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     121  0 Kommentare Kinepolis responds quickly and decisively to the crisis, and is looking forward to the future with confidence

    Kinepolis responds quickly and decisively to the crisis, and is looking forward to the future with confidence

    Regulatory release
    Half-yearly financial report 2020

    20 August 2020, 7 a.m.

    As is known, Kinepolis was forced to close all its cinemas from mid-March onwards following the Covid-19 outbreak. During the month of June, cinemas in several countries, namely in the Netherlands, Switzerland, Luxembourg, France, Spain, and some in Canada, were cautiously reopened, although with important capacity restrictions and other safety measures. As a result, the contribution of the second quarter to the results of the first half of the year was negative.

    Up to the closing of the cinemas in all the countries where Kinepolis is active, the Group recorded an increase in visitors and financial results, partly due to its recent acquisitions.

    The strategy and nature of the company, characterised by a maximum variability of costs, a solid real estate position, with a large proportion of cinema real estate owned, a self-learning organisation and a 'facts and figures'-driven corporate culture, have helped Kinepolis to respond quickly and decisively to the current crisis.

    In the explanation of the results for the first half of 2020, we make a distinction between the results before the closure of the first cinemas1 and the results for the entire first half of the year.

    Results for 2020, up to and including 12 March (excluding the impact of Covid-19)2 

    • Up to and including 12 March, the number of visitors increased by 12.0%, thanks to the addition of the American activities acquired in the fourth quarter of 2019.
    • Revenue from ticket, beverage and snack sales showed a stronger increase than the number of visitors, mainly due to an increase in revenue per visitor in almost all countries.
    • Adjusted EBITDA per visitor rose, despite a slightly negative effect caused by the changed country mix as a result of the US market being added, and a consequently lower share for Belgium.

    Results for the first half of 2020 (including the impact of Covid-19)3

    • The number of visitors fell by 54.1%, to 8.1 million visitors
       
    • Total revenue dropped by 52.7%, to € 112.6 million.
       
    • Adjusted EBITDA decreased by 76.6%, to € 16.4 million.
       
    • The net result amounted to € -29.7 million, due to the lower operating result, increased financial costs and higher depreciations and amortisations as a result of the expansion in 2019.
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    Kinepolis responds quickly and decisively to the crisis, and is looking forward to the future with confidence Kinepolis responds quickly and decisively to the crisis, and is looking forward to the future with confidence Regulatory releaseHalf-yearly financial report 2020 20 August 2020, 7 a.m. As is known, …