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SBC Medical Group Holdings Inc. Reports Third Quarter 2024 Financial Results

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SBC Medical Group Holdings Incorporated (“SBC Medical”, or the “Company”), a global owner, operator and provider of management services and products to cosmetic treatment centers, today announced its unaudited financial results for the third quarter ended September 30, 2024.

Third Quarter 2024 Highlights

  • Total revenues for the three months ended September 30, 2024 were $53 million, representing an increase of 12% from $47 million in the same quarter of 2023.
  • Total revenues for the nine months ended September 30, 2024 was $160 million, representing an increase of 23% from $131 million in the same period of 2023.
  • Income from operations for the three months ended September 30, 2024 was $13 million, representing a decrease by 31% from the same quarter in 2023.
    • This result was impacted by $12.8 million of stock-based compensation expense related to the Company’s listing process.
  • Income from operations for the nine months ended September 30, 2024 was $65.5 million, representing an increase of 40.5% from the same period in 2023.
    • This result is impacted by $12.8 million of stock based compensation expense related to the Company’s listing process.
  • EBITDA1, which is calculated by adding depreciation and amortization expense to income from operations, for the nine months ended September 30, 2024 was $68 million, representing an increase of 21% from the same period in 2023. EBITDA margin was 42% for the nine months ended September 30, 2024
  • Net income attributable to SBC Medical Group Holdings Incorporated for the three months ended September 30, 2024 was $2 million, compared to $8 million in the same quarter of 2023.
  • Net income attributable to SBC Medical Group Holdings Incorporated for the nine months ended September 30, 2024 was $40 million, an increase of 60% from $25 million in the same period of 2023.
  • Number of partner clinics was 224 as of September 30, 2024, representing an increase by 24 from September 30, 2023.

1 EBITDA and EBITDA Margin are non-GAAP financial measures. For more information on non-GAAP financial measure, please see the section of “Use of Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results.”

  • Number of customers in the last twelve months was 4.3 million, representing an year-over-year increase of 13.5%.
  • Return on equity (annualized), which is defined as annualized net income attributable to the Company divided by the average of shareholder’s equity as of December 31, 2023 and September 30, 2024, was 31% for the nine months ended September 30, 2024, representing a year-over-year increase of one percentage points.
  • Earnings per share (basic), which is defined as net income attributable to the Company divided by weighted average number of outstanding shares, was $0.42 for the nine months ended September 30, 2024, representing a year-over-year increase of 56%.

“Our first earnings release as a publicly listed company marks a significant milestone for SBC Medical. After completing a successful business combination with Pono Capital Two, SBC Medical began trading on Nasdaq under the ticker symbol ‘SBC’ on September 18, 2024.” said Yoshiyuki Aikawa, Chairman and Chief Executive Officer of SBC Medical. “This quarter’s strong results, with total revenue reaching USD161 million—an impressive 23% increase year-over-year—and a net income rise of 59%, highlight the positive impact of our strategic initiatives such as restructuring royalty fees and expanding our clinic network. Additionally, with a robust balance sheet supported by USD137 million in cash, we are committed to sustainable growth supported by a clear capital policy. We deeply value our shareholders and our focus on shareholder value will continue through consistent returns with robust business growth, strategic reinvestments, and a strong capital foundation, ensuring that all shareholders, including our minority investors, benefit from our growth and success.”

Third Quarter 2024 Financial Results

Total revenues for the nine months ended September 30, 2024 were $160 million, representing an increase of 23% from $131 million in the same period of 2023. Total revenues for the three months ended September 30, 2024 were $53 million, representing an increase of 12% from $47 million in the same quarter of 2023. These increases were mainly because the Company started charging patent and trademark fees to our franchisee clinics, and due to the expansion of numbers of our franchisee clinics Total operating expenses for the nine months ended September 30, 2024 were $56 million, representing an increase of 20% from $47 million in the same period of 2023. Total operating expenses for the three months ended September 30, 2024 were $29 million, representing an increase of 118% from $13 million in the same quarter of 2023. The increases in the total operating expenses were primarily due to listing-related consulting and professional fees, stock-based compensation, and higher office expenses.

