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The Best Place to Watch a Movie Our History Always the Best Place to Watch a Movie Annual Report and Accounts 2019 The Best Place to Watch a Movie Our History Always The Best Place to Watch a Movie 1930 1997 Armon Theater cinema Opened first was built in Israel by multiplex Moshe Greidinger, in Hungary grandfather of our current CEO 1995 Cineworld founded by Steve Wiener No.2 UK cinema chain 1989 Regal Cinemas founded in Knoxville, Tennessee 1930 1985 1990 1995 2000 2006 2011 Successful IPO No. 1 on the Warsaw cinema player stock exchange in Central and Eastern Europe 2018 Cineworld completes acquisition of Regal Entertainment Group 2004 2007 2012 2014 2020 Cineworld acquired IPO of Cineworld Acquired Merger with Cinema Proposed UK operations on the London Picturehouse City International acquisition of of UGC stock exchange chain of cinemas Cineplex Inc 2002 2008 2013 Mr. Anschutz acquired Acquired Acquired Hollywood Regal cinemas, United Consolidated Theatres Theaters Artist Theatres, Edwards cinemas and consolidated all three into a single holding company, Regal Entertainment Group Listed on New York stock exchange 2005 2010 2015 2020 The Best Place to Watch a Movie 2019 was a year of achievement for Cineworld. We continued to enhance our estate and consolidate our customer offering, with our refurbishment plan well underway. We are rolling out our leading film-viewing experience to more cinemas to deliver further exhilarating experiences for our customers. Ours has been a story of growth and evolution to provide a superior entertainment experience. We are proud of our journey and unwavering vision of being The Best Place to Watch a Movie. 2019 Highlights Contents A solid performance Admissions Group Revenue Strategic Report Report Strategic 275.0m $4,369.7m p01-41 04 Chairman’s Letter (1) (2018: $4,657.0m(1)) (2018: 308.4m ) 06 Chief Executive Officer’s Review 10 Market Drivers Adjusted EBITDA (under IAS 17)(2,3) Profit after tax 12 Our Business Model 14 Strategic Priorities and KPIs $1,032.6m $180.3m 18 Strategy in Action (2018: $925.4m) (2018: $284.3m under IAS 17) 24 Risk Management 25 Principal Risks and GovernanceCorporate Financial Statements Uncertainties (2) Diluted EPS Adjusted Profit after tax 32 Resources and Relationships 36 Chief Financial $293.0m 13.1c Officer’s Review (2018: $325.9m under IAS 17) (2018: 22.4c under IAS 17) Corporate Governance Adjusted Diluted EPS(3) Dividend Per Share p42-86 42 Chairman’s Introduction 21.3c 15.5c to Governance (restated 2018(4): 25.7c under IAS 17) (2018: 15.0c) 44 Board of Directors 47 Corporate Governance Total Shareholder Return Statement 57 Nomination Committee Report 60 Audit Committee Report 700 65 Remuneration Committee 600 66 Directors’ Remuneration 500 Report 400 80 Directors’ Report 86 Statement of 300 Directors’ Responsibilities 200 100 Financial Statements 0 Total Shareholder Return (rebased to 100) Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 p87-165 Cineworld FTSE 250 FTSE All-Share Travel & Leisure 87 Independent Auditor’s Report 95 Consolidated Statement of Profit or Loss 96 Consolidated Statement of Comprehensive Income 97 Consolidated Statement of Financial Position 98 Consolidated Statement of Changes in Equity 99 Consolidated Statement For more information visit: of Cash Flows www.cineworldplc.com 100 Notes to the Consolidated Financial Statements Footnotes: 154 Company Statement of (1) Pro-forma results reflect the Group and US performance had Regal been consolidated for Financial Position the entirety of the comparative period from 1 January 2018 to 31 December 2018. Revenue is shown on a constant currency basis for the UK&I and the ROW reporting segments by 155 Company Statement of applying the 2019 average exchange rates to the 2018 performance. Refer to Note 3 for the Changes in Equity full reconciliation. 156 Notes to the Company (2) From 1 January 2019, the Group has adopted IFRS 16 “Leases”, applying the modified Financial Statements retrospective approach. To provide comparability of the underlying results year on year, the 165 Shareholder Information results to 31 December 2019 have also been presented, excluding the impact of IFRS 16, and have been prepared in accordance with the previous leasing standard IAS 17. A reconciliation of the IFRS 16 2019 results to IAS 17 is provided in the Chief Financial Officer's Review. (3) Refer to Note 3 and Note 8 for the full definition and reconciliation. (4) The 2018 Adjusted basic Earnings Per Share and Adjusted diluted Earnings Per Share have been restated as set out in Note 1. Cineworld Group plc Annual Report and Accounts 2019 01 Our business at a glance A snapshot of Cineworld 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. Our vision Our values To be “The Best Place to