CAM Holds Annual General Assembly Ordinary Meeting (2022)
Macau International Airport Company Limited (CAM) held the Annual General Assembly Ordinary Meeting on 30th March 2022, approval was obtained for the resolution of the 2021 Annual Report, Financial Accounts and Supervisory Committee Report, proposal of Profit Appropriation, the by-election of members for the General Assembly and the election of the members for the Supervisory Committee and other issues related to the business of CAM.
Since the founding of COVID-19 variants in 2021 is fueling new outbreaks around the world, it led to the large-scale rebound of the epidemic situation occurred in many countries affecting the recovery of demand in the air passenger market. Macau International Airport (MIA) handled over 15,000 aircraft movements with a year-on-year decrease of 6.9% while nearly 1.15 million passengers were received in 2021, representing a yearly decline of 2.2%. The operation of business jets dropped 49% with 309 movements recorded while managed to reach cargo volume of around 49 thousand tonnes with a year-on-year increase of 45.7%, increased by 15% compared to that of pre-epidemic level in 2019. The total revenue of MIA’s main operators (including CAM) is estimated to reach 2.06 billion (Patacas, same below) with a yearly growth of 42%.
Bearing the mindset of tiding over the difficulties with the industry together, even though enormous financial pressure has been encountering by itself, CAM is actively adjusting the strategies in response to market changes and customer needs by providing incentives and relief schemes to support subconcessionaires and service providers of MIA to maintain provision of service to passengers during the difficult time. In fiscal year of 2021, the total revenue of CAM has reached 581 million, bounded back from decline with a yearly increase of 25.8%. Under the premise of ensuring safe operation of MIA and striving for cost control and reduction, while revenue has only recovered to 30% of pre-pandemic level in 2019, a net loss of 519 million is incurred, representing a loss reduction of 20.4% year-on-year, while about 80% of the loss contributed by depreciation expense, which is of non-cash nature. CAM always adheres to prudent cash flow management principles and is able to maintain its cash level to meet current business requirement.
Ever since the global spread of COVID-19 marked two years ago, Macau International Airport (MIA) has been maintaining airport normal operation and has never slacken its efforts on stringent implementation of preventive measures, while actively cooperate with the SAR Government in enforcing infection control with necessity. Furthermore, CAM constantly reviews and adjusts the management and control over the public environment systematically in response to the dynamics of pandemic in a timely manner and stand fast to remain at air portal of Macau. According to the forecast of International Air Transport Association (IATA), the global demand for air travel is expected to reach 61% of pre-pandemic crisis (2019) levels, while capacity is expected to increase faster than demand continually, reaching 67% of pre-crisis levels for 2022. CAM has been engaging itself actively in preparation for the business recovery and adjustment plan with prudent and proactive approach. Looking ahead to 2022, the passenger traffic and flight movements of MIA are projected to recover by about 30% and 34% of those of pre-pandemic level (2019), respectively, while the cargo volume is expected to grow by about 20% compared to that of 2019.
During the General Assembly Meeting, resolutions on new member of General Assembly and election result of Supervisory Committee have been approved. With the change, CAM will continue to adhere to the core value of “Safety, Efficiency and Effectiveness” steadfastly, while always be ready for changes with dynamic adjustments to overcome the resistance and challenges. We aim to fully engage itself in the favorable environment of the Hengqin Guangdong-Macao Deep Cooperation Zone to capitalize its core strategic advantages granted by the State and proactively cope with the implementation of Urban Master Plan of Macau Special Administrative Region and keep employing the People and Honesty oriented principle to sincerely serve the citizens of the Macau SAR and the Greater Bay Area and visitors abroad.