Malta International Airport p l c : Announces Year-to-Date Traffic & Q1-Q3 2020 Financial Results

COMPANY ANNOUNCEMENT

Malta International Airport plc (the "Company")

ANNOUNCES OCTOBER TRAFFIC RESULTS AND JANUARY TO SEPTEMBER 2020 FINANCIAL

RESULTS

Date of Announcement	11 November 2020
Reference	338/2020
In terms of Chapter 5 of the Listing Rules

QUOTE

OCTOBER TRAFFIC RESULTS

In October, Malta International Airport welcomed 110,346 passengers, bringing year-to- date traffic up to 1,661,700 passenger movements. This translates into a drop of 73.8 per cent when compared to the same period in 2019.

Q1 - Q3 2020 Financial Results

Further to the interim report issued on 29 July 2020, the Company would like to give an update on its financial performance, which continues to be severely impacted by the Covid-19 pandemic's effects on both its aviation and non-aviation activities.

Total revenue generated between January and September 2020 amounted to €24.9 million, translating into a drop of 67.7% over the same comparable period in 2019.

Malta International Airport plc's cost-cutting and liquidity preservation programme, which was implemented by the Company in April 2020, has enabled it to register a significant decrease in both its staff costs and operating costs during the period under review, as shown in the attached Statement of Comprehensive Income.

The lowering of staff costs by 24.1% for the first three quarters of 2020 resulted from a reduction in management and employee wages from April until July 2020, together with contributions from the government Covid-19 wage scheme.

Moreover, the Company registered a decrease of 38.4% in operating costs, which resulted from several measures taken by the Company, including the revision of its maintenance programme to focus solely on essential works.

The attached Statement of Comprehensive Income and Statement of Financial Position give a more detailed breakdown of the Company's financial performance for the first nine months of the year.

Outlook

The aviation industry has now entered the winter period, which is expected to be the most challenging in living memory. Malta International Airport plc is confident that the Company's financial resilience amassed over the past decade together with the right team of employees put it in a good position to continue facing Covid-related challenges and eventually emerge from this crisis.

Statement of Comprehensive Income (SOCI)

Consolidated Income Statement (unaudited)
The Group
unaudited | in EUR	Q1 - Q3 2020		Q1 - Q3 2019
Revenue		24,989,010		77,275,444
Staff costs		(5,825,827)		(7,670,873)
Other operating costs		(12,326,735)		(19,998,891)
Impairment losses on financial assets		(33,124)		-
Depreciation		(6,909,497)		(6,506,440)
Investment Income		19,096		27,644
Finance Cost		(1,572,250)		(1,559,651)
Release of deferred income arising on the
sale of terminal buildings		212,702		156,574
Profit before tax		(1,446,625)		41,723,809
Income tax credit / (expense)		274,017		(14,832,910)
Profit/Total Comprehensive Income after tax for
the period attributable to the ordinary equity
holders of the Company, net of tax			(1,172,608)		26,890,899

Statement of Financial Position (SOFP)

		30 September		31 December
The Group	2020	2019
in EUR		unaudited		audited

Assets
Property, plant and equipment		167,737,805		164,430,886
Investment property		15,482,517		15,905,686
Deferred tax assets		5,877,015		5,904,374
Non-current assets	189,097,337	186,240,946
Inventories		900,243		872,242
Current tax assets		306,251
Trade and other receivables		12,390,290		17,752,544
Loans and receivables		-		-
Term deposits		5,000,000		5,000,000
Cash and short term deposits		26,712,103		28,174,981
Current assets		45,308,887		51,799,767
Total - Assets		234,406,224		238,040,713
Equity and liabilities
Equity attributable to
ordinary equity holders of the
Company
Share capital		33,825,000		33,825,000
Retained earnings		94,045,448		95,218,056
Total - Equity	127,870,448	129,043,056
Lease liability		53,168,737		52,755,835
Deferred income		6,144,359		6,454,885
Provision for retirement benefit
plan		3,910,562		3,880,077
Provision for MIA benefit fund		323,238		293,797
Non-current liabilities		63,546,896		63,384,594

Trade and other payables		42,988,881		43,792,203
Current tax liabilities		-		1,820,860
Current liabilities		42,988,881		45,613,063
Total - Liabilities		106,535,777		108,997,657
Total - Equity and Liabilities			234,406,224		238,040,713

UNQUOTE

Signed:

Louis de Gabriele

Company Secretary

About Malta International Airport

Malta International Airport connects the Maltese archipelago to over 100 destinations in more than 30 countries. The Company has consistently invested in the terminal since the airport's privatisation in 2002, with the Terminal Reconfiguration Project bringing about the most recent overhaul. The airport campus itself has grown to provide over 1,500 parking spaces, and 14,000m² of office and retail space housed within SkyParks Business Centre, with projects in the offing, such as the Terminal Expansion Project, set to bring about further expansion. The airport team is guided by a vision of service excellence, which led MIA to clinch the title Best Airport in Europe for two consecutive years. To maximise its contribution to Malta's cultural heritage and environment, MIA set up the Malta Airport Foundation in 2014: an independently run non-profit organisation.

Malta International Airport plc is a public company listed on the Malta Stock Exchange, with its shareholders being the Malta Mediterranean Link Consortium (40%), with Flughafen Wien AG owning a 96% share, the Government of Malta (20%), the general public (29.9%), and VIE Malta Limited (10.1%).