Ties call for coin to profitable year
Germany’s leading exhib chain Cinemaxx said Monday it recorded its first full-year profit in 2009, and added that it aims to raise e8.8 million ($12 million) for acquisitions through a capital increase this month.
“The fourth quarter results were well above the board’s forecast, and there was for the first time a considerable profit for the full-year,” Cinemaxx said in a statement, adding it would report the preliminary 2009 results March 29.
Cinemaxx, in which Munich media mogul Herbert Kloiber has a 69% stake, plans to issue 3.4 million new shares for $3.56 in the March 12-30 subscription period. The rights issue is open to existing shareholders.
“The fresh capital will be used to expand the company’s ability to act, and for pending investments as well as improving the capital base,” Cinemaxx said.
The Cinemaxx group operates 36 multiplexes with 303 screens in Germany and Denmark in addition to traditional movie theaters in major German cities.
It was a banner year for German exhibs in 2009. Strong local pics helped the box office rise 23% to a record $1.34 billion. Admissions rose 13% to 1.46 million, and local pics saw their market share rise to 27.4% from 26.6% in 2008.