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"ifrs-full:Equity", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f44930": { "value": "-22610000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:EUR" } }, "f44933": { "value": "3445000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:EUR" } }, "f44937": { "value": "142548000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "f44941": { "value": "4000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f44945": { "value": "126496000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00", "unit": "iso4217:EUR" } }, "pp-value-2": { "value": "Kinepolis Group NV (the \u2018Company\u2019) is a company established in Belgium. The consolidated financial statements of Kinepolis Group for the year ending 31 December 2021 include the Company and its subsidiaries (together referred to as the \u2018Group\u2019). These consolidated financial statements were approved for publication by the Board of Directors on 23 March 2022.STATEMENT OF COMPLIANCEThe consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS), as published by the International Accounting Standards Board (IASB) and adopted by the European Union until 31 December 2021.GOING CONCERN PRINCIPLE As described in the Corporate Governance chapter, the business risks associated with the activities of Kinepolis include the availability and quality of the content supplied, seasonal effects, competition and risks associated with exceptional circumstances.As a result of the global outbreak of the Corona virus, there were alternating periods of closure and opening of cinemas in 2021 and 2020, often with restrictions, with this differing from country to country. Due to the closure of almost all cinemas until the end of May / beginning of June 2021, the majority of the Group\u2019s turnover was lost for several months. Even after reopening, there were still measures in place in most countries with regard to capacity restrictions, distancing rules and access restrictions, such as having a Covid passport, and there were closures again in Belgium and the Netherlands in the fourth quarter. This has a serious impact on the Group\u2019s financial results in 2021.In order to limit the consequences of the Covid-19 pandemic, the Group has taken the necessary measures to manage the health and safety risks of its customers and employees, to limit the negative financial impact of the business closures, and to safeguard its liquidity. The strategy and nature of the Company, characterised by a maximum variability of costs, a solid real estate position, with a large proportion of cinema real estate being owned, a decentralised organisation and a \u2018facts-and-figures\u2019 driven corporate culture help Kinepolis Group to manage this crisis optimally.However, the willingness of customers to go to the cinema remains high. A big difference in comparison with 2020 was the fact that the blockbusters, with which the Group generates 80% of its visitors under \u2018normal\u2019 circumstances, were launched in cinemas, partly thanks to the reopening of the cinemas on the North American continent in the first half of the year. Successful releases such as \u2018No Time to Die\u2019 (James Bond) and \u2018Spider-Man: No Way Home\u2019 showed that customers would massively come back for good, high-quality content, despite the continuous obstacles and impact of the Covid-19 pandemic. For more detailed information in this regard, we refer to note 10. At the start of the crisis in 2020, Kinepolis had a strong balance sheet, sufficient financial reserves and credit lines that allowed the Company to close for more than a year. In order to be prepared for possible longer delays before the full resumption of its activities, Kinepolis has taken out an additional loan of \u20ac 80.0 million with its main bankers in January 2021, for a period of 3 years. In this context, the banks also extended the suspension of the credit covenants (\u2018covenant holiday\u2019) until 30 June 2022. Based on the current results and assumptions, the Group should be able to comply with its covenants as of 30 June 2022. However given the uncertainty associated with the pandemic, it has been decided, as a pre cautionary measure, to request an extension of the suspension from the banks until 31 December 2022. This extension of the suspension until 31 December 2022 was obtained in March 2022. As soon as the cinemas were able to reopen in most markets and the film releases returned to a normal pace, the Group was able to present strong free cash flow generation, thanks in part to the recovery of the lost working capital. As per 31 December 2021, free cash flow was \u20ac 48.9 million, with net financial debt, excluding lease liabilities, amounting to \u20ac 474.5 million. Net financial debt decreased by \u20ac 38.8 million compared to 31 December 2020. Kinepolis Group had \u20ac 171.0 million in liquidity at the start of 2021, consisting of cash and cash equivalents and available credit lines, including the new \u20ac 80.0 million credit concluded at the beginning of January 2021. The liquidity position at the end of June amounted to \u20ac 141.9 million. Thanks to strong cost management, one-off support measures and the good operating result, Kinepolis was able to limit its free cash flow in the first half of the year to an average of \u20ac -3.6 million per month, even under the circumstances of the majority of the cinemas remaining closed until June. In the second half of the year, the reopening of the cinemas and the return of the blockbusters, together with the measures taken to improve the Company\u2019s performance, ensured a further increase of the liquidity position to \u20ac 199.8 million. Kinepolis therefore has, thanks to the measures taken, sufficient available financial resources to deal with this crisis. Kinepolis has pursued a prudent financial policy in recent years. This has resulted in an average maturity of more than 3.5 years for the outstanding financial liabilities as per 31 December 2021. The next significant repayment of its bonds took place at the end of January 2022 (\u20ac 61.4 million), and this from the available financial resources. The remaining average maturity as per 31 January 2022 is equal to 4.08 years. After the repayment in January 2022, there are no more significant financial maturities in 2022 and 2023. In December 2021, the maturity date of the roll-over credit was also extended from December 2024 to December 2026 by exercising the two foreseen extension options. For more information we refer to notes 21 and 26.Based on the availability of content in the coming years, the customer demand, the financial reserves, the limited negative cash flow when closed and the development of the measures to control the Covid pandemic in the various countries, Kinepolis currently sees no reason to expect that the business model will be affected over the longer term. The Group currently considers the impact of the Covid-19 pandemic to be a short-term impact that does not change the underlying parameters of its business model, which is why the Company has adopted the going concern principle in preparing this annual report.BASIS OF PREPARATIONThe consolidated financial statements are presented in Euro, rounded to the nearest thousand. In certain cases, rounding up or down can lead to a non-material deviation of the total amount. The consolidated financial statements were drawn up on a historical cost basis, with the exception of the following assets and liabilities, which are recorded at fair value: derivative financial instruments, contingent considerations and financial assets measured at fair value through other comprehensive income. In accordance with IFRS 5, assets classified as held for sale are measured at the lower of their carrying amount and fair value, less costs to sell.The accounting policies have been applied consistently across the Group. They are consistent with those applied in the previous financial period, except for the following.The amendments to standards applicable as of 1 January 2021, have no material impact on the consolidated financial statements, except for the second amendment to IFRS 16, Covid-19 Related Rent Concessions beyond 30 June 2021. This second amendment provides an extension of the application period of one year and is applicable as of 1 April 2021, with early application permitted.The preparation of the financial statements under IFRS requires management to make judgements, estimates and assumptions that influence the application of the policies and the reported amounts of assets and liabilities, income and expenses.The estimates and related assumptions are based on past experience and on various other factors that are considered reasonable in the given circumstances. The outcomes of these form the basis for the judgement as to the carrying amount of assets and liabilities when this is not evident from other sources.Actual results can differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions of estimates are recognised in the period in which the estimates are revised if the revision affects only this period, or in the revision period and future periods if the revision affects both the reporting period and future periods.Judgements, estimates and assumptions are made, among other things, when:\u2022 Determining the useful life of intangible assets and property, plant and equipment (see the related accounting policies);\u2022 Assessing the necessity of and estimating impairment losses on intangible assets, goodwill, property, plant and equipment, right-of-use assets and investment property;\u2022 Recording and calculating provisions;\u2022 Assessing the degree to which losses carried forward will be used in the future;\u2022 Determining whether a lease meets the requirements of IFRS 16;\u2022 Determining the term of the leases under IFRS 16.The estimates and assumptions with a significant probability of causing a material adjustment to the value of the assets and liabilities during the next financial period are stated below.IMPAIRMENT TESTS FOR INTANGIBLE ASSETS, GOODWILL, PROPERTY, PLANT AND EQUIPMENT, RIGHT-OF-USE ASSETS AND INVESTMENT PROPERTYThe recoverable amount of the cash-generating units is defined as the higher of their value in use or their fair value less costs to sell. These calculations require the use of estimates and assumptions with regard to, among other things, discount rates, future investments and expected operating performance. We refer to note 10 for the relevant assumptions.PROVISIONSThe estimates and judgements that most impact the amount of the provisions are the estimated costs and the expected likelihood and timing of the cash outflows. They are based on the most recent available information at balance sheet date. We refer to note 23 for the relevant assumptions.RECOVERABILITY OF DEFERRED TAX ASSETSDeferred tax assets for unused tax losses will only be recognised if future taxable profits will be available to be able to recover these losses (based on budgets and estimates). The budgets and estimates are further expanded to future expected taxable profits in order to analyse the recoverability of the losses and credits. The actual tax result may differ from the assumption made when the deferred tax was recorded. For more information we refer to note 13.LEASES (IFRS 16): DETERMINING WHETHER A LEASE MEETS THE REQUIREMENTS AND DETERMINING THE TERM OF A LEASEA contract is classified as a lease if it includes the right to control the use of an identified asset for a specified period of time in exchange for a consideration. When determining the term of a lease, the Group took into account any possible extension options and whether or not to exercise an early termination option. This is assessed for each contract separately. As a general principle in making this assessment for the key lease assets, lease agreements for land and buildings (cinema complexes), Kinepolis Group has considered that a term between 15 and 20 years reflects the entity\u2019s reasonable expectation of the period during which the underlying asset will be used. The same term is also used in our valuation and impairment models to determine future cash flows. Moreover, the lease term is considered reasonably certain in view of the useful life of the leasehold improvements and the investments made. For more information we refer to note 27.Other assumptions and estimates will be discussed in the respective notes where they are used.BASIS OF CONSOLIDATIONBUSINESS COMBINATIONSA business combination is defined as a transaction or other event in which the Group obtains control of one or more businesses. The Group shall determine whether a trans action or other event is a business combination by applying the definition, which requires that the assets acquired and liabilities assumed constitute a business. If the assets acquired are not a business, the reporting entity shall account for the transaction or other event as an asset acquisition. A business is an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing a return in the form of dividends, lower costs or other economic benefits directly to investors or other owners, members or participants. A business generally consists of inputs, processes applied to those inputs and the ability to contribute to the creation of outputs. To determine whether an acquired set of activities and assets is a business or not, the Group may use a concentration test. This is a simplified assessment that will result in an asset acquisition if substantially all of the fair value of the gross assets is concentrated in a single identifiable asset or a group of similar identifiable assets. If the Group does not apply the concentration test, or the test is failed, then the assessment focuses on the existence of substantive processes.Business combinations are accounted for using the acquisition method on the date when control is transferred to the Group (see Basis of Consolidation \u2013 Subsidiaries). The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill that arises is tested annually for impairment (see Intangible assets \u2013 Goodwill). Any gain on an advantageous purchase is immediately recognised in profit or loss. Transaction costs are expensed as incurred.The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in the income statement.Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay a contingent consideration that meets the definition of a financial instrument classified as equity, then it is not remeasured, and settlement is accounted for within equity. Otherwise, subsequent changes in the fair value of the contingent consideration are recognised in the income statement.If share-based payment awards (replacement awards) are required to be exchanged for awards held by the acquiree\u2019s employees (acquiree\u2019s awards), and if they relate to services provided in the past, then all or a portion of the amount of the acquirer\u2019s replacement awards is included in measuring the consideration transferred in the business combination. The determination is based on the market value of the replacement awards compared with the market value of the acquiree\u2019s awards and the extent to which the replacement awards relate to services provided before the business combination.SUBSIDIARIESSubsidiaries are those entities over which the Company exercises control. Control means that the Company is exposed to, or has rights to variable returns from its involvement in the entity, and has the ability to affect these returns through its power over the entity.The financial statements of subsidiaries are recognised in the consolidated financial statements from the date that control commences, until the date that control ceases.Losses realised by subsidiaries with non-controlling interests are proportionally allocated to the non- controlling interests in these subsidiaries, even if this means that the non-controlling interests display a negative balance.If the Group no longer has control over a subsidiary, all assets and liabilities of the subsidiary, any non- controlling interests and other equity components with regard to the subsidiary are derecognised. As a result of the loss of control, certain components are recorded in the income statement. Any remaining interest in the former subsidiary will be recognised at fair value on the date of the loss of control, after which it will be recognised as an associated company or as a financial asset measured at fair value, depending on the level of control retained.EQUITY ACCOUNTED INVESTEESEquity accounted investees are entities over which the Group exercises significant influence over the financial and operating policies, but has no control or joint control. Significant influence is deemed to exist when the Group holds between 20 and 50 percent of the voting rights of another entity. Participating interests in equity accounted investees are recorded using the equity method, and are initially recognised at cost. The transaction costs are included in the cost price of the investment. The consolidated financial statements include the Group\u2019s share in the comprehensive income of the investments, which is recorded following the equity method, from the start to the end date of this significant influence. Whenever the Group\u2019s share in the losses exceeds the carrying amount of the investments in equity accounted investees, the carrying amount is reduced to zero and future losses are no longer recognised, except to the extent that the Group has an obligation on behalf of the investees. When there are impairment indicators, the accounting policy concerning impairment losses is applied.ACQUISITION OF NON-CONTROLLING INTERESTSThe acquisition of non-controlling interests in a subsidiary does not lead to the recognition of goodwill, because this is deemed to be a shareholders transaction and is recognised directly in equity. The non-controlling interests are adjusted on the basis of the proportional part in the equity of the subsidiary.TRANSACTIONS ELIMINATED ON CONSOLIDATIONIntercompany balances and transactions, along with any unrealised gains and losses on transactions within the Group or gains or losses from such transactions, are eliminated in the consolidated financial statements. Unrealised gains arising from transactions with equity accounted investees are eliminated proportionally to the Group\u2019s interest in the investee.Unrealised losses are eliminated in the same way as unrealised gains, but only where there is no indication of impairment.FOREIGN CURRENCYTRANSACTIONS IN FOREIGN CURRENCIESTransactions in foreign currencies are translated to the relevant functional currency of the Group entities at the exchange rate on the transaction date. Monetary assets and liabilities expressed on the balance sheet date in foreign currencies are translated to the functional currency at the exchange rate on the balance sheet date. Non-monetary assets and liabilities expressed in foreign currency are translated at the exchange rate on the transaction date. Non-monetary assets and liabilities in foreign currencies measured at fair value are translated to the functional currency at the exchange rates on the date on which the fair value was determined. Exchange rate differences that arise in the translation are immediately recognised in the income statement, with the exception of: \u2022 Exchange rate differences arising from the translation of the net investment in foreign operations, and from loans and other currency instruments intended as hedges of such investments, included in other comprehensive income;\u2022 Qualifying cash flow hedges to the extent that the hedges are effective. Advance payments in foreign currencies are translated at the exchange rate on the transaction date specified in IFRIC 22. The transaction date, as a basis for determining the exchange rate, is set on the initial date on which the non-monetary assets and liabilities are recognised. If multiple advance payments are applicable, a transaction date is determined for each advance payment. FINANCIAL STATEMENTS IN FOREIGN CURRENCIESAssets and liabilities relating to foreign operations, including goodwill and fair value adjustments on acquisition, are translated to Euro at the exchange rate on the balance sheet date. Income and expenses of foreign entities are translated to Euro at exchange rates approaching the exchange rates prevailing on the transaction dates.The exchange differences arising from the translation are recognised directly in equity, under translation reserve.If the settlement of monetary receivables from, or payables to foreign entities is neither planned nor likely in the foreseeable future, exchange rate gains and losses on these monetary items are deemed to be part of the net investment in these foreign entities, and are recognised in other comprehensive income, under the translation differences. Translation differences that arise from the revaluation of non-current loans from foreign subsidiaries with a different functional currency are also included in other comprehensive income in equity, as they form part of a net investment hedge of the participating interests in the same subsidiaries. The potential repayments of these loans are not considered to be a realisation of the net investment. Consequently, no reclassification to the income statement takes place.FINANCIAL INSTRUMENTSIssued loans, receivables and deposits, issued debt instruments and loans received are initially recognised by the Group on the date they originated. All other financial assets and liabilities are initially recognised on the transaction date. The transaction date is the date on which the contractual terms of the instrument become binding for the Group.IFRS 9 has three classifications for financial assets: measured at amortised cost, measured at fair value through other comprehensive income and measured at fair value through profit or loss. This classification is based on the \u2018business model\u2019 in which the financial assets are managed, and on the contractual cash flows that result from these financial assets. The business model used to manage the financial assets determines whether the cash flow results from:\u2022 A contractual cash flow;\u2022 A sale of financial assets; or\u2022 A combination of both.This contractual cash flow may relate to payments of the principal amount (capital) and interest on the outstanding amount. NON-DERIVATIVE FINANCIAL INSTRUMENTSNon-derivative financial instruments comprise investments in equity and debt securities, trade and other receivables, cash and cash equivalents, loans and borrowings and trade and other payables.Non-derivative financial instruments are initially recognised at fair value plus (or minus for loans and borrowings), for instruments not measured at fair value with changes in value recognised through profit or loss, any directly attributable transaction costs. After the initial recognition, non-derivative financial instruments are measured as described below.Financial assets measured at amortised costFinancial assets are measured at amortised cost when the business model aims to hold the financial assets to obtain the contractual cash flows. The contractual cash flows consist of the repayment of the principal amount (capital) and interest on the outstanding amount and on specific dates.After the initial recognition, these financial assets are measured at amortised cost using the effective interest method, less impairment losses, if any.Significant financial assets