Issue link: https://maltatoday.uberflip.com/i/640308
42 Events maltatoday, Sunday, 14 February 2016 GO posts €34.2 million pre-tax profit GO continued to grow its cus- tomer base in 2015, servicing well in excess of 500,000 cus- tomer connections, which the company said was by far the largest customer base of any op- erator in Malta. GO registered a pre-tax profit of €34.2 million, with operat- ing profit amounting to €27.8 million, up from €21.8 million in 2014, an increase of 27.9%. A dividend of €0.10 net of tax is being recommended. The group generated revenue of €123.7 million, an increase of 1.2% over the comparative year as it continues to achieve growth in retail activities within the context of a fiercely competitive market and constantly evolving customer expectations. In December 2015, GO launched Malta's only fibre- powered 4G network and throughout the year GO con- tinued with the rollout of its game-changing Fibre-to-the- Home (FTTH) network. "We expect GO's fibre-powered 4G network to achieve nationwide coverage by the summer and will also continue to extend the reach of our FTTH network as fibre is rolled out in more towns and villages, part of an exten- sive, multi-year, investment programme," GO CEO, Yian- nos Michaelides, said. As was the case in 2014, dur- ing 2015 group performance was impacted by items of unu- sual nature, size or incidence relating to voluntary retirement schemes and provisions for pension obligations. Excluding these items, cost of sales and administrative costs declined by 2.8% to €96.3 million (2014: €99.1 million) as the group maintained its focus on manag- ing costs without compromising the customer experience. On a normalised basis, group EBITDA amounted to €52.8 million (2014: €49.2 million) an increase of 7.3% over the prior year. Normalised operat- ing profit improved from €24.4 million in 2014 to €29.0 in 2015, representing growth of 19%. The year's results were posi- tively inf luenced by an upward revaluation of €7 million of GO's options to acquire control of Cablenet in Cyprus. On the other hand, because of the pre- vailing economic and political environment in Greece, Forgen- do could not complete the sale of its shareholding in Forthnet. As a result, the carrying amount of GO's equity investment in this joint venture was restated to nil. GO also successfully complet- ed the spin-off of Malta Proper- ties Company p.l.c. through a special dividend of €33.6 mil- lion. In spite of this significant divi- dend GO remains adequately funded with shareholders' funds amounting to €92.1 million and a low level of leverage as GO continues to enjoy a strong bal- ance sheet with reducing level of net debt. "2015 has been an excellent year for GO and its sharehold- ers. Profitability continues to increase based on a proven programme that is delivering growth in retail revenue and control over costs driven by improved efficiency," GO p.l.c. chairman Deepak Padmanab- han said. "The recent investment in Ki- netix IT Solutions Limited will provide opportunity to further grow the group's business to business propositions. GO has also earlier this year exercised its options and gained majority control of Cablenet Commu- nication Systems Limited, the Cypriot-based broadband and TV company. This will provide GO with growth opportunities in a market which is twice the size of its domestic market in Malta." RSM fee income growth pushes it to sixth place global ranking RSM, the adviser of choice to entrepreneurial growth-focused organisations globally, is pleased to announce a 6% increase in global fee income, to US$4.64 billion, for the financial year ending 31 December 2015. RSM has also moved up one place in the global ranking and is now the 6th largest global network of independent audit, tax and con- sulting firms. Fee income was up 10% in the USA, 10% in Europe (based on fee income in local currencies), 6% in Middle East and North Africa, 1% in Asia Pacific, and 9% in Latin America. Audit and accountancy fees increased by 4% to US$2.27 billion, tax grew by 7% to more than US$1.35 bil- lion, and consulting/advisory was up 6.9% to US$1.02 billion. On 26 October 2015, RSM member firms globally adopted the brand and trading name 'RSM'. The unified brand ena- bles RSM to better communicate its strengths and global service capabilities as the adviser of choice to the middle market. Jean Stephens, CEO of RSM, said: "We have had a very posi- tive year and these figures in- dicate that RSM is going from strength to strength. RSM firms worldwide are helping compa- nies operate in an increasingly complex and rapidly changing environment by providing ex- pert advice and insights that are based on a deep understanding of their business wherever they may be. Our unified brand is al- lowing us to focus on the needs of our clients even more, giv- ing them the confidence to take their business forward ". Maria Micallef, Managing Partner in Malta, said: "We are extremely proud with our membership in a network that continues to focus its energy on successfully supporting growth- focused organisations. Our stra- tegic direction for Malta aims to position the firm as the advisor of choice and the natural home for local medium-sized entities with an ambition to grow fur- ther. Our commitment to un- derstand their requirements and provide reliable solutions helps our clients to succeed and ena- bles us to reinforce our position as the leading mid-tier firm in Malta." During 2015, RSM appointed eleven new member and corre- spondent firms in Bangladesh, Belarus, Bosnia and Herze- govina, Colombia, Italy, Mali, Niger, Philippines, Sri Lanka, Tajikistan and Zimbabwe. RSM now comprises more than 38,000 staff working across 760 offices in 120 countries. Jean Stephens added: "The pro- fessional services industry will continue