BEIJING, Feb. 5, 2025 /PRNewswire/ — China’s leading baijiu maker Wuliangye sent its Spring Festival greetings to the world through a 3D advertisement released on January 27 at the Times Square, New York.

In the joyful and peaceful Spring Festival, Chinese civilization concepts such as peace and harmony are spread to enhance mutual understanding, respect, and interaction among peoples. 

The advertisement presented the Wuliangye brand through a lovable animated giant panda, who unfolded a couplet meaning “harmony”. It marked the integration of Wuliangye’s brand culture of “harmony” with the Spring Festival, conveying the good wishes of the Chinese nation to the world for a new future highlighting global “harmony”.

To observe the festival, Chinese people always prepare sumptuous food and make toasts to their families, friends and ancestors with Chinese baijiu. As one of the oldest Chinese baijiu, Wuliangye reflects the connections and pursuits of the Chinese people, becoming a cultural symbol in the Spring Festival celebrations.

To welcome the Year of the Snake, the first edition after the UNESCO added the Spring Festival, the social practices of the Chinese people in celebration of the traditional new year to its Representative List of the Intangible Cultural Heritage of Humanity, Wuliangye launched the Times Square 3D advertisement, not only conveying blessings but also exhibiting the charm of Chinese baijiu culture.

Wuliangye baijiu, made from sorghum, rice, sticky rice, wheat and corn, is the world’s first distilled liquor made from five types of grains. Wuliangye has ancient fermentation pits, which are precious tangible cultural heritage and have been fermenting for 700-odd years since the Yuan and Ming dynasties. Rich microorganisms in the pits mud endow Wuliangye with unparalleled unique flavor and delicate taste. Also, the brewing techniques that have been passed down for over a thousand year have finally created the unique flavor and quality of Wuliangye.

In recent years, Wuliangye has been actively going global. It has set foot in multiple countries and regions across the five continents through a “Harmony Global Tour” campaign. To expand international business, the Chinese baijiu maker has established three international marketing hubs in the Asia Pacific, Europe, and the Americas, and made its products available in duty-free stores, retail outlets, catering services, e-commerce platforms, and special channels.

Original link: https://en.imsilkroad.com/p/344240.html

BRUSSELS, Feb. 5, 2025 /PRNewswire/ — Radisson Hotel Group reported a record-breaking year in 2024 after adding almost 40,000 keys to its global brand portfolio, thereby achieving significant milestones and further strengthening its footprint around the world. Radisson Blu remained the leading upper upscale brand in Europe for the 13^th consecutive year and the Group is now leading the upscale resort segment in EMEA.

Elie Younes, Executive Vice President and Global Chief Development Officer at Radisson Hotel Group, comments: “Despite global geopolitical shifts in 2024, we had a successful year thanks to our relentless efforts to serve our two key customers: the guest and the owner. In 2025, we will continue creating more possibilities and opportunities for all our stakeholders through building on existing segments and partnerships as well as seeking new business avenues. We are grateful to our owners, partners, shareholders, and dedicated teams, whose trust and support enable our joint success.”

With a clear vision for growth and development set out by Radisson Hotel Group’s transformation plan, the Group has been able to achieve the following successes across its portfolio in 2024:

Since its launch in 2018, the Radisson Collection brand grew in 2024 to nearly 70 hotels and achieved significant portfolio growth across key destinations. This included the signing of the first Radisson Collection properties in Paris and Madrid, the signing of the Group’s third Radisson Collection property in Riyadh, and the opening of flagship hotels in Rome (Italy), and Srinagar (India). The Radisson Collection hotel in the heart of Paris is located in the iconic and heritage-protected Haussmann building — just steps away from the Louvre Museum and Le Marais neighborhood. In Madrid, the Radisson Collection hotel is set to debut in the iconic Generali building located on Alcala Street — one of Madrid’s most prominent avenues in the prestigious Canalejas area.

In collaboration with PPHE Hotel Group, Radisson Hotel Group opened the doors to art’otel London Hoxton in May. The hotel is in the vibrant Hoxton neighborhood and combines captivating artwork by Signature Artist D*Face with cutting-edge design. In early 2025, the Group is also set to open an art’otel property in Rome, marking the brand’s Italian debut.

Radisson Blu achieved remarkable success last year, as the brand counted over 20 additions to its portfolio, reflecting strong momentum in EMEA and APAC. This growth included openings and signings which redefined the skyline of some of the world’s most renowned cities such as Casablanca (Morocco), where the property is nestled in the city’s new financial district. The recently opened hotel in Conakry is a landmark addition to Guinea’s vibrant capital and is not only a new market entry, but also a significant expansion of the Group’s footprint in West Africa.

Radisson RED expanded into several new markets including Danang (Vietnam), Berlin (Germany), Auckland (New Zealand), Vientiane (Laos), and Abuja (Nigeria). Notable highlights are the debut of the brand in Ireland, with the opening of Radisson RED Galway, located in Galway’s newest neighborhood, Crown Square, and close to Galway’s city center. Whereas Radisson RED Phuket Patong Beach – located just 200 meters from the iconic Patong Beach – marks the debut of the brand in Thailand. The hotel takes the guest experience to new levels with its own RED radio station.

