fy 2012 financial results odeon uci - amazon s3 · used by our chief operating decision makers to...

for the three months and full year to 31 December 2012

ODEON & UCI CINEMAS GROUP Odeon & UCI Finco plc

Financial Results

Odeon&UCIFincoplc GroupFinancialResultsforQ4andfullyear2012 2

TableofContents

Page

PresentationofFinancialData 3

Summary 4

OperatingandFinancialReview 6

Outlook 9

CondensedConsolidatedFinancialStatements:

Profit&LossAccount 10

CashflowStatement 10

BalanceSheet 11

NotestotheFinancialStatements 12

RiskFactorsandotherinformation 13


PresentationofFinancialData

This report summarises consolidated financial and operating data derived from theconsolidated financial statements of Odeon & UCI Bond Midco Ltd (“Odeon Midco”). ThesummaryfinancialinformationprovidedhasbeenderivedfromourrecordsfortheaccountingperiodstoDecember2012,whicharemaintainedinaccordancewithUKGAAP.

The2012auditedconsolidatedstatutoryaccountsofOdeonMidcoarepublishedonthegroupwebsite (http://www.odeonucicinemas.com). The accounts also contain 2011 comparativeinformation.

For prior year comparative purposes, the notes Offering Memorandum dated 13 May 2011reproduced the 2010 and 2009 audited consolidated statutory accounts of Odeon and UCICinemasGroupLtd(“OUCGL”). OUCGListhepredecessortoOdeonMidcoforthepurposesofinformation provided in relation to the senior secured notes. The OfferingMemorandum isavailableonthegroupwebsite(http://www.odeonucicinemas.com)andshouldbereferredtoforauditedcomparativeinformation.

The summarised information presented in this report is extracted bymanagement from thesame source as the audited accounts, but is presented in a management reporting style,consistentwithpreviousquarterlyreporting,whichisintendedtobemoreinformativeforthereaderthanthestatutoryaccountsformat.

ThecomparativeinformationinthereportincludestheperiodpriortotheclosingofthenotesofferingbyOdeon&UCIFincoplc,whichtookplaceon24May2011(“closing”). Onthatday,OdeonMidcobecametheparentcompanyof the tradingentities in theOdeon&UCICinemasoperatinggroup.

MergeraccountingunderUKGAAP isapplied in theseaccounts. Thismeans that,despite thefact that Odeon Midco owned the trading group only from 24 May 2011 onwards, theconsolidated results include thoseof the group it acquired. Prior to closing, the groupowedshareholder debt to Odeon and UCI Cinemas Group Limited (“OUCGL”). Interest on theshareholder debtwas accruedby the acquired groupup to 24May 2011. Following closing,OdeonMidcogrouphasnoshareholderdebtandthusnoshareholderinterestpayable.

We have presented certain non‐GAAP information in this report. This information includes‘‘EBITDA’’,whichrepresentsearningsbefore interest, tax,depreciation,amortisationandone‐offexceptionalandstrategicitems.

Our management believes that EBITDA is meaningful for investors because it provides ananalysisofouroperatingresults,profitabilityandabilitytoservicedebtandbecauseEBITDAisused by our chief operating decision makers to track our business evolution, establishoperational and strategic targets and make important business decisions. In addition, webelievethatEBITDAisameasurecommonlyusedbyinvestorsandotherinterestedparties inourindustry.

Some information presented in this report is described as Like‐For‐Like (“LFL”). Thisinformationexcludesanycinemastradinginthegroupintheperiodorthecomparativeperiodbutnotinboth.


Summary

Odeon&UCIispleasedtoannounceitsresultsforthefourthquarterandfullyear2012.

StrongperformanceinQ4

Highest quarterly earnings of all time achieved in Q4, with strong film line up andfavourableweathergivinghighmarketattendancevolumes.

Marketvolumeincreased14%year‐on‐year,asaweightedaverageofourterritories.

Attendanceof26.2m(up21%)andLFLof25.3m(up18%).

