C
o
m
pan
y
R
e
g
is
t
ra
t
i
on
N
o
. C 88958
P
H
O
E
N
ICI
A
FI
N
A
N
CE C
O
MP
A
N
Y
P
.
L
.
C
.
A
nnua
l
R
e
p
o
rt and F
i
nan
ci
a
l
S
tat
e
m
e
nts
31
D
e
c
e
mb
e
r 2021
P
H
O
E
N
ICI
A
FI
N
A
N
CE C
O
MP
A
N
Y
P
.
L
.
C
.
A
nnua
l
R
e
p
o
rt and F
i
nan
ci
a
l
S
tat
e
m
e
nts f
o
r th
e
y
e
ar
e
nd
e
d 31
D
e
c
e
mb
e
r 2021
1
C
O
N
TE
N
T
S
P
ag
e
s
G
ene
r
a
l i
n
f
o
rm
a
t
i
on
2
D
ir
e
c
t
o
rs’ r
epo
r
t
3
-
5
C
o
r
po
r
a
t
e
g
o
v
e
r
nan
c
e
– S
t
a
t
e
m
en
t
o
f
c
o
m
p
li
an
c
e
6
-
9
S
t
a
t
e
m
en
t
o
f
c
o
m
p
r
ehen
si
v
e
i
n
c
o
m
e
10
S
t
a
t
e
m
en
t
o
f
f
i
nan
ci
a
l
po
si
t
i
on
11
S
t
a
t
e
m
en
t
o
f
c
han
g
e
s i
n
equ
i
t
y
12
S
t
a
t
e
m
en
t
o
f
c
a
s
h
f
l
o
ws13
N
o
t
e
s
t
o
t
he
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s14
-
30
I
ndependen
t
A
ud
i
t
o
r’s R
epo
r
t
31
-
37
P
H
O
E
N
ICI
A
FI
N
A
N
CE C
O
MP
A
N
Y
P
.
L
.
C
.
A
nnua
l
R
e
p
o
rt and F
i
nan
ci
a
l
S
tat
e
m
e
nts f
o
r th
e
y
e
ar
e
nd
e
d 31
D
e
c
e
mb
e
r 2021
2
GE
N
ER
A
L I
N
F
O
R
M
A
TI
O
N
C
o
mpany r
e
g
i
strat
i
o
n
P
hoen
ici
a
Fi
nan
c
e
C
o
m
pan
y
p
.l.c.
(
‘
t
he
C
o
m
pan
y
’
)
w
a
s r
e
gis
t
e
r
ed
i
n
M
a
l
t
a
on
23
O
c
t
obe
r 2018
a
s
a
pub
lic limi
t
ed
li
ab
ili
t
y
c
o
m
pan
y
unde
r
t
he
C
o
m
pan
i
e
s Ac
t
, C
ap
. 386
o
f
t
he
L
a
ws
o
f
M
a
l
t
a
. T
he
C
o
m
pan
y
is i
n
c
o
r
po
r
a
t
ed
and
do
micil
ed
i
n
M
a
l
t
a
wi
t
h
i
t
s r
e
gis
t
e
r
ed
o
ff
ic
e
a
t
T
he
P
hoen
ici
a
H
o
t
e
l, T
he
M
a
ll, Fl
o
ri
ana
, FR
N
1478, M
a
l
t
a
. T
he
C
o
m
pan
y
’s r
e
gis
t
r
a
t
i
on
nu
m
be
r is C 88958.
