Malita Investments Plc

Interim / Quarterly Report • Jan 17, 2013

COMPANY ANNOUNCEMENT

The following is a company announcement issued by Malita Investments p.l.c. pursuant to the Listing Rules of the Malta Financial Services Authority.

17th January 2013

QUOTE

At a meeting held on the 4 December 2012, the Board of Directors of Malita Investments p.l.c. approved the attached Interim Financial Statements for the nine-month period ended 30 September 2012.

UNQUOTE

Dr Noel Buttigieg Scicluna Company Secretary

MALITA INVESTMENTS P.L.C.

Condensed Interim Financial Statements 30 September 2012

Company Registration Number: C 53047

	Pages
Directors' report	1 - 2
Report on review of interim financial information	3
Condensed statement of financial position	5
Condensed statement of comprehensive income	6
Condensed statement of changes in equity	7
Condensed statement of cash flows	8
Notes to the condensed interim financial statements	9 - 17

Interim directors' report

The directors present their report together with the condensed interim financial statements for the period ended 30 September 2012.

Incorporation

Malita Investments p.l.c. was incorporated on 3 June 2011 in terms of the Maltese Companies Act, 1995. These financial statements have been prepared for the period from 1 January to 30 September 2012.

The directors have elected for a review of the Interim Unaudited Financial Statements in accordance with International Standard on Review Engagements 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity."

Principal activities

The company's principal activities include the development and operation of immovable property, in particular, projects of national and/or strategic importance, and the investment in local and foreign stocks and shares.

Review of the business

In the period under review, the company finalised the transfer of properties from the Government of Malta to Malita. In fact, on the 14th June 2012, Malita and the Government of Malta entered into the two transfer contracts pursuant to which Malita acquired the title of directum dominium over the sites of Malta International Airport (MIA) and Valletta Cruise Port (VCP). This real right entitles Malita to receive all payments of ground rent due by MIA and VCP respectively in terms of the emphyteutical grants originally granted by the Government with effect from the 1st December 2011. In consideration of the said transfers, Malita issued 68,108,064 fully paid up Ordinary A Shares of a nominal value of €0.50 per share in favour of the Government of Malta. Revenue during the period under review amounted to €1,060,970, which was generated from the ground rents received from MIA and VCP.

On the 26 June 2012, Malita and the Government of Malta entered into a public deed leading to the acquisition of a 65 year utile dominium over the Parliament Building and the Open Air Theatre. The consideration payable by Malita for the acquisition of the temporary emphyteusis is an annual revisable ground rent of €100,000 and a premium of €82,000,000.

In order to fund its obligations in terms of the deed, on 23rd July 2012, Malita opened subscriptions for an initial public offering consisting 20,000,000 Ordinary B Shares at a nominal value of €0.50 per share with a further optional over allotment of 10,000,000 Ordinary B Shares. As the share issue was fully subscribed, 30 million Ordinary B shares were admitted to the Official List of the Malta Stock Exchange on the 7 August 2012.

Furthermore, Malita successfully negotiated with the European Investment Bank a €40 million Ioan facility for the purchase of the Parliament Building and the Open Air Theatre. This loan, which was fully drawn down on the 1st October 2012, consists of a 20 year facility for €25 million and a facility for €15 million for 25 years.

Results and dividends

The condensed statement of comprehensive income is set out on page 7. The directors do not recommend the payment of a dividend.

Directors

The directors of the company who currently hold office are: Kenneth Farrugia (Chairman) Vince Mifsud Frederick Mifsud Bonnici (appointed on 27 February 2012) Publio Danny Rosso (appointed on 7 March 2012) . able Barny Tabone (appointed on 1 January 2012 and resigned on 31 October 2012) Alfred Camilleri (resigned on 23 April 2012)

The company's Articles of Association require directors to retire after three years in office, but they are eligible for re-appointment.

Statement of directors' responsibilities for the financial statements

The directors are required by the Maltese Companies Act, 1995 to prepare financial statements which rive a true and fair view of the matters of the company as at the end of each reporting period and of the profit or loss for that period.

