Malta International Airport Plc

Earnings Release • Nov 10, 2017

COMPANY ANNOUNCEMENT

Malta International Airport plc (the "Company")

Interim Directors' Statement

Date of Announcement	10 November 2017
Reference	267/2017

QUOTE

The Company hereby announces that since the last announcement on 27 July 2017 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 2017 – 30 September 2017), the financial position of the Company has remained sound and its performance is superior to 2016.

The turnover for the first nine months of 2017 was Euro 63.1 million, an increase of 13.7% compared to the first three quarters of 2016. Total expenditure increased by 2.5% to Euro 24.1 million, while the profit for the period January to September 2017 increased by 25.2% to Euro 21.4 million. The attached Profit (Loss) statement and the Balance Sheet show these positive developments for the first three quarters of 2017.

With the winter schedule now launched and traffic projections exceeding expectations, the Company remains optimistic that the last quarter will follow the positive trend registered thus far and is expecting to exceed the financial targets set out in the Company Announcement 216/2017, published last July.

UNQUOTE

Signed:

Louis de Gabriele COMPANY SECRETARY

Note Some changes in data collection have come into effect as from January 2017, with the numbers reported being marginally different to those reported in previous years. This, however, does not have a material impact on our reported results. If further details are required, kindly contact the Marketing & Brand Development team via communications@maltairport.com.

About Malta International Airport

Malta International Airport is the only airport serving the Maltese islands, connecting the tiny island state to more than 80 destinations through over 30 partner airlines. With 97% of all Malta's tourists flying through it, the airport handles more than 5 million passengers and over 15,000 tonnes of freight annually. 2017 marks the terminal's 25th anniversary, during which time it has grown to support over 4,000 airport jobs, accommodate 45 retail and catering outlets and parking for over 1,500 cars. MIA's commitment to service excellence has landed it among the top five European airports in ACI's Airport Service Quality survey since 2010, as well as a 4-star rating awarded by Skytrax. Malta International Airport owns SkyParks Business Centre, an eco-certified building that provides nearly 10,000m² of office space and 4,000m² of retail and amenities. To maximise its contribution to Malta's cultural heritage and environment, Malta International Airport set up the Malta Airport Foundation in 2015, an independently run, non-profit organisation.

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

PROFIT (LOSS): January - September

	2017	2016	+/-
REVENUE
Aviation	44,799,567	39,015,438	14.8%
Non aviation	18,327,764	16,506,371	11.0%
Total revenue	63,127,331	55,521,809	13.7%
EXPENDITURE
Staff costs	6,129,351	6,081,493	0.8%
Operating costs	10,736,891	10,440,733	2.8%
Marketing costs	2,870,183	2,512,182	14.3%
Administration costs	750,128	850,857	-11.8%
Corporate and financial costs	3,582,442	3,594,972	-0.3%
Total expenditure	24,068,995	23,480,237	2.5%
EBITDA	39,058,336	32,041,572	21.9%
EBIT	33,802,374	27,062,143	24.9%
PROFIT	21,367,404	17,069,779	25.2%

BALANCE SHEET

	30 September 2017	31 December 2016
	€	€
ASSETS
Non-current assets
Property, plant and equipment	105,810,579	98,669,856
Investment property	16,856,158	17,240,197
Available-for-sale financial assets	105,314	103,648
Deferred tax assets	4,001,065	4,083,787
	126,773,116	120,097,489
Current assets
Inventories	889,989	834,443
Trade and other receivables	21,733,309	14,880,674
Cash and short term deposits	41,546,879	36,550,212
	64,170,177	52,265,329
TOTAL ASSETS	190,943,293	172,362,817
EQUITY AND LIABILITIES Equity attributable to ordinary shareholders
of the Company
Share capital	33,825,000	33,825,000
Other Reserve	1,191,623	1,228,107
Fair Value reserve	28,711	27,043
Retained earnings	57,911,130	50,017,598
Total equity	92,956,464	85,097,748
Non-current liabilities
Bank loan	41,382,437	43,866,560
Deferred income	5,434,748	5,667,827
Provision for retirement benefit plan	4,397,928	4,365,940
Provision for MIA benefit fund	234,701	223,936
	51,449,814	54,124,263
Current liabilities
Trade and other payables	37,505,758	29,496,332
Bank loan	2,481,423	2,481,423
Current tax liabilities	6,549,834	1,163,051
	46,537,015	33,140,806
Total liabilities	97,986,829	87,265,069
TOTAL EQUITY AND LIABILITIES	190,943,293	172,362,817