1. INTRODUCTION
In accordance with the provisions of the law and the company ordinance,
we hereby submit, for debate and vote, the Annual Report and Accounts
for the year ended 31 December 2001. During the period from 01 January
to 31 December 2001, the activities were conducted throughout the organization
of the Company and on the definition of the internal performance rules.
The directors have pleasure in presenting their Annual Report together
with the Supervisory Council and audited accounts of the Company for the
year ended 31 December 2001.
2. PRINCIPAL ACTIVITIES
The company was incorporated on 13th September 1994 in the form of a
private limited liability company and its principal activity is to operate
as Macau's international airline, under the concession agreement signed
on 8th March 1995 with the Macau's Territory. The company commenced operations
on 9th November 1995..
3. ACCOUNTS
In the opinion of the Directors, the operating results of the Company
during the financial year have not been affected by any item, transaction
or event of material and of unusual nature.
- PROPOSAL FOR NET PROFIT APPLICATION
By article twenty-eight of the Articles of Association, the Board of
Directors hereby submits for discussion and approval in the General Meeting
the following proposals on the application of the MOP76,032,031.68 net
profit.
Legal Reserve Fund
10% (Profit for the year) by the terms of
Article 432 of Commercial Code ¡K¡K¡K¡K¡K¡K¡K¡KMOP $7,603,203.17
Net Profit
To carry forward to 2002¡K¡K¡K¡K¡K¡K¡K¡K¡K¡K¡KMOP $68,428,828.51
- FINAL NOTE
We would like to thank Air Macau staff for their dedication to effectively
and efficiently discharge their duties in a professional manner.
The Board of Directors would like to express their sincere appreciation
to the Shareholders, Supervisory Committee and Government Representative
for their cooperation and their confidence they bestowed upon them.
Macau on the 28 of March, 2002
Gu Tiefei
Chairman , Board of Directors