Kinepolis - Ready to “tango” again
Kinepolis reported record sales and cash flow in a year with only 35.5m visitors, or <90% of 2019 levels. Whereas summer was still excellent, the strikes had a major impact in Q4 as content was clearly absentCost control and premiumization were key drivers of the strong performance, driving cash flow above EUR 90m (ex WC), Leverage dropped materially to 2.4x, a healthy level in view of its large asset baseThe 2025-2026 movie slate looks impressive, yet 2024 is not guaranteed (again) to be a year of big movies following recent reshuffling. Combined with major sports events, this could dent visitorKinepolis Group NV is a Belgium-based company, which is primarily engaged in the operation of cinemas. The Company's activities are divided into such business units, as Box office, In-theatre sales, Business-to-business (B2B), Film distribution and Real Estate. The Box office unit includes sale of the tickets. The In-theatre sales unit is involved in the sale of snacks and related articles. The B2B unit takes care of the organization of corporate events and the sale of screen advertizing to corporate customers. The Film distribution unit includes all activities related to movies showed in the cinema. The Real Estate is responsible for the property management and utilization. Additionally, the Company has a Technical department, which delivers technological support to Kinepolis facilities. The Company is present in Belgium, France, Spain and Poland.
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