Half Year 2024 Kinepolis Group NV Earnings Call Transcript
Key Points
- Kinepolis Group NV (XBRU:KIN) reported a strong performance in the last month, achieving half of the EBITDA made in the first half of the year.
- Despite a decrease in visitors, revenue per visitor increased slightly, and non-ticket related revenues remained strong.
- The company generated a decent free cash flow of EUR12.5 million, despite industry-wide cash drains.
- Kinepolis Group NV is expanding its premium offerings, including ScreenX and Laser ULTRA screens, to meet increasing demand.
- The company received the 2024 Milestone Award at CineEurope, recognizing its leadership through the pandemic.
- Visitor numbers decreased by 16.7%, with 2.9 million fewer visitors due to a lack of blockbuster releases.
- Free cash flow decreased by EUR9.8 million compared to the previous year.
- Net financial debt increased slightly from EUR378 million to EUR392 million.
- Operating expenses and overheads increased due to exceptional costs and team expansions.
- The effective tax rate rose to 88.7% for the first half, impacting net results.
(video playing)
Very welcome for the presentation of the H1 results 2024. As you will see this time, I am alone onstage, but next time, I will be joined by our new CFO, who is in the meantime in the back of the theater. So Pieter-Jan Sonck, who you already met in the meantime and that you will see later during the coffee break.
So very welcome, and I would say this a little bit symbolic for what we witnessed in our theaters, not a lot of visitors because of lack of wide releases with the potential of blockbusters. And this is essentially until the end of May. From June, we welcomed that Bad Boys and later on Inside Out 2 and to last month with a Despicable Me and with Deadpool we are completely on track.
Last month was even a very good month with results realizing half of the EBITDA we made in the first half, so very strong. So 16.7% less visitors by 2.9 million despite a little bit less effect on revenue because the revenue per visitor is slightly higher and all the non ticket related revenues
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