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’
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 i
n
t
e
r
e
s
t
r
a
t
e
ris
k
, cr
ed
i
t
ris
k
and
li
qu
i
d
i
t
y
ris
k
. T
he
s
e
ris
k
s
a
r
e
r
e
f
e
rr
ed
t
o
i
n
no
t
e
17
t
o
t
he
s
e
fi
nan
ci
a
l s
t
a
t
e
m
en
t
s.
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 2023
4
D
IRECT
O
R
S
’ RE
P
O
RT
-
c
o
nt
i
nu
e
d
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
.
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
:
·
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;
·
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
;
·
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
;
·
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
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;
·
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
·
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
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
r
opean
U
n
i
on
(
“E
U
”
)
, gi
v
e
a
t
r
ue
and
f
a
ir
v
i
e
w
o
f
t
he
a
ss
e
t
s, li
ab
ili
t
i
e
s,
f
i
nan
ci
a
l
po
si
t
i
on
and
p
r
o
f
i
t
o
r l
o
ss
o
f
t
he
C
o
m
pan
y
and
t
ha
t
t
h
is r
epo
r
t
i
n
cl
ude
s
a
f
a
ir r
e
v
i
e
w
o
f
t
he
pe
r
f
o
rm
an
c
e
o
f
t
he
bu
si
ne
ss
and
t
he
po
si
t
i
on
o
f
t
he
C
o
m
pan
y
,
t
o
g
e
t
he
r wi
t
h
a
de
scri
p
t
i
on
o
f
t
he
p
ri
n
ci
pa
l ris
k
s
and
un
c
e
r
t
a
i
n
t
i
e
s
t
ha
t
i
t
f
a
c
e
s.
G
o
i
ng C
o
nc
e
rn
S
tat
e
m
e
nt
P
ursuant t
o
Cap
i
ta
l
M
ar
k
e
ts Ru
l
e
5
.
62
T
he
s
e
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s
ha
v
e
been
p
r
epa
r
ed
on
a
g
o
i
n
g c
on
c
e
r
n
ba
sis. T
he
D
ir
e
c
t
o
rs
ha
v
e
m
ade
app
r
op
ri
a
t
e
a
ss
e
ssm
en
t
o
f
t
he
g
o
i
n
g c
on
c
e
r
n
and
de
t
e
rmi
ned
t
ha
t
t
he
C
o
m
pan
y
ha
s
adequa
t
e
r
e
s
ou
rc
e
s
t
o
r
e
m
a
i
n
i
n
ope
r
a
t
i
on
f
o
r
t
he
f
o
r
e
s
eeab
l
e
f
u
t
u
r
e
,
and
t
o
m
ee
t
i
t
s li
ab
ili
t
i
e
s w
hen
t
he
y
f
a
ll
due
. C
on
s
equen
t
l
y
,
t
he
D
ir
e
c
t
o
rs c
on
t
i
nue
t
o
adop
t
t
he
g
o
i
n
g c
on
c
e
r
n
ba
sis
o
f
a
cc
oun
t
i
n
g i
n
p
r
epa
ri
n
g
t
he
s
e
annua
l
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s.
T
he
G
r
oup
, w
h
ic
h
p
r
o
v
i
de
s cr
o
ss i
n
t
r
a
-
gr
oup
g
ua
r
an
t
ee
s
and
is m
ana
g
ed
a
s
a
c
o
m
b
i
ned
en
t
i
t
y
,
p
r
epa
r
ed
p
r
o
j
e
c
t
i
on
s
f
o
r
t
he
up
c
o
mi
n
g 12 m
on
t
h
s
and
be
y
ond
,
ba
s
ed
on
h
is
t
o
ric
a
l
f
i
nan
ci
a
l i
n
f
o
rm
a
t
i
on
,
f
o
r
e
c
a
s
t
s,
a
s w
e
ll
a
s
r
ea
lis
t
ic
a
ss
u
m
p
t
i
on
s
t
o
a
ss
e
ss
t
he
f
i
nan
ci
a
l
po
si
t
i
on
. M
ana
g
e
m
en
t
ha
s
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 2024
and
ha
v
e
a
ss
e
ss
ed
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
. M
ana
g
e
m
en
t
ha
s
a
ls
o
c
on
si
de
r
ed
t
he
c
u
rr
en
t
m
a
cr
o
-
e
c
ono
mic
e
ff
e
c
t
s
t
ha
t
m
a
y
im
pa
c
t
t
he
G
r
oup
i
n
cl
ud
i
n
g i
n
f
l
a
t
i
on
and
i
n
cr
ea
s
ed
i
n
t
e
r
e
s
t
r
a
t
e
s. M
ana
g
e
m
en
t
ha
s c
on
si
de
r
ed
s
t
r
e
ss
t
e
s
t
ed
sc
ena
ri
o
s
t
o
a
ss
e
ss
t
he
G
r
oup
’s
ab
ili
t
y
t
o
hand
l
e
un
f
o
r
e
s
een
c
ha
ll
en
g
e
s. A
f
t
e
r
ha
v
i
n
g c
on
si
de
r
ed
o
t
he
r mi
t
ig
a
t
i
n
g s
ou
rc
e
s
o
f
li
qu
i
d
i
t
y
, s
u
c
h
a
s
un
c
o
mmi
tt
ed
c
ap
i
t
a
l c
o
s
t
s, 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, m
ana
g
e
m
en
t
ha
s c
on
cl
uded
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.
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 2023
5
D
IRECT
O
R
S
’ RE
P
O
RT
-
c
o
nt
i
nu
e
d
Ev
e
nts aft
e
r th
e
r
e
p
o
rt
i
ng p
e
r
i
o
d
B
e
si
de
s
t
he
iss
ue
o
f
t
he
ne
w
bond
a
s m
en
t
i
oned
ea
rli
e
r i
n
t
he
‘
R
e
vi
ew
o
f
t
h
e
busin
e
ss’,
t
he
r
e
w
e
r
e
no
o
t
he
r
e
v
en
t
s
a
f
t
e
r
t
he
r
epo
r
t
i
n
g
pe
ri
od
w
h
ic
h
r
equ
ir
e
d
iscl
o
s
u
r
e
i
n
t
he
s
e
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s.
A
ud
i
t
o
rs
Er
n
s
t
&
Y
oun
g M
a
l
t
a
Limi
t
ed
ha
v
e
i
nd
ic
a
t
ed
t
he
ir willi
n
g
ne
ss
t
o
c
on
t
i
nue
i
n
o
ff
ic
e
and
a
r
e
s
o
l
u
t
i
on
f
o
r
t
he
ir r
e
-
appo
i
n
t
m
en
t
will
be
p
r
opo
s
ed
a
t
t
he
A
nnua
l
G
ene
r
a
l M
ee
t
i
n
g.
T
h
e
D
i
r
e
c
t
o
r
s’
r
e
po
r
t
w
as app
r
ov
e
d by
t
h
e
B
oa
r
d o
f
D
i
r
e
c
t
o
r
s on 23 Ap
r
il 2024 and sign
e
d on b
e
hal
f
o
f
t
h
e
boa
r
d o
f
di
r
e
c
t
o
r
s by Ma
r
k
S
ha
w
(
Chai
r
m
an
)
and Ma
r
io
P
.
G
al
e
a
(
D
i
r
e
c
t
o
r)
as p
e
r
t
h
e
D
i
r
e
c
t
o
r
’s d
e
c
la
r
a
t
ion
on E
S
EF Annual Finan
c
ial
R
e
po
r
t
sub
m
i
tt
e
d in
c
on
j
un
c
t
ion
w
i
t
h
t
h
e
Annual Finan
c
ial
R
e
po
r
t
.
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 2023
6
C
O
R
P
O
R
A
TE G
O
VER
N
A
N
CE –
S
T
A
TE
M
E
N
T
O
F C
O
MP
LI
A
N
CE
Intr
o
duct
i
o
n
P
u
rs
uan
t
t
o
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
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
,
P
hoen
ici
a
Fi
nan
c
e
C
o
m
pan
y
p
.l.c.
(
t
he
‘Iss
ue
r’
o
r
t
he
‘C
o
m
pan
y
’
)
he
r
eb
y
p
r
e
s
en
t
s i
t
s C
o
r
po
r
a
t
e
G
o
v
e
r
nan
c
e
S
t
a
t
e
m
en
t
(
“
t
he
S
t
a
t
e
m
en
t
”
)
.
T
he
C
o
m
pan
y
a
c
k
no
wl
ed
g
e
s
t
ha
t
a
l
t
hou
g
h
t
he
C
ode
o
f
P
ri
n
ci
p
l
e
s
o
f
G
ood
G
o
v
e
r
nan
c
e
(
“
t
he
C
ode
”
)
c
on
t
a
i
ned
i
n
A
ppend
i
x
5.1
o
f
t
he
C
ap
i
t
a
l M
a
r
k
e
t
s R
u
l
e
s
doe
s
no
t
d
ic
t
a
t
e
o
r
p
r
e
scri
be
m
anda
t
o
r
y
r
u
l
e
s, 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
r
e
c
o
mm
ended
i
n
t
he
C
ode
is i
n
t
he
be
s
t
i
n
t
e
r
e
s
t
s
o
f
t
he
C
o
m
pan
y
, i
t
s
s
ha
r
eho
l
de
rs
and
o
t
he
r s
t
a
k
eho
l
de
rs. I
n
de
ci
d
i
n
g
on
t
he
m
o
s
t
app
r
op
ri
a
t
e
m
anne
r i
n
w
h
ic
h
t
o
im
p
l
e
m
en
t
t
he
P
ri
n
ci
p
l
e
s,
t
he
B
oa
r
d
o
f
P
hoen
ici
a
Fi
nan
c
e
C
o
m
pan
y
p
.l.c.
(
t
he
“B
oa
r
d
”
)
ha
s
t
a
k
en
c
o
g
n
is
an
c
e
o
f
i
t
s si
z
e
, w
h
ic
h
i
ne
v
i
t
ab
l
y
im
pa
c
t
s
on
t
he
s
t
r
u
c
t
u
r
e
s r
equ
ir
ed
t
o
im
p
l
e
m
en
t
t
he
p
ri
n
ci
p
l
e
s wi
t
hou
t
d
il
u
t
i
n
g
t
he
e
ff
e
c
t
i
v
ene
ss
t
he
r
eo
f
.
T
he
C
o
m
pan
y
doe
s
no
t
ha
v
e
an
y
E
qu
i
t
y
S
e
c
u
ri
t
i
e
s i
n
iss
ue
, is
p
ri
v
a
t
e
l
y
he
l
d
and
ha
s
no
i
n
s
t
i
t
u
t
i
ona
l s
ha
r
eho
l
de
rs.
C
on
s
equen
t
l
y
,
and
i
n
a
cc
o
r
dan
c
e
wi
t
h
C
ap
i
t
a
l M
a
r
k
e
t
s R
u
l
e
5.101,
t
he
C
o
m
pan
y
is
e
x
e
m
p
t
f
r
o
m
d
iscl
o
si
n
g i
n
t
h
is
S
t
a
t
e
m
en
t
, i
n
f
o
rm
a
t
i
on
p
r
e
scri
bed
b
y
C
ap
i
t
a
l M
a
r
k
e
t
s R
u
l
e
s 5.97.1
t
o
5.97.3; 5.97.6
and
5.97.8.
R
o
l
e
s and r
e
sp
o
ns
i
b
ili
t
i
e
s
o
f th
e
B
o
ard
T
he
B
oa
r
d
a
c
k
no
wl
ed
g
e
s i
t
s s
t
a
t
u
t
o
r
y
m
anda
t
e
t
o
c
ondu
c
t
t
he
ad
mi
n
is
t
r
a
t
i
on
and
m
ana
g
e
m
en
t
o
f
t
he
C
o
m
pan
y
. T
he
B
oa
r
d
, i
n
f
u
l
f
illi
n
g
t
h
is m
anda
t
e
and
d
isc
ha
rgi
n
g i
t
s
du
t
y
o
f
s
t
e
w
a
r
d
s
h
i
p
o
f
t
he
C
o
m
pan
y
,
a
ss
u
m
e
s
r
e
s
pon
si
b
ili
t
y
f
o
r:
·
t
he
C
o
m
pan
y
’s s
t
r
a
t
e
g
y
and
de
cisi
on
s wi
t
h
r
e
s
pe
c
t
t
o
t
he
iss
ue
, s
e
r
v
ici
n
g
and
r
ede
m
p
t
i
on
o
f
i
t
s
bond
s;
·
m
on
i
t
o
ri
n
g
t
ha
t
i
t
s
ope
r
a
t
i
on
s
a
r
e
i
n
c
on
f
o
rmi
t
y
wi
t
h
i
t
s c
o
mmi
t
m
en
t
s
t
o
w
a
r
d
s
bondho
l
de
rs, s
ha
r
eho
l
de
rs,
o
t
he
r
e
x
t
e
r
na
l
f
i
nan
ci
e
rs
and
a
ll r
e
l
e
v
an
t
l
a
ws
and
r
e
g
u
l
a
t
i
on
s.
T
he
B
oa
r
d
is
a
ls
o
r
e
s
pon
si
b
l
e
f
o
r
en
s
u
ri
n
g
t
ha
t
t
he
C
o
m
pan
y
i
n
s
t
a
lls
and
ope
r
a
t
e
s
e
ff
e
c
t
i
v
e
i
n
t
e
r
na
l c
on
t
r
o
l
and
m
ana
g
e
m
en
t
i
n
f
o
rm
a
t
i
on
s
y
s
t
e
ms
and
t
ha
t
i
t
c
o
mm
un
ic
a
t
e
s
e
ff
e
c
t
i
v
e
l
y
wi
t
h
t
he
m
a
r
k
e
t
.
Th
e
B
o
ard
o
f
Di
r
e
ct
o
rs
T
he
B
oa
r
d
is c
o
m
po
s
ed
o
f
f
i
v
e
D
ir
e
c
t
o
rs, w
ho
w
e
r
e
a
ll
appo
i
n
t
ed
upon
i
n
c
ep
t
i
on
o
f
t
he
C
o
m
pan
y
. T
he
B
oa
r
d
is
c
o
m
po
s
ed
o
f
m
e
m
be
rs wi
t
h
d
i
v
e
rs
e
k
no
wl
ed
g
e
,
j
ud
gm
en
t
and
e
x
pe
ri
en
c
e
t
o
enab
l
e
i
t
t
o
p
r
ope
rl
y
d
isc
ha
rg
e
i
t
s
r
e
s
pon
si
b
ili
t
i
e
s. T
he
ba
l
an
c
e
o
f
s
k
ills
and
e
x
pe
ri
en
c
e
is
app
r
op
ri
a
t
e
f
o
r
t
he
r
equ
ir
e
m
en
t
s
o
f
t
he
C
o
m
pan
y
and
t
ha
t
c
han
g
e
s
t
o
t
he
B
oa
r
d
’s c
o
m
po
si
t
i
on
c
an
be
m
ana
g
ed
wi
t
hou
t
undue
d
isr
up
t
i
on
.
T
he
B
oa
r
d
is c
o
m
po
s
ed
o
f
:
Mr M
a
r
k
S
ha
w
Mr J
ean
P
i
e
rr
e
Ell
u
l C
a
s
t
a
l
d
i
Mr M
a
ri
o
P
.
