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
15
N
O
TE
S
T
O
THE FI
N
A
N
CI
A
L
S
T
A
TE
M
E
N
T
S
-
c
o
nt
i
nu
e
d
2
.
1
BAS
I
S
O
F
P
RE
P
A
R
A
TI
ON
A
ND
S
T
A
TE
M
E
N
T
O
F C
OMP
LI
A
N
CE – c
o
nt
i
nu
e
d
G
oing
c
on
c
e
r
n –
c
on
t
inu
e
d
T
he
D
ir
e
c
t
o
rs
ha
v
e
a
ls
o
t
a
k
en
i
n
t
o
c
on
si
de
r
a
t
i
on
t
he
po
si
t
i
v
e
pe
r
f
o
rm
an
c
e
and
po
si
t
i
v
e
ou
t
l
oo
k
t
o
da
t
e
f
o
r
t
he
y
ea
r
end
i
n
g 31
D
e
c
e
m
be
r 2022 w
he
r
e
i
t
is c
on
f
i
den
t
t
ha
t
t
a
rg
e
t
s
a
r
e
on
t
r
a
c
k
t
o
be
a
c
h
i
e
v
ed
. T
he
t
a
rg
e
t
s
a
r
e
a
t
a
l
e
v
e
l
o
f
m
o
r
e
t
han
85
%
w
hen
c
o
m
pa
r
ed
t
o
t
ho
s
e
a
c
h
i
e
v
ed
p
r
e
-
C
o
v
i
d
i
n
2019, i
n
cl
ud
i
n
g
t
he
a
v
e
r
a
g
e
o
cc
upan
c
y
and
r
oo
ms r
e
v
enue
pe
r
a
v
a
il
ab
l
e
r
oo
m. T
he
D
ir
e
c
t
o
rs c
on
si
de
r
t
ha
t
i
t
ha
s
t
he
ne
c
e
ss
a
r
y
r
e
s
ou
rc
e
s
and
li
qu
i
d
i
t
y
r
equ
ir
e
m
en
t
s i
n
p
l
a
c
e
t
o
m
ee
t
a
ll c
o
mmi
t
m
en
t
s i
n
cl
ud
i
n
g
a
ll
deb
t
s
e
r
v
ici
n
g. T
he
D
ir
e
c
t
o
rs
ha
v
e
pe
r
f
o
rm
ed
s
t
r
e
ss
t
e
s
t
i
n
g
o
v
e
r i
t
s
p
r
o
j
e
c
t
ed
r
e
v
enue
,
t
oo
k
i
n
t
o
c
on
si
de
r
a
t
i
on
t
he
c
on
t
i
nuou
s r
e
l
ea
s
e
o
f
C
o
v
i
d
r
e
s
t
ric
t
i
on
s
t
h
r
ou
g
hou
t
t
he
w
o
rl
d
, i
n
cl
ud
i
n
g
t
ho
s
e
o
rigi
na
t
i
n
g
f
r
o
m
t
he
l
o
c
a
l g
o
v
e
r
n
m
en
t
,
and
a
ls
o
no
t
e
s
t
he
i
n
cr
ea
si
n
g
de
m
and
f
o
r
t
he
ho
t
e
l
b
y
w
a
y
o
f
boo
k
i
n
gs,
t
o
g
e
t
he
r wi
t
h
s
t
r
e
ss
t
e
s
t
i
n
g
o
v
e
r
p
r
o
j
e
c
t
ed
c
o
s
t
o
f
ope
r
a
t
i
on
s
and
w
o
r
k
i
n
g c
ap
i
t
a
l. A
f
t
e
r
ha
v
i
n
g
t
a
k
en
i
n
t
o
c
on
si
de
r
a
t
i
on
t
he
s
e
sc
ena
ri
o
s,
and
c
on
si
de
ri
n
g
o
t
he
r mi
t
ig
a
t
i
on
s
a
v
a
il
ab
l
e
t
o
t
he
G
r
oup
, i
n
cl
ud
i
n
g
un
c
o
mmi
tt
ed
c
o
s
t
s, g
o
v
e
r
n
m
en
t
a
ssis
t
an
c
e
, w
o
r
k
i
n
g
c
ap
i
t
a
l m
ana
g
e
m
en
t
and
a
v
a
il
ab
l
e
f
i
nan
ci
n
g,
t
he
D
ir
e
c
t
o
rs
ha
v
e
c
on
cl
uded
t
ha
t
t
he
po
ssi
b
ili
t
y
o
f
ha
v
i
n
g
ano
t
he
r c
o
v
i
d
i
n
t
e
rr
up
t
i
on
t
ha
t
c
ou
l
d
im
pa
c
t
i
t
s
f
o
r
e
c
a
s
t
is
no
t
dee
m
ed
t
o
be
a
sig
n
i
f
ic
an
t
ris
k
and
,
on
t
h
is
ba
sis, m
ana
g
e
m
en
t
c
on
cl
ude
s
t
ha
t
no
sig
n
i
f
ic
an
t
un
c
e
r
t
a
i
n
t
i
e
s
e
x
is
t
.
3
.
1
A
CC
OUN
TI
N
G
PO
LICIE
S
S
tandards,
i
nt
e
rpr
e
tat
i
o
ns and am
e
ndm
e
nts t
o
pub
li
sh
e
d standards as
e
nd
o
rs
e
d by th
e
Eur
o
p
e
an
U
n
i
o
n
e
ff
e
ct
i
v
e
i
n th
e
curr
e
nt y
e
ar
T
hea
cc
oun
t
i
n
g
po
lici
e
s
adop
t
eda
r
e
c
on
sis
t
en
t
wi
t
h
t
ho
s
eo
f
t
hep
r
e
v
i
ou
s
f
i
nan
ci
a
l
pe
ri
od
,
e
x
c
ep
t
f
o
r
t
he
f
o
ll
o
wi
n
g
a
m
end
m
en
t
s
t
o
IFRS
e
ff
e
c
t
i
v
edu
ri
n
g
t
he
y
ea
r w
h
ic
h
ha
v
e
been
adop
t
ed
b
y
t
he
C
o
m
pan
y
a
s
o
f
1 J
anua
r
y
2021:
·
Am
end
m
en
t
s
t
o
IFRS 16 L
ea
s
e
s: C
o
v
i
d
19 R
e
l
a
t
ed
R
en
t
C
on
c
e
ssi
on
s
be
y
ond
30 J
une
2021
·
Am
end
m
en
t
s
t
o
IFRS 9, IAS 39, IFRS 7, IFRS 4
and
IFRS 16: I
n
t
e
r
e
s
t
R
a
t
e
B
en
c
h
m
a
r
k
R
e
f
o
rm
-
P
ha
s
e
2
·
Am
end
m
en
t
s
t
o
IFRS 4: I
n
s
u
r
an
c
e
C
on
t
r
a
c
t
s –
D
e
f
e
rr
a
l
o
f
IFRS 19
·
A
tt
ri
bu
t
i
n
g B
ene
f
i
t
t
o
P
e
ri
od
s
o
f
S
e
r
v
ic
e
(
IAS 19 Em
p
l
o
y
ee
B
ene
f
i
t
s
)
– IFRS I
n
t
e
r
p
r
e
t
a
t
i
on
C
o
mmi
tt
ee
(
IFRS IC
o
r IFRIC
)
Ag
enda
D
e
cisi
on
iss
ued
M
a
y
2021
T
he
adop
t
i
on
o
f
t
he
s
e
s
t
anda
r
d
s, w
he
r
e
app
lic
ab
l
e
,
d
i
d
no
t
ha
v
e
sig
n
i
f
ic
an
t
im
pa
c
t
on
t
he
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s
o
r
pe
r
f
o
rm
an
c
eo
f
t
he
C
o
m
pan
y
.
Ernst & Young Malta Limited
Regional Business Centre
Achille Ferris Street
Msida MSD 1751, Malta
Tel: +356 2134 2134
Fax: +356 2133 0280
ey.malta@mt.ey.com
ey.com
A member firm of Ernst & Young Global Limited.
Registered in Malta No: C30252
31
I
ND
E
P
E
ND
E
N
T
A
UD
IT
O
R’
S
RE
PO
RT
t
o
t
h
e
Sh
a
r
e
hold
e
rs o
f
P
ho
e
nici
a
Fin
a
nc
e
Comp
a
n
y
P
.L.C.
