Overview of results 2009 January December 2009
Key Results 2009 2009 2008 Jan - Dec Jan - Dec Variance % Turnover 46,446,079 45,106,348 3.0% EBITDA 20,711,893 20,304,383 2.0% EBITDA Margin (%) 44.6% 45.0% EBIT 15,411,345 15,384,221 0.2% EBIT Margin (%) 33.2% 34.1% Profit before tax 14,134,526 13,687,086 3.3% Profit after tax 8,842,463 8,664,246 2.1% Earnings per share 13.07 cents 12.81 cents 2.0% Passenger movements 2,919,142 3,109,643-6.1%
The Segments - Revenue 2009 2008 Jan - Dec Jan - Dec Variance % Airport Segment 75% 34,725,157 79% 35,569,460-2.4% Retail & Property Segment 24% 11,262,468 20% 9,200,255 22.4% Other Segment 1% 458,454 1% 336,633 36.2% 46,446,079 45,106,348 3.0%
Airport Segment - Revenue Airport Segment 2009 2008 Jan - Dec Jan - Dec Variance % Aviation Regulated Fees 29,967,321 31,290,967-4.2% Ground Handling Users Fees 2,962,456 3,049,731-2.9% PRM Fees 985,467 398,984 147.0% Other Charges 809,913 829,778-2.4% Total Airport Segment 34,725,157 35,569,460-2.4%
Retail & Properties and Others Segments - Revenue Retail & Property Segment 2009 2008 Jan - Dec Jan - Dec Variance % Concessions 5,915,932 5,116,286 15.6% Parking 1,183,070 627,189 88.6% Rent 1,754,305 1,133,379 54.8% Advertising 644,131 589,349 9.3% VIP Lounge 716,033 583,482 22.7% Utility Recharges 660,524 694,076-4.8% Other Charges 388,473 456,494-14.9% Total Retail & Property Segment 11,262,468 9,200,255 22.4% Other Segment Other income and charges 458,454 336,633 36.2%
Segment Results 31-Dec-09 31-Dec-08 Change Airport in % Segment Revenue (external) 34,725,157 35,569,460-2.4% Segment operating costs 25,306,878 24,644,912 2.7% Segment EBIT 9,418,279 10,924,548-13.8% Retail & Properties Segment Revenue (external) 11,262,468 9,200,255 22.4% Segment operating costs 5,564,828 4,804,547 15.8% Segment EBIT 5,697,639 4,395,708 29.6% Other Segments Segment Revenue (external) 458,454 336,633 36.2% Segment operating costs 163,026 272,668-40.2% Segment EBIT 295,428 63,965 361.9%
Operating Costs 2009 2008 Jan - Dec Jan - Dec Variance % Staff costs 8,432,975 8,380,037 0.6% Repairs & maintenance & utilities 3,759,178 4,164,669-9.7% Security costs 3,116,120 3,122,202-0.2% Marketing, PR and events 1,814,577 1,446,206 25.5% PRM 1,334,998 777,958 71.6% Air Traffic Control 902,898 902,898 0.0% Ground rent 806,535 799,757 0.8% Cleaning 768,846 687,712 11.8% Operating Licence 497,368 497,520 0.0% Insurance 479,414 438,850 9.2% Other operating costs 3,821,277 3,584,156 6.6% Total operating costs 25,734,186 24,801,965 3.8%
Statement of financial position-dec 2009 Assets 2009 2008 Jan - Dec Jan - Dec Non Current assets 108,531,430 108,283,499 Current assets 18,345,360 14,528,967 Total assets 126,876,790 122,812,466 Equity and liabilities Total equity 53,377,022 52,413,318 Non current liabilities 63,822,541 61,837,886 Current liabilities 9,677,227 8,561,262 Total liabilities 73,499,768 70,399,148 Equity and Liabilities 126,876,790 122,812,466
Results 2009 Other Financial Issues
Change in Nominal Value of Shares Currently Nominal Value of shares is the old Lm0.20 or 0.4659 per share Share value to be 0.50 with effect from 1 June 2010 The difference in value - Capitalization of 2.3 million from reserves 1.7 million from revaluation reserves and 0.6 million from retained earnings.
Share Split 1:2 share split shares increases from 67.65 million to 135.30 million Nominal value per share goes down from 0.50 to 0.25 Increased number of tradable shares with a lower value to improve liquidity of shares Share split normally lead to increased investor interest.
