Central European exhibitor Cinema City (www.cinemacity.nl) reported cinema revenues of 197.6 million euros at the end of Q3 2011, an increase of some 11% over 2010, but EBITDA dropped 20.6% to 53.3 million euros for the nine months. Operating profit fell 43% to 17.1 million euros for the period.

At the same time, ticket sales increased 12.6% to 26 million, but same theatre admissions fell by 12.6% to 20.2 million. The rise in admissions was attributed primarily to Cinema City's acquisition of the Palace Cinemas 15 multiplexes with 141 screens for 28 million euros. The company also opened new multiplexes Romania and Poland, most recently a 9 screen, 1,300 seat multiplex in Torun, Poland, opened on 14 November.

As of 30 September, Cinema City operated 882 screens in 93 multiplexes, including 9 IMAX theatres, increasing to 899 screens (9 IMAX) in 95 multiplexes by 15 November 2011. Cinemas are located in Poland, Hungary, Czech Republic, Romania, Bulgaria, Slovakia and Israel.

In 2012, the Company's plans for cinema openings include opening of 4 to 6 multiplexes in Romania with 40 to 60 screens, 2 cinemas in Bulgaria with a total of 24 screens, 1 cinema in the Czech Republic with 8 screens and the Planet megaplex in Israel with 25 screens. In total Cinema City plans to open 8 to 10 multiplexes with 97-117 screens during the upcoming year.

Digitalisation of the Cinema City chain should be completed in large part in the first half of 2012, reducing operating expenses, and capturing the cash generative potential of 3D and alternative movie titles.

Romania will see extensive growth, with Cinema City holding binding commitments for 25 sites and a potential 240 screens, making it the company's second largest country of operations, after Poland, which now accounts for 37% of Cinema City's screens. 

The company's stock price fell to 28.7 zlotys at close of trading on Tuesday 15 November, from a high of 29.7 zlotys at start of trading on Monday 14 November.

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