Odeon & UCI Finco plc Q2 Investor Presentation

Transcription

1 Odeon & UCI Finco plc 2013 Q2 Investor Presentation 15 August

2 Disclaimer DISCLAIMER THIS DOCUMENT HAS BEEN PREPARED BY ODEON & UCI FINCO PLC ( ODEON ). BY REVIEWING THIS DOCUMENT OR PARTICIPATING IN THE CONFERENCE CALL THAT PRESENTS IT, YOU AGREE TO BE BOUND BY THE FOLLOWING CONDITIONS. THIS DOCUMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY SECURITIES IN ODEON. FURTHERMORE, IT DOES NOT CONSTITUTE A RECOMMENDATION BY ODEON OR ANY OTHER PARTY TO SELL OR BUY SECURITIES IN ODEON OR ANY OTHER SECURITIES. ALL WRITTEN OR ORAL FORWARD-LOOKING STATEMENTS ATTRIBUTABLE TO ODEON OR PERSONS ACTING ON THEIR BEHALF ARE QUALIFIED IN THEIR ENTIRETY BY THESE CAUTIONARY STATEMENTS. Unaudited Information This document contains financial information regarding ODEON and its fellow subsidiaries (the Group ). Such financial information may not have been audited, reviewed or verified by any independent accounting firm. The inclusion of such financial information in this document or any related presentation should not be regarded as a representation or warranty by ODEON, any of its respective affiliates, advisors or representatives or any other person as to the accuracy or completeness of such information s portrayal of the financial condition or results of operations by the Group. Non-GAAP information We have presented certain non-gaap information in this document. As used in this document, this information includes EBITDA, which represents earnings before interest, tax, depreciation, amortisation, exceptional items and strategic costs. Our management believes that EBITDA is meaningful for investors because it provides an analysis of our operating results, profitability and ability to service debt and because EBITDA is used by our chief operating decision makers to track our business evolution, establish operational and strategic targets and make important business decisions. In addition, we believe that EBITDA is a measure commonly used by investors and other interested parties in our industry. 2

3 Forward-Looking Statements Forward-Looking Statements This document includes forward-looking statements. When used in this document, the words anticipate, believe, estimate, forecast, expect, intend, plan and project and similar expressions, as they relate to ODEON, its management or third parties, identify forward-looking statements. Forward-looking statements include statements regarding ODEON s business strategy, financial condition, results of operations, and market data, as well as any other statements that are not historical facts. These statements reflect beliefs of ODEON s management, as well as assumptions made by its management and information currently available to ODEON. Although ODEON believes that these beliefs and assumptions are reasonable, the statements are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those projected. These factors, risks and uncertainties expressly qualify all subsequent oral and written forward-looking statements attributable to ODEON or persons acting on its behalf. 3

4 Introduction As a reminder, the phasing of 2012 was unusual, with a very soft Q1 and our strongest Q2 ever. This year, the phasing is smoother. Q was higher than LY, Q was lower than LY. To eliminate these phasing differences, we show H1 results in this presentation, as well as Q2. Spain has been weak this year, as the VAT increase on ticket prices from September 2012 has been exacerbated by a weak economy and high unemployment. In order to isolate this impact, we show the results including and excluding Spain, and also describe Spain separately. Taking both quarters together, our markets for H1 were flat year on year including Spain, or up 5% excluding Spain. 4

5 Results Highlights Q2 market volume (1) was lower than the strong quarter last year. QUARTER 2 Group Group excl. Spain H1 market volume (1) was flat, with a more even phasing between quarters than last year. Excluding Spain, market volume was higher than last year in both Q2 and H1. Our attendance growth was stronger than the market as our share improved in all territories. EBITDA in Q2 was impacted by a very weak result in Spain. Excluding Spain, EBITDA was up 12% (3). EBITDA in H1 was up 8% on flat markets, or excluding Spain, EBITDA was up 42% (3) on markets up 5%. Market attendance (1) (5%) +3% Our attendance (2%) +5% Revenue (2) (3%) +3% EBITDA (3) (29%) +12% FIRST HALF Group Group excl. Spain Market attendance (1) +0% +5% Our attendance +5% +9% Revenue (2) +4% +9% EBITDA (3) +8% +42% (1) Weighted average of our major territories market attendance. Q2 from 5 th April to 4 th July 2013, vs. from 30 th March to 28 th June 2012; H1 from 1 st Jan to 4 th July 2013 vs. 1 st Jan to 28 th June (2) Constant fx rates. (3) Historic fx rates. 5

