CINEWORLD GROUP PLC Cineworld Group - Full year 2021
17 March 2022 | 0 |
Overview
Operational Update:
All sites across the Group opened since June and operating with no restrictions since early March
Recovery has been driven by a strong slate of movies including record breaking Spider-Man: No Way Home, Shang-Chi and the Legend of the Ten Rings, Venom, and No Time to Die
January and February 2022 have been impacted by a record number of new COVID-19 cases due to the Omicron variant and lack of new releases
March started strong in light of decline in COVID-19 cases and outstanding performance of Batman
Key management actions taken during 2021:
Commercial initiatives: studio and landlord agreements
Operational measures: cash preservation, cinema reopening and permanent cost reduction
Financing initiatives: secured additional financing and covenant waivers
Business now well positioned to benefit from the strong movie slate in 2022 and beyond
1
Financial Review
FINANCIALS AT A GLANCE
H1 2021 | H2 2021 | FY 2021 | |
Admissions | 14m | 81m | 95m |
Revenue | $293m | $1,512m | $1,805m |
Adj. EBITDA | ($21m) | $476m | $455m |
Adj. EBITDAaL1 | ($103m) | $158m | $54m |
Note: on IFRS 16 basis
1) Adj. EBITDAaL refer to Adj. EBITDA net of Payment of lease liabilities | 3 |
Adj. Profit and Loss - IFRS 16
2021 | 2020 | 2019 | |||||
Revenue | $1,805m | $852m | $4,370m | COVID-19 materially impacted our results with cinemas partly closed | |||
Cost of sales | ($1,262m) | ($888m) | ($2,736m) | during the period | |||
Gross profit / (loss) | $543m | ($36m) | $1,634m | Excludes $127m impairment reversal charge | |||
G&A | ($88m) | ($103m) | ($103m) | ||||
Cash generated from JV | - | $23m | $50m | ||||
Adjusted EBITDA | $455m | ($115m) | $1,580m | Includes: cash contribution from JVs - no amounts received 2021 | |||
D&A1 | ($511m) | ($618m) | Excludes: | ||||
Adj. Operating (Loss) / Profit | ($56m) | ($733m) | $878m | - Transaction and reorganisation costs $38m | |||
- COVID-19 related costs of $2m | |||||||
Net finance costs2 | ($766m) | ($594m) | ($523m) | ||||
- Refinancing costs of $9m | |||||||
Adj. (Loss) / Profit before tax | ($823m) | ||||||
Tax charge | $167m | $414m | ($62m) | Net finance costs are: | |||
Adj. (Loss) /Profit after tax | ($656m) | ($913m) | $293m | - Net interest expense on bank loans of $273m (2020: $159m) | |||
Adjusted diluted EPS (cents) | (47.8c) | (66.5c) | 21.3c | - Lease interest (non-cash) of $445m (2020: $349m) | |||
Note: Please refer to note 2. Alternative Performance Measures | - Others (non cash) interest of $49m (2020: $86m) | ||||||
1) | Excludes amortisation of intangibles created on acquisition of $23.6m | ||||||
2) | Excludes Amendment fees for refinancing costs, Movement on financial derivatives, Recycle of net investment hedge, Foreign exchange translation gains and losses, Gain on extinguishment of debt, | 4 | |||||
remeasurement loss on financial instrument and Remeasurement of financial asset amortised cost |
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Cineworld Group plc published this content on 17 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 March 2022 09:10:07 UTC.
