NewzIntel.com

Category: Transport

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

    Translartion. Region: Russians Fedetion –

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

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

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

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

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

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

    Reference:

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

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

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

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

    MIL OSI Russia News –

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

    Source: Black Sea Trade and Development Bank

    Press Release | 17-Dec-2024

    New Financing to Boost Capacity and Energy Efficiency

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

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

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

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

     

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

     

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

     

    Contact: Haroula Christodoulou

    : @BSTDB

    MIL OSI Economics –

  • MIL-OSI Economics: Anthropic Claude 3.7 Sonnet: Influencers weigh in on AI impact on coding, reveals GlobalData

    Source: GlobalData

    Anthropic Claude 3.7 Sonnet: Influencers weigh in on AI impact on coding, reveals GlobalData

    Posted in Business Fundamentals

    Anthropic, an American artificial intelligence (AI) public-benefit startup, has recently unveiled its first hybrid reasoning AI model “Claude 3.7 Sonnet,” along with its agentic coding tool “Claude Code.” The release has sparked significant buzz among social media influencers in late February 2025. Claude Code has garnered attention for its ability to automate and streamline complex coding tasks, with users reporting remarkable efficiency in task completion, reveals the Social Media Analytics Platform of GlobalData, a leading data and analytics company

    Shreyasee Majumder, Social Media Analyst at GlobalData, comments: “Influencer sentiment surrounding Claude Code is mixed. While many are optimistic about its potential to significantly reduce development time and effort, some express concern over the cost, citing the expense associated with running even relatively simple requests.”

    Despite the cost concerns, there is a consensus that the value provided by Claude Code justifies the expense for many coding tasks.

    Majumder adds: “There is optimism surrounding Sonnet 3.7’s speed and overall improvement compared to previous versions, but it is noted that those improvements may be difficult to fully appreciate through the Claude chat interface alone. Some influencers have shared that in early testing, Claude Code completed tasks in one pass that would normally take over 45 minutes of manual work.”

    Below are a few popular influencer opinions captured by GlobalData’s Social Media Analytics Platform:

    1. Fred Oliveira, VP of Engineering at Capital Factory:

    “Claude Code looks great so far, but I sure am glad they included a /cost command, because at 50cents for a relatively simple couple of requests, this thing eats coins. Whether I think it is worth the cost is another matter, and I happen to think it is.”

    1. Pietro Schirano, Co-Founder at EverArt:

    “Claude Code is a command line tool that lets developers delegate substantial engineering tasks to Claude directly from their terminal. In early testing, Claude completed tasks in one pass that would normally take 45+ minutes of manual work.”

    1. Dan Shipper, Co-founder & CEO at Every:

    “Claude Sonnet 3.7 is out! We’ve had access for a few days @every and here’s a vibe check: It’s extremely fast. And it’s definitely better than 3.5 Sonnet. But other than that, though, I couldn’t tell! And I mean that honestly…it could be a totally genius model and it would be hard to say right now. I only had access through the Claude chat interface and LLM performance is basically already good enough there, so differences are hard to spot. It’s like getting a new graphics card and testing it out by doing your email. I’m psyched to try Claude Code though—and we’ll have a lot more thoughts once we’ve given it a thorough test drive.”

    1. Deedy Das, Principal at Menlo Ventures:

    “Claude Code w/Sonnet 3.7 is the closes thing to AGI I’ve seen. It’s magic. It built this Connect 4 app from scratch that 1. supports mobile 2. a minimax-tree AI 3. frontend, backend, DBs, git, and deploy! ~5000 lines of code, 30mins, $10. Why use Cursor anymore?…”

    1. John Rush, Founder at MarsX Inc:

    “36. Claude Code can search code, run tests, and push to GitHub. Claude Code is a CLI tool that lets you delegate engineering tasks to Claude with full access to your codebase, tests, and GitHub – all from your terminal.”

    1. Rowan Cheung, Founder & CEO at The Rundown:

    “Anthropic released the world’s first hybrid reasoning AI ‘Claude 3.7 Sonnet’ and a new CLI coding agent ‘Claude Code’ 3.7 achieves SOTA performance on real-world coding benchmarks and agentic tool use, beating o1, o3-mini, and DeepSeek R1.”

    Majumder concludes: “As AI technology evolves, hybrid reasoning models like Claude 3.7, integrated with existing development tools, have the potential to revolutionize software development. However, as influencers’ feedback suggests, their full impact will only become clear through comprehensive testing and deeper insights into their long-term influence on development workflows and cost-effectiveness. The true value of these innovations will unfold with continued practical application and analysis.”

    MIL OSI Economics –

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

    Translartion. Region: Russians Fedetion –

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

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

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

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

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

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

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

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

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

    MIL OSI Russia News –

  • MIL-OSI United Kingdom: UK chief finance minister builds on commitment to support mutual growth in South Africa at G20

    Source: United Kingdom – Executive Government & Departments

    Press release

    UK chief finance minister builds on commitment to support mutual growth in South Africa at G20

    The Rt Hon Rachel Reeves MP shared the UK’s growth mission with key stakeholders and her G20 counterparts in South Africa this week.

    Chancellor Rachel Reeves with South African Finance Minister Enoch Godongwana, at the G20 Finance Ministers and Central Bank Governors meeting in Cape Town, South Africa.

    Over the past two days in Cape Town, the UK’s chief finance minister, Chancellor Rachel Reeves, spent time in and around the G20 finance ministerial meetings emphasising that the UK’s relationship with South Africa is key to the delivery of the UK’s Growth Mission for the mutual benefit of both our countries.

    The Chancellor emphasised the significance of South Africa to her counterparts at the G20, highlighting that the UK is the largest investor in the country, with UK companies having invested over R500 billion.

    Building on UK Foreign Secretary David Lammy’s recent agreement to develop a UK-South Africa Growth Partnership with Minister Lamola, she reiterated that free trade is the best way to achieve economic growth internationally and demonstrated how the UK is meeting the ambition to drive job creation in our two economies.

    Infrastructure was a major theme at the G20 meetings the Chancellor attended, given the need to ensure that people can do their jobs and get around with improved railways and roads to facilitate economic growth. Which is why she said the UK is helping to accelerate projects in South Africa, including promoting the involvement of UK companies and sharing government expertise.

    The Chancellor announced the next stage of the UK programme boosting urban economic development in South Africa, unlocking opportunities through improved urban planning and infrastructure in disadvantaged areas of the country’s municipalities. The intention is to strengthen UK cooperation with local governments in South Africa, to build their financial and technical capabilities.

    A highlight of her time in SA was a visit was to the V&A Waterfront, where the Chancellor witnessed the unveiling of the design for the R25 billion expansion project, which has been produced by UK architects Heatherwick Studio. She also welcomed the news that British engineering firm Arup had won key contracts to support South Africa’s ambitions to boost green and sustainable growth across the country, not only contributing to the design of more resilient infrastructure but also working with public and private sector clients to improve the energy efficiency of buildings here in Cape Town and across South Africa.

    The Chancellor also attended a reception at the High Commissioner’s official residence for prominent South African investors and businesses to further deepen the close economic ties between the UK and South Africa.

    Updates to this page

    Published 28 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Teach Portsmouth opens doors to careers in education

    Source: City of Portsmouth

    Portsmouth’s largest education recruitment event kicked off with a ribbon-cutting ceremony. The Teach Portsmouth Jobs and Opportunities Fair, held on Wednesday 26 February 2025, at Guildhall attracted 300 attendees eager to explore employment and training opportunities in the education sector.

    This event is a key initiative of Teach Portsmouth, aimed at recruiting local professionals who can educate children and young people in schools and colleges.

    Recruitment fairs provide a valuable platform for individuals to connect with potential employers, engage in informal discussions, and obtain the necessary information to advance their careers.

    Councillor Nicholas Dorrington, Cabinet Member for Children, Families, and Education at Portsmouth City Council, said:

    “Teach Portsmouth is on a mission to find the city’s best and brightest people who can support our schools and academies. By organising high-profile events, we can attract those who are actively looking for work, who may want a career change, or are returning after time away.

    “We work closely with employment partners, including Get Set Portsmouth and Job Centre Plus, who encourage their customers to attend, explore the various opportunities available, and take the first step towards a rewarding career in education.”

    The drop-in event gave attendees the chance to sign up for taster sessions with employers. These sessions allowed people to visit a school, meet staff, and learn more about their vacancies.

    Apprenticeships were also featured, with providers offering information and advice on this training route.

    Madison Morrison, a teaching assistant apprentice at Penbridge School, attended a Teach Portsmouth jobs fair in 2024.

    She met with Thinking Schools Academy Trust, who were promoting vacancies across their organisation. Madison applied for the teaching assistant apprenticeship and was successful. Madison said:

    “The most rewarding aspect of working in education is seeing students grow, achieve, and overcome challenges. It brings immense satisfaction to know that you are positively impacting young people’s lives.

    “My advice to someone considering a career in education is to build relationships not only with the students but also with colleagues and parents. Strong, positive connections create a foundation of trust, respect, and open communication, fostering a supportive and productive learning environment.”

    Alongside exhibitors, attendees could visit the Opportunities Room to watch presentations on topics including employability, becoming a teaching assistant, routes into teaching, and working in specialist education.

    At the end of each session, there was a chance to ask questions and be directed to relevant services at the careers fair.

    For those who were unable to attend, Teach Portsmouth’s next event, the Support and Teaching Assistant Jobs Fair, returns to Central Library (third floor) on Thursday 1 May from 10am – 11:45am and 12pm – 2pm.

    For more information and to register for a ticket, visit www.teachportsmouth.co.uk/TA.

    MIL OSI United Kingdom –

  • MIL-OSI New Zealand: Three people injured in Takanini incident

    Source: New Zealand Police (National News)

    Three people have been injured in an incident on Kutukutu Street in Takanini this evening.

    Police were called to the street at 7.50pm, after what appears to be an altercation involving neighbours.

    The three victims have been transported to hospital with serious injuries.

    The person believed to be responsible left the scene in a car and was located by the Police Eagle helicopter on Takanini School Road a short time later.

    He has been taken into police custody.

    Cordons are in place on Kutukutu Street and residents are asked to follow the instructions of police staff in the area.

    ENDS

    Issued by Police Media Centre. 

    MIL OSI New Zealand News –

  • MIL-OSI United Kingdom: Westminster City Council’s statement on pedestrianising Oxford Street | Westminster City Council

    Source: City of Westminster

    Today’s announcement regarding the Mayoral plans for Oxford Street is a step forward in what has been a long-running issue for London. We all share a commitment in making sure the nation’s high street has a bright future, one that brings benefits locally, regionally, and nationally.

    Since the announcement was made last year to create a Mayoral Development Corporation (MDC) to pedestrianise Oxford Street, we have been working hard to ensure that the voices of residents and businesses are heard. The Mayor’s team have taken on board our feedback and agreed a number of improvements in response to our concerns:

    • Recognising the current challenges of pedestrianising the eastern half of Oxford Street, from Oxford Circus to Tottenham Court Road. The Mayor and Westminster have agreed that the GLA should develop plans to bring forward improvements to the area at the eastern end of Oxford Street.

    • The Mayor has committed upfront investment to help fast-track delivery of a high-quality scheme to radically improve the eastern section. This is expected to be aligned to the plans the council had already drawn up as part of its Oxford Street Programme.

    • The proposed Mayoral Development Corporation boundary area is now reduced to one block either side of Oxford Street, subject to consultation. The council remains responsible for all services outside of the boundary area.

    •Improved security and safety measures to be managed by the GLA together with WCC and the police. Including hostile vehicle mitigation in the area.

    •The Mayor has committed, under any future plans to pedestrianise, to consult on the basis that some north/south access will be retained for taxi access. The GLA will also prioritise the introduction of electric buses for displaced routes.     

    • The Mayor has recognised concerns we raised on behalf of residents and confirmed that he would expect the MDC to undertake freight consolidation

    • The Mayor has, in principle, agreed a mechanism that will enable Westminster City Council to retain development funds collected in the area, relating to strategic infrastructure, carbon offset, employment and skills and affordable housing.

    The council will now work to ensure these commitments, and future ones, are all recognised in legally binding agreements. The consultation assumes a minimum of three seats for Westminster City Council nominations on the MDC board, ensuring local voices will be heard clearly throughout the lifespan of the programme.

    The Mayor has been clear that any future proposals to pedestrianise Oxford Street will be consulted on rigorously with all stakeholders, including residents.

    Cllr Adam Hug, Leader of Westminster Council, said:

    “Subject to the outcome of the Mayor’s consultation, our role is to ensure that the Mayor’s proposed Oxford Street Transformation delivers for local communities, as well as for London.

    “We have already fought hard to secure numerous improvements from the Mayor of London to ensure that any plans for Oxford Street are deliverable and meet the needs of local residents, businesses, and wider London. We seek to work pragmatically with the Mayor’s team to ensure a bright future for the nation’s high street as well as for our residential communities and businesses.”

    Notes to editors:

    •The Mayor has the power to establish a Mayoral Development Corporation and designate any area of Greater London a Mayoral Development area. This is subject to consultation with stakeholders such as the local authorities whose areas the MDC will operate in, MPs whose constituency is similarly covered. The Mayor must consider the consultation findings and where he does not agree or accept the comments of a statutory consultee such as a London Borough, he is only required to publish a statement of reasons for his non-acceptance. The Mayor is then required to lay his proposals for designation of the area before the London Assembly. The Mayor may proceed to designate the MDA if, after a 21 day, the Assembly has not rejected his proposals. Assembly requires a two thirds majority of Members to reject a proposal. The Mayor must then inform the Secretary of State for Communities, Housing and Local Government who will make an order to establish the MDC.

    •See the council’s previous statement at https://www.westminster.gov.uk/news/statements-oxford-street

    FAQs

    Q: Have you received a satisfactory response to your 10 questions?

