Category: Trade

MIL-OSI: Trisura Group Reports Fourth Quarter and Record Annual Results

Source: GlobeNewswire (MIL-OSI)

TORONTO, Feb. 13, 2025 (GLOBE NEWSWIRE) — Trisura Group Ltd. (“Trisura” or “Trisura Group”) (TSX: TSU), a leading specialty insurance provider, today announced financial results for the fourth quarter and year ended December 31, 2024.

David Clare, President and CEO of Trisura, stated, “Trisura achieved strong Operating net income of $38.2 million in the quarter, or $0.79 per share, supporting our highest ever annual Operating net income of $135.8 million, driven by growth, strong underwriting, and higher Net investment income. Operating combined ratio of 81.5% for the quarter and 82.9% for the year shows the strength and potential of the combined platform.

Growth, strong earnings, unrealized gains and the impact of foreign exchange lifted book value by 27% to $785 million, an all-time high. Profitability from core operations continued, resulting in a 19.4% Operating ROE.

We made significant progress expanding in 2024. Premiums from our US Surety platform grew by 197% in the year, broadening our footprint and developing relationships with important distribution partners. In US Corporate Insurance we bound our first premium, continued to establish our brand and grow our network while we build out licenses.

We observed weaker performance from a group of US programs we had previously non-renewed. These programs have been included in Exited lines, to clearly demonstrate their impact. Premium growth and profitability continued in our ongoing portfolio of US Programs.

Despite the impact of Exited lines, Trisura achieved an 88.8% Combined ratio for the year, and a 96.7% Combined ratio in the quarter. Net income in Q4 grew by 70.1% to $19.3 million and we reached our highest annual Net income ever of $118.9 million.

Growth initiatives remain well-funded with our highest book value yet and a conservative 11% debt-to-capital underscoring flexibility and capacity for growth.”

Financial Highlights

Insurance revenue increased by 5.2% in Q4 2024 led by strength in Primary lines (Surety, Corporate Insurance and Warranty). Importantly, these are the lines that have the highest underwriting margin.
Net income of $19.3 million in the quarter grew 70.1% compared to Q4 2023 as a result of growth in the business, higher Net investment income, as well as a lower Loss ratio. Operating net income⁽¹⁾ of $38.2 million in the quarter grew 47.6% compared to Q4 2023, as a result of growth in the business, higher Net investment income, as well as a lower Loss ratio.
Operating EPS⁽²⁾ of $0.79 for the quarter increased compared to $0.54 in the prior year, demonstrating the strength of core operations⁽³⁾ through continued growth and profitability. EPS of $0.40 in Q4 2024 was greater than $0.23 in Q4 2023, as a result of growth in the business, higher Net investment income, and improved profitability. EPS in the quarter was impacted by a higher Loss ratio associated with Exited lines.
Book value reached a new record of $785.3 million and book value per share⁽⁴⁾ of $16.44 increased 26.3% from December 31, 2023, the combined result of earnings from Trisura Specialty, investment returns and foreign exchange.
ROE⁽⁴⁾ of 16.9% increased compared to 12.2% in Q4 2023, demonstrating a return to our mid-teens target. Operating ROE⁽⁵⁾ of 19.4% was slightly lower than Q4 2023, as strong profitability from core operations continued, but Shareholders’ equity increased disproportionately from unrealized gains and foreign exchange.

Amounts in C$ millions	Q4 2024	Q4 2023	Variance	2024	2023	Variance
Insurance revenue	794.2	755.0	5.2%	3,118.3	2,789.2	11.8%
Net income	19.3	11.3	70.1%	118.9	66.9	77.6%
Operating net income⁽¹⁾	38.2	25.9	47.6%	135.8	110.2	23.3%
EPS – diluted, $	0.40	0.23	73.9%	2.45	1.42	72.5%
Operating EPS – diluted, $⁽²⁾	0.79	0.54	46.3%	2.80	2.34	19.7%
Book value per share, $⁽⁴⁾	16.44	13.02	26.3%	16.44	13.02	26.3%
Debt-to-Capital ratio⁽⁴⁾	11.1%	10.8%	0.3pts	11.1%	10.8%	0.3pts
ROE⁽⁴⁾	16.9%	12.2%	4.7pts	16.9%	12.2%	4.7pts
Operating ROE⁽⁵⁾	19.4%	20.0%	(0.6pts)	19.4%	20.0%	(0.6pts)
Combined ratio	96.7%	105.4%	(8.7pts)	88.8%	91.2%	(2.4pts)
Operating combined ratio⁽⁶⁾	81.5%	88.1%	(6.6pts)	82.9%	81.9%	1.0pts

Insurance Operations

Insurance revenue of $794.2 million, increased by 5.2% compared to Q4 2023, reflecting stronger growth from Surety and Warranty in particular. Trisura’s Primary lines (Surety, Corporate Insurance and Warranty) grew by 17.7% in the quarter.
The consolidated Operating combined ratio⁽³⁾ was 81.5% for the quarter reflecting a lower Loss ratio⁽³⁾ than the prior year, driven by strong results in Surety and Corporate Insurance, slightly offset by investments in our US expansion.
Strong underwriting contributed to a loss ratio in Trisura Specialty of 12.8%, a ROE of 27.4% and Operating ROE of 24.9% in Q4 2024.

Capital

The Minimum Capital Test ratio⁽⁷⁾ of our regulated Canadian subsidiary was 276% as at December 31, 2024 (251% as at December 31, 2023), which comfortably exceeded regulatory requirements⁽⁸⁾ of 150%.
As at December 31, 2024, the Risk-Based Capital⁽⁹⁾ of the regulated US insurance companies are expected to be in excess of the various company action levels of the states in which they are licensed. Calculations are finalized as statutory returns are completed.
Consolidated debt-to-capital ratio of 11.1% as at December 31, 2024 is below our long-term target of 20.0%.

Investments

Net investment income rose 5.8% in the quarter compared to Q4 2023. The portfolio benefited from increased capital generated from strong operational performance.

Earnings Conference Call

Trisura will host its Fourth Quarter and 2024 Annual Earnings Conference Call to review financial results at 9:00a.m. ET on Friday, February 14th, 2025.

To listen to the call via live audio webcast, please follow the link below:

https://edge.media-server.com/mmc/p/mghkbw3a/

A replay of the call will be available through the link above.

About Trisura Group

Trisura Group Ltd. is a specialty insurance provider operating in the Surety, Warranty, Corporate Insurance, Program and Fronting business lines of the market. Trisura has investments in wholly owned subsidiaries through which it conducts insurance operations. Those operations are primarily in Canada and the United States. Trisura Group Ltd. is listed on the Toronto Stock Exchange under the symbol “TSU”.

Further information is available at http://www.trisura.com. Important information may be disseminated exclusively via the website. Investors should consult the site to access this information. Details regarding the operations of Trisura Group Ltd. are also set forth in regulatory filings. A copy of the filings may be obtained on Trisura Group’s SEDAR+ profile at www.sedarplus.ca.

For more information, please contact:

Name: Bryan Sinclair

Tel: 416 607 2135

Email: bryan.sinclair@trisura.com

Trisura Group Ltd. Consolidated Statements of Financial Position As at December 31, 2024 and December 31, 2023 (in thousands of Canadian dollars, except as otherwise noted)
As at	December 31, 2024	December 31, 2023
Cash and cash equivalents	270,378	604,016
Investments	1,434,534	890,157
Other assets	42,392	53,712
Reinsurance contract assets	2,771,163	2,003,589
Capital assets and intangible assets	29,383	16,657
Deferred tax assets	44,043	16,314
Total assets	4,591,893	3,584,445
Insurance contract liabilities	3,546,053	2,769,951
Other liabilities	162,302	120,065
Loan payable	98,272	75,000
Total liabilities	3,806,627	2,965,016
Shareholders’ equity	785,266	619,429
Total liabilities and shareholders’ equity	4,591,893	3,584,445

Trisura Group Ltd. Consolidated Statements of Comprehensive Income For the three and twelve months ended December 31 (in thousands of Canadian dollars, except as otherwise noted)
	Q4 2024	Q4 2023	2024	2023
Insurance revenue	794,162	754,953	3,118,322	2,789,187
Insurance service expenses	(881,999)	(615,167)	(2,748,110)	(2,245,246)
Net income (expense) from reinsurance contracts assets	101,624	(135,627)	(253,980)	(458,606)
Insurance service result	13,787	4,159	116,232	85,335
Net investment income (loss)	17,138	16,206	67,045	51,669
Net gains (losses) & net credit impairment losses	2,886	9,058	24,699	(8,763)
Total investment income	20,024	25,264	91,744	42,906
Finance expenses from insurance contracts	(7,015)	(27,716)	(78,522)	(75,875)
Finance income from reinsurance contracts	5,908	23,511	67,732	65,759
Net insurance finance expenses	(1,107)	(4,205)	(10,790)	(10,116)
Net financial result	18,917	21,059	80,954	32,790
Net insurance and financial result	32,704	25,218	197,186	118,125
Other income	508	727	7,506	7,654
Other operating expenses	(6,804)	(10,346)	(42,932)	(32,947)
Other finance costs	(947)	(565)	(3,270)	(2,409)
Income before income taxes	25,461	15,034	158,490	90,423
Income tax expense	(6,208)	(3,714)	(39,575)	(23,482)
Net income	19,253	11,320	118,915	66,941
Operating net income	38,181	25,875	135,850	110,201
Other comprehensive income (loss)	17,194	8,452	43,843	6,328
Comprehensive income	36,447	19,772	162,758	73,269

Trisura Group Ltd. Consolidated Statements of Cash Flows For the three and twelve months ended December 31 (in thousands of Canadian dollars, except as otherwise noted)
	Q4 2024	Q4 2023	2024	2023
Net income	19,253	11,320	118,915	66,941
Non-cash items	(3,127)	(11,727)	(20,517)	5,264
Change in working capital	102,620	100,302	68,598	194,038
Realized (gains) losses	(784)	1,769	(2,314)	3,950
Income taxes paid	(16,609)	(1,736)	(42,316)	(9,841)
Interest paid	(984)	(1,115)	(2,640)	(2,439)
Net cash from (used in) operating activities	100,369	98,813	119,726	257,913
Proceeds on disposal of investments	140,380	12,894	342,306	102,492
Purchases of investments	(221,476)	(41,001)	(795,269)	(219,121)
Acquisition of subsidiary	–	–	(15,015)	–
Net purchases of capital and intangible assets	(647)	32	(3,835)	(714)
Net cash (used in) investing activities	(81,743)	(28,075)	(471,813)	(117,343)
Shares issued	–	(63)	2,989	51,507
Shares purchased under Restricted Share Units plan	922	436	(2,215)	(1,409)
Loans received	–	–	46,607	–
Loans repaid	–	–	(23,335)	–
Principal portion of lease payments	(234)	(510)	(2,006)	(2,034)
Net cash from (used in) financing activities	688	(137)	22,040	48,064
Net decrease in cash and cash equivalents, during the period	19,314	70,601	(330,047)	188,634
Cash and cash equivalents, beginning of period	262,850	531,484	604,016	406,368
Currency translation	(11,786)	1,931	(3,591)	9,014
Cash and cash equivalents, end of period	270,378	604,016	270,378	604,016

Non-IFRS Financial Measures and other Financial Measures

Table 1 – Reconciliation of reported Net income to Operating net income⁽⁴⁾: reflect Net income, adjusted for certain items to normalize earnings to core operations in order to reflect our North American specialty operations.

	Q4 2024	Q4 2023	2024	2023
Net income	19,253	11,320	118,915	66,941
Adjustments:
Non-recurring Surety revenues	–	–	–	(4,596)
Impact of certain changes in Fronting reinsurance structures	–	–	1,435	–
Loss from run-off program	–	19,196	3,714	47,229
Non-recurring items	(3,100)	4,549	3,565	4,549
Impact of Exited lines	30,577	–	30,577	–
Impact of SBC	(839)	1,589	3,507	(1,914)
Impact of movement in yield curve within Finance (expenses) income from insurance and reinsurance contracts	(396)	2,071	1,207	723
Net (gains) losses	(2,886)	(9,058)	(24,699)	8,763
Tax impact of above items, and other tax adjustments	(4,428)	(3,792)	(2,371)	(11,494)
Operating net income	38,181	25,875	135,850	110,201

Table 2 – ROE⁽⁴⁾and Operating LTM ROE⁽⁵⁾: a measure of the Company’s use of equity.

	Q4 2024	Q4 2023
LTM net income	118,915	66,941
LTM average equity	702,012	549,672
ROE	16.9%	12.2%
Operating LTM net income⁽¹⁾	135,850	110,201
Operating LTM ROE	19.4%	20.0%

Table 3 – Reconciliation of Average equity⁽¹⁰⁾to LTM average equity: LTM average equity is used in calculating Operating ROE.

	Q4 2024	Q4 2023
Average equity	702,348	556,538
Adjustments: days in quarter proration	(336)	(6,866)
LTM average equity	702,012	549,672

Footnotes

(1) See section on Non-IFRS financial measures table 10.2 in Q4 2024 MD&A for details on composition. Operating net income is a non-IFRS financial measure. Non-IFRS financial measures are not standardized financial measures under the financial reporting framework used to prepare the financial statements of the Company to which the measure relates and might not be comparable to similar financial measures disclosed by other companies. Details and an explanation of how it provides useful information to an investor can be found in the Q4 2024 MD&A, Section 10, Operating Metrics table.

(2) This is a non-IFRS ratio. Non-IFRS ratios are not standardized under the financial reporting framework used to prepare the financial statements of the Company to which the ratio relates and might not be comparable to similar ratios disclosed by other companies. Details on composition and an explanation of how it provides useful information to an investor can be found in the Q4 2024 MD&A, Section 10, table 10.17.

(3) See Section 10, Operating Metrics in Q4 2024 MD&A for the definition of Operating Net Income, and for further explanation of “core operations”.

(4) This is a supplementary financial measure. Refer to Q4 2024 MD&A, Section 10, Operating Metrics table for its composition.

(5) This is a non-IFRS ratio. See table 10.18 in Q4 2024 MD&A for details on composition, as well as each non-IFRS financial measure used as a component of ratio, and an explanation of how it provides useful information to an investor.

(6) This is a non-IFRS ratio. Refer to Q4 2024 MD&A, Section 10, Operating Metrics table for its composition. Operating combined ratio excludes the impact of certain items to normalize results in order to reflect our Trisura Specialty operations.

(7) This measure is calculated in accordance with the Office of the Superintendent of Financial Institutions Canada’s (OSFI’s) Guideline A, Minimum Capital Test.

(8) This target is in accordance with OSFI’s Guideline A-4, Regulatory Capital and Internal Capital Targets.

(9) This measure is calculated in accordance with the National Association of Insurance Commissioners, Risk Based Capital for Insurers Model Act.

(10) Average equity is calculated as the sum of opening equity and closing equity over the last twelve months, divided by two.

Cautionary Statement Regarding Forward-Looking Statements and Information

Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of our Company and its subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as “expects,” “likely,” “anticipates,” “plans,” “believes,” “estimates,” “seeks,” “intends,” “targets,” “projects,” “forecasts”, “potential” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “would” and “could”.

Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of our Company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; the behaviour of financial markets, including fluctuations in interest and foreign exchange rates; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; insurance risks including pricing risk, concentration risk and exposure to large losses, and risks associated with estimates of loss reserves; strategic actions including dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the ability to appropriately manage human capital; the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation within the countries in which we operate; governmental investigations; litigation; changes in tax laws; changes in capital requirements; changes in reinsurance arrangements and availability and cost of reinsurance; ability to collect amounts owed; catastrophic events, such as earthquakes, hurricanes or pandemics; the possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; risks associated with reliance on distribution partners, capacity providers and program administrators; third party risks; risk that models used to manage the business do not function as expected; climate change risk; risk of economic downturn; risk of inflation; risks relating to cyber-security; risks relating to credit ratings; and other risks and factors detailed from time to time in our documents filed with securities regulators in Canada.

We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, our Company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

Cautionary Non-IFRS and Other Financial Measures

Reported results conform to generally accepted accounting principles (GAAP), in accordance with IFRS. In addition to reported results, our Company also presents certain financial measures, including non-IFRS financial measures that are historical, non-IFRS ratios, and supplementary financial measures, to assess results. Non-IFRS financial measures, such as operating net income, are utilized to assess the Company’s overall performance. To arrive at operating results, our Company adjusts for certain items to normalize earnings to core operations, in order to reflect our North American specialty operations. Non-IFRS ratios include a non-IFRS financial measure as one or more of its components. Examples of non-IFRS ratios include operating diluted earnings per share and operating ROE. The Company believes that non-IFRS financial measures and non-IFRS ratios provide the reader with an enhanced understanding of our results and related trends and increase transparency and clarity into the core results of the business. Non-IFRS financial measures and non-IFRS ratios are not standardized terms under IFRS and, therefore, may not be comparable to similar terms used by other companies. Supplementary financial measures depict the Company’s financial performance and position, and are explained in this document where they first appear, and incorporates information by reference to our Company’s current MD&A, for the three and twelve months ended December 31, 2024. To access MD&A, see Trisura’s website or SEDAR+ at www.sedarplus.ca. These measures are pursuant to National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure.

The MIL Network –

February 14, 2025

MIL-OSI USA: Cantwell Hits Trump’s Trade Policy on CNBC: “It Almost Seems Like A Tariff Tantrum”

US Senate News:

Source: United States Senator for Washington Maria Cantwell
02.13.25
Cantwell Hits Trump’s Trade Policy on CNBC: “It Almost Seems Like A Tariff Tantrum”
WA depends on steel & aluminum imports; last year, the state imported $1.2B worth of steel & aluminum for aerospace, shipbuilding, electronics & more; Last round of Trump trade wars nearly decimated WA’s apple export market to India; Cantwell helped negotiate end to retaliatory tariffs in 2023 & restore the market
WASHINGTON, D.C. – This morning, U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and a senior member of the Senate Committee on Finance, appeared on CNBC’s Squawk Box to push back against President Trump’s aggressive use of tariffs, even against the United States’ closest allies, instead of focusing on opening up export markets and lowering costs for American consumers.
“This is the fourth week of the Trump Administration, and I would hope that we would have been hearing about how we’re lowering costs on housing, food prices, and drugs. And instead, we’re now in – it almost seems like a tariff tantrum, like we’re just going to tariff everything. And what I would like to see is an engagement by both Democrats and Republicans pushing back on this notion that a ‘tariff everything’ strategy is the way to get out of this situation,” Sen. Cantwell told Squawk Box’s Andrew Ross Sorkin.
“I’ve been critical of Obama’s tariffs. I’ve been critical of Biden’s tariffs. What I want people to understand is we live in a world, now, where alliances and dealing with these issues on a coalition basis will get us further, because 95% of consumers are outside the United States,” she continued.
“In the last Trump administration, he did the same thing [… he] cut hundreds of apple jobs in my state that never recovered. But it decimated a $120 million market, and then, basically, because of the retaliatory tariffs, we were without an apple market to India. I worked in the Biden administration to get that restored. So, what people don’t understand is, in this environment, you don’t just lose farmland — because actually, Bill Gates or somebody will buy it — you’re losing farmers. And right now, the world, we should be opening up markets. We should be opening up agriculture opportunities around the globe.”
Her full appearance on Squawk Box can be viewed HERE; a transcript of the interview is HERE.
In Washington state, two out of every five jobs are tied to trade and trade-related industries. Combined, the state imported $1.21 billion worth of steel and aluminum last year – and the major industries and employers in Washington that rely on steel and aluminum include aerospace, shipbuilding, utilities, and electronics.
When President Trump imposed steel tariffs in 2018, our trading partners immediately responded by imposing tariffs of their own on Washington products, especially agriculture, including cherries, apples, pears, and potatoes. Nationally, across all industries, the steel and aluminum tariffs resulted in a decrease in production worth about $3.4 billion per year, according to an ITC report.
Sen. Cantwell has remained a steadfast supporter of free trade to grow the economy in the State of Washington and nationwide. Sen. Cantwell was the leading voice in negotiations to end India’s 20% retaliatory tariff on American apples, which was imposed in response to tariffs on steel and aluminum and devastated Washington state’s apple exports. India had once been the second-largest export market for American apples, but after President Trump imposed tariffs on steel and aluminum in his first term, India imposed retaliatory tariffs in response and U.S. apple exports plummeted. The impact on Washington apple growers was severe: Apple exports from the state dropped from $120 million in 2017 to less than $1 million by 2023. In September 2023, following several years of Sen. Cantwell’s advocacy, India ended its retaliatory tariffs on apples and pulse crops which was welcome news to the state’s more than 1,400 apple growers and the 68,000-plus workers they support.
Last week, Sen. Cantwell also delivered a major speech on the Senate floor arguing that the president’s arbitrary tariffs would threaten domestic job creation and economic growth in an Information Age. She outlined a strategy focused on building coalitions, growing exports, and establishing principles to support innovation in the Information Age.
Sen. Cantwell also voted against advancing the nomination of Howard Lutnick, President Trump’s choice to be Secretary of the Department of Commerce, citing concerns with Lutnick’s support for Trump’s proposed tariffs. More information on how President Trump’s proposed tariffs on goods from Mexico, Canada, and China would affect consumers and businesses in the State of Washington can be found HERE.
In May 2023, Sen. Cantwell sent a letter urging the Biden Administration to help U.S. potato growers finally get approval to sell fresh potatoes in Japan. In June 2023, Sen. Cantwell hosted U.S. Sen. Debbie Stabenow (D-MI), then-chair of the Committee on Agriculture, Nutrition, and Forestry, in Washington state for a forum with 30 local agricultural leaders in Wenatchee to discuss the Farm Bill.
In 2022, Sen. Cantwell spearheaded passage of the Ocean Shipping Reform Act, a law to crack down on skyrocketing international ocean shipping costs and ease supply chain backlogs that raise prices for consumers and make it harder for U.S. farmers and exporters to get their goods to the global market.
In August 2020, during the height of the COVID-19 pandemic, Sen. Cantwell sent a letter to then-Secretary of Agriculture Sonny Perdue requesting aid funds be distributed to wheat growers. In December 2018, Sen. Cantwell celebrated the passage of the Farm Bill, which included $500 million of assistance for farmers, including those who grow wheat.
In 2019, Sen. Cantwell helped secure a provision in the $16 billion USDA relief package, ensuring sweet cherry growers could access emergency funding to offset the impacts of tariffs and other market disruptions.

MIL OSI USA News –

February 14, 2025
MIL-OSI USA: Warren, Bonamici Renew Fight Against Misinformation in Pregnancy Care

US Senate News:

Source: United States Senator for Massachusetts – Elizabeth Warren

February 13, 2025

Bill Text (PDF)

Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.) and Representative Suzanne Bonamici (D-Ore.) reintroduced the Stop Anti-Abortion Disinformation (SAD) Act, to crack down on attempts by crisis pregnancy centers (CPCs) to deceive and misinform women seeking reproductive health care.

Senators Edward Markey (D-MA), Jeff Merkley (D-Ore.), Patty Murray (D-Wash.), Bernie Sanders (I-Vt.), Peter Welch (D-Vt.), Richard Blumenthal (D-Conn.), Cory Booker (D-N.J.), Catherine Cortez Masto, (D-Nev.), Richard Durbin, (D-Ill.), Mazie Hirono (D-HI) and Ron Wyden (D-Ore.) joined as co-sponsors.

CPCs routinely rely on deceptive advertising practices to trick pregnant women into thinking they offer comprehensive reproductive health care, only to discourage them from getting abortions. These deceptive tactics include making false claims about reproductive health care and lying about the risks of receiving an abortion or using certain forms of contraception. CPCs, which are generally not Health Insurance Portability and Accountability Act (HIPAA)-covered entities, have been found to falsely claim to be HIPPA-compliant in order to collect women’s sensitive health information and in some cases even disclose that data to law enforcement.

Nationwide, false advertising by CPCs is preventing women from getting the reproductive health care they need. The SAD Act would direct the Federal Trade Commission (FTC) to prescribe rules prohibiting disinformation in the advertising of abortion services. It would also give the Federal Trade Commission authority to enforce these rules and collect penalties from organizations, including CPCs, that violate these rules.

Senator Warren and Representative Bonamici first introduced this bill in the 117th Congress.

“Fighting back against misinformation and deceptive practices is an important tool to protect access to safe and reliable reproductive care. Reproductive rights are under attack in our country. This bill will help us push back against crisis pregnancy centers’ attempts to undermine a woman’s right to choose,” said Senator Warren.

“Crisis pregnancy centers further their own anti-choice agenda by taking advantage of people seeking reproductive care,” said Congresswoman Suzanne Bonamici. “Tragically, when CPCs provide false and misleading information about abortion and contraception, patients do not get necessary medical care. The Stop Anti-Abortion Disinformation (SAD) Act will put an end to these unfair and deceptive practices so pregnant Americans can access comprehensive, science-based reproductive care.”

“Crisis pregnancy centers rely on predatory practices to spread deceptive, misleading information and dissuade patients from receiving necessary health care. Patients deserve objective medical guidance from professionals—not inaccurate, stigmatizing, and even life-threatening information. The Stop Anti-Abortion Disinformation Act stops these centers from interfering with patient care and ensures that patients are receiving all of the information they need to make the best decisions for their health,” said Senator Blumenthal.

“It is critical that patients seeking reproductive care are given accurate medical advice from a trusted doctor, and not preyed on with misinformation from anti-abortion organizations posing as ‘crisis pregnancy centers,’” said Senator Booker. “This legislation will protect women seeking reproductive health care, including abortion care, from fraudulent clinics and predatory lies.”

“When women seek reproductive health care, they should be able to trust that their provider is offering comprehensive, factual information. Efforts by crisis pregnancy centers, many of which use half-truths and false advertising to mislead women about their options, undermine the reproductive rights of women,” said Senator Durbin. “I’m joining Senator Warren and Congresswoman Maloney to crack down on the deceptive practices of crisis pregnancy centers.”

“Women who need reproductive care need certified, comprehensive health care providers with medical expertise to ensure they can make an informed decision about their health care,” said Senator Cortez Masto. “Crisis pregnancy centers intentionally confuse vulnerable women in a way that can put their health in danger.”

“As Republicans cut away at access to reproductive care and amplify health disinformation, it is more important than ever to demand the truth. The Stop Anti-Abortion Disinformation Act is crucial for stopping peddlers of mis-and-disinformation in their tracks, so they do not continue to mislead, lie, and scare people from getting the care they need. Abortion care is health care, and every American should be able to access this care safely,” said Senator Markey.

“MAGA Republicans are on a crusade to destroy reproductive rights nationwide by spewing misinformation and pushing deceptive practices that undermine access to vital reproductive services,” said Senator Merkley. “We need to get politicians and pundits out of the exam room. Our bill ensures that crisis pregnancy centers across the country will not be able to mislead or lie to Americans seeking reproductive health care, including abortion care.”

“So-called ‘crisis pregnancy centers,’ propped up by anti-choice extremists, are notorious for misleading women about the services they provide and lying to them about their options for evidence-based reproductive health care. CPCs have also been known to deliberately deceive women into thinking their private health information is protected when it’s not, since they aren’t bound by HIPAA like real health care providers,” said Senator Murray. “As Republican state legislatures continue to funnel taxpayer money to these unaccountable anti-abortion centers, it’s more important than ever that Congress cracks down on their deceptive practices–that’s what this legislation is about.”

“With reproductive rights constantly under threat, it’s vital that people can access reliable and trustworthy abortion care. These people are preying on pregnant women with misinformation and blatant lies about abortion. It’s wrong, and it’s why Vermont passed legislation to hold them accountable for their lies,” said Senator Welch. “Our bicameral legislation follows Vermont’s lead and requires accountability for engaging in deceptive practices that undermine reproductive rights.”

“In a post-Roe world, it’s more important than ever that women everywhere have accurate information on which to base their reproductive care decisions,” Senator Wyden said. “Deceptive ‘crisis pregnancy centers’ target vulnerable patients who are looking for medical providers they can trust with their health, safety, and wellbeing and, instead, intercept them with false, harmful misinformation. ‘Crisis pregnancy centers’ must be stopped.

“The unchecked spread of disinformation about reproductive health continues to endanger patients. This must end.

This bill will help stop crisis pregnancy centers from spreading deceptive advertising about abortion, and work to guarantee that everyone can get the accurate information and quality care they need and deserve. Planned Parenthood Action Fund is grateful to Sen. Warren and Reps. Bonamici and Sykes for re-introducing the Stop Anti-Abortion Disinformation Act and for their continued leadership in the fight to protect sexual and reproductive health care and rights. It’s time to end the manipulative tactics of these fake clinics so that all patients can control their own bodies, lives, and futures,” said Alexis McGill Johnson, president and CEO, Planned Parenthood Action Fund.

As a practicing OBGYN, I know firsthand how important it is that pregnant people have access to accurate information so that they can make important decisions about their care and lives without bias, stigma or shame,” said Dr. Raegan McDonald-Mosley, Power to Decide CEO and practicing OB-GYN. “We urge Congress to pass the ‘SAD Act’ so that every person has access to medically accurate information and the power to decide their reproductive futures.

MIL OSI USA News –

February 14, 2025
MIL-OSI USA: Hoeven, Shaheen, Moran & Bennet Reintroduce Legislation to Establish Permanent Air Guard Tuition Assistance Program

US Senate News:

Source: United States Senator for North Dakota John Hoeven
02.13.25
WASHINGTON – Senators John Hoeven (R-N.D.), Jeanne Shaheen (D-N.H.), Jerry Moran (R-Kan.) and Michael Bennet (D-Colo.) reintroduced legislation to establish a permanent federal tuition assistance (FTA) program benefitting Air National Guard members. The Air Guard Standardizing Tuition Assistance to Unify the Services (STATUS) Act requires the Secretary of the Air Force to provide tuition assistance to drill-status members of the Air National Guard, consistent with the program available to the Army National Guard. The legislation is supported by the National Guard Association of the United States (NGAUS). The legislation follows efforts by Hoeven and Shaheen to:
Establish and fund a FTA pilot program, and ensure that North Dakota and New Hampshire Air Guardsmen had access to this important benefit.
Secure a total of $18.8 million across fiscal years (FY) 2020-2023 to support the program.
“Our Air Guard members deserve to receive the same benefits as their counterparts, both in the reserve and active duty components of the military,” said Senator Hoeven. “Our legislation makes the Air Guard FTA pilot program that we first worked to establish in 2020 permanent and available to drill-status Guard members across the country. Doing so will ensure the Air Guard, like the Happy Hooligans in Fargo, can continue to recruit the best and brightest members to support the increasingly high-tech missions they take on in defense of our nation.”
“Ensuring that the brave women and men serving in the Air National Guard have access to educational opportunities will not only help our recruitment and retention, but will also enhance our overall military preparedness and provide service members the benefits they deserve,” said Senator Shaheen. “Passing our bipartisan legislation will make tuition more affordable for the Air National Guard and bring their educational benefits in line with the other service branches. Let’s get this done.”
“The men and women in the Air National Guard work alongside their active-duty counterparts to protect our nation and serve our communities,” said Senator Moran. “Providing the same educational benefits to the Air National Guard that the Army National Guard receives will help increase recruitment rates and make certain our servicemembers have access to the benefits they deserve.”
“Colorado is home to over 1,500 Air National Guardsmen whose dedication and sacrifice helps keep our state and country safe,” said Senator Bennet. “Our bipartisan bill will help attract, develop, and retain members of the Air National Guard and ensure servicemembers nationwide have the educational benefits they deserve.”
“We must take care of the servicemembers who take care of our nation. One way to show our gratitude is to invest in their future through federal tuition assistance,” said retired Maj. Gen. Francis M. McGinn, NGAUS President. “We must equally provide for our Soldiers and our Airmen. This bill corrects a long-standing gap in National Guard benefits and will empower our Airmen to reach new heights in knowledge and skill. We thank Senators Hoeven and Shaheen for their efforts and continued support of the National Guard.”

MIL OSI USA News –

February 14, 2025
MIL-OSI USA News: Reciprocal Trade and Tariffs

Source: The White House

MEMORANDUM FOR THE SECRETARY OF THE TREASURY

THE SECRETARY OF COMMERCE

THE SECRETARY OF HOMELAND SECURITY

THE DIRECTOR OF THE OFFICE OF MANAGEMENT AND BUDGET

THE UNITED STATES TRADE REPRESENTATIVE

THE ASSISTANT TO THE PRESIDENT FOR ECONOMIC POLICY

THE SENIOR COUNSELOR TO THE PRESIDENT FOR TRADE AND MANUFACTURING

SUBJECT: Reciprocal Trade and Tariffs

Section 1. Background. The United States has one of the most open economies and has among the lowest average weighted tariff rates in the world. The United States imposes fewer barriers to imports than other major world economies, including those with similar political and economic systems. For many years, the United States has been treated unfairly by trading partners, both friend and foe. This lack of reciprocity is one source of our country’s large and persistent annual trade deficit in goods — closed markets abroad reduce United States exports and open markets at home result in significant imports.

Our workers and industries bear the brunt of unfair practices and limited access to foreign markets. As noted in the Presidential Memorandum of January 20, 2025 (America First Trade Policy Memorandum), this situation is untenable. The trade deficit of the United States threatens our economic and national security, has hollowed out our industrial base, has reduced our overall national competitiveness, and has made our Nation dependent on other countries to meet our key security needs. By making trade more reciprocal and balanced, we can reduce the trade deficit; grow the United States economy; and improve our trade relationships with trading partners to the benefit of American workers, manufacturers, farmers, ranchers, entrepreneurs, and businesses.

