Eurocentre Capital Ltd – Annual return 2015
May. 24 2017 — 8:38p.m.
-un.1-nn= 0F .WGISR 1 7 APR 2017 few- IEs Eurocentre Capital Limited Annual Report 2015 Company Registration Number: 41366 1-way; 019? 25 APR 2017
Eurocentre Capital Limited Annual Report Directors' Report Directors? Responsibility for the Financial Statements Separate Financial Statements: Statement of Financial Position Statement of Comprehensive income Statement of Changes in Equity Statement of Cash Flows Notes to the Financial Statements independent Auditors' Report Page
Eurocentre Capital Limited Directors' Report For the Year Ended 31 December 2015 The directors present their report of Eurocentre Capital Limited (the "Company?) for the year ended 31 December 2015. Board of directors Joao Nagy Gilberto Bousquet Bomeny Joao Woiier Principal activities The Company's principal activity is to act as an investment holding company. Its subsidiary, Roissy Eurocentre SARL is principally engaged in real estate and hotel development. Review of business development and financial position During the year the Company sustained a loss of ?34,897. As at the reporting date, the Company reported a negative working capital position of ?2,095,352 and a deficiency in shareholders? funds of ?95,352. These deficiencies were addressed through additional share issue post year end and an undertaking by the shareholder not to demand payment on amounts advanced to the Company until such time that the Company is in a position to repay. Roissy Eurocentre SARL sustained a loss of ?440,145 during the year and as at the reporting date reported a deficiency in shareholders? funds of ?978,472. Events after the reporting date and other future developments Subsequent to year end, the Company increased further its authorised share capital by 14,998,800 to 15,000,000 shares and increased its issued share capital by 1,998,800 to 2,000,000 shares. All shares have a nominal value of ?1 each. No other changes are envisaged in the current structure of the Company. Dividends and reserves in view of accumulated losses, no dividends are distributable. The balance of accumulated losses amounting to ?95,592 is being carried forward to the next financial year. Approved by the Board of Directors on 7 March 2017 and signed its behalf by: 29/ as i erto Bousquet Bomeny Joao Woiier Director i? Director Registered Office 188, Old Bakery Street, Valletta, VLT 1455 Malta
Eurocentre Capital Limited Directors? ReSponsibility for the Financial Statements The Companies Act, 1995 (Chapter 386, Laws of Malta] (the ?Act") requires the directors of Eurocentre Capital Limited (the "Company") to prepare financial statements for each financial period which give a true and fair view of the financial position of the Company as at the end of each financial period and of the profit or loss of the Company for that period in accordance with the requirements of international Financial Reporting Standards as adopted by the EU. 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 provisions of the Act. The directors are also reaponsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The directors, are responsible to ensure that the Company establishes and maintains internal control to provide reasonable assurance with regards to reliability of financial reporting, effectiveness and efficiency of operations and compliance with applicable laws and regulations. The directors are responsible to establish a control environment and maintain policies and procedures to assist in achieving the objective of ensuring, as far as possible, the orderly and efficient conduct of the Company's business. This responsibility includes estabiishing and maintaining controls pertaining to the Company's objective of preparing financial statements as required by the Act and managing risks that may give rise to material misstatements in those financial statements. In determining which controls to implement to prevent and detect fraud, management considers the risks that the financial statements may be materially misstated as a result of fraud. Signed on behalf of the Board of Directors by: 95w 2/ I ousquetBomeny JoaoWoiler Director Director
Eurocentre Capital Limited Statement of Financial Position As at 31 December 2015 2015 2014 Note 6 ASSETS Investment in subsidiary 8 2,000,000 2,000,000 Total non-current assets 2,000,000 2?00-0000 Receivables 9 35,635,568 29,855,568 Prepayments 315 315 Cash at bank 1,392 493 Total current assets 35,637,275 29,856,376 Total assets 37,637.55 31 ,8563?7?5 The accompanying notes are an integral part of these financial statements.
