Kinepolis records euro 2.8 million loss for 2002

Kinepolis, a multiplex cinema in Poznań belonging to the Belgian Kinepolis group, recorded a euro 2.8 million operating loss in 2002. "At present we have no plans to dispose of this project," Florent Gijbels, president of the group, told Parkiet. Kinepolis Poznań was opened in 2001, has 20 screen and 7,300 seats. In the first year of its operations, the company produced revenues of euro 3.7 million and euro 3 million losses on the EBITDA level. By the end of 2002, Kinepolis had managed to increase its revenues by over 78% and the EBITDA amounted to almost euro 0.4 million. The main factor that attributed to the negative operating result of the Polish subsidiary was the decreasing value of the złoty. (Parkiet, p. 5) M.M.