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        Registration number C 92104
                                                                                                                                                                   
AX REAL ESTATE P.L.C.
(formerly AX REAL ESTATE LIMITED)
Annual Report and Consolidated and Separate
Financial Statements
For the year-ended 31 October 2022
 
AX REAL ESTATE P.L.C.
(formerly AX REAL ESTATE LIMITED)
Annual Report and Consolidated and Separate Financial Statements for the year-ended 31 October 2022
Contents
Page
Directors, Officers and Other Information
1
Directors’ Report
2 – 6
Statement of Directors’ Responsibilities
7
Corporate Governance – Statement of Compliance
8 – 11
Remuneration Report
12 – 13
Statements of Profit or Loss and Other Comprehensive Income
14
Statements of Financial Position
15
Statements of Changes in Equity
16 – 17
Statements of Cash Flows
18
Notes to the Financial Statements
19 – 53
Independent Auditor’s Report
54 – 62
AX REAL ESTATE P.L.C.
(formerly AX REAL ESTATE LIMITED)
Annual Report and Consolidated and Separate Financial Statements for the year-ended 31 October 2022
1
Directors, Officers and Other Information
Registration:
AX Real Estate p.l.c. (formerly AX REAL ESTATE LIMITED) was registered in Malta as a Liability Company under the Companies Act, Cap. 386 of the Laws of Malta on 6 June 2019, with the registration number C 92104.
Directors:
Mr Angelo Xuereb
Ms Denise Xuereb
Mr Michael Warrington (appointed 23rd November 2021)
Dr Christian Farrugia (appointed 23rd November 2021)
Mr Joseph Lupi (appointed 23rd November 2021)
Mr Christopher Paris (appointed 23rd November 2021)
Mr Stephen Paris (appointed 23rd November 2021)
Secretary:
Dr David Wain
Registered office:
AX Group
AX Business Centre
Triq id-Difiza Civili
Mosta, MST 1741
Malta
Country of incorporation:
Malta
Company registration number:
C 92104
Auditors:
Ernst & Young Malta Limited
Regional Business Centre
Achille Ferris Centre
Msida, MSD 1751
Malta
Principal bankers:
Bank of Valletta p.l.c.
Labour Avenue
Naxxar
Malta
Legal adviser:
Dr David Wain
AX Group
AX Business Centre
Triq id-Difiza Civili
Mosta, MST 1741
Malta
AX REAL ESTATE P.L.C.
(formerly AX REAL ESTATE LIMITED)
Annual Report and Consolidated and Separate Financial Statements for the year-ended 31 October 2022
2
Corporate Governance – Statement of Compliance – continued
Internal Control
The Board is ultimately responsible for the Company’s system of internal control and for reviewing its effectiveness. However, such a system is designed to manage rather than eliminate the risk of failure to achieve objectives, and can provide only reasonable, and not absolute, assurance against material misstatement or loss.
A policy is in place, laying down the minimum required reports that should be made available to the Board in order to keep it informed in a structured and systematic manner on the operational and financial performance of the Company.
Risk Identification
Management is responsible for the identification and evaluation of key risks applicable to their areas of business. Risks may be associated with a variety of internal or external sources including control breakdowns, disruption in information systems, competition, natural catastrophe and regulatory requirements. The Board is responsible to review its risk management policies and strategies and oversee their implementation to ensure that identified operational risks are properly assessed and managed.
Relations with Shareholders and with the Market, including Institutional Shareholders
The Company recognises the importance of maintaining a dialogue with its stakeholders to ensure that its strategies and performance are understood. The Company communicates with bondholders and shareholders by way of the Annual Report and Financial Statements and by publishing its results on a six-monthly basis during the year, and through company announcements to the market in general.
The Board has also implemented an Investor Relations Program, which aims at giving Bond and Equity holders rewards to be used within the AX Group to foster loyalty. This program, which is managed by AX Group p.l.c. executives, includes the issue of the AX Investors Loyalty Card and the periodic dissemination of the AX Group Newsletter.
The Board endeavours to protect and enhance the interests of both the Company and its shareholders, present and future. The Chairman ensures that the views of shareholders are communicated to the Board as a whole. The Board ensures fair and equal treatment towards holders of each class of capital and ensures that any decisions take into account the interests of future shareholders as well.
The Company also communicates with its shareholders through the Company’s Annual General Meeting (“the AGM”).