental, tax, environmental and safety regulation, any non-compliance with U.S. or European Union regulations;
    • the impact of increasing scrutiny and changing expectations from investors, lenders and other market participants with respect to our ESG policies;
    • Foreign Corrupt Practices Act of 1977 or other applicable regulations relating to bribery;
    • general economic conditions and conditions in the oil industry;
    • effects of new products and new technology in our industry, including the potential for technological innovation to reduce the value of our vessels and charter income derived therefrom;
    • new environmental regulations and restrictions, whether at a global level stipulated by the International Maritime Organization, and/or imposed by regional or national authorities such as the European Union or individual countries;
    • vessel breakdowns and instances of off-hire;
    • the impact of an interruption in or failure of our information technology and communications systems, including the impact of cyber-attacks upon our ability to operate;
    • potential conflicts of interest involving members of our Board of Directors and senior management;
    • the failure of counter parties to fully perform their contracts with us;
    • changes in credit risk with respect to our counterparties on contracts;
    • our dependence on key personnel and our ability to attract, retain and motivate key employees;
    • adequacy of insurance coverage;
    • our ability to obtain indemnities from customers;
    • changes in laws, treaties or regulations;
    • the volatility of the price of our ordinary shares;
    • our incorporation under the laws of Cyprus and the different rights to relief that may be available compared to other countries, including the United States;
    • changes in governmental rules and regulations or actions taken by regulatory authorities;
    • government requisition of our vessels during a period of war or emergency;
    • potential liability from pending or future litigation and potential costs due to environmental damage and vessel collisions;
    • the arrest of our vessels by maritime claimants;
    • general domestic and international political conditions or events, including “trade wars”;
    • any further changes in U.S. trade policy that could trigger retaliatory actions by the affected countries;
    • potential disruption of shipping routes due to accidents, environmental factors, political events, public health threats, international hostilities including the ongoing conflict between Russia and Ukraine, the conflict between Israel and Hamas and related conflicts in the Middle East, the Houthi attacks in the Red Sea and the Gulf of Aden, acts by terrorists or acts of piracy on ocean-going vessels;
    • the impact of the U.S. presidential and congressional election results affecting the economy, future government laws and regulations, trade policy matters, such as the imposition of tariffs, the amendment, termination or any other material change to a relationship governed by a treaty and other import restrictions;
    • the length and severity of epidemics and pandemics and their impacts on the demand for seaborne transportation of crude oil and refined products;
    • the impact of port or canal congestion;
    • business disruptions due to adverse weather, natural disasters or other disasters outside our control; and
    • other important factors described from time to time in the reports filed by the Company with the Securities and Exchange Commission.

    We caution readers of this report not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are no guarantee of our future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements.

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


    1 This press release describes Time Charter Equivalent earnings and related per day amounts and spot TCE currently contracted, which are not measures prepared in accordance with IFRS (“non-GAAP”). See Appendix 1 for a full description of the measures and reconciliation to the nearest IFRS measure.

    Attachment

    The MIL Network

  • MIL-OSI Russia: NSU Master’s students took part in the “Forum of Future Technologies”

    Translartion. Region: Russians Fedetion –

    Source: Novosibirsk State University – Novosibirsk State University –

    The forum has been held at the initiative of the President of Russia since 2023. This year, it was attended by about 1,800 people from the fields of science, technology, politics and business from all over Russia. Among them are master’s degree students Physics Department of NSU, employees of the Institute of Hydrodynamics named after. M.A. Lavrentyeva Alexander Paraskun and Artur Asylkaev.

    The forum’s business program included 37 sessions. The key event of the forum was the plenary session with the participation of Russian President Vladimir Putin.

    — The level of development of materials science is a kind of marker of the level of technology of the country as a whole. Thus, for the synthesis of superheavy elements with numbers 119 and 120, accelerator targets based on intermetallic compounds of berkelium-249 and californium and curium, respectively, are needed. The discovery of new elements expands our knowledge of matter, and it is important to note that it was in our country that the element with atomic number 118, related to inert gases, was synthesized, but its properties are very different from other representatives of the group, — said Alexander Paraskun, a master’s student at the Physics Department of NSU.

    NSU representatives took part in several panel discussions in their fields.

    — Several panel discussions were taking place in parallel, so we visited the most interesting and closest to our specialty. Important topics were discussed at the session “Nature-like technologies: restoring the balance between the biosphere and the technosphere”. Biologization of the technosphere is one of the tasks of the century. However, without understanding how nature works at the molecular level, we will not be able to create nature-like technologies, which is exactly what megascience research facilities are needed for, — noted Alexander Paraskun.

    For two days, the forum featured an exhibition where high-tech companies from all over the country presented their innovative developments. These included titanium products, including those used in the medical field, plant growth stimulants, and 3D-printed intervertebral disc prostheses. Projects created using artificial intelligence were also presented.

    — Visiting the Future Technologies Forum is like looking into tomorrow. Here, ideas turn into projects, and an ordinary conversation can become the beginning of something grand. One of the key topics of discussion was innovative materials. For example, materials with extreme characteristics open up wide opportunities for increasing the efficiency of devices in such areas as energy, transport, aircraft engine building and space technologies. Their unique ability to withstand extreme conditions — high temperatures, pressure, mechanical loads and aggressive chemical environments — makes them indispensable for creating more reliable and efficient solutions, — shared his impressions Artur Asylaev, a master’s student at the NSU Physics Department.

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

    MIL OSI Russia News

  • MIL-OSI Russia: Scientific readings “Worlds of the Russian intelligentsia in the 20th century: profession, society, power” took place

    Translartion. Region: Russians Fedetion –

    Source: Novosibirsk State University – Novosibirsk State University –

    The scientific readings “Worlds of the Russian intelligentsia in the 20th century: profession, society, power”, dedicated to the 100th anniversary of the birth of the honorary professor of the Novosibirsk State University Varlen Lvovich Soskin (1925-2021), took place at Novosibirsk State University on February 26. The readings were attended by scientists from Novosibirsk, Omsk and Tomsk state universities, Novosibirsk State University of Economics and Law, several institutes of the Siberian Branch of the Russian Academy of Sciences and the Institute of History and Archaeology of the Ural Branch of the Russian Academy of Sciences. Among those present were numerous students and former colleagues of the scientist. Also present at the event were V.L. Soskin’s relatives – daughter Marina Guseva, as well as granddaughter Maria and great-granddaughter Anna.

    Moderator of the readings, candidate of historical sciences, associate professor Vladimir Mindolin noted that Varlen Soskin was always characterized by attention to detail and the ability to make strong logical generalizations, for which his colleagues highly valued him. As a humanities scholar, he organically fit into the life of Akademgorodok: at a time when disputes raged between “physicists” and “lyricists”, strong friendly relations connected him with mathematicians, physicists and representatives of natural sciences. Varlen Soskin did a lot to ensure that humanities scholars integrated into the complex scientific environment of the newly created Akademgorodok. He also actively participated in educational activities and was distinguished by outstanding organizational skills.

    Rector of NSU, Academician of the Russian Academy of Sciences, Professor Mikhail Fedoruk said that Varlen Soskin’s students carefully preserve his memory. NSU initiated a great deal of significant research in the field of humanities, which received all-Union, and then all-Russian and world recognition.

    — Varlen Lvovich was the first full-time employee of the Siberian Branch of the USSR Academy of Sciences working in the field of history — he was hired on February 1, 1959, when NSU had not yet opened — the first lecture at our university took place only on September 28 of the same year. From the very beginning, Varlen Soskin linked his life with teaching at NSU, where he had a large number of students. Under his scientific supervision, 37 young scientists defended their candidate dissertations. His influence on the development of the humanitarian direction at the university and in Akademgorodok was enormous. In addition, he was strong in spirit, lived a long life, a significant part of which was associated with the war period, which was reflected in his memoirs and recollections of the times when he was a cadet at the Rostov Military School, and right up to the Great Patriotic War. The scientific readings we are opening today are further evidence that this man was loved, respected and will always be remembered at our university. His memory will live on in his many students, noted Mikhail Fedoruk.

    Participants in the readings recalled that Varlen Soskin, along with historian, academician of the USSR Academy of Sciences, professor Alexey Okladnikov, was one of the founders of humanitarian research at the Siberian Branch of the USSR Academy of Sciences (now the Siberian Branch of the Russian Academy of Sciences). The professor’s students call the subject of his research “explosive” for the Soviet era. He viewed the intelligentsia not as a social stratum, but as the most important social force. Varlen Soskin discussed the fate of the intelligentsia and the cultural policy of the state with the maximum amount of freethinking allowed at that time. Each of his articles and especially his books caused a furor. The entire university attended his lectures, the students loved him, and his colleagues recognized that it was precisely such teachers who determined the university’s noosphere.

    Chairman of the Committee on Traditions of the Union of the NSU Graduates Association “NSU Union”, Academician of the Russian Academy of Sciences, Professor Sergei Netesov emphasized that the traditions that Varlen Soskin brought to NSU are still alive and well.

    – Varlen Leonidovich made a significant contribution to the development of our university and became its legend. The traces he left in the history of Siberia, in the history of NSU, in the history of the Siberian Branch of the Russian Academy of Sciences will never be overgrown, they remained in many historical testimonies, – said Sergei Netesov.

    Director of the Humanities Institute of NSU, Professor Andrey Zuyev noted that Varlen Soskin was one of the organizers of humanitarian education at the university, under his scientific supervision 131 students of the Humanities Faculty and then the Humanities Institute wrote and defended their final qualification works. Many of them later became doctors of science, now make a significant contribution to the development of science and occupy quite serious positions in various fields of science and education.

    Director of the Institute of History of the Siberian Branch of the Russian Academy of Sciences, Doctor of Historical Sciences Vadim Rynkov shared his memories of Varlen Soskin’s lectures and admitted that during his student years he underestimated them, citing the differences between the generations of teachers and students.

    — Varlen Lvovich probably felt the age difference between him and the students, and each year he gave us a little less of the main material, and told us a little more about himself and his life experience. Only many years later I began to understand how important it was. Nowadays, studying not only the history of science, but also scientific everyday life is very widespread. And he passed on the history of this everyday life of science to us. Varlen Lvovich was a unique person, a bright representative of Siberian, Akademgorodok science, — said Vadim Rynkin and showed the audience Varlen Soskin’s personnel file, which is kept at the Institute of History of the Siberian Branch of the Russian Academy of Sciences. At the same time, he noted that this is the bureaucratic side of the biography of the honorary professor, but, in addition, it is also a unique source of information from the history of scientific everyday life.

    In the memorial part of the readings, the chief researcher of the sector of history of social and economic development of the Institute of History of the Siberian Branch of the Russian Academy of Sciences, Professor Sergei Krasilnikov presented a substantive presentation “Varlen Lvovich Soskin: the life of a scientist, organizer of science, mentor”. There was also a presentation of the book “From the personal perspective of the fate of a historian: on the 100th anniversary of the birth of Professor Varlen Lvovich Soskin”. A specialized issue of the electronic scientific journal of the Institute of History of the Siberian Branch of the Russian Academy of Sciences “Historical Courier” was presented, dedicated to this significant date. The opening of the exhibition “Life as a Vocation” prepared by the staff of the Museum of History of NSU took place.

    The scientific readings were held within the framework of two sections: “After the Empire: Intellectual Labor in Early Soviet Society: People, Ideas, Fates” and “Scientists and Power: Role in the Development and Implementation of Large Scientific and Technical Projects”. The reports were heard from scientists from NSU, the Institute of Economics and Industrial Organization of the SB RAS, the A.P. Ershov Institute of Informatics Systems of the SB RAS, the Institute of History of the SB RAS, Tomsk State University, the Historical Archive of the Omsk Region, the Institute of History and Archaeology of the Ural Branch of the RAS, and the Novosibirsk State University of Economics and Law. Various topics were considered: continuity and gaps in intellectual activity, Tomsk University in the era of transformations of the early Soviet period, the struggle to preserve university autonomy, the role of scientists in the field of theory and practice of domestic planning, and the adaptation of the intelligentsia to the conditions of Siberian exile in the 1920s.

    Reference:

    Varlen Lvovich Soskin is a participant in the Great Patriotic War: a cadet of the artillery school (1943-1944), fought in the active army (1944-1945), was wounded. He graduated from the history department of Leningrad State University (1952) and completed his postgraduate studies at the Novosibirsk State Pedagogical Institute (1956) under the supervision of Assoc. Prof. P. D. Chaplik. Candidate of Historical Sciences (1957); dissertation topic: “The role of the city’s patronage over the village in the CPSU’s struggle to strengthen the alliance of the working class and the peasantry during the recovery period (1921-1925)”. Doctor of Historical Sciences (1969); dissertation topic: “Cultural construction in Siberia (1917-1923)”. Senior Researcher (1962). Associate Professor (1966). Professor (1970). Honored Scientist of the Russian Federation (1997). Honored Worker of Higher Education of the Russian Federation (2012). Honorary Professor of NSU (2012).

    He worked in general education institutions and universities in Kemerovo and Novosibirsk (1952–1959). Since 1959, he has been an employee of the Siberian Branch of the USSR Academy of Sciences / Russian Academy of Sciences: senior research fellow of the Standing Commission on Social Sciences of the Presidium of the Siberian Branch of the USSR Academy of Sciences (since 1959); senior research fellow of the Department of Humanities Research at the Institute of Economics and Industrial Organization (since 1961); senior research fellow (since 1967), head of the sector for the history of cultural construction (1970–1995), chief research fellow (1995–2012) of the Institute of History, Philology and Philosophy / Institute of History.

    He worked at NSU part-time since 1964. One of the founders of historical training at the Faculty of Humanities. Associate Professor (1964–1969), Professor (1969–2017) of the Department of History of the USSR/Russian History.

    State awards: Order of the Patriotic War, 2nd class, medals “For Courage”, “For Victory over Germany”, “For the Capture of Königsberg”, “For Valiant Labor”, etc.

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

    MIL OSI Russia News

  • MIL-OSI Asia-Pac: President Lai presides over third meeting of Healthy Taiwan Promotion Committee

    Source: Republic of China Taiwan

    Details
    2024-11-28
    President Lai presides over second meeting of Healthy Taiwan Promotion Committee
    On the afternoon of November 28, President Lai Ching-te presided over the second meeting of the Healthy Taiwan Promotion Committee. In his opening statement, the president said that we are implementing mental health support programs this year to provide more support for young and middle-aged people, pointing out that the policy has served over 20,000 people since it was implemented just over three months ago. In terms of bolstering mental health resiliency, the president said we still have much to do, our government must lead by example, and the public and private sectors must work together, making every effort to ensure that no one is left behind. Noting that our goal is to reduce the standardized cancer mortality rate by one-third by the year 2030, President Lai stated that next year’s budget for cancer screening will be increased to NT$6.8 billion. He also stated that plans are in the works to establish a fund for new cancer drugs, adding that in the general budget we will allocate NT$5 billion, which will gradually rise to NT$10 billion. At the same time, he said, we are also actively promoting genetic testing and precision medicine. He expressed confidence that expanding preventive screening at the front end and providing advanced treatments at the back end will effectively fight cancer and improve the overall health of our citizens. A translation of President Lai’s opening statement follows: Today is the second meeting of the Healthy Taiwan Promotion Committee. First, I want to thank our two deputy conveners, our advisors and committee members, and our friends online for their enthusiastic participation. I also want to welcome Committee Member Chien Wen-jen (簡文仁), who was on leave for the previous meeting. I would also like to introduce three new committee members: Let’s welcome Committee Member Huang Chin-shun (黃金舜), president of the Federation of Taiwan Pharmacists Associations. During the pandemic, he led the nation’s pharmacists in promoting services including name-based distribution systems for masks and rapid-test kits and home delivery of medications. I am sure that he will be able to provide many valuable views regarding pharmaceutical safety and supply resilience.    Let’s also welcome Committee Member Ko Fu-yang (柯富揚). During his time as secretary-general of the National Union of Chinese Medical Doctors’ Association, he led the Chinese medicine community in the transition from experience-based medicine to evidence-based medicine, and promoted the modernization of traditional Chinese medicine. With his participation, the committee will be able to spur research and development in both modern and traditional medicine. Our third new committee member is Liao Mei-nan (廖美南), president of the Taiwan Nurses Association, who was unable to be here today. She has long been dedicated to raising the quality of nursing care and actively promoting a high-quality, friendly work environment for nurses. The committee will rely on her experience to strengthen the link between policy and practice in nursing care. I want to thank all the members of the committee once again for working together with the government. Since the last committee meeting, under the guidance of Minister without Portfolio Chen Shih-chung (陳時中), the Ministry of Health and Welfare (MOHW) has implemented various policies. At the beginning of October, for example, three major AI centers were set up to resolve three key AI application issues: implementation, certification, and reimbursement, helping advance Taiwan’s smart healthcare ecosystem. At today’s meeting, the MOHW will first deliver a report on the progress of certain items listed in the first committee meeting, followed by a joint report by the MOHW and Ministry of Education on bolstering public mental health resilience and a report by the MOHW on enhancing cancer prevention and treatment strategies.  The World Health Organization has affirmed that “there is no health without mental health.” In a fast-changing, fast-paced society, the government should invest more resources in the field of mental health to safeguard the people’s overall health. We are therefore implementing mental health support programs this year and expanding the range of eligibility, from 15 to 30, to 15 to 45 years old, to provide more support for young and middle-aged people. That policy has served over 20,000 people since it was implemented just over three months ago. In terms of bolstering mental health resiliency, we still have much to do. From the workplace to the campus and every corner of society, our government must lead by example, and the public and private sectors must work together, making every effort to ensure that no one is left behind.    Aside from mental health, in view of cancer being the leading cause of death in Taiwan for 42 consecutive years, our goal is to reduce the standardized cancer mortality rate by one-third by the year 2030. And so we must expand screening and advance treatment. Last year, the government subsidized screenings for five types of cancer, providing a total of 4.87 million screenings and detecting 11,000 cases of cancer and 52,000 cases of precancerous conditions. We have allocated an additional NT$4 billion beginning next year, bringing the total budget for cancer screening to NT$6.8 billion, to expand the scope of cancer screening eligibility and services.  Plans are also in the works to establish a fund for new cancer drugs. In next year’s general budget we will allocate NT$5 billion, which will gradually rise to NT$10 billion, to provide reimbursement funding for a variety of new cancer drugs and reduce the economic burden on patients. These new measures will be reported on in detail moments from now by the MOHW. At the same time, we are also actively promoting genetic testing and precision medicine. Next generation sequencing, for example, has already been included in National Health Insurance coverage, which will help provide patients with precise, individualized treatment strategies. I am confident that expanding preventive screening at the front end and providing advanced treatments at the back end will effectively fight cancer and improve the overall health of our citizens. Today’s meeting will help the government understand viewpoints from many perspectives so we can promote policies that more closely meet the public’s needs. Let’s keep working hard together. Thank you.  Following his statement, President Lai heard a report on the progress of certain items listed in the first committee meeting from deputy executive secretary and National Health Insurance Administration Director General Shih Chung-liang (石崇良), a joint report on bolstering public mental health resilience from Deputy Minister of Health and Welfare Lin Ching-yi (林靜儀) and Deputy Minister of Education Lin Teng-chiao (林騰蛟), and a report on enhancing cancer prevention and treatment strategies from Deputy Minister of Health and Welfare Chou Jih-haw (周志浩). Afterward, President Lai exchanged views with the committee members regarding the content of the reports.  