to be driven by changes in the business landscape. Mid- dle market companies are likely to experience a rise in demand for services and products as ad- vanced economies expand fur- ther. RSM members around the world will service and grow with clients who wish to expand their offering or size in order to com- pete in a more unified global economy. The need for greater cross-border collaboration is consequently vital for growth and survival in the current cli- mate." RSM provides clients with a seamless, multi-disciplinary service on a global basis. This is accomplished through focusing on the quality of its work, integ- rity of its people, living its brand values and having close, trusted client and team relationships. Stephens continued: "The worldwide rebrand was a huge success, and the network is en- ergised by our shared purpose and vision for the future. I am looking forward to the exciting opportunities ahead and in con- tinuing to expand globally under a single unified brand." Malta Stock Exchange launches new Sharia Equity Index THE Malta Stock Exchange has launched a new equity index called the MSE Sharia Equity Index, which uses a basis of 1,000 as at 1 January 2016. This new index has been certified to be compliant by Dar Al Sharia Limited, Dubai, the world-renowned Islamic finance consultancy firm. Every quarter, each of the 23 equi- ties traded on the Exchange will be screened by Dar Al Sharia for possi- ble inclusion within the index. They will also be screened quarterly by Dar Al Sharia to ensure compliance with Sharia principles. The first eight Sharia compliant equities are: Malta International Airport plc, Go plc, RS2 Software plc, Medserv plc, Maltapost plc, Grand Harbour Marina plc, 6pm Holding plc, and Malta Properties Co plc. Other newly compliant eq- uities will be included in the Index once they are certified to be com- pliant by Dar Al Sharia. This new MSE Sharia Equity In- dex is the first step to establishing Malta as a centre for Islamic finance products, with a view to attracting the Sharia compliant equities and Sukuk instruments that could be listed and traded here in Malta, or listed in Malta, whilst enjoying the benefits of a regulated EU jurisdic- tion. It is hoped that this new Index will generate interest from amongst the many Sharia compliant fund managers besides Muslim inves- tor communities all over the world, increase business for the Exchange, as well as raise awareness amongst Muslim companies interested in accessing the European capital markets through the Malta Stock Exchange. The MSE Sharia Equity Index and related information can be moni- tored through the MSE website www.borzamalta.com.mt PBL awarded ISO 9001:2008 PBL Ltd has been awarded the ISO 9001:2008 Management System certificate through STEP the ISO specialists for providing a top qual- ity and outstanding customer serv- ice to its clients. By being awarded the ISO certification, PBL Ltd is committing itself in providing the highest customer service to its cli- ents including professionals and students in the Health and Beauty industry as well as the end consum- ers. Companies that achieve this management system certification ISO 9001:2008 have demonstrated effective implementation of docu- mentation and records manage- ment, the company's commitment to their customers, establishment of clear policy, good planning and im- plementation, good resource man- agement, efficient process control, measurement and analysis. John Muscat the managing direc- tor of PBL ltd group of companies explained that "Customer service is the key to any business and by ob- taining the ISO Management Cer- tificate PBL ltd has cemented itself as one of the leaders in the health and beauty industry in Malta. We are extremely proud of being award- ed this certification as this demon- strates our great commitment our companies have towards customer care and customer service". PBL Ltd is the holding company of the group formed by Professional Health & Beauty Services Ltd, Bio- care Company Ltd, Liberty Business Culture Ltd and Wellbeing Services ltd. The first three firms form part of the import and distribution division whilst Wellbeing Services Ltd serv- ices the retail sector of the group. The import and distribution com- panies are all leaders in their respec- tive field of operation. The group has been expanding its operations for over 24 years and established a very solid distribution channel in pharmacies, hair and beauty salons nail salons, spas and also have a solid reputation in the health care industry namely Podiatry and Phys- iotherapy. HSBC Catch the Drop launches three-year After distributing water-saving material from recyclable bottles to push-taps to thermostatic mixing- valves in schools across Malta, the HSBC Water Programme – Catch the Drop will now be handing wa- tercolours to students to draw their own vision of water as an essential resource. The project, 'Imagine Water, Catch the Drop', takes its colours from a newly-established partner- ship between HSBC Bank Malta and l'association École d'art au village (Edaav). It will engage art- ists, teachers, and students in a long-term and meaningful creative process while raising awareness of the importance of water to the Maltese islands. The students will be encouraged to stir emotions us- ing the power of a variety of media such as photography, video, music, collage, or installations. 'Imagine Water, Catch the Drop' runs for three scholastic years from September 2015 to May 2018, and will trace the footsteps of the HSBC Water Programme – Catch the Drop. French artist Sébastien Cailleux will serve as the Edaav project coordinator and will work with a total of 125 students per year from five classrooms in three schools in collaboration with the Ministry for Yiannos Michaelides, GO CEO