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Corinthia Finance : Approval of Financial Statements 2021

05/31/2021 | 10:52am EDT

COMPANY ANNOUNCEMENT

Approval of Financial Statements 2021

The Board of Directors of Corinthia Finance p.l.c. has approved the Company's Financial Statements for the year ended 28 February 2021.

A copy of the financial statements is attached to this company announcement and is also available on the following link: https://www.cphcl.com/corinthia- finance-plc/.

Eugenio Privitelli

Company Secretary

Encl.

31 May 2021

22 Europa Centre - Floriana FRN 1400 - Malta - Tel (356) 21233141 - Fax (356) 21234219

e-mail: group@corinthia.com - www.cphcl.com - Co. Reg. No: C25104

CORINTHIA FINANCE P.L.C.

Annual Report and Financial Statements For the year ended 28 February 2021

Company registration number C 25104

CORINTHIA FINANCE P.L.C.

Annual Report and Financial Statements 28 February 2021

Contents

Report

1

Statement by the directors on the financial statements and other information included in

the annual report

4

Governance

5

Other disclosures in terms of listing rules

10

Remuneration statement

11

13

Statement of total comprehensive income

22

Statement of financial position

23

Statement of changes in equity

24

Statement of cash flows

25

Notes to the financial statements

26

CORINTHIA FINANCE P.L.C. Annual Report and Financial Statements 28 February 2021

February 2021.

Company year ended 28

Principal activities

The principal activity of the Company is to finance the ownership, development, operation and financing of hotels, resorts and leisure facilities, forming part of the Corinthia Group of Companies, of which it is a member.

The Company is essentially a special purpose vehicle set up for financing transactions of the Corinthia Group of Companies. It raised such finance mainly through the issue of bonds, which are quoted on the Malta Stock Exchange and guaranteed by Corinthia Palace Hotel Company Limited, to whom the proceeds from their issue have been advanced.

Review of the business

During the year 6,715. as at 28 February 2021 is set out on page 22 of the Financial Statements.

Directors

The following have served as directors of the Company during the year under review:

Mr Joseph Fenech (Chairman)

Mr Frank Xerri de Caro

Dr Joseph J. Vella

Mr Mario P. Galea

Events after the end of the reporting period

No adjusting or significant non-adjusting events have occurred between the reporting date and the date of authorisation.

Future developments

The Company intends to continue acting as a finance company on behalf of its parent company, Corinthia Palace Hotel Company Ltd.

Risk and uncertainties

The main risk of Corinthia Finance plc is that Corinthia Palace Hotel Company Limited, as borrower, does

cash flow forecasts on a regular basis enabling them to monitor the evolution of these cash flows.

Key performance indicators

The Company increased its interest income from the loans made to the parent company, Corinthia Palace Hotel Company Limited in accordance with the loan agreements in place.

1

CORINTHIA FINANCE P.L.C.

Annual Report and Financial Statements 28 February 2021

- continued

Going concern

As required by Listing Rule 5.62 issued by state-of- operational existence for the foreseeable future. For this reason, in preparing the financial statements, they continue to adopt the going concern basis. concern assumption.

Disclosure of information to the auditor

At the date of making this report, the directors confirm the following:

  • As far as each director is aware, there is no relevant information needed by the independent auditor in connection with preparing the audit report of which the independent auditor is unaware, and
  • Each director has taken all steps that he ought to have taken as a director in order to make himself aware of any relevant information needed by the independent auditor in connection with preparing the audit report and to establish that the independent auditor is aware of that information.

Statement of d

The Companies Act, Cap 386 requires the directors to prepare financial statements for each financial year which give a true and fair view of the state-of-affairs of the Company as at the end of the financial year and of the profit or loss of the Company for that year. In preparing these financial statements, the directors are required to:

  • adopt the going concern basis unless it is inappropriate to presume that the Company will continue in business;
  • select suitable accounting policies and then apply them consistently;
  • make judgements and estimates that are reasonable and prudent;
  • account for income and charges relating to the accounting period on the accruals basis;
  • value separately the components of asset and liability items; and
  • report comparative figures corresponding to those of the preceding accounting period.

The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements have been properly prepared in accordance with the Companies Act, Cap 386. This responsibility includes designing, implementing and maintaining internal controls relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. They are also responsible for safeguarding the assets of the Company and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

2

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Corinthia Finance plc published this content on 31 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 May 2021 14:51:03 UTC.


ę Publicnow 2021
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