R
e
p
o
rt
o
n th
e
aud
i
t
o
f th
e
f
i
nanc
i
a
l
stat
e
m
e
nts
O
p
i
n
i
o
n
W
e
ha
v
e
aud
i
t
ed
t
he
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s
o
f
P
hoen
ici
a
Fi
nan
c
e
C
o
m
pan
y
P
.L.C
(
t
he
“C
o
m
pan
y
”
)
, s
e
t
on
pa
g
e
s
10
t
o
30, w
h
ic
h
c
o
m
p
ris
e
t
he
s
t
a
t
e
m
en
t
o
f
f
i
nan
ci
a
l
po
si
t
i
on
a
s
a
t
31
D
e
c
e
m
be
r 2021,
and
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
,
t
he
s
t
a
t
e
m
en
t
o
f
c
han
g
e
s i
n
equ
i
t
y
and
t
he
s
t
a
t
e
m
en
t
o
f
c
a
s
h
f
l
o
ws
f
o
r
t
he
y
ea
r
t
hen
ended
,
and
no
t
e
s
t
o
t
he
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s, i
n
cl
ud
i
n
g
a
s
u
mm
a
r
y
o
f
sig
n
i
f
ic
an
t
a
cc
oun
t
i
n
g
po
lici
e
s.
I
n
ou
r
op
i
n
i
on
,
t
he
a
cc
o
m
pan
y
i
n
g
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s 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
31
D
e
c
e
m
be
r 2021,
and
o
f
t
he
C
o
m
pan
y
’s
f
i
nan
ci
a
l
pe
r
f
o
rm
an
c
e
and
c
a
s
h
f
l
o
ws
f
o
r
t
he
y
ea
r
t
hen
ended
i
n
a
cc
o
r
dan
c
e
wi
t
h
I
n
t
e
r
na
t
i
ona
l Fi
nan
ci
a
l R
epo
r
t
i
n
g S
t
anda
r
d
s
a
s
adop
t
ed
b
y
t
he
E
U
(
“IFRS”
)
and
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
i
e
s Ac
t
”
)
.
B
as
i
s f
o
r
o
p
i
n
i
o
n
W
e
c
ondu
c
t
ed
ou
r
aud
i
t
i
n
a
cc
o
r
dan
c
e
wi
t
h
I
n
t
e
r
na
t
i
ona
l S
t
anda
r
d
s
on
A
ud
i
t
i
n
g
(
ISAs
)
and
t
he
C
o
m
pan
i
e
s Ac
t
.
O
u
r r
e
s
pon
si
b
ili
t
i
e
s
unde
r
t
ho
s
e
s
t
anda
r
d
s
and
unde
r
t
he
C
o
m
pan
i
e
s Ac
t
a
r
e
f
u
r
t
he
r
de
scri
bed
i
n
t
he
A
ud
i
t
o
r’s
R
e
s
pon
si
b
ili
t
i
e
s
f
o
r
t
he
A
ud
i
t
o
f
t
he
Fi
nan
ci
a
l S
t
a
t
e
m
en
t
s s
e
c
t
i
on
o
f
ou
r r
epo
r
t
. W
e
a
r
e
i
ndependen
t
o
f
t
he
C
o
m
pan
y
i
n
a
cc
o
r
dan
c
e
wi
t
h
t
he
I
n
t
e
r
na
t
i
ona
l C
ode
o
f
E
t
h
ics
f
o
r
P
r
o
f
e
ssi
ona
l Acc
oun
t
an
t
s
(
i
n
cl
ud
i
n
g
I
n
t
e
r
na
t
i
ona
l I
ndependen
c
e
S
t
anda
r
d
s
)
a
s iss
ued
b
y
t
he
I
n
t
e
r
na
t
i
ona
l E
t
h
ics S
t
anda
r
d
s B
oa
r
d
o
f
Acc
oun
t
an
t
s
(
IESBA C
ode
)
t
o
g
e
t
he
r wi
t
h
t
he
e
t
h
ic
a
l r
equ
ir
e
m
en
t
s
t
ha
t
a
r
e
r
e
l
e
v
an
t
t
o
ou
r
aud
i
t
o
f
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
t
he
Acc
oun
t
an
c
y
P
r
o
f
e
ssi
on
(
C
ode
o
f
E
t
h
ics
f
o
r W
a
rr
an
t
H
o
l
de
rs
)
D
ir
e
c
t
i
v
e
iss
ued
i
n
t
e
rms
o
f
t
he
Acc
oun
t
an
c
y
P
r
o
f
e
ssi
on
Ac
t
, C
ap
. 281
o
f
t
he
L
a
ws
o
f
M
a
l
t
a
,
and
w
e
ha
v
e
f
u
l
f
ill
ed
ou
r
o
t
he
r
e
t
h
ic
a
l
r
e
s
pon
si
b
ili
t
i
e
s i
n
a
cc
o
r
dan
c
e
wi
t
h
t
he
s
e
r
equ
ir
e
m
en
t
s
and
t
he
IESBA C
ode
. W
e
be
li
e
v
e
t
ha
t
t
he
aud
i
t
e
v
i
den
c
e
w
e
ha
v
e
ob
t
a
i
ned
is s
u
ff
ici
en
t
and
app
r
op
ri
a
t
e
t
o
p
r
o
v
i
de
a
ba
sis
f
o
r
ou
r
op
i
n
i
on
.
K
e
y aud
i
t matt
e
rs
i
nc
o
rp
o
rat
i
ng th
e
m
o
st s
i
gn
i
f
i
cant r
i
s
k
s
o
f mat
e
r
i
a
l
m
i
sstat
e
m
e
nts,
i
nc
l
ud
i
ng ass
e
ss
e
d
r
i
s
k
o
f mat
e
r
i
a
l
m
i
sstat
e
m
e
nts du
e
t
o
fraud
K
e
y
aud
i
t
m
a
tt
e
rs
a
r
e
t
ho
s
e
m
a
tt
e
rs
t
ha
t
, i
n
ou
r
p
r
o
f
e
ssi
ona
l
j
ud
gm
en
t
, w
e
r
e
o
f
m
o
s
t
sig
n
i
f
ic
an
c
e
i
n
ou
r
aud
i
t
o
f
t
he
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s
o
f
t
he
c
u
rr
en
t
pe
ri
od
. T
he
s
e
m
a
tt
e
rs w
e
r
e
add
r
e
ss
ed
i
n
t
he
c
on
t
e
x
t
o
f
ou
r
aud
i
t
o
f
t
he
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s
a
s
a
w
ho
l
e
,
and
i
n
f
o
rmi
n
g
ou
r
op
i
n
i
on
t
he
r
eon
,
and
w
e
do
no
t
p
r
o
v
i
de
a
s
epa
r
a
t
e
op
i
n
i
on
on
t
he
s
e
m
a
tt
e
rs. F
o
r
ea
c
h
m
a
tt
e
r
be
l
o
w,
ou
r
de
scri
p
t
i
on
o
f
ho
w
ou
r
aud
i
t
add
r
e
ss
ed
t
he
m
a
tt
e
r is
p
r
o
v
i
ded
i
n
t
ha
t
c
on
t
e
x
t
.
W
e
ha
v
e
f
u
l
f
ill
ed
t
he
r
e
s
pon
si
b
ili
t
i
e
s
de
scri
bed
i
n
t
he
A
ud
i
t
o
r’s r
e
s
pon
si
b
ili
t
i
e
s
f
o
r
t
he
aud
i
t
o
f
t
he
f
i
nan
ci
a
l
s
t
a
t
e
m
en
t
s s
e
c
t
i
on
o
f
ou
r r
epo
r
t
, i
n
cl
ud
i
n
g i
n
r
e
l
a
t
i
on
t
o
t
he
s
e
m
a
tt
e
rs. Acc
o
r
d
i
n
gl
y
,
ou
r
aud
i
t
i
n
cl
uded
t
he
pe
r
f
o
rm
an
c
e
o
f
p
r
o
c
edu
r
e
s
de
sig
ned
t
o
r
e
s
pond
t
o
ou
r
a
ss
e
ssm
en
t
o
f
t
he
ris
k
s
o
f
m
a
t
e
ri
a
l miss
t
a
t
e
m
en
t
o
f
t
he
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s. T
he
r
e
s
u
l
t
s
o
f
ou
r
aud
i
t
p
r
o
c
edu
r
e
s, i
n
cl
ud
i
n
g
t
he
p
r
o
c
edu
r
e
s
pe
r
f
o
rm
ed
t
o
add
r
e
ss
t
he
m
a
tt
e
rs
be
l
o
w,
p
r
o
v
i
de
t
he
ba
sis
f
o
r
ou
r
aud
i
t
op
i
n
i
on
on
t
he
a
cc
o
m
pan
y
i
n
g
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s.