EBITDA for the nine months ended September 30, 2024 was $68.4 million, representing an increase of 22% from $56.3 million in the same period of 2023, mainly due to revenue growth but partially offset by listing-related consulting and professional fees, stock-based compensations. EBITDA for the three months ended September 30, 2024 was $14.8 million, representing a decrease of 36% from $23.3 million in the same quarter of 2023, primarily due to listing-related consulting and professional fees, stock-based compensation, and higher office expenses.

Net income for the nine months ended September 30, 2024 was $40.1 million, compared to $24.3 million in the same period of 2023. The increase was attributed mainly to total revenue growth but partially offset by increase of total operating expenses. Net income for the three months ended September 30, 2024 was $2.8 million, compared to $8.1 million for the same quarter in 2023. The decrease was attributable mainly to higher operating expenses.

Cash Flow and Liquidity Highlights

As of September 30, 2024, SBC Medical maintained a strong liquidity position, with cash and cash equivalents totaling $137.4 million, up from $103.0 million as of December 31, 2023. This increase reflects robust cash generation from operating activities, prudent investment management, and disciplined capital allocation strategies.

Operating Cash Flow

Net cash provided by operating activities was $27 million for the nine months ended September 30, 2024, an increase of 23% from $22 million for the same period in 2023. This growth was driven primarily by a $15 million rise in net income, bolstered by stock-based compensation expenses of $12.8 million related to the Company’s recent public listing, and an improvement in collection of accounts receivable. These positive factors were partially offset by changes in accounts payable and tax liabilities, which reflect the Company’s focus on efficiently managing working capital in a growing operational environment.

Investing Cash Flow

Net cash used in investing activities totaled $5 million during the nine months ended September 30, 2024, a decline from $8 million for the same period in 2023. Key contributor to this decrease included payments made on behalf of a related party of $5.2 million. The Company continues to strategically deploy capital towards high-impact assets that align with its long-term growth objectives.

Financing Cash Flow

Net cash provided by financing activities totaled $11 million during the nine months ended September 30, 2024, an increase from $6 million for the same period in 2023. Key contributor to this increase included proceeds from reverse recapitalization, net of transaction costs $11.7 million. The change reflects the Company’s emphasis on self-sustained growth through operating cash flows rather than external financing, with no significant new debt undertaken during the period.

Foreign Currency Impact

SBC Medical’s cash flows were impacted by a $0.5 million currency translation adjustment due to the depreciation of the Japanese yen against the U.S. dollar. The Company continues to monitor foreign currency exposure and employ strategies to mitigate risks associated with currency fluctuations.

With a robust cash reserve and sound operational cash flows, SBC Medical is confident in its ability to meet near-term liquidity requirements and to fund future growth initiatives. Management believes that the current cash position, alongside planned operational cash flow, will be sufficient to support the company’s business operations and strategic investments for the next 12 months.

About SBC Medical

SBC Medical, headquartered in Irvine, California and Tokyo, Japan, owns and provides management services and products to cosmetic treatment centers. The Company is primarily focused on providing comprehensive management services to franchisee clinics, including but not limited to advertising and marketing needs across various platforms (such as social media networks), staff management (such as recruitment and training), booking reservations for franchisee clinic customers, assistance with franchisee employee housing rentals and facility rentals, construction and design of franchisee clinics, medical equipment and medical consumables procurement (resale), the provision of cosmetic products to franchisee clinics for resale to clinic customers, licensure of the use of patent-pending and non-patented medical technologies, trademark and brand use, IT software solutions (including but not limited to remote medical consultations), management of the franchisee clinic’s customer rewards program (customer loyalty point program), and payment tools for the franchisee clinics.

For more information, visit https://sbc-holdings.com/

Use of Non-GAAP Financial Measures

The Company uses non-GAAP measures, such as EBITDA, in evaluating its operating results and for financial and operational decision-making purposes. The Company believes that the non-GAAP financial measures help identify underlying trends in its business. The Company believes that the non-GAAP financial measures provide useful information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools, and when assessing the Company’s operating performance, cash flows or liquidity, investors should not consider them in isolation, or as a substitute for net loss, cash flows provided by operating activities or other consolidated statements of operations and cash flows data prepared in accordance with U.S. GAAP.

The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results.”

