At its Annual General Meeting, GO provided shareholders with an overview of the Company’s results for the financial year ended 31st December 2012 and updated them on the company’s strategy and the prevailing market conditions.

The AGM opened by an address from Mr. Deepak Padmanabhan, Chairman of GO plc. Mr Padmanabhan explained that in 2012, the Group delivered a strong profit amounting to €26.5 million the result of a healthy level of profitability from core operations €22.1 million as augmented by gain on disposal of property amounting to €11.4 million.

The Group registered a profit after tax of €17.3 million. Despite this positive performance, Mr Padmanabhan also acknowledged that 2012 was a challenging year for GO in view of pressure on disposable and a telecommunications market that is highly competitive with aggressive, and sometimes almost irrational, erosion of margins and value”.

Mr Padmanabhan also reiterated the company’s commitment to continue with its significant investment programme amounting to €100 million spread over six years. Whilst significant investments are on-going and are all part of this holistic plan aimed to enhance customer experience, Mr Padmanabhan highlighted the importance of fair and balanced regulation as a necessity to maintain this significant investment programme in order to safeguard the interests of shareholders.

With regards to Forthnet and the economic situation in Greece, Mr Padmanabhan explained that as the economic situation in Greece remains critical, the financial performance of Forthnet did not improve significantly in spite of Forthnet increasing its customer base. He explained that in view of this GO’s remaining exposure to Forthnet has been reduced to nil.

GO’s Chief Executive Officer, Yiannos Michaelides, presented the meeting with a detailed explanation of the company’s position in the market as well as investments taking place throughout the Group.

Mr Michaelides highlighted that the Group has embarked on a programme aimed at revamping product lines and the way GO does business with a view to ensure that GO remains the operator of choice for the majority of consumers. Mr. Michaelides explained how GO plans to pursue and achieve this objective in the coming years.

The meeting was also addressed by GO’s Chief Finance Officer, Mr Edmond Brincat who briefed shareholders on the highlights of the Group’s financial performance. Mr. Brincat also gave an overview of GO’s initiatives aimed at extracting value out of the Group’s extensive property portfolio. In this regard Mr. Brincat explained that Malta Properties Company Limited, the special purpose vehicle established to pursue this strategy, now holds title over a property portfolio valued €50 million.

Finally Mr Padmanabhan expressed satisfaction at the “remarkable results” given current economic conditions, adding also that “GO is in an even stronger position than it was twelve months ago to overcome challenges and remain the leading provider of telecommunication services in Malta.”

“It is finally my pleasure and duty to thank you; our shareholders for your on-going support as we look ahead to the future.” said Mr Padmanabhan.

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