Turnover(1)of£232million(up21%)andLFLof£222million(up18%).

EBITDA(2)of£53.6million(up67%)andLFLof£50.6million(up60%).

Fullyearresultshighlights

DespitethestrongQ4,2012overallwasdisappointingintermsofmarketvolume,withanunusualphasingandcombinationofnegativeimpacts,buttherewasgoodprogressonthecontinuingdevelopmentofthebusiness.

o Firstquarterwassoft,duetoaweakfilmslateexacerbatedbypoorcinema‐goingweather.

o Secondquarterwasourstrongestsecondquarterever,withstrongtitlesandfavourableweatherinAprilandMay,butmuchsofterresultsinJuneduetothesuccessoftheEuropeanfootballchampionshipandweakerslateinallterritories.

o Thirdquarterwasaveryweakmarket,heavilyimpactedbytheOlympicandParalympicGames,aweakfilmslateandverywarmanddryweatherintheMediterraneanarea.

o Fourthquarterwasourbestquarterever,withastrongfilmslate,morefavourableweatheranddespitetheVATincreaseonticketpricesinSpain.

Overall markets showed a weighted average market decline of 3% on 2011: the lowestaveragemarketvolumeforover10years.

Attendanceof82.3m,up4%,with8newcinemasaddedintheyear.LFLattendanceof76.4m,down2%,a smallerdecline than themarkets, impactedby filmslate,weatherandcompetingevents(EuropeanfootballchampionshipandOlympicGames).

Turnover(1)of£724million(up4%)andLFLof£671m(down2%),inlinewithattendance.

EBITDA(2) of £90.8m (down 3%) and LFL EBITDA of £82.3m (down 10%), although thetrendofunderlyinggrowthcontinued.

(1)Atconstantfxrates.

(2)Earningsbefore interest, tax,depreciation,amortisationandone‐offexceptionaland strategic items. EBITDA includesa£9.1m credit to rent in2012with regard toprior years,asdescribedonpage9. The results in this reportare statedafterchargingrentpayabletoOdeonPropertyGroupLLP(“PropCo”).Seepage10fordetails.


Summary(cont)

2012activityhighlights

Portfoliodevelopment–additionalcinemas

During2012,eightcinemaswereaddedtothegroup’sportfolioasfollows:

March ThePoint,Dublin,Ireland(6screens)

July BFI,London(highprofilemanagedsitewith1screen,thebiggestintheUK)

September BroadwayPlaza,Birmingham,UK(12screens)

October Llanelli,UK(5screens) PuertoVenecia,Zaragoza,Spain(10screens)

November Dorchester,UK(3screens) AsCancelas,Santiago,Spain(8screens)

December Catania,Italy(7screens)

Portfoliodevelopment–majorrefurbishments

InLondon, theWhiteleys cinemawas redevelopedduring late2011and reopened in January2012.Itnowincludes“TheLounge”,thegroup’suniqueluxuryofferingthatincludesrecliningleatherseatingandat‐seatserviceoffinefoodanddrink.

Therewere three othermajor refurbishments in theUK during the year,which included the“OdeonStudios”adjacenttotheflagshipLeicesterSquarecinemainLondon,andtwoinSpain.

Retailandotherdevelopments

Thegroupcontinuedtoinvestinrollingoutimprovedfoodanddrinkofferings,broadeningtherangeofproductsavailabletocustomers.Afurther21CostaCoffeelocationswereaddedduringtheyearintheUKandIreland,bringingthetotalto43atyear‐end.InSpain,followingearliertrials,furthercoffeeshopsusingthepremiumFarggibrandwereopened,bringingthetotalto4atyear‐end.

Avideoondemand(VOD)platforminSpainwaslaunchedduringNovember2012and,attwosites in theUK, trialsof a “4D”experienceusingmotion seatswere commenced. Bothare intheirearlystagesandtheirpotentialandperformancewillbecomeclearerduring2013.

