Issue link: https://maltatoday.uberflip.com/i/1475298
2 NEWS 04.08.2022 RIGHTSHIP, one of the world's lead- ing ESG focused digital maritime plat- forms, today announced the acquisition of ynk Software's maritime tech busi- ness. ynk's founder and CEO, Marlon Grech and around 30 of his colleagues, will join RightShip when the acquisition completes, projected for 1 September 2022. Marlon will also become Right- Ship's first Chief Technology Officer. RightShip is the world's leading ESG focused digital maritime platform, providing expertise in global safety, sustainability and social responsibility practices. Founded with the mission to drive operational improvements in the glob- al shipping industry, more than 3,000 people use RightShip's due diligence, environmental and inspections services to help them manage risk and improve overall maritime safety standards. RightShip launched their innovative platform 18 months ago after close col- laboration with ynk. e market and customers have widely accepted the platform, demonstrating a degree of de- pendability upon which RightShip will capitalise. CEO Steen Lund said he was delighted with the acquisition of ynk Software's maritime tech business and that Marlon and his team will join RightShip. "is is a critical strategic develop- ment for RightShip as we gain our own in-house technology competence that will underpin our long-term growth ob- jective of being an industry leading ESG focused digital maritime platform," he said. Lund said that over the past 20 years RightShip has grown purely organical- ly. is acquisition provides RightShip with an exciting opportunity to solidify its very foundation as a digital product builder. "Having the 'ready-made' technolo- gy expertise that ynk bring, allows RightShip to secure increased value for our customers allowing us to grow fast- er than if we built this capability inter- nally, from the ground up," Lund said. Marlon Grech, founder and CEO at ynk also welcomed the acquisition. "We have worked together for sever- al years now and know each other well, and so for me and my Malta based team, this is a natural progression," he said. "We are all looking forward to the op- portunities that will come our way as being part of the RightShip team." ynk Software was founded in Octo- ber 2013 and is a Microsoft Gold Part- ner, building great software products and solving everyday challenges for a safer, more sustainable world. Its platform Genesis enables ynkers to deliver features faster and better than if they had to build them from scratch. ESG focused digital maritime platform RightShip acquires Thynk Software's maritime tech business RightShip CEO Steen Lund (left) and Thynk Software CEO Marlon Grech IN 2020, public corporations registered a deficit of €22.7 million, equivalent to 0.2 per cent of GDP, and a net worth po- sition of €1,563.4 million, amounting to 12.0 per cent of GDP. In 2020, public corporations reg- istered a deficit of €22.7 million, a decrease of €118.9 million when com- pared to 2019. Total revenue of public corporations amounted to €1,251.2 million, €285.9 million lower than that registered in the previous year. e main source of rev- enue was the income generated from own operations, with a share of 86.8 per cent. Total expenditure of €1,273.8 million was recorded, a drop of €167.0 million in comparison to 2019. e primary expenditure items were Direct operating expenses and Wages and salaries, which accounted for 69.6 per cent and 16.9 per cent of total ex- penditure, respectively. e COVID-19 pandemic impacted the financial per- formance of several public corpora- tions. Taking the Central Bank of Malta into consideration, in 2020 the aggregate surplus of public corporations amount- ed to €10.4 million, resulting from reve- nue of €1,318.0 million and expenditure of €1,307.7 million. Statement of financial position e total assets of public corpo- rations stood at €4,181.9 million in 2020, with the predominant asset cat- egory being non-financial assets (67.6 per cent), rather than financial assets (32.4 per cent). All the asset sub-categories registered an increase compared to 2019, except for Land and Buildings (-€2.3 mil- lion) and Trade and Other Receivables (-€36.0 million). On the other hand, financial liabilities totalled €2,618.6 million, consisting of Bank borrowings (43.5 per cent), Oth- er liabilities (39.3 per cent) and Trade and Other payables (17.2 per cent). Compared to 2019, all 3 sub-categories registered an increase: Bank borrowing (€28.2 million), Other liabilities (€20.0 million) and Trade and other payables (€15.2 million). Compared to 2019, the aggregate net worth of public corporations increased by €20.6 million, which resulted from a rise in total assets (€84.0 million) that outweighed the increase in total liabilities (€63.4 million). By 2020, the net worth of public corporations had reached €1,563.4 million. Taking into account all the public cor- porations, including the Central Bank of Malta, in 2020 the net worth stood at €1,192.6 million, resulting from the difference between total assets of €13,348.0 million and total liabilities of €12,155.4 million. Analysis by NACE In 2020, there were 52 public corpo- rations, including the Central Bank of Malta. e sector with the highest revenue and expenditure of public corpora- tions was the Electricity, gas, steam and air conditioning supply sector, with amounts of €482.4 million and €498.3 million, respectively. In this respect, other key sectors were the Wholesale and retail trade and Transport and stor- age sectors. e Transport and stor- age sector recorded the highest deficit, which totalled €64.2 million, followed by the Electricity, gas, steam and air conditioning supply sector which regis- tered a deficit of €15.9 million. e Electricity, gas, steam and air con- ditioning supply sector had the highest net worth of €666.4 million, followed by the Real estate activities sector (€296.3 million) and the Construction sector (€164.5 million). Public corporations registered a deficit of €22.7m in 2020, a decrease of €118.9m over 2019