Company Registration No.: C 82218
Annual Report and Consolidated Financial Statements
for the year ended
31 December 2024
Contents Page
Chairman’s Statement 1 - 3
Directors' Report 4 - 10
Corporate Governance - Statement of Compliance 11 – 19
Other Disclosure in Terms of Capital Market Rules 20 - 21
Independent Auditor's Report 22 - 29
Consolidated Statement of Profit or Loss and
Other Comprehensive Income 30 - 31
Consolidated Statement of Financial Position 32 - 33
Consolidated Statement of Changes in Equity 34 - 36
Consolidated Statement of Cash Flows 37 - 38
Notes to the Consolidated Financial Statements 39 - 99
1
Stivala Group Finance p.l.c.
Chairman’s Statement
for the year ended 31 December 2024
Dear Shareholders and Stakeholders,
2024 has been an important year of consolidation and further accomplishments for our Group. We are
once again showing our resolve and commitment to performing to the highest levels and exceeding
expectations.
The incoming tourism sector has again grown to record levels. Along with it the demand for our
services has also increased. Nevertheless, we are continuously monitoring the trends as an increase in
demand alone is not a sufficient variable to calculate success. Developments in the International Scene
are closely monitored by the Board of Directors.
We are also closely reviewing the situation in the office and commercial rental space. It is clear that the
market environment has become more challenging. We see this as an incentive to invest in even higher
quality material and finishing as clients become more discerning and will have more choice at hand.
During 2024 we have managed to win the public call for the regeneration of the Old Fish market and
adjacent buildings in Valletta. This is a historic landmark in our UNESCO World Heritage capital city
and an honour for us to be trusted with such an important project. Our aim is to use state of the art
technologies to make this project an iconic destination achieving the highest levels in the global market.
We await the result of the appeals process in order to file planning applications and start works.
Similarly, we are still waiting for the appeals process to be concluded in the Chalet project, which we
want to restore to its former glory, making it again a vibrant centre of Sliema life.
In 2024 we completed the eye catching ST Tower, the first high-rise building for which we were fully
responsible from concept to delivery. The works were carried out on budget and on schedule, making
us prouder than ever of our workforce. The first office tenants have already settled in and the feedback
is overwhelmingly positive.
During this year, our property acquisitions policy focused mainly on the perimeters of our existing
assets. This is a conscious strategy aimed at consolidating the said properties and increasing their value
when it comes to redevelopment.
2025 will mark the opening of our new Novotel-branded hotel in Gzira, a first for Malta. Works are on
schedule to open our first collaboration with the Accor Group by the second quarter of the year.
A second project with Accor Group will be a Movenpick-branded hotel on the site of the existent Sliema
Hotel. Works on this project will start in 2025.
At the same time, we will start with the demolition of a site in Valley Road Msida, making way for a
new office building. This project will strengthen and diversify even more the Groups' office leasing
portfolio.
It goes without saying that in all current and future projects, we are using the highest energy and
environmental sustainability standards. The Group has invested considerable resources in aligning
our operations and reporting beyond the minimum ESG requirements. We are now moving beyond
policies to implementing them and making them part and parcel of our everyday operations.
2
Stivala Group Finance p.l.c.
Chairman’s Statement
for the year ended 31 December 2024
All these achievements have been possible by means of our hardworking employees, at all levels and
who come from all walks of life. Together with the Board of Directors' efforts we will continue
achieving our goals.
We thank all stakeholders who are assisting us in our success.
ESG Reporting
Environmental, Social, and Governance (ESG) Statement
As part of our ongoing commitment to sustainable and responsible business practices, Stivala Group
has embarked on its ESG journey in alignment with the Corporate Sustainability Reporting Directive
(CSRD) and the European Sustainability Reporting Standards (ESRS). This marks a key step in
enhancing the Group’s transparency, accountability, and resilience amid evolving stakeholder
expectations and regulatory developments.
Laying the Foundation: Double Materiality Assessment
In mid-2024, the Group conducted its first double materiality assessment, a core requirement under the
CSRD. This process identifies and prioritises sustainability topics based on their financial implications
for the business and the broader impacts of our activities on the environment and society.
The assessment provided deeper insight of our operating context, ESG-related risks and opportunities,
and stakeholder expectations.
Key Findings:
1. Strengths and Opportunities
Our strong market presence, regulatory experience, and diversified portfolio provide a solid foundation
for sustainable development. Growing demand for eco-friendly hospitality and real estate solutions
presents a significant opportunity to enhance our ESG performance. Investments in renewable energy,
energy efficiency, and proactive stakeholder engagement drive long-term value while strengthening
community trust.
2. Challenges and Evolving Risks
We acknowledge the need to enhance transparency in sustainability reporting and governance
practices. Reliance on traditional energy and evolving regulations pose challenges requiring strategic
adaptation. Climate change impacts, resource scarcity, and rising community expectations necessitate
a proactive approach to ESG risk management.
3. Stakeholder Insights and Expectations
Our engagement with investors, partners, communities, suppliers, employees, and customers
reinforced the importance of governance transparency, regulatory compliance, climate action,
responsible waste management, and fair labour practices. Sustainable hospitality experiences, ethical
business conduct, and proactive community engagement remain central to stakeholder expectations.
3
Stivala Group Finance p.l.c.
Chairman’s Statement
for the year ended 31 December 2024
4. Financial and Impact Materiality
The assessment identified key sustainability topics with significance from both a financial and impact
perspective. From a financial materiality standpoint, the most significant areas identified are topics
which are critical to the Group’s operational resilience, legal obligations, and long-term value creation.
From an impact materiality perspective, the assessment highlighted the importance of areas which
reflect the potential influence of the Group’s activities on the environment and society and reflect our
environmental and social responsibilities.
Our Commitment to ESG Progress
Stivala Group is embedding ESG into the core of its operations and decision-making processes. The
insights gained through the double materiality assessment will inform the next phase, which will focus
on addressing ESG data and reporting gaps in order to achieve full ESRS compliance.
By investing in sustainable practices, enhancing governance systems, and engaging openly with
stakeholders, we aim to build a more resilient, transparent, and responsible organisation for the future.
Sincerely,
Mr. Ivan Stivala
Chairman, Stivala Group
Stivala Group Finance p.l.c. and its subsidiaries
4
Stivala Group Finance p.l.c.
Directors' Report
for the year ended 31 December 2024
The Board of Directors are hereby presenting their annual report together with the audited financial
statements of the Group and the Company for the year ended 31 December 2024.
Review of business
The Company registered a profit before tax of €21,377,739 during the year ended 31 December 2024
(2023: €102,707).
The Group registered a consolidated profit before tax of €43,932,176 during the year ended 31 December
2024 (2023: €73,043,635).
Given the Group’s and Company’s financing structure and the positive net assets position of the Group
and the Company at the end of the financial year, the Directors consider the Group’s and Company’s
state of affairs as at the close of the financial year to be satisfactory.
Performance
The Company's revenue amounting to €23,854,283 (2023: €2,510,000) is derived from dividends
receivable from its subsidiary. The major cost of the Company is the bond interest payable amounting
to €2,347,500 (2023: €2,347,500). The Company registered a profit after taxation of €21,165,743 (2023:
€241,058) and as at year end, its total equity amounted to net asset of €2,084,695 (2023: €915,148).
The Group's revenue for the year amounts to €29,475,844 (2023: €33,014,842). The main revenue streams
of the group are hospitality and rental income. The rental income is slightly higher compared with prior
year while a significant -17% increase was noted for the hospitality industry due to lifting of covid-19
restrictions. After deducting the main expenses being the cost of sales and distribution costs related to
hospitality as well as administrative expenses, the Group registered an operating profit of €47,800,328
(2023: incurred an operating profit of €61,599,576).
5
Stivala Group Finance p.l.c.
Directors' Report
for the year ended 31 December 2024
The Bond Issue
By virtue of the prospectus dated 25 September 2017 and 18 July 2019, the Company issued 45,000,000
4% secured bonds with a face value of €100 each, redeemable at par on 18 October 2027 and 15,000,000
3.65% secured bonds with a face value of €100 each, redeemable at par on 29 July 2029, respectively.
The funds received were intended for further purchase and development of its properties, in line with
the Group's vision of continuous business expansion.