Sec. 2. Policy. It is the policy of the United States to reduce our large and persistent annual trade deficit in goods and to address other unfair and unbalanced aspects of our trade with foreign trading partners. In pursuit of this policy, I will introduce the “Fair and Reciprocal Plan”(Plan). Under the Plan, my Administration will work strenuously to counter non-reciprocal trading arrangements with trading partners by determining the equivalent of a reciprocal tariff with respect to each foreign trading partner. This approach will be of comprehensive scope, examining non-reciprocal trade relationships with all United States trading partners, including any:

(a) tariffs imposed on United States products;

(b) unfair, discriminatory, or extraterritorial taxes imposed by our trading partners on United States businesses, workers, and consumers, including a value-added tax;

(c) costs to United States businesses, workers, and consumers arising from nontariff barriers or measures and unfair or harmful acts, policies, or practices, including subsidies, and burdensome regulatory requirements on United States businesses operating in other countries;

(d) policies and practices that cause exchange rates to deviate from their market value, to the detriment of Americans; wage suppression; and other mercantilist policies that make United States businesses and workers less competitive; and

(e) any other practice that, in the judgment of the United States Trade Representative, in consultation with the Secretary of the Treasury, the Secretary of Commerce, and the Senior Counselor to the President for Trade and Manufacturing, imposes any unfair limitation on market access or any structural impediment to fair competition with the market economy of the United States.

The Plan shall ensure comprehensive fairness and balance across the international trading system by factoring in losses as a result of measures that disadvantage the United States as applied, regardless of what they are called or whether they are written or unwritten.

Sec. 3. Taking Action. (a) After the submission of the specified agency reports due under the America First Trade Policy Memorandum, the Secretary of Commerce and the United States Trade Representative, in consultation with the Secretary of the Treasury, the Secretary of Homeland Security, the Assistant to the President for Economic Policy, the Senior Counselor to the President for Trade and Manufacturing, and the heads of such other executive departments and agencies as the Secretary of Commerce and the United States Trade Representative deem relevant, shall initiate, pursuant to their respective legal authorities, all necessary actions to investigate the harm to the United States from any non-reciprocal trade arrangements adopted by any trading partners. Upon completion of such necessary actions, they shall submit to me a report detailing proposed remedies in pursuit of reciprocal trade relations with each trading partner.

(b) Within 180 days of the date of this memorandum, the Director of the Office of Management and Budget shall assess all fiscal impacts on the Federal Government and the impacts of any information collection requests on the public, and shall deliver an assessment in writing to the President.

Sec. 4. Definitions. For the purposes of this memorandum:

   (a) “Value-added tax” means a type of consumption tax that is levied on the incremental increase in value of a good or service at each stage of the supply chain.

(b) “Nontariff barrier” or “measure” means any government-imposed measure or policy or nonmonetary barrier that restricts, prevents, or impedes international trade in goods, including import policies, sanitary and phytosanitary measures, technical barriers to trade, government procurement, export subsidies, lack of intellectual property protection, digital trade barriers, and government-tolerated anticompetitive conduct of state-owned or private firms.

Sec. 5. General Provisions. (a) Nothing in this memorandum shall be construed to impair or otherwise affect:

   (i) the authority granted by law to an executive department or agency, or the head thereof; or

   (ii) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

(b) This memorandum shall be implemented consistent with applicable law and subject to the availability of appropriations.

(c) This memorandum is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

(d) The United States Trade Representative is authorized and directed to publish this memorandum in the Federal Register.

MIL OSI USA News –

February 14, 2025
MIL-OSI USA News: Fact Sheet: President Donald J. Trump Announces “Fair and Reciprocal Plan” on Trade
Source: The White House
THE “FAIR AND RECIPROCAL PLAN”: Today, President Donald J. Trump signed a Presidential Memorandum ordering the development of a comprehensive plan for restoring fairness in U.S. trade relationships and countering non-reciprocal trading arrangements.
- The “Fair and Reciprocal Plan” will seek to correct longstanding imbalances in international trade and ensure fairness across the board.
- Gone are the days of America being taken advantage of: this plan will put the American worker first, improve our competitiveness in every area of industry, reduce our trade deficit, and bolster our economic and national security.
AMERICA WILL NO LONGER TOLERATE UNFAIR TRADE PRACTICES: The United States is one of the most open economies in the world, yet our trading partners keep their markets closed to our exports. This lack of reciprocity is unfair and contributes to our large and persistent annual trade deficit.
- There are endless examples where our trading partners do not give the United States reciprocal treatment.
  
  The U.S. tariff on ethanol is a mere 2.5%. Yet Brazil charges the U.S. ethanol exports a tariff of 18%. As a result, in 2024, the U.S. imported over $200 million in ethanol from Brazil while the U.S. exported only $52 million in ethanol to Brazil.
  
  The U.S. average applied Most Favored Nation (MFN) tariff on agricultural goods is 5%. But India’s average applied MFN tariff is 39%. India also charges a 100% tariff on U.S. motorcycles, while we only charge a 2.4% tariff on Indian motorcycles.
  
  The European Union can export all the shellfish it wants to America. But the EU bans shellfish exports from 48 of our states, despite committing in 2020 to expedite approvals for shellfish exports. As a result, in 2023, the U.S. imported $274 million in shellfish from the EU but exported only $38 million.
  
  The EU also imposes a 10% tariff on imported cars. Yet the U.S. only imposes a 2.5% tariff.
  
  A 2019 report found that across 132 countries and more than 600,000 product lines, United States exporters face higher tariffs more than two-thirds of the time.
- This lack of reciprocity is one source of America’s large and persistent annual trade deficit in goods: closed markets abroad reduce U.S. exports and open markets at home result in significant imports, both of which undercut American competitiveness.
  
  The United States has run a trade deficit of goods every year since 1975. In 2024, our trade deficit in goods exceeded $1 trillion.
  
  Thanks to the proliferation of non-reciprocal barriers in just the last few years, the U.S. now runs a trade deficit in agriculture, worth around $40 billion in 2024.
- Though America has no such thing, and only America should be allowed to tax American firms, trading partners hand American companies a bill for something called a digital service tax.
  
  Canada and France use these taxes to each collect over $500 million per year from American companies.
  
  Overall, these non-reciprocal taxes cost America’s firms over $2 billion per year.
  
  Reciprocal tariffs will bring back fairness and prosperity to the distorted international trade system and stop Americans from being taken advantage of.
THE ART OF THE INTERNATIONAL DEAL: President Trump continues to deliver on his mandate given to him by the American People to put America First when it comes to trade.
- As President Trump said in the Presidential Memorandum on American First Trade Policy on his first day in office, trade policy is a critical component of our economic security and national security.
- In his first term, President Trump successfully ended the outdated and unfair NAFTA, replacing it with the historic USMCA to deliver one of the largest wins for American workers.
- When our national security was threatened by a global oversupply of steel and aluminum, President Trump took swift action to protect America’s national security by implementing tariffs on imports of these goods.
- In response to China’s intellectual property theft, forced technology transfer, and other unreasonable behavior, President Trump acted with conviction to impose tariffs on imports from China, using that leverage to reach a historic bilateral economic agreement.
Just last week, President Trump leveraged tariffs to force Canada and Mexico to make long-overdue changes at our northern and southern borders, ensuring the safety and security of American citizens.
MIL OSI USA News –
February 14, 2025
MIL-OSI Asia-Pac: Hong Kong Customs seizes suspected “space oil drug” worth about $8.4 million at airport (with photos)

Source: Hong Kong Government special administrative region

Hong Kong Customs seizes suspected “space oil drug” worth about $8.4 million at airport (with photos)
Hong Kong Customs seizes suspected “space oil drug” worth about $8.4 million at airport (with photos)
******************************************************************************************

Hong Kong Customs detected a case involving etomidate (the main ingredient of “space oil drug”), a kind of Part 1 poison under the Pharmacy and Poisons Regulations at Hong Kong International Airport and seized about 8 kilograms of suspected “space oil drug” with an estimated market value of about $8.4 million, as well as two suspected alternative smoking products today (February 13). A male passenger, aged 22, arrived in Hong Kong from Bangkok, Thailand today. During customs clearance, Customs officers found the batch of suspected “space oil drug” concealed inside eight packages of fruit-flavored drink powder inside his check-in suitcase and the two suspected alternative smoking products from his carry-on backpack. The man was subsequently arrested. An investigation is ongoing. Customs will continue to apply a risk assessment approach and focus on selecting passengers from high-risk regions for clearance to combat transnational drug trafficking activities. Under the Import and Export Ordinance, importing prohibited articles not under and in accordance with an import licence or importing an alternative smoking product is liable to a maximum fine of $2 million and imprisonment for seven years. Members of the public may report any suspected drug trafficking activities to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

Ends/Thursday, February 13, 2025Issued at HKT 21:35

NNNN

MIL OSI Asia Pacific News –

February 14, 2025
MIL-OSI Asia-Pac: Indian Standards should be accorded top priority: Centre

Source: Government of India

Indian Standards should be accorded top priority: Centre

Bureau of Indian Standards organises Inter-Ministerial Meeting on Implementation of Standards – Bringing more products under Quality Control Orders (QCOs)

Posted On: 13 FEB 2025 6:39PM by PIB Delhi

Implementation of Indian Standards should be accorded top priority, said Smt. Nidhi Khare, Secretary, Department of Consumer Affairs, Government of India while chairing an inter-ministerial meeting on Implementation of Standards – Bringing more products under Quality Control Orders (QCOs) in New Delhi.

The Secretary emphasized on the role of QCOs in achieving the aim of ‘Atma Nirbhar Bharat” considering its twin objectives of uplifting quality ecosystem in domestic market and curbing sub-standard imports. Referring to the speech by Hon’ble Prime Minister on 78^th Independence Day, wherein a thrust on Indian Standards has been envisioned to make Indian products stand out in the global market, she appealed to all the Ministries to prioritise Indian Standards.

The discussions during the meeting focused on the importance of Standards and its benefits through QCOs, which enforce mandatory compliance to standards for various products and play a vital role in protecting public health & safety and enhancing the competitiveness of industry, particularly Micro, Small and Medium Enterprises (MSMEs). The implementation of QCOs provides these businesses with a level playing field by ensuring that all market players meet the same quality standards. This initiative not only boosts the competitiveness of MSMEs in the domestic market, but also facilitates access to global markets, opening up new avenues for growth and exports.

The meeting witnessed participation from representatives of nearly 17 Union Ministries and Departments, including Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Textiles, Ministry of New and Renewable Energy (MNRE), Ministry of Steel, Ministry of Road Transport and Highways (MoRTH), Ministry of Animal Husbandry, Dairying and Fisheries, Department of Chemicals and Petrochemicals (DCPC), and Ministry of Heavy Industries (MHI), among others.

The Department of Consumer Affairs briefed on the positive impact of the Quality Control Order (QCO) on the toys industry. The introduction and implementation of the QCO for Toys has led to remarkable improvements in both safety and quality standards for toys manufactured and sold in India.

The status of 628 products which are under consideration at the Ministries/Departments for bringing them under QCOs was also reviewed during the meeting. The discussions concluded with consensus for expediting the timelines for implementing QCOs for these products, which will further strengthen India’s commitment to improving product quality and impetus on Atma Nirbhar Bharat across different sectors.

Compliance with standards is voluntary unless made mandatory under Section 16 of the BIS Act, 2016. All ministries and departments of the Government are empowered in this regard. A detailed stakeholder consultation is carried out with industry before notifying and implementing QCOs.

Bureau of Indian Standards is the National Standards Body and is responsible for standardization, marking and quality certification of goods.

*****

Abhishek Dayal/Nihi Sharma

(Release ID: 2102873) Visitor Counter : 52

MIL OSI Asia Pacific News –

February 14, 2025
MIL-OSI Asia-Pac: Cold Storage and Supply Chain Infrastructure Under PMKSY

Source: Government of India (2)

Posted On: 13 FEB 2025 6:13PM by PIB Delhi

The Ministry of Food Processing Industries (MoFPI) has been implementing Central Sector Umbrella Scheme – PMKSY since 2016-17 to create post-harvest infrastructure and processing facilities to boost the overall development of the food processing sector including reduction in post-harvest losses. The component schemes under PMKSY provide credit linked financial assistance (capital subsidy) in the form of grants-in-aid to entrepreneurs for setting up of food processing/preservation infrastructure which, inter-alia, includes cold storages and refrigerated vehicles to minimize post-harvest losses.

The Ministry of Food Processing Industries has been implementing schemes to boost food processing industries through infrastructure creation, grant of sales based incentives, capacity expansion, and other supporting measures. Under component schemes of PMKSY, as per the Scheme guidelines, consent to operate (CTO) issued by the concerned state Pollution board/Agency in respect of Water and Air, is mandatory for release of instalment of Grant-In-Aid/Subsidy to the approved projects. Further, Project Implementation Agency (PIA) has to comply with the requirements of Cold Chain infrastructure as per the directions of Ministry of Environment, Forest & Climate change, Government of India with respect to use of Non-ODS (Non- Ozone depleting Substances) and low GWP (Low Global Warming Potential) refrigerants-based energy efficient cooling systems.

Under PMKSY component schemes, assistance can also be availed for Renewable/alternate energy technologies (solar, bio-mass, wind, etc.) for the project (Max. eligible permissible cost is Rs. 35 Lakh per project). Eligible entities from across the country may apply and avail the benefits.

National Institute of Food Technology, Entrepreneurship & Management -Thanjavur under Ministry of Food Processing Industries (MoFPI) has made efforts to promote and develop sustainable packaging technology through development of biodegradable plastics, safe and environmental friendly packaging solutions from biopolymers such as poly lactic acid (PLA), starch, nano fibres etc

The Ministry of Food Processing Industries through implementation of PMKSY, helps in creation of modern infrastructure with efficient supply chain management from farm gate to retail outlet across the country. The scheme not only provide a boost to the growth of food processing sector in the country but also helps in, interalia, reducing wastage of agricultural produce, increasing the processing level and enhancing the export of the processed foods.

MoFPI is also implementing a Centrally Sponsored Scheme- PM Formalisation of Micro Food Processing Enterprises Scheme (PMFME) for providing technical, financial and business support for setting up/upgradation of 2 lakh Micro Food Processing Enterprises. Production Linked Incentive (PLI) scheme has been launched by MoFPI for the period 2021-22 to 2026-27 to create global food champions and improving the visibility of Indian food brands abroad.

Besides above, the allied Ministries/Departments and their Agencies such as Ministry of Agriculture and Farmers Welfare, Ministry of Fisheries, Animal Husbandry and Dairying, APEDA, MPEDA, etc. also extend enabling support through their respective schemes like Mission for Integrated Development of Horticulture, Agriculture Export Promotion Plan Scheme, National Agriculture Infra Financing Facility, etc.

Steps to help the agri-products and the processed foods export sector include inter- alia financial assistance to exporters by Agricultural and Processed Food Products Export Development Authority (APEDA) under the Scheme of quality control, setting up of in house quality control laboratory and implementation of Hazard Analysis and Critical Control Points (HACCP) in processing units, conducting awareness programme on quality assurance and quality management system and training programme on food safety norms, developing packaging for export of various food products and setting up of agri export zones in geographically contiguous areas in different states. In addition. Ministry of Food Processing Industries, under its Plan Scheme, also provides financial assistance to food processing industries for implementation of total quality management including ISO 9000, HACCP etc. and to establish Quality Control Laboratories in the Country

This information was given by the Minister of State for Food Processing Industries Shri Ravneet Singh in a written reply in Lok Sabha today.

***

STK

(Release ID: 2102852) Visitor Counter : 39

MIL OSI Asia Pacific News –

February 14, 2025
MIL-OSI USA: Should Your Child Participate in a Clinical Trial?
Source: US Food and Drug Administration

Español

Clinical trials help provide reliable evidence needed when studying medical products to diagnose, prevent, treat, and sometimes even cure, childhood diseases. Children who participate in these research studies may also potentially benefit from the medical products under investigation.

Before deciding whether your child should participate in a clinical trial, there’s a lot to know, including the risks and benefits. Let’s take a look.

Clinical Trials Can Help Improve Medical Treatments

Clinical trials are voluntary research studies conducted in people and designed to answer specific questions about the safety and/or effectiveness of new drugs, vaccines, and medical devices.

Interventional studies may also seek to answer questions about new ways of using existing products that are approved, cleared or licensed by the U.S. Food and Drug Administration for certain uses.

If your child enrolls in a pediatric clinical trial, they could be offered an experimental product that may (or may not) be better than those already being used. Generally speaking, by law, giving an experimental product to children must provide a potential clinical benefit that justifies the risk of using the experimental product. Also, the children who participate in the clinical trial generally must have the disease or condition being studied.

Under limited circumstances, children may be exposed to the risks of an experimental medical product that does not offer any potential clinical benefit. In that case, the risks must be sufficiently low and the information to be gained must be important to understanding or treating the children’s disease or condition.

Clinical studies give us important information about the safety and effectiveness of an experimental medical product. This information informs the FDA’s review of medical products. In addition, it guides whatever information goes in the approved, cleared, or licensed product labeling, including, for example, about the right dose of a drug to use.

The Importance of Clinical Trials in Children

Not all drugs or devices approved, licensed, cleared or authorized for marketing by the FDA have been labeled for use in children. So, by necessity, doctors may routinely treat children with a drug or device that has been studied in adults and approved for adult use but may not have been studied in children, or may have been studied in a different group of children. For example, a drug may have been evaluated in adolescents but not in newborns.

Children’s responses to medical products can’t always be predicted from data collected in studies of adults. As children grow, their bodies change. Those changes can mean children of different ages may experience differences in the effectiveness or side effects of a medical product and, for example, may need a different dosage.

For devices, clinical trials may also be needed to verify design modifications for children and to establish age-appropriate use of the device. Designing a medical device for children can be challenging because children are often smaller and more active than adults.

Medical devices may be diagnostic or therapeutic. Some devices may require different settings and algorithms to ensure they are safe and effective for children. Others may be implanted and may need to be adjusted as a child grows. Adult data may not always predict the potential risks in children.

How Clinical Trials Are Conducted

Safeguards are in place to ensure the rights and well-being of children in clinical trials. Depending on the type of clinical trial and the product being evaluated, a child may get an investigational product, an approved, cleared, or licensed product known to be effective, or an inactive substance or device (placebo).

In a clinical trial, children may not be deprived of a treatment necessary for their health. So, in some cases the investigational product a child receives in a clinical trial may be added to the treatment they are already receiving for their condition, unless the risks of stopping the established treatment are low. For example, if the child has seizures and is taking a particular drug that helps control the seizures, they would likely continue to take that drug and also take the investigational product (or placebo) being studied in the clinical trial to treat seizures.

A clinical trial that evaluates an investigational product might be no riskier than your child being treated with an FDA-approved, cleared, licensed or authorized product that has not been evaluated in children. For one, monitoring for possible side effects (also known as adverse events) generally would be much more intensive in a research study than when a drug is prescribed, or a device used, by a doctor outside of a clinical trial.

What You Should Know Before Enrolling Your Child in a Clinical Trial

Talk with your child’s pediatrician before enrolling in, and during, a clinical trial. Your health care professional can serve as an adviser to your family and help you evaluate the potential benefits and risks of the study.

They can help you think about important questions to ask the investigator in charge of the clinical trial and decide if it is right for your child. The people doing the research study may include doctors, nurses, research coordinators, social workers and other health care professionals.

Enrolling your child a clinical trial is an important decision. Learn as much as you can beforehand.

Ask questions. Write down a list of questions and take it with you when you meet with the investigator in charge of the clinical trial. Some examples include:
- What is the evidence that the investigational product might help my child?
- How will you check to see if the investigational product is working?
- Are there any concerns that the investigational product could be unsafe?
- How closely will my child be monitored if there are problems?
- Who do I call if I’m concerned that there is a problem?
Take notes during the discussion. Read the notes back to the investigator to make sure you heard everything correctly. Ask, “Can I tell you what I think this is about, and you tell me if I’m right or not?”

Ask for contact information if you would like to talk to other parents whose children are participating in the clinical trial. The study team can provide this information if they get permission from other parents to have you contact them.

Take your time. Before signing the informed consent document, think about it. Talk it over with your child, your family, your child’s health care professional and other trusted people before signing.

Follow your instincts. If you’re not satisfied with the information given to you and the answers to your questions, don’t enroll your child.

Clinical trials are voluntary. After you enroll in a study, you can take your child out of the clinical trial at any time. It’s important to talk to the study team if you want to stop participating in the trial. You may need to follow up even after stopping to make sure your child does not have any side effects from the investigational product.

You can search for clinical studies at ClinicalTrials.gov.

MIL OSI USA News –
February 14, 2025
MIL-OSI: Nokia Corporation: Repurchase of own shares on 13.02.2025
Source: GlobeNewswire (MIL-OSI)

Nokia Corporation
Stock Exchange Release
13 February 2025 at 22:30 EET

Nokia Corporation: Repurchase of own shares on 13.02.2025

Espoo, Finland – On 13 February 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*

XHEL 1,380,441 4.76

CEUX – –

BATE – –

AQEU – –

TQEX – –

Total 1,380,441 4.76

* Rounded to two decimals

On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.

Total cost of transactions executed on 13 February 2025 was EUR 6,575,869. After the disclosed transactions, Nokia Corporation holds 247,809,658 treasury shares.

Details of transactions are included as an appendix to this announcement.

On behalf of Nokia Corporation

BofA Securities Europe SA

About Nokia
At Nokia, we create technology that helps the world act together.

As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs which is celebrating 100 years of innovation.

With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

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Attachment
- Daily Report 2025-02-13
The MIL Network –
February 14, 2025
MIL-OSI United Nations: Experts of the Committee on Economic, Social and Cultural Rights Welcome Peru’s National Action Plan on Business and Human Rights, Ask about the High Percentage of the Workforce in the Informal Sector and Sexual Violence against Children in the Condorcanq

Source: United Nations – Geneva

The Committee on Economic, Social and Cultural Rights today concluded its review of the fifth periodic report of Peru, with Committee Experts welcoming the State’s adoption of a national action plan on business and human rights, while asking about the high percentage of the workforce in the informal sector and sexual violence against children in the Condorcanqui region.

Michael Windfuhr, Committee Expert and Leader of the Taskforce for Peru, welcomed the State’s adoption of a national action plan on business and human rights, and the training it had provided for officials on business and human rights.

Karla Vanessa Lemus De Vásquez, Committee Vice-Chair and Member of the Taskforce for Peru, said the Committee was concerned that more than 70 per cent of the workforce, including 85 per cent of migrant workers, worked in the informal sector. The taxation system discouraged companies and workers from transitioning into the formal sector. Would the State party amend tax provisions and promote the transition into the formal sector?

Santiago Manuel Fiorio Vaesken, Committee Expert and Member of the Taskforce for Peru, said it was concerning to receive reports of cases of systemic sexual abuse of children and adolescents by teachers, particularly in the Condorcanqui region, including more than 600 reported cases of sexual abuse. What was being done to eliminate the systemic sexual abuse in this region and punish the perpetrators? What was the State doing to guarantee access to justice for victims? What mechanisms were being developed to prevent such crimes and their recurrence? What was the State doing to ensure oversight in schools?

Concerning the informal sector, the delegation said Peru had conducted awareness raising campaigns and provided training to public officials on migrants’ labour rights. In addition, it had conducted activities to promote trade union rights, with a particular emphasis on the agricultural sector. There had been improvements in levels of formal employment between 2021 and 2023, thanks to a new law promoting the transition to the formal sector.

The delegation said the State wanted to ensure the cases in Condorcanqui were being appropriately investigated and punished. The intersectoral plan of action for Condorcanqui was a guide to monitor progress to prevent and deal with sexual violence against children in the province. Teachers had been trained on sexual and reproductive health rights and health professionals had been recruited. A multisectoral roundtable had been held to tackle sexual violence against children in the Condorcanqui province. Teachers who had restraining orders could not teach in 2025. Intercultural mediators had also been recruited to deal with the issue. There was an investigation relating to the proceedings and cases submitted.

Luis Fernando Domínguez Vera, Director-General for Human Rights, Ministry of Justice and Human Rights of Peru and head of the delegation, introducing the report, said Peru was a democratic, social, independent and sovereign State committed to upholding human rights and democratic principles. To advance the fight against poverty, the National Policy for Development and Social Inclusion 2030 was approved in 2022. At the end of 2024, the “pension 65” programme granted protection to over 830,000 older adults in extreme poverty. The draft national policy on indigenous peoples included regulations on prior consultation processes. Designed in a participatory manner with national indigenous organizations, the policy promoted public services that would reduce inequality and generate social and economic development for the indigenous population. The State reaffirmed its commitment to building a more just, inclusive, and equitable society.

In concluding remarks, Mr. Windfuhr thanked the delegation for the effort made during the dialogue. The Committee would appreciate if the outcome of the constructive dialogue would be published in Peru and made available to all stakeholders.

In his concluding remarks Mr. Domínguez Vera thanked the Committee for the constructive dialogue. Peru had full respect for economic, social and cultural rights, particularly for those in vulnerable situations, and would aim to strengthen national efforts to achieve these rights under the Covenant.

The delegation of Peru was comprised of representatives from the Ministry of Justice and Human Rights, and the Permanent Mission of Peru to the United Nations Office at Geneva.

The Committee’s seventy-seventh session is being held until 28 February 2025. All documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage. Webcasts of the meetings of the session can be found here, and meetings summaries can be found here.

The Committee will next meet in public at 10 a.m. on Friday, 14 February to conclude its consideration of the seventh periodic report of the United Kingdom (E/C.12/GBR/7).

Report

The Committee has before it the fifth periodic report of Peru (E/C.12/PER/5).

Presentation of Report

LUIS FERNANDO DOMÍNGUEZ VERA, Director-General for Human Rights, Ministry of Justice and Human Rights of Peru and head of the delegation, said Peru was a democratic, social, independent and sovereign State committed to upholding human rights and democratic principles. Approximately 99.8 per cent of inhabitants were currently covered by health insurance. Non-resident foreigners diagnosed with HIV or tuberculosis were authorised to enrol for insurance.

To advance the fight against poverty, the National Policy for Development and Social Inclusion 2030 was approved in 2022. At the end of 2024, the “pension 65” programme granted protection to over 830,000 older adults in extreme poverty. The Cooperation Fund for Social Development had intervened in 573 population centres, financing development projects, and there were also other programmes providing monetary incentives to vulnerable households. One programme benefited 1.5 million people in poverty in rural areas from 2019 to 2024, promoting access to health services, justice and development, financial inclusion, and education.

To ensure the prevention of forced labour, a new protocol against forced labour was approved in 2023, which committed public institutions to a comprehensive and multisectoral approach to cases of forced labour with a victim-centred approach. Since 2003, the National Steering Committee for the Prevention and Eradication of Child Labour had been working with public and private non-profit institutions on activities to prevent child labour. The national policy for the prevention and eradication of child labour was also being formulated. The child labour rate had been reduced by 5.8 percentage points from 2012 to 2023.

To prevent gender-based violence, the Ministry of Health had carried out training workshops and counselling sessions to promote healthy cohabitation for couples, and as of 2024, had trained 155,600 health professionals on the subject. As part of State nutritional programmes for pregnant women and children, half a million children aged up to 12 months and over 94,000 pregnant women were supported and around seven million home visits were made from February to November 2024.

To reduce gaps in educational performance, a sectoral policy to strengthen intercultural and bilingual education was being drawn up. To address school dropouts, since 2012, bicycle kits had been distributed to the poorest educational institutions in rural areas, and an intervention was created in 2018 to support river transport in the Amazon area. Both interventions benefitted more than 90,000 students.

With regard to drinking water and sanitation services, the Government had implemented various strategies to reduce issues related to access, quality and sustainability of drinking water and sanitation services in the country. The Ministry of Housing, Construction and Sanitation was developing two important drinking water, sewerage and wastewater treatment projects that would support access to these services for more than 83,000 people in Lima and Callo. In July 2024, the State approved a roadmap towards a circular economy in drinking water and sanitation, which would promote the efficient use of drinking water and the reuse of wastewater.

Peru remained firmly committed to becoming more sustainable. In 2024, environmentally friendly investment projects were launched in sectors such as mining, transportation, electricity, hydrocarbons, agriculture, sanitation and health.

The draft national policy on indigenous peoples included regulations on prior consultation processes. Designed in a participatory manner with national indigenous organizations, the policy promoted public services that would reduce inequality and generate social and economic development for the indigenous population. Further, the “alert service against racism” guided citizens on actions to be taken in the face of discrimination and the recently approved “Peru without racism 2030” strategy aimed to improve procedures to guarantee citizens timely attention to cases of ethnic or racial discrimination.

The State reaffirmed its commitment to building a more just, inclusive, and equitable society. It had approved the National Multisectoral Human Rights Policy 2040, which aimed to achieve substantial progress in social inclusion and respect for human rights. The State would continue to work for the full exercise of economic, social and cultural rights for all people, with the national multisectoral human rights policy 2040 as a guide. The State’s multisectoral efforts to eradicate inequality and discrimination and the dialogue with the Committee would allow Peru to continue to implement the Covenant efficiently.

Questions by a Committee Expert

MICHAEL WINDFUHR, Committee Expert and Leader of the Taskforce for Peru, said Peru’s Constitution covered economic, social and cultural rights in a comprehensive manner. How often was the Covenant used in court rulings? Were judges trained in Covenant rights? How did economic, social and cultural rights inform policy making? How was the national human rights institution dealing with economic, social and cultural rights and related complaints? Were rules regarding the election of the Ombudsman in line with the Paris Principles? Did the State party plan to ratify the individual complaints procedure for the Covenant and to revisit ratification of the Escazú Agreement?

The Committee was concerned by repeated declarations of states of emergency by Peru, including in connection with social protests. Also of concern was the frequent deployment of the armed forces during states of emergency and for domestic law and order tasks. There were multiple reports of violent suppression of protesters and other human rights violations occurring at protests in 2020 and 2023. What was the State party doing to prevent violence against and intimidation of protestors? The State had been criticised for describing protests as “terrorist activities”, a severe step given Peru’s strict anti-terrorism legislation. How did the State party plan to change discourse around protests? What was the intention of the new law on the control of the finances of civil society organizations?

Human rights defenders in Peru reportedly faced threats to their life and family, as well as intimidation and sanctions, particularly for activists protesting mining, oil, and agricultural projects. There had been an increase in murders of indigenous community leaders defending their territories. The Committee welcomed the State’s decision to finance an office to investigate abuse of human rights defenders. How many attacks against human rights defenders, including environmental human rights defenders, had the State party recorded? How would the State party prevent attacks against human rights defenders and delays in justice for victims?

How did the State party ensure free, prior and informed consent from indigenous communities for development projects and protection for indigenous territories? Mr. Windfuhr welcomed the State’s adoption of a national action plan on business and human rights and the training it had provided for officials on business and human rights. What were the sectors with the highest risks of human rights violations? How did the State party monitor human rights impacts in the extractive and agricultural sectors? What measures were in place to support small-scale indigenous farmers and indigenous peoples?

The Committee welcomed the State party’s national climate change adaptation plan and disaster preparedness activities. What progress had been made in meeting greenhouse gas emissions targets? Why had 38 new licences for the exploitation of hydrocarbons been granted? How did the State party control the impact of deforestation activities and hydrocarbon spillages? How did it assess its climate change adaptation projects? Several legislative decrees from 2013 to 2015 had weakened environmental regulation and oversight, preventing the imposition of fines on polluting companies. Were there plans to revise these?

Public spending in health, education and sport had increased up to 2018. How had spending progressed since then? Twenty-seven per cent of the population lived in poverty and five per cent in extreme poverty in 2022, compared to 20 and three per cent respectively in 2019. The tax system reportedly did little to alleviate poverty. How would the State party reform tax policies to reduce inequality and address poverty? Around one per cent of the population held one-third of the State’s income. How would the State party promote income equality and prevent corruption?

The Committee welcomed efforts to promote respect for the rights of women, children, and lesbian, gay, bisexual, transgender and intersex persons through national action plans. Several plans had terminated in 2021; had they been renewed? Was the State party planning new policies to sanction non-State actors that violated the rights of vulnerable groups?

Responses by the Delegation

The delegation said Peru was a democratic State that respected human rights, and rejected allegations to the contrary. It did not persecute persons who expressed their opinions freely. The Inter-American Court of Human Rights had in 2024 noted the efforts that Peru had exerted to implement its recommendations related to the protection of the rights of protesters. In December 2022, a multi-sectoral commission was set up to address the needs of wounded persons and the family members of persons who had died in protests. An investigation had been carried out into incidents occurring during the 2022 and 2023 protests, and a directive had been developed to ensure appropriate human rights-based responses from the police to protests. A human rights office had also been established in the police force.

The procedure for electing the Ombudsman had not changed; it was determined by the Constitution. The Constitution stipulated that all international instruments ratified by Peru could be applied directly by the justice system. Peru was considering ratification of the Escazú Agreement.

Peru had established an intersectoral mechanism for the protection of human rights defenders and a platform through which human rights defenders could make complaints. Eight regional roundtables had been established on the protection of human rights defenders in areas in which they were active.

As part of actions under the national action plan on business and human rights, the State had trained 197 public and private sector workers on business and human rights and had developed a training programme for trade unions. Awareness raising campaigns on due diligence had also been developed.

The COVID-19 pandemic had increased poverty rates in Peru. The State party was collecting data to inform targeted policies to support vulnerable households. A multi-sectoral committee and strategy aiming to reduce urban poverty had been established. The Government was working to increase access to State services for low-income households. There were State benefits for early childhood, students, and households living in poverty. The State had also implemented a programme promoting access to school feeding programmes.

The “CONACOT” National Council on Discrimination was working to promote human rights and peaceful coexistence and assessing individual complaints related to discrimination. Awareness raising campaigns had been carried out to eliminate discrimination against lesbian, gay, bisexual, transgender and intersex persons. The Council had developed a platform for reporting discrimination and monitoring follow-up to cases.

