Major Cineplex (MAJOR) AGM 2021 summary

Opening remarks and agenda

• Agenda covered approval of the 2020 AGM minutes and audited financial statements, review of FY2020 operations, dividend and reserve decisions, director elections and remuneration, auditor appointment, and proposed debenture issuance.

Financial performance review

• FY2020 revenue was Bt3,765m versus Bt10,697m in 2019, down 65%; gross margin was Bt601m, down 84%, and EBITDA was Bt784m, down 78%.

• FY2020 operating loss was Bt1,369m, EBIT loss Bt458m and net loss Bt527m; loss per share was Bt0.59 versus earnings of Bt1.57 in 2019.

• Cinema revenue fell 68% YoY, advertising 67%, bowling 54%, retail 23% and movie content 47%; lower revenue reflected social-distancing measures and postponed Hollywood releases.

• At Dec. 31, 2020, assets were Bt17,678m, liabilities Bt11,052m and equity Bt6,626m; versus 2019, assets declined 1%, liabilities rose 6% and equity fell 11%.

Board and executive committee updates

• Four directors due to retire by rotation were proposed for re-election: Paradee Poolvaraluk, Verawat Ongvasith, Satian Pooprasert and Chonticha Chitrarporn.

• FY2021 director remuneration was proposed at no more than Bt2.34m, unchanged from 2020 and 70% below 2019; special bonuses were proposed to be discontinued due to the FY2020 loss.