G
a
l
ea
D
r E
t
i
enne
B
o
rg C
a
r
dona
Mr B
en
j
a
mi
n
M
u
sc
a
t
N
on
-
e
x
e
c
u
t
i
v
e
D
ir
e
c
t
o
r
(
C
ha
irm
an
)
E
x
e
c
u
t
i
v
e
D
ir
e
c
t
o
r
I
ndependen
t
non
-
e
x
e
c
u
t
i
v
e
D
ir
e
c
t
o
r
I
ndependen
t
non
-
e
x
e
c
u
t
i
v
e
D
ir
e
c
t
o
r
I
ndependen
t
non
-
e
x
e
c
u
t
i
v
e
D
ir
e
c
t
o
r
F
o
r
t
he
f
i
nan
ci
a
l
y
ea
r
ended
31
D
e
c
e
m
be
r 2023,
t
he
e
x
e
c
u
t
i
v
e
D
ir
e
c
t
o
r
o
cc
up
i
ed
an
e
x
e
c
u
t
i
v
e
po
si
t
i
on
wi
t
h
i
n
t
he
G
r
oup
, m
ade
up
o
f
t
he
C
o
m
pan
y
,
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
, w
h
il
e
t
he
non
-
e
x
e
c
u
t
i
v
e
D
ir
e
c
t
o
rs w
e
r
e
no
t
en
g
a
g
ed
i
n
t
he
da
il
y
m
ana
g
e
m
en
t
o
f
t
he
C
o
m
pan
y
. T
he
i
ndependen
t
non
-
e
x
e
c
u
t
i
v
e
m
e
m
be
rs
a
r
e
ea
c
h
f
r
ee
o
f
an
y
bu
si
ne
ss,
f
a
mil
y
o
r
o
t
he
r r
e
l
a
t
i
on
s
h
i
p
wi
t
h
t
he
Iss
ue
r, i
t
s c
on
t
r
o
lli
n
g s
ha
r
eho
l
de
r
o
r
t
he
m
ana
g
e
m
en
t
w
h
ic
h
c
ou
l
d
i
n
t
e
r
f
e
r
e
m
a
t
e
ri
a
ll
y
wi
t
h
t
he
e
x
e
rcis
e
o
f
t
he
ir i
ndependen
t
and
im
pa
r
t
i
a
l
j
ud
g
e
m
en
t
.
T
h
r
ou
g
hou
t
t
he
f
i
nan
ci
a
l
y
ea
r, Mr M
a
r
k
S
ha
w
a
c
t
ed
a
s C
ha
irm
an
.
T
he
B
oa
r
d
’s m
a
i
n
p
ri
n
ci
p
l
e
is
t
ha
t
i
t
ha
s
t
he
f
irs
t
l
e
v
e
l r
e
s
pon
si
b
ili
t
y
o
f
e
x
e
c
u
t
i
n
g c
o
r
po
r
a
t
e
g
o
v
e
r
nan
c
e
t
h
r
ou
g
h
a
cc
oun
t
ab
ili
t
y
, m
on
i
t
o
ri
n
g, s
t
r
a
t
e
g
y
f
o
rm
u
l
a
t
i
on
and
po
lic
y
de
v
e
l
op
m
en
t
. T
he
a
c
t
i
v
i
t
i
e
s
o
f
t
he
B
oa
r
d
a
r
e
e
x
e
rcis
ed
i
n
a
m
anne
r
de
sig
ned
t
o
en
s
u
r
e
t
ha
t
i
t
c
an
e
ff
e
c
t
i
v
e
l
y
s
upe
r
v
is
e
t
he
ope
r
a
t
i
on
s
o
f
t
he
C
o
m
pan
y
and
p
r
o
t
e
c
t
t
he
i
n
t
e
r
e
s
t
s
o
f
bondho
l
de
rs,
e
x
t
e
r
na
l
bo
rr
o
w
e
rs
and
t
he
s
ha
r
eho
l
de
rs.
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 2023
7
C
O
R
P
O
R
A
TE G
O
VER
N
A
N
CE –
S
T
A
TE
M
E
N
T
O
F C
O
MP
LI
A
N
CE
-
c
o
nt
i
nu
e
d
Th
e
B
o
ard
o
f
Di
r
e
ct
o
rs
-
c
o
nt
i
nu
e
d
T
he
B
oa
r
d
m
e
m
be
rs
a
r
e
no
t
i
f
i
ed
o
f
f
o
r
t
h
c
o
mi
n
g m
ee
t
i
n
gs
b
y
t
he
C
o
m
pan
y
s
e
cr
e
t
a
r
y
(
D
r S
t
ephan
i
e
M
andu
c
a
)
i
n
ad
v
an
c
e
t
o
g
e
t
he
r wi
t
h
an
a
g
enda
a
s
ne
c
e
ss
a
r
y
s
o
t
ha
t
t
he
y
ha
v
e
a
m
p
l
e
oppo
r
t
un
i
t
y
t
o
app
r
op
ri
a
t
e
l
y
c
on
si
de
r
t
he
i
n
f
o
rm
a
t
i
on
p
ri
o
r
t
o
t
he
up
c
o
mi
n
g B
oa
r
d
m
ee
t
i
n
g, w
h
ic
h
a
r
e
t
hen
d
isc
u
ss
ed
du
ri
n
g
t
he
B
oa
r
d
m
ee
t
i
n
g
and
c
on
v
e
y
t
he
ir
op
i
n
i
on
s.
M
ee
t
i
n
gs
o
f
t
he
B
oa
r
d
w
e
r
e
he
l
d
si
x
t
im
e
s
du
ri
n
g
t
he
y
ea
r
unde
r r
e
v
i
e
w
and
w
e
r
e
a
lw
a
y
s
a
tt
ended
i
n
f
u
ll.
I
nd
i
v
i
dua
l
D
ir
e
c
t
o
rs,
apa
r
t
f
r
o
m
a
tt
endan
c
e
a
t
f
o
rm
a
l B
oa
r
d
m
ee
t
i
n
gs,
pa
r
t
ici
pa
t
e
i
n
o
t
he
r i
n
f
o
rm
a
l m
ee
t
i
n
gs
du
ri
n
g
t
he
y
ea
r
a
s m
a
y
be
r
equ
ir
ed
,
e
i
t
he
r
t
o
a
ss
u
r
e
g
ood
c
o
r
po
r
a
t
e
g
o
v
e
r
nan
c
e
,
o
r
t
o
c
on
t
ri
bu
t
e
m
o
r
e
e
ff
e
c
t
i
v
e
l
y
t
o
t
he
de
cisi
on
-
m
a
k
i
n
g
p
r
o
c
e
ss.
A
pa
r
t
f
r
o
m s
e
tt
i
n
g
t
he
s
t
r
a
t
e
g
y
and
d
ir
e
c
t
i
on
o
f
t
he
C
o
m
pan
y
,
t
he
B
oa
r
d
r
e
t
a
i
n
s
d
ir
e
c
t
r
e
s
pon
si
b
ili
t
y
f
o
r
app
r
o
v
i
n
g
and
m
on
i
t
o
ri
n
g:
·
d
ir
e
c
t
s
upe
r
v
isi
on
, s
uppo
r
t
ed
b
y
e
x
pe
r
t
p
r
o
f
e
ssi
ona
l
ad
v
ic
e
a
s
app
r
op
ri
a
t
e
,
on
t
he
iss
ue
and
lis
t
i
n
g
o
f
bond
s;
·
t
ha
t
t
he
p
r
o
c
eed
s
o
f
t
he
bond
s
a
r
e
app
li
ed
f
o
r
t
he
pu
r
po
s
e
s
f
o
r w
h
ic
h
t
he
y
w
e
r
e
s
an
c
t
i
oned
a
s s
pe
ci
f
i
ed
i
n
t
he
o
ff
e
ri
n
g m
e
m
o
r
andu
m
o
f
t
he
bond
s i
n
iss
ue
;
·
p
r
ope
r
u
t
ilis
a
t
i
on
o
f
t
he
r
e
s
ou
rc
e
s
o
f
t
he
C
o
m
pan
y
;
·
app
r
o
v
a
l
o
f
t
he
annua
l r
epo
r
t
and
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s
and
o
f
r
e
l
e
v
an
t
pub
lic
announ
c
e
m
en
t
s
and
f
o
r
t
he
C
o
m
pan
y
’s c
o
m
p
li
an
c
e
wi
t
h
i
t
s c
on
t
i
nu
i
n
g lis
t
i
n
g
ob
lig
a
t
i
on
s.
T
he
B
oa
r
d
doe
s
no
t
c
on
si
de
r i
t
ne
c
e
ss
a
r
y
t
o
i
n
s
t
i
t
u
t
e
s
epa
r
a
t
e
c
o
mmi
tt
ee
s s
u
c
h
a
s
t
he
r
e
m
une
r
a
t
i
on
and
t
he
no
mi
na
t
i
on
c
o
mmi
tt
ee
s,
a
s w
ou
l
d
be
app
r
op
ri
a
t
e
i
n
an
ope
r
a
t
i
n
g c
o
m
pan
y
. T
h
is is l
a
rg
e
l
y
due
t
o
t
he
f
a
c
t
t
ha
t
t
he
C
o
m
pan
y
doe
s
no
t
ha
v
e
an
y
e
m
p
l
o
y
ee
s.
R
e
mun
e
rat
i
o
n
S
tat
e
m
e
nt
P
u
rs
uan
t
t
o
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
m
a
x
im
u
m
annua
l
a
ggr
e
g
a
t
e
e
m
o
l
u
m
en
t
s
t
ha
t
m
a
y
be
pa
i
d
t
o
t
he
D
ir
e
c
t
o
rs is
app
r
o
v
ed
b
y
t
he
s
ha
r
eho
l
de
rs i
n
G
ene
r
a
l M
ee
t
i
n
g. F
u
r
t
he
rm
o
r
e
,
t
he
r
e
m
une
r
a
t
i
on
o
f
D
ir
e
c
t
o
rs is
a
f
i
x
ed
a
m
oun
t
pe
r
annu
m
o
f
E
U
R13,000
and
doe
s
no
t
i
n
cl
ude
an
y
v
a
ri
ab
l
e
c
o
m
ponen
t
r
e
l
a
t
i
n
g
t
o
p
r
o
f
i
t
s
ha
ri
n
g, s
ha
r
e
op
t
i
on
s
o
r
pen
si
on
bene
f
i
t
s.
Int
e
rna
l
C
o
ntr
o
l
and R
i
s
k
M
anag
e
m
e
nt
S
yst
e
ms
T
he
D
ir
e
c
t
o
rs
a
r
e
a
w
a
r
e
t
ha
t
i
n
t
e
r
na
l c
on
t
r
o
l s
y
s
t
e
ms,
f
o
r w
h
ic
h
t
he
y
a
r
e
r
e
s
pon
si
b
l
e
a
r
e
de
sig
ned
t
o
m
ana
g
e
,
r
a
t
he
r
t
han
e
limi
na
t
e
,
t
he
ris
k
o
f
f
a
il
u
r
e
t
o
a
c
h
i
e
v
e
bu
si
ne
ss
ob
j
e
c
t
i
v
e
s.
T
he
B
oa
r
d
m
a
i
n
t
a
i
n
s s
ound
ris
k
m
ana
g
e
m
en
t
and
i
n
t
e
r
na
l c
on
t
r
o
l s
y
s
t
e
ms. I
t
is r
e
s
pon
si
b
l
e
f
o
r
de
t
e
rmi
n
i
n
g
t
he
na
t
u
r
e
and
e
x
t
en
t
o
f
t
he
ris
k
s i
t
is willi
n
g
t
o
t
a
k
e
i
n
a
c
h
i
e
v
i
n
g i
t
s s
t
r
a
t
e
gic
ob
j
e
c
t
i
v
e
s. T
he
B
oa
r
d
e
s
t
ab
lis
he
s
f
o
rm
a
l
and
t
r
an
s
pa
r
en
t
a
rr
an
g
e
m
en
t
s
t
o
app
l
y
ris
k
m
ana
g
e
m
en
t
and
i
n
t
e
r
na
l c
on
t
r
o
l
p
ri
n
ci
p
l
e
s,
a
s w
e
ll
a
s m
a
i
n
t
a
i
n
i
n
g
an
app
r
op
ri
a
t
e
r
e
l
a
t
i
on
s
h
i
p
wi
t
h
t
he
c
o
m
pan
y
’s
aud
i
t
o
rs.
D
u
ri
n
g
t
he
f
i
nan
ci
a
l
y
ea
r
unde
r r
e
v
i
e
w
t
he
C
o
m
pan
y
ope
r
a
t
ed
a
s
y
s
t
e
m
o
f
i
n
t
e
r
na
l c
on
t
r
o
ls w
h
ic
h
p
r
o
v
i
ded
e
ff
e
c
t
i
v
e
and
e
ff
ici
en
t
ope
r
a
t
i
on
s c
o
v
e
ri
n
g
a
ll c
on
t
r
o
ls, i
n
cl
ud
i
n
g
f
i
nan
ci
a
l
and
ope
r
a
t
i
ona
l c
on
t
r
o
ls
and
c
o
m
p
li
an
c
e
wi
t
h
l
a
ws
and
r
e
g
u
l
a
t
i
on
s.
P
r
o
c
e
ss
e
s
a
r
e
i
n
p
l
a
c
e
f
o
r i
den
t
i
fy
i
n
g,
e
v
a
l
ua
t
i
n
g
and
m
ana
gi
n
g
t
he
sig
n
i
f
ic
an
t
ris
k
s
f
a
ci
n
g
t
he
C
o
m
pan
y
.
T
he
B
oa
r
d
is
ad
j
ou
r
ned
pe
ri
od
ic
a
ll
y
o
f
t
he
f
i
nan
ci
a
l
a
ff
a
irs
and
ope
r
a
t
i
ona
l
de
v
e
l
op
m
en
t
s
o
f
t
he
gr
oup
en
t
i
t
i
e
s,
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
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.
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 2023
8
C
O
R
P
O
R
A
TE G
O
VER
N
A
N
CE –
S
T
A
TE
M
E
N
T
O
F C
O
MP
LI
A
N
CE
-
c
o
nt
i
nu
e
d
Th
e
A
ud
i
t C
o
mm
i
tt
ee
D
u
ri
n
g
t
he
c
u
rr
en
t
f
i
nan
ci
a
l
y
ea
r,
t
he
A
ud
i
t
C
o
mmi
tt
ee
m
e
t
f
ou
r
t
im
e
s wi
t
h
f
u
ll
a
tt
endan
c
e
.
T
he
T
e
rms
o
f
R
e
f
e
r
en
c
e
o
f
t
he
A
ud
i
t
C
o
mmi
tt
ee
, w
h
ic
h
w
e
r
e
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
,
a
r
e
m
ode
ll
ed
on
t
he
p
ri
n
ci
p
l
e
s s
e
t
ou
t
i
n
t
he
C
ap
i
t
a
l M
a
r
k
e
t
s R
u
l
e
s
t
he
ms
e
l
v
e
s. T
he
A
ud
i
t
C
o
mmi
tt
ee
a
ssis
t
s
t
he
B
oa
r
d
i
n
f
u
l
f
illi
n
g i
t
s s
upe
r
v
is
o
r
y
and
m
on
i
t
o
ri
n
g r
e
s
pon
si
b
ili
t
y
b
y
r
e
v
i
e
wi
n
g
t
he
gr
oup
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s
and
d
iscl
o
s
u
r
e
s, m
on
i
t
o
ri
n
g
t
he
s
y
s
t
e
m
o
f
i
n
t
e
r
na
l c
on
t
r
o
l
e
s
t
ab
lis
hed
b
y
m
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e
m
en
t
a
s w
e
ll
a
s
t
he
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i
t
p
r
o
c
e
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he
B
oa
r
d
e
s
t
ab
lis
hed
t
he
A
ud
i
t
C
o
mmi
tt
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, w
h
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h
m
ee
t
s r
e
g
u
l
a
rl
y
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t
h
a
mi
n
im
u
m
o
f
f
ou
r
t
im
e
s
annua
ll
y
,
and
is
c
u
rr
en
t
l
y
c
o
m
po
s
ed
o
f
t
he
f
o
ll
o
wi
n
g i
nd
i
v
i
dua
ls:
Mr M
a
ri
o
P
.