Di
r
e
ct
o
rs
M
a
r
k
S
ha
w
J
ean
P
i
e
rr
e
Ell
u
l C
a
s
t
a
l
d
i
M
a
ri
o
P
G
a
l
ea
E
t
i
enne
B
o
rg C
a
r
dona
B
en
j
a
mi
n
M
u
sc
a
t
C
o
mpany s
e
cr
e
tary
S
t
ephan
i
e
M
andu
c
a
R
e
g
i
st
e
r
e
d
o
ff
i
c
e
T
he
P
hoen
ici
a
H
o
t
e
l
T
he
M
a
ll
Fl
o
ri
ana
, FR
N
1478
MALTA
B
an
k
e
rs
B
an
k
o
f
V
a
ll
e
tt
a
58, S
t
. Z
a
c
ha
r
y
S
t
r
ee
t
V
a
ll
e
tt
a
, VLT 1130
MALTA
A
ud
i
t
o
r
Er
n
s
t
&
Y
oun
g M
a
l
t
a
Limi
t
ed
C
e
r
t
i
f
i
ed
P
ub
lic Acc
oun
t
an
t
s
R
e
gi
ona
l B
u
si
ne
ss C
en
t
r
e
Ac
h
ill
e
F
e
rris S
t
r
ee
t
Msi
da
, MS
D
1751
MALTA
P
H
O
E
N
ICI
A
FI
N
A
N
CE C
O
MP
A
N
Y
P
.
L
.
C
.
A
nnua
l
R
e
p
o
rt and F
i
nan
ci
a
l
S
tat
e
m
e
nts f
o
r th
e
y
e
ar
e
nd
e
d 31
D
e
c
e
mb
e
r 2021
3
D
IRECT
O
R
S
’ RE
P
O
RT
T
he
D
ir
e
c
t
o
rs
o
f
t
he
C
o
m
pan
y
p
r
e
s
en
t
t
he
ir
annua
l r
epo
r
t
and
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s
f
o
r
t
he
y
ea
r
ended
31
D
e
c
e
m
be
r
2021.
C
o
mpany
i
nc
o
rp
o
rat
i
o
n
P
hoen
ici
a
Fi
nan
c
e
C
o
m
pan
y
p
.l.c.
(
‘
t
he
C
o
m
pan
y
’
)
w
a
s r
e
gis
t
e
r
ed
i
n
M
a
l
t
a
on
23
O
c
t
obe
r 2018
a
s
apub
lic limi
t
ed
li
ab
ili
t
y
c
o
m
pan
y
unde
r
t
he
C
o
m
pan
i
e
s Ac
t
, C
ap
. 386
o
f
t
he
L
a
ws
o
f
M
a
l
t
a
. T
he
C
o
m
pan
y
is i
n
c
o
r
po
r
a
t
ed
and
do
micil
ed
i
n
M
a
l
t
a
wi
t
h
i
t
s r
e
gis
t
e
r
ed
o
ff
ic
e
a
t
T
he
P
hoen
ici
a
H
o
t
e
l, T
he
M
a
ll, Fl
o
ri
ana
, FR
N
1478, M
a
l
t
a
.
P
r
i
nc
i
pa
l
act
i
v
i
ty
T
he
C
o
m
pan
y
’s
p
ri
n
ci
pa
l
a
c
t
i
v
i
t
y
is
t
o
c
a
rr
y
on
t
he
bu
si
ne
ss
o
f
a
f
i
nan
c
e
c
o
m
pan
y
i
n
c
onne
c
t
i
on
wi
t
h
t
he
o
w
ne
rs
h
i
p
,
de
v
e
l
op
m
en
t
,
ope
r
a
t
i
on
and
f
i
nan
ci
n
g
o
f
ho
t
e
ls, r
e
s
o
r
t
s, l
e
is
u
r
e
f
a
cili
t
i
e
s,
and
t
ou
rism r
e
l
a
t
ed
a
c
t
i
v
i
t
i
e
s.