First launched in 2020, Radisson Individuals is now one of the fastest-growing brands in APAC with almost 15 additions to the portfolio in the region in 2024, including openings in Udaipur as well as Saket in South Delhi (India). In EMEA, the brand expanded with new properties in Oman, Sardinia, Turkey, France, and the UK with openings in Surrey, as well as Bolton where the hotel is attached to the home of Bolton Wanderers Football Club, located in the heart of North West England.

Towards the end of the year, the Group rebranded its midscale lifestyle brand, prizeotel, to Prize by Radisson. New hotels under the rebranded name were announced in Gdansk (Poland) and Berlin (Germany), which marked a pivotal moment in the brand’s growth strategy.

With over 150 properties in operation and under development, Radisson Hotel Group is now the industry leader in the upscale resort segment. New openings and signings were announced in breathtaking destinations, including an addition to the Group’s existing portfolio of hotels in Mauritius. This stunning property is nestled along the east coast of Mauritius, on a prime location on one of the island’s most pristine beaches.

Stepping into 2025, Radisson Hotel Group will continue to focus on expansions in strategic geographies, with the right brand and solution for every market, creating more possibilities and opportunities for stakeholders.

Watch the full video of the Business Development Update here: https://www.youtube.com/watch?v=69bJ-D67bVo

RADISSON HOTEL GROUP 

Radisson Hotel Group is an international hotel group, operating in EMEA and APAC with over 1,460 hotels in operation and under development in +100 countries. The international hotel group is rapidly expanding with a plan to significantly grow the portfolio. The Group’s overarching brand promise is Every Moment Matters with a signature Yes I Can! service ethos.

The Radisson family of brands portfolio includes Radisson Collection, art’otel, Radisson Blu, Radisson, Radisson RED, Radisson Individuals, Park Plaza, Park Inn by Radisson, Country Inn & Suites by Radisson, and prizeotel brought together under one commercial umbrella brand Radisson Hotels. 

Radisson Rewards is Radisson Hotel Group’s loyalty program, which delivers an elevated experience that makes Every Moment Matter, counting over 17 million members. As the most streamlined program in the sector, members enjoy exceptional advantages and can access their benefits from day one across a wide range of hotels in Europe, Middle East, Africa, and Asia Pacific. 

Radisson Meetings provides tailored solutions for any event or meeting, including hybrid solutions placing guests and their needs at the heart of its offer. Radisson Meetings is built around three strong service commitments: Personal, Professional and Memorable, while delivering on the brilliant basics and being uniquely 100% Carbon Neutral. 

At Radisson Hotel Group we care for people, communities and planet and aim to be Net Zero by 2050 based on the approved near-term Science Based Targets. With unique solutions such as 100% carbon neutral Radisson Meetings, we make sustainable hotel stays easy. To facilitate sustainable travel choices, all our hotels are becoming verified on Hotel Sustainability Basics. 

The health and safety of guests and team members remain a top priority for Radisson Hotel Group. All properties across the Group’s portfolio are subject to health and safety requirements, ensuring we always care for our guests and team members. 

For more information, visit our corporate website. Or connect with Radisson Hotels on: 

LinkedIn | Instagram | Twitter | Facebook | YouTube | TikTok 

NEW YORK, Feb. 5, 2025 /PRNewswire/ — Tuya Smart (NYSE: TUYA, HKEX: 2391), a global cloud platform service provider, has announced a partnership with Chery, a Fortune Global 500 automaker, during Chery’s second Ecosystem Partner Conference of Ruixiang Life (Ruixiang Life is an ecosystem brand under Chery). The collaboration aims to create a smart cockpit, accelerate the integration of automotive and home ecosystems, and offer consumers unparalleled convenience and comfort in both travel and living spaces.

Car-Home Connectivity: Redefining the Future of Smart Spaces

Chery, a pioneer in Chinese automotive technology and a trailblazer in export innovation, has consistently set benchmarks in the automotive industry. In 2024, Chery achieved over RMB 480 billion in revenue, representing a year-over-year increase exceeding 50%, and sold more than 2.6 million vehicles, securing its position as the top car exporter.

As a Fortune 500 company, Chery recognizes the critical importance of embracing expansion and innovation. With the rapid rise of AIoT, the convergence of smart environments has become an inevitable trend. Recognizing the growing integration of home and vehicle spaces in modern lifestyles, Chery has expanded its focus from the automotive domain to smart home ecosystems, aiming to establish a seamless car-home connectivity system that enriches the smart living experience for users.

In this context, Chery has chosen to collaborate with Tuya. Tuya is a global leading cloud platform service provider with a mission to build a smart solutions developer ecosystem and enable everything to be smart. Its extensive expertise and proven track record in the smart home sector make it the ideal collaborator to help Chery elevate the ecosystem connecting human, automotive and home.