Ernst & Young Malta Limited
Regional Business Centre
Achille Ferris Street
Msida MSD 1751, Malta
Tel: +356 2134 2134
Fax: +356 2133 0280
ey.malta@mt.ey.com
ey.com
A member firm of Ernst & Young Global Limited.
Registered in Malta No: C30252
32
I
ND
E
P
E
ND
E
N
T
A
UD
IT
O
R’
S
RE
PO
RT
t
o
t
h
e
Sh
a
r
e
hold
e
rs o
f
P
ho
e
nici
a
Fin
a
nc
e
Comp
a
n
y
P
.L.C.
-
con
t
inu
e
d
R
e
p
o
rt
o
n th
e
aud
i
t
o
f th
e
f
i
nanc
i
a
l
stat
e
m
e
nts
-
c
o
nt
i
nu
e
d
K
e
y aud
i
t matt
e
rs
i
nc
o
rp
o
rat
i
ng th
e
m
o
st s
i
gn
i
f
i
cant r
i
s
k
s
o
f mat
e
r
i
a
l
m
i
sstat
e
m
e
nts,
i
nc
l
ud
i
ng ass
e
ss
e
d
r
i
s
k
o
f mat
e
r
i
a
l
m
i
sstat
e
m
e
nts du
e
t
o
fraud – c
o
nt
i
nu
e
d
R
e
c
ove
r
ab
ili
t
y
o
f
l
oa
n
t
o
pa
r
e
n
t
c
o
m
pa
n
y
T
he
l
oan
r
e
c
e
i
v
ab
l
e
f
r
o
m
pa
r
en
t
c
o
m
pan
y
a
s
de
scri
bed
i
n
no
t
e
8, r
ep
r
e
s
en
t
s 98
%
o
f
t
he
C
o
m
pan
y
’s
t
o
t
a
l
a
ss
e
t
s
a
s
o
f
31
D
e
c
e
m
be
r 2021. T
he
l
oan
r
e
c
e
i
v
ab
l
e
is cl
a
ssi
f
i
ed
a
s
f
i
nan
ci
a
l
a
ss
e
t
a
t
a
m
o
r
t
is
ed
c
o
s
t
m
ea
s
u
r
ed
u
si
n
g
t
he
e
ff
e
c
t
i
v
e
i
n
t
e
r
e
s
t
m
e
t
hod
and
is s
ub
j
e
c
t
t
o
im
pa
irm
en
t
,
a
s
de
scri
bed
i
n
no
t
e
3.2. T
he
c
o
m
pan
y
r
e
c
o
g
n
is
e
s
an
a
ll
o
w
an
c
e
f
o
r
e
x
pe
c
t
ed
cr
ed
i
t
l
o
ss
e
s
ba
s
ed
on
t
he
c
a
s
h
f
l
o
ws
t
ha
t
t
he
c
o
m
pan
y
e
x
pe
c
t
s
t
o
r
e
c
e
i
v
e
. T
he
2021
r
e
c
o
v
e
r
ab
ili
t
y
a
ss
e
ssm
en
t
o
f
t
he
l
oan
r
e
c
e
i
v
ab
l
e
c
on
si
de
rs
t
he
f
i
nan
ci
a
l
po
si
t
i
on
and
pe
r
f
o
rm
an
c
e
o
f
t
he
pa
r
en
t
c
o
m
pan
y
,
a
s w
e
ll
a
s
t
he
c
a
s
h
f
l
o
w
p
r
o
j
e
c
t
i
on
s
f
o
r
P
hoen
ici
a
H
o
t
e
l C
o
m
pan
y
Limi
t
ed
and
P
hoen
ici
a
M
a
l
t
a
Limi
t
ed
(
t
he
pa
r
en
t
c
o
m
pan
y)
,
a
s g
ua
r
an
t
o
rs
o
f
t
he
C
o
m
pan
y
’s
bond
.
D
ue
t
o
sig
n
i
f
ic
an
c
e
o
f
t
he
ba
l
an
c
e
o
f
t
he
l
oan
r
e
c
e
i
v
ab
l
e
f
r
o
m
pa
r
en
t
c
o
m
pan
y
,
and
t
he
dependen
c
y
o
f
t
he
C
o
m
pan
y
on
t
he
pe
r
f
o
rm
an
c
e
and
r
e
c
o
v
e
r
ab
ili
t
y
o
f
s
u
c
h
l
oan
t
o
m
ee
t
i
t
s
on
g
o
i
n
g
ob
lig
a
t
i
on
s, w
e
ha
v
e
c
on
si
de
r
ed
t
he
r
e
c
o
v
e
r
ab
ili
t
y
o
f
t
he
l
oan
r
e
c
e
i
v
ab
l
e
a
k
e
y
aud
i
t
m
a
tt
e
r.
H
o
w
ou
r
audi
t
add
r
e
ss
e
d
t
h
e
k
e
y audi
t
m
a
tt
e
r
O
u
r
aud
i
t
p
r
o
c
edu
r
e
s
o
v
e
r
t
he
r
e
c
o
v
e
r
ab
ili
t
y
o
f
t
he
l
oan
r
e
c
e
i
v
ab
l
e
f
r
o
m
t
he
pa
r
en
t
c
o
m
pan
y
i
n
cl
ude
a
m
on
gs
t
o
t
he
rs:
-i
n
s
pe
c
t
i
n
g
t
he
l
oan
a
gr
ee
m
en
t
s,
a
gr
ee
i
n
g
t
e
rms
o
f
c
ond
i
t
i
on
s wi
t
h
t
he
pa
r
en
t
c
o
m
pan
y
and
ana
l
y
si
n
g
w
he
t
he
r
t
he
pe
r
f
o
rm
an
c
e
o
f
t
he
l
oan
is i
n
li
ne
t
he
r
e
wi
t
h
;
-c
on
f
irmi
n
g
t
he
ou
t
s
t
and
i
n
g
ba
l
an
c
e
s wi
t
h
t
he
pa
r
en
t
c
o
m
pan
y
;
and
-
e
v
a
l
ua
t
i
n
g
t
he
C
o
m
pan
y
’s
a
ss
e
ssm
en
t
o
f
t
he
r
e
c
o
v
e
r
ab
ili
t
y
o
f
l
oan
r
e
c
e
i
v
ab
l
e
. T
he
C
o
m
pan
y
,
t
o
g
e
t
he
r wi
t
h
P
hoen
ici
a
M
a
l
t
a
Limi
t
ed
(
t
he
pa
r
en
t
c
o
m
pan
y)
and
P
hoen
ici
a
H
o
t
e
l C
o
m
pan
y
Limi
t
ed
a
r
e
m
ana
g
ed
a
s
a
c
o
m
b
i
ned
en
t
i
t
y
(
t
he
“
G
r
oup
”
)
.
O
u
r
p
r
o
c
edu
r
e
s
f
o
c
u
s
ed
on
ana
l
y
si
n
g
t
he
c
a
s
h
f
l
o
w
p
r
o
j
e
c
t
i
on
s
o
f
t
he
G
r
oup
,
c
on
si
de
ri
n
g
t
he
r
ea
s
onab
l
ene
ss
o
f
k
e
y
a
ss
u
m
p
t
i
on
s
unde
rl
y
i
n
g
t
he
p
l
anned
c
a
s
h
i
n
f
l
o
ws
and
ou
t
f
l
o
ws
and
a
ss
e
ssi
n
g
t
he
ir c
on
sis
t
en
c
y
wi
t
h
unde
rs
t
and
i
n
g
o
f
t
he
bu
si
ne
ss
and
i
ndu
s
t
r
y
de
v
e
l
op
m
en
t
and
h
is
t
o
ric
a
l
da
t
a
,
t
o
g
e
t
he
r wi
t
h
ana
l
y
sis
o
f
t
he
f
i
nan
ci
a
l
po
si
t
i
on
and
pe
r
f
o
rm
an
c
e
o
f
t
he
r
e
l
a
t
ed
pa
r
t
y
bo
rr
o
w
e
r
(
t
he
pa
r
en
t
c
o
m
pan
y)
.