measured at amortised cost are individually tested for impairment. The other financial assets measured at amortised cost are classified in groups with comparable credit risk characteristics, and are assessed collectively. When assessing whether there is a collective impairment, the Group uses historical trends with regard to the likelihood that payment obligations will not be fulfilled, the time period within which collection occurs, and the level of the losses incurred. The outcomes are adjusted if management judges that the current economic and credit circumstances are such that it is likely that the actual losses will be higher or lower than the historical trends imply.An impairment loss is determined as the difference between the carrying amount and the present value of the expected future cash flows, discounted at the original effective interest rate of the asset. Current receivables are not discounted. Impairment losses are recognised in the income statement. If an event leads to a reduction of the impairment, this reduction is reversed through profit or loss.Financial assets measured at amortised cost include cash and cash equivalents, which are cash and deposits with a residual maturity of less than three months and where the risk of changes in fair value is negligible. Bank overdrafts, which are an integral part of the Group\u2019s cash management, are viewed as part of cash and cash equivalents in the presentation of the statement of cash flow.Financial assets measured at fair value through other comprehensive income Financial assets are measured at fair value, with the recognition of changes in value through other comprehensive income when the business model aims to both hold the financial assets to obtain the contractual cash flows and to sell the financial assets. The contractual cash flows consist of the repayment of the principal amount (capital) and interest on the outstanding amount. In addition, the Group can make the irrevocable choice to measure equity instruments that are measured at fair value through profit or loss at fair value through other comprehensive income. This choice is irrevocable and is only allowed in order to eliminate or limit an inconsistency in the measurement on initial recognition.These financial assets measured at fair value through other comprehensive income are measured at fair value after initial recognition. Gains and losses resulting from the change in fair value of a participating interest that is classified as a financial asset measured at fair value through other comprehensive income are recognised directly via equity. When the participating interest is sold, disposed or otherwise disposed of, the profit or loss accumulated at that point, which was previously included in equity, will not be transferred to profit or loss. When repayments are made on the financial assets, or when the carrying amount of the participating interest is written off due to an impairment, the profit or loss accumulated at that point, which was previously included in equity, will not be transferred to profit or loss, but to retained earnings. Impairment losses on financial assets recognised at fair value through other comprehensive income are only recognised for debt instruments. In accordance with IFRS 9, there are no impairment losses for equity instruments. The impairment losses on debt instruments are recognised by transferring the accumulated loss in the fair value reserve in equity to profit or loss. The amount of the cumulative loss transferred from equity to profit or loss is equal to the difference between the acquisition price, less any repayment of the principal amount, and the actual fair value, less any impairment loss that has already been recognised in profit or loss.If in a subsequent period the fair value of a financial asset measured at fair value through other comprehensive income increases, the recovered amount is recognised in other comprehensive income. Financial assets measured at fair value through other comprehensive income include investments in equity securities, i.e. participating interests in companies over which the Group has no control or significant influence.Financial assets measured at fair value through profit or lossFinancial assets are measured at fair value through profit or loss if the conditions of the above categories are not met, or if the Group irrevocably chooses debt instruments that are measured at fair value through other comprehensive income to be measured at fair value through profit or loss account. This choice is irrevocable, and is only allowed in order to eliminate or limit an inconsistency in the valuation on initial recognition.After initial recognition, these financial assets are measured at fair value with fair value changes through profit or loss. Financial liabilitiesFinancial liabilities can be classified as financial liabilities at amortised cost or as financial liabilities at fair value with the recognition of changes in value through profit or loss. After initial recognition, the first category is measured at amortised cost using the effective interest method, including any interest expense, while the second is measured at fair value with fair value changes through profit or loss.Expected credit lossesImpairment losses on financial assets are determined as follows:\u2022 The 12-month expected credit losses: these are expected credit losses that result from possible default events that take place within 12 months after the end of the reporting date.\u2022 Expected credit losses over the full life cycle: these are expected credit losses that result from possible default events over the expected life of a financial instrument.The determination on the basis of expected credit losses over the full life cycle always applies to trade receivables without a significant financing component.DERECOGNITION OF FINANCIAL ASSETS AND LIABILITIESFinancial assetsThe Group derecognises a financial asset when (i) the contractual rights to the cash flows arising from the financial asset expire, (ii) it transfers the rights to the cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or (iii) in a transaction in which the Group neither transfers nor retains the risks and benefits, but no longer retains control of the financial asset.When the Group enters into a transaction in which it transfers financial assets that are included in the balance sheet, but retains substantially all risks and benefits of the transferred assets, the transferred assets remain recognised in the balance sheet.Financial liabilitiesThe Group derecognises a financial liability when the contractual obligations are terminated or expired. The Group also derecognises a financial liability if the conditions are changed and the cash flows of the changed financial liability are significantly different, in which case a new financial liability is recognised at fair value based on the changed conditions.When a financial liability is derecognised, the difference between the carrying amount and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in the income statement.OFFSETTINGThe financial assets and financial liabilities are offset and the net amount is recognised in the consolidated balance sheet if, and only if, the Group has a legally enforceable right to offset the amounts and it intends to settle the financial instruments on a net basis or to realise the financial asset and settle the financial liability simultaneously.SHARE CAPITALOrdinary shares are classified as equity. Additional costs that are directly attributable to the issuance of ordinary shares and share options are deducted from equity, after deducting any tax effects.Treasury shares: when share capital, classified as equity, is reacquired by the Company, the amount paid, including the directly attributable costs, is viewed as a change in equity. Purchased treasury shares are recognised as a deduction of equity. The profit or loss pursuant to the sale or cancellation of treasury shares is directly recognised in equity.Dividends are recognised as amounts payable in the period in which they are declared.DERIVATIVE FINANCIAL INSTRUMENTSThe Group uses derivative financial instruments to manage the exchange rate and interest risks deriving from operational, financial and investment activities. Under its treasury management policy, the Group does not use derivative financial instruments for trading purposes. Derivative financial instruments that do not meet the requirements of hedge accounting are, however, accounted for in the same way as derivatives held for trading purposes.Derivative financial instruments are initially measured at fair value. Attributable transaction costs are expensed in the income statement as incurred. Subsequent to initial recognition, these instruments are measured at fair value. The accounting treatment of the resulting profits or losses depends on the nature of the derivative financial instrument.The fair value of derivative financial instruments is the estimated amount that the Group will obtain or pay in an orderly transaction on the balance sheet date at the end of the contract in question, with reference to present interest and exchange rates and the creditworthiness of the counterparty.HEDGINGCash flow hedgesWhenever derivative financial instruments serve to hedge the variability in cash flows of a liability or a highly probable future transaction, the effective portion of the changes in fair value of these derivatives is recorded directly in equity. When the future transaction results in the recording of an asset or liability, the cumulative profits or losses are removed from equity and transferred to the carrying amount of the asset or liability. In the other case, the cumulative profits or losses are removed from equity and transferred to the income statement at the same time as the hedged transaction. The non- effective portion of profits and losses is recognised immediately in the income statement. Profits or losses deriving from changes in the time value of derivatives are not taken into consideration in determining the effectiveness of the hedging transaction, and are recognised immediately in the income statement.At the initial recognition of a derivative financial instrument as a hedging instrument, the Group formally documents the relationship between hedging instrument(s) and hedged item(s), including its risk management goals and strategy when entering the hedging transaction, the risk to be hedged and the methods used to assess the effectiveness of the hedge relationship. When entering the hedge relationship and subsequently, the Group assesses whether, during the period for which the hedge is designated, the hedging instruments are expected to be \u2018highly effective\u2019 in offsetting the changes in fair value or cash flows allocated to the hedged position(s) and whether the actual results of each hedge are within the range of 80% to 125%. A cash flow hedge of an expected transaction requires that it is highly likely that the transaction will occur and that this transaction results in exposure to the variability of cash flows such that this can ultimately impact the reported profit or loss.Whenever a hedging instrument or hedge relationship is ended, but the hedged transaction has still not taken place, the cumulative gains or losses remain in equity and will be recognised in accordance with the above policies once the transaction takes place.When the hedged transaction is no longer likely, the cumulative gains or losses included in equity are immediately recorded in the income statement.Fair value hedgesHedge accounting is not applied to derivative instruments that are used for fair value hedging of foreign currency denominated monetary assets and liabilities. Changes in the fair value of such derivatives are recognised in the income statement as part of the foreign exchange gains and losses.PROPERTY, PLANT AND EQUIPMENTOWNED ASSETSItems of property, plant and equipment are measured at cost less accumulated depreciations and impairments (see below). The cost of self-constructed assets includes the cost price of the materials, direct employee benefit expenses, any costs of dismantling and removal of the asset and the costs of restoring the location where the asset is located. Where parts of an item of property, plant and equipment have different useful lives, these are accounted for as separate property, plant and equipment items. The fair value of the land and buildings from acquisition is established on the basis of a valuation report or a concrete offer.Gains and losses on the sale of property, plant and equipment are determined by comparing the sales proceeds with the carrying amount of the assets, and are recognised within \u2018Other operating income and expenses\u2019 in the income statement.SUBSEQUENT EXPENDITUREThe cost price of replacing part of property, plant and equipment is included in the carrying amount of the asset whenever it is probable that the future economic benefits relating to the assets will flow to the Group and the cost price of the assets can be measured reliably. The replaced part of property, plant and equipment will therefore be derecognised, and the result of the remaining carrying amount will be included in the income statement. The costs of the daily maintenance of property, plant and equipment are recognised in the income statement as and when incurred.DEPRECIATIONSDepreciations are charged to the income statement using the straight-line method over the expected useful life of the asset, and of the separately recorded major components of an asset. It begins when the asset is ready for its intended use. The residual value, useful lives and depreciation methods are reviewed annually. Land is not depreciated. The fair value adjustments for buildings from acquisition are depreciated over the estimated expected remaining useful life.The estimated useful lives are as follows:\u2022 buildings: 30 years\u2022 photovoltaic panels: 20 years\u2022 building fixtures: 5 \u2013 15 years\u2022 computers: 3 years\u2022 machinery and equipment: 5 \u2013 10 years\u2022 furniture and vehicles: 3 \u2013 10 years.LEASESThe Group leases several sites, buildings, cars, equipment for in-theatre sales and projection equipment. A contract is classified as a lease if it includes the right to control the use of an identified asset for a specified period of time, in exchange for a consideration. Leases are recognised as right-of-use assets and the corresponding lease liabilities at the date on which the leased asset is available for use by the Group. The lease term considered in the calculation of the lease liabilities is determined on the basis of the underlying lease contracts, taking into account any extensions that can be estimated with reasonable certainty and whether or not to exercise an early termination option. As a general principle in making this assessment for the key lease assets, lease agreements for land and buildings (cinema complexes), Kinepolis Group has considered that a term between 15 and 20 years reflects the entity\u2019s reasonable expectation of the period during which the underlying asset will be used. The same term is also used in our valuation and impairment models to determine future cash flows. Moreover, the lease term is considered reasonably certain in view of the useful life of the leasehold improvements and the investments made.The Group will only reassess the term of a lease when there has been a significant event or a significant change in circumstances, within the control of the Group. Significant events or changes in circumstances within the control of the Group include but are not limited to significant changes to the contract terms, exercise a renewal option or termination option and significant leasehold improvements.The Group submits all its lease contracts to an extensive analysis to determine whether the contracts meet the lease definition. The Group has thereby decided to make use of the following exemptions:\u2022 leases with a lease term of 12 months or less;\u2022 leases for which the underlying asset has a limited value. The payments for the exempt leases are recognised as an expense in the income statement.RIGHT-OF-USE ASSETSRight-of-use assets are measured at the cost that includes:\u2022 initial recognition of the lease liabilities;\u2022 advance lease payments;\u2022 initial direct costs;\u2022 estimated costs for dismantling and repairs;\u2022 deferred investment contributions.The right-of-use assets are depreciated on a straight-line basis, from the commencement date of the agreement, over the lease term, taking into account extensions that can be estimated with reasonable certainty. If the ownership of the leased asset is transferred to the Group at the end of the lease term or if the costs of the right-of-use assets reflect that the Group will exercise a purchase option, the right-of-use assets are depreciated over the useful life of the underlying asset. The useful life is determined in the same way as for other property, plant and equipment. In addition, the right-of-use assets are reduced by impairments where applicable, and are adjusted for certain remeasurements to the lease liabilities. LEASE LIABILITIESLease liabilities are initially measured at the present value of future lease payments. Only the lease component of the payment is recognised. The lease payments are discounted at the rate implicit in the lease, or, if this is not available, at the average interest rate of the Group. As the Group makes use of a general financing policy, this is the average interest rate of the Group for external financing taking into account the credit standing of the Group, the parent company, rather than each individual subsidiary. Kinepolis Financial Services NV acts as an in-house bank for the entire Group. As a result, the interest rate is the interest rate that the Group would have to pay to obtain an asset with similar value to the right-of-use asset, taken into account in a similar economic environment, term and security. The discount rate is updated on a yearly basis and will be applied to new leases or for changes to lease agreements which are to be measured at a revised discount rate.Lease payments recognised in the valuation of the lease liabilities include:\u2022 fixed lease payments;\u2022 minimum variable lease payments based on an index or rate;\u2022 amounts that are expected to be payable under a residual value guarantee;\u2022 the exercise price of a purchase option that the Group will exercise with reasonable certainty, lease payments in an optional extension period that the Group believes will be exercised with reasonable certainty, and penalties for early termination of a lease, unless the Group is reasonably certain that it will not end early. Lease liabilities are remeasured whenever there is a change in future lease payments as a result of a change in an index or a rate, if there is a change in the estimate of the amount that the Group will owe under a residual value guarantee, if the Group assesses whether or not it will exercise an option to purchase, extend or terminate, or if there is a change in expected future lease payments. When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the right-of-use asset. If the right-of-use asset no longer has a carrying amount, this is recognised in the income statement when the lease liability decreases.All lease payments that expire within 12 months are recognised as current liabilities. All lease payments that expire after 12 months are recognised as non-current liabilities. Lease payments are split into the repayment of the lease liability and the financial interest cost. In the consolidated statement of cash flow, both can be found under \u2018Cash flow from financing activities\u2019. Interests are recognised as an expense in the income statement.COVID-19 RELATED RENT CONCESSIONSThe IASB issued Covid-19 Related Rent Concessions (Amendment to IFRS 16) on 28 May 2020. This first amendment provides an optional practical expedient that permits lessees not to assess whether rent concessions, that occur as a direct consequence of the Covid-19 pandemic and meet specified conditions, are lease modifications and should therefore be processed via the balance sheet, and instead to account for those rent concessions as if they were not lease modifications and are therefore processed through the income statement. As of 2020, the Group makes use of the practical expedient, and applies it retroactively to all rent concessions, that are a direct result of the Covid-19 pandemic, and that meet the following conditions:\u2022 the change in lease payments results in revised consideration for the lease, which is substantially the same as, or less than, the consideration for the lease immediately preceding the change;\u2022 the reduction in lease payments relates to payments originally due on or before 30 June 2021;\u2022 no substantive changes have been made to other terms of the lease.On 31 March 2021, Covid-19 Related Rent Concessions beyond 30 June 2021 was issued by the IASB. In this second amendment, the application period was extended by one year. This amendment is applicable as of 1 April 2021, but early application is permitted. The Group has made use of this early application. This second amendment modifies the second condition as follows:\u2022 the reduction in lease payments relates to payments originally due on or before 30 June 2022.If the rent concessions resulting directly from the Covid-19 pandemic meet the conditions, they are treated as if they were not lease modifications. The rent concessions are then processed in the same way as a negative variable lease payment, and are therefore included in the income statement within \u2018Other operating income\u2019, as part of Operating result. The rent concessions are recognised in the income statement in the period in which the event or condition, that causes the payment, occurs. For more information we refer to note 27.LEASES AS LESSOR The Group leases out its investment properties and owned land and buildings. The Group has classified these leases as operating leases.For the leases in which the Group acts as a lessor, each of the leases must be classified as an operating or finance lease. A lease is classified as a finance lease if substantially all of the risks and rewards associated with ownership of an underlying asset are transferred. If this is not the case, the lease is recognised as an operational lease. The Group also leases out parts of leased buildings, which, under the application of IFRS 16, are recognised under Right-of-use assets (the so-called subleases). When the right-of-use of these assets is not fully transferred to the sublessee (which is the case, amongst others, when the rental period of the sublease is significantly shorter than the one of the head lease), these subleases are classified as operating sublease agreements and the rental income is recognised in the income statement on a straight-line basis over the lease term. The Group assessed the classification of the subleases with reference to the right-of-use assets rather than the underlying assets, and concluded that all subleases are classified as operating leases. Income from leases, both fixed and variable, is recognised as lease income. The variable rent is recognised when it is highly probably that the lease income will be received. If an agreement contains both lease and non-lease components, the Group applies IFRS 15 to allocate the consideration in the contract. We refer to the related accounting policies.INVESTMENT PROPERTYInvestment property is property that is held in order to earn lease income or for capital appreciation or both, but is not intended for sale in the context of usual business operations, for use in the production, for delivery of goods or for administrative purposes.Investment property is measured at cost, less accumulated depreciations and impairments. The accounting policies for property, plant and equipment apply.Lease income from investment property is accounted for as described below in the accounting policy for revenue.IAS 40 requires real estate to be transferred to or from investment property whenever there is an actual change in use. A change in management intention alone does not support a transfer.INTANGIBLE ASSETS AND GOODWILLGOODWILLGoodwill arising from an acquisition is determined as the positive difference between the fair value of the consideration transferred plus the carrying amount of any non-controlling interest in the acquired entity, on the one hand, and the fair value of the acquired identifiable assets and liabilities, on the other. If this difference is negative, it is immediately recognised in the income statement.Goodwill is measured at cost less impairment losses. In respect of equity accounted investees, the carrying amount of the investment in the entity also includes the carrying amount of the goodwill. Goodwill is not amortised. Instead, it is subject to an annual impairment test.INTANGIBLE ASSETSIntangible assets acquired by the Group are measured at cost less accumulated amortisations and impairment losses (see below). Costs of internally generated goodwill and brands are recognised in the income statement as incurred. Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, or whenever there is a valid reason to do so. The indefinite life is reassessed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made prospectively.INTERNALLY GENERATED INTANGIBLE ASSETSDevelopment activities entail a plan or design for the production of new or fundamentally improved products and processes. Internally developed intangible assets are capitalised whenever the development costs can be reliably determined, the product or process is technically and commercially feasible, the future economic benefits are probable, and the Group intends and has sufficient resources to complete the development and to actively use or sell it. The cost of internally generated intangible assets includes all costs directly attributable to the asset, primarily direct employee benefit expenses.Other development costs and expenditures for research activities are expensed to the income statement as and when incurred.SUBSEQUENT EXPENDITURESubsequent expenditure in respect of intangible assets is capitalised only when it increases the future economic benefits specific to the related asset. All other expenditure is expensed as incurred. AMORTISATIONSAmortisations are charged to the income statement by the straight-line method over the expected useful life of the intangible assets. Intangible assets are amortised from the date on which they are ready for their intended use. Their estimated useful life is 3 to 15 years. The residual value, useful lives and amortisation methods are reviewed annually.INVENTORIESInventories are measured at the lower of cost or net realisable value. The net realisable value is equal to the estimated sales price less the estimated costs of completion and selling expenses.The cost of inventories includes the costs incurred in acquiring the inventories and bringing them to their present location and condition. Inventories are measured according to the latest purchase price.IMPAIRMENT LOSSESThe carrying amounts of the non-financial assets of the Group, other than inventories and deferred tax assets, are reviewed at each balance sheet date to determine whether there is any indication of impairment. If there is an indication of impairment, the recoverable amount of the asset is estimated. In case of goodwill and intangible assets with an indefinite useful life or which are not yet ready for their intended use, the recoverable amount is estimated at the same date each year. An impairment loss is recorded whenever the carrying amount of an asset, or the cash-generating unit to which the asset belongs, is higher than the recoverable amount.The recoverable amount is the higher of the value in use or the fair value less costs to sell. When determining the value in use, the discounted value of the estimated future cash flows is calculated using a proposed weighted average cost of capital, that reflects both the current market rate and the specific risks with regard to the asset or the cash-generating unit. Where an asset does not generate significant cash flows by itself, the recoverable amount is determined based on the cash-generating unit to which the asset belongs. Goodwill acquired in a business combination is allocated to groups of cash- generating units that are expected to benefit from the synergies of the combination.Impairment losses are recorded in the income statement. Impairment losses recorded with respect to cash- generating units are first deducted from the carrying amount of any goodwill assigned to cash-generating units (or groups of units), and then deducted proportionally from the carrying amount of the other assets of the unit (or group of units), excluding financial assets. An impairment is reversed when the reversal can be objectively linked to an event occurring after the impairment was recorded. A previously recorded impairment is reversed when a change has occurred in the estimates used to determine the recoverable value, but not in a higher amount than the net carrying amount that would have been determined if no impairment had been recorded in previous years. Goodwill impairments are not reversed.ASSETS CLASSIFIED AS HELD FOR SALENon-current assets (or groups of assets and liabilities being disposed of) for which the carrying amount is expected to be recovered mainly via a sales transaction and not through the continuing use thereof are classified as \u2018held for sale\u2019. Directly prior to this classification, the assets (or the components of a group of assets being disposed of) are remeasured in accordance with the financial accounting policies of the Group. Hereafter, the assets (or a group of assets to be disposed of) are measured on the basis of their carrying amount or, if lower, fair value less cost to sell. Non-current assets are no longer depreciated as soon as they are classified as held for sale. Any impairment loss on a group of assets being disposed of is allocated in the first place against goodwill and then, proportionally, against the remaining assets and liabilities, except that no impairments are allocated against inventories, financial assets, deferred tax assets and employee benefit assets, which will continue to be measured in accordance with the Group\u2019s accounting policies. Impairment losses on initial classification and gains and losses on subsequent measurement are recognised in the income statement.EMPLOYEE BENEFITSSHORT-TERM EMPLOYEE BENEFITSShort-term employment benefit obligations include wages, salaries and social security contributions, holiday pay, continued payment of wage in the event of illness, bonuses and benefits in kind. These are expensed when the services in question are provided. Some of the Group\u2019s employees are eligible for a bonus, based on personal performance and financial objectives. The amount of the bonus that is recognised in the income statement is based on an estimation at the balance sheet date.POST EMPLOYMENT BENEFITS Post employment benefits include the pension plans. The Group provides post employment remuneration for some of its employees in the form of \u2018defined contribution plans\u2019.OTHER LONG-TERM EMPLOYEE BENEFITSThe Group has an obligation in France to pay a retirement premium to employees upon their retirement. This compensation is also accounted for as a defined benefit plan.DEFINED CONTRIBUTION PLANSA defined contribution plan is a post employment benefit plan under which the Group pays fixed contributions into a separate entity and has no legal or constructive obligation to pay further amounts. Obligations for contributions to defined pension plans are recognised as an employee benefit expense in the income statement in the periods during which related services are rendered by employees.In Belgium, employers are obliged to guarantee a minimum return on defined contribution plans throughout the employee\u2019s career (Art. 24 of the Law of 28 April 2003 \u2013 WAP). To the extent that the legally guaranteed return is adequately covered by the insurance company, the Group has no further payment obligation towards the insurance company or the employee beyond the pension contributions, recognised through profit and loss in the year in which they are owed. As a consequence of this guaranteed minimum return, all Belgian plans with defined contributions under IFRS are qualified as defined benefit plans.The liability recognised on the balance sheet for these defined benefit plans is the current value of the future benefit obligations that employees have accrued in the fiscal year and previous years, minus the fair value of the fund investments. The liability is calculated periodically by an independent actuary using the \u2018projected unit credit method\u2019. The fair value of the fund investments is determined as the mathematical reserves that are accrued within the insured plans.Revaluations of the net liability arising from defined pension plans, which consist of actuarial profit and loss, the return on the fund investments (excluding interest) and the effect of the asset ceiling (if present, excluding interest), are recognised directly in other comprehensive income.The Group determines the net liability (the net asset) ensuing from defined contribution plans for the fiscal year using the discount rate employed to value the net liability (the net asset) at the beginning of the fiscal year, with due consideration for any changes to the net liability (the net asset) during the fiscal year as a consequence of contributions and pay-outs. Net interest charges and other charges with regard to defined contribution plans are recognised in profit and loss.If the pension entitlements arising from a plan are changed or a plan is restricted, the resulting change in entitlements with regard to past service or the profit or loss on that restriction is recognised directly in profit or loss. The Group justifies profit or loss on the settlement of a defined contribution plan at the time of that settlement.SHARE-BASED PAYMENTS AND RELATED BENEFITSThe stock option plan enables Group employees to acquire shares of the Company. The option exercise price is equal to the average of the closing price of the underlying shares over thirty days prior to the date of offer. No compensation costs or liabilities are recognised.Share transactions with employees are charged to the income statement over the vesting period, based on the fair value on the date of offering, with a corresponding increase in equity. The fair value is determined using an option valuation model. The amount expensed is determined on the basis of the number of awards for which the service conditions are expected to be fulfilled.To hedge its liabilities within the framework of the allocation of stock options to its directors and executives, the Group buys back its treasury shares at the specific times those options are allocated. This can occur by means of several buybacks. These shares will be charged to equity on transaction date for the sum paid, including the related costs. When the options are exercised, treasury shares are derecognised by applying the FIFO-principle. The difference between the option exercise price and the average price of the shares in question is recognised directly in equity.TERMINATION BENEFITS Termination benefits are expensed when the Group can no longer withdraw the offer of those benefits or, if earlier, when the Group recognises the restructuring expenses. If benefits are payable more than twelve months after the reporting date, they are then discounted to their present value.PROVISIONSA provision is recorded in the statement of financial position whenever the Group has an existing (legal or constructive) obligation as a result of a past event and where it is probable that the settlement of this obligation will result in an outflow of resources containing economic benefits. Where the effect is material, provisions are measured by discounting the expected future cash flows at a pre-tax discount rate that reflects both the current market assessment of the time value of money and, where applicable, the risks inherent to the obligation.RESTRUCTURINGA provision for restructuring is set up whenever the Group has approved a detailed, formal restructuring plan and the restructuring has either been commenced or publicly announced before the balance sheet date. No provisions are recognised for future operating costs.SITE RESTORATIONIn accordance with the contractual obligations of the Group, a provision for site restoration is set up whenever the Group is obliged to restore land to its original condition.ONEROUS CONTRACTSA provision for onerous contracts is set up whenever the economic benefits expected from a contract are lower than the unavoidable costs of meeting the contract obligations. Before a provision is set up, the Group first recognises any impairment loss on the assets relating to the contract.REVENUESALES OF GOODS AND SERVICESThe Group applies the 5-step model to include revenue in the income statement. When selling goods or services, the Group will recognise the proceeds of the amount to which the Group expects to be entitled in exchange for those goods or services. In order to apply this principle, the Group must go through the following steps:1. identification of the contract with a customer;2. identification of the performance obligations in the contract;3. determination of the transaction price;4. allocation of the transaction price to the performance obligations in the contract; and5. recognition of revenue when the Company fulfils a performance obligation.More specifically, the Group will apply the following principles and recognition rules when selling goods and delivering services:\u2022 Box Office is the result of the sale of cinema tickets (and 3D glasses). Box Office sales are recognised as revenue on the date of the showing of the film they relate to;\u2022 In-theatre Sales (ITS) include all revenue from the sale of beverage, snacks and merchandising in the complexes. In-theatre sales are recognised as revenue at the checkout;\u2022 Revenue from the advance sale of tickets or other prepaid gift vouchers are recognised in current liabilities, and are recognised as revenue when the ticket holder uses the ticket.\u2022 Gift vouchers that have not been exercised (\u2018breakage fees\u2019) are recognised as revenue, taking into account the expected non-redemption, and no later than the expiry date of the gift vouchers;\u2022 Revenue from exchange deals is recognised as revenue at the moment the service has been delivered;\u2022 Events (business-to-business) are recognised as revenue when the event takes place. If the event takes place over a longer period of time, the revenue is recognised in the income statement on a straight-line basis over the duration of the event;\u2022 Turnover resulting from screen advertising is recognised as revenue spread over the period (number of film days per month) in which the advertisement is shown;\u2022 Turnover from promotions (business-to-customer) is recognised as revenue when the promotion takes place;\u2022 The theatrical revenue from film distribution is recognised over the term of the film based on the number of visitors. The revenue from after theatrical rights are recognised in the first period on the basis of usage, and in the following period on the basis of a fixed price that is recognised as one-off revenue when the rights are transferred. Whereas the Group does not act as an agent for revenue from theatrical and after theatrical rights, this revenue is not offset by the related costs.Supplier discounts (PET intervention, volume discounts, collaboration costs and media or marketing support) are deducted from the cost of sales or from marketing costs. LEASE INCOMELease income, both fixed and variable lease income, is recognised in the income statement on a straight-line basis over the lease period. This with the exception of Covid-19 related rent concessions, on amounts already invoiced in the past, which are recognised directly in the income statement. Lease incentives granted are regarded as an integral part of lease income.GOVERNMENT GRANTSGovernment grants are initially recognised at fair value whenever a reasonable certainty exists that they will be received and that the Group will comply with the conditions associated with them. The Group makes a distinction between grants received from the Centre National du Cin\u00e9ma et de l\u2019Image Anim\u00e9e (CNC) and other grants.Grants received from the Centre National du Cin\u00e9ma et de l\u2019Image Anim\u00e9eThe Group receives grants in France from the CNC for cinema related investments. These grants come from a fund financed by contributions from cinema operators in the form of a percentage of ticket sales. The grants are recorded as liabilities as deferred revenue, and are taken into the income statement, within \u2018Other operating income\u2019, over the useful life of the related assets. The unwinding of receivables related to the grants is included under financial income.Other grantsOther grants relate on the one hand to grants obtained as compensation for specific costs incurred and on the other hand to general government and CNC support measures. Grants obtained as compensation for directly attributable costs are taken directly to the income statement, deducted from the related costs. General support measures received from the government are also included in the income statement, within \u2018Other operating income\u2019.FINANCIAL INCOMEFinancial income consists of interest received on investments, dividends, foreign exchange gains, the unwinding of receivables with regard to government grants and the profits on hedging instruments that are recognised in the income statement.Interest income is recognised in the income statement based on the effective interest method. Dividend income is included in the income statement on the date that the dividend is declared.Foreign exchange gains and losses are offset per currency.EXPENSESEXPENSES RELATED TO LEASES For leases that meet the requirements of IFRS 16, a depreciation expense linked to the right-of-use asset and an interest expense linked to the lease liability are recognised. These are recognised as expenses in the income statement.Leases that are exempted under IFRS 16 are recognised in the income statement using a straight-line method.FINANCIAL EXPENSESThe financial expenses comprise interest to be paid on loans, interest costs on lease liabilities, foreign exchange losses, the unwinding of discounts on non-current provisions and losses on hedging instruments that are recognised in the income statement.Interest charges are recognised based on the effective interest method.Financial expenses directly attributable to the acquisition or construction of a qualifying asset are capitalised as part of the cost of that asset.Foreign exchange gains and losses are compensated per currency.INCOME TAX EXPENSESIncome tax expenses consist of current and deferred taxes. Income taxes are recorded in the income statement except where they relate to a business combination or elements recorded directly in equity. In this case, the income taxes are recognised directly in equity or goodwill.Current taxes consist of the expected tax payable on the taxable profit of the year, calculated using tax rates enacted or substantively enacted at the balance sheet date, as well as tax adjustments in respect of prior years. The amount of current income taxes is determined on the basis of the best estimate of the tax gain or expense, with due consideration for any uncertainty with regard to income tax. Additional income taxes resulting from issuing dividends are recognised simultaneously with the liability to pay the dividend in question.Deferred taxes are recorded based on the balance sheet method, for all temporary differences between the taxable base and the carrying amount for financial reporting purposes, for both assets and liabilities. No deferred taxes are recognised for the following temporary differences: \u2022 initial recognition of assets and liabilities in a transaction that is not a business combination and that does not affect accounting or taxable profits;\u2022 differences with regard to investments in subsidiaries to the extent that an offsetting entry is unlikely in the near future;\u2022 taxable temporary differences that arise at the initial recognition of goodwill. The amount of the deferred taxes is based on expectations with regard to the realisation of the carrying value of the assets and liabilities, whereby the tax rates enacted or substantively enacted at the balance sheet date are used. A deferred tax asset is only recorded in the consolidated statement of financial position when it is probable that adequate future taxable profits are available against which the tax benefit can be utilised. Deferred tax assets are reduced whenever it is no longer probable that the related tax benefit will be realised.The deferred and current tax receivables and liabilities are offset per tax jurisdiction if the Group has a legal enforceable right to offset the amounts and it intends to settle the liability on a net basis, or to realise the receivable and the liability simultaneously.SEGMENT REPORTINGAn operating segment is a clearly distinguishable component of the Group that engages in business activities from which it may earn revenue and incur expenses, including revenue and expenses in relation to transactions with any of the Group\u2019s other components. The Group is organised geographically. The different countries constitute operating segments, in accordance with the internal reporting to the CEO and CFO of the Group.DISCONTINUED OPERATIONSA discontinued operation is a component of the Group that represents a separate important operation or geographic business area, is part of a single coordination plan to dispose of a separate important operation or geographic business area or concerns a subsidiary that was acquired exclusively with the intent of selling it.Classification as discontinued operations occurs upon the disposal of or, if earlier, when the business activity fulfils the criteria for classification as held for sale. Whenever an activity is classified as a discontinued operation, the comparative income statement figures are restated as if the activity had been discontinued from the start of the comparative period.NEW AND / OR AMENDMENTS TO STANDARDS AND INTERPRETATIONS ADOPTED BY THE GROUPAmendments to IFRS 16 Leases: Covid-19-Related Rent Concessions beyond 30 June 2021, issued on 31 March 2021, extends the application period of the practical expedient in IFRS 16 by one year that permits lessees not to assess whether rent concessions, that occur as a direct consequence of the Covid-19 pandemic and meet specified conditions, are lease modifications and, instead, to account for those rent concessions as if they were not lease modifications. The original amendment was issued on 28 May 2020 to make it easier for lessees to account for Covid-19-related rent concessions, while providing information about their leases.The amendment is effective for annual reporting periods beginning on or after 1 April 2021, with early application permitted. The amendment is endorsed by the EU. The Group applies the amendment to IFRS 16 as of 1 January 2021. For more information we refer to note 27.NEW AND / OR AMENDMENTS TO STANDARDS AND INTERPRETATIONS NOT YET ADOPTED BY THE GROUPA number of new standards, amendments to standards and interpretations are not yet effective for the year ended per 31 December 2021, and have not been applied in preparing these consolidated financial statements:The amendments are not expected to have a material impact on the Group\u2019s consolidated financial statements.Amendments to IAS 1 Presentation of Financial statements: Classification of Liabilities as Current or Non-current, issued on 23 January 2020, clarify a criterion in IAS 1 for classifying a liability as non- current: the requirement for an entity to have the right to defer settlement of the liability for at least 12 months after the reporting period.The amendments:\u2022 specify that an entity\u2019s right to defer settlement must exist at the end of the reporting period;\u2022 clarify that classification is unaffected by management\u2019s intentions or expectations about whether the entity will exercise its right to defer settlement;\u2022 clarify how lending conditions affect classification; and\u2022 clarify requirements for classifying liabilities an entity will or may settle by issuing its own equity instruments.On 15 July 2020, the IASB issued Classification of Liabilities as Current or Non-current \u2013 Deferral of Effective Date (Amendment to IAS 1) deferring the effective date of the aforementioned amendments by one year to annual reporting periods beginning on or after 1 January 2023 with early application permitted. The amendments have not yet been endorsed by the EU.The IASB has published a new exposure draft on the topic on 19 November 2021.Amendments to IFRS 3 Business Combinations; IAS 16 Property, Plant and Equipment; IAS 37 Provisions, Contingent Liabilities and Contingent Assets as well as Annual improvements to IFRS 2018-2020, issued on 14 May 2020, include several narrow-scope amendments which are changes that clarify the wording or correct minor oversights or conflicts between requirements in the Standards:\u2022 Amendments to IFRS 3 Business Combinations update a reference in IFRS 3 to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations.\u2022 Amendments to IAS 16 Property, Plant and Equipment prohibit a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Instead, a company will recognise such sales proceeds and related cost in profit or loss. The amendments also clarify that testing whether an item of property, plant and equipment is functioning properly means assessing its technical and physical performance rather than assessing its financial performance.\u2022 Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets specify which costs a company includes when assessing whether a contract will be loss-making. The amendments clarify that the costs of fulfilling a contract comprise both: the incremental costs; and an allocation of other direct costs.\u2022 Annual Improvements to IFRS Standards 2018\u20132020 make minor amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, IAS 41 Agriculture and the Illustrative Examples accompanying IFRS 16 Leases.The amendments are effective for annual periods beginning on or after 1 January 2022 with early application permitted. These amendments have been endorsed by the EU.Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting Policies, issued on 12 February 2021, include narrow-scope amendments to improve accounting policy disclosures so that they provide more useful information to investors and other primary users of the financial statements. The amendments to IAS 1 require companies to disclose their material accounting policy information rather than their significant accounting policies. The amendments to IFRS Practice Statement 2 provide guidance on how to apply the concept of materiality to accounting policy disclosures. The amendments are effective for annual periods beginning on or after 1 January 2023 with early application permitted. These amendments have not yet been endorsed by the EU.Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates, issued on 12 February 2021, clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. The distinction is important because changes in accounting estimates are applied prospectively only to future transactions and other future events, but changes in accounting policies are generally also applied retrospectively to past transactions and other past events. The amendments are effective for annual periods beginning on or after 1 January 2023 with early application permitted. These amendments have not yet been endorsed by the EU.Amendments to IAS 12 Income Taxes: Deferred Taxes related to Assets and Liabilities arising from a Single Transaction, issued on 6 May 2021, clarify how companies should account for deferred taxes on transactions such as leases and decommissioning obligations. IAS 12 Income Taxes specifies how a company accounts for income taxes, including deferred taxes. In specified circumstances, companies are exempt from recognising deferred taxes when they recognise assets or liabilities for the first time. Previously, there had been some uncertainty about whether the exemption applied to transactions such as leases and decommissioning obligations, transactions for which companies recognise both an asset and a liability. The amendments clarify that the exemption does not apply and that companies are required to recognise deferred taxes on such transactions. The aim of the amendments is to reduce diversity in the reporting of deferred taxes on leases and decommissioning obligations. The amendments are effective for annual periods beginning on or after 1 January 2023 with early application permitted. These amendments have not yet been endorsed by the EU.", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "pp-value-38": { "value": "Segment information is given for the Group\u2019s geographic segments. The geographic segments reflect the countries in which the Group operates. The prices for intersegment transactions are determined on a business-like, objective basis. The segment information was drawn up in accordance with IFRS.Segment results, assets and liabilities of a particular segment include those items that can be attributed, either directly or reasonably, to that segment.Financial income and expenses and income tax expenses and their related assets and liabilities (excluding Lease liabilities) are not monitored by segment by the Group\u2019s CEO and CFO.The capital expenditures of a segment are all costs incurred during the reporting period to acquire assets that are expected to remain in use in the segment for longer than one reporting period.GEOGRAPHIC SEGMENTSThe Group\u2019s activities are managed and monitored on a country basis. The main geographic markets are Belgium, France, Canada, Spain, the Netherlands, United States and Luxembourg. The Polish and Swiss activities are combined in the \u2018Other\u2019 geographical segment, in accordance with the internal reporting to the CEO and CFO of the Group.In presenting information on the basis of geographic segments, revenue from the segment is based on the geographic location of the customers. The basis used for the assets of the segments is the geographic location of the assets.INCOME STATEMENTIN \u2019000 \u20ac2021OTHERS THE UNITED NOT BELGIUM FRANCE CANADA SPAINLUXEMBOURG(POLAND, TOTALNETHERLANDSSTATESALLOCATEDSWITZERLAND)Segment revenue 84 344 38 699 52 835 26 253 32 366 28 773 8 555 2 557 274 382Intersegment revenue -7 959 -31 1 -7 989Revenue 76 385 38 668 52 835 26 253 32 366 28 773 8 555 2 558 266 393Cost of sales -60 885 -34 002 -67 103 -25 767 -31 870 -31 510 -6 910 -1 976 -260 023Gross result 15 500 4 666 -14 268 486 496 -2 737 1 645 582 6 370Marketing and selling expenses -7 825 -1 467 -1 924 -1 075 -956 -244 -720 -63 -14 274Administrative expenses -13 422 -1 143 -3 799 -705 -1 358 -1 478 -182 -283 -22 370Other operating income 2 406 7 842 9 206 2 144 2 126 452 309 24 485Other operating expenses -137 -390 -51 -160 -1 -17 -756Segment result -3 478 9 508 -10 836 690 307 -4 459 1 178 545 -6 545Financial income 851 851Financial expenses -29 213 -29 213Result before tax -34 907Income tax expenses 9 401 9 401RESULT FOR THE PERIOD -25 506BALANCE SHEET \u2013 ASSETSIN \u2019000 \u20ac2021OTHERS THE UNITED NOT BELGIUM FRANCE CANADA SPAINLUXEMBOURG(POLAND, TOTALNETHERLANDSSTATESALLOCATEDSWITZERLAND)Intangible assets 4 831 921 2 849 266 159 2 059 44 11 129Goodwill 6 586 11 317 34 499 22 015 34 057 48 678 5 844 6 502 169 498Property, plant and equipment 59 528 80 953 83 886 47 891 132 816 74 698 11 037 7 278 498 087Right-of-use assets 6 892 25 958 212 822 38 488 17 544 46 813 4 803 353 320Investment property 1 778 6 721 8 907 17 406Deferred tax assets 23 812 23 812Other receivables 9 5 130 428 794 -20 11 6 352Other financial assets 27 27Non-current assets 77 846 124 279 336 262 116 175 184 556 172 248 21 739 22 687 23 839 1 079 631Inventories 1 895 434 1 018 470 621 391 116 35 4 980Trade and other receivables 14 363 6 594 3 686 1 595 5 099 968 1 171 278 33 754Current tax assets 1 418 1 418Cash and cash equivalents 75 295 75 295Current assets 16 258 7 028 4 704 2 065 5 720 1 359 1 287 313 76 713 115 447SEGMENT ASSETS 94 104 131 307 340 966 118 240 190 276 173 607 23 026 23 000 100 552 1 195 078BALANCE SHEET - EQUITY AND LIABILITIESIN \u2019000 \u20ac2021OTHERS THE UNITED NOT BELGIUM FRANCE CANADA SPAINLUXEMBOURG(POLAND, TOTALNETHERLANDSSTATESALLOCATEDSWITZERLAND)Share capital and share 20 106 20 106premiumConsolidated reserves 100 676 100 676Translation reserve -54 -54Equity attributable to the 120 728 120 728owners of the CompanyNon-controlling interests -79 -79Total equity 120 649 120 649Loans and borrowings 478 494 478 494Lease liabilities 4 603 24 568 219 635 36 224 18 697 46 085 4 459 354 271Provisions for employee 764 727 1 491benefitsProvisions 1 484 153 304 1 941Deferred tax liabilities 12 158 12 158Derivative financial 28 28instrumentsOther payables 111 5 110 3 117 55 5 396Non-current liabilities 6 962 30 558 219 942 36 341 18 752 46 085 4 459 490 680 853 779Bank overdrafts 12 12Loans and borrowings 71 557 71 557Lease liabilities 2 204 2 347 19 640 3 717 4 341 3 540 507 36 296Trade and other payables 44 156 19 856 21 592 7 694 7 616 7 185 2 897 547 111 543Provisions 358 358Current tax liabilities 884 884Current liabilities 46 360 22 203 41 232 11 411 12 315 10 725 3 404 547 72 453 220 650SEGMENT EQUITY AND 53 322 52 761 261 174 47 752 31 067 56 810 7 863 547 683 782 1 195 078LIABILITIESCAPITAL EXPENDITUREIN \u2019000 \u20ac2021OTHERS THE UNITED NOT BELGIUM FRANCE CANADA SPAINLUXEMBOURG(POLAND, TOTALNETHERLANDSSTATESALLOCATEDSWITZERLAND)CAPITAL EXPENDITURE 2 505 8 301 1 969 260 2 832 340 836 12 17 055NON-CASH ELEMENTSIN \u2019000 \u20ac2021OTHERS THE UNITED NOT BELGIUM FRANCE CANADA SPAINLUXEMBOURG(POLAND, TOTALNETHERLANDSSTATESALLOCATEDSWITZERLAND)Depreciations, amortisations, 12 119 9 697 27 365 7 219 11 456 9 190 1 664 502 79 212impairments and provisionsOthers 293 293TOTAL 12 412 9 697 27 365 7 219 11 456 9 190 1 664 502 79 505INCOME STATEMENTIN \u2019000 \u20ac2020OTHERS THE UNITED NOT BELGIUM FRANCE CANADA SPAINLUXEMBOURG(POLAND, TOTALNETHERLANDSSTATESALLOCATEDSWITZERLAND)Segment revenue 33 148 24 743 33 664 16 402 28 173 12 473 6 173 2 175 156 951Intersegment revenue 19 368 -26 -11 19 331Revenue 52 516 24 717 33 664 16 402 28 173 12 473 6 173 2 164 176 282Cost of sales -50 580 -30 907 -56 928 -21 496 -28 187 -23 337 -6 157 -2 047 -219 639Gross result 1 936 -6 190 -23 264 -5 094 -14 -10 864 16 117 -43 357Marketing and selling expenses -8 035 -1 748 -4 572 -1 086 -899 -207 -696 -71 -17 314Administrative expenses -13 835 -1 362 -1 374 -867 -1 148 -1 170 -222 -256 -20 234Other operating income 1 299 4 822 5 673 1 776 1 581 74 26 285 15 536Other operating expenses -152 -44 -29 -5 -64 -294Segment result -18 787 -4 522 -23 566 -5 276 -544 -12 167 -876 75 -65 663Financial income 1 552 1 552Financial expenses -27 604 -27 604Result before tax -91 715Income tax expenses 22 604 22 604RESULT FOR THE PERIOD -69 111BALANCE SHEET \u2013 ASSETSIN \u2019000 \u20ac2020OTHERS THE UNITED NOT BELGIUM FRANCE CANADA SPAINLUXEMBOURG(POLAND, TOTALNETHERLANDSSTATESALLOCATEDSWITZERLAND)Intangible assets 5 564 881 2 624 295 173 2 107 29 11 673Goodwill 6 586 11 317 31 985 22 015 34 057 44 842 5 844 6 502 163 148Property, plant and equipment 66 763 81 394 88 433 52 504 138 782 74 558 11 631 7 071 521 136Right-of-use assets 8 294 27 441 209 941 41 046 24 557 45 918 5 284 362 481Investment property 1 648 6 721 9 188 17 557Deferred tax assets 14 778 14 778Other receivables 9 4 964 491 866 -20 11 6 321Other financial assets 27 27Non-current assets 87 216 125 997 335 122 123 447 197 549 167 425 22 799 22 761 14 805 1 097 121Inventories 1 905 299 446 380 472 243 84 36 3 865Trade and other receivables 11 128 6 343 2 469 1 664 3 534 663 809 146 26 756Current tax assets 7 431 7 431Cash and cash equivalents 33 007 33 007Current assets 13 033 6 642 2 915 2 044 4 006 906 893 182 40 438 71 059SEGMENT ASSETS 100 249 132 639 338 037 125 491 201 555 168 331 23 692 22 943 55 243 1 168 180BALANCE SHEET \u2013 EQUITY AND LIABILITIESIN \u2019000 \u20ac2020OTHERS THE UNITED NOT BELGIUM FRANCE CANADA SPAINLUXEMBOURG(POLAND, TOTALNETHERLANDSSTATESALLOCATEDSWITZERLAND)Share capital and share 20 106 20 106premiumConsolidated reserves 123 640 123 640Translation reserve -17 254 -17 254Equity attributable to the 126 492 126 492owners of the CompanyNon-controlling interests 4 4Total equity 126 496 126 496Loans and borrowings 469 882 469 882Lease liabilities 5 760 25 635 213 622 38 428 25 592 44 597 4 683 358 317Provisions for employee 998 998benefitsProvisions 1 602 139 280 2 021Deferred tax liabilities 13 107 13 107Derivative financial 87 87instrumentsOther payables 141 5 946 2 193 74 6 356Non-current liabilities 8 501 31 720 213 904 38 621 25 666 44 597 4 683 483 076 850 768Bank overdrafts 112 112Loans and borrowings 76 599 76 599Lease liabilities 2 428 2 487 18 692 3 838 4 255 3 074 521 35 295Trade and other payables 32 099 12 851 15 446 3 373 8 880 3 771 1 608 307 78 335Provisions 42 198 29 269Current tax liabilities 306 306Current liabilities 34 569 15 536 34 138 7 211 13 164 6 845 2 129 307 77 017 190 916SEGMENT EQUITY AND 43 070 47 256 248 042 45 832 38 830 51 442 6 812 307 686 589 1 168 180LIABILITIESCAPITAL EXPENDITUREIN \u2019000 \u20ac2020OTHERS THE UNITED NOT BELGIUM FRANCE CANADA SPAINLUXEMBOURG(POLAND, TOTALNETHERLANDSSTATESALLOCATEDSWITZERLAND)CAPITAL EXPENDITURE 4 459 5 216 11 965 1 521 20 326 1 214 491 28 45 220NON-CASH ELEMENTSIN \u2019000 \u20ac2020OTHERS THE UNITED NOT BELGIUM FRANCE CANADA SPAINLUXEMBOURG(POLAND, TOTALNETHERLANDSSTATESALLOCATEDSWITZERLAND)Depreciations, amortisations, 14 643 11 710 24 642 8 536 10 501 9 764 2 229 826 82 851impairments and provisionsOthers 469 469TOTAL 15 112 11 710 24 642 8 536 10 501 9 764 2 229 826 83 320", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "pp-value-44": { "value": "The table below shows the breakdown of revenue by activity, product or service offered by the Group:IN \u2019000 \u20ac20202021Box Office 91 347 142 882In-theatre Sales 45 923 81 965Business-to-Business 22 930 24 010Brightfish 3 123 6 354Film distribution 2 049 2 094Technical department 14 53TOTAL IFRS 15 165 386 257 358Real estate 10 896 9 035TOTAL 176 282 266 393Revenue from ticket sales (Box Office, BO) increased by 56.4%, to \u20ac 142.9 million. BO revenue per visitor increased by 9.7%. This increase was seen in all countries, thanks in part to the product mix, the success of premium cinema experiences and inflation-compensating price increases.Revenue from the sale of drinks and snacks (In-theatre Sales, ITS) increased by 78.5%, to \u20ac 82.0 million. ITS revenue per visitor rose by 20.7% (excluding home delivery revenue), driven by an increase in ITS revenue per visitor in almost all countries. We had more visitors in the shops and they also bought more products. Only in Luxembourg and Switzerland ITS revenue per visitor decreased due to the ban on the sale of drinks and snacks for a number of months.B2B revenue increased by 4.7%. Although there was an increase in income from events, growth was limited by the arrival of the fourth corona wave in the fourth quarter. Screen advertising also showed a strong increase. The increase in the number of events as well as the increase in screen advertising were negatively offset in total B2B turnover by fewer vouchers being sold as a result of the pandemic.Real estate income decreased by 17.1% due to the loss of variable rental income, rent concessions and a decrease in parking income.The turnover of Brightfish, the Belgian screen advertising management agency, rose by 103.5% thanks to more screen advertising and more events, and Kinepolis Film Distribution (KFD) saw its income rise by 2.2%.Revenue from Box Office and In-theatre Sales (which together represented 84.4% of total revenue) are directly linked to the evolution of the visitors. These in turn depend on the number of films produced, their success with the customer and external factors, such as competitive activities, weather conditions and exceptional events such as the Covid-19 pandemic. Consequently, the number of visitors, and therefore the turnover, can be very volatile. For more information regarding the risks involved, we refer to \u2018Description of the main business risks\u2019 in the \u2018Corporate Governance Statement\u2019 section.B2B consists of three products: sales of vouchers, sales of cinema advertising and sales of film and non-film related events. Film related events make up the bulk of B2B and are closely related to the line-up and the number of films produced and their potential success. The sale of vouchers and cinema advertising strongly depend on the macro- economic climate and business confidence.The Brightfish results are highly dependent on the macro-economic climate, the advertising spending mainly in the FMCG industry and the share of cinema and marketing campaigns of the major advertisers. Depending on the pricing in other media such as online and TV, this can f luctuate widely.The results for film distribution depend on the number and success of the Flemish productions of which Kinepolis Film Distribution (KFD) owns the rights, combined with the international releases of which Kinepolis Film Distribution owns the rights for the Belgian and Luxembourg territory, together with Dutch Filmworks (DFW).", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "pp-value-47": { "value": "OTHER OPERATING INCOMEIN \u2019000 \u20ac20202021Government grants 951 1 409Government grants and support measures due to the Covid-19 pandemic 6 677 10 337Rent concessions due to the Covid-19 pandemic 7 540 11 750Capital gains on disposal of property, plant and equipment 109 461Other grants \u2013 not Covid-19 related 41 220Others 218 308TOTAL 15 536 24 485GOVERNMENT GRANTSIn France, the Group receives grants from the Centre National du Cin\u00e9ma et de l\u2019image Anim\u00e9e (CNC) for cinema related investments. These grants come from a fund financed by a contribution from cinema operators in the form of a percentage of ticket sales. The grants are recorded as liabilities on the balance sheet, and are taken into the result over the useful life of the related assets, at \u20ac 1.4 million in 2021 (2020: \u20ac 1.0 million).GOVERNMENT GRANTS AND SUPPORT MEASURES AS A RESULT OF THE COVID-19 PANDEMICAs a result of the outbreak of the Covid-19 pandemic, governments in the various countries where Kinepolis operates, and the CNC in France have decided to provide support measures. The Group obtained non-directly attributable or general grants for \u20ac 10.3 million in this regard (FR: \u20ac 6.1 million, BE: \u20ac 1.7 million, ES: \u20ac 1.0 million, NL: \u20ac 0.9 million, LUX: \u20ac 0.4 million and CH: \u20ac 0.3 million). Throughout 2020 the Group obtained \u20ac 6.7 million (FR: \u20ac 3.5 million, NL: \u20ac 1.5 million, BE: \u20ac 1.1 million, ES: \u20ac 0.3 million and CH: \u20ac 0.3 million). For more information and a detailed breakdown we refer to note 30.RENT CONCESSIONS AS A RESULT OF THE COVID-19 PANDEMICIn addition, the Group obtained \u20ac 11.8 million rent concessions in 2021 (2020: \u20ac 7.5 million) as a direct result of the Covid-19 pandemic. Most of this relates to the lease of land and buildings in Canada (2021: \u20ac 8.7 million \u2013 2020: \u20ac 5.7 million). The rent concessions obtained are only included in \u2018Other operating income\u2019 if the conditions of Covid-19-related rent concessions (amendments to IFRS 16) are met. For more information we refer to note 27.CAPITAL GAINS ON DISPOSAL OF PROPERTY, PLANT AND EQUIPMENT Kinepolis decided to close six Canadian cinemas in 2021, each with only one or two screens, as the maintenance investments required were disproportionate to the contribution of these cinemas to the turnover development of the Group. Specifically, it concerns two leased Landmark cinemas, Dawson Creek (BC) and Airdrie (Alberta), and four owned Landmark cinemas, namely Yorkton (Saskatchewan), Selkirk (Manitoba) and the two cinemas located in the Yukon province.Property, plant and equipment related to these complexes, both land and buildings and machinery and equipment, were impaired to fair value (less costs to sell) if these were lower than the remaining carrying amount. An impairment loss amounting to \u20ac 1.2 million was recorded. For more information we refer to note 11.With regard to the owned complexes, the assets included in land and buildings were subsequently transferred from Property, plant and equipment to Assets held for sale for an amount of \u20ac 1.1 million. The owned cinemas were all sold at the end of the summer. A capital gain of \u20ac 0.5 million was realised on the sale of these Canadian cinemas. For more information we refer to note 17.OTHER OPERATING EXPENSESIN \u2019000 \u20ac20202021Losses on disposal of property, plant and equipment -84 -3Losses on disposal of trade receivables -141 -662Others -69 -91TOTAL -294 -756The movement of the losses on disposal of trade receivables is related to the settlement of outstanding receivables with regard to leased concessions due to the closure of the complexes as a result of the Covid-19 pandemic.