Independent auditor’s report
To the Shareholders of MedservRegis p.l.c.
Report on the audit of the financial statements
Our opinion
In our opinion:
· The Group financial statements and the Parent Company financial statements (the “financial statements”) of MedservRegis p.l.c. give a true and fair view of the Group and the Parent Company’s financial position as at 31 December 2022, and of their financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards (‘IFRSs’) as adopted by the EU; and
· The financial statements have been prepared in accordance with the requirements of the Maltese Companies Act (Cap. 386).
MedservRegis p.l.c.’s financial statements comprise:
· the Consolidated and Parent Company statements of financial position as at 31 December 2022;
· the Consolidated and Parent Company statements of profit or loss and other comprehensive income for the year then ended;
· the Consolidated and Parent Company statements of changes in equity for the year then ended;
· the Consolidated and Parent Company statements of cash flows for the year then ended; and
· the notes to the financial statements, which include significant accounting policies and other explanatory information.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We are independent of the Group and the Parent Company in accordance with the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code) together with the ethical requirements of the Accountancy Profession (Code of Ethics for Warrant Holders) Directive issued in terms of the Accountancy Profession Act (Cap. 281) that are relevant to our audit of the financial statements in Malta. We have fulfilled our other ethical responsibilities in accordance with these Codes.
To the best of our knowledge and belief, we declare that we have not provided non-audit services that are prohibited under Article 18A of the Accountancy Profession Act (Cap. 281).
We did not provide any non-audit services to the company during the year ended 31 December 2022.
Our audit approach
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· Overall group materiality: €669,000, which represents 1% of revenues |
· We conducted a full scope audit of the significant components and performed specified audit procedures on certain account balances in other components.
· The group engagement team performed oversight procedures on the work of component teams for all significant locations.
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· Impairment assessment of goodwill, intangible assets, right-of-use assets and property plant and equipment at Group level · Recoverability of deferred tax assets at Group level · Impairment assessments of investments in subsidiaries and loans receivable from subsidiaries at Company level |
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the consolidated financial statements. In particular, we considered where the directors made subjective judgements; for example, in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. As in all of our audits, we also addressed the risk of management override of internal controls, including among other matters consideration of whether there was evidence of bias that represented a risk of material misstatement due to fraud.
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain reasonable assurance whether the financial statements are free from material misstatement. Misstatements may arise due to fraud or error. They are considered material if individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the consolidated financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the overall group materiality for the consolidated financial statements as a whole as set out in the table below. These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit procedures and to evaluate the effect of misstatements, both individually and in aggregate on the financial statements as a whole.
Overall group materiality |
€669,000 |
How we determined it |
1% of revenues |
Rationale for the materiality benchmark applied |
We chose revenue as the benchmark because, in our view, it is the benchmark against which the performance of the Group is most commonly measured by users, and is a generally accepted benchmark. We chose 1% which is within the range of quantitative materiality thresholds that we consider acceptable. |
We agreed with the Audit Committee that we would report to them misstatements identified during our audit above €66,900 as well as misstatements below that amount that, in our view, warranted reporting for qualitative reasons.
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Key audit matter |
How our audit addressed the Key audit matter |
Impairment assessment of goodwill, intangible assets, right-of-use assets and property, plant and equipment at Group level
The Group’s assets include goodwill and intangible assets amounting to €16,904,983 right-of-use assets amounting to €48,506,978 and property, plant and equipment amounting to €33,334,709 relating to businesses operating in the Oil Country Tubular Goods (“OCTG”) segment (collectively referred to as “METS sub-group”) and businesses operating in Integrated Logistics Support Services (“ILSS segment”) (Notes 16, 18 and 36).
Each of those businesses is considered by the Group to be a separate cash generating unit (“CGU” or “CGUs”). Goodwill arising from the reverse acquisition of the Medserv group of companies has been allocated to a collection of CGUs (i) the OCTG segment as a whole (“OCTG CGU”) and (ii) ILSS segment as a whole (“ILSS CGU”).