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    2024-11-28
    President Lai presides over first meeting of Healthy Taiwan Promotion Committee
    On the afternoon of August 22, President Lai Ching-te presided over the first meeting of the Healthy Taiwan Promotion Committee. As the committee’s convener, the president presented committee members with their letters of appointment, and explained that the Healthy Taiwan Promotion Committee is not just about promoting a Healthy Taiwan, but also achieving a Balanced Taiwan. The president stated that the committee spans various areas of expertise, and also considers the balance of Taiwan’s northern, central, southern, and eastern regions. The president expressed confidence that by soliciting a wide range of suggestions, engaging in diverse dialogue, and forging a consensus, the committee can help to realize health equality and further elevate the standard of medical care in Taiwan. President Lai indicated that next year, the Ministry of Health and Welfare’s total budget will be increased, along with expanded investment in medical treatment and care. In addition, he reported that the central government budget has also added a National Health Insurance (NHI) financial assistance program, which will help to enhance the work environments of healthcare professionals. The president stated that we will also launch the Healthy Taiwan Cultivation Plan to help rear talent and develop smart medicine. These budgets and programs, President Lai stated, reflect the government’s determination to create a Healthy Taiwan, and prove that “Healthy Taiwan” is not just a slogan, and has already been turned into concrete action. A translation of President Lai’s opening statement follows: At the end of my first month in office, I announced that the Presidential Office will establish three committees in response to three major global issues of nationwide concern: climate change, health promotion, and social resilience. These committees will consolidate forces from different sectors to strategize on national development. At the beginning of this month, we convened the first meeting of the National Climate Change Committee. Today, we convene the first meeting of the Healthy Taiwan Promotion Committee. I would like to thank the three deputy conveners and all advisors and committee members for making a commitment to the Healthy Taiwan Promotion Committee. I also want to thank our fellow citizens and friends joining us online to follow the committee’s proceedings. During my campaign, I was constantly thinking about what I could contribute to our people that is different from past presidents if I were fortunate enough to be elected. After a lot of thought, I felt that as a physician, I should utilize my professional background in health care and work together with people from all sectors of society to help create a Healthy Taiwan. Healthy Taiwan is our goal, and health is both a basic human right and a universal value. Health promotion not only involves the well-being of a nation’s people, but is also of great concern to humankind so that we may survive and thrive. Taiwan is a responsible member of the international community. Amid the challenges of the pandemic over the past few years, we have shared disease prevention supplies, technology, and experience with countries around the world, and have continued to contribute to the global public health system. Going forward, Taiwan must actively address critical health-related challenges, including cancer, transnational communicable diseases of unknown origin, antibiotic-resistant superbugs, a low birth rate, and an aging society. We are confident that, sharing countermeasures and experience with countries around the world, we can keep people healthy and make the nation stronger so that the world embraces Taiwan. I want to thank former Superintendent of National Cheng Kung University Hospital Chen Jyh-hong (陳志鴻), who is also a mentor of mine, for organizing five regional forums and a national forum for the Healthy Taiwan Promotion Alliance this past March and April. Over 1,200 healthcare professionals from all over the country attended the forums and shared their views. Premier Cho Jung-tai (卓榮泰), Vice Premier Cheng Li-chiun (鄭麗君), and I were also invited to attend the national forum and participate in full. I also want to thank the experts from various fields for their suggestions throughout this process, which became key reference points for promoting policies after we took office on May 20. The position paper on the table in front of you is a compilation of those valuable insights, which will be the foundation of our future actions. To implement the Healthy Taiwan initiative, we must also achieve a Balanced Taiwan. Therefore, the Healthy Taiwan Promotion Committee established today not only spans various areas of expertise, but also considers the balance of Taiwan’s northern, central, southern, and eastern regions to achieve nationwide health equality. I want to thank the nine advisors here with us today: Superintendent Wu Ming-shiang (吳明賢), Superintendent Chen Wei-ming (陳威明), Chairman Cherng Wen-jin (程文俊), President Chiu Kuan-ming (邱冠明), and Chairman Chang Hong-jen (張鴻仁) from northern Taiwan; Superintendent Chen Mu-kuan (陳穆寬) from central Taiwan; Superintendent Lin Sheng-che (林聖哲) and President Yu Ming-lung (余明隆) from southern Taiwan; and Superintendent Lin Shinn-zong (林欣榮) from eastern Taiwan. Your participation will give us a better understanding of viewpoints from around the country. The objective of Healthy Taiwan is to raise the population’s average life expectancy while simultaneously reducing time spent living with illness or disability, while also caring for physical, mental, and spiritual health. The 20 members of the committee are therefore drawn from a variety of fields of professional expertise. We have Superintendent Chen Shih-ann (陳適安) in the field of smart medicine, Vice-Superintendent Susan Shur-fen Gau (高淑芬) in pediatric psychiatry, medical and long-term care service integration specialist Superintendent Chan Ding-cheng (詹鼎正), and emerging infectious disease specialist Director Shen Ching-fen (沈靜芬). We have also invited Professor Tsai Sen-tien (蔡森田) to provide suggestions on optimizing healthcare services and health insurance sustainability, and invited President Chou Ching-ming (周慶明) and President Huang Cheng-kuo (黃振國) to continue promoting the Family Medicine Plan and report on primary care issues. We have also recruited President Li Yi-heng (李貽恒), who put forward the 888 Program for prevention and treatment of the “three highs” (high blood pressure, high cholesterol, and high blood sugar) and kidney disease, pediatric health specialist President Ni Yen-hsuan (倪衍玄), women’s health care specialist Secretary-General Huang Jian-pei (黃建霈), and President Hung Te-jen (洪德仁), who is focused on community development. We also have Dean Shan Yan-shen (沈延盛) from the field of cancer prevention and treatment, psychiatric and mental health specialist Professor Su Kuan-pin (蘇冠賓), epidemiology expert and Emeritus Research Fellow Ho Mei-shang (何美鄉), and biomedicine and regenerative medicine specialist Professor Patrick Ching-ho Hsieh (謝清河). The committee also includes specialist in nutrition and health for all ages President Kuo Su-e (郭素娥), and expert in the promotion of physical activity and health Vice Chairman Chien Wen-jen (簡文仁). I also want to thank Chairman Lin De-wen (林德文) for participating as we work together to enhance the health and well-being of indigenous peoples. In addition, public sector participants include Minister of National Development Liu Chin-ching (劉鏡清) and Minister of Education Cheng Ying-yao (鄭英耀), as well as Minister of Health and Welfare Chiu Tai-yuan (邱泰源), who is serving as executive secretary, and NHI Administration Director General Shih Chung-liang (石崇良) serving as deputy executive secretary. Over 80 percent of the committee’s members are from the private sector, and I will take advantage of this opportunity to continue to combine the strengths of all stakeholders throughout society to promote a healthy lifestyle for one and all, and enhance medical care for all ages. At today’s first meeting of the committee, the Ministry of Health and Welfare will brief us on two topics: the first is the Healthy Taiwan vision plan, illustrating Taiwan’s current challenges and opportunities, as well as an action blueprint. The second issue is reform and optimization for NHI sustainability. Next year will mark the 30th anniversary of our NHI system. NHI is the pride of Taiwan, because health insurance can free citizens from the vicious cycle of poverty caused by illness, or illness caused by poverty. Since 2020, the NHI system has achieved a public satisfaction rate of over 90 percent. Next year, Taiwan will also become a “super-aged society,” which means that one of every five people will be a senior citizen 65 or older. Due to new pharmaceuticals of all kinds, the development of new technologies, and citizen expectations for an optimized medical practice environment, many aspects of health insurance operations will face an increasing number of challenges. The NHI system’s core values are health equality and mutual assistance for all. Better care for everyone, however, depends on sustainable NHI operations. We closely monitor NHI system point values, but also want to embody the greater values of the system. The government will continue to refine the budget system and management, rationally distribute medical resources and stabilize point values, and continue to optimize NHI finances to enhance the efficiency and quality of services. We also look forward to working with everyone to achieve sustainable NHI development, enhance health equality, and further elevate the standard of medical care in Taiwan. I also want to report that next year, the Ministry of Health and Welfare’s total budget will reach NT$370.2 billion, an increase of NT$31.8 billion over this year. The total budget is expected to allocate NT$60.7 billion to expand investment in medical treatment and care to create a Healthy Taiwan. The central government budget has also added an NHI financial assistance program that includes incentives for maintaining specified nurse-patient ratios across all three shifts and rotating night-shift nursing staff, and promoting smart information upgrades at medical facilities to enhance the work environments of healthcare professionals. We will also launch the Healthy Taiwan Cultivation Plan, investing funds to support medical institutions at all levels nationwide, rear talent, and develop smart medicine. Regarding the fund for new cancer drugs that many cancer patients care deeply about, in next year’s general budget we will allocate NT$5 billion for health insurance funding. In 2026, that figure is expected to reach NT$10 billion. We will also promote the fifth-stage national plan for cancer prevention and treatment, and beginning next year the budget for cancer screening will be increased by NT$4 billion, reaching NT$6.8 billion, to boost screening rates. I want everyone to know that these budgets and programs reflect the government’s determination to create a Healthy Taiwan. Since I took office, the government has created plans and programs to increase nursing staff levels and promote public mental health. We also launched an Acute Hospital Care at Home pilot project to provide integrated long-term and medical care services. Once again, I would like to thank everyone here today for participating, and thank our fellow citizens for their support. I also want our fellow citizens to know that Healthy Taiwan is not just a slogan, and has already been turned into concrete action. These are all concrete, substantive actions by a government team that has been in office for less than 100 days. I am confident that with the support and participation of our committee members and advisors, and through soliciting a wide range of suggestions, engaging in diverse dialogue, and forging a consensus, our actions to create a Healthy Taiwan will more closely align with society’s expectations, and we will move more quickly and steadily toward realizing our vision. Thank you. Following his statement, President Lai presented letters of appointment to the committee members, heard a report from Minister Chiu illustrating the Healthy Taiwan vision plan, and heard a report from Director General Shih on reform and optimization for NHI sustainability. Afterward, President Lai exchanged views with the committee members regarding the content of the two reports and the Rules of Procedure for Meetings of the Office of the President Healthy Taiwan Promotion Committee.

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    2024-11-28
    President Lai attends opening of International Conference on Emergency Medicine 2024
    On the morning of June 20, President Lai Ching-te attended the opening ceremony of the International Conference on Emergency Medicine (ICEM) 2024. In remarks, President Lai stated that one goal of his administration is to create an even healthier Taiwan and that we will continue to strengthen our capabilities in medicine and public health to enhance health for all and help make the world a better place. The president emphasized that the global disease prevention network is something every country should be a part of, and that if any country is missing from this network, the rest of the world will be at a disadvantage. The president then asked for the participants’ support for Taiwan to participate in the World Health Organization so that we may contribute even more to the global public health system. A transcript of President Lai’s remarks follows: I would like to begin by welcoming all guests from overseas to Taiwan. ICEM is the world’s largest conference on emergency medicine. Over 2,500 experts and academics from home and abroad have gathered here for this year’s conference. This not only underlines the importance of emergency medicine, but is also a testament to global cooperation in medicine. This year also marks TSEM’s [Taiwan Society of Emergency Medicine] 30th anniversary. I would like to thank Chairperson Ng Chip-jin (黃集仁), President Hsu Chien-chin (許建清), and everyone who helped bring ICEM to Taiwan. This conference will help expand people-to-people diplomacy, showing Taiwan’s development and contributions in emergency medicine to the world. I am confident that everyone here shares my belief that health is a basic human right. And to ensure this right, emergency medical professionals are indispensable. Before entering politics, I myself worked as a clinician. I know well that emergency rooms are at the frontline of hospitals, and often the last hope for those who need lifesaving care. Especially during the COVID-19 pandemic, we all witnessed the rapid response and important support of emergency medical professionals, who gave their all for the health of others. I want to take this opportunity to express my utmost respect for your work. The theme of ICEM 2024 is Glocalization of Emergency Medicine: Global Wisdom and Local Solution. With that in mind, I hope that through clinical research, public health, smart tech, and other strategies, we can help reduce disparities in emergency medicine around the world. Here in Taiwan, we have made major progress in emergency medicine, from developing a cutting-edge trauma care system to implementing advanced strategies for disaster response. We are also committed to training highly skilled professionals in the field, as well as developing an advanced medical infrastructure. This conference will give Taiwan the opportunity to share our experience, and allow everyone to exchange best practices, engage in discussions, and promote the global development of emergency medicine. One goal of my administration is to create an even healthier Taiwan. We will continue to strengthen our capabilities in medicine and public health to enhance health for all and help make the world a better place. A healthier Taiwan also means a booming medical sector, and an even higher quality and diversity of medical services. Taiwan has had, and will continue to have, many medical accomplishments to share with the world. Today, all of you gather here to continue making global contributions through emergency medicine. The mission of IFEM [International Federation for Emergency Medicine] is to create a world where all people, in all countries, have access to high quality emergency medical care. On this point, the global disease prevention network is something every country should be a part of. If any country is missing from this network, the rest of the world will be at a disadvantage. I would like to ask for your support for Taiwan to participate in the World Health Organization, so that we may contribute even more to the global public health system. And as President Hsu Chien-chin has said, although the road is long, if we travel together, we can travel far. With this vision as our guide, alongside our friends from around the world, Taiwan will strive to achieve our common goals and realize quality healthcare for all. I wish ICEM 2024 great success, and all participants a rewarding experience. I also invite you to travel around Taiwan during your stay, and get to know our beautiful nation. Following his remarks, President Lai and the distinguished guests took part in the kick-off ceremony for the conference. IFEM President Ffion Davies was also in attendance at the event.

