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Category: Transport

  • MIL-OSI Africa: Diamond Mining Drives Angola’s Economic Growth Agenda

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

    CAPE TOWN, South Africa, February 27, 2025/APO Group/ —

    Angola is aiming to increase diamond production to 17.53 million carats by 2027 as part of its National Development Plan 2023–2027, planning to leverage mining revenues to boost food security, employment creation and poverty reduction. 

    The country expects diamond revenue to rise from $1.4 billion in 2024 to $2.1 billion in 2025, increasing the sector’s contribution to the country’s GDP. With over 24 operational diamond mines, 54 exploration projects and strong governmental support for industry expansion, Angola’s diamond sector presents an opportunity for economic transformation. 

    The upcoming African Mining Week (AMW) – Africa’s premier event for the mining sector – will showcase lucrative diamond prospects in both well-established and emerging markets across Africa, including in Angola. 

    Unlocking Angola’s Untapped Potential 

    Recent discoveries, project launches and foreign investments underscore Angola’s potential as a global diamond mining powerhouse. According to state diamond firm ENDIAMA, the country holds over 732 million carats (https://apo-opa.co/4gU61Zy) of untapped diamond reserves valued at more than $140 billion. To capitalize on these resources, ENDIAMA will launch a diamond production and processing pilot at the Luachimba facility in 2025, reinforcing the sector’s contribution to sustainable development. Additionally, mine development and feasibility studies at the Xamacanda facility are underway as ENDIAMA seeks to expand independent production. 

    Strategic Investments and Global Partnerships 

    In November 2024, Maden International Group, a subsidiary of the Sovereign Fund of the Sultanate of Oman, entered the Angolan market by acquiring stakes in Catoca and Luele Mines from Russia’s Alrosa. The milestone introduces fresh capital and expertise, potentially unlocking Angola’s greater diamond production and GDP expansion. Further affirming Angola’s potential, De Beers announced in October 2024 the discovery of eight new diamond project targets as part of its ongoing exploration activities. The discovery follows a strategic partnership with ENDIAMA, Angola’s National Agency of Mineral Resources, Sodiam and the Institution of Geologists in Angola, to conduct airborne surveys, drilling and testing of new kimberlite targets. Angola is also assessing new diamond and critical mineral prospects in partnership with Rio Tinto. 

    High-Grade Diamond Discoveries 

    In August 2024, Lucapa Diamond Company discovered a 176-carat diamond at the Lulo Mine – one of the world’s largest – marking the fifth diamond over 100 carats found at the site in 2024. The discovery underscores Angola’s potential for high-grade diamond production, following 20 significant discoveries at Lulo in 2022. 

    Amid these market developments, AMW represents an ideal platform for global investors and mining stakeholders to connect with Angolan regulatory authorities and projects to explore the country’s vast diamond potential. AMW will facilitate investment discussions, deal signings and strategic partnerships, reinforcing Angola’s position as one of the world’s highly attractive diamond investment destinations. 

    African Mining Week serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energy 2025 conference (https://apo-opa.co/4ieTYqQ) from October 1 -3. in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com

    MIL OSI Africa –

  • MIL-OSI China: Beijing’s Daxing airport economic zone seeks business cooperation

    Source: China State Council Information Office

    The Beijing Daxing International Airport Economic Zone (BDIAEZ) held an industry promotion event Wednesday, attracting entrepreneurs and business leaders to explore cooperation opportunities in aviation logistics, life sciences and health care.

    An industry promotion event exploring business cooperation opportunities is held in the Beijing Daxing International Airport Economic Zone, Feb. 26, 2025. [Photo provided to China.org.cn]

    At the event, several specialized industrial parks and platforms were introduced, including the International Regenerative Medicine Industrial Park, the International Medical Equipment Industrial Park, and the International Aviation Headquarters Park. These initiatives are designed to gather innovative resources, strengthen industrial clusters and drive regional economic growth.

    In recent years, the BDIAEZ has prioritized its life sciences sector by establishing platforms that support the development of cell technology and medical supply chains. The goal is to attract high-end enterprises and lay a solid foundation for a world-class health cluster. To further enhance trade and logistics capabilities, the zone also launched platforms for industrial goods supply chains and cross-border e-commerce, which are expected to improve operational efficiency and foster industry development.

    Six projects were also signed at the event, covering areas such as aviation services, life and health, trade logistics and emerging industries. Key projects include the Low-altitude Technology Exhibition and Trading Center, which will showcase next-generation aviation innovations, and the Xinzhuoyue Regenerative Medicine R&D Headquarters, which is set to work with the Institute of Zoology of the Chinese Academy of Sciences on cell-based therapies. 

    Wahed Ahmadzai, CEO and founder of nHUB, a Beijing-based company committed to building inclusive hubs, noted the BDIAEZ’s strategic importance, calling it the “gateway to China and China’s gateway to the world.” He added that the BDIAEZ’s prime location, together with multiple supportive policies, makes it an exceptionally attractive environment for building and innovating businesses.

    Xu Guojin, general manager of Beijing Zhengkai Technology Co. Ltd., expressed confidence about future cooperation with the BDIAEZ. “The most appealing aspect is the combination of national, municipal and district-level advantages, along with the unique policies of the airport zone,” she said. “Combined with the benefits offered by the comprehensive bonded zone and free trade zone, this synergy is highly attractive to my company and future partners.”

    Strategic development plans for Beijing Daxing International Airport were also released at the event. These include the construction of four runways, 256 aircraft parking bays, and a terminal complex spanning 1.43 million square meters. The airport aims to handle 72 million passengers and 630,000 aircraft movements annually. 

    This expansion underscores the airport’s role not simply as a transportation hub, but as a key driver for future economic development in the region, according to a representative from Beijing Daxing International Airport.

    In addition, the event saw the launch of two international talent programs. In partnership with the National School of Development at Peking University, the BDIAEZ will establish a talent base to train professionals and foster entrepreneurship in fields like aviation logistics, e-commerce and biomedicine. Separately, the “Vine Plan” International Innovation Center will connect businesses with international students through internships, study tours and incubation programs.

    MIL OSI China News –

  • MIL-OSI China: China’s logistics sector sees improved efficiency in 2024: report

    Source: China State Council Information Office

    China’s logistics sector reported improvements in overall efficiency last year, an industry report showed Thursday.

    The ratio of social logistics cost to GDP, a key indicator reflecting cost efficiency of the sector, was 14.1 percent in 2024, down 0.3 percentage points from the previous year and hitting a record low, according to a report issued by the China Federation of Logistics and Purchasing.

    Calculated based on China’s GDP in 2024, the drop in the reading was equivalent to a reduction of more than 400 billion yuan (about 55.8 billion U.S. dollars) in logistics costs, the federation said.

    China’s policymakers identified lowering logistics costs as part of measures to spur growth at December’s Central Economic Work Conference, with plans to launch special actions for that in 2025.

    According to a plan unveiled last year, China aims to cut the ratio of social logistics costs to GDP to around 13.5 percent by 2027.

    It also expects to further optimize the structure of goods transportation, and strengthen the national logistics hub system and modern logistics service network, the plan said.

    China’s logistics industry has maintained steady expansion, with its total social logistics value expanding 5.8 percent year on year to 360.6 trillion yuan last year, data showed. 

    MIL OSI China News –

  • MIL-OSI Economics: IndiGo YouTube ads reflect seamless travel, workplace inclusivity and authentic experiences, reveals GlobalData

    Source: GlobalData

    IndiGo YouTube ads reflect seamless travel, workplace inclusivity and authentic experiences, reveals GlobalData

    Posted in Business Fundamentals

    Interglobe Aviation Ltd’s (IndiGo) YouTube advertising campaign from November 2024 to January 2025 emphasize diverse destinations, employee well-being, and passenger-centric amenities to attract travelers and job seekers. IndiGo highlights authentic experiences, career growth, and innovative seating through scenic visuals, employee testimonials, and product demos. Emphasizing pilot mentorship, a supportive workplace, and seamless travel, it reinforces customer satisfaction and inclusivity, reveals Global Ads Platform of GlobalData, a leading data and analytics company.

    Sagar Kishor, Ads Analyst at GlobalData, comments: “IndiGo’s campaigns establish strong engagement with both travelers and employees through aspects such as the joy of travel, commitment to employee growth, and enhanced comfort. These advertisements highlight IndiGo’s strategies, including showcasing authentic Indian travel experiences and celebrating employee diversity, while also introducing new product offerings like IndiGoStretch. The company’s initiatives in expanding destinations, pilot mentoring, and inclusivity emphasize seamless travel and personalized support.”

    Below are the key focus areas of IndiGo’s advertisements, revealed by GlobalData’s Global Ads Platform:

    Destination awareness: IndiGo’s promotion of new flight routes to Malaysia, especially Kuala Lumpur, Langkawi, and Penang, emphasized the country’s diverse landscapes and cultural attractions. By linking these captivating locations to IndiGo flights, the campaign subtly promotes ease of access, positioning the airline as a gateway to new experiences and adventures.

    Authentic engagement: The #nofilter campaign for IndiGo Season 2 on National Geographic highlighted the natural beauty and cultural richness of India. The campaign encouraged viewers to experience India in its true essence, promoting IndiGo as the airline to facilitate those experiences.

    Travel experience and comfort: The IndiGoStretch advertisement highlights the additional legroom and comfort of its premium seating, targeting travellers seeking a more spacious and relaxing journey. The campaign emphasizes enhanced passenger experience, positioning the offering as a value-driven choice for improved in-flight comfort.

    Holiday spirit and connection: The “Captain Santa Ready For Take Off Merry Christmas” ad uses humour and holiday themes to create a joyful connection with viewers. It portrays IndiGo as a fun, customer-focused airline, reinforcing its brand image during the festive travel season.

    Pilot mentorship and support: The “IndiGo Pilot Mentoring Program” highlights the airline’s approach to pilot development and workplace support. By focusing on mentorship, inclusivity, and career growth, the initiative reflects industry efforts to enhance professional training and foster a structured aviation workforce.

    Kishor concludes: “IndiGo’s advertising strategy effectively balances brand storytelling with targeted engagement. By integrating authentic experiences and innovative offerings, IndiGo not only enhances its market positioning but also strengthens its brand loyalty among travelers and aviation professionals alike.”

    MIL OSI Economics –

  • MIL-OSI United Kingdom: UK science flies to the Moon with NASA

    Source: United Kingdom – Executive Government & Departments

    Press release

    UK science flies to the Moon with NASA

    Advanced technology funded by the UK Space Agency began its 4-month journey to the Moon this morning, on board NASA’s Lunar Trailblazer mission.

    The Lunar Trailblazer spacecraft, which weighs 200kg and is about the size of a washing machine, aims to map the location and form of water on the Moon. This will improve scientists’ understanding of lunar resources and support future missions, when astronauts return to the lunar surface.

    On board is the Lunar Thermal Mapper (LTM) – a state-of-the-art thermal imaging camera developed by the University of Oxford with £3.1 million funding from the UK Space Agency and the Department for Science, Innovation and Technology (DSIT).

    Science Minister Sir Patrick Vallance said:

    Backed by UK Government funding, this project could be key to unlocking new insights into lunar water and in turn sustain future missions and deep space exploration for generations to come.

    Space is a fast-growing global industry, and these investments will generate important information to help grow the sector.

    The LTM is designed to measure the surface temperature and the various minerals that make up the lunar landscape, which is vital information to help confirm the presence and location of water. The instrument will work in tandem with NASA’s High-resolution Volatiles and Minerals Moon Mapper (HVM3) to produce the most detailed maps of water on the Moon’s surface to date.

    The Lunar Thermal Mapper being worked on at Oxford University. Credit: Department of Physics, University of Oxford.

    Neil Bowles, instrument scientist for LTM at Oxford University, said:

    The measurements of temperature will help confirm the presence of the water signal in HVM3’s measurements and the two instruments will work together to map the composition of the Moon, showing us details that have only been hinted at from previously.

    The UK’s role in Lunar Trailblazer demonstrates the importance of collaboration in the space sector, and the significant space expertise found in academic institutions across the country.

    The Clarendon Lab at the University of Oxford, which includes the Infrared Multilayer Laboratory, manufactured infrared filters for the mission. Durham University manufactured the precision LTM optics, mirrors, and pointing mirror. Cardiff University provided long wave infrared mesh filters, essential for the Lunar Thermal Mapper’s ability to accurately measure the surface temperature and composition of the Moon.

    Lauren Taylor, Major Projects Lead at The UK Space Agency, said:

    The UK Space Agency is thrilled to be a part of NASA’s Lunar Trailblazer mission. Our work with the University of Oxford to develop the Lunar Thermal Mapper showcases the UK’s leading role in space exploration and scientific research.

    This mission will provide invaluable data on the Moon’s water resources, supporting future human missions and enhancing our understanding of the lunar environment.

    UK companies also made significant contributions. From Ramp in Yeovil providing coatings and paint, and Micro Systems in Warrington manufacturing mechanical parts, to STFC RAL Space in Harwell providing insulation and electronics.

    Marie-Claire Perkinson, Chair of the Space, Science and Exploration Committee at the UKspace trade association, said:

    The launch of the UK Lunar Thermal Mapper instruments demonstrates the capabilities of the UK academic community working in collaboration with their industrial suppliers.

    Once in orbit around the Moon, Lunar Trailblazer will cover the surface 12 times a day and use its instruments to examine features including the permanently shadowed craters at the Moon’s South Pole, which could contain significant quantities of water ice.

    Lunar Trailblazer launched on a SpaceX Falcon 9 rocket together with Intuitive Machine’s IM-2 spacecraft, which will attempt a soft landing on the Moon next week.

    The UK Space Agency is also funding the joint UK-Canada Aqualunar Challenge to further our understanding of lunar water and its potential uses. The Aqualunar Challenge focuses on developing innovative technologies to purify water found on the Moon, which is crucial for supporting future human missions. The winners will be announced in March.

    Updates to this page

    Published 27 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Nations: 26 February 2025 Departmental update WHO unveils updated global database of air quality standards

    Source: World Health Organisation

    The World Health Organization (WHO), in collaboration with the Swiss Tropical and Public Health Institute (Swiss TPH), has unveiled the updated 2025 Air Quality Standards database. This resource compiles national air quality standards for major pollutants and other airborne toxics from countries worldwide. This latest update provides an overview of global efforts towards achieving the WHO global air quality guidelines, with 17% more countries now implementing standards for pollutants that pose a risk to human health.

    “The updated WHO Air Quality Standards database is a crucial tool highlighting global progress in setting air quality regulations to protect public health,” says Dr Maria Neira, Director, Environment, Climate Change and Health at the World Health Organization. “It provides essential data for evidence based policymaking, helping to reduce air pollutions impacts on communities worldwide.”

    Building on previous efforts, the updated database now includes data from approximately 140 countries from all WHO regions, showcasing their air pollution regulatory efforts aimed at protecting public health.

    The database is presented as an interactive tool, providing values for both the short and long-term standards for particulate matter (PM10 and PM2.5), nitrogen dioxide (NO2), sulfur dioxide (SO2), ozone (O3) and carbon monoxide (CO). These values are based on averaging times that align with WHO’s global air quality guidelines.

    WHO air quality guidelines as a tool to protect health

    The WHO guidelines were published in 2021 to reflect new evidence of the health effects of air pollution. The guidelines recommend lower air quality levels to protect populations, underscoring the need for countries to implement stricter standards and policies to mitigate air pollution and its associated health risks.

    The health sector has a critical role to play to promote public health protection through effective air quality governance. Involving the health community in the development of national air quality standards as well as in processes ensuring that air quality standards are embedded in legislation is key to maximize public health protection.

    Adopting air quality standards as best buys to prevent noncommunicable diseases

    Environmental risks account for a quarter of the disease burden worldwide – with air pollution alone being responsible for almost 7 million deaths. Many of these deaths are preventable through policies in the energy, transport, agriculture, household, industry and other sectors. Air pollution has been recognized as a major risk for noncommunicable diseases (NCDs), impacting not only the respiratory and cardiovascular systems, but many more other organs and systems.

    The costs of air pollution on the health systems are substantial, and it jeopardizes the health of the most vulnerable such as children, who are affected throughout their entire life course, as well as people with pre-existing diseases.

    By compiling national air quality standards into a single, comprehensive database, WHO aims to empower stakeholders such policy makers, public health officials, researchers and other civil society and health organizations with the information necessary to monitor progress, drive policy changes and support the implementation of effective interventions to improve air quality and safeguard public health.

    Time to commit for clean air and health

    Adopting stricter air quality standards embedded in legislation is the first step – a required best buy – countries can do to commit to combat NCDs and other health outcomes. The upcoming 2nd WHO Conference on Air Pollution and Health will provide an opportunity for countries to commit to tackling air pollution, supported by the health community call for clean air action.

    MIL OSI United Nations News –

  • MIL-OSI Russia: Scientific Regiment. Student Katya Petrova’s Memories of War and Study

    Translartion. Region: Russians Fedetion –

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

    When talking about contemporaries of the Great Patriotic War, the first to be remembered are the participants in the military operations, and they do not forget about home front workers, scientists and teachers, but stories about ordinary students are rare. They did not throw themselves under tanks, defending their native land, did not stand two shifts in a row at the machine, did not organize production and did not save lives in hospitals, but they also lived their war years and remembered them forever – they performed a small student feat, receiving an education in a difficult time for the country and using it for the benefit of the Motherland in the post-war years. Today we will tell you about such a person in the “Scientific Regiment” section.

    Ekaterina Valerianovna Petrova is a candidate of economic sciences, professor of the statistics department at the Moscow Institute of Economics and Management, and an Honorary Worker of Higher Professional Education of the Russian Federation. She was awarded the medal of the Order of Merit for the Fatherland, 2nd degree, the Order of Valiant Labor in the Great Patriotic War of 1941-1945, and other medals.