Follow-Up Questions by Committee Experts

Committee Experts asked follow-up questions on plans to address threats against human rights defenders from private actors; plans to develop a general anti-discrimination law; whether the State party had a system for monitoring recommendations from the treaty bodies; the contributions that civil society had made to the State party’s report; the standards in place to guarantee the right to free, prior and informed consent for indigenous peoples; steps taken by the Government to combat illegal mining, which had allegedly destroyed 30,000 hectares of forest and leaked large volumes of mercury into the Amazon River; measures to regularise the mining sector and ensure that legislative reforms did not promote impunity for illegal miners; progress made in implementing the national policy for persons with disabilities; reasons why the budget for supporting persons with disabilities had been reduced; barriers to promoting the rights of lesbian, gay, bisexual, transgender and intersex persons; and plans to close down the Ministry for Women.

Responses by the Delegation

The delegation said Peru had a law against acts of discrimination, which imposed punishments for perpetrators of such acts. All public policies and programmes promoted inclusion and the redistribution of wealth. The Ministry for Justice and Human Rights included a body that followed up on recommendations from human rights protection bodies, and a national digital platform had been set up to manage and monitor responses to these recommendations. There were national standards for free, prior and informed consent and judicial remedies were available in cases of violations of citizens’ rights.

Job centres matched job seekers’ skills to employers’ needs. Economic incentives and a range of other policies were in place to promote access to employment, including self-employment, for young persons living in poverty.

The Government had yet to decide whether to merge the Ministry of Women with other ministries. Whether or not the merger took place, the State would continue to implement this ministry’s mandate.

Questions by a Committee Expert

KARLA VANESSA LEMUS DE VÁSQUEZ, Committee Vice-Chair and Member of the Taskforce for Peru, asked whether the State party had updated the national action plan on forced labour and related strategies. What measures were in place to strengthen the capacity of the National Commission on Forced Labour? Current measures were reportedly not sufficient for promoting the inclusion of persons with disabilities into formal employment. There were no sanctions for companies that did not respect disability quotas. What measures were in place to provide training on reasonable accommodation and ensure that workplaces were accessible?

The Committee was concerned that more than 70 per cent of the workforce, including 85 per cent of migrant workers, worked in the informal sector. The taxation system discouraged companies and workers from transitioning into the formal sector. Would the State party amend tax provisions and promote the transition into the formal sector? Temporary contracts could be renewed for up to five years for an unlimited number of times. Were there plans to reform legislation on temporary contracts to limit their use?

What criteria were used to establish and update the minimum wage? What measures had the State party taken to ensure appropriate oversight of the informal sector to prevent adolescents from engaging in dangerous work? How was the Government promoting trade union representation and informing workers about trade union rights? What sectors were restricted from engaging in strikes? How did the State party ensure effective protection from reprisals for strikers?

How did the State party ensure that social services had sufficient resources? The International Labour Organization had called for a comprehensive protection system for the unemployed. What progress had been made on its implementation?

Responses by the Delegation

The delegation said reports on the implementation of annual disability policies had been published by the State, including in Easy Read format. There were State programmes in place promoting persons with disabilities’ access to employment. A forum had been set up that displayed job information tailored to persons with disabilities, and job fairs for persons with disabilities were also held in various regions. The State party provided training to public officials and private sector employers on promoting the inclusion of persons with disabilities in workplaces and providing reasonable accommodation.

The State party had conducted awareness raising campaigns and provided training to public officials on migrants’ labour rights. In addition, it had conducted activities to promote trade union rights, with a particular emphasis on the agricultural sector. There had been improvements in levels of formal employment between 2021 and 2023, thanks to a new law promoting the transition to the formal sector. Since 2021, the Directorate for the Settlement of Labour Disputes had conducted 213 interventions to settle disputes between employers and employees. There had been 17 trade unions established in the agricultural sector since 2021. Around 540,000 workers in Peru were affiliated with a union; affiliation with unions was voluntary.

The State party was drafting a new policy aimed at the eradication of forced labour and it hoped to conclude these efforts in coming weeks. Peru had developed three national action plans on combatting forced labour, the most recent of which ended in 2022. This plan had had a positive impact, with over 70 per cent of its measures having been effectively implemented. A national day for the eradication of forced labour had been established, and data collection on forced labour had been strengthened. Outreach on preventing forced labour was conducted nationally.

Questions by Committee Experts

Committee Experts asked follow-up questions on the number of people benefitting from programmes promoting employment of persons with disabilities; measures to resolve wage disputes involving persons with disabilities; disaggregated data on access to social services in the State party; plans to reform the pension system to make it more sustainable and to guarantee a minimum income for all older persons; measures to protect workers in the mining industry from acts of violence and intimidation; measures to ensure the traceability of illegally mined gold, prevent illegal mining, and provide remedies for harms caused; how the labour inspection system addressed the situation in remote areas; and protections for workers in the illegal mining sector.

LUDOVIC HENNEBEL, Committee Vice-Chair and Member of the Taskforce for Peru, asked about measures to guarantee access to protection and justice services for women victims of violence. To what extent had protective legislation been implemented? Why were acts of femicide and domestic violence still prevalent in the State party despite legislative developments? What measures were in place to tackle systemic sexual violence in schools, particularly in rural areas?

How would the State party effectively implement the prohibition of child marriage and make all such unions void? How would it tackle de-facto unions? What measures were in place to combat child labour in agricultural and mining sectors?

Was the State party planning to bolster protections against forced evictions? There was a clear disparity between social classes in terms of access to housing. How would the State party address this? How was it supporting access to water infrastructure in rural areas and preventing the contamination of water sources by extractive industries? Around 31 per cent of the population was exposed to heavy metal pollution in water sources. What measures were in place to combat overexploitation of natural resources by extractive industries?

What programmes were in place to combat malnutrition? How did the State ensure that indigenous communities could benefit from food distribution programmes? How was the Government tackling child malnutrition and anaemia? What measures were in place to bolster the national healthcare system, particularly in rural areas, and to combat the shortage of pharmaceutical products? How was the State party supporting access to quality mental health services in rural areas and preventing suicides, tackling HIV infections in indigenous communities, and combatting discrimination against persons suffering from HIV? How was it supporting access to contraception and abortions and preventing obstetric violence? What support systems were available for girls who were victims of rape and incest?

Responses by the Delegation

The delegation said in 2024, the Congress presented a bill to adapt the scope of Peruvian sign language and ensure public and private entities would provide for it. This was being carried out to enhance the implementation of Peruvian sign language.

Persons who were self-employed were included in the informal economy. The Ministry of Labour undertook different activities to ensure the self-employed could transit to a formal economy. Guidelines had been adopted to strengthen the production of formal and decent self-employment to guide actions to promote self-employment at all levels of Government.

The General Directorate of Employment had been looking at adolescents who worked for others to ensure decent working conditions for them and avoid the worst forms of child labour. The State had a model to identify and eradicate child labour. Peru dealt with cases identified in different authority areas. When it came to monitoring and oversight of children engaged in dangerous jobs, the National Labour Inspectorate had a special unit for child and forced labour. This meant there was detailed supervision by this unit that carried out investigations and checks to determine if any children or adolescents were involved in dangerous jobs.

Educational programmes were being implemented in rural areas, including a programme for secondary education with only part-time attendance. Another part-time educational programme was in place to promote the development of communities through different learning models. National legislation on union rights was in line with what was established with international fora, including the International Labour Organization. The Labour Inspection Unit had the ability and resources to ensure the existence of the right to strike, pursuant to Peruvian law and international standards. The Labour Inspectorate Service carried out monitoring and oversight activities to protect the rights of workers. The unit had made a significant step in putting in place the Trade Union Rights Unit. This team included inspectors who had specific training on cases relating to the right to strike.

Around 2,331 persons with disabilities were registered in the job centre of the Ministry of Labour in 2024 and 1,724 persons obtained an employment certificate. In 2024, the National Council for Persons with Disabilities investigated 105 public entities and 103 sanctions were issued due to non-compliance with the employment quotas. Around 90.7 per cent of the population had reported as having some kind of health insurance, with the figures being higher in rural areas.

It was difficult to access some of the most remote areas in the country. In these cases, a system of documentary checks was used to allow inspections to be carried out without physical visits. There was a database of indigenous communities, including qualitative and geographical information. This allowed different levels of Government to implement public policies for indigenous peoples and guarantee their rights.

Between 2017 and 2018, Peru changed its approach to combat corruption. Instead of doing this retroactively, it was now part of the comprehensive policy for integrity and combatting corruption. There were specialised prosecutors to deal with the scourge of corruption, and these cases were conducted independently, including in the cases of public officials.

A specialised justice system had been created in 2018 to punish any acts of violence against women by members of their families. Violence against women and girls had reached its most acute stage, which meant the need to adopt differentiated approaches. During the pandemic, a legislative decree was passed to guarantee protection measures to victims of gender-based violence. Several instruments had been passed to support women victims of violence. The Peruvian State would continue to try and tackle violence against women head on.

There were 60 services under the public prosecutor’s service, 25 of which were connected to legal aid under the specialised justice system. Numerous steps had been implemented to address the issue of femicides. One of the main leaps forward was the implementation of the national system of justice for protection. Furthermore, the Ministry of Women and Vulnerable Populations had a direct link to victims of femicide and their family members through the support centres which had been created to tackle emergency situations. Steps had been taken to try and establish support campaigns for victims of femicide within these centres. A mobile application provided information on services for gender-based violence and could be used to privately contact a platform for help and share location to trusted contacts. Medical and psychological assistance was provided to child victims of femicide on an individual and monthly basis.

The Peruvian State was committed to reducing the levels of social tolerance to victims of violence in Peru. The high levels of violence against children in the Amazonas region was a priority for the State, and there were multiple challenges in this regard. Since August 2024, the State had adopted the plan to address sexual abuse against children and adolescents in the Condorcanqui in the Amazonas area; 607 teachers had reports of sexual violence levied against them. In 2022, a pact was introduced for indigenous youth, which included specific activities for implementation in the Amazonas area. In 2024, training was carried out for indigenous women to enhance their leadership and organizational skills.

The State had adopted a law to prohibit the marriage of children. Any minor had the ability to request the annulment of a marriage contracted prior to the law entering into force. There were no registered cases of child marriage.

A decree had been approved promulgating a social housing rule. The law on buildings in rural areas had been amended, and the building of social housing was promoted to make up for the housing shortages. Progress had been made in recent years, in water and sanitation, including decreasing the gap between rural and urban areas.

Questions by Committee Experts

LUDOVIC HENNEBEL, Committee Vice-Chair and Member of the Taskforce for Peru, asked for more information about activities relating to illegal mining and deforestation. Corruption could have a significant impact relating to the implementation of all public policies. What challenges did the State face when combatting corruption? What measures were being taken to combat corruption?

MICHAEL WINDFUHR, Committee Expert and Leader of the Taskforce for Peru, said corruption was a major issue when it came to land transfers. How was the State able to control corruption in these cases? How could labour rights be controlled everywhere if officials could not travel there? How did the written submissions work?

SANTIAGO MANUEL FIORIO VAESKEN, Committee Expert and Member of the Taskforce for Peru, said more than 300 persons of Peruvian nationality were being detained in the United States, awaiting deportation. A growing number of Peruvian nationals had been deported already and others were leaving the country. What measures had the Government put in place to receive these persons and re-include them in society?

An Expert asked how the system was monitored to ensure the water supply complied with national standards, considering the difficult geographic conditions mentioned?

Responses by the Delegation

The delegation said there was a legislative framework which had been harmful to economic, cultural and social rights. Peru was a sovereign State which respected international human rights law. Standards and rules were approved via a legislative process befitting of a democratic State. If there were any rules which ran counter to any treaty or agreement, they could be called into question. There was a national oversight mechanism.

The Government was fighting corruption head on. There had been a change of approach in the State to a preventive approach, and there was now a special unit on corruption which guided national policy in this area. The geography of Peru meant that the State was dealing with certain idiosyncrasies.

Illegal mining was a crime defined in Peru’s Legal Code. Small-scale mining was being formalised and there was an associated extraordinary process and specific decrees which defined this activity as one taken in a non-prohibited area. Peru currently had a health directive and multisectoral plan to deal with people who had been exposed to heavy metals and other toxins. Steps had been taken to identify the early steps of lead poisoning within the community. Peru guaranteed the exercise of consultation and there was a technical body specialised in this area; 98 prior consultation processes applying these provisions had been held.

There had been a significant increase in cases of mental health since 2018. Steps had been taken to ensure harmonious cohabitation and avoid inter-family violence. In Peru, domestic violence was a major problem, and as such psychological support was being provided to victims of violence. Steps were also being taken to create safe environments to prevent risk, and roll out campaigns for girls and women in the field of mental health. The State rolled out a multisectoral plan to prevent teenage pregnancy, which had yielded significant results. A technical guide had been developed for therapeutic abortion before 22 weeks.

There was a group that contacted nationals who had been deported under the migration policy of the United States to ensure they were provided with basic services.

Questions by a Committee Expert

SANTIAGO MANUEL FIORIO VAESKEN, Committee Expert and Member of the Taskforce for Peru, asked for details on public spending in 2024 and plans for 2025 earmarked for education? There had been reports of a drop in the quality of education in Peru. What measures had the State taken to reverse the deterioration in levels of reading among primary school students? Recently, the Ministry of Education through its website revealed more than 19,000 cases of violence reported in schools. What specific measures was the State planning to take in this regard? Were there protocols or procedures in place to respond to these cases?

It was concerning to receive reports of cases of systemic sexual abuse of children and adolescents by teachers, particularly in the Condorcanqui region, including more than 600 reported cases of sexual abuse. What was being done to eliminate the systemic sexual abuse in this region and to punish the perpetrators? What was the State doing to guarantee access to justice for victims? What mechanisms were being developed to prevent such crimes and their recurrence? What was the State doing to ensure oversight in schools?

The Committee was aware of the prohibition of using pupils in the education system to promote any political beliefs and aims. How was it guaranteed that teachers did not politically manipulate pupils? Were teacher salaries in Peru competitive? How did they compare to the minimum or average wage in Peru? There had been public criticism about the school meal programme, Qalia Warma, including that children did not receive enough nutrients. There had been cases of using horse meat instead of meat, offal, and food which was mouldy or contained vermin faeces. Would there be changes made to this service? How was the distribution of these foods monitored? Had the State identified the companies which provided the substandard foods? Did they still hold contracts with them? What steps had been taken to ensure accountability of the State authorities responsible? What would be done to ensure that this did not happen in the future?

Responses by the Delegation

The delegation said the State of Peru rejected all forms of violence, particularly against children. The State wanted to ensure the cases in Condorcanqui were being appropriately investigated and punished. The intersectoral plan of action for Condorcanqui was a guide to monitor progress, to prevent and deal with sexual violence against children in the province. Teachers had been trained on sexual and reproductive health rights and health professionals had been recruited. Sampling of HIV and syphilis had been carried out in more than 30 indigenous communities. There were 18 local authority protection networks in place.

The feeding programme provided food to 18 residential facilities and more than 30,000 students benefitted in the Condorcanqui province. The State provided technical assistance to operators working in rural areas. Care had been provided to 100 communities that benefitted from a mobile justice system. A multisectoral roundtable had been held to tackle sexual violence against children in the Condorcanqui province. Teachers who had restraining orders could not teach in 2025. Intercultural mediators had also been recruited to deal with the issue. There was an investigation relating to the proceedings and cases submitted.

In 2025, there was a planned budget for education for over 49 billion Solis. In 2022, steps had been taken to close the digital gap in rural and urban areas in primary and secondary schools. Mobile educational material and digital content gave teachers and students the opportunity to learn in different contexts.

Punishment had been issued for workers who had allegedly been involved in corruption in the Qali Warma school food programme. Reports had been lodged with the prosecution service to ensure legal steps were taken against workers and providers. Those who had breached agreements were to be held to account. There was a focus to prevent corruption and there were channels to report this.

Questions by a Committee Expert

SANTIAGO MANUEL FIORIO VAESKEN, Committee Expert and Member of the Taskforce for Peru, asked if justice settings provided translation in the original languages of Peru? To what extent could parents have influence in the drafting of the school curriculum? What measures was the State offering to provide comprehensive sexual reproductive education?

Responses by the Delegation

The delegation said there were hubs where culturally sensitive advice was provided free of charge. There were more than 600 cultural hubs throughout the country. Programmes had been launched at schools to prevent teenage pregnancies.

Closing Remarks

MICHAEL WINDFUHR, Committee Expert and Leader of the Taskforce for Peru, thanked the delegation for the effort made during the dialogue. The Committee’s concluding observations aimed to provide constructive feedback. The Committee would appreciate if the outcome of the constructive dialogue would be published in Peru and made available to all stakeholders. It was important for the State to reduce fear and complications around civil society to improve the outcome on economic, social and cultural rights.

LUIS FERNANDO DOMÍNGUEZ VERA, Director-General for Human Rights, Ministry of Justice and Human Rights of Peru and head of the delegation, thanked the Committee for the constructive dialogue. Peru was a democratic State that respected the rule of law and allowed anyone to express their beliefs. Peru had full respect for economic, social and cultural rights, particularly for those in vulnerable situations, and would aim to strengthen national efforts to achieve these rights under the Covenant.

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.

CESCR25.003E

MIL OSI United Nations News –

February 14, 2025
MIL-OSI United Nations: Experts of the Committee on the Elimination of Discrimination against Women Praise Sri Lanka’s Action Plan on Women, Peace and Security, Ask about Legislation on Child Marriage and Domestic Violence

Source: United Nations – Geneva

The Committee on the Elimination of Discrimination against Women today concluded its consideration of the ninth periodic report of Sri Lanka, with Committee Experts praising the State’s national action plan on women, peace and security, and raising questions about the Muslim Marriage and Divorce Act, which permitted child marriage, and domestic violence.

One Committee Expert said the national action plan on women, peace and security was a positive step in addressing the needs of women in conflict. Were there plans to conduct a mid-term assessment of the plan?

Yamila González Ferrer, Committee Expert and Country Rapporteur for Sri Lanka, said that the Muslim Marriage and Divorce Act was amended in 2022, but there were still concerns about elements of the law. Were there plans to further amend the law, including to ban child marriage?

Another Committee Expert said at least one in five women in Sri Lanka had experienced violence from an intimate partner, and many did not report it. What was the timeline for adopting proposed amendments to the Prevention of Domestic Violence Act? What protections were provided to women victims of violence?

Introducing the report, Saroja Savitri Paulraj, Minister of Women and Child Affairs of Sri Lanka and head of the delegation, said the Sri Lankan Government was committed to upholding the rights of women and girls and advancing gender equality. This review held particular significance, as it was the country’s first engagement with an international human rights treaty body since the presidential and parliamentary elections of 2024.

Ms. Paulraj said Sri Lanka’s first national action plan for women, peace and security for 2023 to 2027 had been launched. The Government was committed to realising the full promise of the women, peace and security agenda. The delegation added that the action plan addressed displacement, and women’s protection, security and participation in peacebuilding. The State party was planning to conduct a review of the implementation of the action plan.

On the Muslim Marriage and Divorce Act, the delegation said the Government had conducted consultations regarding its amendment. It was trying to strike a balance between women’s and children’s rights and cultural rights. Ms. Paulraj added that the Women’s Parliamentary Caucus had suggested setting a minimum age for marriage and establishing a multi sectoral committee to address this issue.

On domestic violence, the delegation said the Prevention of Domestic Violence Act had been amended; the amended Act would come into force this year. The Assistance to Victims Act underlined the rights of victims to be treated with respect and privacy, and to request legal, medical and psychosocial assistance. A toll-free hotline operated by female officers was available for reporting domestic violence.

In closing remarks, Ms. Paulraj said the Sri Lankan Government had undertaken significant efforts to strengthen women’s empowerment. It was fully committed to addressing the issues that women faced in the State and would continue to engage with the Committee constructively.

In her concluding remarks, Nahla Haidar, Committee Chair, said that the State party had shared candidly and transparently the progress made and difficulties it was facing. She commended the State party for its efforts and encouraged it to implement the Committee’s recommendations for the benefit of all Sri Lankan women and girls.

The delegation of Sri Lanka consisted of representatives from the Ministry of Women and Child Affairs; Attorney General’s Department; Sri Lanka Police; Ministry of Foreign Affairs, Foreign Employment and Tourism; and the Permanent Mission of Sri Lanka to the United Nations Office at Geneva.

The Committee will issue the concluding observations on the report of Sri Lanka at the end of its ninetieth session on 21 February. All documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage. Meeting summary releases can be found here. The webcast of the Committee’s public meetings can be accessed via the UN Web TV webpage.

The Committee will next meet at 10 a.m. on Friday, 14 February to consider the sixth periodic report of Liechtenstein (CEDAW/C/LIE/6).

Report

The Committee has before it the ninth periodic report of Sri Lanka (CEDAW/C/LKA/9).

Presentation of Report

SAROJA SAVITRI PAULRAJ, Minister of Women and Child Affairs of Sri Lanka and head of the delegation, said the Sri Lankan Government was committed to upholding the rights of women and girls and advancing gender equality. This review held particular significance, as it was the country’s first engagement with an international human rights treaty body since the presidential and parliamentary elections of 2024 and the formation of the new Government in Sri Lanka. Sri Lanka was proud to have a member from Sri Lanka in the Committee, Rangita de Silva de Alwis. Her contribution to this Committee’s work was highly appreciated.

Ms. Paulraj said she was the first Tamil Member of Parliament elected from the Southern Province, which had a predominantly Sinhala community. Women’s representation in Sri Lanka’s Parliament had risen from 4.8 to 9.7 per cent with the election of 22 female members in November 2024. These women included individuals from the working class and marginalised communities, including, for the first time in history, two women from the Malayaga community.

Sri Lanka was proud to have its third female Prime Minister, Dr. Harini Amarasuriya. One of the Government’s key electoral pledges had been to ensure the equal representation of women in Government. Appointing a woman to the post of Deputy Chairman of Committees of Parliament for the first time was another milestone. The Sri Lankan judiciary also had a high percentage of women at senior levels. Thirty-two per cent of Ambassadors in Sri Lanka were women. Across all levels of Sri Lanka’s diplomatic service, women were in the majority. During the reporting period, Sri Lanka Police appointed four female Deputy Inspectors General of Police and the first female Director of the Criminal Investigation Department. Many women had been appointed to the Government’s decision-making councils, commissions and boards.

The Government had made a policy commitment to reduce the burden of unpaid care work for women. Women played a crucial role in driving the economy in Sri Lanka, with their contributions being essential in generating income across key sectors. Women made up most of the workforce in industries such as garments, plantations, and as migrant workers. For the first time, a woman had been appointed as the Chairperson of the Sri Lankan Apparel Exporters Association in the corporate sector.

The Government had introduced several initiatives to support economic recovery and empower citizens, particularly focusing on women and youth. One notable proposal was the establishment of a new development bank aimed at providing new entrepreneurs, including rural and disadvantaged women, with loans without the requirement for collateral. The Sri Lanka Women’s Bureau was the national mechanism implementing projects and programmes for the social and economic development of women from national to grassroots level.

The Women Empowerment Act of 2024 introduced mechanisms to give effect to the obligations undertaken by Sri Lanka in relation to the Convention, and defined women’s right to equality and non-discrimination. A key component of this Act was to establish an independent National Commission on Women, and to provide provisions for the appointment of a Woman Ombudsperson on ensuring women’s rights and setting up a National Fund for Women.

The Land Development (Amendment) Act of 2022 had brought in provisions to ensure gender equality and non-discrimination in land inheritance. The Women’s Parliamentary Caucus had suggested setting a minimum age for marriage and establishing a multi sectoral committee to address this issue.

Addressing sexual and gender-based violence was a key priority for the Government. It would establish mechanisms to prioritise and expedite the resolution of cases involving sexual offences against women and minors, ensuring that victims received timely redress. The progress review of the first national action plan to address sexual and gender-based violence for the period 2016-2020 found a 70 per cent level of implementation. Thereafter, a second plan for the period 2024-2028 was launched in 2024. This plan focused on prevention programmes in schools, places of work, and community-based initiatives, as well as programmes on engaging men to address gender-based violence.

Children and Women Desks had been newly established in police stations, and the Government would also double the allocation for 2025 for the establishment and expansion of shelter homes for women.

Sri Lanka’s first national action plan for women, peace and security for 2023 to 2027 had been launched. The action plan was developed through an inclusive process of broad consultations with survivors of conflict and vulnerable women and children. The Government was committed to realising the full promise of the women, peace and security agenda.

Technology-facilitated gender-based violence was another pressing challenge that Sri Lanka was facing. The Government was working to implement stronger laws and policies to protect individuals from privacy violations, online stalking, and hate speech. Sri Lanka was a party to the Budapest Convention on Cybercrime, which focused on addressing online and technology-facilitated violence against women. The Online Safety Act of 2024 aimed to protect the vulnerable sections of the society in line with international standards.

Sri Lanka was committed to upholding human rights, gender equality, and social justice. Its foremost priority was to ensure that no one was left behind. Sri Lankan women had been active participants in the country’s development agenda and the Government was committed to addressing existing challenges and supporting women to carry out this role.

Questions by Committee Experts

YAMILA GONZÁLEZ FERRER, Committee Expert and Country Rapporteur for Sri Lanka, said that Sri Lanka’s Constitution established that all persons had the right to live free from discrimination. However, this was not yet a reality. Sri Lanka was in the process of drafting a new Constitution. Were there plans to incorporate the rights of women and girls into the Constitution? Proposals had been made to reform criminal laws to remove discriminatory provisions affecting women related to marriage. What progress had been made in this regard?

The national human rights institution had “A” status under the Paris Principles. What actions had it implemented to protect women’s rights? Were its complaints mechanisms effective? Were there plans to update the national action plan on human rights? There were several obstacles limiting the capacity of the judicial system to protect women affected by sexual and gender-based violence and domestic violence. How was the State party strengthening the judiciary and reducing trial times?

The death penalty was legal in Sri Lanka. Although there was a de facto moratorium in place, courts continued to sentence women to death, often not considering mitigating circumstances such as gender-based violence. Could the State party provide data on women sentenced to death? Had the Convention been invoked before the courts?

Responses by the Delegation

The delegation said that the Constitution guaranteed the right to non-discrimination. Violations of fundamental rights could be brought before the Supreme Court, which had drawn reference to the Convention in some of its determinations. In one case, it had held that equality could be seriously impaired when women were subjected to workplace gender-based violence. The Women’s Commission was mandated to introduce mechanisms to give effect to Convention obligations.

There were several mechanisms in place facilitating access to justice. The Legal Commission of Sri Lanka provided free legal services to citizens who had incomes of less than 40,000 rupees. This threshold did not apply for cases of a domestic nature. The Human Rights Commission and the Women’s Commission were empowered to receive complaints related to human rights violations directly from victims, investigate the matter, and make recommendations. Financial assistance and counselling were provided to women victims of violence. The Prevention of Domestic Violence Act allowed for victims to make complaints directly to the police.

Sri Lanka had maintained a moratorium on the death penalty since 1978. The Supreme Court had intervened in the past to prevent the death penalty from being carried out. A recent amendment to the Penal Code increased the minimum age from which the death penalty could be applied from 16 to 18 years.

Many efforts had been made to implement the Committee’s previous concluding observations. The Government had established a coordinating committee to follow-up on the Committee’s concluding observations, in collaboration with civil society. In 2022, legislation on marriage and divorce was amended to remove all provisions permitting the marriage of a minor with parents’ permission. Legislation on inheritance had also been revised to remove its gender components.

Questions by Committee Experts

YAMILA GONZÁLEZ FERRER, Committee Expert and Country Rapporteur for Sri Lanka, said that the Muslim Marriage and Divorce Act was amended in 2022, but there were still concerns about elements of the law addressing abortion and rape. Were there plans to further amend the law? Was work underway to ensure that authorities could mainstream a gender perspective in measures promoting access to justice?

Another Committee Expert congratulated the Government on appointing a woman Prime Minister. Ms. de Silva’s contributions enriched the Committee. The national action plan on women, peace and security was a positive step in addressing the needs of women in conflict. However, challenges remained in this field. Were there plans to conduct a mid-term assessment of the plan? How would the Government ensure accountability for past conflict-related gender-based violence and ensure the rights of victims to protest and mourn publicly?

Non-governmental organizations faced financial and regulatory obstructions. How would the State party support women human rights defenders and remove restrictions on the activities of civil society?

One Committee Expert welcomed measures for increasing the political representation of women, but said the Committee was concerned by the low level of representation of women in public and private life. She commended the quota of 25 per cent representation for local government bodies, but said this was not in line with the Committee’s recommendation of 50 per cent representation. The Expert further commended an initiative to enhance the incomes of women in the agricultural sector. Had this initiative been successful? What affirmative actions had been implemented in other sectors?

Responses by the Delegation

The delegation said the Government had conducted consultations regarding the Muslim Marriage and Divorce Act. It was trying to strike a balance between women’s and children’s rights and cultural rights, and was working to ensure that the law reflected the views of the people. There was constant training of police officers and the judiciary on the Convention. Persons who caused a woman to miscarry, except to save the life of the woman, were punished, but the Government was considering legal amendments in this regard.

Sri Lanka’s civil society had made important contributions to the protection of human rights. The window in which civil society could challenge bills had been extended from seven to 14 days. Freedom of expression, speech and assembly were protected in the Constitution. The Government was committed to protecting the freedom of expression of civil society. It had simplified administrative requirements for registering non-governmental organizations. Regulatory measures were needed to prevent non-governmental organizations from engaging in money laundering and financing of terrorism. Complaints could be made regarding infringements of the rights of human rights defenders to the Supreme Court, the National Police Commission, the Women’s Ombudsperson, and the Human Rights Commission, which had produced guidelines on the protection of human rights defenders.

Women were selected to leadership roles on public bodies on merit. Their representation was improving. Sri Lanka had had the world’s first woman Prime Minister. There was no quota for appointments to roles in the public sector, but over 50 per cent of prosecutors were women. The Government had conducted several awareness raising campaigns encouraging women’s participation in public life. Diploma programmes were developed to train women to participate in political roles, and a forum had been held to advocate for increased representation of women in trade unions. Leadership courses had been held for minority women. Women’s representation in local government had risen to 25 per cent in 2018, thanks to the quota enacted in 2017. The Government aimed to increase the representation of women in Parliament and provincial councils to 30 per cent.

The women, peace and security action plan addressed displacement, and women’s protection, security and participation in peacebuilding. A steering committee had been established to implement the plan and make policy recommendations. The State party was planning to conduct a review of the implementation of the action plan.

The Government was developing a truth and reconciliation process that had the people’s trust. The Office for Reparations had reviewed more than 6,000 complaints, tracing around 180 missing persons and helping over 4,000 families to access remedies. Investigation results were accessible to the public. The national reparations policy was tabled in Parliament in 2022. It included provisions for memorialisation. The Office provided livelihood support, land rights, housing, psychosocial support and measures to prevent violence. Payments had been provided for over 11,000 individuals across various categories. An independent body had also been established to conduct investigations into historic violations.

Questions by Committee Experts

A Committee Expert congratulated Sri Lanka on having the first female Prime Minister in the world and on electing its third female Prime Minister. The State party needed to consider temporary special measures such as quotas to improve women’s representation in various fields. Would the State party increase its 25 per cent quota for Parliament and other bodies?

Another Committee Expert said gender stereotypes perpetuated inequalities in Sri Lanka. What actions had been taken by the State party to promote gender equality in school curricula and tackle gender stereotypes? What was the timeline for amending the Muslim Marriage and Divorce Act to ban child marriage?

At least one in five women in Sri Lanka had experienced violence from an intimate partner, and many did not report it. Women who sought justice faced discriminatory treatment in the judicial system. What was the timeline for adopting proposed amendments to the Domestic Violence Act? How would the State party address barriers to women victims accessing justice? Were gender courts available in rural areas? What protections were provided to women victims of violence? Courts did not recognise marital rape and girls over age 16 were not protected from statutory rape. How would the State party ensure that all girls without exception were protected from rape?

One Committee Expert welcomed the national action plan to combat trafficking, the Witness Protection Act, and a fund to compensate victims of violence. Was the unit working to prevent trafficking a militarised unit? Most persons trafficked to the Middle East were female domestic workers. Traffickers recruited women and girls from rural areas and forced them to work in the commercial sex industry in urban areas. Law enforcement lacked proper training on identifying trafficking. What measures were in place to ensure the protection of victims who reported trafficking crimes? Were there efforts being made to reduce the evidence threshold for declaring trafficking crimes? How did the State party ensure that victims of trafficking were not criminalised? Did police officers receive training on trafficking and labour rights?

Responses by the Delegation

The delegation said the Prevention of Domestic Violence Act had been amended and would come into force this year. The Assistance to Victims Act provided for the establishment of a national authority for the protection of victims and witnesses. It underlined the rights of victims to be treated with respect and privacy, and to request legal, medical and psychosocial assistance. Female victims could request investigating officers of a particular gender.

The police had implemented specialised protective units and a targeted programme that encouraged increased reporting of domestic violence and reduced death rates. A toll-free hotline operated by female officers was available for reporting domestic violence.

The National Anti-Human Trafficking Taskforce coordinated police actions to investigate trafficking in persons. The Taskforce included members of various Government departments; it was not a militarised entity. There was also an anti-trafficking desk within the Ministry of Defence. The Government operated a shelter for female victims of trafficking, which provided health, food and other support services. Awareness raising campaigns on the importance of reporting trafficking crimes were in place. Trafficking in persons was an offence in the Penal Code. Persons who committed or conspired to commit trafficking offences were liable for a penalty of between three to 15 years imprisonment.

Persons who committed rape were punished with imprisonment for no less than seven years, or no less than 15 years when the victim was under 16. A man who had a non-consensual sexual relationship with a woman who was formerly his wife was criminalised.

Questions by Committee Experts

One Committee Expert asked whether marital rape had been criminalised, and if not, when it would be. Were there plans to provide specific services for victims of technologically-assisted gender-based violence and to provide training to stakeholders on this issue?

YAMILA GONZÁLEZ FERRER, Committee Expert and Country Rapporteur for Sri Lanka, asked how awareness raising campaigns promoted the rights of women in vulnerable situations.