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    2024-11-28
    President Lai meets WHA action team
    On the morning of June 1, President Lai Ching-te met with members of Taiwan’s World Health Assembly (WHA) action team. In remarks, President Lai stated that standing on the front lines, the team fought for the human right to health for both Taiwan and the world. He also thanked the international community for their support for Taiwan. The president said that Taiwan is an indispensable member of the international community when it comes to ensuring global health security. In addition, he said that one of the new government’s goals is to create a healthier Taiwan, as we want our people to live longer and healthier, and that we want to leverage Taiwan’s strengths in public health and medicine. He said we will continue to deepen our partnerships with other countries as we build an even more resilient global public health system, and that a healthy Taiwan will help make the world a better place. A translation of President Lai’s remarks follows: I would like to warmly welcome our partners from the WHA action team back from Geneva, and express my appreciation for your hard work and efforts. Standing on the front lines, you fought for the human right to health for both Taiwan and the world, and we thank you for giving it your all. Your flight only just arrived at 7 a.m., but I can see that everyone is still in high spirits. You have truly put in your heart for Taiwan, and once again, I thank you all. It is regrettable that at this year’s WHA, constrained by political factors, a proposal item for Taiwan to join as an observer was not included in the agenda yet again. However, the hard work of our WHA action team over the years has already borne fruit. Last year, the Ministry of Health and Welfare signed MOUs with the public health agencies of the Czech Republic, Canada, and the United Kingdom, and bilateral talks this year included discussion on substantive cooperation. The bilateral talks carried out by our action team in Geneva were not only more numerous this year, but also involved officials of even higher level. The team also held professional forums addressing important issues of the WHA in cooperation with various medical and health organizations. This is all proof of Taiwan’s contribution toward global public health and the human right to health. The steps we take for Taiwan to participate in world health affairs will not falter. Support for Taiwan from the international community grows stronger year by year. This year, 26 member states of the World Health Organization and the European Union, which is an observer, directly or indirectly voiced their support for Taiwan’s participation in the WHA. Their support reaffirms that Taiwan is an indispensable member of the international community when it comes to ensuring global health security. Health knows no borders. Health is a basic human right. One of the new government’s goals is to create a healthier Taiwan. We want our people to live longer and healthier. And we also want to leverage Taiwan’s strengths in public health and medicine, as we deepen our cooperation with other countries and work together to advance the health of humankind and global sustainable development. I want to thank the member states for their support for Taiwan. I also want to once again thank the members of the WHA action team and our many friends, both here and outside of Taiwan, for their hard work on this issue. Moving forward, we will continue to deepen our partnerships with other countries as we build an even more resilient global public health system. So just as democratic Taiwan continues to shine its light upon the world, a healthy Taiwan will help make the world a better place. On that note, let us keep working together toward these goals. After President Lai concluded his remarks, Minister of Health and Welfare Chiu Tai-yuan (邱泰源) presented a photo collage to show President Lai some of the highlights of the action team’s activities in Geneva.

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    2024-11-28
    President Tsai meets World Medical Association President Lujain Alqodmani
    On the morning of December 11, President Tsai Ing-wen met with a delegation led by World Medical Association (WMA) President Dr. Lujain Alqodmani. In remarks, President Tsai thanked the WMA for its many years of speaking up for Taiwan on the international stage. President Tsai emphasized that we will continue to show how Taiwan can help by actively contributing to global health security. The president expressed her belief that with Taiwan’s achievements and capabilities in medicine and public health, we can join forces with many more countries to optimize the medical environment and make a more positive impact on the health of humankind. A translation of President Tsai’s remarks follows: I extend a warm welcome to President Alqodmani, who is visiting Taiwan once again. I am also glad to see WMA Secretary General Dr. Otmar Kloiber. Both of you are well acquainted with Taiwan and are our close friends. You have demonstrated your support through concrete actions. I would like to express my deepest thanks. The WMA is the largest international NGO that represents physicians. You staunchly defend health security and the rights and interests of physicians around the world with professionality and impartiality. I want to take this opportunity to thank the WMA on behalf of the Taiwanese people for its longstanding support of our participation in the World Health Organization (WHO) and World Health Assembly (WHA). This May, for example, our WHA action team collaborated with the WMA to hold a forum on emergency medicine in Geneva in the lead-up to the WHA. We will continue to show how Taiwan can help by actively contributing to global health security. During the COVID-19 pandemic, Taiwan demonstrated the resilience of its public healthcare system and shared its experiences in combating the pandemic with the world. We have also shared our medical services and construction capabilities, two areas in which we excel, with our diplomatic allies to help enrich the lives of their people and enhance the quality and environment of healthcare. We hope that President Alqodmani and Secretary General Kloiber will continue to speak up for Taiwan on the international stage. I believe that with Taiwan’s achievements and capabilities in medicine and public health, we can join forces with many more countries to optimize the medical environment. Together, we can make a more positive impact on the health of humankind. I also want to thank the Taiwan Medical Association (TMA) for serving as a bridge of communication between the government and the medical community, which helps us in implementing many of our policies. We look forward to the TMA further expanding exchanges and cooperation between the medical and international communities. I am looking forward to exchanging ideas with you today. Your visit to Taiwan will no doubt lay the groundwork for further cooperation. I wish you all a successful trip.

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    2025-02-14
    President Lai holds press conference following high-level national security meeting
    On the morning of February 14, President Lai Ching-te convened the first high-level national security meeting of the year, following which he held a press conference. In remarks, President Lai announced that in this new year, the government will prioritize special budget allocations to ensure that Taiwan’s defense budget exceeds 3 percent of GDP. He stated that the government will also continue to reform national defense, reform our legal framework for national security, and advance our economic and trade strategy of being rooted in Taiwan while expanding globally. The president also proposed clear-cut national strategies for Taiwan-US relations, semiconductor industry development, and cross-strait relations. President Lai indicated that he instructed the national security and administrative teams to take swift action and deliver results, working within a stable strategic framework and according to the various policies and approaches outlined. He also instructed them to keep a close watch on changes in the international situation, seize opportunities whenever they arise, and address the concerns and hope of the citizens with concrete actions. He expressed hope that as long as citizens remain steadfast in their convictions, are willing to work hand in hand, stand firm amidst uncertainty, and look for ways to win within changing circumstances, Taiwan is certain to prevail in the test of time yet again. A translation of President Lai’s remarks follows: First, I would like to convey my condolences for the tragic incident which occurred at the Shin Kong Mitsukoshi department store in Taichung, which resulted in numerous casualties. I have instructed Premier Cho Jung-tai (卓榮泰) to lead the relevant central government agencies in assisting Taichung’s municipal government with actively resolving various issues regarding the incident. It is my hope that these issues can be resolved efficiently. Earlier today, I convened this year’s first high-level national security meeting. I will now report on the discussions from the meeting to all citizens. 2025 is a year full of challenges, but also a year full of hope. In today’s global landscape, the democratic world faces common threats posed by the convergence of authoritarian regimes, while dumping and unfair competition from China undermine the global economic order. A new United States administration was formed at the beginning of the year, adopting all-new strategies and policies to address challenges both domestic and from overseas. Every nation worldwide, including ours, is facing a new phase of changes and challenges. In face of such changes, ensuring national security, ensuring Taiwan’s indispensability in global supply chains, and ensuring that our nation continues to make progress amidst challenges are our top priorities this year. They are also why we convened a high-level national security meeting today. At the meeting, the national security team, the administrative team led by Premier Cho, and I held an in-depth discussion based on the overall state of affairs at home and abroad and the strategies the teams had prepared in response. We summed up the following points as an overall strategy for the next stage of advancing national security and development. First, for overall national security, so that we can ensure the freedom, democracy, and human rights of the Taiwanese people, as well as the progress and development of the nation as we face various threats from authoritarian regimes, Taiwan must resolutely safeguard national sovereignty, strengthen self-sufficiency in national defense, and consolidate national defense. Taiwan must enhance economic resilience, maintain economic autonomy, and stand firm with other democracies as we deepen our strategic partnerships with like-minded countries. As I have said, “As authoritarianism consolidates, democratic nations must come closer in solidarity!” And so, in this new year, we will focus on the following three priorities: First, to demonstrate our resolve for national defense, we will continue to reform national defense, implement whole-of-society defense resilience, and prioritize special budget allocations to ensure that our defense budget exceeds 3 percent of GDP. Second, to counter the threats to our national security from China’s united front tactics, attempts at infiltration, and cognitive warfare, we will continue with the reform of our legal framework for national security and expand the national security framework to boost societal resilience and foster unity within. Third, to seize opportunities in the restructuring of global supply chains and realignment of the economic order, we will continue advancing our economic and trade strategy of being rooted in Taiwan while expanding globally, strengthening protections for high-tech, and collaborating with our friends and allies to build supply chains for global democracies. Everyone shares concern regarding Taiwan-US relations, semiconductor industry development, and cross-strait relations. For these issues, I am proposing clear-cut national strategies. First, I will touch on Taiwan-US relations. Taiwan and the US have shared ideals and values, and are staunch partners within the democratic, free community. We are very grateful to President Donald Trump’s administration for their continued support for Taiwan after taking office. We are especially grateful for the US and Japan’s joint leaders’ statement reiterating “the importance of maintaining peace and stability across the Taiwan Strait as an indispensable element of security and prosperity for the international community,” as well as their high level of concern regarding China’s threat to regional security. In fact, the Democratic Progressive Party government has worked very closely with President Trump ever since his first term in office, and has remained an international partner. The procurement of numerous key advanced arms, freedom of navigation critical for security and stability in the Taiwan Strait, and many assisted breakthroughs in international diplomacy were made possible during this time. Positioned in the first island chain and on the democratic world’s frontline countering authoritarianism, Taiwan is willing and will continue to work with the US at all levels as we pursue regional stability and prosperity, helping realize our vision of a free and open Indo-Pacific. Although changes in policy may occur these next few years, the mutual trust and close cooperation between Taiwan and Washington will steadfastly endure. On that, our citizens can rest assured. In accordance with the Taiwan Relations Act and the Six Assurances, the US announced a total of 48 military sales to Taiwan over the past eight years amounting to US$26.265 billion. During President Trump’s first term, 22 sales were announced totaling US$18.763 billion. This greatly supported Taiwan’s defensive capabilities. On the foundation of our close cooperation with the past eight years’ two US administrations, Taiwan will continue to demonstrate our determination for self-defense, accelerate the bolstering of our national defense, and keep enhancing the depth and breadth of Taiwan-US security cooperation, along with all manner of institutional cooperation. In terms of bilateral economic cooperation, Taiwan has always been one of the US’s most reliable trade partners, as well as one of the most important cooperative partners of US companies in the global semiconductor industry. In the past few years, Taiwan has greatly increased both direct and indirect investment in the US. By 2024, investment surpassed US$100 billion, creating nearly 400,000 job opportunities. In 2023 and 2024, investment in the US accounted for over 40 percent of Taiwan’s overall foreign investment, far surpassing our investment in China. In fact, in 2023 and 2024, Taiwanese investment in China fell to 11 percent and 8 percent, respectively. The US is now Taiwan’s biggest investment target. Our government is now launching relevant plans in accordance with national development needs and the need to establish secure supply systems, and the Executive Yuan is taking comprehensive inventory of opportunities for Taiwan-US economic and trade cooperation. Moving forward, close bilateral cooperation will allow us to expand US investment and procurement, facilitating balanced trade. Our government will also strengthen guidance and support for Taiwanese enterprises on increasing US investment, and promote the global expansion and growth of Taiwan’s industries. We will also boost Taiwan-US cooperation in tech development and manufacturing for AI and advanced semiconductors, and work together to maintain order in the semiconductor market, shaping a new era for our strategic economic partnership. Second, the development of our semiconductor industry. I want to emphasize that Taiwan, as one of the world’s most capable semiconductor manufacturing nations, is both willing and able to address new situations. With respect to President Trump’s concerns about our semiconductor industry, the government will act prudently, strengthen communications between Taiwan and the US, and promote greater mutual understanding. We will pay attention to the challenges arising from the situation and assist businesses in navigating them. In addition, we will introduce an initiative on semiconductor supply chain partnerships for global democracies. We are willing to collaborate with the US and our other democratic partners to develop more resilient and diversified semiconductor supply chains. Leveraging our strengths in cutting-edge semiconductors, we will form a global alliance for the AI chip industry and establish democratic supply chains for industries connected to high-end chips. Through international cooperation, we will open up an entirely new era of growth in the semiconductor industry. As we face the various new policies of the Trump administration, we will continue to uphold a spirit of mutual benefit, and we will continue to communicate and negotiate closely with the US government. This will help the new administration’s team to better understand how Taiwan is an indispensable partner in the process of rebuilding American manufacturing and consolidating its leadership in high-tech, and that Taiwan-US cooperation will benefit us both. Third, cross-strait relations. Regarding the regional and cross-strait situation, Taiwan-US relations, US-China relations, and interactions among Taiwan, the US, and China are a focus of global attention. As a member of the international democratic community and a responsible member of the region, Taiwan hopes to see Taiwan-US relations continue to strengthen and, alongside US-China relations, form a virtuous cycle rather than a zero-sum game where one side’s gain is another side’s loss. In facing China, Taiwan will always be a responsible actor. We will neither yield nor provoke. We will remain resilient and composed, maintaining our consistent position on cross-strait relations: Our determination to safeguard our national sovereignty and protect our free and democratic way of life remains unchanged. Our efforts to maintain peace and stability in the Taiwan Strait, as well as our willingness to work alongside China in the pursuit of peace and mutual prosperity across the strait, remain unchanged. Our commitment to promoting healthy and orderly exchanges across the strait, choosing dialogue over confrontation, and advancing well-being for the peoples on both sides of the strait, under the principles of parity and dignity, remains unchanged. Regarding the matters I reported to the public today, I have instructed our national security and administrative teams to take swift action and deliver results, working within a stable strategic framework and according to the various policies and approaches I just outlined. I have also instructed them to keep a close watch on changes in the international situation, seize opportunities whenever they arise, and address the concerns and hope of the citizens with concrete actions. My fellow citizens, over the past several years, Taiwan has weathered a global pandemic and faced global challenges, both political and economic, arising from the US-China trade war and Russia’s invasion of Ukraine. Through it all, Taiwan has persevered; we have continued to develop our economy, bolster our national strength, and raise our international profile while garnering more support – all unprecedented achievements. This is all because Taiwan’s fate has never been decided by the external environment, but by the unity of the Taiwanese people and the resolve to never give up. A one-of-a-kind global situation is creating new strategic opportunities for our one-of-a-kind Taiwanese people, bringing new hope. Taiwan’s foundation is solid; its strength is great. So as long as everyone remains steadfast in their convictions, is willing to work hand in hand, stands firm amidst uncertainty, and looks for ways to win within changing circumstances, Taiwan is certain to prevail in the test of our time yet again, for I am confident that there are no difficulties that Taiwan cannot overcome. Thank you.

    MIL OSI Asia Pacific News

  • MIL-OSI Europe: Government provides SEK 9 million in support to Ukrainian Institute in Sweden to promote cultural heritage

    Source: Government of Sweden

    The Government is providing SEK 9 million in support to the Ukrainian Institute in Sweden over a period of three years. The support will contribute to preserving and enhancing Ukrainian cultural heritage and provide a platform for Ukrainian culture outside Ukraine. The funding will enable Ukrainian artists to continue to work beyond the reach of Russian attacks.

    MIL OSI Europe News

  • MIL-OSI Europe: EU adopts 16th sanctions package against Russia on third anniversary of full-scale invasion of Ukraine

    Source: Government of Sweden

    On the third anniversary of Russia’s war of aggression against Ukraine, the EU has adopted the 16th sanctions package since the launch of the full-scale invasion in February 2022. The new sanctions package includes additional measures targeting the ‘shadow fleet’ and expanded import and export bans on Russian natural resources such as primary aluminium. The package also includes additional anti-circumvention measures.

    MIL OSI Europe News

  • MIL-OSI China: US-Russia talks conclude in Istanbul

    Source: China State Council Information Office

    A vehicle carrying the Russian delegation leaves the U.S. Consulate General in Istanbul, Türkiye, on Feb. 27, 2025. [Photo/Xinhua]

    Talks between U.S. and Russian delegations on bilateral issues concluded in Istanbul on Thursday.

    The meeting, held at the U.S. Consulate General in Istanbul and conducted behind closed doors, lasted over six hours. The Russian delegation departed the premises at 4:20 p.m. local time (1320 GMT).

    No official statement was released following the discussions.

    MIL OSI China News

  • MIL-OSI USA: ICYMI—Hagerty Joins The Story With Martha MacCallum on Fox News to Discuss Trump’s Peace Negotiations

    US Senate News:

    Source: United States Senator for Tennessee Bill Hagerty

    WASHINGTON—United States Senator Bill Hagerty (R-TN), a member of the Senate Foreign Relations Committee and former U.S. Ambassador to Japan, today joined The Story With Martha MacCallum on Fox News to discuss President Donald Trump’s peace negotiations to end the war between Russia and Ukraine.

