Cineworld — H1 2021 Earnings Presentation
19 slides from Cineworld's earnings presentation, Aug 12, 2021
Slide 1: Cineworld Group – Interim Results 2021
Cineworld Group – Interim Results 2021 12 August 2021 0
Slide 2: Overview
Overview Operational Update: All sites across the Group opened since June Gradual recovery of admissions and demand since re-opening supported by strong F&B spend Anticipate strong trading in Q4 supported by an exciting film slate subject to COVID-19 situation Key management actions taken during the
Slide 3: Financial Review
Financial Review
Slide 4: H1 2021 Financials at a Glance
H1 2021 FINANCIALS AT A GLANCE Admissions Revenue Adj. EBITDA Adj. EBITDAaL1 IFRS 16 14m $293m ($21m) ($103m) H1 net Cash Burn Net Debt2 Adj. PBT Monthly Cash Burn Pre-IFRS 16 after tax receipt ($659m) (~$45m) ($67m) $4.6bn Note: % Indicate performance vs H1 2020 1) Adj. EBITDAaL refer to Adj. EBITD
Slide 5: Key Liquidity Actions
Key Liquidity Actions Secured >$400m additional liquidity (convertible bond and term loan) Received $203m of US CARES act tax refund Curtailed non-essential spending (operating expenses and capex) Secured rent relief and deferral with majority of our landlords Cash burn of ~$45m per month during H1
Slide 6: Adj. Profit and Loss – IFRS 16
Adj. Profit and Loss – IFRS 16 $m H1 2021 H1 2020 Revenue 292.8 712.4 COVID-19 materially impacted our half year results starting March 2020 Cost of sales (283.2) (624.9) Recognised $96m impairment reversal charge Gross profit / (loss) 9.6 87.5 G&A (30.7) (52.0) Cash generated from JV - 17.5 Adjuste
Slide 7: Strong Cash Flow Management
Strong Cash Flow Management Operating Cash CF from operations Interest Free Cash Flow after rent 1 Net Capex net of Capex payment outflow Tax received Net Cash Burn ($67m) ($116m) ($46m) ($161m) ($110m) ($271m) $204m Monthly cash burn of ~$45m vs. $60m previously indicated Supported by WC inflow in
Slide 8: June 2021 Net Debt
June 2021 Net Debt Net debt increase by $81m in H1 2021 Liquidity $110m $413m raised 2021: $161m – + $213m convertible bond (April 2021) – + $200m new term loan (July 2021) – excluded from June 2021 $3m $11m $4,633m Net debt calculation as post balance sheet date $4,552m ($204m) – Cash of $452.5m at
Slide 9: Cost savings initiatives and operational actions
Cost savings initiatives and operational actions Optimised Cinema payroll vs pre-pandemic level Margin upside from cinema closure operating cost cutting measures over the longer-term Utilities and maintenance savings - roll-out of ~1,800 laser projectors and refurbishments Rent reduction achieved G&
Slide 10: Financial Outlook
Financial Outlook Continue tight cost control and monitoring post cinema re-opening Streamlined operations: material savings anticipated post COVID-19 Continue cash preservation initiatives Reduced monthly cash burn since June re-opening Total capital expenditure for H2 2021 expected to be approxima
Slide 11: Business Update
Business Update
Slide 12: Key Operating Highlights
Key Operating Highlights Estate now fully reopened since June Majority of capacity restrictions lifted across all territories Gradual recovery of admissions and demand since re-opening Continued expansion of Food and Beverage offering to support future SPP growth Anticipate strong trading in Q4 supp
Slide 13: Current Trading
Current Trading 100% Estate now fully reopened since June 75% Admissions steadily increasing on a weekly basis 41% 45% Admission levels of 45% in July 21 vs. July 19 – best performing 50% month in 2019 (Spider-Man: Far from Home, The Lion King and Toy Story 4) 25% 15% Admission levels of 57% in July
Slide 14: A Strategy for the Long Term
A STRATEGY FOR THE LONG TERM To be “The Best Place to Watch a Movie” Continue to provide the best cinema experience Continue to be a innovative operators Continue to expand and enhance our estate Generate attractive return on investment from refurbishments Drive value for shareholders 13
Slide 15: Continued refurbishments in the US
Continued refurbishments in the US Continued delivery of our refurbishments program 14 refurbishments completed in the US so far, including flagship cinemas such as Union Square and Irvine Spectrum as well as Warrington Crossing and Hacienda Crossing 6 completed refurbishments in H1 2020 with a furt
Slide 16: Continued Roll-out Across the US and Europe
Continued Roll-out Across the US and Europe 6 new sites in 2020 and H1 2021 United States ROW 5 sites and 69 screens in the US 5 69 1 13 sites screens Site screens 1 site and 13 screens in ROW 5 new sites to be opened in H2 2021 United States UK 3 sites and 39 screens in the US 3 39 2 20 sites scree
Slide 17: 2021 film slate
2021 film slate 16
Slide 18: 2022 and beyond
2022 and beyond \WATAE MELT ILE MERMAID
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