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3 NEWS 5.10.2023 MALTA hosted the first pub- lic viewing in Europe outside a major boat show of the Azimut Magellano 60. is is the smallest in the series and will carry an 18.47 m (60'7") LOA with a 5.15 m (16'9") beam and a 1.37 m (4'6") draught. Niki Travers Tauss, local Az- imut Yacths dealer, said that the Azimut and Benetti brands boast the most metres sold for the last 22 years and the Magel- lano 60 is projected to increase Azimut's visibility in the North American, South American and European markets in par- ticular. Even with the smaller size, the Magellano 60 is designed for long voyages incorporating Azimut's second generation hull – a semi-planing, dou- ble-chine, vertical bow design. Azimut claims the hull uses 20 percent less fuel than a similar yacht with traditional chines. As such, the new model will fall under Azimut's Low Emission Yachts, which are proclaimed to offer a low- er fuel-burning alternative with reduced C02 emissions. e company claims reduced overall emissions of 20 to 30% compared to boats of the same weight and dimensions, thanks largely due to hull design changes, the adoption of the most efficient propulsion sys- tems, and the incorporation of carbon fiber to reduce overall weight. Featuring a total of 3+1 cab- ins and 6+1 berths, the interior is built for extended journeys. e full beam master state- room is at midships, and there is an additional VIP cabin for- ward, with a twin cabin on the port side. Each cabin features en suite heads and showers. An additional crew cabin is ac- cessed from the transom and is separated by the engine room for privacy. Additional standout features include the ability to board from gates on either side, or from the swim platform. e main deck is also one level from cockpit to salon and fea- tures an 'infinity terrace' at the stern. e cockpit layout places seating that faces both fore and aft, so guests can enjoy 360 panoramic views from any- where inside the room. Up top, the helm station on the starboard side provides seating for two. A C-shaped lounge rests to port, and addi- tional seats in the aft provide another social area. The 60 is Azimut's latest addition to its trawler Magellano line The Magellano 60 – A worthy addition to Azimut's successful line-up FROM PAGE 1 e AX Group is primarily engaged in four business divisions, namely hospi- tality, healthcare, real estate and devel- opment, and construction, and is also involved renewable energy. e Group's finance and investment division provides finance to AX Group and its subsidiaries and also manages certain strategic assets. e 'AX Hotels' brand has carved a unique status in the local hospitality market as a hotel operator that caters for a wide range of diverse tastes. Across its seven group hospitality properties located in Valletta, Sliema and Qawra, as well as its various food and beverage outlets, the group's hos- pitality division is the largest operating division of the AX Group. e operations of the 'AX Hospital- ity' chain are carried out by AX Hotel Operations p.l.c., a company headed by Group Hospitality Director Claire Zam- mit Xuereb, one of the Executive Direc- tors of AX Group. e Group's total assets as at 31 Oc- tober 2022 stood at €422.8 million (FY2020: €348.7 million) comprising mainly of the property used by the Group in the operations of its vari- ous divisions and investment proper- ty, which as at 31 October 2022 had a carrying amount of €281.4 million and €57.9 million respectively. e Group's non-current inventories stood at €37.0million as at 31 October 2022 representing the Verdala residen- tial project in Rabat and a property in Sliema acquired for development in FY2022. In aggregate, property plant and equipment, investment property and non-current inventories represent 89.0% of total assets. Over the FYs 2020 to 2022, the Group's total assets increased by 21.3%, largely reflective of the various development projects undertaken by the Group as well as revaluation exercises carried out during the said period on selected prop- erties of the Group. e Group's other assets include an investment in Valletta Cruise Port p.l.c., Imselliet Solar Ltd and Hardrocks Es- tates Ltd, loans receivable, trade and other receivables, and current invento- ries. Total liabilities amounted to €174.5 million as at 31 October 2022, repre- senting an increase of 33.0% over the balance as at 31 October 2020 of €131.2 million. As at 31 October 2022, borrow- ings (namely bank loans and overdraft facilities) and debt securities in issue represented the greater proportion of liabilities for a total value of €120.3 mil- lion (FY2020: €78.7 million), equivalent to 68.9% of total liabilities. e increase in borrowings includes the issue of the AX Real Estate p.l.c. 2022 bonds of €18 million held by the public as well as two new bank loans drawn during the period. Other liabilities included mainly trade and other payables, and deferred tax li- abilities. e Group's total equity as at 31 Oc- tober 2022 amounted to €248.2 million of which €13.3 million was attributa- ble to non-controlling interests. is represented an increase of 14.2% when compared to the total equity as at 31 October 2020 (FY2020: €217.4 million of which €1.0 million was attributable to non-controlling interest). e increase in the non-controlling interest was a result of the equity issue of AX Real Estate p.l.c. during FY2022. e growth in net assets over the three FYs 2020 to 2022 principally emanated from an increase in the revaluation re- serve, which reflects the impact of the revaluation exercises carried out by the Group during the said period. The former Suncrest was rebranded to AX ODYCY Hotel AX Group's total assets stand at €422.8m, with €174.5m in liabilities

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