W
e
ha
v
e
a
ls
o
a
ss
e
ss
ed
t
he
r
e
l
e
v
an
c
e
and
adequa
c
y
o
f
d
iscl
o
s
u
r
e
s r
e
l
a
t
ed
t
o
t
he
l
oan
r
e
c
e
i
v
ab
l
e
f
r
o
m
pa
r
en
t
c
o
m
pan
y
p
r
e
s
en
t
ed
i
n
no
t
e
s 3.2
and
8
t
o
t
he
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s.
Ernst & Young Malta Limited
Regional Business Centre
Achille Ferris Street
Msida MSD 1751, Malta
Tel: +356 2134 2134
Fax: +356 2133 0280
ey.malta@mt.ey.com
ey.com
A member firm of Ernst & Young Global Limited.
Registered in Malta No: C30252
33
I
ND
E
P
E
ND
E
N
T
A
UD
IT
O
R’
S
RE
PO
RT
t
o
t
h
e
Sh
a
r
e
hold
e
rs o
f
P
ho
e
nici
a
Fin
a
nc
e
Comp
a
n
y
P
.L.C.
-
con
t
inu
e
d
R
e
p
o
rt
o
n th
e
aud
i
t
o
f th
e
f
i
nanc
i
a
l
stat
e
m
e
nts
-
c
o
nt
i
nu
e
d
O
th
e
r
i
nf
o
rmat
i
o
n
T
he
d
ir
e
c
t
o
rs
a
r
e
r
e
s
pon
si
b
l
e
f
o
r
t
he
o
t
he
r i
n
f
o
rm
a
t
i
on
. T
he
o
t
he
r i
n
f
o
rm
a
t
i
on
c
o
m
p
ris
e
s
t
he
d
ir
e
c
t
o
rs’ r
epo
r
t
and
t
he
s
t
a
t
e
m
en
t
o
f
c
o
m
p
li
an
c
e
wi
t
h
t
he
p
ri
n
ci
p
l
e
s
o
f
g
ood
c
o
r
po
r
a
t
e
g
o
v
e
r
nan
c
e
, w
h
ic
h
w
e
ob
t
a
i
ned
up
t
o
t
he
da
t
e
o
f
t
h
is
aud
i
t
o
r’s r
epo
r
t
.
H
o
w
e
v
e
r,
t
he
o
t
he
r i
n
f
o
rm
a
t
i
on
doe
s
no
t
i
n
cl
ude
t
he
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s
and
ou
r
aud
i
t
o
r’s r
epo
r
t
t
he
r
eon
.
O
u
r
op
i
n
i
on
on
t
he
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s
doe
s
no
t
c
o
v
e
r
t
he
o
t
he
r i
n
f
o
rm
a
t
i
on
and
w
e
do
no
t
e
x
p
r
e
ss
an
y
f
o
rm
o
f
a
ss
u
r
an
c
e
c
on
cl
u
si
on
t
he
r
eon
o
t
he
r
t
han
ou
r r
epo
r
t
i
n
g
on
o
t
he
r l
e
g
a
l
and
r
e
g
u
l
a
t
o
r
y
r
equ
ir
e
m
en
t
s.
I
n
c
onne
c
t
i
on
wi
t
h
ou
r
aud
i
t
o
f
t
he
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s,
ou
r r
e
s
pon
si
b
ili
t
y
is
t
o
r
ead
t
he
o
t
he
r i
n
f
o
rm
a
t
i
on
and
,
i
n
do
i
n
g s
o
, c
on
si
de
r w
he
t
he
r
t
he
o
t
he
r i
n
f
o
rm
a
t
i
on
is m
a
t
e
ri
a
ll
y
i
n
c
on
sis
t
en
t
wi
t
h
t
he
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s
o
r
ou
r
k
no
wl
ed
g
e
ob
t
a
i
ned
i
n
t
he
aud
i
t
o
r
o
t
he
rwis
e
appea
rs
t
o
be
m
a
t
e
ri
a
ll
y
miss
t
a
t
ed
. I
f
,
ba
s
ed
on
t
he
w
o
r
k
w
e
ha
v
e
pe
r
f
o
rm
ed
, w
e
c
on
cl
ude
t
ha
t
t
he
r
e
is
a
m
a
t
e
ri
a
l miss
t
a
t
e
m
en
t
o
f
t
h
is
o
t
he
r i
n
f
o
rm
a
t
i
on
, w
e
a
r
e
r
equ
ir
ed
t
o
r
epo
r
t
t
ha
t
f
a
c
t
. W
e
ha
v
e
no
t
h
i
n
g
t
o
r
epo
r
t
i
n
t
h
is r
e
g
a
r
d
.
R
e
sp
o
ns
i
b
ili
t
i
e
s
o
f th
e
d
i
r
e
ct
o
rs and th
o
s
e
charg
e
d w
i
th g
o
v
e
rnanc
e
f
o
r th
e
f
i
nanc
i
a
l
stat
e
m
e
nts
T
he
d
ir
e
c
t
o
rs
a
r
e
r
e
s
pon
si
b
l
e
f
o
r
t
he
p
r
epa
r
a
t
i
on
and
f
a
ir
p
r
e
s
en
t
a
t
i
on
o
f
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
IFRS
and
t
he
r
equ
ir
e
m
en
t
s
o
f
t
he
C
o
m
pan
i
e
s Ac
t
,
and
f
o
r 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
f
i
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.
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
e
s
pon
si
b
l
e
f
o
r
a
ss
e
ssi
n
g
t
he
C
o
m
pan
y
’s
ab
ili
t
y
t
o
c
on
t
i
nue
a
s
a
g
o
i
n
g c
on
c
e
r
n
,
d
iscl
o
si
n
g,
a
s
app
lic
ab
l
e
, m
a
tt
e
rs r
e
l
a
t
ed
t
o
g
o
i
n
g c
on
c
e
r
n
and
u
si
n
g
t
he
g
o
i
n
g c
on
c
e
r
n
ba
sis
o
f
a
cc
oun
t
i
n
g
un
l
e
ss
t
he
d
ir
e
c
t
o
rs
e
i
t
he
r i
n
t
end
t
o
li
qu
i
da
t
e
t
he
C
o
m
pan
y
o
r
t
o
c
ea
s
e
ope
r
a
t
i
on
s,
o
r
ha
v
e
no
r
ea
lis
t
ic
a
l
t
e
r
na
t
i
v
e
bu
t
t
o
do
s
o
.
T
ho
s
e
c
ha
rg
ed
wi
t
h
g
o
v
e
r
nan
c
e
a
r
e
r
e
s
pon
si
b
l
e
f
o
r
o
v
e
rs
ee
i
n
g
t
he
C
o
m
pan
y
’s
f
i
nan
ci
a
l r
epo
r
t
i
n
g
p
r
o
c
e
ss.
Ernst & Young Malta Limited
Regional Business Centre
Achille Ferris Street
Msida MSD 1751, Malta
Tel: +356 2134 2134
Fax: +356 2133 0280
ey.malta@mt.ey.com
ey.com
A member firm of Ernst & Young Global Limited.
Registered in Malta No: C30252
34
I
ND
E
P
E
ND
E
N
T
A
UD
IT
O
R’
S
RE
PO
RT
t
o
t
h
e
Sh
a
r
e
hold
e
rs o
f
P
ho
e
nici
a
Fin
a
nc
e
Comp
a
n
y
P
.L.C.
