GO Plc

Interim / Quarterly Report • Aug 13, 2013

COMPANY ANNOUNCEMENT

The following is a company announcement issued by GO p.l.c. ("the Company") pursuant to Malta Financial Services Authority Listing Rules.

Quote

In a meeting held earlier today the 13th August 2013, the Board of Directors of the Company approved the attached Group Interim Unaudited Financial Statements for the six-month period ended 30 June 2013.

The Interim Financial Statements are available for viewing on the Company's website www.go.com.mt

Unquote

Star Los

Dr. Francis Galea Salomone LL.D. Company Secretary

13 August 2013

Postal Address: PO Box 40, Marsa MRS 1001 Malta. Registered Address: GO plc, Fra Diegu Street, Marsa MRS 1501 Malta. t +356 2121 0210 f +356 2594 5895 e info@go.com.mt www.go.com.mt Company Registration Number: C 22334 VAT Number: 1282 - 6209

MADE FOR YOU

Condensed Consolidated Interim Financial Statements

For the Period 1 January 2013 to 30 June 2013

Company Registration Number: C 22334

Condensed Consolidated Interim Financial Statements

For the Period 1 January 2013 to 30 June 2013

Contents

	Page
Directors' Report pursuant to Listing Rule 5.75.2	1 - 3
Condensed Consolidated Interim Financial Statements:
Condensed Consolidated Interim Statement of Financial Position	4 - 5
Condensed Consolidated Interim Income Statement	6
Condensed Consolidated Interim Statement of Comprehensive Income	7
Condensed Consolidated Interim Statement of Changes in Equity	8 - 9
Condensed Consolidated Interim Statement of Cash Flows	10 - 11
Notes to the Condensed Consolidated Interim Financial Statements	12 - 18
Statement pursuant to Listing Rule 5.75.3	19
Independent Auditor's Report on Review of Condensed Consolidated

Interim Financial Information

Directors' Report pursuant to Listing Rule 5.75.2

For the period 1 January 2013 to 30 June 2013

This Half-Yearly Report is being published in terms of Chapter 5 of the Listing Rules of the Listing Authority - Malta Financial Services Authority and the Prevention of Financial Markets Abuse Act, 2005. The Half-Yearly Report comprises the reviewed (not audited) condensed consolidated interim financial statements for the six months ended 30 June 2013 prepared in accordance with International Financial Reporting Standards adopted for use in the EU for interim financial statements (International Accounting Standard 34. Interim Financial Reporting'). The condensed consolidated interim financial statements have been reviewed in accordance with the requirements of ISRE 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity'. The comparative statement of financial position has been extracted from the audited financial statements for the year ended 31 December 2012

Principal activities

The Group is Malta's leading telecommunications and ancillary services provider. The services provided by the Group include fixed-line and mobile telephony services, broadband and internet services, digital terrestrial television, IPTV and data centre operations. The Company also has an interest in a jointly-controlled entity (Forgendo Limited), a company registered in Cyprus. Forgendo Limited currently holds an investment in an associate (Forthnet S.A.) registered in Greece, which provides fixed-line telephony, broadband and satellite TV services in Greece.

Insofar as their electronic communications operations are concerned, the Company and certain of its subsidiary companies are regulated by and are subject to the provisions of the Electronic Communications (Requlation) Act, 2004 and regulations issued thereunder.

Review of financial performance

During the first six months of the current financial year the Group registered an operating profit before non-recurring items of €10.4 million, just a small reduction of €0.13 million over 2012. The results of 2013 and the comparative period were both negatively impacted by voluntary retirement costs and pension obligations, items considered to be of an unusual nature, size or incidence, whilst during the comparative period GO secured the recovery of a long outstanding receivable not attributable to the Group's trading activities. The combined impact of these items of unusual nature, size or incidence resulted in a drop in the Group's operating profit from €11.4 million during the first six months of 2012 to €9.4 million during the period under review.

In 2012 the results of GO were also positively impacted by a gain of €11.4 million registered following the conclusion of an agreement between the Company and the Government of Malta which resulted in the sale of a plot of land at Qawra for a value of €13.8 million. This significant one-off transaction explains the reduction in profit before tax from €20.4 million during the first six months of 2012 to €8.3 million during the period under review.