Directors' report - continued

Statement of directors' responsibilities for the financial statements - continued

In preparing the financial statements, the directors are responsible for:

• · ensuring that the financial statements have been drawn up in accordance with International Financial Reporting Standards as adopted by the EU;
• · selecting and applying appropriate accounting policies;
• · making accounting estimates that are reasonable in the circumstances;
• · ensuring that the financial statements are prepared on the going concern basis unless it is inappropriate to presume that the company will continue in business as a going concern.

The directors are also responsible for designing, implementing internal controls as the directors determine is necessary to enable the preparation of financial statements that are from material misstatement, whether due to fraud or error, and that comply with the Maltese Companies Act, 1995. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The financial statements of Malita Investments p.l.c. for the period ended 30 September 2012 are included in the Condensed Interim Financial Statements - 30 September 2012, which is published in Incrd-copy printed form and will be made available on the company's website. The directors are responsible for the maintenance and integrity of the Report on the website in view of their responsibility for the controls over, and the security of, the website. Access to information published on the company's website is available in other countries and jurisdictions, where legislation governing the preparation and dissemination of financial statements may differ from requirements or practice in Malta.

On behalf of the board

Kenneth Farrugia Chairman

Registered office Clock Tower Level 1 Tigne` Point Sliema Malta

28 December 2012

Frederick Mifsud Be Director

Report on Review of Interim Financial Information

To the Directors of Malita Investments p.l.c.

Introduction

We have reviewed the accompanying condensed statement of financial position of Malla linestments We have reviewed the accompany the related condensed statement of comprehensive income, statement of changes in equity and statement of cash flow for the nine-month period then ended, and Statement of Significant accounting policies and other explanatory notes. The Directors are responsible for the preparation of this interim financial information in accordance responsible for the proparation and for proposan Union as adopted by the European Union applicable to with thematonal reporting (IAS 34). Our responsibility is to express a conclusion on these interim financial statements based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of interim financial information performed by the independent auditor of the entity." A review of interior of internation consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is a imandar and acounting matters, and dit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

This report, including the conclusion, has been prepared for, and only for, the Company for the purpose of reporting on interim financial information and for no other purpose. We do not in producing purpose of reporting on intern responsibility for any other purpose or to any other person to whom this this report, accopy or abount it may come save where expressly agreed by our prior consent in writing.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the Bacompanying condensed interim financial information is not prepared, in all material respects, in accordance with International Accounting Standard 34 "Interim Financial Reporting".

PricewaterhouseCoopers

78, Mill Street, Qormi, QRM 3101 Malta

Simon Flynn

Partner

28 December 2012

Condensed statement of financial position

	As at 30 September 2012 €	As at 31 December 2011 €
		3,575
	116,708,363	3,575
		82,000,000
		127,655 15,036,144
	31,092,347	97,163,799
	147,800,710	97,167,374
5	73,296,270	15,000,000 84,907
		15,084,907
	446,200
	69,863,254	82,000,000
		42,207
	371,339	40,260
	73,216,311	82,082,467
	147,800,710	97,167,374
	Notes 4	2,881 116,705,482 1,015,934 30,076,413 841,929 74,138,199 2,981,718

The notes on pages 8 to 17 are an integral part of these condensed interim financial statements.

The condensed interim financial statements on pages 5 to 17 were authorised for issue by the board on 28 December 2012 and were signed on its behalf by:

gunga Kenneth Farrugia Chairman

Frederick Mifsud Bonnici Director

Condensed statement of comprehensive income

		Period from 1 January to	Period from 3 June to
		30 September	30 September
		2012	2011
	Notes	e	€
Revenue	6	1,060,970
Administrative expenses		(237,475)	(18,662)
Change in fair value of investment property		649,450
Operating profit/(loss)		1,472,945	(18,662)
Finance income		122,073	18,025
Finance costs		(2,146)
Profit/(loss) before tax		1,592,872	(637)
Tax expense	7	(835,850)	(2,703)
Profit/(loss)for the period - total comprehensive income		757,022	(3,340)
Earnings per share (cents)	9	1.05	(0.02)

The notes on pages 8 to 17 are an integral part of these condensed interim financial statements.

