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In 2015 capital expenditure was € 93.8 million,
€ 50.6 million more than in 2014. This is the
consequence of the purchase of the cinema building
in Enschede (The Netherlands), the ongoing
investments with regard to the building of new
complexes in Dordrecht, Breda and Utrecht (The
Netherlands), the new front-office software, the
installation of Cosy Seating in five complexes, the
renovation of Kinepolis Alcobendas (Madrid, Spain)
and Plaza Mar 2 ( Alicante, Spain) and the acquisi-
tion of Mégaroyal (Bourgoin, France) and the
acquisition of Utopolis in The Netherlands, France
and Luxembourg.
The net financial debt was € 162.0 million at
31 December 2015, a rise of € 43.4 million
compared to the end of 2014 (€ 118.6 million).
Due to significant cash generation the NFS/EBITDA
ratio only nudged up slightly from 1.7 to 1.8 at
31 December 2015.
The total gross financial debt decreased
by € 86.8 million to € 222.8 million at
31 December 2015 compared to 31 December 2014
(€ 136.0 million).
BALANCE SHEET
Fixed assets (€ 392.1 million) represented 79.9%
of the balance sheet total at 31 December 2015
(€ 490.7 million). This includes land and buildings
(including investment property) with a carrying
amount of € 259.5 million.
At 31 December 2015 equity was € 123.0 million.
The actual tax rate was 25.1%, compared to 30.2%
in 2014.
DIVIDEND OF € 0.79 PER SHARE
The Board of Directors will again propose to the
Annual General Meeting of 11 May 2016 a pay-out
ratio of 50% of the current profit. With due
consideration for the number of shares entitled
to dividend on the date of publication of this annual
report, which is 27 195 351, this means a gross
dividend per share of € 0.79. This is a rise of 21.5%
compared to 2014 (€ 0.65 per share). The dividend
will be made available from 17 May 2016 (ex date:
13 May 2016, record date: 16 May 2016).
KEY EVENTS AFTER THE END OF
THE FISCAL YEAR 2015
On 13 January 2016 Kineopolis took over the
operation of the cinema located in the Saint-Sever
shopping center in the heart of Rouen
(Normandy, France). Formerly run by UGC, the
complex has 14 screens and 2 500 seats, and
welcomed more than 400 000 visitors in 2015. It is
the first Kinepolis cinema in Normandy.
The first new-build Kinepolis complex in
The Netherlands was officially opened on
17 February 2016. Kinepolis Dordrecht has six
screens and 1 200 seats, and catches the eye with
its unusual architecture and waterside location.
On 11 January 2016 the European Commission
published its decision that the Belgian tax ruling with
regard to excess profit is contrary to European rules
on state aid. The decision of the European
Commission imposes on the Belgian state the
obligation to reverse tax breaks granted in the past
and claim the difference from the companies in
question. Please see note 8 to the Consolidated
Financial Statements for more details.
Saint-Sever shopping center, Rouen (FR)
31
03 / MANAGEMENT REPORT
KINEPOLIS GROUP
ANNUAL REPORT 2015