    A: Sadiq Khan has responded to the letter from the leader of the council sent last year. This is now a case of ongoing discussions with the Mayor and pragmatic working with him and his team. Progress has been made in the letter received along with bilateral discussions.

    Q: How much money has the council spent so far and what compensation will you get?

    A: We have spent £22m since 2022 on the council’s revised Oxford Street project which would have delivered public realm improvements to the whole street. The largest single item was changes to the traffic flows on Wigmore and Mortimer Streets and Cavendish Square. These were completed this week and will benefit the West End, no matter what final arrangements are made for Oxford Street itself. The balance refers mainly to design work, much of which will be picked up by the Mayor’s team, notably that the Council’s proposals will now form the basis for his transformation of the eastern End of Oxford Street. For this section, the Mayor has confirmed a new upfront investment that should unlock the transformation of this section of the street commensurate to the needs of the project, in recognition of the investment made in the project by Westminster so far.

    Q: What will you do with the money saved

    A: The Council has been able to reallocate £70m of capital expenditure originally intended for OSP. Our budget proposals include £23m on additional place making projects including Warwick Avenue, Paddington Green and along the Grand Union canal, £2m on extra CCTV cameras throughout the city and £3m on measures to prevent surface water flooding.

    Q: Will you support the creation of an MDC in your consultation response?

    A: We continue to believe that an MDC is not necessary to deliver the transformation that both parties wish to see for Oxford Street, however we recognise the Mayor’s ambitions for an MDC and the GLA’s powers in this area. We will work pragmatically to ensure the interests of local residents businesses and visitors are at the heart of any future transformation. We believe our shovel-ready £90m Oxford Street project which had the support of residents and businesses, would have delivered the step change we all want to see delivered to enable a world class Oxford Street environment and experience. However, the desire to align the plans for the eastern section the council had already drawn up as part of its Oxford Street Programme

    MIL OSI United Kingdom –

  • MIL-OSI: Oma Savings Bank Plc’s Notice of Annual General Meeting

    Source: GlobeNewswire (MIL-OSI)

    OMA SAVINGS BANK PLC STOCK EXCHANGE RELEASE, 28 FEBRUARY 2025 AT 09.20 A.M EET, NOTICE OF ANNUAL GENERAL MEETING

    Oma Savings Bank Plc’s Notice of Annual General Meeting

    NOTICE TO GENERAL MEETING

    The shareholders of Oma Savings Bank Plc are invited to the Annual General Meeting to be held on Tuesday 8 April 2025 at 13.00 p.m. (EEST) at Scandic Helsinki Hub, Annankatu 18, Helsinki. The reception of persons who have registered for the meeting and distribution of voting tickets will begin at 11.00 a.m. (EEST) at the Meeting venue. Refreshments will be served before the meeting starting at 11:30 a.m.

    The new CEO will be introduced before the Annual General Meeting starting at 12.15 p.m. It is possible to follow the introduction of the CEO and the General Meeting via webcast. Instructions on how to follow the webcast are available on the Company’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025. It is not possible to ask questions, make counterproposals, make other interventions, or vote via webcast. Following the meeting via webcast shall not be considered as participation in the General Meeting or as the exercise of shareholders’ rights.

    Prior to the meeting, shareholders may also submit written questions referred to in Chapter 5, Section 25 of the Finnish Limited Liability Companies Act on matters to be discussed at the meeting. Instructions on how to submit written questions are set out in Section C of this notice to the General Meeting.

    A. Matters to be discussed at the General Meeting 

    1. Opening the Meeting

    2. Matters of order for the Meeting

    3. Election of the persons to scrutinize the minutes and to supervise the counting of votes

    4. Recording the legal convening of the Meeting and quorum

    5. Establishment of the persons present and confirmation of the voting list

    6. Presentation of the financial statements, annual report and auditor’s report for the year 2024

    Presentation of the CEO’s review.
    As of 14 March 2025, the financial statements, the annual report and the auditor’s report are available on the Company’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025.

    7. Adoption of the financial statements

    8. Resolution on the use of the profit shown on the balance sheet and the distribution of dividend

    The Board of Directors proposes that based on the balance sheet adopted for the financial year 2024, a dividend of EUR 0.36 per share be paid, totaling approximately EUR 12.0 million, and that the remainder of the distributable assets will be left in equity.

    The dividend shall be paid to shareholders registered in the register of shareholders of the Company maintained by Euroclear Finland Ltd on the record date of 10 April 2025. The Board of Directors proposes that the dividend shall be paid out on 17 April 2025 in accordance with the rules of Euroclear Finland Ltd.

    9. Resolution on the discharge of the members of the Board of Directors and the President and CEO from liability

    10. Handling of the remuneration policy for governing bodies

    The Board of Directors proposes that the General Meeting approves the updated remuneration policy. In accordance with the Finnish Companies Act, the decision is advisory.

    The proposal for the Company’s remuneration policy for governing bodies is attached to this notice as Annex 1 and is available on Oma Savings Bank Plc’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025.

    11. Handling of the Remuneration Report for governing bodies

    As of 14 March 2025, the remuneration report for governing bodies will be available on the Company’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025.

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

    The Shareholders’ Nomination Committee proposes that remuneration for the members of the Board of Directors to be paid as follows:

    Annual fees:

    • Chairperson of the Board EUR 85,000
    • Vice Chairperson of the Board EUR 60,000
    • Other members of the Board EUR 40,000
    • Chairperson of the Remuneration Committee EUR 6,000
    • Chairperson of the Risk Committee EUR 9,000
    • Chairperson of the Audit Committee EUR 9,000

    Meeting fees:

    • Board or Committee meeting EUR 1,000
    • Email meeting of the Board or Committee EUR 500

    The Shareholders’ Nomination Committee proposes that 25 percent of the annual remuneration of the Board of Directors be paid from the market in Oma Savings Bank Plc’s shares acquired on behalf of the members of the Board of Directors. The shares will be acquired directly on behalf of the members of the Board of Directors at a price formed on the market in public trading when the interim report for the period from 1 January to 31 March 2025 has been published. The Company is responsible for the costs of acquiring the shares and any transfer tax. The rest of the annual fee is paid in cash to cover the taxes arising from the fee.

    In addition, Oma Savings Bank Plc pays or reimburses travel expenses and other expenses related to board work to the members of the Board of Directors.

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

    The Shareholders’ Nomination Committee proposes that seven members be elected for the Board of Directors.

    14. Election of members of the Board of Directors

    The Shareholders’ Nomination Committee proposes that the current Board members Juhana Brotherus, Irma Gillberg-Hjelt, Aki Jaskari, Jaakko Ossa, Carl Pettersson, Kati Riikonen and Juha Volotinen having given their consent, shall be re-elected.

    1. All candidates are proposed to be elected for the period starting at the Annual General Meeting 2025 and ending at the Annual General Meeting 2026.
    2. All nominees have given their consent to the election.
    3. At the time of election, all proposed nominees are independent in their relationship with the Company and its significant shareholders.
    4. Additional information on the members of the Board of Directors is available on the Company’s website https://www.omasp.fi/en/annual-general-meeting-year-2025.

    15. Resolution on the remuneration of the auditor

    The Board proposes to the Annual General Meeting that the reimbursements to the auditor are paid on the basis of reasonable invoicing approved by the Company.

    16. Election of the auditor

    The Board of Directors proposes that KPMG Oy Ab, a firm authorised public accountants, shall continue to be elected as the auditor for the term beginning at the end of the Annual General Meeting 2025 and ending at the Annual General Meeting 2026.

    KPMG Oy Ab has indicated that if it is elected as an auditor M.Sc. (Econ.), APA Tuomas Ilveskoski would continue as auditor-in-charge.

    17. Resolution on the remuneration of the sustainability reporting assurer

    The Board proposes to the Annual General Meeting that the reimbursements to the sustainability reporting assurer are paid on the basis of reasonable invoicing approved by the Company.

    18. Election of the sustainability reporting assurer

    The Board of Directors, on the recommendation of the audit committee, proposes that KPMG Oy Ab, Authorized Sustainability Audit Firm, be elected as the Company’s sustainability reporting assurer for the term ending upon the conclusion of the next Annual General Meeting. KPMG Oy Ab has informed the Company that Authorised Public Accountant (KHT), Authorized Sustainability Auditor (KRT) Tuomas Ilveskoski would act as the principally responsible sustainability reporting assurer.

    19. Proposal by the Board of Directors to amend the Articles of Association

    The Board of Directors proposes to the Annual General Meeting that Section 6 (Nomination Committee) of the Company’s Articles of Association be amended by removing the provision regarding the due date for the Committee’s proposals.

    The Board further proposes to the Annual General Meeting that Section 10 (Notice of the meeting) of the Company’s current Articles of Association be supplemented with a provision regarding remote meetings. According to the proposed addition, the General Meeting could, by a decision of the Board, be held without a physical meeting venue, allowing shareholders to exercise their decision-making rights in full and in real time through telecommunication and technical means (remote meeting). Shareholders would thus be able to exercise their right to ask questions and vote in the same manner as in a physical meeting.

    Additionally, the Board proposes to the Annual General Meeting that Section 12 (General meeting) of the Company’s current Articles of Association, concerning the General Meeting, be supplemented to include provisions on deciding the remuneration of the sustainability reporting auditor and the appointment of the sustainability reporting auditor.

    The amended Articles of Association in their entirety are attached as Annex 2 to this notice of the Annual General Meeting.

    20. Resolution on the revised Charter of the Shareholders’ Nomination Committee

    The Shareholders’ Nomination Committee proposes that the Annual General Meeting resolve on the approval of the revised Charter of the Shareholders’ Nomination Committee.

    The proposed amendments to the Charter include, among other things, a provision requiring the Nomination Committee to submit its proposals regarding the composition and remuneration of the Board of Directors to the Company’s Board no later than the end of the calendar month preceding the Board meeting that decides on convening the Annual General Meeting.

    Additionally, the Charter is proposed to be amended to include a provision on the maximum continuous term of a Board member, ensuring alignment with the regulations, guidelines, and statements applicable to credit institutions, including the guidelines issued by the European Banking Authority (EBA).

    The proposed amendments also include certain technical revisions.

    The revised Charter in its proposed amended form is available on the Company’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025.

    21. Authorizing the Board of Directors to resolve on a share issue, the transfer of own shares and the issuance of special rights entitling to shares

    The Board of Directors proposes that the Annual General Meeting authorises the Board of Directors to resolve on the issuance of shares or transfer of the Company’s shares and the issuance of special rights entitling to shares referred to in Chapter 10, Section 1 of the Finnish Companies Act, subject to the following conditions:

    Shares and special rights can be issued or disposed of in one or more instalments, either in return for payment or free of charge.

    The total number of shares to be issued under the authorisation, including shares acquired on the basis of special rights, cannot exceed 3,000,000 shares, which corresponds to approximately 9 percent of the Company’s total number of shares on the day of the Annual General Meeting on the date of the notice of the meeting.

    The Board of Directors decides on all terms and conditions related to the issuance of shares. The authorisation concerns both the issuance of new shares and the transfer of own shares. A share issue and the issuance of special rights entitling to shares include the right to deviate from the pre-emptive right of shareholders if there is a weighty financial reason for the Company (special issue). A special share issue may be free of charge only if there is a particularly weighty financial reason from the point of view of the Company and in the interest of all its shareholders.

    The authorisation is proposed to be valid until the end of the next Annual General Meeting, but not later than 30 June 2026. The authorisation revokes previous authorisations given by the Annual General Meeting to decide on a share issue, as well as the option rights and the issuance of special rights entitling to shares.

    22. Authorizing the Board of Directors to decide on the repurchase of the Company’s own shares

    The Board of Directors proposes that the Annual General Meeting authorise the Board of Directors to decide on the repurchase of the Company’s own shares with funds belonging to the Company’s free equity under the following conditions:

    Maximum number of 1,000,000 own shares may be repurchased, representing approximately 3 percent of the Company’s total shares according to the situation on the date of the notice of the meeting, however, that the number of own shares held by the Company does not exceed 10 percent of the Company’s total shares of the Company at any time. This amount includes the own shares held by the Company itself and its subsidiaries within the meaning of Chapter 15, Section 11 (1) of the Finnish Companies Act.

    The Board of Directors is authorised to decide how to acquire own shares.

    Own shares may be repurchased otherwise than in proportion to the shares held by the shareholders (directed repurchase) at the price formed in public trading organized by Nasdaq Helsinki Ltd or at a price otherwise formed on the market. Own shares may be repurchased in one or more tranches.

    Shares purchased by the Company may be held by it, cancelled or transferred. The Board of Directors decides on other matters related to the repurchasing of own shares.

    The Board of Directors proposes that the authorisation repeal previous authorisations granted by the Annual General Meeting to decide on the repurchase of own shares.

    It is proposed that the authorisation remain valid until the closing of the next Annual General Meeting, but not later than 30 June 2026.

    23. Closing the meeting

    B. Documents of the General Meeting

    This notice, which contains all proposals for resolutions on the agenda of the General Meeting is available on Oma Savings Bank Plc’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025. Oma Savings Bank Plc’s financial statements, annual report, auditor’s report and remuneration report will be available on said website by 14 March 2025. The updated remuneration policy is attached to this notice and is also available at https://www.omasp.fi/en/annual-general-meeting-year-2025. Copies of the above-mentioned documents will be sent to shareholders on request, and they will also be available on the Annual General Meeting.

    The minutes of the General Meeting will be available on the above-mentioned website from 22 April 2025 onwards.

    C. Instructions for meeting participants

    1. Shareholders registered in the shareholders’ register

    Shareholders who are registered in the shareholders’ register of Euroclear Finland Oy on the record date of the General Meeting 27 March 2025 are entitled to participate the General Meeting. Any shareholder whose Company shares are recorded in their personal Finnish book-entry account is automatically included in the Company’s shareholders’ register. Changes in the shareholding after the record date of the General Meeting do not affect the right to participate in the General Meeting or the shareholder’s voting rights.