P
r
i
nc
i
pa
l
r
i
s
k
s and unc
e
rta
i
nt
i
e
s
T
he
C
o
m
pan
y
is m
a
i
n
l
y
dependan
t
on
t
he
bu
si
ne
ss
p
r
o
s
pe
c
t
s
o
f
t
he
P
hoen
ici
a
G
r
oup
(
a
ls
o
r
e
f
e
rr
ed
t
o
a
s “
t
he
G
r
oup
”
and
c
o
m
p
risi
n
g
o
f
t
he
C
o
m
pan
y
i
t
s
e
l
f
,
P
hoen
ici
a
M
a
l
t
a
Limi
t
ed
and
P
hoen
ici
a
H
o
t
e
l C
o
m
pan
y
Limi
t
ed
)
,
w
ho
s
e
bu
si
ne
ss m
a
i
n
l
y
r
e
l
a
t
e
s
t
o
t
he
o
w
ne
rs
h
i
p
, m
ana
g
e
m
en
t
and
ope
r
a
t
i
on
o
f
T
he
P
hoen
ici
a
M
a
l
t
a
ho
t
e
l
(
“
t
he
H
o
t
e
l”
o
r “
t
he
P
hoen
ici
a
”
)
,
an
ic
on
ic
f
i
v
e
-
s
t
a
r
ho
t
e
lsi
t
ua
t
ed
i
n
Fl
o
ri
ana
,M
a
l
t
a
. C
on
s
equen
t
l
y
,
t
heope
r
a
t
i
n
g r
e
s
u
l
t
s
o
f
t
he
G
r
oup
ha
v
e
a
d
ir
e
c
t
e
ff
e
c
t
on
t
he
C
o
m
pan
y
’
s fi
nan
ci
a
l
po
si
t
i
on
and
pe
r
f
o
rm
an
c
e
, i
n
cl
ud
i
n
g
t
he
ab
ili
t
y
o
f
t
he
C
o
m
pan
y
t
o
m
ee
t
i
t
s
pa
y
m
en
t
ob
lig
a
t
i
on
s
unde
r
t
he
iss
ued
bond
s.
T
he
C
o
m
pan
y
’
s
a
ss
e
t
s c
on
sis
t
p
ri
n
ci
pa
ll
y
o
f
t
he
l
oan
s
ad
v
an
c
ed
t
o
t
he
r
e
l
a
t
ed
c
o
m
pan
i
e
s
and
t
he
a
ccr
ued
i
n
t
e
r
e
s
t
t
he
r
eon
.T
he
r
e
f
o
r
e
,
t
he
ab
ili
t
y
o
f
t
he
s
e
c
o
m
pan
i
e
s
t
o
a
ff
e
c
t
pa
y
m
en
t
s
t
o
t
he
C
o
m
pan
y
unde
r s
u
c
h
l
oan
s will
depend
on
t
he
ir r
e
s
pe
c
t
i
v
e
c
a
s
h
f
l
o
ws
and
ea
r
n
i
n
gs.
R
e
v
i
e
w
o
f th
e
bus
i
n
e
ss
T
he
C
o
m
pan
y
ha
s iss
ued
E
U
R25,000,000 4.15
%
U
n
s
e
c
u
r
ed
B
ond
s
t
o
t
he
g
ene
r
a
l
pub
lic
b
y
v
ir
t
ue
o
f
p
r
o
s
pe
c
t
u
s
da
t
ed
15
N
o
v
e
m
be
r 2018
and
app
r
o
v
ed
b
y
t
he
M
a
l
t
a
Fi
nan
ci
a
l S
e
r
v
ic
e
s A
u
t
ho
ri
t
y
on
t
he
s
a
m
e
da
t
e
. T
he
un
s
e
c
u
r
ed
bond
s
a
r
e
r
edee
m
ab
l
e
on
15
D
e
c
e
m
be
r 2028, s
ub
j
e
c
t
t
o
ea
rl
y
r
ede
m
p
t
i
on
a
t
t
he
op
t
i
on
o
f
t
he
C
o
m
pan
y
on
15
D
e
c
e
m
be
r 2023, 15
D
e
c
e
m
be
r 2024, 15
D
e
c
e
m
be
r 2025, 15
D
e
c
e
m
be
r 2026
o
r 15
D
e
c
e
m
be
r 2027 s
ub
j
e
c
t
t
o
t
he
C
o
m
pan
y
gi
v
i
n
g
t
he
B
ondho
l
de
rs
a
t
l
ea
s
t
60
da
y
s’
no
t
ic
e
i
n
wri
t
i
n
g.