6 Total Market by Major Territory Attendance Growth Ahead of Market in All Territories Q Variance H Variance UK Market Attendance (k) 40,558 (1.6%) 84, % Germany Market Attendance (k) 26,183 (9.7%) 62, % Italy Market Attendance (k) 23, % 54, % Average Weighted Market (1) excl. Spain 2.6% 4.9% Group Paid Attendance excl. Spain (k) 14, % 31, % Spain Market Attendance (k) 14,208 (30.7%) 34,633 (15.7%) Group Paid Attendance Spain (k) 3,026 (27.8%) 7,331 (11.7%) Average Weighted Market (1) (5.3%) 0.0% Group Paid Attendance (k) 17,785 (2.4%) 39, % Our attendance market share increased in all territories. In Q2, Market attendance (1) decreased by (5%), despite a strong performance in Italy. Excluding Spain, it increased by 3%. In H1, Market attendance (1) was flat overall, with UK, Germany and Italy up, but Spain very weak. Excluding Spain, market volume was up 5%. (1) Weighted average of our major territories market attendance 6

7 Weighted average Market attendance (1) (M) Market volume in Q2 Difference in month by month phasing 2013 vs April last year was particularly strong, due to the impact of the Easter holidays falling into Q2, the previews of Marvel Avengers and the release of Titanic in 3D. Film slate in May was not as strong as last year, when Marvel Avengers performed particularly well. June last year was negatively impacted by the Euro 2012 Football Championship Easter hols Marvel Avengers Marvel Avengers Euro Apr May Jun (1) Weighted average of our major territories market attendance 7

8 Weighted average Market attendance (1) (M) Market volume in Q2 and H1 Q was lower than last year, but close to recent historic average Weighted average market attendance in Q was down year on year due to the unusual phasing in 2012, but broadly in line with the average of prior years. In H1, market attendance was close to last year, below historic average Quarter First Half Average (1) Weighted average of our major territories market attendance 8

9 Market attendance (M) Market volume in H1 by territory UK market attendance was strong vs and the average of prior years. German market attendance was in line with prior years average, in spite of the weaker result in Q2. Italian market was ahead of last year, but below previous years average. Spanish market was the weakest H1 attendance of recent years (discussed later) UK Germany Italy Spain Market average

10 Top Films Q % change Q2 Actual (GBO m) Q2 Actual (GBO m) UK & Ireland Marvel Avengers Assemble 3D 51 Iron Man 3 3D 37 Prometheus 3D 22 Man Of Steel 3D 28 Men In Black 3 3D 20 Star Trek Into Darkness 3D 26 The Hunger Games 17 Fast & Furious 6 25 American Pie: Reunion 17 The Hangover Part III 19 Top 5 Total 127 Top 5 Total 135 6% Total Market 287 Total Market 293 2% Q2 Actual (Adm m) Q2 Actual (Adm m) Germany American Pie: Reunion 2.4 The Hangover III 2.7 Marvel Avengers Assemble 3D 2.2 Fast & Furious Men In Black 3 3D 1.9 Iron Man 3 3D 1.8 The Hunger Games 1.5 Star Trek: Into Darkness 3D 1.4 Türkisch Für Anfänger 1.4 The Great Gatsby 3D 1.2 Top 5 Total 9.4 Top 5 Total 9.5 2% In UK & Ireland, the main film this Q2, Iron Man 3, performed significantly below Marvel Avengers Assemble last year. However, the rest of the top 5 films performed much better than last year, leading to a top 5 6% ahead. The stronger film line led to a 2% rise in box office revenue for the total market. In Germany, in spite of the stronger top 5 performance vs. last year, the total market was below 2012, when The Intouchables still delivered a high attendance in the films outside the Top 5. Total Market 29.0 Total Market 26.2 (10%) 10