Principal risks and uncertainties
The Directors are aware of the various risks faced by the Group as a result of its diversified business
lines primarily on hospitality and property development and letting. A number of measures are in place
to ensure that such risks and uncertainties are maintained at acceptable levels and are in line with the
Group’s risk strategy of sustainable, long-term growth and profitability.
The key risks faced by the group include credit risk, strategic risk, operational risk, liquidity risk and
legislative risks. Together with other risks and uncertainties inherent in the business, these require
strong capital management as safeguard against competent authority requirements and unfavourable
events. Given such, the Group regularly reviews operational and capital targets against actual and
forecast business levels to minimise such risks if necessary, to the most considerable level possible in
the interest of institutional stakeholders.
The main types of risk types are outlined hereunder:
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or
customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating
activities and from its financing activities including deposits with banks.
Customer credit risk is managed by the Group's management subject to the Group's established policy,
procedures and control relating to customer credit risk management. Credit quality of a customer is
assessed based on each customer's credit limits. Outstanding customer receivables are regularly
monitored. An impairment analysis is performed on each reporting date in accordance with the
guidelines set in IFRS 9 Financial Instruments Standard. The Group exercises a prudent credit control
policy, and accordingly, it is not subject to any significant exposure or concentration of credit risk. The
Group banks only with local financial institutions with high quality standard or rating. The Group's
operations are principally carried out in Malta and most of the Group's revenue originates from clients
based in Malta.
Strategic risk
This risk relates to the value of Group's assets and local property market in general.
The Group has strict guidelines and engages competent professionals on quality and valuation of its
investment properties and property, plant and equipment. The Group's properties are rented out to
various tenants, except for those sites where development is in progress. The Group currently has lease
agreements with in-substance fixed rental receivables in place after the non-cancellable period, which
will protect the Group from unforeseen circumstances and inflation. The Group ensures to implement
sound capital management policies and flexible cash flow as disclosed below under liquidity risk, to
mitigate such risk.
6
Stivala Group Finance p.l.c.
Directors' Report
for the year ended 31 December 2024
Operational risk
Operational risk maybe defined as the risk of losses arising from defects or failures in its internal
processes, people, systems or external events including risks related to fraud, technological and
conduct risk.
Operational risk is inherent in all processes, systems and activities of the Group. As such, all employees
are responsible for managing and controlling operational risks associated with their own activities and
business processes where they are involved. The Group, in terms of operational risk management and
control, continues to identify, evaluate and mitigate such risks, regardless if these actually occurred or
not. The Group also assesses at each reporting date (unless immediate evaluation is necessary) areas of
concern for improvement to minimise such operational risks, arising due to the volatile results of each
year's operations.
Liquidity risk
The Group is exposed to liquidity risk in relation to meeting future obligations associated with its
financial liabilities. Prudent liquidity risk management includes maintaining sufficient cash and
committed credit lines to ensure the availability of an adequate amount of funding to meet the Group's
obligations.
The Group is heavily dependent on the operations of the hotels it owns and the rental market. It
regularly reviews the financial performance of its revenue streams in order to ensure that there is
sufficient liquidity to sustain its operations. Cost cut practices have also been continuously
implemented.
Legislative risks
The Group is governed by a number of laws and regulations. Failure to comply could have financial
and reputational implications and could materially affect the group's ability to operate. The Group has
embedded operating policies and procedures to ensure compliance with existing legislation.
The Group may also be subject to reputation and litigation risk as a result of its course of actions and
operations. This may pose significant effect on the Group’s and the various stakeholders’ wellbeing, if
ignored. The Board of Directors exercises the highest levels of ethical behaviour possible through a
number of appropriate policies, procedures and controls, implemented on its day to day operations.
The hotel industry globally is marked by strong and increasing consolidation and many of the Group’s
current and potential competitors may thus have bigger name recognition, larger customer bases and
greater financial and other resources than the companies within the Group. In response to this, the
Group and the Company's hotels have undergone renovations that would cater the taste of the majority,
still being offered at the most affordable cost.
Financial risk management and exposures
Note 31 Financial Risk Management to these financial statements provide details in connection with
the Company’s use of financial instruments, its financial risk management objectives and policies and
the financial risks to which it is exposed.
7
Stivala Group Finance p.l.c.
Directors' Report
for the year ended 31 December 2024
Events after reporting period
In 2025, the global markets are mostly focused and affected by policy decisions being taken with regards
to tariff barriers. It is still to early to anticipate the full effects of announcements being made by the
United States, China, the European Union and others. Nevertheless, one has to assume that these will
lead to inflationary pressures.
On the other hand, the conflict in Ukraine seems to be heading towards a crucial juncture. As the
markets seem to have stabilized from the initial shocks, one has yet to determine how any resolution
will hit important markets.
In Malta, Government is continuing with its policy of utility and fuel price stability, despite pressures
to discontinue by the European Commission. The improved public finances situation will likely result
in Government continuing with this policy. On the other hand, the signs of a relative cooling down in
the economy are visible, thus helping mitigate the wage inflationary pressures brought about by a more
resistant policy towards the importation of third country nationals in the labour force.
The Directors are closely monitoring the possible impact on its operations and financial performance
and are committed to take all the necessary steps to mitigate the impact. This has no impact on the
financial statements of the Company as at date of approval. We are not otherwise aware of any further
events that could possibly have an effect on the operations of the Company.
Future developments
Despite the economic uncertainties caused by high inflation and elevated interest rates, The Group
began 2024 on a strong note, with hospitality revenue surpassing budgeted expectations. This
impressive start highlights the resilience of the Group’s diversified business model, which has enabled
it to thrive even in challenging economic conditions. Meanwhile, the property letting and development
sectors continued to operate steadily, providing a stable foundation for sustained growth.
The notable upturn in 2024 demonstrates the enduring trust and loyalty of The Group’s customers. This
trust is a reflection of the quality of service and innovative offerings that have become synonymous
with The Group’s brand. In response to this success, The Group has reaffirmed its commitment to
investing in key sectors, including tourism, accommodation, and residential development. These
investments are driven by the Group’s strategic vision of not only maintaining but also expanding its
market presence.
Among the year’s most significant projects is the ST Tower office building, a landmark development
that exemplifies The Group’s forward-thinking approach. This modern 15-floor structure will provide
premium office spaces, a stylish cafeteria, and a gym. Designed to foster innovation and collaboration,
the ST Tower will cater to the needs of modern businesses while offering lifestyle amenities that
enhance productivity and well-being.
Looking ahead to 2025, The Group is preparing to introduce Malta’s first Novotel Hotel, a significant
milestone for the country’s hospitality industry. This four-star, 300-room property is set to open in the
second quarter of 2025 and will align with the Novotel brand’s reputation for comfort, modernity, and
sustainability. By bringing this renowned global brand to Malta, The Group aims to diversify the
country’s tourism offerings and strengthen its position in the international travel market.
8
Stivala Group Finance p.l.c.
Directors' Report
for the year ended 31 December 2024
Meanwhile, works have commenced on the development of the Movenpick Hotel in Sliema, another
prestigious addition to The Group’s hospitality portfolio. This project is set to enhance the area’s appeal
as a destination for both business and leisure travellers, further showcasing The Group’s commitment
to delivering world-class experiences. In Msida, Charlie's Business Centre is also underway. Designed
as a modern commercial hub, this development will cater to the growing demand for high-quality office
spaces, reflecting The Group’s vision of supporting dynamic business environments.
In addition to these high-profile developments, The Group is pursuing other exciting projects, such as
the Sliema Chalet project and the Fisheries project in Valletta waterfront. The Chalet project promises
to set new standards for luxury and sophistication in catering establishments, while the Fisheries
project reflects a commitment to integrating sustainable practices with hospitality development. These
initiatives showcase The Group’s focus on balancing economic growth with environmental and social
responsibility.
The Group’s optimistic outlook for 2025 is underpinned by its robust strategic framework, which
emphasizes adaptability and a proactive response to market trends. By closely monitoring shifts in
consumer behaviour and industry dynamics, The Group ensures its offerings remain relevant and
competitive. This approach has been instrumental in navigating the challenges posed by inflationary
pressures and fluctuating interest rates.