Eurocentre Capital Limited Statement of Financial Position (continued) As at 31 December 2015 2015 2014 Note 9 9 Equity and Liabilities Share capital 240 240 Accumulated losses (95,592) (60,695) Total equity 10 (95,352) h?lBO??lg?'} LIABILITIES Pavables 14 37,732,627 31,916,831 Total current liabilities 37,732,627 31,916,831 Total liabilities 37,732,627 31,916,891- Total equity and liabilities 37,637,275 31 ?56,376 The accompanying notes are an integral part of these financial statements. In drawing up these financial statements, advantage has been taken of the exemption for small groups conferred by Article 173(1) of the Companies Act, 1995 (Chapter 386, Laws of Malta) from the requirements to prepare consolidated financial statements. In the directors' opinion, the Company, being a parent company of a small group, is entitled to benefit from this exemption on the grounds that: the group?s aggregate turnover for the year does not exceed ?5,124,621.48; and lb) the group's aggregate average number of employees during the year is less than 50. The financial statements on pages 3 to 18 were approved and authorised for issue by the Board of Directors on 7 March 2017 and signed on its behalf by: may erto ousquet Bomenv Woiler Director irector
Eurocentre Capital Limited Statement of Comprehensive Income For the Year Ended 31 December 2015 Note Administrative expenses 6 Operating loss Finance income Finance costs Net finance 7 Loss for the year Total comprehensive income for the year 2015 (10,925] (10,925) [23,9723 (23,972) (34,897) The accompanying notes are an integral part of these financial statements. 2014 (8.987) (8,989) 589 589 (8.398) (8,398}
Eurocentre Capital Limited Statement of Changes in Equity For the Year Ended 31 December 2015 Balance at 1 January 2014 Total comprehensive income Loss for the year Total comprehensive income Balance at 31 December 2014 Balance at 1 January 2015 Total comprehensive income Loss for the year Total comprehensive income Balance at 31 December 2015 Share capital Accumulated losses (52,297) (8,398] (8,398] 030,695) (60,695] (34.897) (34,897) (95,592) The accompanying notes are an integral part of these financial statements. Total (52,057) (8,398) (8.398) (60,455) (60,455) (34,897] (34,897] (95,352]
Eurocentre Capital Limited Statement of Cash Flows For the Year Ended 31 December 2015 Cash flows from operating activities Loss for the year Adjustments for: Bank interest receivable Unrealised exchange differences Change in prepayments Change in payables Cash absorbed from operating activities Bank interest received Net cash used in Operating activities Cash flows from investing activities Advances to subsidiary Cash used in investing activities Cash flows from financing activities Advances by shareholder Cash from financing activities Net increase in cash and cash equivalents Cash at bank at 1 January Cash at bank at 31 December 2015 (34,897) 33 (34.864) (1.614) (36.473) (36,478} 14,500,000) (4,600,000) 4,637,377 4,637,377 The accompanying notes are an integral part of these financial statements. 2014 (8,398) (2) (17) (8,417) 1315) (18,552) (27,284) 2 (27,282) 1 00,803) (9,100,803) 9,128,338 9,128,338 253
Eurocentre Capital Limited Notes to the Financial Statements For the Year Ended 31 December 2015 2.1 2.1.1 2.2 2.3 2.4 Reporting entity Eurocentre Capital Limited (the ?Company"l is a limited liability company domiciled and incorporated in Malta. Basis of preparation Statement of compliance These financial statements have been prepared and presented in accordance with international Financial Reporting Standards as adopted by the EU. All references in these financial statements to IAS, or interpretations refer to those adopted by the EU. They have also been drawn up in accordance with the provisions of the Companies Act. 1995 (Chapter 386, Laws of Malta). Exemption from consolidation The Group of which the Company is the parent qualifies as a small group as defined by Article 185(6) of the Act and has availed itself of the exemption from the requirement to prepare consolidated financial statements in terms of Article 173(1) of the Act. These financial statements therefore represent the separate financial statements of the Company, in which the investments are accounted for on the basis of the direct equity interest. rather than on the basis of the reported results and net assets of the investees. Basis of measurement Assets and liabilities are measured at historical cost. Functional and presentation currency These financial statements are presented in euro, which is the Company's functional currency. Use of estimates and judgements The preparation of the financial statements in conformity with requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities. income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised prospectively.
Eurocentre Capital Limited Notes to the Financial Statements For the Year Ended 31 December 2015 2.4 2.5 3.1 3.2 Basis of preparation (continued) Use of estimates and judgements (continued) In the opinion of the directors. the accounting estimates and judgements made in the course of preparing these financial statements are not difficult to reach, subjective or complex to a degree which would warrant their description as significant and critical in terms of the requirements of IAS 1, Presentation of Financial Statements. Going concern basis As at the reporting date, the Company had a negative working capital position of ?2,095,352 and a deficiency in shareholders' funds of ?95,352. These deficiencies were addressed through the issue of additional shares post year end and an undertaking provided by the shareholder not to demand payment on amounts advanced to the Company until such time that the Company is in a position to repay (note 1 1). On the basis of the above, the directors consider the use of the going concern assumption underlying the preparation of these financial statements to remain appropriate. Significant accounting policies The accounting policies set out below have been applied consistently to all periods presented in these financial statements. Investment in subsidiary A subsidiary is an entity controlled by the Company. Control exists when the Company controls an entity and it is exposed to. or has rights to variable returns from its involvement with the entity, and has the ability to affect those returns through its power over the entity. Investment in subsidiary is stated at cost less any accumulated impairment losses (see note 3.4.1). Foreign currency transactions Transactions in foreign currencies are translated to the Company's functional currency at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at the exchange rate at that date. Foreign exchange differences are recognised profit or loss.