Another Committee Expert said that in 2023, 51 per cent of harmful speech online targeted women. Women’s rights groups and even the Prime Minister were targeted by online hate speech. How did legislation protect women and rights groups online? Some social media platforms had not removed harmful content due to high thresholds for removal. Did the State party plan to hold these platforms to account to protect women? Thirty-two per cent of Ambassadors were female, though women made up more than half of the foreign service. How would the State party support women to become Ambassadors? Many transgender women faced barriers in accessing residence certificates and the right to vote. How was the State party addressing these barriers?

Another Committee Expert said Sri Lankan women who married foreigners faced barriers in passing their nationality to their children. What measures were in place to ensure that women could transmit their nationality on par with their male counterparts? Tamil women, women in rural zones, and displaced women often lacked documentation to prove their nationality. Lesbian, bisexual, transgender and intersex women faced discrimination from police and confronted obstacles in obtaining gender recognition papers. Children born to foreign parents did not obtain Sri Lankan nationality, raising issues of statelessness for plantation workers. How was the State addressing these issues?

Responses by the Delegation

The delegation said statutory rape was currently rape of persons aged up to 16 years. Marital rape was not currently criminalised. The Online Safety Act aimed to promote safety for women and girls online. The Cybercrime Investigation Unit was tasked with handling all cyber-related complaints, including those related to sexual and gender-based violence and online child exploitation. It acted swiftly to remove harmful online content, including from social media platforms. Women could submit complaints of online abuse through email and hotlines. The Act established an independent Online Safety Commission that could issue directives to internet service providers, requiring them to respond to discriminatory online acts. The Commission could also disable users, remove offending content, and seek internet intermediaries to disclose the identities of offenders.

Women played a significant role in diplomatic representation at all levels. They accounted for more than 50 per cent of diplomatic mission staff, so it was likely that women would account for more than 50 per cent of Ambassadors in future.

Freedom of expression was recognised in the Constitution, but this right was not without limitation. It could not be used to infringe on the rights of others. Hate speech against political candidates could be reported to the Elections Commission, as well as the Women’s Commission and the Human Rights Commission.

The conferment of citizenship was previously linked to fathers in legislation; however, this had been amended to allow for citizenship to be conferred by both parents. Citizenship could be provided to stateless children by the State. There was no legal impediment to persons obtaining birth certificates. Tamils of Indian origin would be recognised as Sri Lankan citizens. The Government was considering programmes to provide permanent residency to members of the Malayaga community, and the members of Parliament from this community could take up this issue in the legislature. There were measures to identify stateless children and register them. Mobile units were in place that supported birth registration for families living on plantations.

The family background report system had been criticised as being discriminatory, placing the burden of childcare on women. In 2022, the Cabinet of Ministers removed the mandatory family background report for women seeking work abroad and lowered the age limit for them. The Government was supporting access to caretakers for children aged two and above. It sought to support both women and men to seek work overseas without compromising their family’s welfare.

Questions by Committee Experts

One Committee Expert asked whether the Online Services Act was effective. Had there been any prosecutions under it? What was the State party doing to implement local elections, which had not been held since 2018, and to support women’s participation in those elections?

A Committee Expert asked whether the period of free birth registration would be extended.

One Committee Expert said Sri Lanka had made achievements regarding girls’ education. Girls’ literacy rate was over 90 per cent, which was much higher than many other countries in the region. However, child marriages remained a challenge in rural communities and were a major reason for girls dropping out of schools. The COVID-19 pandemic also affected girls in rural areas, as they had limited opportunities to participate in online education. The computer literacy rate on plantations was less than half that of other regions.

Stereotypes hindered the access of Muslim women and girls to education. What measures had the State party taken to combat dropouts of girls in primary and secondary education? What measures were in place to promote gender mainstreaming in education? How did the State party ensure that girls of all religions could access education? What activities were carried out to prevent stereotypes in education?

Responses by the Delegation

The delegation said the Online Safety Act was a new law. There had yet to be prosecutions under the law. The related Commission would soon be set up and would be able to investigate complaints.

Every citizen over the age of 18 who was qualified to be an elector could become one. Sri Lanka had established an independent Election Commission that could investigate complaints of violations and issue sanctions. The Supreme Court had upheld the right to vote and held that any impediment to such was a violation. The law on local government elections was being revised; once this had concluded, local elections could be held.

The education system was committed to ensuring equal access for all students, regardless of gender. The provision of free school meals and textbooks allowed for girls from poor families to pursue their education. The State party was committed to reducing the burden that education placed on parents. Education was compulsory until age 16. An initiative to provide girls with sanitary pads was implemented in 2024, benefitting 800,000 girls. Scholarships were provided to girls from low-income families to participate in technology studies. There had been an increase in the share of girls participating in science, technology, engineering and maths courses in university in recent years; the share was currently 37 per cent.

Questions by Committee Experts

A Committee Expert commended the State party for establishing sexual harassment committees and creating a labour complaints mechanism. Most women worked in the informal sector, where they lacked labour rights and were vulnerable to abuse. Many informal sector workers lacked access to social security, leave and childcare services. What measures were in place to protect the rights of women in the informal sector? Did the State party plan to establish mechanisms to allow domestic workers to seek redress in cases of abuse? Were there plans to extend paid maternity leave to at least 14 weeks and promote shared parental leave? Were there plans to ratify International Labour Organization Conventions 181, 189 and 190? The number of Sri Lankan migrant domestic workers had increased in recent years. These workers often faced abuse from their employers. How were these workers informed about their rights and protected from abuse?

Another Committee Expert commended Sri Lanka’s commitment to strengthening public health care. Persistent barriers obstructed women’s sexual and reproductive health rights. How would State policies address these barriers? Restrictive laws forced many women to resort to unsafe abortions. What steps had been taken to ensure women’s safe access to abortion? What measures were in place to prevent forced sterilisation and ensure informed consent? Girls faced challenges in accessing information on contraception, leading to high rates of early pregnancies. What measures were in place to reduce early pregnancies? Many schools in rural areas lacked proper sanitation facilities, forcing girls to miss school during menstrual periods. There was also a very high tax of 47 per cent on menstrual products. How was the State party supporting access to sanitation facilities and menstrual products for women and girls?

Female genital mutilation continued to be practiced in some Muslim communities. There was no law criminalising female genital mutilation in Sri Lanka. When would one be developed? What awareness raising campaigns on female genital mutilation were in place? Some women experienced obstetric violence during childbirth. Did the State party intend to implement measures to prevent such practices?

Responses by the Delegation

The delegation said women spent more time than men in unpaid domestic work in Sri Lanka. The Government had taken steps to train care workers to improve the availability of childcare and disability care services for working mothers and reduce the burden of unpaid care work. Sri Lanka was interested in ratifying International Labour Organization Convention 190. The necessary amendments had been incorporated into legislation. The State had also implemented policies to promote women’s employment. The Minister of Labour and Foreign Employment was conducting consultations with stakeholders to strengthen protections of Sri Lankan domestic workers overseas. The Women’s Empowerment Act aimed to address the gender pay gap.

Taxes on sanitary products and baby formula had been removed. Budgetary allocations had been ensured for sexual and reproductive health services across the country. All students from sixth grade received sexual and reproductive health education, which addressed preventing unwanted pregnancies. Medical practitioners who practiced or promoted female genital mutilation were sanctioned. There were no specific offences on female genital mutilation or obstetric violence, but these acts were prohibited under general legislation on violence.

Questions by Committee Experts

One Committee Expert commended the State party on working to ensure the empowerment of women and girls through the rural employment programme and programmes on digital transformation. What concrete actions were being taken to ensure that vulnerable women and girls were aware of the economic empowerment policies in place? How was the State party preventing the abuse of women by financial institutions and regulating lending practices? Had the State party assessed fiscal reforms and their impacts on the rights of women and girls? How was the State party mitigating the unfair financial burden of tax on women and girls? What measures were in place to increase the representation of women and girls in decision making related to economic empowerment? What measures were there to support female athletes to overcome structural barriers in sports?

Another Committee Expert said female tea plantation workers continued to have less access to Government subsidies and microcredit due to their lack of access to land ownership. How was this being addressed? Women with disabilities continued to face stigma and discrimination, and infrastructure was not adapted to persons with disabilities. How was the State party working to make inclusive education programmes more adapted to persons with disabilities? There were also persistent hate crimes against lesbian, bisexual, transgender and intersex women. What measures were in place to prevent such hate crimes? Same sex sexual acts were criminalised; would they be decriminalised? What reforms had been made to ensure adequate facilities for women in prisons? Were women prisoners allowed to live with their young children in prisons?

Responses by the Delegation

The delegation said the Government had implemented various welfare measures for persons in poverty. Around 1.7 million households benefited from welfare support. There were various Government programmes for empowering women-led households. The banking system had also provided special loan schemes with favourable interest rates and flexible return policies for women entrepreneurs during the financial crisis. Banks had offered advisory services and capacity building programmes for women entrepreneurs. The State had been regulating lending institutions. Support had been provided to 185 rural women affected by unregulated microcredit schemes. A socioeconomic protection scheme helped to ease loss of income due to unemployment.

Sri Lanka had undertaken various initiatives to empower women to engage in technology studies and the digital economy. The national strategy for women’s development promoted women’s digital freedom and security. Many women entrepreneurs had been trained on digital skills.

Sanitary facilities in prisons had been improved to ensure a comfortable stay for women, and facilities for children in prison with their mothers had also been improved. There were plans to establish a separate women’s prison aligned with international standards.

The police had been instructed on protecting the fundamental rights of lesbian, gay, bisexual, transgender and intersex persons and investigating complaints from these persons. A bill had been lodged in Parliament on decriminalising same-sex relations. The Supreme Court had found that there was no barrier to the amendment of this legislation. The bill had yet to be considered due to the dissolution of Parliament.

Questions by Committee Experts

YAMILA GONZÁLEZ FERRER, Committee Expert and Country Rapporteur for Sri Lanka, asked whether the law on terrorism could be used to prevent the operation of women’s organizations.

Another Committee Expert welcomed the State party’s efforts to ensure women’s equal rights in law and family relations. Had measures been taken to amend the Penal Code to ensure that legislation on statutory rape protected all girls under age 16, including girls over age 12 who were married? The Committee expected that the State party would address legislation on polygamy. When would the State party revise the family law to allow women to have equal rights to men concerning custody of children? What was the status of legal amendments seeking to strengthen the rights of widows?

NAHLA HAIDAR, Committee Chair, said that, while respecting the freedom of belief, the State party needed to work to protect the rights of Muslim women and girls.

Responses by the Delegation

The delegation said the law on terrorism had not been used to limit the activities of women’s organizations in recent years. The law was only used in instances when it was necessary.

The amended Muslim Marriage and Divorce Act set the age of marriage at 18, but children from age 16 could be married with parental consent. The previous Cabinet of Ministers had approved the amended bill, and the new Government would consider whether to take this legislation forward. The Parliamentary Caucus had proposed the establishment of a committee to address the issue of child marriages.

Concluding Remarks

SAROJA SAVITRI PAULRAJ, Minister of Women and Child Affairs of Sri Lanka and head of the delegation, said Sri Lanka participated in the review in a spirit of openness. It appreciated the Committee’s recognition of the progress it had made and the challenges it faced. The Government had undertaken significant efforts to strengthen women’s empowerment. It was fully committed to addressing the issues that women faced in the State. Ms. Paulraj thanked the Committee for the constructive dialogue. The Government was committed to the promotion and protection of the human rights of all Sri Lankans and would continue to engage with the Committee constructively.

NAHLA HAIDAR, Committee Chair, said that the State party had shared candidly and transparently the progress made and the difficulties it was facing. The dialogue had helped the Committee to better understand the situation of women and girls in Sri Lanka. It commended the State party for its efforts and encouraged it to implement the Committee’s recommendations for the benefit of all women and girls in the State party.

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.

CEDAW25.009E

MIL OSI United Nations News –

February 14, 2025
MIL-OSI Europe: Written question – Potential threats to the Tagliamento River’s ecosystem – E-000543/2025
Source: European Parliament
Question for written answer E-000543/2025
to the Commission
Rule 144
Cristina Guarda (Verts/ALE)

The Friuli-Venezia Giulia Region recently approved[1] a preliminary policy paper concerning the project to form an inline flood retention basin by building an inline weir with vertical sluice gates upstream of the Dignano bridge [‘Costruzione di una traversa laminante, con luci mobili a paratoie piane, adiacente al ponte di Dignano per la creazione di un bacino di espansione in linea, in alveo attivo’][2].

As part of an appeal to preserve the River Tagliamento, the international scientific community[3] has highlighted that the planned works would violate a number of European regulations and EU environmental directives[4] and that the weir would be built on a Site of Community Importance[5] and across a river that is classified under Directive 2000/60/EC as a body of water of high ecological status[6]. Further shortcomings have been flagged by the Italian Institute for Environmental Protection and Research (ISPRA) and a number of associations[7] and activist groups[8].

Because climate change is a factor, the effective mitigation of hydrogeological risks requires an exhaustive analysis of all alternative proposals which, in addition to actively involving local communities, should also evaluate all potential benefits and drawbacks, not just flood risk.

Despite claims to the contrary, the Region’s project would not eliminate the flood risk in the Middle and Lower Tagliamento but only mitigate it, thus putting the planned works on a par with a number of alternative proposals that have not been given due consideration.

In the light of the above,

1.Will the Commission verify whether the Friuli-Venezia Giulia Region’s project complies with EU law?

2.What is the Commission planning to do to protect the Tagliamento?

Submitted: 5.2.2025

[1] Decision No 530 of 11 April 2024 of the Friuli-Venezia Giulia Region.

[2] The works will be carried out as part of the Eastern Alps River Basin Authority’s Flood Risk Management Plan.

[3] Coordinated by the Italian Centre for River Restoration (CIRF), this appeal was signed by over 800 researchers hailing from 35 countries https://www.freetagliamento.org/wp-content/uploads/2025/01/Tagliamento_petition_26Oct24_EN_rev.pdf

[4] They include the Water, Birds and Habitat Directives (Directives 2000/60/EC, 2009/147/EC and 92/43/EEC respectively), the Nature Restoration Law and the Alpine Convention.

[5] Greto del Tagliamento SPA/SAC No IT3310007

[6] https://distrettoalpiorientali.it/wp-content/uploads/2023/02/PDG_22_27_Vol_4a.pdf.

[7] They include ‘Assieme per il Tagliamento’ [‘All together for the Tagliamento’], whose petition against altering the river’s morphology has gathered 13 750 signatures.

[8] https://www.consiglio.regione.fvg.it/pagineinterne/Portale/comunicatiStampaDettaglio.aspx?ID=867391.
Last updated: 13 February 2025
MIL OSI Europe News –
February 14, 2025
MIL-OSI Asia-Pac: Bangkok ETO promotes Greater Bay Area opportunities to Thai enterprises (with photos)

Source: Hong Kong Government special administrative region

     â€‹The Hong Kong Economic and Trade Office in Bangkok (Bangkok ETO) hosted a business luncheon in Bangkok, Thailand today (February 13) to highlight the business opportunities that Hong Kong can offer Thai enterprises under the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) development and Hong Kong’s strengths in international business and finance.

     Themed “Unlocking New Horizons: Hong Kong and the Greater Bay Area as a Hub for Global Business and Finance”, the luncheon brought together more than 100 guests from the government and business sectors. Among the distinguished attendees was the Minister of Commerce of Thailand, Mr Pichai Naripthaphan, reflecting the strong interest of both Hong Kong and Thailand in deepening economic and trade collaboration.

     In her keynote address, the Commissioner for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area, Ms Maisie Chan, said that under the “one country, two systems” principle, Hong Kong serves as a “super connector” and “super value-adder” between the Mainland and the rest of the world. Hong Kong remains the best gateway for overseas companies to tap into the GBA and the wider Mainland market, and for Mainland firms to go global. No other city can match Hong Kong’s level of sophistication of connectivity with the Mainland and global markets.

     “The Government of the Hong Kong Special Administrative Region will continue to sharpen Hong Kong’s unique edges and seek further policy innovation and breakthroughs together with Guangdong and Macao, with a view to further enhancing the flow of people, goods, capital and information within the GBA, and creating new opportunities for foreign enterprises in Hong Kong to access the GBA market,” she said.

     The Under Secretary for Financial Services and the Treasury, Mr Joseph Chan, highlighted Hong Kong’s latest developments in the finance sector in the luncheon. He said, “In today’s rapidly evolving global landscape, Hong Kong continues to stand tall as a beacon of opportunity. We are not just a financial centre; we are a dynamic bridge between East and West, connecting global markets with the vast opportunities presented by Mainland China and the Greater Bay Area. Hong Kong is a city of resilience, innovation, and opportunity. Whether you are an investor seeking new markets, a business looking to expand, or a partner aiming to collaborate, Hong Kong is your gateway to success.”

     The Director of the Bangkok ETO, Mr Parson Lam, emphasised the close economic ties between Hong Kong and Thailand and noted that both sides can further strengthen their partnership to achieve mutual benefits and a win-win outcome. He said, “Hong Kong enjoys unparalleled advantages in various areas, including taxation, legal framework, business environment and professional services. The Mainland and Hong Kong Closer Economic Partnership Arrangement also offers numerous facilitation measures for Hong Kong businesses. Thai enterprises can leverage Hong Kong as a gateway to the GBA and the vast Mainland market. At the same time, Thai companies can make use of Hong Kong’s world-class financial services for capital raising and financial management, providing momentum for their growth. On the other hand, as a high value-added supply chain services centre, Hong Kong will continue to assist Mainland enterprises in going global, supporting their establishment in markets including Thailand.”

     The luncheon provided a valuable platform for Thai businesses to gain insights into the unique strengths of Hong Kong as a “super connector” and “super value-adder”, as well as the GBA’s dynamic business landscape, and to explore collaboration opportunities with Hong Kong. The Bangkok ETO remains committed to fostering closer economic ties, enhancing cross-border connectivity between Hong Kong and Thailand, and supporting businesses in seizing the vast opportunities presented by regional and global developments.

MIL OSI Asia Pacific News –

February 14, 2025
MIL-OSI New Zealand: Brooke van Velden completely undermines personal grievance system

Source: Council of Trade Unions – CTU

NZCTU Te Kauae Kaimahi President Richard Wagstaff is sounding the alarm about the latest attack on workers from Minister of Workplace Relations and Safety Brooke van Velden, who is ignoring her own officials to pursue reckless changes that would completely undermine the personal grievance system.

“Brooke van Velden’s changes will prevent workers from getting justice and compensation when they are fired without a good reason or mistreated at work,” said Wagstaff.

“There should be a level playing field between workers and their bosses, but the scales are already weighted against working people. The Minister is planning to make that situation much worse.

“Employers are being encouraged to disregard procedural fairness and natural justice. The changes will remove the ability of workers to receive compensation on the grounds of humiliation, loss of dignity and injured feelings if it can be proved a worker has contributed to the situation in some way. Employers will go on fishing expeditions, trawling for any tiny errors a worker has made in their job or their application for justice.

“It is absurd that under these changes, financial remedies for workers would be reduced by up to 100%. Workers who win their case may end up receiving nothing.

“Van Velden is ignoring her own officials who have said there is little evidence to back up these changes, that they would “significantly impede access to justice”. Officials also noted that there will be a disproportionate impact on low-income workers. She has also blocked them from undertaking a proper review of the system.

“Unions, workers, and the community must come together and fight back against Brooke van Velden’s radical workplace relations agenda. We will not accept her repeated attempts to dismantle workers’ rights in this country,” said Wagstaff.

MIL OSI New Zealand News –

February 14, 2025
MIL-OSI USA: Ohio-Based Supplier of Aircraft Parts and Three Employees Charged for Illicit Export Scheme Involving Russia

Source: US State of California

Flighttime Enterprises Inc., an American subsidiary of a Russian aircraft parts supplier, along with three of its current and former employees, have been charged federally with crimes related to a scheme to illegally export aircraft parts and components from the United States to Russia and Russian airline companies without the required licenses from the Department of Commerce.

The three individuals charged include Daniela Friery, 43, a naturalized U.S. citizen residing in Loveland, Ohio; Pavil Iglin, 46, a citizen of Russia who currently resides in Florida pursuant to a non-immigrant visa; and Marat Aysin, 39, a legal permanent resident of the United States who currently resides in Florida.

According to the 11-count indictment unsealed today, the three defendants worked for Flighttime Enterprises Inc., an aircraft equipment supplier with office locations near West Chester, Ohio, and Miami.

As alleged in the indictment, following Russia’s further invasion of Ukraine in February 2022, Flighttime and the individual defendants knowingly and willfully violated and evaded the export restrictions imposed on Russia to ship aviation parts to Russia and Russian end users, including airlines subject to Department of Commerce Temporary Denial Orders, by mislabeling shipments, providing false certifications, and using intermediary companies and countries to obscure the true end destination and end users. The indictment details four specific export transactions totaling more than $2 million.

For example, in June 2022, Flighttime employees allegedly negotiated the purchase of an auxiliary power unit from an American supplier for $395,000. The U.S. supplier initially expressed hesitation about the transaction due to the company’s connections to Russia. In connection with the purchase, Aysin falsely told the American supplier that the part would be used to replenish stock in West Chester. Through Aysin, Iglin allegedly signed and dated a Russia end-user certificate with the supplier falsely certifying that the part would not be exported to Russia. The part was thereafter illegally exported to Russia for a Russian aviation company without the required license.

The company and three defendants are each charged with one count of conspiring to violate the Export Control Reform Act (ECRA), and multiple counts of violating the ECRA, which are federal crimes punishable by up to 20 years in prison.

They are also charged with conspiracy to commit smuggling, which carries a maximum penalty of five years in prison, and multiple counts of smuggling, which carry maximum penalties of 10 years in prison. Finally, they are each charged with one count of conspiring to launder monetary instruments, a federal crime punishable by up to 10 years in prison.

Sue J. Bai, head of the Justice Department’s National Security Division; U.S. Attorney Kenneth L. Parker for the Southern District of Ohio; Special Agent in Charge Elena Iatarola of the FBI Cincinnati Field Office; and Special Agent in Charge Jeffrey Levine of the Office of Export Enforcement, Bureau of Industry and Security (BIS) announced the case.

The FBI and BIS are investigating the case.

Assistant U.S. Attorney Timothy S. Mangan for the Southern District of Ohio is prosecuting the case with assistance from Trial Attorneys Maria Fedor and Menno Goedman of the National Security Division’s Counterintelligence and Export Control Section.

An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

MIL OSI USA News –

February 14, 2025
MIL-OSI Security: Ohio-Based Supplier of Aircraft Parts and Three Employees Charged for Illicit Export Scheme Involving Russia

Source: United States Attorneys General

Flighttime Enterprises Inc., an American subsidiary of a Russian aircraft parts supplier, along with three of its current and former employees, have been charged federally with crimes related to a scheme to illegally export aircraft parts and components from the United States to Russia and Russian airline companies without the required licenses from the Department of Commerce.

The three individuals charged include Daniela Friery, 43, a naturalized U.S. citizen residing in Loveland, Ohio; Pavil Iglin, 46, a citizen of Russia who currently resides in Florida pursuant to a non-immigrant visa; and Marat Aysin, 39, a legal permanent resident of the United States who currently resides in Florida.

According to the 11-count indictment unsealed today, the three defendants worked for Flighttime Enterprises Inc., an aircraft equipment supplier with office locations near West Chester, Ohio, and Miami.

As alleged in the indictment, following Russia’s further invasion of Ukraine in February 2022, Flighttime and the individual defendants knowingly and willfully violated and evaded the export restrictions imposed on Russia to ship aviation parts to Russia and Russian end users, including airlines subject to Department of Commerce Temporary Denial Orders, by mislabeling shipments, providing false certifications, and using intermediary companies and countries to obscure the true end destination and end users. The indictment details four specific export transactions totaling more than $2 million.

For example, in June 2022, Flighttime employees allegedly negotiated the purchase of an auxiliary power unit from an American supplier for $395,000. The U.S. supplier initially expressed hesitation about the transaction due to the company’s connections to Russia. In connection with the purchase, Aysin falsely told the American supplier that the part would be used to replenish stock in West Chester. Through Aysin, Iglin allegedly signed and dated a Russia end-user certificate with the supplier falsely certifying that the part would not be exported to Russia. The part was thereafter illegally exported to Russia for a Russian aviation company without the required license.

The company and three defendants are each charged with one count of conspiring to violate the Export Control Reform Act (ECRA), and multiple counts of violating the ECRA, which are federal crimes punishable by up to 20 years in prison.

They are also charged with conspiracy to commit smuggling, which carries a maximum penalty of five years in prison, and multiple counts of smuggling, which carry maximum penalties of 10 years in prison. Finally, they are each charged with one count of conspiring to launder monetary instruments, a federal crime punishable by up to 10 years in prison.

Sue J. Bai, head of the Justice Department’s National Security Division; U.S. Attorney Kenneth L. Parker for the Southern District of Ohio; Special Agent in Charge Elena Iatarola of the FBI Cincinnati Field Office; and Special Agent in Charge Jeffrey Levine of the Office of Export Enforcement, Bureau of Industry and Security (BIS) announced the case.

The FBI and BIS are investigating the case.

Assistant U.S. Attorney Timothy S. Mangan for the Southern District of Ohio is prosecuting the case with assistance from Trial Attorneys Maria Fedor and Menno Goedman of the National Security Division’s Counterintelligence and Export Control Section.

An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

MIL Security OSI –

February 14, 2025
MIL-OSI Africa: Saudi Export-Import Bank (Saudi EXIM) and The International Islamic Trade Finance Corporation Sign an Implementation Agreement for $5 Million Line of Financing in Favor of Alizz Islamic Bank in Oman

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

MUSCAT, Oman, February 13, 2025/APO Group/ —

Saudi Export-Import Bank (Saudi EXIM) and The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org) have signed an Implementation Agreement for $5 million line of financing in favor of Alizz Islamic Bank in the Sultanate of Oman, under the “KSA SMEs Export Empowerment Program”.

The agreement aims to enhance the access of Saudi non-oil exports to Omani markets, promote export opportunities for the SMEs sector in the Kingdom, and attract Omani importers.

The agreement was signed by the Director of the Financial Institutions Department at Saudi EXIM Bank Mr. Mohammed Alabdulmuhsen, and the General Manager of the Treasury Department Mr. Ahmed M. Yousef Jan from The International Islamic Trade Finance Corporation. The signing ceremony took place at Alizz Islamic Bank’s headquarters in the Sultanate of Oman.

“KSA SMEs Export Empowerment Program” is committed to elevate the competitiveness of the Saudi non-oil exports globally, as Saudi EXIM and ITFC continues to provide credit facilities to targeted financial institutions in targeted countries.

This collaboration marks a significant step towards enhancing international trade and increasing the contribution of SMEs to the Gross Domestic Product, aligning with the objectives of the Kingdom’s Vision 2030, which represents one of the objectives of the “KSA SMEs Export Empowerment Program”. It also represents a crucial milestone in enabling Saudi exports and expand their global reach.

MIL OSI Africa –

February 14, 2025
MIL-OSI Russia: Alexander Novak approved the creation of three new special economic zones and the expansion of the existing one

Translartion. Region: Russians Fedetion –

Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

Alexander Novak held a meeting of the interdepartmental working group on the creation of special economic zones (SEZ)

February 13, 2025

Alexander Novak held a meeting of the interdepartmental working group on the creation of special economic zones (SEZ)

February 13, 2025

Previous news Next news

Alexander Novak held a meeting of the interdepartmental working group on the creation of special economic zones (SEZ)

Deputy Prime Minister Alexander Novak held a meeting of the interdepartmental working group on the creation of special economic zones (SEZ). It was attended by representatives of the Ministry of Economic Development, the Ministry of Finance, the Ministry of Industry and Trade, the Ministry of Transport, the Ministry of Internal Affairs, the Federal Customs Service, the Governor of the Vologda Region Georgy Filimonov, the Governor of the Novosibirsk Region Andrei Travnikov, the Governor of the Orenburg Region Denis Pasler, the Deputy Chairman of the Government of the Moscow Region Ekaterina Zinovieva, as well as representatives of investors and industry business associations.

The working group supported plans to create industrial-production SEZs “Vologda”, “Bolshoy Serpukhov” and “Novosibirsk”. In addition, an increase in the area of the existing industrial-production SEZ “Orenburg” was approved.

The Vologodskaya SEZ is being created in the Vologda region in the format of a compact industrial site on a territory of 76 hectares. At the first stage, we are talking about the implementation of six investment projects worth over 8.7 billion rubles with plans to create 788 jobs. Two clusters are being formed on the basis of the SEZ: metalworking and woodworking.

The SEZ “Big Serpukhov” and the SEZ “Novosibirsk” are private projects.

At the first stage, the SEZ “Big Serpukhov” includes an area of about 30 hectares, where a cluster of medicine and innovations will be concentrated, consisting of at least seven enterprises with a declared investment volume in projects of over 8 billion rubles and plans to create 896 jobs in modern production.

SEZ “Novosibirsk” is an industrial zone on an area of 406 hectares within the city of Novosibirsk in the format of a “dry port”, where logistics and construction products clusters will be formed. In total, five projects are planned at the first stage for an investment amount of over 9.2 billion rubles with plans to create 700 jobs.

The already operating Orenburg SEZ currently consists of two sites in Orenburg and Orsk, which were created in the fall of 2021 and have already been filled with residents in a relatively short period of time. 20 investment projects are being actively implemented in the SEZ, and plans include launching two more worth 1.6 billion rubles with the creation of over 160 jobs. The projects involve localizing the production of thermal insulation, translucent products and metal structures to provide the domestic construction industry with its own products.

“The President of the Russian Federation in his May decree set an ambitious goal to increase investments by 2030 to 60% of the 2020 level. Today, we are in a situation associated with a period of tight monetary policy and the need to reduce inflation. Investors who come to special economic zones in the current conditions create jobs – this is very valuable. We see that special economic zones are an effective tool that allows us to attract investments in the infrastructure of regions,” the Deputy Prime Minister noted.

Alexander Novak instructed regional authorities to oversee the attraction of new residents to special economic zones, provide support to existing residents, and monitor the effectiveness of decision-making on the work of the SEZ.

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

MIL OSI Russia News –

February 14, 2025
MIL-OSI Canada: Saskatchewan’s Building Construction Leads the Nation

Source: Government of Canada regional news

Released on February 13, 2025

Province ranks first in year-over-year growth

Today, new Statistics Canada data shows that Saskatchewan’s building construction investment increased by 30.0 per cent in December 2024 compared to December 2023 (seasonally-adjusted). The province also saw a 9.4 per cent increase in month-over-month growth from November 2024 to December 2024.

This ranks Saskatchewan first in year-over-year and second in month-over-month growth in this category among the provinces.

“The increased activity we are seeing across our construction sector is a testament to the confidence individuals and businesses have in our province’s strong and stable economy,” said Trade and Export Development Minister Warren Kaeding. “Every new project contributes not only to job growth and infrastructure development, but further bolsters Saskatchewan’s economy. These investments lead to direct benefits for Saskatchewan’s communities, now and into the future.”

Investment in building construction is calculated based on the total spending value on building construction within the province.

Statistics Canada’s latest GDP numbers indicate that Saskatchewan’s 2023 real GDP reached an all-time high of $77.9 billion, increasing by $1.77 billion, or 2.3 per cent from 2022. This places Saskatchewan second in the nation for real GDP growth, and above the national average of 1.6 per cent.

Private capital investment is projected to reach $14.2 billion in 2024, an increase of 14.4 per cent over 2023. This is the highest anticipated percentage increase in Canada.

Last year, the Government of Saskatchewan unveiled its new Securing the Next Decade of Growth – Saskatchewan’s Investment Attraction Strategy. This strategy, combined with Saskatchewan’s trade and investment website, InvestSK.ca, contains helpful information for potential markets and solidifies the province as the best place to do business in Canada.

For more information visit InvestSK.ca.

