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3 NEWS 4.5.2023 MALTESE manufacturing companies are being invited to participate in indus- try-academia research collaborations with educational institutions such as the University of Malta. To provide support in such initiatives, the Energy and Water Agency (EWA), the Malta Business Bureau and e Malta Chamber organised an outreach event in which the business community was informed on what opportunities are available. is was the ninth event in the We Make series of workshops running till July 2023. Toly acted as a case study of success- ful collaboration with the University of Malta to achieve a significantly reduced environmental footprint from its opera- tions. MCST guided the businesses attending the event through other case studies, and elaborated on what funding streams are available to support such projects and partnerships. Businesses interested in opening the door to such opportunities are therefore invited to get in touch with the project team behind the We Make project responsible for organising the outreach. Ing Ruben Cuschieri, Chair of the Man- ufacturers Economic Group at e Mal- ta Chamber, said: "Industry-academia collaboration is not a one-size-fits-all situation, and that there are several key institutional partners who can help busi- nesses find what is suitable for them. It can be as simple as sponsoring a Uni- versity or MCAST student to carry out research in a company." During a time of a skills and human re- source shortage in manufacturing, inte- grating student projects into a company's workflow provides an opportunity for a highly beneficial mutual undertaking. Furthermore, high-level research pro- jects such as Toly's Air Save allow aca- demics from the Department of Industri- al and Manufacturing Engineering, such as Dr Paul Refalo and Dr Ing Emmanuel Francalanza, to develop new solutions to achieve significant energy efficiency gains such as the Air Save project. It is a compressed air system integrity monitoring using AI and IOT. Toly is also engaging in the VacUM project with Dr Ing Arif Rochman, working on a seal- less mould vacuum system. Companies that wish to work with the University of Malta can get in touch with the Projects Support Office or Research Support Ser- vices Directorate. Stephen Borg of the R&I Unit of MCST presented opportunities to receive aid through the Fusion Programme, which has a wide portfolio of funding pro- grammes. It accommodates an extensive tech- nology readiness spectrum, and pro- grammes can include funding initial re- search, commercialisation of innovative technologies and many other opportu- nities up to helping put products on the market. A successful case study is that of HDMS, an initiative between Carlo Gavazzi and the University, which devel- oped a single-phase starter motor with a start-and-run capacitor. e product is aimed at heat pumps with limitations in the supply network. MCST's Internationalisation Unit also promotes projects across borders, and between 2019-2022 granted €6 million in support. ose interested in collaborations are encouraged to register on MCST's plumtri platform for research & innova- tion. Dr Ing Alexia Pace Kiomall from Mal- ta Enterprise encouraged participants to register with the Enterprise Europe Network, the largest European support network for SMEs. In doing so, business- es will benefit from a matchmaking tool with 4310 profiles which may facilitate collaboration with academia. e Water and Energy Management and Knowledge Transfer in Manufactur- ing Enterprises (We Make) project, is a collaboration between the Energy and Water Agency (EWA), Malta Business Bureau and the Malta Chamber of Com- merce, Enterprise and Industry, spon- sored by the EWA, to give manufactur- ing industry businesses guidance on how to consume energy and water efficiently. e Malta Business Bureau is the EU business advisory organisation of e Malta Chamber and e Malta Hotels and Restaurants Association. It is also a partner of the Enterprise Europe Net- work. Offering industry-academia collaboration opportunities FROM PAGE 1 Lombard Bank issued the public an- nouncement on 28 April, as it is bound to do by law, stating that its board of di- rectors had approved the annual report and audited financial statements for the financial year ended 31 December 2022. e announcement highlighted the fact the Group had registered €27.7 mil- lion in profit before tax in 2022, up from €12.6 million in 2021, that Net Interest Income rose by 14% to €22.3 million, and that Group operating costs