    Ekaterina Petrova entered the mechanical engineering department of the Moscow Engineering and Economics Institute named after Sergo Ordzhonikidze (now the State University of Management) in 1940. After completing her first year, the war began and she and her family had to evacuate to the Saratov region for two years, where she worked as an accountant on a state farm. In October 1943, the institute called Ekaterina back to Moscow, where she was able to live independently due to the fact that students were given work cards for food, orders for clothing and footwear, and a stipend was paid to all students, and not just excellent students or those with low incomes, as was the case before the war. In this way, the state invested in the future even in the most difficult years. Despite all the difficulties, the management of the Moscow Engineering and Economics Institute tried to provide comfortable living conditions in the dormitories, replenished the institute’s material resources whenever possible, arranged a normal life, and even organized festive evenings with the participation of artists.

    The dean of the mechanical engineering faculty at that time was Khadzhi-Murat Timurovich Aldakov, who at the beginning of the war was deputy head of the construction of defensive lines near Moscow.

    “At first, Hadji-Murat Timurovich gave the impression of being a withdrawn, somewhat gloomy person, so at first the students were afraid of him,” recalls Ekaterina Valerianovna. “However, having met him on business once or twice, everyone understood that he treated the students very kindly and fairly. I was able to see for myself that he was also an excellent teacher, since I completed my diploma project under his supervision.”

    According to Ekaterina Valerianovna, everyone studied with great enthusiasm and tried not to miss lectures. The shortage of textbooks also had an impact on attendance – often only one manual was given to three or four students, and for some subjects there were none at all, so they prepared for exams only from their own lecture notes. Accordingly, teachers approached teaching with full responsibility and explained the subject until the students fully understood it. For example, Professor of the Department of Organization and Planning of Production Eduard Adamovich Satel had a manner of conducting, as they would say now, interactive lectures – he asked students questions about how they would solve various problems of production processes.

    Ekaterina Petrova especially remembers the associate professor of the department of production organization and planning, Yuri Osipovich Lyubovich, who, thanks to his sensitive attitude towards students, goodwill and gentle humor, became a true friend of his students.

    “His imposing appearance, velvety voice and artistic abilities captivated the audience and worked genuine miracles. The students listened with admiration to every word when the material of deep scientific content was presented. And, what is most surprising, these wonderful lectures, thanks to the art of reading, could be easily recorded,” says Ekaterina Valerianovna.

    There were practically no vacations during the war years, instead students worked in the Moscow suburban subsidiary farm of the Moscow Institute of Power Engineering, in haymaking, in logging, at vegetable warehouses. No one even thought about being released from work, everyone worked for the needs of the country and the front.

    In May 1945, the maximum concentration of efforts of the entire state led to the Great Victory over Nazi Germany and its allies. Of course, the difficulties did not end there; a long period of restoration of the country lay ahead. Ekaterina Petrova graduated from MIEI in 1947, continued her education in graduate school, and since 1950 began teaching at her native university, which she never left, having trained thousands of specialists over many years.

    Yes, the years of the Great Patriotic War were much harder physically and morally than our days. However, the feelings that students of those years experienced, judging by the words of Ekaterina Valerianovna, were the same:

    “The student years, which coincided for my generation with the war years, were nevertheless the happiest: there was the joy of victories at the front, the joy of communicating with teachers and friends, the joy of youth and the expectation of all the best ahead.”

    Students of those years forged victory with knowledge and labor in the rear, bringing a bright future closer. Today, when our country is once again facing challenges, students of the State University of Management continue to study and develop, making their contribution to supporting the country and preserving the future. The stories of these generations are separated by time, but united by a common desire for knowledge and love for the Motherland.

    #Scientific regiment

    Subscribe to the TG channel “Our GUU” Date of publication: 02/27/2025

    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 United Kingdom: Preferred candidate to lead Office for Students confirmed

    Source: United Kingdom – Executive Government & Departments

    Press release

    Preferred candidate to lead Office for Students confirmed

    Professor Edward Peck CBE named as preferred candidate to be the next Chair of the Office for Students by Education Secretary

    The Education Secretary Bridget Phillipson has named Professor Edward William Peck CBE as her preferred candidate to be the next Chair of the Office for Students.

    Professor Peck will now go on to attend a pre-appointment hearing before the Education Select Committee on 4 March.

    The Office for Students (OfS) is the independent regulator of higher education in England. It is responsible for ensure that every student has a fulfilling university experience that enriches their lives and careers. Following last year’s election one of its top priorities has been monitoring the financial sustainability of the sector.

    Professor Peck has been selected following a rigorous assessment process conducted in accordance with the Governance Code on Public Appointments. He currently serves as Chair of the HE Mental Health Implementation Taskforce and is the DfE’s Student Support Champion, and will stand down as Vice Chancellor of Nottingham Trent University this summer.

    If appointed Professor Peck will take over from Sir David Behan, who was appointed interim chair last year following Lord Wharton of Yarm’s resignation. Sir David’s independent review, Fit for the Future, was published in July and is informing the OfS’s priorities on financial sustainability and quality. 

    Education Secretary Bridget Phillipson said:

    Professor Peck has played a key role in supporting students and has a wealth of experience that will be instrumental in guiding the OfS forward. I look forward to finalising his appointment. 

    He will play a vital part in supporting higher education providers’ financial sustainability and breaking down barriers to opportunity. Through our Plan for Change we want to ensure students from all backgrounds are at the heart of the higher education system, and receive a high quality education that will help them drive growth as we fix the foundations of our economy. 

    I would like to thank Sir David for his independent review and the work he has done as interim chair which will inform the strategic direction of the OfS as it implements his core recommendations.

    The Chair leads the OfS at board level, working with Ministers and the Chief Executive to provide clear leadership and priorities for the next phase of the OfS’ critical work.

    Since 2014 Professor Peck has served as Vice Chancellor of Nottingham Trent University, and currently holds roles as a trustee of UCAS, Chair of the HE Mental Health Implementation Taskforce and the DfE’s first Student Support Champion. Following his appointment he will stand down from these roles.

    He has also served on the Independent Advisory Panel for Post-18 Education and Funding (the Augar Review), and from 2008-2014 was Pro Vice-Chancellor and Head of the College of Social Sciences at the University of Birmingham.

    Following his pre-appointment hearing, the Education Select Committee will publish their recommendations, which the Education Secretary will consider before deciding whether to finalise the appointment.

    Updates to this page

    Published 27 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI New Zealand: Serious crash, Melville

    Source: New Zealand Police (District News)

    Emergency services are currently at the scene of a serious two-vehicle crash at the intersection of Ohaupo Road and Beatty Street, Melville. 

    Police were called about 8.45pm.

    Initial indications are one person has been seriously injured.

    The road is closed, with diversions in place.

    Motorists should avoid the area if possible.

    ENDS 

    Issued by Police Media Centre 

    MIL OSI New Zealand News –

  • MIL-OSI: Municipality Finance issues USD 20 million notes under its MTN programme

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Stock exchange release
    27 February 2025 at 10:00 am (EET)

    Municipality Finance issues USD 20 million notes under its MTN programme

    Municipality Finance Plc issues USD 20 million notes on 28 February 2025. The maturity date of the notes is 28 February 2035. MuniFin has a right, but no obligation, to redeem the notes early on 28 February 2027. The notes bear interest at a fixed rate of 5.305% per annum.

    The notes are issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular, the supplemental offering circular and the final terms of the notes are available in English on the company’s website at https://www.kuntarahoitus.fi/en/for-investors.

    MuniFin has applied for the notes to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 28 February 2025.

    UBS Europe SE acts as the dealer for the issue of the notes.

    MUNICIPALITY FINANCE PLC

    Further information:

    Joakim Holmström
    Executive Vice President, Capital Markets and Sustainability
    tel. +358 50 444 3638

    MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The company is owned by Finnish municipalities, the public sector pension fund Keva and the State of Finland.
    The Group’s balance sheet total is over EUR 53 billion.

    MuniFin builds a better and more sustainable future with its customers. MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, corporate entities under their control, and non-profit organisations nominated by the Housing Finance and Development Centre of Finland (ARA). Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

    MuniFin’s customers are domestic but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.

    Read more: https://www.kuntarahoitus.fi/en/

    Important Information

    The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

    This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

    The MIL Network –

  • MIL-OSI: Austria’s Regulatory Reporting Infrastructure to Move to the Cloud with Nasdaq AxiomSL

    Source: GlobeNewswire (MIL-OSI)

    Nasdaq secures technology partnership with AuRep, a unique collaborative joint venture of banks and financial service providers in Austria

    Cloud-based platform will support early compliance with the EU’s Integrated Reporting Framework (IReF)

    NEW YORK and VIENNA, Feb. 27, 2025 (GLOBE NEWSWIRE) — Nasdaq (Nasdaq: NDAQ) today announced it has signed an agreement with Austrian Reporting Services (AuRep) to provide the regulatory reporting technology that underpins the Austrian financial services industry. Founded in 2013, AuRep is a unique collaboration amongst major banks and financial service providers in Austria designed to consolidate regulatory reporting infrastructure onto a single, shared platform.

    The agreement will see around 90% of Austrian credit institutions move their regulatory reporting infrastructure to the cloud, upgrading their legacy on-premises solution to Nasdaq AxiomSL. It reflects the growing demand for regulatory technology solutions that simplify banks’ underlying architecture to more flexibly meet future requirements.

    “AuRep is a truly unique and innovative response to regulatory complexity and setting the global standard for simplifying regulatory reporting compliance,” said Ed Probst, Senior Vice President, Regulatory Technology at Nasdaq. “European banks are subject to intense supervisory oversight and ever-greater reporting requirements, which is driving increasing demand for cloud-based platforms that can readily adapt to change while providing scalability and the highest standards of security. We are proud of our track record in delivering the highest quality regulatory reporting products and services and AuRep’s rigorous selection process has confirmed the same.”

    Staying ahead of regulatory change was critical for AuRep. By selecting Nasdaq AxiomSL as a Service (SaaS), AuRep is able to rapidly deploy regulatory updates and scale up capacity to deliver to the Austrian banking community. Future regulatory changes such as the EU’s incoming Integrated Reporting Framework (IReF) will be seamlessly integrated into the Nasdaq AxiomSL platform ensuring timely and cost-effective compliance. IReF seeks to harmonize statistical reporting across euro area banks, but will significantly increase the volume, granularity, and frequency of data submissions, meaning many will be unable to comply unless they modernize their underlying data architecture or seek cloud-based solutions.

    Kenneth Born, CEO at Aurep, said: “We selected Nasdaq AxiomSL to future-proof our Common Reporting Platform, optimized according to our Target Operating Model drawing on innovative, scalable, and fully compliant public cloud infrastructure. Adapting this software in line with the Austrian Central Bank’s granular Integrated Reporting Data Model, continues the success story of the Austrian standardized granular reporting platform. It enables banks to create and submit reports legally required under Austrian and European regulations, with tailored and efficient software in a consistent and highly standardized manner, while realizing economies of share.”

    Owned by the majority of Austrian Banking groups, AuRep operates a common regulatory reporting platform, offering an audit-proof, stable, and reliable framework for its members. It is the single point of contact for all reporting entities and financial service providers in the country, aggregating data into a central client-isolated reporting system, which then transmits data reliably and securely to the Central Bank of the Republic of Austria.

    Nasdaq AxiomSL is a comprehensive data management tool and regulatory reporting platform. It is designed to simplify regulatory reporting processes for banks and other financial services companies, recognizing that in an increasingly global and real-time financial ecosystem, institutions need modern compliance and regulatory reporting solutions that simplify a complex regulatory landscape. The platform allows clients to centralize and scale all current and future regulatory reporting processes from a single, cloud-enabled, end-to-end platform. It supports compliance with 110 regulators across 55 jurisdictions, backed by a global team of industry experts, supporting a quick time to market as banks expand into new markets or asset classes.

    Nasdaq’s technology is used by 97% of global systematically important banks, half of the world’s top 25 stock exchanges, 35 central banks and regulatory authorities, and 3,500+ clients across the financial services industry. As a scaled platform partner, Nasdaq draws on deep industry experience, technology expertise, and cloud managed service experience to help financial services companies solve their toughest operational challenges while advancing industrywide modernization.

    About Nasdaq

    Nasdaq (Nasdaq: NDAQ) is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

    Media Contacts

    Andrew Hughes; +44 (0)7443 100896; Andrew.Hughes@nasdaq.com

    Camille Stafford; +1 (234) 934 9513; Camille.Stafford@nasdaq.com

    Cautionary Note Regarding Forward-Looking Statements:

    Information set forth in this press release contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Forward-looking statements can be identified by words such as “will” and “can” and other words and terms of similar meaning. Such forward-looking statements include, but are not limited to, statements related to the benefits of Nasdaq’s AxiomSL platform. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These risks and uncertainties are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

    -NDAQG-

    The MIL Network –

  • MIL-OSI Economics: Samsung Partners With Kia to Integrate SmartThings Pro into Kia PBV for More Convenient Business Management Experiences

    Source: Samsung

    Samsung Electronics Co., Ltd. today announced a partnership with Kia Corporation that integrates SmartThings Pro, Samsung’s B2B management solution, into Kia’s Platform Beyond Vehicles (PBVs).1 The agreement — signed at the Kia EV Day event held this week in Spain — is an extension of the strategic technology partnership signed last September with Hyundai Motor and Kia.
    The latest agreement expands the collaboration to provide business customers with more convenient and valuable mobility experiences through SmartThings Pro. The B2B management platform offers efficient energy savings and integrated space management by connecting various devices, solutions and services across residential facilities to office buildings and commercial facilities. Attending the signing ceremony were Chanwoo Park, Executive Vice President at Samsung’s B2B Integrated Offering Center, and Sangdae Kim, Head of Kia’s PBV Division.
    “By integrating SmartThings Pro into Kia PBV, we plan to present an intelligent new way for businesses to be connected to their customers,” said Chanwoo Park, Executive Vice President of B2B Integrated Offering Center at Samsung Electronics. “We will provide an optimized integrated store management experience based on customized solutions to cater for a range of B2B customers including the self-employed and small business owners.”

    With the integration of SmartThings Pro and Kia PBV, B2B customers can connect their vehicles to external business spaces and execute automated routine controls set in vehicles to increase operational efficiency and convenience. For example, self-employed and small business owners who purchase Kia PBVs will be able to manage automation routines such as air conditioning, signage and home appliances in their stores through SmartThings Pro, making operation and management much more convenient.
    Small business owners who remotely operate multiple unmanned stores or shared lodgings can use a Kia PBV to manage them in real time while on the move. As part of remote management, users can receive notifications of abnormal activity and device failures or maintenance. Users can also manage check-ins and check-outs, optimize air conditioning and prevent energy waste when customers are away.
    Additionally, SmartThings Pro provides advance notifications of the on-site tasks that need to be carried out — such as consumable replacements and maintenance lists — tailored to the store or establishment where the PBV arrives, enabling easy operation.

    MIL OSI Economics –

  • MIL-OSI USA: February 26th, 2025 Heinrich, Stansbury Lead Colleagues to Demand Reversal of Trump Attacks on Programs Serving Tribes and Tribal Members