G
a
l
ea
(
C
ha
irm
an
)
Mr M
a
r
k
S
ha
w
Mr B
en
j
a
mi
n
M
u
sc
a
t
All
t
h
r
ee
m
e
m
be
rs
a
r
e
non
-
e
x
e
c
u
t
i
v
e
D
ir
e
c
t
o
rs
on
t
he
B
oa
r
d
and
t
he
m
a
j
o
ri
t
y
o
f
t
he
m
e
m
be
rs
a
r
e
i
ndependen
t
o
f
t
he
Iss
ue
r
a
s r
equ
ir
ed
b
y
S
e
c
t
i
on
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o
f
t
he
C
ap
i
t
a
l M
a
r
k
e
t
s R
u
l
e
s. F
u
r
t
he
rm
o
r
e
, Mr M
a
ri
o
P
G
a
l
ea
is
t
he
appo
i
n
t
ed
C
ha
irm
an
and
is i
ndependen
t
o
f
t
he
iss
ue
r
a
s r
equ
ir
ed
b
y
t
he
a
f
o
r
e
m
en
t
i
oned
S
e
c
t
i
on
o
f
t
he
C
ap
i
t
a
l
M
a
r
k
e
t
s R
u
l
e
s. F
u
r
t
he
rm
o
r
e
, Mr M
a
ri
o
P
.
G
a
l
ea
and
Mr B
en
j
a
mi
n
M
u
sc
a
t
,
bo
t
h
non
-
e
x
e
c
u
t
i
v
e
m
e
m
be
rs
o
f
t
he
c
o
mmi
tt
ee
,
a
r
e
c
o
m
pe
t
en
t
i
n
a
cc
oun
t
i
n
g
and
/
o
r
aud
i
t
i
n
g i
n
t
e
rms
o
f
t
he
C
ap
i
t
a
l M
a
r
k
e
t
s R
u
l
e
s.
C
o
mm
un
ic
a
t
i
on
wi
t
h
and
be
t
w
een
t
he
C
o
m
pan
y
S
e
cr
e
t
a
r
y
,
t
op
l
e
v
e
l m
ana
g
e
m
en
t
and
t
he
C
o
mmi
tt
ee
is
on
g
o
i
n
g
and
c
on
si
de
r
a
t
i
on
s
t
ha
t
r
equ
ir
e
t
he
C
o
mmi
tt
ee
’s
a
tt
en
t
i
on
a
r
e
a
c
t
ed
upon
be
t
w
een
m
ee
t
i
n
gs
and
de
ci
ded
b
y
t
he
M
e
m
be
rs
(
w
he
r
e
ne
c
e
ss
a
r
y)
t
h
r
ou
g
h
e
l
e
c
t
r
on
ic circ
u
l
a
t
i
on
and
c
o
rr
e
s
ponden
c
e
. As r
equ
ir
ed
b
y
t
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C
o
m
pan
i
e
s Ac
t
(
C
hap
t
e
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o
f
t
he
L
a
ws
o
f
M
a
l
t
a
)
and
t
he
C
ap
i
t
a
l M
a
r
k
e
t
s R
u
l
e
s,
t
he
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s
o
f
t
he
C
o
m
pan
y
a
r
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s
ub
j
e
c
t
t
o
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l
aud
i
t
b
y
i
t
s
e
x
t
e
r
na
l
aud
i
t
o
rs. M
o
r
eo
v
e
r,
t
he
non
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x
e
c
u
t
i
v
e
D
ir
e
c
t
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rs
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v
e
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ir
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t
a
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e
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t
o
t
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e
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t
e
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l
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t
o
rs
o
f
t
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o
m
pan
y
,w
ho
a
tt
end
t
he
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oa
r
d
m
ee
t
i
n
gs
a
t
w
h
ic
h
t
he
C
o
m
pan
y
’s
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s
a
r
e
app
r
o
v
ed
. M
o
r
eo
v
e
r, i
n
en
s
u
ri
n
g c
o
m
p
li
an
c
e
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t
h
o
t
he
r s
t
a
t
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t
o
r
y
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ir
e
m
en
t
s
and
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t
h
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on
t
i
nu
i
n
g lis
t
i
n
g
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lig
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t
i
on
s,
t
he
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oa
r
d
is
ad
v
is
ed
d
ir
e
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t
l
y
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a
s
app
r
op
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t
e
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b
y
i
t
s
appo
i
n
t
ed
b
r
o
k
e
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e
g
a
l
ad
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o
r
and
t
he
e
x
t
e
r
na
l
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i
t
o
rs.
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ir
e
c
t
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r
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en
t
i
t
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ee
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t
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e
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ona
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e
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t
an
y
t
im
e
on
an
y
a
s
pe
c
t
o
f
t
he
ir
du
t
i
e
s
and
r
e
s
pon
si
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ili
t
i
e
s,
a
t
t
he
C
o
m
pan
y
’s
e
x
pen
s
e
.
T
he
C
o
m
pan
y
ha
s
f
o
rm
a
l m
e
c
han
isms
t
o
m
on
i
t
o
r
dea
li
n
gs
b
y
r
e
s
t
ric
t
ed
pe
rs
on
s i
n
t
he
bond
s
o
f
t
he
C
o
m
pan
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and
ha
s
a
ls
o
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t
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n
p
l
a
c
e
t
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app
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a
t
e
m
e
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han
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f
o
r
t
he
ad
v
an
c
e
no
t
i
f
ic
a
t
i
on
o
f
s
u
c
h
dea
li
n
gs.
R
e
l
at
i
o
ns w
i
th th
e
M
ar
k
e
t
T
he
m
a
r
k
e
t
is
k
ep
t
up
t
o
da
t
e
wi
t
h
a
ll r
e
l
e
v
an
t
i
n
f
o
rm
a
t
i
on
,
and
t
he
C
o
m
pan
y
r
e
g
u
l
a
rl
y
pub
lis
he
s s
u
c
h
i
n
f
o
rm
a
t
i
on
on
i
t
s w
eb
si
t
e
t
o
en
s
u
r
e
c
on
sis
t
en
t
r
e
l
a
t
i
on
s wi
t
h
t
he
m
a
r
k
e
t
.
O
th
e
r Inf
o
rmat
i
o
n
I
n
v
i
e
w
o
f
t
he
si
z
e
and
t
y
pe
o
f
ope
r
a
t
i
on
s
o
f
t
he
C
o
m
pan
y
,
t
he
B
oa
r
d
doe
s
no
t
c
on
si
de
r
t
he
C
o
m
pan
y
t
o
r
equ
ir
e
t
he
s
e
tt
i
n
g
up
o
f
a
no
mi
na
t
i
on
c
o
mmi
tt
ee
.
D
u
ri
n
g
t
he
f
i
nan
ci
a
l
y
ea
r
unde
r r
e
v
i
e
w,
no
p
ri
v
a
t
e
i
n
t
e
r
e
s
t
s
o
r
du
t
i
e
s
un
r
e
l
a
t
ed
t
o
t
he
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o
m
pan
y
w
e
r
e
d
iscl
o
s
ed
b
y
t
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D
ir
e
c
t
o
rs w
h
ic
h
w
e
r
e
o
r c
ou
l
d
ha
v
e
been
li
k
e
l
y
t
o
p
l
a
c
e
an
y
o
f
t
he
m i
n
c
on
f
lic
t
wi
t
h
an
y
i
n
t
e
r
e
s
t
s i
n
,
o
r
du
t
i
e
s
t
o
w
a
r
d
s
t
he
C
o
m
pan
y
.
T
he
D
ir
e
c
t
o
rs
o
f
t
he
C
o
m
pan
y
and
t
he
G
r
oup
adhe
r
e
s
t
o
a
cc
ep
t
ed
p
ri
n
ci
p
l
e
s
o
f
c
o
r
po
r
a
t
e
s
o
ci
a
l r
e
s
pon
si
b
ili
t
y
i
n
t
he
ir
da
y-
t
o
-
da
y
m
ana
g
e
m
en
t
p
r
a
c
t
ic
e
s
o
f
t
he
C
o
m
pan
y
and
t
he
G
r
oup
. T
he
C
o
m
pan
y
and
t
he
G
r
oup
a
r
e
c
on
t
i
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y
c
o
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beha
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e
e
t
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ll
y
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t
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e
t
o
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c
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mic
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t
w
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e
im
p
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v
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and
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s
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t
y
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s
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ci
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t
y
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.
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H
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s g
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t
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t
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y
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na
t
u
r
e
.
S
ign
e
d on b
e
hal
f
o
f
t
h
e
Co
m
pany’s
B
oa
r
d o
f
D
i
r
e
c
t
o
r
s on 23 Ap
r
il 2024 by Ma
r
k
S
ha
w
and Ma
r
io
P
G
al
e
a as p
e
r
t
h
e
D
i
r
e
c
t
o
r
s’
D
e
c
la
r
a
t
ion on E
S
EF Annual Finan
c
ial
R
e
po
r
t
sub
m
i
tt
e
d in
c
on
j
un
c
t
ion
w
i
t
h
t
h
e
Annual Finan
c
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R
e
po
r
t
2023.
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H
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N
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A
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m
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d 31
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mb
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10
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y
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ar
e
nd
e
d 31
D
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c
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mb
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N
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t
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s 2023 2022
E
U
R E
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41,286,989
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5
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1,163,871
)
(
1,163,877
)
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123,118123,112
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18,72118,261
O
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18,72118,261
T
h
e
a
cc
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ing poli
c
i
e
s and
e
xplana
t
o
r
y no
t
e
s on pag
e
s 14
t
o 27
f
o
r
m
an in
t
e
g
r
al pa
r
t
o
f
t
h
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f
inan
c
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t
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n
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d 31
D
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mb
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11
S
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A
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F FI
N
A
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CI
A
L
P
OS
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O
N
as at 31
D
e
c
e
mb
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r 2023
N
o
t
e
s 2023
E
U
R
2022
E
U
R
ASS
ET
S
N
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-
curr
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nt ass
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Fi
nan
ci
a
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a
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O
t
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e
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ab
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D
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ed
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a
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a
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8 24,500,701
10 124,048
9 4,681
24,629,430
24,500,701
-
4,681
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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 2024
and
ha
v
e
a
ss
e
ss
ed
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
. M
ana
g
e
m
en
t
ha
s
a
ls
o
c
on
si
de
r
ed
t
he
c
u
rr
en
t
m
a
cr
o
-
e
c
ono
mic
e
ff
e
c
t
s
t
ha
t
m
a
y
im
pa
c
t
t
he
G
r
oup
i
n
cl
ud
i
n
g i
n
f
l
a
t
i
on
and
i
n
cr
ea
s
ed
i
n
t
e
r
e
s
t
r
a
t
e
s.
M
ana
g
e
m
en
t
ha
s c
on
si
de
r
ed
s
t
r
e
ss
t
e
s
t
ed
sc
ena
ri
o
s
t
o
a
ss
e
ss
t
he
G
r
oup
’s
ab
ili
t
y
t
o
hand
l
e
un
f
o
r
e
s
een
c
ha
ll
en
g
e
s. A
f
t
e
r
ha
v
i
n
g c
on
si
de
r
ed
o
t
he
r mi
t
ig
a
t
i
n
g s
ou
rc
e
s
o
f
li
qu
i
d
i
t
y
, s
u
c
h
a
s
un
c
o
mmi
tt
ed
c
ap
i
t
a
l
c
o
s
t
s, 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, m
ana
g
e
m
en
t
ha
s c
on
cl
uded
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.
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 2023
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
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
y
ea
r,
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
e
du
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
2023:
·
Am
end
m
en
t
s
t
o
IAS12I
n
c
o
m
e
T
a
x
e
s:
D
e
f
e
rr
ed
T
a
x
r
e
l
a
t
ed
t
o
Ass
e
t
s
and
Li
ab
ili
t
i
e
s
a
risi
n
g
f
r
o
m
a
Si
n
gl
e
Tr
an
s
a
c
t
i
on
(
e
ff
e
c
t
i
v
e
f
o
r
f
i
nan
ci
a
l
y
ea
rs
be
gi
nn
i
n
g
on
o
r
a
f
t
e
r 1 J
anua
r
y
2023
)
·
IFRS 17: I
n
s
u
r
an
c
e
C
on
t
r
a
c
t
s, i
n
cl
ud
i
n
g Am
end
m
en
t
s
t
o
IFRS 17
(
e
ff
e
c
t
i
v
e
f
o
r
f
i
nan
ci
a
l
y
ea
rs
be
gi
nn
i
n
g
on
o
r
a
f
t
e
r 1 J
anua
r
y
2023
)
·
Am
end
m
en
t
s
t
o
IAS 8: Acc
oun
t
i
n
g
po
lici
e
s, C
han
g
e
s i
n
Acc
oun
t
i
n
g Es
t
im
a
t
e
s
and
Err
o
rs:
D
e
f
i
n
i
t
i
on
o
f
Acc
oun
t
i
n
g Es
t
im
a
t
e
s
(
e
ff
e
c
t
i
v
e
f
o
r
f
i
nan
ci
a
l
y
ea
rs
be
gi
nn
i
n
g
on
o
r
a
f
t
e
r 1 J
anua
r
y
2023
)
·
Am
end
m
en
t
s
t
o
IAS1:
P
r
e
s
en
t
a
t
i
ono
f
Fi
nan
ci
a
lS
t
a
t
e
m
en
t
s
and
IFRS
P
r
a
c
t
ic
e
S
t
a
t
e
m
en
t
2:
D
iscl
o
s
u
r
eo
f
Acc
oun
t
i
n
g
po
lici
e
s
(
e
ff
e
c
t
i
v
e
f
o
r
f
i
nan
ci
a
l
y
ea
rs
be
gi
nn
i
n
g
on
o
r
a
f
t
e
r 1 J
anua
r
y
2023
)
·
Am
end
m
en
t
s
t
o
IFRS 17 I
n
s
u
r
an
c
e
c
on
t
r
a
c
t
s: I
n
i
t
i
a
l A
pp
lic
a
t
i
on
o
f
IFRS 17
and
IFRS 9 – C
o
m
pa
r
a
t
i
v
e
I
n
f
o
rm
a
t
i
on
(
e
ff
e
c
t
i
v
e
f
o
r
f
i
nan
ci
a
l
y
ea
rs
be
gi
nn
i
n
g
on
o
r
a
f
t
e
r 1 J
anua
r
y
2023
)
·
Am
end
m
en
t
s
t
o
IAS 12 I
n
c
o
m
e
t
a
x
e
s: I
n
t
e
r
na
t
i
ona
l T
a
x
R
e
f
o
rm –
P
ill
a
r Tw
o
M
ode
l R
u
l
e
s
(
e
ff
e
c
t
i
v
e
f
o
r
f
i
nan
ci
a
l
y
ea
rs
be
gi
nn
i
n
g
on
o
r
a
f
t
e
r 1 J
anua
r
y
2023
)
T
headop
t
i
on
o
f
t
he
s
e
s
t
anda
r
d
s, w
he
r
eapp
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
ls
t
a
t
e
m
en
t
s
o
r
pe
r
f
o
rm
an
c
e
o
f
t
he
C
o
m
pan
y
.