Investment in technology and innovation is another cornerstone of The Group’s success. By leveraging
cutting-edge solutions, the Group enhances operational efficiency and customer experiences across all
its business segments. This commitment to digital transformation positions The Group as a leader in
adopting advanced technologies within its industry.
Sustainability and community engagement are integral to The Group’s philosophy. From energy-
efficient building designs to supporting local communities through employment and outreach
programs, The Group is dedicated to making a positive impact beyond its commercial activities. These
efforts reflect a broader commitment to promoting long-term social and environmental well-being.
In conclusion, The Group’s achievements and ambitious plans for 2025 reflect its resilience, innovation,
and strategic foresight. The completion of the ST Tower, the introduction of the Novotel Hotel in Malta,
and the ongoing development of the Movenpick Hotel in Sliema and Charlie’s Business Centre in Msida
are just a few examples of how The Group is shaping the future of tourism, accommodation, and
property development. Alongside initiatives like the Chalet and Fisheries projects, these efforts
highlight The Group’s commitment to excellence and its role as a key driver of economic growth.
As the year progresses, The Group remains confident in its ability to navigate challenges and capitalize
on opportunities. With a strong focus on customer satisfaction, sustainability, and innovation, The
Group is well-positioned to achieve remarkable milestones and make lasting contributions to the
industries it serves.
Dividends and Reserves
The results for the year are set in the Consolidated Statement of Comprehensive Income on page 30 and
31.
The Board of Directors did not issue a dividend this year. (2023: 12,000,000), net of taxation. Retained
profits carried forward at the reporting date amounted to €97,251,669 (2023: €67,112,217) for the Group
and retained earnings of €1,825,891 (2023: retained earnings of €660,148) for the Company. and retained
earnings of €1,194,399 (2023: retained earnings of €660,148) for the Company.
9
Stivala Group Finance p.l.c.
Directors' Report
for the year ended 31 December 2024
Directors
The Directors of the Company since the beginning of the year up to the date of this report were:
Mr. Ivan Stivala - Chairman and Executive Director
Mr. Michael Stivala - CEO and Executive Director
Mr. Martin John Stivala - Executive Director
Dr. Ann Marie Agius - Non-Executive Director
Mr. Francis Gouder - Non-Executive Director
Mr. Jean Paul Debono - Non-Executive Director
Company Secretary
Ms. Antoinette Scerri
Remuneration committee and corporate governance
During the period under review, the functions of the Remuneration Committee were carried out by the
Board of Directors in view of the fact that the remuneration of Directors is not performance related.
Statement of Directors’ Responsibilities for the financial statements
The Directors are required by the Maltese Companies Act, 1995 (Cap.386) to prepare financial
statements in accordance with International Financial Reporting Standards as adopted by the EU which
give a true and fair view of the state of affairs of the Company as at the end of each reporting period
and of the profit or loss for that period.
In preparing such financial statements, the Directors are responsible for:
- ensuring that the financial statements have been drawn up in accordance with International Financial
Reporting Standards as adopted by the EU;
- selecting and applying consistently appropriate accounting policies;
- making accounting estimates that are reasonable in the circumstances; and
- ensuring that the financial statements are prepared on the going concern basis unless it is
inappropriate to presume that the Company will continue in business as a going concern.
The Directors are also responsible for designing, implementing and maintaining internal control as
necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error, and that comply with the Maltese Companies Act, 1995 (Cap. 386). They
are also responsible for safeguarding the assets of the Group and the parent Company and hence for
taking reasonable steps for the prevention and detection of fraud and other irregularities.
The financial statements of S tivala Group Finance p.l.c. for the year ended 31 December 2024 are
included in the Annual Report 2024, which is published in hard-copy printed form and is available on
the Company’s website. The Directors are responsible for the maintenance and integrity of the Annual
Report on the website in view of their responsibility for the controls over, and the security of, the
website. Access to information published on the Company’s website is available in other countries and
jurisdictions, where legislation governing the preparation and dissemination of financial statements
may differ from requirements or practice in Malta.
10
Stivala Group Finance p.l.c.
Directors' Report
for the year ended 31 December 2024
Additionally, the directors are responsible for:
- the preparation and publication of the Annual Financial Report, including the consolidated financial
statements and the relevant tagging requirements therein, as required by Capital Markets Rule 5.56A,
in accordance with the requirements of ESEF RTS,
- designing, implementing, and maintaining internal controls relevant to the preparation of the Annual
Financial Report that is free from material non-compliance with the requirements of the ESEF RTS,
whether due to fraud or error, and consequently, for ensuring the accurate transfer of the information
in the Annual Financial Report into a single electronic reporting format.
Statement of responsibility pursuant to the Capital Market Rules issued by Malta Financial Services
Authority
The Directors confirm that in accordance with the Capital Market Rules, to the best of their knowledge:
- the financial statements give a true and fair view of the financial position of the Group and the
Company as at 31 December 2024, and of the financial performance and the cash flows for the year
then ended in accordance with International Financial Reporting Standards as adopted by the
European Union; and
- the Directors' Report includes a fair review of the performance of the business and the financial
position of the issuer and the undertakings included in the consolidation taken as a whole, together
with a description of the principal risks and uncertainties that the Group and the Company face.
Having made an appropriate assessment of going concern as discussed in Note 2.1 to these financial
statements, the financial statements of the Group and the Company are prepared on a going concern
basis. The Directors regard that pursuant to Capital Markets Rule 5.62, this is appropriate, after due
consideration of the Group’s and Company's financial support from the shareholder and ultimate
beneficial owners. Specifically, the Directors have prepared financial and capital plans for the next
eleven years which show that the Group and the Company is in a position to continue operating as a
going concern for the foreseeable future. These plans take into account risks and uncertainties facing
the Group and the Company, including but not limited to, the effect of the completion of divestment of
major shareholder’s interest in the Group and the Company, as announced last 27 April 2021.
Auditors
Pursuant to the Company’s statutory obligations in terms of Companies Act and Capital Market Rules,
the appointment of the auditors and the authorisation of the Directors to set their remuneration will be
proposed and approved at the Company’s AGM. HLB CA Falzon have expressed their willingness to
continue in office.
These financial statements were approved for issue by the Board of Directors on 29 April 2025 and
signed on its behalf by Mr. Michael Stivala (CEO) and Mr. Martin John Stivala (Director) as per the
Directors’ Declaration on ESEF Annual Financial Reports submitted in conjunction with the Annual
Financial Report 2024.
11
Stivala Group Finance p.l.c.
Corporate Governance Statement
for the year ended 31 December 2024
Introduction
Pursuant to the Capital Markets Rules issued by the Malta Financial Services Authority (the “Rules“),
Stivala Group Finance p.l.c. (“the Company”) should endeavour to adopt the Code of Principles of
Good Corporate Governance contained in Appendix 5.1 to Chapter 5 of the Rules (“the Code”) and
accordingly, in terms of Rule 5.94, the Company is hereby reporting on the extent of its adoption of the
Code, with respect to the financial year under review.
The Company became subject to the principles when its bonds were admitted to capital market and
subsequent trading on the Malta Stock Exchange. Accordingly this report of the Company on this
matter covers the whole year.
The Company acknowledges that although the Code does not dictate or prescribe mandatory rules,
compliance with the principles of good corporate governance recommended in the Code is in the best
interests of the Company, its shareholders and other stakeholders.
The Company has only issued debt securities which have been admitted to trading on the Malta Stock
Exchange, and accordingly, in terms of Rule 5.101, is exempt from reporting on the matters prescribed
in Rules 5.97.1 to 5.97.3, 5.97.6 and 5.97.7 in this corporate governance statement (the "Statement”). It
is in the light of this exemption afforded to the Company by virtue of Rule 5.101, that the directors of
the Company are herein reporting on the corporate governance of the Company.
General
Good corporate governance is the responsibility of the Board of Directors of the Company (“the Board”)
as a whole, and has been and remains a priority for the Company. In deciding on the most appropriate
manner in which to implement the Code, the Board took cognisance of the Company’s size, nature and
operations, and formulated the view that the adoption of certain mechanisms and structures which
may be suitable for companies with extensive operations may not be appropriate for the Company.
The limitations of size and scope of operations inevitably impact on the structures required to
implement the Code, without however diluting the effectiveness thereof.