At each reporting date, the Company is required to determine whether there are any indications of impairment in relation to goodwill, intangible assets, right-of-use assets and property, plant and equipment. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. If such indicators exist (at the asset or separate CGU level), the Company is required to estimate the recoverable amount of that asset or that CGU of which the asset forms part. The OCTG CGU and ILSS CGU, to which the goodwill relates to, are separately tested for impairment annually.
The key risk factors identified by the Group for the businesses to which the separate CGUs, OCTG CGU and ILSS CGU relate are: (i) the global, country and macroeconomic risks; (ii) customer concentration risk and (iii) Market volatility in oil and gas prices driven by the related demand and their impact on the customers business activity in the context of geopolitical tensions and trends in the energy generation markets.
The recoverable amount for each asset (tested individually) and each separate CGU, the OCTG CGU and ILSS CGU was estimated using either the Fair Value Less Costs of Disposal (‘FVLCD’) or Value in Use (‘VIU’) as per the applicable financial reporting framework. The key inputs, specific to the Group, comprise future cash flows, growth rates and discount rates for VIU assessments and market prices and rates for comparable assets under the FVLCD assessments. The client has developed models which estimate the recoverable amount for each asset factoring the above inputs as applicable to the respective method which are approved by the board of directors. The resulting fair values are also challenged and approved by the Board before being reflected in the Group consolidated financial statements. The valuation models and related inputs are complex, unobservable and subject to inherent estimation uncertainty and therefore, require significant judgement. Hence, we have identified this area as a key audit matter. |
We involved our valuation experts, as appropriate, in performing our procedures. As part of those procedures, for each individual asset, separate CGUs, the OCTG CGU and the ILSS CGU identified in this key audit matter:
- we compared the Group’s 2022 budgets with the actual performance of each relevant business unit for the reporting period and made enquiries as to the reasons for any significant variations identified and assessed the reasonableness of the explanations provided, by corroborating these against supporting documentation and our knowledge of the Group;
- we assessed the impact of the underlying business risk factors and the assumptions applied in the value-in-use analysis, at reporting date, including projected revenue growth and EBITDA margins with reference to our understanding of the Group, historical trends, available industry information, available market data and relevant documentation on contracted and current business pipeline;
- we assessed whether the discount rates applied in the discounted cash flow forecasts under the VIU model were within an appropriate range by reference to comparable market data;
- through sensitivity analysis, we assessed the impact on the impairment assessment of reasonable possible changes in the key assumptions in the value-in-use analysis including discount rate, annual revenue growth rate and EBITDA margins used for estimating the recoverable amount;
- we sourced independent market values and rates for comparable assets in the respective markets and compared them to the client’s assessed values which in many instances were based on third party valuations;
- We tested the key assumptions applied in the valuation of the right-of-use asset, including selling price per square meter (by independently sourcing property listings in the respective locations), areas, capitalization rate, inflation rate, discount rate, number of years and leasehold factor;
- through sensitivity analysis, we assessed the impact on the value to reasonable possible changes in the key assumptions in the valuation, including selling rates per square meter, leasehold factor and discount rates used for estimating the recoverable amount of the right-of-use asset;
- we tested the mathematical accuracy of the valuation models prepared by management to assess the recoverable amount of goodwill, intangible assets, right-of-use assets and property, plant and equipment, and;
- we evaluated the adequacy of disclosures made in Notes 3, 4.5, 4.6, 4.9, 6.5, 16, 18 and 36 to the financial statements, including those regarding the key assumptions.
Based on the work performed, we found the value of goodwill, intangible assets, right-of-use assets and property, plant and equipment, as well as the related disclosures required by IAS 36 and IFRS 16, to be consistent with the explanations and evidence obtained. |
Recoverability of deferred tax assets at Group level
At 31 December 2022, one of the Group’s subsidiaries, Medserv Operations Limited, has deferred tax assets recognized on unutilized investment tax credits amounting to €9,066,217 (Note 19).
In accordance with the applicable financial reporting framework, deferred tax assets are recognized only to the extent that it is probable that future taxable profits will be available, against which these tax benefits can be utilised. The recognition of deferred tax assets, therefore, requires significant judgement in estimating future taxable profits based on profit forecasts drawn up by management at the reporting date.
The amount of deferred tax assets recognised in the financial statements are expected to be recovered within the foreseeable future.
