Approval of the 2021 financial statements



Approval of the 2021 financial statements

The board of directors of Corinthia Finance plc has approved the financial statements of the company for the year ended February 28, 2021.

A copy of the financial statements is attached to this company announcement and is also available at the following link: finance-plc /.

Eugenio Privitelli

Company Secretary


May 31, 2021

22 Europa Center – Floriana FRN 1400 – Malta – Tel (356) 21233141 – Fax (356) 21234219

e-mail: [email protected] – – Co. Reg. No: C25104


Annual report and financial statements for the year ended February 28, 2021

Company registration number C 25104


Annual report and financial statements February 28, 2021




Declaration of the directors on the financial statements and other information included in

the annual report




Other information in terms of listing rules


Declaration of remuneration



Statement of total comprehensive income


Statement of Financial Position


Statement of changes in equity


Statement of cash flows


Notes to Financial Statements


CORINTHIA FINANCE PLC Annual Report and Financial Statements February 28, 2021

Main activities

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

The Company is essentially a special purpose vehicle set up for the financing of the transactions of the Corinthia group of companies. It raised this funding primarily through the issuance of bonds, which are listed on the Malta Stock Exchange and guaranteed by Corinthia Palace Hotel Company Limited, to whom the proceeds of their issuance have been advanced.

Company review

In the year 6.715. as at February 28, 2021 is presented on page 22 of the financial statements.


The following people were directors of the company during the year under review:

Mr. Joseph Fenech (President)

Mr. Frank Xerri de Caro

Dr Joseph J. Vella

Mr. Mario P. Galea

Events after the end of the reporting period

No significant adjustment or non-adjustment event occurred between the reporting date and the authorization date.

Future developments

The Company intends to continue to act 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, will not

cash flow forecasts on a regular basis allowing them to follow the evolution of these cash flows.

Key performance indicators

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



Annual report and financial statements February 28, 2021

– continued


As required by list rule 5.62 issued by the operational existence state for the foreseeable future. For this reason, when preparing the financial statements, they continue to adopt the going concern principle. concern the hypothesis.

Disclosure of information to the auditor

As of the date of this report, the directors confirm the following:

  • To the knowledge of each director, the independent auditor does not need relevant information in the context of the preparation of the audit report of which the independent auditor is not aware.
  • Each director has taken all the measures that he should have taken as a director in order to become aware of any relevant information that the independent auditor needs in the context of the preparation of the audit report and to establish that the independent auditor is aware of this information.

Declaration of d

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

  • adopt the principle of going concern, unless it is inappropriate to assume that the company will continue to operate;
  • select appropriate accounting policies and then apply them consistently;
  • make reasonable and prudent judgments and estimates;
  • recognize the income and expenses relating to the accounting period using the accrual accounting method;
  • separately assess the components of assets and liabilities; and
  • report comparative figures corresponding to those of the previous accounting period.

Directors are required to keep appropriate accounting records which disclose at all times with reasonable accuracy 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 free from material misstatement, whether these result from fraud or error. They are also responsible for safeguarding the assets of the Company and for taking reasonable measures for the prevention and detection of fraud and other irregularities.


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

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