Malta International Airport Plc

Earnings Release • Mar 5, 2014

COMPANY ANNOUNCEMENT

Malta International Airport plc (the "Company")

Announces approval of Financial Statements, Dividend Proposal and new appointment in Senior Management

Date of Announcement:	05th March 2014
Reference:	171/2014
In terms of Chapter 5 of the Listing Rules	LR 5.16.4/LR 5.16.5/LR 5.21

QUOTE

Approval of Annual Financial Statements

At a meeting of the Board of Directors of the Company held on 04th March 2014, the Board of Directors approved the financial statements of the Company for the financial year ended 31st December 2013. A preliminary statement of annual results is being attached herewith in terms of the Listing Rules. The financial statements are available for viewing on the Company's website (www.maltairport.com).

Dividend

At the same meeting the Board of Directors approved a further gross dividend of €0.06923 (net €0.045 ) per share be paid to all shareholders on the register of members after settlement as at close of business on Tuesday 22nd April 2014 and payable by not later than Monday 9th June 2014. This, together with the interim dividend already paid of a gross dividend of €0.046154 (net €0.030) per share affected on the 23rd of September 2013 shall be proposed to the shareholders as a final dividend for the financial year ended 31st December 2013. Based on the current 135,300,000 shares of the company, this is equivalent to a gross final dividend of €0.11538 (net €0.075).

Annual General Meeting

The Directors have also scheduled the Annual General Meeting of the Company for Thursday 22nd May 2014. Shareholders on the registry of members at the Central Securities Depository as at close of business on Tuesday 22nd April 2014 shall be eligible to receive notice, attend and vote at the Annual General Meeting and to receive a copy of the Business Report with the notice.

New Appointment in Senior Management

With effect from 3 March 2014, Ms Christine Camilleri joined the company as Head of Human Resources. There are no disclosures to be made in terms of listing rules 5.20.5 to 5.20.9.

UNQUOTE

Signed:

Louis de Gabriele Company Secretary

Directors' report

Year ended 31 December 2013

The directors present their report together with the audited financial statements for the year ended 31 December 2013.

Principal activities

The Company's principal activities are the development, operation and management of Malta International Airport. Malta International Airport plc has a 65 year concession to operate Malta's airport, a concession which commenced in July 2002. On 11 February 2008, Malta International Airport plc set up a 100% subsidiary, Sky Parks Limited to take over and operate the car parks at the airport. This later changed its name to Airport Parking Limited.

Another subsidiary, Sky Parks Development Limited was set up on 29 October 2009 to build the new Business Centre near the Air Terminal and a separate subsidiary Sky Parks Business Centre Limited was set up to run the facility. In June 2013, three other subsidiaries were set up, Kirkop PV Farm Limited, Luqa PV Farm Limited and Gudja PV Farm Limited followed in September 2013 by another two, Gudja Two PV Farm Limited and Gudja Three PV Farm Limited. The intention of the Company is to explore opportunities in the generation of electricity using photovoltaic technologies. None of the five subsidiaries set up for this purpose traded in 2013.

Malta International Airport plc also has a 10% shareholding interest in Valletta Cruise Port plc (formerly VISET Malta plc), a company set up to develop the Valletta Waterfront and operate a cruise liner terminal at the Grand Harbour.

Performance review

Traffic

Passenger traffic at Malta International Airport reached a new milestone in 2013. For the first time traffic exceeded four million annual movements, with growth reaching 10.5%. This performance was a direct result of a 10.2% increase in seat capacity over the previous year. Seat load factor registered a marginal growth of 0.3% resulting in an average load factor of 78.5% for the year. Whilst all months achieved record numbers in terms of passenger movements, October and November both achieved the largest increase in percentage terms registering an 18% increase over the same months in 2012. Overall, aircraft movements reached 30,759 or 9.1% more than last year whilst cargo and mail handled throughout the year reached 16,038 tonnes or 2.7% less.

The home carrier, Air Malta registered a 6% growth in passenger movements mainly as a result of a significant increase in seat capacity, particularly to Libya and Russia. The second largest carrier, Ryanair continued to increase its presence in 2013 in Malta with the launch of Bergamo as from summer. A significant increase was achieved in the Italian market as passenger movements were up by 8.2%.

Financial results

The revenue of the Group increased by €6 million to €58.8 million to €58.8 million. The Airport Segment increased by €3 million to €38.3 million to €41.3 million. This was largely driven by the 10.5% increase in passenger traffic. The Retail and Property Segment also increased by another €3 million from €14.1 million to €17.1 million.

