Major Cineplex (MAJOR) AGM 2020 summary

Opening remarks and agenda

• AGM held 24 July 2020; agenda covered approval of 2019 minutes and financial statements, review of 2019 operations, interim dividends, director elections, 2020 director compensation, auditor appointment and other business.

• Voting followed one vote per share; resolutions generally required a majority of votes cast, while director compensation required at least two-thirds of votes represented at the meeting.

Financial performance review

• FY2019 revenue was Bt10,697m, up 7% YoY; operating profit rose 17% to Bt1,130m and core profit rose 19% to Bt1,138m.

• FY2019 net profit declined 9% YoY to Bt1,170m and EPS fell 8% to Bt1.31; EBITDA decreased 2% to Bt2,943m and EBIT fell 6% to Bt1,574m.

• At 31 Dec 2019, assets were Bt14,006m, liabilities Bt7,399m and equity Bt6,607m; net debt-to-equity was 0.48.

• Admissions revenue reached Bt5,856m, up 5% YoY; advertising revenue grew 18% and movie-content revenue 68%.

Board and executive committee updates

• Four directors were due to leave office under the rotation schedule; the board proposed re-electing Chai Jroongtanapibarn, Kraithip Krairiksh and Thanakorn Puriwekin, and electing Prasert Bunsumpun in place of Kriengsak Lohachala, who chose not to seek another term.

• For FY2020, proposed director compensation was capped at Bt4.11m: annual fees up to Bt2.34m and special remuneration up to Bt1.77m.