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For more information, contact:

MIL OSI Canada News –

February 14, 2025
MIL-OSI USA: Cantwell Reintroduces Bipartisan Bill to Hold PBMs Accountable for Driving Up Drug Costs

US Senate News:

Source: United States Senator for Washington Maria Cantwell
02.13.25
Cantwell Reintroduces Bipartisan Bill to Hold PBMs Accountable for Driving Up Drug Costs
Prescription pricing middlemen inflate costs for consumers, making it harder for pharmacies to stay open and creating pharmacy deserts; WA state ranks sixth worst in the nation for pharmacy access
WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and senior member of the Senate Finance Committee, joined U.S. Senator Chuck Grassley (R-IA) in reintroducing the Pharmacy Benefit Manager Transparency Act, which would increase drug price transparency and hold Pharmacy Benefit Managers (PBMs) accountable for unfair and deceptive practices that drive up prescription drug prices. This legislation will reduce prescription costs for consumers and save taxpayers $740 million.
“Increasing prescription drugs costs have a devastating impact on the pocketbooks of American consumers,” said Sen. Cantwell. “For too long, Americans have been left in the dark while PBMs – the mysterious drug middlemen – manipulate prices. Preliminary findings by the FTC found that the three biggest PBMs hiked prices of some lifesaving drugs by 1,000 percent. This legislation will prevent PBMs from engaging in spread pricing and claw backs that harm consumers and independent pharmacies. It’s time for Congress to reinforce FTC’s ability to hold PBMs accountable for deceptive and abusive practices.”
In Washington state, local pharmacies are struggling. The Washington State Pharmacy Association reported that a record 83 pharmacies shuttered across the state in 2023 and the first half of 2024 – in rural and urban areas alike – and an analysis by the Associated Press found that Washington state is sixth worst in the nation for access to pharmacies. Many of the region’s pharmacists point to the lower reimbursement rates on most of their prescriptions as a main reason for why their pharmacies are struggling, an issue caused by unfair PBM pricing practices.
In addition, new data released today by the Bureau of Labor Statistics showed that inflation rose to 3 percent in January – including a record monthly increase in the cost of prescription drugs.
PBMs were initially formed to process claims and negotiate lower drug prices with drug makers, but today they the wield too much influence over the price and access to prescription drugs. PBMs administer prescription drug plans for hundreds of millions of Americans and three PBMs control nearly 80% of the prescription drug market.
Pharmacy Benefit Managers are middlemen that manage nearly every aspect of the prescription drug benefits process for health insurance companies, self-insured employers, unions, and government programs. They operate out of the view of regulators and consumers — setting prescription costs, deciding what drugs are covered by insurance plans, and determining how they are dispensed – pocketing unknown sums that might otherwise be passed along as savings to consumers and undercutting local independent pharmacies. This lack of transparency makes it impossible to fully understand if and how PBMs might be manipulating the prescription drug market to increase profits and drive-up drug costs for consumers.
Key takeaways from a July 2024 interim Federal Trade Commission (FTC) staff report show that:
Market concentration and vertical integration have given PBMs significant power and control over what drugs are available to patients and at what price, without public transparency or accountability.
PBMs engage in self-preferencing by steering patients to affiliated pharmacies and away from independent pharmacies.
PBMs may be using their market power to force independent pharmacies into unfair contract terms and below-cost reimbursement rates.
PBMs and manufacturers enter into rebate agreements that may impair or block access to lower-cost drugs.
A subsequent interim staff report released a few weeks ago found that the three largest PBMs significantly marked up prices for specialty generic drugs—some by over 1,000% — and made an estimated $1.4 billion in income from spread pricing.
Last September, the FTC sued the three largest PBMs for engaging in anticompetitive and unfair practices that inflated the price of insulin drugs, blocked patients’ access to more affordable products, and shifted the cost of high insulin list prices to vulnerable patients.
The PBM Transparency Act would save taxpayers $740 million over 10 years.
The Pharmacy Benefit Manager Transparency Act of 2025 will:
Prohibit unfair or deceptive practices.
Block PBMs from engaging in spread pricing, unfairly reducing or clawing back drug reimbursement payments to pharmacies, and unfairly charging pharmacies more to offset federal reimbursement changes.
Incentivize fair and transparent PBM practices.
Provide some exceptions to liability for PBMs that pass along 100% of rebates to health plans or payers and fully disclose prescription drug rebates, costs, prices, reimbursements, fees, and other information to health plans, payers, pharmacies, and federal agencies.
Improve transparency and competition by requiring PBMs to report:
The amount of money they obtain from spread pricing, pharmacy fees, and clawbacks.
Any differences in the PBMs’ reimbursement rates or fees PBMs charge affiliated pharmacies and non-affiliated pharmacies.
Whether and why they move drugs to a higher-cost formulary tier.
Direct the FTC to report to Congress its enforcement activities and whether PBMs engage in unfair or deceptive formulary design or placement.
Authorize the FTC and state attorneys general to enforce the bill.
Protect whistleblowers from being fired or reprimanded for bringing violations to light.
Sen. Cantwell has worked for years to bring transparency to the PBM industry and reduce drug costs for consumers. She first introduced the bipartisan Pharmacy Benefit Manager Transparency Act in May 2022 with Sen. Grassley and again in 2023. Sen. Cantwell led passage of the bill in the Commerce Committee in 2022 and again in March 2023, and vowed to keep fighting until the bill becomes law. She led a press conference at a Seattle pharmacy in October 2023 and called for the bill’s passage by the Senate in June 2024, and again in July following the damning FTC report.

MIL OSI USA News –

February 14, 2025
MIL-OSI Canada: Global aviation giant lands in Alberta
Lufthansa Technik Canada is establishing a state-of-the-art maintenance and repair facility at Calgary International Airport, specializing in Leading Edge Aviation Propulsion (LEAP) engines. As one of just five certified global operators for these next-generation engines, this $120-million investment positions Alberta at the heart of the global narrow-body aircraft market. This investment is a key catalyst for WestJet to enter into a 15-year, multi-billion-dollar maintenance contract with Lufthansa Technik, which will build and support Alberta’s aviation industry for years to come.

“Alberta’s government is proud to welcome this historic partnership between WestJet and Lufthansa Technik Canada right here in Calgary. This agreement will have a far-reaching impact on our economy and it serves as a testament to the strong levels of investor confidence in our province. Alberta is a place where you can grow your business and thrive into the future. With our low corporate tax rate and highly educated workforce, Alberta continues to be one of the most business-friendly jurisdictions in North America. Today’s investment is further proof of Alberta’s national and international reputation as a leading aerospace and aviation hub.”

Danielle Smith, Premier of Alberta

“This new, state-of-the-art facility is a major step toward making Calgary and Alberta global leaders in aviation innovation. Our government is proud to partner with the Calgary Airport Authority, industry leaders, and all levels of government to strengthen Canada’s aviation sector. We beat out strong competition to secure this opportunity, showcasing our region’s innovative spirit and commitment to reducing emissions. Together, we’re developing and adopting cutting-edge technologies that will boost the competitiveness of small- and medium-sized businesses across the aviation supply chain.”

Terry Duguid, federal minister of Sport and minister responsible for Prairies Economic Development

Lufthansa Technik Canada is the latest grant recipient of Alberta’s Investment and Growth Fund (IGF), receiving $3 million in provincial funding to build a new aerospace maintenance facility at the Calgary airport. The IGF is one of several investor support services and programs offered by Alberta’s government.

Alberta’s government is also providing $4.45 million through the Aerospace Workforce Development Grant to provide training and employment supports to ensure Lufthansa Technik Canada has the skilled workers it needs to expand into the province. This grant is administered through Calgary Economic Development as part of the Opportunity Calgary Investment Fund to attract investment, drive innovation and spur transformative economic development in the aerospace sector.

Lufthansa’s investment is helping to further diversify Alberta’s economy and create important jobs for hard-working Albertans. Lufthansa Technik Canada’s investment will create up to 160 permanent jobs and up to 170 temporary construction jobs, giving Albertans more access to stable, well-paying jobs in a growing sector. These jobs will span across various roles, from highly skilled technicians to engineers and support staff, catering to the demands of the next-generation LEAP engines. This surge in jobs is taking off at a time when Alberta is diversifying its economy and expanding key industries, making these roles a vital part of the province’s economic growth trajectory.

“Lufthansa Technik Canada’s investment is the latest addition to our growing aviation and aerospace sector. Alberta continues to attract world-class companies like Lufthansa Technik Canada because of its pro-business policies, low taxes and innovative talent. This investment will create hundreds of jobs for hard-working Albertans and further diversify our economy.”

Matt Jones, Minister of Jobs, Economy and Trade

Lufthansa Technik Canada will offer mobile engine maintenance and test cell services at Calgary International Airport, providing Canadian aviation operators with a more cost-effective, efficient alternative to overseas maintenance. This boosts operational efficiency while cutting costs. Its new Calgary facility will contribute to the growth of Alberta’s aerospace and aviation sector and create valuable jobs for Albertans.

“Our agreement with WestJet represents one of the largest awards ever granted to any maintenance, repair and overhaul provider for CFM LEAP engines worldwide. It’s a contract that underlines Lufthansa Technik’s leading position in the support of new generation engine types. At the same time, we are grateful for the strong support from our local allies in Canada, which is essential in advancing the creation of a new engine repair shop and test cell facility in Calgary.”

Soeren Stark, chief executive officer, Lufthansa Technik

This investment builds on a memorandum of understanding signed in 2022 between WestJet and Alberta’s government. WestJet committed to make Calgary its global headquarters, with both parties agreeing to work together to grow Alberta’s aerospace and aviation industry – including through attracting important aviation infrastructure investments. The facility is expected to break ground in mid-2025, with completion expected in 2027. WestJet will be Lufthansa Technik Canada’s first customer at the newly created engine maintenance facility, underscoring the partnership’s confidence in local expertise and innovation. WestJet’s request for proposal award was the largest contract in WestJet’s history and the largest award granted to any premier maintenance and repair provider for such engines in the Americas.

“WestJet was founded on the idea of improving air travel and making it affordable for Canadians. This historic contract award will allow us to bring critical engine repair operations home to Canada and provide greater efficiency and cost certainty to a critical part of our operations, all while demonstrating our commitment to improving our competitiveness and supporting the Alberta economy. We are proud to partner with Lufthansa Technik. This is an extraordinary moment for WestJet, our guests, WestJetters, Western Canada’s communities and our suppliers.”

Alexis von Hoensbroech, chief Executive officer, WestJet Group

“After years of hard work and collaboration to showcase our city and build connections with industry partners, we are excited to see Lufthansa Technik land in the Blue Sky City. Calgary’s competitive business environment and deep talent pool position us for future growth, and the establishment of Lufthansa Technik’s Western Canada hub in our city proves what’s possible as we continue to establish ourselves as a global aerospace leader.”

Brad Parry, president and CEO, Calgary Economic Development

“This project is a remarkable example of what can be achieved when our aviation ecosystem and all levels of government come together – Lufthansa Technik as the premier supplier, WestJet as a vital cornerstone customer, critical support from Calgary Economic Development and the Government of Alberta through the Ministry of Jobs, Economy and Trade along with funding from the Calgary Airport Authority, the Canada Infrastructure Bank, Prairies Economic Development Canada and Opportunity Calgary Investment Fund. By building this cutting-edge facility in Calgary, we ensure that WestJet and all Canadian airlines will have access to reliable, cost-effective and efficient maintenance services while building essential infrastructure in engineering, training and enterprise to make Calgary and Alberta a centre of aviation excellence within North America.”

Chris Dinsdale, president and CEO, Calgary Airport Authority

“We are proud to commit $172 million in financing towards infrastructure that supports aviation services at the Calgary International Airport. Our collaboration with the Calgary Airport Authority moves its project from the planning stage into shovels in the ground. The world-class facilities will strengthen Canada’s aviation infrastructure, and bring long-term, high-quality jobs and economic growth to the region.”

Ehren Cory, CEO, Canada Infrastructure Bank

Alberta’s government will continue to work with Lufthansa Technik Canada to expand its footprint in Alberta once this project is in operation. With strong government support and a strategic position in the international market, Alberta remains the best place to live, work and invest in the future.

Quick facts
- The Investment and Growth Fund (IGF) is designed to be offered in select late-stage investment decisions, when Alberta may be competing with comparable jurisdictions that may offer other benefits or incentives to investors.
- Since fall 2021, 12 IGF grants have been announced that will create more than 1,100 permanent full-time jobs and more than 1,100 temporary jobs, with a total capital investment of more than $765 million.
  - The IGF has helped to secure nearly $29 in private investments for every $1 in IGF funding.
- The aviation and aerospace industry in Alberta is thriving with a growth in revenues of more than 17 per cent from 2021 to 2023.
- Alberta’s Aerospace Workforce Development Grant supports attraction and training in the aviation and aerospace sector and aims to attract new investment while supporting the expansion of aerospace companies in Alberta.
Related information:
- Aviation, aerospace industries to take flight
- WestJet news release
- Lufthansa news release
MIL OSI Canada News –
February 14, 2025

MIL-OSI: Euronext publishes Q4 and full year 2024 results

Source: GlobeNewswire (MIL-OSI)

Euronext publishes Q4 and full year 2024 results

Euronext delivered double-digit revenue growth in 2024 thanks to its diversified revenue profile and confirms the achievement of its 2024 targets. Euronext reached record adjusted EPS in 2024 through cost discipline and strategic capital allocation. 2025 will be a year of investment for innovation and growth.

Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 13 February 2025 – Euronext, the leading European capital market infrastructure, today publishes its results for the fourth quarter and full year 2024.

Full year 2024 revenue and income was up +10.3% at €1,626.9 million:
- Non-volume related revenue and income represented 58% of total revenue and income (compared to 60% in 2023) and covered 153% of underlying operating expenses, excluding D&A0F¹ (vs. 145% in 2023):
  - Custody and Settlement revenue grew to €270.5 million (+8.7%), driven by higher assets under custody, dynamic settlement activity and strong growth of value-added services;
  - Advanced Data Services revenue grew to €241.7 million (+7.5%), driven by continued demand for fixed income trading data, power trading data and dynamic retail usage. Revenue was supported by the acquisition of GRSS, a leading provider of services to benchmark administrators;
  - Listing revenue grew to €231.9 million (+5.1%), despite headwinds from the NOK1F² depreciation. This reflects the continued strong performance of corporate solutions and resilient listing revenue. With 53 new equity listings and over 14,700 new bond listings in 2024, Euronext confirms its leading European position in equity listing and its worldwide leadership in debt listing;
  - Technology Solutions reported €106.2 million of revenue (-3.4%), reflecting the termination of Borsa Italiana legacy services in March 2024 following the migration to Optiq®.

Trading revenue grew to €559.4 million (+14.2%), driven by record results in fixed income, FX and power trading and solid growth in cash trading revenue;
Clearing revenue grew to €144.3 million (+19.0%), powered by the European expansion of Euronext Clearing, dynamic fixed income activity and the strong performance of commodities clearing. Net treasury income was at €56.8 million (+21.8%).

Underlying operating expenses excluding D&A¹were in line with the revised guidance of €620 million, at €620.5 million (+1.7% compared to 2023). Cost discipline, synergies, and positive one-off items partly offset growth investments and acquisition impacts.
Adjusted EBITDA¹was €1,006.4 million (+16.4%) and adjusted EBITDA margin was 61.9% (+3.3pts).
Adjusted net income¹was €682.5 million (+16.7%) and adjusted EPS was €6.59 (+19.6%).
Reported net income was €585.6 million (+14.0%), despite the negative comparison base related to the €41.6 million capital gain received in 2023 for the disposal of Euronext’s 11.1% stake in LCH SA.
Net debt to EBITDA2F³was at 1.4x at the end of December 2024, within Euronext’s target range. Euronext’s S&P rating was upgraded to ‘A-, Stable Outlook’ in February 2025.
Achievement of 2024 financial targets is confirmed. Euronext revenue reached +4.7% CAGR_2020PF-2024, above the +3% to +4% targeted. Euronext attained an adjusted EBITDA growth of +6.4% CAGR_2020PF-2024, above the +5% to +6% targeted.
Key figures for full year 2024:

In €m, unless stated otherwise	2024	2023	% var	% var l-f-l3F⁴
Revenue and income	1,626.9	1,474.7	+10.3%	+10.0%
Underlying operational expenses excluding D&A²	(620.5)	(610.0)	+1.7%	+1.0%
Adjusted EBITDA	1,006.4	864.7	+16.4%	+16.3%
Adjusted EBITDA margin	61.9%	58.6%	+3.3pts	+3.4pts
Net income, share of the parent company shareholders	585.6	513.6	+14.0%
Adjusted net income, share of the parent company shareholders	682.5	584.7	+16.7%
Adjusted EPS (basic, in €) (share count differs between the two periods4F⁵)	6.59	5.51	+19.6%
Reported EPS (basic, in €) (share count differs between the two periods)	5.65	4.84	+16.7%
Adjusted EPS (diluted, in €) (share count differs between the two periods)	6.56	5.50	+19.3%
Reported EPS (diluted, in €) (share count differs between the two periods)	5.63	4.83	+16.6%

Dividend proposal to the 2025 Annual General Meeting

A dividend of €292.8 million will be proposed to the Annual General Meeting on 15 May 2025. This represents 50% of 2024 reported net income, in line with Euronext’s dividend policy. This dividend represents an increase of +14.0% compared to 20235F⁶.

Euronext continues its cost discipline and invests in strategic growth

In 2024, Euronext reported underlying expenses (excl. D&A) in line with the revised guidance of €620 million. This compares to an initial guidance of €625 million, which did not take into account the impact of any acquisitions executed over the course of 2024.

2024 normalised underlying expenses (excl. D&A) were at approximately €640 million, taking into account approximately €8 million of positive one-off items and the full-year impact of bolt-on acquisitions.

Euronext expects its total underlying expenses (excl. D&A) for 2025 to be around €670 million. Euronext expects its 2025 underlying expenses (excl. D&A) to be stable at around €640 million compared to 2024 normalised underlying expenses (excl. D&A), as savings and synergies are expected to entirely offset inflationary impacts. In addition, Euronext plans to invest around 5% of its normalised underlying expenses (excl. D&A) to deliver strategic growth projects, as highlighted during the Investor Day on 8 November 2024.

Progress with the delivery of “Innovate for Growth 2027”
- Euronext will accelerate the delivery of its power futures ambition with the contemplated acquisition of Nasdaq’s Nordic power futures business, announced on 28 January 2025.
- Euronext continues to leverage its clearing house to launch innovative derivatives products. Euronext will launch fixed income derivatives on major European government bonds, including the first-ever cash-settled mini futures in September 2025, delivering unparalleled accessibility and flexibility to investors.
- Euronext announced a strategic collaboration with Euroclear to enhance Euronext Clearing’s collateral management offering. This collaboration is a major enabler of Euronext’s ambition to expand its leading Italian repo clearing franchise to a large range of European government bonds.

Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said:

“In 2024, we delivered double-digit topline growth thanks to the solid performance of non-volume related activities, excellent performance of FICC trading, and the successful clearing expansion in Europe. For the first time, Euronext reached the significant threshold of over €1 billion in adjusted EBITDA, an increase of +16.4% compared to last year. Our notable adjusted net income growth of +16.7% compared to last year, to €682.5 million underscores our profitability and our robust financial health. Adjusted EPS (basic) was up +19.6% in 2024, at €6.59 per share, compared to €5.51 per share in 2023. This increase reflects Euronext’s strong performance and a lower number of outstanding shares over 2024 due to Euronext’s share repurchase programme.

In 2024, Euronext achieved several key milestones that allowed us to expand our presence across the entire capital markets value chain, as we have finalised the integration of the Borsa Italiana Group. We have exceeded our 2024 financial targets for revenue and EBITDA growth. We have also strengthened our non-volume business with strategic acquisitions such as GRSS, Substantive Research, and Acupay.

In 2025, we are building the foundations to achieve our 2027 growth targets and we are investing to innovate for growth. We have already begun with the announced acquisition of Nasdaq’s Nordic power futures business6F⁷. This addition will significantly contribute to the growth of our FICC trading and clearing business. We are pleased to announce the most significant innovation in financial derivatives in recent years, the launch of cash-settled mini futures on European government bonds. Finally, we have made a first major step in the expansion of our Repo clearing franchise through a strategic collaboration with Euroclear to enhance Euronext Clearing’s collateral management offering. Euronext has promising growth opportunities ahead, which will further reinforce our position as the leading capital market infrastructure in Europe.”

2024 financial performance

In €m, unless stated otherwise	FY 2024	FY 2023	% var	% var (like-for-like, constant currencies)
Revenue and income	1,626.9	1,474.7	+10.3%	+10.0%
Listing	231.9	220.6	+5.1%	+5.4%
Trading revenue, of which	559.4	490.0	+14.2%	+14.3%
Cash trading	284.0	265.4	+7.0%	+7.0%
Derivatives trading	53.1	54.2	-2.0%	-2.0%
Fixed income trading	145.5	107.4	+35.5%	+35.5%
FX trading	31.7	25.6	+24.2%	+24.2%
Power trading	45.1	37.4	+20.4%	+22.6%
Investor Services	14.1	11.4	+24.2%	+14.8%
Advanced Data Services	241.7	224.8	+7.5%	+5.3%
Post-Trade, of which	414.7	370.2	+12.0%	+11.9%
Clearing	144.3	121.3	+19.0%	+19.0%
Custody and Settlement	270.5	248.9	+8.7%	+8.8%
Euronext Technology Solutions & Other	106.2	109.9	-3.4%	-3.3%
NTI through CCP business	56.8	46.7	+21.8%	+21.8%
Other income	2.0	1.4	+45.5%	+44.5%
Transitional revenues	–	(0.2)	N/A	N/A
Underlying operational expenses excl. D&A	(620.5)	(610.0)	+1.7%	+1.0%
Adjusted EBITDA	1,006.4	864.7	+16.4%	+16.3%
Adjusted EBITDA margin	61.9%	58.6%	+3.3pts	+3.4pts
Operating expenses excl. D&A	(651.3)	(688.3)	-5.4%	+1.0%
EBITDA	975.6	786.4	+24.1%	+9.9%
Depreciation & Amortisation	(188.7)	(170.1)	+10.9%	+11.2%
Total Expenses (incl. D&A)	(840.1)	(858.5)	-2.1%	-2.6%
Adjusted operating profit	922.9	790.4	+16.8%	+16.7%
Operating Profit	786.8	616.2	+27.7%
Net financing income / (expense)	17.5	(0.2)
Results from equity investments	34.7	83.1	-58.3%
Profit before income tax	839.1	699.1	+20.0%
Income tax expense	(218.4)	(162.7)	+34.2%
Share of non-controlling interests	(35.1)	(22.8)	+53.7%
Net income, share of the parent company shareholders	585.6	513.6	+14.0%
Adjusted Net income, share of the parent company shareholders7F⁸	682.5	584.7	+16.7%
Adjusted EPS (basic, in €)	6.59	5.51	+19.6%
Reported EPS (basic, in €)	5.65	4.84	+16.7%
Adjusted EPS (diluted, in €)	6.56	5.50	+19.3%
Reported EPS (diluted, in €)	5.63	4.83	+16.6%

Share count differs between the two periods.

2024 revenue and income

In 2024, Euronext’s revenue and income was €1,626.9 million, up +10.3% compared to 2023. This resulted from solid organic growth in non-volume related businesses, a dynamic trading environment across asset classes, and the positive contribution of the Euronext Clearing European expansion.

On a like-for-like basis and at constant currencies, Euronext consolidated revenue and income was up +10.0% in 2024, at €1,618.2 million, compared to 2023.

Non-volume related revenue accounted for 58% of underlying Group revenue in 2024, compared to 60% in 2023. This reflects the strong growth in trading and post-trade revenue, and solid performance of non-volume-related revenue. Non-volume-related revenue covered 153% of underlying operating expenses excluding D&A, compared to 145% in 2023.

2024 adjusted EBITDA

Underlying operational expenses excluding depreciation and amortisation increased slightly to €620.5 million, up +1.7%, in line with the revised guidance of €620 million, and lower than the initial guidance of €625 million. Cost discipline, FX impacts and positive one-offs (around €8.3 million) partly offset growth investments and acquisitions impacts.

On a like-for-like basis at constant currencies, underlying operational expenses excluding depreciation and amortisation increased by +1.0% compared to 2023, which highlights the impact of acquisitions on a reported basis.

Consequently, adjusted EBITDA for the year totalled €1,006.4 million, up +16.4% compared to 2023. This represents an adjusted EBITDA margin of 61.9%, up +3.3 points compared to 2023. On a like-for-like basis, adjusted EBITDA for 2024 was up +16.3%, to €1,003.2 million, and adjusted EBITDA margin was 62.0%, up +3.4 points compared to 2023.

2024 net income, share of the parent company shareholders

Depreciation and amortisation accounted for €188.7 million in 2024, up +10.9%, resulting from migration projects and acquisitions. PPA related to acquired businesses accounted for €81.2 million and is included in depreciation and amortisation.

2024 adjusted operating profit was €922.9 million, up +16.8% compared to 2023 adjusted operating profit.

€136.1 million of non-underlying expenses, including depreciation and amortisation, were reported in 2024, related to the implementation of the ‘Growth for Impact 2024’ strategic plan and the PPA of acquired businesses.

Net financing income for 2024 was €17.5 million, compared to a net financing expense of €0.2 million in 2023. This increase resulted from higher interest income due to higher interest rates and strong cash generation, offsetting the cost of debt in 2024.

Results from equity investments amounted to €34.7 million in 2024, including €23.4 million of dividend received from Euroclear and the €10.1 million of dividend earned from Sicovam. In 2023, Euronext reported €83.1 million of results from equity investments. This was a result of the capital gain on the disposal of Euronext’s stake in LCH SA and the disposal of Euronext’s investment in Tokeny, as well as the dividend received from Euroclear and Sicovam.

Income tax for 2024 was €218.4 million. This translated into an effective tax rate of 26.0% for 2024. In 2023, the income tax rate was 23.3%, positively impacted by non-taxable income. Income tax amounted to €162.7 million.

Share of non-controlling interests mainly relating to the Borsa Italiana Group and Nord Pool amounted to €35.1 million in 2024.

As a result, the reported net income, share of the parent company shareholders, increased by +14.0% for 2024 compared to 2023, to €585.6 million. This represents a reported EPS of €5.65 basic and €5.63 diluted in 2024, compared to €4.84 basic and €4.83 diluted in 2023. This increase reflects the strong results and a lower number of shares over 2024 compared to 2023.

Adjusted net income, share of the parent company shareholders was up +16.7% to €682.5 million. Adjusted EPS (basic) was up +19.6% in 2024, at €6.59 per share, compared to an adjusted EPS (basic) of €5.51 per share in 2023.

The weighted number of shares used over 2024 was 103,578,980 for the basic calculation and 103,983,870 for the diluted calculation, compared to 106,051,799 and 106,376,338 respectively over 2023.

In 2024, Euronext reported a net cash flow from operating activities of €708.6 million, compared to €826.1 million in 2023. The difference results from higher profit before tax, higher income tax, lower results from equity investments and negative changes in working capital. Excluding the impact on working capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for 72.3% of EBITDA in 2024.

2024 business highlights

In €m, unless stated otherwise	FY 2024	FY 2023	% change
Revenue	231.9	220.6	+5.1%
Equity	106.6	105.1	+1.4%
o/w Annual fees	72.4	69.0	+5.0%
o/w Follow-ons	18.7	20.8	-10.1%
o/w IPOs	15.5	15.4	+0.9%
Debts	40.4	36.0	+12.2%
ETFs, Funds & Warrants	24.0	23.3	+3.0%
Corporate Solutions	50.3	45.4	+10.7%
ELITE and Other	10.2	10.8	-5.8%


Money raised (€m)	FY 2024	FY 2023	% change
Equity listings	3,840	2,481	+54.8%
Follow-ons	15,782	20,177	-21.8%
Bonds	1,190,154	1,156,035	+3.0%

Listed securities	FY 2024	FY 2023	% change
New equity listings over the period	53	64	-17.2%

Money raised from follow-ons has been restated for previous periods.

Listing revenue was €231.9 million in 2024, an increase of +5.1% compared to 2023, driven by the resilience of the offering and sustained leadership in listing, partially offset by the NOK depreciation.

Euronext recorded 33% of equity listings in Europe8F⁹ with 53 new equity listings.

Euronext Corporate Solutions revenue grew by +10.7% compared to 2023 to €50.3 million, thanks to a strong performance of the SaaS and advisory offering.

Debt listing revenue grew by +12.2% compared to 2023 to €40.4 million, driven by dynamic bond issuance activity.

On a like-for-like basis at constant currencies, listing revenue increased by +5.4% compared to 2023.

Trading
- Cash trading

	FY 2024	FY 2023	% change
Cash trading revenue (€m)	284.0	265.4	+7.0%
ADV Cash market (€m)	10,405	10,053	+3.5%

Cash trading revenue increased by +7.0% to €284.0 million in 2024, supported by efficient yield management and higher volumes.

Over the year, Euronext cash trading yield was 0.53 bps, up from 0.52 bps in 2023 despite continued high order sizes. Euronext market share of cash trading averaged 64.8% in 2024.

On a like-for-like basis at constant currencies, cash trading revenue was up +7.0%.

Derivatives trading

	FY 2024	FY 2023	% change
Derivatives trading revenue (€m)	53.1	54.2	-2.0%
ADV Derivatives market (in lots)	619,833	619,244	+0.1%
ADV Equity & Index derivatives (in lots)	503,506	528,368	-4.7%
ADV Commodity derivatives (in lots)	116,328	90,876	+28.0%

Derivatives trading revenue decreased by -2.0% to €53.1 million in 2024, reflecting the continuing trend of lower volatility for equity and index derivatives, offset by very dynamic commodity trading. Euronext revenue capture on derivatives trading was €0.33 per lot for the year. On a like-for-like basis at constant currencies, derivatives trading revenue was down -2.0% in 2024 compared to 2023.

Fixed income trading

	FY 2024	FY 2023	% change
Fixed income trading revenue (€m)	145.5	107.4	+35.5%
o/w MTS Cash	103.1	67.1	+53.7%
o/w MTS Repo	26.5	25.2	+4.9%
ADV MTS Cash (€m)	37,021	23,026	+60.8%
TAADV MTS Repo (€m)	483,247	436,039	+10.8%
ADV other fixed income (€m)	1,612	1,266	+27.4%

Fixed income revenue reached €145.5 million in 2024, up +35.5% compared to 2023. MTS Cash reached record results, driven by strategic positioning of the solutions provided to market participants and issuers and favourable market conditions. On a like-for-like basis at constant currencies, fixed income trading revenue was up +35.5% compared to 2023.

FX trading

	FY 2024	FY 2023	% change
Spot FX trading revenue (€m)	31.7	25.6	+24.2%
ADV spot FX Market (in $m)	26,493	22,450	+18.0%

FX trading revenue was €31.7 million in 2024, up +24.2% compared to 2023. This reflects growing volumes, bolstered by a favourable volatility environment and commercial expansion. On a like-for-like basis at constant currencies, FX trading revenue was up +24.2% compared to 2023.

Power trading

	FY 2024	FY 2023	% change
Power trading revenue (€m)	45.1	37.4	+20.4%
ADV Day-ahead power market (in TWH)	2.74	2.74	+0.3%
ADV Intraday power market (in TWH)	0.31	0.20	+55.0%

Power trading revenue reached €45.1 million in 2024, up +20.4% compared to 2023, reflecting continued strong growth of intraday volumes. This strong result was partially offset by the depreciation of the NOK. On a like-for-like basis at constant currencies, power trading revenue was up +22.6% compared to 2023.

Investor Services

Investor Services reported €14.1 million revenue in 2024, representing a +24.2% increase compared to 2023, supported by continued commercial expansion and the contribution of Substantive Research, acquired on 17 September 2024. On a like-for-like basis at constant currencies, Investor Services revenue was up +14.8% compared to 2023.

Advanced Data Services

Advanced Data Services revenue reached €241.7 million in 2024, up +7.5% from 2023, driven by continued demand for fixed-income and power trading data and dynamic retail usage. It was also supported by the contribution of GRSS, acquired as announced on 3 June 2024, and rapid expansion of advanced data solutions. On a like-for-like basis at constant currencies, Advanced Data Services revenue was up +5.3% compared to 2023.

Post Trade

in €m, unless stated otherwise	FY 2024	FY 2023	% change
Post-trade revenue (excl. NTI)	414.7	370.2	+12.0%
Clearing	144.3	121.3	+19.0%
o/w Revenue from LCH SA	62.8	71.8	-12.5%
o/w Revenue from Euronext Clearing	81.5	49.5	+64.5%
o/w Derivatives	18.1	5.6	+221.2%
o/w Equities	24.4	16.6	+47.1%
o/w Bonds	14.9	13.6	+10.0%
o/w Other	24.1	13.7	+75.8%
Custody, Settlement and other Post-Trade activities	270.5	248.9	+8.7%

Number of transactions and lots cleared	FY 2024	FY 2023	% change
Shares (number of contracts – single counted)	234,777,332	83,486,969	+181.2%
Bonds – Wholesale (nominal value in €bn – double counted)	29,717	27,177	+9.3%
Bonds – Retail (number of contracts – double counted)	15,133,264	13,732,528	+10.2%
Derivatives9F¹⁰	65,536,847	25,244,669	+159.6%

Clearing revenue was up +19.0% to €144.3 million in 2024, reflecting the successful and timely execution of the last steps of the pan-Europeanisation of Euronext Clearing. Non-volume related clearing revenue (including membership fees, treasury income received from LCH SA prior to the migration) accounted for €41.9 million of the total clearing revenue in 2024. On a like-for-like basis at constant currencies, clearing revenue was up +19.0% compared to 2023.

Net treasury income

Net treasury income for Euronext Clearing was at €56.8 million in 2024, up +21.8% compared to 2023. The increase was driven by higher collateral following the completion of the derivatives clearing migration on 7 September 2024 and a positive comparison base in Q1 2023 due to the disposal of the Euronext Clearing portfolio.

Custody, Settlement and other Post-Trade activities

Euronext Securities activity	FY 2024	FY 2023	% change
Number of settlement instructions over the period	134,287,470	123,587,470	+7.8%
Assets under Custody (in €bn), end of period	7,065	6,663	+6.0%

Revenue from Custody, Settlement and other Post-Trade activities was €270.5 million in 2024, posting a strong growth of +8.7% compared to 2023. This reflects growing assets under custody, dynamic issuance activities and higher settlement activity. Euronext Securities’ value-added services business continued to post strong growth, supported by the acquisition of Acupay as announced on 2 October 2024. On a like-for-like basis at constant currencies, Custody, Settlement and other Post-Trade revenue was up +8.8% compared to 2023.

Technology Solutions and Other revenue

Euronext Technologies and Other revenue was €106.2 million in 2024, down -3.4% from 2023, reflecting the termination of double-run connectivity revenues and Borsa Italiana legacy services following the migration to Optiq®, passing on synergies to clients. On a like-for-like basis at constant currencies, Euronext Technologies and Other revenue was down -3.3% compared to 2023.

