Category: Scandinavia

  • MIL-OSI Canada: Parliamentary Secretary Jones represents Canada at 2024 Arctic Circle Assembly in Iceland

    Source: Government of Canada News

    News release

    October 21, 2024 — Reykjavik, Iceland — Crown–Indigenous Relations and Northern Affairs Canada

    Engaging with Arctic leaders and international partners is essential to building a strong, secure, and prosperous future for the North and Arctic. That is why we are working together with partners to address climate change, advance reconciliation, and support sustainable economic development across the Arctic.

    This week, Yvonne Jones, Parliamentary Secretary (PS) to the Minister of Northern Affairs and to the Minister of National Defence (Northern Defence) and Member of Parliament for Labrador, participated in the Arctic Circle Assembly, held in Reykjavík, Iceland. Over three days from October 17 to 19, around 2,000 participants from over 70 countries gathered to discuss the future of the Arctic on the international stage.

    PS Jones met with international and Arctic leaders including United States Senator for Alaska, Lisa Murkowski, EU Special Envoy for Arctic Matters Representative, Mme Claude Véron-Réville, and Arctic Economic Council Director, Mads Qvist Frederiksen in support of circumpolar cooperation. During these meetings, PS Jones discussed the challenges and resilience of the North, and reiterated the importance of collaboration amongst Arctic nations.

    PS Jones took part in a panel discussion on wildland fires in the Arctic, where she highlighted the devastating impact of recent wildfire seasons on Arctic communities, and praised the strength and determination of the affected communities.

    Canada’s collaboration with partners at the Arctic Assembly is key to the implementation of the Arctic and Northern Policy Framework, as we work across the circumpolar region to build strong, self-reliant communities across the Arctic.

    Quotes

    “I am honoured to participate in this important international event and engage with Indigenous and non-Indigenous leaders on solutions to the challenges the Arctic faces. Sharing Canada’s perspective on these challenges helps us work towards realizing our shared vision for secure, prosperous, and vibrant Arctic and Northern communities.”

    Yvonne Jones
    Parliamentary Secretary to the Minister of Northern Affairs and to the Minister of National Defence (Northern Defence) and Member of Parliament for Labrador

    Quick facts

    • Supporting Indigenous leadership and co-developing solutions to climate change, housing and food security in northern communities for First Nations, Inuit and Métis is central to advancing the reconciliation journey and self-determination.

    • Launched in 2019 and developed with Indigenous representatives and six territorial and provincial governments, Canada’s Arctic and Northern Policy Framework is a long-term vision for the Arctic and the North to reflect the priorities and perspectives of Arctic and northern people.

    • As lead federal department for the North, Crown-Indigenous Relations and Northern Affairs Canada (CIRNAC) has direct responsibility for its political and economic development, and improving knowledge of the North through scientific cooperation. Advancing Canada’s northern interests internationally falls directly within this mandate.

    Associated links

    Contacts

    For more information, media may contact:

    Carson Debert
    Press Secretary
    Office of the Honourable Dan Vandal
    Minister of Northern Affairs, Minister responsible for Prairies Economic Development Canada and Minister responsible for the Canadian Northern Economic Development Agency
    carson.debert@rcaanc-cirnac.gc.ca

    Media Relations
    Crown-Indigenous Relations and Northern Affairs Canada
    819-934-2302
    RCAANC.media.CIRNAC@sac-isc.gc.ca

    Stay connected

    Join the conversation about the North:

    X: @GovCanNorth
    Facebook: @GovCanNorth

    You can subscribe to receive our news releases and speeches via RSS feeds. For more information or to subscribe, visit http://www.cirnac.gc.ca/RSS.

    MIL OSI Canada News

  • MIL-OSI China: Chinese, European scholars discuss human rights issues

    Source: China State Council Information Office

    Over 60 officials and human rights scholars from China and European countries including Germany, Britain, Sweden, France, Italy, Spain, Portugal and the Czech Republic gathered in Berlin on Tuesday for a seminar focused on the protection of “new and emerging rights.”

    The seminar addressed key topics including social rights, economic inequality, the intersection of digital technology and human rights, and protecting human rights in the context of climate change.

    Ma Huaide, vice president of China Society for Human Rights Studies and president of China University of Political Science and Law, said the protection of emerging rights has become a new issue in global human rights development.

    Ma emphasized China’s efforts in protecting citizens’ online security and privacy rights, as well as promoting environmental protection and green development. He also called for global cooperation to adopt a “humanity first” approach, promote true multilateralism to avoid imbalances in the global governance of emerging rights, and foster consensus through openness and fairness.

    Helga Zepp-LaRouche, founder and chairperson of the German think tank Schiller Institute, praised China’s vision of a shared future for mankind, as well as initiatives like the Global Development Initiative, the Global Security Initiative, and the Global Civilization Initiative, which transcend narrow geopolitical interests to address modern human rights needs.

    Jure Zovko, president of the International Academy for the Philosophy of the Sciences, underscored the importance of dialogue between civilizations, urging mutual learning to protect human beings and their living conditions, while mitigating the risks associated with globalization.

    Jiang Jianxiang, director of the Central South University Human Rights Center, said that the diversity of emerging rights concepts and their protection reflects the cultural diversity of the international community. He highlighted the potential for new insights through deeper cooperation and exchanges between Chinese and European human rights institutions and scholars.

    First held in 2015, the seminar, now in its eighth edition, is an institutionalized platform for in-depth exchanges and cooperation on human rights between China and Europe.

    This year’s seminar was co-hosted by the China Society for Human Rights Studies and the Central South University Human Rights Center, organized by the German and Chinese Culture Foundation, and co-organized by the University of Munster and the International Academy for the Philosophy of the Sciences.

    MIL OSI China News

  • MIL-OSI: TGS Announces Birmingham-Gemini 3D Seismic Survey in Appalachian Basin

    Source: GlobeNewswire (MIL-OSI)

    OSLO, Norway (23 October 2024) – TGS, a global leader in energy data and intelligence, today announced an extension to the Birmingham 3D seismic survey covering 276 square miles. The survey is strategically located on the western flank of the Appalachian Basin, aligning with the most prospective trend of the Utica-Point Pleasant formation and Clinton sands.

    Kristian Johansen, CEO of TGS, commented: “The Birmingham-Gemini 3D survey reflects TGS’ commitment to uncovering the Appalachian Basin’s potential. Combined with our well-log database and analytical products, it provides clients with critical insights to drive exploration and production success, highlighting our dedication to delivering premium geoscience data for informed decision-making.”

    The Birmingham-Gemini 3D seismic survey will target key formations in the Appalachian Basin, including the Ordovician Trenton, Black River, Utica/Point Pleasant, Cambrian reservoirs, and Silurian Clinton sands. Positioned up-dip from the Utica condensate and gas trend, the survey aims to explore the under-explored Point Pleasant oil window.

    Using advanced seismic imaging, the project will map deep structures to identify hydrocarbon traps, analyze facies changes and optimize well placement. These insights will aid operators in refining exploration and production strategies.

    TGS will enhance the seismic data by integrating it with its extensive Appalachian geologic and well database, including over 480,000 well logs. Proprietary formation tops and well performance metrics, available through the TGS Well Data Analytics platform, provide clients with comprehensive analysis for deeper insights into the region’s potential.

    Recording for the Birmingham-Gemini 3D survey will commence in early 2025, with the fully processed dataset available to clients by year-end.

    This project is supported by industry funding.

    For more information, visit TGS.com or contact:

    Bård Stenberg
    IR & Business Intelligence
    Mobile: +47 992 45 235
    investor@tgs.com

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

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

    The MIL Network

  • MIL-OSI: Capgemini announces leadership appointments

    Source: GlobeNewswire (MIL-OSI)

    Media relations:
    Sam Connatty
    Tel.: +44 (0)370 904 3601
    Email: sam.connatty@capgemini.com

    Capgemini announces leadership appointments

    • Anirban Bose becomes CEO of the Americas Strategic Business Unit
    • Kartik Ramakrishnan becomes CEO of the Financial Services Strategic Business Unit
    • Jerome Simeon will take on the role of Chief Revenue Officer
    • Franck Greverie will become Chief Technology Officer

    Paris, October 23, 2024 – Capgemini today announced some key leadership appointments. Anirban Bose succeeds Jim Bailey as CEO of the Americas Strategic Business Unit, effective November 1. Consecutively, Kartik Ramakrishnan is appointed CEO of the Financial Services Strategic Business Unit. Jerome Simeon will become Chief Revenue Officer and Franck Greverie Chief Technology Officer, both from January 1, 2025. Following an outstanding 34-year long career at Capgemini, Olivier Sevillia, Chief Operating Officer, has decided to pursue new endeavors as an individual, and will leave the Group at the end of 2024. With his deep global experience and passion for digital transformation, Olivier will focus on promoting the techno-business ecosystem of European companies to help improve their competitiveness. The whole Capgemini team is looking forward to supporting Olivier in his next chapter.

    “These appointments strengthen the Group’s growth ambition and reinforce Capgemini’s role as the go to business and technology partner for our clients. Anirban Bose has been at the helm of our Financial Services division for the last six years and instrumental in building and shaping this business across the globe. Anirban is well positioned to accelerate our trajectory in the Americas, building on our progress in the region over the past 4 years under the leadership of Jim Bailey. I would like to thank Jim for his many contributions to Capgemini. Kartik Ramakrishnan, who has been running the Banking sector for the past six years, is Anirban’s natural successor, to ensure the global business will continue to go from strength to strength,” comments Aiman Ezzat, CEO of the Capgemini Group. “To bolster our laser focus on growth, Jerome Simeon will take on a new position of Chief Revenue Officer for the Group in the new year. His role will encompass our activities across sales, key clients and industries to bring even greater value to our clients as we accompany them on their business-critical transformations. Franck Greverie will add Chief Technology Officer to his scope of responsibility, also from January 1. His deep tech expertise and forward-thinking approach will accelerate our efforts to build innovative value creating solutions for our clients. I wish Anirban, Kartik, Jerome and Franck every success in their new roles.”

    Aiman Ezzat continues, “After an outstanding 34-year long career at Capgemini and an impressive track record in leading and operating strategic businesses across the Group, Olivier Sevillia will step down as Group COO at the end of 2024. We are all looking forward to supporting Olivier in his new endeavors as an individual, focused on applying his extensive experience in digital transformation to promote a rich techno-business ecosystem to help improve the competitiveness of European businesses. The board of directors joins me in thanking him and paying tribute to his commitment and service.”

    Biography: Anirban Bose

    Anirban was Head of Capgemini’s Financial Services Strategic Business Unit and a member of the Group Executive Board from 2018. He was also responsible for overseeing the Asia Pacific Strategic Business Unit.

    Prior to this, Anirban was the Head of Capgemini’s Banking and Capital Markets Business Unit.

    Between 2007 and 2015 Anirban led Capgemini’s Banking Business Unit. From 2004 to 2007, Anirban served as executive vice president at Kanbay before its 2007 acquisition by Capgemini.

    Anirban resides in New York. He graduated from the Indian Institute of Technology of Varasani with a Bachelor of Technology. He holds an MBA in Finance from the University of Chicago.

    Biography: Kartik Ramakrishnan

    Kartik was the Deputy CEO of Capgemini’s Financial Services Strategic Business Unit and also led Capgemini’s Banking and Capitals Markets business. Kartik has been a member of the Group Executive Committee since 2023.

    Prior to this, Kartik was responsible for managing sales teams across banking and capital markets.

    Kartik has spent over 25 years consulting in the banking and payments industry. Over his career, he has been involved in launching new products and developing innovative, cost-effective solutions for financial services firms across the globe in countries such as Australia, Canada, Germany, India, Singapore, United Kingdom and United States of America.

    Kartik has a bachelor’s degree from the Indian Institute of Technology and a master’s degree from the Booth School of Business at University of Chicago.

    Biography: Jerome Simeon

    Jerome became the Head of Global Industries in 2023. He has been a Member of the Group Executive Board since 2021.

    Prior to this, he was the CEO of the Southern Europe Strategic Business Unit. From 2018 to 2020, Jerome was Managing Director of Capgemini in France, when he also joined the Group Executive Committee.

    From 2014, he was CEO, Application Services France after serving as Commercial Director (from 2012 to 2014).

    Prior to this, from 2007 to 2010, he held commercial positions in Capgemini’s Telecom & Media business after managing the development and sales for the Property & Services Europe sector of BT Global Services for two years.

    Jerome joined Capgemini in 1998, after eight years with the group Générale des Eaux/Vivendi. Jerome graduated from Toulouse Business School.

    Biography: Franck Greverie

    Franck Greverie has been the Chief Portfolio Officer at Capgemini since 2018.

    Franck has been on the Group Executive Board since 2020, when he took on additional responsibilities overseeing Cloud Infrastructure Services (cloud & cybersecurity), Business Services and Insights & Data (Data & AI) Global Business Lines.

    Prior to this, from 2016, Franck led the Cloud & Cybersecurity activities of Capgemini. He joined Capgemini in 2015 as Head of the Cybersecurity Global Service Line.

    Between 2012 and 2015, Franck was an Executive VP at Bull, where he was in charge of the Security Division, and also led the Middle East, Africa and Asia activities.

    Prior to that, Franck was the Managing Director of the Information Systems Security and Cybersecurity activities for Thales Group (France, UK, Germany, Norway, USA, Asia) since 2018. His career with Thales began in 2004, as Head of Strategy, Business Development and Marketing for the Security activity.

    Franck is a graduate of ESME, engineering school, and of the Executive MBA of ESSEC Business School.

    Note to Editors
    High-resolution photography of Anirban Bose, Kartik Ramakrishnan, Jerome Simeon and Franck Greverie is available on request.

    About Capgemini
    Capgemini is a global business and technology transformation partner, helping organisations to accelerate their dual transition to a digital and sustainable world while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fuelled by its market-leading capabilities in AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2023 global revenues of €22.5 billion.
    Get the future you want | http://www.capgemini.com

    Attachment

    The MIL Network

  • MIL-OSI: WithSecure to host an Investor Day on 22 November 2024

    Source: GlobeNewswire (MIL-OSI)

     WithSecure Corporation, Press Release 22 October 2024 at 11.00 EEST

    WithSecure to host an Investor Day on 22 November 2024

    WithSecure invites investors and analysts to an Investor Day on 22 November 2024 at 9:00 EET. During the day WithSecure’s management will present the company’s future strategic priorities and financial targets. In addition, WithSecure will present how the company will move forward in each business area considering the new strategic priorities and financial targets.

    Preliminary agenda for the Investor Day (Finnish time, EET):

    • 8:30-9:00 Registration and breakfast
    • 9:00-12:30 Presentations (with a coffee break)
    • 12:30-13.30 Lunch and 1-on-1 discussions

    Venue: WithSecure’s headquarters in Wood City, Välimerenkatu 1, 00180 Helsinki, Finland.

    On-site participants are requested to register by Friday 15 November 2024 by sending an email to: investor-relations@withsecure.com.

    In addition to the physical event, there will a live webcast of the presentations, starting at 9:00 EET. There will also be an opportunity to ask questions online via the chat function on the webcast platform. The webcast link will be available closer to the event on the company website.

    A recording of the event and the presentation materials will be available after the event on: Materials | Investor Relations | WithSecure™

    We warmly welcome you to WithSecure’s Investor Day 2024!

    For more information, please contact

    Laura Viita,
    Vice President, Controlling, investor relations and sustainability
    WithSecure Corporation
    +358 50 487 1044
    investor-relations@withsecure.com

    The MIL Network

  • MIL-OSI: Suspended trading due to challenges with NAV calculations

    Source: GlobeNewswire (MIL-OSI)

                                                                                                              Lysaker, 23 October 2024

    The below funds are suspended from the live trading on Nasdaq Copenhagen due to technical issues which affect NAV calculations, and hence, challenges to provide intrinsic values for the funds.

    Regards

    Storebrand Asset Management AS

    Contacts:

    Kim Toftegaard Andreassen, Director, Kim.Toftegaard.Andreassen@storebrand.com

    Frode Aasen, Product Manager, fdc@storebrand.com

    Fund name and share class Symbol ISIN
    SKAGEN Focus A SKIFOA NO0010735129
    SKAGEN Global A SKIGLO NO0008004009
    SKAGEN Kon-Tiki A SKIKON NO0010140502
    SKAGEN m2 A SKIM2 NO0010657356
    SKAGEN Vekst A SKIVEK NO0008000445
    Storebrand Indeks – Alle Markeder A5 STIIAM NO0010841588
    Storebrand Indeks – Nye Markeder A5 STIINM NO0010841570
    Storebrand Global ESG Plus A5 STIGEP NO0010841604
    Storebrand Global Solutions A5 STIGS NO0010841612
    Storebrand Global Multifactor A5 STIGM NO0010841596

    Storebrand is Norway’s largest private asset manager with an AuM of around DKK 900 billions, and also a leading Nordic provider of sustainable pensions and savings. The company has been a global pioneer in ESG investing for over 25 years, offering broad and scalable solutions for both institutional and private investors in the Nordic region and other European countries. Storebrand delivers sustainable investment solutions and client value through a multi-boutique platform, with the brands Delphi Funds, SKAGEN Funds and Storebrand Funds.

    The MIL Network

  • MIL-OSI: Resume trading for the SKAGEN funds

    Source: GlobeNewswire (MIL-OSI)

                                                                                                              Lysaker, 23 October 2024

    The suspension is lifted for the five below funds, and the live trading on Nasdaq Copenhagen can resume.

    Regards

    Storebrand Asset Management AS

    Contacts:

    Kim Toftegaard Andreassen, Director, Kim.Toftegaard.Andreassen@storebrand.com

    Frode Aasen, Product Manager, fdc@storebrand.com

    Fund name and share class Symbol ISIN
    SKAGEN Focus A SKIFOA NO0010735129
    SKAGEN Global A SKIGLO NO0008004009
    SKAGEN Kon-Tiki A SKIKON NO0010140502
    SKAGEN m2 A SKIM2 NO0010657356
    SKAGEN Vekst A SKIVEK NO0008000445

    Storebrand is Norway’s largest private asset manager with an AuM of around DKK 900 billions, and also a leading Nordic provider of sustainable pensions and savings. The company has been a global pioneer in ESG investing for over 25 years, offering broad and scalable solutions for both institutional and private investors in the Nordic region and other European countries. Storebrand delivers sustainable investment solutions and client value through a multi-boutique platform, with the brands Delphi Funds, SKAGEN Funds and Storebrand Funds.

    The MIL Network

  • MIL-OSI: Aktia’s interim report for January–September will be published on Wednesday 6 November 2024 at 8.00 a.m.

    Source: GlobeNewswire (MIL-OSI)

    Aktia Bank Plc
    Press release
    23 October 2024 at 1.00 p.m.

    Aktia’s interim report for January–September will be published on Wednesday 6 November 2024 at 8.00 a.m.

    Aktia’s interim report for January–September 2024 will be published on Wednesday 6 November 2024 at 8.00 a.m. (EET). The interim report is available at Aktia’s website http://www.aktia.com after the publication.

    Briefing for analysts, investors and media

    Aktia’s briefing for analysts, investors and media will be held in English at Flik Studio Eliel (Sanoma House, 1st floor, Töölönlahdenkatu 2, Helsinki) on Wednesday 6 November 2024 at 10.30 a.m. Aktia’s CEO Aleksi Lehtonen and interim CFO Karri Varis will be presenting the results. Attendees are kindly asked to register before 1 November 2024 by email at the address ir@aktia.fi.

    The briefing can be seen live as a webcast or as a recording after the briefing at https://aktia.videosync.fi/aktia-pankki-oyj-q3-report-2024. Questions can be asked in writing during the live webcast.

    The presentation material in English is available at Aktia’s website http://www.aktia.com before the briefing.

    Aktia Bank Plc

    Further information:
    Oscar Taimitarha, Director, Investor Relations, tel. +358 40 562 2315

    Distribution:
    Nasdaq Helsinki Ltd
    Mass media
    http://www.aktia.com

    Aktia is a Finnish asset manager, bank and life insurer that has been creating wealth and wellbeing from one generation to the next for 200 years. We serve our customers in digital channels everywhere and face-to-face in our offices in the Helsinki, Turku, Tampere, Vaasa and Oulu regions. Our award-winning asset management business sells investment funds internationally. We employ approximately 850 people around Finland. Aktia’s assets under management (AuM) on 30 June 2024 amounted to EUR 14.1 billion, and the balance sheet total was EUR 12.4 billion. Aktia’s shares are listed on Nasdaq Helsinki Ltd (AKTIA). aktia.com.

    The MIL Network

  • MIL-OSI: Multitude P.L.C.: The Extraordinary General Meeting of Shareholders Decided on the Approval of the Final Accounts and Discharging the Members of the Board of Directors and the Chief Executive Officer from Liability

    Source: GlobeNewswire (MIL-OSI)

    Multitude P.L.C.: The Extraordinary General Meeting of Shareholders Decided on the Approval of the Final Accounts and Discharging the Members of the Board of Directors and the Chief Executive Officer from Liability 

    Gzira, 23 October 2024 – The Extraordinary General Meeting of Shareholders (“Meeting”) of Multitude P.L.C., a listed European FinTech company, offering digital lending and online banking services to consumers, small and medium-sized businesses, and other FinTechs (WKN: A40G1Q, ISIN: MT0002810100) (“Multitude” or “Company”), has today resolved to adopt and approve the Company’s final accounts including the financial statements and the Board of Directors’ report for the period for which financial statements had not yet been presented at the Shareholders’ General Meeting, i.e., for the period running from 1 January 2024 to 30 June 2024.  

    In addition, the Extraordinary General Meeting of Shareholders resolved, insofar as permitted under the Maltese Companies Act (chapter 386 of the laws of Malta), and in line with Finnish market practice, to discharge the members of the Board of Directors and the CEO from liability for the period covered by the final accounts (i.e., while the Company was still registered in Finland).  

    The Meeting was held following the transfer of the Company’s registered office from Finland to Malta in accordance with Article 8 of the Council Regulation (EC) No 2157/2001 of 8 October 2001 on the Statute for a European company (SE) on 30 June 2024, in order to adopt the Company’s final accounts as required pursuant to Section 11 of the Finnish European Companies Act (742/2004, as amended) and to make certain related resolutions. Accordingly, for the purposes of Section 11 of the Finnish European Companies Act, the Meeting was deemed to be a meeting of shareholders (in Finnish: “osakkeenomistajien kokous”). 

    The full minutes of the October EGM setting out said resolutions which were adopted will be available on the Company’s website no later than one week after the date of the Extraordinary General Meeting, i.e., no later than on 30 October 2024.  

    Contact: 

    Lasse Mäkelä  
    Chief Strategy and IR Officer 
    Phone: +41 79 371 34 17 
    E-Mail: Lasse.makela@multitude.com 

    About Multitude P.L.C.: 

    Multitude is a listed European FinTech company, offering digital lending and online banking services to consumers, small and medium-sized enterprises, and other FinTechs overlooked by traditional banks. The services are provided through three independent business units, which are served by our internal Banking-as-a-Service Growth Platform. Multitude’s business units are Consumer Banking (Ferratum), SME Banking (CapitalBox), and Wholesale Banking (Multitude Bank). Multitude Group employs over 700 people in 25 countries and offers services in 16 countries, achieving a combined turnover of 230 million euros in 2023. Multitude was founded in Finland in 2005 and is listed on the Prime Standard segment of the Frankfurt Stock Exchange under the symbol ‘E4l’. http://www.multitude.com 

    The MIL Network

  • MIL-OSI Europe: Answer to a written question – The need for immediate assistance from the EU Civil Protection Mechanism – P-001717/2024(ASW)

    Source: European Parliament

    When a disaster occurs, the affected country can request assistance via the EU Civil Protection Mechanism (UCPM)[1].

    On 13 September 2024, Poland pro-actively activated the Rapid Mapping of the Copernicus Emergency Management Service[2] for floods. On 18 September 2024, Poland activated the UCPM and requested support to strengthen its response to the floods.

    Austria, Belgium, Germany, Denmark, Lithuania, Sweden and Slovenia have immediately offered parts of the requested items. Austria, Denmark, Germany, Lithuania and Sweden, have already delivered them to Poland. The transport arrangements for the remaining items are ongoing. In addition, the EU’s strategic reserve, rescEU[3], has been mobilised to complete the offers.

    • [1] https://civil-protection-humanitarian-aid.ec.europa.eu/what/civil-protection/eu-civil-protection-mechanism_en
    • [2] https://emergency.copernicus.eu/mapping/ems/rapid-mapping-portfolio
    • [3] https://civil-protection-humanitarian-aid.ec.europa.eu/what/civil-protection/resceu_en
    Last updated: 23 October 2024

    MIL OSI Europe News

  • MIL-OSI Europe: Answer to a written question – Impact of possible curb on exports of Russian uranium – E-001721/2024(ASW)

    Source: European Parliament

    Already in 2014, with the European Energy Security Strategy[1], the Commission emphasised the need for all EU operators to have a diversified portfolio of fuel supply and for fuel supply diversification to be a condition for any new investment in the nuclear sector.

    In response to Russia’s full-scale war of aggression against Ukraine, the EU decided to phase out its remaining dependence on Russia. The REPowerEU Plan[2] emphasises further the need for diversification and securing alternative sources of uranium, and boosting conversion, enrichment, and fuel fabrication capacities.

    The Commission and the Euratom Supply Agency (ESA) have been engaging with concerned Member States to assess dependencies and ensure security of supply in the nuclear value chain. Utilities have taken steps to diversify their supplies, increase stockpiling of nuclear material and fuel, and prepare for potential disruptions to supplies.

    The electricity produced in Soviet-designed reactors (dependent on Russian fuel supply) accounts for about 10% of EU gross nuclear electricity capacity. Utilities operating these reactors in Bulgaria, Czechia, Slovakia and Finland have signed supply contracts with alternative fuel suppliers and are moving forward with the licensing process for the new fuels (already tested by several utilities).

    Meanwhile, mothballed uranium mines in the United States (US), Australia, Canada and Africa have returned to operation, and additional conversion and enrichment capacity is being developed in the EU, United Kingdom, US and Canada.

    The Commission and ESA continue to monitor the market and the supply situation and engage with utilities and national authorities to ensure the diversification of supply in the civil nuclear industry.

    • [1] https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:52014DC0330&from=EN
    • [2] https://commission.europa.eu/strategy-and-policy/priorities-2019-2024/european-green-deal/repowereu-affordable-secure-and-sustainable-energy-europe_en

    MIL OSI Europe News

  • MIL-OSI Europe: Swedish Minister for Health Care and Ukrainian Minister of Health sign agreement on continued support to Ukraine’s path to the EU and its health care

    Source: Government of Sweden

    Minister for Health Care Acko Ankarberg Johansson and Ukrainian Minister of Health Viktor Liashko have signed a technical agreement between Sweden and Ukraine. The aim is to intensify cooperation and advance Ukraine’s process of integration into the EU. Ms Ankarberg Johansson also visited several care facilities in Kyiv, including the Okhmatdyt children’s hospital that Russia attacked in July.

    “The Government has made clear that Swedish support to Ukraine will continue for as long as necessary. This includes the area of health care, which is an essential part of the country’s resilience and reforms. For me it was important to be here on the ground and show my support and that of the entire Government to the war-affected country,” said Ms Ankarberg Johansson.

    The agreement covers matters such as cooperation on transfer of knowledge to healthcare staff, efforts to combat antimicrobial resistance and exchange of experience of rehabilitation for Ukrainians affected by the war. It also covers cooperation and capacity-building aimed at supporting reforms that are required for EU integration in areas such as medicines.

    The ministers signed the agreement at Ukraine’s Ministry of Health. It builds on earlier agreements between the countries.

    Ukrainian translation of Swedish handbook on spinal cord injury

    Ms Ankarberg Johansson visited a hospital in Kyiv, where Spinalis Foundation co-founder Professor Claes Hultling presented the Ukrainian translation of the Foundation’s handbook A new page of life with spinal cord injury. Speakers during the presentation included First Lady of Ukraine Olena Zelenska, Mr Liashko, Ms Ankarberg Johansson and Professor Hultling.

    The Spinalis Foundation promotes research and rehabilitation of spinal injuries. 

    During the visit in Kyiv, Spinalis concluded an agreement on international medical partnership with the Rivne Regional Hospital for Veterans of War.

    Visit to bombed children’s hospital

    Ukraine’s largest children’s hospital, Okhmatdyt, is located in Kyiv. It was the target of a Russian missile attack on 8 July 2024, and a major portion of the hospital was destroyed in the attack and is in need of reconstruction. Ms Ankarberg Johansson was given a tour of the destruction and met with patients at the hospital.

    The Government has provided nearly SEK 10 million in support to help rebuild the children’s hospital. This support goes to the volunteer organisation Beredskapslyftet, which together with Astrid Lindgren’s Children’s Hospital at Karolinska University Hospital initiated the project and is responsible for purchasing equipment.

    Following the attack, the Government decided to provide immediate humanitarian aid, which was channelled via the United Nations Children’s Fund (UNICEF) and distributed directly to the affected children and their families.

    Ms Ankarberg Johansson’s visit to Kyiv took place on 15–16 October. During her stay, she also visited a primary care clinic in Makariv that was rebuilt following an attack in March 2022 and met with injured soldiers who had undergone surgical reconstruction at a military hospital. Ms Ankarberg Johansson later stopped by the pharmaceutical company Farmak and attended the conference ‘European Integration of Ukraine: Healthcare’ to deliver an opening address.

    MIL OSI Europe News

  • MIL-OSI: Landsbankinn hf.: Financial results of Landsbankinn for the first nine months of 2024

    Source: GlobeNewswire (MIL-OSI)

    • Landsbankinn’s after-tax profit in the first nine months of 2024 amounted to ISK 26.9 billion, ISK 10.8 billion thereof in the third quarter.
    • Return on equity (ROE) was 11.7%, compared with 10.5% for the same period the previous year.
    • The net interest margin was 2.9% and the net interest margin of domestic households rises from 2% to 2.1% due to higher reserve requirements.
    • Net interest income amounted to ISK 44.1 billion and net fee & commission income was ISK 8.1 billion.
    • Net impairments were negative by ISK 2.0 billion, largely attributable to uncertainty about the financial impact of natural disaster on the Reykjanes peninsula.
    • The cost-income ratio was 32.3%, compared with 34.6% in the same period of 2023.
    • The total capital ratio was 24.1% at the end of the period. The total capital requirement of the Financial Supervisory Authority (FSA) of the Central Bank of Iceland is 20.4%.
    • In September, the FSA published the results of its assessment, finding that Landsbankinn is eligible to control a qualifying holding in TM tryggingar hf. (TM). The conclusion of the Icelandic Competition Authority in the same case is pending.

    Lilja Björk Einarsdóttir, CEO of Landsbankinn:

    “These results reflect sound operation and growing activity. The Bank is advancing in all areas and fee and commission income is robust in line with our focus on adding services and growing our market share. On-going development of Landsbankinn’s app and new features are clearly translating into increased use, not least among young customers. We see this in pension savings, for example, where growth in supplementary pension agreements with young people has reached 17.3% since the feature was added to the app. 

    While use of our digital solutions continues to grow, customers are still active in visiting the Bank to seek advice and other services offered in our branches and Customer Service Centre. We operate 35 branches and outlets around Iceland and are always happy to see our customers – in the past quarter, around 85,000 visits were logged with cashiers and advisors. We emphasise initiative in our customer relations and mortgage holders with the Bank, whose mortgages were nearing the end of a fixed-rate term, received a call from the Bank and a consultation offer.

    In recent years, higher interest rates have resulted in good returns on the Bank’s liquid assets yet also made funding more costly, especially with higher deposit rates which customers enjoy in the form of improved return on their savings. As an example, the most favourable deposit rates the Bank currently offers corporates are 8.64% on an annualised basis. The Bank’s net interest margin has narrowed since the previous quarter and the interest margin of households, which is the difference between non-indexed mortgage rates and interest on non-fixed term savings, is currently 2.1%.

    Robust lending growth this year to date has been somewhat surprising in light of high interest rate levels but funding to meet this increase has been successful, and delinquencies remain low. The Bank’s loan book has grown by ISK 155 billion, or 9.5%. Of the total, loans to retail customers represent ISK 53.6 billion, almost all in the form of mortgages. Because of increased demand for inflation-indexed mortgages and higher funding terms on indexed bonds, we have changed the availability of indexed mortgages to, among other things, reduce demand. We continue to offer the best terms among the domestic banks but now only offer equal payment mortgages to first-time buyers. While monthly payments will be higher for those who select indexed loans, asset formation will also be quicker. This allowed us to keep interest rate hikes moderate and we are of the opinion that this change is more positive for the majority of our customers.

    A recent green issuance in the amount of EUR 300 million was very successful, achieving the most favourable terms any Icelandic bank has gotten in quite some while. Part of the proceeds from the issuance will be allocated to repay older bonds issued at even more favourable terms so that the net impact is slightly higher funding cost for the Bank.

    We await the conclusion of the Icelandic Competition Authority in the matter of the Bank’s purchase of TM. In the interim, there are rules that limit communication between the companies. If the conclusion is positive, the Bank will finalise the purchase without delay and the project can get off to a full start. With the Bank’s purchase of TM, our aim is to offer customers even better and varied service through all our service channels.”

    Landsbankinn’s financial calendar

    • Annual results 2024 30 January 2025 
    • Annual General Meeting 19 March 2025
    • Q1 2025 30 April 2025
    • Q2 2025 17 July 2025
    • Q3 2025 23 October 2025
    • Annual results 2025 29 January 2026

    For further information contact:

    Public Relations, pr@landsbankinn.is

    Investor Relations, ir@landsbankinn.is

    Attachments

    The MIL Network

  • MIL-OSI Europe: Nordic statement on the draft legal bills in the Knesset related to UNRWA

    Source: Government of Sweden

    The Nordic countries are deeply concerned by the recent introduction of draft legal bills in the Knesset that, if adopted, would prevent the UNRWA from continuing its operations in the West Bank, including East Jerusalem, and Gaza. Effectively, UNRWA would no longer be able to exercise its core tasks as stipulated by UN General Assembly Resolution 302 (IV) of 8 December 1949, that is “to carry out […] direct relief and works programmes” for the millions of Palestine refugees living in these areas. It is from this and subsequent UN resolutions that UNRWA’s mandate is derived, and as its parent organ, it is only the General Assembly that can define the UNRWA mandate.

    UNRWA is at present the most centrally placed humanitarian organisation responding to the needs of Palestine refugees in the Middle East. UNRWA provides education for more than half a million children and adolescents, health services covering millions of patient visits annually and social safety net support for the most vulnerable refugees along with an emergency response programme. In the midst of an ongoing catastrophic humanitarian situation in Gaza, a halt to any of the organisation’s activities would have devastating consequences for the hundreds of thousands of civilians served by UNRWA. The consequential vacuum in services and humanitarian aid for Palestine refugees in Gaza, and the West Bank, including East Jerusalem, may well further destabilise the situation in these areas, in Israel and in the region as a whole, and may fundamentally jeopardize the prospects for a two-state solution. 

    Following serious allegations directed towards some workers of the Agency, we welcome the prompt follow-up action initiated by the United Nations Secretary-General and the UNRWA Commissioner General, and we expect its continued implementation. 

    Considering the above, the proposed draft legal bills that restrict UNRWA’s continued operations may entail the violation of Israel’s obligations under international law, including international humanitarian law, and the legally binding provisional measures ordered by the International Court of Justice.

    The Nordic countries reaffirm their unwavering commitment to the United Nations and international law, including international humanitarian law. The latter requires all parties to conflicts to ensure that affected populations receive the necessary humanitarian aid to live under adequate material conditions, as well as to ensure the safety of humanitarian workers. It is on this basis that the Nordic countries call for the proposed legal bills to be reconsidered and strongly urge Israel to ensure continued and unhindered humanitarian access for UNRWA to the Palestine refugees that it was set up to serve.

    Lars Løkke Rasmussen, Minister for Foreign Affairs of Denmark 
    Elina Valtonen, Minister for Foreign Affairs of Finland
    Thórdís Kolbrún Reykfjörd Gylfadóttir, Minister for Foreign Affairs of Iceland
    Espen Barth Eide, Minister for Foreign Affairs of Norway
    Maria Malmer Stenergard, Minister for Foreign Affairs of Sweden

    MIL OSI Europe News

  • MIL-OSI Europe: Government to take part in Nordic Council Session in Reykjavik

    Source: Government of Sweden

    When the Nordic Council holds its 76th Session in Reykjavik on 28–31 October, the focus will be on peace and security in the Arctic and Nordic regions.

    “In light of Sweden’s and Finland’s accession to NATO and Russia’s war in Ukraine, it has become all the more important to discuss security and defence issues in a Nordic context. Our cooperation and collective defence of democracy and everyone’s right to live in peace and freedom are now more important than ever,” says Prime Minister Ulf Kristersson.

    The Nordic Council Session will cover issues such as how the Nordic countries can best guarantee peace and security in the Nordic and Arctic regions.

    During the week, ministers will attend separate meetings with the Nordic Council and together with their Nordic counterparts. Discussion topics for the prime ministers’ meeting will be organised crime, migration and an integrated Nordic region without border barriers.

    An N5 meeting between the foreign ministers will also take place in conjunction with the Nordic Council Session. In 2024, Sweden has been acting Coordinator of the N5, an informal Nordic cooperation format for foreign and security policy issues. The Nordic ministers for culture will also meet during the week.

    During the Session, the Nordic Council of Ministers will present the programme of the forthcoming Finnish Presidency of the Council.

    Representing the Swedish Government are Mr Kristersson, Minister for Foreign Affairs Maria Malmer Stenergard, Minister for EU Affairs Jessica Rosencrantz and Minister for Culture Parisa Liljestrand.

    On Tuesday, the Nordic prime ministers and foreign ministers will hold joint press conferences.

    Friday 25 October is the final day for journalists to apply for accreditation. Follow the link below under Shortcuts.

    A detailed programme for the week of the Session is available on the Nordic Council website, where parts of the programme will also be live-streamed.

    MIL OSI Europe News

  • MIL-OSI Security: In Estonia NATO Secretary General visits a multinational battlegroup protecting the Eastern Flank

    Source: NATO

    During his first trip to the Eastern Flank of the Alliance since taking office, NATO Secretary General Mark Rutte met with Estonian President Alar Karis, Prime Minister Kristen Michal, Foreign Minister Margus Tsahkna, and visited Allied troops at Tapa Army Base.

    After touring the military base with President Karis on Wednesday (October 23), the Secretary General thanked the personnel there – from Estonia and the UK, France and Iceland – for their service. “You are one of eight NATO battlegroups stretching from the Baltic to the Black Sea, backed by the full weight of NATO’s fighting forces in all domains. Land, air, sea, space and cyberspace. Every hour of your vigilance reinforces our collective defence,” he said.

    On Tuesday (October 22), during meetings with President Karis and Prime Minister Michal, the Secretary General praised Estonia for its significant investments in defence and its support for Ukraine.

    “By spending over 3% of your GDP on defence, Estonia is truly leading by example. And I know you intend to invest even more in our shared security in the coming years,” he said. Mr Rutte added that all Allies need to invest more “in order to meet our capability targets.” 

    Estonia is among Ukraine’s strongest supporters, having provided over 500 million euros of military aid since 2022.

    “Today we discussed how to bolster our support for Ukraine, now, through the difficult winter ahead, and also for the long-term,” said the Secretary General.  He emphasised that Allies are working hard to deliver on the commitments made at the Washington Summit in July, “including a new command to coordinate security assistance and training for Ukraine, and our financial pledge of at least 40 billion euros in 2024.”

    During his visit, the Secretary General also met with students from Tallinn University and paid his respects at the Memorial of the Victims of Communism.

    Since joining NATO in 2004, Estonia has made significant contributions to the collective defence of the Alliance. It hosts NATO’s UK-led multinational battlegroup in Tapa, NATO’s Baltic Air Policing at Ämari Air Base, a new regional hub for NATO’s Defence Innovation Accelerator for the North Atlantic (DIANA), and NATO’s Cooperative Cyber Defence Centre of Excellence in Tallinn.

    MIL Security OSI

  • MIL-OSI Europe: Around 40,000 litres of illegal alcoholic beverages seized under OLAF’s lead

    Source: European Anti-Fraud Offfice

    The European Anti-Fraud Office coordinated an action that led the EU Member States’ and Norwegian customs authorities to seize around 40,000 litres of illicit alcoholic beverages. The targeted action is part of operation OPSON XIII, the global initiative coordinated alongside Europol to tackle food fraud and ensure the safety of food and beverages across Europe. 

    The operation, which ran from December 2023 to May 2024, focused on identifying and removing counterfeit and substandard food and drinks from markets while disturbing the criminal network behind these illicit products. 

    As in previous years, OLAF led a targeted action focused specifically on illicit alcoholic beverages. The operation revealed sophisticated schemes aimed at infiltrating the EU market with products of inferior quality – mostly beer, homemade alcohol and wine. Fraudsters used deceptive packaging, falsified documents and false labels to sell these products to consumers. 

    The OLAF coordinated action involved customs authorities from 15 Member States and one non-EU country: Austria, Belgium, Bulgaria, Croatia, Denmark, France, Germany, Greece, Ireland, Italy, Lithuania, Norway, Poland, Portugal, Spain and Slovakia. 

    More information on Operation OPSON XIII is available in Europol’s press release.

    MIL OSI Europe News

  • MIL-OSI Economics: Dot plots for the Eurosystem? | Speech at Harvard University

    Source: Bundesbank

    Check against delivery.

    1 Introduction

    Ladies and gentlemen,

    it is a great pleasure to be at Harvard again, to meet long time companions like Hans-Helmut Kotz and to exchange ideas with top scientists such as Benjamin Friedman. When I was in this round two years ago, we were dealing with an unprecedented global inflation spike.[1] Fortunately, the worst is behind us, and inflation in the euro area is heading back to the Eurosystem’s target. We have not brought the inflation ship safely back into the 2% harbour, but the port is in sight. Thus, I can focus on another question today.

    Before I do that, let me share an analogy to set the stage for my discussion. Back in the 1970s and 1980s, the field of economics was split into two seemingly incompatible schools of thought: New Keynesian and New Classical. Their proponents were not too polite in their language, calling assumptions “foolishly restrictive” or comparing an opponent to someone attempting to pass himself off as Napoleon Bonaparte.[2] But, over time, ideas from both camps ultimately merged to form a consensus called the New Neoclassical Synthesis, the very foundation of modern macroeconomics.[3] Gregory Mankiw neatly described this story in his essay “The Macroeconomist as Scientist and Engineer”.[4]

    The takeaway from this analogy is that complex issues are rarely black or white. With this in mind, I want to explore whether the conduct of monetary policy in the euro area could be enhanced by offering more detailed and nuanced information regarding its future outlook. More specifically, today I will address the following question: Should the Eurosystem introduce dot plots?

    To explore this, I will first examine current experience with dot plots and other forms of forward guidance in both the United States and the euro area. I will then evaluate the advantages and disadvantages of incorporating dot plots into the Eurosystem’s communication strategy. In this analysis, I will concentrate on the implications for policymakers’ independence, the effectiveness of monetary policy and the management of uncertainty.

    2 The dot plot and other forms of forward guidance

    Let me begin with some basics. Most central banks in advanced economies have a clear mandate to keep prices stable. They do this mainly by setting the policy rate and communicating their decisions in order to manage the expectations of economic agents, including market participants, households and firms. When central banks provide explicit signals about the future path of the policy rate, we call it forward guidance.

    We can classify forward guidance into two ideal types: “Odyssean” and “Delphic”.[5] Odyssean forward guidance means the central bank makes a firm commitment to a future course of action, like promising to keep interest rates at a certain level for a certain time. Like Odysseus, who famously tied himself to the mast of his ship to resist the call of the sirens, central banks are committing to staying on course – whatever the future brings.

    In contrast, Delphic forward guidance is conditional and involves sharing information about the central bank’s economic outlook and policy intentions without making firm commitments. This term comes from the Oracle of Delphi, famous for its prophecies and predictions, which were so ambiguous and open to interpretation that they always seemed to be borne out in hindsight. A prime example of Delphic forward guidance is the policy rate forecasts published by central banks such as Norges Bank and Sweden’s Riksbank.

    A more subtle way of monetary policy communication is through the central bank’s reaction function. A reaction function indicates how the central bank adjusts its policy rate in response to key macroeconomic variables like the inflation rate or economic growth. When economic agents have a clear understanding of this reaction function, communication about the expected development of these macroeconomic variables can also help shape their expectations regarding the future trajectory of the policy rate.

    2.1 The Fed’s dot plot

    To consider if the Eurosystem should introduce dot plots, let me briefly recall what the Fed dot plots are and how market observers view them. Twelve years ago, the Fed began publishing the federal funds rate projections of the Federal Open Market Committee (FOMC) participants. Its intention was to boost transparency and communication with financial markets and the general public. On the other side of the Atlantic, the Eurosystem has, from its inception, held public press conferences and published monetary policy statements, the minutes of its meetings, and the results of its quarterly macroeconomic projections.

    As you are well aware, before the FOMC meeting, FOMC participants share their individual assessment of the appropriate level of the fed funds rate for the end of the current year, the end of the coming two to three years and over the longer run. The longer run projection refers to “each participant’s assessment of the value to which each variable would be expected to converge, over time, under appropriate monetary policy and in the absence of further shocks to the economy.”[6]

    Due to its visual representation in the Summary of Economic Projections (SEP), the combined projections of all FOMC members are known as the dot plot. These dots complement the FOMC participants’ projections for GDP growth, unemployment and inflation. While each FOMC participant submits their funds rate projection together with corresponding projections for macroeconomic variables, these correspondences are not revealed by the SEP. Accordingly, market observers cannot directly link the interest rate projections to the projections of the other macro variables.

    The dot plot was meant to complement the Fed’s communication, not to replace the forward guidance it provided in the monetary policy statement at that time during the press conference. For example, in January 2012, the FOMC statement provided explicit forward guidance on rates, saying that the Committee “[…] anticipates that economic conditions […] are likely to warrant exceptionally low levels for the federal funds rate at least through late 2014.”[7] During the accompanying press conference, Chairman Ben Bernanke introduced the dot plot, observing that “[…] eleven participants expect that the appropriate federal funds rate at the end of 2014 will be at or below 1 percent, while six participants anticipate higher rates at that time.”[8]

    Although the Federal Reserve did not introduce the dot plots as an explicit tool for forward guidance, many market analysts began to interpret them as such. When the forward guidance in the statement and the dot plot sent mixed signals, FOMC chairs often downplayed the dot plot’s importance.

    In 2014, Janet Yellen famously stated: “[…] one should not look to the dot plot, so to speak, as the primary way in which the Committee wants to or is speaking about policy […].”[9] Similarly, in 2019, Jerome Powell noted that “[…] the dot plot has, on occasion, been a source of confusion. Until now, forward guidance in the statement has been a main tool for communicating committee intentions and minimizing that confusion.”[10]

    And this is also how Fed watchers now see the dot plot, ranking it as the Fed’s fifth most important communication tool.[11] The top communication tools are the press conference, the Summary of Economic Projections (excluding the dots), the FOMC statement, and speeches by the chair.

    Numerous studies show that the Fed has successfully used monetary policy communication to influence long-term interest rates and other asset prices.[12] And some research suggests that the dot plots significantly and independently influence market interest rates. [13] But there is a fundamental issue about these results: it is very challenging to determine how much each communication channel contributes to the overall effect.

    To identify the causal effect of monetary policy, scholars often define a so-called event window around central banks’ monetary policy meetings. Changes in market interest rates during this event window are then attributed to monetary policy.

    But there is a problem: when the dot plot is released, it is published together with the monetary policy statement. That makes it hard to determine which one caused the interest rate changes observed during the event. And because of this, it is unclear whether those channels actually provide complementary information or are just substitutes.

    2.2 Monetary policy communication at the Eurosystem

    So, what does the Eurosystem’s monetary policy communication look like? The Eurosystem began using explicit forward guidance in the introductory statement to its July 2013 meeting. At that time, inflation in the euro area was low, and the Eurosystem expected underlying price pressures to stay subdued in the medium term. Interest rates were already at the effective zero lower bound.

    To provide further accommodation, the ECB’s Governing Council, which is the counterpart of the FOMC, announced in its July 2013 meeting that it “expects the key ECB interest rates to remain at present or lower levels for an extended period of time.”[14] The Governing Council continued to use variations of this statement for almost a decade. And there is now also ample evidence that the Eurosystem has been successful in implementing its forward guidance.[15]

    With the resurgence of inflation in 2021 and high uncertainty caused by major shocks and structural changes, the Eurosystem shifted to a data-dependent, meeting-by-meeting approach, largely stepping away from explicit forward guidance.

    More specifically, we now base our interest rate decisions on three elements: first, our assessment of the inflation outlook in light of the incoming economic and financial data, second, the dynamics of underlying inflation, and third, the strength of monetary policy transmission. These three elements can be seen as a further specification of our reaction function. However, the Governing Council does not pre-commit to any specific rate path.

    Taken together, apart from the publication of the dot plot, the approaches to monetary policy communication taken by the Federal Reserve System and the Eurosystem are largely comparable. Both institutions regard the monetary policy statement and the press conference as their primary communication tools. And both central banks have recently shifted from explicit forward guidance towards a data-dependent meeting-by-meeting approach.

    But the Eurosystem also continues to provide signals about future policy rates. It simply does it more implicitly. For example, the wording of the monetary policy statement and the answers of the ECB President during press conferences provide insights into future policy rates. As do speeches and interviews given by Governing Council members. Additionally, the Eurosystem influences market expectations through its quarterly staff projections.[16]

    Unlike some other central banks, the Eurosystem uses the interest rate implied by financial market prices on a specific cut-off day as a conditioning assumption for its macroeconomic projections. Specifically, this means that our medium-term inflation forecast aligns with market expectations for a particular policy rate path. Market participants can subsequently compare the exogenous path for the policy rate, as embedded in our macroeconomic projections, with our actual monetary policy decisions, in order to gain insights into our reaction function.

    You could say that the Eurosystem provides Athenian communication. Athena was known as the Goddess of wisdom and as a protector and guide to many Greek heroes. Rather than communicating directly with those she protected, Athena often used indirect guidance. And through her subtle guidance, Athena empowered the heroes she protected to take decisive action and make wise choices.

    3 A dot plot for the Eurosystem?

    Now, let us get to the heart of the matter. Should the Eurosystem introduce dot plots? Although this question can only be answered “yes” or “no”, complex issues are rarely black and white, as mentioned earlier.

    In the following, rather than simply listing the pros and cons of introducing dot plots in the Eurosystem, I will structure my discussion around three themes: First, the impact dot plots could have on the independence of the Eurosystem. Second, the potential for dot plots to improve the effectiveness of our monetary policy communication. And third, the role dot plots could play in capturing projection uncertainty around our baseline forecasts.

    Throughout, I will only consider adding projections for the policy rates to the existing macroeconomic projections by Eurosystem staff. For simplicity, I will not consider whether to also complement our current consensus projections for macroeconomic variables with individual macroeconomic projections.

    3.1 Independence

    Let me begin with the theme of independence. The ECB’s Governing Council consists of the six ECB Executive Board members and the 20 governors of the euro area’s national central banks. Although this setting may resemble that of the Federal Open Market Committee, which includes Federal Reserve Bank Presidents, there is a significant difference.

    The euro area is not composed of regions within a single country but of individual countries within a larger union, each with its own fiscal authority and national laws, as well as considerable differences in economic size and performance. Therefore, within the Governing Council we have a strong interest in finding and communicating a consensus perspective. This is, for example, enshrined in our statute, which states that the proceedings of the meetings of the Governing Council are confidential.

    When we discussed introducing ECB accounts from our Governing Council meetings – comparable to the published minutes of FOMC meetings – about a decade ago, we aimed to balance two things: On the one hand, to clearly articulate the consensus perspective. Yet on the other hand to represent the full spectrum of views in order to help market participants better understand the ECB Governing Council’s decision-making process.[17]

    In the end, the Eurosystem decided to represent the full spectrum of the discussion without naming individuals. Nevertheless, despite the anonymity of the arguments presented, markets and the media alike continue to attempt to discern the identities of the individuals behind them. Given that numerous members of the Governing Council express their views on monetary policy through speeches and interviews, identifying their positions is not a particular challenge.

    If there were anonymous dot plots of Governing Council members, media and the markets alike would probably attempt to match individual members to each dot as well. The primary distinction between speeches and dot plots is that Governing Council members deliver speeches voluntarily. In contrast, dot plots would force all Governing Council members to regularly articulate their perspectives on the future trajectory of interest rates. And this could potentially influence the Governing Council’s independence.

    Once national stakeholders become aware of “their” representative’s views on future interest rates, they may exert pressure on the representative to align with national interests. I am confident that, even if we were to publish dot plots, every member of the Governing Council would continue to act independently and in the best interests of the entire euro area. However, I believe we are well advised not to put ourselves in a situation that might increase pressure on us to act in ways others want us to.

    3.2 Effectiveness of monetary policy communication

    My second theme is whether a dot plot could significantly enhance the Eurosystem’s effectiveness of monetary policy communication. And here I am sceptical. To begin with, there is the previously discussed issue: the dot plot may conflict with the consensus message conveyed in the monetary policy statement. But the main reason for my scepticism is that comparative studies on different methods of monetary policy communication are inconclusive.

    A BIS working paper shows that interest rate projections provide additional information to macroeconomic projections, meaning that they are not redundant.[18] That could be seen as an argument for introducing dot plots. However, while market participants in countries that publish both interest rate projections and macroeconomic projections prefer the former, they might still be able to obtain sufficient information from macroeconomic projections alone.

    Furthermore, research on central bank communication in Norway and Sweden shows that publishing interest rate projections has not improved market understanding of what new macroeconomic information implies for future interest rate.[19] In other words, the publication of interest rate paths did not help market participants better understand the central banks’ reaction functions.

    This finding aligns with research published by the Reserve Bank of New Zealand that shows that announcements with interest rate forecasts and those with only written statements lead to similar market reactions across the yield curve.[20] The authors pointedly conclude that, while central bank communication is important, the exact form it takes is less relevant.

    This result echoes a seminal study by Blinder and co-authors, who concluded back in 2008 that there was no consensus on what constitutes an optimal communication strategy.[21]

    All things considered, I see no compelling evidence that the Eurosystem’s monetary policy communication would be significantly enhanced by the introduction of a dot plot.

    3.3 Projection uncertainty

    Now to the third and final theme – uncertainty. I am quite sure that the Eurosystem has room to improve how we handle projection uncertainty. Currently, the ECB’s Governing Council summarises its view on the uncertainty surrounding economic growth and inflation in the risk assessment section of its monetary policy statement. More specifically, the Eurosystem addresses the uncertainty around its baseline inflation forecast in two ways.[22]

    First, it produces fan charts with symmetric ranges around the point forecast, based on past projection errors. In this setup, past projection errors act as a catch-all proxy for uncertainty. Second, it occasionally publishes risk scenarios, conditional on assumptions different from those in the baseline projection. For instance, during the pandemic, the Eurosystem began using alternative assumptions about the future path of infections and contact restrictions to illustrate macroeconomic uncertainty.

    Could the use of dot plots enhance the communication of inflation forecast uncertainty within the Eurosystem? Given that dot plots offer only an indirect method for conveying uncertainty about the inflation outlook, there may be more effective alternatives.

    One might be to enhance the communication of our existing measures of uncertainty. Another might be to develop new measures, such as scenario and sensitivity analyses, as well as improved fan charts. We must carefully evaluate the pros and cons of each approach.

    Hence, it is quite fitting that the Eurosystem is currently performing an interim strategic review, which includes an analysis of how risk and uncertainty should inform both policy decisions and policy communication. I’m already looking forward to the results.

    4 Conclusion

    Ladies and gentlemen, let me conclude. I began my talk by discussing different schools of thought – New Keynesian and New Classical – and argued that complex issues are rarely black or white. When it comes to central bank communication about the future, there are certainly many promising approaches. And, undoubtedly, dot plots are an intriguing instrument for central bank communication.

    However, given the prevailing evidence, I do not see a compelling case for introducing dot plots for the Eurosystem.

    On the other hand, I firmly believe that we can and should enhance how we account for uncertainty in our macroeconomic projections. I have outlined a few options which the Eurosystem will address in the ongoing strategy review.

    Footnotes:

    1. Nagel, J. (2022), The ECB’s mandate: maintaining price stability in the euro area, speech at the Minda de Gunzburg Center for European Studies, Harvard University.
    2. Mankiw, G. (2006), The Macroeconomist as Scientist and Engineer, Journal of Economic Perspectives, Vol. 20(4), pp. 29-46.
    3. Goodfriend, M. and R. King (1997), The New Neoclassical Synthesis and the Role of Monetary Policy, in: NBER Macroeconomics Annual, Bernanke, B. and J. Rotemberg (eds.), MIT Press, pp. 231-283.
    4. Mankiw, G. (2006), op. cit.
    5. Campbell, J. et al. (2012), Macroeconomic Effects of Federal Reserve Forward Guidance, Brookings Papers on Economic Activity, Vol. 43(1), pp. 1-80. Another distinction is between time-dependent (or calendar-dependent) and state-dependent forward guidance. The former ties monetary policy to a specific time frame, whereas the latter ties future policy actions to specific economic conditions or thresholds. The concepts can overlap and be used in combination.
    6. SEP: Compilation and Summary of Individual Economic Projections, 24-25 January 2012.
    7. FOMC Statement, 25 January 2012.
    8. Bernanke, B. (2012), Transcript of Chairman Bernanke’s Press Conference, 25 January 2012,
    9. Yellen, J. (2014), Transcript of Chair Yellen’s Press Conference, 19 March 2014.
    10. Powell, J. (2019), Monetary Policy: Normalization and the Road Ahead, speech at the SIEPR Economic Summit, Stanford Institute of Economic Policy Research, Stanford, California.
    11. Wessel, D. and S. Boocker (2024), Federal Reserve communication – survey results, Hutchins Center on Fiscal and Monetary Policy at Brookings.
    12. See, for example, Gürkaynak, R. et al. (2005), Do Actions Speak Louder Than Words? The Response of Asset Prices to Monetary Policy Actions and Statements, International Journal of Central Banking, International Journal of Central Banking, Vol. 1(1), pp. 55-93; Wright, J. (2012), What Does Monetary Policy Do to Long‐term Interest Rates at the Zero Lower Bound?, Economic Journal, Vol. 122(564), pp. 447-466; and Swanson, E. (2021), Measuring the effects of federal reserve forward guidance and asset purchases on financial markets, Journal of Monetary Economics, Vol. 118(C), pp. 32-53.
    13. See, for example, Couture, C. (2021), Financial market effects of FOMC projections, Journal of Macroeconomics, Vol. 67 and Hillenbrand, S. (2023), The Fed and the Secular Decline in Interest Rates, Accepted, Review of Financial Studies.
    14. Draghi, M. and V. Constâncio (2013), Introductory statement to the press conference (with Q&A), Frankfurt am Main, 4 July 2013.
    15. See, for example, Altavilla, C. et al. (2021), Assessing the efficacy, efficiency and potential side effects of the ECB’s monetary policy instruments since 2014, ECB Occasional Paper, No. 278; Andrade, P. and F. Ferroni (2021), Delphic and Odyssean monetary policy shocks: Evidence from the euro area, Journal of Monetary Economics, Vol. (117), pp. 816-832; Kerssenfischer, M. (2022), Information effects of euro area monetary policy, Economics Letters, Vol. 216(C); and Monetary Policy Committee, Taskforce on Rate Forward Guidance and Reinvestment (2022), Rate forward guidance in an environment of large central bank balance sheets: A Eurosystem stock-taking assessment, ECB Occasional Paper No. 290.
    16. The Eurosystem produces macroeconomic projections four times a year. ECB staff produces them in March and September. In June and December, they are co-produced by ECB and national central bank staff.
    17. See Morris, S. and H. Shin (2005): Central Bank Transparency and the Signal Value of Prices, Brookings Papers on Economic Activity, Vol.36(2), pp. 1-66 for a general treatment of the role of transparency.
    18. Hofmann, B. and D. Xia (2022), Quantitative forward guidance through interest rate projections, BIS Working Paper No. 1009.
    19. Natvik, G. et al. (2020), Does publication of interest rate paths provide guidance?, Journal of International Money and Finance, Vol. 103.
    20. Detmers, G.-A (2021), Quantitative or Qualitative Forward Guidance: Does it Matter?, Economic Record, Vol. 97(319), pp. 491-503.
    21. Blinder, A. et al. (2008), Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence, Journal of Economic Literature, Vol. 46(4), pp. 910-945.
    22. See ECB (2024), ECB staff macroeconomic projections for the euro area, March 2023, box 6 for a rundown.

    MIL OSI Economics

  • MIL-OSI USA: NEWS: Senator Bernie Sanders and President Joe Biden Hold Event in New Hampshire to Discuss Lowering Prescription Drug Costs in America

    US Senate News:

    Source: United States Senator for Vermont – Bernie Sanders
    WASHINGTON, Oct. 22 – Sen. Bernie Sanders (I-Vt.), Chairman of the Senate Committee on Health, Education, Labor, and Pensions (HELP), today joined President Joe Biden in Concord, New Hampshire at the New Hampshire Technical Institute for an event on their work to lower prescription drug costs for the American people.
    Sanders’ remarks, as prepared for delivery, are below and the full event can be watched live here and here:
    In America today we spend almost twice as much per person as any other major country on health care – over $13,000 for every man, woman and child.
    And one of the reasons for that is the outrageously high cost of prescription drugs in this country.
    The truth is that the American people, whether they are Democrats, Republicans or Independents, are sick and tired of paying, by far, the highest prices in the world for prescription drugs.
    There is no rational reason why Merck should be charging diabetes patients in America $6,900 for Januvia when that same product can be purchased in Canada for $900 and just $200 in France.
    Why Johnson & Johnson charges Americans with arthritis $79,000 for Stelara when that same exact product can be purchased for just $16,000 in the United Kingdom.
    Why Bristol Myers Squibb charges patients in America $7,100 for Eliquis when that same exact product can be purchased for just $900 in Canada and just $650 in France.
    I personally, on two occasions, have led Americans into Canada where we purchased on one occasion a breast cancer drug and on another occasion insulin for one-tenth, one-tenth, the price Americans were paying for the same exact drug.
    The result of this absurd reality is that while ten top pharmaceutical companies made over $110 billion in profits last year, and paid their CEOs exorbitant salaries, 1 out of 4 Americans cannot afford the medicine their doctors prescribe. 
    How crazy is that?
    This is unacceptable, and it has got to change.
    In America, we must substantially lower the cost of prescription drugs so that our people can afford the medicine they need; so that we can lower hospital costs; so that we can lower insurance costs; so that we can lower out of pocket costs.
    In the midst of all of this let me give you some good news and that is that under the leadership of President Biden and Vice President Harris we are making some very significant progress in taking on the greed of the pharmaceutical industry and lowering prescription drug costs in America.
    Today, no senior in America is paying over $35 a month for insulin.
    Beginning next year, no senior in America will pay over $2,000 a year for prescription drugs. 
    And Medicare, despite the fierce opposition of pharma, is for the first time in history negotiating with the pharmaceutical industry to lower the price of some of the most expensive drugs in America.
    And as a result of these negotiations, guess what? 
    The price of Januvia in America will be cut by 79%.
    The price of Eliquis in America will be cut by 56%.
    And the price of Stelara in America will be cut by 66%.
    That is real progress. Thank you, President Biden for your courage in being the first President in history to take on the power of the big drug companies and thank you Vice President Harris for your hard work on this issue as well.
    I am also proud of the accomplishments the Senate Committee on Health, Education, Labor, and Pensions (HELP), which I chair, has made to bring down the cost of prescription drugs.
    Earlier this year, the HELP Committee launched an investigation into the outrageously high price of inhalers that 25 million Americans with asthma and 16 million Americans with chronic obstructive pulmonary disease (COPD) need to breathe.
    And what we learned is that the American people were paying, in many cases, 10-70 times more for inhalers than the people in Canada and Europe.
    Working with the Biden Administration and Lina Khan of the FTC I am proud to tell you that the CEOs of 3 major inhaler manufacturers, agreed to cap the cost of their inhalers at no more than $35.
    When we first started this investigation Americans were paying up to $645 for these inhalers.  Today, they are only paying $35 for them. That’s progress.
    But, despite all that we’ve accomplished, it is not enough.  Much more has to be done.
    In his State of the Union address, President Biden called on Congress to pass legislation to cap out-of-pocket prescription drug costs for all Americans at no more than $2,000 a year and to substantially increase the number of drugs that can be negotiated with the pharmaceutical industry.  I strongly agree with him.
    And let me give you one example of what we have got to be doing in the future.
    Earlier this year, President Biden and I called on Novo Nordisk and Eli Lilly to substantially reduce the price of their blockbuster drugs for diabetes and weight loss.
    In the President’s view and in my view, it is unacceptable for Novo Nordisk to charge Americans with diabetes $969 for Ozempic when that same exact drug can be purchased for just $155 in Canada, $122 in Denmark, $71 in France, and just $59 in Germany.
    It is also unacceptable for this extremely profitable pharmaceutical company to charge Americans struggling with obesity $1,349 for Wegovy when this same exact drug can be purchased for just $265 in Canada, $186 in Denmark, $137 in Germany, and $92 in the United Kingdom.
    As President Biden and I stated in an op-ed:
    “If Novo Nordisk and other pharmaceutical companies refuse to substantially lower prescription drug prices in our country and end their greed, we will do everything within our power to end it for them. Novo Nordisk must substantially reduce the price of Ozempic and Wegovy.”
    And the good news is that some progress is being made.
    In August, Eli Lilly took a modest step forward by reducing the starter price for Zepbound from over $1,000 a month to less than $400 a month.
    Last month, the CEO of Novo Nordisk committed to working with Pharmacy Benefit Managers to lower the list price of Ozempic and Wegovy and expand access to these drugs at a hearing my committee held on this issue.
    But let’s be clear.
    If Novo Nordisk and Eli Lilly do not do more to substantially reduce the price of these drugs, I believe the Administration should take bold action to make these drugs more affordable and more accessible.
    The outrageously high price of these drugs are forcing hundreds of thousands of Americans to buy cheaper, copycat versions of these drugs that have not been approved as safe and effective by the FDA.
    That is unprecedented and, in my view, that is unacceptable.
    Generic drug companies have told me that if the Administration exercises its authority to end the monopoly Novo Nordisk has over Ozempic they could sell this same FDA-approved drug for less than $100 in the United States.
    And it’s not just the high price of weight loss and diabetes drugs, as important as they are.
    In my view, we have to move forward aggressively so that the people in the United States are no longer paying more for the same prescription drugs than our friends in Europe, Canada, or Japan. And if we did that we can cut the price of prescription drugs in America by at least 50%.
    Bottom line: The pharmaceutical industry must stop ripping off the American people.
    Now, I understand that this fight will not be easy. 
    The pharmaceutical industry today has over 1,800 well-paid lobbyists on Capitol Hill – including former leaders of the Democratic and Republican parties.
    In the last 25 years, they have spent over $8.5 billion on lobbying and over $750 million in campaign contributions.
    Their greed has no end.
    But, in my view, if Congress stops listening to the needs of the CEOs in the pharmaceutical industry and starts listening to the needs of the American people we can make this happen.
    Again. This is not a progressive idea.  It’s not a conservative idea. It’s not a Democratic idea or a Republican idea.  It’s precisely what the American people want.
    Thanks to President Biden and Vice President Harris we have begun to take on the greed of the pharmaceutical industry. 
    Now, it’s time to finish the job.

    MIL OSI USA News

  • MIL-OSI: Weatherford Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    • Revenues of $1,409 million increased 7% year-over-year
    • Operating income of $243 million increased 11% year-over-year
    • Net income of $157 million increased 28% year-over-year; net income margin of 11.1%
    • Adjusted EBITDA* of $355 million increased 16% year-over-year; adjusted EBITDA margin* of 25.2% increased by 197 basis points year-over-year
    • Cash provided by operating activities of $262 million, an increase of $112 million sequentially and $90 million year-over-year; adjusted free cash flow* of $184 million, an increase of $88 million sequentially and $47 million year-over-year
    • Received credit rating upgrade from S&P Global Ratings to ‘BB-’ with positive outlook, and from Fitch to ‘BB-’ with stable outlook
    • Shareholder returns of $68 million for the quarter, which includes dividends payment of $18 million and share repurchases of $50 million
    • Board approved quarterly cash dividend of $0.25 per share payable on December 5, 2024 to shareholders of record as of November 6, 2024
    • Deployment of Victus™ Managed Pressure Drilling (MPD) systems in the first two deep geothermal exploration wells that have been drilled for a major operator in the Middle East
    • Aramco awarded Weatherford a three-year Corporate Procurement Agreement (CPA) including Cementation Products, Completions, Liner Hangers, and Whipstocks, as well as associated service agreements, to enhance its operational efficiency and strategic goals
    • Hosted 20th annual FWRD conference focused on digitalization and next-generation life-of-well solutions to boost efficiency, sustainability, and performance

    *Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled

    HOUSTON, Oct. 22, 2024 (GLOBE NEWSWIRE) — Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) announced today its results for the third quarter of 2024.

    Revenues for the third quarter of 2024 were $1,409 million, an increase of 0.3% sequentially and an increase of 7% year-over-year. Operating income was $243 million in the third quarter of 2024, compared to $264 million in the second quarter of 2024 and $218 million in the third quarter of 2023. Net income in the third quarter of 2024 was $157 million, with an 11.1% margin, an increase of 26% or 225 basis points sequentially, and an increase of 28% or 177 basis points year-over-year. Adjusted EBITDA* was $355 million, a 25.2% margin, a decrease of 3% or 78 basis points sequentially, and an increase of 16% or 197 basis points year-over-year. Basic income per share in the third quarter of 2024 was $2.14 compared to $1.71 in the second quarter of 2024 and $1.70 in the third quarter of 2023. Diluted income per share in the third quarter of 2024 was $2.06 compared to $1.66 in the second quarter of 2024 and $1.66 in the third quarter of 2023.

    Third quarter 2024 cash flows provided by operating activities were $262 million, compared to $150 million in the second quarter of 2024 and $172 million in the third quarter of 2023. Adjusted free cash flow* was $184 million, an increase of $88 million sequentially and $47 million year-over-year. Capital expenditures were $78 million in the third quarter of 2024, compared to $62 million in the second quarter of 2024 and $42 million in the third quarter of 2023.

    Girish Saligram, President and Chief Executive Officer, commented, “I want to thank the Weatherford team for once again delivering strong margins and adjusted free cash flow despite a volatile macro environment and short cycle activity reductions. The margin performance underscores our ability to deliver strong returns in a softer market environment. Despite continued North America weakness, customer scheduling delays in Latin America and a reduced activity outlook in certain other geographies, we still expect strong revenue growth and adjusted EBITDA margins of greater than 25% for the full year.

    In the third quarter, Weatherford acquired Datagration, enhancing our position with one of the industry’s most advanced digital offerings for production and asset optimization. The acquisition demonstrates our commitment to driving innovation across our technology portfolio and accelerating our growth in the digital transformation of the energy industry. Following our announcement in the third quarter regarding Weatherford’s first-ever shareholder return program, we paid our first quarterly dividend of $0.25 per share on September 12, 2024, to shareholders on record as of August 13, 2024, and as of September 30, 2024, we have bought back $50 million of ordinary shares.

    While the macroeconomic environment is volatile and there is heightened risk of geopolitical events creating sector challenges, Weatherford remains focused on fulfillment initiatives, acquisition integrations, and technology commercialization, which should drive further financial performance.”

    *Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled

    Operational Highlights

    • Aramco awarded Weatherford a three-year CPA, including Cementation Products, Completions, Liner Hangers, and Whipstocks, as well as associated service agreements, to enhance its operational efficiency and strategic goals.
    • A major operator in the Gulf of Mexico awarded Weatherford a three-year services contract to deliver Plug & Abandonment activities utilizing our Heavy Duty Pulling & Jacking Unit and multiple service lines.
    • A National Oil Company (NOC) in the Middle East awarded Weatherford a three-year contract for Drilling Services in unconventional resources fields.
    • PTTEP awarded Weatherford a multi-year contract for Wireline services in Thailand.
    • An NOC in the Middle East awarded Weatherford a two-year contract for Liner Hanger and associated services for deep drilling.
    • A major operator awarded Weatherford a three-year contract to provide MPD services in the Middle East, marking the first time it will utilize this technology.
    • An NOC in the Middle East awarded Weatherford a three-year contract for Fishing and Milling services.
    • An NOC awarded Weatherford a five-year contract extension for the supply of Downhole Completion Equipment for deployment in the Middle East.
    • Shell awarded Weatherford a three-year contract for Dual Stage Cementing technology to be deployed in onshore Australia.
    • Kuwait Energy awarded Weatherford a two-year contract for Cased Hole Wireline Services in onshore Iraq.
    • bp awarded Weatherford a two-year contract for multilateral installations and associated services for offshore operations in Azerbaijan.
    • JVGAS in Algeria awarded Weatherford a three-year contract for velocity string accessories and associated services and awarded a two-year contract for the supply of Fishing and Casing exiting.

    Technology Highlights

    • Drilling & Evaluation (“DRE”)
      • An NOC deployed Weatherford MPD solutions in its first two deep geothermal exploration wells in the Middle East. This innovative use of MPD technology mitigates risks from elevated geothermal gradients during exploration drilling.
      • Weatherford celebrates 25 years of Compact Memory Logging technology, with over 10,000 deployments, consistently delivering value and reliability to our customers.
    • Well Construction and Completions (“WCC”)
      • In Norway, Weatherford successfully integrated the Vero™ system into an offshore rig control system, enabling further efficiency while maintaining well integrity. This integration allows existing rig crews to operate the Vero system autonomously.
      • Perenco deployed Weatherford’s digital ForeSite® Sense optical monitoring system to oversee injectivity testing performance for the Poseidon carbon capture and storage project, the UK’s first well to inject CO2 underground.
      • Weatherford launched its new Remote-Opening Barrier Valve that decreases risk and time associated with conventional well barriers.
    • Production and Intervention (“PRI”)
      • The acquisition of Datagration Solutions Inc. added the PetroVisor and EcoVisor platforms to Weatherford’s Digital Solutions portfolio, enhancing the integration of customer data with ForeSite and Cygnet® for improved real-time analysis and decision-making.
      • Weatherford deployed its AlphaV system for a major operator in Norway in a complex application that significantly reduced time by eliminating wellbore preparation.

    Shareholder Return

    During the third quarter of 2024, Weatherford repurchased shares for approximately $50 million and paid dividends of $18 million, resulting in total shareholder returns of $68 million.

    On October 17, 2024, our Board declared a cash dividend of $0.25 per share of the Company’s ordinary shares, payable on December 5, 2024, to shareholders of record as of November 6, 2024.

    Results by Reportable Segment

    Drilling and Evaluation (“DRE”)

        Three Months Ended   Variance
    ($ in Millions)   September 30,
    2024
      June 30,
    2024
      September 30,
    2023
      Seq.   YoY
    Revenue   $ 435     $ 427     $ 388     2  %   12  %
    Segment Adjusted EBITDA   $ 111     $ 130     $ 111     (15 )%    %
    Segment Adj EBITDA Margin     25.5 %     30.4 %     28.6 %   (493 )bps   (309 )bps
     

    Third quarter 2024 DRE revenue of $435 million increased by $8 million, or 2% sequentially, primarily from higher Drilling-related Services activity partly offset by lower MPD asset sales and lower international Wireline activity. Year-over-year DRE revenues increased by $47 million, or 12%, primarily from higher Wireline activity and Drilling-related Services activity in Middle East/North Africa/Asia.

    Third quarter 2024 DRE segment adjusted EBITDA of $111 million decreased by $19 million, or 15% sequentially, primarily driven by lower MPD asset sales and lower international Wireline activity partly offset by higher fall-through in Drilling-related Services. Year-over-year DRE segment adjusted EBITDA remained flat as higher Drilling-related services were offset by lower margin fall through in MPD and Wireline.

    Well Construction and Completions (“WCC”)

        Three Months Ended   Variance
    ($ in Millions)   September 30,
    2024
      June 30,
    2024
      September 30,
    2023
      Seq.   YoY
    Revenue   $ 509     $ 504     $ 459     1 %   11 %
    Segment Adjusted EBITDA   $ 151     $ 145     $ 119     4 %   27 %
    Segment Adj EBITDA Margin     29.7 %     28.8 %     25.9 %   90 bps   374 bps
     

    Third quarter 2024 WCC revenue of $509 million increased by $5 million, or 1% sequentially, primarily due to higher international Well Services and Liner Hangers activity partly offset by lower Cementation Products in North America and Middle East/North Africa/Asia. Year-over-year WCC revenues increased by $50 million, or 11%, primarily due to higher international Completions and Liner Hangers activity, partly offset by a decrease in activity in North America.

    Third quarter 2024 WCC segment adjusted EBITDA of $151 million increased by $6 million, or 4% sequentially, primarily due to higher international Well Services and Liner Hangers activity and product and service mix partly offset by lower Tubular Running Services activity. Year-over-year WCC segment adjusted EBITDA increased by $32 million, or 27%, primarily due to higher activity and fall-through in Tubular Running Services, Completions and Well Services.

    Production and Intervention (“PRI”)

        Three Months Ended   Variance
    ($ in Millions)   September 30,
    2024
      June 30,
    2024
      September 30,
    2023
      Seq.   YoY
    Revenue   $ 371     $ 369     $ 371     1  %    %
    Segment Adjusted EBITDA   $ 83     $ 85     $ 86     (2 )%   (3 )%
    Segment Adj EBITDA Margin     22.4 %     23.0 %     23.2 %   (66 )bps   (81 )bps
     

    Third quarter 2024 PRI revenue of $371 million increased by $2 million, or 1% sequentially, mainly due to increased Digital Solutions and Pressure Pumping activity partly offset by lower Subsea Intervention activity in Latin America. Year-over-year PRI revenue was flat, as higher international Intervention Services & Drilling Tools activity was offset by a decline in Pressure Pumping activity.

    Third quarter 2024 PRI segment adjusted EBITDA of $83 million, decreased by $2 million, or 2% sequentially, primarily from lower Artificial Lift product mix and lower Subsea Intervention fall-through. Year-over-year PRI segment adjusted EBITDA decreased by $3 million, or 3% year-over-year, primarily due to lower Pressure Pumping activity.

    Revenue by Geography

        Three Months Ended   Variance
    ($ in Millions)   September 30,
    2024
      June 30,
    2024
      September 30,
    2023
      Seq.   YoY
    North America   $ 266   $ 252   $ 269   6 %   (1 )%
                         
    International   $ 1,143   $ 1,153   $ 1,044   (1 )%   9  %
    Latin America     358     353     357   1  %    %
    Middle East/North Africa/Asia     542     542     471    %   15  %
    Europe/Sub-Sahara Africa/Russia     243     258     216   (6 )%   13  %
    Total Revenue   $ 1,409   $ 1,405   $ 1,313   0.3  %   7  %


    North America

    Third quarter 2024 North America revenue of $266 million increased by $14 million, or 6% sequentially, primarily due to activity increase in Canada due to favorable seasonality and activity increase offshore in the Gulf of Mexico. Year-over-year, North America decreased by $3 million, or 1%, primarily from lower Tubular Running Services and Cementation Products activity offshore in the Gulf of Mexico, partly offset by an increase in Wireline activity.

    International

    Third quarter 2024 international revenue of $1,143 million decreased 1% sequentially and increased 9% year-over-year.

    Third quarter 2024 Latin America revenue of $358 million increased by $5 million, or 1% sequentially, primarily due to higher Well Services in Brazil and Drilling-related Services in Mexico. Year-over-year, Latin America revenue increased by $1 million.

    Third quarter 2024 Middle East/North Africa/Asia revenue of $542 million was flat sequentially, mainly due to increased activity in United Arab Emirates partly offset by a decrease in Integrated Services & Projects activity in Oman and a decrease of activity in Kuwait. Year-over-year, the Middle East/North Africa/Asia revenue increased by $71 million, or 15%, due to an increase in activity across all product lines within the DRE and WCC segments, primarily in United Arab Emirates, Saudi Arabia, Asia and Kuwait.

    Third quarter 2024 Europe/Sub-Sahara Africa/Russia revenue of $243 million decreased by $15 million or 6% sequentially, mainly driven by lower MPD asset sales. Year-over-year Europe/Sub-Sahara Africa/Russia revenue increased by $27 million, or 13%, due to increased activity across all segments.

    About Weatherford
    Weatherford delivers innovative energy services that integrate proven technologies with advanced digitalization to create sustainable offerings for maximized value and return on investment. Our world-class experts partner with customers to optimize their resources and realize the full potential of their assets. Operators choose us for strategic solutions that add efficiency, flexibility, and responsibility to any energy operation. The Company conducts business in approximately 75 countries and has approximately 19,000 team members representing more than 110 nationalities and 330 operating locations. Visit weatherford.com for more information and connect with us on social media.

    Conference Call Details

    Weatherford will host a conference call on Wednesday, October 23, 2024, to discuss the Company’s results for the third quarter ended September 30, 2024. The conference call will begin at 8:30 a.m. Eastern Time (7:30 a.m. Central Time).

    Listeners are encouraged to download the accompanying presentation slides which will be available in the investor relations section of the Company’s website.

    Listeners can participate in the conference call via a live webcast at https://www.weatherford.com/investor-relations/investor-news-and-events/events/ or by dialing +1 877-328-5344 (within the U.S.) or +1 412-902-6762 (outside of the U.S.) and asking for the Weatherford conference call. Participants should log in or dial in approximately 10 minutes prior to the start of the call.

    A telephonic replay of the conference call will be available until November 6, 2024, at 5:00 p.m. Eastern Time. To access the replay, please dial +1 877-344-7529 (within the U.S.) or +1 412-317-0088 (outside of the U.S.) and reference conference number 6410466. A replay and transcript of the earnings call will also be available in the investor relations section of the Company’s website.

    Contacts

    For Investors:
    Luke Lemoine
    Senior Vice President, Corporate Development and Investor Relations
    +1 713-836-7777
    investor.relations@weatherford.com

    For Media:
    Kelley Hughes
    Senior Director, Communications & Employee Engagement
    +1 713-836-4193
    media@weatherford.com

    Forward-Looking Statements

    This news release contains projections and forward-looking statements concerning, among other things, the Company’s quarterly and full-year revenues, adjusted EBITDA*, adjusted EBITDA margin*, adjusted free cash flow*, net leverage*, shareholder return program, forecasts or expectations regarding business outlook, prospects for its operations, capital expenditures, expectations regarding future financial results, and are also generally identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “outlook,” “budget,” “intend,” “strategy,” “plan,” “guidance,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions, although not all forward-looking statements contain these identifying words. Such statements are based upon the current beliefs of Weatherford’s management and are subject to significant risks, assumptions, and uncertainties. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may vary materially from those indicated in our forward-looking statements. Readers are cautioned that forward-looking statements are only predictions and may differ materially from actual future events or results, based on factors including but not limited to: global political disturbances, war, terrorist attacks, changes in global trade policies, weak local economic conditions and international currency fluctuations; general global economic repercussions related to U.S. and global inflationary pressures and potential recessionary concerns; various effects from conflicts in the Middle East and the Russia Ukraine conflict, including, but not limited to, nationalization of assets, extended business interruptions, sanctions, treaties and regulations imposed by various countries, associated operational and logistical challenges, and impacts to the overall global energy supply; cybersecurity issues; our ability to comply with, and respond to, climate change, environmental, social and governance and other sustainability initiatives and future legislative and regulatory measures both globally and in specific geographic regions; the potential for a resurgence of a pandemic in a given geographic area and related disruptions to our business, employees, customers, suppliers and other partners; the price and price volatility of, and demand for, oil and natural gas; the macroeconomic outlook for the oil and gas industry; our ability to generate cash flow from operations to fund our operations; our ability to effectively and timely adapt our technology portfolio, products and services to address and participate in changes to the market demands for the transition to alternate sources of energy such as geothermal, carbon capture and responsible abandonment, including our digitalization efforts; our ability to return capital to shareholders, including those related to the timing and amounts (including any plans or commitments in respect thereof) of any dividends and share repurchases; and the realization of additional cost savings and operational efficiencies.

    These risks and uncertainties are more fully described in Weatherford’s reports and registration statements filed with the Securities and Exchange Commission (the “SEC”), including the risk factors described in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Accordingly, you should not place undue reliance on any of the Company’s forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law, and we caution you not to rely on them unduly.

    *Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled

     
    Weatherford International plc
    Selected Statements of Operations (Unaudited)
                         
        Three Months Ended   Nine Months Ended
    ($ in Millions, Except Per Share Amounts)   September
    30, 2024
      June
    30, 2024
      September
    30, 2023
      September
    30, 2024
      September
    30, 2023
    Revenues:                    
    DRE Revenues   $ 435     $ 427     $ 388     $ 1,284     $ 1,154  
    WCC Revenues     509       504       459       1,471       1,320  
    PRI Revenues     371       369       371       1,088       1,086  
    All Other     94       105       95       329       213  
    Total Revenues     1,409       1,405       1,313       4,172       3,773  
                         
    Operating Income:                    
    DRE Segment Adjusted EBITDA[1]   $ 111     $ 130     $ 111     $ 371     $ 325  
    WCC Segment Adjusted EBITDA[1]     151       145       119       416       324  
    PRI Segment Adjusted EBITDA[1]     83       85       86       241       235  
    All Other[2]     23       23       7       73       25  
    Corporate[2]     (13 )     (18 )     (18 )     (45 )     (44 )
    Depreciation and Amortization     (89 )     (86 )     (83 )     (260 )     (244 )
    Share-based Compensation     (10 )     (12 )     (9 )     (35 )     (26 )
    Other (Charges) Credits     (13 )     (3 )     5       (21 )     9  
    Operating Income     243       264       218       740       604  
                         
    Other Expense:                    
    Interest Expense, Net of Interest Income of $13, $17, $15, $44 and $47     (24 )     (24 )     (30 )     (77 )     (92 )
    Loss on Blue Chip Swap Securities           (10 )           (10 )     (57 )
    Other Expense, Net     (41 )     (20 )     (24 )     (83 )   (98 )
    Income Before Income Taxes     178       210       164       570       357  
    Income Tax Provision     (12 )     (73 )     (33 )     (144 )     (55 )
    Net Income     166       137       131       426       302  
    Net Income Attributable to Noncontrolling Interests     9       12       8       32       25  
    Net Income Attributable to Weatherford   $ 157     $ 125     $ 123     $ 394     $ 277  
                         
    Basic Income Per Share   $ 2.14     $ 1.71     $ 1.70     $ 5.39     $ 3.85  
    Basic Weighted Average Shares Outstanding     73.2       73.2       72.1       73.1       71.9  
                         
    Diluted Income Per Share[3]   $ 2.06     $ 1.66     $ 1.66     $ 5.25     $ 3.76  
    Diluted Weighted Average Shares Outstanding     75.2       75.3       73.7       75.0       73.6  
     
    [1]  Segment adjusted EBITDA is our primary measure of segment profitability under U.S. GAAP ASC 280 “Segment Reporting” and represents segment earnings before interest, taxes, depreciation, amortization, share-based compensation expense and other adjustments. Research and development expenses are included in segment adjusted EBITDA.
    [2] All Other results were from non-core business activities related to all other segments (profit and loss) and Corporate includes overhead support and centrally managed or shared facility costs. All Other and Corporate do not individually meet the criteria for segment reporting.
    [3] Included the maximum potentially dilutive shares contingently issuable for an acquisition consideration during the three months ended September 30, 2024, the value of which was adjusted out of Net Income Attributable to Weatherford in calculating diluted income per share.
       
     
    Weatherford International plc
    Selected Balance Sheet Data (Unaudited)
           
    ($ in Millions) September 30, 2024   December 31, 2023
    Assets:      
    Cash and Cash Equivalents $ 920   $ 958
    Restricted Cash   58     105
    Accounts Receivable, Net   1,231     1,216
    Inventories, Net   919     788
    Property, Plant and Equipment, Net   1,050     957
    Intangibles, Net   356     370
           
    Liabilities:      
    Accounts Payable   723     679
    Accrued Salaries and Benefits   328     387
    Current Portion of Long-term Debt   21     168
    Long-term Debt   1,627     1,715
           
    Shareholders’ Equity:      
    Total Shareholders’ Equity   1,356     922
     
    Weatherford International plc
    Selected Cash Flows Information (Unaudited)
     
      Three Months Ended   Nine Months Ended
    ($ in Millions)   September
    30, 2024
        June
    30, 2024
        September
    30, 2023
        September
    30, 2024
        September
    30, 2023
     
    Cash Flows From Operating Activities:                              
    Net Income   $ 166     $ 137     $ 131     $ 426     $ 302  
    Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities:                              
    Depreciation and Amortization   89     86     83     260     244  
    Foreign Exchange Losses   35     8     15     58     73  
    Loss on Blue Chip Swap Securities       10         10     57  
    Gain on Disposition of Assets   (1 )   (25 )   (4 )   (33 )   (11 )
    Deferred Income Tax Provision (Benefit)   (19 )   13     (14 )   8     (67 )
    Share-Based Compensation   10     12     9     35     26  
    Changes in Accounts Receivable, Inventory, Accounts Payable and Accrued Salaries and Benefits   30     (22 )   (73 )   (144 )   (235 )
    Other Changes, Net   (48 )   (69 )   25     (77 )   68  
    Net Cash Provided By Operating Activities   262     150     172     543     457  
                                   
    Cash Flows From Investing Activities:                              
    Capital Expenditures for Property, Plant and Equipment   (78 )   (62 )   (42 )   (199 )   (142 )
    Proceeds from Disposition of Assets       8     7     18     21  
    Purchases of Blue Chip Swap Securities       (50 )       (50 )   (110 )
    Proceeds from Sales of Blue Chip Swap Securities       40         40     53  
    Business Acquisitions, Net of Cash Acquired   (15 )           (51 )   (4 )
    Proceeds from Sale of Investments               41     33  
    Other Investing Activities   1     3     (1 )   (6 )   (9 )
    Net Cash Used In Investing Activities   (92 )   (61 )   (36 )   (207 )   (158 )
                                   
    Cash Flows From Financing Activities:                              
    Repayments of Long-term Debt   (5 )   (87 )   (76 )   (264 )   (306 )
    Distributions to Noncontrolling Interests   (10 )   (9 )   (15 )   (19 )   (21 )
    Tax Remittance on Equity Awards Vested       (1 )       (9 )   (54 )
    Share Repurchases   (50 )           (50 )    
    Dividends Paid   (18 )           (18 )    
    Other Financing Activities   (6 )   (5 )       (18 )   (7 )
    Net Cash Used In Financing Activities   $ (89 )   $ (102 )   $ (91 )   $ (378 )   $ (388 )
    Weatherford International plc
    Non-GAAP Financial Measures Defined (Unaudited)

    We report our financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, Weatherford’s management believes that certain non-GAAP financial measures (as defined under the SEC’s Regulation G and Item 10(e) of Regulation S-K) may provide users of this financial information additional meaningful comparisons between current results and results of prior periods and comparisons with peer companies. The non-GAAP amounts shown in the following tables should not be considered as substitutes for results reported in accordance with GAAP but should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    Adjusted EBITDA* – Adjusted EBITDA* is a non-GAAP measure and represents consolidated income before interest expense, net, income taxes, depreciation and amortization expense, and excludes, among other items, restructuring charges, share-based compensation expense, as well as other charges and credits. Management believes adjusted EBITDA* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA* should be considered in addition to, but not as a substitute for consolidated net income and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    Adjusted EBITDA margin* – Adjusted EBITDA margin* is a non-GAAP measure which is calculated by dividing consolidated adjusted EBITDA* by consolidated revenues. Management believes adjusted EBITDA margin* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA margin* should be considered in addition to, but not as a substitute for consolidated net income margin and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    Adjusted Free Cash Flow* – Adjusted Free Cash Flow* is a non-GAAP measure and represents cash flows provided by (used in) operating activities, less capital expenditures plus proceeds from the disposition of assets. Management believes adjusted free cash flow* is useful to understand our performance at generating cash and demonstrates our discipline around the use of cash. Adjusted free cash flow* should be considered in addition to, but not as a substitute for cash flows provided by operating activities and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    Net Debt* – Net Debt* is a non-GAAP measure that is calculated taking short and long-term debt less cash and cash equivalents and restricted cash. Management believes the net debt* is useful to assess the level of debt in excess of cash and cash and equivalents as we monitor our ability to repay and service our debt. Net debt* should be considered in addition to, but not as a substitute for overall debt and total cash and should be viewed in addition to the Company’s results prepared in accordance with GAAP.​

    Net Leverage* – Net Leverage* is a non-GAAP measure which is calculated by dividing by taking net debt* divided by adjusted EBITDA* for the trailing 12 months. Management believes the net leverage* is useful to understand our ability to repay and service our debt. Net leverage* should be considered in addition to, but not as a substitute for the individual components of above defined net debt* divided by consolidated net income attributable to Weatherford and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    *Non-GAAP – as defined above and reconciled to the GAAP measures in the section titled GAAP to Non-GAAP Financial Measures Reconciled

     
    Weatherford International plc
    GAAP to Non-GAAP Financial Measures Reconciled (Unaudited)
     
                         
        Three Months Ended   Nine Months Ended
    ($ in Millions, Except Margin in Percentages)   September
    30, 2024
      June
    30, 2024
      September
    30, 2023
      September
    30, 2024
      September
    30, 2023
    Revenues   $ 1,409     $ 1,405     $ 1,313     $ 4,172     $ 3,773  
    Net Income Attributable to Weatherford   $ 157     $ 125     $ 123     $ 394     $ 277  
    Net Income Margin     11.1 %     8.9 %     9.4 %     9.4 %     7.3 %
    Adjusted EBITDA*   $ 355     $ 365     $ 305     $ 1,056     $ 865  
    Adjusted EBITDA Margin*     25.2 %     26.0 %     23.2 %     25.3 %     22.9 %
                         
    Net Income Attributable to Weatherford   $ 157     $ 125     $ 123     $ 394     $ 277  
    Net Income Attributable to Noncontrolling Interests     9       12       8       32       25  
    Income Tax Provision     12       73       33       144       55  
    Interest Expense, Net of Interest Income of $13, $17, $15, $44 and $47     24       24       30       77       92  
    Loss on Blue Chip Swap Securities           10             10       57  
    Other Expense, Net     41       20       24       83       98  
    Operating Income     243       264       218       740       604  
    Depreciation and Amortization     89       86       83       260       244  
    Other Charges (Credits)[1]     13       3       (5 )     21       (9 )
    Share-Based Compensation     10       12       9       35       26  
    Adjusted EBITDA*   $ 355     $ 365     $ 305     $ 1,056     $ 865  
                         
    Net Cash Provided By Operating Activities   $ 262     $ 150     $ 172     $ 543     $ 457  
    Capital Expenditures for Property, Plant and Equipment     (78 )     (62 )     (42 )     (199 )     (142 )
    Proceeds from Disposition of Assets           8       7       18       21  
    Adjusted Free Cash Flow*   $ 184     $ 96     $ 137     $ 362     $ 336  
    [1]  Other charges (credits) in the three and nine months ended September 30, 2024, primarily includes fees to third-party financial institutions to facilitate loans between those financial institutions and our largest customer in Mexico, who in turn paid certain of our outstanding receivables.

    *Non-GAAP – as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined

     
    Weatherford International plc
    GAAP to Non-GAAP Financial Measures Reconciled Continued (Unaudited)
     
                   
         
    ($ in Millions)   September
    30, 2024
      June
    30, 2024
      September
    30, 2023
     
    Current Portion of Long-term Debt   $ 21   $ 20   $ 91  
    Long-term Debt     1,627     1,628     1,864  
    Total Debt   $ 1,648   $ 1,648   $ 1,955  
                   
    Cash and Cash Equivalents   $ 920   $ 862   $ 839  
    Restricted Cash     58     58     107  
    Total Cash   $ 978   $ 920   $ 946  
                   
    Components of Net Debt              
    Current Portion of Long-term Debt   $ 21   $ 20   $ 91  
    Long-term Debt     1,627     1,628     1,864  
    Less: Cash and Cash Equivalents     920     862     839  
    Less: Restricted Cash     58     58     107  
    Net Debt*   $ 670   $ 728   $ 1,009  
                   
    Net Income for trailing 12 months   $ 534   $ 500   $ 359  
    Adjusted EBITDA* for trailing 12 months   $ 1,377   $ 1,327   $ 1,131  
                   
    Net Leverage* (Net Debt*/Adjusted EBITDA*)     0.5 x   0.5 x   0.9 x
     

    *Non-GAAP – as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined

    The MIL Network

  • MIL-OSI United Kingdom: Prime Minister warns Russian threat to global stability is accelerating as Putin ramps up attacks on Black Sea

    Source: United Kingdom – Executive Government & Departments

    Russia has stepped up attacks on Ukrainian port infrastructure in the Black Sea, delaying vital aid from reaching Palestinians, and stopping crucial grain supplies from being delivered to the global south.

    • Grain ships collateral damage in the Black Sea as Russian risk appetite increases, UK intelligence shows.
    • Prime Minister calls out Russia’s actions, saying the Black Sea strikes underscore that Putin is willing to risk anything in attempts to force Ukraine into submission.
    • UK and Norway at the forefront of protecting the corridor, funding cutting edge maritime capabilities for Ukraine to ensure grain can reach the global south.

    Russia has stepped up attacks on Ukrainian port infrastructure in the Black Sea, delaying vital aid from reaching Palestinians, and stopping crucial grain supplies from being delivered to the global south.

    The acceleration in attacks coincides with harvest season in Ukraine, a country which remains a major supplier of agricultural produce, crucial for global food security.

    Putin’s almost 1000-day conflict in Ukraine has reduced supplies for some of the world’s most in need and helped drive up food and fuel prices across the globe.

    Now, UK intelligence shows that there has been a noticeable increase in Russian risk appetite when conducting strikes on port infrastructure, with grain ships becoming collateral damage in Russia’s campaign. 

    Those strikes are believed to have delayed the MV SHUI SPIRIT from departing Ukraine while carrying vegetable oil destined for the World Food Programme in Palestine.

    It has also hit ships loaded with grain destined for Egypt, two vessels carrying corn – which Ukraine is the second biggest supplier to China of – and World Food Programme shipments bound for southern Africa. 

    Prime Minister Keir Starmer said:

    “Russia’s indiscriminate strikes on ports in the Black Sea underscore that Putin is willing to gamble on global food security in his attempts to force Ukraine into submission. 

    ‘’In doing so, he is harming millions of vulnerable people across Africa, Asia and the Middle East, to try and gain the upper hand in his barbaric war. 

    “In recent weeks, we have seen reporting that the Kremlin has been forced to turn to North Korea to provide troops to fuel its self-destructing war machine, an embarrassing and desperate act, and now they are intensifying attacks on areas of Ukraine that support the global south with much-needed food. 

    “Russia has no respect for the norms and laws that govern our international system. Not only was their illegal invasion a blatant attack on the principles of the UN Charter, but the way they have executed their war in Ukraine shows no respect for human life, or the consequences of their invasion across the world.” 

    According to Defence Intelligence, between 05 – 14 October 2024, at least four merchant vessels have been struck by Russian munitions. 

    These include: 

    1.       05 October 2024 – Yuzhny port – MV PARESA (St Kitts and Nevis flagged) was almost certainly the target of the strike that damaged it. Following the attack, the Russian MoD released a video of what they say shows the vessel unloading containerised cargo which they likely perceive to be weapons. 

    2.       07 October 2024 – Odesa port – MV  OPTIMA (Palau flagged). There is a realistic possibility that the vessel was collateral damage as a result of a strike on port infrastructure and was not the direct target of the attack. MV OPTIMA was also likely further damaged in a strike on port infrastructure on 15 October 2024. 

    3.       08 October 2024 – Chronomorsk port MV SHUI SPIRIT (Panama flagged).Ukraine’s Minister of Agrarian Policy and Food Vitalii Koval stated the MV SHUI SPIRIT was carrying sunflower oil as part of a UN shipment. However, the vessel was a containerised cargo carrier and noting the earlier strike on MV OPTIMA, there is a realistic possibility that this vessel was also the target of the strike as opposed to collateral damage. 

    4.       14 October 2024 – Odesa port – NS MOON (Belize flagged) was likely damaged in strikes on port infrastructure. The vessel was likely collateral damage in strikes on port infrastructure. 

    The announcement comes as this government announces a further £2.26 billion for Ukraine as part of the UK’s contribution to the G7 Extraordinary Revenue Acceleration (ERA) Loans to Ukraine scheme.  

    Through the scheme, $50 billion from G7 countries will be delivered to Ukraine for its military, budget and reconstruction needs. The loan will be repaid using the extraordinary profits on immobilised Russian sovereign assets. 

    The UK has been at the forefront of work to protect the maritime corridor in the Black Sea. The Maritime Capability Coalition – led by the UK and Norway – is focused on delivering a future naval fighting force for Ukraine and has been instrumental in helping to equip Ukraine’s navy with items such as uncrewed surface vessels, better known as maritime drones, which will protect the corridor. 

    The UK is donating an additional £120 million toward the Maritime Capability Coalition and is seeking partners to co-fund delivery of hundreds more maritime drones (aerial and uncrewed boats), as well as surveillance radars to protect the Grain Corridor. 

    And together, the UK and Norway are seeking a further £100 million to co-fund hundreds more. 

    Recent gifting packages have provided dozens of amphibious all-terrain vehicles and raiding craft, hundreds of anti-ship missiles for coastal defence and river operations, and hundreds of thousands of rounds of ammunition to accompany the machine guns we have provided. 

    Russia’s brutal and indiscriminate attacks have not been limited to the Black Sea, Putin’s forces have also been targeting civilian infrastructure in Ukraine throughout this year, aiming to make life intolerable for the Ukrainian people, especially as the country heads into winter. 

    They have attacked thousands of civilian targets, including hospitals and energy infrastructure. 

    Open-source intelligence shows there has been 1,522 attacks on Ukraine’s health care system since February 2022, 774 attacks damaged or destroyed hospitals and clinics, and 234 health workers have been killed.

    Updates to this page

    Published 22 October 2024

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Press release: Prime Minister warns Russian threat to global stability is accelerating as Putin ramps up attacks on Black Sea

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    Russia has stepped up attacks on Ukrainian port infrastructure in the Black Sea, delaying vital aid from reaching Palestinians, and stopping crucial grain supplies from being delivered to the global south.

    • Grain ships collateral damage in the Black Sea as Russian risk appetite increases, UK intelligence shows.
    • Prime Minister calls out Russia’s actions, saying the Black Sea strikes underscore that Putin is willing to risk anything in attempts to force Ukraine into submission.
    • UK and Norway at the forefront of protecting the corridor, funding cutting edge maritime capabilities for Ukraine to ensure grain can reach the global south.

    Russia has stepped up attacks on Ukrainian port infrastructure in the Black Sea, delaying vital aid from reaching Palestinians, and stopping crucial grain supplies from being delivered to the global south.

    The acceleration in attacks coincides with harvest season in Ukraine, a country which remains a major supplier of agricultural produce, crucial for global food security.

    Putin’s almost 1000-day conflict in Ukraine has reduced supplies for some of the world’s most in need and helped drive up food and fuel prices across the globe.

    Now, UK intelligence shows that there has been a noticeable increase in Russian risk appetite when conducting strikes on port infrastructure, with grain ships becoming collateral damage in Russia’s campaign. 

    Those strikes are believed to have delayed the MV SHUI SPIRIT from departing Ukraine while carrying vegetable oil destined for the World Food Programme in Palestine.

    It has also hit ships loaded with grain destined for Egypt, two vessels carrying corn – which Ukraine is the second biggest supplier to China of – and World Food Programme shipments bound for southern Africa. 

    Prime Minister Keir Starmer said:

    “Russia’s indiscriminate strikes on ports in the Black Sea underscore that Putin is willing to gamble on global food security in his attempts to force Ukraine into submission. 

    ‘’In doing so, he is harming millions of vulnerable people across Africa, Asia and the Middle East, to try and gain the upper hand in his barbaric war. 

    “In recent weeks, we have seen reporting that the Kremlin has been forced to turn to North Korea to provide troops to fuel its self-destructing war machine, an embarrassing and desperate act, and now they are intensifying attacks on areas of Ukraine that support the global south with much-needed food. 

    “Russia has no respect for the norms and laws that govern our international system. Not only was their illegal invasion a blatant attack on the principles of the UN Charter, but the way they have executed their war in Ukraine shows no respect for human life, or the consequences of their invasion across the world.” 

    According to Defence Intelligence, between 05 – 14 October 2024, at least four merchant vessels have been struck by Russian munitions. 

    These include: 

    1.       05 October 2024 – Yuzhny port – MV PARESA (St Kitts and Nevis flagged) was almost certainly the target of the strike that damaged it. Following the attack, the Russian MoD released a video of what they say shows the vessel unloading containerised cargo which they likely perceive to be weapons. 

    2.       07 October 2024 – Odesa port – MV  OPTIMA (Palau flagged). There is a realistic possibility that the vessel was collateral damage as a result of a strike on port infrastructure and was not the direct target of the attack. MV OPTIMA was also likely further damaged in a strike on port infrastructure on 15 October 2024. 

    3.       08 October 2024 – Chronomorsk port MV SHUI SPIRIT (Panama flagged).Ukraine’s Minister of Agrarian Policy and Food Vitalii Koval stated the MV SHUI SPIRIT was carrying sunflower oil as part of a UN shipment. However, the vessel was a containerised cargo carrier and noting the earlier strike on MV OPTIMA, there is a realistic possibility that this vessel was also the target of the strike as opposed to collateral damage. 

    4.       14 October 2024 – Odesa port – NS MOON (Belize flagged) was likely damaged in strikes on port infrastructure. The vessel was likely collateral damage in strikes on port infrastructure. 

    The announcement comes as this government announces a further £2.26 billion for Ukraine as part of the UK’s contribution to the G7 Extraordinary Revenue Acceleration (ERA) Loans to Ukraine scheme.  

    Through the scheme, $50 billion from G7 countries will be delivered to Ukraine for its military, budget and reconstruction needs. The loan will be repaid using the extraordinary profits on immobilised Russian sovereign assets. 

    The UK has been at the forefront of work to protect the maritime corridor in the Black Sea. The Maritime Capability Coalition – led by the UK and Norway – is focused on delivering a future naval fighting force for Ukraine and has been instrumental in helping to equip Ukraine’s navy with items such as uncrewed surface vessels, better known as maritime drones, which will protect the corridor. 

    The UK is donating an additional £120 million toward the Maritime Capability Coalition and is seeking partners to co-fund delivery of hundreds more maritime drones (aerial and uncrewed boats), as well as surveillance radars to protect the Grain Corridor. 

    And together, the UK and Norway are seeking a further £100 million to co-fund hundreds more. 

    Recent gifting packages have provided dozens of amphibious all-terrain vehicles and raiding craft, hundreds of anti-ship missiles for coastal defence and river operations, and hundreds of thousands of rounds of ammunition to accompany the machine guns we have provided. 

    Russia’s brutal and indiscriminate attacks have not been limited to the Black Sea, Putin’s forces have also been targeting civilian infrastructure in Ukraine throughout this year, aiming to make life intolerable for the Ukrainian people, especially as the country heads into winter. 

    They have attacked thousands of civilian targets, including hospitals and energy infrastructure. 

    Open-source intelligence shows there has been 1,522 attacks on Ukraine’s health care system since February 2022, 774 attacks damaged or destroyed hospitals and clinics, and 234 health workers have been killed.

    Updates to this page

    Published 22 October 2024

    MIL OSI United Kingdom

  • MIL-Evening Report: Scurvy is largely a historical disease but there are signs it’s making a comeback

    Source: The Conversation (Au and NZ) – By Lauren Ball, Professor of Community Health and Wellbeing, The University of Queensland

    Matilda Wormwood/Pexels

    Scurvy is is often considered a historical ailment, conjuring images of sailors on long sea voyages suffering from a lack of fresh fruit and vegetables.

    Yet doctors in developed countries have recently reported treating cases of scurvy, including Australian doctors who reported their findings today in the journal BMJ Case Reports.

    What is scurvy?

    Scurvy is a disease caused by a severe deficiency of vitamin C (ascorbic acid), which is essential for the production of collagen. This protein helps maintain the health of skin, blood vessels, bones and connective tissue.

    Without enough vitamin C, the body cannot properly repair tissues, heal wounds, or fight infections. This can lead to a range of symptoms including:

    • fatigue and weakness
    • swollen, bleeding gums or loose teeth
    • joint and muscle pain and tenderness
    • bruising easily
    • dry, rough or discoloured skin (reddish or purple spots due to bleeding under the skin)
    • cuts and sores take longer to heal
    • anaemia (a shortage of red blood cells, leading to further fatigue and weakness)
    • increased susceptibility to infections.

    It historically affected sailors

    Scurvy was common from the 15th to 18th centuries, when naval sailors and other explorers lived on rations or went without fresh food for long periods. You might have heard some of these milestones in the history of the disease:

    • in 1497-1499, Vasco da Gama’s crew suffered severely from scurvy during their expedition to India, with a large portion of the crew dying from it

    • from the 16th to 18th centuries, scurvy was rampant among European navies and explorers, affecting notable figures such as Ferdinand Magellan and Sir Francis Drake. It was considered one of the greatest threats to sailors’ health during long voyages

    • in 1747, British naval surgeon James Lind is thought to have conducted one of the first clinical trials, demonstrating that citrus fruit could prevent and cure scurvy. However, it took several decades for his findings to be widely implemented

    • in 1795, the British Royal Navy officially adopted the practice of providing lemon or lime juice to sailors, dramatically reducing the number of scurvy cases.

    Evidence of scurvy re-emerging

    In the new case report, doctors in Western Australia reported treating a middle-aged man with the condition. In a separate case report, doctors in Canada reported treating a 65-year old woman.

    There’s an abundance of vitamin C in our food supply, but some people still aren’t getting enough.
    Rebecca Kate/Pexels

    Both patients presented with leg weakness and compromised skin, yet the doctors didn’t initially consider scurvy. This was based on the premise that there is abundant vitamin C in our modern food supply, so deficiency should not occur.

    On both occasions, treatment with high doses of vitamin C (1,000mg per day for at least seven days) resulted in improvements in symptoms and eventually a full recovery.

    The authors of both case reports are concerned that if scurvy is left untreated, it could lead to inflamed blood vessels (vasculitis) and potentially cause fatal bleeding.

    Last year, a major New South Wales hospital undertook a chart review, where patient records are reviewed to answer research questions.

    This found vitamin C deficiency was common. More than 50% of patients who had their vitamin C levels tested had either a modest deficiency (29.9%) or significant deficiency (24.5%). Deficiencies were more common among patients from rural and lower socioeconomic areas.

    Now clinicians are urged to consider vitamin C deficiency and scurvy as a potential diagnosis and involve the support of a dietitian.

    Why might scurvy be re-emerging?

    Sourcing and consuming nutritious foods with sufficient vitamin C is unfortunately still an issue for some people. Factors that increase the risk of vitamin C deficiency include:

    • poor diet. People with restricted diets – due to poverty, food insecurity or dietary choices – may not get enough vitamin C. This includes those who rely heavily on processed, nutrient-poor foods rather than fresh produce

    • food deserts. In areas where access to fresh, affordable fruits and vegetables is limited (often referred to as food deserts), people may unintentionally suffer from a vitamin C deficiency. In some parts of developing countries such as India, lack of access to fresh food is recognised as a risk for scurvy

    • the cost-of-living crisis. With greater numbers of people unable to pay for fresh produce, people who limit their intake of fruits and vegetables may develop nutrient deficiencies, including scurvy

    Capsicums are a good source of vitamin D but they’re not cheap.
    Pexels/Jack Sparrow
    • weight loss procedures and medications. Restricted dietary intake due to weight loss surgery or weight loss medications may lead to nutrient deficiencies, such as in this case report of scurvy from Denmark

    • mental illness and eating disorders. Conditions such as depression and anorexia nervosa can lead to severely restricted diets, increasing the risk of scurvy, such as in this case report from 2020 in Canada

    • isolation. Older adults, especially those who live alone or in nursing homes, may have difficulty preparing balanced meals with sufficient vitamin C

    • certain medical conditions. People with digestive disorders, malabsorption issues, or those on restrictive medical diets (due to severe allergies or intolerances) can develop scurvy if they are unable to absorb or consume enough vitamin C.

    How much vitamin C do we need?

    Australia’s dietary guidelines recommend adults consume 45mg of vitamin C (higher if pregnant or breastfeeding) each day. This is roughly the amount found in half an orange or half a cup of strawberries.

    When more vitamin C is consumed than required, excess amounts leave the body through urine.

    Signs of scurvy can appear as early as a month after a daily intake of less than 10 mg of vitamin C.

    Eating vitamin C-rich foods – such as oranges, strawberries, kiwifruit, plums, pineapple, mango, capsicum, broccoli and Brussels sprouts – can resolve symptoms within a few weeks.

    Vitamin C is also readily available as a supplement if there are reasons why intake through food may be compromised. Typically, the supplements contain 1,000mg per tablet, and the recommended upper limit for daily Vitamin C intake is 2,000mg.

    Lauren Ball receives funding from the National Health and Medical Research Council, Queensland Health and Mater Misericordia. She is a Director of Dietitians Australia, a Director of Food Standards Australia and New Zealand, a Director of the Darling Downs and West Moreton Primary Health Network and an Associate Member of the Australian Academy of Health and Medical Sciences.

    ref. Scurvy is largely a historical disease but there are signs it’s making a comeback – https://theconversation.com/scurvy-is-largely-a-historical-disease-but-there-are-signs-its-making-a-comeback-241894

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Submissions: Census results reflect Aotearoa New Zealand’s diversity – Stats NZ media and information release: 2023 Census population, dwelling, and housing highlights

    Source: Statistics New Zealand

    Census results reflect Aotearoa New Zealand’s diversity – media release – 3 October 2024 – Aotearoa New Zealand continues to become more culturally diverse, according to 2023 Census data released by Stats NZ today.

    The 2023 Census showed that people living in Aotearoa New Zealand identified with a wide range of ethnicities – and spoke over 150 languages. Additionally, while most of the population were born here, New Zealand was also home to people born in a diverse range of countries.

    “Just under 30 percent of New Zealanders were born overseas, and the census recorded well over 200 different birthplaces,” deputy government statistician and deputy chief executive insights and statistics Rachael Milicich said.

    “Pretty much every part of the world is represented here, from people born in Iceland in the north, to Argentina in the south.”

    Of the census usually resident population count, 3.5 million people were born in New Zealand and 1.4 million were born overseas.

    Visit Statistics NZ’s website to read this news story and information release:

    MIL OSI

  • MIL-OSI: eQ Plc’s interim report Q3 2024 – eQ’s operating profit EUR 27.6 million

    Source: GlobeNewswire (MIL-OSI)

    eQ Plc interim report
    22 October 2024 at 8:00 AM

    January to September 2024 in brief

    • During the period under review, the Group’s net revenue totalled EUR 50.9 million (EUR 52.3 million from 1 Jan. to 30 Sept. 2023). The Group’s net fee and commission income was EUR 49.8 million (EUR 51.5 million).
    • The Group’s operating profit fell by 8% to EUR 27.6 million (EUR 30.0 million).
    • The Group’s profit was EUR 21.9 million (EUR 23.8 million).
    • The consolidated earnings per share were EUR 0.53 (EUR 0.59).
    • The net revenue of the Asset Management segment decreased by 10% to EUR 45.5 million (EUR 50.3 million) and the operating profit by 15% to EUR 26.9 million (EUR 31.7 million). The management fees of the Asset Management segment fell by 10% to EUR 42.0 million (EUR 46.8 million) and the performance fees increased by 3% to EUR 4.0 million (EUR 3.9 million). During the review period, the assets managed by eQ Asset Management grew by 3% to EUR 13.3 billion (EUR 12.9 billion on 31 Dec. 2023).
    • The net revenue of the Corporate Finance segment was EUR 4.3 million (EUR 1.2 million)
       and the operating profit was EUR 1.5 million (EUR -0.9 million).
    • The operating profit of the Investments segment was EUR 0.5 million (EUR 0.4 million).
    • The net cash flow from the Group’s own private equity and real estate fund investment operations was EUR 0.7 million (EUR 0.2 million).

    July to September 2024 in brief

    • In the third quarter, the Group’s net revenue totalled EUR 16.7 million (EUR 16.6 million from 1 July to 30 Sept. 2023). The Group’s net fee and commission income was EUR 16.6 million (EUR 16.2 million).
    • The Group’s operating profit fell by 6% to EUR 9.6 million (EUR 10.2 million).
    • The Group’s profit was EUR 7.6 million (EUR 8.1 million).
    • The consolidated earnings per share were EUR 0.18 (EUR 0.20).
    Key ratios 1-9/24 1-9/23 Change 7-9/24 7-9/23 Change 1-12/23
    Net revenue, Group, MEUR 50.9 52.3 -3% 16.7 16.6 1% 70.9
    Net revenue, Asset Management, MEUR 45.5 50.3 -10% 15.2 15.9 -4% 66.9
    Net revenue, Corporate Finance, MEUR 4.3 1.2 251% 1.3 0.3 300% 3.9
    Net revenue, Investments, MEUR 0.5 0.4 15% -0.1 0.3 -133% -0.6
    Net revenue, Group administration and eliminations, MEUR 0.7 0.4   0.2 0.1    0.6
                   
    Operating profit, Group, MEUR 27.6 30.0 -8% 9.6 10.2 -6% 39.7
    Operating profit, Asset Management, MEUR 26.9 31.7 -15% 9.4 10.5 -10% 41.4
    Operating profit, Corporate Finance, MEUR 1.5 -0.9 265% 0.5 -0.2 331% 0.7
    Operating profit, Investments, MEUR 0.5 0.4 15% -0.1 0.3 -133% -0.6
    Operating profit, Group administration, MEUR -1.1 -1.3   -0.3 -0.4   -1.7
                   
    Profit for the period, MEUR 21.9 23.8 -8% 7.6 8.1 -6% 31.5
                   
    Key ratios 1-9/24 1-9/23 Change 7-9/24 7-9/23 Change 1-12/23
    Earnings per share, EUR 0.53 0.59 -9% 0.18 0.20 -8% 0.78
    Equity per share, EUR 1.64 1.65 -1% 1.64 1.65 -1% 1.85
    Cost/income ratio, Group, % 45.7 42.6 7% 42.8 38.5 11% 43.8
                   
    Liquid assets, MEUR 29.0 22.4 29% 29.0 22.4 29% 33.4
    Private equity and real estate fund investments, MEUR 16.5 17.1 -4% 16.5 17.1 -4% 16.6
    Interest-bearing loans, MEUR 0.0 0.0 0% 0.0 0.0 0% 0.0
                   
    Assets under management excluding reporting services, EUR billion 10.4 9.9 4% 10.4 9.9 4% 10.0
    Assets under management, EUR billion 13.3 12.8 4% 13.3 12.8 4% 12.9

    Mikko Koskimies, CEO

    Before the summer, it was expected that the Federal Reserve would not be able to cut its reference rate until late 2024 or in 2025. However, this view changed in early August, when labour market data was clearly weaker than expected. Strong fears emerged in the markets that the central bank acted too late when cutting interest rates and that the economy was at risk of a recession. Interest rate markets immediately anticipated that the Federal Reserve would cut its reference rate exceptionally quickly and sharply. Stock markets fell. Market positions were unwound at a rapid pace, resulting in Japanese yen’s sharp value increase and the Japanese stock market’s steep decline.

    Economic data released in the following weeks showed that market reactions had been disproportionate. However, the increased risk of recession was reflected in the Federal Reserve cutting its reference rate by 0.5 percentage points in September. The European Central Bank had already cut its reference rate in the summer and implemented another 0.25 percentage point cut in September. In Europe, economic growth differentials are exceptionally high, complicating the ECB’s monetary policy stance. Towards the end of the third quarter, China announced larger economic policy measures to boost growth. This led to a sharp rise in share prices at the very end of the quarter.

    Equity markets fluctuated in line with the recession, but as predictions of the economy’s soft landing returned, third-quarter returns turned clearly positive. At the beginning of the year, the US was the frontrunner, with the S&P 500 index returning as much as 21.7% in dollars (20.5% in euros). The rise of US share prices continues to be driven by a few technology companies. MSCI Europe had risen 11.6% since the beginning of the year. The Finnish stock market rose rapidly in the third quarter, up 8.8% from the start of the year. In emerging markets, share prices rose by 15.7% at the start of the year.

    eQ’s operating profit EUR 27.6 million

    The net revenue of the Group during the review period was EUR 50.9 million and the operating profit was EUR 27.6 million. Operating profit fell by 8 per cent from the previous year.

    eQ Asset Management’s assets under management increased

    eQ Asset Management’s net revenue in the review period fell by 10 per cent to EUR 45.5 million. The operating profit of the period fell by 15 per cent to EUR 26.9 million. The assets managed by eQ Asset Management grew by 3 per cent to EUR 13.3 billion during the period under review.

    As for traditional interest and equity investments, the returns of client portfolios in the first half were very good. Of the funds that eQ manages itself, 38 per cent surpassed their benchmark indices, and during a three-year period the corresponding figure was 62 per cent. During the review period eQ’s funds also received awards from both Morningstar and Lipper.

    As for sales, the year 2024 has gone well especially in Private Equity asset management. In 2024, Private Equity assets are raised to the eQ PE XVI North and eQ PE SF V funds, which make investments in Northern Europe. Their sizes increased to almost EUR 300 million in total at the end September. At the same time, the size the eQ VC II fund, which makes Venture Capital investments and which was started with the first closing of EUR 20 million last October, grew to 49 million dollars.

    Advium’s profit grew

    During the period under review, Advium’s net revenue totalled EUR 4.3 million (EUR 1.2 million). Operating profit was EUR 1.5 million (EUR -0.9 million).

    M&A activity in the third quarter of the year has remained at the same level as at the beginning of the year, but at a clearly lower level compared to the longer-term average. Volumes of the real estate transaction market are also still significantly below the long-term average.

    During the first nine months of 2024, Advium advised on four M&A transactions and one real estate transaction: Advising Aspo Plc on its minority investment in OP Suomi Infra, advising the eQ Commercial Properties fund on the sale of the Bredis retail park, advising an acquiring consortium on the public offer for Purmo Group, advising Innofactor Board of Directors on public cash offer for the company and advising Forcit on its agreement to acquire part of Orica’s Finnish and Swedish businesses.

    Jacob af Forselles was appointed as the Managing Director of Advium Corporate Finance Ltd and as a member to eQ Group’s Management Team. He started in his position at the beginning of August.

    The operating profit of Investments increased slightly

    The operating profit of the Investments segment was EUR 0.5 million (EUR 0.4 million), and the net cash flow was EUR 0.7 million (EUR 0.2 million). The balance sheet value of the private equity and real estate fund investments at the end of the period was EUR 16.5 million (EUR 16.6 million on 31 Dec. 2023). During the period, eQ Plc made a EUR 1 million investment commitment in the new eQ PE XVI North fund.

    Outlook

    The asset management market in Finland has grown strongly, and eQ’s growth has outpaced the market. We estimate that the long-term outlook for growth in the asset management market and for eQ in Finland is still good.

    For eQ’s real estate funds, 2023 was a difficult year due to an increase of the yields resulting from a strong rise in the interest rate level. As yields rose, values of properties clearly declined. Also, net subscriptions in funds were negative. The limited availability of real estate financing also contributed to a significant decrease in real estate transactions. With regard to the real estate funds, we expect 2024 to be a challenging year, although the long-term outlook for growth is good. Sales of eQ’s Private Equity products has continued to be strong, and the desire of Finnish asset management clients to increase Private Equity allocations in their portfolios will continue to support the growth of eQ’s Private Equity products. We also anticipate a growth in performance fees from 2025 onwards, due to the transfer of several Private Equity products to a performance fee stage. eQ’s competitive position in traditional asset management products and discretionary asset management is good thanks to excellent returns on investments. We believe that traditional asset management has great potential for growth in future years, considering however its characteristic short-term variation according to market conditions.

    ***

    eQ’s interim report 1 January to 30 September 2024 is enclosed to this release and it is also available on the company website at http://www.eQ.fi.

    eQ Plc

    Additional information:
    Mikko Koskimies, CEO, tel. +358 9 6817 8799
    Antti Lyytikäinen, CFO, tel. +358 9 6817 8741

    Distribution: Nasdaq Helsinki, http://www.eQ.fi, media

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

    Attachment

    The MIL Network

  • MIL-OSI United Nations: Renault Group takes a stand alongside the United Nations Special Envoy for Road Safety to make mobility safer

    Source: United Nations Economic Commission for Europe

    Renault Group and the United Nations, via the UN Economic Commission for Europe (UNECE), have entered into a two-year strategic partnership agreement to support the work of the UN Secretary-General’s Special Envoy for Road Safety, Jean Todt. 

    With this partnership, Renault Group has become the first automobile manufacturer to take a stand alongside the Special Envoy’s Secretariat and is stepping up its long-standing commitment to increasingly safe and accessible mobility in all its markets. 

    The partners will take action together to promote road safety by providing training, raising awareness and deploying innovation, with a view to benefiting everyone on roads.  

    Boulogne-Billancourt (France) and Geneva (Switzerland) – Renault Group and the Secretariat of the UN Secretary-General’s Special Envoy for Road Safety announce today a partnership to draw attention to road safety around the world, provide training and deploy technological breakthroughs to save lives. By supporting the UN’s endeavour, Renault Group is reasserting its determination to work towards ever safer and more accessible mobility benefiting everyone on roads. During this two-year partnership, Renault Group will share with the Special Envoy the expertise it has gathered through its long-standing commitment to road safety.  

    Renault Group’s commitment supports the UN’s aim to halve the number of global deaths and injuries from road traffic crashes.  

    “For Renault, taking safety seriously doesn’t just mean ticking boxes. It means fulfilling our regulatory obligations but also pushing further, guided by what we believe in and our determination to make a difference. By coming up with solutions that make our cars even safer and by pushing innovation everywhere it makes sense. So we are pioneering technology, but also taking action that can potentially make mobility safer, while ranking the issue at the top of the agenda everywhere. That is why I feel very happy that we are supporting Jean Todt’s and the United Nations’ commitment to road safety” Luca de Meo, Chief Executive Officer of Renault Group 

    A major societal concern

    In a world where road crashes remain the leading killer of children and youth aged 5 to 29 years (WHO 2023), there is an urgent need for collective efforts to address this crisis and pave the way for safer roads. 

    “There were an estimated 1.19 million road traffic deaths in 2021. These new WHO figures give us a sense of the horror we have to deal with. This is why it is so urgent to join forces with partners such as Renault to put an end to the carnage and shine a light on this silent pandemic. Without the active involvement of all actors, including institutional and public sector partners, civil society and the private sector, including car manufacturers, we won’t achieve our objective of halving the number of victims on roads by 2030. I commend Renault Group for its leadership and commitment at our side in this battle.” Jean Todt, the UN Secretary-General’s Special Envoy for Road Safety. 

    Road safety facts and figures worldwide (World Health Organization, 2023) 

    • Only 7 countries (France, Greece, Hungary, Italy, Luxembourg, Portugal and Sweden) have applied the WHO’s legislative best practices relating to five risk factors: speeding, drinking and driving, not wearing seat belts, not wearing helmets, and not transporting children in child restraints 

    • Only 10 countries (Belarus, Brunei Darussalam, Denmark, Japan, Lithuania, Norway, Russian Federation, Trinidad and Tobago, United Arab Emirates and Venezuela) succeeded in reducing road traffic deaths by over 50% between 2010 and 2021.

    About Renault Group  

    Renault Group is at the forefront of reinventing mobility. Backed by its alliance with Nissan and Mitsubishi Motors, and its unique expertise in terms of electrification, Renault Group draws on the complementary nature of its four brands – Renault, Dacia, Alpine and Mobilize – to offer its customers sustainable and innovative mobility solutions. With operations in more than 130 countries, the Group sold 2.235 million vehicles in 2023. It employs nearly 105,000 people who embody its raison d’être on a daily basis, so that mobility brings us closer to one another. Ready to take up challenges on the road as well as in competition, the Group is committed to an ambitious and value-generating transformation. This is centred on the development of new technologies and services, and a new range of even more competitive, balanced and electrified vehicles. In line with environmental challenges, Renault Group’s ambition is to achieve carbon neutrality in Europe by 2040. 

    https://www.renaultgroup.com  

    About the UN and road safety  

    The United Nations has been promoting road safety since the late 1940s, when the first international agreements on the issue were signed. Following the “Decade of Action for Road Safety 2011-2020”, the UN General Assembly in August 2020 adopted a resolution on “Improving Road Safety”, that reconfirmed its commitment to halving the number of global traffic deaths and injuries and to providing access to safe, affordable, accessible, and sustainable transport systems for all by 2030. In October 2021, the World Health Organization and the United Nations Regional Commissions, in cooperation with partners in the United Nations Road Safety Collaboration and other stakeholders, developed the Global Plan for the Decade of Action for Road Safety 2021-2030, as a guiding document to support the implementation of the Decade of Action 2021–2030 and its objectives. 

    In July 2022, the road safety community met in New York City for the first ever High-Level Meeting on Improving Global Road Safety at the United Nations General Assembly, unanimously adopting a text titled: “Political declaration of the high-level meeting on improving global road safety”. 

    To galvanize intersectoral actions and raise the visibility of road safety, the UN Secretary-General, Ban Ki-moon, appointed in 2015 Jean Todt as his Special Envoy for Road Safety. He was reconfirmed in this role by António Guterres, in 2017 and in 2021. In 2018, Jean Todt contributed to the creation of the UN Road Safety Fund (UNRSF). In his role as UN Special Envoy, Mr. Todt contributes, among other things, to mobilize sustained political commitment to make road safety a priority; to advocate and raise awareness of UN legal instruments on road safety; to share established good practices in this area; to generate adequate funding through strategic partnerships between the public, private and non-governmental sectors. 

    Special Envoy brochure and Twitter account. 

    The secretariat of the UN Secretary-General’s Special Envoy for Road Safety is hosted in UNECE. UNECE is the custodian of the United Nations road safety legal instruments applicable worldwide, such as the Convention on Road Traffic, the Convention on Road Signs and Signals, and the 1958, 1997 and 1998 Vehicle Regulations Agreements. UNECE remains the only permanent intergovernmental forum in the United Nations that focuses on improving road safety. 

    MIL OSI United Nations News

  • MIL-OSI United Nations: Human Rights Council Concludes Fifty-Seventh Regular Session after Adopting 37 Resolutions and One Statement by the President

    Source: United Nations – Geneva

    Council Extends Mandates of Nine Country and One Thematic Mandate Holders

    The Human Rights Council today concluded its fifty-seventh regular session after adopting 37 resolutions and one Statement by the President, in which it, among others, extended the mandates of nine country and one thematic mandate holders.

    The Council extended the mandate of the Office of the High Commissioner for Human Rights on promoting reconciliation, accountability and human rights in Sri Lanka under agenda item two.

    It extended for a period of one year the mandates of the independent international fact-finding mission for the Sudan under agenda item two; of the Special Rapporteur on the situation of human rights in Afghanistan, the Special Rapporteur on the situation of human rights in the Russian Federation, and the Special Rapporteur on the situation of human rights in Burundi, under agenda item four; and of the Independent Expert on the situation of human rights in Somalia, the Team of International Experts on the Democratic Republic of the Congo, and the Independent Expert on the situation of human rights in the Central African Republic under agenda item 10.

    Under agenda item four, the mandate of the independent international fact-finding mission on the Bolivarian Republic of Venezuela was extended for a period of two years. 

    The Council also decided to extend, for a period of three years, the mandate of the Special Rapporteur on the promotion and protection of human rights in the context of climate change.

    Further resolutions adopted concerned the thirtieth anniversary of the Beijing Declaration and Platform for Action; the role of good governance in the promotion and protection of human rights; countering cyberbullying; promotion of a democratic and equitable order; the use of mercenaries as a means of violating human rights and impeding the exercise of the right of peoples to self-determination; social reintegration of persons released from detention and persons subjected to non-custodial measures; the World Programme for Human Rights Education: the plan of action for the fifth phase; and on terrorism and human rights.

    Other resolutions concerned local government and human rights; the human rights to safe drinking water and sanitation; the human rights of migrants; human rights and indigenous peoples; promoting accessibility for the full enjoyment of all human rights by all; equal participation in political and public affairs; the elimination of domestic violence; the right to development; the situation of human rights in the Syrian Arab Republic; national human rights institutions; education as a tool to prevent racism, racial discrimination, xenophobia and related intolerance; from rhetoric to reality: a global call for concrete action against racism, racial discrimination, xenophobia and related intolerance; technical assistance and capacity-building to address the human rights implications of the nuclear legacy in the Marshall Islands; biodiversity and human rights; promotion, protection and enjoyment of human rights on the Internet; and youth and human rights.

    Resolutions on the enhancement of technical cooperation and capacity-building in the field of human rights; cooperation with Georgia; and technical assistance and capacity-building for Yemen in the field of human rights were also adopted.

    The President’s Statement adopted concerned the report of the Advisory Committee on its thirty-first session. 

    During the session, the Council adopted the final outcomes of the Universal Periodic Review of 14 States, namely those of New Zealand, Afghanistan, Chile, Cyprus, Viet Nam, Yemen, Vanuatu, North Macedonia, Comoros, Slovakia, Eritrea, Uruguay, the Dominican Republic and Cambodia.

    At the end of the session, the Council appointed four Special Procedures mandate holders: the Special Rapporteur on the situation of human rights in Belarus, Nils Muižnieks (Latvia); for the Working Group of Experts on People of African Descent, member from Western European and other States, Isabel Mamadou (Spain); for the Working Group on Enforced or Involuntary Disappearances, member from Asia-Pacific States, Mohammed Al-Obaidi (Iraq); and for the Working Group on the use of mercenaries as a means of violating human rights and impeding the exercise of the right of peoples to self-determination, member from Latin American and Caribbean States, Andrés Macias Tolosa (Colombia). 

    The Council also elected four members of its Advisory Committee: Frans Viljoen (African States), Miznah O.Alomair (Asia-Pacific States), Alessandra Devulsky (Latin American and Caribbean States), and Vassilis Tzevelekos (Western Europe and other States).

    Darius Staniulis, Vice-President and Rapporteur of the Human Rights Council, said over the past five weeks, the Council completed its extensive programme of work.  It held 23 interactive dialogues with Special Procedures mandate holders and expert mechanisms; nine interactive dialogues with the High Commissioner, Deputy High Commissioner, Assistant Secretary-General and other Office of the High Commissioner for Human Rights Representatives; five dialogues with international investigative mechanisms; five enhanced interactive dialogues; six panel discussions; and nine general debates.  The Council also adopted 14 outcomes of the Universal Periodic Review.  Finally, the Council completed the adoption of 37 resolutions and one President’s Statement across a wide range of issues.

    The Council adopted the draft report of the fifth-seventh session ad referendum.

    Omar Zniber, President of the Human Rights Council, in his concluding remarks,

    extended his deepest gratitude to the members of the Bureau, the Secretariat and all other United Nations staff for their cooperation, support and dedication during the session.  Mr. Zniber said the fifty-seventh session had been a success and was an example of multilateralism.

    The fifty-eighth regular session of the Human Rights Council is scheduled to be held from 24 February to 4 April 2025.

    Action on a Statement by the President Under Agenda Item One on Organizational and Procedural Matters

    In a Statement by the President (A/HRC/57/L.13) on the Report of the Advisory Committee, adopted without a vote, the Council takes note of the report of the Advisory Committee on its thirty-first session.

    Action on Resolutions Under Agenda Item Two on the Annual Report of the United Nations High Commissioner for Human Rights and Reports of the Office of the High Commissioner and the Secretary-General 

    In a resolution (A/HRC/57/L.1) on Promoting reconciliation, accountability and human rights in Sri Lanka, adopted without a vote, the Council decides to extend the mandate of the Office of the United Nations High Commissioner for Human Rights and all work requested of it by the Council in its resolution 51/1, and requests the Office to present an oral update to the Council at its fifty-eighth session and a comprehensive report on progress in reconciliation, accountability and human rights in Sri Lanka at its sixtieth session, to be discussed in an interactive dialogue.

    In a resolution (A/HRC/57/L.22) on Responding to the human rights and humanitarian crisis caused by the ongoing armed conflict in the Sudan, adopted by a vote of 23 in favour, 12 against and 12 abstentions, the Council reiterates its call for an immediate and complete ceasefire by all parties, without preconditions, and a negotiated and peaceful resolution to the conflict on the basis of inclusive, Sudan-owned and Sudan-led dialogue; decides to extend the mandate of the independent international fact-finding mission for the Sudan for a period of one year; requests the fact-finding mission to provide the Council with an oral update on its work at its fifty-ninth session and a comprehensive report at its sixtieth session, to be followed by an interactive dialogue, and to submit the report to the General Assembly at its eightieth session.

     In a resolution (A/HRC/57/L.24) on the Situation of human rights in Afghanistan, adopted without a vote, the Council decides to extend the mandate of the Special Rapporteur on the situation of human rights in Afghanistan for a period of one year, and requests the Special Rapporteur to present a report to the Council at its fifty-eighth session, including a separate study on the so-called “Law on propagation of virtue and prevention of vice”, to provide an oral update to the Council at its sixtieth session and to present a report to the General Assembly at its eightieth session; requests the Special Rapporteur to prepare a report on access to justice and protection for women and girls…and to present it to the Council at its fifty-ninth session, to be followed by an enhanced interactive dialogue; and also requests the Office of the High Commissioner to present, during an enhanced interactive dialogue at the sixtieth session of the Council, a comprehensive report, including a mapping of policies and practices, edicts and so-called laws by the Taliban that impair the enjoyment of human rights; and decides to remain seized of the matter.

    Action on Resolutions Under Agenda Item Three on the Promotion and Protection of All Human Rights, Civil, Political and Cultural Rights, Including the Right to Development 

    In a resolution (A/HRC/57/L.2) on Marking the thirtieth anniversary of the Beijing Declaration and Platform for Action, adopted without a vote , the Council decides to convene, during the high-level segment at its fifty-eighth session, a high-level panel discussion to commemorate the thirtieth anniversary of the Fourth World Conference on Women; invites the President of the Human Rights Council to consider the theme “Thirtieth anniversary of the Beijing Declaration and Platform for Action” for the annual high-level panel discussion on human rights mainstreaming, to be held at the fifty-eighth session of the Council; and also requests the High Commissioner to prepare a summary report on the panel discussion.

    In a resolution (A/HRC/57/L.5) on the Role of good governance in the promotion and protection of human rights, adopted without a vote, the Council requests the Human Rights Council Advisory Committee to prepare a study on the impact of artificial intelligence systems on good governance…highlighting good practices around the globe on the ways to develop, deploy, use and govern artificial intelligence systems, and to present the study to the Human Rights Council at its sixty-second session.

    In a resolution (A/HRC/57/L.7) on Countering cyberbullying, adopted without a vote, the Council decides to include the topic of countering cyberbullying against persons with disabilities in the context of its next annual interactive debate on the rights of persons with disabilities, to be held at its fifty-eighth session; requests the Office of the High Commissioner for Human Rights to prepare a report … on countering cyberbullying against older persons, and to present the report to the Council at its sixty-second session; and decides to remain seized of the matter.

    In a resolution (A/HRC/57/L.9) on the Promotion of a democratic and equitable international order, adopted by a vote of 27 in favour, 15 against and 5 abstentions, the Council calls upon States and the United Nations system to minimise the adverse impact of multiple interrelated global crises, including the COVID-19 pandemic, through the strengthening and enhancement of international cooperation; requests the High Commissioner for Human Rights to continue to provide all the human and financial resources necessary for the effective fulfilment of the mandate by the Independent Expert; and invites the Independent Expert to study and present concrete measures that can be adopted by States and international institutions to contribute to the promotion of a democratic and equitable international order and the transformation of the international financial architecture, in close cooperation with relevant stakeholders from all regions.

    In a resolution (A/HRC/57/L.10) on the Use of mercenaries as a means of violating human rights and impeding the exercise of the right of peoples to self-determination, adopted by a vote of 29 in favour, 14 against and 4 abstentions, the Council urges once again all States to exercise the utmost vigilance against the threat posed by the activities of mercenaries; and requests the Working Group on the use of mercenaries as a means of violating human rights and impeding the exercise of the right of peoples to self-determination to continue the work already carried out by previous mandate holders on the strengthening of international law and the international legal framework for the prevention and sanction of the recruitment, use, financing, arming and training of mercenaries, and to study and identify new sources and causes, emerging issues, manifestations and trends.

    In a resolution (A/HRC/57/L.17/Rev.1) on Social reintegration of persons released from detention and persons subjected to non-custodial measures, adopted without a vote, the Council requests the Office of the High Commissioner for Human Rights to prepare a comprehensive study, with practical recommendations on human rights and the social reintegration of persons released from detention and persons subjected to non-custodial measures, based on wide consultations with key stakeholders, and to present the study, accessible to persons with disabilities, to present to the Council at its sixtieth session.

    In a resolution (A/HRC/57/L.21) on the World Programme for Human Rights Education: the plan of action for the fifth phase, adopted without a vote, the Council reaffirms the continuation of the World Programme on Human Rights Education and launches its fifth phase, for the period 2025-2029; and decides to convene at its sixty-third session a high-level panel discussion to mark the fifteenth anniversary of the United Nations Declaration on Human Rights Education and Training, further decides that the discussion will be fully accessible to persons with disabilities, and requests the Office of the High Commissioner to prepare a summary report of the discussion and to submit it to the Council by its sixty-fourth session. 

    In a resolution (A/HRC/57/L.3) on Terrorism and human rights, adopted without a vote, the Council calls upon States to ensure that any measure taken to counter terrorism and violent extremism conducive to terrorism complies with international law; invites the Special Rapporteur on the promotion and protection of human rights and fundamental freedoms while countering terrorism to pay attention to the negative effect of terrorism on the enjoyment of human rights and fundamental freedoms, and to make recommendations in this regard; and decides to remain seized of this matter.

    In a resolution (A/HRC/57/L.6) on Local government and human rights, adopted without a vote, the Council requests the Office of the High Commissioner for Human Rights to convene a one-day panel discussion … prior to the sixtieth session of the Council, to exchange and review the best practices of States, local governments and other relevant stakeholders in overcoming the various challenges that local governments face in promoting and protecting human rights; also requests the Office of the High Commissioner to prepare a report … in which it compiles and analyses the best practices of States, local governments and other relevant stakeholders in overcoming the various challenges that local governments face in promoting and protecting human rights, taking into account the results of the panel, and to present the report to the Council at its sixty-third session. 

    In a resolution (A/HRC/57/L.23/Rev.1) on the Human rights to safe drinking water and sanitation, adopted without a vote, the Council decides to convene, at its fifty-ninth session, a panel discussion on the realisation of the human rights to safe drinking water and sanitation, and also decides that the discussion shall be fully accessible to persons with disabilities, including through the provision of hybrid modalities; and requests the High Commissioner for Human Rights to prepare a summary report on the panel discussion and to present it to the Council at its sixty-first session. 

    In a resolution (A/HRC/57/L.27) on the Human rights of migrants, adopted without a vote, the Council requests the Office of the High Commissioner to prepare a study on human rights monitoring in the context of migration, including at international borders, in consultation with States and other relevant stakeholders, and to submit the study to the Council before its sixtieth session; to convene a one-day intersessional panel discussion, accessible to persons with disabilities, and with appropriate gender representation, on measures to prevent, counter and address dehumanising and harmful narratives about migrants and migration, hate speech, xenophobia and related forms of intolerance against migrants; to ensure the meaningful participation of migrants and their family members; and to prepare a summary report on the panel discussion and the recommendations resulting from it, and to submit the report to the Council at its sixty-second session and to the General Assembly at its eighty-first session; and decides to remain seized of the matter. 

    In a resolution (A/HRC/57/L.29/Rev.1) on Human rights and Indigenous Peoples, adopted without a vote, the Council decides that the theme of the annual half-day panel discussion on the rights of Indigenous Peoples, to be held during the sixtieth session of the Council, will be the rights of Indigenous Peoples in the context of a just transition to sustainable energy systems, including in relation to critical minerals, and requests the Office of the High Commissioner to encourage and facilitate the participation of Indigenous women and youth in the panel, to make the discussion fully accessible to and inclusive for persons with disabilities, and to prepare a summary report on the discussion for submission to the Council prior to its sixty-second session; and invites the General Assembly to consider holding a high-level plenary meeting on the occasion of the twentieth anniversary of the United Nations Declaration on the Rights of Indigenous Peoples, during its eighty-second session, and to evaluate the implementation of the outcome document of the World Conference on Indigenous Peoples.

    In a resolution (A/HRC/57/L.33) on Promoting accessibility for the full enjoyment of all human rights by all, adopted without a vote (as orally revised), the Council invites the Office of the High Commissioner for Human Rights to continue to provide technical assistance and capacity-building support to States upon their request in developing and implementing policies and programmes on accessibility, to continue to share its expertise with the relevant intergovernmental organizations and United Nations agencies, funds and programmes and to assist the relevant special procedure mandate holders and treaty bodies to integrate the view of accessibility for all from the perspective of the full enjoyment of all human rights by all into their work in close consultation with the relevant stakeholders.

    In a resolution (A/HRC/57/L.34) on the Equal participation in political and public affairs, adopted without a vote, the Council calls upon all States to enhance the political participation of all women, and to address violence against women participating in political and public affairs; and requests the Office of the High Commissioner for Human Rights to continue its dissemination and promotion of the guidelines on the effective implementation of the right to participate in public affairs … and to prepare, in consultation with States and all other relevant stakeholders, a follow-up report on good practices and challenges that States face when using the guidelines, with a particular focus on participation in elections, and to present the report to the Council at its sixty-third session.

    In a resolution (A/HRC/57/L.35/Rev.1) on the Elimination of domestic violence, adopted without a vote (as orally revised), the Council decides to convene an intersessional panel discussion on the intensification of efforts to prevent and eliminate domestic violence, before its sixty-first session, and requests the Office of the United Nations High Commissioner for Human Rights to organise the panel discussion … and requests the Office of the High Commissioner to prepare a comprehensive report … on how to address structural and underlying causes and risk factors to prevent domestic violence, in consultation with States and all relevant stakeholders, and to present the report to the Council at its sixty-second session.

    In a resolution (A/HRC/57/L.19) on the Right to development, adopted by a vote of 29 in favour, 14 against and 4 abstentions, the Council requests the High Commissioner for Human Rights to continue to submit to the Council an annual report on the activities of the Office of the High Commissioner, including on inter-agency coordination within the United Nations system that has direct relevance to the realisation of the right to development; requests the Special Rapporteur and the members of the Expert Mechanism to participate in relevant international dialogues and policy forums relating to the implementation of the 2030 Agenda; requests the Office of the High Commissioner to organise the next biennial panel discussion on the right to development, to be held at its sixty-third session, in a format that is fully accessible to persons with disabilities, including sign language interpretation; and also requests the Office to prepare a report on the panel discussion and to submit it to the Council at its sixty-sixth session. 

    In a resolution (A/HRC/57/L.26) on Biodiversity and human rights, adopted without a vote, the Council requests the High Commissioner for Human Rights to conduct a global analytical study on the implementation of a human-rights based approach into the goals and targets of the Kunming-Montreal Global Biodiversity Framework, to be submitted to the Council at its sixty-first session; and encourages the Office of the High Commissioner to cooperate with other relevant United Nations organizations and bodies, as well as with Indigenous Peoples, people of African descent and groups in vulnerable situations on advancing human rights-based biodiversity action. 

    In a resolution (A/HRC/57/L.28) on the Promotion, protection and enjoyment of human rights on the Internet, adopted without a vote (as orally revised), the Council calls upon all States to accelerate efforts to bridge digital divides, including the gender digital divide, and to take the necessary and appropriate measures to promote free, open, interoperable, reliable, accessible and secure access to the Internet; and requests the Office of the High Commissioner for Human Rights to prepare a report on a human rights approach to meaningful connectivity and to overcoming digital divides, including by addressing threats to individuals’ access to the Internet, and to present it to the Council at its sixty-second session, to be followed by an interactive dialogue. 

    In a resolution (A/HRC/57/L.30) on Youth and human rights, adopted without a vote, the Council decides that the theme of the next biennial panel discussion, to be held during the sixtieth session of the Council, will be the role of youth in fostering peaceful societies and creating an enabling environment for the enjoyment of human rights by all, and requests the Office of the High Commissioner to organise the panel discussion following consultations with youth and youth-led organizations and to prepare a summary report on the panel discussion for consideration by the Council at its sixty-first session; and requests the Office of the High Commissioner, in consultation with States and relevant stakeholders, to conduct a detailed study on the impact of mental health challenges on the enjoyment of human rights by young people and to submit the study to the Council for consideration prior to its sixty-third session. 

    Before the resolution was adopted, the Council took action on and rejected amendment L.39.

    In a resolution (A/HRC/57/L.31/Rev.1) on the Mandate of the Special Rapporteur on the promotion and protection of human rights in the context of climate change, adopted without a vote (as orally revised), the Council decides to extend for a period of three years the mandate of the Special Rapporteur on the promotion and protection of human rights in the context of climate change under the same terms as provided for by the Council in its resolution 48/14; and requests the Special Rapporteur to report annually on the implementation of the mandate to the Council and the General Assembly in accordance with their programmes of work.

    Action on Resolutions Under Agenda Item Four on Human Rights Situations that Require the Council’s Attention 

    In a resolution (A/HRC/57/L.4) on the Situation of human rights in the Russian Federation, adopted by a vote of 20 in favour, 8 against and 19 abstentions, the Council decides to extend the mandate of the Special Rapporteur on the situation of human rights in the Russian Federation as defined by the Council in its resolution 54/23 for a period of one year, and requests the mandate holder to … present a comprehensive report to the Council at its sixtieth session and to the General Assembly at its eightieth session; and calls upon the Russian authorities to establish full and non-selective engagement with all United Nations human rights mechanisms, and to refrain from all forms of intimidation and reprisal against persons and associations for their cooperation with United Nations human rights mechanisms. 

    In a resolution (A/HRC/57/L.11) on the Situation of human rights in the Syrian Arab Republic, adopted by a vote of 26 in favour, 4 against and 17 abstentions, the Council demands that all parties to the conflict in the Syrian Arab Republic immediately comply with their respective obligations under international humanitarian law and international human rights law, and emphasises the need to ensure that all those responsible for such violations and abuses are held to account and that civilians are protected; and demands that the Syrian authorities cooperate fully with the Council and the Independent International Commission of Inquiry on the Syrian Arab Republic by granting the Commission immediate, full and unfettered access throughout the Syrian Arab Republic; demands that all parties to the conflict maintain rapid, unhindered, safe and sustainable humanitarian access and ensure that humanitarian assistance reaches its intended recipients.

    In a resolution (A/HRC/57/L.12) on the Situation of human rights in Burundi, adopted by a vote of 22 in favour, 10 against and 15 abstentions, the Council strongly condemns all human rights violations and abuses committed in Burundi; decides to extend the mandate of the Special Rapporteur on the situation of human rights in Burundi for a further period of one year; and requests the Special Rapporteur to present to the Human Rights Council, at its fifty-ninth session, an oral update on the situation of human rights in Burundi, and also to submit to the Council, at its sixtieth session, and to the General Assembly, at its eightieth session, a comprehensive report.

    In a resolution (A/HRC/57/L.8) on the Situation of human rights in the Bolivarian Republic of Venezuela, adopted by a vote of 23 in favour, 6 against and 18 abstentions (as orally revised), the Council decides to extend for a period of two years the mandate of the independent international fact-finding mission on the Bolivarian Republic of Venezuela to enable the mission to continue to investigate gross violations of human rights committed since 2014, with a particular focus on the situation of human rights in the lead-up to, during and after the 2024 presidential elections, and on the violence by armed individuals known as colectivos; and urges the Bolivarian Republic of Venezuela to resume cooperation in a full manner with the Office of the High Commissioner for Human Rights and the fact-finding mission. 

    Before the resolution was adopted, the Council took action on and rejected amendments L.40, L.41, L.42, L.43 and an oral amendment.

    Action on a Resolution Under Agenda Item Eight on Follow-up and Implementation of the Vienna Declaration and Programme of Action

    In a resolution (A/HRC/57/L.16) on National human rights institutions, adopted without a vote (as orally revised), the Council requests the Secretary-General and the High Commissioner for Human Rights to provide the Office of the High Commissioner with the financial and human resources necessary for the servicing of the sessions of the Subcommittee on Accreditation of the Global Alliance of National Human Rights Institutions; and requests the Secretary-General to submit to the Council, at its sixty-third session, a report on the implementation of the present resolution … and a report on the activities of the Global Alliance of National Human Rights Institutions in accrediting national institutions in compliance with the Paris Principles.         

    Action on Resolutions Under Agenda Item 9 on Racism, Racial Discrimination, Xenophobia and Related Forms of Intolerance, Follow-Up to and Implementation of the Durban Declaration and Programme of Action

    In a resolution (A/HRC/57/L.25) on Education as a tool to prevent racism, racial discrimination, xenophobia and related intolerance, adopted without a vote (as orally revised), the Council urges States, in particular, to adopt and implement laws, policies and programmes that prohibit and combat discrimination on the basis of race, colour, descent or national or ethnic origin, at all levels of education, both formal and non-formal; and requests the High Commissioner for Human Rights to submit to the Council at its sixty-third session a comprehensive report, accessible to persons with disabilities, including in an accessible and easy to read format, analysing relevant education-related practices and measures to prevent racism, racial discrimination, xenophobia and related intolerance, with input from all relevant stakeholders. 

    In a resolution (A/HRC/57/L.36/Rev.1) on From rhetoric to reality: a global call for concrete action against racism, racial discrimination, xenophobia and related intolerance, adopted by a vote of 30 in favour, 5 against and 12 abstentions, the Council decides that the Chair-Rapporteur of the Ad Hoc Committee on the Elaboration of Complementary Standards to the International Convention on the Elimination of All Forms of Racial Discrimination may request that the annual session of the Ad Hoc Committee be split into two full one-week segments; requests the High Commissioner for Human Rights to facilitate the interactive participation of six legal experts in one of the two full one-week segments of the fifteenth and sixteenth sessions of the Ad Hoc Committee, to be held in 2025 and 2026 respectively; requests the Chair-Rapporteur of the Ad Hoc Committee to present in person a progress report to the General Assembly at its eightieth session, and to participate in the interactive dialogue and carry out consultations to continue progress in the elaboration of complementary standards to the Convention; reiterates its decision to request the Group of Independent Eminent Experts on the Implementation of the Durban Declaration and Programme of Action to report annually on its session and activities to the Council, and that its report will be also transmitted and presented to the General Assembly, and in this regard requests the Chair of the Group to engage in an interactive dialogue with the Assembly under the agenda item entitled “Elimination of racism, racial discrimination, xenophobia and related intolerance”; and encourages the General Assembly to proclaim a second International Decade for People of African Descent commencing in 2025. 

    Action on Resolutions Under Agenda Item 10 on Technical Assistance and Capacity-Building 

    In a resolution (A/HRC/57/L.14) on Technical assistance and capacity-building to address the human rights implications of the nuclear legacy in the Marshall Islands, adopted without a vote, the Council requests the Office of the High Commissioner for Human Rights to cooperate with the Government of the Marshall Islands in the field of human rights and to provide technical assistance and capacity-building to the National Nuclear Commission of the Marshall Islands in advancing its national strategy for nuclear justice and pursuing transitional justice in its efforts to address the nuclear legacy; and requests the Office of the High Commissioner to prepare a report on addressing the challenges and barriers to the full realisation and enjoyment of the human rights of the people of the Marshall Islands, stemming from the State’s nuclear legacy, and to submit it to the Council at its sixty-third session, to be followed by an enhanced interactive dialogue.

    In a resolution (A/HRC/57/L.15) on Assistance to Somalia in the field of human rights, adopted without a vote, the Council decides to renew the mandate of the Independent Expert on the situation of human rights in Somalia, under agenda item 10, for a period of one year, to assess, monitor and report on the situation of human rights in Somalia; requests the Independent Expert to report to the Council at its sixtieth session and to the General Assembly at its eightieth session; and also requests the Independent Expert to provide an update to the Council in her report on progress on the implementation of the benchmarks and indicators in the transition plan to inform future action by the Council.

    In a resolution (A/HRC/57/L.18) on the Enhancement of technical cooperation and capacity-building in the field of human rights, adopted without a vote, the Council decides … that the theme of the annual thematic panel discussion under agenda item 10, to be held at its fifty-ninth session, will be “The role of technical cooperation and capacity-building in strengthening national structures which play a role in promoting and safeguarding human rights, particularly national human rights institutions and national mechanisms for implementation, reporting and follow-up”; and also requests the Office of the High Commissioner to prepare a report, to be submitted to the Human Rights Council at its fifty-ninth session, to serve as a basis for the panel discussion, on the role of technical cooperation and capacity-building among States, the Office and other relevant stakeholders, to support States’ efforts to strengthen national structures which play a role in promoting and safeguarding human rights.

    In a resolution (A/HRC/57/L.20) on Cooperation with Georgia, adopted by a vote of 24 in favour, 3 against and 20 abstentions, the Council demands that immediate and unimpeded access be given to the Office of the High Commissioner for Human Rights and other international and regional human rights mechanisms to Abkhazia, Georgia, and the Tskhinvali region/South Ossetia, Georgia; requests the High Commissioner for Human Rights to present to the Council an oral update on the follow-up to the present resolution at its fifty-eighth session and to present a report on developments relating to and the implementation of the present resolution at its fifty-ninth session; and also requests the High Commissioner to continue to provide technical assistance through the Office of the High Commissioner in Tbilisi.

    In a resolution (A/HRC/57/L.37) on Technical assistance and capacity-building in the field of human rights in the Democratic Republic of the Congo, adopted without a vote, the Council decides to renew, for one year, the mandate of the team of international experts on the Democratic Republic of the Congo, and requests the team to provide the necessary technical support to the Government in implementing effectively its National Transitional Justice Policy, in particular by taking account of the cross-border nature of conflict and insecurity in the Great Lakes, identifying the causes of conflict and preventing their recurrence, and designing and implementing mechanisms for transitional justice and the fight against impunity, and encourages it to support the Government in this regard; requests the team of international experts to submit its final report to the Council, in the framework of an enhanced interactive dialogue, at its sixtieth session and to present it with an oral update at its fifty-eighth session; requests the High Commissioner to present the Council with an oral update on the situation of human rights in the Democratic Republic of the Congo, in the framework of an enhanced dialogue, at its fifty-eighth session; also requests the High Commissioner to prepare a comprehensive report on the situation of human rights in the Democratic Republic of the Congo and to submit it to the Council, in the framework of an enhanced interactive dialogue, at its sixtieth session; and decides to remain seized of the matter until its sixtieth session.

    In a resolution (A/HRC/57/L.38/Rev.1) on Technical assistance and capacity-building in the field of human rights in the Central African Republic, adopted without a vote, the Council decides to renew, for one year, the mandate of the Independent Expert on the situation of human rights in the Central African Republic, which is to assess, monitor and report on the situation with a view to making recommendations relating to technical assistance and capacity-building in the field of human rights; requests the Independent Expert to pay particular attention to violations of human rights and international humanitarian law alleged to have been committed by all parties to the conflict; decides to convene, at its fifty-eighth session, a high-level dialogue to enable it to assess human rights developments on the ground…; requests the Independent Expert to provide an oral update on his report on technical assistance and capacity-building in the field of human rights in the Central African Republic to the Human Rights Council at its fifty-ninth session and to submit a written report to the Council at its sixtieth session and to the General Assembly at its eightieth session; and requests the United Nations High Commissioner for Human Rights to continue to provide the Independent Expert with all the necessary technical, human and financial resources to enable him to carry out fully his mandate.

    In a resolution (A/HRC/57/L.32) on Technical assistance and capacity-building for Yemen in the field of human rights, adopted without a vote, the Council requests the High Commissioner for Human Rights to continue to provide substantive capacity-building and technical assistance to the Government of Yemen and all requisite technical and logistical support to the National Commission of Inquiry, to enable it to continue to investigate allegations of violations and abuses committed by all parties to the conflict in Yemen and to submit its comprehensive report on alleged violations and abuses of human rights in all parts of Yemen as soon as it is available; and requests the High Commissioner to present a report on the implementation of technical assistance, as stipulated in the present resolution, to the Council at its sixtieth session.

    Other Matters 

    The Council appointed four Special Procedures mandate holders: the Special Rapporteur on the situation of human rights in Belarus, Nils Muižnieks (Latvia); for the Working Group of Experts on People of African Descent, member from Western European and other States, Isabel Mamadou (Spain); for the Working Group on Enforced or Involuntary Disappearances, member from Asia-Pacific States, Mohammed Al-Obaidi (Iraq); and for the Working Group on the use of mercenaries as a means of violating human rights and impeding the exercise of the right of peoples to self-determination, member from Latin American and Caribbean States, Andrés Macias Tolosa (Colombia). 

    The Council elected four members of its Advisory Committee: Frans Viljoen (African States), Miznah O.Alomair (Asia-Pacific States), Alessandra Devulsky (Latin American and Caribbean States), and Vassilis Tzevelekos (Western Europe and other States).

    The Council also adopted its draft report for the fifty-seventh session ad referendum.

    Bureau of the Council

    The President of the Council is Omar Zniber of Morocco.  The four Vice-Presidents are Febrian Ruddyard (Indonesia); Darius Staniulis (Lithuania); Marcela Maria Arias Moncada (Honduras); and Heidi Schroderus-Fox (Finland).  Mr. Staniulis also served as Rapporteur.

     

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

    HRC24.030E

    MIL OSI United Nations News

  • MIL-OSI: Innofactor Plc: Cancellation of treasury shares

    Source: GlobeNewswire (MIL-OSI)

    Innofactor Plc Total number of voting rights and capital, on October 22, 2024, at 9:00 Finnish time

    The Board of Directors of Innofactor Plc has decided to cancel a total of 554,372 Innofactor shares currently owned by the Company. The treasury shares to be cancelled were acquired within the Company’s acquisition of own shares announced by the Company on July 20, 2023.

    The cancellation will be entered in the trade register maintained by the Finnish Patent and Registration Office approximately by the end of November. Prior to the cancellation of the own shares, there are in total 36,343,691 registered shares in Innofactor. After the cancellation has been registered in the trade register, the total number of shares in Innofactor is 35,789,319 and the total number of votes attached to the shares is 35,789,319.

    After the cancellation, Innofactor Plc doesn’t hold any shares in the Company. The cancellation of the shares has no effect on the share capital of Innofactor Plc.

    Espoo, October 22, 2024

    INNOFACTOR PLC

    Board of Directors 

    Additional information:
    Sami Ensio, CEO
    Innofactor Plc
    Tel. +358 50 584 2029
    sami.ensio@innofactor.com

    Distribution:
    NASDAQ Helsinki
    Main media
    http://www.innofactor.com

    Innofactor
    Innofactor is the leading driver of the modern digital organization in the Nordic Countries for its about 1,000 customers in commercial and public sector. Innofactor has the widest solution offering and leading know-how in the Microsoft ecosystem in the Nordics. Innofactor has about 600 enthusiastic and motivated top specialists in Finland, Sweden, Denmark and Norway. The Innofactor Plc share is listed in the technology section of the main list of NASDAQ Helsinki Oy. http://www.innofactor.com #ModernDigitalOrganization #PeopleFirst #CreatingSmiles #BeTheRealYou

    The MIL Network

  • MIL-OSI: Agillic releases Q3 2024 financial report with 8% decrease in ARR from Subscriptions YoY, EBITDA of DKK 1.8 million and DKK 6.7 million in cash flow from operations

    Source: GlobeNewswire (MIL-OSI)

    Announcement no. 07 2024

    Copenhagen – 22 October 2024 – Agillic A/S

    ARR from subscriptions YTD decreased 8% primarily due to clients’ technology consolidations in Q1 2024. ARR from subscriptions increased modestly by 2% in Q3 2024 vs. Q2 2024. Agillic maintains its 2024 guidance due to expected growth from both existing clients and new sales in Q4 2024. Cash flow from operations was DKK 6.7 million in Q3 2024, an increase of DKK 12.6 million YoY.

    Key financial and SaaS highlights
    (DKK million)

    Income statement YTD 2024 YTD 2023 Change Q3 2024 Q3 2023 Change  
    Revenue Subscriptions 37.0 40.2 -8% 12.1 13.6 -11%  
    Revenue Transactions 7.4 9.1 -19% 2.7 3.0 -10%  
    Other revenue 0.0 0.0 n/a 0.0 0.0 n/a  
    Total revenue 44.4 49.3 -10% 14.8 16.6 -11%  
    Gross profit  36.1 39.6 -9% 11.7 13.4 -13%  
    Gross margin 81% 80% 79% 81%  
    Other operating income 0.6 0.5 20% 0.2 0.2 0%  
    Employee costs -23.7 -26.0 9% -7.1 -7.9 10%  
    Operational costs -11.2 -10.6 -6% -3.6 -3.2 -13%  
    EBITDA 1.8 3.5 -49% 1.2 2.5 -52%  
    Net profit 1.2 -5.1 n/a -2.4 -0.4 -500%  
                   
    Financial position              
    Cash 3.7 11.5 -68% 3.7 11.5 -68%  
                 
    ARR development            
    ARR Subscriptions 52.5 56.8 -8% 52.5 56.8 -8%
    ARR Transactions 10.6 12.1 -12% 10.6 12.1 -12%
    Total ARR 63.1 68.9 -8% 63.1 68.9 -8%
    Change in ARR -5.8 2.5 1.4 2.5
    Change in ARR % -8% 4% 2% 4%

    Reclassification between other operating income, employee costs, and operational costs is updated in 2023 figures.

    ARR
    ARR from subscriptions decreased 8% YoY which was related to clients’ business and technology consolidation and in line with our expectations. ARR from transactions decreased 12% YoY as a consequence of lower volumes due to geopolitical factors. The decline in ARR mainly happened in Q1 2024, while ARR increased modestly in Q3, and we expect both ARR from subscriptions and ARR from transactions to increase further in Q4 2024.

    Revenue
    Total Revenue decreased 10% YoY related to the decrease in ARR. Total Revenue is expected to increase in Q4 2024.

    EBITDA
    EBITDA YTD was negatively impacted by the decrease in revenue and by an increase in operational costs related to a one-time cost of DKK 1.0 million for consultancy services. However, with an increase in the gross margin from 80% to 81% YTD, and a decrease in employee costs, we delivered a positive EBITDA in Q3 2024 YTD of DKK 1.8 million.

    Cash
    At the end of Q3, at the cash position was DKK 3.7 million in line with expectations. This was primarily a result of an increase in cashflow from operations to DKK 6.7 million (Q3 2023: DKK -5.9 million).

    Financial guidance 2024 (unchanged)

    Revenue DKK million 62 to 66
    EBITDA 0 to 2
    ARR Subscriptions 56 to 60
    ARR Transactions 10 to 14
    Total ARR 66 to 74

    For further information, please contact:
    Emre Gürsoy, CEO
    +45 30 78 42 00
    emre.gursoy@agillic.com

    Claus Boysen, CFO
    +45 28 49 18 46
    claus.boysen@agillic.com

    Certified Adviser
    John Norden, Norden CEF A/S

    Disclaimer
    The forward-looking statements regarding Agillic’s future financial situation involve factors of uncertainty and risk, which could cause actual developments to deviate from the expectations indicated. Statements regarding the future are subject to risks and uncertainties that may result in considerable deviations from the presented outlook. Furthermore, some of these expectations are based on assumptions regarding future events, which may prove incorrect. Please also refer to the overview of risk factors in the ‘risk management’ section of the annual report.

    About Agillic A/S
    Agillic is a Danish software company offering brands a platform through which they can work with data-driven insights and content to create. automate and send personalised communication to millions. Agillic is headquartered in Copenhagen, Denmark, with teams in Germany, Norway, and Romania.
    For further information, please visit http://www.agillic.com  

    Appendix: Financial development per quarter

     DKK million   2024   2023   2022
                                     
    INCOME STATEMENT   Q3 Q2 Q1   FY Q4 Q3 Q2 Q1   FY Q4 Q3 Q2 Q1
    Revenue Subscriptions   12.1 12.3 12.6   52.4 12.2 13.6 13.5 13.1   49.9 13.5 13.1 12.2 11.1
    Revenue Transactions   2.7 2.5 2.2   12.0 2.9 3.0 2.9 3.2   16.7 6.0 4.8 3.3 2.6
    Other revenue   0.0 0.0 0.0   0.3 0.3 0.0 0.0 0.0   0.4 0.0 0.0 0.1 0.3
    Total revenue   14.8 14.8 14.8   64.7 15.4 16.6 16.4 16.3   67.0 19.5 17.9 15.6 14.0
    Gross profit    11.7 12.1 12.3   52.2 12.6 13.4 13.2 13.0   49.6 15.5 11.4 11.7 11.0
    Gross margin   79% 82% 83%   81% 82% 81% 80% 80%   74% 80% 63% 75% 78%
    Other operating income   0.2 0.2 0.2   0.6 0.1 0.2 0.2 0.1   0.3 0.3 0.0 0.0 0.0
    Employee costs   -7.1 -8.0 -8.6   -36.8 -10.8 -7.9 -9.4 -8.7   -32.5 -9.2 -7.3 -8.0 -8.0
    Operational costs   -3.6 -4.3 -3.3   -14.1 -3.5 -3.2 -3.0 -4.4   -16.3 -5.1 -2.7 -3.7 -4.8
    EBITDA   1.2 0.0 0.6   1.9 -1.6 2.5 1.0 0.0   1.1 1.5 1.4 0.0 -1.8
    Net profit   -2.4 7.0 -3.4   -27.5 -22.4 -0.4 -1.8 -2.9   -10.6 -2.0 -1.2 -2.7 -4.7
     

    BALANCE SHEET

                   
    Cash   3.7 4.4 7.2   9.8 9.8 11.5 18.3 26.9   7.4 7.4 1.8 12.6 7.5
    Total assets   42.8 45.8 51.5   47.1 47.1 64.9 69.0 75.8   52.8 52.8 54.0 58.7 55.4
    Equity   -17.8 -16.0 -23.6   -20.2 -20.2 1.5 1.8 3.4   -15.0 -15.0 -13.2 -12.0 -9.6
    Borrowings   19.1 21.4 24.3   23.7 23.7 23.0 24.2 25.7   24.3 24.3 23.7 26.1 26.4
    CASH FLOW                
    Cash flow from operations   4.1 2.6 0.0   -6.5 -0.6 -2.8 -4.3 1.2   3.1 7.3 -4.9 9.0 -8.3
    Cash flow from investments   -2.6 -2.7 -3.0   -11.7 -2.1 -3.1 -3.2 -3.3   -13.5 -3.3 -3.3 -3.7 -3.2
    Cash flow from financing   -2.2 -2.7 0.4   20.6 1.0 -0.9 -1.1 21.6   -2.8 1.6 -2.5 -0.2 -1.6
    Net cash flow   -0.7 -2.8 -2.6   2.4 -1.7 -6.8 -8.6 19.5   -13.2 5.6 -10.8 5.1 -13.1
    EMPLOYEES & CLIENTS                
    Employees end of period   40 39 41   50 50 50 50 46   48 48 47 51 47
    Clients end of period   114 113 116   122 122 120 120 118   118 118 111 108 105
     

    ARR & SAAS METRICS

                   
    ARR Subscriptions   52.5 51.7 52.2   57.8 57.8 56.8 54.9 54.2   54.1 54.1 50.3 49.6 48.5
    ARR Transactions   10.6 10.0 8.9   12.3 12.3 12.1 11.5 17.3   22.6 22.6 19.6 14.6 10.3
    Total ARR   63.1 61.7 61.1   70.1 70.1 68.9 66.4 72   76.7 76.7 69.9 64.2 58.8
    Change in ARR (DKK)   1.4 0.6 -9.0   -6.6 1.2 2.5 -5.1 -5.2   21.0 6.8 5.7 5.4 3.1
    Change in ARR %   2% 1% -13%   -9% 2% 4% -7% -7%   38% 10% 9% 9% 6%
    Average ARR   0.6 0.5 0.5   0.6 0.6 0.6 0.6 0.6   0.6 0.6 0.6 0.6 0.6
    Yearly CAC     0.2  –   0.1
    Months to recover CAC     6   3

    Definitions

    • Cash is defined as available funds less bank overdraft withdrawals.
    • ARR: the annualised value of subscription agreements and transactions at the end of the actual reporting period.
    • Average ARR: the average Total ARR per client.
    • Customer Acquisition Costs (CAC): the sales and marketing cost (inclusive salaries, commissions, direct and share of costs of office) divided by the number of new clients. CAC is calculated end of year.
    • Months to recover CAC: the period in months it takes to generate sufficient gross profit from a client to cover the acquisition cost.

    Published on 22 October 2024

    Attachment

    The MIL Network

  • MIL-OSI: Siili Solutions Plc, Business review, 1 January–30 September 2024

    Source: GlobeNewswire (MIL-OSI)

    Siili successfully launched the implementation of its new strategy in challenging market conditions

    Siili Solutions Plc Stock Exchange Release 22 October 2024 at 9:45 am EEST

    Key figures

    EUR million Q3/2024 Q3/2023 Q1-Q3/2024 Q1-Q3/2023
    Revenue 24.1 27.0 83.3 92.3
    Revenue growth. EUR million -2.9 0.1 -9.0 6.5
    Revenue growth. % -10.8% 0.5% -9.8% 7.6%
    Organic revenue growth. EUR million -2.9 -1.2 -9.0 2.3
    Organic revenue growth. % -10.8% -4.1% -9.8% 2.6%
    Adjusted EBITA 0.7 1.3 4.0 6.3
    Adjusted EBITA. % of revenue 2.9% 4.7% 4.8% 6.8%
    EBITA 0.7 1.3 3.4 6.3
    EBITA. % of revenue 2.9% 4.7% 4.1% 6.8%
    Average number of employees during the period 956 1,057 976 1,049
    Number of employees at the end of the period 945 1,053 945 1,053
    Number of full-time employees (FTE) at the end of the period 909 1,023 909 1,023
    Number of full-time subcontractors (FTE) at the end of the period 148 172 148 172

     

    Key events in July-September:

    • On 13 August 2024, Siili published its new strategy placing AI and data at its core.
    • On 17 September 2024 Siili published a profit warning and lowered its financial guidance for 2024 revenue and adjusted EBITA.
    • Activity in sales created good ground for strategy implementation.

    Outlook for 2024:

    The updated financial guidance of revenue for 2024 is expected to be EUR 106–116 million and adjusted EBITA EUR 4.5–6.5 million.

    The previous guidance for the current year’s revenue was EUR 120-140 million and adjusted EBITA EUR 7.5-10.5 million.

    CEO Tomi Pienimäki:

    In July–September, Siili continued to lay a solid foundation for the implementation of its new strategy in spite of challenging market conditions.

    Revenue for the third quarter declined 11% year-on-year, to stand at approximately EUR 24 million. Adjusted EBITA for the quarter was EUR 0.7 million and about 3% of revenue.

    The overall state of the IT service market has remained challenging, and recovery of the markets is taking longer than expected. Decision-making by customers on starting new projects continues to be slow, despite increased activity among customers. Against this backdrop, in September, we updated our guidance on revenue and adjusted EBITA for 2024.

    As an example of positive developments in sales, I would like to highlight a significant new customer in the German automotive industry, starting out with a contract of approximately EUR 8 million for the next five years. Siili was also selected by several industry-leading AI users as a partner in data and AI projects. Growth in this area is one of our strategic priorities. For the time being, AI projects tend to be small, but they represent important openings in building long-term partnerships. We have continued to strengthen the data and AI competencies of the Siili team, both by training the personnel and by new recruitments.

    In August, we announced a new strategy, placing artificial intelligence and data at its core. In October, we published a Handbook on AI-powered software development. In the book, our experts describe, in concrete terms, new ways of working that are already changing the way how the Siili team operates and that will strengthen our position as a leader in the utilisation of artificial intelligence in software development.

    In October, Siili appointed Maria Niiniharju as VP Private Business and member of management team. Niiniharju brings us strong experience in business development as well as valuable data and AI expertise, which is perfect fit to accelerate Siili’s strategy execution.

    Siili achieved 10th place in the Young Professional Attraction Index survey by Academic Work. Our goal is to be a community of top talent, and in line with our strategy, we will continue to endorse a strong corporate culture and continuous learning opportunities for the personnel.

    Siili will arrange a Capital Markets Day on 26 November 2024. In the event, we will describe our new strategy, our AI and data expertise as well as our financial standing.

    Despite the challenges of the operating environment, we believe in the normalisation of the markets, although the turnaround has been delayed. I want to extend my thanks to the entire Siili team and our customers for the past third quarter of the year. We are in a good position to continue the roll-out of our renewed strategy towards the end of the year.

    This is not an interim report under IAS 34. The company complies with the half-yearly reporting requirements of the Securities Markets Act and publishes business reviews for the first three and nine months of the year, which present key information on the company’s financial performance. The financial information presented in this business review is unaudited.

    Further information:

    CEO Tomi Pienimäki

    Tel: +358 40 834 1399, email: tomi.pienimaki(at)siili.com

    CFO Aleksi Kankainen

    Tel: +358 40 534 2709, email: aleksi.kankainen(at)siili.com

    Distribution:

    Nasdaq Helsinki Ltd
    Main media
    http://www.siili.com/en

    Siili Solutions in brief:

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

    Attachment

    The MIL Network