The Board considers that, to the extent otherwise disclosed herein, the Company has generally been in
compliance with the Principles throughout the year under review.
This Statement shall now set out the structures and processes in place within the Company and how
these effectively achieve the goals set out in the Code for the year under review. For this purpose, this
Statement will make reference to the pertinent principles of the Code and then set out the manner in
which the Board considers that these have been adhered to.
For the avoidance of doubt, reference in this Statement to compliance with the principles of the Code
means compliance with the Code’s main principles and the Code provisions.
Compliance with the Code
The Directors believe that for the financial year under review the Company has generally complied
with the requirements for each of these principles. Further information in this respect is provided
hereunder.
12
Stivala Group Finance p.l.c.
Corporate Governance Statement
for the year ended 31 December 2024
Principle One - The Board
The Directors report that for the financial year under review, the Directors have provided the necessary
leadership in the overall direction of the Company and have performed their responsibilities for the
efficient and smooth running of the Company with honesty, competence and integrity. The Board is
composed of members who are competent and proper to direct the business of the Company with
honesty, competence and integrity. All the members of the Board are fully aware of, and conversant
with, the statutory and regulatory requirements connected to the business of the Company. The Board
is accountable for its performance and that of its delegates to shareholders and other relevant
stakeholders.
The Board has throughout the period under review provided the necessary leadership in the overall
direction of the Company, and has adopted prudent and effective systems which ensure an open
dialogue between the Board and Senior Management.
The Company has a structure that ensures a mix of Executive and Non-Executive Directors and that
enables the Board to have direct information about the Company’s performance and business activities.
Principle Two - Chairman and CEO
The position of the Chairman and that of the CEO are occupied by different individuals. There is a clear
division of responsibilities between the running of the Board and the CEO's responsibility in managing
the Group's business. This separation of roles of the Chairman and CEO avoids concentration of
authority and power in one individual and differentiates leadership of the Board from the running of
the business.
The role of Chairman exercises independent judgement and is responsible to lead the Board and set its
agenda, whilst also ensuring that the Directors receive precise, timely and objective information so that
they can take sound decisions and effectively monitor the performance of the Company. The Chairman
is also responsible for ensuring effective communication with shareholders and encouraging active
engagement by all members of the Board for discussion of complex or contentious issues. The Board
believes that these functions have been conducted in compliance with the dictates of Code provision
2.2. The role of CEO is then accountable to the Board for all business operations of the Company.
Principle Three - Composition of the Board
The Board is composed of 6 members, with 3 Executive and 3 Non-Executive Directors. The Board is
responsible for the overall long term strategy and general policies of the Company, of monitoring the
Company’s systems of control and financial reporting and that it communicates effectively with the
market as and when necessary.
The CEO provides the rest of the Directors with access to the information on the Company’s financial
position and systems. He acts as the main point of communication between the Board and overall
corporate operations as he is responsible for proper implementation of sustainable business solutions,
effective framework of internal controls over risk in relation to the business and strategic goals devised
by the Board.
The Board of Directors consists of the following:
Mr. Ivan Stivala - Chairman and Executive Director
Mr. Michael Stivala - CEO and Executive Director
Mr. Martin John Stivala - Executive Director
Dr. Ann Marie Agius - Non-Executive Director
Mr. Francis Gouder - Non-Executive Director
Mr. Jean Paul Debono - Non-Executive Director
13
Stivala Group Finance p.l.c.
Corporate Governance Statement
for the year ended 31 December 2024
In accordance with the provisions of the Company’s Articles of Association, the appointment of
Directors to the Board is exclusively reserved to the Company’s shareholders, except in so far as
appointment is made by the Board to fill a casual vacancy, which appointment would be valid until the
conclusion of the next annual general meeting ("AGM") of the Company following such an
appointment. In terms of the Articles of Association, a director shall hold office for a period of one (1)
year from the date of appointment. Provided that no appointment may be made for a period exceeding
three (3) years. Notwithstanding the period for which a director has been appointed, on the lapse of
such period, a director will be eligible for re-appointment. Dr. Ann Marie Agius, Mr. Francis Gouder
and Mr. Jean Paul Debono are considered by the Board to be independent non-executive members of
the Board, in that they have no involvement or relationship with the Company or with the majority
shareholders.
None of the independent Non-Executive Directors:
a) are or have been employed in any capacity with the Company and/or the Group;
b) have or had a significant business relationship with the Company and/or the Group;
c) has received or receives significant additional remuneration from the Company and/or the
Group;
d) has close family ties with any of the Company’s executive Directors or senior employees;
e) has served on the board for more than twelve consecutive years; or
f) is or has been within the last three years an engagement partner or a member of the audit
team of the present or former external auditor of the Company and/or the Group.
Each Non-Executive Director has declared in writing to the Board that he/she undertakes:
a) to maintain in all circumstances his independence of analysis, decision and action;
b) not to seek or accept any unreasonable advantages that could be considered as compromising
his/her independence; and
c) to clearly express his/her opposition in the event that he finds that a decision of the Board
may harm the Company.
Principle Four - The Responsibilities of the Board
The Board acknowledges its statutory mandate to conduct the administration and management of the
Company. The Board, in fulfilling this mandate and discharging its duty of stewardship of the
Company, assumes responsibility for the Company’s strategy and decisions with respect to the issue,
servicing and redemption of its bonds in issue, and for monitoring that its operations are in conformity
with its commitments towards bondholders, shareholders, and all relevant laws and regulations. The
Board is also responsible for ensuring that the Company establishes and operates effective internal
control and management information systems and that it communicates effectively with the market.
The Executive Officers of the Company may be asked to attend board meetings or general meetings of
the Company, although they do not have the right to vote thereat until such time as they are also
appointed to the Board. The rest of the Directors may entrust to and confer upon the CEO any of the
powers exercisable by them upon such terms and conditions and with such restrictions as they may
think fit, and either collaterally with or to the exclusion of their own powers, and may from time to
time revoke, withdraw, alter or vary all or any of such powers.
14
Stivala Group Finance p.l.c.
Corporate Governance Statement
for the year ended 31 December 2024
In fulfilling its mandate, the Board:
a) has a clearly-defined Company strategy, policies, management performance criteria and
business policies which can be measured in a precise and tangible manner;
b) has established a clear internal and external reporting system so that the Board has continuous
access to accurate, relevant and timely information such that the Board can discharge its duties,
exercise objective judgment on corporate affairs and take pertinent decisions to ensure that an
informed assessment can be made of all issues facing the board;
c) establishes an Audit Committee in terms of Capital Market Rules 5.117 – 5.134;
d) continuously assesses and monitors the Company`s present and future operations,
opportunities, threats and risks in the external environment and current and future strengths
and weaknesses;
e) evaluates management’s implementation of corporate strategy and financial objectives, and
regularly reviews the strategy, processes and policies adopted for implementation using key
performance indicators so that corrective measures can be taken to address any deficiencies
and ensure the future sustainability of the Company; and
f) ensures that the Company has appropriate policies and procedures in place to assure that the
Company and its employees maintain the highest standards of corporate conduct, including
compliance with applicable laws, regulations, business and ethical standards.
As part of succession planning, the Board ensure that the Company implements appropriate schemes
to recruit, retain and motivate employees and Senior Management. Directors are entitled to seek
independent professional advice at any time on any aspect of their duties and responsibilities, at the
Company’s expense.
The Audit Committee
The Audit Committee’s primary objective is to assist the Board in fulfilling its responsibilities: in
dealing with issues of risk, control and governance; and review the financial reporting processes,
financial policies and internal control structure. During the financial year under review, the Audit
Committee met 5 times.
Although the Audit Committee is set up at the level of the Company its main tasks are also related to
the activities of the subsidiary, sub- subsidiaries and operational companies.
The Board has set formal terms of establishment and the terms of reference of the Audit Committee
that establish its composition, role and function, the parameters of its remit as well as the basis for the
processes that it is required to comply with. The Audit Committee is a sub-committee of the Board and
is directly responsible and accountable to the Board. The Board reserves the right to change these terms
of reference from time to time.