Condensed statement of changes in equity

		Share	Accumulated profits	Total
	Note	capital €	€	€
Balance at 3 June 2011
Comprehensive income Loss for the period			(3,340)	(3,340)
Transactions with owners Issue of share capital		15,000,000		15,000,000
Balance at 30 September 2011		15,000,000	(3,340)	14,996,660
Balance at 1 January 2012		15,000,000	84.907	15,084,907
Comprehensive income Profit for the period			757,022	757,022
Transactions with owners Issue of Ordinary A shares Issue of Ordinary B shares	5 5	44,054,032 14,242,238		44,054,032 14,242,238
Balance at 30 September 2012		73,296,270	841,929	74,138,199

The notes on pages 8 to 17 are an integral part of these condensed interim financial statements.

Condensed statement of cash flows

	Note	Period from 1 January to 30 September 2012 ਵ	Period from 3 June to 30 September 2011 €
Cash flows from operating activities Cash generated from/(used in) operations Interest received Interest paid Tax paid	10	759,223 95,409 (2,146) (58,571)	(4) 18,025 (2,703)
Net cash generated from operating activities		793,915	15,318
Cash flows from investing activities Payments to acquire investment property		(9,995,884)
Net cash used in investing activities		(9,995,884)
Cash flows from financing activities Issue of share capital Issue costs		25,000,000 (757,762)	15,000,000
Net cash generated from financing activities		24,242,238	15.000,000
Net movement in cash and cash equivalents		15,040,269	15,015,318
Cash and cash equivalents at beginning of period		15,036,144
Cash and cash equivalents at end of period		30,076,413	15,015,318

The notes on pages 9 to 17 are an integral part of these condensed interim financial statements.

Notes to the condensed interim financial statements

1. Summary of significant accounting policies

The principal accounting policies adopted in the preparation of these unaudited financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated

1.1 Basis of preparation

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU and the requirements of the Maltese Companies Act, 1995. They have been prepared under the historical cost convention as modified by the fair valuation of investment property.

The preparation of financial statements in conformity with IFRSs as adopted by the EU requires the ring proparater or mainten estimates. It also requires directors to exercise their judgement in the aso of contain associnany's accounting policies (see note 3 -- Critical accounting estimates and judgements).

The current liability position reflected in the condensed statement of financial position will be funded rrito dansk lability postion facility negotiated with the European Investment Bank with the drawn down on 1st October 2012, which will be applied to the payment of the capital creditor for acquisition of property, and other operating cash flows generated by the Company

Standards, interpretations and amendments to published standards that are not yet effective

Certain new standards, amendments and interpretations to existing standards have been published Ochain new otandards, and hels sue of these financial statements but are mandatory for the by the accounting periods beginning after 1 January 2012. The company has not early oompany of accounting prothe requirements of IFRSs as adopted by the EU and the company's directors are of the opinion that there are no requirements that will have a possible significant impact on the company's financial statements in the period of initial application.

1.2 Investment property

Investment property is held for long-term rental yields or for capital appreciation or both, and is not occupied by the company. Investment property also includes property that is being constructed or developed for future use as investment property, when such identification is made.

Investment property is measured initially at its historical cost, including related transaction costs and borrowing costs. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Borrowing costs which are incurred for the purpose of acquiring or constructing a qualifying investment property are capitalised as part of its cost. Borrowing costs are capitalised while acquisition or construction is actively underway. Capitalisation of borrowing costs is ceased once the asset is substantially complete and is suspended if the development of the asset is suspended. After initial recognition, investment property is carried at fair value. Fair value is based on active market prices. Given that there is no active market for the investment property held by the company, the company establishes fair value by using valuation techniques, including the use of discounted cash flow analyses.

1.

1.2 Investment property - continued

Investment property that is being redeveloped for continuing use as investment property continues Investment proporty that to ue. Fair value measurement on property under construction is only applied if the fair value is considered to be reliably measurable. The fair value of investment applications, among other things, rental income from current leases and assumptions about rental income from future leases in the light of current market conditions. The fair value also reflects, on a similar basis, any cash outflows that could be expected in respect of the property.

Subsequent expenditure is capitalised to the asset's carrying amount only when it is probable that Cubooquon. Skyonanare to sociated with the expenditure will flow to the company and the cost of rature boonomic befreine working and maintenance costs are charged to profit or the liem be financial period in which they are incurred. When part of an investment property is replaced, the carrying amount of the replaced part is derecognised.

