Cinema City opens the biggest multiplex in Israel, Warsaw, 4 June 2008
“Israel is the market where our Company was first established, and where it opened its first cinema nearly 80 years ago,” said Moshe J. Greidinger, CEO of Cinema City. “Today in Israel we are repositioning our cinema network by opening new generation megaplexes under the brand “Planet” providing the most exciting cinemagoing experience. At the same time we are closing the older and smaller cinemas thus we aim to improve our cost management in our Israeli chain.”
The new “Planet” megaplex will be equipped by 4 digital projectors (all with 3D facility) as well as it will comprise a special VIP section with four “first class” auditoriums of 32 seats each.
The megaplex in Haifa is the second new-generation cinema operated by Cinema City in Israel under the “Planet” brand. The first one was opened in 2006 in the city of Ramat Gan. In 2009 the Company is planning to open another Planet megaplex in Rishon Le-Zion (25 screens).
In Israel Cinema City International NV is running 20 multiplexes with 132 screens under the brands Rav-Chen and Planet (representing 23% of all screens operated by Cinema City International in its 6 countries of operation).
Cinema City International N.V.
Cinema City is the largest multiplex cinema operator in Central & Eastern Europe and in Israel (after opening the cinema in Haifa, it now operates a total of 65 multiplexes with 578 screens). There are 40 more multiplexes under construction, which will offer 435 screens.
Cinema City has operations in 6 countries: Poland (which accounted for more than half of revenues last year), the Czech Republic, Bulgaria, Romania, Hungary and Israel.
In 2007 Cinema City earned revenues of EUR 161.3 million and net profit of EUR 16.6 million. The figures for the 1st quarter of 2008 were EUR 44.9 million and EUR 4.0 million, respectively.
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