-
con
t
inu
e
d
R
e
p
o
rt
o
n th
e
aud
i
t
o
f th
e
f
i
nanc
i
a
l
stat
e
m
e
nts
-
c
o
nt
i
nu
e
d
A
ud
i
t
o
r’s r
e
sp
o
ns
i
b
ili
t
i
e
s f
o
r th
e
aud
i
t
o
f th
e
f
i
nanc
i
a
l
stat
e
m
e
nts
O
u
r
ob
j
e
c
t
i
v
e
s
a
r
e
t
o
ob
t
a
i
n
r
ea
s
onab
l
e
a
ss
u
r
an
c
e
abou
t
w
he
t
he
r
t
he
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s
a
s
a
w
ho
l
e
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,
and
t
o
iss
ue
an
aud
i
t
o
r’s r
epo
r
t
t
ha
t
i
n
cl
ude
s
ou
r
op
i
n
i
on
. R
ea
s
onab
l
e
a
ss
u
r
an
c
e
is
a
h
ig
h
l
e
v
e
l
o
f
a
ss
u
r
an
c
e
bu
t
is
no
t
a
g
ua
r
an
t
ee
t
ha
t
an
aud
i
t
c
ondu
c
t
ed
i
n
a
cc
o
r
dan
c
e
wi
t
h
ISAs will
a
lw
a
y
s
de
t
e
c
t
a
m
a
t
e
ri
a
l miss
t
a
t
e
m
en
t
w
hen
i
t
e
x
is
t
s.
Miss
t
a
t
e
m
en
t
s c
an
a
ris
e
f
r
o
m
f
r
aud
o
r
e
rr
o
r
and
a
r
e
c
on
si
de
r
ed
m
a
t
e
ri
a
l i
f
, i
nd
i
v
i
dua
ll
y
o
r i
n
t
he
a
ggr
e
g
a
t
e
,
t
he
y
c
ou
l
d
r
ea
s
onab
l
y
be
e
x
pe
c
t
ed
t
o
i
n
f
l
uen
c
e
t
he
e
c
ono
mic
de
cisi
on
s
o
f
u
s
e
rs
t
a
k
en
on
t
he
ba
sis
o
f
t
he
s
e
f
i
nan
ci
a
l
s
t
a
t
e
m
en
t
s.
As
pa
r
t
o
f
an
aud
i
t
i
n
a
cc
o
r
dan
c
e
wi
t
h
ISAs, w
e
e
x
e
rcis
e
p
r
o
f
e
ssi
ona
l
j
ud
gm
en
t
and
m
a
i
n
t
a
i
n
p
r
o
f
e
ssi
ona
l
s
k
ep
t
icism
t
h
r
ou
g
hou
t
t
he
aud
i
t
. W
e
a
ls
o
:
·
i
den
t
i
fy
and
a
ss
e
ss
t
he
ris
k
s
o
f
m
a
t
e
ri
a
l miss
t
a
t
e
m
en
t
o
f
t
he
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s, w
he
t
he
r
due
t
o
f
r
aud
o
r
e
rr
o
r,
de
sig
n
and
pe
r
f
o
rm
aud
i
t
p
r
o
c
edu
r
e
s r
e
s
pon
si
v
e
t
o
t
ho
s
e
ris
k
s,
and
ob
t
a
i
n
aud
i
t
e
v
i
den
c
e
t
ha
t
is
s
u
ff
ici
en
t
and
app
r
op
ri
a
t
e
t
o
p
r
o
v
i
de
a
ba
sis
f
o
r
ou
r
op
i
n
i
on
. T
he
ris
k
o
f
no
t
de
t
e
c
t
i
n
g
a
m
a
t
e
ri
a
l
miss
t
a
t
e
m
en
t
r
e
s
u
l
t
i
n
g
f
r
o
m
f
r
aud
is
h
ig
he
r
t
han
f
o
r
one
r
e
s
u
l
t
i
n
g
f
r
o
m
e
rr
o
r,
a
s
f
r
aud
m
a
y
i
n
v
o
l
v
e
c
o
ll
u
si
on
,
f
o
rg
e
r
y
, i
n
t
en
t
i
ona
l
o
missi
on
s, misr
ep
r
e
s
en
t
a
t
i
on
s,
o
r
t
he
o
v
e
rri
de
o
f
i
n
t
e
r
na
l c
on
t
r
o
l;
·
ob
t
a
i
n
an
unde
rs
t
and
i
n
g
o
f
i
n
t
e
r
na
l c
on
t
r
o
l r
e
l
e
v
an
t
t
o
t
he
aud
i
t
i
n
o
r
de
r
t
o
de
sig
n
aud
i
t
p
r
o
c
edu
r
e
s
t
ha
t
a
r
e
app
r
op
ri
a
t
e
i
n
t
he
circ
u
ms
t
an
c
e
s,
bu
t
no
t
f
o
r
t
he
pu
r
po
s
e
o
f
e
x
p
r
e
ssi
n
g
an
op
i
n
i
on
on
t
he
e
ff
e
c
t
i
v
ene
ss
o
f
t
he
C
o
m
pan
y
’s i
n
t
e
r
na
l c
on
t
r
o
l;
·
e
v
a
l
ua
t
e
t
he
app
r
op
ri
a
t
ene
ss
o
f
a
cc
oun
t
i
n
g
po
lici
e
s
u
s
ed
and
t
he
r
ea
s
onab
l
ene
ss
o
f
a
cc
oun
t
i
n
g
e
s
t
im
a
t
e
s
and
r
e
l
a
t
ed
d
iscl
o
s
u
r
e
s m
ade
b
y
t
he
d
ir
e
c
t
o
rs;
·
c
on
cl
ude
on
t
he
app
r
op
ri
a
t
ene
ss
o
f
t
he
d
ir
e
c
t
o
rs’
u
s
e
o
f
t
he
g
o
i
n
g c
on
c
e
r
n
ba
sis
o
f
a
cc
oun
t
i
n
g
and
,
ba
s
ed
on
t
he
aud
i
t
e
v
i
den
c
e
ob
t
a
i
ned
, w
he
t
he
r
a
m
a
t
e
ri
a
l
un
c
e
r
t
a
i
n
t
y
e
x
is
t
s r
e
l
a
t
ed
t
o
e
v
en
t
s
o
r c
ond
i
t
i
on
s
t
ha
t
m
a
y
c
a
s
t
sig
n
i
f
ic
an
t
doub
t
on
t
he
C
o
m
pan
y
’s
ab
ili
t
y
t
o
c
on
t
i
nue
a
s
a
g
o
i
n
g c
on
c
e
r
n
. I
f
w
e
c
on
cl
ude
t
ha
t
a
m
a
t
e
ri
a
l
un
c
e
r
t
a
i
n
t
y
e
x
is
t
s, w
e
a
r
e
r
equ
ir
ed
t
o
d
r
a
w
a
tt
en
t
i
on
i
n
ou
r
aud
i
t
o
r’s r
epo
r
t
t
o
t
he
r
e
l
a
t
ed
d
iscl
o
s
u
r
e
s i
n
t
he
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s
o
r, i
f
s
u
c
h
d
iscl
o
s
u
r
e
s
a
r
e
i
nadequa
t
e
,
t
o
m
od
i
fy
ou
r
op
i
n
i
on
.
O
u
r
c
on
cl
u
si
on
s
a
r
e
ba
s
ed
on
t
he
aud
i
t
e
v
i
den
c
e
ob
t
a
i
ned
up
t
o
t
he
da
t
e
o
f
ou
r
aud
i
t
o
r’s r
epo
r
t
.
H
o
w
e
v
e
r,
f
u
t
u
r
e
e
v
en
t
s
o
r c
ond
i
t
i
on
s m
a
y
c
au
s
e
t
he
C
o
m
pan
y
t
o
c
ea
s
e
t
o
c
on
t
i
nue
a
s
a
g
o
i
n
g c
on
c
e
r
n
;
and
·
e
v
a
l
ua
t
e
t
he
o
v
e
r
a
ll
p
r
e
s
en
t
a
t
i
on
, s
t
r
u
c
t
u
r
e
and
c
on
t
en
t
o
f
t
he
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s, i
n
cl
ud
i
n
g
t
he
d
iscl
o
s
u
r
e
s,
and
w
he
t
he
r
t
he
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s r
ep
r
e
s
en
t
t
he
unde
rl
y
i
n
g
t
r
an
s
a
c
t
i
on
s
and
e
v
en
t
s i
n
a
m
anne
r
t
ha
t
a
c
h
i
e
v
e
s
f
a
ir
p
r
e
s
en
t
a
t
i
on
.
W
e
c
o
mm
un
ic
a
t
e
wi
t
h
t
ho
s
e
c
ha
rg
ed
wi
t
h
g
o
v
e
r
nan
c
e
r
e
g
a
r
d
i
n
g,
a
m
on
g
o
t
he
r m
a
tt
e
rs,
t
he
p
l
anned
sc
ope
and
t
imi
n
g
o
f
t
he
aud
i
t
and
sig
n
i
f
ic
an
t
aud
i
t
f
i
nd
i
n
gs, i
n
cl
ud
i
n
g
an
y
sig
n
i
f
ic
an
t
de
f
ici
en
ci
e
s i
n
i
n
t
e
r
na
l c
on
t
r
o
l
t
ha
t
w
e
i
den
t
i
fy
du
ri
n
g
ou
r
aud
i
t
.