The Group's revenue amounted to €60.5 million compared to €63.6 million in 2012 representing a reduction of 4.9%. GO retains a strong client base servicing more than 500,000 connections across its main retail products as decline in traditional fixed-voice connections is compensated by growth in all other sectors, namely broadband, TV and mobile. However, the telecommunications market continues to be characterised by intense competition across all product lines resulting in lower ARPU levels. Furthermore, revenues continue to be negatively impacted by the ongoing annual reduction in mobile termination rates and roaming as mandated by the Malta Communications Authority and the EU. On a positive note it is indeed encouraging to see an ever increasing proportion of clients opting for Homepack, the Group's highly successful bundle of services aimed at satisfying all telecommunication needs of a household.

Directors' Report pursuant to Listing Rule 5.75.2

For the period 1 January 2013 to 30 June 2013

Cost of sales and administration costs excluding costs of an unusual nature, size or incidence amounted to €50.6 million, which represents a decrease of €3 million over the comparative period. Whilst the Group successfully pursued cost reductions in most areas, it also experienced increased incidence of costs in certain areas directly related to sales activity and exceptionally in the operation of its networks.

The Group's earnings before interest, tax, depreciation and amortisation (EBITDA) and before nonrecurring costs, amounted to €24.1 million as against €24.5 million. Cash generation remains healthy and as at 30 June 2013 the Group held cash and cash equivalents of €5.6 million. Whilst cash holdings represent a decrease of €6.8 million over the levels registered as at 30 June 2012, this is as a result of a reduction in borrowings of €15.9 million.

Commentary on performance

Throughout this phase, GO maintained its focus on pursuing a strategy of providing its customers with the best possible customer experience. This was pursued on three fronts, namely continued investment in technology, revamp of consumer offers and improved processes and procedures to service clients more efficiently and effectively.

The first six months of the year were a busy period characterised by significant planning and investment in the Group's various networks aimed at extending the reach of new technology, such as FTTH and IPTV, and to upgrade various core systems to deliver the best quality broadband, TV and mobile experience to the Group's customers. These investments, together with the roll-out of the new mobile radio access network completed last year enabling our mobile internet customers to reach speeds up to 42 Mbps, ensure that GO clients have the ability to enjoy an unparalleled broadband experience seamlessly across both wired as well as wireless solutions.

During this period GO started a process to revamp its offers to consumers, a process which will continue in the coming months and is aimed at ensuring that consumers get the best possible value for their spend with the Group. The recent award of the English Premier League, together with other rights for the Champions League and Italian Serie A football confirms GO as the leading provider of quality premium TV. The acquisition of these rights is also in line with the Group's strategy to continue to invest in a next generation fibre network and in IPTV to enhance the overall customer experience beyond the availability of a robust infrastructure.

As a result of this focused strategy, in spite of significant and intense competition in the telecommunications sector, GO managed to increase its total customer connections by 7,000, In particular GO reversed the decline in mobile market share into a growing share of mobile subscriptions as per latest report by the Malta Communications Authority, whilst GO continued to experience growth in broadband connections, take up of Homepack and IPTV. This state of play highlights the extent to which the industry is performing within a highly saturated market where innovation, customer experience and value for money ensure an operator's ability to retain and grow market share.

Nonetheless, the dynamics of the market within which we operate are characterised by shrinking profitability. So far GO has performed better than its peers thanks to significant efforts to pursue the rightsizing of its operations, simplifying its various networks and consumer offers and contain costs in general. These efforts will continue as pressure on revenue is not expected to abate, however the Group believes that its strategy will allow it to remain the service of choice for the majority of customers, ensuring long term sustainability of its operations.

Directors' Report pursuant to Listing Rule 5.75.2

For the period 1 January 2013 to 30 June 2013

Related party transactions

During the period under review, the Group acquired services amounting to €0.44 million from entities ultimately controlled by Dubai Holdings LLC, the ultimate parent company. Dividends paid to the parent company amounted to €6.1 million.

Dividends

The Board of Directors has resolved to determine the extent of dividend distribution for 2013 on the basis of the full results for the year. Accordingly, no dividends are declared upon issue of the results for the six-month period ended 30 June 2013.