Q4 2024 financial performance

In €m, unless stated otherwise	Q4 2024	Q4 2023	% var	% var (like-for-like, constant currencies)
Revenue and income	415.8	374.1	+11.1%	+9.9%
Listing	59.4	56.2	+5.8%	+5.9%
Trading revenue, of which	141.4	124.5	+13.5%	+13.5%
Cash trading	70.9	64.1	+10.6%	+10.6%
Derivatives trading	12.9	12.8	+0.3%	+0.3%
Fixed income trading	37.8	30.6	+23.7%	+23.7%
FX trading	8.5	6.7	+27.7%	+26.4%
Power trading	11.3	10.4	+8.8%	+10.1%
Investor Services	4.2	3.0	+39.8%	+13.0%
Advanced Data Services	61.1	56.1	+8.9%	+4.8%
Post Trade, of which	102.8	94.6	+8.6%	+7.0%
Clearing	32.9	32.3	+1.8%	+1.8%
Custody and Settlement	69.9	62.3	+12.2%	+10.1%
Euronext Technology Solutions & Other	28.4	27.6	+3.1%	+3.2%
NTI through CCP business	17.9	11.7	+53.3%	+53.3%
Other income	0.6	0.5	+37.5%	+0.0%
Underlying operational expenses excl. D&A	(163.2)	(157.8)	+3.4%	+1.1%
Adjusted EBITDA	252.6	216.3	+16.7%	+16.4%
Adjusted EBITDA margin	60.7%	57.8%	+2.9pts	+3.4pts
Operating expenses excl. D&A	(174.4)	(173.3)	+0.6%	-1.5%
EBITDA	241.4	200.8	+20.2%	+19.8%
Depreciation & Amortisation	(49.6)	(45.6)	+8.7%	+8.6%
Total Expenses (incl. D&A)	(224.0)	(218.9)	+2.3%	+0.6%
Adjusted operating profit	231.1	196.3	+17.7%	+17.3%
Operating Profit	191.8	155.2	+23.6%
Net financing income / (expense)	6.5	4.7	+38.2%
Results from equity investments	10.1	17.0	-40.8%
Profit before income tax	208.4	176.9	+17.8%
Income tax expense	(55.5)	(40.0)	+38.8%
Share of non-controlling interests	(8.2)	(6.4)	+29.2%
Net income, share of the parent company shareholders	144.6	130.6	+10.8%
Adjusted Net income, share of the parent company shareholders10F¹¹	172.3	148.2	+16.3%
Adjusted EPS (basic, in €)	1.66	1.42	+16.9%
Reported EPS (basic, in €)	1.40	1.25	+12.0%
Adjusted EPS (diluted, in €)	1.66	1.41	+17.7%
Reported EPS (diluted, in €)	1.39	1.24	+12.1%

Share count differs between the two periods

Q4 2024 revenue and income

In Q4 2024, Euronext’s revenue and income amounted to €415.8 million, up +11.1% compared to Q4 2023, driven by record performance in fixed income trading, robust results in non-volume related businesses and the positive contribution of the Euronext Clearing European expansion at the end of November 2023.

On a like-for-like basis and at constant currencies, Euronext revenue and income were up +9.9% in Q4 2024 compared to Q4 2023, to €411.1 million.

Non-volume related revenue accounted for 59% of Group revenue in Q4 2024, compared to 60% in Q4 2023, reflecting continued strong performance of trading and post-trade in Q4 2024. The underlying operating expenses excluding D&A coverage by non-volume related revenue ratio was at 151% in Q4 2024, compared to 141% in Q4 2023.

Q4 2024 adjusted EBITDA

Underlying operational expenses excluding depreciation and amortisation increased by +3.4% to €163.2 million, reflecting investments in growth and the impact of acquisitions. On a like-for-like basis, underlying operational expenses excluding depreciation and amortisation increased by +1.1% compared to Q4 2023, reflecting mainly the impact of acquisitions on a reported basis.

Consequently, adjusted EBITDA for the quarter totalled €252.6 million, up +16.7% compared to Q4 2023. This represents an adjusted EBITDA margin of 60.7%, up +2.9 points compared to Q4 2023. On a like-for-like basis, adjusted EBITDA for Q4 2024 was up +16.4%, to €251.5 million, and adjusted EBITDA margin was 61.2%, up +3.4 points compared to the same perimeter in Q4 2023.

Q4 2024 net income, share of the parent company shareholders

Depreciation and amortisation accounted for €49.6 million in Q4 2024, +8.7% more than in Q4 2023 due to the impact of migration projects and acquisitions. PPA related to acquired businesses accounted for €20.7 million and is included in depreciation and amortisation.

Adjusted operating profit was €231.1 million, up +17.7% compared to Q4 2023. On a like-for-like basis, adjusted operating profit was up +17.3% compared to Q4 2023, at €230.1 million.

€39.3 million of non-underlying expenses, including depreciation and amortisation, were reported in Q4 2024, related to the final steps of the Borsa Italiana Group integration and the PPA of acquired businesses.

Net financing income for Q4 2024 was €6.5 million, compared to €4.7 million in Q4 2023. This increase results from higher interest income due to higher interest rates and strong cash generation, offsetting the cost of debt.

Results from equity investments amounted to €10.1 million in Q4 2024, representing the dividend received from Sicovam. As a reminder, in Q4 2023, Euronext reported €17.0 million of results from equity investments due to the capital gain related to the disposal of the stake in Tokeny and the dividend received from Sicovam.

Income tax for Q4 2024 was €55.5 million. This translated into an effective tax rate of 26.6% for the quarter. (Q4 2023: €40.0 million and 22.6% respectively, reflecting the positive impact of the tax-exempted one-off capital gain from the disposal of the Tokeny stake).

Share of non-controlling interests mainly relating to the Borsa Italiana Group and Nord Pool amounted to €8.2 million in Q4 2024.

As a result, the reported net income, share of the parent company shareholders, increased by +10.8% for Q4 2024 compared to Q4 2023, to €144.6 million. This represents a reported EPS of €1.40 basic and €1.39 diluted in Q4 2024, compared to €1.25 basic and €1.24 diluted in Q4 2023. Adjusted net income, share of the parent company shareholders was up +16.3% to €172.3 million. Adjusted EPS (basic) was up +16.9% in Q4 2024, at €1.66 per share, compared to an adjusted EPS (basic) of €1.42 per share in Q4 2023. This increase reflects higher profit and a lower number of outstanding shares over the fourth quarter of 2024 compared to the fourth quarter of 2023.

The weighted number of shares used over 2024 was 103,578,980 for the basic calculation and 103,983,870 for the diluted calculation, compared to 106,051,799 and 106,376,338 respectively over 2023.

In Q4 2024, Euronext reported a net cash flow from operating activities of €175.0 million, compared to €194.5 million in Q4 2023, reflecting negative changes in working capital from short-term movement in outstanding power sales customers’ and suppliers’ invoices related to Nord Pool CCP activities and higher income tax. Excluding the impact on working capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for 64.3% of EBITDA in Q4 2024.

Q4 2024 business highlights

in €m, unless stated otherwise	Q4 2024	Q4 2023	% change
Listing revenue	59.4	56.2	+5.8%
Equity	26.6	26.6	-0.1%
o/w Annual fees	18.0	17.1	+5.2%
o/w Follow-ons	4.6	5.8	-19.2%
o/w IPOs	3.9	3.7	+4.6%
Debts	9.8	9.1	+7.7%
ETFs, Funds & Warrants	6.1	5.9	+3.5%
Corporate Solutions	14.0	12.3	+13.6%
ELITE and Other	2.9	2.2	+31.9%

Listing revenue was €59.4 million in Q4 2024, an increase of +5.8% compared to Q4 2023 driven by dynamic listing and follow-on activity and strong performance of corporate solutions, partially offset by the depreciation of the NOK.

On a like-for-like basis at constant currencies, listing revenue increased by +5.9% compared to Q4 2023.

Money raised (€m)	Q4 2024	Q4 2023	% change
Equity listings	164	247	-33.7%
Follow-ons	2,556	6,667	-61.7%
Bonds	244,356	290,524	-15.9%

Listed securities	Q4 2024	Q4 2023	% change
New equity listings over the period	16	13	+23.1%
Number of ETFs listed, end of period	4,018	3,821	+5.2%
Number of Bonds listed, end of period	55,804	55,098	+1.3%

Euronext ranked as the leading listing venue in Europe with 30% of European listings. Equity listing revenue was solid at €26.6 million.

Euronext Corporate Solutions revenue grew +13.6% compared to Q4 2023 to a new record level of €14.0 million, resulting from the strong performance of its SaaS products and events.

Debt listing activity was strong with revenue at €9.8 million, supported by dynamic bond listing activity and favourable market conditions.

Trading
- Cash trading

	Q4 2024	Q4 2023	% change
Cash trading revenue (€m)	70.9	64.1	+10.6%
ADV Cash market11F (€m)	10,545	9,558	+10.3%

Cash trading revenue increased by +10.6% to €70.9 million in Q4 2024, driven by a more positively geared volume environment.

Over the fourth quarter of 2024, Euronext cash trading yield was 0.52 bps, reflecting more dynamic volumes and high average order sizes. Euronext market share on cash trading averaged 64.4% in Q4 2024.

On a like-for-like basis at constant currencies, cash trading revenue was up +10.6%.

Derivatives trading

	Q4 2024	Q4 2023	% change
Derivatives trading revenue (€m)	12.9	12.8	+0.3%
ADV Derivatives market (in lots)	580,555	598,894	-3.1%
ADV Equity derivatives (in lots)	463,920	506,716	-8.4%
ADV Commodity derivatives (in lots)	116,634	92,178	+26.5%

Derivatives trading revenue increased by +0.3% to €12.9 million in Q4 2024. The strong performance of Euronext commodity derivatives, supported by new product launches, partly offset the continued low volatility environment for equity derivatives. Euronext revenue capture on derivatives trading was €0.35 per lot for the fourth quarter of 2024.

On a like-for-like basis at constant currencies, derivatives trading revenue was up +0.3% in Q4 2024 compared to Q4 2023.

Fixed income trading

	Q4 2024	Q4 2023	% change
Fixed income trading revenue (€m)	37.8	30.6	+23.7%
o/w MTS Cash	27.0	19.6	+37.8%
o/w MTS Repo	6.7	6.3	+5.9%
ADV MTS Cash (€m)	39,381	27,741	+42.0%
TAADV MTS Repo (€m)	516,173	469,134	+10.0%
ADV other fixed income (€m)	1,656	1,504	+10.1%

Fixed income recorded record revenue at €37.8 million in Q4 2024, up +23.7% compared to Q4 2023, reflecting record quarterly volumes in MTS Cash and Repo driven by an economic environment favouring money markets and supportive volatility, and strong growth in repo and other fixed income trading.

On a like-for-like basis at constant currencies, fixed income trading revenue was up +23.7% compared to Q4 2023.

FX trading

	Q4 2024	Q4 2023	% change
Spot FX trading revenue (€m)	8.5	6.7	+27.7%
ADV spot FX Market (in $m)	26,475	23,943	+10.6%

FX trading revenue was €8.5 million in Q4 2024, up +27.7% compared to Q4 2023 thanks to favourable market volatility and commercial expansion.

On a like-for-like basis at constant currencies, FX trading revenue was up +26.4% compared to Q4 2023.

Power trading

	Q4 2024	Q4 2023	% change
Power trading revenue (€m)	11.3	10.4	+8.8%
ADV Day-ahead power market (in TWH)	2.99	3.10	-3.4%
ADV Intraday power market (in TWH)	0.32	0.25	+27.1%

Power trading revenue reached €11.3 million in Q4 2024, up +8.8% compared to Q4 2023, reflecting continued strong growth in intraday volumes and lower day-ahead volumes due to milder temperatures.

On a like-for-like basis at constant currencies, power trading revenue was up +10.1% compared to Q4 2023. This reflects the negative impact from the NOK depreciation on a reported basis.

Investor Services

Investor Services reported €4.2 million revenue in Q4 2024, up +39.8% compared to Q4 2023, resulting from continued commercial expansion and the full-quarter contribution from Substantive Research, acquired as announced in September 2024.

On a like-for-like basis at constant currencies, Investor Services revenue was up +13.0% compared to Q4 2023.

Advanced Data Services

Advanced Data Services revenue was €61.1 million in Q4 2024, up +8.9% from Q4 2023, driven by a solid performance of the core data business, solid demand for analytic products and diversified datasets and from retail investors. It also reflects the positive contribution of GRSS, acquired as announced in June 2024. On a like-for-like basis at constant currencies, Advanced Data Services revenue was up +4.8% compared to Q4 2023.

Post Trade

in €m, unless stated otherwise	Q4 2024	Q4 2023	% change
Post-trade revenue (excl. NTI)	102.8	94.6	+8.6%
Clearing	32.9	32.3	+1.8%
o/w Revenue from LCH SA	–	17.8
o/w Revenue from Euronext Clearing	32.9	14.6	+126.2%
o/w Derivatives	14.3	1.4	+940.3%
o/w Equities	6.4	5.2	+21.9%
o/w Bonds	3.8	3.7	+3.4%
o/w Other	8.4	4.2	+98.5%
Net treasury income through CCP business	17.9	11.7	+53.3%
Custody, Settlement and other Post-Trade activities	69.9	62.3	+12.2%

Number of transactions and lots cleared	Q4 2024	Q4 2023	% change
Shares (#contracts – single counted)	60,645,852	30,675,375	+97.7%
Bonds – Wholesale (nominal value in €bn – double counted)	7,580	7,118	+6.5%
Bonds – Retail (# contracts – double counted)	4,340,444	3,888,898	+11.6%
Derivatives (# contracts – single counted)	37,154,815	5,691,338	+552.8%

Clearing revenue was up +1.8% to €32.9 million in Q4 2024, reflecting the increase in equity clearing volumes following the expansion of Euronext Clearing in November 2023, as well as dynamic commodity and retail bond clearing volumes, offset by the low volatility environment for equity derivatives. Euronext has internalised the clearing and net treasury income related to its derivatives flows in September 2024. Euronext therefore no longer receives revenue and net treasury income from LCH SA, previously recorded under non-volume related clearing revenue. Non-volume related clearing revenue, mostly related to membership fees, accounted for €8.4 million of the total clearing revenue in Q4 2024. On a like-for-like basis at constant currencies, clearing revenue was up +1.8% compared to Q4 2023.

Net treasury income

Net treasury income amounted to €17.9 million in Q4 2024. The +53.3% increase compared to Q4 2023 reflects the increased level of cash collateral posted to the CCP following the migration of derivatives clearing for all Euronext markets to Euronext Clearing.

Custody, Settlement and other Post-Trade activities

Euronext Securities activity	Q4 2024	Q4 2023	% change
Number of settlement instructions over the period	34,122,913	30,507,967	+11.8%
Assets under Custody (in €bn), end of period	7,065	6,663	+6.0%

Revenue from Custody, Settlement and other Post-Trade activities was €69.9 million in Q4 2024, up +12.2% compared to Q4 2023, reflecting higher assets under custody, a growing number of settlement instructions and continued growth of the services offering, supported by the acquisition of Acupay on 2 October 2024. On a like-for-like basis at constant currencies, Custody, Settlement and other Post-Trade revenue was up +10.1% compared to Q4 2023.

Technology Solutions and Other revenue

Euronext Technologies and Other revenue grew to €28.4 million in Q4 2024, up +3.1% from Q4 2023, supported by Technology Solutions provided through Nord Pool and the launch of Euronext Wireless Network in July 2024, which offset the termination of Borsa Italiana legacy services following the migration of Italian markets to Optiq®. On a like-for-like basis at constant currencies, Euronext Technologies and Other revenue was up +3.2% compared to Q4 2023.

Corporate highlights since 1 January 2025

Euronext to acquire Nasdaq’s Nordic power futures business

On 28 January 2025, Euronext and Nasdaq announced the signing of a binding agreement under which Euronext will acquire Nasdaq’s Nordic power futures business, subject to receipt of applicable regulatory approvals.
The agreement entails the transfer of existing open positions in Nasdaq’s Nordic power derivatives, currently held in Nasdaq Clearing, to Euronext Clearing, with approval of the members. Trading of power futures will be operated from Euronext Amsterdam and will be cleared through Euronext Clearing. Nasdaq Clearing AB, Nasdaq Oslo ASA, and their respective infrastructure are not included in the sale. Nasdaq will continue to operate its European Markets Services business and multi-asset clearing house.
The anticipated combination of Euronext Nord Pool’s market initiative with Nasdaq’s Nordic power futures business is fully aligned with Euronext’s “Innovate for Growth 2027” strategic priority to expand in power and accelerates the delivery of Euronext’s power futures ambitions. The transaction complies with Euronext’s capital allocation policy and will be fully financed with existing cash.

Euronext upgraded to A-, stable outlook, by S&P

On 3 February 2025, Euronext welcomed the decision of S&P to upgrade Euronext from ‘BBB+, Positive Outlook’ to ‘A-, Stable Outlook’.
S&P’s decision reflects the completion of the integration of the Borsa Italiana Group, the successful expansion of Euronext Clearing and the continued deleveraging thanks to the Group’s strong cash flow generation.

Ongoing share buyback programme

On 7 November 2024, Euronext announced a share repurchase programme for a maximum amount of €300 million. This programme is enabled by Euronext’s strong cash generation capabilities and demonstrates Euronext’s rigorous capital allocation strategy. Weekly reporting updates about the share repurchase programme are being published in the Share Buyback Programme section of our website. As of 7 February 2025, a total of 1,821,023 shares had been repurchased, representing 65.3% of the repurchase programme.

Fixed income derivatives status update

Euronext announces the launch of fixed income derivatives on major European government bonds, marking a significant innovation in financial derivatives. This new offering includes the first-ever mini futures to be cash-settled on European government bonds, designed to provide greater accessibility and flexibility for retail investors, asset managers, and private investors. Powered by the Optiq® trading platform and supported by dedicated market makers and Euronext Clearing, these derivatives will be introduced on the Euronext Derivatives Milan market in September 2025.

Euronext volumes for January 2025

In January 2025, the average daily transaction value on the Euronext cash order book stood at €11,538 million, up 23.1% compared to the same period last year. The overall average daily volume on Euronext derivatives stood at 606,267 lots, up +5.1%% compared to January 2024, and the open interest was 23,064,793 contracts at the end of January 2025, up +4.5% compared to January 2024. The average daily volume on Euronext FX’s spot foreign exchange market stood at $27.7 billion, up +11.2% compared to the same period last year.
MTS Cash average daily volumes were up +57.5% to €50.8 billion in January 2025, MTS Repo term adjusted
average daily volume stood at €467.6 billion, up +3.5% compared to the same period last year.
Euronext Clearing cleared 23,472,063 shares in January 2025, +20.9% compared to January 2024. €2,782.6 billion of wholesale bonds were cleared in January 2025 (double counted), up +2.8% compared to the same period in 2024. 1,464,522 bond retail contracts were cleared in January 2025 (double counted), up +11.9% compared to January 2024. The number of derivatives contracts cleared was 13,337,872, +606.4% compared to January 2024 (single counted). This strong increase is due to the fact that the commodity derivatives of Euronext legacy markets have been integrated following the Euronext Clearing expansion that occurred on 15 July 2024, and financial derivatives of Euronext legacy markets have been integrated following the Euronext Clearing expansion that occurred on 9 September 2024. Euronext Securities reported 13,048,702 settlement instructions in January 2025, up +14.9% compared to the same period last year. The total Assets Under Custody reached over €7 trillion in January 2025, up +7.2%.

Euronext announces strategic collaboration with Euroclear to enhance Euronext Clearing’s collateral management offering

On 11 February 2025, Euronext announced a new collaboration with Euroclear to support the development of Euronext Clearing’s collateral management services for repo and other asset classes. This collaboration is a first major step to enable Euronext’s ambition to expand its leading Italian repo clearing franchise to a large range of European government bonds bringing an efficient value offering to European and international clients. This collaboration will pave the way for the rollout of Euronext’s new repo clearing offering in June 2025, enabling the onboarding of clients including international banks, with an updated risk framework. Clients will be able to use Euroclear as a triparty agent for repo clearing.

Agenda

A conference call and a webcast will be held on 14 February 2025, at 09:00 CET (Paris time) / 08:00 GMT (London time):

Conference call:

To connect to the conference call, please dial:

UK Number:	+44 33 0551 0200	NO Number:	+47 2 156 3318
FR Number:	+33 1 70 37 71 66	PT Number:	+351 3 0880 2081
NL Number:	+31 20 708 5073	IR Number:	+353 1 436 0959
US Number:	+1 786 697 3501	IT Number:	+39 06 8336 0400
BE Number:	+32 2 789 8603	DE Number:	+49 30 3001 90612

Password: Euronext

Live webcast:

For the live audio webcast go to: Euronext Q4/FY 2024 Results

The webcast will be available for replay after the call at the webcast link and on the Euronext Investor Relations webpage.

ANALYSTS & INVESTORS – ir@euronext.com

Investor Relations	Aurélie Cohen
	Judith Stein	+33 6 15 23 91 97

MEDIA – mediateam@euronext.com

Europe	Aurélie Cohen	+33 1 70 48 24 45
	Andrea Monzani	+39 02 72 42 62 13
Belgium	Marianne Aalders	+32 26 20 15 01
France, Corporate	Flavio Bornancin-Tomasella	+33 1 70 48 24 45
Ireland	Andrea Monzani	+39 02 72 42 62 13
Italy	Ester Russom	+39 02 72 42 67 56
The Netherlands	Marianne Aalders	+31 20 721 41 33
Norway	Cathrine Lorvik Segerlund	+47 41 69 59 10
Portugal	Sandra Machado	+351 91 777 68 97
Corporate Solutions	Coralie Patri	+33 7 88 34 27 44

About Euronext

Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody, to solutions for issuers and investors. Euronext runs MTS, one of Europe’s leading electronic fixed income trading markets, and Nord Pool, the European power market. Euronext also provides clearing and settlement services through Euronext Clearing and its Euronext Securities CSDs in Denmark, Italy, Norway, and Portugal.

As of December 2024, Euronext’s regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway, and Portugal host over 1,800 listed issuers with around €6 trillion in market capitalisation, a strong blue-chip franchise and the largest global centre for debt and fund listings. With a diverse domestic and international client base, Euronext handles 25% of European lit equity trading. Its products include equities, FX, ETFs, bonds, derivatives, commodities and indices.

For the latest news, go to euronext.com or follow us on X and LinkedIn.

Disclaimer

This press release is for information purposes only: it is not a recommendation to engage in investment activities and is provided “as is”, without representation or warranty of any kind. The figures in this document have not been audited or reviewed by our external auditor. While all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation. The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by Euronext’s subsidiaries shall depend solely on the applicable rules of the market operator. All proprietary rights and interest in or connected with this publication shall vest in Euronext. This press release speaks only as of this date. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is available at www.euronext.com/terms-use.

The Euronext Group processes your personal data in order to provide you with information about Euronext (the “Purpose”). With regard to the processing of this personal data, Euronext will comply with its obligations under Regulation (EU) 2016/679 of the European Parliament and Council of 27 April 2016 (General Data Protection Regulation, “GDPR”), and any applicable national laws, rules and regulations implementing the GDPR, as provided in its privacy statement available at: www.euronext.com/privacy-policy. In accordance with the applicable legislation you have rights with regard to the processing of your personal data: for more information on your rights, please refer to: www.euronext.com/data_subjects_rights_request_information. To make a request regarding the processing of your data or to unsubscribe from this press release service, please use our data subject request form at connect2.euronext.com/form/data-subjects-rights-request or email our Data Protection Officer at dpo@euronext.com.

Appendix

The figures in this appendix have not been audited or reviewed by our external auditor.

Non-IFRS financial measures

For comparative purposes, the company provides unaudited non-IFRS measures including:

Operational expenses excluding depreciation and amortisation, underlying operational expenses excluding depreciation and amortisation;
EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin.

Non-IFRS measures are defined as follows:

Operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses;
Underlying operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses, excluding non-recurring costs;
Underlying revenue and income as the total of revenue and income, excluding non-recurring revenue and income;

Non-underlying items as items of revenue, income and expense that are material by their size and/or that are infrequent and unusual by their nature or incidence are not considered to be recurring in the normal course of business and are classified as non-underlying items on the face of the income statement within their relevant category in order to provide further understanding of the ongoing sustainable performance of the Group. These items can include:
- integration or double-run costs of significant projects, restructuring costs and costs related to acquisitions that change the perimeter of the Group;
- one-off finance costs, gains or losses on sale of subsidiaries and impairments of investments;
- amortisation and impairment of intangible assets which are recognised as a result of acquisitions and mostly comprising customer relationships, brand names and software that were identified during purchase price allocation (PPA);
- tax related to non-underlying items.

Adjusted operating profit as the operating profit adjusted for any non-underlying revenue and income and non-underlying costs, including PPA of acquired businesses;
EBITDA as the operating profit before depreciation and amortisation;
Adjusted EBITDA as the adjusted operating profit before depreciation and amortisation adjusted for any non-underlying operational expenses excluding depreciation and amortisation;
EBITDA margin as EBITDA divided by total revenue and income;
Adjusted EBITDA margin as adjusted EBITDA, divided by total revenue and income;
Adjusted net income, as the net income, share of the parent company shareholders, adjusted for any non-underlying items and related tax impact.

Non-IFRS financial measures are not meant to be considered in isolation or as a substitute for comparable IFRS measures and should be read only in conjunction with the consolidated financial statements.

Non-volume related revenue definition

Non-volume related revenue includes Listing excluding IPOs, Advanced Data Services, Custody & Settlement and other Post-Trade, fixed revenue from Clearing activities (including for instance NTI and membership fees), Investor Services, Technology Solutions, Other Income and Transitional Revenue.

Adjusted EPS definition

	Q4 2024	Q4 2023	FY 2024	FY 2023
Net income reported	144.6	130.6	585.6	513.6
EPS reported	1.40	1.25	5.65	4.84
Adjustments
of which Operating expenses excl. D&A	(11.2)	(15.5)	(30.9)	(78.3)
of which Depreciation and amortisation	(28.1)	(25.6)	(105.2)	(95.9)
of which Net financing expense	–	–	–	(0.2)
of which results from equity investments	–	11.4	1.2	53.0
of which Minority interest	1.1	1.1	2.5	4.1
Tax related to adjustments	10.5	11.1	35.5	46.2
Adjusted net income	172.3	148.2	682.5	584.7
Adjusted EPS	1.66	1.42	6.59	5.51

Consolidated income statement

	Q4 2024			Q4 2023
in € million, unless stated otherwise	Underlying	Non-underlying	Reported		Underlying	Non-underlying	Reported
Revenue and income	415.8	–	415.8		374.1	–	374.1
Listing	59.4	–	59.4		56.2	–	56.2
Trading revenue, of which	141.4	–	141.4		124.5	–	124.5
Cash trading	70.9	–	70.9		64.1	–	64.1
Derivatives trading	12.9	–	12.9		12.8	–	12.8
Fixed income trading	37.8	–	37.8		30.6	–	30.6
FX trading	8.5	–	8.5		6.7	–	6.7
Power trading	11.3	–	11.3		10.4	–	10.4
Investor services	4.2	–	4.2		3.0	–	3.0
Advanced data services	61.1	–	61.1		56.1	–	56.1
Post Trade, of which	102.8	–	102.8		94.6	–	94.6
Clearing	32.9	–	32.9		32.3	–	32.3
Custody & Settlement and other	69.9	–	69.9		62.3	–	62.3
Euronext Technology Solutions & other revenue	28.4	–	28.4		27.6	–	27.6
Net Financing Income through CCP business	17.9	–	17.9		11.7	–	11.7
Other income	0.6	–	0.6		0.5	–	0.5
Operating expenses excluding D&A	(163.2)	(11.2)	(174.4)		(157.8)	(15.5)	(173.3)
Salaries and employee benefits	(90.0)	(5.4)	(95.4)		(85.6)	(7.8)	(93.3)
Other operational expenses, of which	(73.2)	(5.8)	(79.0)		(72.2)	(7.8)	(80.0)
System & communication	(25.7)	(0.1)	(25.8)		(23.1)	(2.0)	(25.1)
Professional services	(15.5)	(4.8)	(20.3)		(12.8)	(4.7)	(17.5)
Clearing expense	(0.4)	–	(0.4)		(8.8)	–	(8.8)
Accommodation	(4.1)	(0.1)	(4.2)		(6.0)	(0.2)	(6.2)
Other operational expenses	(27.6)	(0.8)	(28.4)		(21.5)	(0.9)	(22.3)
EBITDA	252.6	(11.2)	241.4		216.3	(15.5)	200.8
EBITDA margin	60.7%		58.1%		57.8%		53.7%
Depreciation & amortisation	(21.5)	(28.1)	(49.6)		(20.0)	(25.6)	(45.6)
Total expenses	(184.7)	(39.3)	(224.0)		(177.8)	(41.1)	(218.9)
Operating profit	231.1	(39.3)	191.8		196.3	(41.1)	155.2
Net financing income / (expense)	6.5	–	6.5		4.7	–	4.7
Results from equity investment	10.1	–	10.1		5.6	11.4	17.0
Profit before income tax	247.7	(39.3)	208.4		206.6	(29.7)	176.9
Income tax expense	(66.0)	10.5	(55.5)		(51.0)	11.1	(40.0)
Non-controlling interests	(9.3)	1.1	(8.2)		(7.4)	1.1	(6.4)
Net income, share of the parent company shareholders	172.3	(27.7)	144.6		148.2	(17.6)	130.6
EPS (basic, in €)	1.66		1.40		1.42		1.25
EPS (diluted, in €)	1.66		1.39		1.41		1.24

	FY 2024			FY 2023
in € million, unless stated otherwise	Underlying	Non-underlying	Reported		Underlying	Non-underlying	Reported
Revenue and income	1,626.9	–	1,626.9		1,474.7	–	1,474.7
Listing	231.9	–	231.9		220.6	–	220.6
Trading revenue, of which	559.4	–	559.4		490.0	–	490.0
Cash trading	284.0	–	284.0		265.4	–	265.4
Derivatives trading	53.1	–	53.1		54.2	–	54.2
Fixed income trading	145.5	–	145.5		107.4	–	107.4
FX trading	31.7	–	31.7		25.6	–	25.6
Power trading	45.1	–	45.1		37.4	–	37.4
Investor services	14.1	–	14.1		11.4	–	11.4
Advanced data services	241.7	–	241.7		224.8	–	224.8
Post Trade, of which	414.7	–	414.7		370.2	–	370.2
Clearing	144.3	–	144.3		121.3	–	121.3
Custody & Settlement and other	270.5	–	270.5		248.9	–	248.9
Euronext Technology Solutions & other revenue	106.2	–	106.2		109.9	–	109.9
Net Financing Income through CCP business	56.8	–	56.8		46.7	–	46.7
Other income	2.0	–	2.0		1.4	–	1.4
Transitional revenues	–	–	–		(0.2)	–	(0.2)
Operating expenses excluding D&A	620.5	30.9	651.3		(610.0)	(78.3)	(688.3)
Salaries and employee benefits	(330.2)	(11.5)	(341.6)		(319.5)	(12.9)	(332.4)
Other operational expenses, of which	(290.3)	(19.4)	(309.7)		(290.6)	(65.4)	(355.9)
System & communication	(99.2)	(3.1)	(102.3)		(94.9)	(7.8)	(102.6)
Professional services	(57.7)	(12.8)	(70.6)		(58.3)	(18.2)	(76.5)
Clearing expense	(23.2)	(1.1)	(24.3)		(34.5)	–	(34.5)
Accommodation	(16.0)	(0.9)	(16.9)		(17.9)	(0.8)	(18.7)
Other operational expenses	(94.1)	(1.4)	(95.5)		(85.0)	(38.6)	(123.6)
EBITDA	1,006.4	(30.9)	975.6		864.7	(78.3)	786.4
EBITDA margin	61.9%		60.0%		58.6%		53.3%
Depreciation & amortisation	(83.5)	(105.2)	(188.7)		(74.2)	(95.9)	(170.1)
Total expenses	(704.0)	(136.1)	(840.1)		(684.3)	(174.2)	(858.5)
Operating profit	922.9	(136.1)	786.8		790.4	(174.2)	616.2
Net financing income / (expense)	17.5	–	17.5		0.1	(0.2)	(0.2)
Results from equity investment	33.5	1.2	34.7		30.0	53.0	83.1
Profit before income tax	973.9	(134.9)	839.1		820.5	(121.4)	699.1
Income tax expense	(253.8)	35.5	(218.4)		(208.9)	46.2	(162.7)
Non-controlling interests	(37.6)	2.5	(35.1)		(26.9)	4.1	(22.8)
Net income, share of the parent company shareholders	682.5	(96.9)	585.6		584.7	(71.1)	513.6
EPS (basic, in €)	6.59		5.65		5.51		4.84
EPS (diluted, in €)	6.56		5.63		5.50		4.83

Consolidated comprehensive income statement

	Q4 2024	Q4 2023
Profit for the period	152.9	136.9

Other comprehensive income
Items that may be reclassified to profit or loss:
– Exchange differences on translation of foreign operations	8.7	(2.0)
– Income tax impact on exchange differences on translation of foreign operations	(1.5)	0.5
– Change in value of debt investments at fair value through other comprehensive income	–	0.5
– Income tax impact on change in value of debt investments at fair value through other comprehensive income	–	(0.2)

Items that will not be reclassified to profit or loss:
– Change in value of equity investments at fair value through other comprehensive income	85.0	–
– Income tax impact on change in value of equity investments at fair value through other comprehensive income	(0.7)	–
-Remeasurements of post-employment benefit obligations	(1.0)	(4.2)
– Income tax impact on remeasurements of post-employment benefit obligations	0.1	0.5
Other comprehensive income for the period, net of tax	90.6	(4.8)
Total comprehensive income for the period	243.5	132.1

Comprehensive income attributable to:
– Owners of the parent	235.9	125.6
– Non-controlling interests	7.6	6.5

	FY 2024	FY 2023
Profit for the period	620.7	536.4

Other comprehensive income
Items that may be reclassified to profit or loss:
– Exchange differences on translation of foreign operations	(27.9)	(57.8)
– Income tax impact on exchange differences on translation of foreign operations	2.0	6.3
– Change in value of debt investments at fair value through other comprehensive income	0.7	7.1
– Income tax impact on change in value of debt investments at fair value through other comprehensive income
	(0.2)	(2.0)
Items that will not be reclassified to profit or loss:
– Change in value of equity investments at fair value through other comprehensive income	91.5	11.9
– Income tax impact on change in value of equity investments at fair value through other comprehensive income	(2.1)	(3.1)
– Remeasurements of post-employment benefit obligations	0.6	(1.4)
– Income tax impact on remeasurements of post-employment benefit obligations	(0.1)	0.2
Other comprehensive income for the period, net of tax	64.6	(38.9)
Total comprehensive income for the period	685.3	497.5

Comprehensive income attributable to:
– Owners of the parent	651.8	475.7
– Non-controlling interests	33.5	21.8

Consolidated balance sheet

in € million	31 December 2024	31 December 2023
Non-current assets
Property, plant and equipment	106.2	114.4
Right-of-use assets	57.5	55.7
Goodwill and other intangible assets	6,096.2	6,108.2
Deferred income tax assets	30.4	31.3
Investments in associates and joint ventures	0.8	1.3
Financial assets at fair value through OCI	357.0	262.7
Other non-current assets	3.5	4.5
Total non-current assets	6,651.6	6,578.0

Current assets
Trade and other receivables	412.9	333.6
Income tax receivable	11.4	15.512F¹²
CCP clearing business assets	200,575.5	183,715.2
Other current financial assets	63.8	103.1
Cash & cash equivalents	1,673.5	1,448.8
Total current assets	202,737.0	105,616.2

Total assets	209,388.6	192,194.2

Equity
Shareholders’ equity	4,245.2	3,945.7
Non-controlling interests	156.8	139.7
Total Equity	4,402.0	4,085.3

Non-current liabilities
Borrowings	2,537.0	3,031.6
Lease liabilities	46.2	37.3
Other non-current financial liabilities	3.5	–
Deferred income tax liabilities	496.8	531.9
Post-employment benefits	21.0	22.7
Contract liabilities	56.4	60.0
Other provisions	7.2	7.3
Total Non-current liabilities	3,168.2	3,690.8

Current liabilities
Borrowings	516.5	17.3
Lease liabilities	15.8	22.2
Derivative financial instruments	0.1	–
CCP clearing business liabilities	200,644.7	183,832.2
Income tax payable	91.1	46.1
Trade and other payables	464.3	415.8
Contract liabilities	80.1	79.3
Other provisions	5.9	5.2
Total Current liabilities	201,818.4	184,418.0

Total equity and liabilities	209,388.6	192,194.2

The Group adjusted the comparative period figures downwards by €43.1 million for both income tax receivables and income tax payables, to adjust for the netting of taxes in the Italian fiscal sub-group.