Directors' report (continued)

Year ended 31 December 2013

Financial results (continued)

This was the result of both the increase in retail and food and beverage sales to a larger number of passengers from the previous year as well as the introduction of new rental income from SkyParks Business Centre.

The Earnings before Interest, Taxation Depreciation and Amortization (EBITDA) of the Group increased by 15.8%; from €25.80 million to €29.89 million and the EBITDA margin increased from 48.84% to 50.8%. There was also an increase in profit before tax. Profit increased from €19.46 million to €22.67 million, an increase of 16.5%. The total comprehensive income for the year attributable to shareholders net of tax for the Group also increased from €12.46 to €14.47 million, an increase of 16% over the previous year.

The exceptionally good results of the Group were driven by and large by the unexpected large increase in volume of traffic during 2013. The financial results of the Group were higher still by adhering to strict cost control throughout the year for the whole Group, with special emphasis on the operating costs.

Revenues

Revenues from the airport segment constitute 70.2% of the total revenues of the Group (2012 -72.5%). Aviation-related revenues remain the most important income stream of the Group notwithstanding the fact that the aviation charges to carriers have not changed since 2006.

The revenues from the Retail and Property Segment increased by 21%. As mentioned earlier, this significant increase in revenue is mainly due to the rental income from SkyParks Business Centre. However, the additional passenger traffic over the previous year had also an impact on this segment with additional revenues from all retail and food and beverage outlets at the airport. The revenues from Retail and Property Segment constitute 29.1% (2012 -26.7%) of the total revenue of the Group.

Operating and other costs

The other operating costs of the Group were higher than those of 2012 by 7.9%, from €18.9 million to €20.4 million. The increase is a result of an increase in marketing costs, which increased from €2.8 million to €3.3 million, an increase of €0.5 million, and an increase in the ground rent lease charge recognised of €0.7 million. There were also marginal increases in other operational costs such as staff costs, utility costs and PRM charges.

As regards non-operating costs and revenues, there was a 9.8% increase in the depreciation charge for the year, from €5.08 million to €5.58 million and in finance costs, from €2.15 million. Both increases are mostly due to SkyParks Business Centre which became fully operational in 2013, increasing both the depreciation charge of the Group as well as the cost of financing of this project. It was also necessary to adjust the ex-Government Employees Pension fund due to a change in accounting requirements which gave rise to a decrease in operating costs of €0.2 million (recognised instead in other comprehensive income). Furthermore, the financial income increased from €0.61 million to €0.69 million.

SkyParks Business Centre

The SkyParks Business Centre building was completed during 2012 and was inaugurated on the 27 September 2012. Tenants started moving into the building from November 2012. By the end of 2013 almost all floor space was contracted out and the rental income for 2013 reached €1.3 million. It is expected that the contractual rental income for 2014 will reach just over €2 million.

Directors' report (continued)

Year ended 31 December 2013

Outlook

The top three carriers Air Malta, Ryanair and Easyet are expected to operate with approximately the same seat capacity to the levels deployed in 2013. Malta International Airport is also expected to welcome new operators in 2014 such as British Airways and the Austrian airline Niki. British Airways will be one of the main highlights of the year, operating daily from London Gatwick as from March. Niki will also be adding Malta to its summer schedule flying from Vienna three times a week. Our penetration in France remains one of our strongest markets as Transavia will introduce a weekly flight from Nantes following their successful launch from Paris Orly in 2013. Turkish Airlines will be adding two additional frequencies from Istanbul as from March to operate five flights a week, whilst Lufthansa will be operating additional frequencies to have a double daily flight from Frankfurt throughout the summer season. Overall, we also estimate that the new destinations of 2013 will become stronger in 2014 and operate with an improved seat load factor.

The Cruise & Fly programme during 2014 will be starting later due to the arrival of a new larger vessel. Compared to the 24 weeks of operation during 2013, the new schedule will only cover 18 weeks during 2014 with the larger vessel expected to partly recover passenger movements to achieve same levels of 2013.

On the global scene, the forecast of growth for advanced economies for 2014 is 2.2%, according to the International Monetary Fund. The same sources anticipate a move away from recession towards recovery for the Euro area. Also reviewing the outlook for 2014, the airport association ACI has pointed out that there are enough hopeful signs that Europe can sustain its nascent economic recovery, indicating a positive picture for air traffic in the months ahead. ACI forecast a growth in passenger traffic for Europe of 2.4% in 2014. The International Air Transport Association (IATA) is also upbeat about its forecast for 2014 stating that whilst European airlines are still suffering from the weak European economy, European airlines will see profitability improve in 2014 over 2013.

