Kinepolis Annual Report 2015
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ANNUAL REPORT Contents In-theatre sales Our people 01 02 KEY FIGURES AND RATIOS ANNUAL SUMMARY 2 Key figures 5 Word from the Chairman and 3 Ratios CEO’s 8 Kinepolis Group in brief 10 Organization and strategy - Our mission and strategy - The Kinepolis concept - Our organization - Our people - Green Star, our sustainability project - Expansion - General market information 25 2015 at a glance CONTENTS KINEPOLIS GROUP ANNUAL REPORT 2015 Utopolis Belval (LU) Sketch of Kinepolis Utrecht (NL) Kinepolis Alcobendas (ES) 03 04 05 MANAGEMENT REPORT SHARE INFORMATION FINANCIAL REPORT 27 Discussion of the results 54 The Kinepolis Group share 58 Consolidated financial 32 Corporate governance statements statement 64 Notes to the consolidated 50 Other information financial statements 51 Declaration with regard to 114 Statutory auditor’s report the information contained in 116 Condensed financial this annual report statements of Kinepolis Group NV 118 Glossary 119 Financial calendar 2016-2017 KINEPOLIS GROUP ANNUAL REPORT 2015 CONTENTS 1 Key figures and ratios KEY FIGURES OTHER NUMBER (1) BELGIUM FRANCE SPAIN NETHERLANDS LUXEMBOURG (POLAND & TOTAL OF COMPLEXES SWITZERLAND) 2016 12 10 5 14 3 2 46 VISITORS BELGIUM FRANCE SPAIN NETHERLANDS LUXEMBOURG SWITZERLAND TOTAL (MILLIONS) (2) 2014 9.0 6.2 3.6 0.8 0.1 19.7 2015 9.2 6.4 4.4 1.7 0.3 0.1 22.1 2015 vs. 2014 2.4% 4.0% 20.5% 125.4% - 12.0% 12.5% CONSOLIDATED INCOME 2011 2012 2013 2014 STATEMENT (IN ’000 €) 2015 Revenue 253 704 254 505 245 980 262 619 301 571 EBITDA 74 562 72 252 75 006 71 303 88 739 REBITDA 71 673 74 001 74 634 74 264 90 958 Gross profit 79 639 82 221 82 111 81 843 99 578 Operating profit 53 341 51 673 55 069 50 665 65 245 Net finance expense -3 169 -5 859 -5 998 -4 295 -7 754 Profit before tax 50 172 45 814 49 071 46 370 57 491 Profit 36 471 35 704 37 541 35 167 32 255 Current profit 35 195 37 405 37 395 35 589 43 207 ANNUAL 2011 2012 2013 2014 GROWTH RATES 2015 Revenue 6.1% 0.3% -3.3% 6.8% 14.8% EBITDA 9.7% -3.1% 3.8% -4.9% 24.5% REBITDA 7.8% 3.2% 0.9% -0.5% 22.5% Gross profit 18.8% 3.2% -0.1% -0.3% 21.7% Operating profit 18.1% -3.1% 6.6% -8.0% 28.8% Profit 30.0% -2.1% 5.1% -6.3% -8.3% Current profit 25.5% 6.3% 0.0% -4.8% 21.4% CONSOLIDATED STATEMENT OF FINANCIAL 2011 2012 2013 2014 POSITION (IN ’000 €) 2015 Non-current assets 272 139 261 868 255 239 302 068 392 075 Current assets 54 814 65 703 55 072 44 996 98 624 TOTAL ASSETS 326 953 327 571 310 311 347 064 490 699 Equity 133 942 108 668 104 657 104 732 123 033 Provisions and deferred tax liabilities 18 110 21 466 20 525 18 352 27 029 Non-current loans and borrowings 38 502 81 709 87 917 91 471 214 000 Current loans and borrowings and bank overdrafts 56 020 37 731 19 332 44 095 8 714 Trade and other payables 72 649 72 949 70 487 79 651 97 090 Other 7 730 5 048 7 393 8 763 20 833 TOTAL EQUITY AND LIABILITIES 326 953 327 571 310 311 347 064 490 699 (1) Including Cinema City Poznań (Poland), operated by Cineworld and UGC Toison d’Or (Belgium) operated by UGC, Rouen (acquired in January 2016) and Kinepolis Dordrecht (opened in February 2016). (2) Excluding Cinema City Poznań (Poland) and UGC Toison d’Or (Belgium). 