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich
    WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.) and U.S. Representative Melanie Stansbury (D-N.M.) led 109 of their colleagues in a bicameral letter to President Donald Trump, U.S. Department of the Interior Secretary Doug Burgum, and U.S. Department of Health and Human Services (HHS) Secretary Robert F. Kennedy, Jr. in demanding that efforts to fire employees and defund programs that serve Tribes and Tribal members be stopped and reversed.
    The lawmakers demanded that the President, Secretary Burgum, and Secretary Kennedy, “take immediate action to halt, exempt, and reverse the impacts to federal employees and funding serving Indian Country, as those positions and programs are essential for the administration of legally mandated Tribal programs and services.”
    Outlining the impact of the Trump administration’s actions to-date, the lawmakers wrote, “Your administration’s recent executive actions undermine Tribal sovereignty, existing federal law, and the federal-Tribal government-to-government relationship” The lawmakers continued, “In the past month, your administration has taken aim at thousands of federal workers across various government agencies. Reports indicate that this includes more than 2,600 federal employees at the Department of Interior, including more than 100 Bureau of Indian Affairs (BIA) employees, more than 40 Bureau of Indian Education (BIE) employees, several employees at the Office of Indian Affairs, as well as social workers, firefighters, and police that work on behalf of Indian Country, plus some 950 Indian Health Service (IHS) employees at the Department of Health and Human Services.”
    The lawmakers further reminded the President and Secretary Burgum that “Tribal Nations are sovereign governments with a unique legal and political relationship to the United States. The inherent sovereignty of Tribes is recognized in the U.S. Constitution, in treaties, and across many federal laws and policies, and it has been consistently upheld by the U.S. Supreme Court.” The lawmakers continued, “These trust and treaty obligations in some cases predate both the establishment of all of the agencies in question as well as the United States itself. Pursuant to those legal obligations, we must adequately fund and staff agencies that provide these essential services and programs, including at BIA, BIE, and IHS.”
    In the Senate, the letter was led by Senate Energy and Natural Resources Ranking Member Martin Heinrich (D-N.M.). The letter was signed by U.S. Senate Minority Leader Chuck Schumer (D-N.Y.) and U.S. Senators Ben Ray Lujan (D-N.M.), Michael Bennet (D-Colo.), Catherine Cortez Masto (D-Nev.), Ruben Gallego (D-Ariz.), John Hickenlooper (D-Colo.), Mark Kelly (D-Ariz.), Amy Klobuchar (D-Minn.), Jeff Merkley (D-Ore.), Patty Murray (D-Wash.), Alex Padilla (D-Calif.), Jacky Rosen (D-Nev.), Bernie Sanders (I-Vt.), Adam Schiff (D-Calif.), Tina Smith (D-Minn.), and Ron Wyden (D-Ore.).
    In the House, the letter was led by U.S. Representative Melanie Stansbury (D-N.M.). The letter was signed by 93 House members, including U.S. Representatives Gabe Vasquez (D-N.M.) and Teresa Leger Fernandez (D-N.M.).
    The full text of the letter is available here and below.
    Dear President Trump, Secretary Burgum, and Secretary Kennedy:
    We write to you today to urge you to take immediate action to halt, exempt, and reverse from existing or future executive actions any federal offices, services, or funding that serve Indian Country, as these positions and programs are essential to the administration of legally mandated Tribal programs and services.
    We are gravely concerned about the implementation of recent Executive Orders (EO), including EO 14210 entitled “Implementing the President’s “Department of Government Efficiency” Workforce Optimization Initiative,” and the implications of reductions in the federal workforce and funding for Indian Country. As you know, the U.S. government has both trust and treaty responsibilities to Tribal Nations. These responsibilities are implemented by agencies including the Bureau of Indian Affairs (BIA), Bureau of Indian Education (BIE), Indian Health Service (IHS), and others, providing critical healthcare, education, and social services to Tribal communities. Your administration’s recent executive actions undermine legally required commitments to sovereign Tribal Nations, existing federal law, and the federal-Tribal government-to-government relationship.
    In the past month, your administration has taken aim at thousands of federal workers across various government agencies. Reports indicate that this includes more than 2,600 federal employees at the Department of the Interior, including more than 100 Bureau of Indian Affairs employees, more than 40 Bureau of Indian Education employees, several employees at the Office of Indian Affairs, as well as social workers, firefighters, and police that work on behalf of Indian Country, plus some 950 Indian Health Service employees at the Department of Health and Human Services. There have also been reports of layoffs at Tribal Colleges and Universities, including dozens of educators at both Haskell Indian Nations University and Southwestern Indian Polytechnic Institute which are operated by the Bureau of Indian Education.
    Independent federal oversight entities, such as the Office of the Special Counsel, have already deemed some of these firings to be unlawful. Beyond the legal questions surrounding the ability to fire employees without specifying performance or conduct issues, any unilateral attempts to disrupt existing services administered or funded by the BIA, BIE, IHS, or other Tribal-serving entities would directly violate the trust and treaty obligations of the United States to Tribal Nations.
    Tribal Nations are sovereign governments with a unique legal and political relationship to the United States. The inherent sovereignty of Tribes is recognized in the U.S. Constitution, in treaties, and across many federal laws and policies, and it has been consistently upheld by the U.S. Supreme Court. These trust and treaty obligations in some cases predate both the establishment of all of the agencies in question as well as the United States itself. Pursuant to those legal obligations, the U.S. must adequately fund and staff agencies that provide these essential services and programs, including at BIA, BIE, and IHS.
    We have many concerns about the legality of the administration’s recent actions and, importantly, the ways in which those actions impact the sovereignty, self-determination, and trust and treaty obligations for Indian Country. The implementation of these obligations is a vital, non-discretionary part of federal law and the federal budget. This is not a partisan issue. We urge your administration to immediately halt, exempt, and reverse any federal workforce or federal funding reductions for Tribal programs or services and to engage in formal consultation with affected Tribal Nations at the government-to-government level. Any attempts to unilaterally dismantle or undermine these programs violates trust and treaty obligations, the U.S. Constitution, and centuries of legal precedent.
    Sincerely,

    MIL OSI USA News –

  • MIL-OSI: IDEX Biometrics interim report for the fourth quarter and preliminary result for 2024

    Source: GlobeNewswire (MIL-OSI)

    Oslo, Norway: IDEX Biometrics ASA’s interim report for the fourth quarter and preliminary result 2024 is attached to this notice, including the fourth quarter 2024 presentation.

    The report and presentation are available on the IDEX Biometrics website:

    www.idexbiometrics.com/investors

    Recent highlights 

    • Certification of IDEX PAY platform allowing manufacturers to certify and launch Biometric Payment Card programs with both Visa and Mastercard globally.
    • Reaching scale manufacturing quality among key partners, enabling them and us to go beyond pilot volumes.
    • IDEX Biometrics partner KONA I becomes first manufacturer certified by Mastercard for both PVC and metal biometric cards.
    • Access: Received an order from DigAware to deliver a biometric sensor solution to enhance their smart badges. DigAware’s new biometric ID badge incorporates RFID radios for emergency situations in environments such as schools, hospitals, and enterprises.
    • Payments: First commercial launch in Japan together with Life Card, subsidiary to AIFUL Japan’s third largest consumer finance company. Life Card’s commercial roll-out is targeted for the first half of 2025.
    • Streamlined global operations and progressed on cost efficiencies, aligning resources with key market priorities and further optimized our workforce.
    • Completed rights issue in November, allowing retail investors to participate at the same terms as shareholders participating in the September capital raise.

    Financial results Q4 2024

    • No product revenues in the fourth quarter.
    • Operating expenses excluding cost of products sold and bad debt provisions amounted to $2.4 million in the fourth quarter, below target at $2.5 million.
    • An accrual for loss on receivables from Zwipe AS amounting to $0.6 million has been included in the fourth quarter of 2024.
    • Net loss in the fourth quarter of 2024 was $2.1 million. The result includes net financial gain amounting to $2.4 million caused by value change of warrants and the derivative related to the convertible debt. Adjusted for these items, the result would have been a net loss of $4.6 million.
    • A non-cash impairment of goodwill amounting to $968 thousand was recorded in the fourth quarter.
    • Cash balance per 31 December 2024 at $2.0 million

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

     

    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. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market.

    For more information, visit www.idexbiometrics.com (http://www.idexbiometrics.com)

     

    Trademark Statement

    IDEX, TrustedBio, IDEX Biometrics and the IDEX logo are trademarks owned by IDEX Biometrics ASA. All other brands or product names are the property of their respective holders.

     

    About this notice

    This notice was issued by Marianne Bøe, Head of Investor Relations, on 27 February 2025 at 08:00 CET on behalf of IDEX Biometrics ASA. The information shall be disclosed according to section 5‑6 of the Norwegian Securities Trading Act (STA) and published in accordance with section 5‑12 of the STA.

    Attachments

    The MIL Network –

  • MIL-OSI: Subsea 7 S.A. Announces Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Luxembourg – 27 February 2025 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY, ISIN: LU0075646355, the Company) announced today results of Subsea7 Group (the Group, Subsea7) for the fourth quarter and full year which ended 31 December 2024. Unless otherwise stated the comparative period is the full year which ended 31 December 2023.   

    Highlights 

    • Full year Adjusted EBITDA of $1,090 million, up 53% on the prior year, equating to a margin of 16%
    • Fourth quarter Adjusted EBITDA of $315 million, up 29% on the prior year period, equating to a margin of 17%
    • Robust free cash flow of $408 million in the fourth quarter, leading to a reduction in net debt (including lease liabilities) of $256 million compared to the third quarter
    • Fourth quarter order intake of $2.3 billion, a book-to-bill ratio of 1.2
    • A high-quality backlog of $11.2 billion implies over 80% visibility on 2025 revenue guidance and supports the outlook for Adjusted EBITDA margin expansion to 18 to 20%
    • Dividend of approximately $350 million proposed, subject to shareholder approval, for payment in two equal instalments in 2025
      Fourth Quarter Year Ended
    For the period (in $ millions, except Adjusted EBITDA margin and per share data) Q4 2024
    Unaudited    		 Q4 2023
    Unaudited    		 2024
    Audited    		 2023
    Audited
    Revenue 1,869 1,631 6,837 5,974
    Adjusted EBITDA(a) 315 245 1,090 714
    Adjusted EBITDA margin(a) 17% 15% 16% 12%
    Net operating income 126 55 446 105
    Net income/(loss) 26 (11) 217 10
             
    Earnings per share – in $ per share        
    Basic 0.07 (0.06) 0.68 0.05
    Diluted(b) 0.07 (0.06) 0.67 0.05
             
    At (in $ millions)      

    2024
    31 Dec

    		  

     2023
    31 Dec
    Backlog(a)     11,175 10,587
    Book-to-bill ratio(a)     1.2x 1.2x
    Cash and cash equivalents     575 751
    Borrowings     (722) (845)
    Net debt excluding lease liabilities(a)     (147) (94)
    Net debt including lease liabilities(a)     (602) (552)

    (a) For explanations and reconciliations of Adjusted EBITDA, Adjusted EBITDA margin, Backlog, Book-to-bill ratio and Net debt refer to the ‘Alternative Performance Measures’ section of the Condensed Consolidated Financial Statements.

    (b) For the explanation and a reconciliation of diluted earnings per share refer to Note 7 ‘Earnings per share’ to the Condensed Consolidated Financial Statements.

    John Evans, Chief Executive Officer, said:

    Subsea7 delivered another strong performance in the fourth quarter of 2024, building on the momentum already achieved over the past two years. With a quarterly Adjusted EBITDA of $315 million and a full year result of approximately $1.1 billion, we exceeded the top end of the guidance range we set out a year ago. 

    During the quarter we recorded order intake of $2.3 billion, resulting in a year end backlog of $11.2 billion. With $5.8 billion for execution in 2025 we are confident in the Group’s ability to generate strong Adjusted EBITDA and cash flow in the year ahead.

    Interactions with clients remain constructive and high tendering activity continues to support our positive outlook. Against this backdrop the Board of Directors has proposed that in 2025, we return approximately $350 million in the form of a cash dividend. Since 2012, Subsea7 has returned approximately $2.5 billion to shareholders and this year’s commitment underscores our commitment to capital discipline and focus on delivering for all our stakeholders.

    Fourth quarter project review
    During the fourth quarter, Subsea7 continued to execute a portfolio of major projects in Brazil, where Seven Vega was active on the Mero 3 project, while Seven Cruzeiro installed umbilicals and Seven Merlin provided support. The pipelay support vessels (PLSVs) also achieved high utilisation. In the US, Seven Navica installed risers at Sunspear, and Seven Seas worked at Shenandoah and Cypre. Seven Borealis, Seven Pacific and Seven Arctic were active in Saudi Arabia, Egypt and Angola. Finally, in Norway, we made good progress in the fabrication of pipelines and bundles for the Yggdrasil project at our Vigra and Wick spoolbases.

    The Renewables business performed strongly and delivered an Adjusted EBITDA margin of 21%. Seaway Alfa Lift and Seaway Strashnov were active on the Dogger Bank B project, installing monopiles and transition pieces. Having achieved good and predictable cycle times for monopile installation, our scope is nearing completion and we will mobilise to the Dogger Bank C project in April. During the quarter our cable lay activities centred on Taiwan where we were active on the Yunlin, Zhong Neng and Hai Long projects. In the US, Seaway Aimery installed cables at the Revolution project. Utilisation of the heavy transportation vessels was high.

    Fourth quarter financial review
    Revenue was $1.9 billion an increase of 15% compared to the prior year period. Adjusted EBITDA of $315 million equated to a margin of 17%, up from 15% in Q4 2023. This reflected another strong quarter of double-digit margins in Renewables and a robust performance in Subsea and Conventional.

    Depreciation, amortisation and impairment charges were $189 million, resulting in net operating income of $126 million compared to $55 million in the prior year period. Net finance costs of $19 million and a net foreign exchange loss of $67 million, resulted in net income for the quarter of $26 million compared with a net loss of $11 million in the prior year period.

    Net cash generated from operating activities in the fourth quarter was $487 million, including a $251 million improvement in net working capital, equating to a cash conversion of 1.6 times. Net cash used in investing activities was $69 million mainly related to purchases of property, plant and equipment and intangible assets. Net cash used in financing activities was $271 million including lease payments of $59 million. Overall, cash and cash equivalents increased by $135 million to $575 million at 31 December 2024 and net debt was $602 million, including lease liabilities of $455 million.

    Fourth quarter order intake was $2.3 billion comprising new awards of $1.8 billion and escalations of $0.5 billion resulting in a book-to-bill ratio of 1.2 times. Backlog at the end of December was $11.2 billion, of which $5.8 billion is expected to be executed in 2025, $3.4 billion in 2026 and $2.0 billion in 2027 and beyond.

    Commitment to shareholder returns
    At the Annual General Meeting on 8 May 2025, the Board of Directors will propose that shareholders approve a cash dividend of NOK 13.00 per share, equating to approximately $350 million, payable in two equal instalments in May and November 2025. This represents a year-on-year increase of 40% in returns to shareholders and is equivalent to an approximate yield of 7% related to the cash dividend.

    Outlook
    We anticipate that revenue in 2025 will be between $6.8 billion and $7.2 billion, while the Adjusted EBITDA margin is expected to be within a range from 18% to 20%. We continue to expect margins to exceed 20% in 2026, based upon our firm backlog of contracts and the prospects in our tendering pipeline.

    Driven by structural factors including economic development and energy security, the outlook for long-term energy demand growth remains positive. Subsea7’s exposure to both the hydrocarbon and renewable sectors leaves the Group well placed to benefit from this structural energy trend. Our focus on late-cycle, long-duration developments adds resilience to our strategy, while our track record for project execution and strong balance sheet support a market-leading position that benefits the Group, our customers and our shareholders.

    Proposed Combination of Subsea7 and Saipem
    On 23 February 2025, Subsea 7 S.A. announced an agreement in principle on the key terms of the proposed merger with Saipem S.p.A. In accordance with the memorandum of understanding signed between Saipem S.p.A. and Subsea 7 S.A., Subsea 7 S.A. shareholders will receive 6.688 Saipem S.p.A. shares for each Subsea 7 S.A. share held, and an extraordinary dividend for an amount equal to €450 million will be distributed immediately prior to completion. Subsea 7 S.A. and Saipem S.p.A. shareholders will own 50% each of the issued share capital of the combined company. The completion of the proposed combination is anticipated to occur in the second half of 2026, following completion of confirmatory due diligence, the approval of the final terms of the proposed combination by the Board of Directors of Subsea 7 S.A. and Saipem S.p.A., the execution of a satisfactory merger agreement, and relevant corporate and regulatory approvals.

    Kristian Siem, Chairman of the Board of Directors and the largest shareholder of Subsea7, as well as the management of Subsea7 share a conviction that there is compelling logic in creating a global leader in energy services, particularly considering the growing size of clients’ projects. Saipem and Subsea7 are highly complementary in terms of market offerings and geographies. The combination would enhance value for shareholders, clients and other stakeholders, both in the current market and in the long term.

    Conference Call Information
    Date: 27 February 2025
    Time: 12:00 UK Time, 13:00 CET
    Access the webcast at subsea7.com or https://edge.media-server.com/mmc/p/aexdnm2p/
    Register for the conference call https://register.vevent.com/register/BIec54517b2a53403badecf6512dc8b41a

    Attachments

    The MIL Network –

  • MIL-OSI: Deutsche Telekom’s T Wholesale and Nokia energize network API market with commercial deal to drive and simplify developer-created applications #MWC 2025

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    Deutsche Telekom’s T Wholesale and Nokia energize network API market with commercial deal to drive and simplify developer-created applications #MWC 2025

    • Two Deutsche Telekom network API use cases, SIM Swap and Number Verification that are key security and authentication solutions for industries such as financial services and retail, will be made available to developers through Nokia’s Network as Code platform with developer portal.
      • The two APIs will target Germany initially, with other European markets planned for later in the year. Additional Deutsche Telekom APIs, like Location Verification and Quality on Demand, are also expected to be made available on the Network as Code platform in the months ahead.

    27 February 2025
    Espoo, Finland — T Wholesale, which is part of Deutsche Telekom, one of Europe’s largest operators with more than 250 million subscribers, and Nokia have signed a commercial deal that will make two of the operator’s network API use cases, SIM Swap and Number Verification, available to developers through Nokia’s Network as Code platform with developer portal. The deal marks an important step for operators as they accelerate plans to monetize their network assets and core capabilities by exposing their network functions to developers.

    “Network APIs are a growing focus for Deutsche Telekom in Europe. In reaching this milestone, Nokia’s technology and approach give us the confidence that we can fully provide developers with the tools they require to successfully utilize our APIs to better service their own customers with innovative solutions,” said Carsten Bruns, Vice President of Internet & Content Services at T Wholesale.

    SIM Swap and Number Verification are key security and authentication solutions for industries such as financial services and retail, using telecom network capabilities to mitigate fraud and enhance user verification. A SIM Swap API works by detecting if a SIM card associated with a phone number was recently changed, which could trigger additional security verification checks. Number Verification can confirm whether a user has control over a phone number and if a commercial transaction request has come from the same device as the owner.

    “This agreement with Deutsche Telekom’s T Wholesale is a fantastic reflection of our collaboration and joint vision of maximizing the true value of network assets and supporting developers in creating new 5G and 4G applications. This is also an important validation point of Nokia’s solid execution of its network API strategy, technology, and, with our Rapid acquisition, go-to-market capabilities, which are peerless in our industry,” said Raghav Sahgal, President of Cloud and Network Services at Nokia.

    Nokia’s Network as Code platform provides developers with standardized access to network functions, without having to navigate any of the underlying network technologies. Nokia’s network API strategy is centered around connecting multiple API ecosystems through its Network as Code platform by offering operators the broadest range of network exposure options, paired with robust multi-tier API security and simplified access to network functionalities.

    Nokia further strengthened its capabilities recently with its acquisition of Rapid, the world’s largest public API hub that enables operators to seamlessly integrate their networks, actively control API usage and exposure, and enhance API lifecycle management.

    Since launching the Network as Code platform in September 2023, Nokia’s ecosystem of Network as Code platform partners has grown to 51 currently and includes BT, Orange, StarHub, Telefonica, and Telecom Argentina. Nokia’s commitment to API monetization extends beyond network-side aggregation and includes hyperscalers like Google Cloud; Communications Platform as a Service (CPaaS) platform providers such as Infobip; vertical independent software vendors like Elmo; and the world’s largest public API hub through Nokia’s acquisition of Rapid.