I
n
t
e
r
e
s
t
is
pa
y
ab
l
e
annua
ll
y
on
15
D
e
c
e
m
be
r.
P
hoen
ici
a
M
a
l
t
a
Limi
t
ed
and
P
hoen
ici
a
H
o
t
e
l C
o
m
pan
y
Limi
t
ed
ha
v
e
p
r
o
v
i
ded
a
C
o
r
po
r
a
t
e
G
ua
r
an
t
ee
i
n
f
a
v
ou
r
o
f
t
he
bondho
l
de
rs,
o
f
w
h
ic
h
f
u
r
t
he
r i
n
f
o
rm
a
t
i
on
is c
on
t
a
i
ned
i
n
A
nne
x
II
o
f
t
he
S
e
c
u
ri
t
i
e
s
N
o
t
e
f
o
rmi
n
g
pa
r
t
o
f
t
he
P
r
o
s
pe
c
t
u
s,
a
s
G
ua
r
an
t
o
rs.
D
u
ri
n
g
t
he
y
ea
r
unde
r r
e
v
i
e
w,
f
i
nan
c
e
i
n
c
o
m
e
f
r
o
m l
oan
s
ad
v
an
c
ed
t
o
t
he
pa
r
en
t
c
o
m
pan
y
a
m
oun
t
ed
t
o
E
U
R1,286,989
(
2020: E
U
R1,275,420
)
,
and
i
n
t
e
r
e
s
t
e
x
pen
s
e
on
t
he
bond
a
m
oun
t
ed
t
o
E
U
R1,158,095
(
2020:
E
U
R1,152,715
)
. T
he
C
o
m
pan
y
r
e
gis
t
e
r
ed
a
p
r
o
f
i
t
be
f
o
r
e
t
a
x
o
f
E
U
R46,678
(
2020: E
U
R54,643
)
.
F
i
nanc
i
a
l
r
i
s
k
manag
e
m
e
nt
T
he
C
o
m
pan
y
’
s
a
c
t
i
v
i
t
i
e
s
e
x
po
s
e
i
t
t
o
a
v
a
ri
e
t
y
o
f
fi
nan
ci
a
l ris
k
s, i
n
cl
ud
i
n
g m
a
r
k
e
t
ris
k
, cr
ed
i
t
ris
k
and
li
qu
i
d
i
t
y
ris
k
. R
e
f
e
r
t
o
no
t
e
17
t
o
t
he
s
e
fi
nan
ci
a
l s
t
a
t
e
m
en
t
s.
R
e
su
l
ts and d
i
v
i
d
e
nds
T
he
r
e
s
u
l
t
s
f
o
r
t
he
y
ea
r
a
r
e
s
e
t
ou
t
i
n
t
he
s
t
a
t
e
m
en
t
o
f
c
o
m
p
r
ehen
si
v
e
i
n
c
o
m
e
on
pa
g
e
10. T
he
D
ir
e
c
t
o
rs
do
no
t
r
e
c
o
mm
end
t
he
pa
y
m
en
t
o
f
a
d
i
v
i
dend
.
P
H
O
E
N
ICI
A
FI
N
A
N
CE C
O
MP
A
N
Y
P
.
L
.
C
.