    *Click the photo above or here to watch*

    Partial Transcript

    Hagerty on Trump’s peace negotiations between Russia and Ukraine: “I think what President Trump has done in many ways is completely shift the dynamic, Martha. He’s finding a new place and frankly, giving [President] Vladimir Putin more room to negotiate, to get to a place where President Trump wants him to be […] One thing I’d point out, Martha, is that Trump’s relationship with Putin has been quite different. You recall during Trump’s first Administration; Putin did not take aggressive actions like this. It was under [Former President Barack] Obama that Putin came in and took Crimea. It was under [Former President Joe] Biden when he came in and had the most recent invasion and launched the war in Ukraine. Things will be very different with President Trump, and I think he’s setting up the circumstances so that they will be. So, I won’t be surprised at all to see President Trump and President Putin talk. I’ve been with the two of them before, and I can say this, Martha: there’s a great deal of respect from President Putin toward President Trump. And I think President Trump is going to leverage that respect to get to a deal that’s going to be better off for all concerned. He’s been clear at the outset; he wants this carnage to come to an end in Ukraine. Ukrainian people have died. Their country has been decimated. He wants it to end. He wants it to end under terms that are more favorable to the U.S. taxpayer. I think that’s going to come clear tomorrow, and by having more U.S. investment in Ukraine, Ukraine will be more secure and in a better place going forward.”

    Hagerty on U.S. competitive advantage with a strong economic foundation: “It certainly is a way that I look at it, and I think President Trump has a similar view. A strong economic foundation is at the core of our diplomacy, a strong military presence to top that. And [when] we have [a] strong economic relationship, a strong military posture, then diplomacy is effective and it’s possible. That’s the approach that President Trump is taking. In terms of comparing it to the [Chinese Communist Party] and their Belt and Road initiative, I might take a different tack there. The CCP uses what they call Debt-trap diplomacy. They come in making very strategic investments, often ones that countries can’t handle. They often use corruption as a tool, as a weapon. I think when you look at the United States and particularly conversations President Trump and I have had directly, what we look at is providing, for example, clean U.S. LNG to other parts of the world. That is a geostrategic tool that we can use that makes everyone better off economically and also aligns our economic interests, our energy interests, and our national security interests at the same time.”

    Hagerty on economic opportunities in a deal that could benefit the U.S.: “President Trump, if anything, is a world-class negotiator. And as I said, he tries to find a position to get on different footing. He’s been trying to get President [Volodymyr] Zelensky to the table on this critical minerals deal. We had him very close, then suddenly he wasn’t there. Now we’re back where we need him to be again. And on Friday, I look forward to [seeing] this deal come forward. It may be even more than just a critical minerals deal, but President Trump has been negotiating in his own style to get Zelensky back here in the United States, signing up to a deal that’s going to be better for all parties.”

    Hagerty on the importance of U.S. production of aluminum: “Aluminum is a critical national security interest for the United States. We have aluminum interest in my home state of Tennessee. I want to see the industry stronger here. And from a national security standpoint, I’m very focused on maintaining U.S. production of aluminum.”

    MIL OSI USA News

  • MIL-OSI Submissions: Global: Failure to consult Indigenous Peoples on future pandemics will further harm children’s education – Amnesty International

    Source: Amnesty International

    The failure of governments around the world to consult Indigenous Peoples on Covid-19 school closures and other emergency pandemic responses violated their rights, as children continue to feel the effects five years after the first global lockdown, Amnesty International said in a new report today.

    Indigenous leaders interviewed by Amnesty International for its report What If Indigenous Consent Is Not Respected?, testified to sharp and sustained increases in post-pandemic absenteeism and school dropout rates, of more than 80 per cent in some cases, among Indigenous children in more than 10 countries. Indigenous leaders and activists also voiced concerns that the often discriminatory, desultory or non-existent response by authorities to the educational needs of Indigenous children during the pandemic worsened long-standing inequities faced by Indigenous communities – with Indigenous girls and children with disabilities particularly disadvantaged. Going forward, the organization is calling for Indigenous Peoples to be consulted during future pandemics.  (ref. https://www.amnesty.org/en/documents/pol40/8959/2025/en/ )

    “The Indigenous leaders and activists we spoke to felt completely ignored by governments during the pandemic, which had an enduring and damaging impact on their rights and prospects,” said Chris Chapman, Amnesty International’s Researcher on Indigenous Rights.

    “They said that remote learning solutions were often unavailable to Indigenous children. Those in rural areas, where Indigenous communities often lacked devices, internet connections, electricity and the technological knowledge or capacity to participate in virtual classes or remote learning, were worst affected.”

    When lower-tech solutions such as printed materials were distributed to other groups, Indigenous communities in several different countries said they were passed over, ignored, or asked to pay for them.

    Indigenous campaigner Sylvia Kokunda said: “For the most part these materials were distributed by the local government, since it can be easier for the village chairperson to identify the people in this community. However, local officials would not give the materials to these Batwa people, they would give only to their people.”

    Radio or television-based educational broadcasting during the pandemic was often unavailable in Indigenous languages. An Ogiek activist said that although Sogoot FM 97.1, an Ogiek language radio station, was used to reach the community to inform them about Covid-19 and its impacts, it was not used for school coursework.  

    The report is based on data and more than 80 interviews or collected responses that Amnesty International gathered to explore how Indigenous students around the world were impacted by pandemic-related school closures, including in Democratic Republic of Congo, India, Kenya, Mexico, Nepal, Russia, Taiwan and Uganda. There are 476 million Indigenous people worldwide in more than 90 countries, belonging to 5,000 different Indigenous groups and speaking more than 4,000 languages.

    Technology, discrimination and dropout rates

    Where Indigenous families had limited access to technology for remote learning during the pandemic, boys were often prioritized.

    According to Indigenous women activists from Nepal, “If some families have a mobile, then only one or two will use it. And if there are more children in the house, one has to sacrifice their education. When it comes to the sacrifice, the girls are sacrificed more.”

    Even if Indigenous students had devices capable of being used for remote learning, their families were sometimes unable to afford sufficient data. In addition, remote teaching was rarely provided in Indigenous languages.

    Children with learning difficulties or disabilities which required specialist teaching, for instance through use of sign language or braille, were often excluded, including among Indigenous communities.

    Interviewees in many states said there was often little or no government monitoring, or consideration of the effectiveness of alternative learning initiatives for Indigenous communities. Information on how to access education when schools closed – and they stayed shut for more than 18 months in some countries – was rarely provided in Indigenous languages.

    Students with little or no access to education during the pandemic often worked instead, and never returned to schools when they reopened. Those who did return when schools reopened, often found that they had fallen behind their classmates. If they were unwilling to retake a year, or could not be supported financially, they too dropped out.

    In Kenya, the majority of dropouts of Ogiek students were girls, especially girls who got pregnant during Covid-19 or were subjected to early marriage. However, it affected boys too. An Indigenous activist from Kenya said: “Boys between the ages of 12 and 18 who had begun working in jobs such as motorcycle taxi drivers or farm workers to earn money for themselves and their families also dropped out.”

    Some schools across many states never reopened, further reducing access to education for Indigenous children, Indigenous activists reported.

    Asked to reply to Amnesty’s findings, the Mexican government stated that it responded to the “unprecedented challenge of Covid-19″ by working with Indigenous schools and teachers to roll out a set of measures including distributing materials in five Indigenous languages, sometimes in printed formats where access to internet or devices was restricted, developing new digital educational materials, and capacity-building for schools and parents to use digital platforms.

    Recommendations

    “Significantly more resources are now required to safeguard, restore and improve the educational opportunities and rights of Indigenous communities,” Chris Chapman said.

    “States must work with Indigenous communities to immediately restore and enhance the right to education for all Indigenous children including a focus on re-enrolling Indigenous girls, and Indigenous students with disabilities.”  

    Alongside the report, Amnesty International has shared a guide for researchers who wish to investigate the extent to which the human right to participate effectively in decision-making has been violated, especially when it comes to Indigenous communities. (ref. https://www.amnesty.org/en/documents/pol30/8958/2025/en/ )

    “Governments must consult with Indigenous Peoples on Covid-19 response measures and other pandemic and emergency response measures, otherwise they risk violating their right to consultation, and their right to give or withhold their consent to decisions affecting them. Our study highlights the risks of failing to take into account the realities, cultures and rights of Indigenous Peoples,” said Chris Chapman.

    “While our report sets out the devastating impact of this lack of inclusion, it’s hoped that Amnesty’s guide will ensure Indigenous people are included in discussions that affect them in the future. Every child has the right to free, high-quality primary education. States must therefore ensure that no child is left behind.”

    MIL OSI – Submitted News

  • MIL-OSI Russia: Technologies – Moscow begins preparations for the first stage of launching driverless metro trains

    Translartion. Region: Russians Fedetion –

    Source: Moscow Metro

    Maxim Liksutov reported that the first stage of the innovative train launch is planned to begin on the Big Circle Line in 2025 on the instructions of Moscow Mayor Sergei Sobyanin. A fifth-generation (5G) technological network will be created for unmanned traffic on the Big Circle Line. This will provide reliable and ultra-fast communication for interaction with the infrastructure.

    Moscow Metro, Driverless Train.

    The launch of unmanned traffic will be a historic event for the capital’s metro. This innovative project has significant potential and will serve as a platform for new technological solutions. Our priorities are safety and maintaining the shortest peak hour intervals in the world. After the Big Circle Line, we will gradually begin to implement the technology on other lines, – noted Maxim Liksutov.

    MIL OSI Russia News

  • MIL-OSI Russia: Technology – Moscow begins preparations for the first stage of driverless metro train launch

    Source: Moscow Metro

    Maksim Liksutov announced that the first stage of launching the innovative train is planned to begin on the Big Circle Line in 2025, as instructed by Moscow Mayor Sergey Sobyanin. A fifth-generation (5G) technological network will be created for the driverless operation on the Big Circle Line. This will ensure reliable and ultra-fast communication for interaction with the infrastructure.

    Moscow Metro, Driverless Train.

    The launch of driverless operation will be a historic event for the capital’s metro. This innovative project has significant potential and will serve as a platform for new technological solutions. Our priorities are safety and maintaining the world’s shortest intervals during peak hours. After the Big Circle Line, we will gradually begin implementing the technology on other lines, — said Maksim Liksutov.

    MIL OSI Russia News

  • MIL-OSI: PubMatic Announces Fourth Quarter and Fiscal Year Ended 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    FY Revenue of $291.3 million, up 9% over 2023;

    Delivered FY 2024 net income of $12.5 million or 4% margin;

    FY adjusted EBITDA increased 23% over 2023 and was $92.3 million or 32% margin;

    Revenue in Q4 from CTV more than doubled year over year and represented 20% of total revenue;

    Supply Path Optimization represented 53% of total activity in 2024;

    Repurchased 4.3 million shares in 2024, representing 7.9% of fully diluted shares as of December 31, 2024

    NO-HEADQUARTERS/REDWOOD CITY, Calif., Feb. 27, 2025 (GLOBE NEWSWIRE) — PubMatic, Inc. (Nasdaq: PUBM), an independent technology company delivering digital advertising’s supply chain of the future, today reported financial results for the fourth quarter and fiscal year ended December 31, 2024.

    “Revenue growth in the year more than doubled over 2023, driven by strength in CTV, emerging revenue streams, and marquee customers choosing PubMatic to build and scale their ad businesses. Our revenue mix is evolving; in the fourth quarter, CTV more than doubled to 20% of total revenue. These achievements mark an inflection point in our underlying business that highlights critical scale on our platform and a significant shift in ad buying toward channels with the highest consumer engagement such as CTV, mobile app and commerce media,” said Rajeev Goel, co-founder and CEO at PubMatic. “Today, our omnichannel platform serves publishers, media buyers, commerce media networks, and curation/data providers, all of which are turning to sell side technology for critical end-to-end solutions needed to build their ad businesses. As we look to 2025, we expect accelerated growth in our underlying business as ad buyers seek premium, brand safe, curated inventory in the open internet.”

    Fiscal Year 2024 Financial Highlights

    • Revenue for the full year 2024 was $291.3 million, an increase of 9% over $267.0 million in 2023;
    • Gross profit was $190.2 million, or 65% margin, an improvement of 250 basis points over 2023;
    • Revenue from omnichannel video in 2024 grew 37% over the same period last year;
    • Net dollar-based retention1 was 107% for the year ended December 31, 2024;
    • GAAP net income was $12.5 million with a margin of 4%, or $0.23 per diluted share in 2024, an increase over net income2 of $8.9 million with a margin of 3%, or $0.16 per diluted share in 2023;
    • Adjusted EBITDA was $92.3 million, or 32% margin, an increase over adjusted EBITDA of $75.3 million, or 28% margin, in 2023;
    • Non-GAAP net income was $42.5 million, or $0.78 per non-GAAP diluted share in 2024, an increase over non-GAAP net income of $32.0 million, or $0.57 per non-GAAP diluted share in 2023;
    • Net cash provided by operating activities in 2024 was $73.4 million, compared to $81.1 million in the full year 2023;
    • Generated free cash flow of $34.9 million in 2024, down 34% over 2023;
    • Ended 2024 with total cash, cash equivalents, and marketable securities of $140.6 million with no debt, a decrease of 20% over the full year 2023; and
    • Through December 31, 2024, used $134.6 million in cash to repurchase 8.3 million shares of Class A common stock with $40.4 million available from the 2024 repurchase program.

    Fourth Quarter 2024 Financial Highlights

    • Revenue in the fourth quarter of 2024 was $85.5 million, an increase of 1% over $84.6 million in the same period of 2023;
    • GAAP net income was $13.9 million with a margin of 16%, or $0.26 per diluted share in the fourth quarter, compared to GAAP net income of $18.7 million with a margin of 22%, or $0.34 per diluted share in the same period of 2023;
    • Adjusted EBITDA was $37.6 million, or 44% margin, compared to $38.9 million, or 46% margin in the same period of 2023;
    • Non-GAAP net income was $21.4 million, or $0.41 per non-GAAP diluted share in the fourth quarter, compared to non-GAAP net income of $24.4 million, or $0.45 per non-GAAP diluted share in the same period of 2023; and
    • Net cash provided by operating activities was $18.0 million, compared to $28.7 million in the same period of 2023.

    The section titled “Non-GAAP Financial Measures” below describes our usage of non-GAAP financial measures. Reconciliations between historical GAAP and non-GAAP information are contained at the end of this press release following the accompanying financial data.

    “In 2024, we delivered record share of revenue for CTV, mobile app and emerging revenues, and achieved an all-time high of Supply Path Optimization activity. We also significantly expanded our margins, once again, demonstrating the strength of our durable model and our strategic commitment to steward both operational excellence and targeted investments for growth,” said Steve Pantelick, CFO at PubMatic. “In Q4, strong growth in the underlying business helped offset softer spending from the large DSP buyer we previously called out mid year. Going forward, we are taking a conservative approach as it relates to this buyer, and expect total revenues to grow year over year in the second half of the year once we lap this impact at the end of Q2 2025. Our underlying business, which excludes revenue from this DSP and political, is targeted to grow 15%+ and represent over two thirds of total company revenues in 2025.”

    Business Highlights

    Omnichannel platform drives revenue in key secular growth areas

    • Full year revenue from high value formats and channels, mobile and omnichannel video3, grew 17% over 2023.
    • In Q4, revenue from omnichannel video, which includes CTV, grew 37% year-over-year.
    • CTV reached scale, and was 20% of revenue in the fourth quarter, driven by growing inventory supply, SPO relationships, and strength in political advertising.
    • Revenue from mobile app grew 16% over 2023 as we scaled to over 900 mobile app publishers.

    High consumer engagement channels fuel ad demand and sell-side data curation

    • New and expanded partnerships announced in 2024 with premium streaming brands including Roku, Dish Media, Disney+ Hotstar, TCL and Xumo. We now work with 80% of the top 30 streaming publishers.
    • The number of Activate customers grew nearly 6x over 2023.
    • Supply Path Optimization represented 53% of total activity on our platform in 2024, up from 45% in 2023.
    • Connect drives more performant, targeted ad campaigns across the open internet, offering 190 data sets to ad buyers on PubMatic. Connect is a leading platform for data providers and curators to integrate first-party data, package inventory, sell to, and optimize outcomes for ad buyers.

    Focused investments drive long-term growth opportunities

    • More than doubled total addressable market to over $120 billion via products that address four key stakeholders across the digital advertising ecosystem: publishers, media buyers, curators and data providers, and commerce media networks.
    • Contribution from emerging revenue streams, which expand beyond ad monetization services, doubled from 2023.

    Recent product launches

    • Launched CTV Marketplaces, offering ad buyers pre-curated CTV inventory available only on PubMatic, built directly from our sell side technology. CTV Marketplaces allows publishers to unlock more value from their inventory and provides ad buyers off-the-shelf, easy to buy premium content and targeted audiences, including curated live sports inventory.
    • Launched Creative Category Manager, a generative AI solution that scans and classifies each video ad creative on granular criteria. First used to unlock millions of dollars in political ad spend, it drove significant CTV revenue. This gen AI solution will soon expand to other use cases and verticals.
    • Launched PubMatic Assistant, a gen AI powered reporting tool that allows publishers to request any report or data using simple plain language text queries. As a result, publishers can streamline analytics, enhance productivity and unlock new growth opportunities by uncovering insights in big data. This powerful tool removes barriers to adoption and drives increased platform usage.

