Kinepolis limits loss to 25 million euros in 2021
The group received 17.2 million visitors last year, 42.6 percent more than in 2020. In the first half of the year, many cinemas were still closed and there were only 2.2 million visitors; in the second half of the year there were 15 million. That was a third less than in the same period in 2019 (so before corona).
On average, visitors also spent more on tickets, drinks and snacks. As a result, turnover increased more strongly, by more than half, to 266.4 million euros. At the same time, Kinepolis cut costs, which means that it can be profitable from “a relatively low occupancy rate” of the halls. It thus succeeded in generating a cash flow of EUR 70.3 million in the second half of the year.
Below the line was a loss of 25.5 million euros, after a net loss of 69.1 million euros in 2020. No dividend will be paid again.
“We did not get the best-case scenario in 2021 that we had hoped for at the start of the vaccination campaign,” Kinepolis CEO Eddy Duquenne said in a press release. But the group is looking ahead with confidence. “We can already conclude that we will come out of this crisis stronger.”