Furthermore, the Audit Committee has the role and function of scrutinising and evaluating any
proposed transaction to be entered into by the Company and a related party, to ensure that the
execution of any such transaction was at arm’s length and on a commercial basis and ultimately in the
best interests of the Company.
The Audit Committee is composed of 3 independent, Non-Executive Directors:
• Mr. Francis Gouder – Chairman of Audit Committee and Member
• Dr. Ann Marie Agius – Member
• Mr. Jean Paul Debono – Member
15
Stivala Group Finance p.l.c.
Corporate Governance Statement
for the year ended 31 December 2024
Principle Five - Board meetings
The Directors meet regularly to dispatch the business of the Company. The Directors are notified of
forthcoming meetings by the Company Secretary with the issue of an agenda and supporting board
papers, which are circulated in advance of the meeting. Minutes are prepared during Board meetings
recording faithfully attendance, and resolutions taken at the meeting. These minutes are subsequently
circulated to all Directors as soon as practicable after the meeting. The Chairman ensures that all
relevant issues are on the agenda supported by all available information, whilst encouraging the
presentation of views pertinent to the subject matter and giving all Directors every opportunity to
contribute to relevant issues on the agenda. The agenda on the Board seeks to achieve a balance between
long-term strategic and short-term performance issues.
The Board meets as often and as frequently required in line with the nature and demands of the
business of the Company. Directors attend meetings on a frequent and regular basis and dedicate the
necessary time and attention to their duties as Directors of the Company. The Board met 6 times during
the financial year under review. The following Directors attended meetings as follows:
Mr. Ivan Stivala – Chairman and Executive Director - 6 meetings
Mr. Michael Stivala – CEO and Executive Director - 6 meetings
Mr. Martin John Stivala – Executive Director - 6 meetings
Dr. Ann Marie Agius - Non-Executive Director - 6 meetings
Mr. Francis Gouder - Non-Executive Director - 6 meetings
Ms. Jean Paul Debono - Non-Executive Director - 6 meetings
Business at the Company’s AGM will cover the Annual Report and Financial Statements, the
declaration of dividends if any, election of directors and the approval of their remuneration,
appointment of the auditors and the authorisation of the directors to set the auditors’ fees.
Shareholders’ meetings are called with enough notice to enable the use of proxies to attend, vote and
abstain. The Company recognises the importance of maintaining dialogue with its shareholders to
ensure its strategies and performance.
Principle Six - Information and Professional Development
The Directors believe that for the financial year under review they conducted sufficient professional
development for its officers. The Company will continue with this commendable practice. As part of
succession planning and employee retention, the Board ensure that the Company implements
appropriate schemes to recruit, retain and motivate employees and Senior Management and keep a
high morale amongst employees.
Principle Seven - Evaluation of the Board's performance
The current composition of the Board allows for a cross-section of skills and experience and achieves
the appropriate balance required for it to function effectively. During the year, the Directors carried out
a self-evaluation performance analysis, including the Chairman and/or the CEO. The results of this
analysis did not require any material changes in the Company’s corporate governance structure.
16
Stivala Group Finance p.l.c.
Corporate Governance Statement
for the year ended 31 December 2024
Principle Eight – Committees
Principle Eight A of the Code deals with the establishment of a remuneration committee for the
Company aimed at developing policies on remuneration for Directors and Senior Executives and
devising appropriate remuneration packages.
In view of the size and type of operation of the Company, the Board does not consider the Company to
require the setting up of a remuneration committee, and the Board itself carries out the functions of the
remuneration committee specified in, and in accordance with, Principle Eight A of the Code, given that
the remuneration of Directors is not performance-related.
The Board has established a remuneration policy for Directors and Senior Executives, underpinned by
formal and transparent procedures for the development of such a policy and the establishment of the
remuneration packages of individual Directors.
The Board confirms that there have been no changes in the Company’s remuneration policy during the
year under review and the Company does not intend to effect any changes in its remuneration policy
for the following financial year.
The maximum annual aggregate emoluments that may be paid to the Directors is, pursuant to the
Company’s Memorandum and Articles of Association, approved by the shareholders in general
meeting.
The Board is composed exclusively of executive and non-executive Directors. The determination of
remuneration arrangements for board members is a reserved matter for the Board as a whole.
During the financial year under review, Mr. Michael Stivala, Mr. Ivan Stivala and Mr. Martin John
Stivala each held an indefinite full-time contract of service with ST Hotels Ltd.
The remuneration policy for Directors has been consistent since inception; no Director (including the
Chairman) is entitled to profit sharing, share options or pension benefits. There is no linkage between
the remuneration and the performance of Directors. A fixed honorarium is payable at each financial
year to the Non-Executive Directors.
For the financial year under review the aggregate remuneration of the Directors of the Company and
the Group (where the Company forms part) were as follows:
Fixed remuneration from Company €43,500
Fixed remuneration from Sub-subsidiary €20,600
Principle Eight B of the Code deals with the formal and transparent procedure for the appointment of
Directors.
In view of the size and type of operation of the Company, the Board does not consider the Company to
require the setting up of a nomination committee. Reference is also made to the information provided
under the subheading ‘Principle Three’ above, which provides for a formal and transparent procedure
for the appointment of new Directors to the Board.
Principle Nine - Relations with shareholders and with the market
Pursuant to the Company’s statutory obligations in terms of the Companies Act (Cap. 386 of the Laws
of Malta) and the Capital Market Rules issued by the Malta Financial Services Authority, the Annual
Report and Financial Statements, the election of Directors and approval of Directors’ fees, the
appointment of the auditors and the authorisation of the Directors to set the auditors’ fees, and other
special business, are proposed and approved at the Company’s AGM.
With respect to the Company’s bondholders and the market in general, during the financial year under
review, there was no need to issue any Company announcements to the market.
17
Stivala Group Finance p.l.c.
Corporate Governance Statement
for the year ended 31 December 2024
The Company’s Articles of Association allow minority shareholders to call special meetings on matters
of importance to the Company, provided that the minimum threshold of ownership established in the
Articles of Association is met.
Principle Ten - Relations with Institutional shareholders
The Directors are of the view that this Principle is not applicable to the Company.
Principle Eleven - Conflicts of Interest
Principle Eleven deals with conflicts of interest and the principle that Directors should always act in
the best interests of the Company
All of the Directors of the Company, except for Dr. Ann Marie Agius, Mr. Francis Gouder and Mr. Jean
Paul Debono are Executive Officers of the Company. The other Executive Directors have a direct
beneficial interest in the share capital of the Company, and as such are susceptible to conflicts arising
between the potentially diverging interests of the shareholders and the Company. During the financial
year under review, no private interests or duties unrelated to the Company were disclosed by the
Directors which were or could have been likely to place any of them in conflict with any interests in, or
duties towards, the Company.
The Audit Committee has the task to ensure that any potential conflicts of interest are resolved in the
best interests of the Company. Furthermore, in accordance with the provisions of article 145 of the
Companies Act (Cap. 386 of the Laws of Malta), every Director who is in any way, whether directly or
indirectly, interested in a contract or proposed contract with the Company is under the duty to fully
declare his interest in the relevant transaction to the Board at the first possible opportunity and he will
not be entitled to vote on matters relating to the proposed transaction and only parties who do not have
any conflict in considering the matter will participate in the consideration of the proposed transaction.
Principle Twelve - Corporate Social Responsibility
Principle Twelve encourages Directors of listed companies to adhere to accepted principles of corporate
social responsibility
The Company seeks to adhere to sound Principles of Corporate Social Responsibility in its management
practices, and is committed to enhance the quality of life of all stakeholders and of the employees of the
Company and the Group.
The Board is strongly committed to the environment, and to the welfare of the community in which we
operate. All directors are mindful that sustainable development and environmental protection are
critical, both for the success of our tourism and development activities, and for the benefit of our
community’s quality of life. To this end, the Group has taken initiatives to minimise its consumption of
natural resources, reduce its generation of waste, and to incorporate sustainability principles and
attractive design in its developments.
In carrying on its business the Group is fully aware and at the forefront to preserving the environment
and continuously review its policies aimed at respecting the environment and encouraging social
responsibility and accountability.
18
Stivala Group Finance p.l.c.