Results 2009 Traffic
Highlights 2009 2009 2008 + / - % Diff Passenger Movements 2,918,664 3,109,868-191,204-6.1 % Aircraft Movements 26,304 27,070-766 -2.8 % Seat Capacity 4,208,822 4,313,658-104,836-2.4 % Seat Load Factor 69.3% 72.1% MTOW (in tonnes) Cargo and Mail (in tonnes) General Aviation (aircraft movements) -2.8 % point diff 2,182,925 2,223,073-40,148-1.8 % 17,504 18,227-723 -4.0 % 2,884 3,140-256 -8.2 % European Average -5.9 %
Passenger Traffic Figures 1st January 31st December 2009-11.8% -10.5% -18.8% 1.3% -15.8% -10.1% -6.3% -3.4% -4.2% +0.1% +2.5% +6.2%
Passenger Traffic Figures - 8.8 % - 4.7 % - 14.4 % + 2.3 % SLF 2009 63 % 68 % 75 % 68 % SLF 2008 66 % 71 % 79 % 69 %
Results 2009 Airlines
Business Mix January December 2009 2009 2008 Change Charters 184,310 276,173-33.3% LCC 667,515 656,329 1.7% Air Malta 1,638,641 1,740,410-5.8% Legacy 428,198 436,956-2.0% TOTAL 2,918,664 3,109,868-6.1% 2008 56% 14% 9% 21% 2009 Charter LCC Air Malta Legacy 56% 15% 6% 23%
Top Airlines 2009
Results 2009 Markets
Top 10 Markets 2009
Forecast 2010
2010 January & February 2009 2008 + / - % Diff Passenger Movements 296,194 277,721 18,473 + 6.7% Aircraft Movements 3,022 2,902 120 + 4.1 % Seat Capacity 484,510 465,021 19,489 + 4.2 % Seat Load Factor 61.1 % 59.7 % MTOW (in tonnes) Cargo and Mail (in tonnes) + 1.4 % point diff 260,387 256,543 3,844 + 1.5 % 2,651 2,734-83 -3.0 % European Average (Jan) + 3.9 % MIA January + 7.0%
New Routes for 2010 New Routes during 2010 include : Ryanair Bournemouth, Leeds-Bradford, Seville, Marseille, Krakow, Bologna, Billund, Valencia Norwegian Air Shuttle Oslo, Copenhagen Easyjet Rome Fiumicino, Milan Malpensa, Liverpool Bmibaby East Midlands Air Malta More or less same capacity as 2009
Forecast Our forecast for Passenger Movements in 2010, based on the most recent flight schedules, would show an increase of 6 % on 2009 with around 3.1 million passengers
Way Forward
Aviation Strategy o Seeking to increase the Diversification of Airlines in view of the increasing market share of our two main carriers o Supporting Carriers through Joint Marketing Agreements and our Incentive Program o Focus on new/underserved Markets: o Germany o Eastern Europe o Scandinavia o Russia o Israel o Airport Charges kept constant in 2009 and 2010
Aviation Strategy o Cruise and Fly Following initiatives to promote the Cruise and Fly concept, TUI cruises will start a home-porting operation based around Malta in 2011 This is expected to further stimulate traffic from the German Market Stimulation ogerman market For 32 weeks
Non-Aviation Strategy Concessions o Revenue from this sector increased by 15.6%, in spite of renegotiated contracts due to recession o Most contracts have been extended until 2018 o Minimum Guarantees were revised o Nuance contract has been amalgamated with the souvenir shop, having a minimum total value of 33.8 million o Efforts to increase the average passenger spend rate through marketing initiatives o Promote airport shopping, both airside as well as landside
Non-Aviation Strategy Potential Outsourcing of Advertising Guarantee the same revenue for the initial years Bigger potential in advertising revenue No capital investments No maintenance costs Benefit of International Expertise Target date 1 st January 2011
3 rd Quarter 2011 completion date construction details skyparks the project MIA has pursued expansion plans and investments and is in possession of all necessary permits for the construction of a Business Park Situated immediately adjacent to Malta International Airport with h its own road infrastructure, Skyparks business centre is the ideal modern location. - 16 million investment - footprint of 3,100m² on 9 levels - total rentable area 11,000m² - 2 floors underground parking, - 7 floors office space, services F&B, Anchor tenant Skyparks Development ltd./mia Project Management Dr. Edwin Mintoff Project Architect Scicluna & Associates Ltd. M&E Consultants
skyparks design l Spacious and Naturally-lit lit offices A beautifully designed location High security area; full CCTV coverage State of the art features Efficient design Top class F&B and leisure centre on-site Ample, secure car parking
Non-Aviation Strategy o SR Technics will commence aircraft maintenance operations in 2010 o MIA is still in the early stages of discussion with Government with regards to any eventual leasing of land which should be required in 2012/2013
Malta International Airport won two awards in 2009
Thank You