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 ad
o
pt
e
d by th
e
E
U
wh
i
ch ar
e
n
o
t
y
e
t
e
ff
e
ct
i
v
e
U
p
t
o
da
t
e
o
f
app
r
o
v
a
l
o
f
t
he
s
e
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s, c
e
r
t
a
i
n
ne
w s
t
anda
r
d
s,
a
m
end
m
en
t
s
and
i
n
t
e
r
p
r
e
t
a
t
i
on
s
t
o
e
x
is
t
i
n
g s
t
anda
r
d
s
ha
v
e
been
pub
lis
hed
bu
t
w
h
ic
h
a
r
e
no
t
y
e
t
e
ff
e
c
t
i
v
e
f
o
r
t
he
c
u
rr
en
t
r
epo
r
t
i
n
g
y
ea
r
and
w
h
ic
h
t
he
C
o
m
pan
y
ha
s
no
t
ea
rl
y
adop
t
edbu
t
p
l
an
s
t
oadop
t
upon
t
he
ir
e
ff
e
c
t
i
v
eda
t
e
.T
hene
w
anda
m
ended
s
t
anda
r
d
s
f
o
ll
o
w:
·
Am
end
m
en
t
s
t
o
IAS 1:
P
r
e
s
en
t
a
t
i
on
o
f
Fi
nan
ci
a
l S
t
a
t
e
m
en
t
s: Cl
a
ssi
f
ic
a
t
i
on
o
f
Li
ab
ili
t
i
e
s
a
s C
u
rr
en
t
o
r
N
on
-
c
u
rr
en
t
(
e
ff
e
c
t
i
v
e
f
o
r
f
i
nan
ci
a
l
y
ea
rs
be
gi
nn
i
n
g
on
o
r
a
f
t
e
r 1 J
anua
r
y
2024
)
·
Am
end
m
en
t
s
t
o
IFRS 16 L
ea
s
e
s: L
ea
s
e
Li
ab
ili
t
y
i
n
a
S
a
l
e
and
L
ea
s
eba
c
k
(
e
ff
e
c
t
i
v
e
f
o
r
f
i
nan
ci
a
l
y
ea
rs
be
gi
nn
i
n
g
on
o
r
a
f
t
e
r 1 J
anua
r
y
2024
)
T
he
c
han
g
e
sr
e
s
u
l
t
i
n
g
f
r
o
m
t
he
s
e
s
t
anda
r
d
s,i
n
t
e
r
p
r
e
t
a
t
i
on
s
and
a
m
end
m
en
t
s
a
r
eno
t
e
x
pe
c
t
ed
t
o
ha
v
ea
m
a
t
e
ri
a
l
e
ff
e
c
t
on
t
he
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s. T
he
C
o
m
pan
y
will
adop
t
t
he
c
han
g
e
s i
n
s
t
anda
r
d
s, w
he
r
e
app
lic
ab
l
e
,
on
t
he
ir
e
ff
e
c
t
i
v
e
da
t
e
.
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 that ar
e
n
o
t y
e
t ad
o
pt
e
d by th
e
Eur
o
p
e
an
U
n
i
o
n
·
Am
end
m
en
t
s
t
o
IAS 7 S
t
a
t
e
m
en
t
o
f
C
a
s
h
Fl
o
ws
and
IFRS 7 Fi
nan
ci
a
l I
n
s
t
r
u
m
en
t
s:
D
iscl
o
s
u
r
e
s: S
upp
li
e
r
Fi
nan
c
e
Arr
an
g
e
m
en
t
s
(
e
ff
e
c
t
i
v
e
f
o
r
f
i
nan
ci
a
l
y
ea
rs
be
gi
nn
i
n
g
on
o
r
a
f
t
e
r 1 J
anua
r
y
2024
)
·
Am
end
m
en
t
s
t
o
IAS 21 T
he
E
ff
e
c
t
s
o
f
C
han
g
e
s i
n
F
o
r
e
ig
n
E
x
c
han
g
e
R
a
t
e
s: L
a
c
k
o
f
E
x
c
han
g
eab
ili
t
y
(
e
ff
e
c
t
i
v
e
f
o
r
f
i
nan
ci
a
l
y
ea
rs
be
gi
nn
i
n
g
on
o
r
a
f
t
e
r 1 J
anua
r
y
2025
)
T
he
C
o
m
pan
y
is s
t
ill
a
ss
e
ssi
n
g
t
he
im
pa
c
t
t
ha
t
t
he
s
e
ne
w s
t
anda
r
d
s will
ha
v
e
on
t
he
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s.
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 2023
16
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
3
.
2
M
A
TERI
A
L
A
CC
OUN
TI
N
G
PO
LICIE
S
Ta
x
e
s
Cu
rr
e
n
t
t
ax
C
u
rr
en
t
t
a
x
a
ss
e
t
s
and
li
ab
ili
t
i
e
s
a
r
e
m
ea
s
u
r
ed
a
t
t
he
a
m
oun
t
e
x
pe
c
t
ed
t
o
be
r
e
c
o
v
e
r
ed
f
r
o
m
o
r
pa
i
d
t
o
t
he
t
a
x
a
t
i
on
au
t
ho
ri
t
i
e
s. T
he
t
a
x
r
a
t
e
s
and
t
a
x
l
a
ws
u
s
ed
t
o
c
o
m
pu
t
e
t
he
a
m
oun
t
a
r
e
t
ho
s
e
t
ha
t
a
r
e
ena
c
t
ed
o
r
s
ub
s
t
an
t
i
v
e
l
y
ena
c
t
ed
b
y
t
he
r
epo
r
t
i
n
g
da
t
e
.
D
efe
rr
e
d
t
ax
D
e
f
e
rr
ed
t
a
x
is
p
r
o
v
i
ded
u
si
n
g
t
he
li
ab
ili
t
y
m
e
t
hod
on
t
e
m
po
r
a
r
y
d
i
ff
e
r
en
c
e
s
a
t
t
he
r
epo
r
t
i
n
g
da
t
e
be
t
w
een
t
he
t
a
x
ba
s
e
s
o
f
a
ss
e
t
s
and
li
ab
ili
t
i
e
s
and
t
he
ir c
a
rr
y
i
n
g
a
m
oun
t
s
f
o
r
f
i
nan
ci
a
l r
epo
r
t
i
n
g
pu
r
po
s
e
s.
D
e
f
e
rr
ed
t
a
x
a
ss
e
t
s
a
r
e
r
e
c
o
g
n
is
ed
f
o
r
a
ll
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c
t
i
b
l
e
t
e
m
po
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r
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d
i
ff
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en
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s, c
a
rr
y
f
o
rw
a
r
d
o
f
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s
ed
t
a
x
cr
ed
i
t
s
and
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s
ed
t
a
x
l
o
ss
e
s,
t
o
t
he
e
x
t
en
t
t
ha
t
i
t
is
p
r
obab
l
e
t
ha
t
t
a
x
ab
l
e
p
r
o
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i
t
will
be
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il
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g
a
i
n
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t
w
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c
t
i
b
l
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e
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ff
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en
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and
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he
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r
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ed
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ed
i
t
s
and
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t
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x
l
o
ss
e
s c
an
be
u
t
ilis
ed
.
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e
f
e
rr
ed
i
n
c
o
m
e
t
a
x
a
ss
e
t
s
and
li
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ili
t
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e
s
a
r
e
m
ea
s
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ed
a
t
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he
t
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x
r
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t
e
s
t
ha
t
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e
e
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pe
c
t
ed
t
o
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l
y
t
o
t
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y
ea
r
w
hen
t
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a
ss
e
t
is r
ea
lis
ed
o
r
t
he
li
ab
ili
t
y
is s
e
tt
l
ed
,
ba
s
ed
on
t
a
x
r
a
t
e
s
(
and
t
a
x
l
a
ws
)
t
ha
t
ha
v
e
been
ena
c
t
ed
o
r s
ub
s
t
an
t
i
v
e
l
y
ena
c
t
ed
a
t
t
he
r
epo
r
t
i
n
g
da
t
e
.
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i
nanc
i
a
l
i
nstrum
e
nts
A
f
i
nan
ci
a
l i
n
s
t
r
u
m
en
t
is
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y
c
on
t
r
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c
t
t
ha
t
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v
e
s ris
e
t
o
a
f
i
nan
ci
a
l
a
ss
e
t
o
f
oneen
t
i
t
y
and
a
f
i
nan
ci
a
l li
ab
ili
t
y
o
r
equ
i
t
y
i
n
s
t
r
u
m
en
t
o
f
ano
t
he
r
en
t
i
t
y
.
F
i
n
a
n
ci
a
l
A
ss
e
t
s
Ini
t
ial
r
e
c
ogni
t
ion and
me
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r
eme
n
t
Fi
nan
ci
a
l
a
ss
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t
s
a
r
e
cl
a
ssi
f
i
ed
,
a
t
i
n
i
t
i
a
l r
e
c
o
g
n
i
t
i
on
,
a
s s
ub
s
equen
t
l
y
m
ea
s
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r
ed
a
t
a
m
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r
t
is
ed
c
o
s
t
.
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he
cl
a
ssi
f
ic
a
t
i
on
o
f
f
i
nan
ci
a
l
a
ss
e
t
s
a
t
i
n
i
t
i
a
l r
e
c
o
g
n
i
t
i
on
depend
s
on
t
he
f
i
nan
ci
a
l
a
ss
e
t
’s c
on
t
r
a
c
t
ua
l c
a
s
h
f
l
o
w c
ha
r
a
c
t
e
ris
t
ics
and
t
he
C
o
m
pan
y
’s
bu
si
ne
ss m
ode
l
f
o
r m
ana
gi
n
g
t
he
m. T
he
C
o
m
pan
y
i
n
i
t
i
a
ll
y
m
ea
s
u
r
e
s
a
f
i
nan
ci
a
l
a
ss
e
t
a
t
i
t
s
f
a
ir
v
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l
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p
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t
he
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o
f
a
f
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l
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no
t
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t
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r
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h
p
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f
i
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o
ss,
t
r
an
s
a
c
t
i
on
c
o
s
t
s.
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n
o
r
de
r
f
o
r
a
f
i
nan
ci
a
l
a
ss
e
t
t
o
be
cl
a
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f
i
ed
and
m
ea
s
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a
t
a
m
o
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t
is
ed
c
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t
, i
t
need
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gi
v
e
ris
e
t
o
c
a
s
h
f
l
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t
ha
t
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r
e
‘s
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e
l
y
pa
y
m
en
t
s
o
f
p
ri
n
ci
pa
l
and
i
n
t
e
r
e
s
t
(
S
PP
I
)
’
on
t
he
p
ri
n
ci
pa
l
a
m
oun
t
ou
t
s
t
and
i
n
g. T
h
is
a
ss
e
ssm
en
t
is r
e
f
e
rr
ed
t
o
a
s
t
he
S
PP
I
t
e
s
t
and
is
pe
r
f
o
rm
ed
a
t
an
i
n
s
t
r
u
m
en
t
l
e
v
e
l.
S
ubs
e
qu
e
n
t
me
asu
r
eme
n
t
o
f
Finan
c
ial ass
e
t
s a
t
a
m
o
r
t
is
e
d
c
os
t
(
d
e
b
t
ins
t
r
u
me
n
t
s
)
T
h
is c
a
t
e
g
o
r
y
is
t
he
m
o
s
t
r
e
l
e
v
an
t
t
o
t
he
C
o
m
pan
y
. T
he
C
o
m
pan
y
m
ea
s
u
r
e
s
f
i
nan
ci
a
l
a
ss
e
t
s
a
t
a
m
o
r
t
is
ed
c
o
s
t
i
f
bo
t
h
o
f
t
he
f
o
ll
o
wi
n
g c
ond
i
t
i
on
s
a
r
e
m
e
t
:
·
T
he
f
i
nan
ci
a
l
a
ss
e
t
is
he
l
d
wi
t
h
i
n
a
bu
si
ne
ss m
ode
l wi
t
h
t
he
ob
j
e
c
t
i
v
e
t
o
ho
l
d
f
i
nan
ci
a
l
a
ss
e
t
s i
n
o
r
de
r
t
o
c
o
ll
e
c
t
c
on
t
r
a
c
t
ua
l c
a
s
h
f
l
o
ws
and
·
T
he
c
on
t
r
a
c
t
ua
l
t
e
rms
o
f
t
he
f
i
nan
ci
a
l
a
ss
e
t
gi
v
e
ris
e
on
s
pe
ci
f
i
ed
da
t
e
s
t
o
c
a
s
h
f
l
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ws
t
ha
t
a
r
e
s
o
l
e
l
y
pa
y
m
en
t
s
o
f
p
ri
n
ci
pa
l
and
i
n
t
e
r
e
s
t
on
t
he
p
ri
n
ci
pa
l
a
m
oun
t
ou
t
s
t
and
i
n
g
Fi
nan
ci
a
l
a
ss
e
t
s
a
t
a
m
o
r
t
is
ed
c
o
s
t
a
r
e
s
ub
s
equen
t
l
y
m
ea
s
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si
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g
t
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ff
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c
t
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i
n
t
e
r
e
s
t
(
EIR
)
m
e
t
hod
and
a
r
e
s
ub
j
e
c
t
t
o
im
pa
irm
en
t
.
G
a
i
n
s
and
l
o
ss
e
s
a
r
e
r
e
c
o
g
n
is
ed
i
n
p
r
o
f
i
t
o
r l
o
ss w
hen
t
he
a
ss
e
t
is
de
r
e
c
o
g
n
is
ed
,
m
od
i
f
i
ed
o
r im
pa
ir
ed
. I
n
t
e
r
e
s
t
i
n
c
o
m
e
is r
e
c
o
g
n
is
ed
i
n
s
t
a
t
e
m
en
t
o
f
p
r
o
f
i
t
o
r l
o
ss.
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 2023
17
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
3
.
2
M
A
TERI
A
L
A
CC
OUN
TI
N
G
PO
LICIE
S
-
c
o
nt
i
nu
e
d
F
i
nanc
i
a
l
i
nstrum
e
nts
-
c
o
nt
i
nu
e
d
F
i
n
a
n
ci
a
l
a
ss
e
t
s
-
c
o
n
t
i
nu
ed
D
e
r
e
c
ogni
t
ion
A
f
i
nan
ci
a
l
a
ss
e
t
(
o
r, w
he
r
e
app
lic
ab
l
e
,
a
pa
r
t
o
f
a
f
i
nan
ci
a
l
a
ss
e
t
o
r
pa
r
t
o
f
a
gr
oup
o
f
simil
a
r
f
i
nan
ci
a
l
a
ss
e
t
s
)
is
p
rim
a
ril
y
de
r
e
c
o
g
n
is
ed
w
hen
:
·
T
he
rig
h
t
s
t
o
r
e
c
e
i
v
e
c
a
s
h
f
l
o
ws
f
r
o
m
t
he
a
ss
e
t
ha
v
e
e
x
p
ir
ed
;
o
r
·
T
he
C
o
m
pan
y
ha
s
t
r
an
s
f
e
rr
ed
i
t
s rig
h
t
s
t
o
r
e
c
e
i
v
e
c
a
s
h
f
l
o
ws
f
r
o
m
t
he
a
ss
e
t
o
r
ha
s
a
ss
u
m
ed
an
ob
lig
a
t
i
on
t
o
pa
y
t
he
r
e
c
e
i
v
ed
c
a
s
h
f
l
o
ws i
n
f
u
ll wi
t
hou
t
m
a
t
e
ri
a
l
de
l
a
y
t
o
a
t
h
ir
d
pa
r
t
y
unde
r
a
‘
pa
ss
-
t
h
r
ou
g
h
’
a
rr
an
g
e
m
en
t
;
and
e
i
t
he
r
(
a
)
t
he
C
o
m
pan
y
ha
s
t
r
an
s
f
e
rr
ed
s
ub
s
t
an
t
i
a
ll
y
a
ll
t
he
ris
k
s
and
r
e
w
a
r
d
s
o
f
t
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a
ss
e
t
,
o
r
(
b
)
t
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C
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m
pan
y
ha
s
ne
i
t
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r
t
r
an
s
f
e
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ed
no
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t
a
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ned
s
ub
s
t
an
t
i
a
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y
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ll
t
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k
s
and
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e
w
a
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d
s
o
f
t
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a
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e
t
,
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t
ha
s
t
r
an
s
f
e
rr
ed
c
on
t
r
o
l
o
f
t
he
a
ss
e
t
.
