Malta International Airport Plc

Earnings Release • Nov 14, 2016

Malta International Airport plc.

Tel: +356 2124 9600 Fax: +356 2124 9563 E-mail: info@maltairport.com www.maltairport.com

COMPANY ANNOUNCEMENT

Malta International Airport plc (the "Company")

Interim Directors' Statement

Date of Announcement	14 November 2016
Reference	241/2016

QUOTE

The Company hereby announces that during the last announcement on 7 October 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 (1 January 2016 – 30 September 2016), the financial position of the Company has remained sound and the performance has been much better than expected.

The turnover in the first nine months 2016 was Euro 55.5 million, this is an increase of 4.5% compared to the first three quarters 2015. Total expenditure increased only by 0.7% to Euro 23.5 million. The profit January to September 2016 increased by 10.0% to Euro 17.1 million. The attached Profit (Loss) statement and the Balance Sheet show this positive development in the first three quarters 2016.

The company liquidated the following subsidiaries:

• Luqa PV Farm Limited (liquidated on 26 July 2016)
• Gudja PV Farm Limited (liquidated on 26 July 2016)
• Gudja Two PV Farm Limited (liquidated on 23 August 2016); and
• Gudja Three PV Farm Limited (liquidated on 23 August 2016).

These subsidiaries were companies without business activities.

The start to the winter schedule was promising, therefore we are optimistic about the remaining period and expect to close off the year 2016 with an overall positive result.

Attachments:

Profit (Loss) statement and Balance Sheet

UNQUOTE

Signed: Louis de Gabriele COMPANY SECRETARY

About Malta International Airport

Malta International Airport is the only arport serving the tiny island state to more than 80 destinations in Europe, North Africa and the Middle East, through 34 airines. It has the second most international connections among 180 European and Mediteranean airports in its class. The airport handles more than 4 million passengers and over 16,000 tonnes of freight annually. Since becoming fully operational in 1992, the airport has grown to accommodate more than 30 retail outlets and 14 catering establishments, and has as a key aviation industry player. The airport's terminal is spread accommodates parking for 1,500 cars. Malta international Airport also owns Skyparks, a business centre containing 9,000 square metres of office space, eco-certified by BREEAM.

For more information, visit www.maltairport.com. Alternatively, follow us on Facebook.com/maltairport).

PROFIT (LOSS): January - September

	2016	2015	+ / -
REVENUE
Aviation	39,015,438	36,894,459	5.7%
Non aviation	16,506,371	16,250,440	1.6%
Total revenue	55,521,809	53,144,899	4.5%
EXPENDITURE
Staff costs	6,081,493	6,871,709	-11.5%
Operating costs	10,440,733	9,925,092	5.2%
Marketing costs	2,512,182	2,196,915	14.4%
Administration costs	850,857	766,773	11.0%
Corporate and financial costs	3,594,972	3,563,300	0.9%
Total expenditure	23,480,237	23,323,789	0.7%
EBITDA	32,041,572	29,821,110	7.4%
EBIT	27,062,143	25,100,815	7.8%
PROFIT	17,069,779	15,519,958	10.0%

BALANCE SHEET

	30 September 2016 €	31 December 2015 €
ASSETS
Non-current assets
Property, plant and equipment	98,948,478	97,484,385
Investment property	17,338,199	18,118,585
Available-for-sale investments	104,846	100,330
Deferred taxation	3,966,845	3,952,722
	120,358,368	119,656,022
Current assets
Inventories	892,498	816,582
Trade and other receivables	17,261,704	11,797,884
Cash and cash equivalents	39,461,441	39,644,210
	57,615,643	52,258,676
Total assets	177,974,011	171,914,698
EQUITY AND LIABILITIES
Equity
Share capital	33,825,000	33,825,000
Revaluation reserve	1,276,752	1,276,752
Revaluation of investment	22,243	23,725
Retained earnings	46,102,626	42,563,671
	81,226,621	77,689,147
Non-current liabilities
Bank loan	43,860,295	31,347,984
Deferred income	5,981,748	5,978,600
Provision for retirement benefit fund	4,240,827	4,192,969
Provision for MIA benefit fund	241,948	210,890
	54,324,818	41,730,443
Current liabilities
Trade and other payables	26,899,241	25,558,802
Bank loan	10,781,423	25,750,157
Tax payable	4,741,908	1,186,148
	42,422,572	52,495,108
Total liabilities	96,747,390	94,225,551
Total equity and liabilities	177,974,011	171,914,698