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The Best Place to Watch a Movie

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The Best Place to Watch a Movie Cineworld Group plc Annual Report and Accounts 2017 The best place to watch a movie Cineworld Group plc Annual Report and Accounts 2017 Our Business at a Glance An International Cinema Chain We are an international cinema chain operating in nine different territories with 232 sites and 2,217 screens. We are focused on providing our customers with the best possible cinema experience, UK&I revenue £m offering a variety of movies, as well as different +6.2% 524.5 formats using the latest technologies. 494.0 Our vision is 465.9 always to be “The Best Place to Watch a Movie”. Theatre operations 2015 2016 2017 m 1 UK&I admissions 2 +2.3% 5 8 50.9 51.8 53.0 4 3 7 2015 2016 2017 6 No. of screens No. of No. of Total no. Total no. opened 4DX IMAX Country of sites of screens in 2017 screens screens 1 UK & Ireland 120 1,081 56 16 21 2 Poland 35 385 31 6 6 3 Romania 25 231 8 4 2 ROW revenue £m 4 Hungary 18 157 – 2 1 +20.5% 5 Czech Republic 14 133 18 3 1 366.2 6 Israel 11 136 12 4 3 303.8 7 Bulgaria 6 65 – 2 1 239.9 8 Slovakia 3 29 – 1 – Total 232 2,217 125 38 35 2015 2016 2017 Brief history ROW admissions m 1995 2014 Cineworld Group plc was founded. The Group completed the combination +4.7% with the cinema business of Cinema 50.8 2007 48.5 City International N.V. Cinema City The Group listed on the London Stock 42.7 started as a family business in 1931, with Exchange in May 2007. Currently, the first cinema opened in Haifa, Israel. Cineworld Group plc is the only In 2014 Cinema City had 99 sites and quoted UK cinema business. 966 screens across seven territories. 2012 Following the combination with The Group acquired the arts chain Cinema City in 2014, a total of of cinemas, Picturehouse. 30 sites and 358 screens were added to the Group. 2015 2016 2017 We operate four brands across the Group Quick facts Overview Quick facts Overview 1,010 Cineworld cinemas are modern, well 71 Picturehouse is a high quality arthouse screens designed multiplexes with high quality screens chain with a cosy atmosphere, freshly- technology, stadium seating, and online cooked food, bars and hosts events. 98 ticketing services. The sites are mostly in 22 Picturehouse cinemas generally have sites sites leisure and retail parks. Cineworld offers five screens or fewer and are high quality the “Unlimited” subscription card which and of architectural merit. Picturehouse allows unlimited viewings per month. operates in 13 towns and cities, with Refurbishment of older sites, investment eight sites located in London. The in new technologies and diversification Picturehouse membership scheme of retail offerings are a key focus for the includes discounts on tickets, access to Cineworld brand. Cineworld is the only exclusive previews and special events. exhibitor in the UK to offer the 4DX The Picturehouse team works with experience, which includes motion seats independent movie creators and hosts and environmental effects. movie festivals and other events. Quick facts Overview Quick facts Overview 1,000 Cinema City operates in six European 136 Yes Planet and Rav-Chen are the two screens territories. The cinemas are modern, screens brands which the Group operates in well designed multiplexes. Cinema City Israel. Yes Planet is the market leader, 101 works with local communities to provide 11 operating state-of-the-art multi and sites sites international and local productions. mega-plex cinemas which include IMAX, The cinemas have some of the highest 4DX, Superscreen and VIP offerings. screen/site ratios in the world, stadium Rav-Chen cinemas are a smaller version seating and technologies such as IMAX, of the multiplexes. The style and design 4DX and VIP offerings. Constant of the cinemas is contemporary and all renovation of the circuit takes place, and have stadium seating, large screens and new sites are developed to maximise the latest digital technology. The cinemas Cinema City’s potential. show a range of popular films from both international and local producers. Our Purpose To provide our customers with a choice of how to watch a movie, in modern state-of-the-art cinemas with the latest technology and a variety of retail offerings, all underpinned by great customer service. Strategic Report Corporate Governance Financial Statements 01 Highlights 30 Chairman’s Introduction to Governance 74 Independent Auditor’s Report 02 Delivering on our Purpose 32 Board of Directors 79 Consolidated Statement of Profit 08 Chairman’s Letter 34 Leadership or Loss 10 Chief Executive Officer’s Review 39 Effectiveness 80 Consolidated Statement of Other Comprehensive Income 12 Market Drivers 41 Nomination Committee Report 81 Consolidated Statement of 14 Our Business Model and Strategy 42 Accountability Financial Position Strategy and Key