    The registration period for the General Meeting commences on 6 March 2025 at 9.00 a.m. (EET). A shareholder who is registered in the Company’s shareholders’ register and wishes to participate in the General Meeting must register for the Meeting no later than 1 April 2025 at 4.00 p.m. (EEST), by which time the registration must be received.

    A shareholder can register for the General Meeting:

    a)   via the Company’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025. Electronic registration requires strong identification of the shareholder or their legal representative or proxy with a Finnish, Swedish, or Danish bank ID, or a mobile certificate.
    b)   by e-mail. Shareholders registering by e-mail shall submit the registration form available on the Company’s website https://www.omasp.fi/en/annual-general-meeting-year-2025 or equivalent information to agm@innovatics.fi.
    c)   by mail. Shareholders registering by mail shall submit the registration form available on the Company’s website https://www.omasp.fi/en/annual-general-meeting-year-2025 or equivalent information to Innovatics Oy, General Meeting / Oma Savings Bank Plc, Ratamestarinkatu 13 A, FI-00520 Helsinki
    d)   by phone to Innovatics Ltd at +358 10 2818 909 on weekdays from 9 a.m. to 12 p.m. and from 1 p.m. to 4 p.m.

    In connection with the registration, the shareholder must provide the requested information:

    1. his/her name and date of birth or business ID
    2. telephone number and/or email address
    3. name of the possible assistant or name, date of birth, telephone number and/or e-mail address of the representative

    The personal details that shareholders give to Oma Savings Bank Plc will only be used for purposes associated with the General Meeting and processing the relevant registrations.

    The shareholder, his/her authorised representative or proxy representative, shall on demand be able to prove his/her identity and/or right of representation.

    Further information related to the registration is available by phone during the registration period of the General Meeting at the phone number of Innovatics Ltd. +358 10 2818 909 on weekdays from 9 a.m. to 12 p.m. and from 1 p.m. to 4 p.m.

    2. Holders of nominee-registered shares

    A holder of nominee-registered shares is entitled to participate the General Meeting based on the shares, which would entitle them entry into the shareholders’ register held by Euroclear Finland Oy on the record date for the General Meeting 27 March 2025. Participation also requires that the shareholder is temporarily registered in the shareholders’ register held by Euroclear Finland Oy by 3 April 2025 by 10.00 a.m. (EEST) at the latest. In the case of nominee-registered shares, this is considered as registration for the General Meeting. Changes in the shareholding after the record date of the General Meeting do not affect the right to participate in the General Meeting or the shareholder’s voting rights.

    A holder of nominee-registered shares is advised to request well in advance the necessary instructions from their custodian bank regarding temporary registration in the register of shareholders, the issuing of proxy documents and voting instructions, registration, and attendance at the General Meeting. The account manager of the custodian bank shall register the holder of nominee-registered shares who wishes to participate the General Meeting temporarily in the register of shareholders of the Company by the aforementioned date and time at the latest. Further information is also available on the Company’s website at https://www.omasp.fi/en/annual-general-meeting-year-2025.

    3. Proxy representatives and powers of attorney

    Shareholders may participate in the General Meeting and exercise their rights through a representative. Shareholder’s representative must identify himself/herself to the electronic registration service with a strong identification, after which he/she can make the registration on behalf of the shareholder he/she represents. A shareholder’s proxy representative must present a dated proxy or otherwise in a reliable manner demonstrate his/her right to represent the shareholder at the General Meeting shall present a dated power of attorney or demonstrate their right to represent the shareholder in some other reliable way. If a shareholder is represented by more than one representative at the General Meeting, each of whom represents the shareholder with shares by the shareholder in different book-entry accounts, the shares by held which each representative represents the shareholder shall be identified in connection with the registration for the General Meeting.

    Possible powers of attorney are requested to be delivered before the end of the registration period primarily as an attachment in connection with electronic registration or alternatively or by letter to Innovatics Ltd, General Meeting / Oma Savings Bank Plc, Ratamestarinkatu 13 A, FI-00520 Helsinki or by email to agm@innovatics.fi. In addition to the delivery of proxy documents, the shareholder or his/her proxy representative shall arrange for registration at the General Meeting as described above in this notice.

    As an alternative to the traditional power of attorney, shareholders may use the electronic authorisation service for authorising the representative. The representative is appointed on the suomi.fi service at www.suomi.fi/e-authorizations (authorisation matter “Representation at the General Meeting”). At the General Meeting Service, the delegate must identify himself/herself with a strong electronic identification when registering, and then the electronic authorisation is automatically verified. Strong electronic identification occurs with bank IDs or mobile certificate. More information about electronic authorisation is available at www.suomi.fi/e-authorizations.

    Model proxy documents and voting instructions are available on the Company’s website https://www.omasp.fi/en/annual-general-meeting-year-2025.

    4. Other instructions/information

    The meeting language is Finnish.

    Shareholders present at the General Meeting have the right to ask questions about the matters discussed at the meeting in accordance with Chapter 5, Section 25 of the Finnish Limited Liability Companies Act. Shareholders may submit questions referred to in Chapter 5, Section 25 of the Limited Liability Companies Act on matters to be discussed at the meeting until 1 April 2025 also by email to lakiasiat@omasp.fi or by letter to Oma Savings Bank Plc, Legal Affairs, Kluuvikatu 3, 6th floor, 00100 Helsinki. The management of the Company will respond to such questions submitted in advance in writing at the General Meeting. At the time of asking a question, the shareholder shall provide an adequate explanation of his/her shareholding.

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

    On the date of the notice to the meeting, 28 February 2025, Oma Savings Bank Plc has a total of 33,292,771 shares representing the same amount of votes. The Company holds a total of 136,647 of its own shares which are not entitled to vote at the General Meeting.

    Oma Savings Bank Plc

    Board of Directors

    For more information:

    Hanna Sirkiä, CLO, tel. +358 44 022 4604, hanna.sirkia@omasp.fi
    Minna Sillanpää, CCO, tel. +358 50 66592, minna.sillanpaa@omasp.fi

    DISTRIBUTION
    Nasdaq Helsinki Ltd
    Major media
    www.omasp.fi

    OmaSp is a solvent and profitable Finnish bank. About 500 professionals provide nationwide services through OmaSp’s 48 branch offices and digital service channels to over 200,000 private and corporate customers. OmaSp focuses primarily on retail banking operations and provides its clients with a broad range of banking services both through its own balance sheet as well as by acting as an intermediary for its partners’ products. The intermediated products include credit, investment and loan insurance products. OmaSp is also engaged in mortgage banking operations.

    OmaSp core idea is to provide personal service and to be local and close to its customers, both in digital and traditional channels. OmaSp strives to offer premium level customer experience through personal service and easy accessibility. In addition, the development of the operations and services is customer-oriented. The personnel is committed and OmaSp seeks to support their career development with versatile tasks and continuous development. A substantial part of the personnel also own shares in OmaSp.

    Attachments

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

    DIGITALIST 2024 

    SUMMARY

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

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

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

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

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

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

    CEO’s review 

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

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

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

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

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

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

    Magnus Leijonborg
    CEO, Digitalist Group

    Future prospects

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

    SEGMENT REPORTING

    Digitalist Group reports its business in a single segment.

    TURNOVER

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

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

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

    RESULT

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

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

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

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

    RETURN ON EQUITY

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

    BALANCE SHEET AND FINANCING

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

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

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

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

    CASH FLOW

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

    GOODWILL

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

    PERSONNEL

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

    SHARES AND SHARE CAPITAL

    Share turnover and price

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

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

    Option plan 2019 and 2021

    The option plan 2019 has expired.

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

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

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

    Shareholders

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

    AUTHORIZATIONS OF THE BOARD OF DIRECTORS

    Annual General Meeting 25 April 2024

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    CHANGES IN THE GROUP STRUCTURE

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

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

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

    EVENTS SINCE THE FINANCIAL PERIOD

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

    RELATED-PARTY TRANSACTIONS 

    Financing arrangements with related parties:

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

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

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

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

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

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

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

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

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

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

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

    Digitalist Group structures its financing

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

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

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

    OTHER EVENTS DURING THE FINANCIAL PERIOD

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

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

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

    RISK MANAGEMENT AND SHORT-TERM UNCERTAINTIES

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

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

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

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

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

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

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

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

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

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

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

    LONG-TERM GOALS AND STRATEGY

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

    PROPOSAL BY THE BOARD OF DIRECTORS TO THE ANNUAL GENERAL MEETING

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

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

    NEXT REVIEW

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

    DIGITALIST GROUP PLC
    Board of Directors

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

    Distribution:
    NASDAQ Helsinki

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

    DIGITALIST GROUP 

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

    CONSOLIDATED INCOME STATEMENT, EUR THOUSAND 

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

    COMPREHENSIVE INCOME STATEMENT, EUR THOUSAND

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

    CONSOLIDATED BALANCE SHEET, EUR THOUSAND

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

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

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

    CONSOLIDATED CASH FLOW STATEMENT, EUR THOUSAND 

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

    Accounting principles

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

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

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

    Going concern

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

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

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

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

    Goodwill impairment testing and recognised impairment

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

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

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

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

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

    CONSOLIDATED INCOME STATEMENT BY QUARTER, EUR THOUSAND

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

    CHANGES IN INTANGIBLE AND TANGIBLE ASSETS, EUR THOUSAND
      

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

    KEY INDICATORS

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

    MATURITY OF FINANCIAL LIABILITIES AND INTEREST ON LOANS

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

    Credit limits are valid until further notice.

    OTHER INFORMATION

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

    CALCULATION OF KEY FINANCIAL FIGURES

    EBITDA = earnings before interest, tax, depreciation and amortisation

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

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

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

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

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

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

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

    Attachment

    The MIL Network –

  • MIL-OSI: IDEX Biometrics ASA – Information about the first exercise period for warrants (Warrants A) issued in connection with the Private Placement and Subsequent Offering

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE’S REPUBLIC OF CHINA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS STOCK EXCHANGE ANNOUNCEMENT.

    Oslo, Norway – 28 February 2025 – Reference is made to the stock exchange announcements from IDEX Biometrics ASA (the “Company”) dated 17 September and 2 December 2024 regarding the commencement of the exercise period for Warrants A (ticker: IDEXJ), ISIN NO0013380048, issued in connection with the private placement in September 2024 and subsequent offering in December 2024.

    The exercise period for Warrants A will commence today, on 28 February 2025, and ends on 13 March 2025 at 16:30 CET. Each Warrant gives the holder a right to subscribe for one new share (“New Share”) in the Company at a subscription price of NOK 0.15. All Warrants A not exercised within this period will lapse without compensation to the holder. Warrants B may only be exercised from 31 March 2025 to 11 April 2025. Arctic Securities AS is acting as manager in connection with the exercise of Warrants A (the “Manager”).

    Exercise procedure 

    Warrants are exercised through the submission of a duly completed exercise form for the Warrants (the “Exercise Form”) to the Manager at the address or email address set out in the Prospectus and the Exercise Form and payment of the aggregate subscription price for the New Shares. The Exercise Form can be found at the websites of the Company (https://www.idexbiometrics.com/investors/), and Arctic Securities AS (www.arctic.com/secno/en/offerings). By completing and submitting an Exercise Form, the holder of the relevant Warrants irrevocably undertakes to acquire a number New Shares equal to the number of Warrants exercised at the relevant exercise price.

    For more information relating to the Warrants, please refer to the Prospectus approved and published by the Company on 13 November 2024.


    For further information contact:

    Marianne Bøe, Head of Investor Relations, +47 91800186
    Kristian Flaten, CFO, +47 95092322
    E-mail:ir@idexbiometrics.com

    For information about the Warrants please contact the Manager:
    Arctic Securities AS, tel.: + 47 21 01 30 40

     

    About IDEX Biometrics
    IDEX Biometrics ASA (OSE: IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. The company’s solutions provide convenience, security, peace of mind, and seamless user experiences worldwide. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, IDEX Biometrics’ biometric solutions target card-based applications for payments and digital authentication. As an industry enabler, the company partners with leading card manufacturers and technology companies to bring its solutions to market.

    For more information, please visit www.idexbiometrics.com.

        –  IMPORTANT INFORMATION – 

    This announcement does not constitute an offer of securities for sale or a solicitation of an offer to purchase securities of the Company in the United States or any other jurisdiction. The securities of the Company may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”). The securities of the Company have not been, and will not be, registered under the U.S. Securities Act. Any sale in the United States of the securities mentioned in this communication will be made solely to “qualified institutional buyers” as defined in Rule 144A under the U.S. Securities Act. No public offering of the securities will be made in the United States.

    This announcement has been prepared on the basis that any offer of securities in any Member State of the European Economic Area, other than Norway, which has implemented the Prospectus Regulation (EU) (2017/1129, as amended, the “Prospectus Regulation”) (each, a “Relevant Member State”) will be made pursuant to an exemption under the Prospectus Regulation, as implemented in that Relevant Member State, from the requirement to publish a prospectus for offers of securities. Accordingly any person making or intending to make any offer in that Relevant Member State of securities which are the subject of the offering contemplated in this announcement, may only do so in circumstances in which no obligation arises for the Company or any of the Managers to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 16 of the Prospectus Regulation, in each case, in relation to such offer.

    In the United Kingdom, this announcement is only addressed to and is only directed at Qualified Investors who (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “Order”) or (ii) are persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc.) (all such persons together being referred to as “Relevant Persons”). This announcement are directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this announcement relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

    Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice.

    This announcement is made by and, and is the responsibility of, the Company. The Manager is acting exclusively for the Company and no one else and will not be responsible to anyone other than the Company for providing the protections afforded to its respective clients, or for advice in relation to the contents of this announcement or any of the matters referred to herein.