W
hen
t
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C
o
m
pan
y
ha
s
t
r
an
s
f
e
rr
ed
i
t
s rig
h
t
s
t
o
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c
e
i
v
e
c
a
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f
l
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ws
f
r
o
m
an
a
ss
e
t
o
r
ha
s
en
t
e
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ed
i
n
t
o
a
pa
ss
-
t
h
r
ou
g
h
a
rr
an
g
e
m
en
t
, i
t
e
v
a
l
ua
t
e
s i
f
,
and
t
o
w
ha
t
e
x
t
en
t
, i
t
ha
s r
e
t
a
i
ned
t
he
ris
k
s
and
r
e
w
a
r
d
s
o
f
o
w
ne
rs
h
i
p
. W
hen
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t
ha
s
ne
i
t
he
r
t
r
an
s
f
e
rr
ed
no
r r
e
t
a
i
ned
s
ub
s
t
an
t
i
a
ll
y
a
ll
o
f
t
he
ris
k
s
and
r
e
w
a
r
d
s
o
f
t
he
a
ss
e
t
,
no
r
t
r
an
s
f
e
rr
ed
c
on
t
r
o
l
o
f
t
he
a
ss
e
t
,
t
he
C
o
m
pan
y
c
on
t
i
nue
s
t
o
r
e
c
o
g
n
is
e
t
he
t
r
an
s
f
e
rr
ed
a
ss
e
t
t
o
t
he
e
x
t
en
t
o
f
i
t
s c
on
t
i
nu
i
n
g i
n
v
o
l
v
e
m
en
t
.
I
m
pai
r
me
n
t
o
f
f
inan
c
ial ass
e
t
s
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
(
ECLs
)
f
o
r
a
ll
deb
t
i
n
s
t
r
u
m
en
t
s
no
t
he
l
d
a
t
f
a
ir
v
a
l
ue
t
h
r
ou
g
h
p
r
o
f
i
t
o
r l
o
ss. ECLs
a
r
e
ba
s
ed
on
t
he
d
i
ff
e
r
en
c
e
be
t
w
een
t
he
c
on
t
r
a
c
t
ua
l c
a
s
h
f
l
o
ws
due
i
n
a
cc
o
r
dan
c
e
wi
t
h
t
he
c
on
t
r
a
c
t
and
a
ll
t
he
c
a
s
h
f
l
o
ws
t
ha
tt
he
C
o
m
pan
y
e
x
pe
c
t
s
t
o
r
e
c
e
i
v
e
,
d
isc
oun
t
ed
a
t
an
app
r
o
x
im
a
t
i
on
o
f
t
he
o
rigi
na
l
e
ff
e
c
t
i
v
e
i
n
t
e
r
e
s
t
r
a
t
e
. T
he
e
x
pe
c
t
ed
c
a
s
h
f
l
o
ws will i
n
cl
ude
c
a
s
h
f
l
o
ws
f
r
o
m
t
he
s
a
l
e
o
f
c
o
ll
a
t
e
r
a
l
he
l
d
o
r
o
t
he
r cr
ed
i
t
enhan
c
e
m
en
t
s
t
ha
t
a
r
e
i
n
t
e
gr
a
l
t
o
t
he
c
on
t
r
a
c
t
ua
l
t
e
rms.
ECLs
a
r
e
r
e
c
o
g
n
is
ed
i
n
t
w
o
s
t
a
g
e
s. F
o
r cr
ed
i
t
e
x
po
s
u
r
e
s
f
o
r w
h
ic
h
t
he
r
eha
s
no
t
been
a
sig
n
i
f
ic
an
t
i
n
cr
ea
s
e
i
n
cr
ed
i
t
ris
k
si
n
c
e
i
n
i
t
i
a
l r
e
c
o
g
n
i
t
i
on
, ECLs
a
r
e
p
r
o
v
i
ded
f
o
r cr
ed
i
t
l
o
ss
e
s
t
ha
t
r
e
s
u
l
t
f
r
o
m
de
f
au
l
t
e
v
en
t
s
t
ha
t
a
r
e
po
ssi
b
l
e
wi
t
h
i
n
t
he
ne
x
t
12
-
m
on
t
h
s
(
a
12
-
m
on
t
h
ECL
)
. F
o
r
t
ho
s
e
cr
ed
i
t
e
x
po
s
u
r
e
s
f
o
r w
h
ic
h
t
he
r
e
ha
s
been
a
sig
n
i
f
ic
an
t
i
n
cr
ea
s
e
i
n
cr
ed
i
t
ris
k
si
n
c
e
i
n
i
t
i
a
l r
e
c
o
g
n
i
t
i
on
,
a
l
o
ss
a
ll
o
w
an
c
e
is r
equ
ir
ed
f
o
r cr
ed
i
t
l
o
ss
e
s
e
x
pe
c
t
ed
o
v
e
r
t
he
r
e
m
a
i
n
i
n
g li
f
e
o
f
t
he
e
x
po
s
u
r
e
, irr
e
s
pe
c
t
i
v
e
o
f
t
he
t
imi
n
g
o
f
t
he
de
f
au
l
t
(
a
li
f
e
t
im
e
ECL
)
.
F
i
n
a
n
ci
a
l
li
ab
ili
t
i
e
s
Ini
t
ial
r
e
c
ogni
t
ion and
me
asu
r
eme
n
t
Fi
nan
ci
a
l li
ab
ili
t
i
e
s
a
r
e
cl
a
ssi
f
i
ed
,
a
t
i
n
i
t
i
a
l r
e
c
o
g
n
i
t
i
on
,
a
s
f
i
nan
ci
a
l li
ab
ili
t
i
e
s
a
t
f
a
ir
v
a
l
ue
t
h
r
ou
g
h
p
r
o
f
i
t
o
r
l
o
ss, l
oan
s
and
bo
rr
o
wi
n
gs,
pa
y
ab
l
e
s,
o
r
a
s
de
ri
v
a
t
i
v
e
s
de
sig
na
t
ed
a
s
hed
gi
n
g i
n
s
t
r
u
m
en
t
s i
n
an
e
ff
e
c
t
i
v
e
hed
g
e
,
a
s
app
r
op
ri
a
t
e
.
All
f
i
nan
ci
a
l li
ab
ili
t
i
e
s
a
r
e
r
e
c
o
g
n
is
ed
i
n
i
t
i
a
ll
y
a
t
f
a
ir
v
a
l
ue
and
, i
n
t
he
c
a
s
e
o
f
l
oan
s
and
bo
rr
o
wi
n
gs
and
pa
y
ab
l
e
s,
ne
t
o
f
d
ir
e
c
t
l
y
a
tt
ri
bu
t
ab
l
e
t
r
an
s
a
c
t
i
on
c
o
s
t
s.
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 2023
18
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
3
.
2
M
A
TERI
A
L
A
CC
OUN
TI
N
G
PO
LICIE
S
-
c
o
nt
i
nu
e
d
F
i
nanc
i
a
l
i
nstrum
e
nts
-
c
o
nt
i
nu
e
d
F
i
n
a
n
ci
a
l
li
ab
ili
t
i
e
s
-
c
o
n
t
i
nu
ed
S
ubs
e
qu
e
n
t
me
asu
r
eme
n
t
T
he
f
i
nan
ci
a
l li
ab
ili
t
i
e
s
o
f
t
he
C
o
m
pan
y
c
on
sis
t
p
rim
a
ril
y
o
f
l
oan
s
and
bo
rr
o
wi
n
gs
and
a
r
e
s
ub
s
equen
t
l
y
m
ea
s
u
r
ed
a
s
de
scri
bed
be
l
o
w:
Loans and bo
rr
o
w
ings
A
f
t
e
r i
n
i
t
i
a
l r
e
c
o
g
n
i
t
i
on
, i
n
t
e
r
e
s
t
-
bea
ri
n
g l
oan
s
and
bo
rr
o
wi
n
gs
a
r
e
s
ub
s
equen
t
l
y
m
ea
s
u
r
ed
a
t
a
m
o
r
t
is
ed
c
o
s
t
u
si
n
g
t
he
EIR m
e
t
hod
.
G
a
i
n
s
and
l
o
ss
e
s
a
r
e
r
e
c
o
g
n
is
ed
i
n
p
r
o
f
i
t
o
r l
o
ss w
hen
t
he
li
ab
ili
t
i
e
s
a
r
e
de
r
e
c
o
g
n
is
ed
a
s w
e
ll
a
s
t
h
r
ou
g
h
t
he
EIR
a
m
o
r
t
is
a
t
i
on
p
r
o
c
e
ss. Am
o
r
t
is
ed
c
o
s
t
is c
a
lc
u
l
a
t
ed
b
y
t
a
k
i
n
g i
n
t
o
a
cc
oun
t
an
y
d
isc
oun
t
o
r
p
r
e
mi
u
m
on
a
c
qu
isi
t
i
on
and
f
ee
s
o
r c
o
s
t
s
t
ha
t
a
r
e
an
i
n
t
e
gr
a
l
pa
r
t
o
f
t
he
EIR. T
he
EIR
a
m
o
r
t
is
a
t
i
on
is i
n
cl
uded
a
s
f
i
nan
c
e
c
o
s
t
s i
n
t
he
s
t
a
t
e
m
en
t
o
f
p
r
o
f
i
t
o
r l
o
ss.
D
e
r
e
c
o
gn
i
t
i
o
n
A
f
i
nan
ci
a
l li
ab
ili
t
y
is
de
r
e
c
o
g
n
is
ed
w
hen
t
he
ob
lig
a
t
i
on
unde
r
t
he
li
ab
ili
t
y
is
d
isc
ha
rg
ed
o
r c
an
c
e
ll
ed
o
r
e
x
p
ir
e
s. W
hen
an
e
x
is
t
i
n
g
f
i
nan
ci
a
l li
ab
ili
t
y
is r
ep
l
a
c
ed
b
y
ano
t
he
r
f
r
o
m
t
he
s
a
m
e
l
ende
r
on
s
ub
s
t
an
t
i
a
ll
y
d
i
ff
e
r
en
t
t
e
rms,
o
r
t
he
t
e
rms
o
f
an
e
x
is
t
i
n
g li
ab
ili
t
y
a
r
e
s
ub
s
t
an
t
i
a
ll
y
m
od
i
f
i
ed
, s
u
c
h
an
e
x
c
han
g
e
o
r
m
od
i
f
ic
a
t
i
on
is
t
r
ea
t
ed
a
s
t
he
de
r
e
c
o
g
n
i
t
i
on
o
f
t
he
o
rigi
na
l li
ab
ili
t
y
and
t
he
r
e
c
o
g
n
i
t
i
on
o
f
a
ne
w li
ab
ili
t
y
. T
he
d
i
ff
e
r
en
c
e
i
n
t
he
r
e
s
pe
c
t
i
v
e
c
a
rr
y
i
n
g
a
m
oun
t
s is r
e
c
o
g
n
is
ed
i
n
t
he
s
t
a
t
e
m
en
t
o
f
p
r
o
f
i
t
o
r l
o
ss.
Cash and cash
e
qu
i
va
l
e
nts
C
a
s
h
and
s
ho
r
t
-
t
e
rm
depo
si
t
s i
n
t
he
s
t
a
t
e
m
en
t
o
f
f
i
nan
ci
a
l
po
si
t
i
on
c
o
m
p
ris
e
c
a
s
h
a
t
ban
k
and
s
ho
r
t
-
t
e
rm
depo
si
t
s. F
o
r
t
he
pu
r
po
s
e
o
f
t
he
s
t
a
t
e
m
en
t
o
f
c
a
s
h
f
l
o
ws, c
a
s
h
and
c
a
s
h
equ
i
v
a
l
en
t
s c
on
sis
t
o
f
c
a
s
h
and
c
a
s
h
equ
i
v
a
l
en
t
s wi
t
h
an
o
rigi
na
l m
a
t
u
ri
t
y
o
f
t
h
r
ee
m
on
t
h
s
o
r l
e
ss.
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 2023
19
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
3
.
3
S
IG
N
IFIC
A
N
T
A
CC
OUN
TI
N
G J
UD
GE
M
E
N
T
S
, E
S
TI
M
A
TE
S
A
ND
ASS
UMP
TI
ON
S
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
m
a
k
e
j
ud
g
e
m
en
t
s,
e
s
t
im
a
t
e
s
and
a
ss
u
m
p
t
i
on
s
t
ha
t
a
ff
e
c
t
r
epo
r
t
ed
i
n
c
o
m
e
,
e
x
pen
s
e
s,
a
ss
e
t
s, li
ab
ili
t
i
e
s
and
d
iscl
o
s
u
r
e
o
f
c
on
t
i
n
g
en
t
a
ss
e
t
s
and
li
ab
ili
t
i
e
s.
U
s
e
o
f
a
v
a
il
ab
l
e
i
n
f
o
rm
a
t
i
on
and
app
lic
a
t
i
on
o
f
j
ud
gm
en
t
a
r
e
i
nhe
r
en
t
i
n
t
he
f
o
rm
a
t
i
on
o
f
e
s
t
im
a
t
e
s. Ac
t
ua
l r
e
s
u
l
t
s i
n
t
he
f
u
t
u
r
e
c
ou
l
d
d
i
ff
e
r
f
r
o
m s
u
c
h
e
s
t
im
a
t
e
s
and
t
he
d
i
ff
e
r
en
c
e
s m
a
y
be
m
a
t
e
ri
a
l
t
o
t
he
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s. T
he
s
e
e
s
t
im
a
t
e
s
a
r
e
r
e
v
i
e
w
ed
on
a
r
e
g
u
l
a
r
ba
sis
and
, i
f
a
c
han
g
e
is
needed
, i
t
is
a
cc
oun
t
ed
f
o
r i
n
t
he
y
ea
r
t
he
c
han
g
e
s
be
c
o
m
e
k
no
w
n
.
I
n
t
he
op
i
n
i
on
o
f
t
he
D
ir
e
c
t
o
rs,
t
he
a
cc
oun
t
i
n
g
e
s
t
im
a
t
e
s,
a
ss
u
m
p
t
i
on
s
and
j
ud
g
e
m
en
t
s m
ade
i
n
t
he
c
ou
rs
e
o
f
p
r
epa
ri
n
g
t
he
s
e
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s
a
r
e
no
t
d
i
ff
ic
u
l
t
, s
ub
j
e
c
t
i
v
e
o
r c
o
m
p
l
e
x
t
o
a
de
gr
ee
w
h
ic
h
w
ou
l
d
w
a
rr
an
t
t
he
ir
de
scri
p
t
i
on
a
s sig
n
i
f
ic
an
t
i
n
t
e
rms
o
f
t
he
r
equ
ir
e
m
en
t
s
o
f
IAS 1
(
r
e
v
is
ed
)
-
‘
P
r
e
s
en
t
a
t
i
on
o
f
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s’,
e
x
c
ep
t
a
s
d
iscl
o
s
ed
be
l
o
w.