Digitalprojection

TheconversionofthewholegrouptodigitalprojectionwascompletedinJuly2012,supportedbyexternalfundingarrangements.

The benefits from digital are in the process of being realised: 3D projection is established;significant staff cost savings have been achieved, with more to follow; screen advertisingadvantages are starting to be seen; and alternative content is growing. There is an ongoingappetitefromourcustomersfor3Dfilmproduct,whichcommandsaticketpricepremium.In2012,approximately17%ofourcinemaattendanceand21%ofourboxofficerevenuearosefrom3Dfilms,bothslightlydownonprioryearduetotherelativesuccessin2012of2Dfilms,suchasSkyfall.For2013,the3Dfilmslatelooksstronger.

iSensprojection

‘iSens’isthegroup’sproprietarybigscreenconcept.Itwaslaunchedin2011withgoodresultsattwocinemasinSpainandoneinItaly.During2012,nineteenfurtheriSensscreensopenedinContinental Europe and the systemwas introduced at one site in theUK and two in Ireland,wheretheslightlydifferentbrandname‘isense’isused.


% %2011 2012 change 2011 2012 change

PaidAttendance(millions) 21.6 26.2 21% 79.2 82.3 4%Groupturnover(1) (£millions) 190.9 231.7 21% 697.2 723.9 4%Averageticketprice(2)£ 5.99 6.07 1% 6.07 6.02 (1%)Retailrevenueperhead(2)£ 1.94 1.94 0% 1.96 1.96 (0%)EBITDA(1)(3)(£millions) 31.0 53.6 73% 90.6 90.8 0%EBITDA(3)(£millions) 32.0 53.6 67% 93.4 90.8 (3%)

Like‐for‐like(LFL)comparisons(4)

PaidAttendanceLFL(millions) 21.4 25.3 18% 78.3 76.4 (2%)GroupturnoverLFL(1)(£millions) 188.1 221.9 18% 686.5 670.5 (2%)AverageticketpriceLFL(2)£ 5.88 6.03 3% 5.97 6.03 1%RetailrevenueperheadLFL(2)£ 1.91 1.93 1% 1.92 1.97 3%EBITDALFL(1)(3)(£millions) 30.5 50.6 66% 89.0 82.3 (8%)EBITDALFL(3)(£millions) 31.6 50.6 60% 91.8 82.3 (10%)

Threemonthsended31Dec

Yearended31Dec

OperatingandFinancialReview

Filmproductandmarketvolumesin2012Q4

Market attendance in Q4 was stronger across all territories, particularly so in the UK andGermanywhereQ4attendancewas thehighestof the last fiveyears. Q4attendance inSpainwas strong compared to the last two years, despite the increase of VAT on ticket prices.Q4 attendance in Italy was also up slightly versus last year, despite some local films beingpostponedfromQ42012to2013.IntheUK, therecordbreakingresultofSkyfallwasthemaindriverofmarketattendanceandwas the leading titleby far, butwell supportedby strongperformances fromTheHobbitandTwilightSaga:BreakingDawnPart2. Theboxofficerevenuegeneratedin2012Q4bythetopfivetitleswasmorethandoublethatoftheirprioryearequivalents.InGermany,SkyfallalsoperformedverywellandreceivedsupportfromMadagascar3aswellasTheHobbitandTwilightSaga:BreakingDawnPart2.InSpain,highattendanceinQ4wasdrivenbythegoodresultsofthelocalfilmLoImposible.InItaly,thefinaltwoinstalmentsofTwilightSaga:BreakingDawnheadedQ4intheirrespectiveyears.Absenceoflocalproduct,postponedto2013,wasthemainreasonthatthemarketwasuplessthanelsewhere.

Weighted averagemarket attendance for the yearwas down 3%,with the UK and GermanymitigatingtheweakerresultsofthesouthernEuropeanterritories.

KPIsandcosts

Attendancewas up 21% in the quarter,with LFL attendance up 18%, because of thestrongfilmsandfavourableweather.