Partnership Drives Smart Ecosystem Innovation

During the conference, Chery and Tuya held an on-site signing ceremony to formalize the partnership. Leveraging Tuya’s cutting-edge smart space solutions for passenger vehicles, the collaboration aims to establish an interoperable smart home system across brands, ecosystems, and devices enabling seamless communication between cars, in-car devices, and smart home systems.

Tuya’s comprehensive product integration capabilities span all categories of hardware devices and flexibly support OEM/ODM allowing Chery to adapt to diverse lifestyle scenarios. For example, drivers can use a Tuya-enabled App on their car’s infotainment system to control home devices in real-time. Before arriving home, users can activate pre-set scenes—adjusting lighting, air conditioning, and curtains—delivering an immersive and personalized lifestyle experience.

In addition to car-home connectivity, the partnership will expand to include smart living scenarios in real estate, communities, and hospitality. This comprehensive approach creates more comfortable and integrated smart spaces, helping Chery drive growth in the competitive automotive market.

Bingfeng Zheng, Assistant to the President and General Manager of the Spare Parts Boutique Business Unit at Chery, said, “The integration of smart cars and smart homes is a key focus for today’s consumers. This collaboration between Chery and Tuya reflects our commitment to staying ahead of market trends. With Tuya’s leading-edge cloud platform, networking modules, and robust development tools, Chery is poised to strengthen its leadership in the automotive sector while exploring diversified development opportunities.”

Parvana Yu, Deputy General Manager of Travel Business Unit of Tuya Smart, said, “We are honored to collaborate with Chery, a company renowned for its deep industry expertise and global market influence. Chery’s precision in identifying market trends and leveraging its robust channel system will enable Tuya to rapidly deliver high-quality solutions to a broader audience. Together, we aim to redefine the car-home connectivity landscape and drive the intelligent transformation of everyday scenarios.”

Car-home connectivity is more than a technological advancement; it represents an exploration into future lifestyles. The partnership between Chery and Tuya accelerates the integration of human, automotive, and home ecosystems, setting new standards for smart living. Looking ahead, both companies will deepen collaboration, explore innovative scenarios, and enhance user experiences to lead the evolution of the smart living ecosystem.

BRUSSELS, Feb. 5, 2025 /PRNewswire/ — Results for the year ending 31 December 2024

Euroclear Holding

Financial highlights

Euroclear’s underlying^[1] business income and interest earnings reached record levels in 2024

•  Underlying operating income increased by 5% to reach €2,899 million.
•  Underlying business income is up by 5% to €1,748 million, driven by strong settlement and safekeeping activities, with assets under custody reaching €40.7 trillion as of end December 2024.
•  Underlying business income for Q4 2024 increased by 7% compared to Q4 2023, driven by strong performance in Eurobonds, European Assets, Global Emerging Markets and Funds.
•  Despite a decreasing trend in interest earnings in the second half of 2024 due to interest rate changes, underlying interest income increased by 3% year-on-year to €1,152 million.

Cost and margin evolution

•  Euroclear reported several one-off events in Q4 2024, resulting in a total impact of €117 million. These include an initial dotation and the 2024 contribution to the newly created Euroclear Foundation (see below), the impact of the initial consolidation of Goji and Quantessence within the Euroclear Holding figures, a voluntary retirement incentive plan and a voluntary early retirement plan and the related tax impact.
•  When excluding the above-mentioned events, underlying adjusted operating expenses increased by 3% year-on-year to €1,333 million, in line with the continued focus on cost mitigation and our 2-3% organic cost growth target.
•  Q4 2024 underlying adjusted operating expenses increased by 5% versus Q4 2023, also reflecting exceptional HR and IT-related elements amounting to approx. €10 million.
•  Adjusted business income operating margin for the full year 2024 improved as a result by 1.5 percentage points to 23.7%, in line with our focus to create positive operating leverage.

Net profit and EPS evolution

• Underlying net profit increased by 6% to a record level of €1,038 million.
• When excluding the above-mentioned one-off cost events, resulting adjusted underlying net profit increased by 5% to €1,155 million.
• Underlying adjusted Earnings Per Share increased by 5% to €367, reflecting the continued increase in net profit.

Capital position and dividend proposal

•  Euroclear group retains a very strong capital position, comfortably above regulatory requirements with an underlying Common Equity Tier 1 capital ratio slightly above 60%[^2].
•  The Board proposes to pay a dividend per share of €220 by the end of Q2 2025. This represents an increase of 5% and maintains the pay-out ratio at around 60% of the adjusted underlying earnings.

The impacts of the Russian sanctions are detailed in the last section of this press release.

Valerie Urbain, Chief Executive Officer of Euroclear, commented:

“2024 was a year of record financial performance, underpinned by our increasingly diversified business model and driven by strong business income and sustained interest income. Our strategy and new management structure puts clients at the centre of our plans, and we continue to make progress against our key objectives. In 2024, we grew our funds business and European presence through the announced acquisition of Inversis in Spain. We also continue to support market adoption of digital assets by attracting new issuances on our D-SI platform while participating in important projects with industry partners to drive innovation across European post-trade.

