Half-yearly Financial Report 30 June 2013
Kinepolis Group welcomed 8.4 million visitors in the first half, a decrease of 11.1%, influenced by the severe winter weather, a weak (local) film offer and the economic crisis combined with the rise in VAT in Spain.
* Ticket and in-theatre sales revenue per visitor rose further.
* The current EBITDA per visitor increased thanks to higher revenue per visitor and improved operating efficiency, as a result of which total current EBITDA decreased by only 4.5% and current profit by only EUR 1.1 million.
* The total revenue from screen advertising (Brightfish) increased further.
* Business-to-business and real estate revenue remained in line with expectations.
* Kinepolis sold part of an undeveloped site in Poland for EUR 2.0 million and realised a capital gain of EUR 0.9 million.
* The earnings per share increased by 5.3% to EUR 2.59 per share, also due to the continued execution of the share buy-back programme.
* The free cash flow decreased from EUR 15.6 million to EUR 7.6 million, due in part to the payment of interest on the bond and a number of one-off and timing effects.
* The net financial debt rose from EUR 90.2 million at 31 December 2012 to EUR 107.5 million at 30 June 2013, as a consequence of the share buy-back for EUR 11.8 million and dividend payments of EUR 13.1 million.
Despite the fall in the number of visitors by 11.1% or 1.0 million, the fall in revenue was limited to 6.5%, thanks to the continued rise in revenue per visitor and the favourable development of screen advertising. Together with the further improvement in operating efficiency, this led to a fall in current EBITDA by just 4.5% to EUR 30.7 million, compared to a rise in the current EBITDA margin to 27.9% and a further rise in the current EBITDA per visitor of 7.3%.
The fall in current profit by just EUR 1.1 million together with the continued rollout of the share buy-back programme resulted in the creation of greater value for shareholders. Earnings per share rose by 5.3% to EUR 2.59.