Corporate Governance Statement
for the year ended 31 December 2024
Internal Control
The Board is ultimately responsible for the Company’s system of internal controls and for reviewing
its effectiveness. The Directors are aware that internal control systems are designed to manage, rather
than eliminate, the risk of failure to achieve business objectives, and can only provide reasonable, and
not absolute, assurance against normal business risks.
During the financial year under review the Company operated a system of internal controls which
provided reasonable assurance of effective and efficient operations covering all controls, including
financial and operational controls and compliance with laws and regulations. Processes are in place for
identifying, evaluating and managing the significant risks facing the Company.
Other key features of the system of internal control adopted by the Company in respect of its own
internal control as well as the control of its subsidiaries and affiliates are as follows:
Risk identification
The Board, with the assistance of the management team of the Company, is responsible for the
identification and evaluation of key risks applicable to the areas of business in which the Company and
its subsidiaries are involved. These risks are assessed on a continual basis and any potential exposure
is discussed regularly at Board and management level, with a view to mitigation thereof, where
possible.
Information and communication
Periodic strategic reviews which include consideration of long-term financial projections and the
evaluation of business alternatives are regularly convened by the Board. Regular budgets are prepared
and performance against these plans is actively monitored and reported to the Board.
In conclusion, the Board considers that the Company has generally been in compliance with the
Principles throughout the period under review as befits a company of this size and nature.
19
Stivala Group Finance p.l.c.
Corporate Governance Statement
for the year ended 31 December 2024
Non-compliance with the principles and the reasons therefor have been identified below.
Code Provision
Explanation
4.2.7
The Board has not formally developed a succession
policy for the future composition of the Board of
Directors as recommended by Code Provision 4.2.7. In
practice, however, the Board is actively engaged in
succession planning and involved in ensuring that
appropriate schemes to recruit, retain and motivate
employees and Senior Management are in place.
7.1
The Board has not appointed a committee for the
purpose of undertaking an evaluation of the Board’s
performance. The Board believes that the size of the
Company and the Board itself does not warrant the
establishment of a committee specifically for the
purpose of carrying out a performance evaluation of its
role. The size of the Board is such that it should enable
it to evaluate its own performance without the
requirement of setting up an ad-hoc committee for this
purpose. The Board shall retain this matter under
review over the coming year.
8B
The Board has not appointed a Nominations
Committee, particularly of the appointment process
being specifically set out in the Articles of Association.
The Board, however, intends to keep under review the
utility and possible advantages of having a
Nominations Committee and following an evaluation
may, if the need arises, make recommendations to the
shareholders for a change to the Articles of Association.
Approved by the Board on 29 April 2025 and signed on its behalf by:
_______________________________ _______________________________
Mr. Michael Stivala Mr. Martin John Stivala
CEO and Director Director
20
Stivala Group Finance p.l.c.
Other Disclosure in Terms of Capital Market Rules
for the year ended 31 December 2024
Shareholder register information pursuant with Capital Market Rule 5.64
- Structure of Capital
The Company has an authorised share capital of €500,000 Ordinary Shares of €1 each and issued and
fully paid up share capital of €258,804 with a nominal value of €1 each. Each Ordinary Share is entitled
to one vote. The Ordinary Shares in the Company shall rank pari passu for all intents and purposes at
law. There are currently no different classes of Ordinary Shares in the Company and accordingly all
Ordinary Shares have the same rights, voting rights and entitlements in connection with any
distribution whether of dividends or capital.
- Appointment and removal of Directors
Article 55.1A of the Company’s Memorandum and Articles of Association states that a shareholder
holding not less than 25% of the issued share capital of the Company having voting rights or a number
of shareholders who between them hold not less than 25% of the issued share capital of the Company
having voting rights ("a qualifying shareholder") shall be entitled to appoint (1) director for every such
qualifying shareholding, by letter addressed to the Company. Any shareholder who does not qualify
to appoint directors in terms of the provisions of paragraph (a) of this sub-article 55.1, and who has not
aggregated his holdings with those of other shareholders for the purposes of appointing a director(s)
pursuant thereto shall be entitled to participate and vote in an election of directors to take place once
in every year at the Annual General Meeting of the Company.
The Chairman shall be appointed by the directors at their first meeting following the annual general
meeting in each year, save for the first chairman who shall retain the post of chairman until such time
as he resigns or is earlier removed in accordance with the provisions of the articles regulating the
removal of directors.
Any director may be removed at any time by the Company in general meeting. The director who is to
be removed shall be given opportunity of making representations to the general meeting at which a
resolution for his removal is to be taken.
21
Stivala Group Finance p.l.c.
Other Disclosure in Terms of Capital Market Rules
for the year ended 31 December 2024
- Powers of Directors
Subject to applicable provisions of the Articles, the directors may exercise all the powers of the
Company to borrow money and to hypothecate or charge its undertaking, property and uncalled
capital or any part thereof, and to issue equity securities and debt securities on such terms, in such
manner and for such consideration as they think fit, whether outright or as security for any debt,
liability or obligation of the Company or of any third party. Provided that the members in general
meeting may, from time to time, restrict and limit the aforesaid powers of the directors, in such manner
as they may deem appropriate.
- General Meetings
Subject to the provisions of the Act, the Company shall in each year hold an annual general meeting at
such time and place as the directors shall appoint. All general meetings other than the annual general
meetings shall be called extraordinary general meetings. The Directors may convene an extraordinary
general meeting whenever they think fit. Extraordinary general meetings may also be convened on
such requisition, or in default, may be convened by such requisitionists, as provided by the Act. If at
any time, there are not in Malta sufficient directors capable of acting to form a quorum, any director, or
any two members of the Company, may convene an extraordinary general meeting in the same manner,
as nearly as possible, as that in which meetings may be convened by the Directors.
22
Independent Auditor's Report
to the shareholders of Stivala Group Finance p.l.c.
Report on the Financial Statements for the year ended 31 December 2024
Opinion
We have audited the individual financial statements of Stivala Group Finance p.l.c. (“the Company”)
and the consolidated financial statements of the Company and its subsidiaries (together, “the Group”),
set out on pages 30 to 99 , which comprise the consolidated statement of financial position as at 31
December 2024, consolidated statement of comprehensive income, consolidated statement of changes
in equity and the consolidated statement of cash flows for the year then ended, and notes to the
consolidated financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying financial statements give a true and fair view of the financial position
of the Group and the Company as at 31 December 2024, and of the Group’s and the Company’s financial
performance and cash flows for the year then ended in accordance with International Financial
Reporting Standards as adopted by the European Union and have been properly prepared in
accordance with the requirements of the Companies Act, Cap. 386 of the Laws of Malta.
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 are independent of the Group in accordance
with the International Ethics Standards Board for Accountants' Code of Ethics for Professional
Accountants (IESBA Code), together with the ethical requirements that are relevant to our audit of the
financial statements in accordance with the Accountancy Profession (Code of Ethics for Warrant
Holders) Directive issued in terms of the Accountancy Profession Act (Cap.281) in Malta, and we have
fulfilled our other ethical responsibilities in accordance with the IESBA code. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
To the best of our knowledge and belief, we declare that no prohibited non-audit services referred to
in Article 18A(1) of the Accountancy Profession Act, Cap. 281 of the Laws of Malta were provided by
us to the Company and the Group and we remain independent of the Company and the Group. No
other services besides statutory audit services as disclosed in the annual report in note 7 to the financial
statements were provided by us to the Company and its controlled undertakings.
23
Independent Auditor's Report
to the shareholders of Stivala Group Finance p.l.c.
Key Audit Matters
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 where addressed in the context of
our audit of the financial statements as a whole and in forming our opinion thereon.
We do not provide a separate opinion on these matters.
1. Valuation of Investment property
Risk description
The Group’s investment property comprises of Offices, Commercial and Residential premises,
amounting to €221,191,006 as disclosed in Note 17. This represents 45% of the Company's total
assets as of 31 December 2024. A full revaluation assessment was carried out last year on all
the properties in accordance with accounting policy(s). Valuation reports were obtained from
third party qualified valuers for all of the Group’s properties, classified as investment property.
The valuation of the Group’s property portfolio is inherently subjective due to, among other
factors, the individual nature of each investment property, its location and the expected future
returns. Due to the significance of this investment property, and the dependency of the
Company on this asset, we have considered that this is a key audit matter.