Our core activities continue to thrive. We have reached record levels in settlement and safekeeping activities, with assets under custody closing the year over the €40 trillion mark. The outstanding of Euroclear’s Collateral Highway is now close to €2 trillion, while the funds depot also hit a new high of 3.6 trillion.”

Business performance 

The key operating metrics (end of period unless stated otherwise) demonstrate an excellent business performance during the period.

Euroclear’s assets under custody reached a record €40.7 trillion, growing for the ninth quarter in a row, thanks to solid stock exchange performances and robust results in fixed income.

Settlement volumes hit a new high due to sustained activity throughout the year.

Boosted by the ETF activity, combined with the rise in equity markets, fund assets under custody reached the record level of €3.6 trillion.

The Collateral Highway’s outstanding continues to increase and is now close to its prior peak level.

Business milestones

Advancing the funds business 

Over the past years, Euroclear’s funds offering has evolved rapidly thanks to acquisitions such as MFEX in 2021 and Goji in 2023. In 2024, major clients in Asia, Europe and the US, including Banque et Caisse d’Epargne de l’Etat Luxembourg (Spuerkeess), Blackrock, China Construction Bank (Asia), DBS Bank or ODDO BHF have selected Euroclear FundsPlace for the onboarding of their investment funds. Euroclear provides them with a one-stop-shop solution for fund distribution and execution services via its extensive network, allowing their clients to have access to more than 250,000 funds.

In 2024, Euroclear acquired a strategic stake in IZNES, a pan-European funds marketplace based on blockchain technology. This partnership complements Euroclear’s funds services in the French market and beyond as it continues to play an active role in the development of innovative funds distribution models.

In July 2024, Euroclear announced the acquisition of a 49% stake in Inversis, a leading provider of global investment technology solutions and outsourced financial services with the intention to become the full owner of the Spanish company by end 2027. By acquiring Inversis, Euroclear aims to accelerate the delivery of its funds strategy and increase its pan-European coverage thanks to Inversis’ significant presence on the Spanish market.

In Asia, Euroclear acquired a strategic stake in Marketnode, a Singapore-based digital market infrastructure operator. By joining forces with Marketnode, Euroclear aims to participate in the setup of a key market infrastructure in Asia-Pacific designed to simplify the management of fund flows and reduce settlement times by using DLT technology.

Reshaping traditional financial services

Euroclear has an important role to play in bridging the gap between digital asset securities and the conventional financial landscape. In 2024, Euroclear made significant progress to become a digital, data-enabled Financial Market Infrastructure by welcoming the Digital Native Note (DNN) issued by the Asian Infrastructure Investment Bank on its Digital Securities Issuance (D-SI) platform. This marks the first of such digital issuance in USD for Euroclear and the first by an Asia-based issuer on its platform. 

Euroclear is also actively engaged in exploring the full potential of digital assets and participates in various DLT projects with market partners. Alongside Digital Asset and The World Gold Council, it successfully completed a groundbreaking pilot to tokenise gold, Gilts and Eurobonds for collateral management. With the support of Paris Europlace, Euroclear worked with a group of French banks around its D-SI platform and Banque de France’s DL3S platform for Central Bank Digital Currency (CBDC) to issue the first Digitally Native Note (DNN) under French law and settled it in CBDC.

Streamlined management structure

Following the appointment of Valérie Urbain as CEO of the group, Euroclear redesigned the structure and composition of its top management team to accelerate strategy execution. A new, expanded Executive Committee composed of eight members ensures the representation of all the group’s constituents in all key strategic decisions and a stronger focus on clients, business operations and people – both in Europe and internationally.

Launch of the Euroclear Foundation to amplify social impact

Euroclear aims to make a significant positive social impact in the locations where it operates. By establishing the Euroclear Foundation, Euroclear will seek to improve lives and support the next generation by working to eliminate pressing social and environmental issues.

The Euroclear Foundation builds on the company’s existing initiatives aimed at increasing its social impact. These include a group-wide volunteering programme, long-term community partnerships and a Matching Gift programme to match employee donations.

Russian sanctions impacts 

Financial impacts of the Russian assets

• Following the implementation of the EU windfall contribution regulation, Euroclear provisioned €4 billion as windfall contribution in 2024.
• After retention of a 10% share of the windfall contribution to comply with capital and risk management requirements, Euroclear made a first payment for H1 2024 of approx. €1.55 billion to the European Fund for Ukraine in July 2024. A second payment for H2 2024 is expected to take place in March 2025 and should amount to approx. €2 billion.
• Interest earnings related to Russian assets, which are subject to Belgian corporate tax, generated €1.7 billion tax revenue.
•  The sanctions and Russian countermeasures resulted in direct costs of €94 million and a loss of business income of €27 million.
•  Gradual rate cuts have led to a gradual decline in interest income related to the Central Bank of Russia’s assets in 2024 with the outlook for future interest earnings likely to continue to decline though dependent on future policymaking decisions.