    2024 operating priorities drove profitable growth

    • Aligned with our growth investments, increased global headcount in 2024 by 11% over 2023, adding new team members across product management, engineering and go-to-market teams to accelerate long-term revenue growth.
    • Infrastructure optimization initiatives and investments drove nearly 263 trillion impressions processed in 2024, an increase of 25% over 2023.
    • Cost of revenue per million impressions processed decreased 18% on a trailing twelve month period, as compared to the prior period.
    • Scaled adoption of generative AI drove increased engineering productivity by 15%+ which led to faster software development, testing and release processes.

    Financial Outlook

    Q1 outlook includes the continued headwind from one of our top DSP buyers that revised its auction approach in late May 2024. Adjusted EBITDA expectation assumes a negative FX impact predominately from Euro and Pound Sterling expenses. It also assumes that general market conditions do not significantly deteriorate as it relates to current macroeconomic and geopolitical conditions.

    Accordingly, we estimate the following:

    For the first quarter of 2025, we expect the following:

    • Revenue to be in the range of $61 million to $63 million.
    • Adjusted EBITDA to be in the range of $5 million to $7 million.

    Although we provide guidance for adjusted EBITDA and free cash flow, we are not able to provide guidance for net income, the most directly comparable GAAP measure. Certain elements of the composition of GAAP net income, including stock-based compensation expenses, are not predictable, making it impractical for us to provide guidance on net income or to reconcile our adjusted EBITDA guidance to net income without unreasonable efforts. For the same reason, we are unable to address the probable significance of the unavailable information.

    Conference Call and Webcast details

    PubMatic will host a conference call to discuss its financial results on Thursday, February 27, 2025 at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time). A live webcast of the call can be accessed from PubMatic’s Investor Relations website at https://investors.pubmatic.com. An archived version of the webcast will be available from the same website after the call.

    Non-GAAP Financial Measures

    In addition to our results determined in accordance with U.S. generally accepted accounting principles (GAAP), including, in particular operating income, net cash provided by operating activities, and net income, we believe that adjusted EBITDA, adjusted EBITDA margin, non-GAAP net income, non-GAAP earnings per share and free cash flow, each a non-GAAP measure, are useful in evaluating our operating performance. We define adjusted EBITDA as net income adjusted for stock-based compensation expense, depreciation and amortization, unrealized loss and impairment of equity investment, interest income, acquisition-related and other expenses, and provision for income taxes. Adjusted EBITDA margin represents adjusted EBITDA calculated as a percentage of revenue. We define non-GAAP net income as net income adjusted for unrealized loss on equity investments, stock-based compensation expense, acquisition-related and other expenses, and adjustments for income taxes. We define non-GAAP free cash flow as net cash provided by operating activities reduced by purchases of property and equipment and capitalized software development costs.

    In addition to operating income and net income, we use adjusted EBITDA and non-GAAP net income as measures of operational efficiency. We believe that these non-GAAP financial measures are useful to investors for period to period comparisons of our business and in understanding and evaluating our operating results for the following reasons:

    • Adjusted EBITDA and non-GAAP net income are widely used by investors and securities analysts to measure a company’s operating performance without regard to items such as stock-based compensation expense, depreciation and amortization, interest expense, and provision for income taxes that can vary substantially from company to company depending upon their financing, capital structures and the method by which assets were acquired; and,
    • Our management uses adjusted EBITDA and non-GAAP net income in conjunction with GAAP financial measures for planning purposes, including the preparation of our annual operating budget, as a measure of operating performance and the effectiveness of our business strategies and in communications with our board of directors concerning our financial performance; and adjusted EBITDA provides consistency and comparability with our past financial performance, facilitates period-to-period comparisons of operations, and also facilitates comparisons with other peer companies, many of which use similar non-GAAP financial measures to supplement their GAAP results.

    Our use of non-GAAP financial measures has limitations as an analytical tool, and you should not consider them in isolation or as a substitute for analysis of our financial results as reported under GAAP. Some of these limitations are as follows:

    • Adjusted EBITDA does not reflect: (a) changes in, or cash requirements for, our working capital needs; (b) the potentially dilutive impact of stock-based compensation; or (c) tax payments that may represent a reduction in cash available to us;
    • Although depreciation and amortization expense are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; and
    • Non-GAAP net income does not include: (a) unrealized losses resulting from our equity investment; (b) the potentially dilutive impact of stock-based compensation; (c) income tax effects for stock-based compensation and unrealized losses from our equity investment; or (d) acquisition-related and other expenses.

    Because of these and other limitations, you should consider adjusted EBITDA and non-GAAP net income along with other GAAP-based financial performance measures, including net income and our GAAP financial results.

    Forward Looking Statements

    This press release contains “forward-looking statements” regarding our future business expectations, including our guidance relating to our revenue and adjusted EBITDA for the first quarter of 2025, our expectations regarding our adjusted EBITDA, free cash flow, capital expenditures, future hiring, future market growth, our long-term revenue growth, target revenue and our ability to gain market share. These forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions and may differ materially from actual results due to a variety of factors including: our dependency on the overall demand for advertising and the channels we rely on; our existing customers not expanding their usage of our platform, or our failure to attract new publishers and buyers; our ability to maintain and expand access to spend from buyers and valuable ad impressions from publishers; the rejection of the use of digital advertising by consumers through opt-in, opt-out or ad-blocking technologies or other means; our failure to innovate and develop new solutions that are adopted by publishers; the war between Ukraine and Russia and the resumption of conflict between Israel and Palestine, and the related measures taken in response by the global community; the impacts of inflation as well as fiscal tightening and volatile interest rates; public health crises, including the resulting global economic uncertainty; limitations imposed on our collection, use or disclosure of data about advertisements; the lack of similar or better alternatives to the use of third-party cookies, mobile device IDs or other tracking technologies if such uses are restricted; any failure to scale our platform infrastructure to support anticipated growth and transaction volume; liabilities or fines due to publishers, buyers, and data providers not obtaining consents from consumers for us to process their personal data; any failure to comply with laws and regulations related to data privacy, data protection, information security, and consumer protection; and our ability to manage our growth. Moreover, we operate in a competitive and rapidly changing market, and new risks may emerge from time to time. For more information about risks and uncertainties associated with our business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of our SEC filings, including but not limited to, our annual report on Form 10-K and quarterly reports on From 10-Q, copies of are available on our investor relations website at https://investors.pubmatic.com and on the SEC website at www.sec.gov. All information in this press release is as of February 27, 2025. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

    About PubMatic

    PubMatic is an independent technology company maximizing customer value by delivering digital advertising’s supply chain of the future. PubMatic’s sell-side platform empowers the world’s leading digital content creators across the open internet to control access to their inventory and increase monetization by enabling marketers to drive return on investment and reach addressable audiences across ad formats and devices. Since 2006, PubMatic’s infrastructure-driven approach has allowed for the efficient processing and utilization of data in real time. By delivering scalable and flexible programmatic innovation, PubMatic improves outcomes for its customers while championing a vibrant and transparent digital advertising supply chain.

     
     
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)
    (unaudited)
     
        December 31,
    2024
      December 31,
    2023
    ASSETS        
    Current assets        
    Cash and cash equivalents   $ 100,452     $ 78,509  
    Marketable securities     40,135       96,835  
    Accounts receivable, net     424,814       375,468  
    Prepaid expenses and other current assets     10,145       11,143  
    Total current assets     575,546       561,955  
    Property, equipment and software, net     58,522       60,729  
    Operating lease right-of-use assets     44,402       21,102  
    Acquisition-related intangible assets, net     4,284       5,864  
    Goodwill     29,577       29,577  
    Deferred tax assets     24,864       13,880  
    Other assets, non-current     2,324       2,136  
    TOTAL ASSETS   $ 739,519     $ 695,243  
    LIABILITIES AND STOCKHOLDERS’ EQUITY        
    Current liabilities        
    Accounts payable   $ 386,602     $ 347,673  
    Accrued liabilities     26,365       25,684  
    Operating lease liabilities, current     5,843       6,236  
    Total current liabilities     418,810       379,593  
    Operating lease liabilities, non-current     39,538       15,607  
    Other liabilities, non-current     3,908       3,844  
    TOTAL LIABILITIES     462,256       399,044  
    Stockholders’ Equity        
    Common stock     6       6  
    Treasury stock     (146,796 )     (71,103 )
    Additional paid-in capital     275,304       230,419  
    Accumulated other comprehensive loss     (636 )     (4 )
    Retained earnings     149,385       136,881  
    TOTAL STOCKHOLDERS’ EQUITY     277,263       296,199  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 739,519     $ 695,243  
     
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share data)
    (unaudited)
     
        Three Months Ended December 31,   Year Ended December 31,
          2024     2023     2024     2023
    Revenue   $ 85,502   $ 84,600   $ 291,256   $ 267,014
    Cost of revenue(1)     24,935     24,208     101,027     99,229
    Gross profit     60,567     60,392     190,229     167,785
    Operating expenses:(1)                
    Technology and development     7,831     6,846     33,263     26,727
    Sales and marketing     23,763     20,353     95,369     82,803
    General and administrative(2)     14,171     12,780     57,670     56,219
    Total operating expenses     45,765     39,979     186,302     165,749
    Operating income     14,802     20,413     3,927     2,036
    Total other income, net     3,618     2,632     13,847     8,469
    Income before income taxes     18,420     23,045     17,774     10,505
    Provision for income taxes     4,521     4,343     5,270     1,624
    Net income   $ 13,899   $ 18,702   $ 12,504   $ 8,881
    Net income per share attributable to common stockholders:                
    Basic   $ 0.29   $ 0.37   $ 0.25   $ 0.17
    Diluted   $ 0.26   $ 0.34   $ 0.23   $ 0.16
    Weighted-average shares used to compute net income per share attributable to common stockholders:                
    Basic     47,993     50,659     49,213     51,760
    Diluted     52,623     54,940     54,294     56,027
     
    (1)Stock-based compensation expense includes the following:
    STOCK BASED COMPENSATION EXPENSE
    (In thousands)
    (unaudited)
     
        Three Months Ended December 31,   Year Ended December 31,
          2024     2023     2024     2023
    Cost of revenue   $         438   $         383   $         1,855   $         1,472        
    Technology and development             1,625             1,137             6,313             4,346        
    Sales and marketing             3,247             2,589             13,407             10,462        
    General and administrative             4,099             3,228             16,101             12,582        
    Total stock-based compensation   $         9,409   $         7,337   $         37,676   $         28,862        
     

    (2)On June 30, 2023, a Demand Side Platform buyer of our platform filed for Chapter 11 bankruptcy. As a result of this bankruptcy, we recorded incremental bad debt expense of $5.7 million which is reflected in our GAAP net income and adjusted EBITDA results for the year ended December 31, 2023.

     
    CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
    (In thousands)
    (unaudited)
     
        December 31,
          2024       2023  
    CASH FLOW FROM OPERATING ACTIVITIES:        
    Net Income   $ 12,504     $ 8,881  
    Adjustments to reconcile net income to net cash provided by operating activities:        
    Depreciation and amortization     45,352       44,770  
    Stock-based compensation     37,676       28,862  
    Provision for doubtful accounts           5,675  
    Deferred income taxes     (10,984 )     (13,406 )
    Accretion of discount on marketable securities     (4,117 )     (4,093 )
    Non-cash lease expense     6,801       6,145  
    Other     (25 )     45  
    Changes in operating assets and liabilities:        
       Accounts receivable     (49,345 )     (75,716 )
       Prepaid expenses and other current assets     (5,826 )     3,918  
       Accounts payable     38,096       79,687  
       Accrued liabilities     9,627       3,035  
       Operating lease liabilities     (6,531 )     (5,789 )
       Other liabilities, non-current     197       (893 )
    Net cash provided by operating activities     73,425       81,121  
    CASH FLOWS FROM INVESTING ACTIVITIES:        
    Purchases of and deposits on property and equipment     (17,592 )     (10,601 )
    Capitalized software development costs     (20,936 )     (17,687 )
    Purchases of marketable securities     (142,016 )     (140,603 )
    Proceeds from sales of marketable securities           18,873  
    Proceeds from maturities of marketable securities     202,858       111,000  
    Net cash provided by (used in) investing activities     22,314       (39,018 )
    CASH FLOWS FROM FINANCING ACTIVITIES:        
    Payment of business combination indemnification claims holdback     (2,148 )      
    Proceeds from issuance of common stock for employee stock purchase plan     2,368       1,869  
    Proceeds from exercise of stock options     1,765       1,549  
    Principal payments on finance lease obligations     (131 )     (126 )
    Payments to acquire treasury stock     (75,332 )     (59,268 )
    Net cash used in financing activities     (73,478 )     (55,976 )
    NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS     22,261       (13,873 )
    Effect of foreign currency on cash     (318 )      
    CASH AND CASH EQUIVALENTS – Beginning of year     78,509       92,382  
    CASH AND CASH EQUIVALENTS – End of year   $ 100,452     $ 78,509  
     
    RECONCILIATION OF GAAP NET INCOME TO NON-GAAP ADJUSTED EBITDA AND NON-GAAP NET INCOME
    (In thousands, except per share amounts)
    (unaudited)
     
        Three Months Ended December 31,   Year Ended December 31,
          2024       2023       2024       2023  
    Reconciliation of net income:                
    Net income   $ 13,899     $ 18,702     $ 12,504     $ 8,881  
    Add back (deduct):                
    Stock-based compensation     9,409       7,337       37,676       28,862  
    Depreciation and amortization     11,421       11,039       45,352       44,770  
    Interest income     (1,604 )     (2,515 )     (8,477 )     (8,828 )
    Provision for income taxes     4,521       4,343       5,270       1,624  
    Adjusted EBITDA1   $ 37,646     $ 38,906     $ 92,325     $ 75,309  
                     
    Revenue   $ 85,502     $ 84,600     $ 291,256     $ 267,014  
    Adjusted EBITDA margin     44 %     46 %     32 %     28 %
        Three Months Ended December 31,   Year Ended December 31,
          2024       2023       2024       2023  
    Reconciliation of net income per share:                
    Net income   $ 13,899     $ 18,702     $ 12,504     $ 8,881  
    Add back (deduct):                
    Stock-based compensation     9,409       7,337       37,676       28,862  
    Adjustment for income taxes     (1,865 )     (1,590 )     (7,728 )     (5,695 )
    Non-GAAP net income1   $ 21,443     $ 24,449     $ 42,452     $ 32,048  
    GAAP diluted EPS   $ 0.26     $ 0.34     $ 0.23     $ 0.16  
    Non-GAAP diluted EPS   $ 0.41     $ 0.45     $ 0.78     $ 0.57  
    GAAP weighted average shares outstanding—diluted     52,623       54,940       54,294       56,027  
    Non-GAAP weighted average shares outstanding—diluted     52,623       54,940       54,294       56,027  
     
    SUPPLEMENTAL CASH FLOW INFORMATION
    COMPUTATION OF FREE CASH FLOW, A NON-GAAP MEASURE
    (In thousands)
    (unaudited)
     
        Three Months Ended December 31,   Year Ended December 31,
          2024       2023       2024       2023  
    Reconciliation of cash provided by operating activities:                
    Net cash provided by operating activities   $ 18,048     $ 28,674     $ 73,425     $ 81,121  
    Less: Purchases of property and equipment     (4,324 )     (5,177 )     (17,592 )     (10,601 )
    Less: Capitalized software development costs     (4,868 )     (3,962 )     (20,936 )     (17,687 )
    Free cash flow   $ 8,856     $ 19,535     $ 34,897     $ 52,833  
     

    1 Net income, Adjusted EBITDA, and Non-GAAP net income for the twelve months ended December 31, 2024 include other income of $4.0 million related to our efforts to build and test integrations with the Google Privacy Sandbox.


    1 Net dollar-based retention is calculated by starting with the revenue from publishers in the trailing twelve months ended December 31, 2023 (“Prior Period Revenue”). We then calculate the revenue from these same publishers in the trailing twelve months ended December 31, 2024 (“Current Period Revenue”). Current Period Revenue includes any upsells and is net of contraction or attrition, but excludes revenue from new publishers. Our net dollar-based retention rate equals the Current Period Revenue divided by Prior Period Revenue. Net dollar-based retention rate is an important indicator of publisher satisfaction and usage of our platform, as well as potential revenue for future periods.
    2 Fiscal year 2023 GAAP net income includes approximately $5.7 million of incremental bad debt expense related to the bankruptcy of a Demand Side Platform buyer of our platform.
    3 Omnichannel video spans across desktop, mobile and CTV devices.

