BusinessToday Previous Editions

5 INTERVIEW 11.08.2022 BNF Bank p.l.c. has celebrat- ed its very first listing on the Malta Stock Exchange with the traditional "Ringing of the Bell" ceremony. e Bank's bond issue was a resounding success, allocating its €5,000,000 over-allotment option in full and closing the issue at €20,000,000 one week in advance of its closing date. With the new shareholders taking over the Bank's majori- ty stake in 2016, BNF has de- livered a resilient and robust financial performance, and has gained a reputation for its per- sonalised service and custom- er-centric approach. e listing will enable the Bank's continued growth plans, delivering high-quality service to its customers and supporting the community which it serves. Chief Executive Officer and Managing Director Michael Collis said he was very satis- fied with the successful closing of the bond issue. "We are very pleased with the market's response and the strong show of confidence by local investors. We thank our appointed sponsor and man- ager, Jesmond Mizzi Financial Advisors, legal counsel, Gana- do Advocates, and the Malta Stock Exchange as the registrar for their support in this issue." BNF Bank rings the bell to mark listing on the Malta Stock Exchange DURING the six-month period end- ing 30 June 2022, GO p.l.c. generated revenue amounting to €106 million, an increase of €12.1 million or 12.9% com- pared to the first half of 2021. During the period under review, local telecom services increased by €7.3 mil- lion closing at €63.7 million. is result- ed mainly from a growth in GO's fixed broadband and mobile customer base subscribers, a partial recovery of roam- ing revenue and other international wholesale business, and comparatively higher levels of supply and maintenance of hardware and telecoms equipment. GO is a publicly traded entity on the Malta Stock Exchange and the parent company of GO Group. e group pro- vides data centre and ancillary services in Malta through its majority stake in BMIT Technologies p.l.c., as well as ful- ly-fletched fixed and mobile electronic telecommunication services in Cyprus through its majority stake in Cablenet Communications Systems p.l.c. Data centre operations remained chal- lenging particularly due to increasing technology-driven competitive pres- sures and global supply chain issues resulting in customer project delays. Notwithstanding these challenges, BMIT registered gross revenue of €12.6 million, implying a marginal decline of just over 1% compared to the first half of 2021. Cablenet's revenue amounted to €30.1 million, an increase of €4.5 million or 17.4% over the same period last year. is revenue growth reflects subscriber gains from higher market share and the expansion of network footprint. Group cost of sales amounted to €66.3 million (2021: €59.2 million). e in- crease of €7.1 million or 11.9% over 2021 is largely attributable to higher cost of goods sold as a result of the sig- nificantly higher sales of hardware and other telecoms equipment, new net- work support agreements following the launch of the 5G mobile network and the new operational costs of the PEACE submarine cable. Despite higher cost of sales, the Group registered a 14% in- crease in gross profit and 1% increase in the gross profit margin when compared to the first half of 2021. Administrative expenses remained close to the levels of the first half of 2021, and amounted to €26.1 million (2021: €25.5 million). e increase in- cludes one-off staff compensation and legal expenses of around €0.5 million incurred by Cablenet. Consolidated EBITDA for the first six months of 2022 amounted to €41.2 mil- lion (2021: €34.8 million). Depreciation and amortisation increased by €1.3 mil- lion reflecting higher levels of invest- ment in network expansion and other strategic assets across the Group while net finance costs increased by €0.9 mil- lion. Consolidated profit before tax for the first six months of 2022 amounted to €12.1 million (2021: €7.9 million). e Group generated net cash flows from operating activities of €38.2 mil- lion, an increase of 40% over 2021, ena- bling the Group to fund higher levels of investments which amounted to €35.4 million (2021: €29.9 million). Consolidated total assets as at 30 June 2022 amounted to €368.1 million (31 December 2021: €368.6 million). In May 2022, Cablenet capitalised its 4G and 5G spectrum frequencies resulting in an increase in Right-of-Use Assets of €15.9 million and a corresponding increase in Right-of-Use Liabilities of €10.6 million. During the first six months of 2022, borrowings net of cash holdings in- creased by €16.7 million to reach €104.5 million. Total Equity as at 30 June 2022 stood at €104.6 million representing 28.4% of total assets (31 December 2021: 29.8%). During the period under review, GO paid dividends amounting to €6 mil- lion to its parent company and effected payments amounting to €1.3 million for lease of properties, to entities ulti- mately controlled by Société Nationale des Télécommunications (Tunisie Tele- com), the intermediate parent company. Dividends At the last Annual General Meeting of GO p.l.c., a final net dividend of €0.09 per share in respect of the year ended 31 December 2021 was approved and was paid to the shareholders on 27 May 2022. e Board resolved to distribute an interim net dividend of €0.06 per share which will be paid to shareholders on 9 September 2022. GO generates €106 million revenue in H1 2022, up 12.9% over 2021

• Cover