Update on Russian sanctions and countermeasures

Russia’s invasion of Ukraine in February 2022 resulted in market-wide application of international sanctions. Euroclear considers the application of international sanctions as a key obligation. Therefore, well established processes are in place which have allowed the group to implement the sanctions while maintaining our normal course of business.

As a result of the sanctions, blocked coupon payments and redemptions owed to sanctioned entities continue to accumulate on Euroclear Bank’s balance sheet. At the end of December 2024, Euroclear Bank’s balance sheet totalled €212 billion, of which €183 billion relate to sanctioned Russian assets.

In line with Euroclear’s risk appetite and policies and as expected by the EU Capital Requirements Regulation, Euroclear’s cash balances are re-invested to minimise risk and capital requirements. In 2024, interest arising on cash balances from Russian-sanctioned assets was approximately €6.9 billion. Such interest earnings are driven by the prevailing interest rates and the amount of cash balances that Euroclear is required to invest. Subject to Belgian corporate tax, these earnings generated €1.7 billion tax revenue for the Belgian State. As such, future earnings will be influenced by the evolving interest rate environment.

Effective 15 February 2024, the EU Council adopted a Regulation requiring Central Securities Depositories (CSDs) holding reserves and assets of the Central Bank of Russia with a total value of more than €1 million to apply specific rules in relation to the cash balances accumulating due to restrictive measures. These CSDs, such as Euroclear Bank, should account for and manage such extraordinary cash balances separately from their other activities, should keep separate the net profit generated and should not dispose of these ensuing net profits (e.g. in the form of dividends to shareholders).

In May 2024, the European Commission has adopted a new regulation about a windfall contribution applicable to CSDs holding Russian Central Bank assets with a total value of more than €1 million. The profits generated by the reinvestment of these sanctioned amounts dating from 15 February 2024 onwards are required to be contributed to the European Fund for Ukraine. After retention of a 10% share of the windfall contribution to comply with capital and risk management requirements, Euroclear made a first payment of approx. €1.55 billion to the European Fund for Ukraine in July 2024. A second payment is expected to take place in March 2025 and should amount to approx. €2 billion.

Issued on 16 December 2024, the 15th EU sanctions package against Russia included a loss recovery mechanism which allows for the release of cash balances held by European CSDs under certain conditions. This derogation will enable CSDs to request competent authorities to unfreeze cash balances and use them to meet their legal obligations with their clients.

Euroclear continues to act prudently and to strengthen its capital by retaining the remainder of the Russian sanction related profits as a buffer against current and future risks. Euroclear is focused on minimising potential legal, financial, and operational risks that may arise for itself and its clients, while complying with its obligations.

As a direct consequence of the sanctions and countermeasures, Euroclear faces multiple proceedings in Russian courts. Since Russia considers international sanctions against public order, Russian claimants initiated legal proceedings aiming mainly to access assets blocked in Euroclear Bank’s books, by claiming an equivalent amount in Russian Ruble and enforcing their claim in Russia. Despite all legal actions taken by Euroclear and the considerable resources mobilised, the probability of unfavourable rulings in Russian courts is high since Russia does not recognise the international sanctions.

Euroclear Bank and Euroclear Holding are the two group issuing entities. The full year 2024 summary income statements and financial positions for both entities are shown below.

The drop in FY2024 figures compared to FY2023 reflects the booking of the windfall contribution related to the Central Bank of Russia’s (CBR) assets dating from 15 February 2024.

The evolution of FY2024 figures compared to FY2023 reflects the increase in intragroup dividend.

Euroclear group is the financial industry’s trusted provider of post trade services. Guided by its purpose, Euroclear innovates to bring safety, efficiency, and connections to financial markets for sustainable economic growth. Euroclear provides settlement and custody of domestic and cross-border securities for bonds, equities and derivatives, and investment funds. As a proven, resilient capital market infrastructure, Euroclear is committed to delivering risk-mitigation, automation, and efficiency at scale for its global client franchise. The Euroclear group comprises Euroclear Bank, the International and Irish CSD, as well as Euroclear Belgium, Euroclear Finland, Euroclear France, Euroclear Nederland, Euroclear Sweden and Euroclear UK & International.

Euroclear

Annexes

Cash balances related to Russian sanctions

“Business as usual” cash balances

Unaudited figures (in € million) as of 31 December 2024

Unaudited figures (in € million) as of 31 December 2024

BRUSSELS, Feb. 5, 2025 /PRNewswire/ — Results for the year ending 31 December 2024

Euroclear Holding

Financial highlights

Euroclear’s underlying^[1] business income and interest earnings reached record levels in 2024

•  Underlying operating income increased by 5% to reach €2,899 million.
•  Underlying business income is up by 5% to €1,748 million, driven by strong settlement and safekeeping activities, with assets under custody reaching €40.7 trillion as of end December 2024.
•  Underlying business income for Q4 2024 increased by 7% compared to Q4 2023, driven by strong performance in Eurobonds, European Assets, Global Emerging Markets and Funds.
•  Despite a decreasing trend in interest earnings in the second half of 2024 due to interest rate changes, underlying interest income increased by 3% year-on-year to €1,152 million.

