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Cineworld Group plc (CINE)

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Friday 06 March, 2020

Cineworld Group plc

Company Update

RNS Number : 2591F
Cineworld Group plc
06 March 2020
 

 

Cineworld Group plc ("Cineworld")

 

Company Update

 

 

Given the impact that COVID-19 is having on the broader markets, we feel it is important to update our shareholders on current trading.  Thus far, we have not observed any material impact on our movie theatre admissions due to COVID-19. Following an increase in admissions in the first two months of the year against the same period in the previous year, we continue to see good levels of admissions in all our territories, despite the reported spread of COVID-19. Although the release of the new Bond movie has been postponed to November 2020 largely due to closure of cinemas in the Asian markets, the studios have advised us that in the countries in which we operate, they currently remain committed to their release schedule for the coming months and remainder of the year.

 

There can be no certainty as to the future impact of COVID-19.  We are however taking measures to ensure that we prepare our business for all possible eventualities. Should conditions relating to COVID-19 continue or worsen, we have measures at our disposal to reduce the impact on our business including, but not limited to, capex postponement and cost reduction.

 

We today release the following key unaudited financial information for the year ending 31 December 2019 ahead of the release of our audited results for that period on 12 March 2020. We do not expect any material deviation from the unaudited figures once the audit is complete.

 

Key Financial Highlights (IAS 17):

Revenue: $4,369m

Adjusted EBITDA(1): $1,032m

Net Debt (excluding lease liabilities)(1): $3,479m

 

(1)Adjusted EBITDA and Net Debt are presented on a comparable basis with the Group's 2018 published results, before the impact of the new lease accounting standard.

 

 

Cautionary note concerning forward looking statements

Certain statements in this announcement are forward looking and so involve risk and uncertainty because they relate to events, and depend upon circumstances that will occur in the future and therefore results and developments can differ materially from those anticipated. The forward looking statements reflect knowledge and information available at the date of preparation of this announcement and the Group undertakes no obligation to update these forward-looking statements. Nothing in this announcement should be construed as a profit forecast.

 

 

Enquiries: Cineworld Group plc


Israel Greidinger

Nisan Cohen

Manuela Van Dessel

 

8th Floor, Vantage London

Great West Road

Brentford

TW8 9AG

[email protected]

James Leviton

Andy Parnis

Rob Allen

 

+44 (0)20 7251 3801

[email protected]

 

 

 

 

LEI: 213800J2J3TOOI176M73


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