vue international annual report

REPORTS Strategic Report 3-13 Directors' Report 14-21 Statement of Directors' Responsibilities 22-23 Independent Auditors . The directors are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Registered number: 08514872 . The Group is committed to its obligations under the Equality Act 2010 and the Modern Slavery Act 2015 and has policies in place to ensure an ethical and legal framework is provided to employees. This reflects disciplined management of the business, operational execution, commitment of colleagues around the world . In accordance with IFRS 8, the Group believes that it has two reportable segments: UK and Continental Europe. Employees are rewarded on the basis of both overall company performance and individual business contribution. Costs directly attributable to business combinations are recognised as an expense in the income statement as incurred. Further contingent liabilities in relation to one of these claims are disclosed in note 32. The proportion of the voting rights in subsidiary undertakings do not differ from the voting rights held. Vue UK is part of the national CEA card scheme which provides free tickets to carers of disabled cinema guests and is also a proud supporter of Medicinema a charity that provides relief to hospital patients through the power of film. Annual Report & Accounts and Notice of 2022 AGM An Original Issue Discount fee (OID) of 1.9m (1.4m) was paid on the date of issue of the notes. The Group also continues to proactively review and manage lease contracts to ensure rent, length of lease and space rented are all optimally configured. AIMCo operates at arms-length from the Government of Alberta and invests globally on behalf of 32 pension, endowment and government funds in the Province of Alberta. The impact of currency fluctuations on the Group are discussed within the Strategic report Foreign exchange risk section (page 11). During his time at 3i, he helped open and develop 3is Amsterdam office and also developed its market entry strategy for Turkey. The Group operates a number of defined contribution schemes for its employees. There is an inherent reliance on major US studios and local film industries to continue to develop successful films and franchises that ensure a reliable and recurring stream of revenue. We also performed sensitivity analysis on the The Groups site level assessment has resulted in discounted cash flow forecasts and on the ability property, plant & equipment impairments of of the Group to generate the forecast cash flows. Finance income Year ended Year ended 30 November 30 November 2018 2017 000 000 Interest income 264 149 Total finance income 264 149, Finance expenses Year ended Year ended 30 November 30 November 2018 2017 000 000 Interest on bank loans and senior secured notes 47,575 47,097 Amortisation of capitalised finance costs 3,831 5,512 Shareholder loan interest 80,463 72,158 Interest on obligations under finance leases 2,884 3,420 Unwinding of discount factor on provisions 1,540 2,059 Unrealised foreign exchange losses 869 12,833 Total finance expenses 137,162 143,079. As in all of our audits we also addressed the risk of management override of internal controls, including evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. The outflow in the current period was driven by interest paid during the period of 49.4m (2017: 50.3m) and finance lease payments of 6.4m (2017: 6.7m). The revolving credit facility was recently extended to January 2020 and whilst there is an expectation this will be refinanced before this date the Group is not reliant upon this facility to fund working capital as evidenced by significant positive cash balances and a nil draw at the end of the financial year. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material), discounted back using a pre-tax discount rate reflecting the risk of those cash flows. Consolidated EBITDA(1) of 119.7m (2017: 124.6m) is reported before depreciation and amortisation expense of 58.1m (2017: 58.0m) and separately reported items (as defined in note 3.21 and further details given in note 11) of 20.7m (2017: 16.5m). Deferred income includes landlord contributions of 50.1m (2017: 50.9m). Screen advertising continues to provide a consistent source of additional revenue and the Group has also continued to develop further revenue sources. For the second class of option, the first tranche becomes exercisable after 66 months (or on a change of the ultimate controlling parties of Vue International Holdco Limited, if this occurs earlier) whilst the second tranche becomes exercisable on the first anniversary of completion of the exercise of the first tranche. In particular the working capital requirements of the Group are met by the Groups available cash balance and a revolving credit facility provided under agreement with the Company. We have audited the financial statements, included within the Annual Report and Financial Statements (the Annual Report), which comprise: the Consolidated Balance Sheet as at 30 November 2018; the Consolidated Income Statement and Consolidated Statement of Comprehensive Income, the Consolidated Statement of Cash Flows, and the Consolidated Statement of Changes in Equity for the year then ended; and the notes to the consolidated financial statements, which include a description of the significant accounting policies. Key personnel information with biographies The Groups accounting process is structured around a local finance function for each division who maintain their own accounting records and controls and report to the centralised head office finance function in the UK through submission of monthly reporting packs. The highest paid director received remuneration of 1.2m (2017: 1.1m) including pension contributions of 5k (2017: 5k). The Company has one class of ordinary shares which carry no right to fixed income. Results, Reports & Presentations | Pearson plc For the first class of option (issued to certain senior executives), the first tranche becomes exercisable after 5 years (or on a change of the ultimate controlling parties of Vue International Holdco Limited, if this occurs earlier) whilst the second tranche becomes exercisable on completion of the exercise of the first tranche. consent in PricewaterhouseCoopers with received these of obtain the Reasonable misstatement, can Act. VUE CINEMAS (UK) LIMITED filing history - GOV.UK 4; 80336 Mnchen; Germany UFA Theater GmbH