Such estimation uncertainty might lead to material differences between the projected period for utilization of tax credits compared with actual timing of utilization and hence we have selected this area as a key audit matter. |
As part of our audit procedures:
- we compared the budget prepared for 2022 with the actual performance for the reporting period for Medserv Operations Limited and enquired about any significant variations identified. We assessed and verified the reasonableness of the explanations provided, by corroborating these against supporting documentation and our knowledge of Medserv Operations Limited;
- we reviewed the profitability projections prepared by management and evaluated the assumptions adopted in the preparation of taxable profit forecasts at the reporting date with reference to our understanding of Medserv Operations Limited’s business, historical trends, available industry information and available market data and relevant documentation on its contracted and current business pipeline;
- we recomputed the utilisation of tax credits in line with the taxable profit projections and assessed whether these tax credits are expected to be utilised within a reasonable timeframe and;
- we evaluated the adequacy of disclosures made in Notes 3, 4.18 and 19 to the financial statements, including those regarding the key assumptions.
Based on the work performed, we found the value of deferred tax assets, as well as the related disclosures to be consistent with the explanations and evidence obtained. |
Impairment assessments of investments in subsidiaries and loans receivable from subsidiaries at parent company level
The Company’s assets include, amongst others, investments in subsidiaries and loans receivable from subsidiaries amounting to €47,622,803 and €26,031,786 (Notes 24 and 23).
Each subsidiary comprises a separate cash generating unit. At each reporting date, the Company is required to determine whether there is any indication of impairment on the investments in subsidiaries. If such indicators exist (at separate CGU level), the Company is required to estimate the recoverable amount of that CGU.
The key risk factors identified by the Company for the businesses to which the separate CGUs relate are: (i) the global, country and macroeconomic risks; (ii) customer concentration risk and (iii) market volatility in oil and gas prices driven by the related demand and their impact on the customers business activity in the context of geopolitical tensions and trends in the energy generation markets. For loans receivable from the subsidiaries which are in default, the Company assesses whether those receivables are credit impaired. Any credit losses are measured at the present value of all cash shortfalls. In estimating any shortfalls, the Company applied the same projections used for the value-in-use analysis prepared in estimating the recoverable amount of investments in these subsidiaries. The recoverability of those receivables is supported by the same projections, and subject to the same risks factors and key assumptions as those underlying the calculation of the recoverable amount of the related investments.
In estimating the recoverable amount, as per the applicable financial reporting framework, the directors prepare a value-in-use analysis for each separate CGU. The key inputs, specific to the Company, comprise future cash flows, growth rates and discount rates. Those inputs are subject to inherent estimation uncertainty and therefore, significant judgement. Hence, we have identified this area as a key audit matter. |
We involved our valuation experts, as appropriate, in performing our procedures in relation to the ‘investment in subsidiaries’. As part of those procedures, for each separate CGU:
- we compared the Group’s 2022 budgets with the actual performance of each relevant business unit for the reporting period and made enquiries as to the reasons for any significant variations identified and assessed the reasonableness of the explanations provided, by corroborating these against supporting documentation and our knowledge of the Group;
- we assessed the impact of the underlying business risk factors and the assumptions applied in the value-in-use analysis, at reporting date, including projected revenue growth and EBITDA margins with reference to our understanding of the Group, historical trends, available industry information, available market data and relevant documentation on contracted and current business pipeline;
- we assessed whether the discount rates applied in the discounted cash flow forecasts under the VIU model were within an appropriate range by reference to comparable market data;
- through sensitivity analysis, we assessed the impact on the impairment assessment of reasonable possible changes in the key assumptions in the value-in-use analysis including discount rate, annual revenue growth rate and EBITDA margins used for estimating the recoverable amount, and;
- we tested the mathematical accuracy of the valuation models prepared by management to assess the recoverable amount of the investment in subsidiaries. Our procedures, noted above in relation to the 'investment in subsidiaries’ were also used to evaluate the Company’s assessment of the expected credit loss of the past due loans receivable from subsidiaries.