How the scope of our audit responded to the risk
Our procedures in relation to the valuation of the properties included:
- Reviewing the methodologies used by the external valuers and by management to estimate
the fair value for all properties. We confirmed that the valuation approach for each property
was suitable for use in determining the carrying value of properties as at 31 December 2024.
- Testing the mathematical accuracy of the calculations derived from each model.
- Assessing the key inputs in the calculations such as revenue growth and discount rate, by
reference to management’s forecasts, rental agreements for investment property, data external
to the Group and our own expertise.
- Considering the appropriateness of the fair values estimated by the external valuers based on
our knowledge of the industry.
- Considering the potential impact of reasonably possible changes in the key assumptions
underlying the valuations. We challenged the Company’s valuations to assess whether they
fell within a reasonable range of the expectations developed. Management were able to provide
explanations and refer to appropriate supporting evidence.
We have also assessed the relevance and adequacy of the disclosures relating to this investment
property in accounting policy note(s) and in note 17 to the financial statements.
Findings
The result of our testing was satisfactory and we concur that the valuations of the investment
property are appropriate.
24
Independent Auditor's Report
to the shareholders of Stivala Group Finance p.l.c.
Other Information
The Directors are responsible for the other information. The other information comprises of the
Chairman’s Statement, Directors' Report and Corporate Governance Statement of Compliance.
Our opinion on the financial statements does not cover this information. Except for our opinion on the
Directors’ Report in accordance with the Companies Act, Cap. 386 of the Laws of Malta and on the
Corporate Governance Statement of Compliance in accordance with the Capital Market Rules issued
by the Malta Financial Services Authority, our opinion on the financial statements does not cover the
other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information 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.
With respect to the Directors' Report, we also considered whether the Directors' Report includes the
disclosures required by Article 177 of the Companies Act, Cap. 386 of the Laws of Malta. Based on the
work we have performed, in our opinion:
- the information given in the Directors' Report for the year ended 31 December 2024 is
consistent with the financial statements; and
- the Directors' Report has been prepared in accordance with the Companies Act, Cap. 386 of
the Laws of Malta.
In addition, in light of the knowledge and understanding of the Company and the Group and their
environment, obtained in the course of the audit, we are required to report if we have identified
material misstatements in the Directors' Report and other information that we obtained prior to the
date of this auditor’s report. Based on the work we have performed, we have nothing to report in this
regard.
25
Independent Auditor's Report
to the shareholders of Stivala Group Finance p.l.c.
Responsibilities of the Directors and the Audit Committee for the financial statements
The Directors are responsible for the preparation of the financial statements that give a true and fair
view in accordance with the International Financial Reporting Standards as adopted by the European
Union, and for such internal controls 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 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 to cease
operations, or have no realistic alternative to do so. 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.
The Directors have delegated the responsibility for overseeing the Company's financial reporting
process to the Audit Committee.
Auditors' 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.
26
Independent Auditor's Report
to the shareholders of Stivala Group Finance p.l.c.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain
professional scepticism throughout the audit. We also:
- Identify and assess the risk 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 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 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 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 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 the Audit Committee 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 the Audit Committee 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 our independence, and where applicable related
safeguards.
From the matters communicated with the Audit Committee, 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 auditors' 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. There are no
such undisclosed matters.
27
Independent Auditor's Report
to the shareholders of Stivala Group Finance p.l.c.
Report on other legal and regulatory requirements
The Annual Report and Consolidated Financial Statements of Stivala Group Finance p.l.c. for the year
ended 31 December 2024 contains other areas required by legislation on which we are required to
report. The directors are responsible for these other areas.
Report on the Statement of Compliance with the Principles of Good Corporate Governance
The Capital Market Rules issued by the Malta Financial Service Authority require the directors to
prepare and include in their Annual Report a Corporate Governance Statement providing an
explanation of the extent to which they have adopted the Code of Principles of Good Corporate
Governance and the effective measures that they have taken to ensure compliance with those
Principles.
The Capital Market Rules also require the auditor to include a report on the statement of compliance
prepared by the directors. We are also required to express an opinion as to whether, in the light of the
knowledge and understanding of the Group and the Company and its environment obtained in the
course of the audit, we have identified material misstatements with respect to the information referred
to in Capital Market Rules 5.97.4 and 5.97.5.
We read the statement of compliance and consider the implication for our report if we become aware
of any apparent misstatements or material inconsistencies with the financial statements included in the
annual report. Our responsibilities do not extend to considering whether this statement is consistent
with the other information included in the annual report.
We are not required to, and we do not, consider whether the Board's statements on internal control
included in the Corporate Governance Statement cover all the risks and controls, or form an opinion
on the effectiveness of the Company's corporate governance procedures or its risks and control
procedures.
In our opinion:
- the Corporate Governance Statement set out on pages 11 to 19 has been properly prepared in
accordance with the requirements of the Capital Market Rules 5.94 and 5.97.
- in the light of the knowledge and understanding of the Company and the Group and its environment
obtained in the course of the audit the information referred to in Capital Market Rules 5.97.4 and
5.97.5 are free from material misstatement.
Under the Capital Market Rules we also have the responsibility to:
- review the statement made by the Directors, set out on pages 4 to 10, 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.
28
Independent Auditor's Report
to the shareholders of Stivala Group Finance p.l.c.
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 Stivala Group Finance p.l.c. for the year ended 31
December 2024, 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; and
- 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 2024 has been prepared,
in all material respects, in accordance with the requirements of the ESEF RTS.
29
Independent Auditor's Report
to the shareholders of Stivala Group Finance p.l.c.
Other matters on which we are required to report by exception under the Companies Act
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 that 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 we require for our audit; and
- certain disclosures of Directors' remuneration specified by law are not made in the financial
statements, giving the required particulars in our report.
We have nothing to report to you in respect of these responsibilities.
Appointment and audit tenure
We were first appointed by those charged with governance to act as statutory auditor by the board of
Directors on 12 October 2020. Our appointment has been renewed annually by shareholder resolution
representing a total uninterrupted engagement of 5 years.
Consistency of the audit report with the additional report to the Audit Committee
Our audit opinion on the financial statements expressed herein is consistent with the additional report
to the audit committee in accordance with the provisions of article 11 of the EU Audit Regulation No.
537/2014, which was issued on the same date as this report.
The partner in charge of the audit resulting in this independent auditor's report is
Jozef Wallace Galea for and on behalf of
HLB CA Falzon
Registered Auditors
29 April 2025
30
Stivala Group Finance p.l.c.
Consolidated Statement of Profit or Loss and Other Comprehensive
Income
for the year ended 31 December 2024
The Group
The Company
2024
2023
2024
2023
Note
€
€
€
€
Revenue from contracts
with customers
6
-
-
Rental income
23
-
-
Revenue
-
-
Cost of sales and services
7
(8,197,792 )
(7,205,406 )
-
-
Gross profit
-
-
Distribution and selling
costs
7
(132,059 )
(132,600 )
-
-
Administrative expenses
7
(9,648,241 )
(6,474,955 )
(69,044)
(57,837)
Other operating charges
7
(4,314 )
-
-
Other operating income
8
-
58,044
Operating profit/(loss)
(69,044)
207
Change in fair value of
investment properties
17
-
-
Share in profit/(loss) of
associates
Dividends income
23,854,283
2,510,000
Finance and similar
income
-
-
Finance costs
10
(4,400,019 )
(4,167,009 )
(2,407,500)
(2,407,500)
Profit/(loss) before tax
21,377,739
102,707
Income tax credit
12
(4,214,639 )
(211,996)
138,351
Profit/(loss) for the year
21,165,743
241,058
The notes on page 39–99 form part of these financial statements.
31
Stivala Group Finance p.l.c.
Consolidated Statement of Profit or Loss and Other Comprehensive
Income
for the year ended 31 December 2024
The Group
The Company
2024
2023
2024
2023
Note
€
€
€
€
Profit/(loss) for the year
21,165,743
241,058
Other comprehensive
income
Items that will not be
subsequently reclassified to
profit or loss:
Change in fair value of
property, plant and
equipment due to
revaluation, net of deferred
tax
27
-
-
Total comprehensive
income/(loss) for the year
21,165,743
241,058
Earnings/(loss) per share
(cents)
- Basic profit/(loss) for year
attributable to ordinary
equity holders of the parent
26
81.78
0.95
The notes on page 39–99 form part of these financial statements.