W
e
a
ls
o
p
r
o
v
i
de
t
ho
s
e
c
ha
rg
ed
wi
t
h
g
o
v
e
r
nan
c
e
wi
t
h
a
s
t
a
t
e
m
en
t
t
ha
t
w
e
ha
v
e
c
o
m
p
li
ed
wi
t
h
r
e
l
e
v
an
t
e
t
h
ic
a
l
r
equ
ir
e
m
en
t
s r
e
g
a
r
d
i
n
g i
ndependen
c
e
,
and
t
o
c
o
mm
un
ic
a
t
e
wi
t
h
t
he
m
a
ll r
e
l
a
t
i
on
s
h
i
p
s
and
o
t
he
r m
a
tt
e
rs
t
ha
t
m
a
y
r
ea
s
onab
l
y
be
t
hou
g
h
t
t
o
bea
r
on
ou
r i
ndependen
c
e
,
and
w
he
r
e
app
lic
ab
l
e
,
a
c
t
i
on
s
t
a
k
en
t
o
e
limi
na
t
e
t
h
r
ea
t
s
o
r
s
a
f
e
g
ua
r
d
s
app
li
ed
.
Fr
o
m
t
he
m
a
tt
e
rs c
o
mm
un
ic
a
t
ed
wi
t
h
t
ho
s
e
c
ha
rg
ed
wi
t
h
g
o
v
e
r
nan
c
e
, w
e
de
t
e
rmi
ne
t
ho
s
e
m
a
tt
e
rs
t
ha
t
w
e
r
e
o
f
m
o
s
t
sig
n
i
f
ic
an
c
e
i
n
t
he
aud
i
t
o
f
t
he
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s
o
f
t
he
c
u
rr
en
t
pe
ri
od
and
a
r
e
t
he
r
e
f
o
r
e
t
he
k
e
y
aud
i
t
m
a
tt
e
rs. W
e
de
scri
be
t
he
s
e
m
a
tt
e
rs i
n
ou
r
aud
i
t
o
r’s r
epo
r
t
un
l
e
ss l
a
w
o
r r
e
g
u
l
a
t
i
on
p
r
e
cl
ude
s
pub
lic
d
iscl
o
s
u
r
e
abou
t
t
he
m
a
tt
e
r
o
r w
hen
, i
n
e
x
t
r
e
m
e
l
y
r
a
r
e
circ
u
ms
t
an
c
e
s, w
e
de
t
e
rmi
ne
t
ha
t
a
m
a
tt
e
r s
hou
l
d
no
t
be
c
o
mm
un
ic
a
t
ed
i
n
ou
r r
epo
r
t
be
c
au
s
e
t
he
ad
v
e
rs
e
c
on
s
equen
c
e
s
o
f
do
i
n
g s
o
w
ou
l
d
r
ea
s
onab
l
y
be
e
x
pe
c
t
ed
t
o
ou
t
w
e
ig
h
t
he
pub
lic i
n
t
e
r
e
s
t
bene
f
i
t
s
o
f
s
u
c
h
c
o
mm
un
ic
a
t
i
on
.
Ernst & Young Malta Limited
Regional Business Centre
Achille Ferris Street
Msida MSD 1751, Malta
Tel: +356 2134 2134
Fax: +356 2133 0280
ey.malta@mt.ey.com
ey.com
A member firm of Ernst & Young Global Limited.
Registered in Malta No: C30252
35
I
ND
E
P
E
ND
E
N
T
A
UD
IT
O
R’
S
RE
PO
RT
t
o
t
h
e
Sh
a
r
e
hold
e
rs o
f
P
ho
e
nici
a
Fin
a
nc
e
Comp
a
n
y
P
.L.C.
-
con
t
inu
e
d
R
e
p
o
rt
o
n
o
th
e
r
l
e
ga
l
and r
e
gu
l
at
o
ry r
e
qu
i
r
e
m
e
nts
M
att
e
rs
o
n wh
i
ch w
e
ar
e
r
e
qu
i
r
e
d t
o
r
e
p
o
rt by th
e
C
o
mpan
i
e
s
A
ct
D
i
r
e
c
t
o
r
s’
r
e
po
r
t
W
e
a
r
e
r
equ
ir
ed
t
o
e
x
p
r
e
ss
an
op
i
n
i
on
a
s
t
o
w
he
t
he
r
t
he
d
ir
e
c
t
o
rs’ r
epo
r
t
ha
s
been
p
r
epa
r
ed
i
n
a
cc
o
r
dan
c
e
wi
t
h
t
he
app
lic
ab
l
e
l
e
g
a
l r
equ
ir
e
m
en
t
s. I
n
ou
r
op
i
n
i
on
t
he
d
ir
e
c
t
o
rs’ r
epo
r
t
ha
s
been
p
r
epa
r
ed
i
n
a
cc
o
r
dan
c
e
wi
t
h
t
he
C
o
m
pan
i
e
s Ac
t
.
I
n
add
i
t
i
on
, i
n
t
he
lig
h
t
o
f
t
he
k
no
wl
ed
g
e
and
unde
rs
t
and
i
n
g
o
f
t
he
C
o
m
pan
y
and
i
t
s
en
v
ir
on
m
en
t
ob
t
a
i
ned
i
n
t
he
c
ou
rs
e
o
f
t
he
aud
i
t
, w
e
a
r
e
r
equ
ir
ed
t
o
r
epo
r
t
i
f
w
e
ha
v
e
i
den
t
i
f
i
ed
m
a
t
e
ri
a
l miss
t
a
t
e
m
en
t
s i
n
t
he
D
ir
e
c
t
o
rs’ r
epo
r
t
.
W
e
ha
v
e
no
t
h
i
n
g
t
o
r
epo
r
t
i
n
t
h
is r
e
g
a
r
d
.
O
t
h
e
r
r
e
qui
r
eme
n
t
s
W
e
a
ls
o
ha
v
e
r
e
s
pon
si
b
ili
t
i
e
s
unde
r
t
he
C
o
m
pan
i
e
s Ac
t
t
o
r
epo
r
t
i
f
i
n
ou
r
op
i
n
i
on
:
·
p
r
ope
r
a
cc
oun
t
i
n
g r
e
c
o
r
d
s
ha
v
e
no
t
been
k
ep
t
;
·
t
he
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s
a
r
e
no
t
i
n
a
gr
ee
m
en
t
wi
t
h
t
he
a
cc
oun
t
i
n
g r
e
c
o
r
d
s
and
r
e
t
u
r
n
s;
and
·
w
e
ha
v
e
no
t
r
e
c
e
i
v
ed
a
ll
t
he
i
n
f
o
rm
a
t
i
on
and
e
x
p
l
ana
t
i
on
s w
e
r
equ
ir
e
f
o
r
ou
r
aud
i
t
.
W
e
ha
v
e
no
t
h
i
n
g
t
o
r
epo
r
t
t
o
y
ou
i
n
r
e
s
pe
c
t
o
f
t
he
s
e
r
e
s
pon
si
b
ili
t
i
e
s.
Appoin
t
me
n
t
W
e
w
e
r
e
appo
i
n
t
ed
a
s
t
he
s
t
a
t
u
t
o
r
y
aud
i
t
o
r
b
y
t
he
d
ir
e
c
t
o
rs
o
f
t
he
C
o
m
pan
y
wi
t
h
e
ff
e
c
t
f
r
o
m 29
O
c
t
obe
r 2019.
T
h
is is
t
he
t
h
ir
d
y
ea
r
o
f
appo
i
n
t
m
en
t
a
s s
t
a
t
u
t
o
r
y
aud
i
t
o
rs.