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "pp-value-51": { "value": "IN \u2019000 \u20ac20202021Wages and salaries -33 634 -42 934Mandatory social security contributions -7 807 -7 772Employer contributions to employee insurances -1 034 -1 102Share-based payments -469 -293Other employee benefit expenses -1 645 -1 639TOTAL -44 589 -53 740Total full-time equivalents at the balance sheet date 1 215 1 962The increase in employee benefit expenses is mainly attributable to the partial resumption of activities in 2021 as a consequence of the Covid-19 pandemic. One of the measures that Kinepolis has taken at the start of the pandemic to arm itself against the consequences is to scale down its temporary and permanent staff. With regard to the employees of the complexes in view of the mandatory closureand capacity restrictions, as well as the employees of the support services, by limiting those to only the strictly necessary services. The increase in employee benefit expenses compared to 2020 is explained by the fact that scaling down was more important during 2020.The Group was also able to make use of the system of economic unemployment in Belgium and Spain, as well as the system of wage subsidies in France, the Netherlands, Luxembourg, Canada and Switzerland. In the economic unemployment system, the wage cost does not have to be paid by the Company, but is paid directly to the employee by the government. By contrast, the wage cost is first paid by the Company in the wage subsidy system, and can subsequently be reclaimed from the government in whole or in part. The Group received \u20ac 10.6 million (2020: \u20ac 12.6 million) in wage subsidies. Grants obtained as compensation for directly attributable costs, such as employee benefit expenses, are taken directly in the income statement, deducted from the related costs. In the other countries, the system of economic unemployment was applied, with the wage costs borne, in part or otherwise, directly by the government.The share-based payments are related to the options granted in 2017, 2018 and 2019. For more information we refer to note 20. The employee benefit expenses also include early retirement pensions, which, in accordance with IFRS, should be treated as termination benefits, as no reasonable expectation was generated among employees during hiring or employment that they would be entitled to an early retirement pension before the legal retirement age. They are non-material amounts.For more information regarding employee benefits we refer to note 22.The amounts on the balance sheet are determined as follows:IN \u2019000 \u20ac20202021Defined benefit plans 998 764 (1)Other employee benefits 727TOTAL 998 1 491(1) The balance sheet position with regard to the obligation in France to pay a departure benefit to employees following their retirement (2021: K\u20ac 727 \u2013 2020: K\u20ac 787) was transferred from the category Other payables (current) to the category Provisions for employee benefits in 2021.DEFINED BENEFIT PLANSThe pension plans held by the Group in Belgium are included under \u2018defined benefit plans\u2019.The Group has two pension plans in Belgium that are deemed to be pension plans with defined contributions by law. As Belgian law applies to all second pillar pension plans (so-called \u2018Vandenbroucke Law\u2019), all Belgian plans with defined contributions are qualified under IFRS as a defined benefit plan. The \u2018Vandenbroucke Law\u2019 states that, in the context of the defined contribution plans, the employer must guarantee a minimum return of a percentage that is adjusted based on market returns, with a minimum of 1.75% and a maximum of 3.75%, which reduces the risk for the employer.These minimum return requirements for the defined contribution plans in Belgium expose the employer to a financial risk (because there is a legal obligation to pay future contributions if the fund has insufficient assets to pay all the employee benefits related to the work performed by the employees in the current and past periods). As a consequence, these plans must be classified and recognised in the accounts as a defined benefit plan as under IAS 19.The amounts for the pension plans held in Belgium are determined as follows as at 31 December:The amounts for the pension plans held in Belgium are determined as follows as at 31 December:IN \u2019000 \u20ac20202021Liability from defined benefit plans 6 688 6 855Fair value of fund investments -5 690 -6 090Net liability (asset) from defined benefit plans 998 764Assets concern qualifying insurance policies and are not part of the Group\u2019s own financial instruments. The minimum return guarantee is currently 1.75%.ACTUARIAL ASSUMPTIONS The main actuarial assumptions are:IN %20202021Weighted average discount rate 0.70% 0.90%Expected inflation 1.75% 1.75%Expected general pay rise 2.75% 2.75%Life expectancy is based on the Belgian mortality table MR / FR, adjusted by -5 years.TOTAL COMPREHENSIVE INCOME For these pension plans, the following amounts are included in total comprehensive income:IN \u2019000 \u20ac20202021Included in the income statementPension costs allocated to the year of service -324 -321Interest expenses -5 -6-329 -327Included in other comprehensive incomeChange to estimate of defined benefit rights 96 32996 329TOTAL COMPREHENSIVE INCOME -233 2The expected pension costs from defined benefit plans for 2022 amount to \u20ac 0.2 million, and primarily relate to allocated pension costs.SENSITIVITY ANALYSIS 31 DECEMBER 2021IN \u2019000 \u20acINCREASE DECREASEDiscount rate (1% movement) -454 590Future pay fluctuation (1% movement) 42 -37Life expectancy (1% movement) -2 2Its defined benefit plans expose the Group to a number of risks, the most important of which are explained below:\u2022 Changes to discount rate: a reduction in the discount rate leads to an increase in the liabilities; \u2022 Salary risk: the gross liabilities of most schemes are calculated on the basis of the future payments to the participants. As a consequence, a higher than expected salary rise will lead to higher liabilities;\u2022 Longevity risk: pension plans provide participants benefits as long as they live, so an increase in life expectancy will result in an increase in plan liabilities. OTHER EMPLOYEE BENEFITSThe Group has an obligation in France to pay a departure benefit to employees following their retirement. This compensation is also accounted for as a defined benefit plan. ACTUARIAL ASSUMPTIONS The main actuarial assumptions are:IN %20202021Discount rate 0.85% 0.90%Expected salary inflation 1.50% 1.50%TOTAL COMPREHENSIVE INCOME For this obligation, the following amounts are included in total comprehensive income:IN \u2019000 \u20ac2021Included in the income statementCosts allocated to the year of service -47Interest expenses -5-52Included in other comprehensive incomeChange in experience adjustments, financial and demographic assumptions 112112TOTAL COMPREHENSIVE INCOME 60The expected costs for this obligation for 2022 amount to \u20ac 0.1 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "pp-value-54": { "value": "The table below shows the breakdown of cost of sales by nature: IN \u2019000 \u20ac20202021Purchases -58 194 -91 709Services and other goods -39 943 -43 934Employee benefit expenses and other social benefits -32 077 -38 995Depreciations and amortisations -76 560 -78 212Provisions and impairments -2 311 1 640Others -10 554 -8 813COST OF SALES -219 639 -260 023The table below shows the breakdown of marketing and selling expenses by nature:IN \u2019000 \u20ac20202021Services and other goods -10 814 -8 806Employee benefit expenses and other social benefits -4 606 -4 599Depreciations and amortisations -1 791 -1 039Provisions and impairments -96 177Others -7 -7MARKETING AND SELLING EXPENSES -17 314 -14 274The table below shows the breakdown of administrative expenses by nature:IN \u2019000 \u20ac20202021Services and other goods -10 197 -10 406Employee benefit expenses and other social benefits -7 907 -10 146Depreciations and amortisations -2 107 -1 780Provisions and impairments 15 3Others -38 -41ADMINISTRATIVE EXPENSES -20 234 -22 370The overall increase in operating expenses is mainly the result of the increased activity in 2021 compared to 2020. In both 2021 and 2020, the Group focused on strong cost control to mitigate the impact of the Covid-19 pandemic. There was a (partial) resumption of activities in 2021, resulting in an increase of the operating expenses. In total, the operating expenses increased with 15.4%, compared to an increase of 51.1% in revenue. The decrease in marketing and selling expenses can mainly be explained by less exchange deals, due to the Covid-19 pandemic, and a decrease in depreciations and amortisations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "pp-value-57": { "value": "FINANCIAL INCOMEIN \u2019000 \u20ac20202021Interest income 5Foreign exchange gains 781 347Unwinding of non-current government grants receivable 297 209Others 469 295TOTAL 1 552 851The foreign exchange gains mainly relate to the fluctuations of the American Dollar against the Euro in 2021 (2020: fluctuations of the Canadian Dollar and the Polish Z\u0142oty against the Euro). FINANCIAL EXPENSESIN \u2019000 \u20ac20202021Interest expenses -14 674 -15 452Interest expenses on lease liabilities -10 248 -10 323Foreign exchange losses -394 -227Others -2 288 -3 211TOTAL -27 604 -29 213The increase in interest expenses is mainly due to the interests on the new loan of \u20ac 80.0 million concluded at the beginning of January 2021, partly offset by the fact that less use was made of the roll-over credit in 2021 and less credit interests.The interest expenses attributed to lease liabilities amounted to \u20ac 10.3 million (2020: \u20ac 10.2 million). For more information we refer to note 27.The exchange rate losses mainly relate to the fluctuations of the Swiss Franc against the Euro in 2021 (2020: fluctuations of the Canadian Dollar against the Euro).In 2021, the capitalisation of interest costs related to construction projects amounted to \u20ac 0.2 million (2020: \u20ac 0.2 million). As the Group applies a general financing policy, a weighted average interest rate of 2.62% (2020: 2.70%) was applied to the capitalisation of the interest costs of construction projects.The costs related to refinancing are included in the result via the effective interest method, and are part of the other financial expenses. For more information we refer to notes 21 and 26. The impact on the income statement per refinancing round can be found in the table below: RECOGNISED IN INCOME RECOGNISED IN INCOME OUTSTANDING POSITION PER IN \u2019000 \u20acTOTAL COSTSTATEMENT IN 2020STATEMENT IN 202131 DECEMBER 2021 Refinancing 2012 1 096 -14 -14 41Refinancing 2015 1 663 -186 -186 243Refinancing 2016 45 -3 -3 8Refinancing 2017 450 -50 -50 246Refinancing 2019 1 708 -259 -259 1 103Refinancing 2021 449 -108 342TOTAL 5 411 -513 -619 1 984The remaining other financial expenses in 2021 and 2020 mainly relate to bank charges. The bank charges are partly volume-related, with the result that this increase is partly explained by the increase in the number of visitors.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "pp-value-61": { "value": "IN \u2019000 \u20ac20202021Current tax expenses 2 383 -1 552Deferred tax expenses 20 220 10 953TOTAL 22 604 9 401Total income taxes in 2021 and 2020 concern an income, due to the possibility to compensate the negative result before tax with profits from other periods. The effective tax rate was 26.93% in 2021 (2020: 24.64%). The increase of the effective tax rate is mainly due to an increase of the grants, obtained due to the Covid-19 pandemic, which are exempted from tax. In addition, there are fewer losses for which no deferred tax asset was recognised in 2021, as well as a reversal of provisions from prior periods. The tax rate in France decreased to 26.50% in 2021 (2020: 28.00%). Due to the Group\u2019s negative result before tax, the above movements caused the effective tax rate to increase in 2021.Part of the tax losses in 2020 were offset by the profits of 2019 in Belgium and Canada, the so-called \u2018carry back\u2019 option. Through the application of this option in 2020, (part of) the loss for the period resulted in a positive current income tax in the income statement, instead of a deferred tax. On the balance sheet, the \u2018carry back\u2019 in 2020 resulted in a current tax asset instead of a deferred tax asset. The \u2018carry back\u2019 was not used in 2021. We refer to notes 13 and 25 for more information.EFFECTIVE TAX RATE RECONCILIATIONIN \u2019000 \u20ac20202021Result before tax -91 715 -34 907Belgian tax rate 25.00% 25.00%Income taxes using the local tax rate 22 929 8 727Effect of tax rates in foreign jurisdictions -117 27 Disallowed expenses -407 -327Tax-exempt grants 609 847Tax-exempt income 86 60Impairment on treasury shares -203Losses for which no deferred tax asset is recognised -346 -26Use of unrecognised losses and tax losses for which no deferred tax asset was recognised 44 8Under / (over) provision in prior periods 20 147Change in law and tax rate in the Netherlands -128 -20Change in average tax rate in Canada -26Other adjustments 117 -16TOTAL INCOME TAX EXPENSES 22 604 9 401Effective tax rate 24.64% 26.93%The \u2018Change in law and tax rate in the Netherlands\u2019 was applicable for the first time in 2018 and concerned the future reduction of the income tax rate from 25.00% to 22.55% in 2020, and to 20.50% from 2021. The change in the income tax rate from 2021 was adjusted to 21.70% in 2019, instead of 20.50%. There was another change in legislation in 2020, as a result of which the previous decisions will no longer be applied and the income tax rate will remain at 25.00%, both in 2020 and in future years. In 2021 it was decided that the income tax rate will be adjusted to 25.80% as of 2022. The \u2018Change in average tax rate in Canada\u2019 includes the change in the average income tax rate from 25.50% to 25.20%. The average income tax rate is determined by a weighted average of the tax rates per province. As a result, there may be a limited change in Canada\u2019s average income tax rate every year.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "pp-value-67": { "value": "PATENTS INTERNALLY GENERATED IN \u2019000 \u20acOTHERSTOTALAND LICENSESINTANGIBLE ASSETSAcquisition value 19 374 6 262 4 233 29 869Amortisations and impairment losses -13 123 -1 092 -2 667 -16 882NET CARRYING AMOUNT AT 31/12/2019 6 252 5 170 1 565 12 987Acquisitions 1 526 322 1 848Sales and disposals -63 -19 -82Transfer to other categories 29 29Amortisations -2 146 -169 -594 -2 909Others 185 185Effect of exchange rate fluctuations -70 -316 -386 Acquisition value 20 465 6 102 4 822 31 389Amortisations and impairment losses -14 937 -1 251 -3 528 -19 716NET CARRYING AMOUNT AT 31/12/2020 5 528 4 851 1 294 11 673Acquisitions 1 463 185 1 648Transfer to other categories 53 2 55Amortisations -1 985 -155 -500 -2 640Effect of exchange rate fluctuations 55 338 393Acquisition value 22 083 6 457 5 007 33 547Amortisations and impairment losses -16 969 -1 421 -4 028 -22 418NET CARRYING AMOUNT AT 31/12/2021 5 114 5 036 979 11 129The patents and licenses mainly comprise software purchased from third parties. The internally generated intangible assets mainly concern the changes to the Group\u2019s ticketing system software and the back office software.The \u2018Other\u2019 category includes the trade name \u2018Landmark Cinemas\u2019, which amounts to \u20ac 2.8 million (2020: \u20ac 2.6 million). The trade name has an indefinite useful life. The increase can be explained by the exchange rate fluctuation of the Canadian Dollar. The trade name was retained with the acquisition of Landmark Cinemas in 2017, as this is the second largest cinema group in Canada. Further organic growth on the Canadian market and the marketing of the existing cinemas will be carried out under the name \u2018Landmark Cinemas\u2019. In addition, this category also contains the trade name \u2018MJR Digital Cinemas\u2019 for \u20ac 1.4 million (2020: \u20ac 1.4 million) with a definite useful life.The acquisitions amount to \u20ac 1.6 million in 2021 (2020: \u20ac 1.8 million) and mainly concern investments in various software used by the Group, such as modifications to the ticketing system software and the back office software, as well as investments in IT infrastructure. These consist of the internal hours worked for \u20ac 0.2 million and purchases from third parties for \u20ac 1.5 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "pp-value-70": { "value": "IMPAIRMENT TESTAs a result of the global outbreak of the Corona virus, there were alternating periods of closure and opening of cinemas in 2021 and 2020, often with restrictions, with this differing from country to country. Due to the closure of almost all cinemas until the end of May / beginning of June 2021, the majority of the Group\u2019s turnover was lost for several months. Even after reopening, there were still measures in place in most countries with regard to capacity restrictions, distancing rules and access restrictions, such as having a Covid passport. In December 2021, the cinemas had to close again in Belgium and the Netherlands. This has a serious impact on the Group\u2019s financial results in 2021.In order to limit the consequences of the Covid-19 pandemic, the Group has taken the necessary measures to manage the health and safety risks of its customers and employees, to limit the negative financial impact of the business closures, and to safeguard its liquidity. The strategy and nature of the Company, characterised by a maximum variability of costs, a solid real estate position, with a large proportion of cinema real estate being owned, a decentralised organisation and a \u2018facts-and-figures\u2019 driven corporate culture help Kinepolis Group to manage this crisis optimally.The cinema sector was also indirectly affected when the Hollywood film studios were facing a significant limitation of their distribution capacity for their blockbusters, especially in the first half of 2021, as cinemas remained closed in many countries. As a result, the (theatrical) releases of almost all blockbusters were postponed to the second half of 2021, and even to 2022. Under \u2018normal\u2019 circumstances, Kinepolis Group realises 80% of its ticket sales from blockbusters. This had a more significant impact on the visitor numbers of those cinemas that were open in the first half of the year. However, the willingness of customers to go to the cinema remains high. A big difference compared to last year was the fact that, unlike in 2020, the blockbusters were launched in cinemas in the second half of the year, partly thanks to the reopening of cinemas on the North American continent in the first semester. Successful releases such as \u2018No Time to Die\u2019 (James Bond) and \u2018Spider-Man: No Way Home\u2019 showed that customers would massively come back for good, high-quality content, despite the continuous obstacles and impact of the Covid pandemic.Kinepolis currently sees no reason to expect the business model to be affected in the longer term, this also thanks to all the measures taken, and consequently still considers the impact of the Covid-19 pandemic to be a short-term impact that does not change the underlying parameters of its business model.At the end of 2021, as in every year, a review was performed to identify any indications of a possible impairment of non-financial assets. As in every year, the economic situation, the expected evolution of visitor numbers, EBITDA, the free cash flow and the components that determine the Group\u2019s weighted average cost of capital, i.e. the risk-free interest rate, the market risk premium and the cost of debt, were taken into account in this regard. An annual impairment test must always be performed for cash-generating units to which goodwill is allocated, and for intangible assets with an indefinite useful life, regardless of whether there are indications of impairment. With respect to the carrying amount of intangible assets with indefinite useful life allocated to the cash-generating unit \u2018Canada\u2019, we refer to note 9.Each year, the data from the budget for the next year is taken as the basis for the next 20 years for all cash- generating units. Due to the Covid-19 pandemic, however, a special budget was implemented in 2021, namely an \u2018Entrepreneurship 2022\u2019 plan, aimed at protecting the Group against any negative impacts after the Covid-19 crisis and a possible slower recovery of visitor numbers from 2022 onwards. This \u2018Entrepreneurship 2022\u2019 plan should ensure that, through a combination of turnover, margin and cost measures, the break-even level of the Group decreases substantially, so that an equal or higher profit can be achieved with a lower number of visitors. This budget was taken as the basis for the impairment test, and has the following characteristics:\u2022 The visitor figures, which are the most important driver, are normally based on the budget for the following year that assumes a fictitious low number of visitors (-5% visitors compared to the previous year). In principle, this exercise is carried out annually, with the aim of making the Company look for measures to increase profitability, and thereby lower the break-even point. The Company does not assume that visitor numbers will decrease by 5% but, by working with this visitor evolution, the operational entities of the Group are forced to think about how they can increase the contribution per visitor and the total, in order to compensate for the difference in visitors. For this year\u2019s calculation, -5% visitors was calculated on the 2020 budget drawn up before corona, which already assumed -5% visitors, thereby taking into account an extra low visitor number of more than 10% lower than the annualised run rate of 2019. By also using this budget in the impairment tests, a prudent budget is therefore assumed. For the United States, it was additionally assumed that only 70% of the budgeted visitor numbers would be achieved in 2022, with 95% in 2023 and 100% in 2024. This is due to the fact that MJR Digital Cinemas in the United States was not acquired until the end of 2019 and, in addition, the integration into the Group was also delayed due to the Covid-19 pandemic. The roll-out of the Kinepolis concepts and the positive financial impact will therefore only take place in full from 2022.\u2022 All the other drivers are also based on the budget for the coming year, including all the improvements and optimisations included in the \u2018Entrepreneurship 2022\u2019 plan which, in addition to the lowering of the break-even level to compensate for a loss of 5% of visitors, has an additional objective of achieving 20% savings on general overhead and personnel costs. In addition, this budget also contains measures to compensate for a possible permanent loss of B2B income, screen advertising or real estate income. The improvements and optimisations will be realised by, among other things, improvements in the product mix and the launch of new products, more efficient staff planning, the impact of negotiating contracts with suppliers and so on. For the United States, improved KPIs through the implementation of Kinepolis concepts will also be taken into account from 2023. This deviation is explained by the fact that the impact of the implementation of the Kinepolis concepts and the full impact of the integration has not yet been fully reflected in the \u2018Entrepreneurship 2022\u2019 plan for the United States, as a result of which the EBITDA contribution in the coming years was underestimated in the \u2018Entrepreneurship 2022\u2019 plan.\u2022 The EBITDA grows by 1% annually, and is applied to all countries and for each cash-generating unit. This is only intended to compensate for inflation, with the EBITDA margin remaining constant. The 1% is a conservative approach, as it is less than the long-term inflation expectation and historical evolution.