    Neither the Manager nor any of its affiliates makes any representation as to the accuracy or completeness of this announcement and none of them accepts any responsibility for the contents of this announcement or any matters referred to herein.

    This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities of the Company. Neither the Manager nor any of its affiliates accepts any liability arising from the use of this announcement. Any offering of the securities referred to in this announcement will be made by means of a prospectus.

    This announcement is an advertisement and is not a prospectus for the purposes of the Prospectus Regulation. Investors should not subscribe for any securities referred to in this announcement except on the basis of information contained in the Prospectus dated 13 November 2024 and stock exchange announcements published in connection with the private placement, subsequent offering  and the Warrants. Copies of the Prospectus is available from the Company’s registered office and, subject to certain exceptions, on the websites of the Company (www.idexbiometrics.com), Arctic Securities AS (www.arctic.com/secno/en/offerings).

    Each of the Company, the Manager and their respective affiliates expressly disclaims any obligation or undertaking to update, review or revise any statement contained in this announcement whether as a result of new information, future developments or otherwise.

    The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.

    This information is published in accordance with the requirements of the Continuing Obligations.

    Attachment

    The MIL Network –

  • MIL-OSI: The Board of Directors of Oma Savings Bank Plc launches a new program period for the share savings plan for all personnel

    Source: GlobeNewswire (MIL-OSI)

    OMA SAVINGS BANK PLC, STOCK EXCHANGE RELEASE 28 FEBRUARY 2025 AT 9.00 A.M., OTHER INFORMATION DISCLOSED TO THE RULES OF THE EXCHANGE

    The Board of Directors of Oma Savings Bank Plc launches a new program period for the share savings plan for all personnel

    The Board of Directors of Oma Savings Bank Plc (“OmaSp or Company”) has decided to continue the employee share savings plan (“OmaOsake”) established in February 2024.The details of the new plan period correspond to the details of the previous plan period.

    The OmaOsake offers the personnel the opportunity to invest part of their regular salary in the Company’s shares. By encouraging employees to acquire and own shares in the Company, the Company seeks to align the objectives of shareholders and employees in order to increase the value of the Company in the long term. The aim is also to support employee motivation and commitment as well as the Company’s corporate culture and management model.

    The OmaOsake consists of annually commencing plan periods, each with a 12-month savings period followed by a holding period of approximately two years.

    Under the OmaOsake, employees save part of their salary, and the savings are used to subscribe for Oma Savings Bank Plc shares (“savings shares”) twice a year in directed share issues arranged by the Company in connection with interim reports. The intention is that the shares will be offered for subscription in share issues at a discount of 10 percent.

    Participants have the opportunity to receive one free matching share (gross) per two savings shares or one savings share, depending on the achievement of the performance criteria. If the performance criteria are not fulfilled, the participants will receive one matching share per three savings shares. As a rule, the receipt of the matching shares is subject to continued employment and holding of savings shares for the holding period ending 31 March 2028. The second savings period starts on 1 April 2025 and ends on 31 March 2026.

    The potential reward will be paid partly in shares and cash after the end of the holding period. The cash proportion is intended to cover taxes and statutory social security contributions arising from the reward. The matching shares are freely transferable after they have been recorded on the participant’s book-entry account. Savings shares and matching shares are ordinary shares in Oma Savings Bank Plc entitling to dividends.

    In accordance with financial sector legislation, the rewards for certain persons working in risk-taking positions will be paid in a deferred schedule so that the matching shares will be paid to the participants in five instalments over a period of approximately four years after the end of the holding period. In this case, the payment of the reward instalment is followed by a one-year retention period, during which the participant cannot transfer the shares paid as reward.

    During the 2025–2028 plan period, the OmaOsake will be offered to approximately 600 employees of the Company, including members of the Management Team and the CEO.

    The gross value of the matching shares to be paid based on the second plan period shall not exceed approximately EUR 1,368,000, which, if calculated at a share price EUR 11.00 and assuming that savings shares have been offered at a discount of 10 per cent, corresponds to a maximum total value of approximately 138,000 Oma Savings Bank Plc’s shares, including the proportion to be paid in cash. The final value of the matching shares depends on the number of participants, the number of savings shares acquired by the participants and the fulfilment of the performance criteria.

    Oma Savings Bank Plc

    Additional information:
    Minna Sillanpää, CCO, tel. +358 50 66592, minna.sillanpaa@omasp.fi

    DISTRIBUTION
    Nasdaq Helsinki Ltd
    Major media
    www.omasp.fi

    OmaSp is a solvent and profitable Finnish bank. About 500 professionals provide nationwide services through OmaSp’s 48 branch offices and digital service channels to over 200,000 private and corporate customers. OmaSp focuses primarily on retail banking operations and provides its clients with a broad range of banking services both through its own balance sheet as well as by acting as an intermediary for its partners’ products. The intermediated products include credit, investment and loan insurance products. OmaSp is also engaged in mortgage banking operations.

    OmaSp core idea is to provide personal service and to be local and close to its customers, both in digital and traditional channels. OmaSp strives to offer premium level customer experience through personal service and easy accessibility. In addition, the development of the operations and services is customer-oriented. The personnel is committed and OmaSp seeks to support their career development with versatile tasks and continuous development. A substantial part of the personnel also own shares in OmaSp.

    The MIL Network –

  • MIL-OSI China: Woman executed for abducting, trafficking 17 children

    Source: China State Council Information Office 2

    Yu Huaying, the criminal convicted of abducting and trafficking 17 children, was executed on Friday, according to a court statement.
    The execution was conducted by the Guiyang Intermediate People’s Court in southwest China’s Guizhou Province after the death sentence was approved by the Supreme People’s Court. The procedure was supervised by prosecutors from the local procuratorate.
    Yu was found to have abducted children from Guizhou, Chongqing and Yunnan along with her accomplices, and sold them for profit between 1993 and 2003.
    Yu was sentenced to death for the crime of child trafficking in a first-instance criminal judgement delivered on Oct. 25, 2024. After Yu appealed, the Guizhou Provincial Higher People’s Court rejected her appeal and reaffirmed the death sentence following the second-instance trial.
    She was also deprived of her political rights for life, with all her personal property confiscated. 

    MIL OSI China News –

  • MIL-OSI China: Baidu, CATL forge partnership on digital intelligence, autonomous driving

    Source: China State Council Information Office

    China’s tech giant Baidu and Contemporary Amperex Technology Co., Ltd. (CATL), a leading battery maker, recently signed a strategic cooperation agreement, Baidu announced in a statement on Friday.

    The partnership will focus on two core areas — digital intelligence and autonomous driving, advancing AI applications within the industry and promoting autonomous mobility services.

    Baidu will leverage its AI capabilities in digital intelligence development to support CATL across chips, platforms, and applications, the company said.

    In autonomous driving, the partnership will focus on integrating CATL’s battery technology, battery-swapping solutions, and skateboard chassis into the development of unmanned vehicles.

    As a leading company in autonomous driving, Baidu has tested robotaxi services in several Chinese cities including Beijing, Wuhan, Chongqing, Shenzhen and Shanghai.

    As of January this year, Baidu’s autonomous ride-hailing service has provided over 9 million rides nationwide.

    Founded in 2011 in Ningde, east China’s Fujian Province, CATL has quickly risen to become one of the world’s leading battery makers, with its products having drawn worldwide attention for high energy density and fast-charging capabilities. 

    MIL OSI China News –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

    Highlights

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

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

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

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

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

    Average daily TCEs and estimated cash breakeven rates

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

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

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

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

    Questions should be directed to:

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

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

    Forward-Looking Statements

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

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

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

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

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

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

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

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

    Attachment

    The MIL Network –

  • MIL-OSI New Zealand: Police appealing for information after serious crash, Nelson

    Source: New Zealand Police (National News)

    Nelson Police are appealing for information following a serious crash on SH6/Queen Elizabeth II Drive on Wednesday 12 February.

    Emergency services were notified of the two-vehicle crash at around 11.30am near Atawhai Drive.

    One person was transported to hospital with critical injuries, where they remain in a serious condition.

    Police would like to hear from anyone who may have CCTV or dashcam footage of the crash or the events leading up the crash – specifically footage between Marybank Road and Atawhai Drive near the Wakapuaka Cemetery.

    Anyone with information that may assist Police in our enquiries is urged to contact us online at 105.police.govt.nz, clicking “Update Report”, or by calling 105.

    Please use the reference number 250212/4470.

    ENDS

    Issued by Police Media Centre

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Regulatory scrutiny of private capital increases

    Source: Allens Insights

    Private capital funds, managers and superannuation trustees should be on notice 11 min read

    Private capital is becoming a growing focus of regulators, both in Australia and internationally, given the ever-increasing flow of capital to the sector in recent years.

    ASIC’s recently released discussion paper, Australia’s evolving capital markets: A discussion paper on the dynamics between public and private markets (Discussion Paper), provides a timely reminder that Australia’s corporate regulator is upping its scrutiny of private markets and is carefully considering its current investigatory and enforcement powers.

    In this Insight, we explore the Discussion Paper and outline the regulatory tools ASIC may use to investigate and enforce its concerns, and the steps that private capital funds, managers and superannuation funds might consider to mitigate the risk of enforcement action.

    Key takeaways

    • ‘Private capital’ in this context covers a very broad range of investors and asset classes, including private equity, private credit, infrastructure and property funds and managers, as well as (in the current context at least) the increasing portion of superannuation assets that are invested in those funds (and their underlying asset classes).
    • ASIC is undertaking an active consultation into private markets. The Discussion Paper raises a number of concerns and seeks responses to a broad range of questions. While currently a voluntary process, ASIC expressly says it may need to take further regulatory action this year.
    • Private capital funds and managers should be on notice that they are now under increased regulatory scrutiny and that this could lead to investigations and/or enforcement action, as ASIC seeks to test some of its assumptions. There are active investigations already under way.
    • Private capital funds and managers should also monitor ASIC’s statements closely and consider whether, in light of the concerns identified (regarding governance, confidential information, disclosure of information to investors and valuations, amongst other things) their policies, systems and controls require uplift.
    • Superannuation trustees should monitor developments closely in light of the regulatory focus and their perceived role as ‘gatekeepers’.

    Background

    The value of assets under management (AUM) in Australia’s private capital market has been steadily growing in Australia:1 in 2024, the overall value of private capital funds AUM was $148.6 billion, a 161% increase since 2014. Part of this growth is a product of private capital funds raising money from Australia’s unique superannuation system, which has also increased by 118% since 2014 to reach a value of $4.083 trillion in 2024. At the same time, the number of initial public offerings (IPOs) in Australia is at its lowest in a decade.2

    Against that background, both the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have made a number of public statements indicating that they intend to apply increased scrutiny to the private capital sector.

    • ASIC’s 2024-25 Corporate Plan states that one of its ‘key activities’ will be examining changes in public and private markets, including the ‘significant growth of private markets and the implications for the integrity and efficiency of public markets’.3
    • ASIC has also recently established a dedicated private markets unit focused on reinforcement of expectations around governance and accountability (including due to the reduced transparency associated with the less-onerous financial reporting), and management of conflicts of interest.4
    • APRA has concerns about the robustness of valuations for some classes of unlisted assets, including those relied on by superannuation trustees, as well as the inflation of valuations to support borrowing and broader fund performance measures and goals (ie fundraising).5 This is consistent with the position taken by regulators overseas: in July 2024, Britain’s Financial Conduct Authority initiated a review into the quality, robustness and integrity of private market valuation practices.
    • Most recently, ASIC’s Discussion Paper articulates a range of ASIC’s concerns in this space with more precision (which it has been discussing in various public forums during 2024).
    • We can expect more from ASIC in 2025, where it has said it will use the feedback it receives on the Discussion Paper to inform its priorities and work program over the next 12 months, including whether it needs to consider any regulatory interventions.

    ASIC’s concerns

    ASIC considers that the key risks of investments in private capital funds include:

    • opacity and unfair treatment of investors (eg preferential redemption rights for some investors and misclassification of retail investors as wholesale investors);
    • management of conflicts of interest (eg misaligned incentives, related-party transactions and treatment of confidential information);
    • valuation of illiquid assets (which impacts investment entry and exit prices, performance measurement and fees);
    • vulnerabilities from leverage; and
    • investment illiquidity (generally, private market investments cannot be realised quickly to meet an investor’s liquidity needs).

    As to how each of those issues might play out among specific asset classes and advisers, governance and conflicts issues are clearly of key concern to ASIC. It has said its concerns are:

    • for corporate advisers—governance arrangements; the management of conflicts of interest, staff and insider trading; and the protection of confidential information;
    • for wholesale private equity and private credit funds—governance; valuation practices; information rights provided to investors; management and/or performance fees; the management of conflicts of interest, staff and insider trading; the protection of confidential information; and fair treatment of investors;
    • for retail private credit funds—governance; valuation practices; the management of conflicts of interest; disclosure; distribution of products; credit risk and liquidity management; and
    • for superannuation funds—financial reporting and audits, encompassing valuation issues.

    How might ASIC investigate the concerns?

    While participation in ASIC’s consultation process on the Discussion Paper is voluntary, it may be that it engages in a more formal industry supervisory review, and through that process seeks more specific information from funds and other market participants, including through compulsory information gathering processes (ie requests for documents and information).

    Consistent with its approach in other sectors, ASIC may use its surveillance powers to obtain information about the state of the market and then consolidate those learnings into a report. By way of analogy, in scrutinising the retail banking, superannuation and financial advice sectors in recent years, ASIC has adopted an approach of:

    Alternatively, it may seek to fast-track that process by running an early test case. There are active investigations in analogous issues that may provide a suitable vehicle.

    Regulatory toolbox

    Importantly, ASIC notes it intends later this year to publicly communicate its findings from any consultation and surveillance work it conducts, and that there may be a ‘need to take further regulatory action’.