Approved by the Board of Directors on 13 August 2013 and signed on its behalf by

Deepak S Padmanabhan Chairman

Nikhil Patil Director

Condensed Consolidated Interim Financial Statements

Statement of financial position

As at 30 June 2013

		As at 30.06.13	As at 31.12.12
	Notes	€0000	€000
ASSETS
Non-current assets
Property, plant and equipment	5	133,723	138,557
Investment property		1,571	1,571
Intangible assets		17,943	21,646
Deferred tax assets		6,890	6,805
Trade and other receivables		1,374	1,637
Total non-current assets		161,501	170,216
Current assets
Inventories		6,744	6,002
Trade and other receivables		34,635	32,412
Current tax assets		1,258	2,310
Cash at bank and in hand		10,627	27,243
Total current assets		53,264	67,967
Total assets		214,765	238,183
EQUITY AND LIABILITIES
EQUITY
Share capital		58,998	58,998
Reserves		16,832	16,529
Retained earnings		21,295	26,073
Total equity		97,125	101,600

Condensed Consolidated Interim Financial Statements

Statement of financial position (continued)

As at 30 June 2013

		As at 30.06.13	As at 31.12.12
	Notes	E000	€0000
LIABILITIES
Non-current liabilities
Borrowings		48,610	60,330
Derivative financial instruments		817	1,283
Deferred tax liabilities		7,726	7,752
Trade and other payables		2,138	2,958
Provisions for pensions	7	3,203	3,116
Total non-current liabilities		62,584	75,439
Current liabilities
Trade and other payables		39,366	40,958
Current tax liabilities		1,247	358
Borrowings		11,792	16,977
Provisions for pensions	7	2,651	2,851
Total current liabilities		55,056	61,144
Total liabilities		117,640	136,583
Total equity and liabilities		214,765	238,183
		대한 대표 등 대표 예	==============================================================================================================================================================================

The notes on pages 12 to 18 are an integral part of these condensed consolidated interim financial statements.

The condensed consolidated interim financial statements set out on pages 4 to 18 were approved by the Board of Directors on 13 August 2013 and were signed on its behalf by:

Deepak S Padmanabhan Chairman

Condensed Consolidated Interim Financial Statements

Income statement

For the period 1 January 2013 to 30 June 2013

	Notes	Six months ended 30.06.13 E000	Six months ended 30.06.12 €000
Revenue Cost of sales		60,540 (37,176)	63,628 (38,930)
Gross profit Administrative and other related expenses Other income Other expenses		23,364 (14,417) 465 (55)	24,698 (13,769) 565 (109)
Operating profit	8	9,357	11,385
Analysed as follows: Operating profit before non-recurring items Non-recurring items presented within 'Administrative and other related expenses'		10,374 (1,017)	10,503 882
Operating profit after non-recurring items		9,357	11,385
Finance income Finance costs Adjustments arising on fair valuation		276 (1,375)	298 (1,342)
of land and buildings Gain on disposal of property Losses attributable to investment in	5		(770) 11,369
jointly-controlled entity	6		(574)
Profit before income tax Income tax expense		8,258 (2,905)	20,366 (5,088)
Profit for the period		5,353 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------	15,278
Earnings per share (euro cents)		5c3 트 ===========================================================================================================================================================================	15c1 ==============================================================================================================================================================================

The notes on pages 12 to 18 are an integral part of these condensed consolidated interim financial statements.

Condensed Consolidated Interim Financial Statements

Statement of comprehensive income

For the period 1 January 2013 to 30 June 2013

	Six months ended	Six months ended
	30.06.13	30.06.12
	E000	€000
Profit for the period	5,358	15,278
Other comprehensive income
Items that will not be reclassified to profit or loss Surplus arising on revaluation of land
and buildings		2,546
Income tax relating to components of other comprehensive income		(1,762)
Items that may be reclassified subsequently to profit or loss
Change in fair value of derivative designated
as hedging instrument in cash flow hedge Income tax relating to components of	466	14
other comprehensive income	(163)	(5)
Total other comprehensive income for the
period, net of tax	303	793
Total comprehensive income for the period	5,656	16,071

The notes on pages 12 to 18 are an integral part of these condensed consolidated interim financial statements.

