Press Releases
Cinema City International Chooses MasterImage 3D as the New 3D Systems Provider for its Growing Cinema Empire
28.03.2011 read moreCinema City International reveals its new brand identity and logo
25.03.2011 read moreCinema City Financial Results for 2010. Record financial performance topped with successful acquisition.
15.03.2011 read moreCinema City acquires Palace Cinemas in Central Europe. Cinema City becomes #3 cinema operator in Europe
20.01.2011 read moreCinema City opens in Arad, Romania
17.09.2010Cinema City operates 8 multiplexes in Romania
Today Cinema City International opens its 8th multiplex in Romania. Cinema City in Arad has 10 screens and 1 622 seats and it’s equipped with 5 digital projectors. In Romania Cinema City operates 82 screens in 7 cities.
Cinema City and IMAX Corporation are going digital in Central Europe and extending the deal into Israel.
31.08.2010Today Cinema City International, N.V. (WSE:CCI) (“CCI”) and IMAX® Corporation announced the new agreement between the Companies enhancing IMAX operations in Central and Eastern Europe and building up IMAX® presence in Israel. Cinema City, being exclusive exhibitor of IMAX® in the region, will digitalize all its IMAX® theatres and it’s going to expand IMAX® exhibition into Israel.
read moreCinema City Financial Results for H1 2010
20.08.20103G - Grossing films, Growing admissions, Good performance
- In the 1st half of 2010 Cinema City noted a consolidated EBITDA of EUR 31.3 million (+26.2% y/y) and consolidated EBIT of EUR 21.7 million (+26.2% y/y). Theatre operations generated EUR 28.1 million EBITDA, which was up by 83.7% y/y and EBIT of EUR 18.6 million (+135.6% y/y). The net profit of the Company totalled EUR 17.5 million (+26.6% y/y).
- The Company sold in total 15.1 million tickets, 23.5% more than in the first six months of the previous year. Same store admissions grew by 9.9% to 13.5 million tickets sold. Average ticket price went up to EUR 4.77 (+23.7% y/y). Average ticket prices in local currencies grew in all the countries supported by popular 3D titles.
- In the 1st half of 2010, Cinema City International N.V. (“Cinema City”) generated revenues from cinema related operations of EUR 116.4 million (+44.8% y/y) and the revenue from the sale of the real estate of EUR 91.2 million (+ 296.1% y/y). Revenue from cinema related operations comprise theatre operations, film distribution activities and other cinema related real estate. Revenue from the sale of the real estate is the one-time revenue from divestment of CCI’s real estate activity in Bulgaria.
- Revenues from theatre operations soared to EUR 106.3 million (+45.4% y/y).
- In the 2nd quarter alone, Cinema City’s revenues from cinema related operations went up by 28.6% to EUR 46.3 million. Total EBITDA of Cinema City in the 2nd quarter 2010 was EUR 11.1 million (+16.9%), and net profit was EUR 4.8 million (+16.6%).
- CCI opened a 15screen megaplex in Bucharest, Romania and reopened 1 cinema in Israel with 4 screens (6 screens before refurbishment). One cinema with 4 screens was closed in Israel. As at the end of June 2010 Cinema City was operating 69 theatres with 677 screens (+12.3% y/y). Investments in cinema chain were of EUR 14.0 million.
- Digitalisation of cinema chain: 193 digital projectors were installed as at 20 August 2010.
- Positive performance of cinema advertising. Development of co-operation with key clients. New projects on the way.
- Film distribution performance turned into positive number. Strong titles in the distribution and development of the business in Romania.
- Divestment of CCI’s real estate activity in Bulgaria to Israel Theatres Ltd for EUR 91.2 million in April 2010. First instalment of EUR 76.2 million paid to the Company. The transaction is described in the current report no 10/2010.
- Cinema City plans for H2 2010 include opening of 5 to 7 cinemas with around 65 screens, development of cinema advertising and active consideration of cinema business expansion in existing markets as well as in the new territories.
