Malta International Airport plc
Malta International Airport plc - Quote
|Closing Price (€)||4.150||Change (€)||-0.001|
|TWAP (€)||4.151||No. of Trades||4|
|Day's High (€)||4.151||Change (%)||-0.024%|
|Day's Low (€)||4.150||Turnover (shares)||2,150|
|E.P.S (€)||0.155||Shares in issue (000)||135,300|
|P/E Ratio||26.77||Market Cap. (€000)||561,495|
|Gross Div. Yield (%)||3.71||Gross Dividend (€)||0.154|
|NAV per Share (€)||0.629||Indicative Div. Date||May/September|
|Price to NAV (times)||6.600||Dividend Cover (times)||1.551|
|2017 High (€)||4.250||2017 Low (€)||4.030|
Malta International Airport plc - Profile
Malta International Airport plc (MIA) was incorporated on 16 May 1991 with the purpose of operating the new air terminal at Malta’s only Airport. Previously, such operations were carried out by the Government through the Air Terminal Department.
Between 1 January 1992 and 1 May 1998, MIA’s sole activity consisted of the operation of Malta’s only Air Terminal. From May 1998, MIA took over the operation and management of the airfield facilities and the Air Traffic Control (ATC) of Malta’s Flight Information Region (FIR). With effect from 1 January 2002, MIA transferred all ATC operations to a newly established company Malta Air Traffic Services Ltd which is wholly owned by the Government. Moreover, with effect from July 2002, MIA discontinued the operation of its Gozo heliport services.
MIA’s business activities include the operation of the Airfield at the Airport including the operation of the Terminal Building and the operation of the recently developed SkyParks Business Centre. The Company is licensed by the DCA to operate the aerodrome for a period of 65 years.
MIA’s revenue is derived from:
- Aeronautical / Aviation revenues, which are derived from passenger and aircraft traffic; and
- Commercial / Non-Aviation revenues, which comprise income from the various tenants occupying space within the air terminal, rents and other charges for services paid by airlines and other Airport operators and users. Income generated from the SkyParks Business Centre is also included in the non-aviation revenue.
In July 2012 construction works on the SkyParks Business Centre were completed. The €16 million property development has a total rentable area of 13,600 square meters comprising of 5 floors of rentable office space (11,400 sqm), 2 floors of retail and commercial outlets (2,200 sqm) and 2 underground car park levels (162-bay car park). Some of the office tenants operating from SkyParks Business Centre are Vodafone, AirMalta, Maleth-Aero, Hyerpion Aviation and Orchard Software. The retail outlets include a Bank of Valletta branch, Talbot and Bons, YoYo Child Care Centre, the Mad hatter Books and Stationary and The Matrix (digital lifestyle store set up).
Government Privatisation Process
As part of Government’s privatisation strategy, the Government of Malta sold 40% of MIA to Malta Mediterranean Link (MML) Consortium Limited in July 2002. As part of MIA’s privatisation process, the Company transferred back the Terminal Building and the Terminal Lands to the Government and was granted by the Government a title of temporary emphyteusis for a period of 65 years of the Terminal Building and Terminal Lands as well as the Aerodrome Sites. On 14 June 2012, the Land rights were transferred to Malita Investments plc. The latter is entitled to receive two ground rents from MIA, the first deed obliges MIA to pay an annual ground rent of €698,812 while the second deed includes an annual lease of €71,308 commencing in 2013. Both leases expire on 25 July 2067.
Malta Mediterranean Link (MML) Consortium Ltd is made up of:
- VIE (Malta) Ltd (57.1%): This Company is owned by Flughafen Wien/Berlin Brandenburg International and Vienna International Beteiligungsmanagement Gesellschaft M.B.H, developers and operators of the Vienna International Airport.
- SNC-Lavalin (Malta) Ltd (38.75%): This Company is owned by SNC-Lavalin Inc and SNC-Lavalin International Inc of Canada. The SNC-Lavalin Group is one of the leading engineering and construction firms in the world and a key player in the ownership and management of infrastructure
- Airport Investments Ltd. (4.15%): The Company forms part of the Maltese Bianchi Group of Companies.
