Malita Investments plc - Full-Year Results

Tuesday, March 6th, 2018

On 6 March 2018, Malita Investments plc published the Annual Report and Financial Statements for the year ended 31 December 2017.

Performance Overview

During 2017, Malita Investments plc generated revenues of €7.47 million, representing an increase of 7.1% over the previous corresponding figure. The increase in revenues largely reflects additional rental income following the completion of a number of improvements to the Parliament Building which amounted to €7 million. Nonetheless, Malita confirmed that it is still waiting the issuance of the completion certificate related to the Parliament Building.

On the expenditure side, administrative expenses and net finance costs remained broadly unchanged when compared to the financial year ended 31 December 2016. On the other hand, Malita registered a much higher positive movement in the fair value of investment property of €16.7 million against the previous year’s figure of just €3.02 million. In this respect, however, it is important to highlight that the company posted a fair value gain of €11.3 million to the Parliament Building and the Open Air Theatre which, until 31 December 2016, were still valued at cost on the books of Malita. Meanwhile, the fair values of the Malita International Airport and Valletta Cruise Port sites increased by an aggregate of €5.38 million in 2017.

Overall, Malita registered a pre-tax profit of €22.5 million (FY2016: €8.26 million). After accounting for a tax charge of €9.52 million, the net profit for the year amounted to nearly €13 million (FY2016: €6.42 million).

The Statement of Financial Position shows that Malita had total assets of €179.9 million as at 31 December 2017, representing an increase of 15% over the previous corresponding figure, largely reflecting the increase in the fair value of the company’s investment properties as well as the €7 million investment in the Parliament Building. Likewise, total liabilities expanded by 31.2% to €59.1 million, mostly due to higher deferred tax liabilities as well as outstanding amounts (amounting to €3.88 million) related to improvements made to the Parliament Building. As a result, total equity increased by 8.5% to €120.7 million. This translates into a net asset value per share of €0.8153 (31 December 2016: €0.7516).

Dividend

The Directors are recommending the payment of a final net dividend of €0.01853 per share to all shareholders as at the close of trading on Monday 26 March 2018. The final dividend will be paid on Friday 4 May 2018 subject to shareholders’ approval at the upcoming Annual General Meeting scheduled to be held on Friday 27 April 2018.

Coupled with the interim net dividend of €0.0092 per share, the company’s total dividend distribution for 2017 amounts to €0.02773 net of tax. The total net dividend represents an increase of almost 20% to the dividend distributed in respect of the financial year ended 31 December 2016.

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Malita Investments plc – Annual Report & Financial Statements for the year ended 31 December 2017.

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