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CAM Holds Annual General Assembly Ordinary Meeting and Board Meeting (2020) Repayment of Shareholder Loan and Preference Dividends Reduction of Occupation Fee30 Mar 2020

Macau International Airport Company Limited (CAM) held the Annual General Assembly Ordinary Meeting on 30th March 2020, approval was obtained for the resolution of the 2019 Annual Report, Accounts and Audited Financial Statement, Balance Sheet and Supervisory Committee Report, proposal of 2019 Profit Appropriation, and other issues related to the business of CAM.

Macau International Airport (MIA) has reached even further in regard of the total income in 2019. The total income of the major operators in the airport is estimated to reach 6.27 billion (patacas, same below) with a yearly increase of 13.6%, in which the total income of CAM has reached 1.82 billion, with a yearly increase of 16.5% including 795 million from aeronautical revenue and 1.02 billion from non-aeronautical revenue with a yearly increase of 15.3% and 17.4% respectively. CAM has earned a profit of 714 million before preferred dividends in 2019, and after the provision for the distribution of 2019 preferred dividends, CAM’s net profit after tax reached 617 million, which marks 2019 as the 8th consecutively profitable year. During 2019, CAM continued proceeding with the fifth repayment of shareholders’ loan with the amount of 114 million according to the shareholders’ loans repayment plan as approved by the General Assembly Meeting in 2015. By the end of 2019, total loan repayment in the amount of 545 million had been made. Meanwhile, the fifth payment of preferred dividend in the amount of 97.35 million patacas was made in 2019. A total of 487 million patacas of preferred dividends has been distributed since 2015, and it is planned to redeem the preferred shares in 2022. Having been hit hard by the COVID-19 in the first quarter of 2020, the uncertainty to the perspective in respect of the consistent profitability along this year has been added up; however, CAM will continue doing its best to fulfil the pledges, and follow up with the sixth repayment of shareholders’ loan as well as the distribution of the preferred dividends in 2020. 

Due to the epidemic triggered by COVID-19 since the beginning of this year, the demand for the aviation industry has slumped drastically. As of 30th Mar, MIA’s number of passenger flow and flight movement in the first quarter dropped 45% and 55% respectively compared to the same period in 2019. In regards to the airlines that meet the requirements to enjoy the route incentive policy stipulated by the airport, CAM has informed the qualified airlines of their corresponding credits, and the total involved amount is over Mop 40 million. In response to the epidemic, CAM has promptly established a contingency working group in January to give pivotal instructions, and has suggested the Airport Pricing Committee to introduce various incentive plans to boost the market. In order to express our support for the airport operators, CAM plans to reduce some of the categories of fees for the period from 1st Feb until 30th Apr of 2020 for the qualified operators occupying certain areas in the airport, and the relevant details will be released to the involved operators in due time. The total relief budget approved is about 25 million. When all fields of life gradually start resuming normal presently, CAM has been engaged in an active preparation for the business recovery in regards to passenger, cargo and business jets market, F&B and retail services, information & technology development as well as the airport operations, in order to pull back the development to its orbit as soon as possible.

Ever since the beginning of COVID-19, CAM has been staying side by side with all staffs by providing all necessary measures of protection as well as adjusting duty schedules so that the airport normal operation has been maintained, which not only minimized cross infection, but also conserved manpower. Besides, the company proactively carries out the profession training courses for staffs, reviews the existing human resources and management flows followed by adjustment together with improvement in a bid to elevate staffs’ quality as well as to improve the working environment. For the moment, to stop the imported cases becomes the priority, all frontline staffs shall continue being vigilant while cooperating with requirements and the guidance from government representatives in MIA, enhance the management and control over the environment concerning public health, and safeguard the air portal of Macau.

During the General Assembly Meeting, new members of the General Assembly, the Board of Directors, Executive Committee and Supervisory Committee have been nominated, and it is expected that under the new company leadership, aside from enhancing the aviation development, respective duties are to be fulfilled within their professional scopes, solidarity and collaboration will be promoted so that MIA will forge ahead with determination, seize the opportunities and give a full play of its advantages.  

With the second quarter of 2020 around the corner, it is still uncertain when predicting the turning point of this epidemic; however, CAM will remain steadfastly to uphold the aim of “Safety, Efficiency and Effectiveness”, and continue striving to provide the passengers with safe and comfortable environment and services in conformity with people & honesty oriented principle. Presently, the construction of Passenger Terminal Building- South Extension has been officially inaugurated with the expected time of completion during mid-term of next year, after which an area of 17,000 m2 will be increased to the existing passenger terminal which will provide more space when passengers wait for boarding. 3 more aircraft loading bridges will be installed, which will add the total number of the air bridge up to 8 when accomplished. Eventually, the yearly capacity of MIA in terms of passenger volume will advance from 7.8 million to 10 million. Considering the decline in both flight movement and passenger flow for the time being, in the respect of the airport operation, the trial run of the new equipment and the switch-over between the old and new system will be facilitated, the construction of new AOCC & EOC will be pushed forward, A-CDM platform will be integrated, the cybersecurity will be reinforced, the travel flow will be optimized, and ultimately the travel experience will be greatly enhanced. Regarding the performance audit report on the “Operation of Macau International Airport Company Limited” released by the Commission of Audit, CAM convened a meeting with the management of the company’s departments and set up a task force to further review and study the relevant issues.

Annual General Assembly Ordinary Meeting 2020

CAM Board Meeting 2020