Therefore, our view of the situation is cautiously optimistic. We are forecasting a 2.0% increase in passenger traffic for 2014. This we hope to achieve with an increase in seat capacity but at the same time maintaining the same levels of seat load factor as in previous year.

Share capital

The share capital of the Company is €33,825,000 divided into three classes of shares as follows:

• 81,179,990 Ordinary 'A' Shares representing approximately 60% of the total issued share . capital;
• 54,120,000 Ordinary 'B' Shares representing 40% of the total issued share capital; and
• 10 Ordinary 'C' Shares.

All shares issued have a nominal value of €0.25, are fully paid up and allotted.

The ordinary "A" Shares are admitted to the official list of the Malta Stock Exchange, whilst the ordinary "B" and ordinary "C" Shares are not admitted or traded on an exchange.

The Ordinary 'A' Shares and Ordinary 'B' Shares shall entitle their holders to the same rights, benefits and powers in the Company save for the transferability thereof. The Ordinary 'A' Shares shall be freely transferable whilst the Ordinary 'B' Shares are non-transferable for a period of fifteen (15) years from the 26 July, 2002, upon which date they shall automatically become fully and freely transferable without the need of any formality.

Directors' report (continued)

Year ended 31 December 2013

Share capital (continued)

The Class 'C' Share is held by and in terms of the memorandum of Association may only be held by the Government of Malta. It does not carry any right to receive dividends or assets on a winding up or other return of capital, but entitles the Government of Malta to appoint members on the National Interest Matters Committee pursuant to article 58.10 of the Articles of Association of the Company.

Save for the above there are no other restrictions attaching to the shares of the Company.

No changes in the share capital of the Company were made nor did the Company acquire ownership of, or any rights over, any portion of its own share capital.

The following shareholders have an interest in more than 5% of the issued share capital of the Company:

Malta Mediterranean Link Consortium Ltd Government of Malta - Consolidated Fund VIE (Malta) Ltd

Appointment and replacement of directors

The Board of Directors of the Company is made up of a maximum of eight (8) directors. Five (5) directors are Non-Executive Directors and a maximum of three (3) directors, amongst whom the CEO, are Executive Directors.

Any shareholder holding not less than 20% of the issued share capital of the Company having voting rights is entitled to appoint one director for each 20% shareholding by a letter addressed to the Company. In this respect Malta Mediterranean Link Consortium Limited is entitled to appoint two (2) Non-Executive Directors and the Government of Malta is entitled to appoint one (1) Non-Executive Director. The remaining Non-Executive Directors are appointed by the shareholders in general meeting pursuant to the Articles of Association.

Unless appointed for a longer term, a director holds office from one Annual General Meeting to the next and is eligible for re-appointment. The maximum period for which a director may be appointed is a term of three (3) years, following the lapse of which such director shall be eligible for reappointment.

In terms of the Articles of Association, the CEO of the Company shall occupy one of the Executive Director positions. The other Executive Directors to be co-opted to the Board are the Chief Finance Officer and the Chief Commercial Officer.

Powers of directors

The directors of the Company have all the powers necessary to manage and direct the Company.

The Company is empowered to buy-back any of its shares, subject to the limitations and restrictions at law and the listing rules.

Subject to the authority of shareholders, to be given at five (5) year intervals, the directors are also empowered to issue further shares in the Company.

Directors' report (continued)

Year ended 31 December 2013

Financial result and dividends

The financial result of the Group and the Company for year ended 31 December 2013 are shown in the Statement of Comprehensive Income on page twenty. The total comprehensive income of the Group for the year after taxation amounted to €14,466,283 (2012: €12,464,874).

The largest single customer of the Group, Airmalta plc, which is currently going through a restructuring process, accounts for €1.0 million (2012 - €3.6 million) of the Group's trade and other receivables and 34.5% (2012 - 36.2%) of the Group's revenue.

The maximum exposure to this customer during a period of increased trading, in particular in the summer months at normal credit terms, is expected to be in the region of €4.4 million (2012 - €4.4 million). The Board feels confident that the Group's and the Company's exposure to Airmalta plc will not jeopardize in any way the Group's ability to continue operations for the foreseeable future and that Airmalta plc will meet its obligations.

