Kinepolis Group NV · EURONEXT:KIN
Kinepolis Group NV — FY2005 Earnings Presentation
49 slides from Kinepolis Group NV's earnings presentation, Mar 10, 2006
Slide 1: Slide 1
Slide 2: Florent Gijbels & Joost Bert, CEOs Kinepolis Group
Florent Gijbels & Joost Bert CEOs Kinepolis Group
Slide 3: Key Figures (IFRS)
Key Figures (IFRS) KEY FIGURES in '000 € 31/12/2005 31/12/2004 %∆ Visitors 22,574 24,512 -7.9% Turnover 192,812 200,608 -3.9% EBITDA 42,660 46,030 -7.3% Operating Profit 20,728 25,790 -19.6% Financial Result -7,365 -7,961 -7.5% Profit before Tax 13,364 17,829 -25.0% Income Tax Expenses -5,259 -6,564
Slide 4: Visitors
Visitors Visitors '000 2005 2004 % REF MARKET Belgium 9,936 10,816 -8% -10% France 6,076 6,535 -7% -10% Spain 5,362 5,436 -1% -13% Poland and Switzerland 1,200 1,725 -30% -30% /-14% Total 22,574 24,512 -8% Worldwide boxoffice: Ô 8% US Admissions: Ô 9% 2005 2004 Admissions Germany: Ô 30% Jan-Sep -12%
Slide 5: Visitors
Visitors Poland and Switzerland 5% Spain 24% Belgium 44% France 27%
Slide 6: Net Financial Debt
Net Financial Debt 280 MIO € 263 260 250 240 220 205 200 18 0 160 157 16 0 150 14 0 2000 2001 2002 2003 2004 2005
Slide 7: Real Estate
Real Estate Market value: € 260m 860 000 m² in ownership 360 000 m² cinema buildings 50 000 m² leased out for concessions
Slide 8: Dividend
Dividend 2004 € 0.29 2005 € 0.35 Dividend increase by 21% Payout Ratio: 30%
Slide 9: Outlook 2006
Outlook 2006 Admissions Ò Net Profit Ò Focus on Ò profitability
Slide 10: Building Projects
Building Projects 1
Slide 11: Building Project Bruges
Building Project Bruges 1
Slide 12: Building Project Bruges
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Slide 13: Building Project Bruges
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Slide 14: Building Project Bruges
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Slide 15: Kinepolis Bruges
Kinepolis Bruges 8 halls, 1607 seats Investment incl. land: € 9.5 mio 500 000 visitors/year Market position & profitability Startup works: December 2005 Opening: 6th of July 2006 Concept 1
Slide 16: Kinepolis Bruges Concept
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Slide 17: Kinepolis Bruges Concept
Kinepolis Bruges Concept Width of seat and armrest Fastening of seat Seat reservation: –Numbering –Sensor Twinseating 1
Slide 18: Kinepolis Ostend
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Slide 19: Kinepolis Ostend
Kinepolis Ostend 1
Slide 20: Kinepolis Ostend
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Slide 21: Kinepolis Ostend
Kinepolis Ostend 8 halls, 1600 seats Parking facilities / public transport Investment incl. land: € 9.5 mio 350 000 visitors/year Market position & profitability Building demand: December 2006 Further project planning Concept 2
Slide 22: Recent complexes
Recent complexes 2
Slide 23: Kinepolis Nancy
Kinepolis Nancy 2
Slide 24: Kinepolis Granada
Kinepolis Granada 2
Slide 25: Kinepolis Group Annual Results 2005
Kinepolis Group Annual Results 2005 Jan Staelens CFO Kinepolis Madrid 25
Slide 26: Kinepolis complexes today
Kinepolis complexes today KINEPOLIS GROUP Complexes Screens Belgium 9 123 France 7 87 Spain 3 64 Poland 1 20 Switzerland 1 8 Total as per 31/12/2005 21 302 September 2005: Opening Nancy (10 screens, 2580 seats) Market Position in Europe: Belgium: 47% 9 1 France: 3% Spain: 5% 6 11 22 digital pr
Slide 27: Kinepolis today
