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BUSINESSTODAY 21 April 2022

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3 NEWS 21.4.2022 TECHNOLOGY consulting firm, EY Malta, have announced a new event specially designed for Malta's top CIOs, CTOs and IT management. EY Engage promises a day of technological explo- ration and networking and is open to technology leaders all over Malta and beyond. is event seeks to unravel the latest trends while exploring how tech enables resilience and competitiveness during times of disruption. Engage features a networking exhi- bition, international keynote speak- ers, panel discussions and interactive roundtable sessions, as well as showcas- ing technology that will help the public and private sectors realise their ambi- tions in further digitalising their oper- ations. A keynote speech will be delivered by Pascal Bornet, an internationally re- nowned thought leader and author of the best-selling book 'Intelligent Auto- mation.' Another keynote will be deliv- ered by Mohammad J. Sear, an Asso- ciate Partner at EY UAE and a veteran advisor to executive leadership in gov- ernment and private sector across the globe. e roundtable sessions will focus on technology trends such as AI, Data, RPA and IOT; Cloud; Cybersecurity and Risk; Digital Government; Enterprise Applications; Enterprise Architecture; and Technology Management. e exhibition space will also allow for connections with current technology leading firms to display their ideas and connect with others in the technology sector. EY Malta's Lead Consulting Partner, Kevin Mallia, said: "As an organisation we have often spoken about how impor- tant it is to disrupt or else be disrupted. e last few years have certainly helped many recognise the necessity of acceler- ating their digital transformations and in this era the only certainty is change, which is not something any organisa- tion in Malta should fear. We hope that Engage creates a forum for the islands tech C-suite to come together under one roof, exchange ideas, collaborate and spur on purpose-led transforma- tions that seize the upside of disrup- tion." Michael Azzopardi, EY Technology Leader, said: "e last few years have been a whirlwind for companies trying to get ahead of all the changes taking place in the market. Engage promises to be the annual technology forum that features the biggest local stakehold- ers, international thought leaders and tech community all in one place. We're thrilled to create a space for innova- tion and creativity amongst peers once again." EY Engage is taking place in collabora- tion with the Malta Chamber of Com- merce, Enterprise and Industry, along with event sponsors BMIT Technolo- gies, Newgen Software, SG Solutions, GO Business, ICT Solutions, Exigy, Tech.mt, MDIA and Invent3D. Engage takes place on 1 June from 11:30 onwards at the Westin Dragonara Resort. Due to current restrictions, the event is currently being capped at 200 attendees. All the necessary Covid-19 precautions will be taken in accordance with the law. For more information and to register visit: ey.com/en_mt/events/ engage EY launch Engage – Malta's technology leaders forum FROM PAGE 1 "Currently, we operate these hotels under their own independent name or under franchise from other brands such as Radisson and Ramada Plaza," he says in his report. "Work has started to identify a team and international advi- sory agencies to select a name and draw up property and operating standards, a marketing set-up and a distribution network." e Group's aim is to launch this brand by 2023. It is also in discussions with partners, and has an agreement in place with one of its shareholders LAFICO, to operate any hotels they may own worldwide which require services under this new brand. "For sure, the four-star sector is a larger, albeit more competitive market worldwide than the luxury hotel space occupied by the Corinthia brand, and we look forward to reporting growth on this front in the months and years ahead," Naudi said. Revenues e Group recorded €129.3 million in revenues for 2021, just under half of the revenue in 2019. Operating results before depreciation and fair value position reached €26.5 million in 2021, versus operating results before depreciation and fair value loss of just under €4 million in 2020, a €30 million turnaround. Operations Hotel operations in Malta and London fared among the best in terms of speed to recovery within IHI. e Corinthia in London ended the year with a gross operating profit of €18.5 million, a remarkable turnaround reflecting the earlier easing of restric- tions in the United Kingdom and the reputation enjoyed by the brand with the local British market, the largest source of business for the hotel. In London, during 2021, the company also closed on the sale of the Penthouse at the Corinthia Residences, a stand- alone building adjoining the hotel, for a figure in excess of £30 million. As with the rest of the residences sold in years prior, we remain the freeholders and provide concierge, security and other services to their occupants. In Malta, the three IHI hotels in the St George's Peninsula delivered a collec- tive GOP of just under €8 million. e other two hotels on the island, the Ra- disson Golden Sands and the Corinthia Palace delivered a further €3 million in aggregate gross operating profit. e rest of the IHI portfolio in Prague, St. Petersburg, Budapest, Tripoli and Lisbon made up the remaining contri- bution to the total GOP registered in all of the Group's hotels of €45 million, augmented by further income of €10 million from rents of shops and offices in commercial centres in Tripoli and St Petersburg. Most of these latter hotels operated solely on the basis of their local mar- kets, given international travel restric- tions. is was especially the case in St Petersburg where all customers in 2021 were almost exclusively from inside the Russian Federation, a situation that is expected to continue well into 2022 given severely curtailed flight schedules and international sanctions on Russia. Funding On the funding front, the Group suc- cessfully launched a 10-year €80 million Bond on the Malta Stock Exchange car- rying a coupon of 3.65% p.a., which was fully subscribed. Part of the Bond has gone to fully re- pay a maturing Bond of €20 million, the rest will be deployed on development projects in various countries. IHI is developing a 162-room luxury Corinthia resort and 25 residential villas to be serviced by the hotel on the site of the former Hal Ferh complex IHI hotels ended 2021 with €45 million in gross operating profits

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