Issue link: https://maltatoday.uberflip.com/i/655581
49 Events maltatoday, SUNDAY, 20 MARCH 2016 ROCS Travel launches Pelagian Islands holidays ROCS Travel, together with its part- ners from Italy comprising a con- sortium of Italian hoteliers on the Italian island of Lampedusa, will be offering a direct flight twice weekly to the Pelagian Islands - not only a true gem in the Med, but even bet- ter for us Maltese, they are just a mere 25 minutes flight away. They are better known as the Maldives of the Mediterranean. The Pelagian Islands are a true marvel, with a dreamlike setting, surrounded by a magical atmosphere with incredible marine life and water whose clar- ity and whose shades of blue attract visitors and tourists from all over the world. Trip Advisor travellers have de- clared that Rabbit Beach (La Baia Dei Conigli) in Lampedusa is not just a beautiful beach, but also the most beautiful beach in the world! The Trip Advisor declaration was awarded in 2013, naming the Pelagi- an Islands as having the best beach in the world. Taking their name from the Greek for 'high sea', the islands, referred to in Italian as Le Isole Pelagie, are closer to Malta than their political and administrative home of south- ern Italy. Belonging to the Sicilian province of Agrigento and situated 150km west of Malta, this group of three islands comprises Lampione, Linosa and the largest of the three, Lampedusa. ROCS Travel will be offering di- rect flights twice weekly from Malta to the Pelagian Islands starting from June to October 2016. ROCS Travel not only offers the direct flights, but also truly attractive accommoda- tion and excursion rates, which will surely make a wonderful summer holiday. Needless to say that food is typically Italian and hence abso- lutely delicious. With such beautiful sea and amazing beaches this new destination will undoubtedly be a natural choice for those who are af- ter an enjoyable summer break. "It all started when we met Mi- chael Zammit Tabona and Anthony D'Amato. Together we started dis- cussing the idea of organising direct flights from Malta to the Palegian islands. For us such connection was so natural as Malta is closer to our beautiful islands than we are to mainland Italy," stated Giovanni Damiano Lombardo, spokesperson and one of the hoteliers forming part of the hotels consortium who together with ROCS are making all this possible. "It will be the first ever regular lei- sure international flight landing in Lampedusa and we are positive we will give all the Maltese a welcome to remember. Our close partnership with Michael Zammit Tabona and Malta's leading tour operator, ROCS Travel was only natural and I firmly believe we have what it takes to me this venture a success," concluded Lombardo. "We have already mailed a 16-page brochure dedicated to the Palegian Islands into each and every house- hold in Malta and Gozo. This pro- ject is the start of a new cooperation dedicated to a new destination just 25 minutes away from our shores," commented ROCS Travel director, Rachel Vella. "The exquisite food, the unique beaches, the Italian way of doing things make the Palegian Islands the obvious choice this summer. Moreover, with such a short flight all those who have always refrained from travel because of long trips, today have no excuse as it is an af- fordable destination starting from just €199. We are so proud of our relationship with Zammit Tabona and D'Amato together with the Ital- ian hoteliers who have made such a venture possible!" concluded Vella. For more information, you can al- so visit the ROCS stand at the Am- itex Holiday show, MFCC Ta' Qali or their Travel offices in Floriana, Mellieha and Mosta. You can also call ROCS on 20151515, or check out our website www.rocsholidays. com or email directly on travel@ rocsgrp.com additionally you can find us on facebook – ROCS Group. FIMBank announces results for 2015 THE FIMBank Group is on the right track thanks to the im- plementation of a consolidation strategy adopted in 2015 and which has started to yield the desired results. This emerges from the publication of the Group's 2015 results, which were announced today. The group's Consolidated Audited Financial Statements show that for the year ended 31 December 2015, the Group registered a loss of $7.1 million compared to a loss of $45.2 mil- lion in 2014. At 31 December 2015, Total Consolidated Assets stood at $1.44 billion, a margin- al increase of 2% over the $1.41 billion reported at end 2014, while Total Consolidated Liabilities stood at $1.27 billion, up by 3.5% from $1.23 billion in 2014. Net income for 2015 stood at $34.9 million, compared to a loss of $4.7 million in the previous year. During 2015, net interest in- come rose by 4% from $28.4 million to $29.6 million. Simi- lar improvements with respect to 2015 were noted in foreign currency operations and other operating income. These were offset by a significantly lower level of fee income from trading assets and documentary credits, mainly due to a change in the geographic focus and up-scaled client target base. Significantly, net impairments decreased by 80%, standing at $10.3 million, compared to $50.7 million in 2014. As a result of controlled