Kinepolis Group Even best cinema operator is “like restaurant with no control over menu”
Due to postponements of some movies we updated our FY22 visitor numbersto 30.5m (9.4m in 4Q22 with Black Panther II and Avatar II as major
blockbusters). This is 69% LfL of the pre-pandemic number for FY22 and
75% for 4Q22. Nevertheless, we expect 2H22 sales per visitor (tickets and
ITS (drinks/snacks)) to remain high and to be higher than in 2021. In 3Q22
both EBITDA and EBITDAL (EBITDA adjusted for leases) were already
positive for every month and we expect this trend to continue.
Although also the post-Covid visitor trend developed positively month on
month, the recent postponements of some movies shows Kinepolis is “like a
restaurant with no control over the menu”. Nevertheless, we still like
Kinepolis as one of the best -if not the best- cinema operators in the world.
Its FCF generation could pave the way for new acquisitions in the next years.
Kinepolis 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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