The fair value of investment property does not reflect future capital expenditure that will improve or rits fair value of in recement reflect the related future benefits from this future expenditure ennance the property and a a market participant would take into account when determining the value of the property.

Changes in fair values are recognised in profit or loss. Investment properties are derecognised offanges in fall values are research of or when the investment property is permanently withdrawn from use and no future economic benefit is expected from its disposal.

1.3 Impairment

The company assesses at the end of each reporting period whether there is objective evidence that r financial asset or a group of financial assets is impaired. A financial asset or a group of financial a lindinolar a group pairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset impairment ao a rooult of event (or events) has an impact on the estimated future cash flows of (a 1000 event) and that roo of financial assets that can be reliably estimated. The company first the financial about of group of impairment exists. The criteria that the company uses to determine that there is objective evidence of an impairment loss include:

• · significant financial difficulty of the issuer or obligor;
• · a breach of contract, such as a default or delinquency in interest or principal payments;
• · it becomes probable that the borrower will enter bankruptcy or other financial reorganisation.

For financial assets carried at amortised cost, the amount of the loss is measured as the difference between the asset's carrying amount at the beginning of the financial period and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset's original effective interest rate. The asset's carrying amount is accordingly reduced and the amount of the loss is recognised in profit or loss. If, in a subsequent aooonaingly roadood this impairment loss decreases and the decrease can be related objectively to portion, the amount of the impairment was recognised (such as an improvement in the debtor's credit rating), the reversal of the previously recognised impairment loss is recognised in profit or loss.

1.

1.4 Trade and other receivables

Trade receivables comprise amounts due from the emphyteuta of the properties, in the ordinary Trade Technables Somphoo ameants as expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as noncurrent assets.

Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment (note 1.4). The annonisou oost and one the enesting the use of an allowance account, and the amount can ying amount of the door of the acceivable is uncollectible, it is written off against of the loss lo roosgined in promo and other receivables. Subsequent recoveries of amounts previously written off are credited against profit or loss.

1.5 Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares are shown in equity as a deduction, net of tax, from the proceeds.

1.6 Trade and other payables

Trade payables comprise obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.

Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

1.7 Current and deferred tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or Hoss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.

Deferred tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However, tax bases of dooke and habitities are not recognised if they arise from the initial recognition of goodwill, deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither transaction on taxable profit or loss. Deferred tax is determined using tax rates (and laws) that accounting for taxable promotive in the end of the reporting period and are expected to nave boom onated deferred tax asset is realised or the deferred tax liability is settled.

Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to tillities current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.

1. Summary of significant accounting policies - continued

1.8 Revenue recognition

Revenue comprises the fair value of the consideration receivable for ground rents in the revenue oomphood the fair and and sales are recognised net of sales tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the company's activities as described below.

(a) Interest income

Interest income is recognised for all interest-bearing instruments using the effective interest method.

(b) Dividend income

Dividend income is recognised when the right to receive payment is established.

(c) Rental income from investment property

Rental income from investment property is recognised in profit or loss on a straight-line basis over the term of the lease.

1.9 Borrowing costs

Borrowing costs which are incurred for the purpose of acquiring or constructing qualifying property, Don't and equipment, investment property or property held for development and resale are plant and 'oquipment, 'its cost. Borrowing costs are capitalised while acquisition or construction is ouplialisou do part of ho over of time that is required to complete and prepare the asset for its internal use. Capitalisation of borrowing costs is ceased once the asset is substantially complete and is suspended if the development of the asset is suspended. All other borrowing costs are expensed. Borrowing costs are recognised for all interest-bearing instruments on an accrual basis using the effective interest method. Interest costs include the effect of amortising any difference between initial net proceeds and redemption value in respect of interest-bearing borrowings.

1.10 Dividend distributions

Dividend distributions to the company's shareholders are recognised as a liability in the company's financial statements in the period in which the dividends are approved by the company's directors in linanola of any interim dividends whilst final dividends that may be proposed by the board will be recognised as a liability once they are approved by the shareholders of the Company.

2.