11 Top Films Q2 (cont.) Q2 Actual (Adm m) Q2 Actual (Adm m) Italy Marvel Avengers Assemble 3D 2.3 Iron Man 3 3D 2.5 To Rome with Love 1.4 Fast & Furious Dark Shadows 1.1 The Hangover III 2.1 American Pie: Reunion 1.0 The Great Gatsby 3D 1.3 Titanic 3D 0.9 La Grande Bellezza 1.1 % change In Italy, the top 5 performed significantly ahead of last year, supported by industry promotional activity, with 3 films achieving more than 2 million admissions in the market, vs. 1 in Top 5 Total 6.7 Top 5 Total % Total Market 20.2 Total Market % Q2 Actual (Adm m) Q2 Actual (Adm m) Spain Marvel Avengers Assemble 3D 2.3 Fast & Furious The Intouchables 1.5 Iron Man 3 3D 1.4 The Hunger Games 1.3 Monsters University 3D 1.1 In Spain, admissions were lower across all top 5 films, due to the weaker market. Snow White and the Huntsman 1.2 Oblivion 1.0 The Lorax 3D 1.2 Man of Steel 3D 0.8 Top 5 Total 7.5 Top 5 Total 5.7 (24%) Total Market 20.5 Total Market 14.2 (31%) Local titles in red 11

12 UK Market 3D BOR as % of Total BOR 3D Quarterly Performance UK Market 3D Box Office Revenue (BOR) as a percentage of Total BOR 3D continued to represent a good proportion of the market, although was lower than Q2 last year because of Marvel Avengers Assemble. Strong admissions for Iron Man 3, Man of Steel, Star Trek Into the Darkness and The Great Gatsby were the main drivers of the good 3D results in Q The 3D slate for the remainder of the year has more 3D titles than 2012, including Turbo, Thor 2, Frozen and The Hobbit: The Desolation of Smaug Avengers Titanic 35% 30% 25% 20% Tangled 18% 20% 22% 31% Iron man 3, Man of Steel 26% 26% 17% Harry Potter % 15% 10% 10% 13% Skyfall and Twilight in 2D 5% 0% Q1 Q2 Q3 Q D slate for 2013 includes more films than in

13 Group average market share Market share increased across all territories in quarter 2 and first half Average market share (1) in attendance increased by 0.5%pts in Q vs. prior year, and by 0.7%pts in H1. Market share increased in all of our territories. 18.6% 18.4% 18.4% 18.5% 18.4% Market share (1) 18.2% 18.0% 17.8% 17.6% 17.4% 17.2% 17.0% 17.5% 18.0% 17.7% H1 Market share increase by territory UK & Ireland Germany Spain Italy 16.8% Q1 Q2 H (1) Average of all our territories attendance market share 13

14 Group excluding Spain Excluding Spain, the business grew strongly in H1, in particular because of increased attendance, gains in RPH and better operating costs, leading to a EBITDA growth of +42%. Our attendance was 9% higher than H1 2012, leading to an equivalent increase in revenue. H1 YoY % Growth Group Group excl. Spain Attendance +5% +9% ATP (1) (1%) 0% RPH (1) +4% +6% Other revenue & screen ads (2) (8%) 0% EBITDA margin was 11.5%, +3%pts higher than in H Revenue (2) +4% +9% Gross Profit (2) +2% +7% EBITDA (3) +8% +42% EBITDA Margin +0%pts +3%pts (1) At constant fx rates and constant territory weighting, for major territories. (2) At constant fx rates. (3) At historic fx rates. 14

15 Spain In Spain, market attendance was down dramatically on prior year (16% H1, 31% Q2), with the impact of the September 2012 VAT increase on ticket prices exacerbated by the weak economy and high unemployment (over 25% in June 2013 and over 50% among 15 to 26 year olds). In response to the weak market, we have been focused on how we mitigate the impact of the downsizing and capitalise on the recovery from a position of strength: Competitors screens have been closing, further correcting the historic over-screening in the country. We have closed 2 loss-making cinemas. We have been renegotiating costs, staff cost and rent in particular, down respectively 16% and 8% on prior year. We continued to gain market share to 23% in H1, the clear #1 in the market, 9%pts ahead of our nearest rival, and positioning us strongly for recovery. 4,500 4,400 4,300 4,200 4,100 4,000 3,900 3,800 3,700 3,600 3, % 20.0% 15.0% 10.0% 5.0% 0.0% Decline in the number of screens in the Spanish market 4,401 4,082 3, H (1) GBOR share in Spain 23% 16% 10% 2005(1) 2009 H Retail per head development in Spain In Q3, there are some early signs that the decline may be slowing: attendance is down less, retail revenue per head is showing some signs of recovery (see graph) and unemployment has declined slightly. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec (1) Internal estimate 13 Actual 12 Actual 15

