Kinepolis achieved record results in 2023
Regulated information
22 February 2024, 7 a.m.
2023 was a record year for Kinepolis. Compared with 2022, revenue increased by 21.1% to € 605.5 million, with EBITDAL increasing by 32.8% to € 151.4 million. Net profit doubled to € 56.1 million.
With its highest ever turnover, EBITDAL and net profit, Kinepolis has now completely recovered from the Covid episode. The strong revenue generation was driven by 20.6% more visitors compared to 2022 combined with an increase in sales per visitor, a direct result of Kinepolis' substantial investments in premium concepts and film experiences.
Following an exceptionally good summer, a weaker fourth quarter (in terms of attendance figures) followed, partly due to the actors' and screenwriters' strike and the accompanying postponement of the most anticipated autumn film, 'Dune: Part Two', towards spring 2024. In this background, the anticipated expansion of the number of Hollywood releases is particularly promising.
The strong operating result led to a balance sheet that is stronger than before the pandemic, with higher solvency, lower gearing and substantially lower net debt and leverage. Free cash flow was € 85.5 million for the full year, compared with € 70.1 million in 2022.
With record figures and strong confidence in the future, a gross dividend of € 0.55 per share will be proposed to the General Meeting.
Important achievements
- Opening of 6 new IMAX screens in Canada, Belgium, Luxembourg, France and Spain
- Agreement for 21 new ScreenX theatres, with the first 5 being opened this month (Braine-l 'Alleud, Brussels, Brétigny, Nancy, Enschede)
- Rollout of Premiere/VIP Seats and Laser ULTRA in North America (US, Canada)
- Progress in transition to laser projection: 59% of all screens are now equipped with sustainable laser projection (77% in Europe); 75 installations planned for 2024
- Successful integration of newly acquired cinemas in Amnéville, Belfort and Béziers
Eddy Duquenne, CEO of Kinepolis Group, about the results for 2023:
"I am particularly proud of what we have achieved as a Group. Our focus on innovation and the premiumisation of our offerings - supported by the expertise and creativity of our teams - has been the right choice. We sold more premium products than ever, and the customer satisfaction levels show that our customers appreciate the experience offered. We will continue to focus on this.
The Group's current results also present an excellent foundation to create additional value upon further expansion of the films on offer, and provide Kinepolis with the capacity for future expansion."
Full report annual results 2023 attached.
