The Supervisory Board (SB) proudly looks back on a successful business year 2016, with the Bonaire International Airport N.V. (BIA) for the first time since 10 years of loss again showing a positive financial result.

This is evidenced by the annual accounts for the financial year 2016 approved by the SB. The 2016 annual account has been audited by the external auditor and provided with an approval statement. The positive results for 2016 have been achieved in spite of the many major challenges that BIA has faced, including the drastic decline in seat capacity in the air traffic between the islands, especially due to INSEL Air problems. The reversal of a structural loss-making business into a better-performing company with good prospects implied a policy process that was deployed from the end of 2014.

In 2014, the Shareholder established a Steering Committee with representatives of various Dutch ministries, major airlines, aviation experts and representatives of BIA. Goal of the Steering Committee was to present recommendations for the further development and growth of BIA. The recommendations of the Steering Committee submitted in January 2015 laid the foundations for policy frameworks that have led to a targeted development of BIA.

In addition, a new Supervisory Board was established in 2014 based on a clear profile set, which includes the following expertise: airport management, aviation policy and aviation legislation, and financial economic expertise. The appointed members of the new Supervisory Board were all professionals with extensive international experience. They also offer a comprehensive local and international network of relevant expertise.

The new Supervisory Board immediately began recruiting a top caliber airport director who had to comply with criteria of high quality capacity and relevant experience to be able to implement the new policy frameworks. This airport director became Mr. Michael Nicolaas, who complies with the criteria and has more than 40 years of experience in the airport world. He has been active as director in several airports in the Caribbean region and Latin America. The airport director can count on a good and motivated management team and airport staff.

In the policy process that was implemented, the following policy lines can be distinguished: cost control; increase productivity, compliance with corporate governance principles, and a well-balanced human resources policy. A special point to be mentioned is the more commercial approach to the airport business, which aimed on 2 issues. On the one hand more passengers and more flights. On the other hand, expansion and more diversity of commercial service activities at the airport for both passengers and locals.

The development policy of the new management and Supervisory Board also aimed at core business of an airport company, namely safety and security. Also in this area important results were achieved, including the successful undergoing of safety and security audits conducted by international organizations. BIA belongs to one of the few international airports in the region that has been able to withstand the stringent audit of the US Transportation Security Administration (TSA) without findings.

All of the aforementioned has resulted in greater trustworthiness and reliability of the company and the airport, as well as better reputation and more accessibility of BIA in the world. We are convinced that this team consisting of the director, management team, staff and the Supervisory Board, with the support of the Shareholder, will be able to maintain the path taken.
BIA looks with confidence towards the future.

Etienne Ys, President of the Supervisory Board,
Bonaire International Airport N.V. (BIA)