    The MIL Network

  • MIL-OSI: ARRAY Technologies, Inc. Reports Financial Results for the Fourth Quarter and Full Year 2024

    Source: GlobeNewswire (MIL-OSI)

    Fourth Quarter 2024 Financial Highlights

    • Revenue of $275.2 million
    • Gross Margin of 28.5%
    • Adjusted gross margin(1) of 29.8%
    • Net loss to common shareholders of $(141.2) million
      • Net loss to common shareholders inclusive of $74.0 million non-cash goodwill impairment charge and $91.9 million non-cash long-lived intangible asset write-down associated with the 2022 STI acquisition
    • Adjusted EBITDA(1) of $45.2 million
    • Net loss per basic and diluted share of $(0.93)
    • Adjusted net income per diluted share(1) of $0.16

    Full Year 2024 Financial Highlights

    • Revenue of $915.8 million
    • Gross Margin of 32.5%
    • Adjusted gross margin (1) of 34.1%
    • Net loss to common shareholders of $(296.1) million
      • Net loss to common shareholders inclusive of $236.0 million non-cash goodwill impairment charge and $91.9 million non-cash long-lived intangible asset write-down associated with the 2022 STI acquisition
    • Adjusted EBITDA(1) of $173.6 million
    • Net loss per basic and diluted share of $(1.95)
    • Adjusted net income per diluted share(1) of $0.60
    • Free cash flow(1) of $135.4 million
    • Total executed contracts and awarded orders at December 31, 2024 were $2.0 billion

    ALBUQUERQUE, N.M., Feb. 27, 2025 (GLOBE NEWSWIRE) — ARRAY Technologies (NASDAQ: ARRY) (“ARRAY” or the “Company”), a global leader in utility-scale solar tracking, today announced financial results for its fourth quarter and full year ended December 31, 2024.

    “ARRAY delivered strong fourth quarter and full year 2024 results, we exceeded the mid-point of our fourth quarter revenue guidance and achieved record gross margin on the full year. Our ongoing focus on operational execution continues to translate into robust profitability and healthy cash flow. We finished 2024 with an orderbook of $2 billion, representing 10% year-on-year growth. We are pleased with our results, which delivered significant progress in both market share and commercial growth. Thank you to our employees for their continued focus and hard work. Additionally, we are on track to deliver 100% domestic content solar trackers by the first half of 2025. Our OmniTrack™ product continues to gain traction in the market, and now accounts for over 20% of our orderbook. We are excited about our investment in Swap Robotics, a disruptive technology driving automation in PV installations. We believe the integration of Swap Robotics technology into our product portfolio will drive project efficiencies and cost savings for our customers,” said Chief Executive Officer, Kevin G. Hostetler.

    Mr. Hostetler continued, “While persistent headwinds, including permitting and interconnection delays, shortages of high-voltage circuit breakers and transformers, and labor constraints—continue to impact project timelines in the United States, we experienced the market stabilizing by year-end, in contrast to the delays experienced in the middle of the year. In Europe, we anticipate modest growth in 2025 as we are well positioned to capture additional market share. However, in Brazil, macro factors such as currency devaluation, volatile interest rates, and newly introduced tariffs on solar components have impacted growth. For 2025, at the midpoint of our guidance, ARRAY expects to deliver over 20% year-over-year revenue growth. We are optimistic about future demand growth for utility-scale solar energy both domestically and internationally and confident that our value proposition in the industry will continue to propel growth for years to come.”

    First Quarter and Full Year 2025 Guidance

    Given the uncertainty in the utility-scale solar energy market and headwinds we experienced during 2024 which pushed out project timelines, we are providing guidance for the first quarter of 2025. It is not our intention to provide quarterly guidance in the future. For the quarter ending March 31, 2025, the Company expects:

    • Revenue to be in the range of $260 million to $270 million
    • Adjusted EBITDA margin(2) to be in the range of 11% to 13%

    For the year ending December 31, 2025, the Company expects:

    • Revenue to be in the range of $1.05 billion to $1.15 billion
    • Adjusted EBITDA(2) to be in the range of $180 million to $200 million
    • Adjusted net income per share(2) to be in the range of $0.60 to $0.70

    Supplemental Presentation and Conference Call Information

    ARRAY has posted a supplemental presentation to its website, which will be discussed during the conference call hosted by management today (February 27, 2025) at 5:00 p.m. (ET). The conference call can be accessed live over the phone by dialing (877)-869-3847 (domestic) or (201)-689-8261 (international) and entering the passcode 13750627 or via webcast of the live conference call by logging onto the Investor Relations sections of the Company’s website at http://ir.arraytechinc.com. A telephonic replay will be available approximately three hours after the call by dialing (877)-660-6853 (domestic), or (201)-612-7415 (international) with the passcode 13750627. The replay will be available until 11:59 p.m. (ET) on March 13, 2025. The online replay will be available for 30 days on the same website immediately following the call.

    About ARRAY Technologies, Inc.

    ARRAY Technologies (NASDAQ: ARRY) is a leading global provider of solar tracking technology to utility-scale and distributed generation customers, who construct, develop, and operate solar PV sites. With solutions engineered to withstand the harshest weather conditions, ARRAY’s high-quality solar trackers, software platforms and field services combine to maximize energy production and deliver value to our customers for the entire lifecycle of a project. Founded and headquartered in the United States, ARRAY is rooted in manufacturing and driven by technology – relying on its domestic manufacturing, diversified global supply chain, and customer-centric approach to design, deliver, commission, train, and support solar energy deployment around the world. For more news and information on ARRAY, please visit arraytechinc.com.

    Investor Relations Contact:
    Keith Jennings
    505-437-0010
    investors@arraytechinc.com

    Media Contact:
    Nicole Stewart
    505-589-8257

    Forward-Looking Statements

    This press release contains forward-looking statements that are based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, technology or product developments, financing and investment plans, dividend policy, competitive position, industry and regulatory environment, potential growth opportunities and the effects of competition. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “anticipates,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” “would,” “designed to” or similar expressions and the negatives of those terms.

    ARRAY’s actual results and the timing of events could materially differ from those anticipated in such forward-looking statements as a result of certain risks, uncertainties and other factors, including without limitation: changes in growth or rate of growth in demand for solar energy projects; competitive pressures within our industry; factors affecting viability and demand for solar energy, including but not limited to, the retail price of electricity, availability of in-demand components like high voltage breakers, various policies related to the permitting and interconnection costs of solar plants, and the availability of incentives for solar energy and solar energy production systems, which makes it difficult to predict our future prospects; competition from conventional and renewable energy sources; a loss of one or more of our significant customers, their inability to perform under their contracts, or their default in payment; a drop in the price of electricity derived from the utility grid or from alternative energy sources; fluctuations in our results of operations across fiscal periods, which could make our future performance difficult to predict and could cause our results of operations for a particular period to fall below expectations; any increase in interest rates, or a reduction in the availability of tax equity or project debt capital in the global financial markets, which could make it difficult for customers to finance the cost of a solar energy system; existing electric utility industry policies and regulations, and any subsequent changes or new related policies and regulations, may present technical, regulatory and economic barriers to the purchase and use of solar energy systems, which may significantly reduce demand for our products or harm our ability to compete; the interruption of the flow of materials from international vendors, which could disrupt our supply chain, including as a result of the imposition of new and/or additional duties, tariffs and other charges or restrictions on imports and exports; changes in the global trade environment, including the imposition of import tariffs or other import restrictions; geopolitical, macroeconomic and other market conditions unrelated to our operating performance including but not limited to a pandemic, the Ukraine-Russia war, attacks on shipping in the Red Sea, conflict in the Middle East, and inflation and interest rates; our ability to convert our orders in backlog into revenue; the reduction, elimination or expiration, or our failure to optimize the benefits of government incentives for, or regulations mandating the use of, renewable energy and solar energy, particularly in relation to our competitors; failure to, or incurrence of significant costs in order to, obtain, maintain, protect, defend or enforce, our intellectual property and other proprietary right; delays in construction projects and any failure to manage our inventory; significant changes in the cost of raw materials; disruptions to transportation and logistics, including increases in shipping costs; defects or performance problems in our products, which could result in loss of customers, reputational damage and decreased revenue; delays, disruptions or quality control problems in our product development operations; our ability to retain our key personnel or failure to attract additional qualified personnel; additional business, financial, regulatory and competitive risks due to our continued planned expansion into new markets; cybersecurity or other data incidents, including unauthorized disclosure of personal or sensitive data or theft of confidential information; a failure to maintain an effective system of integrated internal controls over financial reporting; our substantial indebtedness, risks related to actual or threatened public health epidemics, pandemics, outbreaks or crises; changes to laws and regulations, including changes to tax laws and regulations, that are applied adversely to us or our customers, including our ability to optimize those changes brought about by the passage of the Inflation Reduction Act or any repeal thereof; and the other risks and uncertainties described in more detail in the Company’s most recent Annual Report on Form 10-K and other documents on file with the SEC, each of which can be found on our website, www.arraytechinc.com.

    Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

    Non-GAAP Financial Information

    This press release includes certain financial measures that are not presented in accordance with U.S. generally accepted accounting principles (“GAAP”), including Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA, Adjusted net income, Adjusted net income per share, Adjusted general and administrative expense and Free cash flow.

    We define Adjusted gross profit as gross profit plus (i) amortization of developed technology and (ii) other costs if applicable. We define Adjusted gross margin as Adjusted gross profit as a percentage of revenue. We define Adjusted EBITDA as net income (loss) plus (i) other expense, net, (ii) foreign currency (gain) loss, net, (iii) preferred dividends and accretion, (iv) interest expense, (v) income tax (benefit) expense, (vi) depreciation expense, (vii) amortization of intangibles, (viii) amortization of developed technology, (ix) equity-based compensation, (x) change in fair value of contingent consideration, (xi) impairment of long-lived assets, (xii) goodwill impairment, (xiii) certain legal expenses, and (xiv) other costs. We define Adjusted net income as net income (loss) to common shareholders plus (i) amortization of intangibles, (ii) amortization of developed technology, (iii) amortization of debt discount and issuance costs (iv) preferred accretion, (v) equity-based compensation, (vi) change in fair value of contingent consideration, (vii) impairment of long-lived assets, (viii) goodwill impairment, (ix) certain legal expenses, (x) other costs, and (xi) income tax (benefit) expense adjustments. We define Adjusted general and administrative expense as general and administrative expense less (i) equity based compensation, (ii) certain legal expenses, (iii) other costs and (iv) income tax expense adjustments. We define Free cash flow as Cash provided by (used in) operating activities less purchase of property, plant and equipment and cash payments for the acquisition of right-of-use assets.

    A detailed reconciliation between GAAP results and results excluding special items (“non-GAAP”) is included within this presentation. We calculate net income (loss) per share as net income (loss) to common shareholders divided by the basic and diluted weighted average number of shares outstanding for the applicable period and we define Adjusted net income per share as Adjusted net income (as detailed above) divided by the basic and diluted weighted average number of shares outstanding for the applicable period.

    We believe that these non-GAAP financial measures are provided to enhance the reader’s understanding of our past financial performance and our prospects for the future. Our management team uses these non-GAAP financial measures in assessing the Company’s performance, as well as in planning and forecasting future periods. The non-GAAP financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP and may be different from similarly titled non-GAAP measures used by other companies.

    Among other limitations, Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income do not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments; do not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; do not reflect income tax expense or benefit; and other companies in our industry may calculate Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income differently than we do, which limits their usefulness as comparative measures. Because of these limitations, Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP.

    We compensate for these limitations by relying primarily on our GAAP results and using Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income on a supplemental basis.

    You should review the reconciliation of gross profit to Adjusted gross profit and net income (loss) to Adjusted EBITDA and Adjusted net income below and not rely on any single financial measure to evaluate our business.

    (1) A reconciliation of the most comparable GAAP measure to its Non-GAAP measure is included below.
    (2) A reconciliation of projected Adjusted gross profit, Adjusted gross margin, Adjusted EBITDA and Adjusted net income per share, which are forward-looking measures that are not prepared in accordance with GAAP, to the most directly comparable GAAP financial measures, is not provided because we are unable to provide such reconciliation without unreasonable effort. The inability to provide a quantitative reconciliation is due to the uncertainty and inherent difficulty predicting the occurrence, the financial impact and the periods in which the components of the applicable GAAP measures and non-GAAP adjustments may be recognized. The GAAP measures may include the impact of such items as non-cash share-based compensation, revaluation of the fair-value of our contingent consideration, and the tax effect of such items, in addition to other items we have historically excluded from Adjusted EBITDA and Adjusted net income per share. We expect to continue to exclude these items in future disclosures of these non-GAAP measures and may also exclude other similar items that may arise in the future (collectively, “non-GAAP adjustments”). The decisions and events that typically lead to the recognition of non-GAAP adjustments are inherently unpredictable as to if or when they may occur. As such, for our 2025 outlook, we have not included estimates for these items and are unable to address the probable significance of the unavailable information, which could be material to future results.

    Array Technologies, Inc. and Subsidiaries
    Consolidated Balance Sheets (unaudited)
    (in thousands, except per share and share amounts)
     
      December 31,
        2024       2023  
    ASSETS
    Current assets      
    Cash and cash equivalents $ 362,992     $ 249,080  
    Restricted cash   1,149        
    Accounts receivable, net   275,838       332,152  
    Inventories   200,818       161,964  
    Prepaid expenses and other   157,927       89,085  
    Total current assets   998,724       832,281  
           
    Property, plant and equipment, net   26,222       27,893  
    Goodwill   160,189       435,591  
    Other intangible assets, net   181,409       354,389  
    Deferred income tax assets   17,754       15,870  
    Other assets   41,701       40,717  
    Total assets $ 1,425,999     $ 1,706,741  
           
    LIABILITIES, REDEEMABLE PERPETUAL PREFERRED STOCK AND STOCKHOLDERS’ EQUITY
    Current liabilities      
    Accounts payable $ 172,368     $ 119,498  
    Accrued expenses and other   91,183       70,211  
    Accrued warranty reserve   2,063       2,790  
    Income tax payable   5,227       5,754  
    Deferred revenue   119,775       66,488  
    Current portion of contingent consideration   1,193       1,427  
    Current portion of debt   30,714       21,472  
    Other current liabilities   15,291       48,051  
    Total current liabilities   437,814       335,691  
           
    Deferred income tax liabilities   21,398       66,858  
    Contingent consideration, net of current portion   7,868       8,936  
    Other long-term liabilities   18,684       20,428  
    Long-term warranty   4,830       3,372  
    Long-term debt, net of current portion   646,570       660,948  
    Total liabilities   1,137,164       1,096,233  
           
    Commitments and contingencies (Note 16)      
           
    Series A Redeemable Perpetual Preferred Stock: $0.001 par value; 500,000 shares authorized; 460,920 and 432,759 issued, respectively; liquidation preference of $493.1 million at both dates   406,931       351,260  
           
    Stockholders’ equity      
    Preferred stock $0.001 par value – 4,500,000 shares authorized; none issued at respective dates          
    Common stock $0.001 par value – 1,000,000,000 shares authorized; 151,951,652 and 151,242,120 shares issued at respective dates   151       151  
    Additional paid-in capital   297,780       344,517  
    Accumulated deficit   (370,624 )     (130,230 )
    Accumulated other comprehensive income (loss)   (45,403 )     44,810  
    Total stockholders’ equity   (118,096 )     259,248  
    Total liabilities, redeemable perpetual preferred stock and stockholders’ equity $ 1,425,999     $ 1,706,741  
    Array Technologies, Inc. and Subsidiaries
    Consolidated Statements of Operations (unaudited)
    (in thousands, except per share amounts)
     
      Three Months Ended
    December 31,
      Year Ended
    December 31,
        2024       2023       2024       2023  
    Revenue $ 275,232     $ 341,615     $ 915,807     $ 1,576,551  
    Cost of revenue:              
    Cost of product and service revenue   193,273       253,746       603,572       1,146,442  
    Amortization of developed technology   3,640       3,640       14,558       14,558  
    Total cost of revenue   196,913       257,386       618,130       1,161,000  
    Gross profit   78,319       84,229       297,677       415,551  
                   
    Operating expenses:              
    General and administrative   45,663       43,710       160,567       159,535  
    Change in fair value of contingent consideration   396       732       125       2,964  
    Depreciation and amortization   8,702       9,567       36,086       38,928  
    Long-lived assets impairment   91,904             91,904      
    Goodwill impairment   74,000             236,000        
    Total operating expenses   220,665       54,009       524,682       201,427  
                   
    (Loss) income from operations   (142,346 )     30,220       (227,005 )     214,124  
                   
    Other income (expense), net   654       (888 )     (1,008 )     (1,015 )
    Interest income   4,092       2,206       16,777       8,330  
    Foreign currency (loss) gain, net   (3,442 )     (326 )     (4,515 )     (53 )
    Interest expense   (9,007 )     (8,857 )     (34,825 )     (44,229 )
    Total other (expense) income   (7,703 )     (7,865 )     (23,571 )     (36,967 )
                   
    (Loss) income before income tax expense (benefit)   (150,049 )     22,355       (250,576 )     177,157  
    Income tax (benefit) expense   (23,146 )     3,013       (10,182 )     39,917  
    Net (loss) income   (126,903 )     19,342       (240,394 )     137,240  
    Preferred dividends and accretion   14,338       13,332       55,670       51,691  
    Net (loss) income to common shareholders $ (141,241 )   $ 6,010     $ (296,064 )   $ 85,549  
                   
