Kinepolis limited its loss last year to €25.5m, against €69.1m in 2020, the groups announced on Thursday morning. The business has taken advantage of the gradual relaxing of pandemic restrictions to welcome visitors back to its screens.

In total, 17.2 million spectators visited the Brussels-based company's cinemas, up 42.6% in one year. However, attendance is far from being back to pre-pandemic levels. In the second half of the year, it was a third lower than in the same period in 2019.

“We have managed to be profitable from a relatively low occupancy rate of our theatres,” said Eddy Duquenne, CEO of Kinepolis Group. “We did not have the best-case scenario in 2021 that we had hoped for at the start of the vaccination campaign, but I am nevertheless pleased with a year in which we, as a company and as a team, did everything in our power that led to a stronger result given the circumstances.”

Spider-Man boosts attendance

In Luxembourg, Kinepolis welcomed 420,000 spectators in its three cinemas, an increase of 46.9% compared to 2020. Attendance was less affected than in other markets due to the opening of cinemas in the first half of the year. On the other hand, revenues from the sale of beverages and snacks was impacted by a ban that was only lifted after the introduction of CovidCheck in the summer of 2021.

Overall, the group’s turnover rebounded by 51.1% to €266.4m, supported by the increase in revenue per visitor. Visitors were able to take advantage of offers aimed at “a premium cinematic experience”, said Kinepolis. The group ended the year with a strong December, supported by the film Spider-Man: No Way Home. The other most viewed feature films in 2021 are Dying Can Wait, Dune, Fast & Furious 9 and Shang-Chi and the Legend of the Ten Rings.

On the cash side, Kinepolis reported a fall in debt and a cash balance of nearly €200m at the end of 2021, helped by an €80m loan taken out in January.

€4.3m for two facelifts, including Belval

The operator has made a number of investments totalling €17.1m, of which €10m were for the completion of the construction of five cinemas, including Metz Waves and Metz Amphithéâtre. Another €2.8m were allocated to maintenance investments and €4.3m went towards an internal expansion, where two multiplexes located in Canada and in Luxembourg were renovated. 

Kinepolis operates 108 cinemas in nine different countries--Belgium, the Netherlands, France, Spain, Luxembourg, Switzerland, Poland, Canada and the United States. It has about 60 employees in the Grand Duchy.

This story was first published in French on . It has been translated and edited for Delano.