Kinepolis today • Liquidated in 2005: Bruvision and CCI&H • Change of name: Kinepolis France, Kinepolis Braine, Kinepolis Immo Liège, Kinepolis Immo Hasselt, and Kinepolis Immo St. Julien-lès-Metz • New: Kinepolis Immo Multi 27
Slide 28: Stakeholders
Stakeholders Shareholders Total shares outstanding 6.930.778 Of which Family owned 4.429.038 (63.91%) Bestinver Gestion SA 714.635 (10.31%) Schröder Investment Management Ltd. 338.417 (4.88%) Free Float 1.346.070 (19.42%) Treasury Shares (own shares) 102.618 (1.48%) Warrants outstanding 231.250 • Wa
Slide 29: Key Figures 2005 in '000 €
Key Figures 2005 in ‘000 € Key Figures ( in '000 €) 31/12/2005 31/12/2004 %∆ 31/12/2005 31/12/2004 %∆ Comparable basis Total Visitors 22.574 24.512 -7,9% 21.724 24.195 -10,2% Revenues 192.812 200.608 -3,9% 185.506 198.455 -6,5% Operating profit, EBIT 20.728 25.790 -19,6% 21.459 26.457 -18,9% Net Pro
Slide 30: Visitors
Visitors Visitors (in '000) 31/12/2005 % of Tot 31/12/2004 % of Tot %∆ Belgium 9.936 44% 10.816 44% -8% France 6.076 27% 6.535 27% -7% Spain 5.362 24% 5.436 22% -1% Other (*) 1.200 5% 1.725 7% -30% Total visitors 22.574 100% 24.512 100% -8% Comparable basis (**) 21.724 24.195 -10% (*) Other = Poland
Slide 31: Segment - Revenues - geographical
Segment 1 - Revenues - geographical Revenues (in '000 €) 31/12/2005 % of Tot 31/12/2004 % of Tot %∆ Belgium 100.074 52% 105.573 53% -5% France 45.461 23% 46.902 23% -3% Spain 38.409 20% 37.121 19% 3% O t he r 2005 Other 8.867 5% 11.013 5% -19% 5% S pa in Revenues - 20% geographical 192.812 100% 200.
Slide 32: Segment - Revenues - business
Segment 2 - Revenues - business Revenues (in '000 €) 31/12/2005 % of Tot 31/12/2004 % of Tot %∆ Cinema: 185.380 96% 193.100 96% -4% Tickets 119.138 62% 127.782 63% -7% Food & Beverage 39.478 20% 40.202 20% -2% Media & Events 26.765 14% 25.116 13% 7% Film Distribution 2.088 1% 2.146 1% -3% Concession
Slide 33: Ticket prices
Ticket prices Ticketprice evolution (in €) 2001 2002 2003 2004 2005 Belgium 5,33 5,37 5,63 5,67 5,70 France 4,80 4,70 4,90 4,95 5,03 Spain 4,43 4,61 4,72 4,79 4,91 Poland 4,48 3,90 3,43 3,39 3,64 Switzerland 8,82 9,07 8,86 9,61 9,72 Total 5,05 5,04 5,18 5,19 5,28 Exclusive of currency effects Poland
Slide 34: Spent F&B
Spent F&B F&B per capita (in €) 2001 2002 2003 2004 2005 Belgium 1,54 1,67 1,85 2,02 2,13 France 1,03 1,00 1,11 1,19 1,24 Spain 1,38 1,38 1,44 1,51 1,62 Poland 1,05 1,02 0,94 0,96 1,24 Switzerland 3,34 3,62 3,50 3,53 4,01 Total 1,39 1,44 1,55 1,64 1,75 Exclusive of currency effects Poland 1,10 Switz
Slide 35: Gross Profit
Gross Profit Belgium Gross Profit (in '000 €) 31/12/2005 % of Tot 31/12/2004 % of Tot %∆ Belgium 26.441 64% 28.108 61% -6% France 5.423 13% 7.038 15% -23% Spain France Spain 8.039 19% 8.358 18% -4% Other Other 1.483 4% 2.285 5% -35% Gross Profit 2005 GROSS PROFIT (in '000 €) 41.387 100% 45.789 100%
Slide 36: Costs
Costs Costs (in '000 €) 31/12/2005 % of Tot 31/12/2004 % of Tot %∆ Marketing & Selling Expenses -10.000 48% -9.752 49% 3% Administrative Expenses -12.490 60% -13.849 69% -10% Other Operating Income & Cost 1.831 -9% 3.603 -18% -49% Total -20.659 100% -19.999 100% 3% • Cost savings • Other Operting In
Slide 37: Marketing & Selling Expenses
Marketing & Selling Expenses Costs (in ‘000 €) 31/12/2005 % of Tot 31/12/2004 % of Tot %∆ Marketing & Selling Expenses -10.000 48% -9.752 49% 3% • Publicity (Inclusive start-up Nancy) • Promotions • Marketing and Sales department 37