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

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

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

    Media inquiries 
    Nokia Press Office 
    Email: Press.Services@nokia.com  

    Follow us on social media 
    LinkedIn X Instagram Facebook YouTube       

    The MIL Network –

  • MIL-OSI Economics: Development Asia: Building Sustainable Vaccine Manufacturing Practices in Lower-Resourced Settings

    Source: Asia Development Bank

    Vaccines are inherently labile biologicals that require complex manufacturing and handling processes. Vaccine manufacturing requires multiple considerations, such as technical expertise, production capabilities, market demand, and stringent regulatory requirements. Underpinning these considerations is the need for sustainable funding. Vaccine manufacturing is a capital-intensive endeavor with facilities and equipment costing up to $700 million. This excludes the costs of product development, licensing, regulatory, and overhead costs, clubbed with a significant risk of development failure and unprofitability. Because of the high investments needed, there are often conflicting interests between commercial drivers and public health needs. The COVAX manufacturing task force highlighted key prerequisites for vaccine manufacturing to address future pandemic responses. These include a wide range of efforts, including upgrading manufacturing facilities to international standards, expanding the vaccine manufacturing workforce and regulatory capabilities, and enabling technology transfer.

    Maintaining quality throughout the process of vaccine production to delivery is paramount. As it involves many upstream and downstream processes, vaccine manufacturing demands a robust quality management system to ensure an uninterrupted supply of raw materials, consumables, current Good Manufacturing Practice-compliant facilities, and state-of-the-art equipment. Optimizing the scale-up of production, validation, and prompt resolution of technical issues are important to address when expanding the production capacity. The complexity of production is further constrained by vaccine lability, with many vaccines requiring cold chain maintenance during transportation and storage, some at very low temperatures. In addition, supply chain networks for manufacturing and packaging processes spread across different countries add to the complexity of producing consistently good quality batches of these susceptible biological products.

    From an economic perspective, investing in or scaling up vaccine manufacturing capacity has limited utility without sustainable demand. Overall vaccine demand depends on several factors: i) private, public, and donor market demands; ii) disease prevalence; iii) vaccine effectiveness and safety; iv) trust in the government and health system; and v) social norms, such as social influence, vaccination decisions of peers and vaccine free-riding behavior. For example, Gavi, the Global Vaccine Alliance, provides data on forecasting vaccine demand to assist stakeholders in understanding the vaccine market needs. On the supply side, health systems must also have adequate facility readiness to effectively deliver the vaccines.

    During the COVID-19 pandemic, expedited regulatory approvals were crucial for the rapid development, manufacturing, and delivery of vaccines. However, prior to the pandemic, fragmented regulatory requirements, complex quality control standards, and the lack of a central monitoring and coordinating system to manage capacity had hampered vaccine manufacturing efforts.

    Setting up sustainable vaccine manufacturing capabilities also depends on issues around intellectual property rights of the vaccines. The current Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) established by the World Trade Organization grants disproportionate market power to the bigger developers and manufacturers and leads to market oligopoly, further increasing the barrier of entry for smaller manufacturers. While technology transfer as a method of collaboration is proposed to improve efficiency in manufacturing, it requires extensive and transparent knowledge sharing and active support from the original manufacturers to reproduce the original vaccines with acceptable variations. This entire technology transfer process may take from 18 months up to 30 months as it involves a wide range of activities and expertise, including specialized skills, documentation, laboratory technicians, and regulation registration. In public health emergencies where it is essential to ramp up vaccine production, this timeline delays access to life-saving vaccines.

    Vaccine manufacturing also has a profound impact on the environment. Vaccine packaging material, which is essential for transport and storage, can raise costs including disposal expenses. There is a significant increase in glass, plastic, and rubber residues from vaccine containers as well. Combined with the added waste from the process of vaccination, such as needles and syringes that are often non-biodegradable, vaccine manufacturing greatly affects the environment.

    MIL OSI Economics –

  • MIL-OSI Economics: Development Asia: Ensuring Sustainable, Locally Relevant Vaccine R&D in Resource-Limited Settings

    Source: Asia Development Bank

    Decisions on vaccine platform choice should be context-specific.

    Various vaccine technologies or platforms are available to help the body defend against pathogens (Table 1). While mRNA-based vaccines were the fastest to be developed and the most effective against SARS-CoV-2, the technology is not a solution for all pathogens. Each vaccine platform has its advantages and limitations, and choosing one depends on factors such as the pathogen, immune response, outbreak situation, cost, and ease of manufacturing.

    The understanding of how the human body defends against different pathogens often guides vaccine technology selection. The two major protective, vaccine-induced immune components include: 1) neutralizing antibodies in the blood that can block infection and 2) immune T cells that kill infected cells. For example, the immune system combats bacterial infections through T-cell-dependent antibodies targeting the outer bacterial polysaccharide coating. As a result, most bacterial vaccines use polysaccharide conjugate vaccine technologies.

    Tackling pandemic versus endemic pathogens requires vastly different vaccine development considerations. During a pandemic, rapid vaccine development technologies, such as mRNA, are critical. However, for vaccines against endemic pathogens, priorities may shift to long-term immunity and cost-effectiveness. When developing vaccines in or for populations in low-resource settings, cost and manufacturing complexity are key considerations. Furthermore, up-to-date knowledge of the major circulating pathogen strains—both locally and globally—and their associated epidemiology should inform vaccine development.

    Investment in a range of vaccine platforms is critical for maximizing success.

    As countries tackle a vast range of emerging infectious diseases, experts recommend judicious R&D investments in a variety of platforms, as well as innovations in manufacturing. The “portfolio approach” by the Coalition for Epidemic Preparedness Innovations (CEPI) is a case in point. It refers to the deliberate investment in a diverse range of vaccine platforms. Portfolio diversification enhances overall success by ensuring that different platforms do not share the same features and risks of failure.

    Investment in early-stage R&D is instrumental for understanding how vaccine candidates provide protection and for generating evidence to support early go/no-go decisions in vaccine development. All vaccine R&D investments require a comprehensive assessment to evaluate market demand, barriers to access, and expected public health impact. For example, GAVI’s vaccine investment analysis framework aims to understand and capture the full value of vaccines, including social, economic, and population health benefits.

    CEPI’s 100-day mission proposes to build a global vaccine library to promote coordinated investments and a global collaborative network for rapid content sharing. This initiative aims to build a library of vaccine prototypes and incorporate AI tools to forecast virus variants for high-priority diseases before their emergence.

    Accelerating vaccine development requires multi-stakeholder effort.

    The COVID-19 pandemic highlighted the possibility of drastically shrinking clinical development timelines by combining clinical trial phases and using adaptive trial designs. The use of immune correlates of protection (CoP)—i.e., immune parameters responsible for vaccine-induced protection—also enabled the rapid licensure of several COVID-19 vaccines. This was achieved through bridging studies, where immunology results from completed clinical trials were extrapolated to different populations. Fundamental research on high-priority pathogens is therefore crucial for establishing and validating CoP for future pandemic pathogens. Newer methods, such as controlled human challenge models, offer further potential to provide rapid insights into protection and safety.

    Regulatory agility during the pandemic facilitated the expedited development of safe and high-quality vaccines. Similarly, regional and global collaboration in sharing manufacturing processes and vaccine safety and efficacy data further accelerated vaccine R&D. Therefore, continued data sharing, harmonization of regulatory requirements and resolving intellectual property issues will lead to faster availability of new vaccines during emergencies.

    Limited infrastructure, funding, technical expertise, operational and manpower limitations currently hamper trials in resource-limited countries. Equitable vaccine access may be facilitated through international public-private partnerships in vaccine development and technology transfer. Understanding the magnitude and extent of knowledge and expertise gaps in these countries is important for guiding capacity building initiatives.

    Affordability dictates the success of vaccine development programs in resource-limited countries.

    Innovative strategies are essential in ensuring financial sustainability of vaccine R&D in lower-resourced countries. Design and discovery of new and improved vaccine technologies usually require decades of investment in basic scientific research, which is mostly sustainable in high-resource settings. To level the playing field, initiatives such as the WHO mRNA transfer hub and private and philanthropic joint ventures like Hilleman laboratories are working to make new vaccine technologies more accessible to lower-resource countries through technology transfer mechanisms.

    Additionally, vaccine clinical trials require significant financial investments for setting up infrastructure, capacity development and clinical trial implementation. As a solution, WHO recently set up the Global Clinical Trials Forum to strengthen the clinical trial ecosystem in the Global South and promote domestic financing of clinical trials.

    Table 1: Major Vaccine Platforms and Considerations for Development in Resource Constrained Settings

    MIL OSI Economics –

  • MIL-OSI China: High-tech zones leading AI, new energy forward

    Source: People’s Republic of China – State Council News

    China’s national high-tech industrial development zones, the backbone of the country’s forward-looking technology sector, are stepping up the push to cultivate emerging sectors such as humanoid robots, quantum information, new energy storage and synthetic biology, the country’s top industry regulator said on Wednesday.

    The comments came as enterprises in China’s national high-tech industrial development zones contribute around 50 percent of the nation’s research and development expenditure and invention patents. Meanwhile, the zones have become critical hubs for artificial intelligence development, hosting 60 percent of China’s listed AI-related companies and 50 percent of AI unicorns, or startups valued at $1 billion or more, said the Ministry of Industry and Information Technology.

    Yao Jun, head of the MIIT planning department, said that by integrating technological innovation with industrial transformation, China’s national high-tech zones aim to build world-class high-tech parks and innovation hubs, positioning themselves as pioneers in innovation-driven development and high-quality growth.

    In 2024, high-tech zones have demonstrated remarkable progress in fostering innovation and economic development, contributing significantly to the nation’s technological advancement and industrial transformation. The combined GDP of these zones reached 19.3 trillion yuan ($2.67 trillion), marking a year-on-year increase of 7.6 percent.

    Additionally, the zones have attracted significant foreign investment, with newly registered foreign enterprises increasing by 24.6 percent year-on-year in 2024, and the zones accounted for about 40 percent of the nation’s actual use of total foreign investment.

    “By releasing AI application scenario lists and organizing industry-academia collaborative events, high-tech zones have actively promoted the application of AI tech, including AI large language models in key sectors,” said Wu Jiaxi, deputy head of the planning department at the MIIT.

    Companies have also established innovation centers for humanoid intelligent robots and developed on-chip brain-computer interface intelligent interaction systems in these national high-tech zones, the MIIT added.

    Zhou Guangyong, deputy director of the Wuhan East Lake High-Tech Development Zone in Hubei province, said the optoelectronic information sector in the zone surpassed 600 billion yuan in revenue last year. The zone has focused on advancing core technologies, establishing world-class innovation platforms, and fostering industrial clusters in integrated circuits and optical communications.

    Industrial clusters refer to an industrial grouping formed by a large number of companies and institutions in proximity that carry out mutual cooperation and exchanges. It is considered to be an advanced form of industrial division of labor and agglomeration development, and is part of China’s push to pursue high-quality development of manufacturing, experts said.

    According to the MIIT, China’s high-tech zones continue to play a pivotal role in driving innovation, attracting global talent and fostering economic growth, positioning the nation as a global leader in high-tech industries.

    MIL OSI China News –

  • MIL-OSI China: Relics museum opens at NW China airport

    Source: People’s Republic of China – State Council News

    XI’AN, Feb. 27 — A museum displaying cultural relics unearthed during different phases of the construction of Xi’an Xianyang International Airport has opened to the public at the airport Wednesday.

    As the largest air transportation hub in northwest China, the airport is located in Xi’an, capital of Shaanxi Province.

    The museum covers a total area of 6,400 square meters and exhibits cultural relics spanning several historical periods of ancient China, said Hou Chao, manager of the cultural operations department at China West Airport Group (Xi’an) Commercial Development Company.

    “In the future, the museum will improve its exhibition design and integrate advanced technologies, incorporating AR displays and virtual reality,” Hou added.

    From June 2020 to October 2022, during the third-phase expansion of the airport, 6,848 ancient cultural relics sites were discovered.

    These included 4,093 ancient tombs and 2,755 sites such as pottery kilns, ash pits, enclosures and roads, and over 22,000 artifacts were unearthed.

    Xi’an is a renowned tourist destination in China that boasts a rich legacy. Home to the famous Terracotta Warriors and numerous other historic sites like the Giant Wild Goose Pagoda and the Bell Tower, Xi’an was founded over 3,100 years ago and served as the capital of 13 dynasties in China.

    MIL OSI China News –

  • MIL-OSI: Azerion publishes Interim Unaudited Financial Results Q4 2024 and Preliminary Unaudited Financial Results Full Year 2024

    Source: GlobeNewswire (MIL-OSI)

    Strong Platform performance driving profitability

    Highlights of FY and Q4 2024

    Our FY 2024 performance reflects the year long focus on efficiency and profitability driven by continued investment in the advertising platform: 

    • FY 2024 Revenues up 13% from € 486.7 million1 to € 551.2 million
    • FY 2024 Adjusted EBITDA up 21% YoY from € 62.2 million1 to € 75.1 million

    Specifically in Q4 2024, we focused on driving synergies and eliminating redundant costs in the advertising platform: 

    • Q4 2024 Adjusted EBITDA up 14% YoY from € 26.4 million to € 30.1 million 
    • Core segment Platform outperformed the group with Adjusted EBITDA up 15% from € 22.8 million in Q4 2023 to € 26.2 million in Q4 2024
    • Maintained Q4 2024 Revenues at € 168 million (-2%) while integrating and reorganising 2022 and 2023 acquisitions in order to phase out low margin revenues and focus on increased profitability

    At the same time we used the last quarter to strengthen our position through new partnerships, acquisitions and further financing:

    • Signed 90 new publishers and connected 3 additional SSPs and DSPs to expand our digital audiences across Europe and the Americas and further integrated our publisher monetisation tool OneFMS across regions.
    • Finalised the acquisition of Goldbach Austria GmbH, one of the foremost digital and linear advertising brokers in the DACH region providing Azerion with additional digital out of home footprint and an annual revenue run rate of over € 20 million.  
    • Entered new partnerships with Produpress in Belgium and Moneytizer in France to enrich the unique content and audiences that we make available for brands and agencies.
    • Successfully completed the placement of additional bonds for an amount of € 50 million under Azerion’s existing Senior Secured Callable Floating Rate Bond framework of € 300 million.

    In addition, we further invested in our platform’s multi-cloud infrastructure and AI capabilities:

    • Added Huawei as cloud partner alongside AWS and Google in our Azerion multi-cloud setup reducing our reliance on single cloud vendors and decreasing our total cost of ownership.
    • Migration of Eniro to the Azerion multi-cloud bringing them higher quality, lower latency service and annual cost savings of over € 1.5 million once fully implemented.
    • Deployed our latest version of AI enhanced creative performance benchmark and outcome intelligence tools helping our advertisers and our operators to better understand which ads work best for various audiences in different circumstances and allowing for machine optimisation of campaigns.

    1 (excluding the divested social card games portfolio)

    Selected KPIs

    Financial Results – Azerion Group N.V.

    in millions of €

      Q4 2024 Q4 2023 Growth FY 2024 FY 2023 Growth
                 
    Platform Segment            
    Advertising Platform 126.3 126.0 0% 412.3 348.6 18%
    AAA Game Distribution (e-commerce) 26.9 31.7 (15)% 85.0 88.8 (4)%
    Revenue 153.2 157.7 (3)% 497.3 437.4 14%
    Operating profit / (loss) 7.2 5.6 29% (1.7) (2.0) (15)%
    Adj. EBITDA 26.2 22.8 15% 62.4 53.2 17%
                 
    Premium Games Segment1)            
    Revenue  14.8 14.1 5% 53.9 77.6 (31)%
    Operating profit / (loss) (0.1) 0.5 (120)% (0.7) 74.8 (101)%
    Adj EBITDA 3.9 3.6 8% 12.7 18.7 (32)%
                 
    Group (excluding social card games)            
    Revenue 168.0 171.8 (2)% 551.2 486.7 13%
    Operating profit / (loss)  7.1 6.1 16% (2.4) (8.2) (71)%
    Adj. EBITDA  30.1 26.4 14% 75.1 62.2 21%
                 
    Group (including social card games)            
    Revenue 168.0 171.8 (2)% 551.2 515.0 7%
    Operating profit / (loss)  7.1 6.1 16% (2.4) 72.8 (103)%
    Adj. EBITDA 30.1 26.4 14% 75.1 71.9 5%

    1)2023 figures for Premium Games contain results of the social cards game portfolio that was divested in Q3 2023. For detailed split of Premium Games results please refer to respective section below.

      Q4 2024 Q4 2023   FY 2024 FY 2023  
    Adj. EBITDA Margin %            
    Platform 17% 15%   13% 12%  
    Premium Games 26% 26%   24% 24%  
    Group (excluding social card games) 18% 15%   14% 13%  
    Group 18% 15%   14% 14%  

    Message from the CEO 

    Q4 was a strong quarter for us, marked by a clear focus on profitability. By maintaining operational discipline and executing on our strategic priorities, we successfully met our full-year 2024 guidance. This achievement reflects our commitment to sustainable growth and value creation for our shareholders.Throughout the year, we have dedicated significant time and resources to building an ecosystem that truly supports European publishers. Our platform empowers them to create engaging content, monetize effectively, and manage their resources with greater predictability. By fostering a high-performance environment, we are enabling European publishers to thrive in an increasingly competitive digital landscape by giving them a truly European choice.

    Looking ahead, we continue to see AI as a major opportunity to drive further innovation and efficiency. Managing over 250,000 auctions per second gives us a unique vantage point to leverage data at scale. We have developed generative AI advertising solutions that enhance campaign performance, while our latest AI-powered creative performance benchmarks and outcome intelligence tools are delivering valuable insights to our partners. These advancements position us at the forefront of AI-driven advertising, helping our customers achieve better results with greater precision thanks to a long history of machine learning at the core of our platform.

    At the same time, we also see an increasing number of opportunities to accelerate our growth through strategic partnerships and acquisitions. We have built a strong pipeline of actionable opportunities and are well-positioned to execute on them. Stay tuned to hear more about our expansion through partnerships throughout this year, alongside the continued deployment of our AI platform.

