Issue link: https://maltatoday.uberflip.com/i/955503
46 Events maltatoday SUNDAY 18 MARCH 2018 FIMBank announces USD7.7 million profit for 2017 THE FIMBank Group's Consoli- dated Audited Financial State- ments show that for the year ended 31 December 2017, the Group reg- istered a profit of USD7.7 million, compared to a restated profit of USD5.4 million in 2016. At 31 De- cember 2017, total Consolidated Assets stood at USD1.64 billion, a decrease of 6% on the USD1.74 bil- lion reported at end 2016. The drop in assets is attributed to a reduction in business assets aimed at achieving better capital requirements, partly offset by in- creases in treasury balances as a result of higher liquidity require- ments. In fact, Trading Assets de- creased by USD127 million, whilst Loans and Advances to Customers increased by USD 140 million. At the end of the period under re- view, Total Consolidated Liabilities stood at USD1.47 billion, down by 6% from USD1.57 billion in 2016. Operating Income before net im- pairment for 2017 stood at USD51.7 million, an increase of 12% over the USD46.1 million registered in 2016. During 2017, net interest in- come rose by USD3.0 million as a result of overall improved interest yields and increased efficiency in cost of funds and funding volumes. This rise was also mirrored in an increase of USD3.7 million in net fee income, to USD18.5 million, on improved fees on documentary credits and forfaiting. During 2017, the Group changed its accountancy policy and started measuring owned properties at their fair value. This resulted in a fair value gain of USD3.4 million in 2017. Meanwhile, net impair- ments for the year improved, from a loss of USD2.2 million in 2016, to a net recovery position of USD2.2 million in 2017, a result of signifi- cant recoveries made by the Bank and its subsidiaries, which also as- sisted with increases in coverage on other impaired legacy credits. This is considered another major milestone for FIMBank, as legacy misadventures of prior years have been dealt with firmly. In the year under review, operat- ing expenses rose by USD3.7 mil- lion, to USD42.3 million, largely as a result of an increase in mandatory regulatory costs. Rising regulatory costs is a growing phenomenon across the industry, with further increases expected in the com- ing years. Commenting on FIM- Bank's financial results for 2017, the Group's Chairman, John C. Grech, stated that these "are a clear indicator of the sound strategic path adopted over the past years, and highlight our commitment and resolve in ensuring a strong and sustainable growth trajec- tory for FIMBank." Discussing the outlook for the Group, FIMBank Group CEO Murali Subramanian said that "For 2018, we expect to continue building on the business verticals we have transformed and strengthened over the past years. 2018 will be characterised by a capital injection allowing the business to grow and achieve im- proved economies." Subramanian added that "The spirit of entrepre- neurship and pursuit of excellence across businesses, products and markets will remain at the heart of the Group's strategy. This will be achieved through superior client service, best in class and tested risk management, and governance sta- bility, as well as efficiency in fund- ing and cost structures. The scal- ing up of the business, supported by an expert management team and staff in key trade hubs across different regions, will enable the Group to maintain a flexible busi- ness model. Our results during the past years demonstrate our ability to adapt to changing circumstanc- es whilst driving sustained profit- ability and growing shareholder value." Frank Salt Real Estate launches innovative window touch screen system FRANK Salt Real Estate has just launched interactive touch screens in its branch shop windows. This new vehicle is a first of its kind in Malta and the company has secured exclusive partnership rights of touch screen technology which is currently being trialled at the St Julian's branch, with a view to rolling out additional units to other branch offices in the near fu- ture. "We have introduced another value added source to our clients whereby our property directory and related services can be ac- cessed through our shop windows, simply while walking in the street" said Marketing Manager Carmen Chilton. The top part of this interactive touch smart system enables real time live access to the company's website showcasing the largest se- lection of properties for sale and to let available 24/7, while using the latest third generation high bright systems. They are also compatible with a range of media, including videos. "Our company is not only the market leader where property is involved but is also first to oper- ate cutting-edge technology, which will further enhance the first class service we offer to our clients" add- ed Carmen Chilton. "We also wanted to involve our long standing clients and suppliers who have been loyal to us for many years by giving them the opportu- nity to promote their services 24/7" said Chilton, with reference to the screens also being used as an ad- vertising channel for various Frank Salt partners who were handpicked to promote their services on the screen. These high-tech systems are al- ready operational with over 70+ leading estate agencies around the world and will only be available in Malta exclusively with Frank Salt Real Estate. New fund to focus on improving safety in fireworks factories ARTS Council Malta, within the