Kinepolis is taking over both cinemas following the liquidation of the Abaco Cinebox group. The group comprised 18 cinemas of different sizes, all situated in Spain. Kinepolis has taken over the two largest cinemas of the Abaco Cinebox group and reached an agreement with the liquidators to take over the furnishing for an overall amount of 1,050,000 EUR and the staff. These transactions were ratified by the competent judicial authorities. Kinepolis also concluded new lease contracts with the respective real estate owners, the conditions of which are related to the generated visitor numbers.
The cinema at Alcobendas, 12 theatres and 2,900 seats, opened in 2000 and is located in the Heron Diversia shopping centre. In 2013, the cinema drew 480,000 visitors.
The cinema in Alicante, 16 theatres and 2,786 seats, opened in 2004 and is located in the Plaza Mar 2 shopping centre. In 2013, the cinema welcomed 446,000 visitors.
In the future, Kinepolis wants to generate an EBITDA contribution of 1 to 1.5 EUR per visitor.
This take-over is a first step in Kinepolis's previously announced expansion strategy. Both cinemas will operate under the Kinepolis label and will be fully digitised. Kinepolis will introduce its strategic concepts in both cinemas. Kinepolis thus wants to offer 'the ultimate cinema experience' to a broader Spanish public, and create value for its shareholders. The group also targets a recovery of its historic visitor numbers in Spain and thus a better coverage of its general operational costs.