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
.