Estimates and judgements are continually evaluated and based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances.

In the opinion of the directors, the accounting estimates and judgements made in the course of in the opinion of the difficult, subjective or complex to a degree which would warrant their description as critical in terms of the requirements of IAS 1 (revised).

Segment reporting 3.

The directors have reviewed the disclosure requirements of IFRS 8, 'Operating Segments' and determined that the company effectively has one operating segment, which is the development, uccommod that the company immovable property, taking cognisance of the information utilised within the company for the purpose of assessing performance.

4. Investment property

On 14 June 2012, the company and the Government entered into the Transfer Contracts pursuant to which it acquired from the Government of Malta the title of dominium directum over the MA and to which real right entitles the company to receive, with effect from 1 December 2011, all von sites, which right entile and of VCP and MIA in terms of the temporary emphyteutical payments or ground fort ado by casinesent. In consideration of the said transfers, the company issued in favour of the Government an aggregate amount of 68,108,064 fully paid up Ordinary A Shares of a nominal value of €0.50 per share. The company is also vested with the privileges and hypothecs originally reserved by or granted to the Government on the said original emphyteutical deeds.

On 26 June 2012, the company and the Government of Malta entered into a public deed pursuant to which the Issuer acquired the 65-year utile dominium over the Parliament Building and Open-Air to which the consideration payable by the company for the acquisition of the temporary emphyteusis is an annual revisable ground rent of €100,000 and a premium of €82,000,000. On 28 December 2011, the company and the Government entered into a Novation Agreement pursuant to which, subject to a number of conditions, the company assumed the Government's obligation to whiler, Subjoct to a hamber of the Contracting Agreement (that is, in connection with the construction and development of City Gate area), subject to the maximum amount of with the ocencraction was done by way of prepayment of the premium that would have become due on the publication of the Emphyteutical Grants.

The movement in the fair value of investment property comprises the movement in the fair value of the directum dominium of the MIA and VCP properties. The fair value of investment property is the directure dominant of the cash flows receivable by the company in terms of its confractual calculated with rolerent value as at 30 September 2012. Accordingly, the fair value of agreements, aloosanted to phection owing to, amongst other things, movements in market the invocther. proporty in the contractual cash flows owing to the passage of time.

The discount rate, used to discount the cash flows, is based on the yield to maturity on the longest term MGS in issue at the time when the prospectus was published plus a premium reflecting the risk inherent in the underlying cash flows. The directors believe that there have been no substantive changes in the domestic macro-economic indicators to suggest that the discount rate applied on 2 changes in the date of the prospectus) is no longer applicable at the date of these financial statements.

5. Share capital

	30 September 2012 €	31 December 2011 €
Authorised 113,000,000 Ordinary A shares of €1 each 37,000,000 Ordinary B shares of €1 each	-	113,000,000 37,000,000
150,000,000 Ordinary A shares of €0.50 each 50,000,000 Ordinary B shares of €0.50 each	75,000,000 25,000,000
	100,000,000	150,000,000
Issued and fully paid 15,000,000 Ordinary A shares of €1 each 118,108,064 Ordinary A shares of €0.50 each 30,000,000 Ordinary B shares of €0.50 each	59,054,032 15,000,000 74,054,032	15,000,000 15.000,000
	30 September 2012 €	31 December 2011 €
Issued share capital including issue costs 15,000,000 Ordinary A shares of €1 each 118,108,064 Ordinary A shares of €0.50 each 30,000,000 Ordinary B shares of €0.50 each Issue Costs	59,054,032 15,000,000 (757,762)	15,000,000
	73,296,270	150,000,000

The company was incorporated on 3 June 2011 under the terms of the Maltese Companies Act, 1995 with an issued share capital of 15,000,000 shares of €1 each fully paid.

Ordinary A and Ordinary B shares rank pari passu for all intents and purposes of the law, except Oramary / Chares shall not be entitled to receive a dividend or other distribution in that nolders of Chainary Frontal between the period between the date of incorporation and 31 December 2014.