Further to the net interim dividends paid of €4,059,000 (gross €6,244,615), the Board of Directors is recommending the payment of a final net dividend of €0.045 per share (gross €9,366,923) on all shares settled as at close of business on 22 April 2014 which dividend shall be paid not later than the 9 June 2014.

Directors

The directors who served during the year were:

Mr Nikolaus Gretzmacher (Chairman); (appointed on 28 November 2013)

Mr Michael Hoeferer (Non-Executive Director) (ceased to be the Chairman of the Company on 28 November 2013)

Ms Jackie Camilleri (Non-Executive Director); (ceased to be a Non-Executive Director on 22 May 2013)

Mr Youssef Sabeh (Non-Executive Director);

Mr Michael Bianchi (Non-Executive Director);

Mr Alfred Quintano (Non-Executive Director) (appointed on 22 May 2013)

Mr Markus Klaushofer (CEO and Executive Director);

Mr Austin Calleja (CFO and Executive Director);

Mr Alan Borg (CCO and Executive Director)

Mr Michael Hoeferer resigned from his position as Chairman with effect from 28 November 2013. Mr Nikolaus Gretzmacher was appointed Chairman of the Board with effect from the same date. Mr Alfred Quintano was also appointed Non-Executive Director with effect from 22 May 2013. Ms Jackie Camilleri ceased to be a director of the Company also with effect from the 22 May 2013.

In accordance with paragraph 56.1 of the Company's Articles of Association all the present directors are to retire at the forthcoming Annual General Meeting. The appointment of the new directors will take place in accordance with paragraphs 55 and 56 of the same Articles of Association at the Annual General Meeting.

Directors' interests in material contracts

None of the current directors had a direct or indirect interest in any material contract to which the Company or the Group was a party during the financial year.

Directors' report (continued)

Year ended 31 December 2013

Auditor

A resolution to reappoint Deloitte Audit Limited as auditor of the Company will be proposed at the forthcoming Annual General Meeting.

Going concern

After reviewing the Company's budget for the next financial year, and other longer term plans, the directors are satisfied that, at the of approving the financial statements, it is appropriate to adopt the going concern basis in preparing the financial statements.

Approved by the Board of Directors on 4 March 2014 and signed on its behalf by:

Nikolaus Gretzmacher Chairman

Markus Klaushofer Chief Executive Officer

Austin Calleja Chief Financial Officer

Statements of Comprehensive Income

	Notes		The Group	The Company
		2013 BUIR	2012 EUR	2013 E OTR	2012 EUR
Revenue Staff costs Depreciation Other operating expenses	5 11 14,15 9	58,788,522 (8,463,322) (5,582,322) (20,434,141)	52,811,968 (8,084,813) (5,082,589) (18,931,029)	56,589,413 (8,211,281) (4,811,317) (19,628,319)	52,080,158 (7,890,229) (4,691,508) (18,599,936)
Release of deferred income arising on the sale of terminal buildings and fixtures Finance income Finance costs	23 7 8	208,765 693,811 (2,538,444)	288,190 612,624 (2,151,301)	208,765 693,811 (1,547,486)	288,190 612,624 (1,622,610)
Profit before tax Income tax expense	12	22,672,869 (8,085,144)	19,463,050 (7,003,196)	23,293,586 (8,279,687)	20,176,689 (7,245,272)
Profit for the year attributable to the ordinary equity holders of the Company		14,587,725	12,459,854	15,013,899	12,931,417
Other comprehensive income / (expense)
Items that may be reclassified subsequently to profit or loss: Net gain on available-for-sale financial assets	17	1,766	5,020	1,766	5,020
Items that will not be reclassified subsequently to profit or loss: Actuarial losses on defined benefit
pension plans Deferred tax credit	24 12	(189,550) 66,342		(189,550) 66,342
		(123,208)		(123,208)
Other comprehensive (expense) / income for the year attributable to the ordinary equity holders of the Company, net of tax		(121,442)	5,020	(121,442)	5,020
Total comprehensive income for the year attributable to the ordinary equity holders of the Company, net of tax		14,466,283	12,464,874	14,892,457	12,936,437
Earnings per share attributable to the ordinary equity holders of the Company	29	10.78cents	9.21 cents	11.10cents	9.56cents