Slide 38: Administrative Expenses
Administrative Expenses Costs (in ‘000 €) 31/12/2005 % of Tot 31/12/2004 % of Tot %∆ Administrative Expenses -12.490 60% -13.849 69% -10% • Leaner administrative tasks • Powerful accounting and reporting systems • Management Information Systems + Studies • Cost saving measures 38
Slide 39: Other Operating Income & Cost
Other Operating Income & Cost Costs (in ‘000 €) 31/12/2005 % of Tot 31/12/2004 % of Tot %∆ Other Operating Income & Cost 1.831 -9% 3.603 -18% -49% • CNC-grant (partially, also impact on financial results) • Results Sale Property, Plant & Equipment • Other non-current items 39
Slide 40: Margin analysis 2005 vs 2004
Margin analysis 2005 vs 2004 2005 vs 2004 %∆ 2005 vs 2004 %∆ Visitors comparable basis -10,2% Revenues comparable basis -6,5% Revenues comparable basis -6,5% EBITDA comparable basis -9,0% Revenues comparable basis -6,5% EBITDA comparable basis -5,9% and corrected for non- current items Belgium -5,2%
Slide 41: Financial Result & Debts
Financial Result & Debts Financial result (in '000 €) 31/12/2005 31/12/2004 %∆ Interests -7.048 -6.970 -1% Other (CNC, derivatives, exchange results, bank charges) -317 -991 68% Financial result (in '000 €) -7.365 -7.961 7% Net Financial Debt 149.657 156.669 -4% Financial Leverage (in '000 €) 31/12/
Slide 42: Other Financial Result
Other Financial Result Impact exchange results + currency hedge results = +/- 0 Fair value adjustments financial instruments: Impact = interest hedge 42
Slide 43: Taxes
Taxes Net Profit (in '000 €) 31/12/2005 31/12/2004 %∆ Profit before tax 13.364 17.829 -25% Current Taxes -5.565 -4.992 Deferred taxes 306 -1.572 Total Taxes -5.259 -6.564 -20% Average Tax percentage -39% -37% Net Profit 8.105 11.266 • Increase in Average tax percentage • Taxable Profit in best marke
Slide 44: Deferred taxes: Temporary Differences
Deferred taxes: Temporary Differences in '000 € 31/12/2005 31/12/2004 Temporary differences -40.438 -41.087 Fixed Assets (*) -49.215 -55.037 CNC (*) 1.056 2.784 Provisions and other receivables -472 -541 Financial Instruments 478 892 Tax loss carry forward + Investment deduction (*) 7.714 10.815 Def
Slide 45: Capital Expenditures
Capital Expenditures CAPEX 31/12/2005 31/12/2004 Belgium 5.866 4.354 France 15.427 4.858 Spain 1.056 11.539 Other 760 1.178 TOTAL 23.109 21.929 • 2005: Construction Kinepolis Nancy: € 13 mio, 2004 : € 2 mio. • 2005: Kinepolis Bruges: € 2.0 mio • 2004: Construction Kinepolis Granada: € 8.0 mio 45
Slide 46: Income Statement
Income Statement Consolidated Income Statement 31/12/2005 31/12/2004 %∆ (in '000 €) Revenues 192.812 200.608 -3,9% Cost of Sales -151.425 -154.820 Gross Profit 41.387 45.789 -9,6% Marketing & Selling Expenses -10.000 -9.752 Administrative Expenses -12.490 -13.849 Other Operating Income & Expenses 1.
Slide 47: Tax Shelter
Tax Shelter Tax Shelter 2005 (in '000 €) 950 Windkracht 10 (MMG) De Indringer (Skyline Entertainment) Buitenspel (Menuet) Tax Shelter 2006 (in '000 €) 900 Plop, Piet Piraat, K3 (Studio 100) Brendan and the secrets of Kell (Vivifilm) New production (Skyline Entertainment) Firmin Crets (Chris Van den
Slide 48: Forecast
Forecast Forecast 2006 Visitors important growth Net Result double digit growth Capex replacement investments 10,0 mio € Capex Kinepolis Brugge 7,0 mio € Capex Kinepolis Oostende 2,0 mio € 48
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