\u2022 The assumptions regarding replacement investments are based on historical ratios, adjusted for changes in the life and replacement cycle of the underlying equipment and are differentiated depending on whether they refer to buildings that are owned or leased. The amounts are determined on the basis of the group guidelines, which must be followed by all countries. These amounts are increased annually by 1% for all countries.As in previous years, the impact of the implementation of IFRS 16 was taken into account for the tests at the end of 2021, which is further explained below in the various components of the impairment test.As a result of the impairment tests that were performed, no impairment was identified. For the United States a limited headroom was identified. A more prudent approach, compared to the other cash-generating units, was assumed for 2022 regarding visitor numbers in order to evolve to 100% of the budgeted visitor number only in 2024. The test result for the United States is positive for an amount of USD 18.3 million. Management monitors the impairment tests, as always, at country level. This is also the level at which the organisation is monitored for internal control purposes.The cash flows of the Group are generated per country:\u2022 The programming of films and negotiations with distributors takes place at country level;\u2022 The management structures are organised at country level;\u2022 The tickets are sold through the websites, which are organised at country level;\u2022 The pricing of tickets, drinks and snacks is set at country level;\u2022 The film rental is negotiated at country level;\u2022 Marketing contributions by distributors are negotiated on a country-by-country basis;\u2022 Screen advertising is managed at country level;\u2022 Vouchers are sold via the business-to-business sales teams. Customers use their vouchers through the central back office systems at country level;\u2022 The business-to-business events are organised at complex and country level.The value in use was taken into consideration when carrying out the impairment tests. The value in use was determined for all cash-generating units by discounting the future cash flows calculated over the period from 2022 to 2041, based on the 2022 budget. However, due to the impact of IFRS 16, which applies as of 2019, the definition of future cash flows has been changed, and the starting point for determining future cash flows has been EBITDA which, due to the impact of the implementation of IFRS 16, no longer includes lease payments for leased complexes, among other things. This increases the value in use of the tested assets. To compensate for this, the lease liability arising from these payments under IFRS 16 was deducted from the value in use in the impairment calculations. The future cash flows are calculated over a period of 20 years, as the Group owns a large part of its real estate and is therefore assured of long-term exploitation. The calculation of the lease liability must be based on the remaining lease term, including any extensions. In the case of the calculation of the lease liability starting from a term different to the assumed 20 years, the calculation of the lease liability was adjusted to 20 years.The impact of IFRS 16 was also taken into account in determining the carrying amount of the non-financial fixed assets or the carrying amount of the cash-generating units, with the right-of-use assets and the lease liabilities being part of the carrying amount.A terminal value after 20 years is not taken into account, in exchange for this, the net book value of the country is not included in the test.The projections are performed in the functional currency of the relevant country and discounted at the proposed weighted average cost of capital of the countries. The implementation of IFRS 16 required a more diversified approach to the proposed weighted average cost of capital at country level as, from 2019, the debt will also include the lease liabilities of the country, and future cash flows will be discounted at the weighted average cost of capital, while right-of-use assets are calculated on the basis of a discount rate. In order to align this, the country-specific debt / equity ratio was taken into account when calculating the weighted average cost of capital at country level, with the debt capital also including the lease liability of the country. The proposed weighted average cost of capital is 7.13% for Belgium, 6.83% for France, 4.94% for Canada, 6.43% for Spain, 6.88% for the Netherlands, 6.38% for the United States, 6.89% for Luxembourg, 7.28% for Switzerland and 7.77% for Poland (2020: 6.34% for Belgium, 6.06% for France, 3.98% for Canada, 5.37% for Spain, 6.00% for the Netherlands, 5.37% for the United States, 6.35% for Luxembourg, 6.53% for Switzerland and 6.80% for Poland) and was determined on the basis of the following theoretical parameters:20202021RISK-FREE MARKETCOST OF RISK-FREE MARKETCOST OF PROPOSED DEBT CAPITAL / PROPOSED DEBT CAPITAL / INTEREST RISKBETA(1)OWN INTEREST RISKBETA(1)OWN COST OF DEBT EQUITYCOST OF DEBT EQUITYRATEPREMIUMEQUITYRATEPREMIUMEQUITYBelgium 0.75% 6.88% 1.13 2.70% 8.50% 33.37% 0.80% 6.84% 1.19 2.62% 8.95% 26.06%France 0.75% 6.88% 1.13 2.70% 8.50% 37. 5 0% 0.80% 6.84% 1.19 2.62% 8.95% 30.20%Canada 0.75% 6.88% 1.13 2.70% 8.50% 69.57% 1.35% 6.84% 1.19 2.62% 9.51% 60.46%Spain 0.75% 6.88% 1.13 2.70% 8.50% 48.32% 0.80% 6.84% 1.19 2.62% 8.95% 36.10%The Netherlands 0.75% 6.88% 1.13 2.70% 8.50% 38.60% 0.80% 6.84% 1.19 2.62% 8.95% 29.75%United States0.80% 6.88% 1.13 2.70% 8.55% 48.62% 1.42% 6.84% 1.19 2.62% 9.58% 41.89%Luxembourg 0.75% 6.88% 1.13 2.70% 8.50% 33.27% 0.80% 6.84% 1.19 2.62% 8.95% 29.50%Switzerland 0.75% 6.88% 1.13 2.70% 8.50% 31.82% 0.80% 6.84% 1.19 2.62% 8.95% 25.04%Poland 1.20% 6.88% 1.13 2.70% 8.95% 31.82% 1.50% 6.84% 1.19 2.62% 9.66% 25.04%(1) Before tax.The debt to equity ratio is differentiated by country due to the impact of lease liabilities under IFRS 16 at country level. Equity is based on the enterprise value of the Company, and not on the consolidated equity. The parameters for the weighted average cost of the capital are tested annually on the basis of the assumptions used by the analysts who follow the Group\u2019s share, while also taking into account the specific circumstances of each country. The market risk premium and the beta were based on the average used by the analysts. The risk-free interest rate was also based on the analysts\u2019 average except when the country\u2019s risk-free interest rate was higher, as in Poland, Canada and the United States. In this way, the calculation of the weighted average cost of capital was aligned to a significant extent with the analysts\u2019 calculation and an extra margin was also added.The weighted average cost of capital before tax is 7.30% for Belgium, 7.04% for France, 5.34% for Canada, 6.67% for Spain, 7.07% for the Netherlands, 6.66% for the United States, 7.09% for Luxembourg, 7.37% for Switzerland and 7.90% for Poland (2020: 6.56% for Belgium, 6.32% for France, 4.46% for Canada, 5.70% for Spain, 6.26% for the Netherlands, 5.70% for the United States, 6.57% for Luxembourg, 6.65% for Switzerland and 6.96% for Poland). These percentages before taxes do not deviate substantially from the iterative calculation.Management believes that the assumptions used in the impairment tests provide the best estimates of future developments, and believes that no reasonably possible change in any of the key assumptions would lead to a carrying amount of the cash-generating units that would materially exceed their recoverable amount, with the exception of the United States where there is a limited headroom between both.As every year, a sensitivity analysis was performed with regard to the weighted average cost of capital. We conclude from this that with an increase of 1.5% in the weighted average cost of capital in all countries, no impairment occurs in any country except the United States. The increase in the weighted average cost of capital from 6.38% to 7.88% gives rise to a possible impairment of USD 3.5 million in the United States. If the weighted average cost of capital increased by 2% in all countries, there will be no impairment in any country other than the United States. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "pp-value-79": { "value": "GOODWILLIN \u2019000 \u20ac20202021BALANCE AT END OF PREVIOUS PERIOD 169 374 163 148Acquisitions through business combinations 87Effect of exchange rate fluctuations -6 313 6 350BALANCE AT END OF CURRENT PERIOD 163 148 169 498GOODWILL PER CASH-GENERATING UNITIN \u2019000 \u20ac20202021Belgium 6 586 6 586France 11 317 11 317Canada 31 985 34 499Spain 22 015 22 015The Netherlands 34 057 34 057United States 44 842 48 678Luxembourg 5 844 5 844Poland 6 502 6 502BALANCE AT END OF CURRENT PERIOD 163 148 169 498", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "pp-value-80": { "value": "BUSINESS COMBINATIONSACQUISITIONSThere were no new business combinations during 2021 and 2020. The acquisition through business combination in 2020 (\u20ac 0.1 million) refers to a final settlement of the acquisition of Arcaplex (NL) in 2019.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "pp-value-81": { "value": "LAND AND PLANT, MACHINERY ASSETS UNDERIN \u2019000 \u20acTOTALBUILDINGSAND EQUIPMENT CONSTRUCTIONAcquisition value 730 606 394 979 6 284 1 131 868Depreciations and impairment losses -323 119 -266 425 -589 544NET CARRYING AMOUNT AT 31/12/2019 407 487 128 554 6 284 542 324Acquisitions 17 299 11 354 14 718 43 371Sales and disposals -996 -79 -58 -1 133Transfer to other categories 5 507 -236 -5 384 -113Depreciations and impairment losses -25 201 -24 979 -50 180Effect of exchange rate fluctuations -10 239 -2 746 -147 -13 132Acquisition value 738 072 400 074 15 413 1 153 558Depreciations and impairment losses -344 215 -288 207 -632 422NET CARRYING AMOUNT AT 31/12/2020 393 857 111 867 15 413 521 136Acquisitions 1 696 7 013 6 697 15 406Sales and disposals -6 -32 -27 -65Transfer to assets held for sale -1 055 -1 055Transfer to other categories 1 710 11 557 -13 322 -55Depreciations and impairment losses -26 173 -24 646 -4 -50 823Effect of exchange rate fluctuations 10 553 2 815 175 13 543Acquisition value 754 225 424 610 8 931 1 187 766Depreciations and impairment losses -373 643 -316 036 -689 679NET CARRYING AMOUNT AT 31/12/2021 380 581 108 574 8 931 498 087ACQUISITIONS Acquisitions in 2021 include investments in France (\u20ac 8.3 million), the Netherlands (\u20ac 2.8 million), Canada (\u20ac 2.0 million), Belgium (\u20ac 1.0 million), Luxembourg (\u20ac 0.8 million), the United States (\u20ac 0.3 million) and Spain (\u20ac 0.3 million).The investments mainly relate to the finishing and construction of new cinemas (Metz Amphith\u00e9\u00e2tre (FR), Leidschendam (NL), Metz Waves (FR), Servon (FR) and South East Edmonton Tamarack (CA)). Investments were also made in internal expansion, in particular in premium cinema experiences and the renovation of St. Catharines (CA) and Belval (LUX). In addition, the investments also include maintenance investments. A number of maintenance programmes were discontinued as a result of the Covid-19 pandemic.TRANSFER TO ASSETS HELD FOR SALEKinepolis decided to close six Canadian cinemas in 2021, each with only one or two screens, as the maintenance investments required were disproportionate to the contribution of these cinemas to the turnover development of the Group. Specifically, it concerns two leased Landmark cinemas, Dawson Creek (BC) and Airdrie (Alberta), and four owned Landmark cinemas, namely Yorkton (Saskatchewan), Selkirk (Manitoba) and the two cinemas located in the Yukon province.Property, plant and equipment related to these complexes, both land and buildings and machinery and equipment, were impaired to fair value (less costs to sell) if these were lower than the remaining carrying amount. An impairment loss amounting to \u20ac 1.2 million was recorded.With regard to the owned complexes, the assets included in land and buildings were subsequently transferred from Property, plant and equipment to Assets held for sale for an amount of \u20ac 1.1 million. For more information we refer to note 17.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "pp-value-84": { "value": "LAND AND PLANT, MACHINERY IN \u2019000 \u20acTOTALBUILDINGSAND EQUIPMENTAcquisition value 23 363 519 23 882Depreciations and impairment losses -6 498 -503 -7 001NET CARRYING AMOUNT AT 31/12/2019 16 865 16 16 881Transfer from assets classified as held for sale 1 686 1 686Depreciations -318 -2 -320Effect of exchange rate fluctuations -689 -1 -690Acquisition value 23 847 479 24 326Depreciations and impairment losses -6 303 -466 -6 769NET CARRYING AMOUNT AT 31/12/2020 17 544 13 17 557Depreciations -319 -2 -321Effect of exchange rate fluctuations 170 170Acquisition value 24 035 480 24 516Depreciations and impairment losses -6 640 -469 -7 110NET CARRYING AMOUNT AT 31/12/2021 17 395 11 17 406As of 18 January 2007 the land, building, machinery and equipment in Poznan\u00b4 (PL) are no longer used for own operations, but leased to Cinema City, owned by the cinema group Cineworld, and to a number of smaller third parties. As required by IAS 40 (Investment property), the assets in question have been transferred to this category. The total carrying amount of the investment property in Poland is \u20ac 8.9 million (2020: \u20ac 9.2 million).The plot in Valencia (ES) (\u20ac 6.7 million) has been part of the investment property since 2015, as it is reserve capacity that is not necessary for the execution of the business and can be redeveloped.During 2020 the land in Weyburn and the complex in Fort McMurray, both situated in Canada, were transferred from Assets classified as held for sale to Investment property as they are held to realise rental income and / or an increase in value. The carrying amount per 31 December 2021 amounts to \u20ac 0.1 million (2020: \u20ac 0.1 million) for the land in Weyburn and \u20ac 1.7 million (2020: \u20ac 1.6 million) for the complex in Fort McMurray. The increase is the result of exchange rate fluctuations of the Canadian Dollar. Rental income from investment property was \u20ac 1.0 million (2020: \u20ac 1.0 million). Rental income in 2021 and 2020 are subject to the consequences of the Covid-19 pandemic. There is a legal obligation in Poland whereby concessions do not have to pay rent during the period of full closure. The direct operating charges (including repairs and maintenance) ensuing from investment property were \u20ac 0.4 million (2020: \u20ac 0.4 million).FAIR VALUEThe fair value of the investment property is measured periodically by independent experts.The external experts possess the required recognised professional qualifications and experience in appraising real estate at the locations and in the categories concerned.The fair value of the investment property was \u20ac 38.4 million (2020: \u20ac 38.2 million). The increase is the result of exchange rate fluctuations of the Polish Z\u0142oty and the Canadian Dollar.The fair value of the investment property is recognised as a level 3 fair value based on the unobservable inputs that were used for the measurement. The market approach is used for the measurement of the fair value of the land and buildings. The independent experts base the price per square meter on their knowledge of the market and information on market transactions relating to comparable assets. The size, characteristics, location and layout of the land and buildings and the destination of the area in which they are situated have also been taken into account. When determining the fair value of the buildings, their accessibility and the visibility from the street are also taken into account. The fair value of the other assets that are part of investment property is measured on the basis of the cost approach, in which the current replacement value of the assets is adjusted to account for physical, functional and economic obsolescence.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "pp-value-87": { "value": "IN \u2019000 \u20ac20202021Deferred tax assets 14 778 23 812Deferred tax liabilities 13 107 12 158The increase in deferred tax assets and decrease in deferred tax liabilities are due to an increase in the tax losses carried forward, mainly due to the negative result before tax in 2021 as a consequence of the Covid-19 pandemic.TAX LOSSES CARRIED FORWARD AND UNUSED TAX CREDITSFor tax losses carried forward and unused tax credits amounting to \u20ac 11.7 million (2020: \u20ac 14.0 million) no deferred tax asset was recognised in the balance sheet as, based on our budgets and estimates, it seems unlikely that sufficient taxable profits will be available in the foreseeable future to be able to benefit from the tax benefit.For tax losses carried forward and unused tax credits amounting to \u20ac 136.7 million (2020: \u20ac 103.1 million) a deferred tax asset was recognised in the balance sheet. The increase in these losses is mainly attributable to the negative result before tax as a consequence of the Covid-19 pandemic. Deferred tax assets for unused tax losses will only be recognised if sufficient future taxable profits will be available to enable the losses to be recovered. The Group bases itself on the assumptions used for the annual impairment test. We refer to note 10 for the relevant assumptions. These assumptions and estimates of the impairment test are further extended to future expected taxable profits in order to further analyse the recoverability of the losses. After an extensive analysis, it is considered probable for these losses that sufficient taxable profit will be available in the future.Part of the tax losses in 2020 were offset by the profits of 2019 in Belgium and Canada, the so-called \u2018carry back\u2019 option. Through the application of this option in 2020, (part of) the loss for the period resulted in a positive current income tax in the income statement, instead of a deferred tax. On the balance sheet, the \u2018carry back\u2019 in 2020 resulted in a current tax asset instead of a deferred tax asset. The \u2018carry back\u2019 was not used in 2021. We refer to notes 8 and 25 for more information.The tax losses carried forward are indefinite in Belgium, France, the Netherlands, Luxembourg and the United States. In Canada, tax losses carried forward can be carried forward for 20 years.The tax losses carried forward and unused tax credits can be allocated as follows: IN \u2019000 \u20ac20202021LOSSES FOR WHICH LOSSES FOR WHICH LOSSES FOR WHICH LOSSES FOR WHICH TOTAL A DEFERRED TAX ASSET NO DEFERRED TAX ASSET TOTAL A DEFERRED TAX ASSET NO DEFERRED TAX ASSET IS RECOGNISED IS RECOGNISED IS RECOGNISED IS RECOGNISED Belgium 46 293 35 472 10 822 49 697 41 234 8 463France 2 010 2 010 2 010 2 010Canada 25 757 25 757 42 076 42 076The Netherlands 421 421 560 560United States 39 450 39 450 50 843 50 843Luxembourg 2 868 2 868 2 836 2 836Poland 308 308 435 435TOTAL 117 106 103 108 13 997 148 458 136 723 11 735DEFERRED TAX ASSETS AND LIABILITIESThe deferred tax assets and liabilities recognised in the statement of financial position can be attributed as follows: IN \u2019000 \u20ac20202021ASSETS LIABILITIES DIFFERENCE ASSETS LIABILITIES DIFFERENCEIntangible assets and property, plant and equipment 1 078 -37 021 -35 943 717 -35 171 -34 454Goodwill 2 479 2 479 1 557 1 557Right-of-use assets -89 945 -89 945 -87 345 -87 345Receivable CNC grants 216 -11 205 172 172Trade and other receivables 148 -145 3 5 5Provisions 32 -166 -134 -137 -137Deferred CNC grants 783 -268 514 669 -254 415Provisions for employee benefits 249 249 373 373Derivative financial instruments through equity 22 22 7 7Lease liabilities 97 575 97 575 96 375 96 375Trade and other payables 609 -145 464 125 -77 48Tax losses carried forward and unused tax credits 26 183 26 183 34 636 34 636TOTAL 129 372 -127 700 1 671 134 638 -122 985 11 654Tax offsetting -114 593 114 593 -110 826 110 826NET DEFERRED TAX ASSETS AND LIABILITIES 14 778 -13 107 1 671 23 812 -12 158 11 654CHANGES IN DEFERRED TAX BALANCES DURING THE YEAREFFECT OFRECOGNISED EFFECT OFRECOGNISED IN \u2019000 \u20acRECOGNISED RECOGNISED EXCHANGE IN OTHER EXCHANGE IN OTHER 2019IN INCOME 2020IN INCOME 2021RATE COMPREHENSIVE RATE COMPREHENSIVE STATEMENTSTATEMENTFLUCTUATIONSINCOMEFLUCTUATIONSINCOMEIntangible assets and property, -37 373 -106 1 536 -35 943 3 028 -1 539 -34 454plant and equipmentGoodwill 4 090 -1 359 -252 2 479 -1 080 159 1 557Right-of-use assets -98 259 3 319 4 995 -89 945 8 006 -5 407 -87 345Receivable CNC grants 187 18 205 -33 172Trade and other receivables 265 -257 -5 3 2 5Provisions -156 22 -134 -3 -137Deferred CNC grants 579 -65 514 -99 415Provisions for employee benefits257 16 -24 249 235 -110 373Derivative financial instruments 50 -28 22 -15 7through equityLease liabilities 104 040 -1 111 -5 354 97 575 -7 154 5 954 96 375Trade and other payables 391 73 464 -414 -2 48Investments in subsidiaries -744 744 1 614 -1 614Tax losses carried forward 6 749 20 414 -980 26 183 6 850 1 603 34 636and unused tax credits TOTAL -19 181 20 220 -60 692 1 671 10 953 768 -1 738 11 654The effect of exchange rate fluctuations in 2021 relate to deferred taxes in Canada (\u20ac 0.3 million \u2013 2020: \u20ac 0.2 million) and the United States (\u20ac 0.4 million \u2013 2020: \u20ac -0.3 million). In 2021, due to a negative result before tax, the tax effect on the exchange rate results relating to the non-current borrowings in US Dollar from Kinepolis Group NV to Kinepolis US INC, is recognised as a deferred tax in line with the deferred tax on the loss carried forward. In 2020, the tax effect on the exchange rate results relating to the non- current borrowings in Canadian Dollar and Polish Z\u0142oty from Kinepolis Financial Services NV to Kinepolis Canada LTD and Kinepolis Poznan\u00b4 Sp.z o.o was recognised as a deferred tax. This is included in the \u2018Investments in subsidiaries\u2019 line in the table above.