Forward Looking Statements

This press release contains forward-looking statements. Forward-looking statements are not historical facts or statements of current conditions, but instead represent only the Company’s beliefs regarding future events and performance, many of which, by their nature, are inherently uncertain and outside of the Company’s control. These forward-looking statements reflect the Company’s current views with respect to, among other things, the Company’s financial performance; growth in revenue and earnings; business prospects and opportunities; and capital deployment plans and liquidity. In some cases, forward-looking statements can be identified by the use of words such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. The Company cautions readers not to place undue reliance upon any forward-looking statements, which are current only as of the date of this release and are subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. The forward-looking statements are based on management’s current expectations and are not guarantees of future performance. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law. Factors that may cause actual results to differ materially from current expectations may emerge from time to time, and it is not possible for the Company to predict all of them; such factors include, among other things, changes in global, regional, or local economic, business, competitive, market and regulatory conditions, and those listed under the heading “Risk Factors” and elsewhere in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov.

SBC MEDICAL GROUP HOLDINGS INCORPORATED

UNAUDITED CONSOLIDATED BALANCE SHEETS

September 30,

December 31,

2024

2023

ASSETS

Current assets:

Cash and cash equivalents

$

137,393,070

$

103,022,932

Accounts receivable

1,944,604

1,437,077

Accounts receivable – related parties

27,835,179

33,676,672

Inventories

1,985,883

3,090,923

Finance lease receivables, current – related parties

8,443,338

6,143,564

Customer loans receivable, current

16,125,086

8,484,753

Prepaid expenses and other current assets

8,372,668

10,050,005

Total current assets

202,099,828

165,905,926

Non-current assets:

Property and equipment, net

13,194,414

13,582,017

Intangible assets, net

16,218,233

19,739,276

Long-term investments

4,905,115

849,434

Goodwill, net

3,545,391

3,590,791

Finance lease receivables, non-current – related parties

4,629,047

3,420,489

Operating lease right-of-use assets

5,251,418

5,919,937

Deferred tax assets

624,564

-

Customer loans receivable, non-current

6,590,301

6,444,025

Long-term prepayments

4,308,810

4,099,763

Long-term investments in MCs – related parties

19,561,069

19,811,555

Other assets

15,550,402

15,442,058

Total non-current assets

94,378,764

92,899,345

Total assets

$

296,478,592

$

258,805,271

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

14,873,829

$

26,531,944

Current portion of long-term loans

136,683

156,217

Notes payable, current – related parties

10,202,360

3,369,203

Advances from customers

565,495

2,074,457

Advances from customers – related parties

18,994,015

23,058,175

Income tax payable

8,000,808

8,782,930

Operating lease liabilities, current

4,060,844

3,885,812

Accrued liabilities and other current liabilities

12,054,047

21,009,009

Due to related party

3,532,453

3,583,523

Total current liabilities

72,420,534

92,451,270

Non-current liabilities:

Long-term loans

686,470

1,062,722

Notes payable, non-current – related parties

11,659,022

11,948,219

Deferred tax liabilities

3,515,825

6,013,565

Operating lease liabilities, non-current

1,528,972

2,444,316

Other liabilities

1,147,345

1,074,930

Total non-current liabilities

18,537,634

22,543,752

Total liabilities

90,958,168

114,995,022

Stockholders’ equity:

Preferred stock ($0.0001 par value, 20,000,000 shares authorized; no shares issued and outstanding as of September 30, 2024 and December 31, 2023) (1)

-

-

Common stock ($0.0001 par value, 400,000,000 shares authorized, 103,020,816 and 94,192,433 shares issued and outstanding as of September 30, 2024 and December 31, 2023) (1)

10,302

9,419

Additional paid-in capital (1)

60,825,115

36,879,281

Treasury stock receivable (270,000 shares of common stock) - related party

(2,700,000

)

-

Retained earnings

182,923,786

142,848,732

Accumulated other comprehensive loss

(36,078,149

)

(37,578,255

)

Total SBC Medical Group Holdings Incorporated’s stockholders’ equity

204,981,054

142,159,177

Non-controlling interests

539,370

1,651,072

Total stockholders’ equity

205,520,424

143,810,249

Total liabilities and stockholders’ equity

$

296,478,592

$

258,805,271

(1)

Retrospectively restated for effect of recapitalization on equity due to reverse acquisition effective September 17, 2024.

