The admissions for the period 1 January to 31 March 2020 were 9.5m down 24.6% (1 January to 31 March 2019: 12.6m).
A decrease in these growth rates by 1% to 0% has been applied in the sensitised scenarios. The admission levels began to be impacted by COVID-19 at the start of March 2020, prior to all the sites being closed across the Group from the second half of March.
The Adjusted EBITDA and Adjusted Profit reconciliation to statutory Operating Profit are presented as follows: Excess cash distributions from jointly controlled entities.
These efforts included: - Access to government employment schemes to support our part time, hourly cinema employees and head office staff, - Daily interaction with industry institutes and associations including the National Association of Theatre Owners (NATO), the Global Cinema Federation (GCF) and more. Therefore, potential future cash outflows have not been included in the lease liability where it is not reasonably certain the extension periods will be taken or that the leases will be extended on similar terms (or not terminated). The exemption applies to COVID-19-related rent concessions that reduce lease payments due on or before 30 June 2021.The Group elected not to apply the exemption. The directors confirm that to the best of our knowledge: The condensed set of financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU.
Due to the closure of theatres, admissions and box office revenue decreased 58.3% and 60.5% respectively. When such evaluations indicate that the carrying value of an asset exceeds its recoverable value, an impairment in value is recorded.
Discount rates are largely derived from market data, and these rates are intended to be long term in nature. per annum. The following financial covenants are attached to the private placement debt facility. In respect of the base case, this currently forecasts sufficient liquidity for the going concern period, however it is sensitive to the ability to open the remaining cinemas in New York and California by the end of October, and to further delays of the current forecast movie slate. To provide comparability of the underlying results year on year, the results to 31 December 2019 have also been presented, excluding the impact of IFRS 16, and have been prepared in accordance with the previous leasing standard IAS 17. Further details may be found in the Notice of AGM . We welcomed the emergency government support programs to protect jobs and businesses in each of our markets as well business rates and tax reliefs that will continue to help our business in the coming months. No transactions occurred during the period with this related parties. Non-cash costs in connection with the dissenting shareholder liability which arose on the acquisition of Regal of $24.8m were incurred. During the period l ocal movies continued to be very popular, with the top three movies in Poland and Slovakia all locally produced. These five year forecasts were also used as part of managements going concern and long term viability assessment. We create value through providing our customers with a choice of where and how to watch a movie along with a variety of concession products. Investment in technology and innovation continues to be a key pillar of our strategy to make our cinemas "The Best Place to Watch a Movie".We strengthened our partnership with Barco and Christie to acquire more than 2,000 next-generation projectors to further improve the quality of the picture across our estate through high-quality projection. With the continually expanding Group, there are now even more opportunities and we continue to nurture our talent and promote internally wherever possible. Our vision: To be “The Best Place to Watch a Movie”. At 31 December 2020, the leverage covenant requires Net Debt to Adjusted EBITDA (on the trailing twelve months results) of below 9.0x on a pre-IFRS 16 basis.
These interim condensed consolidated financial statements have been presented in US dollars.
Other commentary within the interim report should be referred to in order to fully appreciate all the factors that affect our business. At the time of our review we have not been able to obtain sufficient appropriate evidence as to whether the waivers could be obtained or additional funds could be obtained where required. By clicking "I Agree" below, you acknowledge that you accept our.
We were engaged to review the interim financial statements in accordance with International Standard on Review Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United Kingdom.
Please fill out the form below and click "Place Order" to complete your order. Investegate takes no responsibility for the accuracy of the information within On transition, the incremental borrowing rates applied to property leases ranged between 2.6% and 11.7%. This information is provided by RNS, the news service of the London Stock Exchange. Other Income also includes less significant elements related to the sale of gift cards and bulk ticket programmes and the hire of theatres for events. As a result of the goodwill test, the Group impaired $342.1m in respect of the United Kingdom goodwill. The global COVID-19 pandemic has had a significant adverse impact on the Group's results for the period. The severe but plausible downside forecast requires further liquidity funds in order for headroom to be maintained within the going concern period. Terms and conditions relating to the use and distribution of this information may apply. The key assumptions used and sensitised were the drivers of forecast cash flows (as set out in Note 2) and the relevant discount rate, which were selected as they are the key variable elements of the value in use. The Group holds two unquoted equity investment and have concluded that the cost of these investments represents its fair value at 30 June 2020. Israel is the only remaining territory where cinemas are closed. The revolving credit facility is subject to certain leverage and liquidity based financial covenants, which are triggered above 35% of the facility being drawn and the term loans also have cross default provisions in respect of this covenant. There can be no certainty as to the future impact of COVID-19 on the Group.
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