Statements of Financial Position

31 December 2013

			The Group		The Company
		2013	2012	2013	2012
	Notes	FUTR	EUR	13 OR	EUR
ASSETS
Non-current assets
Property, plant and equipment	14	97,400,230	98,108,470	96,851,513	97,514,261
Investment property	ાર	18,203,441	16,901,518
Investment in subsidiaries	16			9,600	3,600
Available-for-sale financial assets	17	1,069,546	967,780	1,069,546	967,780
Deferred tax assets	18	3,473,806	3,151,289	3,430,626	3,143,421
		120,147,023	119,129,057	101,361,285	101,629,062
Current assets
Inventories	19	861,473	866,765	861,473	866,765
Trade and other receivables	20	11,920,130	16,781,579	14,839,010	16,333,317
Cash and short term deposits	28	29,178,589	17,466,190	27,975,424	16,697,730
		41,960,192	35,114,534	43,675,907	33,897,812
TOTAL ASSETS		162,107,215	154,243,591	145,037,192	135,526,874
EQUITY AND LIABILITIES Equity attributable to ordinary shareholders of the Company
Share capital	26	33,825,000	33,825,000	33,825,000	33,825,000
Other reserve	27	1,374,042	1,422,687	1,374,042	1,422,687
Fair value reserve	27	8,245	6,479	8,245	6,419
Retained earnings		31,776,471	27,091,067	32,862,666	27,751,088
Total equity		66,983,758	62,345,233	68,069,953	63,005,254
Non-current liabilities
Bank loans	22	59,554,563	61,900,986	44,929,527	46,775,950
Deferred income	23	6,520,638	6,751,988	6,515,638	6,746,988
Provision for retirement benefit plan	24	4,070,876	3,243,473	4,070,876	3,243,473
Provision for MIA benefit plan	25	115,930	102,573	115,930	102,573
		70,262,007	71,999,020	55,631,971	56,868,984
Current liabilities
Trade and other payables	21	20,900,920	17,000,505	17,902,063	13,200,174
Bank loan	22	2,346,423	2,283,923	1,846,423	1,846,423
Current tax liabilities		1,614,107	614,910	1,586,782	606,039
		24,861,450	19,899,338	21,335,268	15,652,636
Total liabilities		95,123,457	91,898,358	76,967,239	72,521,620
TOTAL EQUITY AND LIABILITIES		162,107,215	154,243,591	145,037,192	135,526,874

These financial statements were approved and authorised for issue by the Board of Directors on 4 March 2014 and signed on its behalf by:

Nikolaus Gretzmacher

Chairman

Markus Klayshofer Chef Executive Officer

Austin Calleja

Chief Financial Officer

Statements of Changes in Equity

The Group		Equity attributable to ordinary shareholders of the company
	Share capital EUR	Other reserve EUR	Fair value reserve BUR	Retained earnings BUR	Total EUR
Balance at 1 January 2012	33,825,000	1,471,327	1,459	24,027,375	59,325,161
Profit for the year Other comprehensive income			5,020	12,459,854	12,459,854 5,020
Total comprehensive income for the year Difference between historical cost depreciation charge and actual			5,020	12,459,854	12,464,874
depreciation for the year calculated on the revalued amount Deferred tax (note 18) Dividends (note 13)		(14,838) 26,188		74,838 (9,471,000)	26,188 (9,471,000)
Balance at 31 December 2012	33,825,000	1,422,687	6,479	27,091,067	62,345,233
	Share capital EUR	Other reserve BUIR	Fair value reserve EUR	Retained earnings EUR	Total EUR
Balance at 1 January 2013	33,825,000	1,422,687	6,479	27,091,067	62,345,233
Adjustment to retained earnings arising from changes in actuarial assumptions on defined benefit pension plans (note 2.2)				(382,951)	(382,951)
Profit for the year				14,587,725	14,587,725
Other comprehensive income/ (expense)			1,766	(123,208)	(121,442)
Total comprehensive income for the year Difference between historical cost depreciation charge and actual			1,766	14,464,517	14,466,283
depreciation for the year calculated on the revalued amount Deferred tax (note 18) Dividends (note 13)		(74,838) 26,193		74.838 (9,471,000)	26,193 (9,471,000)
Balance at 31 December 2013	33,825,000	1,374,042	8,245	31,776,471	66,983,758

