Halfyear Report Released : 11.08.2016 RNS Number : 8721G Cineworld - PDF document

Half­year Report Released : 11.08.2016 RNS Number : 8721G Cineworld Group plc 11 August 2016 11 August 2016 CINEWORLD GROUP plc interim results for 6 months ended 30 June 2016 Cineworld Group plc ("the Group") is pleased to announce its interim results for the 6 months period ended 30 June 2016 6 months 6 months v 2015 v 2015 (constant ended ended (statutory currency basis) 1 30 June 2016 2 July 2015 basis) Group revenue £356.7m £329.1m + 8.4% + 6.8% EBITDA 2 £70.5m £64.7m + 9.0% + 7.2% Profit before tax £30.6m £46.8m ‐ 34.6% Adjusted profit before tax 3 £39.4m £39.3m + 0.3% Profit a er tax £24.4m £36.9m ‐ 33.9% Adjusted profit a er tax 3 £32.7m £31.0m + 5.5% Diluted EPS 9.1 p 13.8 p ‐ 34.1% Adjusted diluted EPS 12.2 p 11.6 p + 5.2% Dividend per share 5.2 p 5.0p + 4.0% Financial Highlights · Group revenue growth of 8.4% on a statutory basis and 6.8% on a constant currency basis 1 ; ­ UK & Ireland revenue growth of 3.0%, ­ ROW 4 revenue growth of 13.9% on a constant currency; · EBITDA growth of 9.0% on a statutory basis and 7.2% on a constant currency basis; · Adjusted profit after tax increased by 5.5% to £32.7m; · Adjusted profit before tax remains broadly flat at £39.4m; · Statutory profit after tax decreased to £24.4m, predominantly due to: ­ a £6.4m one­off gain on a disposal in the prior year period, and ­ adverse currency movements of £6.1m compared to an exchange rate gain of £8.9m in the prior year period; · Adjusted diluted EPS growth of 5.2% to 12.2p; · Interim dividend increased by 4.0% to 5.2p; · Net cash generated from operating activities of £44.4m; and · Net debt broadly flat at £250.3m compared to £245.2m at 31 December 2015. Operational Highlights · Admissions growth of 2.7% to 46.1m; · Strategic expansion continued with four more site openings, taking the Group to 2053 screens; · Estate management progressing well, with six major refurbishments to be completed by the end of 2016; · Driving technological innovation with the first 4DX screen in Slovakia and first IMAX Sound Experience in the UK; and · CEO, Mooky Greidinger awarded the Global Achievement Award in Exhibition at Cinemacon 2016. Post balance sheet acquisition · Acquisition post­period end of five cinemas from Empire Cinema Limited, including the Empire in Leicester Square. Commen ng on these results, Mooky Greidinger, Chief Execu ve Officer of Cineworld Group plc, said: "We are delighted to have con nued the Group's strategic expansion with the opening of four new sites, 45 screens, during the six months to 30 June 2016. The acquisi on announced on 28 July 2016, of five cinemas from Empire Cinema Limited, is an exci ng development and reinforces our commitment to growth by opera ng high quality cinemas. The results for the first half of the year are in‐line with our expecta ons. We have achieved growth in admissions, box office revenue, and retail sales, with a par cularly strong performance in our Rest of the World segment, achieving double digit growth in admissions. The strongest tles released during the period were "The Jungle Book", "Deadpool" and "Captain America: Civil War" . Our solid performance has resulted in constant currency revenue growth of 6.8%, and EBITDA growth of 7.2%. The Board is pleased to declare an increased interim dividend of 5.2p (2015: 5.0p). The film release programme for the second half of the year is promising, with a number of family tles scheduled during the summer including "The Secret Life of Pets", "The BFG" and "Finding Dory" as well as "Star Trek Beyond", "Jason Bourne", "Bridget Jones Baby", "Fantas c Beasts and Where to Find Them"