Condensed Consolidated Interim Financial Statements

Statement of changes in equity

For the period 1 January 2013 to 30 June 2013

	Share capital E0000	Reserves E000	E000 earnings Retained	equity E000 Tota
Balance at 1 January 2012	58.998	15.499	8,863	83,360
Comprehensive income Profit for the period			15,278	15,278
Cash flow hedge, net of deferred tax Other comprehensive income:		6		6
on Surplus arising on revaluation of land Movements in deferred tax liability and buildings		2,546		2,546
revalued land and buildings determined ns ga on the basis applicable to capital		1.762		1,762
Total other comprehensive income		793		793
Total comprehensive income for the period		793	15.278	16.071
Balance at 30 June 2012	58.998 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------	------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 16.299	------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 24.141	------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 99.431

Condensed Consolidated Interim Financial Statements

Statement of changes in equity (continued)

For the period 1 January 2013 to 30 June 2013

	Share €000 capital	Reserves E0000	earnings Retained E000	€000 equity Total
Balance at 1 January 2013	58,998	16,529	26,073	101.600
Comprehensive income Profit for the period			5.353	5,353
tax Cash flow hedge, net of deferred Other comprehensive income:		303		303
Total other comprehensive income		303		303
Total comprehensive income for the period		303	5,353	5,656
Dividends to equity holders relating to the preceding financial year Transactions with owners in their capacity as owners Contributions by and distributions to owners:			(10,131	(10,131
Total transactions with owners			10,131	(10,131
Balance at 30 June 2013	58,998 ==============================================================================================================================================================================	l - - - - - - - - - 16.832	21.295 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------	97.125 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The notes on pages 12 to 18 are an integral part of these condensed consolidated interim financial statements.

Condensed Consolidated Financial Statements

Statement of cash flows

For the period 1 January 2013 to 30 June 2013

	Six months ended	Six months ended
	30.06.13	30.06.12
	enoo	€000
Cash flows from operating activities
Operating profit	9,357	11,385
Adjustments for:
Depreciation and amortisation	13,790	13,968
Net increase/(decrease) in provisions and write-
downs in relation to receivables and inventories	113	(427)
Voluntary retirement costs	813	629
Provisions for pensions	203	89
Other items		(20)
	24,276	25,624
Changes in working capital:
Inventories	(851)	(152)
Trade and other receivables	(2,451)	(1,631)
Trade and other payables	(1,483)	(5,906)
Cash generated from operations	19,491	17.935
Interest received	86	81
Interest paid on bank overdrafts	(120)	(38)
Net taxation paid	(1,226)	(1,675)
Payments under voluntary retirement scheme	(813)	(629)
Payments in relation to pension obligations	(226)
Net cash generated from operating activities	17,192	15.674

Condensed Consolidated Interim Financial Statements

Statement of cash flows (continued)

For the period 1 January 2013 to 30 June 2013

	Six months ended 30.06.13 E000	Six months ended 30.06.12 2000
Cash flows from investing activities Payments to acquire property, plant and equipment and intangible assets	(6,606)	(10,606)
Net cash used in investing activities	(6,606)	(10,606)
Cash flows from financing activities Proceeds from non-current bank borrowings Repayments of bank borrowings Dividends paid Loan interest paid Net cash (used in)/generated from financing activities	(15,867) (9,930) (1,149) (26,946)	2,981 (1,000) (937) 1,044
Net movement in cash and cash equivalents Cash and cash equivalents at beginning of period Exchange gains on cash and cash equivalents Movement in cash pledged as guarantees	(16,360) 21,886 (6) 54	6.112 7,320 (53) (1,022)
Cash and cash equivalents at end of period	5,574	12,357

The notes on pages 12 to 18 are an integral part of these condensed consolidated interim financial statements.

Notes to the condensed consolidated interim financial statements

For the period 1 January 2013 to 30 June 2013

1 General information

GO p.l.c. ("the Company") is a limited liability company domiciled and incorporated in Malta. The condensed consolidated interim financial statements of the Company as at 30 June 2013 and for the six-month period then ended comprise the Company and its subsidiaries (together referred to as the "Group"). The Group operates in Malta and is primarily involved in the provision of telecommunications services (both fixed and mobile), internet related services, digital terrestrial television in Malta and in the operation of data centres.

The consolidated financial statements of the Group as at and for the year ended 31 December 2012 are available upon request from the Company's registered office at Fra Diegu Street, Marsa, MRS 1501, Malta. They are also available for viewing on its website at www.go.com.mt.

This condensed consolidated interim financial information was approved for issue by the Board of Directors on 13 August 2013.

The condensed consolidated interim financial information has been reviewed, not audited, in accordance with the requirements of ISRE 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity'.