Average ticket price(1) (“ATP”)was 3%up (LFL). Full year ATPwas 1%up (LFL), inspiteofalower3Dmix.

Retail revenue per head(1) (“RPH”) was up 1% (LFL) in the quarter impacted by thehigher level of attendance. Full yearwas3%up (LFL)benefiting from the increasingcontributionofretailinvestment.

(1)Atconstantfxrates.(2)Atconstantfxratesandconstantterritoryweighting,formajorterritories.(3)Earningsbefore interest, tax,depreciation,amortisationandone‐offexceptionaland strategic items. EBITDA includesa

£9.1mcredittorentin2012withregardtoprioryears,asdescribedonpage9.(4)LFLinformationexcludesanycinemastradinginthegroupintheperiodorthecomparativeperiodbutnotinboth.


OperatingandFinancialReview(cont)

Thefollowingcommentsrelatetothefinancialstatementssetoutonpages10to12.

Profit&LossAccount(page10)

TurnoverinQ4wasup17%athistoricforeignexchange(“fx”)rates,andup21%atconstantfx.LFLturnoverwasup18%.Fullyearturnoverwas£724million,marginallybehind2011atactualhistoricforeignexchangebutup4%atconstantfx.

GrossprofitmargininbothQ4andthefullyear(LFL)declined,primarilyfromhigherfilmhirerates(%ofboxofficerevenue)duetothehigherproportionofblockbusterproduct.

Controloveroperatingcostswasfirm,particularlyoverstaffcosts.Rentwaslowerthan2011inboththequarterandthefullyearasitisstatednetofleaseincentives,asdescribedonpage9.

Q4EBITDAwas£53.6m(up67%)andLFLwas£50.6m(up60%,or66%atconstantfx). FullyearEBITDAwas£90.8m(down3%)andLFLwas£82.3m(down10%).

Strategiccostswere£1.0minthequarterand£2.6minthefullyear. Thesecostsrelatetothedevelopmentofnewbusiness.Someoftheseactivitiesleadtoongoingnewbusiness,someareaborted.

Depreciation and amortisation of £73.9m increased by £8.6m compared to 2011. The 2012total includes a £9.1m charge in relation to prior years regarding landlord contributions,describedonpage9.Asidefromthis,theunderlyingratedecreasedin2012followingadetailedreviewandupdatetotheasset livesfordepreciationcalculationpurposes. Theimpactofthischangeisareductionofapproximately£9.0mperannuminthedepreciationcharge.

Ofthetotal,£11.4mwasamortisationofgoodwill.Thecarryingvalueofgoodwillinthebalancesheetatthe2012year‐endwas£167.6m.Goodwillisamortisedover20years.

Exceptional costs of £2.3m in the year related primarily to restructuring redundancy costsresultingfromdigitalprojectionroll‐outandthe2011acquisitions.

Exceptionalincomeof£1.3mintheyearrelatedtoreductionsintheonerousleaseprovisioning.

Interestreportedintheprofit&lossaccountcontainedbothcashandnon‐cashelements.

The cash‐payable element was primarily interest on the senior secured notes, local bankchargesandfinanceleaseinterest.Asexplainedinthe“PresentationofFinancialData”section,non‐cashinterestonshareholderdebtwasaccruedbytheacquiredgroupupto24May2011.Following closingon24May2011,OdeonMidco grouphasno shareholderdebt and thusnoshareholderinterestpayable.

Interest payable and similar charges for both the final quarter and full year of 2012 werebroadlyinlinewiththeirprioryearequivalents,althoughthereweretwocompensatingeffectswithinthefullyearfigures:

a) anincreaseof£9mduetothehigherinterestfollowingthebondissue;andb) a decrease of £9m because capitalised issue costs relating to the old facilities were

written‐offin2011.

The tax credit for the year was £2.4m, primarily due to the recognition of a €3.5m (£2.8m)deferredtaxassetrelatingtoGermanbroughtforwardtaxlosses,whichreducecurrenttaxableprofits.