Watch a Movie” Passion for People Passion for Innovation Passion for Achieving Revenue by product and services $2,536.1m $1,240.3m $593.3m Box office Retail Other Number of screens 135 83 118 50 Number of Number of Number of Number of IMAX screens 4DX screens PLF(1) screens ScreenX screens (1) PLF is defined as Premium Large Format and includes RPX screens in the US and Superscreen screens in the UK and ROW Cineworld Group plc 02 Annual Report and Accounts 2019 Our brands Report Strategic 7,178 1,087 1,006 93 136 screens screens screens screens screens 546 102 102 26 11 sites sites sites sites sites Corporate GovernanceCorporate Financial Statements Cineworld today 10 787 9,500 30,000+ countries sites screens employees UK & Ireland Poland Czech Republic Slovakia Hungary Romania Bulgaria United States Israel Screens Sites Admissions Revenue Adjusted EBITDA US 7,178 US 546 US 177.3m US $3,209.6m US $1,197.1m UK & Ireland 1,180 UK & Ireland 128 UK & Ireland 48.2m UK & Ireland $648.4m UK & Ireland $192.2m RoW 1,142 RoW 113 RoW 49.5m RoW $511.7m RoW $191.0m Cineworld Group plc Annual Report and Accounts 2019 03 Chairman’s Letter Strong foundations for the future We are well positioned to capitalise on our scale and experience Anthony Bloom Chairman Overview the precaution of developing an action and refurbishment programme (which This is my last report as the Group's plan which we will implement in the has been enthusiastically supported Chairman as I will not be standing for case of a possible significant decrease in by our customers) and motivates re-election at the forthcoming Annual admissions. This will entail, among other our management and employees. General Meeting ('AGM'). Reflecting on initiatives, the postponement of non- This differentiated customer offering the Group's growth and expansion since essential capital expenditure, acceleration is a strong competitive response to 1995, when I became Chairman at its of cost reduction programmes and a new forms of movie viewing, which inception, I am incredibly proud of what reduction in staffing. The implementation cannot and do not provide the same has been achieved. The first cinema was of these measures will be evaluated and total customer experience that can be opened in Stevenage, and in my wildest applied commensurate with any required enjoyed in a modern superbly equipped imagination, I would never have thought cinema closures or precipitate drop in and operated cinema. that the Group would become the admissions. Obviously, these plans will second-largest cinema chain in the world only be implemented in anticipation of In 2019, the Group’s overall performance with 787 sites in 10 countries at the end an “in extremis” situation. was solid, given that box office of 2019. performance in the comparative year The proposed acquisition of Cineplex was the highest ever achieved in the US It is regrettable that my report on Inc ('Cineplex') was announced in history of cinema. Nevertheless, over the Group’s satisfactory results for December 2019 and post-completion 275m people saw movies in a Cineworld 2019 should at the time of writing be will be combined with our US business Group cinema, thus demonstrating the overshadowed by the materially adverse to create the biggest cinema business in enduring appeal of theatrical releases. impact the spread of the COVID-19 North America. Admissions were 10.8% lower for virus could have on the global cinema the Group and revenue for the year industry, and the consequent impact on More important to us than being decreased on a pro-forma basis by the Group’s share price. the biggest, however, is to be the 6.2% to $4,369.7m (2018: pro-forma best. We constantly strive to do so $4,657.0m). However, higher than While it is obvious that circumstances by providing our customers with an anticipated synergistic benefits of the can and do change astonishingly outstanding experience in modern and Regal transaction and operating cost quickly, so far our Group admissions for appealing auditoria, with differentiated reductions helped to mitigate the effect of the 2020 year to date have not been formats, superb screens, the latest the lower box office figures and Adjusted affected to any material extent and technology (seats, screens, projection EBITDA again exceeded a billion dollars, have held up in accordance with our and sound) and an attractive selection decreasing by 3.7% on a pro-forma basis normal expectations. of refreshments. In short, our mission to $1,032.6m (under IAS 17) (2018: pro- is to ensure that our cinemas become forma $1,072.4m). The statutory profit However as a matter of prudence and to widely known to be “The Best Place after tax decreased to $180.3m (2018: prepare our business for all eventualities, to Watch a Movie”.
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