Germany 10% c/o P + P Pllath + Partner, Zeil 127 60313 Frankfurt am Main. The standard will be effective in the Group financial statements ending 30 November 2020. Impairment of property, plant and equipment (estimate and judgement). This includes a cash inflow of 3.9m (2017: inflow 1.0m) from working capital, driven by an increase in trade and other payables of 8.7m, partially offset by an increase in trade and other receivables of 4.6m. The Group retains no obligations in respect of these independent funds. Loans and borrowings 30 November 30 November 2018 2017 000 000 Senior secured notes - 300m 297,648 296,211 Senior secured notes - 360m 312,974 310,611 Senior secured term loan - 120m 104,085 103,636 Shareholder loan notes 813,397 732,933 Total 1,528,104 1,443,391 Less: Revolving credit facility capitalised fees (205) (481) Total 1,527,899 1,442,910, 30 November 30 November 2018 2017 Allotted, issued and fully paid 000 000 4,718,100 Ordinary shares of 1 each (2017: 1 each) 4,718 4,718 Total 4,718 4,718. 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On 4 February 2019, the Group agreed an extension to its existing 60m Revolving Credit Facility (RCF). The Board regularly reviews the financial requirements of the Group and the risks associated therewith. While producing this report, we have followed a standardized research methodology which assures our data quality and authenticity. Interest is floating at three month EURIBOR plus a margin of 525 bps. This ensures that all the latest information is captured to enable you to make informed decisions CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 NOVEMBER 2018, Year ended Year ended 30 November 30 November 2018 2017 000 000 Loss for the year (82,983) (100,913), Items that will not subsequently be reclassified to profit or loss Net remeasurement loss on retirement benefit 118 (317) obligations Items that may subsequently be reclassified to profit or loss Translation (losses) / gains on net investments (3,468) 20,498 Other comprehensive (loss) / income for the (3,350) 20,181 year, net of income tax, Total comprehensive loss for the year (86,333) (80,732), Attributable to: - Owners of the parent (86,460) (80,855) - Non-controlling interests 127 123, CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 NOVEMBER 2018, Year ended Year ended 30 November 30 November 2018 2017, Notes 000 000 Net cash inflow from operating activities 31 88,382 97,947 Net cash inflow from operating activities 88,382 97,947, Cash flows from investing activities Interest received 264 149 Acquisition of property plant and equipment and Intangibles (26,322) (39,260) Disposal of property plant and equipment - 331 Site acquisition incentive payment - 8,215 Payment for acquisition of subsidiary net of cash 17 (5,986) - Investment in joint venture - (289) Dividends received from associates and joint ventures - 10 Dividends paid to non-controlling interest (125) (126) Net cash outflow from investing activities (32,169) (30,970), Cash flow from financing activities Interest paid (49,392) (50,349) Proceeds from issuance of loans - 34 Payment of finance lease liabilities (6,410) (6,718) Net cash outflow from financing activities (55,802) (57,033), Net increase in cash and cash equivalents 411 9,944, Cash and cash equivalents at the beginning of the 116,135 102,946 period Exchange (loss) / gains on cash and cash equivalents (406) 3,245 Cash and cash equivalents at the end of the year 22 116,140 116,135, CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 NOVEMBER 2018, Share Foreign based currency Non- Share payments Retained translation controlling Total Notes capital Reserve losses reserve Total interest equity 000 000 000 000 000 000 000 Balance at 1 December 2016 4,718 6,798 (329,011) 10,814 (306,681) 150 (306,531) (Loss) /profit for the year - - (101,036) - (101,036) 123 (100,913) Other comprehensive income for - - (317) 20,498 20,181 - 20,181 the year Total comprehensive income for - - (101,353) 20,498 (80,855) 123 (80,732) the year Distributions to Non-controlling - - - - - (126) (126) interests Credit to equity for equity settled 25 - 2,055 - - 2,055 - 2,055 share based payments Reclassification - - 1,645 (1,645) - - - Balance at 30 November 2017 28 4,718 8,853 (428,719) 29,667 (385,481) 147 (385,334), Balance at 1 December 2017 4,718 8,853 (428,719) 29,667 (385,481) 147 (385,334) (Loss)/ profit for the year - - (83,110) - (83,110) 127 (82,983) Other comprehensive - - 118 (3,468) (3,350) - (3,350) income/(loss) for the year Total comprehensive income - - (82,992) (3,468) (86,460) 127 (86,333) for the year Distributions to Non-controlling - - - - - (125) (125) interests Credit to equity for equity 25 - 1,421 - - 1,421 - 1,421 settled share based payments Balance at 30 November 2018 28 4,718 10,274 (511,711) 26,199 (470,520) 149 (470,371), NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2018. Interest-bearing loans and other financial liabilities. At 30 November 2018, the immediate parent undertaking of the Company is Vue International Midco Limited. Rangers International Football Club PLC - Annual Report 2022 - HERE. Our company profiles assist you to formulate strategic analysis in order to understand your customers, partners, and competitors, enabling you amplify your business better. On 4 February 2019, the Company agreed an extension to its existing Revolving Credit Facility (RCF) of 60m. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. The consolidated and company financial statements and the related notes are presented in Pounds Sterling as it is the currency of the primary economic environment in which the Group operates. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Official Libraries. The directors have, at the time of approving the financial statements, a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Interest roll up and capital is repayable on the termination date. Normal settlement terms vary based on the territory of operation. vue international holdco limited annual report Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been adversely affected. In addition to the acquisition of two sites in Ireland, the Group opened new multiplexes in Bromley, UK and Pruszkow, Poland. The useful economic lives of acquired intangible assets are estimated based on discounted future cash flows of the acquired business. An Original Issue Discount fee (OID) of 1.6m (1.3m) was paid on the date of issue of the notes.