CashflowStatement(page10)

TherewasaworkingcapitalinflowinQ4,reflectingseasonalstrongeryearendtrading.

NetcapitalexpenditureinQ4mainlyrelatedtocinemaopeningsandrefurbishments. Forthefull year, the capital expenditure, which is net of digital refunds, reflected investment indevelopmentandgrowthopportunities,notablythe8newsiteadditions,astheproceedsoftheMay2011notesissuecontinuedtobeapplied.

Finance costs paid in the quarter primarily represented one quarter’s interest on the Euronotes. Thehalf‐yearlySterlingnoteinterestpaymentsaremadeinFebruaryandAugust. Thefull year figure was unusually high in 2012 because of the timing of the first Sterling notesinterestpayment.

Netdebtfinishedtheyearat£450.2m(includingfinanceleases).Closingcashwas£52.1m.

Netdebt isshownin thestatutoryaccountsas£433.6m,becauseunderUKGAAPborrowingsareshownnetofcapitalisedissuecosts,whichwere£16.6matyear‐end.

BalanceSheet(page11)

Intangiblefixedassets(goodwill)decreasedbyanet£48mbecauseofa£37mreductiontotheprovisionalgoodwillrelatingtothe2011acquisitionstoreflectthehigherfairvalueofacquiredassetsand£11mamortisation.

Tangible fixed assets increased as a result of group funded capital expenditure, externallyfundeddigitalassetscapitalised,adjustmentstothefairvaluesofassetsfrom2011acquisitionsand accounting for landlord contributions as lease incentives. These increases were net ofdepreciationandfxmovements.ThenetincreaseinNBVwas£93m.

Currentassetsexcludingcashincreasedby£7mandcurrentliabilitiesincreasedby£17m;bothreflected the higher trading volumes in December 2012 compared to December 2011. Netcurrent assets are naturally favourable (negative) in this business, because revenues arecollected from customers close to the day of attendance, whereas most direct costs andexpensesarepaidafteraperiodofcredit.

Non‐current liabilities increased by £63m year‐on‐year, principally in the deferred incomecategory, which includes non‐cash accounting balances relating to externally funded digitalassetsandlandlordcontributions.

Seniorsecurednotesdecreasedby£1m,duetotheimpactofdifferentforeignexchangeratesontheEuroseniorsecurednotesandamortisationofcapitalisedissuecosts.



AssetAccountingReviewDuring2012,anexercisewascompletedtoreviewdepreciationratesandassetaccounting.Theprincipalconclusionswerethat:(i) useful lives in relation to certain categoriesof assets fordepreciationpurposeswere too

shortrelativetoactualassetlives;and(ii) certain contributions from landlords relating to assets would be more appropriately

accounted‐forunderthegroup’sexistingleaseincentivesaccountingpolicyratherthanasreductionsincapitalexpenditure.

Theresultantaccountingchangesmadewereasfollows:(i) Asset lives for depreciation calculation purposes were revised where appropriate. The

impact on depreciation in the profit and loss account was a reduction of approximately£9.0mfor2012.

(ii) Adjustments were made in 2012 to the accounting for contributions from landlords asfollows:a) Fixedassetcostof£52.8mwasaddedtothebalancesheet.

Depreciationof£10.9mwaschargedthroughtheprofitandlossaccountonthisassetcost, of which £9.1m related to previous years. Depreciation of £0.5m was alsopostedtogoodwill,inrelationtopre‐acquisitionperiodsofbusinessespurchasedin2011.Theresultantfixedassetnetbookvalueatthe2012balancesheetdatewas£41.4m.

b) Acreditor(deferredincome)of£52.8mwasaddedtothebalancesheet,reflectingtheleaseincentivesreceived.Thecreditorwaspartlyreleasedtotheprofitandlossaccountduring2012,reducingrentalsunderoperatingleasesby£10.9m,ofwhich£9.1mrelatedtopreviousyears.Amountsof£0.5mwerealsopostedtogoodwill,inrelationtopre‐acquisitionperiodsofbusinessespurchasedin2011.Theresultantcreditorcarryingvalueatthe2012balancesheetdatewas£41.4m.