    – Umut Akpinar

    Financial overview

    Revenue

    Q4 2024

    Revenue for the quarter amounted to € 168.0 million, down (2.2)% from € 171.8 million in Q4 2023, mainly driven by lower consumer spending in AAA game distribution. 

    FY 2024

    Revenue for FY 2024 amounted to € 551.2 million, up 13.3% from € 486.7 million in FY 2023 excluding the social card games portfolio divested in Q3 2023, mainly driven by higher advertising spend across the Platform Segment, particularly in Direct Sales and the integration of past acquisitions. 

    Revenue was up 7.0% from € 515.0 million in FY 2023 including the revenue from the social card games portfolio of € 28.3 million in FY 2023.

    Earnings 

    Q4 2024

    Adjusted EBITDA for the quarter was € 30.1 million compared to € 26.4 million in Q4 2023, an increase of 14.0% driven by improved performance in both Platform and Premium Games segments. Platform increase was largely due to the mix of Advertising Platform Revenue, increased share of Direct Sales and an increasingly efficient delivery operation. The Premium Games result was driven by the ongoing strong performance of Habbo Hotel Origins and product development across social casino and other metaverse titles, as well as further consolidation and integration efforts resulting in improved operational performance.

    The operating profit for the quarter amounted to € 7.1 million, compared to a profit of € 6.1 million in Q4 2023, mainly due to the successful integration of acquisitions and the subsequent synergies and cost reductions that were realised in the Platform segment.

    FY 2024

    Adjusted EBITDA in FY 2024 was € 75.1 million compared to € 62.2 million in FY 2023 excluding the divested social card games portfolio, an increase of 20.7% driven by higher advertising spend across the Platform Segment and improved performance of Premium Games, specifically metaverse titles due to the release and ongoing strong performance of Habbo Hotel Origins and product development across the social casino titles, plus efficiencies from the integration of previous acquisitions.. 

    Adjusted EBITDA in FY 2024 was up 4.5% from € 71.9 million in FY 2023 including the contribution from the social card games portfolio of € 9.7 million in FY 2023.

    The operating loss in FY 2024 amounted to € (2.4) million, compared to € (8.2) million in FY 2023 (excluding gain on the sale and the result of the social card games portfolio of € 81.0 million), driven by increased Platform revenue and contribution from Direct sales, improved performance of Premium Games, specifically metaverse titles due to the release and ongoing success of Habbo Hotel Origins and product development across the social casino titles plus efficiencies from optimisation and consolidation efforts, and notwithstanding the one-off increase in operating expenses related to the settlement of a commercial dispute and renegotiation of contingent consideration terms for one of the acquisitions.

    Cash flow

    Q4 2024

    Cash flow from operating activities in Q4 2024 was an inflow of € 10.0 million, mainly due to strong operating profit after cancellation of non-cash items of € 22.5 million, offset by movements in net working capital reflecting an increase in trade and other payables of € 4.9 million and an increase in trade and other receivables of € (7.6) million, net € (8.3) million paid in interest and € (1.2) million paid in income tax. 

    Cash flow from investing activities was an outflow of € (18.2) million, due to payments for tangible and intangible assets of € (6.5) million and net cash outflow on acquisition of subsidiaries of € (11.7) million. 

    Cash flow from financing activities was an inflow of € 31.5 million, mainly due to net proceeds in the amount of € 34.5 million (net of transaction costs) from additional bonds placed under the existing Senior Secured Callable Floating Rate Bond framework offset by repayments of external borrowings and the principal portion of lease liabilities amounting in total to € (3.0) million.

    FY 2024

    Cash flow from operating activities in FY 2024 was an inflow of € 7.0 million, mainly due to strong operating profit after cancellation of non-cash items of € 52.6 million, offset by movements in net working capital reflecting a decrease in trade and other payables of € (32.5) million and a decrease in trade and other receivables of € 19.9 million, utilisation of provisions of € (3.1) million, net € (25.7) million paid on interest and € (4.2) million paid in income tax. 

    Cash flow from investing activities was an outflow of € (36.8) million, mainly due to payments for tangible and intangible assets of € (20.8) million and net cash outflow on acquisition of subsidiaries of € (27.7) million, partly offset by the receipt of net deferred consideration for the sale of social card games portfolio in amount of € 11.2 million. 

    Cash flow from financing activities was an inflow of € 80.9 million, mainly due to net proceeds in the amount of € 92.1 million (net of transaction costs), consisting of € 82.7 million from additional bonds placed under the existing Senior Secured Callable Floating Rate Bond framework and a Revolving Credit Facility of € 9.4 million, offset by repayments of external borrowings and the principal portion of lease liabilities amounting in total to € (11.0) million.

    Capex

    Azerion capitalises development costs related to the internal development of assets, a core activity to support innovation in its platform. These costs primarily relate to developers’ time devoted to the development of the platform, games and other new features. In Q4 2024 Azerion capitalised € 4.8 million, equivalent to 19.2% (Q4 2023: € 3.4 million, equivalent to 12.4%) of gross personnel costs excluding restructuring provision expense. In FY 2024 Azerion capitalised € 16.2 million, equivalent to 16.0% (FY 2023: € 17.5 million, equivalent of 16.2%) of gross personnel costs excluding restructuring provision expense.

    Financial position and borrowing 

    Net interest-bearing debt*) amounted to € 203.8 million as at 31 December 2024, mainly comprising the outstanding bond loan with a nominal value of € 265 million (part of a total € 300 million framework) and lease liabilities with a balance of € 19.4 million less the cash and cash equivalents position of € 90.6 million.

    *)As defined in the Terms & Conditions of the Senior Secured Callable Floating Rate Bonds ISIN: NO0013017657. Please also refer to the Definitions section and the notes of this Interim Report for more information.

    Platform Segment

    Our Platform segment includes our digital advertising activities, AAA Game Distribution (formerly referred to as e-commerce), Casual Game Distribution (being the operation and distribution of casual games) and Azerion Sports. The Platform segment generates Revenue mainly by displaying digital advertisements in both game and general content, as well as selling and distributing AAA games. Advertisers are serviced through two models: i) Direct sales, which involve a direct engagement between Azerion’s commercial teams and advertisers or their agencies in the placement of digital advertisements, and ii) Automated auction sales in which advertising inventory is purchased through the open market. Platform is also integrated with parts of our Premium Games segment, leveraging inter-segment synergies.

    Selected business highlights in Q4 2024 include:

    • Azerion rated as the leading advertising network in France by Médiamétrie in collaboration with NetRatings.
    • 90 new publishers signed and launched including tuttocampo.it and allermedia.se providing greater reach for digital advertising.
    • Eniro has deployed our Full Monetisation Solution which we are continuing to roll out across all our regions, including Italy in Q4 2024.
    • Azerion Intelligence launched enabling new demographic segments in the Azerion DMP.
    • Azerion DMP is now integrated with Magnite and OpenX SSPs and our audiences for CTV are available via Pubmatic SSP.
    • Launched Smart AI Curation in the Azerion Marketplace further improving the ability to create custom audiences.
    • Azerion Casual Games Distribution expanded its reach in Q4 by onboarding 40 new publishers, including third-party channels such as Samsung Instant Plays. By the end of the quarter, its casual games portfolio exceeded 21,000 titles, demonstrating steady year-over-year growth

    Platform – Selected Financial KPIs

    Financial results – Platform

    In millions of €

      Q4 2024 Q4 2023 FY 2024 FY 2023
    Advertising Platform 126.3 126.0 412.3 348.6
    AAA Game Distribution (formerly e-commerce) 26.9 31.7 85.0 88.8
    Total Revenue 153.2 157.7 497.3 437.4
    Operating profit / (loss) 7.2 5.6 (1.7) (2.0)
    Adj. EBITDA 26.2 22.8 62.4 53.2
             
    Revenue growth % – Advertising Platform 0.2%   18.3%  
    Revenue growth % – AAA Game Distribution  (15.1%)   (4.3%)  
    Total Revenue growth % (2.9%)   13.7%  
    Adjusted EBITDA growth / (decrease) % 14.9%   17.3%  
    Adjusted EBITDA margin % 17.1% 14.5% 12.5% 12.2%

    Total Platform Revenue of € 153.2 million in Q4 2024, compared to € 157.7 million in Q4 2023, a decrease of (2.9)% mainly due to lower revenues in our AAA Game distribution. Total Platform Revenue of € 497.3 million in FY 2024, an increase of 13.7% compared to € 437.4 million in FY 2023, mainly due to growth in advertising revenue from Direct sales.

    Advertising Platform Revenue of € 126.3 million in Q4 2024, almost flat compared to the € 126.0 million in Q4 2023, mostly the result of an offset between growth in the direct business and the integration of revenues from acquired businesses. In Q4 2024, Azerion’s Direct sales contributed approximately 70% of Platform advertising revenue, with the balance provided by Automated auction sales. FY 2024 Advertising Platform Revenue came to € 412.3 million, up 18.3% compared to € 348.6 m in 2023.

    In Q4 2024, AAA Game Distribution generated Revenue of € 26.9 million as compared to € 31.7 million in Q4 2023, a decrease of approximately (15.1)% due to fewer high-profile AAA game releases in Q4 2024 (for example Concord™ by PlayStation didn’t get the consumer traction Sony expected and was subsequently pulled from 3rd party distribution) and optimising towards profitability rather than revenue which meant that the business sold smaller but higher margin titles.  In Q4 2024, AAA Game Distribution Revenue represented 17.6% of total Platform Revenue, as compared to 20.1% in Q4 2023. 

    Total Platform Operating Profit of € 7.2 million in Q4 2024, compared to € 5.6 million in Q4 2023, a significant increase of 28.6% largely due to the successful integration of acquisitions and the subsequent synergies and cost reductions that were realised. Total Platform Operating Loss of € (1.7) million in FY 2024, compared to € (2.0) million in FY 2023, an improvement largely due the aforementioned results of our efforts to integrate acquisitions, create synergies and reduce costs throughout the year. 

    Total Platform Adjusted EBITDA of € 26.2 million in Q4 2024, compared to € 22.8 million in Q4 2023, an increase of 14.9% largely due to the mix of Advertising Platform Revenue, increased share of Direct Sales and an increasingly efficient delivery operation. Total Platform Adjusted EBITDA of € 62.4 million in FY 2024, compared to € 53.2 million in FY 2023, an increase of 17.3% mainly as a result of growth in advertising revenue from Direct sales and the integration of previous acquisitions.

    Advertising – Selected Operational KPIs

    Advertising – Operational KPIs

      Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
    Avg. Digital Ads Sold per Month (bn) 13.9 11.9 12.1 12.6 14.1
    Avg. Gross Revenue per Million Processed Ad Requests across the Azerion Platform (EUR)1) 34.5 25.4 29.0 23.4 24.3

    1)Average gross revenue per million processed ad requests across Azerion Platform is calculated by dividing gross advertising revenue (processed by Azerion’s advertising auction and monetisation platforms) by a million advertisement requests processed by Azerion’s advertising auction and monetisation platforms.

    Note: Both Advertising Operational KPIs now include data relating to the Hawk acquisition as of Q4 2023.

    The Average Digital Ads sold per Month increased to 14.1 billion in Q4 2024 from 13.9 billion in Q4 2023, an increase of 1.4%, reflecting the Platform’s demand side growth due to the integration of past acquisitions and the consolidation of Azerion’s monetisation technology into a single scalable media buying platform. 

    The Average Gross Revenue per Million Processed Ad Requests across the Azerion Platform in Q4 2024 was € 24.3, compared to € 34.5 in Q4 2023, a decline year on year as we onboarded several high volume but relatively low revenue publishing partners in Q4 2024.   

    Premium Games Segment

    Since the end of Q3 2023, the Premium Games segment has consisted of social casino games and metaverse games. Azerion completed the sale of its social card games portfolio to Playtika Holding Corp. on 28 August 2023 and its contribution to the Premium Games segment ceased at that date. The segment generates revenue mainly by offering users the ability to make in-game purchases for extra features and virtual goods to enhance their gameplay experience. This segment aims to stimulate social interaction among players and build communities, offering an extended value proposition to advertisers and generating cross-selling opportunities with the Platform segment. 

    Selected Q4 2024 business highlights

    • Habbo Origins revenue has continued to progress several months after its release demonstrating solid long term potential and we have released new features such as Boom, a new game within Habbo Origins, which is intended to increase user engagement.
    • ⁠New releases and packages for players of our Social Casino games such as dynamic bet sizes, bet roulette and Holiday themed collections.

    Premium Games – Selected Financial KPIs

    Financial results – Premium Games

    In millions of € 

      Q4 2024 Q4 2023 FY 2024 FY 2023
    Revenue (excluding social card games) 14.8 14.1 53.9 49.3
    Social card games portfolio – – – 28.3
    Total Revenue 14.8 14.1 53.9 77.6
    Operating profit / (loss) (excluding social card games) (0.1) 0.5 (0.7) (6.2)
    Social card games portfolio – – – 81.0
    Total Operating profit / (loss) (0.1) 0.5 (0.7) 74.8
    Adjusted EBITDA (excluding social card games) 3.9 3.6 12.7 9.0
    Social card games portfolio – – – 9.7
    Total Adjusted EBITDA 3.9 3.6 12.7 18.7
             
    Revenue growth % (excluding social card games) 5.0% – 9.3% –
    Adjusted EBITDA growth % (excluding social card games) 8.3% – 41.1% –
    Adjusted EBITDA margin % (excluding social card games) 26.4% 25.5% 23.6% 18.3%

    Revenue of € 14.8 million in Q4 2024, as compared to € 14.1 million in Q4 2023, an increase of 5.0%, mainly driven by the increased number of paying users in metaverse titles due to the ongoing strong performance of Habbo Hotel Origins combined with new Social Casinos sale features, improved discount strategies and increased partner user acquisition spend. Revenue was € 53.9 million in FY 2024, as compared to € 49.3 million in FY 2023 (excluding social card games), an increase of 9.3%, driven by social casino and metaverse performance and the factors previously described for Q4 2024, partly offset by the sale of Woozworld at the start of January 2024 (totaling € 1.7 million Revenue in FY 2023).

    Adjusted EBITDA of € 3.9 million in Q4 2024, compared to € 3.6 million in Q4 2023, an increase of 8.3%, mainly driven by improved performance from metaverse titles due to the ongoing strong performance of Habbo Hotel Origins, consolidation and integration efforts resulting in improved operational performance and product development across the social casino and other metaverse titles. Adjusted EBITDA of € 12.7 million in FY 2024, as compared to € 9.0 million (excluding social card games), an increase of 41.1% compared to FY 2023 reflecting the increased performance of our metaverse titles due to the launch of Habbo Hotel origins, consolidation and integration efforts resulting in improved operational performance and product development across the social casino and other metaverse titles offset by the shift in new user generation to mobile in Azerion’s social casino environment which has higher growth potential over time, but also higher transaction costs as compared to web.

    Operating Loss of € (0.1) million in Q4 2024, compared to Operating Profit of € 0.5 million in Q4 2023, mainly driven by end of year adjustments in depreciation and amortisation.

    Operating Loss of € (0.7) million in FY 2024, compared to € (6.2) million in FY 2023 (excluding social card games), an improvement once again reflecting the developments described for Adjusted EBITDA above.

    Premium Games – Selected Operational KPIs

    Premium Games – Operational KPIs

      Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
    Avg. Time in Game per Day (min) 95.0 87.0 81.0 84.7 89.3
    Avg. DAUs (thousands) 255.4 251.2 252.9 239.4 227.4
    Avg. ARPDAU (EUR) 0.47 0.42 0.53 0.57 0.59
    • The Average Time in Game per Day (min) decreased by (6)% in Q4 2024 to 89.3 minutes per day as compared to 95.0 minutes per day in Q4 2023 due to slightly shorter average game time in the newly released Habbo Origins title compared with the rest of the metaverse games.
    • The Average Daily Active Users (DAUs) decreased by (11)% in Q4 2024 to 227.4 compared to Q4 2023 of 255.4, mainly due to lower user acquisition spend and increased focus on greater engagement with higher paying users.  
    • The Average Revenue per Daily Active User (ARPDAU) increased by 26% in Q4 2024 to € 0.59 compared to Q4 2023 of € 0.47, driven by improved in-game sales mechanics in social casino, features and events. 

    Outlook

    With our Full Year 2024 Net Revenue at € 551 million, the closing of several partnerships in the last months of the year, our subsequent bond issue in December, and the opportunities we see for the coming year, our Full Year 2025 Net Revenue is expected to be in the range of approximately € 600 million to € 650 million, with annual growth thereafter in the medium term expected to be approximately 10%. 

    Adjusted EBITDA for full year 2025 is expected to be at least approximately € 85 million, with annual Adjusted EBITDA margin thereafter in the medium term expected to be in the range of approximately 14% to 16% through further integrations, synergies and scale effects.

    Other information

    Interest-bearing debt

    Interest-bearing debt

    in millions of €

      31 December 2024 31 December 2023
    Total non-current indebtedness 268.7 172.0
    Total current indebtedness 25.9 12.6
    Total financial indebtedness 294.6 184.6
    Deduct Zero interest-bearing loans (0.2) (0.1)
    Interest-bearing debt 294.4 184.5
    Less: Cash and cash equivalents (90.6) (40.3)
    Net Interest-bearing debt (Bond terms) 203.8 144.2

    References to bond terms in the table above refer to the terms as defined in the Senior Secured Callable Floating Rate Bonds ISIN: NO0013017657

    Reconciliation of Profit / (loss) for the period to Adjusted EBITDA  

    Reconciliation of Profit / (loss) for the period to Adjusted EBITDA – Q4

    in millions of €

      Q4
      2024 2023
      Azerion Group Premium Games Platform Other Azerion Group Premium Games Platform Other
    Profit / (loss) for the period 3.3       (7.2)      
    Income Tax expense (6.7)       (2.4)      
    Profit / (loss) before tax (3.4)       (9.6)      
    Net finance costs 11.0       15.7      
    Share in profit/(loss) of associate (0.5)       –      
    Operating profit / (loss) 7.1 (0.1) 7.2 – 6.1 0.5 5.6 –
    Depreciation & Amortisation 15.5 3.6 11.9 – 13.9 3.3 10.6 –
    Share in profit/(loss) of associate 0.5 – 0.5 – – – – –
    Other 4.1 1.2 2.9 – 1.7 (0.2) 1.9 –
    Acquisition expenses1) 2.8 (0.9) 3.7 – 3.9 (0.1) 4.0 –
    Restructuring 0.1 0.1 – – 0.8 0.1 0.7 –
    Adjusted EBITDA 30.1 3.9 26.2 – 26.4 3.6 22.8 –

    1)In the past, all changes to the fair value of liabilities for contingent considerations were adjusted out of EBITDA on the basis that these impacts were acquisition related. Management has decided to cease these adjustments where the consideration is contingent upon the achievement of financial targets, because these changes in fair value are offsetting opposite movements already included in the operational performance of the acquired entity. This change has been applied prospectively. 