Eurocentre Capital Limited Notes to the Financial Statements For the Year Ended 31 December 2015 3.3 3.3. 1 3.3. 7.1 18.104.22.168 3.3.2 Significant accounting policies (continued) Financial instruments Non-derivative financial assets The Company initially recognises loans and receivables and deposits on the date that they are originated. All other financial assets are recognised initially on the trade date. which is the date that the Company becomes a party to the contractual provisions of the instrument. The Company derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the Company is recognised as a separate asset or liability. Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Company has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. The Company classifies its non-derivative financial assets into the loans and receivables category. Loans and receivables Loans and receivables are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, loans and receivables are measured at amortised cost using the effective interest method. Loans and receivables comprise receivables and cash and cash equivalents. Cash and cash equivalents Cash and cash equivalents comprise cash balances and demand deposits with original maturities of three months or less. Non-derivative ?nancial liabilities The Company initially recognises financial liabilities on the trade date, which is the date that the Company becomes a party to the contractual provisions of the instrument. The Company derecognises a financial liability when its contractual obligations are discharged. cancelled or expired. 10
Eurocentre Capital Limited Notes to the Financial Statements For the Year Ended 31 December 2015 3.3.2 3.3.3 3.4 3.4. 1 3.4.2 Significant accounting policies (continued) Financial instruments (continued) Non-derivative financial liabilities (continued) Such liabilities are recognised initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these liabilities are measured at amortised cost using the effective interest method. The Company's non-derivative financial liabilities comprise payables. Ordinary share capital Ordinary shares are classified as equity. Impairment Investment in subsidiary The carrying amount of the Company's investment in subsidiary is reviewed at each reporting data to determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated. The recoverable amount is the greater of its value in use and its fair value less costs to sell . Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An impairment loss is recognised if the carrying amount of an asset exceeds its recoverable amount. impairment losses are recognised in profit or loss. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, if no impairment loss had been recognised. Financial assets A financial asset not ciassified as at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably. Objective evidence that financial assets are impaired includes default or delinquency by a debtor, restructuring of an amount clue to the Company on terms that the Company would not consider otherwise or indications that a debtor or issuer will enter bankruptcy.
Eurocentre Capital Limited Notes to the Financial Statements For the Year Ended 31 December 2015 3.4 3.4.2 3.5 3.6 3.7 Significant accounting policies (continued) Impairment (continued) Financial assets (continued) An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset's original effective interest rate. Losses are recognised in profit or loss and reflected in an allowance account against receivables. Interest on the impaired asset continues to be recognised. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss. Revenue Dividend income is recognised in profit or loss on the date that the Company's right to receive payment is established. Finance income and costs Finance income includes interest income on bank balances. Interest income is recognised as it accrues in profit or loss, using the effective interest method. Foreign currency gains and losses on financial assets and financial liabilities are reported on a net basis as either finance income or finance cost depending on whether foreign currency movements are in a net gain or net loss position. Income tax Income tax expense comprises current tax. Current tax is recognised in profit or loss except to the extent that it relates to items recognised directly in equity or in other comprehensive income. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. New standards and interpretations not yet adopted A number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 1 January 2015, and have not been applied in preparing these financial statements. None of these are expected to have a significant effect on the financial statements of the Company upon initial application. 12
Eurocentre Capital Limited Notes to the Financial Statements For the Year Ended 31 December 2015 5.1 5.2 Determination of fair values A number of the Company?s accounting policies and disclosures require the determination of fair value, for both financial and assets and liabilities. Fair values have been determined for disclosure purposes only based on the following method. When applicable, further information about assumptions made in determining fair value is disclosed in the notes specific to that asset or liability. Receivables The fair value of receivables is estimated at the present value of future cash flows, discounted at the market rate of interest at the measurement date. Non-derivative financial liabilities Fair value is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the measurement date. Administrative expenses Administrative expenses include auditors' remuneration amounting to ?2,500, exclusive of VAT. Finance income and costs 2015 2014 Bank interest receivable - 2 Realised foreign exchange gains - 570 Unrealised foreign exchange differences . - 17 Finance income - 589 Realised foreign exchange losses (23,939] Unrealised foreign exchange differences (33] Finance costs (23,972] - Net finance (costs)lincome (23,972) 589 13