Therewasnoimpactontotaloperatingexpenses,profit,netassetsorcashfromanyoftheadjustmentsdescribedin(ii)above.

Outlook

Managementareconfidentaboutthegroup’sprospects.

Results were very strong in the fourth quarter, following a low volume year with unusualphasingandcombinationofadverseimpacts.

Developmentactivitycontinuedthroughout2012andwillgrowearningsforthelongterm.

The film slate for 2013 looks more balanced than in 2012. It includes several sequels toestablishedfranchisesandagoodrangeofIMAXand3Dtitles.

Therearenomajorsporteventstointerruptthe2013releaseschedule.

Developmentexpenditureonnewsitesandtheexistingestatewillcontinueduring2013.


2011 2012 2011 2012

EBITDA 32.0 53.6 93.4 90.8Movementinworkingcapital 5.8 21.0 (13.0) 12.7Netcapitalexpenditure (15.1) (12.4) (51.3) (41.9)Provisionsandoneoffs 1.0 (5.4) (13.4) (15.7)

Financecosts(d) (9.8) (8.8) (49.4) (60.0)Tax (2.3) (0.8) (3.8) (2.6)Acquisitionsanddisposals (28.7) (3.3) (116.2) (3.6)Sharecapitalissued ‐ ‐ 0.1 ‐

(Increase)/decreaseinnetdebt (17.1) 43.9 (153.6) (20.3)Borrowing(repayment)/drawdown 0.0 (7.0) 191.5 ‐

Netincrease/(decrease)incash (17.1) 36.9 37.9 (20.3)Cashbalance,beginningofperiod 91.9 14.7 36.3 73.0

Foreignexchangemovements (1.9) 0.5 (1.2) (0.6)Cashbalance,endofperiod 73.0 52.1 73.0 52.1

ended31Dec(a) ended31Dec

Threemonths Year

CondensedConsolidatedProfit&LossAccount

£millions

2011 2012 2011 2012

Groupturnover 197.3 231.7 725.1 723.9Costofsales (64.6) (87.1) (254.9) (260.7)

Grossprofit 132.8 144.5 470.2 463.2Operatingcosts (67.7) (69.7) (252.1) (255.1)Rent(b) (33.1) (21.2) (124.7) (117.3)

EBITDA 32.0 53.6 93.4 90.8Strategicone‐offcosts (1.6) (1.0) (3.0) (2.6)Depreciationandamortisation (21.1) (22.8) (65.3) (73.9)

Operatingprofit/(loss)beforeexceptionalitems 9.3 29.9 25.1 14.3Exceptionalcosts (1.6) (0.0) (4.1) (2.3)Exceptionalincome 4.6 1.3 4.6 1.3

Operatingprofit/(loss) 12.3 31.1 25.6 13.3Shareofoperatingprofit/(loss)ofjointventures 0.3 0.3 0.3 ‐Profit/(loss)ondisposalofproperties 0.1 (1.7) ‐ (1.8)

Profit/(loss)onordinaryactivitiesbeforeinterestandtaxation 12.7 29.8 25.9 11.5Interestreceivablefromrelatedparties ‐ ‐ 3.0 ‐Interestpayableandsimilarcharges(b) (15.7) (16.0) (56.9) (58.6)Interestpayableonshareholderdebt(c) (0.0) ‐ (35.0) ‐Otherfinancecosts ‐ (0.3) ‐ (0.3)

Profit/(loss)onordinaryactivitiesbeforetaxation (3.0) 13.5 (63.0) (47.4)Taxation (0.0) 3.0 (2.4) 2.4

Profit/(loss)onordinaryactivitiesaftertaxation (3.0) 16.5 (65.4) (45.0)

(a) DataforQ4aloneisnotaudited.Seedescriptionofauditedandunauditedinfomationonpage3.

