Major Cineplex (MAJOR) AGM 2024 summary

Opening remarks and agenda

• AGM held 2 April 2024; agenda covered FY2023 operations and accounts, dividends, director elections, director remuneration, auditor appointment and other matters.

• Record date for meeting participation was 7 March 2024; 65.53 million treasury shares were excluded, leaving 829.14 million voting shares.

Financial performance review

• FY2023 revenue was Bt8,551m, up 34% YoY; gross margin Bt2,868m, up 61%; operating profit Bt892m, up 103%; EBITDA Bt2,563m, up 40%.

• FY2023 net profit was Bt1,042m, up 313% YoY, with EPS of Bt1.18 vs Bt0.28 in 2022; results included a Bt346m gain on disposal of M PICTURE investment in 2Q23.

• Strong Thai movie titles drove revenue; admission rose 37%, concessions 36%, advertising 25%, bowling 41% and retail 4% YoY.

• At 31 Dec 2023, assets were Bt14,426m, down 3%; liabilities Bt8,314m, up 9%; equity Bt6,112m, down 15%, with asset and equity declines attributed to financial-asset market prices.

Board and executive committee updates

• Four directors due to retire by rotation were proposed for re-election: two executive directors and two independent directors; the board cited experience, skills, leadership and fit with business strategy.

• Shareholders approved a proposed 2024 director remuneration ceiling of Bt13.6m: up to Bt8.4m in annual remuneration and Bt5.2m in special bonuses.