    If ASIC does choose to take further regulatory action, it may rely on the following existing regulatory levers:

    Item Description
    Surveillance powers

    ASIC has expressed a concern that it has a lack of data to analyse the sector and that this is impacting its ability to understand the risks. It points to the more detailed data its international counterparts have (including in the US). While ASIC has said publicly that it is not seeking proprietary data at this stage of its consultation, depending on the response from the industry it may ultimately decide it needs to either:

    • undertake a more formal industry supervisory review; or
    • use its compulsory information gathering processes to seek documents and information under either the ASIC Act or the Corporations Act.
    Publication of regulatory guidance or supervisory report

    ASIC publishes regulatory guides to assist entities to understand the law. Following receipt of responses to the Discussion Paper and further stakeholder engagement, ASIC may publish regulatory guides on the regulation of private capital. ASIC may also release supervisory reports outlining the results of any further research and analysis on the private capital market.

    Expectations and recommendations in regulatory guidance are (at least in most cases) not themselves enforceable. However, recent experience has indicated that regulators may treat a failure to meet expectations and recommendations set out in published guidance as indicative of a failure to comply with these conduct provisions.
    General conduct provisions

    Once it has gathered this data, ASIC may consider whether any provisions of the ASIC Act or Corporations Act have been breached. The Discussion Paper sets out some provisions which it identifies may be of concern, including:

    • AFSL obligations: ASIC notes that private capital funds are often required to hold an Australian Financial Services Licence (AFSL) (if they are managed investment schemes) and that requires them to comply with (amongst other things) the s912A(1)(a) obligation to act efficiently, honestly and fairly, and comply with conflicts, competence and risk management obligations.
    • RE obligations: responsible entities of managed investment funds are also subject to duties to act honestly, with care and diligence and in members’ best interests.9
    • Financial product and service conduct obligations: other investment activities (even if not subject to an AFSL) may nevertheless be covered by other existing financial product conduct obligations, including those set out in Part 7.10 of the Corporations Act (eg misleading or deceptive conduct and insider trading, amongst other things).

    Recent enforcement action also demonstrates that ASIC may attempt to translate broader, conduct obligations into more refined obligations on businesses to have in place systems and processes to identify and mitigate risks.10 It is possible that a similar approach will be taken when scrutinising private market participants’ conduct (ie disclosure obligations to investors, rules around valuations).
    Confidential information

    Given ASIC’s focus on the protection of confidential information, it may also consider how it could utilise s183 of the Corporations Act, being the obligation not to improperly use confidential information that a person has gained as an employee, officer or director of a corporation, to gain an advantage for themselves or someone else or cause detriment to the corporation.

    ASIC has recently emphasised the responsibility that companies have in maintaining effective information barriers and policies that govern the handling of inside information (in particular, in relation to proposed transactions that companies are involved in or advising on) in REP 786, released in July 2024.11 There are also more specific Regulatory Guides covering adjacent areas, including RG-264 (Sell-side research), RG-393 (Handling of confidential information: Briefings and unannounced corporate transactions) and RG-73 (Continuous disclosure obligations: Infringement notices).
    Other regulators

    Regulators other than ASIC likewise have a considerable range of powers at their disposal, relevant for registrable superannuation entities (RSEs) like the industry and retail super funds. APRA, for example, has a comprehensive suite of legally binding Prudential Standards setting out its minimum requirements in relation to a range of areas, including capital, governance and risk management. It also publishes non-binding Prudential Guidelines setting out practices and steps entities can follow to comply with the Prudential Standards.

    Of particular note in the present context is Prudential Standard SPS 530, which sets out APRA’s requirements for investment governance by RSEs. Among other things, the Standard requires RSEs to develop, maintain and implement an effective valuation governance framework.12 The framework must include a board-approved valuation policy.13 APRA also expects that trustees undertake valuations on at least a quarterly basis.14

    Risk of enforcement action

    Recent examples suggest that the risk of enforcement action being taken where regulators’ expectations have not been met is likely to be higher in respect of:

    • larger entities, noting that penalties are generally increasing and are assessed for bodies corporate based on ‘whole of group’ revenue, meaning that targeting larger entities maximises the impact of enforcement action;
    • entities which are perceived to be outliers in terms of industry standards, or where ASIC can use an entity as an ‘industry example’ to have a deterrent effect on other entities; and
    • high-profile corporate collapses, or where there are public allegations of major compliance breaches.

    In relation to the last of these points, we note ASIC recently demonstrated a focus on ‘gatekeeper’ entities like superannuation trustees. Enforcement action indicates ASIC considers that upstream gatekeeper entities are in a position to enforce higher standards of conduct, and may suggest they could and should have driven better standards where there is a high-profile corporate collapse or major compliance issue.15 As part of its investigation into these gatekeeper entities, ASIC would likely seek to assess whether the onboarding and ongoing monitoring procedures that were applied to the downstream entity were compliant with any internal policies and procedures and/or statutory duties.16

    Actionable steps for organisations

    In our view, in circumstances where regulatory practice in this area continues to develop, private capital funds, managers and superannuation funds might consider the following steps to mitigate the risk of enforcement action:

    • Monitoring guidance: actively monitor for regulatory updates and guidance as and when they are released by regulators, and update internal policies, systems and processes in at timely way once regulatory guidance is available.
    • Future-proofing compliance: consider reviewing their existing internal compliance processes against existing standards (ie in advance of specific regulatory guidance being released) in light of statements made by regulators (including in ASIC’s Discussion Paper) that certain issues or practices may be the subject of regulatory scrutiny. For example, given the recent indications that regulators intend to focus on the use of confidential information and valuations, private capital funds, managers and super funds might consider conducting a preliminary review of their confidentiality and valuation practices (by, for example, ensuring they’re compliant with Prudential Standard SPS 530 – Investment Governance, where appropriate).
    • Enhancing review of public statements and disclosures: as noted earlier, disclosure documents and market-facing statements can contain implied representations that an organisation has adequate systems and processes in place about valuations, management and/or performance fees and expected performance of assets. Private capital funds, managers and super funds should carefully consider whether the information used in any market-facing statements and disclosures is accurate, complete and appropriately qualified to reflect potential uncertainties.

    MIL OSI News –

  • MIL-OSI Australia: Arrests – Stolen motor vehicles – Winnellie

    Source: Northern Territory Police and Fire Services

    The Northern Territory Police Force are calling for information in relation to multiple stolen motor vehicles from Winnellie overnight.

    Around 11:30pm yesterday, a business premises on Downes Street, Winnellie was unlawfully entered with the offenders then stealing five vehicles; being a blue Porsche Macan, a light blue BMW 118i, a blue Audi 8R, a black Saab Convertible and a Volkswagen Golf Alltrack.

    At 1:30pm today, members from Strike Force Trident and the Dog Operations Unit sighted the BMW and Volkswagen driving around Palmerston. The Volkswagen was apprehended when it stopped at a retail precinct in Durack with a 22-year-old female and a 46-year-old male being taken into custody.

    The BWW was later found abandoned in Bakewell and the other vehicles all remain outstanding.

    Strike Force Trident Detectives have carriage of the investigation.
    If you have any information in relation to the stolen vehicles, police urge you to make contact on 131 444. You can anonymously report crime through Crime Stoppers on 1300 333 000.

    MIL OSI News –

  • MIL-OSI Economics: The SOC files: Chasing the web shell

    Source: Securelist – Kaspersky

    Headline: The SOC files: Chasing the web shell

    Web shells have evolved far beyond their original purpose of basic remote command execution, and many now function more like lightweight exploitation frameworks. These tools often include features such as in-memory module execution and encrypted command-and-control (C2) communication, giving attackers flexibility while minimizing their footprint.

    This article walks through a SOC investigation where efficient surface-level analysis led to the identification of a web shell associated with a well-known toolset commonly associated with Chinese-speaking threat actors. Despite being a much-discussed tool, it is still used by the attackers for post-exploitation activities, thanks to its modular design and adaptability. We’ll break down the investigative process, detail how the analysts uncovered the web shell family, and highlight practical detection strategies to help defenders identify similar threats.

    Onset

    It’s early Monday morning, almost 4am UTC time, and the apparent nighttime calm inside the SOC is abruptly interrupted by an alert from our SIEM. It indicates that Kaspersky Endpoint Security’s heuristic engine has detected a web shell (HEUR:Backdoor.MSIL.WebShell.gen) on the SharePoint server of a government infrastructure in Southeast Asia, a warning that no SOC analyst would want to ignore.

    The night shift team springs into action, knowing that the web shell could be the beginning of much worse activity, and that every second counts. Initial analysis of the telemetry suggests that the attackers exploited the affected web server, either by taking advantage of another web shell or a command injection vulnerability.

    From the listing above, where the process tree that triggered the first detection is reported, it is possible to observe an attempt to deploy a web shell disguised as a 404 page. The certutil utility was used to download the ASPX payload, which was hosted by abusing Bashupload. This web service, which is used to upload files from the command line and allows one-time downloads of samples, is no stranger to being abused as an ingress tool transfer technique.

    As is common practice, the command has been slightly obfuscated by using escape characters (such as ^ and “) to break up the keywords “certutil” and “urlcache” in order to bypass basic detection rules based on simple pattern matching.
    As part of our MDR service, we are required to operate within pre-established boundaries that are tailored to the customer’s business continuity needs and risk tolerance. In this case, the customer retains ownership of decisions regarding sensitive assets, including the isolation of compromised hosts, so we can’t instantly block the attack and must continue to observe and perform a preliminary threat analysis.

    A manual reconnaissance and discovery activity by an operator starts appearing, and despite the tension, an occasional typo (“localgorup”) manages to draw a smile:

    Aftermath

    To gain system privileges, the threat actors used several variants of the well-known Potato tools, either as memory-only modules or as standalone executables:

    To bring standalone binaries into the environment, the attackers again used the Bashupload free web service, which we saw in the initial web shell alert. Of all the tools, the GodPotato standalone binary ultimately succeeded in gaining system privileges.

    With elevated access, the attackers moved on to domain trust enumeration, mapping relationships between domains and identifying potential targets for lateral movement. But let’s get back to the main question: What kind of web shell are we dealing with here?

    Identifying the threat

    Unfortunately, we were unable to retrieve the web shell sample used during the initial access phase. However, starting with the privilege escalation phase, several .NET modules began to appear in the memory of the IIS worker process ( w3wp.exe), ranging from popular tools like Potato to other lesser known ones. One set of libraries in particular caught our attention, so we decided to investigate further by performing a manual inspection.

    Fortunately, the libraries were not obfuscated and lent themselves to quick static analysis:

    Example of a library detected in IIS process memory (0x0B593115C273A90886864AF7D4973EED)

    In the image above, if you look at the orange method names in the Assembly Explorer on the left, you can observe some peculiarities that can be used to identify similar samples. Although many of the methods names are very generic, there is one that is quite unique, EnjsonAndCrypt. A quick Google search of this name yields no results, which means it may be sample-specific.

    The getExtraData method is also interesting: although it has a non-specific name, there is a sequence of bytes [126, 126, 126, 126, 126, 126] that is used to parse key:value pairs whose value is base64 encoded:

    The “extraData” structure example

    Threat actors need to use the same byte sequence if they want to maintain backward compatibility across different implant versions, but since it is also very generic, we should combine both indicators, the getExtraData name and this byte array, to define a sufficiently precise detection condition that can be used in conjunction with EnjsonAndCrypt to create a detection rule.

    Uncovering modules and variants

    By feeding our newly created YARA rule to a multi-AV platform such as VirusTotal, we can identify additional samples that differ from those observed in the targeted infrastructure. It is worth noting that some of these have a poor detection rate:

    Poorly detected BasicInfo.dll (32865229279DE31D08166F7F24226843) sample

    Below are the most common names of libraries that match the rule:

    Module filenames

    Those familiar with the toolkit used may have already identified it by looking at these filenames, but if not, it is also possible to infer the relationship by simply pivoting to the samples available on VT:

    Sample FC793D722738C7FCDFE8DED66C96495B relations on VT

    Behinder, also known as Rebeyond, Ice Scorpion, 冰蝎 (Bīng xiē), is known as a cross-platform web shell designed to be compatible with most popular web servers running PHP, Java or ASP.NET as in our investigation. Although the web shell sample itself is very lightweight and somewhat basic, the tool includes a powerful GUI for operators with numerous capabilities including loading additional modules and giving them full control over compromised environments.

    Its built-in AES-encrypted communication allows threat actors to maintain stealthy control over a compromised web server, often bypassing traditional network detection mechanisms, and its modular, flexible nature allows malicious actors to use it as a base for customization even though it is only available as a pre-built tool on GitHub. Moreover, the presence of several step-by-step Chinese language tutorials on CSDN (Chinese Software Developer Network) makes it widely accessible to opportunistic bad actors.

    The bigger picture

    Taking a step back, the relationship between the memory artifacts observed on the customer’s server during the post-exploitation phase and the web shell source code becomes evident. The web shell is not just a foothold, it’s a fully functional backdoor that facilitates encrypted communication with the operators’ infrastructure, allowing them to call built-in or custom-loaded libraries, deploy additional tools, conduct reconnaissance and exfiltrate data while remaining hidden:

    ASPX web shell side by side with .NET payload

    Although the Behinder web shell has been widely discussed in the past, especially the PHP and JSP variants, it is still a current and evolving cyberweapon. Even if attackers make mistakes or act carelessly by reusing the same encryption keys or exhibiting the same patterns, we can’t afford to let our guard down. In the incident described in this article, if we had not taken the time to dig deeper into the artifacts observed in memory, we likely would have missed the toolkit altogether.

    Threats evolve quickly, and signature-based malware detection only catches what we already know. Underestimating the potential of memory-based payloads can lead to a false sense of security. Teams may assume that if they haven’t detected any suspicious files, they are safe, when in fact threats may be actively operating in memory.