2 Basis of preparation

The condensed consolidated interim financial information for the six-month period ended 30 June 2013 has been prepared in accordance with International Financial Reporting Standards as adopted by the EU applicable to interim financial reporting (International Accounting Standard 34, 'Interim Financial Reporting'). The condensed consolidated interim financial information should be read in conjunction with the annual financial statements for the year ended 31 December 2012, which have been prepared in accordance with IFRSs as adopted by the EU.

3 Accounting policies

The accounting policies applied are consistent with those of the annual financial statements for the year ended 31 December 2012, as described in those annual financial statements except as described below.

(a) Standards, interpretations and amendments to published standards effective in 2013

In 2013, the Group adopted new standards, amendments and interpretations to existing standards that are mandatory for the Group's accounting period beginning on 1 January 2013. The adoption of these revisions to the requirements of IFRSs as adopted by the EU did not result in changes to the Group's accounting policies impacting the Group's financial performance and position with the exception of IAS 19 (Revised) 'Employee benefits'.

· IAS 19 (revised) amended the accounting for post-employment employee benefits. The Group was required to apply the revised standard retrospectively in accordance with the transition provisions of the standard. The impact on the Group has been in the following principal areas:

Notes to the condensed consolidated interim financial statements

For the period 1 January 2013 to 30 June 2013

8 Accounting policies (continued)

• 1. Under the revised standard, actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income (retained earnings) in the period in which they arise. These were charged or credited to profit or loss in the period in which they arose under the Group's previous accounting policy.
• 1. Past-service costs are recognised immediately in profit or loss. Under the Group's preceding accounting policy, past-service costs were recognised immediately in profit or loss, unless the employee was not yet unconditionally eligible to receive pension benefits (the vesting period), in which case the past-service costs were amortised on a straight-line basis over the vesting period.

The effect of these changes on the Group's financial results and its financial position was deemed insignificant.

(b) Standards, interpretations and amendments to published standards that are not yet effective

Certain new standards, amendments and interpretations to existing standards which are mandatory for accounting periods beginning after 1 January 2013 have been published by the date of authorisation for issue of this financial information. The Company's directors are of the opinion that there are no requirements that will have a possible significant impact on the Company's consolidated financial statements in the period of initial application.

4 Operating segments

(a) Description of segments

The Group has three reporting segments, as described below, which are the Group's strategic business units. The strategic business units offer different services, and are managed separately because they require different technology and marketing strategies. For each of the strategic business units, the Board of Directors reviews internal management reports at least on a monthly basis. The following summary describes the operations in each of the Group's reportable segments:

Fixed Communication Services (Fixed-line) comprise the Group's fixed-line telephony services, digital television services, sale of broadband, internet services and other business communication solutions.

Mobile Communication Services (Mobile) comprise the Group's mobile telephony services.

Data Centre Services (Data centre) comprise the Group's data centre activities including colocation services.

The Group's internal reporting to the Board of Directors and senior executives is analysed according to the above segments. The segment results are based on results from operations adjusted for attributable finance costs.

Page 14

GO p.l.c.

Notes to the condensed consolidated interim financial statements

For the period 1 January 2013 to 30 June 2013

Operating segments (continued) ব

161 12

2013	2012	2013	2012	2018	2012	2013	2012
E000	2000	E000	€000	E000	€000	E000	2000
35,895	37,855	18.667	20,589	5,978	5,184	60.540	63,628
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1,082	2,400	255	1,021	188		1,525	3,421
			lle light in the light in the light in the finally be	==============================================================================================================================================================================		in and the comments of	------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(1,692)	11.448	7.7.67	7.412	2,183	1,506	87258	20,366
							ille in the line the light in the fi
(1,017)	882					(1,017)	882
	11,369						11,369
	(770)						(770)
	(574)						(574)
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195,293	207,633 li all the same the seat the seat the seat the seat the seat the seat the seat the finally the finally of the finally of the finally of the finally of the finally of the fina	33,155 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------	38,548 l ============================================================================================================================================================================	7,864	7,947 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------	------------------------------------------------------------------------------------------------------------------------------------------------------------------------------	254,128 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
	----------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 트 CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL CL 트 - - - - - - - - - - - - - - - - - - - -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------	============================================================================================================================================================================== ============================================================================================================================================================================== Fixed-line	II am and the comments of 드르드는 (b) information about reportable segments for the six-month periods ended 30 June	======= Mobile	------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ==============================================================================================================================================================================	ll ============================================================================================================================================================================== Data centre	Total 236,312 I and the comments of