Cost and margin evolution

•  Euroclear reported several one-off events in Q4 2024, resulting in a total impact of €117 million. These include an initial dotation and the 2024 contribution to the newly created Euroclear Foundation (see below), the impact of the initial consolidation of Goji and Quantessence within the Euroclear Holding figures, a voluntary retirement incentive plan and a voluntary early retirement plan and the related tax impact.
•  When excluding the above-mentioned events, underlying adjusted operating expenses increased by 3% year-on-year to €1,333 million, in line with the continued focus on cost mitigation and our 2-3% organic cost growth target.
•  Q4 2024 underlying adjusted operating expenses increased by 5% versus Q4 2023, also reflecting exceptional HR and IT-related elements amounting to approx. €10 million.
•  Adjusted business income operating margin for the full year 2024 improved as a result by 1.5 percentage points to 23.7%, in line with our focus to create positive operating leverage.

Net profit and EPS evolution

• Underlying net profit increased by 6% to a record level of €1,038 million.
• When excluding the above-mentioned one-off cost events, resulting adjusted underlying net profit increased by 5% to €1,155 million.
• Underlying adjusted Earnings Per Share increased by 5% to €367, reflecting the continued increase in net profit.

Capital position and dividend proposal

•  Euroclear group retains a very strong capital position, comfortably above regulatory requirements with an underlying Common Equity Tier 1 capital ratio slightly above 60%[^2].
•  The Board proposes to pay a dividend per share of €220 by the end of Q2 2025. This represents an increase of 5% and maintains the pay-out ratio at around 60% of the adjusted underlying earnings.

The impacts of the Russian sanctions are detailed in the last section of this press release.

Valerie Urbain, Chief Executive Officer of Euroclear, commented:

“2024 was a year of record financial performance, underpinned by our increasingly diversified business model and driven by strong business income and sustained interest income. Our strategy and new management structure puts clients at the centre of our plans, and we continue to make progress against our key objectives. In 2024, we grew our funds business and European presence through the announced acquisition of Inversis in Spain. We also continue to support market adoption of digital assets by attracting new issuances on our D-SI platform while participating in important projects with industry partners to drive innovation across European post-trade.

Our core activities continue to thrive. We have reached record levels in settlement and safekeeping activities, with assets under custody closing the year over the €40 trillion mark. The outstanding of Euroclear’s Collateral Highway is now close to €2 trillion, while the funds depot also hit a new high of 3.6 trillion.”

Business performance 

The key operating metrics (end of period unless stated otherwise) demonstrate an excellent business performance during the period.

Euroclear’s assets under custody reached a record €40.7 trillion, growing for the ninth quarter in a row, thanks to solid stock exchange performances and robust results in fixed income.

Settlement volumes hit a new high due to sustained activity throughout the year.

Boosted by the ETF activity, combined with the rise in equity markets, fund assets under custody reached the record level of €3.6 trillion.

The Collateral Highway’s outstanding continues to increase and is now close to its prior peak level.

Business milestones

Advancing the funds business 

Over the past years, Euroclear’s funds offering has evolved rapidly thanks to acquisitions such as MFEX in 2021 and Goji in 2023. In 2024, major clients in Asia, Europe and the US, including Banque et Caisse d’Epargne de l’Etat Luxembourg (Spuerkeess), Blackrock, China Construction Bank (Asia), DBS Bank or ODDO BHF have selected Euroclear FundsPlace for the onboarding of their investment funds. Euroclear provides them with a one-stop-shop solution for fund distribution and execution services via its extensive network, allowing their clients to have access to more than 250,000 funds.

In 2024, Euroclear acquired a strategic stake in IZNES, a pan-European funds marketplace based on blockchain technology. This partnership complements Euroclear’s funds services in the French market and beyond as it continues to play an active role in the development of innovative funds distribution models.

In July 2024, Euroclear announced the acquisition of a 49% stake in Inversis, a leading provider of global investment technology solutions and outsourced financial services with the intention to become the full owner of the Spanish company by end 2027. By acquiring Inversis, Euroclear aims to accelerate the delivery of its funds strategy and increase its pan-European coverage thanks to Inversis’ significant presence on the Spanish market.

In Asia, Euroclear acquired a strategic stake in Marketnode, a Singapore-based digital market infrastructure operator. By joining forces with Marketnode, Euroclear aims to participate in the setup of a key market infrastructure in Asia-Pacific designed to simplify the management of fund flows and reduce settlement times by using DLT technology.

Reshaping traditional financial services

Euroclear has an important role to play in bridging the gap between digital asset securities and the conventional financial landscape. In 2024, Euroclear made significant progress to become a digital, data-enabled Financial Market Infrastructure by welcoming the Digital Native Note (DNN) issued by the Asian Infrastructure Investment Bank on its Digital Securities Issuance (D-SI) platform. This marks the first of such digital issuance in USD for Euroclear and the first by an Asia-based issuer on its platform. 