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "pp-value-94": { "value": "IN \u2019000 \u20ac202020213D glasses 431 369Goods purchased for resale in cinemas 1 670 3 158Components inventory, technical department 1 507 1 211Others 257 242TOTAL 3 865 4 980The cost of sales of inventories recognised in the income statement was \u20ac 19.8 million (2020: \u20ac 11.0 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "pp-value-95": { "value": "OTHER NON-CURRENT RECEIVABLESIN \u2019000 \u20ac20202021Cash guarantees 1 074 1 003Grants \u2013 CNC 4 933 5 057 Other receivables 314 292TOTAL 6 321 6 352The non-current grants mainly relate to the sector-related grants that can be obtained in France from the CNC, based on the number of visitors. We refer to note 4 for more information.TRADE AND OTHER CURRENT RECEIVABLESIN \u2019000 \u20ac20202021Trade receivables 15 119 20 281Tax receivables, other than income taxes 5 397 2 709Deferred charges and accrued income 244 5 328Tax shelter receivables 88 88Tax shelter investments 304 304Grants receivable related to the Covid-19 pandemic 4 302 4 521Other receivables 1 302 523TOTAL 26 756 33 754The movements of the categories trade receivables and deferred charges and accrued income are analysed together this year. This is because the deferred charges and accrued income were included for a large part in the category trade receivables in 2020. As from 2021, these are included separately in the category deferred charges and accrued income. For both categories together there is an increase of \u20ac 10.2 million or 66.7%. This increase is mainly related to the increased activity in 2021 compared to 2020 given the (partial) resumption of activities after the closure of the cinemas.Tax receivables, other than income taxes, have decreased by \u20ac 2.7 million, mainly due to a decrease in recoverable VAT.The tax shelter receivables concern the loans made to third parties to finance and support film production in Belgium. The tax shelter investments concern the film rights the Group acquires as part of tax shelter transactions.Grants receivable related to the Covid-19 pandemic amount to \u20ac 4.5 million (2020: \u20ac 4.3 million) and mainly relate to grants receivable related to employee benefit expenses, allowances for fixed costs, grants receivable from CNC and other allowances as a result of the Covid-19 pandemic. There are conditions attached to these receivables, which were met on the balance sheet date, and therefore the receivables were recognised.The decrease in other receivables is mainly explained by a decrease in the current portion of the French sector-related grants (CNC) for \u20ac 1.1 million (outstanding position as of 31 December 2021: \u20ac 0.0 million \u2013 31 December 2020: \u20ac 1.1 million). Throughout 2021, \u20ac 0.7 million new grants were allocated and \u20ac 1.8 million grants were received.AGEING OF THE NON-CURRENT, TRADE AND OTHER CURRENT RECEIVABLESIN \u2019000 \u20ac20202021GROSS CARRYING NET CARRYING GROSS CARRYING NET CARRYING IMPAIRMENTIMPAIRMENTAMOUNTAMOUNTAMOUNTAMOUNTNot yet due on reporting date 27 533 -4 27 529 33 240 33 240Less than 30 days past due 3 049 -351 2 698 2 923 -26 2 897Between 31 and 120 days past due 2 149 -877 1 272 2 482 -491 1 991Between 120 days and 1 year past due 2 504 -1 607 897 1 314 -978 336Over 1 year past due 2 149 -1 468 681 3 050 -1 408 1 642TOTAL 37 384 -4 307 33 077 43 009 -2 903 40 106MOVEMENT OF IMPAIRMENTS ON TRADE RECEIVABLESIN \u2019000 \u20ac20202021BALANCE AT END OF PREVIOUS PERIOD -1 516 -4 307Recognised impairments -3 671 -2 077Used impairments 195 467Reversed impairments 678 3 036Effect of exchange rate fluctuations 7 -22BALANCE AT END OF CURRENT PERIOD -4 307 -2 903The impairments on the trade receivables decreased by \u20ac 1.4 million. The decrease is mainly explained by a decrease of the impairment on trade receivables with regard to leased concessions. The outstanding receivables and the associated impairments related to leased concessions increased strongly throughout 2020 as a result of the Covid-19 pandemic. In 2021, the Group was able to reverse a large part of these impairments. For the impact of the final settlement of the outstanding trade receivables, we refer to note 4. The value for losses is determined in accordance with IFRS 9. We refer to note 26 for more information.There is no ageing problem for the financial assets other than trade receivables.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "pp-value-103": { "value": "IN \u2019000 \u20ac20202021Cash at bank and in hand 33 007 75 295TOTAL 33 007 75 295Bank overdrafts used for the statement of cash flow -112 -12CASH AND CASH EQUIVALENTS IN THE STATEMENT OF CASH FLOW 32 895 75 283There are no significant unavailable cash and cash equivalents.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "pp-value-104": { "value": "IN \u2019000 \u20ac20202021BALANCE AT END OF PREVIOUS PERIOD 1 767 0Transfer from / to assets held for sale -1 686 1 055Sales and disposals -1 055Effect of exchange rate fluctuations -81BALANCE AT END OF CURRENT PERIOD 0 0In 2020 the land in Weyburn, as well as the Fort McMurray complex, were transferred to the Investment property category. As a result of the Covid-19 pandemic both were not expected to be sold within a 12-month period. Kinepolis decided to close six Canadian cinemas in 2021, each with only one or two screens, as the maintenance investments required were disproportionate to the contribution of these cinemas to the turnover development of the Group. Specifically, it concerns two leased Landmark cinemas, Dawson Creek (BC) and Airdrie (Alberta), and four owned Landmark cinemas, namely Yorkton (Saskatchewan), Selkirk (Manitoba) and the two cinemas located in the Yukon province.Property, plant and equipment related to these complexes, both land and buildings and machinery and equipment, were impaired to fair value (less costs to sell) if this was lower than the remaining carrying amount. An impairment loss amounting to \u20ac 1.2 million was recorded. For more information we refer to note 11.With regard to the owned complexes, the assets included in land and buildings were subsequently transferred from Property, plant and equipment to Assets held for sale for an amount of \u20ac 1.1 million. The owned cinemas were all sold at the end of the summer. A capital gain of \u20ac 0.5 million was realised on the sale of these Canadian cinemas. For more information we refer to note 4. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "pp-value-107": { "value": "The various components of equity, as well as the changes between 31 December 2021 and 31 December 2020, are set out in the consolidated statement of changes in equity.SHARE CAPITALThe share capital of the Company at 31 December 2021 was \u20ac 19.0 million (2020: \u20ac 19.0 million), represented by 27 365 197 ordinary shares without nominal value (2020: 27 365 197 shares). All shares are paid up in full. The share premium at 31 December 2021 was \u20ac 1.2 million (2020: \u20ac 1.2 million). The ordinary shares are entitled to a dividend, and the holders of these shares are entitled to cast one vote at the shareholder meetings of the Company.TREASURY SHARES RESERVEThe Extraordinary General Meeting of 11 May 2016 authorised the Board of Directors to buy back 410 958 treasury shares to cover the new options to be issued. Under the 2016 Share Option Plan, the Board of Directors decided on 22 December 2017 to buy back up to 360 000 treasury shares through the grant of a discretionary mandate to an agent, either on the stock exchange or outside of it, between 15 January 2018 and 30 September 2018, whereby block trades can be considered as well during open periods. The share buyback program, which started on 15 January 2018, was terminated on Tuesday, 12 June 2018. As part of the discontinued share buyback program, Kinepolis Group has bought back 360 000 shares for an amount of \u20ac 20 302 894.In 2021, 58 299 treasury shares were sold due to exercise of options for \u20ac 2.4 million (2020: 11 495 shares \u2013 \u20ac 0.5 million). Furthermore, no shares were cancelled in 2021 (2020: 0 shares \u2013 \u20ac 0.0 million). The total number of treasury shares on 31 December 2021 amounts to 422 552 (2020: 480 851). These majority of these shares will be used for the 2016 option plan.HEDGING RESERVEThe hedging reserve contains the effective portion of the cumulative net change in the fair value of the cash flow hedges for which the hedged future transaction has not yet occurred.TRANSLATION RESERVEThe translation reserve includes on the one hand all exchange rate differences resulting from the translation of the annual accounts of foreign entities in foreign currencies and on the other hand exchange rate differences of the translation of intra-group non-current borrowings in foreign currencies.The movement in 2021 is mainly due to the exchange rate fluctuation of both the American and the Canadian Dollar against the Euro.In addition, some non-current borrowings with Switzerland, Poland, Canada and the United States are considered as a net investment hedge for the participating interest in the same subsidiaries. Consequently, the translation differences on these borrowings were included in equity under the other comprehensive income. For more information we refer to note 26.SHARE-BASED PAYMENTS RESERVEOn 31 December 2021 a total of 361 469 options were allocated (2020: 419 768). These shares entitle their holders to one share per option. For more information we refer to note 20. The options will expire 8 years after the date of approval of the Plan by the General Meeting, which is 11 May 2024.DIVIDENDS TO THE SHAREHOLDERSIn view of the result and the impact of the Covid-19 virus on the business operations, the Board of Directors will propose to the General Meeting not to distribute a dividend.NON-CONTROLLING INTERESTSThe participation of Kinepolis Group in Landmark Cinemas Holding LTD and Landmark Cinemas Canada LP increased in 2021 from 99.02% to 99.30% due to the acquisition of non-controlling interests, without changes in control.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "pp-value-109": { "value": "BASIC RESULT PER SHAREThe calculation of the result per share is based on the result of \u20ac -25.4 million, attributable to the ordinary shareholders (2020: \u20ac -68.9 million), and on a weighted average of the number of ordinary shares, outstanding during the financial year, of 26 900 080 (2020: 26 884 346).DILUTED RESULT PER SHAREThe calculation of the diluted result per share is based on the result of \u20ac -25.4 million attributable to the ordinary shareholders (2020: \u20ac -68.9 million), and on a weighted average of the number of diluted ordinary shares, outstanding during the financial year, of 27 186 753 (2020: 27 158 344).IN \u2019000 (unless indicated otherwise)20202021RESULT ATTRIBUTABLE TO OWNERS OF THE COMPANY -68 879 -25 399Weighted average number of ordinary shares 26 884 26 900Effect of options 274 287Weighted average number of diluted shares 27 158 27 187BASIC RESULT PER SHARE (IN \u20ac) -2.56 -0.94DILUTED RESULT PER SHARE (IN \u20ac) -2.54 -0.93", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "pp-value-112": { "value": "SHARE OPTION PLANThe General Meeting approved a share option plan on 11 May 2016. 543 304 options can be allocated under this share option plan.It was decided to set the exercise price at the average closing price of the Kinepolis Group share over 30 days preceding the offer. The options will expire 8 years after the date of the approval of the Plan by the General Meeting.This share option plan was offered to the Chairman of the Board of Directors, Executive Management and eligible management staff of the Company or its subsidiaries on 29 December 2016.As at 28 February 2017, a total of 396 500 options were allocated. On 31 December 2017, a total of 23 500 options were offered to the executive management of Landmark Cinemas. These were granted in full on 5 January 2018. Throughout 2019, 21 000 options were granted. Throughout 2021, no options were granted (2020: 0), 58 299 options were exercised (2020: 11 495) and no options were forfeited (2020: 6 737).The fair value of these share-based payments was estimated when these options were allocated. The Black-Scholes model is used for this. The expected volatility is based on the historic volatility calculated on the basis of five years.For more information we refer to note 5. (1)AMOUNTS IN \u20ac (unless indicated otherwise)12/201612/2017 04/2019 10/2019Fair value of allocated options 7.30 / 9.71 12.91 8.87 9.98Share price at grant date 44.19 / 48.29 57.30 51.30 57.8 0Exercise price 41.55 48.25 49.75 53.40Expected volatility 23.43% / 23.53% 25.45% 26.41% 24.81%Original expected term (in years) 8 7 6 5Expected dividend growth 7.8 6 % 7. 86% 8.30% 8.30%Risk-free interest rate -0.14% 0.01% -0.179% -0.443%(1) Due to the evolution of the share price during the period of acceptance, two fair values were calculated for the allocated options, based on above listed parameters.The options are exercisable for the first time during the first exercise period that falls in the fourth calendar year after the year in which the options were offered to the participants. The options only become unconditional once the other party has been employed for a certain period.The options can be permanently acquired in tranches. For the options granted in 2017, the first tranche of 16.66% is acquired at the time of their granting. The other tranches of 16.66% per year during the five years after their grant date. For the options granted in 2018, the first tranche of 20% is acquired at the time of their granting. The other tranches of 20% per year during the four years after their grant date. Concerning the options granted in 2019, the tranches are different between the grants in April and October. The first tranche of 16.66% / 25% is acquired at the time of their granting. The other tranches of 16.66% / 25% per year during five / three years after their grant date.AMOUNTS IN \u20ac (unless indicated otherwise)20202021NUMBER OF AVER AGE NUMBER OF AVER AGE OPTIONS FAIR VALUEOPTIONS FAIR VALUEOUTSTANDING OPTIONS AT END OF PREVIOUS PERIOD 438 000 419 768Options allocated during the yearOptions exercised during the year -11 495 -58 299Options forfeited during the year -6 737OUTSTANDING OPTIONS AT END OF CURRENT PERIOD 419 768 9.37 361 469 9.52", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "pp-value-118": { "value": "This note provides information on the Group\u2019s interest-bearing loans and borrowings. For further information on the contractual terms of these loans and borrowings and the Group\u2019s exposure to interest and foreign currency risks, we refer to note 26.NON-CURRENT LOANS AND BORROWINGSIN \u2019000 \u20ac20202021Public bond 15 878 15 878Private placement of bonds 446 000 384 600Loans and borrowings with credit institutions 10 157 80 000Transaction costs refinancing -2 153 -1 984TOTAL 469 882 478 494CURRENT LOANS AND BORROWINGSIN \u2019000 \u20ac20202021Private placement of bonds 61 400Roll-over credit 66 500Loans and borrowings with credit institutions 10 099 10 157TOTAL 76 599 71 557Kinepolis Group issued a \u20ac 75.0 million bond in March 2012, with maturity in March 2019. The bond was partially extended until June 2023 in June 2015. In March 2019, \u20ac 59.1 million was repaid, as of 31 December 2021 the remaining outstanding debt is \u20ac 15.9 million.In January 2015, the Group concluded a private placement of bonds with institutional investors for an amount of \u20ac 96.0 million. \u20ac 61.4 million was placed with a term of 7 years, \u20ac 34.6 million with a term of 10 years, both at a fixed interest rate. In January 2022, \u20ac 61.4 million was repaid. In December 2017, the Group concluded a private placement of bonds with institutional investors for \u20ac 125.0 million. \u20ac 60.0 million was placed with a term of 8 years and \u20ac 65.0 million with a term of 10 years, both at a fixed interest rate.In July 2019, the Group concluded a private placement of bonds with institutional investors for an amount of \u20ac 225.0 million. The full amount was placed with a term of 7.5 years and a fixed interest rate.A credit agreement for a roll-over credit was concluded in 2012. This credit agreement was revised and extended in December 2019. In December 2021, the maturity date of the roll-over credit was extended from December 2024 to December 2026, by exercising the two available extension options. As of 31 December 2021, there is no outstanding draw on the roll-over credit (2020: \u20ac 66.5 million). This credit facility was extended in December 2015, following the Utopolis acquisition, with a 7-year term loan with annual repayments. In 2017, the credit facility was extended once again with a 5-year term loan with annual repayments. On 31 December 2021, \u20ac 10.2 million of the term loans were outstanding (2020: \u20ac 20.3 million). For more information we refer to note 26.Throughout 2021 and 2020 the cinema industry and Kinepolis were badly hit by the Covid-19 pandemic, resulting in cinema closures, capacity restrictions and post ponements of Hollywood blockbuster releases. In order to be prepared for possible longer delays before the full resumption of its activities, Kinepolis has taken out an additional loan with its main bankers on 8 January 2021 of \u20ac 80.0 million for a period of 3 years, at a variable interest rate and supported by a government guarantee. For more information we refer to note 26. The transaction costs are recognised in the result over the term of the financing. The amount not taken into the result is deducted from the interest-bearing loans, at the end of 2021 this amounts to \u20ac 2.0 million (2020: \u20ac 2.2 million). For more information we refer to note 7.RECONCILIATION BETWEEN THE MOVEMENT OF THE FINANCIAL LIABILITIES AND THE CONSOLIDATED STATEMENT OF CASH FLOWFINANCIAL LIABILITIES EQUITYIN \u2019000 \u20acNOTETREASURY NON-TOTALLOANS AND LEASERETAINED SHARES CONTROLLINGBORROWINGS LIABILITIESEARNINGSRESERVE INTERESTSBALANCE AT 31/12/2020 546 481 393 612 -22 610 142 548 4 1 060 037Cash flow from financing activitiesAcquisition of non-controlling interests, 18-334 -6 -341without changes in controlInvestment contributions271 298 1 298Payment of lease liabilities incl. forgiveness 27-12 599 -12 599of lessee\u2019s lease paymentsProceeds from loans and borrowings2680 000 80 000Repayment of loans and borrowings26-76 599 -76 599Payment of transaction costs with regard to 7, 26-449 -449refinancing obligationsInterest paid7-15 534 -15 534Paid interest related to lease liabilities27-10 323 -10 323Sale of treasury shares18, 201 113 1 309 2 422NET CASH FLOW \u2013 USED IN / + FROM -12 582 -21 624 1 113 975 -6 -32 124FINANCING ACTIVITIES Other adjustmentsInterest expenses715 016 15 016Refinancing costs7, 26619 619Capitalised interest expenses7180 180Movement accrued interests26337 337Movement lease liabilities2718 579 18 579Total other adjustments 16 152 18 579 34 730Total other equity adjustments -24 919 -77 -24 997BALANCE AT 31/12/2021 550 051 390 567 -21 497 118 604 -79 1 037 646", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "pp-value-128": { "value": "The provisions mainly relate to site restoration and a number of disputes.SITE RESTORATIONThe lease of the Brussels (BE) cinema complex on the land owned by the City of Brussels has a definite term. The Company has a contractual obligation to restore the site to its original state.At 31 December 2021, the provision for the demolition of the building and the restoration of the site to its original state was \u20ac 1.4 million (2020: \u20ac 1.4 million).DISPUTESAt 31 December 2021, the provision for disputes was \u20ac 0.9 million (2020: \u20ac 0.9 million). These relate to disputes regarding employee matters and disputes from third parties for the purpose of obtaining compensations. When these provisions will be used or reversed depends on the outcome of the related legal disputes, and is therefore uncertain. The estimates and judgements that primarily impact the amount of the provisions are the estimated costs, the expected likelihood and the timing of the cash outflows. They are based on the most recent available information at the balance sheet date.IN \u2019000 \u20ac20202021BALANCE AT END OF PREVIOUS PERIOD 2 833 2 290Additions of provisions 54 419Unwinding of provisions 38 38Use of provisions -284 -122Reversal of provisions -334 -349Effect of exchange rate fluctuations -17 23BALANCE AT END OF CURRENT PERIOD 2 290 2 299Balance at end of current period (non-current) 2 021 1 941Balance at end of current period (current) 269 358TOTAL 2 290 2 299", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "pp-value-131": { "value": "OTHER NON-CURRENT PAYABLESIN \u2019000 \u20ac20202021Deferred grants - CNC 5 396 4 663Other payables 960 733TOTAL 6 356 5 396The other non-current payables primarily comprise the grants that can be claimed from the CNC in France based on the number of visitors. These grants, for an amount of \u20ac 4.7 million (2020: \u20ac 5.4 million), are recognised as \u2018Other operating income\u2019 in line with the depreciation rate of the assets for which these grants were obtained. We refer to note 4 for more information. The category other payables mainly includes guarantees received for \u20ac 0.7 million (2020: \u20ac 1.0 million).TRADE AND OTHER CURRENT PAYABLESIN \u2019000 \u20ac20202021Trade payables 35 832 56 633Gift vouchers 20 775 27 855Payables related to remuneration and social security 14 726 14 625Accrued charges and deferred income 3 564 6 692Tax payables, other than income taxes 3 212 5 301Other payables 226 437TOTAL 78 335 111 543The movements of the categories trade payables and accrued charges and deferred income are analysed together this year. This is because the accrued charges and deferred income were included for a large part in the category trade payables in 2020. As from 2021, these are included separately in the category accrued charges and deferred income. For both categories together there is an increase of \u20ac 23.9 million or 60.7%. This increase is mainly related to the increased activity in 2021 compared to 2020 given the (partial) resumption of activities after the closure of the cinemas.On 31 December 2021, the accrued interest expenses with respect to the public and private bonds issued, the roll-over credit and loans and borrowings with credit institutions amounted to \u20ac 3.8 million (2020: \u20ac 3.5 million for the public and private bonds issued and the roll-over credit). The deferred income amounts to \u20ac 2.8 million on 31 December 2021.The increase in tax payables, other than income taxes, is also explained by the increased activity in 2021 compared to 2020 as a result of the Covid-19 pandemic, mainly due to an increase of payables related to VAT.There is a decrease in payables related to remuneration and social security of \u20ac 0.1 million. The provision with regard to the obligation in France to pay a departure benefit to employees following their retirement, which was previously included in the category payables related to remuneration and social security (2020: \u20ac 0.8 million), is included in the category \u2018Provisions for employee benefits\u2019 in the consolidated statement of financial position since 2021. We refer to note 22 for more information. The remaining increase of \u20ac 0.7 million is explained by the increased activity in 2021 and a decrease of the support measures received with regard to remuneration, as a result of the Covid-19 pandemic.The current contractual obligation with regard to gift vouchers amounts to \u20ac 27.9 million at 31 December 2021 (2020: \u20ac 20.8 million). The evolution of the balance of the current obligation with regard to the gift vouchers depends on the evolution of the number of visitors and the period in which they can be used. The gift vouchers have an average duration to maturity of less than 12 months in Europe. In the United States, gift vouchers have a duration of five years, and gift vouchers have an unlimited duration in Canada. The expiry dates of gift vouchers have been extended in some countries due to the Covid-19 pandemic.CURRENT CONTRACTUAL OBLIGATION WITH REGARD TO THE GIFT VOUCHERS IN \u2019000 \u20ac20202021BALANCE AT END OF PREVIOUS PERIOD 27 475 20 775Newly issued gift vouchers 12 859 25 370Gift vouchers exercised or expired -19 599 -18 747Effect of exchange rate fluctuations 40 457BALANCE AT END OF CURRENT PERIOD 20 775 27 855", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "pp-value-138": { "value": "IN \u2019000 \u20ac20202021Current tax assets 7 431 1 418Current tax liabilities 306 884Current tax assets amount to \u20ac 1.4 million (2020: \u20ac 7.4 million). At the end of 2021 there are current tax assets in Spain (\u20ac 0.6 million), the Netherlands (\u20ac 0.5 million), Luxembourg (\u20ac 0.3 million) and France (\u20ac 0.1 million), partly due to prepayments and tax credits which are higher than the taxes due. In 2020 the current tax assets mainly consisted of a receivable as a result of the so-called \u2018carry back\u2019 option in Belgium for \u20ac 5.9 million. The losses of 2020 could be deducted early and be offset against the profits of 2019 as a consequence of the Covid-19 pandemic. There is also a \u2018carry back\u2019 option in Canada, which was already in place before the Covid-19 pandemic, which resulted in a receivable of \u20ac 0.5 million in 2020. Due to the \u2018carry back\u2019 option in 2020, a current income tax instead of a deferred income tax was included in the income statement, and a current tax asset instead of a deferred tax asset on the balance sheet. We refer to notes 8 and 13 for more information. The current tax assets with regard to the \u2018carry back\u2019 in Belgium and Canada were received throughout 2021, resulting in a decrease of the current tax assets in 2021. The \u2018carry back\u2019 was not used in 2021.Current tax liabilities increased from \u20ac 0.3 million to \u20ac 0.9 million in 2021. Current tax liabilities mainly consist of taxes payable in Belgium (\u20ac 0.8 million), due to lower prepayments compared to the taxes due.