“Cinema City continues growing. In the first six months of the year we sold over 15 million tickets. The new screens that we opened in the second half of 2009 and in 2010 deliver very good results, and together with a very well received movie pipeline, the Company is noting another record financial results. Cinema City also uses the 3D revolution into its good account. With close to 200 digital projectors we observe increasing sales of tickets for films with 3D technology.” - said Moshe J. Greidinger, CEO of Cinema City, the largest multiplex cinema operator in Central & Eastern Europe and in Israel “In April we closed the transaction of sale of our Bulgarian real estate operations to our parent company Israel Theatres Ltd. This one-time transaction generated a high amount of extra revenue and cash, which allowed us to decrease significantly the Company’s debts. I am also happy to say that our film distribution activity develops successfully in Bulgaria and Romania. In these two countries we plan to expand with professional film distribution and support the cinema going culture.”
Financial results*
*selected financial data for H1 2010 and Q2 2010 is presented in the appendix 1
In the financial statement for the first half of 2010 the Company presents its operating results with revenues split into revenues from cinema related operations and revenues from the real estate revenues, which are summed up in the total revenue line. The reason for such presentation is the one-time very high amount of revenues from divestment of CCI’s real estate activity in Bulgaria, which was entirely included in the profit and loss account. Revenues from cinema related operations include theatre operations, film distribution and other cinema related real estate activity.
Revenues from cinema related operations amounted to EUR 116.4 million in the first half of 2010 growing by 44.8% y/y. This increase is coming both from the sound increase in theatre operations and in film distribution business. Revenues from sale of the real estate equalled EUR 91.2 million (+296.1% y/y) and they are the one-time revenue in such high amount coming from divestment of CCI’s real estate activity in Bulgaria. In H1 2009 the Company recognized revenues from the sale of real estate in the much lower amount of EUR 23.1 million (proceeds from sale of its 30% holding in the Mall of Plovdiv project in Bulgaria). Combination of these two types of revenues are summing up to the total consolidated revenue of EUR 207.6 million (+100.8% y/y).
Cinema City Sun Plaza opens in Bucharest, Romania
18.06.2010Second megaplex in Bucharest opened
Today Cinema City International, N.V. (WSI:CCI) (“CCI”) opens its second megaplex in Bucharest in the Sun Plaza shopping centre. The cinema has 15 screens and 2 934 seats and it’s equipped with 4 digital projectors. Following this opening Cinema City in Romania operates 7 cinemas with 72 screens in 6 cities.
Cinema City financial results through 1st quarter of 2010
18.05.2010Theatre operations boosted by 3D and excellent attendance
Full financial statement is available on the Company’s website www.cinemacity.nl
- In the 1st quarter of 2010, Cinema City International N.V. (“Cinema City”) generated revenues of EUR 70.1 million (+6.4% y/y), EBITDA of EUR 20.3 million (+32.0%) and net profit of EUR 12.5 million (+29.8%). Record financial results are coming from theatre operations.
- Theatre operations noted 60.6% increase in revenues to EUR 64.4 million and EBITDA of EUR 20.3 million ((+103.8% y/y). Cinema City sold 9.3 million tickets (+34.9 y/y) in the entire chain and 8.2 million tickets in the like-for-like terms (+19.3% y/y). Average ticket price went up to EUR 4.94 (+27.9%) as a result of increasing number of tickets sold for 3D format movies and appreciation of CEE local currencies vs euro.
- International blockbusters in 3D format, such as: Avatar or Alice in Wonderland among others, strongly contributed to CCI’s theatre performance.
- At the end of the quarter Cinema City was operating 68 theatres with 664 screens (+12% y/y). The Company has closed one small cinema in Israel with 4 screens. Cinema City has 42 binding lease agreements for additional 426 screens.
- Digitalization progresses. At the end of March there were installed 155 digital projectors in all countries of operations and another 80 is already ordered to be installed in the coming months. In 1Q investments in the cinema circuit development totaled EUR 5.9 million.
- On 21 April 2010 the Company sold all of its real estate development and related activities in Bulgaria to Israel Theatres Ltd., its controlling shareholder for Euro 91.2 million. The Company intends to use the proceeds to fund the expansion of movie theatre activities. Following the transaction the debt of Cinema City was reduced significantly.
Cinema City closes transaction of sale of its Bulgarian real estate business to Israel Theatres Ltd,
22.04.2010Cinema City International, N.V. (WSI:CCI) (“CCI”) announced today that it has signed an agreement with Israel Theatres Real Estate Holding B.V. and Pan-Europe Finance B.V. (both subsidiaries of Israel Theaters Ltd. ("IT")) to sell all its real estate development activity for EUR 91.2 million and the Parties closed the transaction. The initial payment of EUR 76.2 million was already made to Cinema City.
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