Notes to the condensed consolidated interim financial statements

For the period 1 January 2013 to 30 June 2013

5 Property, plant and equipment

(a) Acquisitions and disposals

During the six month period ended 30 June 2012, the Company concluded an agreement with the Government of Malta (GOM) to acquire eleven properties, collectively referred to as the 'GOM Properties' from the Government at the transfer price of €13.8 million. In exchange for the GOM Properties, the Company transferred to the GOM the full ownership and all rights pertaining to, or on, the land situated in Qawra, limits of St. Paul's Bay, with a carrying amount of €2,453,000. The market value and transfer price of the land situated in Qawra was established at €13.8 million and accordingly GO recognised a gain of €11,369,000 in profit or loss during the interim period ended 30 June 2012.

During the six months ended 30 June 2013, the Group acquired assets, primarily plant and equipment, with a cost of €3.9 million (six months ended 30 June 2012: €6.0 million).

(b) Capital commitments

The following are capital commitments of the Group:

	30.06.13 E0000	31.12.12 2000
Contracted for	5,664	7.228
Authorised but not yet contracted for	2,687
	8,351	7.228

0 Investment in jointly-controlled entity

(a) Equity investment

The Company has a 50% interest in Forgendo Limited, the jointly-controlled entity, which in turn has an investment in its associate, Hellenic Company for Telecommunications and Telematic Applications S.A. (Forthnet), a Greek company listed on the Athens Stock Exchange. As at 30 June 2013, the ownership interest of the jointly-controlled entity in Forthnet S.A. was 41.27% (31 December 2012: 41.27%). The carrying amount of GO's equity investment in the jointly-controlled entity had been reduced to nil as a result of the partial recognition of GO's share of the financial results of Forgendo in accordance with the requirements of equity accounting, and has remained nil during the interim period to 30 June 2013. The Group also had exposures to the jointly-controlled entity in the form of loans and other amounts receivable as referred to below. The unrecognised share of losses registered by Forgendo has in substance necessitated impairment losses on the loans and other amounts receivable from Forgendo (see Note b below). GO is committed to make available funds and other financial support as may be required, to the extent of its interest, to enable Forgendo to cover any deficiency in equity and any liquidity requirements that may arise to meet its liabilities, as and when they fall due.

Notes to the condensed consolidated interim financial statements

For the period 1 January 2013 to 30 June 2013

6

(b) Loans receivable

Loans advanced to the jointly-controlled entity were subject to the following terms and conditions:

	Interest	Expiry dates	30.06.13	31.12.12
	0/0		E000	€000
Loan 2	4.75	June 2013	597	597
Loan 3	4.75	August 2013	54,882	54,882
Loan 4	6 months Euribor +2.00%	July 2013	468	463
Loan 5	4.75	January 2014	5,925	5,925
Impairment losses			(61,867)	(61,867)
Carrying amount

The above loans are not considered to be in substance part of the net investment in the jointly-controlled entity. The Group also had other amounts receivable from the jointlycontrolled entity. During the financial year ended 31 December 2012, GO's Board of Directors resolved to reflect further impairment losses such that the carrying amount of the loans and other amounts receivable from Forgendo was adjusted downwards to nil, as such exposures were deemed fully impaired.

(c) Financial information relating to the jointly-controlled entity

Amounts recognised in profit or loss in respect of the jointly-controlled-entity are as follows:

	Six months	Six months
	ended 30.06.13	ended 30.06.12
	€0.000	2000
Impairment loss on loans and other amounts receivable from jointly-controlled entity		(574)

Notes to the condensed consolidated interim financial statements

For the period 1 January 2013 to 30 June 2013

7 Provisions for pensions

As disclosed in the annual financial statements, GO p.l.c. was required to set up a pension scheme in favour of ex-Cable and Wireless employees following a judgement by the Court of Appeal on 7 July 2008. Subsequently the Company also received other claims for pension rights from a number of employees and former employees. The Company established the scheme on 1 July 2009 with effect from 1 January 1975. Subsequent to the setting up of the scheme, the Company offered a number of beneficiaries a one-time lump sum settlement in lieu of joining the scheme.

As at 30 June 2013, the Company estimated that its obligations towards the remaining potential beneficiaries amounted to €5.9 million (31 December 2012: €6.0 million).