    (Loss) income per common share              
    Basic $ (0.93 )   $ 0.04     $ (1.95 )   $ 0.57  
    Diluted $ (0.93 )   $ 0.04     $ (1.95 )   $ 0.56  
                   
    Weighted average common shares outstanding              
    Basic   151,944       151,175       151,754       150,942  
    Diluted   151,944       152,110       151,754       152,022  
    Array Technologies, Inc. and Subsidiaries
    Consolidated Statements of Cash Flows (unaudited)
    (in thousands)
     
      Three Months Ended
    December 31,
      Year Ended
    December 31,
        2024       2023       2024       2023  
    Operating activities:              
    Net income (loss) $ (126,903 )   $ 19,342     $ (240,394 )   $ 137,240  
    Adjustments to net income (loss):              
    Goodwill impairment   74,000             236,000        
    Impairment of long-lived assets   91,904             91,904        
    Provision for bad debts   (1,357 )     2,644       2,058       2,527  
    Deferred tax benefit   (30,371 )     (6,534 )     (37,650 )     (8,862 )
    Depreciation and amortization   9,206       9,950       38,221       40,268  
    Amortization of developed technology   3,640       3,640       14,558       14,558  
    Amortization of debt discount and issuance costs   1,435       1,447       6,087       10,570  
    Gain on debt refinancing         (457 )           (457 )
    Equity-based compensation   3,498       2,845       10,349       14,540  
    Change in fair value of contingent consideration   396       732       125       2,964  
    Warranty provision   3,127       1,075       3,163       4,666  
    Write-down of inventories   442       1,844       2,923       6,431  
    Changes in operating assets and liabilities, net of business acquisition:              
    Accounts receivable   (442 )     99,164       41,423       92,800  
    Inventories   (14,823 )     54,189       (44,787 )     66,743  
    Income tax receivables   33       (3,156 )     (4,112 )     9  
    Prepaid expenses and other   (24,505 )     (8,700 )     (69,708 )     (10,840 )
    Accounts payable   24,475       (52,097 )     58,180       (37,654 )
    Accrued expenses and other   34,492       (10,019 )     (436 )     5,325  
    Income tax payable   3,790       2,666       (863 )     1,936  
    Lease liabilities   (2,894 )     9,227       (8,624 )     1,177  
    Deferred revenue   8,443       (33,821 )     55,563       (111,986 )
    Net cash provided by operating activities   57,586       93,981       153,980       231,955  
    Investing activities              
    Purchase of property, plant and equipment   (1,701 )     (5,374 )     (7,305 )     (16,989 )
    Retirement/disposal of property, plant and equipment   (4 )     168       34       168  
    Cash payments for the acquisition of right-of-use assets   (11,276 )           (11,276 )      
    SAFE Investment   (3,000 )           (3,000 )      
    Sale of equity investment               11,975        
    Net cash used in investing activities   (15,981 )     (5,206 )     (9,572 )     (16,821 )
    Financing activities              
    Series A equity issuance costs                     (1,509 )
    Tax withholding related to vesting of equity-based compensation   (18 )           (1,752 )      
    Proceeds from issuance of other debt   74,035       2,795       93,059       63,311  
    Principal payments on term loan facility   (1,075 )     (1,075 )     (4,300 )     (74,300 )
    Principal payments on other debt   (72,545 )     (19,039 )     (97,424 )     (88,063 )
    Contingent consideration payments               (1,427 )     (1,200 )
    Net cash used in financing activities   397       (17,319 )     (11,844 )     (101,761 )
    Effect of exchange rate changes on cash and cash equivalent balances   (10,233 )     3,614       (17,503 )     1,806  
    Net change in cash and cash equivalents   31,769       75,070       115,061       115,179  
    Cash and cash equivalents and restricted cash, beginning of period   332,372       174,010       249,080       133,901  
    Cash and cash equivalents and restricted cash, end of period $ 364,141     $ 249,080     $ 364,141     $ 249,080  
                   
    Supplemental cash flow information              
    Cash paid for interest $ 8,989     $ 8,995     $ 38,655     $ 43,949  
    Cash paid for income taxes (net of refunds) $ 2,746     $ 9,145     $ 27,966     $ 45,942  
                   
    Non-cash investing and financing              
    Dividends accrued on Series A $ (13,668 )   $ 6,803     $ 7,246     $ 26,370  
    Array Technologies, Inc.
    Adjusted Gross Profit, Adjusted EBITDA, Adjusted Net Income, General and Administrative Expense, and Free Cash Flow Reconciliation (unaudited)
    (in thousands, except per share amounts)
     

    The following table reconciles Gross profit to Adjusted gross profit:

      Three Months Ended
    December 31,
      Year Ended
    December 31,
        2024       2023       2024       2023  
    Revenue   275,232       341,615       915,807       1,576,551  
    Cost of revenue   196,913       257,386       618,130       1,161,000  
    Gross profit   78,319       84,229       297,677       415,551  
    Gross margin   28.5 %     24.7 %     32.5 %     26.4 %
                   
    Amortization of developed technology   3,640       3,640       14,558       14,558  
    Adjusted gross profit   81,959       87,869       312,235       430,109  
    Adjusted gross margin   29.8 %     25.7 %     34.1 %     27.3 %
     

    The following table reconciles Net income to Adjusted EBITDA:

      Three Months Ended
    December 31,
      Year Ended
    December 31,
        2024       2023       2024       2023  
    Net (loss) income $ (126,903 )   $ 19,342     $ (240,394 )   $ 137,240  
    Preferred dividends and accretion   14,338       13,332       55,670       51,691  
    Net (loss) income to common shareholders $ (141,241 )   $ 6,010     $ (296,064 )   $ 85,549  
    Other expense, net   (4,746 )     (1,318 )     (15,769 )     (7,315 )
    Foreign currency loss (gain), net   3,442       326       4,515       53  
    Preferred dividends and accretion   14,338       13,332       55,670       51,691  
    Interest expense   9,007       8,857       34,825       44,229  
    Income tax (benefit) expense   (23,146 )     3,013       (10,182 )     39,917  
    Depreciation expense   1,140       772       4,410       2,669  
    Amortization of intangibles   8,142       9,186       33,811       37,607  
    Amortization of developed technology   3,640       3,640       14,558       14,558  
    Equity-based compensation   3,498       2,648       10,349       14,578  
    Change in fair value of contingent consideration   396       732       125       2,964  
    Long-lived assets impairment   91,904             91,904        
    Goodwill impairment   74,000             236,000        
    Certain legal expenses(a)   2,240       244       6,773       898  
    Other costs(b)   2,586       736       2,628       736  
    Adjusted EBITDA $ 45,200     $ 48,178     $ 173,553     $ 288,134  
     

    (a) Represents certain legal fees and other related costs associated with (i) Actions filed against the company and certain officers and directors alleging violations of the Securities Exchange Acts of 1934 and 1933, which litigation was dismissed with prejudice by the Court on May 19, 2023 and subsequently appealed. The appeal has been fully briefed, argued, and the Company is awaiting a decision, and (ii) legal and success fees related to a regional tax dispute for a period prior to the acquisition of STI, and (iii) other litigation and legal matters. We consider these costs not representative of legal costs that we will incur from time to time in the ordinary course of our business.

    (b) For the three months ended December 31, 2024, other costs represent costs related to the settlement of a regional tax dispute for a period prior to the acquisition of STI. For the twelve months ended December 31, 2024, other costs also include costs related to Capped-Call accounting treatment evaluation and the settlement of a regional tax dispute. For the three months ended December 31, 2023, other costs represent costs related to Capped-Call accounting treatment evaluation.

    The following table reconciles Net income to Adjusted net income:

      Three Months Ended
    December 31,
      Year Ended
    December 31,
        2024       2023       2024       2023  
    Net (loss) income $ (126,903 )   $ 19,342     $ (240,394 )   $ 137,240  
    Preferred dividends and accretion   14,338       13,332       55,670       51,691  
    Net (loss) income to common shareholders $ (141,241 )   $ 6,010     $ (296,064 )   $ 85,549  
    Amortization of intangibles   8,142       9,187       33,811       37,607  
    Amortization of developed technology   3,640       3,640       14,558       14,558  
    Amortization of debt discount and issuance costs   1,547       1,447       6,199       10,570  
    Preferred accretion   7,093       6,528       27,510       25,320  
    Equity based compensation   3,498       2,648       10,349       14,578  
    Change in fair value of contingent consideration   396       732       125       2,964  
    Impairment of long-lived assets   91,904             91,904        
    Goodwill impairment   74,000             236,000        
    Certain legal expenses(a)   2,240       244       6,773       898  
    Other costs(b)   2,586       736       2,628       736  
    Income tax expense adjustments(c)   (28,688 )     (4,757 )     (42,596 )     (20,863 )
    Adjusted net income $ 25,117     $ 26,415     $ 91,197     $ 171,917  
                   
    (Loss) income per common share              
    Basic $ (0.93 )   $ 0.04     $ (1.95 )   $ 0.57  
    Diluted $ (0.93 )   $ 0.04     $ (1.95 )   $ 0.56  
    Weighted average number of common shares outstanding              
    Basic   151,944       151,175       151,754       150,942  
    Diluted   151,944       152,110       151,754       152,022  
                   
    Adjusted net income per common share              
    Basic $ 0.17     $ 0.17     $ 0.60     $ 1.14  
    Diluted $ 0.16     $ 0.17     $ 0.60     $ 1.13  
    Weighted average number of common shares outstanding              
    Basic   151,944       151,175       151,754       150,942  
    Diluted   152,255       152,110       152,285       152,022  
     

    (a) Represents certain legal fees and other related costs associated with (i) Actions filed against the company and certain officers and directors alleging violations of the Securities Exchange Acts of 1934 and 1933, which litigation was dismissed with prejudice by the Court on May 19, 2023 and subsequently appealed. The appeal has been fully briefed, argued, and the Company is awaiting a decision, and (ii) legal and success fees related to a regional tax dispute for a period prior to the acquisition of STI and (iii) other litigation and legal matters. We consider these costs not representative of legal costs that we will incur from time to time in the ordinary course of our business.

    (b) For the three months ended December 31, 2024, other costs represent costs related to the settlement of a regional tax dispute for a period prior to the acquisition of STI. For the twelve months ended December 31, 2024, other costs also include costs related to Capped-Call accounting treatment evaluation and the settlement of a tax dispute. For the three months ended December 31, 2023, other costs represent costs related to Capped-Call accounting treatment evaluation.

    (c) Represents the estimated tax impact of all Adjusted Net Income add-backs, excluding those which represent permanent differences between book versus tax.

    The following table reconciles General and administrative expense to Adjusted general and administrative expense:

           
      Three Months Ended
    December 31,
      Year Ended
    December 31,
        2024       2023       2024       2023  
    General and administrative expense   45,663       43,710       160,567       159,535  
    Equity based compensation   3,498       2,648       10,349       14,578  
    Certain legal expenses(a)   2,240       244       6,773       898  
    Other costs(b)   2,586       736       2,628       736  
    Income tax expense adjustments(c)   (28,688 )     (4,757 )     (42,596 )     (20,863 )
    Adjusted general and administrative expense   25,299       42,581       137,721       154,884  
     

    (a) Represents certain legal fees and other related costs associated with (i) Actions filed against the company and certain officers and directors alleging violations of the Securities Exchange Acts of 1934 and 1933, which litigation was dismissed with prejudice by the Court on May 19, 2023 and subsequently appealed. The appeal has been fully briefed, argued, and the Company is awaiting a decision, and (ii) legal and success fees related to a regional tax dispute for a period prior to the acquisition of STI and (iii) other litigation and legal matters. We consider these costs not representative of legal costs that we will incur from time to time in the ordinary course of our business.

    (b) For the three months ended December 31, 2024, other costs represent costs related to the settlement of a regional tax dispute for a period prior to the acquisition of STI. For the twelve months ended December 31, 2024, other costs also include costs related to Capped-Call accounting treatment evaluation and the settlement of a tax dispute. For the Three months ended December 31, 2023, other costs represent costs related to Capped-Call accounting treatment evaluation.

    (c) Represents the estimated tax impact of all Adjusted Net Income add-backs, excluding those which represent permanent differences between book versus tax.

    The following table reconciles new cash provided by operating activities to Free cash flow:

      Three Months Ended
    December 31,
      Year Ended
    December 31,
        2024       2023       2024       2023  
    Net cash provided by operating activities   57,586       93,981       153,980       231,955  
    Purchase of property, plant and equipment   (1,701 )     (5,374 )     (7,305 )     (16,989 )
    Cash payments for the acquisition of right-of-use assets   (11,276 )           (11,276 )      
    Free cash flow   44,609       88,607       135,399       214,966  

    The MIL Network

  • MIL-OSI Global: Trump mineral deal with Ukraine offers hope but little in the way of security

    Source: The Conversation – UK – By Jonathan Este, Senior International Affairs Editor, Associate Editor

    If you want to get an idea of how Donald Trump’s mind works (and this can change from day to day, as we know), it’s worth taking a look at his TruthSocial website. As I write, beneath a video pinned to the top of his feed featuring an AI-generated vision of “Trump Gaza” (complete with casinos, shopping malls and a giant golden statue of the man himself), can be found a clue to the frenetic presidential activity of the past month.

    In a post threatening legal action against any writer or publisher whose “Fake books” offends, Trump refers to himself as “a President who is being given credit for having the Best Opening Month of any President in history”. Apparently George Washington is second on that list – and, given that Potus #1 took 33 days to sign the first bill passed under the new US constitution, you could say Potus #47 has left him trailing in his wake.

    Of course #47 appears to face fewer constitutional constraints than his illustrious predecessor.

    Sadly, though, Trump will be unable to include in this list the deal he has reportedly just struck with Volodymyr Zelensky which swaps a share in Ukraine’s mineral wealth for an as yet unspecified security guarantee.

    Precise details of this deal aren’t confirmed. But we’re told that the original US$500 billion (£394 billion) demand has been dropped in return for a share in an investment fund into which Ukraine will contribute 50% of the revenue from its mineral resources. “What better could you have for Ukraine than to be in an economic partnership with the United States?” commented US national security adviser, Mike Waltz.


    Sign up to receive our weekly World Affairs Briefing newsletter from The Conversation UK. Every Thursday we’ll bring you expert analysis of the big stories in international relations.


    But for the sake of social media, a deal’s a deal and can be trumpeted as such. Zelensky is heading to Washington to sign the agreement and we shall find out in due course whether or not this will assure Ukraine’s future security. There is still the actual peace deal with Russia to work out, after all.

    Another landmark foreign policy deal brokered by the Trump White House was with the Taliban in 2020 and concerned the future of Afghanistan. And, as Philip A. Berry writes, Zelensky can take little comfort in that.

    Berry, a research fellow at King’s College London, who has extensive experience of working with anti-narcotics agencies in Afghanistan, points to similarities in the way Trump managed negotiations with the Taliban and his deal-making with Ukraine and discussions so far with Russia. The Afghan government was largely cut out of the negotiations, as Trump has threatened to do to Ukraine with regards a peace deal. And like the current situation, Trump’s regular public utterances seriously undermined the talks. Berry concludes:

    Trump’s Taliban deal excluded the US’s ally, conceded too much to an adversary, and was partly motivated by the perception of wasting American dollars in a far-off land. Unfortunately, these hallmarks are all too evident in the president’s stance on Ukraine. Zelensky can only hope that things work out better this time around.




    Read more:
    How Trump the ‘master deal-maker’ failed when it came to negotiating with the Taliban in Afghanistan


    Trust will be absolutely vital if the US and Ukraine are to conclude this agreement and, more critically, if they are to reach terms with Russia that will guarantee the “just peace deal” that Zelensky craves, writes David J. Wilcox of the University of Birmingham. Wilcox points to the relationship of trust built by Mikhail Gorbachev and Ronald Reagan in the 1980s which paved a way for a series of nuclear weapons reduction treaties between the Soviet Union and the US.

    It has just been announced that preparations are being made for “expert-level” talks between the US and Russia, but, as Wilcox points out, “any negotiations to end the war will rest ultimately on those two states and their leaders”. And at present, nothing has been publicly said about whether Putin and Zelensky have even agreed to meet.




    Read more:
    Ukraine war: why negotiations depend on trust


    Meanwhile, what do we know about Ukraine’s mineral wealth and what sort of return Trump can expect for the US? Dafydd Townley, an expert in international security at the University of Portsmouth, stresses that Trump’s recent decision to impose punitive tariffs against Beijing has closed off China as a source of key minerals on which the US has been reliant up until now.

    It’s a clue, writes Townley, as to why the US president seemed very keen on bringing his deal-making facilities to bear on Greenland, which also has large deposits of desirable minerals.