32
Stivala Group Finance p.l.c.
Consolidated Statement of Financial Position
for the year ended 31 December 2024
The Group
The Company
Note
2024
2023
2024
2023
€
€
€
€
ASSETS
Non-current assets
Property, plant &
equipment
13
-
-
Intangible assets
18
-
-
Investment in
subsidiaries
14
-
-
60,004,872
60,004,872
Investment in
associates
15
-
-
Investment property
17
-
-
Right-of-use assets
23
-
-
Deferred taxation
24
223,206
435,202
Total non-current
assets
60,228,078
60,440,074
Current assets
Inventories
19
-
-
Property held-for-sale
20
-
-
Trade and other
receivables
21
-
1,475,597
Current tax
recoverable
12
22,095
22,095
Other financial assets
16
7,983,898
-
Cash and cash
equivalents
28
4,011
2,085
Total current assets
8,010,004
1,499,777
Total assets
68,238,082
61,939,851
The notes on page 39–99 form part of these financial statements.
33
Stivala Group Finance p.l.c.
Consolidated Statement of Financial Position
for the year ended 31 December 2024
The Group
The Company
Note
2024
2023
2024
2023
EQUITY AND
LIABILITIES
€
€
€
€
Equity
Issued capital
25
258,804
255,000
Revaluation reserve
27
-
-
Retained earnings
1,825,891
660,148
Total equity
2,084,695
915,148
Non-current
liabilities
Interest bearing loans
and borrowings
16
59,850,000
59,790,000
Finance lease liability
16, 23
-
-
Deferred taxation
24
-
-
Total non-current
liabilities
59,850,000
59,790,000
Current liabilities
Current borrowings
16
5,439,181
377,571
Finance lease liability
16, 23
-
-
Trade and other
payables
22
864,206
857,132
Current tax due
12
-
-
Total current
liabilities
6,303,387
1,234,703
Total liabilities
66,153,387
61,024,703
Total equity and
liabilities
68,238,082
61,939,851
The notes on page 39–99 form part of these financial statements.
34
Stivala Group Finance p.l.c.
Consolidated Statement of Changes in Equity
for the year ended 31 December 2024
The Group
Issued
capital
Revaluation
reserve
Retained
earnings
Total
Equity
€
€
€
€
Balance as at 1
January 2023
Prior year adjustment
Balance as at 1
January 2023 as
restated
Profit for the year
Other comprehensive
income (note 27)
Total comprehensive
income for the year
Transfer of fair value
gain on investment
property, net of
deferred tax (note 27)
(14,122,757 )
Balance as at 31
December 2023
The notes on page 39–99 form part of these financial statements.
35
Stivala Group Finance p.l.c.
Consolidated Statement of Changes in Equity
for the year ended 31 December 2024
The Group
Issued capital
Revaluation
reserve
Retained
earnings
Total
Equity
€
€
€
€
Balance as at 1
January 2024 as
previously reported
Issuance of share
capital
Profit for the year
Total
comprehensive
income for the year
Transfer of fair gain
on investment
property, net of
deferred tax (note 27)
(192,281 )
Dividends
distributed
(20,000,000 )
(20,000,000 )
Balance as at 31
December 2024
The notes on page 39–99 form part of these financial statements.
36
Stivala Group Finance p.l.c.
Statement of Changes in Equity
for the year ended 31 December 2024
The Company
Issued capital
Retained
earnings
Total
Equity
€
€
€
Balance as at 1 January 2023
255,000
419,090
674,090
Profit for the year
-
241,058
241,058
Other comprehensive income
-
-
-
Balance as at 31 December 2023
255,000
660,148
915,148
Balance as at 1 January 2024
255,000
660,148
915,148
Issuance of share capital
Profit for the year
-
21,165,743
21,165,743
Total comprehensive income for the
year
-
21,825,891
22,080,891
Dividends distributed (note 12)
-
(20,000,000)
(20,000,000)
Balance as at 31 December 2024
258,804
1,825,891
2,084,695
The notes on page 39–99 form part of these financial statements.
37
Stivala Group Finance p.l.c.
Consolidated Statement of Cash Flows
for the year ended 31 December 2024
The Group
The Company
Note
2024
2023
2024
2023
€
€
€
€
Cash flows from operating
activities
Profit/(loss) before tax
21,377,739
102,707
Adjustments for:
Change in fair value of investment
properties
17
(209,000 )
(15,350,822 )
-
-
Share in profit/(loss) of associates
Depreciation of right-of-use assets
and
property, plant and equipment
Amortisation of intangible assets
18
-
-
Provision for expected credit
losses (ECL)
7, 8
(4,196,830 )
(3,425,719 )
31,705
10,402
Profit on sale of investment
properties
17
-
-
Dividends income
(277,125 )
(222,664 )
(23,854,283)
(2,510,000)
Finance and similar income
(20,000 )
(30,833 )
-
-
Finance costs
10
2,407,500
2,407,500
Working capital changes:
Increase in inventories
19
(8,773 )
-
-
Decrease / (increase) in property
held-for-sale
20
-
-
Decrease / (increase) in
receivables
-
-
(Decrease) / increase in payables
(3,317,758 )
7,075
15,952
Interest paid on overdraft
(4,232 )
(114,914 )
-
-
Taxation paid
12
(1,240,502 )
(760,029 )
(854,283)
-
Taxation refunded
12
(19,173 )
854,283
-
Net cash generated from / (used
in) operating activities
(30,264)
26,561
The notes on page 39–99 form part of these financial statements.
38
Stivala Group Finance p.l.c.
Consolidated Statement of Cash Flows
for the year ended 31 December 2024
The Group
The Company
Note
2024
2023
2024
2023
€
€
€
€
Cash flows from investing
activities
Payments to acquire non-current
intangible assets
18
(30,046,236 )
(36,508,000 )
-
-
Payments to acquire property, plant
and equipment
13
(8,393,195 )
(13,561,582 )
-
-
Payments to acquire investment
property
17
(9,338,206 )
(6,002,453 )
-
-
Receipts from disposal of non-current
financial assets
14
-
-
(8,005,201)
-
Dividends received
-
-
Advances from directors
(633,369 )
(633,369 )
-
-
Net cash (used in) / generated
from investing activities
(48,133,881 )
(56,482,740 )
(8,005,201)
-
Cash flows from financing
activities
Issuance of share capital
Equity dividends paid
(20,000,000 )
-
-
(Repayments to)/advances from banks loans
-
-
Advances from subsidiary company
23,476,711
14,294,410
Advances from/(to) other related
companies
Advances to associates
-
-
Repayment of lease liabilities
23
(138,042 )
(143,724 )
-
-
Advances to other companies
-
-
Payments to shareholder
Interest paid on bonds
10
(2,347,500 )
(2,347,500 )
(2,347,500)
(2,347,500)
Net cash (used in) / generated
from financing activities
(6,105,810 )
(10,416,099 )
8,037,391
(32,708)
Movement of ECL on cash in
banks
28
(351 )
-
-
Net movement in cash and cash
equivalents
(2,219,129 )
1,926
(6,147)
Cash and cash equivalents at
beginning of year
(2,129,083 )
2,085
8,232
Cash and cash equivalents at
end of year
28
(210,997 )
(2,219,083 )
4,011
2,085
The notes on page 39–99 form part of these financial statements.
39
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
40
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
41
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
42
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
43
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
44
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
45
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
46
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
47
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
48
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
49
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
50
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
51
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
52
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
53
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
54
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
55
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
56
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
57
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
58
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
59
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
60
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
61
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
62
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
63
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
64
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
65
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
66
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
67
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
68
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
69
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
70
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
71
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
72
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
73
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
74
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
75
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
76
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
77
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
78
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
79
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
80
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
-
81
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
82
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
83
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
84
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
85
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
86
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
87
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
88
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
89
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
90
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
91
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
92
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
93
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
94
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
95
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
Fair value measureme nt hierarchy:
96
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
97
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
98
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024
99
Stivala Group Finance p.l.c.
Notes to the Consolidated Financial Statements
for the year ended 31 December 2024