Eurocentre Capital Limited Notes to the Financial Statements For the Year Ended 31 December 2015 8 Investment in subsidiary Investment in subsidiary represents the cost and carrying amount of capital subscribed in a subsidiary, detailed as follows: Ownership Nature Registered office interest of business 2015 2014 3?0 9?0 Roissy Eurocentre 1, Avenue 100 100 Real estate Charles de Gaulle, and hotel 95700, Roissy development 498 614 635 RCS Pontoise France 9 Receivables Receivables consist of amounts receivable from subsidiary. These balances are unsecured, interest free and repayable on demand. 10 Share capital 10.1 Ordinary shares 2015 2014 No. No. In issue at 1 January and 31 December 1. a ll 3 10.2 At 31 December 2015, the authorised share capital comprised 1,20012014: 1,200) ordinary shares at a par value of ?1 each. All shares in issue are 20% paid up. Subsequent to year end, the Company increased further its authorised share capital by 14,998,800 to 15,000,000 shares and increased its issued share capital by 1,998,800 to 2,000,000 shares, all at a parvalue of 621 each. 14
Eurocentre Capital Limited Notes to the Financial Statements For the Year Ended 31 December 2015 10 Share capital (continued) 10.3 Shareholders? rights The holder of ordinary shares is entitled to receive dividends as declared from time to time and is entitled to one vote per share at meetings of the Company. All shares rank equally with regard to the Company?s residual assets. 11 Payables 2015 2014 Amounts due to shareholder 37,701,843 31,884,466 Amounts due to other related party 20,379 20,379 Accruals 10,405 9,036 Other payables - 2,950 37,732,627 31 ,916.831 The amounts payable to the shareholder and other related party are unsecured, interest free and payable on demand. The Company's shareholder provided an undertaking not to demand payment on amounts advanced to the Company until such time that the Company is in a position to repay. 12 Financial instruments 12.1 Overview This note presents information about the Company's exposure to credit, liquidity and market risks, the Company's objectives, policies and processes for measuring and managing risk. and the Company's management of capital. Further quantitative disclosures are included throughout these financial statements. The Board of directors have the overall responsibility for the establishment and oversight of the Company's risk management framework. 12.2 Credit risk Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financiai instrument fails to meet its contractual obligations and arises principally from the Company?s receivables and cash at bank. As at the reporting date, the Company had only one significant receivable, being the amount receivable from the Company's subsidiary. The directors consider this risk to be minimal on the basis of the estimated value of the underlying investment property upon completion of development of such property by the subsidiary. The directors expect 2020 to be the completion year. The Company?s cash is placed with a financial institution of an investment grade rating. 15
Eurocentre Capital Limited Notes to the Financial Statements For the Year Ended 31 December 2015 12 12.2 12.2. 1 12.3 12.4 12.4. 1 Financial instruments (continued) Credit risk (continued) Exposure to credit risk The carrying amount of financial assets represents the maximum credit exposure which as at the reporting date is analysed as follows: 2015 2014 9 Amount receivable from subsidiary 35,635,568 29,855,568 Cash at bank 1,392 493 $636,960 29,856,061 Liquidity risk Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company?s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due. under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation. All financial liabilities are payable on demand. Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates will affect the Company's income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return. Currency risk As at the reporting date, the Company was exposed to currency risk on advances from the shareholder and withdrawals to its subsidiary transferred in a currency other than its functional currency, principally the USD. The bank balance that is denominated in USD as at year end stood at (2014: USD307). l6
Eurocentre Capital Limited Notes to the Financial Statements For the Year Ended 31 December 2015 12 Financial instruments (continued) 12.4 Market risk (continued) 12.4. 1 Currency risk (continued) The following significant exchange rate applied during the year against the EUR: Average Reporting data rate Spot rate 2015 1.1095 1.0887 2014 1.3285 1.2141 Sensitivity analysis A 10 basis point strengthening of the US Dollar against the Euro at the reporting date would have a minimal impact on profit. The analysis assumes that all other variables, in particular interest rates, remain constant. A 10 basis point weakening of the US Dollar against the Euro would have the same. but opposite effect. 12.4.2 Interest rate risk As at the reporting date, the Company was exposed to interest rate risk on bank balances. Considering the low current market interest rates on bank balances and the amount of cash held at bank, a 100 basis point increase or decrease in market interest rates at the reporting date would not have a significant impact on profit or loss and equity. 12.5 Capital management The Board's policy is to maintain a strong capital base to sustain future developments of the business. There were no changes in the Company's approach to capital arrangement during the year. 13 Related parties The Company has a related party relationship with its subsidiary, shareholder and other related party. 13.1 Parent and ultimate controlling party The Company is a subsidiary of Spirit Finance Limited, the registered address of which is the same as that of the Company. 17
