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View Annual Report CINEWORLD GROUP PLC | ANNUAL REPORT AND ACCOUNTS 2015 The best place to watch a movie ANNUAL REPORT AND ACCOUNTS 2015 We are a business with a simple strategy Our Vision… STRATEGIC REPORT FINANCIAL STATEMENTS 1 Highlights 2015 84 Consolidated Statement To be the best place to watch a movie 2 At a Glance of Profit or Loss 4 Highlights of the Year 85 Consolidated Statement of Our Strategy is to… 6 Chairman’s Statement Other Comprehensive Income 8 Chief Executive Officer’s 86 Consolidated Statement Statement of Financial Position 1 Deliver a great cinema experience for 10 Market Overview 87 Consolidated Statement all cinemagoers, every time 12 Business Model of Changes in Equity 14 Strategy and KPIs 88 Consolidated Statement 20 Resources and Relationships of Cash Flows 2 Continue to expand our estate and look 22 Principal Risks and 89 Notes to the Consolidated for profitable opportunities to grow Uncertainties Financial Statements 29 Financial review 129 Company Balance Sheet 33 Corporate Social 130 Company Statement of 3 Ensure that we enhance our existing Responsibility Changes in Equity estate so we deliver a consistent level 131 Notes to the Company GOVERNANCE Financial Statements of quality across the Group 36 Directors’ Biographies 136 Shareholder Information 39 Corporate Governance Statement 4 Be leaders in the industry by offering 39 Chairman’s Introduction customers the latest audio and 40 Compliance Statement 42 Leadership visual technology 44 Effectiveness 45 Nomination Committee 5 Drive value for shareholders Report 47 Accountability by delivering our growth plans 49 Audit Committee Report in an efficient and effective way 54 Directors’ Remuneration Report 55 Annual Report on Remuneration 67 Remuneration Policy 75 Directors’ Report 80 Statement of Directors’ Responsibilities 81 Independent Auditor’s Report For more information visit: www.cineworldplc.com/investors STRATEGIC REPORT Highlights 2015(1) STRATEGIC REPORTSTRATEGIC GROUP REVENUE (£m) EBITDA(3) (£m) PROFIT BEFORE TAX (£m) +13.9% +22.7% +48.1% 2015 705.8 2015 155.3 2015 99.7 2014 619.4 2014 126.6 2014 67.3 ADJUSTED PROFIT BEFORE TAX (4)(£m) ADJUSTED DILUTED EPS (5) (p) DIVIDEND PER SHARE (5) (p) +37.1% +28.7% +29.6% 2015 102.8 2015 31.4 2015 17.5 2014 75.0 2014 24.4 2014 13.5 GOVERNANCE Other Key Highlights Operational Highlights uuGroup revenue growth of 13.9% on uuProfit after tax increased by 49.2% uuRecord number of 18 sites opened a statutory basis and 12.4% on a pro to £81.3m; during the period, taking the Group forma(2) basis; to 2,011 screens; uuEPS growth of 38.9% to 30.7p; • UK & Ireland revenue growth of 12.7% uuA record 93.6m admissions, an increase uuAdjusted diluted EPS(5) growth of 28.7% on a 52 week v 52 week basis; and of 12.9%; to 31.4p; (6) uu • CEE & Israel revenue growth of Top ranked UK cinema chain in STATEMENTS FINANCIAL uuFull year dividend increased by 29.6% 11.7% on a pro forma basis. highly-regarded annual survey by the to 17.5p; Institute of Customer Service; and uuEBITDA growth of 22.7% on a statutory uuNet cash generated from operating basis and 18.5% on a pro forma basis; uuIntegration of the two Groups activities increased by 92.7% to successfully completed and the uuAdjusted profit before tax increased £165.9m; and synergies achieved have significantly by 37.1% to tax of £102.8m after uuNet debt reduced from £281.9m to exceeded original expectations. non-recurring costs and amortisation £245.2m, reducing the EBITDA to net of £3.1m. debt ratio at the year end to 1.6 times. 1 The 2014 statutory results for Cineworld 3 EBITDA is defined as reported in the 5 The 2014 adjusted diluted earnings per Group plc “the Group” include the results of Consolidated Statement of Profit and Loss share and dividend per share have been adjusted Cineworld Cinemas and Picturehouse for the as Operating profit before depreciation and for the first 48 days of the period to take into 53 week period ended 1 January 2015 and amortisation, onerous leases and other non- account the rights issue of 8 for 25 shares on the results of Cinema City for the 44 week recurring charges, impairments and reversals 14 February 2014. period ended 1 January 2015. of impairments, transaction and reorganisation costs, profit on disposals of assets. 