8 Operating profit

During the interim period the following items of unusual nature, size or incidence have been charged/(credited) to operating profit:

	Six months	Six months
	ended 30.06.73 3000	ended 30.06.12 2000
Administrative and other related expenses:
Voluntary retirement costs (see note below)	814	629
Movement in provisions for pensions (see Note 7)	203	89
Reversal of provision for impairment in relation to specific receivables not attributable to the
Group's trading activities		(1,600)

The Company continued with its right-sizing programme by offering voluntary retirement schemes to its employees.

9 Dividends paid

A dividend in respect of the year ended 31 December 2012 of €0.10 per share, amounting to €10,131,000, was proposed by the Board of Directors and paid during the interim period ended 30 June 2013.

10 Contingencies

There were no major changes in the contingencies of the Company and its subsidiaries from those disclosed in the consolidated financial statements of the Group for the year ended 31 December 2012.

Notes to the condensed consolidated interim financial statements

For the period 1 January 2013 to 30 June 2013

11 Related parties

(a) Parent and ultimate controlling party

The Company's ultimate controlling party and ultimate parent is Dubai Holding LLC, the registered office of which is situated at Emirates Towers, Level 43, Office Block, Sheikh Zayed Road, Dubai, UAE. The immediate parent of the Company, with a 60% holding, is Emirates International Telecommunications (Malta) Limited, a company which is ultimately controlled by Dubai Holding LLC as it forms part of the same group of companies of which Dubai Holding LLC is the ultimate parent. Dubai Holding LLC is owned by H.H. Sheikh Mohammed Bin Rashid Al Makhtoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

(b) Related party transactions

Consistent with the disclosures in the audited financial statements for the year ended 31 December 2012, the Group has a related party relationship with its ultimate controlling party and entities ultimately controlled by it (see above); key management personnel together with close members of their family and entities controlled by them; and the Group's jointlycontrolled entity.

The principal related party transactions during the six month period under review comprise:

	Six months	Six months
	ended	ended
	30.06.13	30.06.12
	E000	£0000
Ultimate controlling party and related entities
Services provided to	114	147
Services provided by	443	594
Payments on behalf of the Company by	2:30	565
Dividends paid to	6.079

(c) Related party balances

The principal balances with related parties are analysed as follows:

	30.06.13	31.12.12
	E000	€0000
Ultimate controlling party and related entities
Amounts receivable from	892	137
Amounts payable to	(842)	(43)

Loans receivable from the jointly-controlled entity are stated net of provisions for impairment as disclosed in Note 6 to these interim financial statements.

Statement pursuant to Listing Rule 5.75.3

I hereby confirm that to the best of my knowledge:

• · the condensed consolidated interim financial statements give a true and fair view of the financial position of the Group as at 30 June 2013, and of its financial performance and cash flows for the six-month period then ended in accordance with International Financial Reporting Standards as adopted by the EU applicable to interim financial reporting (International Accounting Standard 34, 'Interim Financial Reporting');
• · the Interim Directors' report includes a fair review of the information required in terms of Listing Rules 5.81 to 5.84.

Deepak S Padmanabhan Chairman

13 August 2013

Independent auditor's report

To the Board of Directors of GO p.l.c.

Report on Review of Condensed Consolidated Interim Financial Information

Introduction

We have reviewed the accompanying condensed consolidated statement of financial position of GO p.l.c. as at 30 June 2013, the related condensed consolidated income statement and statements of comprehensive income, changes in equity and cash flows for the six-month period then ended and the explanatory notes (the interim financial information'). The directors are responsible for the preparation and fair presentation of this interim financial information in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU applicable to interim financial reporting (International Accounting Standard 34 "Interim Financial Reporting'). Our responsibility is to express a conclusion on this interim financial information based on our review.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity'. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

This report, including its conclusion, has been prepared for the purpose of the Listing Rules of the Malta Financial Services Authority and for no other purpose. We do not, in producing this report, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial information is not prepared, in all material respects, in accordance with International Accounting Standard 34 "Interim Financial Reporting'.

PricewaterhouseCoopers

18 Mill Street Qormi
Malta
Simon Flynn
Partner

13 August 2013

The maintenance and integrity of the GO p.l.c. website is the responsibility of the Company; the work carried out a) by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the condensed consolidated information since this was initially presented on the website. Legislation in Malta governing the preparation and dissemination of financial statements may differ from legislation in other b) iurisdictions.