GO plc - Full-Year Results

On 30 March 2022, GO plc published the Annual Report and Financial Statements for the year ended 31 December 2021.

Performance Overview

Revenues increased by 4.6% to a record of €193.7 million (2020: €185.2 million) reflecting growth across all three operating segments. In Malta, revenues increased by 0.9% to €116.2 million largely on the back of higher demand for broadband and mobile services. In addition, GO’s data centre and managed IT services subsidiary – BMIT Technologies plc – recorded a positive performance driven by the double-digit growth in the provision of cloud (+13.4%) and managed services (+33.3%), as well the resale of hardware and software (+23.5%). In Cyprus, the Group also achieved substantial growth in turnover to €53.5 million (+13.9%) as Cablenet Communication Systems plc continued with its strong drive to penetrate further the market especially in the mobile segment.

Operating costs net of other income increased by 3.9% to €170.2 million (2020: €163.8 million) largely due to higher third-party network charges and related costs (+€6.22 million) as well as other ancillary expenses (+€4.66 million). On the other hand, employee benefit expenses dropped by 6.8% to €34.8 million as the Group continued to implement modern operational practices with a view of enhancing efficiencies and optimise headcount. Excluding, depreciation and amortisation charges as well as non-recurring items mainly related to voluntary retirement costs, adjusted EBITDA contracted by 2.4% to €73.8 million compared to €75.6 million in 2020. On an aggregate basis, however, the operating profit (“EBIT”) increased by 10.2% to €23.5 million whilst the EBIT margin improved 12.1% compared to 11.5% in 2020.

The financial performance of GO when compared to that reported in 2020 was adversely impacted by the non-recurrence of a €3.1 million gain recorded in 2020 after the Group disposed of its shares in Forthnet S.A. Moreover, throughout 2021, GO incurred higher net finance costs (reflecting the issue of a new €60 million bond in the latter part of H1 2021) as these amounted to €5.63 million compared to €3.5 million in 2020.

Overall, GO reported a pre-tax profit of €17.9 million representing a drop of 14.6% from the comparable figure of €20.9 million posted in 2020. After accounting for a tax charge of €7.44 million and minority interests of €0.53 million, GO’s net profit for 2021 amounted to €10.4 million (2020: €14.1 million) which, in turn, translates into a return on average equity of 9.33% (2020: 11.9%).

From a cash flow perspective, during 2021 GO generated €67.8 million from operating activities (2020: €63.7 million) which were mostly used for investing activities (€50.5 million) whilst a further €6.32 million were used for financing activities including the payment of €24.8 million in dividends. As a result, the Group recorded a positive net movement in cash balances of €11.1 million.

Meanwhile, the Statement of Financial Position shows that total assets grew by 3.2% to €368.6 million as the higher balances of property plant and equipment, as well as intangible assets, inventories, trade receivables and cash outweighed the lower amount of right-of-use assets.

Total liabilities increased by 12% to €258.7 million reflecting the higher level of debt (+11.9% to €174.4 million when including lease liabilities and broadcasting rights amounting to €46.7 million) and trade payables (+€9.08 million to €74.4 million). As a result of the increase in indebtedness and the drop in EBITDA, the net debt to adjusted EBITDA multiple deteriorated to 1.82 times compared to 1.62 times in 2020. Moreover, given the sharper increase in total liabilities when compared to the growth in assets, total equity contracted by 13% to €109.9 million compared to €126.4 million as at 31 December 2020.


The Directors of GO are recommending the payment of a final net dividend of €0.09 per share. Coupled with the interim net dividend of €0.07 per share paid in August 2021, the total net dividend for the year amounts to €0.16 per share which is unchanged compared to 2020. The final net dividend is payable on 27 May 2022 to all shareholders as at the close of trading on 21 April 2022 subject to shareholders’ approval at the upcoming Annual General Meeting scheduled to be held remotely on 25 May 2022.


GO noted that 2021 was another year where the Group demonstrated its resiliency in the face of a number of challenges including the effects of the pandemic (which continued to have an adverse impact on roaming volumes and related revenues) as well as high inflation. Despite this, GO continued to invest heavily in its infrastructure including the setting up of the first 5G mobile sites, the installation of the third submarine cable, as well as the continued rollout of the True Fibre network which has now achieved a coverage of 52%. Moreover, the Group embarked on further initiatives aimed at improving the delivery of its services and customer care. Going forward, GO explained that it will continue to remain focused on investing in innovative products and services whilst, at the same time, increase its awareness towards ESG considerations.