Statements of Changes in Equity

The Company
	Share capital EUR	Other reserve BUR	Fair value reserve EUR	Retained earnings EUR	Total EUR
Balance at 1 January 2012	33,825,000	1,471,327	1,459	24,215,833	59,513,619
Profit for the year Other comprehensive income			5,020	12,931,417	12,931,417 5,020
Total comprehensive income for the year Difference between historical cost depreciation charge and actual			5,020	12,931,417	12,936,437
depreciation for the year calculated on the revalued amount Deferred tax (note 18) Dividends (note 13)		(74,838) 26,188		74,838 (9,471,000)	26,188 (9,471,000)
Balance at 31 December 2012	33,825,000	1,422,687	6,479	27,751,088	63,005,254
	Share capital EOR	Other reserve EUR	Fair value reserve EUR	Retained earnings E OIR	Total PUR
Balance at 1 January 2013	33,825,000	1,422,687	6,479	27,751,088	63,005,254
Adjustment to retained earnings arising from changes in actuarial assumptions on defined benefit pension plans (note 2.2)				(382,951)	(382,951)
Profit for the year				15,013,899	15,013,899
Other comprehensive income/ (expense)			1,766	(123,208)	(121,442)
Total comprehensive income for the year Difference between historical cost depreciation charge and actual			1,766	14,890,691	14,892,457
depreciation for the year calculated on the revalued amount Deferred tax (note 18) Dividends (note 13)		(74,838) 26,193		74,838 (9,471,000)	26,193 (9,471,000)
Balance at 31 December 2013	33,825,000	1,374,042	8,245	32,862,666	68,069,953

Statements of Cash Flows

			The Group	The Company
		2013	2012	2013	2012
	Note	BUR	EUR	BUR	EUR
Cash flows from operating activities
Profit before tax		22,672,869	19,463,050	23,293,586	20,176,689
Adjustments for: Depreciation of property, plant and equipment	14	5,582,322	5,082,589	4,811,317	4,691,508
Release of deferred income arising on the
sale of the terminal building and fixtures	23	(208,765)	(288,190)	(208,765)	(288,190)
Amortisation of European Commission grant	23	(40,255)	(40,252)	(40,255)	(40,252)
Amortisation of Norwegian grant	23	(51,761)	(51,761)	(51,761)	(51,761)
Amortisation of Government grant	23	(9,991)	(9,991)	(9,991)	(9,991)
Interest expense	8	2,538,444	2,151,301	1,547,486	1,622,610
Loss/(gain) on sale of property, plant
and equipment		3,129	(12,252)	3,129	(12,252)
Interest income	7	(693,811)	(612,624)	(693,811)	(612,624)
Provision for retirement benefit plan		131,217	267,199	131,217	267,199
Provision for MIA benefit plan	25	28,757	33,833	28.757	33,833
Decrease in provision for impairment of trade receivables	20	(110,330)	(10,545)	(110,330)	(10,545)
		29,841,825	25,972,357	28,700,579	25,766,224
Working capital movements:
Movement in inventories Movement in trade and other receivables		5,292	83,671	5,292 1,361,639	83,671
Movement in trade and other payables		4,972,443	(3,596,206)		(5,335,424)
and other financial liabilities		3,900,415	4,189,242	4,701,889	1,612,580
Cash flows from operations		38,719,975	26,649,064	34,769,399	22,127,051
Interest paid		(2,538,444)	(2,151,301)	(1,547,486)	(1,622,610)
Income taxes paid		(7,109,725)	(7,287,558)	(7,043,748)	(7,230,013)
Retirement benefit paid		(15,400)	(650,093)	(15,400)	(650,093)
Net cash flows from operating activities		29,056,406	16,560,112	26,162,765	12,624,335
Cash flows from investing activities
Payments for property, plant and equipment	14,15	(4,194,584)	(4,043,172)	(4,155,459)	(3,986,673)
Purchase of financial assets		(100,000)		(106,000)
Payments for investment property		(1,988,311)	(7,597,124)
Interest received		693,811	612,624	693,811	612,624
Net cash flows used in investing activities		(5,589,084)	(11,027,672)	(3,567,648)	(3,374,049)
Cash flows from financing activities
Proceeds from bank loan			4,598,745
Repayment of bank loans		(2,283,923)	(2,283,923)	(1,846,423)	(1,846,423)
Dividends paid	13	(9,471,000)	(9,471,000)	(9,471,000)	(9,471,000)
Net cash flows used in financing activities		(11,754,923)	(7,156,178)	(11,317,423)	(11,317,423)
Net movement in cash and cash equivalents		11,712,399	(1,623,738)	11,277,694	(2,067,137)
Cash and cash equivalents at the
beginning of the year		17,466,190	19,089,928	16,697,730	18,764,867
Cash and cash equivalents at the end of the year	28	29,178,589	17,466,190	27,975,424	16,697,730