In terms of an extraordinary resolution dated 29 May 2012, the shareholders, pursuant to the Article in terms of an extractury rooolation actor 20 may be that the nominal value of the Ordinary A of Association of the Oompany, ananimously roomerted from €1.00 to €0.50 per share, and Shares and Ordinary Denare capital and the issued share capital of the Company be rethat both the authorised only of eno ouplar and the shareholders turther resolved to decrease the authorised share capital of the Company from €150,000,000 divided into 226,000,000 decrease the admonou onare capital €100,000,000 dividend into 150,000 Ordinary A shares and 50,000,000 Ordinary B shares, each having a nominal value of €0.50 per share.

Share capital - continued 5.

On the 23 July 2012, the company opened subscriptions for an initial public offering. The company On the 20 our 2012, the ochpany B shares at a nominal value of €0.50 each with a further over allotment of 10,000,000 ordinary B shares were offered at an issue price of further over anothern of 10,000 erailized and were admitted to listing on the Official List of the Malta Stock Exchange on 7 August 2012.

The company has incurred €757,762 in issue costs which include selling commissions and professional, publicity, printing, listing, registration, sponsorship, management and other expenses. processional; publiory; pinning, licing; regist had been announced in the prospectus of the initial The total of these oosts is in the company's accounting policy. These costs are shown in equity as a deduction, net of tax, from the proceeds.

Revenue 6.

In terms of the agreement for the acquisition of the temporary directum dominium over the MIA and In cities (described in note 4), the company became eligible to receive ground rents from this investment property as from 1 December 2011.

Tax expense 7.

The tax charge for the year is made up as follows:

	Period from	Period from
	1 January to	1 January to
	30 September 30 September
	2012	2011
	ਵ	ਵ
Current tax expense	(389,650)	(2,703)
Deferred tax expense	(446,200)
Tax expense	(835,850)	(2,703)

7. Tax expense - continued

The tax on the company's profit before tax differs from the theoretical amount that would arise using the basic tax rate as follows:

	Period from 1 January to 30 September 30 September 2012 ਵ	Period from 1 January to 2011 €
Profit before tax	1,592,872	(637)
Tax on profit at 35%	557,505	(223)
Tax effect of: Income subject to 15% final withholding tax Expenses not deductible for tax purposes Movement in fair value of investment property	(24.415) 83,868 (227,308)	(3,606) 6.532
Tax charge in the accounts	389,650	2,703

Deferred tax 8.

Deferred tax is provided for using the liability method for temporary differences arising on Delened "to" provided" for "administration" in estment property. The calculation of the deferred tax movements in the fair valle of immorable the Company will retain the immovable investment provision is based on the adountining that from acquisition in which the Company has the option property beyond the intill of on your pain would be brought to tax. Accordingly, the to seect the tax regime and the tax so as to accumulate a provision equivalent to the Oumpany provideo annually 16 "derestment property by the end of the expiry of the initial seven year period from acquisition.

The deferred tax balance as at 30 September 2012 represents:

	Period from	Period from
	1 January to	1 January to
	30 September 30 September
	2012	2011
	ਵ	€
Temporary differences on:
Fair value gains	(446,200)

Earnings per share ഗ്

Earnings per share is calculated by dividing the profit((loss) attributable to owners of the company by the total number of ordinary shares in issue during the period.

	Period from 1 January to 30 September 2012	Period from 3 June to 30 September 2011
Profit/(loss) for the period (€) Total number of ordinary shares in issue	757.022 72,240,069	(3,340) 15.000.000
Earnings per share (cents)	1.05	(0.02)

10. Cash generated from operations

Reconciliation of operating profit to cash generated from/(used in) operations:

	Period from 1 January to 30 September 2012 ਵ	Period from 3 June to 30 September 2011 ਵ
Operating profit/(loss)	1.472,945	(18,662)
Adjustments for: Depreciation of property, plant and equipment Change in fair value of investment property	694 (649,450)
Changes in working capital: Trade and other receivables Trade and other payables	(861,615) 796.649	18,658
Cash generated from/(used in) operations	759,223	(4)

The following non-cash transactions were carried out during the period:

	Period from 1 January to 30 September
	2012 €
Acquisition of investment property dominium directum in exchange for share capital	34,054,032

Statutory information 11.

Malita Investments p.l.c. is a public limited liability company and is incorporated in Malta.