    Reconciliation of Profit / (loss) for the period to Adjusted EBITDA – FY

    in millions of €

      FY
      2024 2023
      Azerion Group Premium Games Platform Other Azerion Group Premium Games Platform Other
    Profit / (loss) for the period (35.4)       25.1      
    Income Tax expense (6.0)       19.0      
    Profit / (loss) before tax (41.4)       44.1      
    Net finance costs 39.5       28.7      
    Share in profit/(loss) of associate (0.5)       –      
    Operating profit / (loss) (2.4) (0.7) (1.7) – 72.8 74.8 (2.0) –
    Depreciation & Amortisation 47.8 11.5 36.3 – 46.4 12.9 33.5 –
    Share in profit/(loss) of associate 0.5 – 0.5 – – – – –
    Social card games portfolio – – – – (72.6) (72.6) – –
    Other 5.7 1.5 4.2 – 3.2 0.7 2.5 –
    Acquisition expenses1) 22.2 – 22.2 – 14.4 1.1 13.3 –
    Restructuring 1.3 0.4 0.9 – 7.7 1.8 5.9 –
    Adjusted EBITDA 75.1 12.7 62.4 – 71.9 18.7 53.2 –

    1)In the past, all changes to the fair value of liabilities for contingent considerations were adjusted out of EBITDA on the basis that these impacts were acquisition related. Management has decided to cease these adjustments where the consideration is contingent upon the achievement of financial targets, because these changes in fair value are offsetting opposite movements already included in the operational performance of the acquired entity. This change has been applied prospectively. 

    Additional notes:

    Acquisition expenses for FY 2024 include € 7.7 million relating to:

    • € 4.8 million in Q2 2024 on one-off settlement of a commercial dispute and contingent consideration fair value loss (non-operational performance target) relating to a previous acquisition 
    • € 2.9 million in Q3 2024 on renegotiation of contingent consideration terms for one of the acquisitions.

    Operating expenses

    Breakdown of Operating expenses

    in millions of €

      Q4 FY
    2024 2023 2024 2023
    Personnel costs (20.2) (24.9) (86.2) (98.5)
    Includes:        
    Restructuring related expenses (0.1) (0.8) (1.3) (7.7)
    Acquisition related one-off items – – (1.7) –
             
    Other expenses (12.5) (8.7) (40.7) (37.3)
    Includes:        
    One-off settlement expenses – – (3.0) –
             
    Operating expenses (32.7) (33.6) (126.9) (135.8)

    Condensed consolidated statement of profit or loss and other comprehensive income

    Condensed consolidated statement of profit or loss and other comprehensive income

    In millions of €

      Q4 FY
      2024 2023 2024 2023
    Revenue 168.0 171.8 551.2 515.0
    Costs of services and materials (112.4) (117.9) (377.4) (332.3)
    Personnel costs (20.2) (24.9) (86.2) (98.5)
    Depreciation (3.0) (2.2) (9.0) (8.1)
    Amortisation (12.5) (11.7) (38.8) (38.3)
    Other gains and losses1) (0.3) (0.3) (1.5) 72.3
    Other expenses (12.5) (8.7) (40.7) (37.3)
    Operating profit / (loss) 7.1 6.1 (2.4) 72.8
             
    Finance income 3.1 1.0 7.0 8.5
    Finance costs (14.1) (16.7) (46.5) (37.2)
    Net Finance costs (11.0) (15.7) (39.5) (28.7)
             
    Share in profit/(loss) of associate 0.5 – 0.5 –
             
    Profit / (loss) before tax (3.4) (9.6) (41.4) 44.1
    Income tax expense 6.7 2.4 6.0 (19.0)
    Profit / (loss) for the period 3.3 (7.2) (35.4) 25.1
             
    Attributable to:        
    Owners of the company 3.3 (7.9) (36.7) 23.7
    Non-controlling interest – 0.7 1.3 1.4
             
    Exchange difference on translation of foreign operations (0.3) (0.3) 1.0 (0.6)
    Financial assets fair value through OCI 0.0 – (0.8) –
    Total other comprehensive income (0.3) (0.3) 0.2 (0.6)
    Total comprehensive income/(loss) 3.0 (7.5) (35.2) 24.5
             
    Attributable to:        
    Owners of the company 3.0 (8.2) (36.5) 23.1
    Non-controlling interest – 0.7 1.3 1.4

    1)Earn-out results have been reclassified from Other expenses to Other gains and losses

    Condensed consolidated statement of financial position

    Condensed consolidated statement of financial position

    in millions of €

      31 December 2024 31 December 2023
    Assets    
    Non-current assets 409.2 413.6
    Property, plant and equipment 24.3 17.0
    Goodwill 192.6 187.1
    Intangible assets 167.0 176.3
    Non-current financial assets 4.9 30.8
    Deferred tax asset 7.6 2.3
    Investment in joint venture and associate 12.8 0.1
         
    Current assets 299.6 238.4
    Trade and other receivables 208.4 196.7
    Current tax assets 0.6 1.4
    Cash and cash equivalents 90.6 40.3
    Total assets 708.8 652.0
         
    Equity    
    Share capital 1.2 1.2
    Share premium 143.6 140.2
    Legal reserve 33.2 27.7
    Share based payment reserve 12.6 12.7
    Currency translation reserve (1.0) (1.9)
    Fair value through OCI (0.8) –
    Retained earnings (117.1) (75.6)
    Shareholders’ equity 71.7 104.3
    Non-controlling interest 6.2 5.3
    Total equity 77.9 109.6
         
    Liabilities    
    Non-current liabilities 310.9 220.1
    Borrowings 256.0 161.9
    Lease liabilities 12.7 10.1
    Provisions 1.6 1.6
    Deferred tax liability 25.3 30.0
    Other non-current liability 15.3 16.5
         
    Current liabilities 320.0 322.3
    Borrowings 19.2 8.4
    Provisions 2.2 3.6
    Trade payables 136.9 142.0
    Accrued liabilities 97.5 112.7
    Current tax liabilities 14.0 13.4
    Lease liabilities 6.7 4.2
    Other current liabilities 43.5 38.0
    Total liabilities 630.9 542.4
    Total equity and liabilities 708.8 652.0

    Condensed consolidated statement of cash flow

    Condensed consolidated statement of cash flow

    In millions of €

      Q4 Q4 FY FY
      2024 2023 2024 2023
    Cash flows from operating activities        
    Operating profit / (loss) 7.1 6.1 (2.4) 72.8
    Adjustments for operating profit / (loss):        
    Depreciation and amortisation & Impairments 15.5 13.9 47.8 46.4
    Movements in provisions per profit and loss (0.1) 0.9 1.1 8.8
    Gain on sale of social card game portfolio – – – (72.6)
    Loss on sale of subsidiaries – 0.1 – 0.1
    Share-based payments expense – 0.1 0.4 0.8
    Adjustment for acquisitions and disposals presented under investing activities – – 5.7 (2.9)
             
    Changes in working capital items:         
    (Increase)/Decrease in trade and other receivables (7.6) (6.4) 19.9 12.2
    Increase (decrease) in trade payables and other payables 4.9 25.0 (32.5) 14.8
             
    Utilisation of provisions (0.3) (3.1) (3.1) (9.9)
    Interest received 0.2 0.3 1.1 0.3
    Interest paid (8.5) (3.2) (26.8) (17.2)
    Income tax paid (1.2) (2.7) (4.2) (3.7)
    Net cash provided by (used for) operating activities 10.0 31.0 7.0 49.9
             
    Cash flows from investing activities        
    Payments for property, plant and equipment (0.3) (0.1) (0.8) (1.5)
    Payments for intangibles (6.2) (3.7) (20.0) (23.3)
    Net cash outflow on acquisition of subsidiaries (11.7) (10.8) (27.7) (43.9)
    Net cash inflow/(outflow) from sale of business – – 11.2 66.0
    Distributions from equity method investees – – 0.5 –
    Net cash outflow on acquisition of securities and equity investments – – – (2.6)
    Net cash provided by (used for) investing activities (18.2) (14.6) (36.8) (5.3)
             
    Cash flows from financing activities        
    Proceeds from external borrowings 34.5 162.6 92.1 163.1
    Repayment of external borrowings (0.1) (200.7) (3.3) (204.3)
    Payment of principal portion of lease liabilities (2.9) (1.8) (7.7) (6.8)
    Early cancelation of lease liability – – – (1.5)
    Dividends paid to shareholders of non-controlling interests – – (0.2) (0.4)
    Costs related to the issuance of new bond – (3.5) – (3.5)
    Fees and costs related to the redemption of the old bond – (1.5) – (1.5)
    Other inflows (outflows) from financing activities – (0.5) – (0.5)
    Net cash provided by (used for) financing activities 31.5 (45.4) 80.9 (55.4)
             
    Net increase/(decrease) in cash and cash equivalents 23.3 (29.0) 51.1 (10.8)
    Effect of changes in exchange rates on cash and cash equivalents (1.0) 0.1 (0.8) 0.2
    Cash and cash equivalents at the beginning of the period 68.3 69.2 40.3 50.9
    Cash and cash equivalents at the end of the period 90.6 40.3 90.6 40.3

    Definitions

    Adjusted EBITDA represents Operating Profit / (Loss) excluding depreciation, amortisation, impairment of non-current assets, restructuring and acquisition related expenses and other items at management discretion, principally those assessed as extraordinary items or non-recurring items which are not in line with the ordinary course of business.

    Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of Revenue.

    Average gross revenue per million processed ad requests across Azerion Platform is calculated by dividing gross advertising revenue (processed by Azerion’s advertising auction and monetisation platforms) by a million advertisement requests processed by Azerion’s advertising  auction and monetisation platforms.

    Average time in game per day measures how many minutes per day, on average, the players of Premium Games spend in the games. This demonstrates their engagement with the games, which generates more opportunities to grow the ARPDAU.

    Average DAUs represents average daily active users, which is the number of distinct users per day averaged across the relevant period.

    ARPDAU represents Average Revenue per Daily Active User, which is revenue per period divided by days in the period divided by average daily active users in that period and represents average per user in-game purchases for the period.

    Financial Indebtedness represents as defined in the terms and conditions of the Senior Secured Callable Floating Rate Bonds ISIN: NO0013017657 any indebtedness in respect of:

    • monies borrowed or raised, including Market Loans;
    • the amount of any liability in respect of any Finance Leases;
    • receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis);
    • any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing;
    • any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the value of any derivative transaction, only the mark to market value shall be taken into account, provided that if any actual amount is due as a result of a termination or a close-out, such amount shall be used instead);
    • any counter indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution; and
    • (without double counting) any guarantee or other assurance against financial loss in respect of a type referred to in the above paragraphs (1)-(6).

    Net Interest-bearing debt as defined in the terms and conditions of the Senior Secured Callable Floating Rate Bonds ISIN: NO0013017657 means the aggregate interest-bearing Financial Indebtedness less cash and cash equivalents (including any cash from a Subsequent Bond Issue standing to the credit on the Proceeds Account or another escrow arrangement for the benefit of the Bondholders) of the Group in accordance with the Accounting Principles (for the avoidance of doubt, excluding any Bonds owned by the Issuer, guarantees, bank guarantees, Subordinated Loans, any claims subordinated pursuant to a subordination agreement on terms and conditions satisfactory to the Agent and interest-bearing Financial Indebtedness borrowed from any Group Company) as such terms are defined in the terms and conditions of the Senior Secured Callable Floating Rate Bonds ISIN: NO0013017657.

    Operating expenses are defined as the aggregate of personnel costs and other expenses as reported in the statement of profit or loss and other comprehensive income. More details on the reporting of cost by nature can be found in the published annual financial statements of 2023.

    Operating Profit / (Loss) represents revenue less costs of services and materials, operating expenses, depreciation and amortisation and other gains and losses.

    Disclaimer and Cautionary Statements

    This communication contains information that qualifies as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

    This communication may include forward-looking statements. All statements other than statements of historical facts are, or may be deemed to be, forward-looking statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Azerion to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. Words and expressions such as aims, ambition, anticipates, believes, could, estimates, expects, goals, intends, may, milestones, objectives, outlook, plans, projects, risks, schedules, seeks, should, target, will or other similar words or expressions are typically used to identify forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks, uncertainties and other factors that are difficult to predict and that could cause the actual results, performance or events to differ materially from future results expressed or implied by such forward-looking statements contained in this communication. Readers should not place undue reliance on forward-looking statements.

    Any forward-looking statements reflect Azerion’s current views and assumptions based on information currently available to Azerion’s management. Forward-looking statements speak only as of the date they are made and Azerion does not assume any obligation to update or revise such statements as a result of new information, future events or other information, except as required by law.

    The interim financial results of Azerion Group N.V. as included in this communication are required to be disclosed pursuant to the terms and conditions of the Senior Secured Callable Floating Rate Bonds ISIN: NO0013017657.

    This report has not been reviewed or audited by Azerion’s external auditor.

    Certain financial data included in this communication consist of alternative performance measures (“non-IFRS financial measures”), including Adjusted EBITDA. The non-IFRS financial measures, along with comparable IFRS measures, are used by Azerion’s management to evaluate the business performance and are useful to investors. They may not be comparable to similarly titled measures as presented by other companies, nor should they be considered as an alternative to the historical financial results or other indicators of Azerion Group N.V.’s cash flow based on IFRS. Even though the non-IFRS financial measures are used by management to assess Azerion Group N.V.’s financial position, financial results and liquidity and these types of measures are commonly used by investors, they have important limitations as analytical tools, and the recipients should not consider them in isolation or as a substitute for analysis of Azerion Group N.V.’s financial position or results of operations as reported under IFRS.

    For all definitions and reconciliations of non-IFRS financial measures please also refer to www.azerion.com/investors.

    This report may contain forward-looking non-IFRS financial measures. The Company is unable to provide a reconciliation of these forward-looking non-IFRS financial measures to the most comparable IFRS financial measures because certain information needed to reconcile those non-IFRS financial measures to the most comparable IFRS financial measures is dependent on future events some of which are outside the control of Azerion. Moreover, estimating such IFRS financial measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-IFRS financial measures in respect of future periods which cannot be reconciled to the most comparable IFRS financial measure are calculated in a manner which is consistent with the accounting policies applied in Azerion Group N.V.’s consolidated financial statements.

    This communication does not constitute an offer to sell, or a solicitation of an offer to buy, any securities or any other financial instruments.

    Contact

    Investor Relations: ir@azerion.comMedia relations: press@azerion.com 

    Attachment

    The MIL Network –

  • MIL-OSI USA: SCHUMER, GILLIBRAND, GARBARINO, NADLER, KEAN, GOLDMAN INTRODUCE BIPARTISAN, BICAMERAL LEGISLATION TO FIX WORLD TRADE CENTER HEALTH PROGRAM FUNDING SHORTFALL

    US Senate News:

    Source: United States Senator for New York Charles E Schumer

    Without Congressional Action, The WTCHP Will Have To Start Turning Away First Responders And Survivors, Cut Back Access To Care For Existing Enrollees By 2028

    Today, U.S. Senator Chuck Schumer (D-NY), U.S. Senator Kirsten Gillibrand (D-NY), and U.S. Representatives Andrew Garbarino (R-NY), Jerrold Nadler (D-NY), and Dan Goldman (D-NY) joined advocates and survivors to introduce the 9/11 Responder and Survivor Health Funding Correction Act of 2025. Representative Tom Kean (R-NJ) is also an original House cosponsor. 

    Despite recent congressional action, the World Trade Center Health Program (WTCHP) continues to face an impending funding shortfall. As a result, by October 2028, the program will be forced to close enrollment to new 9/11 responders and survivors, and existing enrollees will face direct cuts to their care and be denied medical monitoring and treatment. 

    The 9/11 Responder and Survivor Health Funding Correction Act of 2025 would update the program’s outdated funding formula to ensure adequate funding until the program’s expiration in 2090. The bill would also increase funding for data collection on 9/11-related conditions and expand access to mental health care for program members. 

    “‘Never Forget’ does not mean just commemorating 9/11, it is a promise to always take care of our 9/11 first responders and survivors. That’s why we are introducing legislation to stop funding patches and make this healthcare program funded permanently: now and forever,” said Senator Schumer. “Our 9/11 heroes should not have to come down here year after year, month after month, pleading for the funding for the healthcare they have earned, deserve, and was promised to them. It’s time for America to put its money where its mouth is and prove to the heroes of 9/11 that we mean it when we say will Never Forget.”

    “Yet again, we are introducing a bill to fix a projected funding shortfall in the World Trade Center Health Program,” said Senator Gillibrand. “Thousands of Americans risked their lives to protect our country in its darkest hour, and it is now our responsibility as members of Congress to be there for them as they continue to battle the horrific health ramifications from that day and the many days after. Our bill updates the funding formula for the WTCHP so that no 9/11 hero has to worry about losing coverage year after year. It is beyond time to get this passed, and I look forward to working across the aisle to do so.” 