16 2013 Q2 and H1 Financial Highlights Revenue QUARTER 2 FIRST HALF LIKE-FOR-LIKE TOTAL ESTATE LIKE-FOR-LIKE TOTAL ESTATE Q Variance from 2012 Fav/(Adv) Q Variance from 2012 Fav/(Adv) H Variance from 2012 Fav/(Adv) H Variance from 2012 Fav/(Adv) Paid Attendance (m) 17.3 (4.4%) 17.8 (2.4%) % % Average Ticket Price (2) ( ) 6.18 (2.2%) 6.19 (2.5%) 6.12 (0.9%) 6.13 (1.2%) Retail revenue per Head (2) ( ) % % % % Other revenue (1,3) 14.8 (10.7%) 15.4 (8.7%) 29.5 (9.0%) 30.7 (7.7%) Group Revenue (1) ( m) (5.1%) (3.1%) % % ATP was below prior year, with increased ticket premia (UK and Germany) offset by promotional activity (Spain and Italy). 3D was lower in Q2. RPH increased strongly, reflecting the benefit of investments in initiatives and refurbishments, in particular in UK and Germany. Spain recovered ahead of recent trend in Q2 (see pg. 17). Other revenue (3) was down mainly due to items received last year, including virtual print fees for digital assets now externally funded, which have not repeated in Total Group Revenue growth was slightly behind attendance, impacted by weaker other revenues, but partially offset by the strong increase in retail per head. (1) At constant fx rates. (2) At constant fx rates and constant territory weighting, for major territories. (3) Including Screen ads 16

17 2013 Q2 and H1 Financial Highlights Margins & Costs QUARTER 2 FIRST HALF LIKE-FOR-LIKE TOTAL ESTATE LIKE-FOR-LIKE TOTAL ESTATE QUARTER 2 Q Variance from 2012 Fav/(Adv) Q Variance from 2012 Fav/(Adv) H Variance from 2012 Fav/(Adv) H Variance from 2012 Fav/(Adv) Group Revenue (1) ( m) (5.1%) (3.1%) % % Gross Profit (1) ( m) (5.9%) (4.0%) % % Gross Profit Margin (%) 63.9% (0.6%pts) 63.9% (0.6%pts) 64.2% (1.3%pts) 64.2% (1.4%pts) Operating Costs (1) ( m) (92.3) 2.4% (94.9) 0.3% (188.4) 1.0% (193.9) (1.0%) EBITDA (1) ( m) 9.3 (30.6%) 9.9 (29.2%) % % EBITDA Margin (%) 5.8% (2.1%pts) 6.1% (2.2%pts) 8.8% 0.5%pts 8.8% 0.2%pts EBITDA (2) ( m) 9.3 (30.1%) 9.9 (28.7%) % % Gross profit margin (1) was lower, reflecting higher film hire, mostly in the UK from film volume and mix of top titles, and the reduction in Other Revenue described on the previous page. Operating costs were tightly controlled, particularly staff costs and rent, with LFL operating costs decreasing year on year, despite inflationary pressures. EBITDA margin (1) decreased in Q2, due to the lower volume on partly fixed cost base, but improved in H1 compared to 2012 because of the higher volumes and the reduction in LFL operating costs year on year. (1) At constant fx rate (2) Stated at historic fx 17

18 2013 Q2 and H1 Cashflow As at Q Q H H m EBITDA Working capital and other 11.2 (2.9) (2.4) (34.5) Net capital expenditure (10.2) (6.7) (27.4) (16.5) Provisions and one offs (3.8) (3.3) (6.9) (6.4) Finance Costs (6.6) (6.9) (31.2) (27.7) Tax (0.7) (0.4) (0.7) (0.6) Acquisitions and disposals 0.3 (0.5) 0.2 (0.6) Change in Net Debt 4.1 (10.8) (39.8) (55.5) Net debt increased by 11m in Q2 and 56m in H1. Working capital was negative 2.9m in the quarter, reflecting the normal seasonal outflow, worse than last year when trading was stronger. H1 working capital was adverse compared to prior year, reflecting the unwind in Q1 of the strong trading at the end of Over time, we expect working capital to be close to flat. Capital expenditure was 6.7m in Q2, lower than in Q2 last year, and expected to be lower for the year than in Finance Costs in Q2 were 6.9m, mostly one quarter s Euro note floating interest. The Sterling interest payment is made half-yearly in February and August. For H1, finance costs were lower because of the long first coupon period for the Sterling interest. 18

