Kinepolis emerges stronger from 2021 after a turbulent year
17 Februar 2022 - 7:00AM
Kinepolis emerges stronger from 2021 after a turbulent year
Kinepolis emerges stronger from 2021 after a turbulent
year
Regulatory release
17 February 2022, 7 a.m.
2021 was a year in which the Covid-19 pandemic had an ongoing
impact on Kinepolis' activities, with prolonged closures - mainly
in the first half of the year - and reopenings with ever-changing,
restrictive measures in almost all countries.
Thanks to strong cost management and one-off support measures,
Kinepolis was able to further limit its cash consumption to € 3.6
million per month in the first half of 2021. The numerous
blockbusters that were released in the second half of the year
performed strongly - in a pandemic context - and led to a promising
return of visitors to the cinemas. Kinepolis noted an increased
demand for premium cinema experiences and higher consumption in all
countries, especially in the start-up phase.
This enabled Kinepolis to build up significant cash again in the
second half of the year, resulting in € 199.8 million of available
financial resources at the end of December 2021 (versus €
141.9 million at the end of June), as well as a decrease of the net
financial debt, excluding lease liabilities, by € 67.8 million
compared to the end of June 2021.
The result of the second half of the year was largely supported
by the implementation of Kinepolis' 'Entrepreneurship 2022'
plan, which has now been fully implemented. This concerns
cost-saving optimisations as well as innovations that build on
Kinepolis' business strategy and protect the company against a
possible slower recovery in visitor numbers from 2022 on.
Important achievements in
2021
- Thanks to strong cost management,
Kinepolis succeeded in limiting its cash burn as far as possible
during periods of closure. In the first half of 2021, this was
limited to € 3.6 million per month, whereas at the start of the
crisis this was € 5.9 million per month, excluding working
capital.
- Elaboration and implementation of
the 'Entrepreneurship 2022' plan, to support the Group’s
future performance, with already an impact on the EBITDA of
2021.
- Opening of various new construction
projects: Kinepolis Leidschendam (NL), Kinepolis Metz Waves (FR)
and Landmark Edmonton Tamarack (CA). The construction of Kinepolis
Metz Amphithéâtre (FR) is progressing according to plan.
Key figures for 2021 compared to 2020
- Kinepolis received 17.2 million
visitors in 2021, an increase of 42.6% compared to 2020. In the
second half of the year, Kinepolis received 33.7% fewer visitors
compared to the same period in 2019.
- Total revenue was € 266.4 million,
an increase of 51.1% compared to 2020. In the second half of the
year, turnover was 26.7% lower than in the same period in
2019.
- Revenue per visitor increased in
2021, thanks to a strong increase in both Box Office and In-theatre
sales revenue per visitor.
- Thanks to the recovery of turnover
in the second half of the year, the cost measures taken as well as
one-off support measures received, the operating result adjusted
for leases (EBITDAL) amounted to € 38.5 million (compared to €
-24.0 million at the end of June 2021). EBITDA increased from
€ 17.2 million in 2020 to € 72.7 million.
- The net result
amounted to € -25.5 million, compared to € -69.1 million the year
before (and € -45.8 million at the end of June 2021).
- Free cash flow was
€ 48.9 million for the full year, of which € 70.3 million was
realised in the second half of the year.
- Net financial
debt, excluding lease liabilities, decreased from €
513.3 million at the end of 2020 (and € 542.3 million in
June 2021) to € 474.5 million at the end of 2021.
- Kinepolis maintains a comfortable
cash position, with € 199.8 million in available financial
resources at the end of December 2021.
- The Board of Directors will make a
proposal to the General Meeting not to distribute a dividend for
the 2021 financial year.
Eddy Duquenne, CEO of Kinepolis Group, about the results
for 2021:
“We did not get the best case-scenario in 2021 for which we had
hoped at the start of the vaccination campaign. Nevertheless, I
look back with satisfaction on a year in which we, as a company and
as a team, did everything that was within our power and which has
led to a more than decent result given the circumstances.
We have used the past two years to strengthen our company. We
managed to be profitable from a relatively low occupancy rate of
our cinemas, something that was supported by the implementation of
our 'Entrepreneurship 2022' plan, all the measures of which
have now been implemented and are effective. We are also continuing
to work on our Star plans, which are focused more on innovation and
new sources of income, and we have also recently taken steps to
further integrate our sustainability policy in our strategy.
All of this, coupled with a promising visitor recovery thanks to
high-performing blockbusters, means we can look to the future with
confidence. We can already conclude that we shall come out of this
crisis stronger and I am very proud of that.”
Full report annual results 2021 attached.
- EN FY results 2021_complete
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