SBC MEDICAL GROUP HOLDINGS INCORPORATED

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

For the Three Months Ended September 30,

For the Nine Months Ended September 30,

2024

2023

2024

2023

Revenues, net – related parties

$

51,209,243

$

45,119,709

$

152,718,488

$

125,336,653

Revenues, net

1,875,640

2,158,976

8,276,517

5,856,076

Total revenues, net

53,084,883

47,278,685

160,995,005

131,192,729

Cost of revenues

9,845,793

13,780,309

38,816,865

37,256,066

Gross profit

43,239,090

33,498,376

122,178,140

93,936,663

Operating expenses:

Selling, general and administrative expenses

16,597,032

13,446,618

43,784,637

46,885,138

Stock-based compensation

12,807,455

-

12,807,455

-

Misappropriation loss

-

28,516

-

380,766

Total operating expenses

29,404,487

13,475,134

56,592,092

47,265,904

Income from operations

13,834,603

20,023,242

65,586,048

46,670,759

Other income (expenses):

Interest income

7,950

10,234

37,283

86,345

Interest expense

(5,466

)

(3,978

)

(15,898

)

(37,380

)

Other income

65,922

1,138,869

721,894

3,875,723

Other expenses

(795,158

)

(98,314

)

(2,746,450

)

(581,239

)

Gain on disposal of subsidiary

-

-

3,813,609

-

Total other income (expenses)

(726,752

)

1,046,811

1,810,438

3,343,449

Income before income taxes

13,107,851

21,070,053

67,396,486

50,014,208

Income tax expense

10,273,384

13,012,262

27,254,478

25,683,244

Net income

2,834,467

8,057,791

40,142,008

24,330,964

Less: net income (loss) attributable to non-controlling interests

1,573

(298,623

)

66,954

(696,812

)

Net income attributable to SBC Medical Group Holdings Incorporated

$

2,832,894

$

8,356,414

$

40,075,054

$

25,027,776

Other comprehensive income (loss):

Foreign currency translation adjustment

20,783,646

(974,249

)

1,543,245

(19,825,222

)

Reclassification of unrealized gain on available-for-sale debt security to net income when realized, net of tax effect of nil and $(97,856) for the three months ended September 30, 2024 and 2023, respectively; nil and $(97,856) for the nine months ended September 30, 2024 and 2023, respectively

-

(205,383

)

-

(8,760

)

Total comprehensive income

23,618,113

6,878,159

41,685,253

4,496,982

Less: comprehensive income (loss) attributable to non-controlling interests

180,093

(387,948

)

110,093

(1,129,475

)

Comprehensive income attributable to SBC Medical Group Holdings Incorporated

$

23,438,020

$

7,266,107

$

41,575,160

$

5,626,457

Net income per share attributable to SBC Medical Group Holdings Incorporated (1)

Basic and diluted

$

0.03

$

0.09

$

0.42

$

0.27

Weighted average shares outstanding (1)

Basic and diluted

95,095,144.00

94,192,433.00

94,495,533.00

94,192,433.00

(1)

Retrospectively restated for effect of recapitalization on equity due to reverse acquisition effective September 17, 2024.

SBC MEDICAL GROUP HOLDINGS INCORPORATED

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Nine Months Ended

September 30,

2024

2023

CASH FLOWS FROM OPERATING ACTIVITIES

Net income

$

40,142,008

$

24,330,964

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization expense

2,867,781

9,688,640

Non-cash lease expense

2,908,990

2,424,220

Provision for (reversal of) credit losses

(127,196

)

282,934

Stock-based compensation

12,807,455

-

Impairment loss on property and equipment

-

204,026

Realized gain on short-term investments

-

(223,164

)

Fair value change of long-term investments

1,682,282

-

Gain on disposal of subsidiary

(3,813,609

)

-

Loss (gain) on disposal of property and equipment and intangible assets

185,284

(249,532

)

Deferred income taxes

(2,154,837

)

(1,379,922

)

Changes in operating assets and liabilities:

Accounts receivable

(804,000

)

(924,061

)

Accounts receivable - related parties

4,971,911

(19,979,099

)

Inventories

763,075

(4,038,874

)

Finance lease receivables - related parties

(3,430,267

)

17,241,740

Customer loans receivable

12,860,220

-

Prepaid expenses and other current assets

902,230

8,173,153

Long-term prepayments

432,380

(1,991,626

)