Euroclear is also actively engaged in exploring the full potential of digital assets and participates in various DLT projects with market partners. Alongside Digital Asset and The World Gold Council, it successfully completed a groundbreaking pilot to tokenise gold, Gilts and Eurobonds for collateral management. With the support of Paris Europlace, Euroclear worked with a group of French banks around its D-SI platform and Banque de France’s DL3S platform for Central Bank Digital Currency (CBDC) to issue the first Digitally Native Note (DNN) under French law and settled it in CBDC.

Streamlined management structure

Following the appointment of Valérie Urbain as CEO of the group, Euroclear redesigned the structure and composition of its top management team to accelerate strategy execution. A new, expanded Executive Committee composed of eight members ensures the representation of all the group’s constituents in all key strategic decisions and a stronger focus on clients, business operations and people – both in Europe and internationally.

Launch of the Euroclear Foundation to amplify social impact

Euroclear aims to make a significant positive social impact in the locations where it operates. By establishing the Euroclear Foundation, Euroclear will seek to improve lives and support the next generation by working to eliminate pressing social and environmental issues.

The Euroclear Foundation builds on the company’s existing initiatives aimed at increasing its social impact. These include a group-wide volunteering programme, long-term community partnerships and a Matching Gift programme to match employee donations.

Russian sanctions impacts 

Financial impacts of the Russian assets

• Following the implementation of the EU windfall contribution regulation, Euroclear provisioned €4 billion as windfall contribution in 2024.
• After retention of a 10% share of the windfall contribution to comply with capital and risk management requirements, Euroclear made a first payment for H1 2024 of approx. €1.55 billion to the European Fund for Ukraine in July 2024. A second payment for H2 2024 is expected to take place in March 2025 and should amount to approx. €2 billion.
• Interest earnings related to Russian assets, which are subject to Belgian corporate tax, generated €1.7 billion tax revenue.
•  The sanctions and Russian countermeasures resulted in direct costs of €94 million and a loss of business income of €27 million.
•  Gradual rate cuts have led to a gradual decline in interest income related to the Central Bank of Russia’s assets in 2024 with the outlook for future interest earnings likely to continue to decline though dependent on future policymaking decisions.

Update on Russian sanctions and countermeasures

Russia’s invasion of Ukraine in February 2022 resulted in market-wide application of international sanctions. Euroclear considers the application of international sanctions as a key obligation. Therefore, well established processes are in place which have allowed the group to implement the sanctions while maintaining our normal course of business.

As a result of the sanctions, blocked coupon payments and redemptions owed to sanctioned entities continue to accumulate on Euroclear Bank’s balance sheet. At the end of December 2024, Euroclear Bank’s balance sheet totalled €212 billion, of which €183 billion relate to sanctioned Russian assets.

In line with Euroclear’s risk appetite and policies and as expected by the EU Capital Requirements Regulation, Euroclear’s cash balances are re-invested to minimise risk and capital requirements. In 2024, interest arising on cash balances from Russian-sanctioned assets was approximately €6.9 billion. Such interest earnings are driven by the prevailing interest rates and the amount of cash balances that Euroclear is required to invest. Subject to Belgian corporate tax, these earnings generated €1.7 billion tax revenue for the Belgian State. As such, future earnings will be influenced by the evolving interest rate environment.

Effective 15 February 2024, the EU Council adopted a Regulation requiring Central Securities Depositories (CSDs) holding reserves and assets of the Central Bank of Russia with a total value of more than €1 million to apply specific rules in relation to the cash balances accumulating due to restrictive measures. These CSDs, such as Euroclear Bank, should account for and manage such extraordinary cash balances separately from their other activities, should keep separate the net profit generated and should not dispose of these ensuing net profits (e.g. in the form of dividends to shareholders).

In May 2024, the European Commission has adopted a new regulation about a windfall contribution applicable to CSDs holding Russian Central Bank assets with a total value of more than €1 million. The profits generated by the reinvestment of these sanctioned amounts dating from 15 February 2024 onwards are required to be contributed to the European Fund for Ukraine. After retention of a 10% share of the windfall contribution to comply with capital and risk management requirements, Euroclear made a first payment of approx. €1.55 billion to the European Fund for Ukraine in July 2024. A second payment is expected to take place in March 2025 and should amount to approx. €2 billion.

Issued on 16 December 2024, the 15th EU sanctions package against Russia included a loss recovery mechanism which allows for the release of cash balances held by European CSDs under certain conditions. This derogation will enable CSDs to request competent authorities to unfreeze cash balances and use them to meet their legal obligations with their clients.

Euroclear continues to act prudently and to strengthen its capital by retaining the remainder of the Russian sanction related profits as a buffer against current and future risks. Euroclear is focused on minimising potential legal, financial, and operational risks that may arise for itself and its clients, while complying with its obligations.