R
e
c
ov
e
r
abili
t
y o
f
loan
t
o pa
r
e
n
t
c
o
m
pany
T
he
C
o
m
pan
y
a
ss
e
ss
e
s
t
he
cr
ed
i
t
ris
k
o
f
i
t
s
pa
r
en
t
c
o
m
pan
y
,
f
o
r
a
ss
e
ssi
n
g
t
he
r
e
c
o
v
e
r
ab
ili
t
y
o
f
t
he
l
oan
p
r
o
v
i
ded
t
o
t
he
pa
r
en
t
,
and
c
on
t
i
nue
s
t
o
m
on
i
t
o
r
f
o
r sig
n
i
f
ic
an
t
i
n
cr
ea
s
e
i
n
cr
ed
i
t
ris
k
si
n
c
e
i
n
i
t
i
a
l
r
e
c
o
g
n
i
t
i
on
. I
f
t
he
r
e
is
a
sig
n
i
f
ic
an
t
i
n
cr
ea
s
e
i
n
cr
ed
i
t
ris
k
,
a
li
f
e
t
im
e
ECL is r
e
c
o
g
n
is
ed
. T
he
p
ri
n
ci
p
l
e
o
f
sig
n
i
f
ic
an
t
de
t
e
ri
o
r
a
t
i
on
i
n
cr
ed
i
t
ris
k
is
a
c
h
i
e
v
ed
b
y
pe
r
f
o
rmi
n
g
an
a
ss
e
ssm
en
t
t
o
c
o
m
pa
r
e
t
he
ris
k
o
f
de
f
au
l
t
o
cc
u
rri
n
g
a
t
t
he
r
epo
r
t
i
n
g
da
t
e
wi
t
h
t
he
ris
k
o
f
de
f
au
l
t
o
cc
u
rri
n
g
a
t
t
he
da
t
e
o
f
i
n
i
t
i
a
l r
e
c
o
g
n
i
t
i
on
,
b
y
r
e
f
e
r
en
c
e
t
o
an
ana
l
y
sis
o
f
t
he
f
i
nan
ci
a
l
pe
r
f
o
rm
an
c
e
and
po
si
t
i
on
o
f
r
e
l
a
t
ed
pa
r
t
y
bo
rr
o
w
e
rs
and
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
. T
he
a
ss
e
ssm
en
t
o
f
t
he
ECL is
a
sig
n
i
f
ic
an
t
e
s
t
im
a
t
e
, si
n
c
e
t
he
a
m
oun
t
t
he
r
eo
f
is s
en
si
t
i
v
e
t
o
c
han
g
e
s i
n
circ
u
ms
t
an
c
e
s
and
t
o
f
o
r
e
c
a
s
t
ed
e
c
ono
mic c
ond
i
t
i
on
s. T
he
C
o
m
pan
y
’s
ECL
on
t
he
l
oan
t
o
pa
r
en
t
c
o
m
pan
y
is
d
iscl
o
s
ed
i
n
no
t
e
8.
4
.
FI
N
A
N
CE I
N
C
OM
E
2023 2022
E
U
R E
U
R
I
n
t
e
r
e
s
t
on
l
oan
t
o
pa
r
en
t
c
o
m
pan
y
1,286,989
1,286,989
1,286,989
1,286,989
5
.
FI
N
A
N
CE C
O
S
T
S
2023 2022
E
U
R E
U
R
I
n
t
e
r
e
s
t
on
bond
s
Am
o
r
t
is
a
t
i
on
o
f
bond
iss
ue
c
o
s
t
s
1,037,376
126,495
1,163,871
1,037,500
126,377
1,163,877
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 2023
20
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
6
.
A
DM
I
N
I
S
TR
A
TIVE EX
P
E
N
S
E
S
T
he
ad
mi
n
is
t
r
a
t
i
v
e
e
x
pen
s
e
s
a
r
e
s
ho
w
n
b
y
na
t
u
r
e
o
f
e
x
pen
s
e
be
l
o
w:
2023 2022
E
U
R E
U
R
D
ir
e
c
t
o
rs’
f
ee
s39,00030,000
C
o
r
po
r
a
t
e
e
x
pen
s
e
s29,70338,586
P
r
o
f
e
ssi
ona
l
f
ee
s13,57814,455
A
ud
i
t
f
ee
s
(
i
)
12,03611,977
A
dm
i
n
i
strat
i
v
e
e
x
p
e
ns
e
s94,31795,018
(
i
)
A
ud
i
t
o
rs’ r
e
m
une
r
a
t
i
on
f
o
r
t
he
y
ea
r
ended
31
D
e
c
e
m
be
r 2023
a
m
oun
t
ed
t
o
E
U
R12,036
(
2022:
E
U
R11,977
)
.
O
t
he
r
f
ee
s
f
o
r
non
-
aud
i
t
s
e
r
v
ic
e
s
pa
y
ab
l
e
t
o
t
he
C
o
m
pan
y
’s
aud
i
t
o
r
a
m
oun
t
ed
t
o
E
U
R1,060
(
2022: E
U
R1,060
)
and
is
p
r
e
s
en
t
ed
wi
t
h
i
n
p
r
o
f
e
ssi
ona
l
f
ee
s i
n
t
he
t
ab
l
e
abo
v
e
.
(
ii
)
T
he
r
e
w
e
r
e
no
e
m
p
l
o
y
ed
pe
rs
on
s wi
t
h
t
he
C
o
m
pan
y
f
o
r
t
he
y
ea
r
ended
31
D
e
c
e
m
be
r 2023
(
2022:
n
il
)
.
7
.
I
N
C
OM
E T
A
X EX
P
E
N
S
E
T
he
t
a
x
c
ha
rg
e
f
o
r
t
he
y
ea
r is m
ade
up
a
s
f
o
ll
o
ws:
2023 2022
E
U
R E
U
R
C
u
rr
en
t
t
a
x
D
e
f
e
rr
ed
t
a
x
I
n
c
o
m
e
t
a
x
c
ha
rg
e
10,080 9,833
-
-
10,0809,833
T
he
i
n
c
o
m
e
t
a
x
e
x
pen
s
e
doe
s
no
t
d
i
ff
e
r
f
r
o
m
t
he
t
heo
r
e
t
ic
a
l
t
a
x
e
x
pen
s
e
t
ha
t
w
ou
l
d
app
l
y
on
t
he
C
o
m
pan
y
’s
p
r
o
f
i
t
be
f
o
r
e
t
a
x
u
si
n
g
t
he
app
lic
ab
l
e
t
a
x
r
a
t
e
i
n
M
a
l
t
a
o
f
35
%
a
s
f
o
ll
o
ws:
2023 2022
E
U
R E
U
R
P
r
o
f
i
t
be
f
o
r
e
t
a
x
T
heo
r
e
t
ic
a
l
t
a
x
e
x
pen
s
e
a
t
35
%
28,801 28,094
10,080 9,833
I
n
c
o
m
e
t
a
x
c
ha
rg
e
10,0809,833
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 2023
21
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
8
.
FI
N
A
N
CI
A
L
ASS
ET
S
2023 2022
E
U
R E
U
R
N
o
n
-
curr
e
nt
L
oan
t
o
pa
r
en
t
c
o
m
pan
y
All
o
w
an
c
e
f
o
r
e
x
pe
c
t
ed
cr
ed
i
t
l
o
ss
e
s
24,514,074
(
13,373
)
24,500,701
24,514,074
(
13,373
)
24,500,701
Curr
e
nt
L
oan
t
o
pa
r
en
t
c
o
m
pan
y
56,416
56,416
T
o
t
a
l
f
i
nan
ci
a
l
a
ss
e
t
s,
ne
t
o
f
e
x
pe
c
t
ed
cr
ed
i
t
l
o
ss
e
s
24,557,117
24,557,117
Fi
nan
ci
a
l
a
ss
e
t
s r
ep
r
e
s
en
t
t
he
f
und
s r
a
is
ed
b
y
t
he
bond
iss
ue
w
h
ic
h
ha
v
e
been
ad
v
an
c
ed
t
o
t
he
pa
r
en
t
c
o
m
pan
y
. T
he
l
oan
bea
rs
a
f
i
x
ed
i
n
t
e
r
e
s
t
r
a
t
e
o
f
5.25
%
pe
r
annu
m
pa
y
ab
l
e
annua
ll
y
i
n
a
rr
ea
rs. T
he
l
oan
is
r
epa
y
ab
l
e
on
30
N
o
v
e
m
be
r 2028.
As
a
t
31
D
e
c
e
m
be
r 2023,
t
he
l
oan
is r
e
c
o
g
n
is
ed
ne
t
o
f
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
o
f
E
U
R13,373
(
2022: E
U
R13,373
)
.
9
.
D
EFERRE
D
T
A
X
ASS
ET
T
he
m
o
v
e
m
en
t
i
n
de
f
e
rr
ed
t
a
x
a
ss
e
t
is
a
s
f
o
ll
o
ws:
2023 2022
E
U
R E
U
R
B
a
l
an
c
e
a
s
a
t
be
gi
nn
i
n
g
o
f
f
i
nan
ci
a
l
y
ea
r
4,6814,681
Cr
ed
i
t
ed
t
o
p
r
o
f
i
t
o
r l
o
ss
(
no
t
e
7
)
--
B
a
l
an
c
e
a
s
a
t
31
D
e
c
e
m
be
r
4,6814,681
D
e
f
e
rr
ed
i
n
c
o
m
e
t
a
x
a
t
31
D
e
c
e
m
be
r r
e
l
a
t
e
s
t
o
t
he
f
o
ll
o
wi
n
g:
2023 2022
E
U
R E
U
R
E
x
pe
c
t
ed
cr
ed
i
t
l
o
ss
e
s
o
f
f
i
nan
ci
a
l
a
ss
e
t
s 4,681 4,681
4,681 4,681
T
he
D
ir
e
c
t
o
rs
ha
v
e
a
ss
e
ss
ed
t
ha
t
t
he
de
f
e
rr
ed
t
a
x
a
ss
e
t
r
e
c
o
g
n
is
ed
i
n
t
he
f
i
nan
ci
a
l s
t
a
t
e
m
en
t
s will
be
r
ea
lis
ed
.
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 2023
22
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
10
.
O
THER RECEIV
AB
LE
S
2023
E
U
R
2022
E
U
R
N
o
n
-c
u
rr
e
n
t
P
r
epa
y
m
en
t
s
(
ii
)
124,048
124,048
-
-
Cu
rr
e
n
t
P
r
epa
y
m
en
t
s
Am
oun
t
s
due
f
r
o
m
pa
r
en
t
c
o
m
pan
y
(
i
)
26,393
797,455
823,848
13,223
564,547
577,770
(
i
)
Am
oun
t
s
due
f
r
o
m
pa
r
en
t
c
o
m
pan
y
r
ep
r
e
s
en
t
ba
l
an
c
e
s wi
t
h
t
he
pa
r
en
t
c
o
m
pan
y
f
o
r
e
x
pen
s
e
s
pa
i
d
b
y
t
he
C
o
m
pan
y
on
beha
l
f
o
f
t
he
pa
r
en
t
C
o
m
pan
y
. T
he
s
e
a
r
e
un
s
e
c
u
r
ed
,
non
-
i
n
t
e
r
e
s
t
bea
ri
n
g
and
pa
y
ab
l
e
on
de
m
and
(
no
t
e
16
)
.
(
ii
)N
on
-
c
u
rr
en
t
p
r
epa
y
m
en
t
s
a
m
oun
t
i
n
g
t
o
E
U
R124,048 r
e
f
e
r
t
o
t
r
an
s
a
c
t
i
on
c
o
s
t
s r
e
l
a
t
i
n
g
t
o
a
bond
iss
ue
s
ub
s
equen
t
t
o
y
ea
r
end
(
no
t
e
19
)
.
11
.
C
AS
H
A
ND
C
AS
H E
QU
IV
A
LE
N
T
S
C
a
s
h
and
c
a
s
h
equ
i
v
a
l
en
t
s i
n
cl
uded
i
n
t
he
s
t
a
t
e
m
en
t
o
f
c
a
s
h
f
l
o
ws c
o
m
p
ris
e
o
f
t
he
f
o
ll
o
wi
n
g i
t
e
ms wi
t
h
i
n
t
he
s
t
a
t
e
m
en
t
o
f
f
i
nan
ci
a
l
po
si
t
i
on
:
2023 2022
E
U
R E
U
R
C
a
s
h
a
t
ban
k
21,246248,964
12
.
S
H
A
RE C
A
P
IT
A
L
2023
E
U
R
2022
E
U
R
A
uth
o
r
i
s
e
d:
250,000
O
r
d
i
na
r
y
s
ha
r
e
s
o
f
E
U
R1
ea
c
h
250,000
250,000
Issu
e
d and fu
ll
y pa
i
d:
250,000
O
r
d
i
na
r
y
s
ha
r
e
s
o
f
E
U
R1
ea
c
h
250,000
250,000
T
he
o
r
d
i
na
r
y
s
ha
r
e
s s
ha
ll r
an
k
pa
r
i passu
a
m
on
gs
t
ea
c
h
o
t
he
r
f
o
r
a
ll
pu
r
po
s
e
s irr
e
s
pe
c
t
i
v
e
o
f
an
y
p
r
e
mi
u
m
pa
i
d
t
he
r
eon
. E
a
c
h
o
r
d
i
na
r
y
s
ha
r
e
s
ha
ll
be
en
t
i
t
l
ed
t
o
one
v
o
t
e
.
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 2023
23
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
13
.
I
N
TERE
S
T
-
B
E
A
RI
N
G
B
O
RR
OW
I
N
G
S
2023 2022
E
U
R E
U
R
N
o
n
-c
u
rr
e
n
t
4.15
%
U
n
s
e
c
u
r
ed
B
ond
s 2023
-
2028
25,000,000
24,873,505
Cu
rr
e
n
t
Accr
ued
i
n
t
e
r
e
s
t
on
4.15
%
U
n
s
e
c
u
r
ed
B
ond
s 2023
-
2028
45,355
45,479
i
)
T
he
U
n
s
e
c
u
r
ed
B
ond
s
a
r
e
d
iscl
o
s
ed
a
t
t
he
v
a
l
ue
o
f
t
he
p
r
o
c
eed
s l
e
ss
t
he
una
m
o
r
t
is
ed
ba
l
an
c
e
o
f
t
he
iss
ue
c
o
s
t
s,
a
s
f
o
ll
o
ws:
20232022
E
U
R
E
U
R
N
o
n
-c
u
rr
e
n
t
B
ond
s
Iss
ue
c
o
s
t
s
Acc
u
m
u
l
a
t
ed
a
m
o
r
t
is
a
t
i
on
25,000,000
(
605,698
)
605,698
25,000,000
25,000,000
(
605,698
)
479,203
24,873,505
ii
)U
n
l
e
ss
p
r
e
v
i
ou
sl
y
pu
rc
ha
s
ed
and
c
an
c
e
ll
ed
,
t
he
U
n
s
e
c
u
r
ed
B
ond
s will
be
r
edee
m
ed
a
t
t
he
ir
no
mi
na
l
v
a
l
ue
(
t
o
g
e
t
he
r wi
t
h
i
n
t
e
r
e
s
t
a
ccr
ued
up
t
o
t
he
da
t
e
f
i
x
ed
f
o
r r
ede
m
p
t
i
on
)
on
15
D
e
c
e
m
be
r
2028
p
r
o
v
i
ded
t
ha
t
t
he
C
o
m
pan
y
r
e
s
e
r
v
e
s
t
he
rig
h
t
t
o
r
edee
m
a
ll
t
he
U
n
s
e
c
u
r
ed
B
ond
s
on
an
y
one
o
f
t
he
E
a
rl
y
R
ede
m
p
t
i
on
D
a
t
e
s,
t
ha
t
is, 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
a
t
l
ea
s
t
60
da
y
s’
no
t
ic
e
i
n
wri
t
i
n
g
t
o
a
ll B
ondho
l
de
rs
o
f
i
t
s i
n
t
en
t
i
on
t
o
e
ff
e
c
t
s
u
c
h
ea
rli
e
r r
ede
m
p
t
i
on
.