- We evaluated the adequacy of disclosures made in Notes 3, 4.1, 4.3, 23 and 24 to the financial statements, including those regarding the key assumptions. Based on the work performed, we found the value of investments in subsidiaries and loans receivable from subsidiaries, as well as the related disclosures to be consistent with the explanations and evidence obtained. |
How we tailored our group audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the financial statements as a whole, taking into account the structure of the Group, the accounting processes and controls, and the industry in which the Group operates.
The Group includes a number of subsidiaries, mainly operating in Malta, Cyprus, Egypt, Oman, Iraq, Uganda, Mozambique and Mauritius. It also holds a number of investments in associates. The financial statements are a consolidation of all of these components.
We therefore assessed what audit work was necessary in each of these components, based on their financial significance to the financial statements and our assessment of risk and Group materiality. At the component level, we performed full scope audits in order to achieve the desired level of audit evidence on all the significant components and performed specified audit procedures on certain account balances in other components.
In establishing the overall audit approach to the Group audit, we determined the type of work that needed to be performed by us, as the Group engagement team, or by component auditors. For the work performed by component auditors operating under our instructions, we determined the level of involvement we needed to have in the audit work at those locations to be satisfied that sufficient audit evidence had been obtained for the purposes of our opinion. We kept in regular communication with audit teams throughout the year with phone calls, discussions and written instructions and review of working papers where appropriate.
We ensured that our involvement in the work of our component auditors, together with the additional procedures performed at the Group level, were sufficient to allow us to conclude on our opinion on the Group financial statements as a whole.
The Group audit team performed all of this work by applying the overall Group materiality, together with additional procedures performed on the consolidation. This gave us sufficient appropriate audit evidence for our opinion on the Group financial statements as a whole.
Other information
The directors are responsible for the other information. The other information comprises all of the information in the annual financial report (but does not include the financial statements and our auditor’s report thereon).
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon except as explicitly stated within the Report on other legal and regulatory requirements.
In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
The directors are responsible for the preparation of financial statements that give a true and fair view in accordance with IFRSs as adopted by the EU and the requirements of the Maltese Companies Act (Cap. 386), and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Group’s and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Group’s financial reporting process.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
· Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
· Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Parent Company’s internal control.
· Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
· Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s or the Parent Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group or the Parent Company to cease to continue as a going concern.
· Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
· Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on other legal and regulatory requirements
Report on compliance with the requirements of the European Single Electronic Format Regulatory Technical Standard (the “ESEF RTS”), by reference to Capital Markets Rule 5.55.6
We have undertaken a reasonable assurance engagement in accordance with the requirements of Directive 6 issued by the Accountancy Board in terms of the Accountancy Profession Act (Cap. 281) - the Accountancy Profession (European Single Electronic Format) Assurance Directive (the “ESEF Directive 6”) on the Annual Financial Report of MedservRegis p.l.c. for the year ended 31 December 2022, entirely prepared in a single electronic reporting format.
Responsibilities of the directors
The directors are responsible for the preparation of the Annual Financial Report, including the consolidated financial statements and the relevant mark-up requirements therein, by reference to Capital Markets Rule 5.56A, in accordance with the requirements of the ESEF RTS.
Our responsibilities
Our responsibility is to obtain reasonable assurance about whether the Annual Financial Report, including the consolidated financial statements and the relevant electronic tagging therein, complies in all material respects with the ESEF RTS based on the evidence we have obtained. We conducted our reasonable assurance engagement in accordance with the requirements of ESEF Directive 6.
Our procedures included:
· Obtaining an understanding of the entity's financial reporting process, including the preparation of the Annual Financial Report, in accordance with the requirements of the ESEF RTS.
· Obtaining the Annual Financial Report and performing validations to determine whether the Annual Financial Report has been prepared in accordance with the requirements of the technical specifications of the ESEF RTS.
· Examining the information in the Annual Financial Report to determine whether all the required taggings therein have been applied and whether, in all material respects, they are in accordance with the requirements of the ESEF RTS.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Opinion
In our opinion, the Annual Financial Report for the year ended 31 December 2022 has been prepared, in all material respects, in accordance with the requirements of the ESEF RTS.
Other reporting requirements
The Annual Report 2022 contains other areas required by legislation or regulation on which we are required to report. The Directors are responsible for these other areas.
