AGM 2023: The 32nd Malta International Airport Annual General Meeting was held at the DoubleTree by Hilton Malta in Qawra on Wednesday, 15th May 2024, at 10.30am.

The authorised share capital of the Company consists of one hundred eighty-six million, three hundred forty-nine thousand, six hundred ordinary shares of €0.25 each. The issued share capital is made up of one hundred thirty-five million, three hundred thousand ordinary shares of €0.25 each, split in Ordinary ‘A’, ‘B’ and ‘C’ shares. All Ordinary shares are entitled to one vote each at meeting of shareholders.

For further information about the meeting, you may read the AGM Notice in your preferred language.

• AGM Notice in Maltese
• AGM Notice in English

You can read our Privacy Notice regarding how we process Personal Data held by, or provided to, Malta International Airport plc due to your shareholding in the company here.

The 2023 Annual Report may be found here.

Questions

The below questions and recommendations were posed to the Company ahead of the Annual General Meeting.

1. Recommendation in relation to shareholder value.

Recommendation: I would like to suggest a strategy to increase our income from shares in the company. Currently, the price of our shares is stagnant at 5.70 euros. However, if we were to split the shares and implement a buyback program, we could see movement in the share prices again.

This will benefit shareholders, as the value of the shares will increase. I believe that the company is in good health and this strategy would be a positive step.

Reply: The Company is committed to creating long-term value and maximising potential for better returns for its investors. To this end, the Board is carefully evaluating the feedback being received from both shareholders and stockbrokers, and will be making considerations to explore alternative avenues for shareholder value optimisation.

2. Question in relation to SkyParks Business Centre.

Question: Can you kindly advise on a range with regards to the rental rates being charged at Sky Parks Business Centre? Or the market rates applicable for Grade-A office spaces in and around the Luqa areas?

Also, can you kindly confirm that the occupancy rate is at 100% ? If the above per sqm rate is not available or can’t be shared can you kindly advise on the total revenue generated by Sky Parks Business Centre Ltd, the wholly owned subsidiary of MIA

Reply: The company’s first SkyParks Business Centre development was inaugurated in 2012, offering 18,325 sqm of Grade A office and retail space spread over seven floors (as disclosed on our website https://www.skyparksbusiness.com/business/the-building ).

Since its inauguration, the business centre has gone from strength to strength, with occupancy nearing full capacity at the end of 2023.

While the 2023 financial statements for our subsidiaries will be published in the coming months, the total revenue generated by SkyParks Business Centre Ltd. amounted to €3,385,189 in 2022.

For further information, please refer to note 16 of our 2023 Financial Statements, which are available at this link.

3. Question in relation to payment of dividend.

Question: This question relates to Resolution number 2, which pertains to the payment of a final dividend.Upon reviewing the Company’s financial position, which boasts a cash reserve in excess of €76 million alongside a lack of financial borrowings, and considering that the Company is both profitable and cash generative, we would like to seek clarification on why the Company is not returning more capital to shareholders through the proposed dividend payment.

Could you please shed light on the considerations that led to this decision, particularly in light of the Company’ absence of borrowings and the identified capital expenditure plans totalling around €200 million over the next five years? Additionally, how does the Company intend to balance its strategic initiatives, including planned capex, with the potential return of capital to shareholders?

Reply: The company has entered into an intensive capital investment cycle. MIA plc is currently investing in core infrastructural projects, which will equip the airport with the additional capacity required to handle increased passenger traffic whilst continuing to improve its service quality levels. Moreover, the company is also investing significantly in its non-aviation segment to diversify its revenue streams whilst strengthening its financial position in the medium to long term.

The company intends to finance all capital expenditure projects related to its core function through its own cash reserves whilst retaining the option to seek alternative financing opportunities related to strategic investments.

Announcement Following Annual General Meeting

Malta International Airport p.l.c.’s Annual General Meeting was attended by the company’s chairman and board of directors, members of its management team and shareholders.

In his welcoming address, Chairman Nikolaus Gretzmacher thanked shareholders for their continued trust and confidence in the company. Mr. Gretzmacher iterated Malta International Airport’s steadfast commitment to delivering positive returns to its investors over the long term, as the company works towards achieving its ambitious targets of welcoming 8.45 million passengers and achieving a net profit of €44 million in 2024.

Taking the floor after the chairman, Chief Executive Officer Alan Borg echoed this sentiment during his presentation, which provided a comprehensive overview of the company’s robust traffic and financial performance in 2023.

While lauding the company’s successes, Mr. Borg acknowledged the disparity between the company’s strong financial performance and share price recovery in 2023, going on to explain that the Board of Directors will be making considerations regarding the optimisation of shareholder value over the coming year.

Shedding light on the company’s strategic vision for the airport campus, Mr. Borg also offered an update on the company’s €250 million investment plan. As works continue apace on the Apron X, Terminal Expansion and SkyParks Business Centre 2 project, the company will be executing planned investments to the tune of €60 million in 2024.

Moreover, the resolutions listed below were considered and approved at the meeting.

Resolution 1
That the financial statements of the Company for the financial year ended 31 December 2023 and the directors’ and auditors’ report thereon as set out in the Annual Report be and are hereby approved.

Resolution 2
That a final gross dividend of €0.23076923 per share (net €0.15) which represents a gross payment of €31,223,077 be and is hereby approved.

Resolution 3
That the reappointment of PricewaterhouseCoopers as auditors of the Company be hereby approved and that the directors be and are hereby authorised to determine their remuneration.

Resolution 4
That the Remuneration Statement published as part of the Annual Report be and is hereby approved.

Finally, the new board of directors was appointed in accordance with the company’s Articles of Association. Nikolaus Gretzmacher, Dr Cory Greenland, Rita Heiss, Dr Wolfgang Koeberl, and Florian Nowotny will hold office as non-executive directors until the next annual general meeting, while Chief Executive Officer Alan Borg and Chief Financial Officer Karl Dandler will continue to serve as executive directors for the same period.