19 Debt and Leverage LTM EBITDA decreased from last quarter, because of the strong Q2 last year, but remained ahead of the lows in the middle of The increase in Net Debt reflected the mid-year working capital trough. Q Q Q Q Q LTM EBITDA m Proforma adjustments (1) m Proforma LTM EBITDA m Net Debt m Net Debt to EBITDA 4.9x 6.5x 4.6x 4.9x 5.3x Fixed Charge Cover 2.5x 2.0x 2.6x 2.7x 2.6x (1) Proforma adjustments are: - Q2 2012: 5m 2011 acquisitions, 3m Digital cost savings and 2m from New Sites - Q3 2012: 1m 2011 acquisitions, 4m Digital cost savings and 2m from New Sites - Q4 2012: 3m Digital cost savings (phase 2) and 3m from New Sites - Q1 2013: 3m Digital costs savings (phase 2) and 1m from New Sites - Q2 2013: 2m Digital costs savings (phase 2) and 1m from New Sites 19

20 2013 Q2 Activity Highlights Development of initiatives across the estate continued in Q2 and continued to deliver good returns. New sites in Q we added 2 cinemas to our portfolio: In May, we opened a site in Gualtieri, Italy, with 3 screens. In June, we took over ownership at the Chatham site, in the UK, with 9 screens, previously operated under a management deal. At the end of June we operated 237 cinemas with 2,182 screens. Big Screens and Big Sound Innovation we added 1 additional isens screen in Nassica Getafe (Spain) at the end of Q2, taking the total Big Screens across the estate to 43. Retail Innovation 1 new Costa Coffee shop in UK (Hatfield), taking the total to Coffee Lounge opened at Dusseldorf, taking the total to 25. Our 3 rd Croma restaurant opened in July in Edinburgh. Premium seats enlargement of the premium seating area in Kaiserslauten and new VIP seats in Wilhelmshaven Digital signage additional digital plasma screens added in halls and retail areas of Germany s cinemas, where the use of a fully digital signage system is proving very effective. Cinime we successfully tested in 11 cinemas in the UK an innovative interactive application that delivers content to customers second screens on their smartphones while they are in the cinema. This has significant potential for both advertising and film promotional content. Alternative Content The performance of alternative content broke new records, with the live screening of The Audience with Helen Mirren achieving a UK box office of circa 1.7m, and Kenneth Branagh s Macbeth exceeding 0.8m. 20

21 Loyalty scheme / Social Media We continued to improve our links with and knowledge of our customers, capturing their behaviour and learning from it. By Q we had more than 8.3m records in our total customer database across all territories (loyalty and CRM Members), increasing by 12% vs. prior year. The number of our Facebook fans increased by 160% during 2012, and an additional 16% in H1 2013, reaching 997k fans. TOTAL GROUP Full Year End of Quarter 2 Var vs Var. vs 2012 Total Loyalty Members 2,428 3,473 4,377 26% 3,947 4,724 20% Total CRM Members (1) 3,945 3,959 4,160 5% 3,715 4,062 9% Total Customer Database 5,901 6,819 7,818 15% 7,400 8,321 12% Figures in ( 000s) (1) CRM members increase slower as some migrate to loyalty 21

22 2012 and Estimated 2013 Top 20 Title Phasing UK Slate Phasing Top 7 films of each year in red Top Potential Top 20 Q1 Woman in Black Life of Pi 3D The Best Exotic Marigold Hotel War Horse The Muppets Les Miserables Django Unchained Wreck-It Ralph 3D The Croods 3D Q2 The Hunger Games Iron Man 3 3D Prometheus 3D Star Trek Into Darkness 3D The Avengers 3D Fast and Furious 6 Men In Black 3 3D The Pirates! In An Adventure With Scientists 3D American Pie Reunion The Great Gatsby 3D The Hangover Part III Man of Steel 3D Q3 The Dark Knight Rises Despicable Me 2 3D Ted Ice Age: Continental Drift 3D The Amazing Spiderman 3D Brave 3D Monsters University 3D World War Z 3D The Wolverine 3D Q4 Skyfall (Bond 23) Turbo 3D The Hobbit: An Unexpected Journey 3D Twilight Saga: Breaking Dawn Part II Madagascar 3 3D Taken 2 Thor: The Dark World 3D Frozen 3D Hunger Games: Catching Fire The Hobbit: The Desolation of Smaug 3D 22

