Issue link: https://maltatoday.uberflip.com/i/1498955
€1.50 THURSDAY 11 MAY 2023 • ISSUE 205 WWW.BUSINESSTODAY.COM.MT PAGE 2 PAGE 3 MFSA warns that financial information published by Von der Heyden group is incorrect Trade deficit narrows in March Malta International Airport traffic exceeds 700,000 passengers in April THE Von der Heyden Group pro- vided misleading information that did not truly reflect the company's statements, Malta's financial services watchdog has confirmed. Malta Financial Services Authority CEO Kenneth Farrugia was comment- ing on a press statement released by the company last month. Despite Von der Leyden Group hav- ing lost €882,000 in 2022 and €2.8 mil- lion in 2021 it still chose to package its results by emphasising turnover and not profits. e company statement said that the Von der Heyden Group had a 32% turn- over increase with improved profitabil- ity. Camouflaged in technical terms, it made no mention of losses. It also said that Von der Heyden Group's holding company TIMAN Investments Holdings Limited achieved a €4.7 million adjusted EBIDTA in 2022, as revenues leapt by 32% to reach €15.2 million. e MFSA CEO told BusinessToday that certain financial information being referred to in the news release "appears to be incorrect and not reflective of the financial statements published by the company". Farrugia added that the information being referred to "does not appear to pertain directly to the Listed Company itself, but rather its Group and Guaran- tor." Malta's financial services watchdog is increasingly scrutinising the type of in- formation relayed by companies to their customers, which at times is misleading. Some companies have been accused of inflating their financial achievements and misleading customers with half- baked results. Farrugia would not comment on what type of engagement the authority had with the company, insisting supervisory engagement is confidential. PAGE 3 STAR PERFORMER MSE FTSE 100 EUR EXCHANGE RATES Trading Date: 10 May 2023 Number of Trades: 24 Turnover: € 172,408.94 MSE TRX Index: 7,713.56 Change: -0.192% Name: 4.35% SD FIN UNS MT0001431205 - Currency € Last Traded: 10 May 2023 Price 99.990 Change +0.990 US Dollar 1.0388 British Pound: 0.86477 Japanese Yen: 144.59 Australian Dollar: 1.5451 Swiss Franc: 0.98700 7,587.67 75.67 7,592.39 / 7,512.00 Value Net variation High / Low +1.01% SD FINANCE plc The Von der Heyden Group is a major investor in the Cugo Gran Macina Hotel