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    KIN   BE0974274061


Real-time Quote. Real-time Euronext Bruxelles - 11/26 11:35:11 am
46.78 EUR   -8.45%
10/28Business update Q3 2021
08/19KINEPOLIS : Presentation Analyst Meeting H1 2021
08/19Kinepolis Group Nv Reports Earnings Results for the Half Year Ended June 30, 2021
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Kinepolis : limits cash burn in 2020 and maintains a solid financial basis throughout the Covid-19 crisis

02/25/2021 | 01:00am EST

Kinepolis limits cash burn in 2020 and maintains a solid financial basis throughout the Covid-19 crisis

Regulatory release

25 February 2021, 7 a.m.

After a promising start of the year 2020 for Kinepolis, with a 12.0% increase in visitor numbers up to 12 March, the cinema industry was badly hit by the Covid-19 pandemic, with long periods of cinema closures and restrictive measures as well as repeated postponements of blockbuster movie releases. 

As such, Kinepolis welcomed 12.1 million visitors in 2020, compared to initial expectations of more than 45 million visitors. Thanks to strong cost control and various measures that were taken, the EBITDA loss, adjusted for leases (EBITDAL), has been limited to € -14.0 million.

Kinepolis entered the crisis with a conservative debt ratio and a significant liquidity reserve, reinforced by the additional loan of € 80.0 million concluded at the beginning of 2021. Strong cost management, supported by the Group's significant real estate position, ensures that Kinepolis can confidently navigate through the crisis and can continue to cope with the negative effects of the Covid-19 pandemic for a considerable period of time. The Group had € 171.0 million of financial headroom at the start of 2021.

In recent months, management has focused on further consolidating its business strategy, resulting in a plan - called ‘Entrepreneurship 2022’ - which, based on further optimisation measures and innovation, should provide maximum support for the restart and performance of the Group from 2022 on. The construction of various new-build projects was also continued in the past year, and these new cinemas will also help support the restart.

Important achievements in 2020

  • Mainly thanks to strong cost management, the cash burn as a result of the Covid crisis was limited to € 32.1 million in 2020 (excluding working capital impact).
  • An additional bullet loan of € 80.0 million, with a term of 3 years, combined with an extension of the covenant holiday until 30 June 2022.
  • Development of the ‘Entrepreneurship 2022’ plans, in further execution of the Kinepolis business strategy.
  • Continuation and completion of various new construction projects: Kinepolis Haarlem (NL), Leidschendam (NL), Metz Waves (FR) and Edmonton Tamarack (CA)
  • Various new initiatives in the context of Covid-19, including ‘Kinepolis on Tour’, a home delivery service and a ‘private cinema’ concept.

Key figures for 2020 as compared to 2019

  • Kinepolis welcomed 12.1 million visitors in 2020 due to the repeated closures of the cinemas from mid-March, the safety measures that were imposed and the postponement of blockbusters.
  • The total revenue per visitor also increased during 2020.
  • Thanks to the cost measures taken, the EBITDAL, i.e. EBITDA adjusted for leases, was only € -14.0 million.
  • The net result amounted to € -69.1 million, mainly due to the high depreciations related to the significant real estate position of the Group.
  • Free cash flow amounted to € -56.5 million for the full year. Without taking the working capital loss into account, the free cash flow was limited to just € -3.6 million per month in the second half of the year.
  • The net financial debt, excluding lease liabilities, compared to 31 December 2019, increased from € 417.0 million to € 513.3 million, mainly due to the negative free cash flow combined with investments in the construction of new complexes.
  • In view of the result and the current circumstances, a proposal will be made to the General Meeting not to distribute a dividend for the 2020 financial year.

Eddy Duquenne, CEO of Kinepolis Group, about the results for 2020:

“Financially, Kinepolis is still in a very strong position. Our net financial debt has only increased by € 96.3 million. This includes nearly € 40 million in investments in expansion. This debt also includes a working capital loss of € 24.3 million due to the discontinuation of our activities, which we will recover when we restart our cinemas. This means that our actual cash burn in 2020 was only € 32.1 million, something we can be proud of in the circumstances. With a liquidity reserve of € 171.0 million at the start of this year, Kinepolis can stand firm for quite some time and we can say with certainty that our company will survive this crisis.

Everyone is waiting for the reopening of the cinemas. Both the US studios, who continue to postpone their blockbusters because of the importance of cinemas in the life cycle of a film, and our customers, who need to be able to relax away from home. And our employees, who have been unemployed for a long time, are also eager to get back into action. We are convinced that we can reopen safely and thereby contribute to everyone's well-being. In the meantime, we are continuing to prepare for the future with our ‘Entrepreneurship 2022’ plans."

Full report annual results 2020 attached. 


  • EN_Kinepolis FY results 2020

© OMX, source GlobeNewswire - EU Press Releases

10/28Business update Q3 2021
08/19KINEPOLIS : Presentation Analyst Meeting H1 2021
08/19Kinepolis Group Nv Reports Earnings Results for the Half Year Ended June 30, 2021
08/19KINEPOLIS : Promising restart for Kinepolis Group after lengthy closures in first half-yea..
05/19KINEPOLIS : cinemas to reopen in several countries
05/18KINEPOLIS : Minutes Ordinary General Meeting and Extraordinary General Meeting
05/10Kinepolis Group NV's Equity Buyback announced on January 15, 2018, has expired.
04/29BUSINESS UPDATE Q1 2021 : Kinepolis remains financially solid despite prolonged closures a..
04/29KINEPOLIS GROUP SA : 1st quarter results
04/08KINEPOLIS GROUP : publishes 2020 annual report
More news
Sales 2021 267 M 303 M 303 M
Net income 2021 -28,7 M -32,4 M -32,4 M
Net Debt 2021 488 M 552 M 552 M
P/E ratio 2021 -35,3x
Yield 2021 -
Capitalization 1 258 M 1 423 M 1 423 M
EV / Sales 2021 6,53x
EV / Sales 2022 3,09x
Nbr of Employees 1 215
Free-Float 50,0%
Duration : Period :
Kinepolis Group NV Technical Analysis Chart | KIN | BE0974274061 | MarketScreener
Technical analysis trends KINEPOLIS GROUP NV
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus BUY
Number of Analysts 3
Last Close Price 46,78 €
Average target price 64,67 €
Spread / Average Target 38,2%
EPS Revisions
Managers and Directors
Eddy Duquenne Managing Director & Executive Director
Nicolas de Clercq Chief Financial Officer
Joost Bert Chairman
Bjorn van Reet Chief Investment Officer
Marion Debruyne Independent Director