(b) Rentincludesa£9.1mcreditin2012withregardtoprioryears.

IncludedaboveareP&LchargesinrelationtoPropCogroupleasesasfollows:

‐withinRent(operatingleases) 2.5 2.5 9.5 9.8

‐withinFinancecost(financeleases) 0.6 0.7 2.2 2.2

3.1 3.1 11.7 12.0

(c) Interestonshareholderdebtwasaccruedupto24May2011bythegroupacquiredbyBondMidco.

TheBondMidcogrouphasnoshareholderdebtorassociatedinterestsubsequentto24May2011.

(d) Includesrefinancingfeesandpensiondeficitreductioncosts.

ended31Dec(a) ended31DecThreemonths Year

CondensedConsolidatedCashflowStatement

£millions


CondensedConsolidatedBalanceSheet

£millions

December DecemberNote 2011 2012

FixedassetsIntangibleassets 216.0 167.6Tangibleassets 431.4 524.1Investments 1.2 1.0

648.6 692.7

Currentassetsexcludingcash 1 68.2 75.5

Cash 73.0 52.1

Debtorsdueaftermorethanoneyear 11.2 11.7

Currentliabilities 2 (169.5) (186.3)

Totalassetslesscurrentliabilities 631.5 645.7

Non‐currentliabilities 3 (597.6) (660.3)

Net(liabilities)/assets 33.9 (14.6)

Capitalandreserves

Sharecapitalandpremium 549.1 547.4Reserves (515.2) (562.0)

33.9 (14.6)


December December2011 2012

Note1‐Currentassetsexcludingcash

Stocks 7.4 6.7Prepaymentsandaccruedincome 18.9 20.7Otherdebtorsduewithinoneyear 41.9 48.1

68.2 75.5


Note2‐Currentliabilities

Bankloansandoverdrafts ‐ ‐Tradecreditors 57.0 63.3Financeleases 3.2 3.8Othercreditors,accrualsanddeferredincome 109.3 119.2

169.5 186.3


Note3‐Non‐currentliabilities

Bankloansandoverdrafts ‐ ‐Financeleases 36.9 35.0Seniorsecurednotes 448.3 446.9Othercreditors,accrualsanddeferredincome 112.4 178.4

597.6 660.3

Seniorsecurednotesarestatednetofunamortisedissuecostsof£19.2matDecember2011.Seniorsecurednotesarestatednetofunamortisedissuecostsof£16.6matDecember2012.


Note4‐Netdebtsummary

Seniorsecurednotes Note3 448.3 446.9Unamortisedissuecosts Note3 19.2 16.6Bankloansandoverdrafts Note2 ‐ ‐Financeleases(currentliabilities) Note2 3.2 3.8Financeleases(non‐currentliabilities) Note3 36.9 35.0Cash (73.0) (52.1)NetDebt 434.5 450.2

CondensedNotestotheFinancialStatements

£millions


RiskFactorsandotherinformation

For a description of the following matters, please refer to the Offering Memorandum dated13May2011,whichisavailableonthegroupwebsite(http://www.odeonucicinemas.com):

discussionofmaterialcommitmentsandcontingencies

descriptionofthebusiness,managementandshareholders

materialaffiliatetransactions

descriptionofmaterialcontractualarrangements,includingmaterialdebtinstruments

descriptionofmaterialriskfactors.

OtherthanasdescribedinthisQ4andfullyearreport,therehavebeennomaterialchangestothesemattersuptothedateofpublicationofthisreport.

Criticalaccountingpoliciesaredescribedinthe2012auditedconsolidatedstatutoryaccountsofOdeon & UCI Bond Midco Ltd (“Odeon Midco”), which are published on the group website(http://www.odeonucicinemas.com).

MaterialrecentdevelopmentsaredescribedearlierinthisQ4andfullyearreport.

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