Kinepolis covenant holiday extended until 31 December 2022
14 März 2022 - 5:45PM
Kinepolis covenant holiday extended until 31 December 2022
Kinepolis covenant holiday
extended until 31 December 2022
14 March 2022, 5.45 pm
Inside information
As a result of the impact of the Covid-19 pandemic, Kinepolis
reached an agreement with its financial institutions at the
beginning of 2021 to exempt its bank debt from covenants (a
so-called covenant holiday) until 30 June 2022. Kinepolis closed
the year 2021 with a strong liquidity position, a recovery in
profitability and solvency in the second half of the year and a
decrease in the net financial debt, but applies the principle of
prudence and reached an agreement with its financial institutions
to extend the covenant holiday until 31 December 2022.
This means that, among other things, the conditions regarding
the maximum debt ratio in relation to EBITDAL will remain suspended
until the end of 2022. These conditions, which apply solely to bank
debt, have been replaced by, among other things, a liquidity
covenant, which means that the sum of the available cash and
confirmed credit lines must be at least € 30.0 million during
the term of the covenant holiday.
Contact
Kinepolis Press Office+32 (0)9 241 00
16pressoffice@kinepolis.com
About Kinepolis
Kinepolis Group NV was formed in 1997 as a result of the merger
of two family-run cinema groups and was listed on the stock
exchange in 1998. Kinepolis offers an innovative cinema concept
which serves as a pioneering model within the industry. In addition
to its cinema business, the Group is also active in film
distribution, event organization, screen publicity and property
management.
In Europe, Kinepolis Group NV has 58 cinemas spread across
Belgium, the Netherlands, France, Spain, Luxembourg, Switzerland
and Poland. Since the acquisition of Canadian movie theatre group
Landmark Cinemas and American movie theatre group MJR Digital
Cinemas, Kinepolis also operates 40 cinemas in Canada and 10 in the
US.
In total, Kinepolis Group currently operates 108 cinemas
worldwide, with a total of 1,097 screens and almost 200,000 seats.
Kinepolis’ employees are all committed to giving millions of
visitors an unforgettable movie experience. More information on
www.kinepolis.com/corporate.
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