O
n
8 F
eb
r
ua
r
y
2024,
t
he
c
o
m
pan
y
announ
c
ed
t
ha
t
i
t
r
e
c
e
i
v
ed
R
e
g
u
l
a
t
o
r
y
app
r
o
v
a
l
f
o
r
t
he
iss
ue
o
f
E
U
R50,000,000 5.75
%
U
n
s
e
c
u
r
ed
B
ond
s 2028
-
2033
(
“
N
e
w B
ond
s”
)
i
n
cl
u
si
v
e
o
f
an
o
ff
e
r
t
o
t
he
ho
l
de
rs
o
f
t
he
E
U
R25,000,000 4.15
%
U
n
s
e
c
u
r
ed
B
ond
s 2023
-
2028
t
o
e
x
c
han
g
e
t
he
ir
ho
l
d
i
n
g
f
o
r
t
he
“
N
e
w B
ond
s".
O
n
11 M
a
rc
h
2024,
t
he
C
o
m
pan
y
iss
ued
E
U
R50,000,000 5.75
%
U
n
s
e
c
u
r
ed
B
ond
s 2028
-
2033.
R
e
f
e
r
t
o
no
t
e
19
t
o
t
he
s
e
fi
nan
ci
a
l s
t
a
t
e
m
en
t
s.
iii
)
T
he
U
n
s
e
c
u
r
ed
B
ond
s
a
r
e
s
ub
j
e
c
t
t
o
a
f
i
x
ed
i
n
t
e
r
e
s
t
r
a
t
e
o
f
4.15
%
. T
he
quo
t
ed
m
a
r
k
e
t
p
ric
e
a
s
a
t
31
D
e
c
e
m
be
r 2023
f
o
r
t
he
U
n
s
e
c
u
r
ed
bond
s w
a
s E
U
R99.00
(
2022: E
U
R90.00
)
.
i
v)
T
he
r
e
l
a
t
ed
c
o
m
pan
i
e
s
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
j
o
i
n
t
l
y
and
s
e
v
e
r
a
ll
y
p
r
o
v
i
ded
a
g
ua
r
an
t
ee
i
n
f
a
v
ou
r
o
f
t
he
bondho
l
de
rs i
n
r
e
s
pe
c
t
o
f
bo
t
h
t
he
i
n
t
e
r
e
s
t
due
and
t
he
p
ri
n
ci
pa
l
a
m
oun
t
.
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 2023
24
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
14
.
TR
A
D
E
A
ND
O
THER
P
A
Y
AB
LE
S
2023 2022
E
U
R E
U
R
Tr
ade
cr
ed
i
t
o
rs
Am
oun
t
s
due
t
o
r
e
l
a
t
ed
pa
r
t
i
e
s
(
i
)
Accr
ua
ls
O
t
he
r
pa
y
ab
l
e
s
42,527
59,559
25,167
59,662
186,915
10,087
92,917
22,846
57,492
183,342
(
i
)
Am
oun
t
s
due
t
o
r
e
l
a
t
ed
pa
r
t
i
e
s r
ep
r
e
s
en
t
ba
l
an
c
e
s wi
t
h
r
e
l
a
t
ed
c
o
m
pan
i
e
s
f
o
r
e
x
pen
s
e
s
pa
i
d
b
y
r
e
l
a
t
ed
c
o
m
pan
i
e
s
on
beha
l
f
o
f
t
he
C
o
m
pan
y
. T
he
s
e
a
r
e
un
s
e
c
u
r
ed
,
non
-
i
n
t
e
r
e
s
t
bea
ri
n
g
and
wi
t
h
no
f
i
x
ed
da
t
e
f
o
r r
epa
y
m
en
t
(
no
t
e
16
)
.
15
.
P
A
RE
N
T
A
ND
U
LTI
M
A
TE C
ON
TR
O
LLI
N
G
P
A
RTY
T
he
imm
ed
i
a
t
e
pa
r
en
t
c
o
m
pan
y
is
P
hoen
ici
a
M
a
l
t
a
Limi
t
ed
r
e
gis
t
e
r
ed
i
n
M
a
l
t
a
. T
he
u
l
t
im
a
t
e
pa
r
en
t
C
o
m
pan
y
is
P
hoen
ici
a
H
o
l
d
i
n
g L
u
x
S.
a
.r.l. r
e
gis
t
e
r
ed
i
n
L
u
x
e
m
bou
rg
and
t
he
u
l
t
im
a
t
e
c
on
t
r
o
lli
n
g
pa
r
t
y
is
M
a
r
k
S
ha
w,
a
Bri
t
is
h
na
t
i
ona
l r
e
si
d
i
n
g i
n
E
d
i
nbu
rg
h
, Sc
o
t
l
and
.
16
.
REL
A
TE
D
P
A
RTY TR
A
N
SA
CTI
ON
S
A
ND
BA
L
A
N
CE
S
R
e
l
at
e
d party transact
i
o
ns
T
he
f
o
ll
o
wi
n
g
t
ab
l
e
p
r
o
v
i
de
s
t
he
t
o
t
a
l
a
m
oun
t
o
f
t
r
an
s
a
c
t
i
on
s
and
ba
l
an
c
e
s wi
t
h
r
e
l
a
t
ed
pa
r
t
i
e
s:
Int
e
r
e
st
i
nc
o
m
e
A
m
o
unts
fr
o
m/
(
t
o
)
r
e
l
at
e
d part
i
e
s
L
o
an
r
e
c
e
i
vab
l
e
fr
o
m
r
e
l
at
e
d party
Imm
ed
i
a
t
e
pa
r
en
t
c
o
m
pan
y
2023 1,286,989
2022 1,286,989
797,455
564,547
24,570,490
24,570,490
O
t
he
r r
e
l
a
t
ed
c
o
m
pan
y
2023
-
2022
-
(
59,559
)
(
92,917
)
-
-
T
he
C
o
m
pan
y
ha
s iss
ued
a
l
oan
t
o
i
t
s imm
ed
i
a
t
e
pa
r
en
t
c
o
m
pan
y
(
no
t
e
8
)
m
a
i
n
l
y
f
o
r r
e
-f
i
nan
ci
n
g
o
f
deb
t
pu
r
po
s
e
s.
Am
oun
t
s
f
r
o
m/
(
t
o
)
r
e
l
a
t
ed
pa
r
t
i
e
s r
e
l
a
t
e
t
o
ba
l
an
c
e
s wi
t
h
i
t
s imm
ed
i
a
t
e
pa
r
en
t
c
o
m
pan
y
and
ano
t
he
r r
e
l
a
t
ed
c
o
m
pan
y
,
P
hoen
ici
a
H
o
t
e
l C
o
m
pan
y
Limi
t
ed
,
f
o
r
e
x
pen
s
e
s
pa
i
d
b
y
t
he
C
o
m
pan
y
on
beha
l
f
o
f
r
e
l
a
t
ed
c
o
m
pan
i
e
s
(
no
t
e
10
)
o
r
pa
i
d
b
y
t
he
r
e
l
a
t
ed
c
o
m
pan
i
e
s
on
beha
l
f
o
f
t
he
C
o
m
pan
y
(
no
t
e
14
)
.
K
e
y
m
ana
g
e
m
en
t
pe
rs
onne
l c
o
m
p
ris
e
t
he
D
ir
e
c
t
o
rs
o
f
t
he
C
o
m
pan
y
. R
e
m
une
r
a
t
i
on
t
o
t
he
D
ir
e
c
t
o
rs is
d
iscl
o
s
ed
i
n
N
o
t
e
6.
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 2023
25
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
17
.
FI
N
A
N
CI
A
L RI
S
K
M
A
N
A
GE
M
E
N
T
T
he
C
o
m
pan
y
’s
p
ri
n
ci
pa
l
f
i
nan
ci
a
l
a
ss
e
t
s c
o
m
p
ris
e
o
f
non
-
c
u
rr
en
t
and
c
u
rr
en
t
f
i
nan
ci
a
l
a
ss
e
t
s,
o
t
he
r
r
e
c
e
i
v
ab
l
e
s
and
c
a
s
h
a
t
ban
k
w
h
ic
h
a
rri
v
e
d
ir
e
c
t
l
y
f
r
o
m i
t
s
ope
r
a
t
i
on
s. T
he
C
o
m
pan
y
’s m
a
i
n
f
i
nan
ci
a
l
li
ab
ili
t
i
e
s
a
r
e
i
n
t
e
r
e
s
t
-
bea
ri
n
g
bo
rr
o
wi
n
gs
and
t
r
ade
and
o
t
he
r
pa
y
ab
l
e
s. T
he
m
a
i
n
pu
r
po
s
e
o
f
t
he
s
e
f
i
nan
ci
a
l
li
ab
ili
t
i
e
s is
t
o
r
a
is
e
f
i
nan
c
e
s
f
o
r
t
he
C
o
m
pan
y
and
r
e
l
a
t
ed
c
o
m
pan
y
’s
ope
r
a
t
i
on
s.
Cr
e
d
i
t r
i
s
k
Fi
nan
ci
a
l
a
ss
e
t
s w
h
ic
h
po
t
en
t
i
a
ll
y
s
ub
j
e
c
t
t
he
C
o
m
pan
y
t
o
c
on
c
en
t
r
a
t
i
on
s
o
f
cr
ed
i
t
ris
k
c
on
sis
t
p
ri
n
ci
pa
ll
y
o
f
c
u
rr
en
t
and
non
-
c
u
rr
en
t
f
i
nan
ci
a
l
a
ss
e
t
s
and
c
a
s
h
and
s
ho
r
t
-
t
e
rm
depo
si
t
s.
T
he
e
x
po
s
u
r
e
t
o
cr
ed
i
t
ris
k
is i
n
f
l
uen
c
ed
m
a
i
n
l
y
b
y
t
he
i
nd
i
v
i
dua
l c
ha
r
a
c
t
e
ris
t
ics
o
f
ea
c
h
c
u
s
t
o
m
e
r. T
he
C
o
m
pan
y
c
on
si
de
rs
t
ha
t
wi
t
h
t
he
e
x
c
ep
t
i
on
o
f
t
he
non
-
c
u
rr
en
t
f
i
nan
ci
a
l
a
ss
e
t
s
(
no
t
e
8
)
, i
t
is
no
t
e
x
po
s
ed
t
o
o
t
he
r m
a
j
o
r c
on
c
en
t
r
a
t
i
on
s
o
f
cr
ed
i
t
ris
k
.
T
he
C
o
m
pan
y
’s s
ho
r
t
-
t
e
rm
depo
si
t
s
a
r
e
p
l
a
c
ed
wi
t
h
qua
li
t
y
f
i
nan
ci
a
l i
n
s
t
i
t
u
t
i
on
s.
T
he
m
a
x
im
u
m
e
x
po
s
u
r
e
s
t
o
cr
ed
i
t
ris
k
a
r
e
r
ep
r
e
s
en
t
ed
b
y
t
he
c
a
rr
y
i
n
g
a
m
oun
t
o
f
ea
c
h
f
i
nan
ci
a
l
a
ss
e
t
s
a
s
d
iscl
o
s
ed
i
n
no
t
e
8
and
no
t
e
11.
L
i
qu
i
d
i
ty r
i
s
k
T
he
p
r
e
s
en
t
a
t
i
on
o
f
t
he
f
i
nan
ci
a
l
a
ss
e
t
s
and
li
ab
ili
t
i
e
s
unde
r
t
he
p
r
e
s
en
t
head
i
n
gs wi
t
h
i
n
t
he
s
t
a
t
e
m
en
t
o
f
f
i
nan
ci
a
l
po
si
t
i
on
is i
n
t
ended
t
o
i
nd
ic
a
t
e
t
he
t
imi
n
g i
n
w
h
ic
h
c
a
s
h
f
l
o
ws will
a
ris
e
.
T
he
C
o
m
pan
y
a
c
t
i
v
e
l
y
m
ana
g
e
s i
t
s ris
k
o
f
a
s
ho
r
t
a
g
e
o
f
f
und
s
b
y
cl
o
s
e
l
y
m
on
i
t
o
ri
n
g
t
he
m
a
t
u
ri
t
y
o
f
i
t
s
f
i
nan
ci
a
l
a
ss
e
t
s
and
li
ab
ili
t
i
e
s
and
p
r
o
j
e
c
t
ed
c
a
s
h
f
l
o
ws
f
r
o
m
ope
r
a
t
i
on
s.
T
he
t
ab
l
e
doe
s
no
t
r
e
f
l
e
c
t
t
he
e
x
pe
c
t
ed
c
a
s
h
f
l
o
ws. I
t
s
u
mm
a
ris
e
s
t
he
m
a
t
u
ri
t
y
p
r
o
f
il
e
o
f
t
he
C
o
m
pan
y
’s
f
i
nan
ci
a
l li
ab
ili
t
i
e
s
a
t
31
D
e
c
e
m
be
r
ba
s
ed
on
c
on
t
r
a
c
t
ua
l
und
isc
oun
t
ed
pa
y
m
en
t
s:
U
nd
i
sc
o
unt
e
d
Carry
i
ngc
o
ntractua
l
am
o
unt cash f
l
o
ws
E
U
R E
U
R
Wi
th
i
n
o
n
e
y
e
ar
E
U
R
1 t
o
5
O
v
e
r 5
y
e
ars y
e
ars
E
U
R E
U
R
31
D
e
c
e
mb
e
r 2023
I
n
t
e
r
e
s
t
-
bea
ri
n
g l
oan
s
and
bo
rr
o
wi
n
gs
Tr
ade
and
o
t
he
r
pa
y
ab
l
e
s
25,000,000
186,915
25,186,915
30,187,500
186,915
30,374,415
1,037,500
186,915
1,224,415
29,150,000
-
29,150,000
-
-
-
31
D
e
c
e
mb
e
r 2022
I
n
t
e
r
e
s
t
-
bea
ri
n
g l
oan
s
and
bo
rr
o
wi
n
gs
Tr
ade
and
o
t
he
r
pa
y
ab
l
e
s
25,000,000
183,342
25,183,342
31,225,000
183,342
31,408,342
1,037,500
183,342
1,220,842
4,150,000
-
4,150,000
26,037,500
-
26,037,500
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 2023
26
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
17
.
FI
N
A
N
CI
A
L RI
S
K
M
A
N
A
GE
M
E
N
T
-
c
o
nt
i
nu
e
d
Int
e
r
e
st rat
e
r
i
s
k
I
n
v
i
e
w
o
f
t
he
na
t
u
r
e
o
f
i
t
s
a
c
t
i
v
i
t
i
e
s,
t
he
C
o
m
pan
y
’
s
t
r
an
s
a
c
t
i
on
s c
on
sis
t
o
f
i
n
t
e
r
e
s
t
i
n
c
o
m
e
on
t
he
l
oan
s
ad
v
an
c
ed
t
o
r
e
l
a
t
ed
c
o
m
pan
i
e
s
f
r
o
m
t
he
p
r
o
c
eed
s
o
f
t
he
bond
iss
ue
and
t
he
i
n
t
e
r
e
s
t
pa
y
ab
l
e
on
t
he
bond
s.