    For SOC teams, continuous learning, proactive threat hunting, and refining detection techniques are essential to staying ahead of adversaries.

    Happy hunting and see you on the next mission!

    YARA rule

    Indicators of compromise

    Payloads
    EF153E1E216C80BE3FDD520DD92526F4                          god.exe
    B8A468615E0B0072D2F32E44A7C9A62F                          BadPotato.dll
    B5755BE4AAD8D8FE1BD0E6AC5728067B                          SweetPotato.dll
    578A303D8A858C3265DE429DB9F17695                         BasicInfo.dll
    EA19D6845B6FC02566468FF5F838BFF1                          FileOperation.dll
    CD56A5A7835B71DF463EC416259E6F8F                          Cmd.dll
    5EA7F17E75D43474B9DFCD067FF85216                          Echo.dll

    File paths

    C:ProgramDataDRM
    C:UsersDefaultVideos

    MIL OSI Economics –

  • MIL-OSI Africa: Secretary-General’s video at the beginning of Ramadan [scroll down for French and Arabic versions]

    Source: United Nations – English

    strong>Download the video: https://s3.us-east-1.amazonaws.com/downloads2.unmultimedia.org/public/video/evergreen/MSG+SG+/SG+RAMADAN+31+JAN+25/3334567_MSG+SG+RAMADAN+31+JAN+25.mp4

    I send my warmest wishes as Muslims around the world begin observing the Holy Month of Ramadan.

    Ramadan embodies the values of compassion, empathy and generosity.

    It is an opportunity to reconnect with family and community.

    A chance to remember those less fortunate.

    To all those who will spend this sacred time amid displacement and violence, I wish to express a special message of support.

    I stand with all those who are suffering.

    From Gaza and the wider region, to Sudan, the Sahel and beyond.

    And I join those observing Ramadan to call for peace and mutual respect.

    Every Ramadan, I undertake a solidarity visit and fast with a Muslim community around the globe.

    These missions remind the world of the true face of Islam.

    And I always come away even more inspired by the remarkable sense of peace that fills this season.     

    In this Holy Month, let us all be uplifted by these values and embrace our common humanity to build a more just and peaceful world for all. 

    Ramadan Kareem.

    *****
    Je présente mes vœux les plus chaleureux aux millions de musulmans du monde entier qui entament le mois sacré du Ramadan.

    Le Ramadan incarne les valeurs de compassion, d’empathie et de générosité.

    Il est l’occasion de renouer avec sa famille et sa communauté.

    Il est aussi l’occasion de penser aux personnes moins bien loties.

    Je tiens à adresser à toutes celles et ceux qui passeront cette période sacrée au milieu des déplacements et de la violence un message particulier de soutien.

    Je suis aux côtés de tous ceux qui souffrent.

    Qu’ils soient de Gaza et de la région, du Soudan, du Sahel, et au-delà.

    Je me joins à tous ceux qui observent le Ramadan pour appeler à la paix et au respect mutuel.

    Chaque Ramadan, je rends visite à une communauté musulmane dans le monde pour témoigner ma solidarité et partager leur jeûne.

    Ces missions permettent de rappeler au monde le vrai visage de l’Islam.

    J’en reviens toujours plus inspiré par le remarquable sentiment de paix qui règne pendant cette saison.

    En ce mois sacré, puisons dans ces valeurs et dans notre humanité commune afin de bâtir un monde plus juste et pacifique pour tous.

    Ramadan karim.

    *****

    أبعث بأحر تمنياتي إلى المسلمين في العالم أجمع بمناسبة حلول شهر رمضان الفضيل.
          
         فشهر رمضان يجسد قيم التراحم والتعاطف والسخاء.
     
              وهو فرصة لإعادة التواصل مع العائلة والمجتمع.

               وفرصة لتذكر من هم أقل حظاً.
        
           وأود أن أبعث برسالة دعم خاصة إلى جميع أولئك الذين سيقضون هذه الأوقات المباركة وسط أجواء النزوح والعنف.

               وأعرب عن تضامني مع كل أولئك الذين يعانون.
            
       من غزة والمنطقة بأسرها، إلى السودان ومنطقة الساحل وما وراءها.
         
          وأضم صوتي إلى أصوات صائمي رمضان في الدعوة إلى السلام والاحترام المتبادل.
        
           وقد دأبتُ في كل رمضان على القيام بزيارة تضامن وعلى الصيام مع أحد التجمعات المسلمة في أنحاء مختلفة من العالم.
           
      وهي زيارات تذكر العالم بالوجه الحقيقي للإسلام.
             
      ودائما ما أعود محملا بالمزيد من الشعور الرائع بالسلام الذي يفيض به هذا الموسم الرمضاني.

               دعونا، في هذا الشهر الفضيل، نتخذ جميعا من هذه القيم وسيلة للتسامي ونتمسك كلُّنا بإنسانيتنا المشتركة لبناء عالم أكثر عدلاً وسلاما للجميع.

               رمضان كريم.

    MIL OSI Africa –

  • MIL-OSI: 6/2025・Trifork Group AG – 2024 annual report and interim report for the quarter ending 31 December 2024

    Source: GlobeNewswire (MIL-OSI)

     
     
    Trifork Group – 2024 annual report and interim report for the quarter ending 31 December 2024

    Company announcement no. 6 / 2025
    Schindellegi, Switzerland – 28 February 2025

    Trifork Group reports full-year 2024 net profit of EURm 17.9 and EPS growth of 13.3%. Trifork Segment reports Q4 2024 revenue growth of 1.8% and EBITDA margin of 16.1%.


    Full-year 2024

    • Trifork Group
      • In 2024, Trifork Group revenue amounted to EURm 205.9, a decline of 0.9% from 2023. Adjusted for the effect of third-party software and hardware sales, revenue grew by 0.4% of which inorganic growth of 3.0% was offset by an organic decline of 2.6%. The organic decline was driven by market headwinds throughout the year in Build and Run.
      • Trifork Group EBITDA amounted to EURm 24.7, corresponding to 12.0% EBITDA margin.
      • Trifork Group EBIT amounted to EURm 8.2, corresponding to 4.0% EBIT margin.
      • Trifork Group net income amounted to EURm 17.9. Realized and unrealized gains in Trifork Labs of EURm 16.2 contributed significantly to net income.
      • Basic earnings per share was EUR 0.85 (2023: EUR 0.75). Diluted earnings per share was EUR 0.85 (2023: EUR 0.74).
    • Trifork Segment
      • In 2024, adjusted EBITDA of the Trifork segment amounted to EURm 26.9, a decline of 23.2% from 2023. The adjusted EBITDA margin was 13.1%, down from 16.9% in 2023 mainly due to lower revenue growth and increased investments in business development in the first half of the year.
      • Sub-segments
        • Inspire revenue increased by 18.1% to EURm 7.4 and realized an adjusted EBITDA of EURm -2.4 (2023: -2.7).
        • Build revenue declined by 0.2% to EURm 149.3 and realized an adjusted EBITDA margin of 13.4% (2023: 18.8%).
        • Run revenue declined by 4.3% to EURm 49.1 and realized an adjusted EBITDA margin of 24.5% (2023: 24.3%). If adjusted for sales of third-party licenses and hardware, Run grew 1.4%.
    • Trifork Labs
      • In 2024, Trifork Labs recorded EBT of EURm 13.3 driven by realized and unrealized gains from the agreement to partially exit an investment in the company XCI and unrealized gains from updated valuations due to liquidity events driven by external investors or better-than-expected operational and financial performance in some companies. Three smaller investments were fully impaired and other risk-based partial impairments were made.
      • At year-end 2024, the total book value of active Labs investments amounted to EURm 83.2 (2023: 69.7).

    Fourth quarter 2024

    • Trifork Group
      • In Q4 2024, Trifork Group revenue amounted to EURm 56.0, an increase of 1.8% from Q4 2023. Adjusted for the effect of third-party software and hardware sales, revenue declined by 0.2%.
      • Trifork Group EBITDA amounted to EURm 8.3, corresponding to 14.9% EBITDA margin.
      • Trifork Group EBIT amounted to EURm 3.7, corresponding to 6.7% EBIT margin.
      • Trifork Group net income amounted to EURm 12.7. Realized and unrealized gains in Trifork Labs contributed significantly to net income.
    • Trifork Segment
      • In Q4 2024, adjusted EBITDA in the Trifork Segment amounted to EURm 9.0, a decline of 23.4% from Q4 2023. The adjusted EBITDA margin was 16.1%, down from 21.4% in Q4 2023.
      • Sub-segments
        • Inspire revenue increased by 30.1% to EURm 3.7 and realized an adjusted EBITDA of EURm -0.8 (Q4 2023: EURm -0.3).
        • Build revenue increased by 0.2% to EURm 38.8 and realized an adjusted EBITDA margin of 13.2% (Q4 2023: 18.3%).
        • Run revenue increased by 4.3% to EURm 13.7 and realized an adjusted EBITDA margin of 31.0% (Q4 2023: 31.2%).
    • Trifork Labs
      • In Q4 2024, Trifork Labs recorded EBT of EURm 9.3 driven by realized and unrealized gains from an agreement to partially exit an investment in the company XCI and unrealized gains from updated valuations due to liquidity events driven by external investors or better-than-expected operational and financial performance in some companies. Three smaller investments were fully impaired and other risk-based partial impairments were made.

    Comment from CEO Jørn Larsen

    “2024 was an eventful year for Trifork, marked by an unstable economic environment and the growing negative impact of climate change worldwide. We all need to become more sustainable, and I am proud to observe the impact we have on our customers’ ESG agenda through digital innovation. In 2024, we also had exciting technological breakthroughs, and growing interest and strong operational performance in our portfolio companies in Trifork Labs. Despite the tough customer environment in the private sector and reduced EBITDA, our diluted earnings per share grew 15%, proving the strength of our two-legged business model – profitable operations in the Trifork Segment paired with strategic R&D investments in Trifork Labs. We had to adapt as some large customers scaled back, but won new business and grew our public sector revenue, and we continued to sharpen our go-to-market approach and product offering. Our products and capabilities within AI and spatial computing are in high demand, and these may become significant revenue drivers in the coming years. At the same time, our EURm 10 cost savings program will set us up for stronger margins in 2025.”

    Financial guidance for 2025 

    • Revenue is expected to be in the range of EURm 215-225 equal to 4.4-9.3% total growth
    • Organic revenue growth is expected in the range of 2.9-7.8%
    • Adjusted EBITDA in Trifork Segment is expected in the range of EURm 32.0-37.0
    • EBIT in Trifork Group is expected to be in the range of EURm 14.5-19.5.

    The guidance does not include potential effects from new acquisitions or divestments.

    Mid-term financial targets for 2026

    Based on the lower-than-expected performance in 2024 and the continued instability in the economic environment in 2025, the mid-term revenue targets for 2026 are adjusted:
     

    • Total revenue CAGR of 10-15% from a baseline in 2024 (prev. 15-25% with a baseline in 2023)
    • Organic CAGR of 5-10% from a baseline in 2024 (prev. 10-15% with baseline in 2023)

    The margin and gearing targets for 2026 are maintained:

    • 16-20% adj. EBITDA margin in Trifork Segment in 2026
    • 10-14% EBIT margin in Trifork Group in 2026
    • Net interest-bearing debt leverage of up to 1.5x Group adj. EBITDA (may temporarily exceed during the period)

    Change to Executive Management

    The Group CRO role will transition into a decentralized structure, with four regional CRO positions covering our core markets in Denmark, US, Switzerland, and UK to better reflect our decentralized organization. Some of these positions will be filled internally. As a consequence, Trifork will reduce Executive Management to CEO Jørn Larsen and CFO Kristian Wulf-Andersen. Morten Gram will leave the Group Executive Management.

    Main events in 2024

    • Inspire
      Trifork’s Inspire sub-segment, where we arrange technology conferences and online tech content, planned to stabilize performance in 2024 compared to the loss of EURm -2.7 in 2023. Overall, it turned out to difficult and we did not see any major market improvements in willingness to invest in sponsorships to conferences and education of their employees. The result was a growth of 18.1% with an EBITDA improvement of just EURm 0.3 compared to 2023. This was not satisfactory and we have now decided to exit part of our conference activities in 2025 and co-work or potentially co-own minority stakes in some of these with other partners. In total, we had 5,900 attendees to our conferences. Our GOTO tech channels on YouTube and Instagram ended the year with more than 80 million accumulated views – equal to more than 18 million views in 2024. The YouTube channel now has more than 1 million subscribers and we received a gold-reward plate from Google. According to Tech Talk Weekly, GOTO was behind the single most watched tech talk on YouTube in 2024. GOTO had five videos in the top 10, and 22 times in the top 100.
    • Build
      Trifork’s Build sub-segment, where we develop innovative software solutions for customers, saw unchanged revenue compared to 2023. Build accounted for 72.5% of total revenue. Corporates continued to take a cautious approach to IT spending in light of the global economic and geopolitical uncertainty. The continued low activity from private sector customers has been particularly visible in UK, whereas private sector engagements in US displayed comparatively better performance due to successful business development efforts. Overall, new customers accounted for 28% of revenue – similar to 2023. The public sector customer base primarily consists of Danish engagements. Danish public revenue grew 9.4% in 2024. After a soft start to the year with disruptions to existing customer engagements, the Danish Public business gained momentum with several key wins and ramp-up of delivery on existing framework agreements won in previous quarters and years. In January 2024, Trifork increased its stake in Erlang Solutions, a previous acquisition. In May, Trifork acquired Spantree in the US. In June, Trifork acquired Sapere Group in Denmark. All companies primarily deliver Build revenue.
    • Run
      Trifork’s Run sub-segment, where we operate and maintain internally or externally developed products for our customers, grew by 1.4% on hosting, service agreements, and Trifork licenses. Run-based revenue now accounts for 23.8% of total revenue. Growth was lower than expected due to delayed start or ramp-up of new agreements. During 2024, we continued to develop on existing Trifork IP and products but also launched new product offerings like Corax AI and Contain hosting platform products.
    • Trifork Labs
      Trifork Labs, the investment arm of Trifork Group that invests in strategic partnerships and uses venture-financing to grow some of our internally developed products, saw a continued strong momentum in 2024 in its 24 investments. Revenue in the portfolio companies (not consolidated in Trifork Group due to minority ownership stakes) surpassed EURm 100, up from EURm 50 two years ago. Trifork Labs co-founded TSBX and Mirage Insights, and made a new external investment in Rokoko Care. Trifork Labs provided additional funding to Arkyn Studios, Bluespace Ventures, and Dryp. A partial exit was announced in December in XCI where an institutional investor joined the growth journey with a 30% acquisition of existing shares. The sale was done above book value and contributed significantly to Group net income.