As a direct consequence of the sanctions and countermeasures, Euroclear faces multiple proceedings in Russian courts. Since Russia considers international sanctions against public order, Russian claimants initiated legal proceedings aiming mainly to access assets blocked in Euroclear Bank’s books, by claiming an equivalent amount in Russian Ruble and enforcing their claim in Russia. Despite all legal actions taken by Euroclear and the considerable resources mobilised, the probability of unfavourable rulings in Russian courts is high since Russia does not recognise the international sanctions.

Euroclear Bank and Euroclear Holding are the two group issuing entities. The full year 2024 summary income statements and financial positions for both entities are shown below.

The drop in FY2024 figures compared to FY2023 reflects the booking of the windfall contribution related to the Central Bank of Russia’s (CBR) assets dating from 15 February 2024.

The evolution of FY2024 figures compared to FY2023 reflects the increase in intragroup dividend.

Euroclear group is the financial industry’s trusted provider of post trade services. Guided by its purpose, Euroclear innovates to bring safety, efficiency, and connections to financial markets for sustainable economic growth. Euroclear provides settlement and custody of domestic and cross-border securities for bonds, equities and derivatives, and investment funds. As a proven, resilient capital market infrastructure, Euroclear is committed to delivering risk-mitigation, automation, and efficiency at scale for its global client franchise. The Euroclear group comprises Euroclear Bank, the International and Irish CSD, as well as Euroclear Belgium, Euroclear Finland, Euroclear France, Euroclear Nederland, Euroclear Sweden and Euroclear UK & International.

Photo – https://laotiantimes.com/wp-content/uploads/2025/02/euroclear-7.jpg
Photo – https://laotiantimes.com/wp-content/uploads/2025/02/euroclear-8.jpg
Photo – https://laotiantimes.com/wp-content/uploads/2025/02/euroclear-9.jpg
Photo – https://laotiantimes.com/wp-content/uploads/2025/02/euroclea-10.jpg
Photo – https://laotiantimes.com/wp-content/uploads/2025/02/euroclea-11.jpg
Photo – https://laotiantimes.com/wp-content/uploads/2025/02/euroclea-12.jpg
Photo – https://laotiantimes.com/wp-content/uploads/2025/02/euroclea-13.jpg
Logo – https://laotiantimes.com/wp-content/uploads/2025/02/euroclear_logo-1.jpg

Euroclear

Annexes

Cash balances related to Russian sanctions

“Business as usual” cash balances

Unaudited figures (in € million) as of 31 December 2024

Unaudited figures (in € million) as of 31 December 2024

• Effective as of February 10, 2025
• Becomes member of Ericsson’s Executive Team, reporting to the CEO

STOCKHOLM, Feb. 5, 2025 /PRNewswire/ — Ericsson (NASDAQ: ERIC) today announces the appointment of Charlotte Levert as its new Chief People Officer, Senior Vice President, and Head of Group Function People. Charlotte Levert who is currently Vice President and Head of People Business Area Cloud and Software Services will replace MajBritt Arfert, whose departure Ericsson announced in October 2024. Charlotte Levert will take up her new position on February 10 and will be based in Sweden.

Charlotte Levert has held executive positions within Ericsson across several business areas. She has most recently held the position of Head of People Business Area Managed Services. Before joining Ericsson, Charlotte Levert was Head of HR Sweden & Global HR business partner at Tieto and has held various senior management positions within human resources. She holds a Bachelor in Business Management & Human Resources.

Börje Ekholm, President and CEO of Ericsson, says: “Charlotte will be an integral part as we are entering the next chapter of Ericsson’s strategy and in the continued evolution of the People agenda. She brings a strong track record from different organizations including different parts of Ericsson and I’m very much looking forward to having Charlotte join the Executive Team.”

Commenting on the appointment, Charlotte Levert says: “I am truly honored to take on this role and grateful for the trust. Working at Ericsson means we all get the chance to be part of shaping the future. I am looking forward to co-creating a future-proof organization and where Ericsson remains a great place to work.”

In October 2024 Ericsson announced that MajBritt Arfert would step down after having been with Ericsson for over 38 years and a member of the Company’s Executive Team since the autumn of 2016. MajBritt Arfert will be available for Ericsson during the spring and leave Ericsson at the end of May 2025.

NOTES TO EDITORS:

FOLLOW US:

Subscribe to Ericsson press releases here
Subscribe to Ericsson blog posts here
https://twitter.com/ericsson
https://www.facebook.com/ericsson
https://www.linkedin.com/company/ericsson

MORE INFORMATION AT:
Ericsson Newsroom
media.relations@ericsson.com  (+46 10 719 69 92)
investor.relations@ericsson.com  (+46 10 719 00 00)

ABOUT ERICSSON:
Ericsson’s high-performing networks provide connectivity for billions of people every day. For nearly 150 years, we’ve been pioneers in creating technology for communication. We offer mobile communication and connectivity solutions for service providers and enterprises. Together with our customers and partners, we make the digital world of tomorrow a reality. www.ericsson.com

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/ericsson/r/ericsson-appoints-charlotte-levert-as-chief-people-officer,c4100082

The following files are available for download: