Issue link: https://maltatoday.uberflip.com/i/304008
12 Business Today maltatoday, WEDNESDAY, 30 APRIL 2014 Inter legend Javier Zanetti appointed Malta brand ambassador The Malta Tourism Authority yester- day announced the appointment of football legend Javier Zanetti as its brand ambassador for the Maltese Is- lands in Italy. Zanetti is synonymous with the Italian Serie A side, Internazionale, who he joined in 1995. Since then, the Argentine has clocked up over 600 appearances, many of them as captain, for the club which enjoys huge popularity in Malta and around the rest of the world. With 145 appearances for Argentina, Zanetti also holds the record as the most capped player in the history of the two-time world champions who he represented in the 1996 Olympic tournament and in two World Cups, in 1998 and 2002. Speaking during a press conference in Milan organised to announce this agreement, the Malta Tourism Authority Chairman Gavin Gulia said: "The partnership with Javier Zanetti is one of great prestige for the Malta Tourism Authority. Zanetti is known by all Italian football fans as being a footballer of great sportsmanship, having achieved various records, and he is truly one of the greatest players of modern football. The MTA has appointed Javier Zanetti as the brand ambassador for the Maltese islands in Italy for the next three years, with various promotional activities planned to promote further the allure of our Islands in the Italian market." Gulia thanked the efforts of the Malta Tourism Authority's CEO Josef Formosa Gauci and the MTA's Director Marketing for Southern Europe Simon Kamsky and his team in achieving this landmark agreement. Zanetti went on to talk about his experience in Malta last year and confirmed that, "Malta is a destination that he and his family loved for the diversity of its touristic offer. He referred to the Maltese people as extremely hospitable, which made him feel very welcome, and he was highly impressed by the beauty and the rich history of the islands". He further added that Zanetti "was very comfortable to work with the Malta Tourism Authority to reach this agreement and that he is honoured to be the Brand Ambassador for the Maltese Islands". The three year agreement was signed on Monday in Milan by Gavin Gulia and Zanetti. Javier Zanetti and Gavin Gulia addressing the press in Milan RS2 Group registers pre-tax profits of €4.25M During 2013, RS2 continued to build on the momentum of the previous year's performance and consolidated the delivery of another very positive year both for the Company and the Group. Total revenue for 2013 amounted to €13.5m representing a 6.2% increase over 2012. In 2013, the revenue mix was very similar to that of the previous year, with 49% of the total revenue for 2013 made up of licence fees for the use of BankWORKS. The cost of sales for the year ended 2013 amounted to €6.4m, an increase of 18% over the previous year. Due to the expansion and the increase in RS2's global client base and system implementation, the Company continued to invest in its infrastructure and human resources. As a result, gross profit margin for the year stood at €7.1m a slight decrease of 3% over 2012. In accordance with accounting rules and regulations, the Company recognised a notional cost of €0.4m on the shares granted to its employees as part of the share option scheme for services provided in 2013. This cost is a non-cash expense and was transferred to the Share Option Reserve. As the share option is exercised by our eligible employees, this cost will gradually be transferred to the Retained Earnings Reserve. In 2013, the Company, in line with its strategy, continued to invest in its BankWORKS product, and has capitalised development costs of €0.4m. The Company's main aim is to keep BankWORKS updated with the latest technology in the market and therefore committed to keep investing heavily in its core product and maintain BankWORKS® at the forefront, so as to retain the existing client base whilst attracting new clients. For the year under review, profit before tax (PBT) amounted to €5.1m a decrease of 10% when compared to 2012. Tax for the year amounted to €1.7m comprising mainly the movement in deferred tax asset. The Company continued to benefit from the accumulated Investment Tax Credits under the Malta Enterprise Act. In the past two years, the Company utilised a significant amount of the accumulated tax credit, and as a consequence it registered a shift from a deferred tax asset in the balance sheet to a deferred tax liability of €1.5m. Earnings before interest, tax, depreciation and amortisation (EBITDA) for 2013 amounted to €6.5m, a decrease of €0.4m and reflects the strong position of the Company's core profitability for 2013. On a consolidated basis, the Group registered a 33% increase in revenue when compared to 2012. This is explained by the elimination of intra- group sales in 2012, coupled with new revenues generated by a subsidiary in 2013. Gross profit for the Group increased by €1.9m when compared to 2012. Profit before taxation amounted to € 4.3m, an increase of 35% over 2012. The Group generated cash from operation of €4.3m compared to €1.0m generated in 2012. At year end, the Group's cash reserves stood at €3.6m. Mr Mario Schembri, Chairman of RS2 Software plc stated that "The past year may be considered to be the year in which RS2 established its potential and confirmed its capability to provide solutions both to Banking and Service Provider clients that dominate the Tier 1 segment of the diverse transaction payment industry. The financial results for the year ended December 2013 confirm our ability to generate healthy profits year after year". CEO Mr Radi El Haj commented, "During 2013, the growth in the value of RS2 was fully underpinned by an increase in revenues, overall strong financial performance and an expansion of the client base. "This is a testament to the proven relevance of the strategies employed. It is an achievement that reflects the quality of our product, our unwavering customer-driven focus, and our commitment to the highest levels of service, all of which are delivered by some of the most capable and talented people in our industry". RS2 Group chairman Mario Schembri Cisco Unified Computing System to host roadshow event On Tuesday, 6 May, Cisco Systems Inc., the leading worldwide informa- tion technology and communications service provider, will be organizing Malta's first Cisco Unified Computing System (UCS) Roadshow at SmartC- ity Malta from 8:30hrs to 15:30hrs. The event, which will be organized with the collaboration of Intel, is ideal for all those organizations concerned about the future of their data centre and who require a comprehensive infrastructure and management solution. Recent changes in the server market are prompting some IT professionals to re-evaluate their options. As server infrastructure evolves, it becomes even more important to be able to dependably manage and control data centre operations, without worrying if your new server company has the expertise you need. Unified Computing System (UCS) with Intel Xeon Processors has proven market traction through Cisco's leading position in Integrated Stacks, which can help your company build a more powerful, efficient and flexible data centre solution, for today and the future. Key topics to be expounded on during the event include Data Centre Innovations, Hitachi Data Systems, Cisco UCS and Technology Convergence, Managing a Converged Next Generation Data Centre, and others. Register at www.eventora.com/ en/Events/cisco-unified-computing- system-roadshow for the Cisco UCS Roadshow, and get the opportunity to meet and discuss your IT and business needs with CISCO executives