    Initiation of share buyback program

    Today, 28 February 2025, the Board of Directors decided to initiate a share buyback program of up to DKKm 14.92 (EURm 2.0) for the period from 4 March 2025 up to and including no later than 30 June 2025. A separate announcement will be distributed with further details.

    Results presentation

    Trifork will host a results presentation and Q&A session with CEO Jørn Larsen and CFO Kristian Wulf-Andersen today, 28 February 2025 at 11:00 CET in a live webcast that can be accessed via the following link: https://investor.trifork.com/events/. A recording will be made available on our investor website.

    Investor and media contact

    Frederik Svanholm, Group Investment Director & Head of Investor Relations
    frsv@trifork.com, +41 79 357 7317

    About Trifork  

    Trifork is a pioneering global technology partner, empowering enterprise and public sector customers with innovative solutions. With 1,229 professionals across 73 business units in 16 countries, Trifork delivers expertise in inspiring, building, and running advanced software solutions across diverse sectors, including public administration, healthcare, manufacturing, logistics, energy, financial services, retail, and real estate. Trifork Labs, the Group’s R&D hub, drives innovation by investing in and developing synergistic and high-potential technology companies. Trifork Group AG is a publicly listed company on Nasdaq Copenhagen. Learn more at trifork.com.
     

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    The MIL Network –

  • MIL-OSI: 7/2025・Trifork Group AG – Initiation of share buyback program

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no. 7 / 2025
    Schindellegi, Switzerland – 28 February 2025


    Initiation of share buyback program

    Today, Trifork Group AG (“Trifork”) announces that the Board of Directors has decided to initiate a share buyback program of up to DKK 14.92 million (approximately EUR 2.0 million). 

    The share buyback program is initiated pursuant to the decision of the Board of Directors taken on 28 February 2025 to acquire own registered shares with a nominal value of CHF 0.10 each.

    The purpose of the program is to meet Trifork’s obligations pursuant to the employee stock program and potentially to reduce the share capital by cancellation of shares, if and to the extent so decided in the future by the Board of Directors, by use of the new capital band set forth in the articles of association of Trifork, which were approved by the annual general meeting on 19 April 2024.

    The share buyback program is planned to run from 4 March 2025 up to and including no later than 30 June 2025. The buyback program will not be active from 9 April to 15 April 2025.

    The share buyback program will be executed in accordance with EU Market Abuse Regulation, EU Regulation no. 596/2014 of 16 April 2014 and the provisions of Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 (the “Safe Harbour Regulation”).

    Trifork has appointed Danske Bank A/S as lead manager of the share buyback program. Under a separate agreement, Danske Bank A/S will within the announced limits buy back shares on behalf of Trifork and make related trading decisions independently of and without influence by Trifork.

    The share buyback program will be implemented under the following terms:

    • The maximum total consideration for shares bought back will be DKK 14.92 million (approximately EUR 2.0 million).
    • The maximum number of shares to be bought back is 400,000, equivalent to 2.0% of the outstanding registered number of shares of Trifork.
    • The maximum number of shares that may be purchased per daily market session may not exceed 25.0% of the average daily volume of Trifork’s shares traded on Nasdaq Copenhagen during the preceding 20 trading days.
    • Shares cannot be bought back at a price exceeding the higher of (i) the share price of the last independent transaction on Nasdaq Copenhagen, and (ii) the highest independent bid on the shares on Nasdaq Copenhagen.
    • On a weekly basis, Trifork will announce transactions made under the share buyback program in accordance with the reporting obligations imposed by the Safe Harbour Regulation.
    • The shares will be acquired through public trading on Nasdaq Copenhagen.
    • Trifork is entitled to suspend or terminate the share buyback program at any time. Such a decision will be disclosed in a company announcement.

    Prior to the launch of the share buyback program, Trifork holds 289,640 treasury shares corresponding to 1.5% of the total share capital.


    Investor and media contact
    Frederik Svanholm, Group Investment Director & Head of Investor Relations
    frsv@trifork.com, +41 79 357 73 17


    About Trifork
    Trifork is a pioneering global technology partner, empowering enterprise and public sector customers with innovative solutions. With 1,229 professionals across 73 business units in 16 countries, Trifork delivers expertise in inspiring, building, and running advanced software solutions across diverse sectors, including public administration, healthcare, manufacturing, logistics, energy, financial services, retail, and real estate. Trifork Labs, the Group’s R&D hub, drives innovation by investing in and developing synergistic and high-potential technology companies. Trifork Group AG is a publicly listed company on Nasdaq Copenhagen. Learn more at trifork.com.

    Attachment

    The MIL Network –

  • MIL-Evening Report: How ‘muscular Christianity’ strove to bring men back to religion – and what it can teach us today

    Source: The Conversation (Au and NZ) – By Gavin Brown, Lecturer in Religious Education, Australian Catholic University

    Wikimedia Commons

    Most people recognise organisations such as the YMCA and the Boy Scouts, or events such as the Modern Olympic Games, summer camps and wilderness retreats.

    Few, though, have ever heard of the movement from which they took their principal inspiration: muscular Christianity.

    The term sounds odd indeed, conjuring up images of Jesus with an impressively chiselled physique or, for devotees of the eighties, Vangelis’ memorable soundtrack to Chariots of Fire.
    However, the term arose because it once carried Christian hopes of a solution to a longstanding problem: men.

    That is, in the 19th century especially, Christian churches became particularly alarmed more and more men were leaving religion to women – from attendance at worship to running parish organisations or establishing charitable endeavours.

    Worse still was the fear Christianity itself had become soft and even effeminate through the Victorian age.

    Christians, especially the Protestants who started the movement, needed to present Christianity in ways attractive to men. But how?

    A literary beginning

    In 1857, the Englishman Thomas Hughes published the novel Tom Brown’s School Days, followed later by Tom Brown at Oxford in 1859.

    In the first book, Tom attends the prestigious Rugby School, before making his way to Oxford in the sequel. This character would epitomise a “muscular Christian”, as Hughes put it. In the sequel, Hughes wrote:

    The least of the muscular Christians has hold of the old chivalrous and Christian belief, that a man’s body is given him to be trained and brought into subjection, and then used for the protection of the weak, the advancement of all righteous causes, and the subduing of the earth which God has given to the children of men.

    Author Thomas Hughes largely based Tom Brown’s School Days on his own years at Rugby School.
    Wikimedia Commons

    Men precisely as men could use their bodies to Christianise the world. A movement with twin aims was born: first, encourage men to embrace their physicality and second, through such disciplining of their bodies, to glorify God.

    Rise and fall

    From England, the movement spread through the Anglosphere, including Australia.

    And it has some impressive credentials. Pierre de Coubertin’s inspiration for reviving the Olympic Games was, in part, inspired by reading Tom Brown’s School Days.

    In the United States, the YMCA – the Young Men’s Christian Association – in New York added a gymnasium in 1869, which soon became a permanent fixture at the “Y.” The physical director at Boston’s Y coined the term “body building”. James Naismith would later invent basketball in 1891 while working at a Y.

    The YMCA on Melbourne’s St. Kilda Road during WWI.
    Aussie~mobs/flickr

    Many Protestant churches drew upon muscular Christianity to bring men back into the fold. They masculinised church services through hymns which celebrated manliness and virtue, encouraged ministers to embody more masculine traits, brought men into the company of other men through brotherhoods and promoted vigorous missionary activity.

    Even Jesus received a makeover – arguably the most popular being Warner Sallman’s 1940 portrait painting Head of Christ.

    Sallman’s original motivation for such depictions came from the dean of a Chicago Bible College in 1914:

    I hope you can give us your conception of Christ. And I hope it’s a manly one. Most of our pictures today are too effeminate.

    There is evidence, too, of Catholics muscling in. Take, for example, Notre Dame’s football team’s successes in the 1920s and 30s in the US, or the Italian cyclist Gino Bartali, winner of the Tour de France in 1938 and 1948 and, according to the Catholic press, the ideal Catholic sportsman.

    Most historians will mark the decline of the movement after the first world war, though its influence continues to be felt to this day.

    A continuing legacy?

    So, apart from indulging in historical curiosity, what does it offer us?

    Muscular Christianity highlights both the dangers and continuing challenges raised when navigating the complex relationship between religion, culture and gender.

    It pursued a worthy goal, but tended to play a zero-sum gender game: gains for men in the churches often came at the expense of women. Such emphasis on masculinity easily slipped into gender bias, where a “church full of men” was deemed more valuable than churches full of women.

    The effort to bolster masculinity also traded in narrow gender stereotypes, though as the historian Clifford Putney reminds us, there was some flow-on effect for women and their organisational engagement in sport and physical activity.

    Some evangelical Christians have recently re-engaged its ethos.

    And perhaps muscular Christianity still has something valuable to say. At the very least, scratch beneath the surface of modern Western culture and you will often find Christianity or values which originated from it.

    Muscular Christianity can also remind us to reconnect with our bodies. We now live in a world which, as Australian author Michael Frost argues, has become increasingly “excarnate” – that is, less bodily.

    Muscular Christianity recognised bodies matter and matter spiritually. It encouraged people not to treat health and physical activity as ends in their own right or as a servant of the ego but, rather, a means to an end: wholeness, good character, the cultivation of virtue and the selfless desire to help others.

    An 1867 wood engraving of the Lady Muscular Christians.
    Wikimedia Commons

    Gavin Brown does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. How ‘muscular Christianity’ strove to bring men back to religion – and what it can teach us today – https://theconversation.com/how-muscular-christianity-strove-to-bring-men-back-to-religion-and-what-it-can-teach-us-today-249485

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Diversity, equity and inclusion in the workplace are under attack. Here’s why they matter more than ever

    Source: The Conversation (Au and NZ) – By Gemma Hamilton, Senior Lecturer, RMIT University

    Jacob Lund/Shutterstock

    As International Women’s Day approaches, we must redouble our efforts to champion social justice and the principles of diversity, equity and inclusion (DEI). These are under unprecedented attack by some political leaders.

    In the United States, President Donald Trump has recently dismantled DEI measures, claiming they are wasteful and discriminatory. Without evidence, he even blamed diversity hirings for a deadly collision between a military helicopter and a passenger plane that killed 67 people.

    In Australia, Opposition Leader Peter Dutton is echoing a similar agenda with his criticism of “culture, diversity and inclusion” positions in the public service.

    We must resist attempts to tear down all the progress that has been made and remind ourselves of the many good reasons why we pursue DEI in the workplace.

    Women, racial minorities, people with disability and others continue to face barriers to equal opportunities at work. Too often, they remain excluded from leadership and decision-making roles.

    Defending diversity

    Given the assault on DEI measures, it is worth restating why they are so important to a truly inclusive modern workplace.

    DEI initiatives work to address obstacles and correct disadvantages so everyone has a fair chance of being hired, promoted and paid, regardless of their personal characteristics.

    They ensure every person has a genuinely equal chance of access to social goods. They can be seen as “catch up” mechanisms, recognising that we don’t all start our working lives on an equal footing.

    Gender equality initiatives address discrimination, stereotypes and structural barriers that disadvantage people on the basis of their gender.

    These initiatives call into question the idea of “merit-based” hiring, which often disguises the invisible biases which are held by many people in power – for example, against someone of a particular gender.

    Australia’s story

    In Australia, we have a mixed story to tell when it comes to diversity, equity and inclusion.

    The federal workplace gender laws require companies with more than 100 employees to report annually on gender equality indicators, including pay gaps and workforce composition.

    DEI initiatives are already being dismantled in the United States.
    Gorodenkoff/Shutterstock

    In Victoria, the Gender Equality Act 2020
    promotes “positive action” to improve gender equality in higher education, local government and the public sector, which covers around 11% of the total state workforce.

    Despite these laws, Australia is behind on gender equality indicators compared to other countries such as Iceland, Norway and New Zealand. According to the World Economic Forum’s Global Gender Gap report, Australia is ranked 26th out of 146 countries, albeit a step up from 54th in 2021.

    The report shows continuing and significant gender gaps, particularly regarding women’s representation in various industries such as science and political leadership.

    Increased recognition

    But in a cross section of fields, including politics, sports, medicine, media and academia there have been positive changes. Gender equality is being promoted through a wide range of initiatives that seek to push back against centuries of patriarchal dominance.

    Workplace policies around paid parental leave, flexible working arrangements, part-time work, breastfeeding and anti-discrimination are part of the broader agenda to make workplaces more inclusive for women, gender-diverse people and working parents.

    Many workplaces accommodate the needs of working mothers.
    Jacob Lund/Shutterstock

    While many would not consider these improvements specific diversity initiatives, they are clear examples of the ways in which workplaces now recognise the different needs of women and working mothers.

    Today, we see more women in the workplace and in positions of leadership across sectors.

    But as feminist Sara Ahmed has noted, it is often the marginalised employees who carry the burden of doing all the “diversity work” in the workplace.

    Diversity becomes work for those who are not accommodated by an existing system.

    Redoubling efforts

    Despite the welcome advances made, inequalities persist in the workplace.