Eurocentre Capital Limited Notes to the Financial Statements For the Year Ended 31 December 2015 13 13.3 13.4 14 Related parties (continued) Related party transactions Other than cash transactions with related parties which are included in the statement of cash flows, non-cash transactions with related parties are as follows: Advances by shareholder 1,180,000 Advances to subsidiary (1,180,000) Related party balances Information on balances with related parties is set out in notes 9 and 11 to these financial statements. Subsequent events Subsequent to the reporting date, the Company increased further its authorised and issued share capital (note 10.2). 18
KPMG Portico Building Marina Street Pieta? PTA 9044 Malta (+356) 2563 1000 Independent Auditors? Report To the Members of Eurocentre Capital Limited Report on the Separate Financial Statements We have audited the separate ?nancial statements of Eu rocentre Capital Limited (the ?Company?) as set out on pages to 3 to 18. which comprise the statement of financial position as at 31 December 2015 and the statements of comprehensive income, changes in equity and cash flows for the year then ended, and notes, comprising a summary of significant accounting policies and other explanatory information. Directors? Responsibility for the Financial Statements As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of financial statements that give a true and fair View in accordance with International Financial Reporting Standards as adopted by the EU, and are properly prepared in accordance with the provisions of the Companies Act, 1995 (Chapter 386, Laws of Malta) (the They are also responsible for such internal control as the directors determine is necessary to enable the preparation of ?nancial statements that are free from material misstatement, whether due to fraud or error. Auditors? Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. This report, including the opinion, has been prepared for and only for the Company's members as a body in accordance with Article 179 appropriate for any other purpose. In addition, we read the Directors? Report and consider the implications for our report if we become aware of any apparent material misstatements of fact. The firm is registered as a A list of partners and directors KPMG. a Maltese Civil Partnership and a member firm of the KPMG network partnership of Certified Public of the firm is available at Portico of independent member firms affiliated with KPMG International Cooperative Accountants in terms of the Building, Marina Street, Pieta, International"], a Swiss entity. Accountancy Profession Act. PTA 9044, Malta.
KPMG Portico Building Marina Street Pieta' PTA 9044 Malta (+356) 2563 1000 Independent Auditors? Report (continued) To the Members of Eurocentre Capital Limited Auditors? Responsibility (continued) We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the ?nancial statements. The procedures selected depend on our judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. in making these risk assessments, we consider internal control relevant to the entity?s preparation of financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion on Separate Financial Statements In our opinion. the separate financial statements: . give a true and fair view of the unconsolidated ?nanciai position of the Company as at 31 December 2015, and of its unconsolidated financial performance and its unconsolidated cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by the and have been properly prepared in accordance with the Companies Act, 1995 (Chapter 386, Laws of Malta). The firm is registered as a A list of partners and directors KPMG, a Maltese Civil Partnership and a member firm of the KPMG network partnership of Certified Public of the firm is available at Portico of independent member firms affiliated with KPMG international Cooperative Accountants in terms of the Building, Marina Street, Pieta, International?i, a Swiss entity. Accountancy Profession Act. PTA 9044, Malta.
KPMG Portico Building Marina Street Pieta' PTA 9044 Malta (+356) 2563 1000 Independent Auditors? Report (continued) To the Members of Eurocentre Capital Limited Report on Other Legal and Regulatory Requirements Matters on which we are required to report by exception by the Companies Act, 1995 (Chapter 386, Laws of Malta) (the ?Act?) We have nothing to report in respect of the following matters where the Act requires us to report to you if, in our opinion: . the information given in the Directors' Report for the financial year for which the financial statements are prepared is not consistent with the financial statements; or proper accounting records have not been kept by the Company; or . the Company?s ?nancial statements are not in agreement with the accounting records; or we have not obtained all the information and explanations which. to the best of our knowledge and belief. we require for the purpose of our audit; or certain disclosures of directors? remuneration specified by the Act are not made. The Principal authorised to sign on behalf of KPMG on the audit resulting in this independent auditors' report is Darren Govus. i" KPMG 7 March 2017 Registered Auditors The firm is registered as a A list of partners and directors KPMG. a Maltese Civil Partnership and a member firm of the KPMG network partnership of Certified Public of the firm is available at Portico of independent member firms affiliated with KPMG International Cooperative Accountants in terms of the Building. Marine Street. Pie-ta. International"}. a Swiss entity. Accountancy Profession Act. PTA 9044. Malta.