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Aug

Cinema City financial results in the 1st half of 2009

Number of tickets sold continues to rise in all countries of activity.

- Through the 1st half of 2009, Cinema City International N.V. (“Cinema City”) earned revenues of € 105.3 million (growth of 16.7% over the same period in 2008), EBITDA of € 24.5 million (growth of 17.1%) and net profit of € 13.5 million (growth of 31.5%).

-In Q2 2009 alone, revenues were € 38.6 million (a decrease of 16.4% y/y), EBITDA was € 11.6 million (a decrease of 18.1% y/y), and net profit was € 3.9 million (down by 41.1% y/y).

-Revenues from theatre operations, despite the weakening CEE currencies, were up by 3.6% y/y to € 73.1 million in 1H 2009 and by 0.8% y/y to € 33 million in Q2 2009.

-In 1H2009, as well as in the 2nd quarter itself, the cinema admissions increased in all countries of Cinema City’s activity. Throughout the chain, fuelled by a strong supply of movies and new openings, the company sold 12.3 million tickets in 1H 2009 (an increase of 22.5% y/y) and 5.4 million tickets in Q2 2009 (an increase of 23.1% y/y). In 1H 2009 like-for-like admissions went up by 11,2% y/y to 10.9 million and in the second quarter alone they increased by 12.2 % y/y to 4.8 million. Average ticket price in 1H 2009 amounted to € 3.9 (-16.2% y/y) and in Q2 2009 it was € 3.8 (-19,1% y/y). Average number of screens in Cinema City increased to 596 in Q2 2009 (+9.4% y/y) and to 589 in H1 2009 (+9.7% y/y).

-In 1H 2009 the Company opened 37 screens including the multiplex in Bielsko-Biała, Poland (10 screens) opened in the second quarter as well as the second Cinema Park in Poland, in the city of Poznań. As of the end of 1H2009, the company operated 65 multiplexes with 603 screens (including 101 digital screens), in 6 countries: Poland, the Czech Republic, Hungary, Romania, Bulgaria and Israel.

-After signing a lease for a 6-screen multiplex in Buzău, Romania, in August 2009, Cinema City now has leases in place for 45 additional multiplexes with 472 screens. By the end of the year, the company is planning to open multiplexes with 60–70 screens, including 3 main projects at Cotrocenia in Bucharest (20 screens), Bonarka in Cracow (20 screens) and Skala in Budapest (13 screens).

- Cinema City is continuing to digitalize its cinemas. By the end of the year the company is planning to have around 120 digital screens.

-The construction stage of the Mall of Rousse is continuing on schedule. The company is planning to open the centre in H2 2010.

Our cinema operations are performing very well, driven by over 20% higher ticket volume, which proves that also in difficult times people choose cinemas for their out-of-home entertainment,” said Moshe J. Greidinger, CEO of Cinema City, the largest multiplex cinema operator in Central & Eastern Europe and in Israel. In 2009 we continue to open cinemas in all CEE countries, and good titles on the screens will support our performance throughout the whole year.”
 

Full press release