impairments and marked-to market-losses, the Group has improved its net income by $39.7 million, to $34.9 million. Operating expenses increased by $7.2 million to $47.0 million, primarily as a result of various one-off costs related to business reorganisation and the strategic redeployment of resources. Commenting on the financial results, FIMBank Group CEO Murali Subramanian stated that "Following the most diffi- cult year in the Group's history, the year under review necessi- tated stability to the business, reinforcement of the govern- ance and risk structures, and the gradual re-building of the portfolios to a sustainable level. Through the implementation of a number of measures and initiatives, the Group succeeded in overcoming the substantial impairments which marred the 2014 performance, whilst at the same time creating a revenue platform to generate value going forward." The Group CEO explained that the ongoing streamlining of the international factoring strat- egy means that the different fac- toring businesses in Malta and abroad are now aligned towards a common objective. "Aided by a strengthened leadership team and governance structures, the Group intensified its effort to maximise its resource potential, including a review of key staff positions, enhanced cost man- agement processes, and better utilisation of assets across the different Group entities", he said. Commenting on the immedi- ate outlook for the FIMBank Group, Chairman John C, Grech stated that the Group is "encouraged by the profit regis- tered in the last quarter of 2015 and the positive performance for the first two months of this year, a trend which we expect will be sustained throughout 2016". He referred to the macro-eco- nomic outlook as "challenging", driven as it is by weaknesses in commodity prices and emerg- ing markets. "Apart from pos- ing external risks to the busi- ness, these will exert more pressure on the Group to diversify the target sectors to rebalance and rebuild its different portfolios", he explained. "The key pillars of the turnaround will remain at the heart of the Group's oper- ations - an improved origination strategy across its various prod- uct offerings, a more harmo- nised global factoring strategy, continued focus to asset quality and loan recovery management, as well as cost efficiencies and resource optimisation. This will allow FIMBank to respond with agility to the changes in eco- nomic cycles across its differ- ent geographical presences, and to reposition itself as a growing profitable institution, through adequate returns and value cre- ation to all its stakeholders". Meanwhile, FIMBank's Board of Directors will not be rec- ommending a cash dividend. However, subject to regulatory approval, the Board will be rec- ommending a 1 for 25 Bonus Is- sue of Ordinary Shares by way of capitalisation of the Share Premium Account. FARSONS Beverage Imports Company (FBIC) Limited recent- ly acquired the exclusive rights to import and distribute one of the top Franciacorta-producing hous- es – Monte Rossa. Franciacorta was Italy's first wine to be produced in the clas- sic "champagne" method of sec- ond fermentation in the bottle. A long ageing on the lees (yeast sediment) in the bottle imbues it with more richness, creami- ness and complexity than simpler tank-fermented sparklers (such as Prosecco). The Monte Rossa story began in 1972 when the entrepreneur Paolo Rabotti and his wife Paola began growing their first grapes. They adopted the twin philoso- phies of using traditional artisan methods and modern technology. Together with their passion for research this has resulted in the no compromises attitude to great wine making for which the com- pany is renowned. It is no wonder that Monte Rossa are winners of 10 Gambero Rosso Tre Bicchieri awards. Monte Rossa is available in selected restaurants, wine bou- tiques and at Farsonsdirect in Mriehel (www.farsonsdirect. com). FBIC is a member of The Farsons Group. FBIC adds top Franciacorta to portfolio Timeless art featured in Banif's perpetual agenda ART meets style in Banif 's new agenda, which features priceless Renaissance and Medieval paint- ings that have been or are current- ly being restored with the Bank's support. Each year the Bank pro- duces a limited edition undated notebook, to give out to clients vis- iting its branches at the beginning of the New Year. "In the past, we have featured the contemporary works of students following photography and fine art courses at the MCAST Insti- tute for the Creative Arts" said Karl Dingli, Head of Corpo- rate Services at Banif Bank. "This time round, we cast our eyes back to the past in order to bring these priceless and timeless works of art into fo- cus." The featured paintings are two important panels of elev- en from a polyptych or altarpiece by Antonio de Saliba (c.1466- c.1535), commissioned for the late medieval Rabat Franciscan Minor Observants' Church of Santa Ma- ria di Gesù. The notebook also fea- ture a four-panel altarpiece, dating back to the 15th century by an un- known Italian master, depicting St Catherine, St Augustine, St Paul or St Mark and the Madonna and the Christ child, located at the Augus- tinian Priory in Rabat.