    We recognise many in positions of power are not willing (or able) to acknowledge their own privileged positions. Therefore they do not see the barriers that exist for others.

    Social justice will not simply be gifted by those in power.

    Given the challenging political climate, it is more important than ever that we continue to strive for gender equality – rather than simply uphold the status quo.

    Gemma Hamilton receives funding from the Australian Research Council (ARC).

    Nicola Henry receives funding from the Australian Research Council (ARC) and Google. She is also a member of the Australian eSafety Commissioner’s Expert Advisory Group.

    Bess Schnioffsky does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Diversity, equity and inclusion in the workplace are under attack. Here’s why they matter more than ever – https://theconversation.com/diversity-equity-and-inclusion-in-the-workplace-are-under-attack-heres-why-they-matter-more-than-ever-250651

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Nations: Secretary-General’s video at the beginning of Ramadan [scroll down for French and Arabic versions]

    Source: United Nations secretary general

    Download the video: https://s3.us-east-1.amazonaws.com/downloads2.unmultimedia.org/public/video/evergreen/MSG+SG+/SG+RAMADAN+31+JAN+25/3334567_MSG+SG+RAMADAN+31+JAN+25.mp4

    I send my warmest wishes as Muslims around the world begin observing the Holy Month of Ramadan.

    Ramadan embodies the values of compassion, empathy and generosity.

    It is an opportunity to reconnect with family and community.

    A chance to remember those less fortunate.

    To all those who will spend this sacred time amid displacement and violence, I wish to express a special message of support.

    I stand with all those who are suffering.

    From Gaza and the wider region, to Sudan, the Sahel and beyond.

    And I join those observing Ramadan to call for peace and mutual respect.

    Every Ramadan, I undertake a solidarity visit and fast with a Muslim community around the globe.

    These missions remind the world of the true face of Islam.

    And I always come away even more inspired by the remarkable sense of peace that fills this season.     

    In this Holy Month, let us all be uplifted by these values and embrace our common humanity to build a more just and peaceful world for all. 

    Ramadan Kareem.

    *****
    Je présente mes vœux les plus chaleureux aux millions de musulmans du monde entier qui entament le mois sacré du Ramadan.

    Le Ramadan incarne les valeurs de compassion, d’empathie et de générosité.

    Il est l’occasion de renouer avec sa famille et sa communauté.

    Il est aussi l’occasion de penser aux personnes moins bien loties.

    Je tiens à adresser à toutes celles et ceux qui passeront cette période sacrée au milieu des déplacements et de la violence un message particulier de soutien.

    Je suis aux côtés de tous ceux qui souffrent.

    Qu’ils soient de Gaza et de la région, du Soudan, du Sahel, et au-delà.

    Je me joins à tous ceux qui observent le Ramadan pour appeler à la paix et au respect mutuel.

    Chaque Ramadan, je rends visite à une communauté musulmane dans le monde pour témoigner ma solidarité et partager leur jeûne.

    Ces missions permettent de rappeler au monde le vrai visage de l’Islam.

    J’en reviens toujours plus inspiré par le remarquable sentiment de paix qui règne pendant cette saison.

    En ce mois sacré, puisons dans ces valeurs et dans notre humanité commune afin de bâtir un monde plus juste et pacifique pour tous.

    Ramadan karim.

    *****

    أبعث بأحر تمنياتي إلى المسلمين في العالم أجمع بمناسبة حلول شهر رمضان الفضيل.
          
         فشهر رمضان يجسد قيم التراحم والتعاطف والسخاء.
     
              وهو فرصة لإعادة التواصل مع العائلة والمجتمع.

               وفرصة لتذكر من هم أقل حظاً.
        
           وأود أن أبعث برسالة دعم خاصة إلى جميع أولئك الذين سيقضون هذه الأوقات المباركة وسط أجواء النزوح والعنف.

               وأعرب عن تضامني مع كل أولئك الذين يعانون.
            
       من غزة والمنطقة بأسرها، إلى السودان ومنطقة الساحل وما وراءها.
         
          وأضم صوتي إلى أصوات صائمي رمضان في الدعوة إلى السلام والاحترام المتبادل.
        
           وقد دأبتُ في كل رمضان على القيام بزيارة تضامن وعلى الصيام مع أحد التجمعات المسلمة في أنحاء مختلفة من العالم.
           
      وهي زيارات تذكر العالم بالوجه الحقيقي للإسلام.
             
      ودائما ما أعود محملا بالمزيد من الشعور الرائع بالسلام الذي يفيض به هذا الموسم الرمضاني.

               دعونا، في هذا الشهر الفضيل، نتخذ جميعا من هذه القيم وسيلة للتسامي ونتمسك كلُّنا بإنسانيتنا المشتركة لبناء عالم أكثر عدلاً وسلاما للجميع.

               رمضان كريم.

    MIL OSI United Nations News –

  • MIL-OSI New Zealand: New Otaika Bridge to open to southbound traffic

    Source: New Zealand Transport Agency

    The new Otaika Bridge on State Highway 1, south of Whangārei, will open to southbound traffic this Sunday.

    The bridge has been constructed as part of the SH1 Loop Road safety improvements project and was blessed by Te Parawhau yesterday, ahead of its partial opening this weekend.

    NZ Transport Agency Waka Kotahi (NZTA) says from Sunday, southbound traffic will be directed over the new bridge, while northbound traffic will continue along the current SH1 route.

    There will be a single lane operating in each direction, with traffic management in place to guide road users.

    This layout will continue for several weeks to allow contractors to complete works in the area, before the bridge opens fully to both northbound and southbound traffic.

    Road users may experience short delays as people adjust to the layout change. Please be patient and travel with care.

    The new bridge has been built to the east of the existing bridge, to a new design standard that takes climate change and sea level rise into consideration. It is part of improvements to the SH1 and Loop Road intersection to make it safer and easier to use, recognising it’s importance as a strategic link between Auckland and Whangārei.

    The Loop Road safety improvements project is expected to be complete later this year.

    For more information on the project visit:

    SH1 Loop Road safety improvements

    NZTA thanks everyone for their patience and support while we undertake this important work.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Police speaking with several people after serious assault, Taradale

    Source: New Zealand Police (National News)

    Attributable to Detective Senior Sergeant Alex Simister, Hawke’s Bay CIB:

    Police are speaking with a number of people following a serious assault in Taradale on Wednesday afternoon.

    At around 12.40pm, a fight broke out between two groups in the vicinity of Bellevue Dairy Gloucester Street.

    A 14-year-old was transported to hospital with critical injuries, where he remains in a serious but stable condition.

    An investigation into the incident has resulted in Police identifying those responsible for the assault.

    Police are speaking with them and are not seeking anyone else in relation to the incident.

    Charges are being considered and enquiries into the assault are ongoing.

    Anyone who may have information on the incident can provide information to Police online or by calling 105 using the reference number 250227/9346.

    Information can also be provided anonymously via Crime Stoppers on 0800 555 111.

    ENDS

    Issued by Police Media Centre

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Speech to LGNZ Metro, Rural and Provincial Sectors Forum

    Source: New Zealand Government

    Good afternoon!

    I want to acknowledge the immense amount of work Minister Bishop has done in leading this Going for Housing Growth programme – it is vitally important.

    As the Minister flagged, central to Going for Housing Growth is this idea that growth should pay for growth, and a key tension in this system centres on finding a balance between certainty about where growth will occur and having the flexibility to respond to demand.

    The Infrastructure Funding and Financing Act (IFFA) hits both of these things – it levies those benefitting from the infrastructure and is an important piece in this responsiveness puzzle, enabling demand-led growth without further straining councils’ balance sheets.

    However, we’ve become aware of barriers to its use, so we’re making some changes to make it fit for purpose, which I’ve been tasked with leading.

    IFFA background

    The IFFA emerged from a great example of the market innovating to solve coordination problems and deliver benefits much sooner than the public sector could have. 

    Developers saw an opportunity at Milldale to deliver housing but needed infrastructure to enable that to happen.

    Unable to rely on a council constrained by its own growth plans and lack of funds, the developers set up a special purpose vehicle (SPV) to raise the finance needed to deliver the infrastructure and then levied the subsequent landowners to repay the debt.

    Recognising the value of this approach, the government at the time rightly sought to codify this to be replicated around the country, culminating in the IFFA.

    In addition to providing a responsive, market-led pathway to enable greenfield development, the IFFA has several benefits.

    It can enable intensification in existing urban areas by funding and financing infrastructure upgrades.

    As the SPV is off balance sheet, it preserves council debt headroom while delivering additional infrastructure capacity. 

    It ensures revenue streams are certain and are hypothecated to the relevant infrastructure.

    It ensures fairness in that those who benefit pay – it spreads the infrastructure costs over a longer period of time and, therefore, more fairly across the beneficiaries over that infrastructure’s lifespan.

    Yet, its responsive, market-led vision has not been realised.

    No further greenfield deal has been done since the IFFA’s Milldale inspiration, with only two city-wide levies have been struck.

    We set out to understand why, and we have gone about fixing it.

    Streamline levy development and approval

    We’ve heard the process for standing up an IFFA transaction is unnecessarily burdensome and costly.

    A range of requirements are duplicated and redundant, which slow the process without adding any real benefit.

    A Minister doesn’t need to be bogged down with immaterial technical detail, and we don’t need ambiguities that arbitrarily leave some important matters neglected.

    We’re making a range of detailed changes to address this.

    Our focus is to ensure the right information is available in the right format at the right time to make the right decisions.

    There is also an embedded suggestion that a Minister is somehow always the best arbiter of what’s reasonable and affordable, even where affordability is already internalised.

    While we acknowledge the decision to impose a levy on existing ratepayers is a serious one, if a greenfield levy is proposed by the developer with skin in the game, or everyone affected otherwise consents, we are now going to take the wild approach of trusting that they’re acting in their own best interests.

    Increasing uptake

    Extending access to a variety of users 

    Last year, Cabinet made the decision to extend the scope of the IFFA to cover water entities under Local Water Done Well, and now we’re extending it further to NZTA projects. 

    This will mean major transport projects can recover a share of the infrastructure cost from those who benefit from an increase in development capacity, helping growth pay for growth and adding to the potential funding stack.

    Supporting developer-led proposals

    Part of the current process requires a levy to be endorsed by levy and infrastructure authorities, such as councils, before a proposal can be progressed, with no clear criteria to limit obstruction.

    In pursuit of responsiveness and growth, we are making changes that will require the endorsements to be given where statutory requirements are met.

    We cannot afford to give a licence to say ‘no’, so we’re not going to give it.

    Deferrals

    We’re also moving to enable levy payment flexibility.

    While infrastructure adds value to properties which benefit, and generally increase wealth, annual levies may be difficult to provide for when property owners may not have much financial headroom.

    We’re therefore introducing levy deferral options, so property owners can defer payment to a later date or until a specified triggering event. 

    Ensuring deferral options are reflected clearly and transparently will mean all parties can make better decisions, including the responsible Minister through the affordability assessment.

    Project eligibility

    Currently, there is ambiguity about whether projects commissioned prior to when a levy proposal is submitted are eligible, so we’re clarifying that projects commissioned up to two years prior will be. 

    This will extend coverage to circumstances where projects may have recently been completed but house sales have yet to occur.

    Use for development levies

    With the advent of the development levies Minister Bishop has just announced, we’re also making changes to help them work together with the IFFA.

    If a developer is facing the prospect of big development levy for council-provided infrastructure, there may be demand for the IFFA to finance this to be repaid by future homeowners.

    For this use case, we are removing the requirement that IFFA levies have a direct link to specific bulk infrastructure.

    Other changes

    There are a range of other changes, such as:

    • SPVs getting explicit powers to commence recovery action for unpaid levies
    • councils being able to request reimbursement of levy administration costs as a condition of endorsement
    • introducing flexibility about where the infrastructure must be vested
    • putting levies on an even keel with rates in the event of a rating sale
    • several other minor, technical, and remedial tweaks.

    Together, these changes will deliver a more usable pathway for IFFA deals that can be accessed by developers and others.

    The objective is to deliver infrastructure that may not have been planned by councils or planned for in the timeframe that developers need it.

    Conclusion

    While the IFFA is relatively technical, it is a very important tool, and it has a key role in facilitating demand-led growth.

    By streamlining processes and improving usability, and having National Infrastructure Funding and Financing (NIFF) engaged to assist councils and others with expertise and growing capacity, we expect the IFFA will be much more attractive and used much more widely.

    We need growth, and growth must be responsive to demand.

    The IFFA has a distinct and important role in delivering this.

    MIL OSI New Zealand News –

  • MIL-OSI China: New silicon carbide device fab inaugurated in Chongqing

    Source: China State Council Information Office 3

    A new 8-inch silicon carbide device manufacturing facility officially commenced operations on Thursday in southwest China’s Chongqing Municipality.

    The project, which was established in 2023 by Sanan Optoelectronics, a leading compound semiconductor company in China, and STMicroelectronics, a world leader in semiconductor solutions, is expected to achieve mass production in the fourth quarter of this year, both companies announced at the project’s inauguration ceremony.

    The new facility has a total investment of about 23 billion yuan (3.2 billion U.S. dollars) and was launched in just 16 months. It will primarily manufacture automotive-grade chips. Once fully operational, it will produce approximately 10,000 automotive-grade wafers per week, providing strong support for the development of Chongqing’s integrated circuit industry and intelligent connected new energy vehicle sector.

    In recent years, Chongqing has focused on developing its power semiconductor and integrated circuit industries. In 2024, the output value of Chongqing’s integrated circuit industry was 45.5 billion yuan, a year-on-year increase of 9.3 percent, and its power semiconductor production capacity ranked among the top three in the country. 

    MIL OSI China News –

  • MIL-OSI USA: Statement on Consent Award to End Work Stoppage

    Source: US State of New York

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    MIL OSI USA News –