Member Info for lsesb

Ah right - in that case, hope it helped :-)

Haha - happy to attempt it if I have the time :-) Just did it cos someone posted that they were going to miss the presentation and wanted a report. (It was typed quite fast as they were talking so please don't assume everything is 100% correct! - but it "shouldn't" be too far from what was said :-)

A lot of positivity from them but almost all of it based on "wait and see" which is pretty much all we can expect I guess. Didn't hear anything terrible either though. I guess we just sit back, hope that there are no further major lockdowns (I dont personally expect there to be) and hope the money flows in for the rest of H2.

Closing by Mooky. Directors, Actors all want to see their movies on the big screen. Thankyou. Conference over.

Bank of America Question: Studio Contracts, further risk of day and date releases. Dont think day and date will cause any impact and is not part of going concern. Risk to cinema in general: History shows that cinema survives everything. TV, DVD, Video, Streaming, VoD. People want to go out! They want to see big films on big screens. Cinema experience. Studios acknowledging that there IS a need for a window but wont be as long as previously. 2019 cinemas generated $43B of which the studios made around $20B so they arent going away. One of the most affordable entertainment methods. Questions complete.

US listing question: Option mentioned as it was advised by a consultant. Good to share possibility with share holders and public. Wont be next week or next month. Will need to see how performance and cash flow and appetite goes. Long way before a decision would be taken if they do anything at all.

HSBC question: Royalty rates - cant go into specific details with different studios. Different aspects, Royalty/Window/Marketing. If we keep a good size of window, we will be a similar position to previously. Estate: Effort to close down cinemas that have been losing money for a few years. Negotiating with landlords. Trying to get rid of cinemas that arent profitable

Question: Cost savings - examples? CapEx - how much and would an equity raise change this. What is driving increase in F&B spend? Cost savings general across the board - a mix of elements. Wrong to measure it right now as cannot give accurate number. CapEx - depends how business performs. Analyse month by month and take decisions accordingly. F&B is across the board and is encouraging. Better numbers in a few months or so.

Barclays Question: Studios/Window in Q4 and beyond. Rent deferral. Ebitda/cashflow break even percentages. Window: In a good place with studios. Increase in piracy has affected pov releases. Anticipated now that there will be a window. Smaller movies might be 20-30 days. Windows in general expected to be 30-60 days. Bigger movies 45 days+ which is comfortable to Cine. Rent deferral: ~$350M some still under negotiation and may change downwards. 3-5 years estimated repayment. Estimate 5-7M per month extra over the next 3-5 years. Missed the bit about capex etc. heard 55-65% but not sure of context.

Question are you comfortable with Net Debt level - possibility of equity raise? Have you lost a bit of market share? Expectation for capex? 4.7 ebitda high and need to find a way to reduce it. No further info. Market share - closed longer than competitors. Decision to close was the right one. Customers coming back but taking time. Opened gradually but completely opened in US since last week of May. Very strong in NY but recovery in NY is slow. Will gain back and improve market share. Capex will go back to original plan once numbers are back up.

JPM questions - Cash Burn related and costs. Operating costs/cost cutting. Reduction in cash burn by almost half in June/July. Hoping to start generating positive cash burn soon. (All seems based on waiting to see how the next 6 months go).

Investec: General question on revenue outlook, AMC price increase, rent costs. General answer based on admissions predictions. Hopes to be not far from 2019 levels soon provided covid doesnt get in the way. Ticket prices not to be touched at the moment but may be addressed later in the year - want to get custoimers back to the cinema first. Cost savings mentioned. Rent only part of it - all expenses addressed.

Now talking about line up for the rest of the year (It is quite impressive!! Here's hoping) Also showing the bigger movies in the pipeline for 2022 and beyond. Now going to questions - hoping for more info on the US listing paragraph!!

US refurbs continuing as planned but slowing down. New openings the same. 6 New sites opened and another 5 opening in H2 2021. (3 US, 2 UK)

July admission levels 57% of 2019 monthly average. (Only 45% of July 2019 but that included toy story and spiderman). Mooky sees this as positive. Spend per person on concessions and food at record high. Admissions steadily increasing on a weekly basis.

Back to Mooky now. All cinemas now open. All cinemas now open. Higher than expected Food and Beverages income. Majority of restrictions now lifted in most areas. Continued dialogue with studios, landlords, premium format collaboration

Multiple cost saving initiatives and operational actions. All aimed at reducing cash burn

Net Debt only rose by $79M in the past 6 months.

Mooky talking to start with. Overview all positive. Outlook good. Nisan now talking through the figures (CFO). Monthly cash burn reduced from $60M to $45M. Net debt not changed much at $4.6B. Streamlined operations and closed down 12 under-performing sites. Rent relief and deferral agreed with majority of landlords.

I admit I don;t know enough to understand how that might affect the price. My first thought was that it might mean dilution but that wouldn't make sense along with "maximise shareholder value". Hopefully it will be addressed and expanded on on the webcast later (You can sign up on their website if it isnt too late)