In November 2002, a further 20% of MIA was sold to the General Public through an Initial Public Offering at an equivalent offer price of €0.85 per share. A month later, MIA obtained a listing on the Malta Stock Exchange.
In October 2005, the Government of Malta sold a further 20% of the issued share capital at an equivalent offer price of €1.631per share. The offer was oversubscribed, with a total of 4,090 applications received for 32,946,226shares.
In February 2012, the Airport Council International (ACI) announced that during 2011, MIA was one of the top performing airports in the annual ACI Airport Service Quality passenger survey. For the second consecutive year MIA was ranked as the top airport in Europe across all categories.
- SkyParks Development Ltd (100%) was set up to operate and market the SkyParks Business Centre.
- Malta Airport Parking Ltd (100%): This Company took over the running of the car park business at MIA from 1 March 2008 after MIA managed to negotiate the termination of the car park concession from the previous operator.
On 10 May 2010, MIA shareholders approved an increase in the shares nominal value from €0.4659 to €0.50 per share. The €2.31 million increase in the issued share capital was funded from the capitalization of retained earnings. Concurrently with the increase in the nominal value, also on 10 May 2010, shareholders approved a 2 for 1 share split and as a consequence the total issued share capital increased from 67,650,000 to 135,300,000 shares of a a nominal value of €0.25. These changes were effective on 1 June 2010.
MIA’s share capital is currently composed of 111,809,745 ordinary ‘A’ shares (81,179,990 of which have been issued, called up and fully paid), 74,539,840 ordinary ‘B’ shares (54,120,000 of which have been issued, called up and fully paid) and 14 ordinary ‘C’shares (10 of which have been issued, called up and fully paid). MML holds the issued ‘B’ shares representing 40% of the company whilst the Government of Malta holds the ‘C’ shares. Only the ‘A’ shares are listed on the Official List of the Malta Stock Exchange. The Government of Malta also holds 20% of MIA through the ‘A’ shares while VIE (Malta) Ltd has a further 10.1% of MIA also through a holding of ‘A’ shares. The remaining ‘A’ shares are held by various institutional and retail investors.
‘A’ and ‘B’ shares have the same rights, benefits and powers in the Company. However, the ordinary ‘A’ shares are freely transferable while the ‘B’ shares are non-transferable for a period of 15 years from 26 July 2002. The ordinary ‘C’ shares carry no voting rights and do not receive dividends.
Malta International Airport plc - Financials
|Malta International Airport plc
|Malta International Airport plc
News for Malta International Airport plc
March Traffic Results
February Traffic Results
January Traffic Results
2016 Traffic Results & Forecast for 2017
November Traffic Results
Interim Directors’ Statement
October Traffic Results
September Traffic Results
Malta International Airport plc - Downloads
- Malta International Airport plc - Investor Fact Sheet - December 2016 (165.5 KiB, 190 hits)
- Malta International Airport plc - 2015 Annual Report (4.2 MiB, 632 hits)
- Malta International Airport plc - Investor Fact Sheet - December 2015 (162.6 KiB, 497 hits)
- Malta International Airport plc - 2014 Annual Report (2.7 MiB, 834 hits)
- Malta International Airport plc - Investor Fact Sheet - June 2014 (254.5 KiB, 989 hits)
- Malta International Airport plc - Annual Report 2013 (7.9 MiB, 977 hits)
- Malta International Airport plc - 2013 Traffic Results & 2014 Forecast Presentation (3.2 MiB, 1,022 hits)
- Malta International Airport plc - Investor Fact Sheet - December 2013 (260.3 KiB, 906 hits)
- Malta International Airport plc - Business Report 2012 (16.1 MiB, 887 hits)
- Malta International Airport plc - 2012 Traffic Results & 2013 Forecast Presentation (2.7 MiB, 1,164 hits)
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