    “Today, alongside my House and Senate co-leads, responders, and survivors, I was proud to announce the reintroduction of the 9/11 Responder and Survivor Health Funding Correction Act,” said Congressman Garbarino. “This legislation would ensure the World Trade Center Health Program has the resources it needs to continue providing care for those suffering from 9/11-related conditions. We made a promise to never forget, and today, we stood together to reaffirm our commitment to delivering on that promise.”

    “While over twenty years have passed since the 9/11attacks, so many of our heroic responders and survivors continue to carry with them the burden of that terrible day as they have fallen sick from the air surrounding Ground Zero,” said Congressman Nadler. “Congress must uphold the promise made to our first responders and survivors by fully funding the WTCHP to provide the injured and their families the aid they need and deserve. I’m proud to join my colleagues in introducing the 9/11 Responder and Survivor Health Funding Correction Act of 2025, which will address the funding shortfall to keep the program available for those who need it for years to come.”

    “Every New Yorker has been impacted by the profound loss and devastating pain from the September 11th attacks, including those like me who lived in Lower Manhattan at the time,” said Congressman Goldman. “We owe a permanent debt to the first responders and unwavering support for the survivors who continue to bear the physical and emotional scars. The 9/11 Responder and Survivor Health Funding Correction Act will ensure that these heroes receive the health care they are owed. As representatives of New York, it is our bipartisan duty to guarantee that these American heroes receive the assistance they deserve from the federal government.”

    “Everyone remembers the dark day of 9/11, a day etched in history,” said Congressman Kean. “We honor all who ran toward danger, risking everything to help those in need. As an original cosponsor of the 9/11 Responder and Survivor Health Funding Correction Act of 2025, I am committed to ensuring that the heroes and survivors of 9/11 receive the care and support they deserve. This bill corrects outdated funding formulas, expands mental health resources, and strengthens data collection to address the long-term health impacts of that tragic day. We have a responsibility to stand by those who sacrificed so much, and this legislation reaffirms that commitment.”

    In addition to Reps. Garbarino, Nadler, Goldman, and Kean the 9/11 Responder and Survivor Health Funding Correction Act of 2025 is cosponsored by Reps. Michael Lawler (R-NY), Laura Gillen (D-NY), Nick LaLota (R-NY), Ritchie Torres (D-NY), George Latimer (D-NY), Yvette Clarke (D-NY), Nick Langworthy (R-NY), Adriano Espaillat (D-NY), Claudia Tenney (R-NY), Pat Ryan (D-NY), Josh Riley (D-NY), Tom Suozzi (D-NY), Nydia Valazquez (D-NY), Paul Tonko (D-NY), Gregory Meeks (D-NY), Josh Gottheimer (D-NY), Brian Fitzpatrick (R-PA), Nicole Malliotakis (R-NY), Tim Kennedy (D-NY), Grace Meng (D-NY), and Alexandria Ocasio-Cortez (D-NY).

    “Cancer, COPD, Pulmonary Fibrosis and other serious respiratory illnesses are literally decimating the 9/11 Community from the toxic aftermath of 9/11,” said 9/11 advocate John Feal. “But we fail to mention the Toxic Redundancy in DC that continues to to take its toll on the deathly ill men & women, uniform and non uniform heroes and survivors who continue to travel over and over and over again to implore lawmakers to enact legislation again. The redundancy of traveling, the redundancy of being away from family, the redundancy of telling their stories, and the redundancy of me watching them die one by one. So one more time, no one last time we implore Congress to “ACT” now, so we can be left alone. The WTCHP is a lifeline for 140,000. $3 billion is a small ask for what we have been through dealing with our injuries, illnesses and most of all the redundancy we had to put up with for over two decades now. Together, today “WE” all have the opportunity “NOW” to stop the madness, the cruelty and redundancy!”

    “My name is Mariama James. I’m the daughter of two now late survivors dead of 9/11-related disease, the mom of three young survivors all with multiple WTC Health Program certifications, and I’m a health-impacted survivor myself,” said Mariama James, 9/11 survivor and advocate. “I stepped into this fight as a young woman, believing justice and care would swiftly follow the devastation of 9/11. Now, nearly 24 years later, I stand here still, imploring our leaders: fully and permanently fund the WTC Health Program. Time is not healing, it’s revealing the ongoing toll, and our commitment must match that reality.” 

    “Firefighters and officers are suffering from 9/11-related illnesses every day,” said Jim Brosi, President of the Uniformed Fire Officers Association. “Congress has a duty to uphold the promise made to first responders and ensure the WTCHP is fully funded for as long as our members need care. Access to treatment and medication is the least we can do for those who sacrificed their personal health to save the lives of countless victims.”

    “While it has been nearly 24 years since terrorists attacked our nation on 9/11, we still have daily reminders of the heavy price paid by the NYPD, FDNY, and first responders across this nation who willingly and selflessly answered the call to duty,” said NYPD Sergeants Benevolent Association (SBA) President Vincent Vallelong. “These brave men and women did not delay, they did not hesitate, and their actions in the weeks and months that followed September 11 gave our nation hope and the strength to rebuild.  The original Zadroga Act and the World Trade Center Health Program recognize our nation’s obligation to care for those first responders who sacrificed so much on that fateful day. The SBA is grateful for the continuing strong leadership of Sen. Gillibrand, Rep. Garbarino, Sen. Schumer, and the New York delegation in reintroducing the 9/11 Responder and Survivor Health Funding Correction Act and ensuring Congress fulfills its obligation to fully fund this critical program.”

    ““We walked the halls of Congress in 2010 to enact the World Trade Center Health Program, and again in 2015 to reauthorize this vital program to ensure our nation took care of those suffering from 9/11-related chronic health conditions as a result of the September 11, 2001 attacks on the United States. Attacks that left many Port Authority Police Officers with severe disabling and life-threatening illnesses contracted during the selfless performance of their duties in the World Trade Center Rescue and Recovery efforts,” said Frank Conti, President of the Port Authority Police Benevolent Association. “The WTCHP is facing a significant funding gap that, if not addressed by Congress, will impact its ability to provide necessary care to our nation’s 9/11 responders and survivors, including the officers we represent. We thank Senator Gillibrand and Representatives Garbarino and Goldman for their support, and we stand with them in urging Congress to pass the 9/11 Responder and Survivor Health Funding Correction Act now. This is not over…the sacrifice continues.”  

    “We fought for the enactment and near permanent reauthorization of the WTCHP as we view it as our obligation and duty to ensure that responders, who risked their lives to protect us, and survivors continue to receive the care that they deserve,” said Bill Johnson, Executive Director of the National Association of Police Organizations. “The 9/11 Responder and Survivor Health Funding Correction Act honors that obligation and ensures the WTCHP is fully funded. We thank Senator Gillibrand and Congressman Garbarino for their leadership and stand with them in support of this legislation.”

    We have vowed to never forget our heroes and survivors of the horrific attacks of 911. Yet, here we stand today, fighting for them once more. The actions Elon Musk has taken against the World Trade Center Health program are as insulting as they are inhumane. Our heroes and survivors deserve the utmost respect and the best possible care. I would like to thank the New York and New Jersey Republican members of Congress, led by Congressman Garbarino, for having the courage to stand shoulder to shoulder with us. Their actions were instrumental in having President Trump rescind the termination of many of the program’s key providers. Standing here in solidarity, hopefully Congressman Garbarino can convince more of his colleagues to do the right thing and fully fund the World Trade Center Health Program. As stated earlier we will never forget, and we will never go away until all our heroes and survivors are treated with the respect and dignity they deserve.” said Thomas Hart, President of Citizens for the Extension of the James Zadroga Act and President of Local 94 International Union of Operating Engineers.

    MIL OSI USA News –

  • MIL-OSI USA: Ernst Unmasks Biden’s Green Energy Mandates, Fights for Transparency

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)

    WASHINGTON – Today, U.S. Senator Joni Ernst (R-Iowa), chair and founder of the Senate DOGE Caucus, blasted Washington’s overreach on the Senate floor, unmasking the Biden administration’s green energy agenda as a major driver behind the record-breaking 110,000 pages of regulations issued last year that hurt hardworking Americans.
    Ernst emphasized her Regulations Evaluated to Determine The Anticipated Price and Effect Act (RED TAPE Act) as the solution to hold rogue regulators accountable and prevent agencies from hiding how burdensome and expensive their regulations truly are.

    Watch Senator Ernst’s full remarks here.
    Ernst’s full remarks below:
    “Mr. President, for over a decade, I’ve led the charge to expose government abuses, curb reckless regulations, and protect hardworking taxpayers from Washington’s overreach.
    “As my colleagues have so rightly discussed, the very actions by the Biden administration made it necessary for President Trump to declare a National Energy Emergency on day one.
    “The Biden green energy programs artificially incentivized electric vehicles using billions of taxpayer dollars, with only 60 charging stations to show for it.
    “And folks, that’s just one of many energy-related billion-dollar boondoggles by the former administration.
    “As chair and founder of the Senate DOGE Caucus, I’m committed to preventing unchecked bureaucrats from issuing regulations that impose significant new costs and stifle growth.
    “Every day, DOGE is uncovering just how far the Biden administration went to conceal its reckless spending through the federal agencies, especially regarding their climate pet projects.
    “Instead of transparency and objective analysis, Biden’s bureaucrats relied on manipulation – inflated so called ‘net benefits’— and completely disregarded economic reality in their rulemakings. 
    “And they were prolific…churning out nearly 110,000 pages of regulations just last year, the highest number ever.
    “Between November 2023 and January 2025 alone, agencies issued 50 final rules using shady accounting gimmicks, slapping over half a trillion dollars in regulatory burdens onto hardworking Americans.
    “This included a relentless push to regulate truckers out of business, based on the audacious claim that its extreme emissions rules would somehow create $99 billion in benefits for society. 
    “But here’s the reality folks: these policies make everything more expensive for families, they kill jobs, and they hurt our small businesses.
    “And it doesn’t stop there.
    “The Department of Energy cited billions in so-called ‘climate net benefits’ and the ‘Social Cost of Greenhouse Gases’ to justify heavy-handed mandates, ignoring the very real costs passed on to farmers and manufacturers. 
    “For too long, unelected bureaucrats have ignored the voices of job creators and working families, pushing costly regulations while hiding the true impact.
    “This is why my RED TAPE Act is critical. My bill ensures agencies can no longer manipulate a cost-benefit analysis to push their own agenda.
    “It requires agencies to prioritize data-driven, measurable economic benefits, not vague, ideological justifications.
    “And while some federal employees complain about the new directives from the Trump administration, they should take a moment to understand that hardworking Americans who have had to show up to work and take risks to open businesses, will no longer tolerate having to foot the bill for regulatory overreach.
    “I am voting NO on this effort to end President Trump’s National Energy Emergency.
    “I support the President’s efforts to make energy more available and affordable to power economic growth.”

    MIL OSI USA News –

  • MIL-OSI USA: West Virginia Delegation Applauds Disaster Declaration Approval Following Severe Storms

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito

    WASHINGTON, D.C. – U.S. Senators Shelley Moore Capito (R-W.Va.) and Jim Justice (R-W.Va.), as well as U.S. Reps. Carol Miller (W.Va.-01) and Riley Moore (W.Va.-02), applauded President Donald Trump’s approval for Individual Assistance in McDowell, Mercer, Mingo, and Wyoming counties. The Individual Assistance (IA) Program provides funds to individuals experiencing significant damage to homes or property.

    “We are grateful for the efforts and service of Governor Morrisey, our local leaders, neighbors, first responders, and the West Virginia National Guardsmen who sprang into action when these storms struck. The Trump administration’s approval of our state’s request for federal disaster aid is welcome news for communities in McDowell, Mercer, Mingo, and Wyoming counties as they work to recover and rebuild following these devastating storms, and we are glad that help will soon be on the way to southern West Virginia,” the lawmakers said. 

    Following the storms, the lawmakers sent a letter to the Trump administration in support of the state’s request for a major disaster declaration.

    Full text of the letter can be found here.

    MIL OSI USA News –

  • MIL-OSI Russia: Government restricts gasoline exports until August 31

    Translartion. Region: Russians Fedetion –

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

    Resolution of February 26, 2025 No. 229

    Document

    Resolution of February 26, 2025 No. 229

    The government is introducing a ban on the export of motor gasoline from March 1 to August 31 inclusive. The decree on this has been signed.

    The restriction will not apply to supplies carried out directly by producers of petroleum products.

    The decision was made to maintain a stable situation on the domestic fuel market, support the oil refining economy, and counteract the grey export of motor gasoline.

    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 New Zealand: ProClimb Supports Climbing Competition

    Source: Press Release Service – Press Release/Statement:

    Headline: ProClimb Supports Climbing Competition

    ProClimb, a leading provider of arborist and tree care services in Auckland, proudly participated in a recent climbing competition, with several crew members volunteering to support the event.

    The post ProClimb Supports Climbing Competition first appeared on PR.co.nz.

    – –

    MIL OSI New Zealand News –

  • MIL-OSI Security: Met publishes new Stop and Search Charter

    Source: United Kingdom London Metropolitan Police

    The Met has published a new Stop and Search Charter, shaping the future of how one of policing’s most effective but contentious tactics is used in London.

    The charter, which was co-produced with communities, is the product of a year and a half of engagement with more than 8,500 Londoners of all ages, ethnicities and backgrounds. It is the first time a set of formal commitments on how stop and search is carried out has been agreed to and published in this way.

    Over the past four years, 17,500 weapons were seized as a result of stop and search, including at least 3,500 in 2024. Polling shows that up to 68 per cent of Londoners, including young Londoners, support its use.

    But that support varies depending on who is asked. Many Black Londoners, for example, have told us that stop and search creates tensions between their communities and the police. However, people living in those same communities, which are often among those that suffer most from serious violence and drug-related crime, also tell us that they want us to do more to keep them safe.

    Commissioner Sir Mark Rowley said: “Stop and search is a critical policing tool. Done well, it stops those intent on causing death, injury and fear in our communities. It takes dangerous weapons and drugs off our streets and in doing so, it saves lives.

    “Done badly, it has the potential to burn through trust with those we are here to protect, undermining our founding principle of ‘policing by consent’ and damaging our efforts to keep the public safe.

    “The charter is not about doing less stop and search. It is about doing it better by improving the quality of encounters, informed by the views of the public it is intended to protect.

    “Many of our officers already use their powers in this area very well. They show empathy, they de-escalate and they understand the impact that being stopped and searched can have. They do all that while still recovering dangerous weapons and seizing drugs.

    “The charter commits us to supporting all our officers, through improved training, more supervision and better access to technology, so they can meet that high standard their colleagues are setting.

    “It also gives the community a greater role in the oversight of how, when and where stop and search is used which we hope will help to build trust in a policing tactic that, so often, has been at the root of mistrust.”

    The creation of a Stop and Search Charter was recommended by Baroness Casey in her 2023 review into the culture and standards of the Metropolitan Police.

    The extensive engagement that led to its publication included events held in all 32 London boroughs, three events at New Scotland Yard and open public online sessions.

    The themes that emerged from those engagement events were tested against a wider audience of 8,500 Londoners in a series of surveys.

    The final writing of the charter was led by 80 young people aged between 16 and 23 who were invited to New Scotland Yard to interpret feedback and bring the document together. The charter uses as much of their language and phrasing as possible, in particular where the ‘community expectation’ under each commitment is set out.

    Sir Mark added:“If we are to take the fight to those intent on causing serious violence, fear and intimidation across London then stop and search must form part of that effort. If we allow its contentious nature and the concerns associated with it to force us into doing less of it, then only the criminals win.

    “This charter is particularly powerful because it has been written with communities. We’re immensely grateful to all who stepped forward to work with us. We are committed to this change and to further rebuilding trust by continuing the conversations that have made it possible so far.”

    The charter includes the following commitments:

    A focus on the quality of stop and search encounters

    The MPS will commit to making sure that officers do Stop and Search with professionalism, showing basic forms of respect. Communication and tone are important and the MPS will make sure that officers understand what it feels like to be searched, build relationships with the community and make sure that other officers step in if not done correctly.

    Improved training for officers

    The MPS will commit to improving training so that officers better understand their local community, especially those with protected characteristics. It will train officers to improve communication so it is more professional and empathetic and make sure that officers are confident in de-escalation, humility and delivering GOWISELY*.

    *GOWISELY is a mnemonic used by officers which represents the minimum information to be given during a stop and search. It stands for Grounds for the search, Object/s being searched for, Warrant card to be shown (if the officer isn’t in uniform or if it is requested), Identity of the officer (eg name and shoulder number), Station the officer is based at, Entitlement to a record of the search, Legal power used for the search, making clear that You (the person who has been stopped) are detained for the purpose of a search.

    Improved supervision for officers

    The MPS will commit to a more robust supervision process and a generally more holistic and inclusive approach to Stop and Search. It will conduct regular and random reviews of Stop and Searches and ensure the consequences for poor Stop and Search are effective and allow for progression and change.

    Improved handling of complaints

    The MPS will commit to making sure the complaints process is clearly communicated and accessible to everyone. It will prevent internal bias by ensuring the community are involved with decision making in the complaints process and provide accessible statistics that clearly show how different people are affected.

    Better use of technology 

    The MPS will commit to improving its use of technology to make data and processes more accessible, make feedback easier and explore the possible use of artificial intelligence to identify trends.

    Enhanced independent governance and scrutiny 

    The MPS will commit to independent and consistent community involvement in governance and scrutiny.

    Community involvement in where, when and why stop and search is being used 

    The MPS will commit to working with local communities to regularly discuss when and where Stop and Search is being used. They must listen to the concerns of the community and explain why it is being used to reduce fear and show that it is being used fairly and without prejudice.

    Achieving a better public understanding of stop and search 

    The MPS will commit to educating all Londoners of all ages by way of different communication streams on their rights, the correct process, the reason behind each Stop and Search and raise awareness in general on the power.

    A copy of the charter document is attached to this press release.