Other assets

(348,178

)

(1,884,352

)

Accounts payable

(10,511,619

)

6,712,977

Notes payable - related parties

(14,030,092

)

-

Advances from customers

(1,401,437

)

(681,973

)

Advances from customers - related parties

(3,565,778

)

(7,430,332

)

Income tax payable

(549,446

)

16,518,062

Operating lease liabilities

(2,971,946

)

(2,335,113

)

Accrued liabilities and other current liabilities

(9,010,270

)

298,743

Accrued retirement compensation expense - related party

-

(22,082,643

)

Other liabilities

81,290

79,215

NET CASH PROVIDED BY OPERATING ACTIVITIES

27,886,231

22,753,983

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property and equipment

(1,974,285

)

(2,299,045

)

Purchase of intangible assets

-

(1,683,030

)

Purchase of convertible note

(1,700,000

)

(1,000,000

)

Prepayments for property and equipment

(843,740

)

(417,353

)

Advances to related parties

(617,804

)

(1,017,292

)

Payments made on behalf of a related party

(5,245,990

)

-

Purchase of short-term investments

-

(2,106,720

)

Purchase of long-term investments

(331,496

)

-

Long-term investments in MCs - related parties

-

(26,780

)

Cash received from acquisition of subsidiary, net of cash received

-

722,551

Long-term loans to others

(80,793

)

(421,429

)

Repayments from related parties

5,990,990

734,358

Repayments from others

62,927

47,356

Proceeds from sales of short-term investments

-

4,125,813

Proceeds from surrender of life insurance policies

-

3,954,760

Disposal of subsidiary, net of cash disposed of

(815,819

)

-

Proceeds from disposal of property and equipment

1,971

8,046,007

NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES

(5,554,039

)

8,659,196

CASH FLOWS FROM FINANCING ACTIVITIES

Borrowings from related parties

-

12,310,106

Proceeds from reverse recapitalization, net of transaction costs

11,707,417

-

Proceeds from issuance of common stock

-

10

Proceeds from exercise of stock warrants

31,374

-

Repayments of long-term loans

(89,448

)

(8,691,462

)

Repayments to related parties

(65,305

)

(7,619,266

)

Deemed contribution in connection with disposal of property and equipment

-

9,620,453

Deemed contribution in connection with reorganization

-

642,748

NET CASH PROVIDED BY FINANCING ACTIVITIES

11,584,038

6,262,589

Effect of changes in foreign currency exchange rate

453,908

(11,982,793

)

NET INCREASE IN CASH AND CASH EQUIVALENTS

34,370,138

25,692,975

CASH AND CASH EQUIVALENTS AS OF THE BEGINNING OF THE PERIOD

103,022,932

51,737,994

CASH AND CASH EQUIVALENTS AS OF THE END OF THE PERIOD

$

137,393,070

$

77,430,969

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

Cash paid for interest expense

$

15,898

$

37,380

Cash paid for income taxes

$

31,332,123

$

12,608,072

NON-CASH INVESTING AND FINANCING ACTIVITIES

Property and equipment transferred from long-term prepayments

$

164,781

$

7,681,830

An intangible asset transferred from long-term prepayments

$

-

$

17,666,115

Settlement of loan payable to a related party in connection with disposal of property and equipment

$

-

$

4,163,604

Operating lease right-of-use assets obtained in exchange for operating lease liabilities

$

-

$

1,029,518

Remeasurement of operating lease liabilities and right-of-use assets due to lease modifications

$

2,408,752

$

2,110,079

Issuance of promissory notes to related parties in connection with loan services provided

$

20,398,301

$

-

Issuance of common stock to a related party from conversion of convertible note

$

2,700,000

$

-

Issuance of common stock as incentive shares

$

34

$

-

Settlement of loan payable to a related party in connection with issuance of common stock

$

-

$

795

Non-cash purchase consideration for an asset acquisition

$

-

$

705,528

SBC MEDICAL GROUP HOLDINGS INCORPORATED

Unaudited Reconciliations of GAAP and Non-GAAP Results

For the Three Months Ended
September, 30

For the Nine Months Ended
September, 30

2024

2023

2024

2023

Income from operations

13,834,603

20,023,242

65,586,048

46,670,759

Depreciation and amortization expense

1,018,359

3,287,809

2,867,781

9,688,640

EBITDA

14,852,962

23,311,051

68,453,829

56,359,399

EBITDA Margin

28

%

49

%

42

%

43

%

View source version on businesswire.com: https://www.businesswire.com/news/home/20241113823490/en/