6 CEE is defined as Central and Eastern 2 Pro forma results refer to the Group’s Europe and includes Poland, Hungary, Romania, performance had Cinema City been consolidated 4 Adjusted profit before tax is calculated by Czech Republic, Bulgaria and Slovakia. for the entirety of the period and has been adding back amortisation of intangible assets calculated by reference to the acquired (excluding acquired movie distribution rights), management accounts of Cinema City. For the and certain non-recurring, non-cash items and purposes of percentage movements, the impact foreign exchange as set out in Note 5. Adjusted of the 53rd week has been eliminated (week profit after tax is arrived at by applying an ending 1 January 2014, the first week of the prior effective tax rate to adjusted profit before tax. period) and movements in performance have been calculated on a constant currency basis. CINEWORLD GROUP PLC | ANNUAL REPORT AND ACCOUNTS 2015 1 STRATEGIC REPORT At a Glance The Group operates in nine different territories. We have 218 cinema sites with 2,011 screens. We are the second largest cinema business in Europe and the number one or two (by number of screens) in each territory of operation. Our brands UK and Ireland 898 SCREENS / 90 SITES 70 SCREENS / 22 SITES Cineworld is one of the UK’s leading cinema chains by Box Picturehouse provides a unique, local and intimate film viewing Office revenues. The cinemas are modern, well designed experience having created cinemas of both high quality and of multiplexes with stadium and allocated seating, situated architectural merit. Picturehouse operates in 13 towns and mostly in leisure and retail parks. Cineworld provides a cities, with eight located in London ‘villages’, and continues to high level of customer service to a large volume and wide focus on cinemagoers aged 25 and over, students and those in demographic of customers and shows a very broad range the more affluent demographics. These audiences are reached of films; it is also offers the highly successful ‘Unlimited’ card by showing a mix of quality blockbusters, alternative content which allows customers access to unlimited films for a monthly and specialised films. With generally five screens or fewer, subscription. During the period Cineworld continued the Picturehouse Cinemas create a cosy atmosphere, offering renovation of some of its older cinemas, completing the freshly-cooked food, bars and other special events, making renovation of Milton Keynes which included the first 4DX the experience a bit different to the big multiplexes. During the screen to be launched in the UK and Sheffield which includes period, our flagship site, Picturehouse Central was opened in our first VIP offering in the UK in addition to the opening the heart of London’s West End, close to Leicester Square with of eight new cinema sites. a unique offering including a restaurant and members bar. Central & Eastern Europe and Israel 937 SCREENS / 97 SITES 106 SCREENS / 9 SITES Cinema City operates in six Central and Eastern European Yes Planet and Rav-Chen are the two brands the Group territories and is either the number one or two, measured operates within Israel. Yes Planet is the market leader, offering by screens, in each of the markets in which it operates. The IMAX, 4DX and VIP screens to its customers. The styles and cinemas are all modern, well designed multiplexes with four or designs of the cinemas are a mixture of modern, multiplexes more screens, have market leading technologies such as IMAX, and local community cinemas, some of which were the first 4DX and VIP and cater for a high volume of customers. The cinemas to be built in Israel. All cinemas have stadium seating, cinemas tend to have larger foyers than those in the UK, giving big screens and the latest digital technology. The cinemas an impressive and welcoming feel and its proud local teams show a range of popular films in comfortable surroundings to provide a great experience to their customers. All cinemas have a large number of customers. During 2015 a state-of-the art allocated seating as standard and offer a wide range of popular 16 screen cinema was opened in Jerusalem with IMAX, 4DX, films, many of which are local to the territory in which the and VIP screens. cinemas are situated. Romania has been the focus market for expansion and development with five new cinema sites opened in 2015 and a further five scheduled for opening in 2016. 2 CINEWORLD GROUP PLC | ANNUAL REPORT AND ACCOUNTS 2015 STRATEGIC REPORT STRATEGIC REPORTSTRATEGIC Theatre Operations UK, Ireland, Central Eastern Europe and Israel In 2015, there were over 93 million customer admissions across all our cinemas. We are currently scheduled to open 465 screens over the next four years, 290 in CEE & Israel and 175 in the UK. GOVERNANCE 1 2 5 8 4 3 7 FINANCIAL STATEMENTS FINANCIAL 6 COUNTRY NO. OF CINEMAS SCREENS 1 UK & Ireland 112 968 2 Poland 33 354 3 Romania 22 198 4 Hungary 20 176 5 Czech Republic 13 115 6 Israel 9 106 7 Bulgaria 6 65 8 Slovakia 3 29 Total 218 2,011 CINEWORLD GROUP PLC | ANNUAL REPORT AND ACCOUNTS 2015 3 STRATEGIC REPORT Highlights of the Year The opening of Yes Planet, Jerusalem 16 screen Multiplex 44 new screens open in Cinema City, Romania The UK’s first 4DX screen opens in Cineworld,
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