    MIL Security OSI –

  • MIL-OSI: Saudi Arabia’s Ministry of Energy awards prestigious feedstock allocation for joint project between Sipchem and LyondellBasell

    Source: GlobeNewswire (MIL-OSI)

    AL KHOBAR, Kingdom of Saudi Arabia and HOUSTON, Feb. 27, 2025 (GLOBE NEWSWIRE) — Sipchem and LyondellBasell (LYB) have been awarded a feedstock allocation from the Ministry of Energy of Saudi Arabia supporting a joint feasibility study for a world-scale mixed feed cracker complex combined with a diversified derivative portfolio. Sipchem and LYB will assess the viability and optimal structure for the project, which will be advanced on a 60% (Sipchem) | 40% (LYB) ownership basis. The allocation lays the foundation for both parties to define the technical, financial and commercial configuration for the project. Construction of the joint project would result in the manufacturing of petrochemical products and derivatives to serve customers both within the Kingdom of Saudi Arabia and global export markets while creating several thousand local job opportunities.

    With cost-advantaged feedstocks, world-scale assets, leading technologies, and proximity to key international markets, the joint project has the potential to create lasting value. The project will benefit from LYB’s technologies to produce differentiated grades of polyethylene and polypropylene, including the Catalloy product line of elastomeric polyolefins.

    Sipchem and LYB will jointly explore carbon management solutions including the use of low emission technologies, in support of the parties’ and the Kingdom’s net zero ambitions. 

    “Our partnership with LyondellBasell marks an important milestone in our pursuit of ambitious goals for sustainable growth and the strengthening of our position within the petrochemical market locally and globally,” said Abdullah Al-Saadoon, Sipchem chief executive officer. “Through this collaboration, we will leverage the latest cutting-edge, energy-efficient technologies, significantly contributing to our environmental objectives and enhancing the sustainability of our operations. We extend our gratitude to the Ministry of Energy for its unwavering support of the petrochemical industry, which has been instrumental in enabling us to achieve our shared goals. We are enthusiastic about advancing this project and are committed to delivering high-quality products that will drive the development of the industrial sector in the Kingdom of Saudi Arabia.” 

    “This feedstock allocation is a vital step in our collaboration with Sipchem,” said Peter Vanacker, LyondellBasell chief executive officer. “As we move forward with our joint study, with a long-term partnership in mind, we further strengthen our commitment to Saudi Arabia. Thank you to the Ministry of Energy for their support and collaboration as we build on our successful partnership. We look forward to being a larger part of the Kingdom’s thriving economy, which continues to grow and provide numerous opportunities for development and innovation.”

    About LyondellBasell

    We are LyondellBasell (NYSE: LYB) ― a leader in the global chemical industry creating solutions for everyday sustainable living. Through advanced technology and focused investments, we are enabling a circular and low carbon economy. Across all we do, we aim to unlock value for our customers, investors and society. As one of the world’s largest producers of polymers and a leader in polyolefin technologies, we develop, manufacture and market high-quality and innovative products for applications ranging from sustainable transportation and food safety to clean water and quality healthcare. For more information, please visit www.lyondellbasell.com or follow @LyondellBasell on LinkedIn. 

    About Sipchem

    Sipchem, officially known as Sahara International Petrochemical Company (TASI: SIPCHEM) ― a Saudi-based leading innovator in the petrochemical sector, founded in 1999. The company provides high-quality chemical and polymer products that serve diverse industries, including construction, automotive, electronics, and packaging. With a strong focus on sustainability, Sipchem integrates energy efficiency, waste reduction, and advanced technologies into its operations to support a circular economy and minimize its environmental impact. Through continuous investment in research and development, Sipchem delivers innovative solutions that address evolving global needs and contribute to long-term growth. For more information, please visit www.Sipchem.com or follow @SipchemGlobal on LinkedIn.

    Cautionary Note Regarding Forward-looking Statements

    The statements in this release relating to matters that are not historical facts are forward-looking statements. Actual results could differ materially based on factors including, but not limited to, our ability to meet the requirements of the allocation award; the results of the feasibility study described in this release; future investment decisions and the successful development, construction and operation of the proposed facilities described in this release; our ability to implement our strategy and successfully align our asset base with that strategy; and general economic conditions in the Kingdom of Saudi Arabia and globally. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section of our Form 10-K for the year ended December 31, 2023, which can be found at www.LyondellBasell.com on the Investor Relations page and on the Securities and Exchange Commission’s website at www.sec.gov. There is no assurance that any of the actions, events or results of the forward-looking statements will occur, or if any of them do, what impact they will have on our results of operations or financial condition. Forward-looking statements speak only as of the date they were made and are based on the estimates and opinions of management of LyondellBasell at the time the statements are made. LyondellBasell does not assume any obligation to update forward-looking statements should circumstances or management’s estimates or opinions change, except as required by law. 

    NEWS INQUIRIES:

    Phone: +1-713-309-4791

    Email: nick.facchin@lyondellbasell.com

    Or

    Phone: +966 13 801 9385

    Email: dokelly@sipchem.com

    The MIL Network –

  • MIL-OSI: BW Offshore: Fourth quarter and full year results 2024

    Source: GlobeNewswire (MIL-OSI)

    Fourth quarter and full year results 2024

    HIGHLIGHTS

    • Q4 EBITDA USD 72 million and 2024 EBITDA USD 318 million in line with guidance
    • Strong commercial performance with Q4 operating cashflow of USD 79 million and 2024 operating cashflow of USD 363 million
    • Robust balance sheet with an equity ratio 30.8% and USD 540 million in available liquidity
    • Q4 cash dividend raised to USD 0.14 per share
    • Increased cash flow in sight with Barossa FPSO on track for April sail-away
    • Full-year 2025 EBITDA guidance in the range of USD 220-250 million

    BW Offshore continues to progress the Barossa project according to schedule and well within the updated budget. As of end January 2025, construction and integration was 99% complete and commissioning at 85% completion. The vessel is currently being prepared for sail-away in late April. The FPSO is on track for first gas in mid-2025.

    For 2025, BW Offshore expects to report EBITDA in the range of USD 220 to 250 million. The EBITDA outlook reflects the firm backlog for BW Adolo and BW Catcher and the expected start of IFRS revenue recognition from BW Opal at full practical completion during the fourth quarter. Dayrate received for the BW Opal during the start-up and early production phase from mid-2025 will be amortised over the 15-year contract period. Contract negotiations for BW Pioneer are progressing well, however no guidance on EBITDA has been included beyond firm contract.

    The Board of Directors has declared a quarterly cash dividend of USD 0.14 per share. The shares will trade ex-dividend from 3 March 2025. Shareholders recorded in VPS following the close of trading on Oslo Børs on 4 March 2025, will be entitled to the distribution payable on or around 11 March 2025. The total dividend for 2024 amounts to USD 59.2 million, equal to 50% of net Income for the year.

    “We continue to maintain a strong balance sheet supported by consistent high commercial uptime and robust cash generation from the fleet with 2024 EBITDA above initial guidance. Our commitment to returning value to shareholders stands firm as reflected in the increased fourth-quarter dividend, and a total distribution for 2024 reflecting 50% of net profit for a second consecutive year,” said Marco Beenen, CEO of BW Offshore. “As BW Opal progresses to schedule and soon departs the yard in Singapore for the Barossa field, we are moving ahead with potential new FPSO projects that meet our selection criteria in a market with high tendering and FEED activity.”

    FINANCIALS
    EBITDA for the fourth quarter of 2024 was USD 71.9 million (USD 83.2 million in Q3). The EBITDA reflects solid operational performance across the FPSO fleet. Third quarter EBITDA was higher due to the final contribution from engineering and design work on the Sakarya project.

    EBIT for the fourth quarter was USD 30.8 million (USD 37.6 million).

    Net financial items were positive at USD 19.4 million (negative USD 16.4 million), of which net interest expense amounted to USD 3.0 million (USD 4.3 million). Fourth quarter was impacted by the recognition of a valuation gain on the finance liability related to the Barossa project, due to changes in timing of future expected cash flows and a positive mark-to-market adjustment on interest rate hedges resulting from an increase in swap rates.

    The share of loss from equity-accounted investments was USD 9.5 million, including a valuation adjustment on the Barossa finance receivable related to changes in timing of future expected cash flows (loss of USD 5.7 million).

    Net profit for the fourth quarter increased significantly to USD 40.8 million (USD 13.0 million).

    Total equity as of 31 December 2024 was USD 1 246.6 million (USD 1 208.6 million). The equity ratio was 30.8% at the end of the quarter (29.6%).

    As a result of strong cash generation from the fleet and the sale of BW Energy shares in 2024, the Company was net cash positive by USD 74.4 million as of 31 December 2024 (USD 38.4 million net cash positive at the end of September).

    Available liquidity was USD 540 million, excluding consolidated cash from BW Ideol and including USD 233.8 million available under the corporate loan facility.

    FPSO OPERATIONS
    The FPSO fleet continued to deliver stable uptime in the quarter with a weighted average fleet uptime of 99.2% (98.9% in the third quarter).

    BW Adolo delivered strong commercial performance as fourth quarter production increased to 37,150 barrels per day (bbls/day), resulting in strong cash flow stemming from the tariff under the contract that generate USD 1.5/bbl for the first 20,000 bbls/day of production and USD 3/bbl for production beyond 20,000 bbls/day.

    Performance from BW Catcher and BW Pioneer was stable and consistent with high commercial uptime.

    FPSO PROJECTS
    In January, BW Offshore was selected to perform the pre-FEED study for the Bay du Nord FPSO project by Equinor. The project reflects BW Offshore’s expertise in floating production solutions for harsh environment conditions, and commitment to delivering sustainable and innovative solutions. The pre-FEED study will play an important role in supporting Equinor’s strategic goals for the Bay du Nord development.

    LOW CARBON ENERGY SOLUTIONS
    BW Offshore is committed to contribute to the energy transition by developing low-carbon offshore energy production solutions, by leveraging FPSO expertise to deliver low-carbon energy and expand into new sectors, focusing on low-emission oil and gas, CO2 transport, gas-to-power and floating ammonia to meet evolving energy demands. The Company maintains a disciplined approach with selective and diligent allocation of capital and a commitment to creating shareholder value.

    BW Offshore also owns 64% of BW Ideol. BW Ideol is a leader in offshore floating wind technology and co-development, with over 14 years of experience in the development of floating wind projects.

    In December, BW Ideol’s project partners, EDF Renewables and Maple Power, were awarded the Mediterranean Tender (AO6) floating offshore wind project in France. The 250-megawatt (MW) development will leverage BW Ideol’s proprietary Damping Pool® technology, a proven solution that optimises the stability and performance of floating wind turbines in challenging marine environments. A total of 12 floating foundations and turbines are planned to be installed at the site.

    OUTLOOK
    Growing energy demand continues to drive interest in developing new infrastructure-type FPSO projects with long production profiles, low break-even costs and focus on lower emissions. Increased project complexity, combined with higher construction costs, necessitates financial structures with significant day rate prepayments during the construction period for new lease and operate projects.

    Alternatively, oil and gas majors may finance and own FPSOs, relying on FPSO specialists for the design, construction and installation scope, combined with operation and maintenance services. BW Offshore is well positioned to offer both solutions.

    In recent years, the number of sanctioned FPSO projects have lagged market expectations. Consequently, there is a growing number of projects at various stages of maturity, reflecting a pent-up demand for FPSOs. Increased FEED and tendering activity is a function of this, and BW Offshore expects that a number of the FPSO projects the Company is engaging with will reach a final investment decision over the next 12 to 36 months. The market dynamics, combined with the high competence levels required for project execution, should enable better risk-reward and improved margins for FPSO companies going forward.

    BW Offshore continues to selectively evaluate new projects that meet required return targets, offer contracts with no residual value risk after firm period, and provide a financeable structure with strong national or investment-grade counterparties.

    BW Offshore expects that the fleet will continue to generate significant cash flows in the time ahead, supported by the USD 5.3 billion firm contract backlog at the end of December 2024.

    Please see attached the Q4 Presentation. The earnings tables are available at:

    https://www.bwoffshore.com/ir/

    BW Offshore will host a webcast of the financial results 09:00 (CET) today. The presentation will be given by CEO Marco Beenen and CFO Ståle Andreassen.

    Webcast information:
    You can follow the presentation via webcast with supporting slides and a Q&A module, available on:

    BW Offshore Limited – Q4 Presentation Webcast

    Please note, that if you follow the webcast via the above URL, you will experience a 30 second delay compared to the main conference call. The web page works best in an updated browser – Chrome is recommended.

    For further information, please contact:
    Ståle Andreassen, CFO, +47 91 71 86 55
    IR@bwoffshore.com or www.bwoffshore.com

    About BW Offshore:
    BW Offshore engineers innovative floating production solutions. The Company has a fleet of 3 FPSOs with potential and ambition to grow. By leveraging four decades of offshore operations and project execution, the Company creates tailored offshore energy solutions for evolving markets world-wide. BW Offshore has around 1,100 employees and is publicly listed on the Oslo Stock Exchange.

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

    Attachments

    The MIL Network –

  • MIL-OSI Security: Met publishes new charter shaping the future of stop and search

    Source: United Kingdom London Metropolitan Police

    The Met has published a new Stop and Search Charter, shaping the future of how one of policing’s most effective but contentious tactics is used in London.

    The charter, which was co-produced with communities, is the product of a year and a half of engagement with more than 8,500 Londoners of all ages, ethnicities and backgrounds. It is the first time a set of formal commitments on how stop and search is carried out has been agreed to and published in this way.

    Over the past four years, 17,500 weapons were seized as a result of stop and search, including at least 3,500 in 2024. Polling shows that up to 68 per cent of Londoners, including young Londoners, support its use.

    But that support varies depending on who is asked. Many Black Londoners, for example, have told us that stop and search creates tensions between their communities and the police. However, people living in those same communities, which are often among those that suffer most from serious violence and drug-related crime, also tell us that they want us to do more to keep them safe.

    Commissioner Sir Mark Rowley said: “Stop and search is a critical policing tool. Done well, it stops those intent on causing death, injury and fear in our communities. It takes dangerous weapons and drugs off our streets and in doing so, it saves lives.

    “Done badly, it has the potential to burn through trust with those we are here to protect, undermining our founding principle of ‘policing by consent’ and damaging our efforts to keep the public safe.

    “The charter is not about doing less stop and search. It is about doing it better by improving the quality of encounters, informed by the views of the public it is intended to protect.

    “Many of our officers already use their powers in this area very well. They show empathy, they de-escalate and they understand the impact that being stopped and searched can have. They do all that while still recovering dangerous weapons and seizing drugs.

    “The charter commits us to supporting all our officers, through improved training, more supervision and better access to technology, so they can meet that high standard their colleagues are setting.

    “It also gives the community a greater role in the oversight of how, when and where stop and search is used which we hope will help to build trust in a policing tactic that, so often, has been at the root of mistrust.”

    The creation of a Stop and Search Charter was recommended by Baroness Casey in her 2023 review into the culture and standards of the Metropolitan Police.

    The extensive engagement that led to its publication included events held in all 32 London boroughs, three events at New Scotland Yard and open public online sessions.

    The themes that emerged from those engagement events were tested against a wider audience of 8,500 Londoners in a series of surveys.

    The final writing of the charter was led by 80 young people aged between 16 and 23 who were invited to New Scotland Yard to interpret feedback and bring the document together. The charter uses as much of their language and phrasing as possible, in particular where the ‘community expectation’ under each commitment is set out.

    Sir Mark added:“If we are to take the fight to those intent on causing serious violence, fear and intimidation across London then stop and search must form part of that effort. If we allow its contentious nature and the concerns associated with it to force us into doing less of it, then only the criminals win.

    “This charter is particularly powerful because it has been written with communities. We’re immensely grateful to all who stepped forward to work with us. We are committed to this change and to further rebuilding trust by continuing the conversations that have made it possible so far.”

    The charter includes the following commitments:

    A focus on the quality of stop and search encounters

    The MPS will commit to making sure that officers do Stop and Search with professionalism, showing basic forms of respect. Communication and tone are important and the MPS will make sure that officers understand what it feels like to be searched, build relationships with the community and make sure that other officers step in if not done correctly.

    Improved training for officers

    The MPS will commit to improving training so that officers better understand their local community, especially those with protected characteristics. It will train officers to improve communication so it is more professional and empathetic and make sure that officers are confident in de-escalation, humility and delivering GOWISELY*.

    *GOWISELY is a mnemonic used by officers which represents the minimum information to be given during a stop and search. It stands for Grounds for the search, Object/s being searched for, Warrant card to be shown (if the officer isn’t in uniform or if it is requested), Identity of the officer (eg name and shoulder number), Station the officer is based at, Entitlement to a record of the search, Legal power used for the search, making clear that You (the person who has been stopped) are detained for the purpose of a search.

    Improved supervision for officers

    The MPS will commit to a more robust supervision process and a generally more holistic and inclusive approach to Stop and Search. It will conduct regular and random reviews of Stop and Searches and ensure the consequences for poor Stop and Search are effective and allow for progression and change.

    Improved handling of complaints

    The MPS will commit to making sure the complaints process is clearly communicated and accessible to everyone. It will prevent internal bias by ensuring the community are involved with decision making in the complaints process and provide accessible statistics that clearly show how different people are affected.

    Better use of technology 

    The MPS will commit to improving its use of technology to make data and processes more accessible, make feedback easier and explore the possible use of artificial intelligence to identify trends.

    Enhanced independent governance and scrutiny 

    The MPS will commit to independent and consistent community involvement in governance and scrutiny.

    Community involvement in where, when and why stop and search is being used 

    The MPS will commit to working with local communities to regularly discuss when and where Stop and Search is being used. They must listen to the concerns of the community and explain why it is being used to reduce fear and show that it is being used fairly and without prejudice.

    Achieving a better public understanding of stop and search 

    The MPS will commit to educating all Londoners of all ages by way of different communication streams on their rights, the correct process, the reason behind each Stop and Search and raise awareness in general on the power.

    A copy of the charter document is attached to this press release.

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