Consis
t
e
n
c
y
w
i
t
h
t
h
e
addi
t
ional
r
e
po
r
t
t
o
t
h
e
audi
t
c
o
mm
i
tt
ee
O
u
r
aud
i
t
op
i
n
i
on
on
t
he
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s
e
x
p
r
e
ss
ed
he
r
e
i
n
is c
on
sis
t
en
t
wi
t
h
t
he
add
i
t
i
ona
l r
epo
r
t
t
o
t
he
aud
i
t
c
o
mmi
tt
ee
o
f
t
he
C
o
m
pan
y
, w
h
ic
h
w
a
s iss
ued
on
t
he
s
a
m
e
da
t
e
a
s
t
h
is r
epo
r
t
.
Non
-
audi
t
s
e
r
vi
c
e
s
N
o
p
r
oh
i
b
i
t
ed
non
-
aud
i
t
s
e
r
v
ic
e
s r
e
f
e
rr
ed
t
o
i
n
Ar
t
icl
e
18A
(
1
)
o
f
t
he
Acc
oun
t
an
c
y
P
r
o
f
e
ssi
on
Ac
t
, C
ap
. 281
o
f
t
he
L
a
ws
o
f
M
a
l
t
a
w
e
r
e
p
r
o
v
i
ded
b
y
u
s
t
o
t
he
C
o
m
pan
y
,
and
w
e
r
e
m
a
i
n
i
ndependen
t
o
f
t
he
C
o
m
pan
y
a
s
de
scri
bed
i
n
t
he
B
a
sis
f
o
r
op
i
n
i
on
s
e
c
t
i
on
o
f
ou
r r
epo
r
t
.
N
o
o
t
he
r s
e
r
v
ic
e
s
be
si
de
s s
t
a
t
u
t
o
r
y
aud
i
t
s
e
r
v
ic
e
s
and
s
e
r
v
ic
e
s
d
iscl
o
s
ed
i
n
t
he
annua
l r
epo
r
t
and
i
n
t
he
f
i
nan
ci
a
l
s
t
a
t
e
m
en
t
s w
e
r
e
p
r
o
v
i
ded
b
y
u
s
t
o
t
he
C
o
m
pan
y
.
Ernst & Young Malta Limited
Regional Business Centre
Achille Ferris Street
Msida MSD 1751, Malta
Tel: +356 2134 2134
Fax: +356 2133 0280
ey.malta@mt.ey.com
ey.com
A member firm of Ernst & Young Global Limited.
Registered in Malta No: C30252
36
I
ND
E
P
E
ND
E
N
T
A
UD
IT
O
R’
S
RE
PO
RT
t
o
t
he
S
ha
r
eho
l
de
rs
o
f
P
hoen
ici
a
Fi
nan
c
e
C
o
m
pan
y
P
.L.C.
-
c
on
t
i
nued
R
e
p
o
rt
o
n
o
th
e
r
l
e
ga
l
and r
e
gu
l
at
o
ry r
e
qu
i
r
e
m
e
nts
-
c
o
nt
i
nu
e
d
R
e
p
o
rt
o
n c
o
mp
li
anc
e
w
i
th th
e
r
e
qu
i
r
e
m
e
nts
o
f th
e
Eur
o
p
e
an
S
i
ng
l
e
E
l
e
ctr
o
n
i
c F
o
rmat R
e
gu
l
at
o
ry
T
e
chn
i
ca
l
S
tandard
(
th
e
“
E
S
EF RT
S
”)
, by r
e
f
e
r
e
nc
e
t
o
Cap
i
ta
l
M
ar
k
e
ts Ru
l
e
5
.
55
.
6
W
e
ha
v
e
unde
r
t
a
k
en
a
r
ea
s
onab
l
e
a
ss
u
r
an
c
e
en
g
a
g
e
m
en
t
i
n
a
cc
o
r
dan
c
e
wi
t
h
t
he
r
equ
ir
e
m
en
t
s
o
f
D
ir
e
c
t
i
v
e
6
iss
ued
b
y
t
he
Acc
oun
t
an
c
y
B
oa
r
d
i
n
t
e
rms
o
f
t
he
Acc
oun
t
an
c
y
P
r
o
f
e
ssi
on
Ac
t
(
C
ap
. 281
)
-
t
he
Acc
oun
t
an
c
y
P
r
o
f
e
ssi
on
(
E
u
r
opean
Si
n
gl
e
El
e
c
t
r
on
ic F
o
rm
a
t
)
Ass
u
r
an
c
e
D
ir
e
c
t
i
v
e
(
“
t
he
ESEF
D
ir
e
c
t
i
v
e
6”
)
on
t
he
annua
l
f
i
nan
ci
a
l r
epo
r
t
o
f
[
C
o
m
pan
y
/
G
r
oup
]
f
o
r
t
he
y
ea
r
ended
[
end
o
f
r
epo
r
t
i
n
g
pe
ri
od
]
,
en
t
ir
e
l
y
p
r
epa
r
ed
i
n
a
si
n
gl
e
e
l
e
c
t
r
on
ic r
epo
r
t
i
n
g
f
o
rm
a
t
.
R
e
sponsibili
t
i
e
s o
f
t
h
e
di
r
e
c
t
o
r
s
T
he
d
ir
e
c
t
o
rs
a
r
e
r
e
s
pon
si
b
l
e
f
o
r
t
he
p
r
epa
r
a
t
i
on
o
f
t
he
annua
l
f
i
nan
ci
a
l r
epo
r
t
, i
n
cl
ud
i
n
g
t
he
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s,
b
y
r
e
f
e
r
en
c
e
t
o
C
ap
i
t
a
l M
a
r
k
e
t
s R
u
l
e
5.56A, i
n
a
cc
o
r
dan
c
e
wi
t
h
t
he
r
equ
ir
e
m
en
t
s
o
f
t
he
ESEF RTS.
O
u
r
r
e
sponsibili
t
i
e
s
O
u
r r
e
s
pon
si
b
ili
t
y
is
t
o
ob
t
a
i
n
r
ea
s
onab
l
e
a
ss
u
r
an
c
e
abou
t
w
he
t
he
r
t
he
annua
l
f
i
nan
ci
a
l r
epo
r
t
, i
n
cl
ud
i
n
g
t
he
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s, c
o
m
p
l
y
i
n
a
ll m
a
t
e
ri
a
l r
e
s
pe
c
t
s wi
t
h
t
he
ESEF RTS
ba
s
ed
on
t
he
e
v
i
den
c
e
w
e
ha
v
e
ob
t
a
i
ned
. W
e
c
ondu
c
t
ed
ou
r r
ea
s
onab
l
e
a
ss
u
r
an
c
e
en
g
a
g
e
m
en
t
i
n
a
cc
o
r
dan
c
e
wi
t
h
t
he
r
equ
ir
e
m
en
t
s
o
f
ESEF
D
ir
e
c
t
i
v
e
6.
O
u
r
p
r
o
c
edu
r
e
s i
n
cl
uded
:
·
O
b
t
a
i
n
i
n
g
an
unde
rs
t
and
i
n
g
o
f
t
he
en
t
i
t
y
’
s
f
i
nan
ci
a
l r
epo
r
t
i
n
g
p
r
o
c
e
ss, i
n
cl
ud
i
n
g
t
he
p
r
epa
r
a
t
i
on
o
f
t
he
annua
l
f
i
nan
ci
a
l r
epo
r
t
i
n
X
H
TML
f
o
rm
a
t
.
·
E
x
a
mi
n
i
n
g w
he
t
he
r
t
he
annua
l
f
i
nan
ci
a
l r
epo
r
t
ha
s
been
p
r
epa
r
ed
i
n
X
H
TML
f
o
rm
a
t
.
W
e
be
li
e
v
e
t
ha
t
t
he
e
v
i
den
c
e
w
e
ha
v
e
ob
t
a
i
ned
is s
u
ff
ici
en
t
and
app
r
op
ri
a
t
e
t
o
p
r
o
v
i
de
a
ba
sis
f
o
r
ou
r
op
i
n
i
on
.
O
pinion
I
n
ou
r
op
i
n
i
on
,
t
he
annua
l
f
i
nan
ci
a
l r
epo
r
t
f
o
r
t
he
y
ea
r
ended
31
D
e
c
e
m
be
r 2021
ha
s
been
p
r
epa
r
ed
i
n
X
H
TML
f
o
rm
a
t
i
n
a
ll m
a
t
e
ri
a
l r
e
s
pe
c
t
s.
Ernst & Young Malta Limited
Regional Business Centre
Achille Ferris Street
Msida MSD 1751, Malta
Tel: +356 2134 2134
Fax: +356 2133 0280
ey.malta@mt.ey.com
ey.com
A member firm of Ernst & Young Global Limited.
