The recent media stories about SNC Lavallin being blocked by the World Bank do not affect the Malta International Airport, the company told the annual general meeting on Tuesday.

Reading out a written statement in reply to a written question by a shareholder, MIA secretary Louis de Gabriele said that first of all SNC is not a direct shareholder in MIA but only indirectly through the Malta Mediterranean Link Consortium, which is the shareholder.

Neither MIA nor SNC have tried to hide the development, which is public knowledge and even on the SNC website.

The MIA directors do not think that whatever happened can affect MIA or have any consequence on the company.

Welcoming the shareholders at the company’s 21st AGM, Malta Airport chairman Michael Hoeferer said that 2012 has been a remarkable year, from both the financial and passenger traffic perspectives - achievements that have enabled the company to face the current challenges and strategically plan the years ahead.

At the AGM, held at the Dolmen Hotel in Qawra, the financial statements of the company for the financial year which ended 31 December, 2012, were approved. The shareholders also approved a total dividend for 2012 of €0.070 net per share, which represents a total gross payment of €14,570,769.

Mr Hoeferer referred to the three key issues behind the success achieved by the company in recent years, which have been the ongoing investment, the focus on quality and overall commitment in achieving the preset aims. He added that “in a volatile industry such as ours, investment is crucial to sustain growth, and to this effect we have invested tremendously within the terminal, airfield and most recently SkyParks Business Centre, which has taken our diversification strategy to new heights.”

In concluding, the chairman thanked the management and staff for their dedication, insisting that “the fact that Malta Airport has consistently ranked among the top five European airports – including last year’s second place in the Airport Service Quality Survey by the Airports Council International, is a key indicator of our commitment to quality and to continue on this path.”

In his review for the year, chief executive officer Markus Klaushofer highlighted the financial results of the company as well as the major achievements in the airport segment and the retail and property segment.

The company registered a 0.7% increase in turnover to €52.4 million, a 2.8% increase in profit before tax and a record 4.6% increase in profits after tax.

With regard to the traffic results in 2012, Mr Klaushofer referred to the increase of 4.1% in passenger movements when compared to 2011, with total number of passengers reaching the record figure of 3.65 million.

The figures for January to April 2013 show an increase in passenger numbers of 8.7% and a seat load factor of 73.2%.

When discussing the retail and property segment he stated that revenue for this segment achieved a growth of 11.8%, countering the decrease of 2.3% registered in the airport segment. There are three Costa Coffee new outlets open and a Sandelia Flatbread one too which has just opened. The La Valette Lounge has been refurbished and has a new catering management. The aim is to consolidate these results with the first full year of operation of SkyParks Business Centre.  Skyparks has an occupancy rate of 80% and cost €17 million.

Mr Klaushofer said that the investment carried out by the company to continue to attract airlines to start operating to Malta is reaping the desired results, and although this contribution has increased over the last years – through its Airline Incentive Scheme – the company has managed to maintain a healthy and sound financial position.

“Indeed, this is reflected in the performance of our equity on the Malta Stock Exchange, recently leading to highest share price ever recorded. It is reassuring for us to see that the market is reacting positively to the way we are managing our airport,” he added.

Since 2002, the company has invested no less than €160 million, including €8 million as taxes and a further €6 million for marketing.

The CEO concluded by saying that the company is committed to a viable future and highlighted the contributions which the company makes to the national economy and to the crucial role the airport plays in the tourism industry of the Maltese islands. He thanked the staff for their commitment and hard work, the company’s stakeholders for the excellent cooperation, as well as the shareholders for their ongoing support.

The new board of directors was appointed in accordance with the articles of association of the company. No election for directors was held since the number of candidates was exactly the number of board member seats up for confirmation.

The following directors were confirmed in office for another term: Michael Bianchi, Michael Hoeferer, Nikolaus Gretzmacher and Yousef Sabeh as non-executive directors; together with CEO Markus Klaushofer, deputy CEO and CFO Austin Calleja and CCO Alan Borg as executive directors.

The government of Malta appointed Alfred Quintano as non-executive director, replacing Jackie Camilleri, whose term of office came to an end at this annual general meeting.

In questions raised by shareholders, a Mr Mauser wanted to know how the remunerations of the board members are set by their fellow directors. He was told each executive director is set a target and is measured against the target on completion of the year.

Tarcisio Barbara for the Association of Shareholders wanted to know if any decision has been taken by the board with regard to the development of the site opposite Skyparks, such as by the building an airport hotel.

Mr Klaushofer replied that no decision has so far been taken in this regard.

Mr Barbara also complained, to some applause by other shareholders, that shareholders were not invited either for the 20th anniversary or for the inauguration of Skyparks.

Mr Klaushofer replied that inviting the 6,000 shareholders to a reception would cost some €500,000 and there was nowhere they could be fitted in, except the National Stadium at Ta’ Qali.

Discussion of an extraordinary resolution which was part of the agenda had to be postponed to next year’s AGM because the company had not sent to shareholders a note explaining the extraordinary resolution.