The table below sets out these areas presented within the Annual Financial Report, our related responsibilities and reporting, in addition to our responsibilities and reporting reflected in the Other information section of our report. Except as outlined in the table, we have not provided an audit opinion or any form of assurance.
Area of the Annual Report 2022 and the related Directors’ responsibilities |
Our responsibilities |
Our reporting |
Directors’ report and Statement by the Directors on non-financial information The Maltese Companies Act (Cap. 386) requires the directors to prepare a Directors’ report, which includes the contents required by Article 177 of the Act and the Sixth Schedule to the Act. |
We are required to consider whether the information given in the Directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements.
We are also required to express an opinion as to whether the Directors’ report has been prepared in accordance with the applicable legal requirements.
In addition, we are required to state whether, in the light of the knowledge and understanding of the Company and its environment obtained in the course of our audit, we have identified any material misstatements in the Directors’ report, and if so to give an indication of the nature of any such misstatements.
With respect to the information required by paragraphs 8 and 11 of the Sixth Schedule to the Act, our responsibility is limited to ensuring that such information has been provided. |
In our opinion: · the information given in the Directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and · the Directors’ report has been prepared in accordance with the Maltese Companies Act (Cap. 386).
We have nothing to report to you in respect of the other responsibilities, as explicitly stated within the Other information section.
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Directors’ Statement of Compliance with the Code of Principles of Good Corporate Governance The Capital Markets Rules issued by the Malta Financial Services Authority require the directors to prepare and include in the Annual Financial Report a Statement of Compliance with the Code of Principles of Good Corporate Governance within Appendix 5.1 to Chapter 5 of the Capital Markets Rules. The Statement’s required minimum contents are determined by reference to Capital Markets Rule 5.97. The Statement provides explanations as to how the Company has complied with the provisions of the Code, presenting the extent to which the Company has adopted the Code and the effective measures that the Board has taken to ensure compliance throughout the accounting period with those Principles.
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We are required to report on the Statement of Compliance by expressing an opinion as to whether, in light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have identified any material misstatements with respect to the information referred to in Capital Markets Rules 5.97.4 and 5.97.5, giving an indication of the nature of any such misstatements.
We are also required to assess whether the Statement of Compliance includes all the other information required to be presented as per Capital Markets Rule 5.97.
We are not required to, and we do not, consider whether the Board’s statements on internal control included in the Statement of Compliance cover all risks and controls, or form an opinion on the effectiveness of the Company’s corporate governance procedures or its risk and control procedures. |
In our opinion, the Statement of Compliance has been properly prepared in accordance with the requirements of the Capital Markets Rules issued by the Malta Financial Services Authority.
We have nothing to report to you in respect of the other responsibilities, as explicitly stated within the Other information section. |
Remuneration Statement and Report The Capital Markets Rules issued by the Malta Financial Services Authority require the directors to prepare a Remuneration report, including the contents listed in Appendix 12.1 to Chapter 12 of the Capital Markets Rules. |
We are required to consider whether the information that should be provided within the Remuneration report, as required in terms of Appendix 12.1 to Chapter 12 of the Capital Markets Rules, has been included. |
In our opinion, the Remuneration report has been properly prepared in accordance with the requirements of the Capital Markets Rules issued by the Malta Financial Services Authority. |
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Other matters on which we are required to report by exception We also have responsibilities under the Maltese Companies Act (Cap. 386) to report to you if, in our opinion: · adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us. · the financial statements are not in agreement with the accounting records and returns. · we have not received all the information and explanations which, to the best of our knowledge and belief, we require for our audit.
We also have responsibilities under the Capital Markets Rules to review the statement made by the directors that the business is a going concern together with supporting assumptions or qualifications as necessary. |
We have nothing to report to you in respect of these responsibilities. |
Other matter – use of this report
Our report, including the opinions, has been prepared for and only for the Parent Company’s shareholders as a body in accordance with Article 179 of the Maltese Companies Act (Cap. 386) and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior written consent.
Appointment
We were first appointed as auditors of the Company by directors resolution on 29 July 2022 for the period ended 31 December 2022.
PricewaterhouseCoopers
78, Mill Street
Zone 5, Central Business District
Qormi
Malta
Stephen Mamo
Partner
28 April 2023