23 Major Film Slate Below are our current indications of future film line up all subject to change, to deletions, to additions, delays and variance in estimates. Strong product slated for future years. GBOR Potential in UK m (more titles will be announced nearer the time) 25m + range Despicable Me 2 Les Miserables Iron Man 3 Hunger Games: Catching Fire Man of Steel The Hobbit (Part 2) Monsters University The Croods Star Trek: Into Darkness Fast & Furious 6 The Hobbit: There and Back Again The Hunger Games: Moockingjay Part 1 Transformers 4 (3D) Maleficent Fast & Furious 7 How to train your dragon 2 Dawn of the Planet of the Apes The Amazing Spider-man 2 The Good Dinosaur Inbetweeners 2 Untitled Minions Project Bond 24 Star Wars Episode 7 Bridget Jones 3 The Avengers 2 Wicked Into the Woods The Hunger Games: Mockingjay Part 2 Independence Day 2 Pirates of the Caribbean 5 The Smurfs 3 Jurassic Park IV Inside Out Finding Dory Penguins of Madagascar Peanuts: The Movie Superman/Batman Combo Avatar 2 Star Wars Spin-off Despicable Me 3 How to train your dragon 3 The Amazing Spider-man 3 Angry Birds Untitled Pixar Animation The Man from U.N.C.L.E. Ted 2 Unannounced Marvel Film 15m + range Wreck-it Ralph The Hangover Part 3 Life of Pi Thor: The Dark World The Great Gatsby Django Unchained Frozen World War Z The Wolverine Turbo The Hobbit: An Unexpected Journey Oz: The Great and Powerful Fifty Shades of Gray Captain America: The Winter Soldier Intersellar Ninja Turtles All you need is kill Secret Service Exodus The Wolf of Wall Street Transcendence Noah Lego: The Movie X-Men: Days of the Future Past Muppets: Most Wanted Rio 2 21 Jump Street 2 The BFG Godzilla Guardians of the Galaxy Night at the Museum 3 Mr Peabody and Sherman A Million Ways to Die in the West Ant-Man Assassin s Creed Annie Fantastic Four The Little Mermaid Alvin and the Chipmunks 4 Snow White and the Huntsman 2 Van Helsing The Best Exotic Hotel Marigold 2 Paradise (Prometheus sequel) Terminator 5 Inferno Trolls World of Warcraft Mission Impossible 5 Kung Fu Panda 3 Anubis (Dreamworks animation) Bourne sequel The Flash The Girl Who Played with Fire 23

24 Current trading & Outlook For Q3 to date, July was soft due to very hot weather (in all territories, but particularly in the UK and Germany). This will be partially offset in August, when the absence of major sporting events will help the results compared to last year, when the Olympic and Paralympic Games impacted negatively on the admissions. The Spanish market continues to be weak, but the decline may be slowing. We are succeeding in reducing costs and gaining share, which will position us well for a recovery. More 3D films are expected in 2013 than in 2012, with 15 3D films in the estimated Top 20 of the year 2013, compared to 9 in The film slate for the second half of the year includes a good range of titles, including: Sequels to established franchises: The Hunger Games, The Hobbit Kids titles: Turbo, Frozen, Cloudy with a Chance of Meatballs 2, Walking with Dinosaurs Quality English films: Philomena, Diana, About Time, Rush International titles for adults: The Counsellor, R.I.P.D., Mortal Instruments Comedies: We re the Millers, The To Do List Some strong local films in Italy, Spain and Germany In Q3 2013, we have opened one new cinema in the UK: West Brom, in July with 5 screens. We plan to open 1 more new site in the UK and 1 in Italy before the year end. 24

25 Q&A & AOB Any questions? Further questions can be addressed below: PR: 25

26 ODEON invite you to an exclusive prerelease screening of ABOUT TIME Tuesday 3 rd September 6pm arrival for drinks and canapes in The Gallery bar. 7pm film start time At ODEON Greenwich Includes an opportunity to tour the refurbished cinema Including IMAX, The Gallery, Costa and Yog. Please RPVP to investors@odeonuk.com by Friday 23 rd August Invitation includes a plus one and transport from North Greenwich underground station. Written and directed by Richard Curtis (Notting Hill, Love Actually) comedy About Time starring Bill Nighy tells the time-travelling tale of his son (Domhnall Gleeson) who realises he can tinker with the past to create the perfect present. However, his efforts to manipulate previous occurrences and contrive the perfect romance for himself create chaos as his interventions lead to a host of unexpected results. About Time also stars Rachel McAdams (Midnight In Paris). ODEON Greenwich, Bugsby s Way, Greenwich, SE10 0QJ 26

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