A
nnua
l
R
e
p
o
rt and F
i
nan
ci
a
l
S
tat
e
m
e
nts f
o
r th
e
y
e
ar
e
nd
e
d 31
D
e
c
e
mb
e
r 2021
4
D
IRECT
O
R
S
’ RE
P
O
RT
-
c
o
nt
i
nu
e
d
Di
r
e
ct
o
rs
T
he
D
ir
e
c
t
o
rs w
ho
he
l
d
o
ff
ic
e
un
t
il
t
he
da
t
e
o
f
au
t
ho
ris
a
t
i
on
o
f
t
he
s
e
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s
a
r
e
s
t
a
t
ed
on
pa
g
e
2. I
n
a
cc
o
r
dan
c
e
wi
t
h
t
he
C
o
m
pan
y
’s M
e
m
o
r
andu
m
and
Ar
t
icl
e
s
o
f
Ass
o
ci
a
t
i
on
,
t
he
p
r
e
s
en
t
D
ir
e
c
t
o
rs
a
r
e
t
o
r
e
m
a
i
n
i
n
o
ff
ic
e
.
S
tat
e
m
e
nt
o
f
Di
r
e
ct
o
rs’ R
e
sp
o
ns
i
b
ili
t
i
e
s
P
ursuant t
o
Cap
i
ta
l
M
ar
k
e
ts Ru
l
e
5
.
68
T
he
C
o
m
pan
i
e
s Ac
t
(
C
ap
. 386
)
r
equ
ir
e
s
t
he
D
ir
e
c
t
o
rs
t
o
p
r
epa
r
e
fi
nan
ci
a
l s
t
a
t
e
m
en
t
s i
n
a
cc
o
r
dan
c
e
wi
t
h
g
ene
r
a
ll
y
a
cc
ep
t
ed
a
cc
oun
t
i
n
g
p
ri
n
ci
p
l
e
s
a
s
de
f
i
ned
i
n
t
he
s
a
m
e
Ac
t
,
and
i
n
a
cc
o
r
dan
c
e
wi
t
h
t
he
p
r
o
v
isi
on
o
f
s
u
c
h
Ac
t
,
f
o
r
ea
c
h
f
i
nan
ci
a
l
pe
ri
od
w
h
ic
h
gi
v
e
a
t
r
ue
and
f
a
ir
v
i
e
w
o
f
t
he
f
i
nan
ci
a
l
po
si
t
i
on
o
f
t
he
C
o
m
pan
y
a
s
a
t
t
he
end
o
f
t
he
f
i
nan
ci
a
l
pe
ri
od
and
o
f
t
he
p
r
o
f
i
t
o
r l
o
ss
f
o
r
t
ha
t
pe
ri
od
. I
n
p
r
epa
ri
n
g
t
he
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s,
t
he
D
ir
e
c
t
o
rs
a
r
e
r
equ
ir
ed
t
o
:
(
i
)
adop
t
t
he
g
o
i
n
g c
on
c
e
r
n
ba
sis
un
l
e
ss i
t
is i
napp
r
op
ri
a
t
e
t
o
p
r
e
s
u
m
e
t
ha
t
t
he
C
o
m
pan
y
will c
on
t
i
nue
i
n
t
he
bu
si
ne
ss;
(
ii
)
s
e
l
e
c
t
s
u
i
t
ab
l
e
a
cc
oun
t
i
n
g
po
lici
e
s
and
app
l
y
t
he
m c
on
sis
t
en
t
l
y
;
(
iii
)
m
a
k
e
j
ud
g
e
m
en
t
s
and
e
s
t
im
a
t
e
s
t
ha
t
a
r
e
r
ea
s
onab
l
e
and
p
r
uden
t
;
(
i
v)
a
cc
oun
t
f
o
r i
n
c
o
m
e
and
c
ha
rg
e
s r
e
l
a
t
i
n
g
t
o
t
he
a
cc
oun
t
i
n
g
pe
ri
od
on
t
he
a
ccr
ua
ls
ba
sis;
(v)v
a
l
ue
s
epa
r
a
t
e
l
y
t
he
c
o
m
ponen
t
s
o
f
a
ss
e
t
and
li
ab
ili
t
y
i
t
e
ms;
(v
i
)
r
epo
r
t
c
o
m
pa
r
a
t
i
v
e
fig
u
r
e
s c
o
rr
e
s
pond
i
n
g
t
o
t
ho
s
e
o
f
t
he
p
r
e
c
ed
i
n
g
a
cc
oun
t
i
n
g
pe
ri
od
;
and
(v
ii
)
p
r
epa
r
e
t
he
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s i
n
a
cc
o
r
dan
c
e
wi
t
h
g
ene
r
a
ll
y
a
cc
ep
t
ed
a
cc
oun
t
i
n
g
p
ri
n
ci
p
l
e
s
a
s
de
f
i
ned
i
n
t
he
C
o
m
pan
i
e
s Ac
t
(
C
ap
. 386
)
and
i
n
a
cc
o
r
dan
c
e
wi
t
h
t
he
p
r
o
v
isi
on
o
f
t
he
s
a
m
e
Ac
t
.
