Kinepolis Group achieves EUR 6.3m net profit in first half

Regulatory release   Kinepolis ended the first half of 2009 with revenue of EUR 100.7m, EBITDA of EUR 21.5m and net profit of EUR 6.3m.  Earnings per share (EPS) rose from EUR 0.68 to EUR 0.94.   Recurring EBITDA of EUR 21.9m is up slightly on the first half of 2008. The effect of the 5.3% fall in admissions was offset by a combination of better product mix, various revenue-supporting measures and cost control. With a much improved financial result thanks to lower net financial debt and lower interest costs, recurring net profit rose by EUR 1.3m from EUR 4.7m to EUR 6.0m. Free cash flow improved considerably thanks to better working capital management and lower interest payments and taxes.   H1/2009 results were also affected by various non-current transactions: on the income side two-thirds of the capital gain on the sale of the minority participation in CinemaxX (+EUR2.0m), on the cost side a provision for doubtful debtors, an impairment, a restructuring cost and a tax recovery totalling EUR 1.6m. Last year the first half result consisted solely of recurrent items.