    Interestingly, as Townley points out, Russia has taken control of about 20% of Ukraine’s mineral deposits under the territory it now controls (which America would be open to exploiting according to an offer made by Vladimir Putin’s aides at the recent talks in Saudi Arabia).

    It’s also worth noting that Ukraine’s extraction sector has suffered over the past decade from chronic under-investment, thanks to the ongoing hostilities between Russia and Ukraine. As a result it could be some years before the US gets what it needs from the deal it has reportedly struck with Kyiv.




    Read more:
    Why Trump really wants Ukraine’s minerals — China has put theirs off limits


    Three long years

    Amid all the shuttle diplomacy and wheeler-dealing taking place around them, at the start of the week the embattled Ukrainian population marked the third anniversary of Russia’s full-scale invasion. They were joined by more than a dozen foreign leaders who gathered in Kyiv to express their continuing support.

    As the conflict moves into its fourth year, Stefan Wolff, an international security expert at the University of Birmingham, takes a look at the broader geopolitical implications of the conflict in the era of Trump.

    He sees worrying parallels with the Munich conference of 1938 which sealed Czechoslovakia’s fate. Not, as you might expect, in terms of Trump’s apparent appeasement of Putin – but because, like Munich, talks on the fate of a sovereign nation are being held without that nation being present. Wolff writes:

    There is every indication that Putin is unlikely to stop in or with Ukraine. And it is worth remembering that the second world war started 11 months after Neville Chamberlain thought he had secured “peace in our time”.

    This, of course, is the prospect that has both terrified and stiffened the resolve of Ukraine’s western allies. But Wolff also points to limitations in this analogy, in that he doesn’t believe that Trump is acting out of fear that he is in a weaker position than Putin, as did Neville Chamberlain and the French prime minister Édouard Daladier.

    It’s rather that Trump sees himself as part of a triumvirate of world leaders, along with Putin and China’s president, Xi Jinping, who have the opportunity to carve out spheres of influence and establish a new world order based on the exercise of raw power.




    Read more:
    Ukraine war: Trump is not trying to appease Putin – he has a vision of a new US-China-Russia order


    Richard Youngs, meanwhile, sees the dawning of what he calls a “no world order”. Youngs, an international relations expert at the University of Warwick, sees an era of flux, where the stability of the past 80 years is disintegrating without anything stable or concrete to replace it.

    Several European leaders, including Keir Starmer who is today visiting Trump in Washington, are due to meet this Sunday ahead of a bigger defence summit in Brussels next week, to continue discussions about how to respond to the changing Ukraine situation. Reports suggest a European defence bank or fund that would include the UK may be on the cards.

    Youngs certainly believes that European powers will need to consider practical measures in order to bind themselves into more cohesive relationship and ensure their continuing autonomy. One of those will be in boosting their defence capabilities – something that is now gathering pace in the face of US pressure.

    But more radical thinking will be needed, writes Youngs, who has coined the term “geoliberalism” as a way of visualising the sort of thinking about the values and certainties that can bind Europe together in the face of global turbulence.




    Read more:
    No world order: Europe needs more radical thinking for the Trump era


    Alex Titov, meanwhile, believes that for all the talk of “deals” to end the violence, both sides have their reasons for wanting to continue, given that their stated positions remain diametrically opposed and irreconcilable.

    Russia’s battlefield progress, while steady, is slow and there’s no real prospect of it forcing a capitulation from Kyiv in the next 12 months. But – particularly with the radically different US position under Donald Trump, neither is there any chance of Russia being forced off the territory it has captured. Ominously, Titov concludes, this could mean that “the bloodiest battles of the war are yet to come”.




    Read more:
    Ukraine war three years on: the bloodiest battles may be still to come


    A new way of governing

    After a whirlwind first month, Trump held his first cabinet meeting this week, with a special appearance from his right-hand man Elon Musk, who reportedly got to speak more than anyone else. Musk, of course, has been responsible for much of the maelstrom of activity that has caused so much disquiet and is providing a lot of work for lawyers who are pushing back against many of the new adminstration’s measures on the grounds they are unconstitutional.

    Musk, Trump and his vice-president J.D. Vance have, in turn, pushed back against judges who have issued injunctions to either halt or delay some of their measures. Musk, in a fit of pique this week when three judges halted three of the administration’s policies, complained bitterly “What is the point of having democratic elections if unelected activist ‘judges’ can override the clear will of the people? Well, that’s no democracy at all!”

    Stephen Lovell, professor of modern history at King’s College London, has been looking at the way that Trump and his team are attempting to bend the US constitution to their will, comparing their approach to that of Vladimir Putin. Putin, as we know, never saw a constitutional loophole he didn’t want to wriggle through or otherwise obliterate.




    Read more:
    Trump, Putin and the authoritarian take on constitutionalism



    World Affairs Briefing from The Conversation UK is available as a weekly email newsletter. Click here to get updates directly in your inbox.


    ref. Trump mineral deal with Ukraine offers hope but little in the way of security – https://theconversation.com/trump-mineral-deal-with-ukraine-offers-hope-but-little-in-the-way-of-security-250962

    MIL OSI – Global Reports

  • MIL-OSI USA: VIDEO: Capito Votes to Overturn Biden–Era Natural Gas Tax

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito
    To watch Chairman Capito’s floor remarks, click here.
    WASHINGTON, D.C. – Today, U.S. Senator Shelley Moore Capito (R-W.Va.), Chairman of the Senate Environment and Public Works (EPW) Committee, voted to overturn the Biden Environmental Protection Agency’s (EPA) Waste Emissions Charge (WEC) regulation as part of the Methane Emissions Reduction Program (MERP) under the Democrats’ Inflation Reduction Act. This rule enabled the collection of the Democrats’ natural gas tax, which would hurt American energy generation, damage our economy, and be detrimental to energy jobs across our country. The Senate approved the Congressional Review Act (CRA) joint resolution of disapproval, which was introduced by U.S. Senator John Hoeven (R-N.D.) and co-sponsored by Chairman Capito, by a vote of 52-47.
    Prior to the final vote on the CRA, Chairman Capito delivered remarks on the Senate floor outlining the consequences of the natural gas tax and the importance of natural gas to American energy dominance, and urged her colleagues to support the measure.
    Below are the floor remarks of Chairman Shelley Moore Capito (R-W.Va.) as delivered.
    “I rise today in support of my friend from North Dakota, Senator Hoeven’s, Congressional Review Act resolution to block the implementation of the Biden administration’s Waste Emissions Charge, otherwise known as the natural gas tax.
    “Since the day this regulation was finalized last November, I pledged that I would work with President Trump and my colleagues in the Congress to repeal this misguided, anti-energy tax. Today in the Senate, that is exactly what we’re working to do.
    “We must recognize that we are in a critical moment for American energy. The North American Energy Reliability Corporation has found that over the next 10 years, due to a rise in energy consumption and the early retirement of our existing fossil fuel generation, our country could face major electric generation and reliability concerns.
    “We must take action now to ensure that our future demand is met, that the lights remain on, our homes remain warm, and our economy keeps moving for Americans all across this country. We can do this by continuing to invest in natural gas.
    “Over 60% of American homes, every day, heat their homes, their water, or their food with natural gas. Natural gas is responsible for over 40% of electricity generation, and fuels more than half of our industrial sector’s process heat. While the natural gas tax fails to recognize this reality, let’s look at what is true.
    “Fracking and shale gas have both revolutionized and transformed American energy, leading to lower prices, job growth, and increased American energy security. According to the Energy Information Administration, the rapid expansion of natural gas-fired power plants, in this country, has decreased the power sector’s carbon dioxide emissions by 35% over the last 25 years.
    “Natural gas has the potential to further reduce American greenhouse gas emissions if we continue to increase production.
    “Natural gas is affordable, reliable, and a clean source of energy, vital to our country and our economy. We should be expanding natural gas production, not restricting it. Instead, the natural gas tax will constrain American natural gas production, leading to increased energy prices and providing a boost to the production of natural gas in Russia.
    “Simply put, repealing the natural gas tax is a win for our economy, a win for our natural security, and a win for our environment.
    “As part of establishing this tax, the Democrats’ so-called ‘Inflation Reduction Act’ ordered the EPA to revise its subpart W requirements in order to facilitate the reporting and calculation of the tax.
    “The EPA subpart W revisions blatantly disregard and overstep even the partisan mandates of the IRA, and would excessively increase the tax burden on American energy under this natural gas tax. The revised emission factors with its subpart W reporting requirements make broad assumptions about oil and gas operations and technology that will lead to inaccurate reporting for many owners and operators.
    “The rule would not only radically expand the scope of emissions required to be reported by each facility under the greenhouse gas reporting program, but it also excessively expands the number of facilities that are covered by subpart W, and consequently, responsible to pay the natural gas tax.
    “Due to this uninformed and artificial overestimate of U.S. methane emissions, some smaller operators, who were once below the waste emissions threshold, are now at risk of seeing their reported methane emissions inflated, and owe large sums under the natural gas tax. If not repealed, this rule will arbitrarily increase the cost and burden of reporting under subpart W, motivated by the Democrats’ interest in growing the revenues generated by their natural gas tax.
    “This will make it even more difficult and expensive to produce, transport, and consume American natural gas, and in turn, will hurt both American families who rely on the energy, and the environment of the communities that we live.
    “It’s important that we note that our efforts today works in tandem with this Chamber’s recently passed budget resolution. As Chairman of the Environment and Public Works Committee, I have long intended to stop the natural gas tax, and we will continue to pursue this through the reconciliation process.
    “Today’s vote on the CRA provides all senators the opportunity to put our vote on record after witnessing the Biden EPA’s bait and switch on the implementation of this misguided policy.
    “I encourage my colleagues to support the CRA that is central to our mission of American energy dominance, and rejects this tax that will bolster our adversaries, increase energy costs on American families, and put our energy future at risk.”

    MIL OSI USA News

  • MIL-OSI USA: Murphy, Senate Foreign Relations Committee Democrats Statement On Trump Administration’s Reckless Termination Of U.S. Foreign Assistance Programs

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    February 27, 2025

    WASHINGTON—U.S. Senator Chris Murphy (D-Conn.), a member of the U.S. Senate Foreign Relations Committee, on Thursday joined U.S. Senate Foreign Relations Committee Ranking Member Jeanne Shaheen (D-N.H.), and U.S. Senators Chris Coons (D-Del.), Tim Kaine (D-Va.), Jeff Merkley (D-Ore.), Cory Booker (D-N.J.), Brian Schatz (D-Hawaii), Chris Van Hollen (D-Md.), Tammy Duckworth (D-Ill.) and Jacky Rosen (D-Nev.) in issuing the following statement on the Trump Administration’s reckless termination of nearly all U.S. foreign assistance programs:
    “It is clear that the Trump Administration’s foreign assistance ‘review’ was not a serious effort or attempt at reform but rather a pretext to dismantle decades of U.S. investment that makes America safer, stronger and more prosperous. There is no indication Secretary Rubio conducted a program-by-program review of the more than 9,000 awards or considered the dire national security implications of these rash actions. Ending programs first and asking questions later only jeopardizes millions of lives and creates a power vacuum for our adversaries like China and Russia to fill.
    “While it’s easy to assume that these cuts will only affect people thousands of miles away, the fact is, the impact will be felt by American farmers who will no longer get top dollar for their crops to feed the hungry, churches who will no longer have the support of the U.S. government in their missions, American families who fall sick when diseases like Zika, Ebola and Malaria once again reach our shores and U.S. biotech companies who will no longer sell their drugs to treat the vulnerable overseas. Secretary Rubio should immediately come before our Committee. We expect him to not only consult with Congress but follow the law.”

    MIL OSI USA News

  • MIL-OSI USA: UConn’s Visiting Externships for Students Underrepresented in Medicine (VESUM) and its Students are Thriving

    Source: US State of Connecticut

    Dr. Edison Martinez Monegro, 28, hails from San Juan, Puerto Rico where he attended the University of Puerto Rico San Juan Bautista School of Medicine. He is thriving in Connecticut at UConn School of Medicine as he completes his third year of general surgery residency training.

    He credits his residency success thanks to the growing Visiting Externships for Students Underrepresented in Medicine (VESUM) program at UConn School of Medicine and its strong mentorship.

    UConn School of Medicine general surgery resident Dr. Edison Martinez Monegro (Courtesy of Edison).

    He was just the second medical student in the new and growing VESUM program to match in a UConn residency. So far over forty students have visited UConn for externships over the past 8 years and eight have successfully matched to UConn for residency.

    Surgical resident Dr. Edison Martinez Monegro at UConn John Dempsey Hospital (Tina Encarnacion/UConn Health Photo).

    The VESUM program was founded and is directed by UConn’s Dr. Linda Barry, a recent recipient of the nation’s highest honor for mentorship from the President of the United States. VESUM is increasing diversity in academic medicine by offering externships to fourth-year medical students from groups underrepresented in medicine. It gives medical students a four-week insider’s view to various medical specialty fields and UConn Health before they choose their residency match.

    “Edison hails from Puerto Rico and has worked diligently to come to UConn and succeed as a surgical resident,” says Barry, professor of Surgery and Public Health Sciences at UConn School of Medicine, associate dean of Office of Multicultural and Community Affairs and associate director of the UConn Health Disparities Institute. “He is the second VESUM student to match and the first student to match for surgery at UConn Health.  Edison truly reflects the community we serve. I know the patients he cares for appreciate his genuine dedication and commitment.”

    Martinez Monegro first learned about the VESUM program as a third-year medical student while at the University of Puerto Rico through an email his dean shared about the UConn summer scholarship rotation opportunity.

    Martinez Monegro in his native Puerto Rico (Photo Courtesy of Edison).

    “I applied to VESUM, and I received a letter from Dr. Barry telling me she wanted to meet with me, and I was accepted. I was super excited!” said Martinez Monegro who had his UConn VESUM externship as a rising fourth year medical student within the Division of Vascular and Endovascular Surgery at UConn Health working closely with its faculty such as Chief Dr. Kwame Amankwah and Dr. Mina Boutros. “It was a very good experience. I learned a lot I didn’t know. The UConn rotation allowed for me to have greater exposure to the field of surgery and learn more about UConn too. I also met the residency program director and even the dean of the medical school. Most importantly, I got to see other current UConn residents in action.”

    He adds, “The VESUM program really prepared me for my residency. And, UConn, it just felt right for me. UConn was at the top of my list for my residency. I was excited when I got the call that I matched to UConn for general surgery.”

    “I made the right choice of coming to UConn,” he says heartwarmingly.  “Surgery residency is hard. You want the people around you to help you and make you feel at home. UConn does that. Dr. Barry has been amazing.”

    Puerto Rico, its culture, and its people are very important to Martinez Monegro.

    “Every year there are less and less physicians in Puerto Rico,” stresses Martinez Monegro, who attended as an undergraduate the University of Puerto Rico and its medical school too. “My first goal was to become a doctor to help with that shortage.”

    He was inspired to go into the surgery field also by the shows he saw on TV.

    At his White Coat Ceremony Dr. Martinez Monegro with his parents (Photo Courtesy of Edison).

    “I was always captivated by the surgeries in TV shows. As a senior in high school I shadowed a surgeon for a full day in the OR. Spending the day, tucked into the corner of the OR, I was amazed by it all. I thought I could work here. The OR felt like home. Surgery I realized is what I have to do.”

    Also, he says the Hartford area really does have it all. The Puerto Rican people of Hartford are at the heart of Martinez Monegro’s love of Connecticut too.

    “What I like about my residency at UConn is that we rotate though a mix of academic and community hospitals,” he says about the five area hospitals of UConn John Dempsey Hospital, Hartford Hospital, Connecticut Children’s, St. Francis Hospital, and Hospital of Central Connecticut.  “Hartford’s population is 40 percent Puerto Rican. I want to be able to practice medicine in a place where I can serve my people and speak my language of Spanish while at work.”

    Martinez Monegro believes a VESUM externship rotation experience is a great way to visit and learn more about a medical or surgical field and also UConn Health just like he did.

    “I learned the OR is where I like to be. It’s a long day, but I love learning, the responsibility of caring for our patients, and working with the UConn medical team. I am motivated every day to keep helping patients,” he says.

    UConn resident Dr. Edison Martinez Monegro with his parents in Puerto Rico (Photo Courtesy of Edison).

    He also applauds UConn School of Medicine for its longstanding work of diversifying the future health care workforce.

    “UConn has done an excellent job of diversifying medicine. We have residents of all different backgrounds in our residency programs,” Martinez Monegro. “For example, I speak Spanish, so my colleagues ask me for help translating for their patients sometimes. When I need help, funny enough I first ask my fellow residents to translate for me in their languages ranging from Russian to Arabic.”

    Dr. Edison Martinez Monegro (Tina Encarnacion/UConn Health Photo).

    His message to those applying to residency or in the thick of residency: “Enjoy what you do! Try to find new learning opportunities in everything you do!”

    MIL OSI USA News