Ministry for Justice, Culture and Local Government has recently launched a new funding programme that will focus on improving safety and infrastructure in fireworks fac- tories, especially due to the promi- nent role this industry plays in Mal- tese culture and celebrations. This is helping to strengthen this sector as well as make it more popular among the public. This fund was announced just this week by the Minister for Jus- tice, Culture and Local Government Owen Bonnici who acclaimed this step, and also stressed on the impor- tance of safety during works done at fireworks factories. The spectacu- lar displays that light up our skies are renowned for their high level of artistry and creativity, however not everyone is aware of the hard work involved from behind the scenes to ensure a smooth outcome. "Our pyrotechnic industry is made of talented artists who through their work contribute to our local cultural product with fireworks displays which attract the interest of many locals and tourists. We believe that this sector should be supported to continue growing since it is an im- portant element of our local cultural traditions," said Bonnici. This fund is being launched be- fore the start of the festa season, to kickstart this increase in security. This sector is well-loved by Maltese and Gozitans alike, most of which eagerly await their festa each year – as well as those who also enjoy the result of this hard work, which has also proven popular overseas. The fund, which offers financial support to Maltese fireworks fac- tories working on a voluntary ba- sis, will allocate grants to fireworks factories in Malta to improve their infrastructure so that the volunteers can work in a safer environment. The aim is to improve safety both during the manufacturing process as well as during the letting off of the fireworks. The grant is also intended for volunteers to invest in resources to improve the safety of the Maltese pyrotechnic product A total of €170,000 is allocated for this fund for this year. Each fire- works factory can benefit from a €5,000 grant, all of which can be put to infrastructural use. If allocated to current expenses, these cannot exceed 40 per cent of the requested amount and must also be related to safety. During the launch of this fund, Al- bert Marshall, executive chair to the Malta Arts Council commented on the fact that the fireworks and the artistic skills that go into their man- ufacture are not only an integral part of our culture – often they lie at the very heart of the community. Community exchange is one of the five strategic focuses running through Arts Council Malta's Strat- egy 2020, the Council's five-year plan for the cultural and creative sectors. In order to qualify for this fund, the fireworks factories are required to come up with ideas and proposals on how they can achieve the upgrade of the factories themselves; on how they can invest in the infrastructure of the fireworks factories; in ma- chinery and tools which facilitate the manufacture of fireworks and make the process safer; in equip- ment which improves safety during the letting off of fireworks; in train- ing resources related to the safety of fireworks as well as on fostering bet- ter collaboration between Maltese fireworks factories. The fund is open to licensed fire- works factories registered as vol- untary organisations. In the case of fireworks factories forming part of band clubs, the band club needs to be registered as a voluntary organi- sation. All the eligible applications will be evaluated by a board of evaluators according to established and pub- lished guidelines. Bartender from Malta to compete in the Havana Club Cocktail Grand Prix in Cuba THE 2018 edition of the Havana Club Cocktail Grand Prix, one of the oldest and most prestigious international bartenders' compe- titions, has been launched. Under the theme "CUBA MOD- ERNA", this year's edition has en- couraged bartenders to take in- spiration from Cuban ingredients and culture to create a modern, forward-looking cocktail with Havana Club 7 which could one day take its place next to other Cuban classic cocktails. During the national heat, which was held on the 6 March at The Clubhouse/Gianpula Village, 13 professional bartenders took to the stage to showcase their talent and skills and impress judges and audience alike with their creativ- ity and exciting cocktails. "The standard of this competition was very high," commented one of the international judges on the panel, Dinos Constantinides, manag- ing partner of the Lost+Found Drinkery in Nicosia, listed in the World's 50 Best Bars 2017. "It was a pleasure for me to be in Malta on behalf of Havana Club to judge the great creations prepared for us this evening." After tense deliberation, the panel of judges named Artjoms Markovs as the winner of this year's competition. Artjoms, who works at The Thirsty Barber in St Julian's, convinced the jury with his innovative cocktail creation using Havana Club 7, lime juice, honey syrup, fresh ginger concen- trate and ginger-infused tobacco leaf. He will be representing Mal- ta during the international finals in Havana, Cuba in June. The event was organised by Far- sons Beverage Imports Company (FBIC) Limited, importers and distributors of Havana Club Rum in Malta, in collaboration with the Maltese Bartenders Guild. From left, Pierre Stafrace – General Manager FBIC Limited, winner Artjoms Marvoks, runner up Iliyan Iliev, and Matthew Mallia – President Malta Bartenders Guild