Registered in Malta No: C30252
37
I
ND
E
P
E
ND
E
N
T
A
UD
IT
O
R’
S
RE
PO
RT
t
o
t
he
S
ha
r
eho
l
de
rs
o
f
P
hoen
ici
a
Fi
nan
c
e
C
o
m
pan
y
P
.L.C.
-
c
on
t
i
nued
R
e
p
o
rt
o
n
o
th
e
r
l
e
ga
l
and r
e
gu
l
at
o
ry r
e
qu
i
r
e
m
e
nts
-
c
o
nt
i
nu
e
d
M
att
e
rs
o
n wh
i
ch w
e
ar
e
r
e
qu
i
r
e
d t
o
r
e
p
o
rt by th
e
Cap
i
ta
l
M
ar
k
e
ts Ru
l
e
s
Co
r
po
r
a
t
e
gov
e
r
nan
c
e
s
t
a
t
eme
n
t
T
he
C
ap
i
t
a
l M
a
r
k
e
t
s R
u
l
e
s iss
ued
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
(
“MFSA”
)
r
equ
ir
e
t
he
d
ir
e
c
t
o
rs
t
o
p
r
epa
r
e
and
i
n
cl
ude
i
n
t
he
ir
annua
l r
epo
r
t
a
s
t
a
t
e
m
en
t
o
f
c
o
m
p
li
an
c
e
p
r
o
v
i
d
i
n
g
an
e
x
p
l
ana
t
i
on
o
f
t
he
e
x
t
en
t
t
o
w
h
ic
h
t
he
y
ha
v
e
adop
t
ed
t
he
C
ode
o
f
P
ri
n
ci
p
l
e
s
o
f
G
ood
C
o
r
po
r
a
t
e
G
o
v
e
r
nan
c
e
and
t
he
e
ff
e
c
t
i
v
e
m
ea
s
u
r
e
s
t
ha
t
t
he
y
ha
v
e
t
a
k
en
t
o
en
s
u
r
e
c
o
m
p
li
an
c
e
t
h
r
ou
g
hou
t
t
he
a
cc
oun
t
i
n
g
pe
ri
od
wi
t
h
t
ho
s
e
P
ri
n
ci
p
l
e
s.
T
he
C
ap
i
t
a
l M
a
r
k
e
t
s R
u
l
e
s
a
ls
o
r
equ
ir
e
t
he
aud
i
t
o
r
t
o
i
n
cl
ude
a
r
epo
r
t
on
t
he
s
t
a
t
e
m
en
t
o
f
c
o
m
p
li
an
c
e
p
r
epa
r
ed
b
y
t
he
d
ir
e
c
t
o
rs. W
e
a
r
e
a
ls
o
r
equ
ir
ed
t
o
e
x
p
r
e
ss
an
op
i
n
i
on
a
s
t
o
w
he
t
he
r, i
n
t
he
lig
h
t
o
f
t
he
k
no
wl
ed
g
e
and
unde
rs
t
and
i
n
g
o
f
t
he
C
o
m
pan
y
and
i
t
s
en
v
ir
on
m
en
t
ob
t
a
i
ned
i
n
t
he
c
ou
rs
e
o
f
t
he
aud
i
t
, w
e
ha
v
e
i
den
t
i
f
i
ed
m
a
t
e
ri
a
l miss
t
a
t
e
m
en
t
s wi
t
h
r
e
s
pe
c
t
t
o
t
he
i
n
f
o
rm
a
t
i
on
r
e
f
e
rr
ed
t
o
i
n
C
ap
i
t
a
l M
a
r
k
e
t
s R
u
l
e
s 5.97.4
and
5.97.5.
W
e
r
ead
t
he
s
t
a
t
e
m
en
t
o
f
c
o
m
p
li
an
c
e
and
c
on
si
de
r
t
he
im
p
lic
a
t
i
on
f
o
r
ou
r r
epo
r
t
i
f
w
e
be
c
o
m
e
a
w
a
r
e
o
f
an
y
appa
r
en
t
miss
t
a
t
e
m
en
t
s
o
r m
a
t
e
ri
a
l i
n
c
on
sis
t
en
ci
e
s wi
t
h
t
he
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s i
n
cl
uded
i
n
t
he
annua
l r
epo
r
t
.
O
u
r r
e
s
pon
si
b
ili
t
i
e
s
do
no
t
e
x
t
end
t
o
c
on
si
de
ri
n
g w
he
t
he
r
t
h
is s
t
a
t
e
m
en
t
is c
on
sis
t
en
t
wi
t
h
t
he
o
t
he
r i
n
f
o
rm
a
t
i
on
i
n
cl
uded
i
n
t
he
annua
l r
epo
r
t
.
W
e
a
r
e
no
t
r
equ
ir
ed
t
o
,
and
w
e
do
no
t
, c
on
si
de
r w
he
t
he
r
t
he
B
oa
r
d
’s s
t
a
t
e
m
en
t
s
on
i
n
t
e
r
na
l c
on
t
r
o
l i
n
cl
uded
i
n
t
he
s
t
a
t
e
m
en
t
o
f
c
o
m
p
li
an
c
e
c
o
v
e
r
a
ll ris
k
s
and
c
on
t
r
o
ls,
o
r
f
o
rm
an
op
i
n
i
on
on
t
he
e
ff
e
c
t
i
v
ene
ss
o
f
t
he
C
o
m
pan
y
’s g
o
v
e
r
nan
c
e
p
r
o
c
edu
r
e
s
o
r i
t
s ris
k
and
c
on
t
r
o
l
p
r
o
c
edu
r
e
s.
I
n
ou
r
op
i
n
i
on
:
·
t
he
c
o
r
po
r
a
t
e
g
o
v
e
r
nan
c
e
s
t
a
t
e
m
en
t
s
e
t
ou
t
on
pa
g
e
s 6
t
o
9
ha
s
been
p
r
ope
rl
y
p
r
epa
r
ed
i
n
a
cc
o
r
dan
c
e
wi
t
h
t
he
r
equ
ir
e
m
en
t
s
o
f
t
he
C
ap
i
t
a
l M
a
r
k
e
t
s R
u
l
e
s iss
ued
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
·
i
n
t
he
lig
h
t
o
f
t
he
k
no
wl
ed
g
e
and
unde
rs
t
and
i
n
g
o
f
t
he
C
o
m
pan
y
and
i
t
s
en
v
ir
on
m
en
t
ob
t
a
i
ned
i
n
t
he
c
ou
rs
e
o
f
t
he
aud
i
t
t
he
i
n
f
o
rm
a
t
i
on
r
e
f
e
rr
ed
t
o
i
n
C
ap
i
t
a
l M
a
r
k
e
t
s R
u
l
e
s 5.97.4
and
5.97.5
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
O
t
h
e
r
r
e
qui
r
eme
n
t
s
U
nde
r
t
he
C
ap
i
t
a
l M
a
r
k
e
t
s R
u
l
e
s w
e
a
ls
o
ha
v
e
t
he
r
e
s
pon
si
b
ili
t
y
t
o
r
e
v
i
e
w
t
he
s
t
a
t
e
m
en
t
m
ade
b
y
t
he
D
ir
e
c
t
o
rs,
s
e
t
ou
t
on
pa
g
e
s 3
t
o
5,
t
ha
t
t
he
bu
si
ne
ss is
a
g
o
i
n
g c
on
c
e
r
n
,
t
o
g
e
t
he
r wi
t
h
s
uppo
r
t
i
n
g
a
ss
u
m
p
t
i
on
s
o
r
qua
li
f
ic
a
t
i
on
s
a
s
ne
c
e
ss
a
r
y
.
W
e
ha
v
e
no
t
h
i
n
g
t
o
r
epo
r
t
t
o
y
ou
i
n
r
e
s
pe
c
t
o
f
t
he
s
e
r
e
s
pon
si
b
ili
t
i
e
s.
T
h
e
pa
r
t
n
e
r
in
c
ha
r
g
e
o
f
t
h
e
audi
t
r
e
sul
t
ing in
t
his ind
e
p
e
nd
e
n
t
audi
t
o
r
’s
r
e
po
r
t
is
S
ha
w
n Falzon
f
o
r
and on b
e
hal
f
o
f
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
27 A
p
ril 2022