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19 COMMERCIAL PREMIER Capital plc, the Maltese- owned Developmental Licencee for McDonald's in six European markets, has posted a pre-tax profit of €23 mil- lion for the year ended December 31, 2018, up from €20 million in 2017. Last year, the group registered a 11.5% increase in turnover to realise revenue of €294 million. Thanks to its team of more than 8,000 people in 146 restaurants in Estonia, Greece, Latvia, Lithuania, Malta and Romania, Pre- mier Capital served 119 million cus- tomers last year, seven million more than in 2017, yet again setting a new guest count record for the group. All markets reported significant growth, with Lithuania registering the highest advancement on 2017 with 19%, followed by Greece (13.8%), Romania (11.2%), Estonia (9.1%), Lat- via (8.9%), and Malta (7.5%). Premier Capital opened 10 new restaurants last year: eight in Romania, one in Lithu- ania and one in Greece. Four restau- rants were closed across the network. Three existing restaurants in the Bal- tics and Romania were remodelled. The outlook for the group's busi- ness across all markets remains posi- tive and geared towards sustainable growth. In the Baltics, Malta and Ro- mania, McDonald's remains a market leader in the 'informal eating out' sec- tor. The group continues to grow its market share and customer base on the back of enhanced in-store experi- ence. In Greece, despite strong com- petition from local and international brands and a persistently challeng- ing economic environment, results are improving and the market share growing. The group will open 13 restaurants this year. The openings fall under a €64 million investment drive to ex- pand Premier Capital's restaurant portfolio in the Baltics, Greece, Ro- mania and Malta to 176 restaurants by 2021. maltatoday | SUNDAY • 12 MAY 2019 ALL women dream of a fresh, illuminated, dewy complexion and plumped skin with a natu- ral glow, even in conditions of stress, fatigue and seasonal changes. Women want to feel beautiful and radiant in all cir- cumstances! For all women for whom hy- dration is the fundamental skin need, but also for all make-up experts for whom hydration is the key to a luminous make-up result, Chanel has created Hydra Beauty Camellia Water Cream. Hydra Beauty Camellia Water Cream is a radiance-revealing fluid moisturiser enriched with camellia floral water. Extremely fresh and comfort- able, it illuminates the complex- ion in an instant. Camellia Water Cream... A new beauty step Apply Hydra Beauty Camellia Water Cream in the morning after Hydra BeautyMicro Sé- rum. With fingertips, dab the formula lightly onto five or six points of face and smooth from the center outwards. Use Hydra BeautyCamellia Water Cream alone for a natu- ral glow or before makeup for a more luminous finish. Chanel is distributed by Alfred Gera & Sons Ltd Hydra Beauty Camellia Water Cream... The name says it all BANK of Valletta Chairman Deo Scerri and CEO Mario Mallia addressed sharehold- ers during the Bank's 45th Annual General Meeting held on Thursday 9th May 2019. Scerri referred to the Group's profit before tax for FY 2018 of €71.2 million after provid- ing for a litigation provision of €75 million. Profits before deducting pro- vision thus amount to €146.2 million, a 5.8% increase over the annualised results for FY2017. 'Priority will continue to be given to the conservation and strengthening of the Group's Capital,' added Scerri. 'The Bank will emphasise on long- term sustainability and sta- bility – hence the Board of Director's decision not to pay a cash dividend this year. Nonetheless shareholders will benefit from a bonus share is- sue of 1 new share for every 10 shares held for a total value exceeding €53 million at cur- rent market price.' BOV CEO Mario Mallia ex- plained that 2018 was a year of growth despite the numer- ous challenges faced. 'We ex- perienced a sustained request for lending, especially in the mortgages sector with a num- ber of business areas, includ- ing investment services, credit cards and payments register- ing substantial growth,' said Mallia. 'The Bank's return on equity prior to the provision for litiga- tion for 2018 was equivalent to 9.9%, significantly higher than the 7.3% average registered by Bank in the Eurozone.' Five resolutions were put to the meeting and approved. The ordinary resolutions in- cluded approval of the Profit and Loss Account and Bal- ance Sheet for the year ended 31 December 2018, the re- appointment of the Bank's Auditors, the changes in share capital following a bonus shares issue and the waiver of pre-emption rights. An extraordinary resolution for the changes to the Memo- randum and Articles of Asso- ciation was also approved by the Annual General Meeting. No election of Directors was held during the Annual Gen- eral Meeting. Bank of Valletta's 45th annual general meeting McDonald's licencee Premier Capital posts €23 million pre-tax profit in 2018 More and more McDonald's restaurants feature self-ordering kiosks and quicker service facilities