2 01 / KEY FIGURES AND RATIOS KINEPOLIS GROUP ANNUAL REPORT 2015 35 35.0 32.5 30.3% 30.2% 30 30.0 29.1% 28.3% 27.5 28.3% DATA PER SHARE (3) (4) 2011 2012 2013 2014 2015 25 25.0 Revenue2011 2012 2013 2014 2015 7.75 8.77 9.06 9.99 11.26 EBITDA 2.28 2.49 2.76 2.71 3.31 rebitda/opbrengsten 2015 rebitda/opbrengsten 2015 Profit 1.11 1.23 1.38 1.34 1.20 Current profit 1.07 1.29 1.38 1.35 1.61 Equity share of the Group 4.03 3.75 3.85 3.89 4.59 Gross dividend (5) (6) 0.36 0.47 0.64 0.65 0.79 35 35.0 1.5 Pay-out1.5 ratio 30% 35% 45% 50% 50% 1.32 RATIOS 32.5 1.2 1.2 1.13 30.3% 30.2% 2011 2012 2013 2014 PROFITABILITY30 RATIOS 30.0 29.1% 2015 0.84 0.9 0.9 0.83 28.3% EBITDA35 / Revenue 29.4%35.0 28.4% 30.5% 27.2% 29.4% 28.3% REBITDA0.57 / Revenue 28.3%27.5 29.1% 30.3% 28.3% 30.2% 0.6 0.6 Gross profit / Revenue 31.4%32.5 32.3% 33.4% 31.2% 33.0% 25 25.0 0.3 Operating0.3 profit / Revenue 21.0% 2011 20.3%2012 30.3%201322.4% 2014 19.3%30.22015% 21.6% 2011 2012 2013 2014 2015 Profit30 / Revenue 14.4%30.0 14.0%29.1% 15.3% 13.4% 10.7% rebitda/opbrengsten 2015 28.3% rebitda/opbrengsten 2015 Netto financiele schuld/ eigen vermogen 2015 Netto financiele schuld/ eigen vermogen 2015 27.5 28.3% FINANCIAL STRUCTURE RATIOS 2011 2012 2013 2014 2015 25.0 Net25 financial debt 76 501 2011 90 2002012 201388 141 2014 118 6452015 162 008 Net financial debt / EBITDA 1.03 1.25 1.18 1.66 1.83 1.5 1.51.0 rebitda/opbrengsten 2015 rebitda/opbrengsten 2015 1.0 Net financial debt / Equity 0.57 0.83 0.84 1.131.32 1.32 0.85 Equity / Total equity and liabilities 41.0% 33.2% 33.7% 30.2% 25.1% 1.2 1.2 1.13 0.8 0.8 Current Ratio 0.43 0.61 0.62 0.36 0.85 0.61 0.62 ROCE 19.8%0.9 21.8%0.83 0.8422.9% 20.9% 21.5% 0.6 0.90.6 1.5 35 1.535.0 0.43 0.57 0.6 0.6 0.4 0.4 REBITDA / REVENUE NET FINANCIAL DEBT / EQUITY 1.32 1.232.5 0.36 1.2 1.13 0.3 0.3 0.2 2011 2012 2013 2014 2015 0.2 2011 2012 30.3%2013 2014 30.22015% 30 0.930.0 29.1% 0.9 0.83 0.84 Netto28.3% financiele schuld/ eigen vermogen 2015 Netto financiele schuld/ eigen vermogen 2015 Current Ratio 2015 Current Ratio 0.57 0.627.5 28.3% 0.6 0.325.0 0.3 25 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 25 1.025.0 1.0 rebitda/opbrengsten 2015 ROCENetto financielerebitda/opbrengsten schuld/ eigen vermogen 2015 2015 CURRENTNetto financiele RATIO schuld/ eigen vermogen 2015 22.9% 0.85 0.822.5 21.8% 21.5% 0.8 0.61 0.62 19.8% 20 0.620.0 20.9% 0.6 0.43 1.5 1.01.5 1.0 0.417.5 1.32 0.4 0.85 0.36 0.8 1.2 0.81.2 1.13 0.215.0 0.2 15 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 0.61 0.62 0.6(3) Calculation based on the weighted average0.84 number of shares for the relevant period, multiplied0.6 by five for the period 2011 through 2013, 0.9 0.9to take account of the share0.83 split in 2014 and enable a comparison of the figures. Roce 2015 (4) In 2014 the data per shareCurrent take intoRoce account Ratio the 2015 share split into five as from 1 July 2014. Current Ratio (5) Calculation based on the number of shares entitled to dividend. For the periods 2011 up to 2013 split into0.43 five bearing in mind the share split as from 0.571 July 2014, in view of comparability. 0.4 0.6 0.4(6)0.6 For the year 2014 there was paid a supplemental exceptional dividend of € 0.20 per share. 0.36 KINEPOLIS GROUP ANNUAL REPORT 2015 01 / KEY FIGURES AND RATIOS 0.2 0.2 3 0.3 0.3 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 25 25.0 Netto financiele schuld/ eigen vermogen 2015 Netto financieleCurrent schuld/ Ratio eigen 2015 vermogen 2015 Current22.9% Ratio 22.5 21.8% 21.5% 19.8% 20 20.0 20.9% 25 25.0 1.0 1.0 17.5 0.85 22.9% 22.5 21.8% 21.5% 0.8 0.8 15.0 15 2011 2012 2013 2014 2015 19.8% 20 0.61 0.62 20.0 20.9% 0.6 0.6 Roce 2015 Roce 0.43 17.5 0.4 0.4 0.36 15 15.0 0.2 2011 2012 2013 2014 2015 0.2 2011 2012 2013 2014 2015 Roce 2015 Roce Current Ratio 2015 Current Ratio 25 25.0 22.9% 22.5 21.8% 21.5% 19.8% 20 20.0 20.9% 17.5 15.0 15 2011 2012 2013 2014 2015 Roce 2015 Roce Annual summary Kinepolis Dordrecht (NL) 4 02 / ANNUAL SUMMARY KINEPOLIS GROUP ANNUAL REPORT 2015 Word from the Chairman and CEO’s Ladies and Gentlemen, Dear shareholder, customer and employee, 2015 was a fantastic year for Kinepolis.