Malta International Airport Plc

Earnings Release • May 17, 2016

COMPANY ANNOUNCEMENT

Malta International Airport plc (the "Company")

Interim Directors' Statement

Date of Announcement	17 May 2016
Reference	231/2016

QUOTE

The Company hereby announces that during the financial year commencing on 1st January 2016 and the date of this Announcement, no material events and /or transactions have taken place that would have an impact on the financial position of the Company, such that they would require specific mention, disclosure or announcement pursuant to the applicable Listing Rules, and which have not been otherwise announced through a Company Announcement.

During the period under review, the financial position of the Company has remained sound and the performance has been much better than expected. Passenger traffic for the first four months of the year reached 1,216,133 movements to achieve an overall growth of 12.0% over the same period last year, equivalent to 129,835 additional passenger movements. This performance was a direct result of an 8.8% increase in seat capacity as aircraft movements reached a total of 9,131 or 5.7% more than last year. Despite the overall increase in seat capacity, seat load factor was sustained whilst also registering a 3.0 percentage point improvement during the first four months to reach an overall average of 78.8%.

2016 started off with a good performance having achieved a 15.5% increase in traffic during the first quarter. The turnover in the first three months was Euro 11,591,539, this is an increase of 5.1% compared to the first quarter 2015. The Profit in the first quarter increased by 7.6% to Euro 1,462,672. The attached Balance Sheet shows this positive development in the first quarter 2016.

The start to the summer schedule was positive with April registering a growth of 5.7% as we welcome three new carriers. Volotea started operating from Catania whilst Czech Airlines and Iberia Express will be operating a limited summer schedule from Prague and Madrid respectively. Ryanair added a number of routes including two new destinations being Poznan and Baden-Baden. Air Malta will be introducing twice weekly flights to Palermo as from July whilst Aegean and Finnair are including an additional frequency to Athens and Helsinki respectively. Our connectivity to Eastern Europe will continue to improve as Wizz Air and Turkish Airlines are deploying more seat capacity to this region. This growth may however be partially offset due to a number of airlines reducing routes or decreasing seat capacity. We are therefore cautiously

optimistic about the remaining period and expect to close off the summer season with an overall positive result.

The retail sector of the business is also performing relatively well with a 5% growth over the same period last year.

Subject to any unforeseen circumstances, the Directors expect the Company's financial results for the year will be within projections made at the beginning of the year.

UNQUOTE

Signed:

Louis de Gabriele COMPANY SECRETARY

Attachment

BALANCE SHEET MIA GROUP ASSETS	31 March 2016	31 December 2015
Non-current assets
Property, plant and equipment	95,862,188	97,484,385
Investment property	17,935,767	18,118,585
Available-for-sale financial assets	103,165	100,330
Deferred tax assets	4,034,281	3,952,722
	117,935,401	119,656,022
Current assets
Inventories	812,274	816,582
Trade and other receivables	13,200,913	11,797,884
Cash and cash equivalents	42,543,498	39,644,210
	56,556,685	52,258,676
TOTAL ASSETS	174,492,086	171,914,698
EQUITY AND LIABILITIES
Equity
Share capital	33,825,000	33,825,000
Other reserve	1,276,752	1,276,752
Fair value reserve	20,562	23,725
Retained earnings	44,025,519	42,563,671
TOTAL EQUITY	79,147,833	77,689,148
Non-current liabilities
Bank loan	31,347,984	31,347,984
Deferred income	6,189,325	5,978,600
Provision for retirement benefit plan	4,207,418	4,192,969
Provision for MIA benefit plan	221,003	210,890
	41,965,730	41,730,443
Current liabilities
Trade and other payables	25,526,296	25,558,802
Bank loan	25,750,157	25,750,157
Current tax liabilities	2,102,070	1,186,148
	53,378,523	52,495,107
TOTAL LIABILITIES	95,344,253	94,225,550
TOTAL EQUITY AND LIABILITIES	174,492,086	171,914,698