T
he
D
ir
e
c
t
o
rs
a
r
e
a
ls
o
r
e
s
pon
si
b
l
e
f
o
r
k
eep
i
n
g
p
r
ope
r
a
cc
oun
t
i
n
g r
e
c
o
r
d
s w
h
ic
h
d
iscl
o
s
e
wi
t
h
r
ea
s
onab
l
e
a
cc
u
r
a
c
y
a
t
an
y
t
im
e
t
he
fi
nan
ci
a
l
po
si
t
i
on
o
f
t
he
C
o
m
pan
y
and
t
o
enab
l
e
t
he
m
t
o
en
s
u
r
e
t
ha
t
t
he
fi
nan
ci
a
l s
t
a
t
e
m
en
t
s c
o
m
p
l
y
wi
t
h
t
he
C
o
m
pan
i
e
s Ac
t
(
C
ap
. 386
)
ena
c
t
ed
i
n
M
a
l
t
a
. T
h
is r
e
s
pon
si
b
ili
t
y
i
n
cl
ude
s
de
sig
n
i
n
g, im
p
l
e
m
en
t
i
n
g
and
m
a
i
n
t
a
i
n
i
n
g s
u
c
h
i
n
t
e
r
na
l c
on
t
r
o
l
a
s
t
he
D
ir
e
c
t
o
rs
de
t
e
rmi
ne
is
ne
c
e
ss
a
r
y
t
o
enab
l
e
t
he
p
r
epa
r
a
t
i
on
o
f
fi
nan
ci
a
l
s
t
a
t
e
m
en
t
s
t
ha
t
a
r
e
f
r
ee
f
r
o
m m
a
t
e
ri
a
l miss
t
a
t
e
m
en
t
, w
he
t
he
r
due
t
o
f
r
aud
o
r
e
rr
o
r. T
he
D
ir
e
c
t
o
rs
a
r
e
a
ls
o
r
e
s
pon
si
b
l
e
f
o
r s
a
f
e
g
ua
r
d
i
n
g
t
he
a
ss
e
t
s
o
f
t
he
C
o
m
pan
y
and
hen
c
e
f
o
r
t
a
k
i
n
g r
ea
s
onab
l
e
s
t
ep
s
f
o
r
t
he
p
r
e
v
en
t
i
on
and
de
t
e
c
t
i
on
o
f
f
r
aud
and
o
t
he
r irr
e
g
u
l
a
ri
t
i
e
s.
I
n
v
i
e
w
o
f
t
he
abo
v
e
i
n
f
o
rm
a
t
i
on
, w
e
de
cl
a
r
e
t
ha
t
t
o
t
he
be
s
t
o
f
ou
r
k
no
wl
ed
g
e
,
t
he
fi
nan
ci
a
l s
t
a
t
e
m
en
t
s w
e
r
e
p
r
epa
r
ed
i
n
a
cc
o
r
dan
c
e
wi
t
h
I
n
t
e
r
na
t
i
ona
l Fi