fell by 15% to €20.9 million, with the Bank's Cost Efficiency Ratio easing to 57.4% (2021: 60.8%), "a reflection of effective cost management". Other positive results were highlight- ed in the Summary of Financial Perfor- mance included in the announcement, and detailed figures were included in the one-page Directors' Report. But the fact that Lombard Group reg- istered more than €25 million in losses from its investments was not included in the summary, and was only referred to in the Directors' Report, without any fig- ures being quoted, contrary to references to positive results quoted. Full details are of course provided in the full Annual Report and Financial State- ments 2022, which are yet to be approved at the AGM on 23 June, and which are available on the Malta Stock Exchange's website. But financial analysts who spoke to Business Today said such 'media spin' was becoming commonplace, with com- panies and institutions only quoting positive results in compulsory public announcements while 'hiding' negative results within the full reports. In the page dedicated to the Directors' Report in its public announcement, Lombard said: "e year was a particularly challeng- ing one for the main subsidiary, Malta- Post p.l.c., which, although made to bear significant increases in costs, still contin- ued to sustain the Universal Service Ob- ligation despite the persistent decline of Letter Mail volumes and delays of over two years by the Regulator to approve increases in postal tariffs. A long-await- ed Regulatory decision allowing a tariff revision towards the latter part of the financial year was a much-needed devel- opment. Meanwhile the Company pro- ceeded with its investments in life and general insurance." But a look at the full report presents a stark picture. In the 'Other comprehensive income' section, under debt investments meas- ured at FVOCI (Fair Value rough Other Comprehensive Income) for items that may be subsequently reclassified to profit or loss, the Lombard Group regis- tered net losses before tax if €25,825,000, as opposed to a €2.7 million profit in 2021. Under net losses/gains from changes in fair value of investments in equity in- struments designated at FVOCI, Lom- bard Bank reported a loss before tax of €1.7 million, as opposed to a profit of €149,000 in 2021. A further loss of €17,794,000 was re- corded under other comprehensive in- come for 2022, net of income tax, as op- posed to a profit of €5 million in 2021. e report quotes total comprehensive income for the year, net of income tax, as a loss of €168,000, as opposed to a profit of €12,908,000 in 2021. Questions sent to Lombard Bank CEO Joseph Said, asking to clarify absence of losses and negative results from the published company announcement, re- mained unanswered. New appointment A day before Lombard Bank issued its public announcement on the financial statements, the bank issued another statement, announcing the appointment of Carlos Camenzuli as Chief Risk Of- ficer. Camenzuli worked within the Bank's Risk Management Function for over sev- en years and held the position of Head – Risk for nearly four years. e Malta Financial Services Authority has granted regulatory approval for this appointment. 2 Summary of Financial Performance Group Profit Before Tax: €27.7 million (FYE 2021: €12.6 million). Net Interest Income rose by 14% to €22.3 million when compared to the previous year, mainly driven by Loans and Advances to Customers rising by 11% to reach €711.6 million. Net Fee and Commission Income improved by 4% to reach €5.4 million, supported by a positive trend registered in the Bank's various business lines. Group operating costs fell by 15% to €20.9 million, with the Bank's Cost Efficiency Ratio easing to 57.4% (2021: 60.8%), a reflection of effective cost management. A write-back of €16.2 million in respect of "Expected Credit Losses" (ECLs) was registered compared to €1.5 million in the previous year. Customer Deposits rose by 3% in 2022 to €1,008.4 million. Net Asset Value (NAV) per share stood at €1.50 (2021: €1.53). A strong liquidity position was maintained with Advances to Deposits Ratio at 70.6%, compared to 65.8% at the end of the previous year. Group Post Tax Return on Equity for 2022 was 12.8% (2021: 5.7%). Group Total Assets rose to €1,203.4 million (€1,172.6 million in 2021). The Summary of Financial Performace included in Lombard Bank's public announcement issued on 28 April 2023 Lombard Bank registers €168,000 loss in total comprehensive income for 2022

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