Malita Investments p.l.c.
Climate Impact & Sustainability Data (2020, 2022, 2023)
Reporting Period: 2020
Environmental Metrics
ESG Focus Areas
- Environmental
- Social
- Governance
Climate Goals & Targets
Environmental Challenges
- Delays in receiving ground rent payments due to the COVID-19 pandemic.
Mitigation Strategies
- Formal communications exchanged to collect payments; Board committed to ensuring collection.
Supply Chain Management
Climate-Related Risks & Opportunities
Reporting Standards
Frameworks Used: IFRSs as adopted by the EU
Third-party Assurance: PricewaterhouseCoopers
Reporting Period: 2022
Environmental Metrics
ESG Focus Areas
- Sustainable urban regeneration
- Affordable housing
Social Achievements
- Completed Birkirkara affordable housing site, providing 73 units to tenants.
Governance Achievements
- Published a Corporate Governance Statement of Compliance.
Climate Goals & Targets
Long-term Goals:
- Complete the largest Affordable Housing site by 2026.
Medium-term Goals:
- Complete all Affordable Housing sites (except the largest) by 2024.
Short-term Goals:
- Complete 88 affordable housing units in the first half of 2023 and 231 more in the second half.
Environmental Challenges
- Increased costs for Affordable Housing project due to variations to original plans, additional units, and supply chain constraints.
- Financing gap of circa €60,000,000 for Affordable Housing project.
Mitigation Strategies
- Negotiated increased revenue streams for Affordable Housing project.
- Actively addressing the financing gap through ongoing discussions.
Supply Chain Management
Climate-Related Risks & Opportunities
Reporting Standards
Frameworks Used: IFRSs as adopted by the EU
Third-party Assurance: PricewaterhouseCoopers
Reporting Period: 2023
Environmental Metrics
ESG Focus Areas
- Sustainable Urban Regeneration
- Corporate Governance
- Health and Safety
- Corporate Social Responsibility
Social Achievements
- Monitoring of health and safety protocols across Housing Project sites.
- Implementation of recommendations from the Sofia Report (details not specified).
Governance Achievements
- Procurement of an internal audit focusing on corporate governance.
- Development of an updated KPI framework for senior management.
- Enhanced communication with shareholders through business updates and a Shareholders’ Letter.
Climate Goals & Targets
Environmental Challenges
- Delays in completion of certain units in the Housing Project.
- Funding shortfall for the Housing Project.
- Heightened spending due to more units than budgeted, elevated service rates, and supply chain constraints.
- Termination of significant contractors and subsequent appointments inflating rates.
Mitigation Strategies
- Successfully extended title to project sites by an additional 8 years.
- Raised €30 million through a rights issue.
- Secured various credit facilities, including €22 million from the European Investment Bank (EIB).
- Secured additional loans from the Council of Europe Development Bank (€7 million) and another financial institution (€4 million).