Performance Audit Committee Report 16 44 82 Consolidated Statement of Indicators 48 Directors’ Remuneration Report Changes in Equity Risk Management 18 52 Remuneration Policy 83 Consolidated Statement of Cash Flows Principal Risks and Uncertainties 19 68 Directors’ Report 84 Notes to the Consolidated 23 Resources and Relationships 73 Statement of Directors’ Financial Statements 26 Chief Financial Officer’s Review Responsibilities 124 Company Statement of Financial Position 125 Company Statement of Changes in Equity 126 Notes to the Company Financial Statements 132 Shareholder Information Visit our website For more information visit: www.cineworldplc.com Highlights Strategic Report Strategic Another year of record progress Group revenue £m Adjusted EBITDA(1) £m Profit after tax £m +11.6% +12.7% +22.7% Corporate Governance Corporate 890.7 198.2 100.6 797.8 175.8 705.8 155.3 81.3 82.0 Financial Statements Financial 2015 2016 2017 2015 2016 2017 2015 2016 2017 Adjusted diluted EPS Adjusted profit after tax(2) £m (before rights adjustment)(2) p Total Shareholder Return +13.2% +12.1% 1,000 106.2 38.9p 93.8 34.7p 800 79.3 29.7p 600 400 200 TSR (rebased to 100) 0 Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec 2015 2016 2017 2015 2016 2017 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Cineworld FTSE FTSE All-Share Travel & Leisure p26 Chief Financial Officer’s Review Key Financial Highlights Operational Highlights ÆÆGroup revenue growth of 11.6% on a statutory basis and ÆÆGrowth in total admissions of 3.5% to 103.8m. (3) 8.0% on a constant currency basis : ÆÆAcquisition of 16 screen Empire Newcastle site completed. — Solid UK and Ireland revenue growth of 6.2%. ÆÆNine new site openings, four in the UK and five in the ROW, — Strong ROW(4) revenue growth of 20.5% on a statutory adding 109 screens, bringing the total number of screens basis and 10.7% on a constant currency basis. to 2,217 at 31 December 2017. ÆÆAdjusted EBITDA double digit growth of 12.7%, 7.4% on ÆÆSix major refurbishments completed in 2017, four in the a constant currency basis. UK and two in the ROW. ÆÆStatutory profit before tax increased 22.7% to £120.5m. ÆÆLeading technological innovation with two new IMAX ÆÆAdjusted profit before tax(2) increased by 14.5% to £127.5m. screens and 11 new 4DX screens. ÆÆBasic EPS (rights adjusted)(5) increased by 19.7% to 16.4p. ÆÆAnnouncement in December and completion post year end of the acquisition of Regal Entertainment Group, making ÆÆAdjusted diluted EPS (rights adjusted)(5) increased by 12.3% Cineworld the second largest cinema chain in the world to 17.3p. (by number of screens). ÆÆThe Group maintained its dividend pay-out ratio for another year, increasing the full year cash dividend paid by 14.5%. plc Group Cineworld p10 Chief Executive Officer’s Review ÆÆNet cash generated from operating activities of £184.8m. p16 Strategy and Key Performance Indicators ÆÆNet debt reduced to £278.3m with Adjusted EBITDA to net debt ratio reduced at 1.4 times. Annual Report and Accounts 2017 Accounts and Report Annual (1) Adjusted EBITDA is defined as Operating profit before depreciation and amortisation, onerous leases and other non-cash items, impairments and reversals of impairments, transaction and reorganisation costs, gains and losses on disposals of assets and subsidiaries and the settlement of the defined benefit pension liability. Adjusted EBITDA is considered an accurate and consistent measure of the Group’s trading performance; items adjusted to arrive at Adjusted EBITDA are considered to be outside of the Group’s ongoing trading activities. (2) Adjusted profit before tax is calculated by adding back amortisation of intangible assets (excluding acquired movie distribution rights), and certain non-cash items and foreign exchange as set out in Note 5 to the financial statements. Adjusted profit before tax is used an internal measure by management, as they believe it better reflects the underlying performance of the Group and therefore a more meaningful comparison of performance from period to period. Adjusted profit after tax is arrived at by applying an effective tax rate to taxable adjustments and deducting the total from adjusted profit before tax. (3) To provide information on a comparable basis, where percentage change vs prior year information includes performance generated in currencies other than Sterling, the percentage is presented on a constant currency basis. Constant currency movements have been calculated by applying the 2017 average exchange rates to 2016 performance. (4) ROW is defined as the Rest of the World and includes Poland, Israel, Romania, Hungary, Czech Republic, Bulgaria and Slovakia. (5) In accordance with IAS33 the basic and diluted EPS figures have been adjusted for the bonus element rights issue as part of the Regal Entertainment Group acquisition.
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