Contacts

In Asia:
SBC Medical Group Holdings Incorporated
Hikaru Fukui / Head of Investor Relations
E-mail: ir@sbc-holdings.com

In the US:
ICR LLC
Bill Zima / Managing Partner
Email: bill.zima@icrinc.com

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Global Produce Co., Ltd. (Head Office: Shibuya Ward, Tokyo; CEO: Masaki Kouhata; hereinafter referred to as “Global Produce”), a company specializing in event production, is pleased to announce the full-scale launch of its production services for overseas companies looking to host events in Japan. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241121186571/en/ Global Produce Launches Full-Scale Production of “Event Hosting in Japan” for Overseas Companies (Graphic: Business Wire) With Global Produce, your dream event in Japan can become a reality! Our “Japan Event Hosting Plan” was created to bring the visions of overseas companies to life using events hosted in Japan. Not only will native speakers be present at the forefront, but our producers, with over 30 years of experience, will accompany you every step of the way. They utilize their extensive expertise and innovative creativity, using the latest technologies to create

DataXstream Launches OMS+ Cloud for SAP S/4HANA Cloud Public Edition4.12.2024 15:03:00 CET | Press Release

DataXstream LLC, an SAP® Endorsed app and Gold-level partner developing innovative solutions for SAP sales and distribution, today introduced OMS+ Cloud for SAP S/4HANA Cloud Public Edition. OMS+ has streamlined complex sales and order processes for SAP users for over a decade within SAP ECC and S/4HANA Cloud Private Edition environments. But recent forecast numbers from Gartner show that worldwide spending on public cloud services is increasing significantly and will reach a total of $723.4 billion in 2025, with a 19% growth increase in Cloud Application Services (SaaS). (Source: Gartner, November 2024) DataXstream’s OMS+ Cloud will now extend its award-winning OMS+ platform by delivering end-to-end point of sales (POS) and order management capabilities for SAP Public Cloud. OMS+ Cloud will simplify complex POS, quote and order processes often associated with vertically integrated retail, wholesale distribution and manufacturing environments. OMS+ Cloud offers POS core capabilities su

Andersen Global Solidifies Presence in Malta with Member Firm Addition4.12.2024 15:00:00 CET | Press Release

Andersen Global continues to strengthen its presence in Europe through the establishment of Andersen in Malta. Together, with existing member law firm Chetcuti Cauchi Advocates, the firms will provide a comprehensive suite of integrated tax, legal, and corporate services to private and business clients in Malta and internationally. Andersen in Malta provides a wide range of services, including personal and corporate tax advisory and tax compliance services, transfer pricing, data compliance, global mobility and HNW immigration, estate planning, private wealth structuring, family business advisory and business advisory services. The firm specializes in navigating complex regulatory and tax frameworks and advises high-net-worth individuals, family offices, and multinational businesses. “As Malta evolves as a reliable destination for private wealth structuring and business expansion in Europe, our firms remain committed to providing quality, client-focused services,” said Jean-Philippe Ch

Europe’s Most Advanced Weather Satellite Is Now Fully Operational4.12.2024 14:26:00 CET | Press Release

The first of EUMETSAT’s Meteosat Third Generation (MTG) satellites became fully operational today. MTG-Imager 1 also receives a new name – Meteosat-12 – to mark the occasion. The two main instruments on board Meteosat-12, the Flexible Combined Imager (FCI) and the Lightning Imager (LI), play a crucial role in enabling meteorological services to help protect lives and livelihoods by providing high-resolution, accurate data for predicting severe weather events. Data from Meteosat-12’s instruments are now being disseminated to national meteorological services and others for operational use and are expected to have a significant impact on weather forecasting and understanding of our climate. “MTG is one of the most innovative and complex meteorological satellite systems ever built,” EUMETSAT Director-General Phil Evans said. “We have been working with our member states’ meteorological services to ensure they can make the best use of the data, which is essential for one of the main challeng

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