Consolidated statement of cash flows

in € million	FY 2024	FY 2023
Profit before tax	839.1	699.1
Adjustments for:
– Depreciation and amortisation	188.7	170.1
– Share based payments	15.6	14.4
– Results from equity investments	(33.3)	(23.5)
– Gain on sale of associate	(1.2)	(53.0)
– Share of profit from associates and joint ventures	(0.2)	(6.5)
– Changes in working capital	(89.5)	155.5

Cash flow from operating activities	919.2	956.1
Income tax paid	(210.6)	(130.0)
Net cash flows from operating activities	708.6	826.1

Cash flow from investing activities
Business combinations, net of cash acquired	(65.2)	–
Proceeds from sale of subsidiary	–	(0.2)
Purchase of financial assets at FVOCI	(2.8)	(1.3)
Proceeds from sale of associate	0.9	122.4
Proceeds from disposal of equity investment at FVOCI	–	0.2
Purchase of current financial assets	(27.7)	(72.3)
Redemption of current financial assets	65.9	155.5
Purchase of property, plant and equipment	(18.0)	(27.7)
Purchase of intangible assets	(69.3)	(75.3)
Interest received	45.7	25.3
Dividends received from equity investments	33.3	23.5
Dividends received from associates	0.1	7.8
Net cash flow from investing activities	(37.1)	157.9

Cash flow from financing activities
Interest paid	(29.4)	(28.7)
Payment of lease liabilities	(20.8)	(28.4)
Transactions in own shares	(106.7)	(219.1)
Transactions with non-controlling interests	(0.1)	(2.5)
Withholding tax paid at vesting of shares	(1.6)	(1.0)
Dividends paid to the company’s shareholders	(257.3)	(237.2)
Dividends paid to non-controlling interests	(25.8)	(5.3)
Net cash flow from financing activities	(441.7)	(522.2)

Total cash flow over the period	229.9	461.8
Cash and cash equivalents – Beginning of period	1,448.8	1,001.1
Non cash exchange gains/(losses) on cash and cash equivalents	(5.2)	(14.1)
Cash and cash equivalents – End of period	1,673.5	1,448.8

in € million	Q4 2024	Q4 2023
Profit before tax	208.4	176.9
Adjustments for:
– Depreciation and amortisation	49.6	45.6
– Share based payments	5.2	3.9
– Results from equity investments	(10.0)	(5.6)
– Gain on sale of associate	–	(11.4)
– Share of profit from associates and joint ventures	(0.1)	–
– Changes in working capital	(8.8)	44.1

Cash flow from operating activities	244.3	253.5
Income tax paid	(69.2)	(59.1)
Net cash flows from operating activities	175.0	194.5

Cash flow from investing activities
Business combinations, net of cash acquired	(18.3)	–
Purchase of financial assets at FVOCI	(2.8)	–
Proceeds from sale of associate	–	11.4
Purchase of current financial assets	(2.3)	(3.7)
Redemption of current financial assets	–	71.4
Purchase of property, plant and equipment	(7.4)	(12.0)
Purchase of intangible assets	(23.4)	(17.5)
Interest received	13.7	12.0
Dividends received from equity investments	10.0	5.6
Net cash flow from investing activities	(30.5)	67.2

Cash flow from financing activities
Interest paid	(0.5)	–
Payment of lease liabilities	(5.9)	(7.2)
Acquisitions of own shares	(95.2)	(138.0)
Transactions with non-controlling interests	(0.1)	(2.5)
Withholding tax paid at vesting of shares	0.2	–
Dividends paid to non-controlling interests	(3.0)	(1.4)
Net cash flow from financing activities	(104.5)	(149.0)

Total cash flow over the period	40.0	112.6
Cash and cash equivalents – Beginning of period	1,630.3	1,336.5
Non cash exchange gains/(losses) on cash and cash equivalents	3.1	(0.2)
Cash and cash equivalents – End of period	1,673.5	1,448.8

Volumes for the fourth quarter and full year of 2024

Cash markets

	Q4 2024	Q4 2023	%var
Number of trading days	64	63
Number of transactions (buy and sells, incl. reported trades)
Total Cash Market	153,172,698	145,907,592	+5.0%
ADV Cash Market	2,393,323	2,315,994	+3.3%
Transaction value (€ million, single counted)
Total Cash Market	674,892	602,148	+12.1%
ADV Cash Market	10,545	9,558	+10.3%

Listings
Number of Issuers on Equities
Euronext	1,812	1,888	-4.0%
SMEs	1,433	1,493	-4.0%
Number of Listed Securities
Funds	2,319	2,434	-4.7%
ETFs	4,018	3,821	+5.2%
Bonds	55,804	55,098	+1.3%

Capital raised on primary and secondary market
Total Euronext, (€ million)
Number of new equity listings	16	13
Money Raised – New equity listings (incl. over-allotment)	163.9	247.2	-33.7%
Money Raised – Follow-ons on equities	2,556	6,667	-61.7%
Money Raised – Bonds	244,356	290,524	-15.9%
Total Money Raised	247,076	297,438	-16.9%

of which SMEs
Number of new equity listings	14	12
Money Raised – New equity listings (incl. over- allotment)	163.9	247.2	-33.7%
Money Raised – Follow-ons on equities	1,655	4,474	-63.0%
Money Raised – Bonds	2,779	1,671	+66.3%
Total Money Raised	4,598	6,393	-28.1%

	FY 2024	FY 2023	%var
Number of trading days	256	255
Number of transactions (buy and sells, inc. reported trades)
Total Cash Market	603,696,978	625,895,768	-3.5%
ADV Cash Market	2,358,191	2,454,493	-3.9%
Transaction value ( € million, single counted)
Total Cash Market	2,663,692	2,563,560	+3.9%
ADV Cash Market	10,405	10,053	+3.5%

Capital raised on primary and secondary market
Total Euronext, in €m
Number of new equity listings	53	64
Money Raised – New equity listings (incl. over-allotment)	3,839.5	2,480.8	+54.8%
Money Raised – Follow-ons on equities	15,782	20,177	-21.8%
Money Raised – Bonds	1,190,154	1,156,035	+3.0%
Total Money Raised	1,209,776	1,178,693	+2.6%
of which SMEs
Number of new equity listings	47	59
Money Raised – New equity listings (incl. over-allotment)	872	1,275	-31.7%
Money Raised – Follow-ons on equities	9,071	9,176	-1.1%
Money Raised – Bonds	4,384	3,160	+38.7%
Total Money Raised	14,326	13,612	+5.2%

Fixed income markets

	Q4 2024	Q4 2023	%var
Transaction value (€ million, single counted)
MTS
ADV MTS Cash	39,381	27,741	+42.0%
TAADV MTS Repo	516,173	469,134	+10.0%
Other fixed income
ADV Fixed income	1,656	1,504	+10.1%

	FY 2024	FY 2023	% var
Transaction value (€ million, single counted)
MTS
ADV MTS Cash	37,021	23,026	+60.8%
TAADV MTS Repo	483,247	436,039	+10.8%
Other fixed income
ADV Fixed income	1,612	1,266	+27.4%

FX markets

	Q4 2024	Q4 2023	% var
Number of trading days		64
FX volume ($m, single counted)
Total Euronext FX	1,720,896	1,532,340	+12.4%
ADV Euronext FX	26,475	23,943	+10.6%

	FY 2024	FY 2023	% var
Number of trading days		259
FX volume ($m, single counted)
Total Euronext FX	6,888,292	5,814,512	+18.5%
ADV Euronext FX	26,493	22,450	+18.0%

Power markets

	Q4 2024	Q4 2023	% var
Number of trading days	92	92
Power volume (in TWh)
ADV Day-ahead Power Market	2.99	3.10	-3.4%
ADV Intraday Power Market	0.32	0.25	+27.1%

	FY 2024	FY 2023	% var
Number of trading days	365	365
Power volume (in TWh)
ADV Day-ahead Power Market	2.74	2.74	+0.3%
ADV Intraday Power Market	0.31	0.20	+55.0%

Derivatives markets

		Q4 2024		Q4 2023	% var
Number of trading days		64		63
Derivatives Volume (in lots)
Equity		29,690,908		31,923,088	-7.0%
Index		11,183,641		13,517,515	-17.3%
Futures		6,723,915		7,914,354	-15.0%
Options		4,459,726		5,603,161	-20.4%
Individual Equity		18,507,267		18,405,573	+0.6%
Futures		1,485,833		498,969	+197.8%
Options		17,021,434		17,906,604	-4.9%

Commodity		7,464,607		5,807,238	+28.5%
Futures		7,133,617		5,478,945	+30.2%
Options		330,990		328,293	+0.8%

Total Euronext		37,155,515		37,730,326	-1.5%
Total Futures		15,343,365		13,892,268	+10.4%
Total Options		21,812,150		23,838,058	-8.5%

Derivatives ADV (in lots)
Equity		463,920		506,716	-8.4%
Index		174,744		214,564	-18.6%
Futures		105,061		125,625	-16.4%
Options		69,683		88,939	-21.7%
Individual Equity		289,176		292,152	-1.0%
Futures		23,216		7,920	+193.1%
Options		265,960		284,232	-6.4%

Commodity		116,634		92,178	+26.5%
Futures		111,463		86,967	+28.2%
Options		5,172		5,211	-0.8%

Total Euronext		580,555		598,894	-3.1%
Total Futures		239,740		220,512	+8.9%
Total Options		340,815		378,382	-5.0%

	FY 2024		FY 2023		% var
Number of trading days	256		255
Derivatives Volume (in lots)
Equity	128,897,410		134,733,803		-4.3%
Index	50,472,727		55,863,644		-9.7%
Futures	28,946,677		34,664,423		-16.5%
Options	21,526,050		21,199,221		+1.5%
Individual Equity	78,424,683		78,870,159		-0.6%
Futures	6,237,384		1,955,140		+219.0%
Options	72,187,299		76,915,019		-6.1%

Commodity	29,779,883		23,173,370		+28.5%
Futures	27,953,600		21,113,163		+32.4%
Options	1,826,283		2,060,207		-11.4%

Total Euronext	158,677,293		157,907,173		+0.5%
Total Futures	63,137,661		57,732,726		+9.4%
Total Options	95,539,632		100,174,447		-4.6%

Derivatives ADV (in lots)
Equity	503,506		528,368		-4.7%
Index	197,159		219,073		-10.0%
Futures	113,073		135,939		-16.8%
Options	84,086		83,134		+1.1%
Individual Equity	306,346		309,295		-1.0%
Futures	24,365		7,667		+217.8%
Options	281,982		301,628		-6.5%

Commodity	116,328		90,876		+28.0%
Futures	109,194		82,797		+31.9%
Options	7,134		8,079		-11.7%

Total Euronext	619,833		619,244		+0.1%
Total Futures	246,631		226,403		+8.9%
Total Options	373,202		392,841		-5.0%

Derivatives open interest

	31 December 2024	31 December 2023	% var
Open interest (in lots)

Equity	18,723,119	18,567,344	+0.8%
Index	869,625	1,000,267	-13.1%
Futures	410,598	517,679	-20.7%
Options	459,027	482,588	-4.9%
Individual Equity	17,853,494	17,567,077	+1.6%
Futures	251,452	153,607	+63.7%
Options	17,602,042	17,413,470	+1.1%

Commodity	979,545	876,380	+11.8%
Futures	787,929	656,667	+20.0%
Options	191,616	219,713	-12.8%

Total Euronext	19,702,664	19,443,724	+1.3%
Total Futures	1,449,979	1,327,953	+9.2%
Total Options	18,252,685	18,115,771	+0.8%

¹ Definition in Appendix – adjusted for non-underlying operating expenses excluding D&A and non-underlying revenue and income.
² Norwegian Krone
³ Full year 2024 reported and adjusted EBITDA
⁴ Like-for-like basis at constant currency
⁵ The weighted number of shares used over 2024 was 103,578,980 for the basic calculation and 103,983,870 for the diluted calculation, compared to 106,051,799 and 106,376,338 respectively over 2023.
⁶ Euronext is currently performing a €300 million share repurchase programme. The repurchased shares will be cancelled, subject to shareholders’ approval at the upcoming annual general meeting on 15 May 2025. The repurchased shares will be excluded from the payment of the dividend.
⁷ Subject to receipt of applicable regulatory approvals
⁸ For the total adjustments performed please refer to the Appendix of this press release.
⁹ According to data from Dealogic
¹⁰ Euronext Clearing was expanded to Euronext legacy markets commodity derivatives on 15 July 2024 and Euronext legacy markets financial derivatives on 9 September 2024.
¹¹ For the total adjustments performed please refer to the Appendix of this press release.
¹² Income tax receivables and payables were restated by -€43.1m for Italian tax netting

Attachment

2025_Euronext_PR_Q42024

The MIL Network –

February 14, 2025

MIL-OSI United Nations: Islamic Development Bank, WFP launch ‘nutritious start’ financing initiative to boost funding for child nutrition and school meals
Source: World Food Programme

ROME – The Islamic Development Bank (IsDB) and the UN World Food Programme (WFP) today launched an innovative financing initiative to boost funds available for governments to combat child malnutrition and expand school meals programmes.

The ‘Nutritious Start’: Human Capital Development Initiative (HCDI) will see IsDB provide governments with financing worth up to US$3 for every $1 secured in grants for nutrition and school meals programmes in least-developed and lower-middle-income countries belonging to the Organization of Islamic Cooperation (OIC).

The agreement was signed by WFP Executive Director Cindy McCain and IsDB President H.E. Dr. Muhammad Al Jasser at WFP headquarters in Rome on 12 February 2025.

“Ensuring vulnerable people are well-nourished, healthy, and educated is fundamental for long-term economic growth,” said WFP Executive Director Cindy McCain. “Across the world, school meals and nutrition programs are the essential building blocks of a future free from hunger and poverty. WFP is proud to partner with IsDB on this innovative financing initiative. Together, we will mobilize critical resources to transform the lives of the most vulnerable people.”

HCDI addresses the first 8,000 days of a child’s life through adolescence (up to 21 years of age). This starts with the first 1,000 days – a crucial window for cognitive and physical growth. Every US$1 invested in addressing early childhood undernutrition can yield up to US$23 in economic returns, while school feeding programmes generate between US$7 and US$35 per dollar invested.

“Investing in human capital is fundamental to breaking the cycle of poverty and achieving sustainable development,” said H.E. Dr. Muhammad Al Jasser, Chairman of the Islamic Development Bank (IsDB) Group. “The ‘Nutritious Start’ initiative is not just about combating malnutrition—it is about equipping future generations with the foundation to thrive. By strategically blending our financing with targeted grant funding, we are amplifying impact and ensuring that every dollar drives meaningful progress toward national development goals.”

This collaboration builds on the extension of the Memorandum of Understanding (MoU) between IsDB and WFP reinforcing their shared commitment to addressing food insecurity and malnutrition. The IsDB and WFP are also partners in the Scaling Up Nutrition (SUN) Movement and the School Meals Coalition, two country-driven initiatives focusing on combating child malnutrition.

Notes to Editor
- Least-developed and lower-middle-income Organization of Islamic Cooperation (OIC) member countries: Afghanistan, Albania, Algeria, Azerbaijan, Bahrain, Bangladesh, Benin, Brunei, Burkina Faso, Cameroon, Chad, Comoros, Côte d’Ivoire, Djibouti, Egypt, Gabon, Gambia, Guinea, Guinea-Bissau, Guyana, Indonesia, Iran, Iraq, Jordan, Kazakhstan, Kuwait, Kyrgyzstan, Lebanon, Libya, Malaysia, Maldives, Mali, Mauritania, Morocco, Mozambique, Niger, Nigeria, Oman, Pakistan, Palestine, Qatar, Saudi Arabia, Senegal, Sierra Leone, Somalia, Sudan, Suriname, Syria, Tajikistan, Togo, Tunisia, Turkey, Turkmenistan, Uganda, United Arab Emirates, Uzbekistan, Yemen
- The Scaling Up Nutrition (SUN) Movement is an initiative led by 66 countries and 4 Indian States – collectively known as the SUN Countries and includes thousands of stakeholders from across society – all united in their mission to end all forms of malnutrition by 2030.
- The School Meals Coalition, hosted by the World Food Programme (WFP) as Secretariat, is led by over 100 governments and supported by more than 140 partners, working together to urgently scale and strengthen school meals programmes worldwide to ensure every child receives a healthy, nutritious meal at school by 2030.
- High resolution photos are available here.
# # #

The United Nations World Food Programme is the world’s largest humanitarian organization saving lives in emergencies and using food assistance to build a pathway to peace, stability and prosperity for people recovering from conflict, disasters and the impact of climate change.

Follow us on Twitter @wfp_media

About the Islamic Development Bank (IsDB)

Rated AAA by the major rating agencies of the world, the Islamic Development Bank is the pioneering multilateral development bank (MDB) of the Global South that has been working for over 50 years to improve the lives of the people and communities it serves by delivering impact at scale. The Bank brings together 57 Member Countries across four continents, touching the lives of nearly 1 in 4 of the world population. It is committed to addressing development challenges and promoting collaboration to help

achieve the United Nations Sustainable Development Goals (SDGs) by equipping people to drive their own green economic and sustainable social progress, putting planet-friendly infrastructure in place and enabling them to fulfil their potential. Headquartered in Jeddah, Kingdom of Saudi Arabia, IsDB has 10 regional hubs and a center of excellence. Over the years, the Bank has evolved from a single entity into a group comprising: the Islamic Development Bank (IsDB), the Islamic Development Bank Institute (IsDBI); the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC); the Islamic Corporation for the Development of the Private Sector (ICD); the International Islamic Trade Finance Corporation (ITFC); and the Islamic Solidarity Fund for Development (ISFD).

For more information, please visit ( www.isdb.org). Find updates on LinkedIn: https://www.linkedin.com/company/islamic-development-bank/

Visit us on X: @isdb_group Engage with us on Facebook: https://www.facebook.com/isdbgroup

MIL OSI United Nations News –
February 14, 2025
MIL-OSI: Wrap Unveils Managed Safety and Response (MSR) Connected Ecosystem in Virginia
Source: GlobeNewswire (MIL-OSI)

Following Governor Youngkin’s November announcement, Early Adopter Program Launches in Virginia, Highly Anticipated Defense Tech Drones, Body Cameras, AI Integration and International Expansion to Follow

This news follows: Wrap Technologies Launches Go-Forward Strategy, Advancing End-to-End Public Safety and Defense Solutions with New Virginia Facility

NORTON, Va., Feb. 13, 2025 (GLOBE NEWSWIRE) — Wrap Technologies (NASDAQ: WRAP) (“Wrap” or, the “Company”) today announced the launch of its highly anticipated Managed Safety and Response (MSR) Connected Ecosystem in Virginia, with the aim of delivering a modern approach for law enforcement training, defensive tactics and real-time safety solutions. With past vocal support of Governor Glenn Youngkin and Virginia’s public safety institutions, Wrap hopes to establish the Commonwealth as a leader in next-generation policing solutions.

As early adopters, Virginia agencies will be the first to benefit from Wrap’s integrated approach, which combines enhanced training, automated support systems and a scalable ecosystem designed to seamlessly integrate follow-on technologies.

The Company is evolving to meet agency demand for integrated service delivery of disparate support technologies and embedded recurring training. This approach will see Wrap invest in a core group of world-class professional services leaders and then digitize value delivery through AI-powered workflows, ensuring exemplary customer satisfaction in its MSR service.

This announcement highlights Wrap’s strategic vision for the future of public safety, including:
- A TAA-compliant, NON-Chinese supply chain for body cameras, aiming to ensure secure and reliable technology for law enforcement agencies advancing a first-in-class Made in America supply chain.
- Newly Developed AI-powered reporting, leveraging body-worn camera audio to instantly generate high-quality, detailed incident reports—with the goal of reducing administrative workload and increasing accuracy.
- The upcoming launch of a Drone as First Responder (DFR) program, featuring advanced payloads that enhance situational awareness, rapid response, and officer safety.
- Advanced Defensive Tactics & Training – structured follow-on actions after BolaWrap deployment, aiming to ensure proper de-escalation techniques.
- Connected Training, including in-person officer instruction and an exclusive video training library designed to coach officers in BolaWrap de-escalation approaches that align with today’s modern safety standards.
- Comprehensive VR Training Expansion – all of our de-escalation scenarios are now included in Wrap’s immersive VR training system with opportunities for custom environment development.
Scot Cohen, Chief Executive Officer, stated: “We’ve listened to our customers. We heard their concerns and understood the challenges of adopting technologies due to complexity and lack of resources. Wrap is addressing this pain point by aiming to deliver a trusted, fully managed service that consolidates fragmented technologies into a cohesive solution. We believe our first-in-class MSR Connected Ecosystem simplifies adoption, reduces operational burden, and exceeds current market offerings thereby ensuring agencies have the tools, training, and support needed to enhance officer safety and effectiveness.”

Wrap is deeply committed to supporting law enforcement by delivering innovative, practical, and effective solutions that focus on officer safety, improving public trust, and streamlining operations. Wrap recognizes the challenges agencies face in adopting new technologies, integrating disparate tools, and ensuring officers receive the training and resources needed to operate effectively in the field.

Wrap’s MSR Connected Ecosystem is designed to bridge these gaps, which we believe provides a seamless, scalable, and intelligent platform that empowers officers to make better decisions, reduce risk, and enhance de-escalation efforts. By prioritizing trust, reliability, and continuous support, Wrap is dedicated to delivering cutting-edge solutions that truly serve those who protect and serve.

Governor Youngkin’s support to relocate Wrap’s facility to Southwest Virginia indicates alignment for this expansion to leverage innovative technologies that enhance public safety. By integrating advanced solutions like the MSR Connected Ecosystem, the Commonwealth aims to set a new standard in law enforcement practices, ensuring safer communities for all Virginians.

The MSR Connected Ecosystem is designed to reduce cognitive load and simplify decision-making in critical moments, transforming the way officers operate in the field. Wrap is advancing law enforcement capabilities by delivering fully managed safety services alongside essential response tools like BolaWrap, ensuring officers have the support they need when it matters most.

To learn more about Wrap Technologies and the Managed Safety and Response Connected Ecosystem, visit www.Wrap.com.

About Wrap Technologies, Inc.

Wrap Technologies, Inc. (Nasdaq: WRAP) is a leading global provider of advanced public safety solutions, integrating ultramodern technology, cutting-edge tools, and comprehensive services to address the complex, modern day challenges facing public safety organizations around the world. Guided by a no-harm principle, Wrap is dedicated to developing groundbreaking solutions that empower public safety agencies to safeguard the communities they serve in a manner that fosters stronger relationships, driving safer outcomes, empowering public safety and communities to move forward together.

Wrap’s BolaWrap^® solution encompasses an innovative and patented hand-held remote restraint device, strategically engineered with Wrap’s no-harm guiding principle to proactively deter escalation by deploying a Kevlar^® tether that safely restrains individuals from a distance. Combined with BolaWrap^® training, certified by the esteemed International Association of Directors of Law Enforcement Standards and Training (IADLEST), Wrap enables officers from over 1000 agencies across the U.S. and 60 countries around the world, with the expertise to effectively use BolaWrap^® as an early intervention measure, mitigating potential risks and injuries, averting tragic outcomes, with the goal to save lives with each wrap.

Wrap Reality™, the Company’s advanced virtual reality training system, is a fully immersive training simulator and comprehensive public safety training platform that equips first responders with the discipline and practice to prevent escalation, de-escalate conflicts, and apply appropriate tactical use-of-force measures to better perform in the field. By offering a growing range of real-life scenarios, Wrap Reality™ addresses the dynamic nature of modern law enforcement situations for positive public safety outcomes, building safer communities one decision at a time.

Wrap’s Intrensic solution is a comprehensive, secure and efficient body worn camera and evidence collection and management solution designed with innovative technology to quickly capture, safely handle, securely store, and seamlessly track evidence, all while maintaining full transparency throughout the process. With meticulous consolidation and professional management of evidence, confidence in law enforcement and the justice system soars, fostering trust and reliability in court outcomes. Intrensic’s efficient system streamlines the entire process seamlessly, empowering all public safety providers to focus on what matters, expediting justice with integrity.

Connect with Wrap:
Wrap on Facebook
Wrap on Twitter
Wrap on LinkedIn

Trademark Information

Wrap, the Wrap logo, BolaWrap^®, Wrap Reality™ and Wrap Training Academy are trademarks of Wrap Technologies, Inc., some of which are registered in the U.S. and abroad.  All other trade names used herein are either trademarks or registered trademarks of the respective holders.

Cautionary Note on Forward-Looking Statements – Safe Harbor Statement
This release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “anticipate,” “should”, “believe”, “target”, “project”, “goals”, “estimate”, “potential”, “predict”, “may”, “will”, “could”, “intend”, and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Moreover, forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control. The Company’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the Company’s ability to maintain compliance with the Nasdaq Capital Market’s listing standards; the Company’s ability to successfully implement training programs for the use of its products; the Company’s ability to manufacture and produce products for its customers; the Company’s ability to develop sales for its products; the market acceptance of existing and future products; the availability of funding to continue to finance operations; the complexity, expense and time associated with sales to law enforcement and government entities; the lengthy evaluation and sales cycle for the Company’s product solutions; product defects; litigation risks from alleged product-related injuries; risks of government regulations; the business impact of health crises or outbreaks of disease, such as epidemics or pandemics; the impact resulting from geopolitical conflicts and any resulting sanctions; the ability to obtain export licenses for counties outside of the United States; the ability to obtain patents and defend intellectual property against competitors; the impact of competitive products and solutions; and the Company’s ability to maintain and enhance its brand, as well as other risk factors mentioned in the Company’s most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, and other Securities and Exchange Commission filings. These forward-looking statements are made as of the date of this release and were based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

Investor Relations Contact:

(800) 583-2652
ir@wrap.com

The MIL Network –
February 14, 2025

MIL-OSI: Imperial Petroleum Inc. Reports Fourth Quarter and Twelve Months 2024 Financial and Operating Results

Source: GlobeNewswire (MIL-OSI)

ATHENS, Greece, Feb. 13, 2025 (GLOBE NEWSWIRE) — IMPERIAL PETROLEUM INC. (NASDAQ: IMPP, the “Company”), a ship-owning company providing petroleum products, crude oil and dry bulk seaborne transportation services, announced today its unaudited financial and operating results for the fourth quarter and twelve months ended December 31, 2024.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

Fleet operational utilization of 86.0% in Q4 24’ versus 68.5% in Q4 23’.
Almost 180% increase in Q4 24’ time charter days compared to Q4 23’, as two of our product tankers and one newly acquired bulk carrier were under time charter (“TC”) employment for the whole period.
For the 12M 24’ period our operational utilization was 78.3%. 69% of our fleet calendar days were dedicated to spot activity, while 29% to time charter activity.
Delivery of the product tanker, Clean Imperial on January 10, 2025. With this vessel addition, our tanker fleet totals nine ships.
Revenues of $26.2 million in Q4 24’ compared to $29.9 million in Q4 23’, representing a 12.4% decline due primarily to decreased spot market rates.
Net income of $3.9 million in Q4 24’ compared to $6.5 million in Q4 23’. In Q4 24’ we incurred a $3.3 million foreign exchange loss.
Cash and cash equivalents including time deposits of $206.7 million as of December 31, 2024, compared to $124.0 million as of December 31, 2023, representing a 66.7% increase.
For the 12M 24’ period our net income was $50.2 million, while our operating cash flow amounted to $77.7 million.
Recurring profitability and a debt-free capital structure facilitate robust cash flow generation and low breakeven points.

Fourth Quarter 2024 Results:

Revenues for the three months ended December 31, 2024 amounted to $26.2 million, a decrease of $3.7 million, or 12.4%, compared to revenues of $29.9 million for the three months ended December 31, 2023, primarily due to a decrease in the spot market rates.
Voyage expenses and vessels’ operating expenses fo r the three months ended December 31, 2024 were $8.5 million and $6.7 million, respectively, compared to $13.8 million and $5.7 million, respectively, for the three months ended December 31, 2023. The $5.3 million decrease in voyage expenses is mainly attributed to increased time charter activity leading to a decline of spot days by 10.3%. The decline in spot days along with the decrease in the Suez Canal transits compared to the same period of last year, led to decreased bunker consumption by 15.6% and lower port expenses by 44.9%. The $1.0 million increase in vessels’ operating expenses is primarily due to the increased size of our fleet by an average of 2.0 vessels between the two periods.
Drydocking costs for the three months ended December 31, 2024 and 2023 were $0.2 million and $2.5 million, respectively. This decrease is due to the fact that during the three months ended December 31, 2024, no vessel underwent drydocking and charges related only to a drydocking which took place at the end of the third quarter of 2024, while one of our suezmax tankers and one of our handysize dry vessels underwent drydocking in the fourth quarter of last year.
General and administrative costs for the three months ended December 31, 2024 and 2023 were $1.0 million and $1.2 million, respectively. This change is mainly attributed to the decrease in stock-based compensation costs.
Depreciation for the three months ended December 31, 2024 and 2023 was $4.5 million and $3.5 million, respectively. The change is attributable to the increase in the average number of vessels in our fleet.
Management fees for each of the three months ended December 31, 2024 and 2023 were $0.4 million.
Interest and finance costs for the three months ended December 31, 2024 and 2023 were $0.3 million and $0.01 million, respectively. The $0.3 million of costs for the three months ended December 31, 2024 relate mainly to accrued interest expense – related party in connection with the $14.0 million, part of the acquisition price of our bulk carrier, Neptulus, which is payable by May 2025.
Interest income for the three months ended December 31, 2024 was $2.3 million as compared to $2.0 million for the three months ended December 31, 2023. The $0.3 million increase is mainly attributed to a higher amount of funds placed under time deposits.
Foreign exchange gain/(loss) for the three months ended December 31, 2024 was a loss of $3.3 million as compared to a gain of $1.4 million for the three months ended December 31, 2023. The $3.3 million foreign exchange loss for the three months ended December 31, 2024, is mainly attributed to the decline in the euro/dollar exchange rate and to the higher amount of funds placed under time deposits in euro.
As a result of the above, for the three months ended December 31, 2024, the Company reported net income of $3.9 million, compared to net income of $6.5 million for the three months ended December 31, 2023. Dividends paid on Series A Preferred Shares amounted to $0.4 million for the three months ended December 31, 2024. The weighted average number of shares of common stock outstanding, basic, for the three months ended December 31, 2024 was 32.7 million. Earnings per share, basic and diluted, for the three months ended December 31, 2024 amounted to $0.10 and $0.10, respectively, compared to loss per share, basic and diluted, of $0.02 and $0.02, respectively, for the three months ended December 31, 2023.
Adjusted net income¹ was $4.6 million corresponding to an Adjusted EPS¹, basic of $0.12 for the three months ended December 31, 2024 compared to an Adjusted net income of $7.2 million corresponding to an Adjusted EPS, basic, of $0.01 for the same period of last year.
EBITDA¹ for the three months ended December 31, 2024 amounted to $6.4 million, while Adjusted EBITDA¹ for the three months ended December 31, 2024 amounted to $7.1 million.
An average of 11.0 vessels were owned by the Company during the three months ended December 31, 2024 compared to 9.0 vessels for the same period of 2023.

Twelve months 2024 Results:

Revenues for the twelve months ended December 31, 2024 amounted to $147.5 million, representing a decrease of $36.2 million, or 19.7%, compared to revenues of $183.7 million for the twelve months ended December 31, 2023, primarily due to softer market spot rates. As of the end of 2024, daily spot market rates were about $22,000 for standard product tankers versus $33,000 as of the end of the same period of 2023 and $30,000 for standard suezmax tankers as opposed to $60,000 as of the end of the same period of 2023.
Voyage expenses and vessels’ operating expenses for the twelve months ended December 31, 2024 were $52.0 million and $26.4 million, respectively, compared to $62.5 million and $25.6 million, respectively, for the twelve months ended December 31, 2023. The $10.5 million decrease in voyage expenses is mainly attributed to a reduction in port expenses due to decreased transits through the Suez Canal and a decrease in voyage commissions resulting from lower market rates and consequently softer revenue generation. The $0.8 million increase in vessels’ operating expenses was primarily due to the increase in the average number of vessels.
Drydocking costs for the twelve months ended December 31, 2024 and 2023 were $1.7 million and $6.6 million, respectively. This decrease is due to the fact that during the twelve months ended December 31, 2024 two tanker vessels underwent drydocking, while in the same period of last year three of our product tankers, one of our suezmax tankers and two of our drybulk carriers underwent drydocking.
General and administrative costs for each of the twelve months ended December 31, 2024 and 2023 were $4.9 million.
Depreciation for the twelve months ended December 31, 2024 was $17.0 million, a $1.4 million increase from $15.6 million for the same period of last year, mainly due to the depreciation of the vessels added in the fleet during 2024.
Management fees for the twelve months ended December 31, 2024 and 2023 were $1.7 million and $1.6 million, respectively. The increase of $0.1 million is attributable to the slight increase in the average number of vessels in our fleet.
Other operating income for the twelve months ended December 31, 2024 was $1.9 million and related to the collection of a claim in connection with repairs undertaken in prior years.
Net loss on sale of vessel/ Net gain on sale of vessel – related party for the twelve months ended December 31, 2024 was a loss of $1.6 million and related to the sale of the Aframax tanker Gstaad Grace II to a third party whereas net gain on sale of vessel for the twelve months ended December 31, 2023 was $8.2 million and related to the sale of the Aframax tanker Afrapearl II (ex. Stealth Berana) to C3is Inc., a related party.
Impairment loss for the twelve months period ended December 31, 2024 and 2023 stood at nil and $9.0 million, and related to the spin-off of two drybulk carriers to C3is Inc. in 2023. The decline of drybulk vessels’ fair values, at the time of the spin off, compared to one year before when these vessels were acquired resulted in the incurrence of impairment loss.
Interest and finance costs for the twelve months ended December 31, 2024 and 2023 were $0.4 million and $1.8 million, respectively. The $0.4 million of costs for the twelve months ended December 31, 2024 relate mainly to accrued interest expense – related party in connection with the $14.0 million, part of the acquisition price of our bulk carrier, Neptulus, which is payable by May 2025. The $1.8 million of costs for the twelve months ended December 31, 2023 related mainly to $1.3 million of interest charges incurred up to the full repayment of all outstanding loans concluded in April 2023 along with the full amortization of $0.5 million of loan related charges following the repayment of the Company’s outstanding debt.
Interest income for the twelve months ended December 31, 2024 and 2023 was $8.3 million and $5.8 million, respectively. The increase is mainly attributed to the interest earned from the time deposits held by the Company as well as the interest income – related party for the twelve months ended December 31, 2024 in connection with the $38.7 million of the sale price of the Aframax tanker Afrapearl II (ex. Stealth Berana) which was received in July 2024.
As a result of the above, the Company reported net income for the twelve months ended December 31, 2024 of $50.2 million, compared to a net income of $71.1 million for the twelve months ended December 31, 2023. The weighted average number of shares outstanding, basic, for the twelve months ended December 31, 2024 was 29.9 million. Earnings per share, basic and diluted, for the twelve months ended December 31, 2024 amounted to $1.54 and $1.40, respectively, compared to earnings per share, basic and diluted, of $3.22 and $2.93 for the twelve months ended December 31, 2023.
Adjusted Net Income was $55.1 million corresponding to an Adjusted EPS, basic of $1.70 for the twelve months ended December 31, 2024 compared to adjusted net income of $74.4 million, corresponding to an Adjusted EPS, basic of $3.39 for the same period of last year.
EBITDA for the twelve months ended December 31, 2024 amounted to $59.2 million while Adjusted EBITDA for the twelve months ended December 31, 2024 amounted to $64.2 million.
An average of 10.4 vessels were owned by the Company during the twelve months ended December 31, 2024 compared to 10.0 vessels for the same period of 2023.
As of December 31, 2024, cash and cash equivalents including time deposits amounted to $206.7 million and total bank debt amounted to nil.

¹ EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS are non-GAAP measures. Refer to the reconciliation of these measures to the most directly comparable financial measure in accordance with GAAP set forth later in this release. Reconciliations of Adjusted Net Income, EBITDA and Adjusted EBITDA to Net Income are set forth below.

Fleet Employment Table

As of February 13, 2025, the profile and deployment of our fleet is the following:

Name

Year
Built

Country
Built

Vessel Size
(dwt)

Vessel
Type

Employment
Status

Expiration of
Charter(1)

Tankers

Magic Wand

2008

Korea

47,000

MR product tanker

Spot

Clean Thrasher

2008

Korea

47,000

MR product tanker

Time Charter

May 2025

Clean Sanctuary (ex. Falcon Maryam)

2009

Korea

46,000

MR product tanker

Spot

Clean Nirvana

2008

Korea

50,000

MR product tanker

Spot

Clean Justice

2011

Japan

46,000

MR product tanker

Time Charter

August 2027

Aquadisiac

2008

Korea

51,000

MR product tanker

Spot

Clean Imperial

2009

Korea

40,000

MR product tanker

Time Charter

January 2026

Suez Enchanted

2007

Korea

160,000

Suezmax tanker

Spot

Suez Protopia

2008

Korea

160,000

Suezmax tanker

Spot

Drybulk Carriers(2)

Eco Wildfire

2013

Japan

33,000

Handysize drybulk

Time Charter

February 2025

Glorieuse

2012

Japan

38,000

Handysize drybulk

Time Charter

February 2025

Neptulus

2012

Japan

33,000

Handysize drybulk

Time Charter

March 2025

Fleet Total

751,000 dwt

(1) Earliest date charters could expire.
(2) We have contracted to acquire seven Japanese built drybulk carriers, aggregating approximately 443,000 dwt, which are expected to be delivered to us between February 2025 and May 2025.

CEO Harry Vafias Commented

For yet another year Imperial Petroleum demonstrated exceptional results; we continued to be consistent with profitability, cash flow generation and fleet growth across the quarters. Market conditions in 2024 were somewhat softer than 2023 when tanker rates oscillated around all time high levels. Nevertheless, our debt free fleet of eleven vessels managed to generate $50 million of profit and maintain an enviable cash base of $207 million. In the period ahead our key focus is to materialize our already announced fleet growth plans, sustain our profitable momentum and as always, seek opportunities to enhance the value of our Company.

Conference Call details:

On February 13, 2025 at 10:00 am ET, the company’s management will host a conference call to discuss the results and the company’s operations and outlook.

Online Registration:

Conference call participants should pre-register using the below link to receive the dial-in numbers and a personal PIN, which are required to access the conference call.

https://register.vevent.com/register/BI127dcd86b3bd4efc8d71152e3b8a8800

Slides and audio webcast:

There will also be a live and then archived webcast of the conference call, through the IMPERIAL PETROLEUM INC. website (www.ImperialPetro.com). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

About IMPERIAL PETROLEUM INC.

IMPERIAL PETROLEUM INC. is a ship-owning company providing petroleum products, crude oil and drybulk seaborne transportation services. The Company owns a total of twelve vessels on the water – seven M.R. product tankers, two suezmax tankers and three handysize drybulk carriers – with a total capacity of 751,000 deadweight tons (dwt), and has contracted to acquire an additional seven drybulk carriers of 443,000 dwt aggregate capacity. Following these deliveries, the Company’s fleet will count a total of 19 vessels. IMPERIAL PETROLEUM INC.’s shares of common stock and 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock are listed on the Nasdaq Capital Market and trade under the symbols “IMPP” and “IMPPP,” respectively.

Forward-Looking Statements

Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although IMPERIAL PETROLEUM INC. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, IMPERIAL PETROLEUM INC. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, geopolitical conditions, including any trade disruptions resulting from tariffs imposed by the United States or other countries, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydockings, changes in IMPERIAL PETROLEUM INC’s operating expenses, including bunker prices, drydocking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, the conflict in Ukraine and related sanctions, the conflicts in the Middle East, potential disruption of shipping routes due to ongoing attacks by Houthis in the Red Sea and Gulf of Aden or accidents and political events or acts by terrorists.

Risks and uncertainties are further described in reports filed by IMPERIAL PETROLEUM INC. with the U.S. Securities and Exchange Commission.

Fleet List and Fleet Deployment
For information on our fleet and further information:
Visit our website at www.ImperialPetro.com

Company Contact:
Fenia Sakellaris
IMPERIAL PETROLEUM INC.
E-mail: info@ImperialPetro.com

Fleet Data:
The following key indicators highlight the Company’s operating performance during the periods ended December 31, 2023 and 2024.

FLEET DATA	Q4 2023		Q4 2024		12M 2023		12M 2024
Average number of vessels (1)	9.00		11.00		10.00		10.39
Period end number of owned vessels in fleet	9		11		9		11
Total calendar days for fleet (2)	828		1,012		3,650		3,801
Total voyage days for fleet (3)	789		1,010		3,481		3,700
Fleet utilization (4)	95.3	%	99.8	%	95.4	%	97.3	%
Total charter days for fleet (5)	160		446		1,058		1,092
Total spot market days for fleet (6)	629		564		2,423		2,608
Fleet operational utilization (7)	68.5	%	86.0	%	75.1	%	78.3	%

1) Average number of vessels is the number of owned vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of our fleet during the period divided by the number of calendar days in that period.
2) Total calendar days for fleet are the total days the vessels we operated were in our possession for the relevant period including off-hire days associated with major repairs, drydockings or special or intermediate surveys.
3) Total voyage days for fleet reflect the total days the vessels we operated were in our possession for the relevant period net of off-hire days associated with major repairs, drydockings or special or intermediate surveys.
4) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by fleet calendar days for the relevant period.
5) Total charter days for fleet are the number of voyage days the vessels operated on time or bareboat charters for the relevant period.
6) Total spot market charter days for fleet are the number of voyage days the vessels operated on spot market charters for the relevant period.
7) Fleet operational utilization is the percentage of time that our vessels generated revenue, and is determined by dividing voyage days excluding commercially idle days by fleet calendar days for the relevant period.

Reconciliation of Adjusted Net Income, EBITDA, adjusted EBITDA and adjusted EPS:

Adjusted net income represents net income before impairment loss, net (gain)/loss on sale of vessel and share based compensation. EBITDA represents net income before interest and finance costs, interest income and depreciation. Adjusted EBITDA represents net income before interest and finance costs, interest income, depreciation, impairment loss, net (gain)/loss on sale of vessel and share based compensation.
Adjusted EPS represents Adjusted net income attributable to common shareholders divided by the weighted average number of shares. EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are not recognized measurements under U.S. GAAP. Our calculation of EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS may not be comparable to that reported by other companies in the shipping or other industries. In evaluating Adjusted EBITDA, Adjusted net income and Adjusted EPS, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation.

EBITDA, adjusted EBITDA, adjusted net income and adjusted EPS are included herein because they are a basis, upon which we and our investors assess our financial performance. They allow us to present our performance from period to period on a comparable basis and provide investors with a means of better evaluating and understanding our operating performance.

(Expressed in United States Dollars, except number of shares)	Third Quarter Ended December 31st,				Twelve Months Period Ended December 31st,
	2023		2024		2023		2024
Net Income – Adjusted Net Income
Net income	6,463,943		3,917,661		71,134,002		50,157,772
Less/Plus net (gain)/loss on sale of vessel	—		—		(8,182,777	)	1,589,702
Plus impairment loss	—		—		8,996,023		—
Plus share based compensation	752,407		665,062		2,434,855		3,397,082
Adjusted Net Income	7,216,350		4,582,723		74,382,103		55,144,556

Net income – EBITDA
Net income	6,463,943		3,917,661		71,134,002		50,157,772
Plus interest and finance costs	11,139		276,622		1,821,908		398,320
Less interest income	(2,004,611	)	(2,268,975	)	(5,833,756	)	(8,305,517	)
Plus depreciation	3,485,073		4,466,447		15,629,116		16,991,900
EBITDA	7,955,544		6,391,755		82,751,270		59,242,475

Net income – Adjusted EBITDA
Net income	6,463,943		3,917,661		71,134,002		50,157,772
Less/Plus net (gain)/loss on sale of vessel	—		—		(8,182,777	)	1,589,702
Plus impairment loss	—		—		8,996,023		—
Plus share based compensation	752,407		665,062		2,434,855		3,397,082
Plus interest and finance costs	11,139		276,622		1,821,908		398,320
Less interest income	(2,004,611	)	(2,268,975	)	(5,833,756	)	(8,305,517	)
Plus depreciation	3,485,073		4,466,447		15,629,116		16,991,900
Adjusted EBITDA	8,707,951		7,056,817		85,999,371		64,229,259

EPS
Numerator
Net income	6,463,943		3,917,661		71,134,002		50,157,772
Less: Cumulative dividends on preferred shares	(462,225	)	(435,246	)	(2,130,254	)	(1,740,983	)
Less: Undistributed earnings allocated to non-vested shares	—		(122,899	)	(2,508,399	)	(2,311,172	)
Less: Deemed dividend from the conversion of the Series C Preferred Shares	(6,507,789	)	—		(6,507,789	)	—
Net (loss)/ income attributable to common shareholders, basic	(506,071	)	3,359,516		59,987,560		46,105,617
Denominator
Weighted average number of shares	23,566,153		32,729,505		18,601,539		29,933,920
EPS – Basic	(0.02	)	0.10		3.22		1.54

Adjusted EPS
Numerator
Adjusted net income	7,216,350		4,582,723		74,382,103		55,144,556
Less: Cumulative dividends on preferred shares	(462,225	)	(435,246	)	(2,130,254	)	(1,740,983	)
Less: Undistributed earnings allocated to non-vested shares	(12,908	)	(146,370	)	(2,638,768	)	(2,549,216	)
Less: Deemed dividend from the conversion of the Series C Preferred Shares	(6,507,789	)	—		(6,507,789	)	—
Adjusted net income attributable to common shareholders, basic	233,428		4,001,107		63,105,292		50,854,357

Denominator
Weighted average number of shares	23,566,153		32,729,505		18,601,539		29,933,920
Adjusted EPS, Basic	0.01		0.12		3.39		1.70

Imperial Petroleum Inc.
Unaudited Consolidated Statements of Income
(Expressed in United States Dollars, except for number of shares)

	Quarters Ended December 31,				Twelve Month Periods Ended December 31,
	2023		2024		2023		2024

Revenues
Revenues	29,881,814		26,211,665		183,725,820		147,479,980

Expenses
Voyage expenses	13,470,678		8,122,190		60,276,962		50,168,529
Voyage expenses – related party	348,535		338,262		2,253,979		1,856,361
Vessels’ operating expenses	5,541,258		6,561,878		25,295,851		26,044,734
Vessels’ operating expenses – related party	117,500		89,500		346,583		328,000
Drydocking costs	2,454,960		195,418		6,551,534		1,691,361
Management fees – related party	364,320		445,280		1,606,440		1,672,440
General and administrative expenses	1,173,120		994,777		4,934,468		4,894,070
Depreciation	3,485,073		4,466,447		15,629,116		16,991,900
Other operating income	—		—		—		(1,900,000	)
Impairment loss	—		—		8,996,023		—
Net gain on sale of vessel – related party	—		—		(8,182,777	)	—
Net loss on sale of vessel	—		—		—		1,589,702
Total expenses	26,955,444		21,213,752		117,708,179		103,337,097

Income from operations	2,926,370		4,997,913		66,017,641		44,142,883

Other (expenses)/income
Interest and finance costs	(11,139	)	(3,508	)	(1,821,908	)	(16,269	)
Interest expense – related party	—		(273,114	)	—		(382,051	)
Interest income	1,260,971		2,268,975		4,470,396		6,668,877
Interest income – related party	743,640		—		1,363,360		1,636,640
Dividend income from related party	191,667		191,667		404,167		762,500
Foreign exchange gain/(loss)	1,352,434		(3,264,272	)	700,346		(2,654,808	)
Other income/(expenses), net	3,537,573		(1,080,252	)	5,116,361		6,014,889

Net Income	6,463,943		3,917,661		71,134,002		50,157,772

Earnings per share
– Basic	(0.02	)	0.10		3.22		1.54
– Diluted	(0.02	)	0.10		2.93		1.40

Weighted average number of shares
-Basic	23,566,153		32,729,505		18,601,539		29,933,920
-Diluted	23,566,153		34,704,542		22,933,671		33,008,816

Imperial Petroleum Inc.
Unaudited Consolidated Balance Sheets
(Expressed in United States Dollars)

	December 31,		December 31,
	2023		2024

Assets
Current assets
Cash and cash equivalents	91,927,512		79,783,531
Time deposits	32,099,810		126,948,481
Receivables from related parties	37,906,821		—
Trade and other receivables	13,498,813		13,456,083
Other current assets	302,773		652,769
Inventories	7,291,123		7,306,356
Advances and prepayments	161,937		250,562
Total current assets	183,188,789		228,397,782

Non current assets
Operating lease right-of-use asset	—		78,761
Vessels, net	180,847,252		208,230,018
Investment in related party	12,798,500		12,798,500
Total non current assets	193,645,752		221,107,279
Total assets	376,834,541		449,505,061

Liabilities and Stockholders’ Equity
Current liabilities
Trade accounts payable	8,277,118		5,243,872
Payable to related parties	2,324,334		18,725,514
Accrued liabilities	3,008,500		3,370,020
Operating lease liability, current portion	—		78,761
Deferred income	919,116		1,419,226
Total current liabilities	14,529,068		28,837,393

Total liabilities	14,529,068		28,837,393

Commitments and contingencies

Stockholders’ equity
Common stock	332,573		382,755
Preferred Stock, Series A	7,959		7,959
Preferred Stock, Series B	160		160
Treasury stock	(5,885,727	)	(8,390,225	)
Additional paid-in capital	270,242,635		282,642,357
Retained earnings	97,607,873		146,024,662
Total stockholders’ equity	362,305,473		420,667,668
Total liabilities and stockholders’ equity	376,834,541		449,505,061

Imperial Petroleum Inc.
Unaudited Consolidated Statements of Cash Flows
(Expressed in United States Dollars

	Twelve Month Periods Ended December 31,
	2023		2024

Cash flows from operating activities
Net income for the year	71,134,002		50,157,772

Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation	15,629,116		16,991,900
Amortization of deferred finance charges	474,039		—
Non – cash lease expense	62,609		71,237
Share based compensation	2,434,855		3,397,082
Impairment loss	8,996,023		—
Net gain on sale of vessel – related party	(8,182,777	)	—
Net loss on sale of vessel	—		1,589,702
Unrealized foreign exchange (gain)/loss on time deposits	(426,040	)	1,983,810
Dividend income from related party	(404,167	)	—

Changes in operating assets and liabilities:
(Increase)/decrease in
Trade and other receivables	(6,477,912	)	42,730
Other current assets	(62,771	)	(349,996	)
Inventories	(1,908,513	)	(15,233	)
Changes in operating lease liabilities	(62,609	)	(71,237	)
Advances and prepayments	(181,990	)	(88,625	)
Due from related parties	(2,940,967	)	2,206,821
Increase/(decrease) in
Trade accounts payable	118,523		(2,173,926	)
Due to related parties	—		3,091,759
Accrued liabilities	1,383,841		361,520
Deferred income	(54,903	)	500,110
Net cash provided by operating activities	79,530,359		77,695,426

Cash flows from investing activities
Dividends income received	241,667		—
Proceeds from sale of vessel, net	3,865,890		41,153,578
Acquisition and improvement of vessels	(28,145,103	)	(74,672,266	)
Increase in bank time deposits	(167,501,480	)	(247,603,451	)
Maturity of bank time deposits	203,827,710		150,770,970
Proceeds from seller financing	—		35,700,000
Net cash provided by/(used in) investing activities	12,288,684		(94,651,169	)

Cash flows from financing activities
Proceeds from exercise of stock options	—		475,000
Proceeds from equity offerings	29,070,586		—
Proceeds from warrants exercise	—		8,600,000
Stock issuance costs	(1,492,817	)	—
Issuance costs on warrants exercise	—		(22,178	)
Stock repurchase	(5,885,727	)	(2,504,498	)
Warrants repurchase	(1,521,738	)	—
Dividends paid on preferred shares	(2,130,254	)	(1,736,562	)
Loan repayments	(70,438,500	)	—
Cash retained by C3is Inc. at spin-off	(5,000,000	)	—
Net cash (used in)/provided by financing activities	(57,398,450	)	4,811,762

Net increase/(decrease) in cash and cash equivalents	34,420,593		(12,143,981	)
Cash and cash equivalents at beginning of year	57,506,919		91,927,512
Cash and cash equivalents at end of year	91,927,512		79,783,531
Cash breakdown
Cash and cash equivalents	91,927,512		79,783,531
Total cash and cash equivalents shown in the statements of cash flows	91,927,512		79,783,531

The MIL Network –

February 14, 2025

MIL-OSI: American Rebel Light Beer Now Available Online in 40 US States
Source: GlobeNewswire (MIL-OSI)

Nashville, TN, Feb. 13, 2025 (GLOBE NEWSWIRE) — American Rebel Holdings, Inc. (NASDAQ: AREB) (“American Rebel” or the “Company”), creator of American Rebel Beer (americanrebelbeer.com) and a designer, manufacturer, and marketer of branded safes, personal security and self-defense products and apparel (americanrebel.com), is very excited to announce that customers across 40 US states can now order American Rebel Light Lager online at americanrebelbeer.com. American Rebel Beer has accomplished this milestone by contracting with Bevstack, a leading platform aiding adult beverage brands in expanding the brand’s e-commerce presence. A customer’s order at americanrebelbeer.com to one of the 40 compliant states is routed directly from americanrebelbeer.com to a network of over 1,300 retailers across the 40 participating states, enabling in-state shipping and timely delivery.

“Customers now have the ability to enjoy America’s Patriotic, God-Fearing, Constitution-Loving, National Anthem-Singing, Stand Your Ground Beer across 40 US states,” said American Rebel CEO Andy Ross. “As we grow our brick-and-mortar distribution network it’s really exciting for customers in states or areas our beer is not yet physically stocked in stores to be able to buy our beer.”

“Another great benefit of being able to sell Rebel Light online is that potential investors can now try our beer,” said Andy Ross. “People love our brand and what we stand for, but they also want to love the taste of our beer. No matter how much I tell them they’re going to love it, there’s nothing like tasting it yourself.”

American Rebel Light Beer orders at americanrebelbeer.com can be shipped to Arizona, California, Colorado, Connecticut, District of Columbia, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Minnesota, Missouri, Montana, North Carolina, Nevada, New Hampshire, New Jersey, New Mexico, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, Texas, Vermont, Washington, West Virginia, Wisconsin and Wyoming.

About American Rebel Light Beer

Produced in partnership with AlcSource, American Rebel Light Beer (americanrebelbeer.com) is a premium domestic light lager celebrated for its exceptional quality and patriotic values. It stands out as America’s Patriotic, God-Fearing, Constitution-Loving, National Anthem-Singing, Stand Your Ground Beer.

American Rebel Light is a Premium Domestic Light Lager Beer – All Natural, Crisp, Clean and Bold Taste with a Lighter Feel. With approximately 100 calories, 3.2 carbohydrates, and 4.3% alcoholic content per 12 oz serving, American Rebel Light Beer delivers a lighter option for those who love great beer but prefer a more balanced lifestyle. It’s all natural with no added supplements and importantly does not use corn, rice, or other sweeteners typically found in mass produced beers.

About Bevstack

Bevstack stands as the leading platform aiding adult beverage brands in expanding their e-commerce presence. With a three-tier compliant retail network, seamless technology, and unparalleled customer service, Bevstack is dedicated to fostering the growth and success of brands in the digital marketplace. Visit Bevstack.com for more info.

About American Rebel Holdings, Inc.

American Rebel Holdings, Inc. (NASDAQ: AREB) has operated primarily as a designer, manufacturer and marketer of branded safes and personal security and self-defense products and has recently transitioned into the beverage industry through the introduction of American Rebel Light Beer. The Company also designs and produces branded apparel and accessories. To learn more, visit www.americanrebel.com and www.americanrebelbeer.com. For investor information, visit www.americanrebel.com/investor-relations.

American Rebel Holdings, Inc.
info@americanrebel.com

American Rebel Beverages, LLC
Todd Porter, President
tporter@americanrebelbeer.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. American Rebel Holdings, Inc., (NASDAQ: AREB; AREBW) (the “Company,” “American Rebel,” “we,” “our” or “us”) desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “forecasts” “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements primarily on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include benefits of selling beer online, actual placement timing and availability of American Rebel Beer, success and availability of the promotional activities, our ability to effectively execute our business plan, and the Risk Factors contained within our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2023. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.

Company Contact:
tporter@americanrebelbeer.com
info@americanrebel.com

Attachment
- American Rebel Light Beer
The MIL Network –
February 14, 2025
MIL-OSI: Sale of LNGC Golar Arctic Marks Golar’s Exit From LNG Shipping Segment

Source: GlobeNewswire (MIL-OSI)

Golar LNG Limited (“Golar”) announces today that it has executed agreements to sell the 2003 built steam turbine LNG carrier, Golar Arctic. The sale price for the vessel is USD 24 million before transaction related expenses. The LNG carrier is unencumbered. The transaction is expected to close, and the vessel is to be handed over to its new owner, within Q1 2025. The Golar Arctic is the last LNG carrier in the Golar fleet. Following the vessel sale, Golar will have fully exited its legacy shipping business.

The LNG carrier Fuji LNG discharged its final cargo as an LNG carrier in January 2025, and has now arrived in China preparing to enter CIMC shipyard for conversion into a MKII FLNG later this month.

Golar CEO Karl Fredrik Staubo commented: “The sale of the Golar Arctic marks the conclusion of Golar’s planned exit from the LNG shipping segment, 50 years after taking delivery of our first LNG carrier in 1975. Over the last 50 years LNG shipping has been the foundation for Golar’s pioneering maritime LNG infrastructure advances, including FSRUs and FLNGs. Golar’s transition into a focused FLNG infrastructure company is now complete. We look forward to expanding our market leading FLNG position.”

FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management’s current expectations, estimates and projections about its operations. All statements, other than statements of historical facts, that address activities and events that will, should, could or may occur in the future are forward-looking statements. Words such as “may,” “could,” “should,” “would,” “expect,” “plan,” “anticipate,” “intend,” “forecast,” “believe,” “estimate,” “predict,” “propose,” “potential,” “continue,” “subject to” or the negative of these terms and similar expressions are intended to identify such forward-looking statements.

These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Golar LNG Limited undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise, unless required by applicable law.

Hamilton, Bermuda
February 13, 2025

Investor Questions: +44 207 063 7900
Karl Fredrik Staubo – CEO
Eduardo Maranhão – CFO
Stuart Buchanan – Head of Investor Relations

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

The MIL Network –

February 14, 2025
MIL-OSI United Kingdom: Government sets out plans for ‘e-invoicing’ overhaul to cut paperwork
Source: United Kingdom – Government Statements

Government consultation on electronic invoicing launched
Government launches 12-week e-invoicing consultation on plans to cut paperwork for businesses and help improve productivity.

Proposals expected to save businesses time and money and speed up payments, creating the conditions to grow the economy, part of the Prime Minister’s Plan for Change.

Will help businesses get tax right first time with fewer invoicing and VAT return errors.

UK stakeholders and businesses urged to comment.

UK businesses are, for the first time, being invited to have their say on the government’s electronic invoicing (e-invoicing) proposals.

E-invoicing is the digital exchange of invoice information directly between buyers and suppliers. It could help businesses get their tax right first time, reduce invoicing and data errors, improve the accuracy of VAT returns, help close the tax gap and save time and money. It usually results in faster business to business payments, leading to improved cash flow and less paperwork.

This will help cut down time and resources businesses spend managing their tax affairs so they can be more productive. It forms part of the Prime Minister’s Plan for Change for a tax system that supports economic growth.

Examples of where e-invoicing has improved cash flow include:

Australian Government agencies who are paying their suppliers within 5 days compared to 20 days for other forms of invoices.

a UK NHS trust where e-invoices are ready for processing within 24 hours, compared to 10 days under paper invoicing. Their e-invoices are typically paid almost twice as quickly than paper invoices, with supplier queries reduced by an average of 15%.

Examples of the wider benefits to business of e-invoicing are highlighted by software providers:

Xero see e-invoicing as the next digital revolution for small firms, simplifying how businesses invoice customers and get paid faster. Firms will save money on chasing payments, improve cash flow and reduce fraud risks.

a published business research report from Sage* shows that e-invoicing streamlines routine tasks like data entry and tax filing, driving annual productivity gains of around 3% in the UK, supporting the government’s broader growth agenda.

The 12-week consultation ‘Promoting electronic invoicing across UK businesses and the public sector’ was published today (13 February 2025) by HM Revenue and Customs (HMRC) and the Department for Business and Trade (DBT). The deadline for comment is 7 May 2025.

James Murray, Exchequer Secretary to the Treasury said:

As part of the Prime Minister’s Plan for Change, we have begun our work to transform the UK’s tax system into one that is focused on helping businesses and the economy to grow.

E-invoicing simplifies processes, reduces errors and helps businesses to get paid faster. By cutting paperwork and freeing up valuable time and money, it will help improve firms’ productivity and their ability to grow and succeed.

Gareth Thomas, Minister for Services, Small Business and Exports, said:

Small businesses are at the heart of our economy and vital to our growth mission. The potential of digitising taxes, speeding up payments and streamlining administrative tasks will provide real benefits to the economy, supporting smaller firms and boosting growth.

This is why we want to make sure e-invoicing works for SMEs, because cash flow can make all the difference between staying afloat or going under.

The consultation applies to business invoicing. It will gather views on standardising e-invoicing and how to increase its adoption across UK businesses and the public sector. It also explores how different e-invoicing models could align a business with their customers’ businesses. People can take part whether or not they currently use e-invoicing.

HMRC and the DBT want to hear the opinions of self-employed people, businesses of all sizes, representative and industry bodies, charities and public sector organisations.

Topics that the government is interested in exploring include:

different models of e-invoicing

whether to take a mandated or voluntary approach to e-invoicing, and what scope of mandate might be most appropriate in the UK and for businesses

whether e-invoicing should be complemented by real time digital reporting.

The government will also engage with a broad range of businesses and interested stakeholders to secure their views at various events, including face-to-face discussions.

Exchequer Secretary to the Treasury, James Murray, will host a business round table at the Darlington Economic Campus and Government Hub this afternoon (13 February 2025), where he and Business and Trade Minister, Gareth Thomas, will discuss the consultation and listen to the opinions of industry bodies, regional stakeholders and local businesses in the North East.

It follows a visit earlier in the day by James Murray MP to software developer Sage’s Newcastle headquarters, where he met with accountants to discuss government support for small businesses and how HMRC is working to deliver its priorities. Sage is one of the providers of software for HMRC’s Making Tax Digital (MTD) programme. A full list of software providers for MTD can be found on GOV.UK.

Further Information

The consultation ‘Promoting electronic invoicing across UK businesses and the public sector’ is available on GOV.UK.

A Welsh language version is available on request.

The consultation will run for 12 weeks from Thursday 13 February to Wednesday 7 May 2025.

E-invoicing technology has been in use for more than 20 years and an increasing number of countries require businesses to use e-invoices for at least some transactions. There is global recognition for standards in enabling e-invoicing, particularly in international trade. Around 130 countries have or are in the process of implementing e-invoicing structures and standards (including data they should include and their format).

‘Failure to take reasonable care’ and ‘error’ accounted for 22% of the VAT tax gap in the 2022 to 2023 tax year. Industry research** shows that 80% of businesses globally manually enter their supplier invoice data into their accounting system, typically around 10% of entered data has some form of error. Adopting e-invoicing can automate this data entry and reduce opportunities for error.

HMRC and the DBT want to understand how differing approaches may integrate with current business systems. This will support development of a UK approach to e-invoicing that improves business productivity by reducing admin burdens and helping businesses to get their tax right. There will be no immediate change in response to this consultation and responses will be used to inform future decision-making.

Enquiries about the consultation and responses to it should be sent to: einvoicingconsultation@hmrc.gov.uk or by clicking a link in the consultation document.

People interested in joining business round tables and other events to contribute to future e-invoicing policy development can contact: einvoicingengagement@hmrc.gov.uk

A future e-invoicing consultation was announced by the Chancellor of the Exchequer, Rachel Reeves, on 23 September 2024 in a package of reforms to improve the UK’s tax system.

This was confirmed for ‘early 2025’ in the Autumn Budget on 30 October 2024.

The published studies as referenced are: *’E-invoicing: Paving the way to a Connected, Real-time Economy’ (Sage)/ **’Billentis – The Global E-invoicing and Tax Compliance Report’

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Published 13 February 2025
MIL OSI United Kingdom –
February 14, 2025

Trading venue (MIC Code)	Number of shares	Weighted average price / share, EUR*
XHEL	1,380,441	4.76
CEUX	–	–
BATE	–	–
AQEU	–	–
TQEX	–	–
Total	1,380,441	4.76

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Indian Standards should be accorded top priority: CentreBureau of Indian Standards organises Inter-Ministerial Meeting on Implementation of Standards – Bringing more products under Quality Control Orders (QCOs)

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Alexander Novak held a meeting of the interdepartmental working group on the creation of special economic zones (SEZ)

Alexander Novak held a meeting of the interdepartmental working group on the creation of special economic zones (SEZ)

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Indian Standards should be accorded top priority: Centre

Bureau of Indian Standards organises Inter-Ministerial Meeting on Implementation of Standards – Bringing more products under Quality Control Orders (QCOs)