H
o
w
e
v
e
r,
t
he
s
e
a
r
e
i
ndependen
t
o
f
c
han
g
e
s i
n
m
a
r
k
e
t
i
n
t
e
r
e
s
t
r
a
t
e
s. B
o
t
h
t
he
l
oan
s r
e
c
e
i
v
ab
l
e
f
r
o
m r
e
l
a
t
ed
c
o
m
pan
i
e
s
and
t
he
bond
s
a
r
e
s
ub
j
e
c
t
t
o
fi
x
ed
i
n
t
e
r
e
s
t
r
a
t
e
s. T
he
C
o
m
pan
y
ha
s c
ha
rg
ed
a
h
ig
he
r l
end
i
n
g r
a
t
e
on
i
t
s r
e
c
e
i
v
ab
l
e
s
t
o
c
o
v
e
r i
t
s
ope
r
a
t
i
n
g
e
x
pen
s
e
s. Als
o
,
t
he
l
oan
s r
e
c
e
i
v
ab
l
e
ha
v
e
simil
a
r m
a
t
u
ri
t
i
e
s
t
o
t
he
bond
s
pa
y
ab
l
e
.
Cap
i
ta
l
manag
e
m
e
nt
T
he
p
rim
a
r
y
ob
j
e
c
t
i
v
e
o
f
t
he
C
o
m
pan
y
’s c
ap
i
t
a
l m
ana
g
e
m
en
t
is
t
o
en
s
u
r
e
t
ha
t
i
t
m
a
i
n
t
a
i
n
s
a
hea
l
t
h
y
c
ap
i
t
a
l
r
a
t
i
o
t
o
s
uppo
r
t
i
t
s
bu
si
ne
ss
and
m
a
x
imis
e
s
ha
r
eho
l
de
r
v
a
l
ue
.
T
he
C
o
m
pan
y
m
ana
g
e
s i
t
s c
ap
i
t
a
l s
t
r
u
c
t
u
r
e
and
m
a
k
e
s
ad
j
u
s
t
m
en
t
s
t
o
i
t
, i
n
lig
h
t
o
f
e
c
ono
mic c
ond
i
t
i
on
s. T
o
m
a
i
n
t
a
i
n
o
r
ad
j
u
s
t
t
he
c
ap
i
t
a
l s
t
r
u
c
t
u
r
e
,
t
he
C
o
m
pan
y
m
a
y
ad
j
u
s
t
t
he
d
i
v
i
dend
pa
y
m
en
t
s
t
o
s
ha
r
eho
l
de
rs, r
e
t
u
r
n
c
ap
i
t
a
l
t
o
s
ha
r
eho
l
de
rs, iss
ue
ne
w s
ha
r
e
s
o
r
ad
j
u
s
t
f
i
nan
ci
n
g
a
rr
an
g
e
m
en
t
s.
N
o
c
han
g
e
s w
e
r
e
m
ade
i
n
t
he
ob
j
e
c
t
i
v
e
s,
po
lici
e
s
o
r
p
r
o
c
e
ss
e
s
du
ri
n
g
t
he
y
ea
r
ended
31
D
e
c
e
m
be
r 2023.
18
.
F
A
IR V
A
L
U
E
M
E
AS
U
RE
M
E
N
T
IFRS 13 s
pe
ci
f
i
e
s
a
h
i
e
r
a
rc
h
y
o
f
v
a
l
ua
t
i
on
t
e
c
hn
i
que
s
ba
s
ed
on
w
he
t
he
r
t
he
i
npu
t
s
t
o
t
ho
s
e
v
a
l
ua
t
i
on
t
e
c
hn
i
que
s
a
r
e
ob
s
e
r
v
ab
l
e
o
r
unob
s
e
r
v
ab
l
e
.
O
b
s
e
r
v
ab
l
e
i
npu
t
s r
e
f
l
e
c
t
m
a
r
k
e
t
da
t
a
ob
t
a
i
ned
f
r
o
m
i
ndependen
t
s
ou
rc
e
s;
unob
s
e
r
v
ab
l
e
i
npu
t
s r
e
f
l
e
c
t
t
he
C
o
m
pan
y
’s m
a
r
k
e
t
a
ss
u
m
p
t
i
on
s. T
he
s
e
t
w
o
t
y
pe
s
o
f
i
npu
t
s
ha
v
e
cr
ea
t
ed
t
he
f
o
ll
o
wi
n
g
f
a
ir
v
a
l
ue
h
i
e
r
a
rc
h
y
:
·
L
e
v
e
l 1 –
Q
uo
t
ed
p
ric
e
s
(
unad
j
u
s
t
ed
)
i
n
a
c
t
i
v
e
m
a
r
k
e
t
s
f
o
r i
den
t
ic
a
l
a
ss
e
t
s
o
r li
ab
ili
t
i
e
s.
·
L
e
v
e
l 2 – I
npu
t
s
o
t
he
r
t
han
quo
t
ed
p
ric
e
s i
n
cl
uded
wi
t
h
i
n
L
e
v
e
l 1
t
ha
t
a
r
e
ob
s
e
r
v
ab
l
e
f
o
r
t
he
a
ss
e
t
o
r li
ab
ili
t
y
,
e
i
t
he
r
d
ir
e
c
t
l
y
(
t
ha
t
is,
a
s
p
ric
e
s
)
o
r i
nd
ir
e
c
t
l
y
(
t
ha
t
is,
de
ri
v
ed
f
r
o
m
p
ric
e
s
)
.
·
L
e
v
e
l 3 – I
npu
t
s
f
o
r
t
he
a
ss
e
t
o
rli
ab
ili
t
y
t
ha
t
a
r
e
no
t
ba
s
ed
on
ob
s
e
r
v
ab
l
e
m
a
r
k
e
t
da
t
a
(
unob
s
e
r
v
ab
l
e
i
npu
t
s
)
.
T
h
is
h
i
e
r
a
rc
h
y
r
equ
ir
e
s
t
he
u
s
e
o
f
ob
s
e
r
v
ab
l
e
m
a
r
k
e
t
da
t
a
w
hen
a
v
a
il
ab
l
e
. T
he
C
o
m
pan
y
c
on
si
de
rs r
e
l
e
v
an
t
and
ob
s
e
r
v
ab
l
e
m
a
r
k
e
t
p
ric
e
s i
n
i
t
s
v
a
l
ua
t
i
on
s w
he
r
e
po
ssi
b
l
e
a
s
ou
t
li
ned
abo
v
e
. F
o
r
a
ss
e
t
s
and
li
ab
ili
t
i
e
s
t
ha
t
a
r
e
r
e
c
o
g
n
is
ed
a
t
f
a
ir
v
a
l
ue
on
a
r
e
c
u
rri
n
g
ba
sis,
t
he
C
o
m
pan
y
de
t
e
rmi
ne
s w
he
t
he
r
t
r
an
s
f
e
rs
ha
v
e
o
cc
u
rr
ed
be
t
w
een
l
e
v
e
ls i
n
t
he
h
i
e
r
a
rc
h
y
b
y
r
e
-
a
ss
e
ssi
n
g c
a
t
e
g
o
ris
a
t
i
on
(
ba
s
ed
on
t
he
l
o
w
e
s
t
l
e
v
e
l i
npu
t
t
ha
t
is sig
n
i
f
ic
an
t
t
o
t
he
f
a
ir
v
a
l
ue
m
ea
s
u
r
e
m
en
t
a
s
a
w
ho
l
e
)
a
t
t
he
end
o
f
ea
c
h
r
epo
r
t
i
n
g
pe
ri
od
.
A
t
31
D
e
c
e
m
be
r 2023
and
31
D
e
c
e
m
be
r 2022,
t
he
c
a
rr
y
i
n
g
a
m
oun
t
s
o
f
c
a
s
h
a
t
ban
k
,
t
r
ade
and
o
t
he
r
pa
y
ab
l
e
s
and
c
u
rr
en
t
i
n
t
e
r
e
s
t
-
bea
ri
n
g
bo
rr
o
wi
n
gs
app
r
o
x
im
a
t
ed
t
he
ir
f
a
ir
v
a
l
ue
i
n
v
i
e
w
o
f
t
he
na
t
u
r
e
o
f
t
he
i
n
s
t
r
u
m
en
t
s
o
r
t
he
ir s
ho
r
t
-
t
e
rm m
a
t
u
ri
t
y
(
l
e
v
e
l 2
)
.
T
he
f
a
ir
v
a
l
ue
o
f
non
-
c
u
rr
en
t
i
n
t
e
r
e
s
t
-
bea
ri
n
g
bo
rr
o
wi
n
gs c
an
be
de
f
i
ned
b
y
r
e
f
e
r
en
c
e
t
o
t
he
quo
t
ed
m
a
r
k
e
t
p
ric
e
(
l
e
v
e
l 1
)
w
h
ic
h
a
s
a
t
31
D
e
c
e
m
be
r 2023 w
a
s E
U
R99.00
(
2022: E
U
R90.00
)
. T
he
f
a
ir
v
a
l
ue
is
e
s
t
im
a
t
ed
a
t
E
U
R24.63 milli
on
(
2022: E
U
R22.38 milli
on
)
w
hen
c
o
m
pa
r
ed
t
o
t
he
c
a
rr
y
i
n
g
a
m
oun
t
o
f
E
U
R24.88 milli
on
(
2022: E
U
R24.87 milli
on
)
.
T
he
f
a
ir
v
a
l
ue
o
f
t
he
non
-
c
u
rr
en
t
f
i
nan
ci
a
l
a
ss
e
t
s is
e
s
t
im
a
t
ed
a
t
1
%
be
l
o
w
t
he
c
a
rr
y
i
n
g
a
m
oun
t
(
2022: 10
%
be
l
o
w
t
he
c
a
rr
y
i
n
g
a
m
oun
t
)
i
n
li
ne
wi
t
h
t
he
c
han
g
e
i
n
t
he
quo
t
ed
p
ric
e
o
f
t
he
non
-
c
u
rr
en
t
i
n
t
e
r
e
s
t
l
oan
s
and
bo
rr
o
wi
n
gs
(
l
e
v
e
l 2
)
. As
a
t
31
D
e
c
e
m
be
r 2023,
t
he
f
a
ir
v
a
l
ue
w
a
s
e
s
t
im
a
t
ed
a
t
E
U
R24.26 milli
on
(
2022:
E
U
R22.1 milli
on
)
w
hen
c
o
m
pa
r
ed
t
o
t
he
c
a
rr
y
i
n
g
a
m
oun
t
o
f
E
U
R24.50 milli
on
(
2022: E
U
R24.50 milli
on
)
.
P
H
O
E
N
ICI
A
FI
N
A
N
CE C
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MP
A
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.
L
.
C
.
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p
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i
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S
tat
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m
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o
r th
e
y
e
ar
e
nd
e
d 31
D
e
c
e
mb
e
r 2023
27
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
19
.
EVE
N
T
S
A
FTER THE RE
PO
RTI
N
G
P
ERI
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D
u
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g M
a
rc
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2024,
t
he
C
o
m
pan
y
iss
ued
E
U
R50,000,000 5.75
%
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n
s
e
c
u
r
ed
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ond
s 2028
-
2033
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"
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w
B
ond
”
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w
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w
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f
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ond
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w
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r
v
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t
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l
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U
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x
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de
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c
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equ
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t
o
77.15
%
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x
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ond
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o
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ona
l E
U
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t
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l
ue
o
f
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U
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he
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m
pan
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s
f
u
r
t
he
r
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t
ed
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t
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a
l
a
m
oun
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o
f
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U
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n
B
ond
s
t
o
A
u
t
ho
ris
ed
Fi
nan
ci
a
l
I
n
t
e
rm
ed
i
a
ri
e
s
pa
r
t
ici
pa
t
i
n
g i
n
t
he
i
n
t
e
rm
ed
i
a
ri
e
s’
o
ff
e
r.
T
he
p
r
o
c
eed
s w
e
r
e
u
s
ed
t
o
:
·
r
epa
y
t
he
E
U
R25 milli
on
4.15
%
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n
s
e
c
u
r
ed
B
ond
2023
-
2028
(
“E
x
is
t
i
n
g B
ond
”
)
;
·
ad
v
an
c
e
E
U
R24 milli
on
t
o
P
hoen
ici
a
M
a
l
t
a
Limi
t
ed
i
n
o
r
de
r
t
o
r
epa
y
a
ban
k
l
oan
;
·
c
o
v
e
r E
U
R1 milli
on
bond
iss
ue
e
x
pen
s
e
s.
T
he
B
ond
s w
e
r
e
ad
mi
tt
ed
t
o
lis
t
i
n
g
on
t
he
Off
ici
a
l Lis
t
o
f
t
he
M
a
l
t
a
S
t
o
c
k
E
x
c
han
g
e
on
11 M
a
rc
h
2024
and
t
r
ad
i
n
g c
o
mm
en
c
ed
on
12 M
a
rc
h
2024.
T
he
r
e
w
e
r
e
no
o
t
he
r
e
v
en
t
s
a
f
t
e
r
t
he
r
epo
r
t
i
n
g
pe
ri
od
w
h
ic
h
r
equ
ir
e
d
iscl
o
s
u
r
e
i
n
t
he
s
e
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
28
A member firm of Ernst & Young Global Limited.
Registered in Malta No: C30252
I
ND
E
P
E
ND
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N
T
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UD
IT
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S
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PO
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t
o
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Sh
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hold
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f
P
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nici
a
Fin
a
nc
e
Comp
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y
P
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R
e
p
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aud
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f th
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f
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nanc
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a
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O
p
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W
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ha
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f
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Fi
nan
c
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C
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m
pan
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P
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(
t
he
“C
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pan
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”
)
, s
e
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on
pa
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10
t
o
27, w
h
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c
o
m
p
ris
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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 2023,
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 m
a
t
e
ri
a
l
a
cc
oun
t
i
n
g
po
lic
y
i
n
f
o
rm
a
t
i
on
.
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
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C
o
m
pan
y
a
s
a
t
31
D
e
c
e
m
be
r 2023,
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
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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
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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
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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
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C
o
m
pan
y
i
n
a
cc
o
r
dan
c
e
wi
t
h
t
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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
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ona
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ndependen
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t
anda
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d
s
)
a
s iss
ued
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y
t
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t
e
r
na
t
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ona
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t
h
ics S
t
anda
r
d
s B
oa
r
d
o
f
Acc
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t
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(
IESBA C
ode
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t
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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
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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
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wi
t
h
t
he
Acc
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an
c
y
P
r
o
f
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ssi
on
(
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ode
o
f
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t
h
ics
f
o
r W
a
rr
an
t
H
o
l
de
rs
)
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ir
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c
t
i
v
e
iss
ued
i
n
t
e
rms
o
f
t
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Acc
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t
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c
y
P
r
o
f
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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.
29
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 96
%
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 2023. 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
2023
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
t
he
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.
30
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.
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.
-
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
.
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
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
f
i
f
t
h
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
.
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
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
t
he
C
o
m
pan
y
f
o
r
t
he
y
ea
r
ended
31
D
e
c
e
m
be
r 2023,
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 2023
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.
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
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
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s 5.97.4
and
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r
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n
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:
·
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c
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s
t
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m
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t
ou
t
on
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g
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s 6
t
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s
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p
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cc
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C
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C
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and
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a
r
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f
r
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m
m
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D
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t
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s
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t
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on
pa
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s 3
t
o
5,
t
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g
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ss
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v
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no
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t
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f
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pon
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b
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T
h
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r
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r
in
c
ha
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audi
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sul
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t
his ind
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po
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Ch
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and on b
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hal
f
o
f
Er
n
s
t
&
Y
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g M
a
l
t
a
Limi
t
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C
e
r
t
i
f
i
ed
P
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lic Acc
oun
t
an
t
s
23 A
p
ril 2024