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "pp-value-141": { "value": "RISK MANAGEMENTFINANCIAL RISK MANAGEMENTThe Group\u2019s principal financial instruments are bank loans, private and public bonds, lease liabilities and cash.The Group has various other financial instruments, such as trade and other receivables and payables, which arise directly from its operations.The Group also enters into derivative transactions, primarily interest rate forward contracts, interest rate swaps and forward exchange contracts. The purpose is to manage the interest rate and foreign currency risks arising from the Group\u2019s activities and its sources of financing.The main risks arising from the Group\u2019s financial instruments are the interest rate risk, the liquidity risk, the foreign currency risk and the credit risk. It is Group\u2019s policy to negotiate the terms of the derivative financial instruments to match the terms of the hedged item, so as to maximise hedge effectiveness.It is Group\u2019s policy not to allow the use of derivative financial instruments for speculative purposes.The Board of Directors investigates and approves policies for managing each of these risks. These policies are summarised in this document. The accounting treatment of the derivative financial instruments is included in the accounting policies.INTEREST RATE RISKThe Group\u2019s exposure to market risk arising from changes in interest rates primarily relates to the Group\u2019s current and non-current loans and borrowings.Group policy is to manage interest rate expenses with a mixture of fixed and variable interest rate liabilities. To manage this mix in a cost-efficient manner, the Group can enter into certain transactions:\u2022 Interest rate swaps and interest rate forward contracts in which the Group agrees to exchange, at specified intervals, the difference between the fixed and variable interest amounts, calculated by reference to a pre-agreed principal amount;\u2022 Interest rate derivatives with fixed ceilings, hence limiting the impact of interest rate fluctuations.The Group pursues a conservative financial policy and, since 2008, only uses derivative financial instruments to hedge the interest rate risk. At the balance sheet date, the Group had only interest rate swap agreements outstanding, on which the Group receives a variable interest rate equal to EURIBOR and pays a fixed interest rate. These swaps are used to cover the variability in the cash flows of the underlying loans. These interest rate swaps are classified as cash flow hedges in accordance with IFRS 9 hedge accounting. Consequently, the portion of the profit or loss on the interest rate swap, which can be considered to be an effective hedge, is recognised directly in equity. The total of the changes in the fair value of the interest rate swaps before deferred tax and recognised in equity gives rise to a \u20ac 0.1 million increase in equity on 31 December 2021 (2020: \u20ac 0.1 million).On 31 December 2021, taking into account the effect of interest rate swaps, 84.74% of the Group\u2019s loans and borrowings had been contracted at a fixed interest rate (2020: 86.35%).INTEREST RATE RISK SENSITIVITY ANALYSISThe interest-bearing loans and borrowings at the balance sheet date were \u20ac 552.0 million (2020: \u20ac 548.6 million). \u20ac 90.2 million or 16.3% of the interest-bearing loans and borrowings have a variable interest rate, without taking into account the effect of the interest rate swaps (2020: \u20ac 86.8 million or 15.8%).Total interest expenses, excluding interest expenses attributed to the lease liabilities, charged to the income statement in 2021, amount to \u20ac 15.5 million (2020: \u20ac 14.7 million).The loan of \u20ac 41.6 million with variable interest was fixed with an interest rate swap at the beginning of 2016. The outstanding balance on 31 December 2021 was \u20ac 5.9 million (2020: \u20ac 11.9 million).FOREIGN CURRENCY RISKThe Group has a foreign currency risk on positions that derive from purchases or sales and from outstanding loans and borrowings with group companies in currencies other than the functional currency (Euro) (transactional risk). Group policy is focused to limit the cash impact of exchange rate fluctuations on the result as much as possible. Derivative instruments can be used at any time to hedge this risk.30.6% (2020: 26.2%) of the sales of the group companies are denominated in currencies other than the functional currency, in particular the sales of Landmark Cinemas (Canada) in Canadian Dollar and the sales of MJR Digital Cinemas (United States) in US Dollar. Given the fact that the cash flows from these countries are reinvested in the countries concerned, there are no forward contracts to hedge the foreign currency risk of the operational cash flows from these countries. The purchases of the subsidiaries of the Group mainly concern the purchases of materials by the Group in US and Canadian Dollar. On 31 December 2021, the Group has no outstanding forward exchange contracts (2020: $ 0.0 million) with the intention of hedging this risk.Loans between Kinepolis Financial Services NV or Kinepolis Group NV and other group companies are expressed in the currency of the latter. Exchange rate results regarding the non-current loans in Canadian Dollar, US Dollar, Swiss Franc and Polish Z\u0142oty from Kinepolis Financial Services NV to Kinepolis Canada LTD, Kinepolis Schweiz AG and Kinepolis Poznan\u00b4 Sp.z o.o, as well as from Kinepolis Group NV to Kinepolis US INC are recognised in other comprehensive income, as these loans are considered to be part of the Group\u2019s net investment in these foreign entities.The following exchange rate results were recorded directly in equity, before tax:IN \u2019000 \u20ac20202021Canadian Dollar -3 281 6 363US Dollar -7 063 6 454Polish Z\u0142oty -600 24Swiss Franc 54 518TOTAL -10 890 13 359The Group is also exposed to a foreign currency risk due to the inclusion in the consolidation of foreign companies that do not have the Euro as their functional currency (Canada, United States, Switzerland and Poland). This translation risk is not hedged. Only the US and Canadian Dollar have a material effect.The tables below state the possible exchange rate changes for the Canadian Dollar, US Dollar, Polish Z\u0142oty and Swiss Franc against the Euro, estimated on the basis of theoretical and actual volatility. The actual volatility has been determined based on the evolution of the rate over the past 5 years.SENSITIVITY ANALYSIS FOR FOREIGN CURRENCY RISK1 EURO CLOSING RATEAVER AGETHEORETICAL POSSIBLE CLOSING RATEPOSSIBLE AVERAGECORRESPONDS TO:31/12/2021RATE 2021VOLATILITY31/12/2021RATE 2021Canadian Dollar 1.4393 1.4826 10% 1.30 \u2013 1.58 1.33 \u2013 1.63US Dollar 1.1326 1.1827 10% 1.02 \u2013 1.25 1.06 \u2013 1.30Polish Z\u0142oty 4.5994 4.5652 10% 4.14 \u2013 5.06 4.11 \u2013 5.02Swiss Franc 1.0331 1.0811 10% 0.93 \u2013 1.14 0.97 \u2013 1.19If, at the balance sheet date, the Canadian Dollar, the US Dollar, the Polish Z\u0142oty and the Swiss Franc had strengthened / weakened as indicated above, and all other variables being constant, the result of 2021 would have been \u20ac 2.6 million lower or \u20ac 2.1 million higher, and equity would be \u20ac 17.9 million higher or \u20ac 14.7 million lower at the end of 2021. Only the Canadian Dollar and the US Dollar have a material impact in the above sensitivity analysis.1 EURO CLOSING RATEAVER AGEACTUALPOSSIBLE CLOSING RATEPOSSIBLE AVERAGECORRESPONDS TO:31/12/2021RATE 2021VOLATILITY31/12/2021RATE 2021Canadian Dollar 1.4393 1.4826 7.66 % 1.33 \u2013 1.55 1.37 \u2013 1.60US Dollar 1.1326 1.1827 9.16% 1.03 \u2013 1.24 1.07 \u2013 1.29Polish Z\u0142oty 4.5994 4.5652 6.50% 4.30 \u2013 4.90 4.27 \u2013 4.86Swiss Franc 1.0331 1.0811 7.51% 0.96 \u2013 1.11 1.00 \u2013 1.16If, at the balance sheet date, the Canadian Dollar, the US Dollar, the Polish Z\u0142oty and the Swiss Franc had strengthened / weakened as indicated above, and all other variables being constant, the result of 2021 would have been \u20ac 1.9 million lower or \u20ac 1.6 million higher, and equity would be \u20ac 14.7 million higher or \u20ac 12.4 million lower at the end of 2021. Only the Canadian Dollar and the US Dollar have a material impact in the above sensitivity analysis.CREDIT RISKThe credit risk with respect to trade receivables is the risk of financial loss to which the Group is exposed if a customer fails to meet the contractual obligations. Credit losses are recognised on the basis of a model based on \u2018expected credit losses\u2019 in line with IFRS 9 \u2013 Financial Instruments. The application of this model requires judgement by the Group, taking into account the impact of changes in economic factors on expected credit losses.In accordance with IFRS 9, the loss allowances will be determined on the following basis:\u2022 The 12-month expected credit losses: these are expected credit losses that result from possible default events that take place within 12 months after the end of the reporting date.\u2022 Expected credit losses over the full life cycle: these are expected credit losses that result from possible default events over the expected life of a financial instrument. Both historical and forward-looking information are taken into account.The determination on the basis of expected credit losses over the full life cycle always applies to trade receivables and contractual assets without a significant financing component.In normal circumstances, the majority of the activities of the Group are cash-based transactions. It is Group policy that all customers who wish to trade on credit terms are subject to a credit verification procedure. In addition, the receivable balance is permanently monitored.As a result of the global outbreak of the Corona virus, there were alternating periods of closure and opening of cinemas in 2021 and 2020, often with restrictions, with this differing from country to country. Due to the closure of almost all cinemas until the end of May / beginning of June 2021, the majority of the Group\u2019s turnover was lost for several months. Even after reopening, there were still measures in place in most countries with regard to capacity restrictions, distancing rules and access restrictions, such as having a Covid passport, and there were closures again in Belgium and the Netherlands in the fourth quarter. These imposed closures and restrictions also have consequences for the Group\u2019s concession holders.In order to take these current circumstances into account, the Group has placed more weight on forward-looking information, rather than historical information, in determining expected credit losses, and has taken an increased risk of non-payment into account. The Group has only applied this to the trade receivables from concession holders, and not to the cinema related turnover, as this is a cash-based business. As a result, there was an increase in the provision for expected credit losses amounting to \u20ac 2.8 million in 2020. The outstanding receivables and the associated impairments related to leased concessions increased strongly throughout 2020 as a result of the Covid-19 pandemic. In 2021, the Group was able to reverse a large part of these impairments and the provision for expected credit losses decreased with \u20ac 1.4 million. We refer to note 15 for more information. With regard to credit risk from the other financial assets of the Group, including cash and cash equivalents, financial assets measured at fair value through other comprehensive income and certain derivative financial instruments, the Group\u2019s exposure to credit risk consists of the counterparty default risk, with a maximum exposure equal to the carrying amount of these instruments.There are no significant concentrations of credit risk within the Group. The Group has no customers that account for more than 10% of revenue.LIQUIDITY RISKThe Group\u2019s goal is to ensure that there is sufficient financing for the long term. The financing need is determined on the basis of the strategic long-term plan. Various credit forms are used to guarantee the continuity and flexibility of the financing, including bonds, credit lines and bank loans. The Group\u2019s liquidity is managed through the in-house bank, Kinepolis Financial Services NV.In order to limit the consequences of the Covid-19 pandemic, the Group has taken the necessary measures to manage the health and safety risks of its customers and employees, to limit the negative financial impact of the business closures, and to safeguard its liquidity. The strategy and nature of the Company, characterised by a maximum variability of costs, a solid real estate position, with a large proportion of cinema real estate being owned, a decentralised organisation and a \u2018facts-and-figures\u2019 driven corporate culture help Kinepolis Group to manage this crisis optimally.Kinepolis has made every effort to adjust its costs as much as possible and in the very short term to the impact of the Covid-19 virus on its activities. The measures taken include drastically scaling back the number of active employees, thereby drawing on the support measures in each country, both in cinemas and at the support services level in the national and international headquarters. In addition, various measures were taken to limit the \u2018cash out\u2019, such as the decision not to distribute a dividend for 2019, negotiations with suppliers and the owners of leased cinemas with a view to obtaining financial compensations as a result of the reduction or closure of the activities, as well as the maximum postponement of all investments, except for the new-build projects already in progress.At the start of the crisis in 2020, Kinepolis had a strong balance sheet, sufficient financial reserves and credit lines that allowed the Company to be closed for more than a year. In order to be prepared for possible longer delays before the full resumption of its activities, Kinepolis has taken out an additional loan of \u20ac 80.0 million with its main bankers for a period of 3 years, with a variable interest rate. On account of its strong balance sheet, the rigorous cost control measures applied, the solid real estate position and the back-up of an 80% state guarantee provided in Belgium by Gigarant, Kinepolis has succeeded in concluding the additional credit at attractive commercial terms.In this context, the financial institutions also extended the suspension of the credit covenants (\u2018covenant holiday\u2019) until 30 June 2022. A suspension until 30 June 2021 had already been obtained in 2020. Based on the current results and assumptions, the Group should be able to comply with its covenants as of 30 June 2022. However given the uncertainty associated with the pandemic, it has been decided to request an extension of the suspension from the banks until 31 December 2022, as a precautionary measure. This extension of the suspension until 31 December 2022 was obtained in March 2022. This is further explained in \u2018Financial instruments\u2019. As soon as the cinemas were able to reopen in most markets and the film releases returned to a normal pace, the Group was able to present a strong free cash flow generation, thanks in part to the recovery of the lost working capital. As per 31 December 2021, free cash flow was \u20ac 48.9 million, with net financial debt, excluding lease liabilities, amounting to \u20ac 474.5 million. Net financial debt decreased by \u20ac 38.8 million compared to 31 December 2020. Kinepolis Group had \u20ac 171.0 million in liquidity at the start of 2021, consisting of cash and cash equivalents and available credit lines, including the new \u20ac 80.0 million credit concludedat the beginning of January 2021. The liquidity position at the end of June amounted to \u20ac 141.9 million. Thanks to strong cost management, one-off support measures and the good operating result, Kinepolis was able to limit its free cash flow in the first half of the year to an average of \u20ac -3.6 million per month, even under the circumstances of the majority of the cinemas remaining closed until June. In the second half of the year, the reopening of the cinemas and the return of the blockbusters, together with the measures taken to improve the Company\u2019s performance, ensured a further increase of the liquidity position to \u20ac 199.8 million. Kinepolis therefore has, thanks to the measures taken, sufficient available financial resources to deal with this crisis. Kinepolis has pursued a prudent financial policy in recent years. This has resulted in an average maturity of more than 3.5 years for the outstanding financial liabilities as per 31 December 2021. The next significant repayment of its bonds took place at the end of January 2022 (\u20ac 61.4 million), and this from the available financial resources. The remaining average maturity as per 31 January 2022 is equal to 4.08 years. After the repayment in January 2022, there are no more significant financial maturities in 2022 and 2023. In December 2021, the maturity date of the roll-over credit was also extended from December 2024 to December 2026 by exercising the two foreseen extension options. CAPITAL MANAGEMENTBoard of Directors\u2019 policy is aimed at maintaining a strong capital position in order to retain the confidence of investors, creditors and markets and to safeguard the future development of the business activities. The Board of Directors monitors the return on equity, which is defined by the Group as the operating result divided by equity, excluding non-controlling interests. The Board of Directors also monitors the level of the dividend payable to the shareholders, if circumstances permit.The Board of Directors seeks a balance between the higher return that is potentially available with a higher level of debt on the one hand, and the benefits and security of a solid equity position on the other. In seeking this balance, the Board of Directors\u2019 objective is to achieve the pre- defined level of ratios of net financial debt to EBITDAL and net financial debt to equity.The Board of Directors believed that the ratios of net financial debt to equity and net financial debt to EBITDA were at risk of becoming too low as from mid 2010, and therefore proposed to the General Meeting to reduce the share capital and to buy back and destroy treasury shares with the aim of improving the ratios, and thereby create shareholder value. After approval by the Extraordinary General Meeting of 20 May 2011, the capital was therefore reduced by \u20ac 30.0 million and shares were bought back between 2011 and 2015, for the hedging of options on the one hand, and for cancellation on the other, which has taken place in the meantime. The expansion strategy of Kinepolis Group was started in 2014 and, due to the success of this expansion program, the capital optimisation program was stopped in 2015. The Group continues to strive for a combination of a higher-than-average market return with a lower-than-average risk through the combination of its strategic pillars with an expansion strategy based on improvement potential, and a cautious financial policy with regard to the debt ratio, taking the real estate position of the Group into account.Kinepolis Group bought 360 000 shares for a total amount of \u20ac 20 302 894 in 2018. The total number of treasury shares on 31 December 2021 amounts to 422 552 (2020: 480 851). The majority of these shares are intended to cover the Group\u2019s current stock option plan. In 2021, 58 299 treasury shares were sold (2020: 11 495) and no treasury shares were bought back (2020: 0).FINANCIAL INSTRUMENTSDEBT PORTFOLIOOn 15 February 2012, within the framework of the refinancing of its existing syndicated credit and the financing of the further general development of the Group, Kinepolis Group NV signed a \u20ac 90.0 million credit agreement with ING Belgium, KBC Bank and BNP Paribas Fortis until 31 March 2017 (roll-over credit). At the end of June 2015, this existing credit facility was renewed with the bank consortium for the full term until the end of June 2020. In May 2016, the term of the existing credit agreement for \u20ac 90.0 million was extended by one year, to June 2021. In December 2019, the existing credit agreement for the roll-over credit was revised and extended. Belfius was added to the existing bank consortium, and the roll-over credit was expanded from \u20ac 90.0 million to \u20ac 120.0 million. Of this, \u20ac 30.0 million can be drawn in a currency other than Euro. In December 2021, the maturity date of the roll-over credit was extended from December 2024 to December 2026, by exercising the two foreseen extension options. On 31 December 2021, there is no outstanding draw on this credit facility (2020: \u20ac 66.5 million).In addition, this credit facility was extended in December 2015, following the Utopolis acquisition, with a 7-year term loan with annual repayments. In 2017, the credit facility was extended once again, with a 5-year term loan with annual repayments. On 31 December 2021, \u20ac 10.2 million of the term loans were outstanding (2020: \u20ac 20.3 million).On 6 March 2012, the Group issued an unsubordinated bond in Belgium for \u20ac 75.0 million. The bonds mature in 7 years, and have a fixed annual gross interest of 4.75%. On 12 May 2015, Kinepolis Group NV announced the launch of an unconditional public exchange offer on all outstanding \u20ac 75.0 million fixed interest bonds with a gross interest of 4.75% and a maturity date on 6 March 2019. Holders of the existing bonds had the opportunity to exchange their existing bonds for new bonds to be issued by Kinepolis Group NV with a nominal value of \u20ac 1 000, a gross nominal interest of 4.0% per year and a term of 8 years, with maturity date on 9 June 2023 (the \u2018New Bonds\u2019). Bonds with a total value of \u20ac 15.9 million were exchanged. \u20ac 59.1 million was repaid on 6 March 2019.In January 2015, the Group also concluded a private placement of bonds with institutional investors for \u20ac 96.0 million: \u20ac 61.4 million was placed with a term of 7 years, \u20ac 34.6 million with a term of 10 years. A fixed annual gross interest is paid on both bonds. This private placement complies with the Group\u2019s financial strategy and serves to support expansion by increasing the diversification of the sources of financing and by refinancing the existing credits. In January 2022, \u20ac 61.4 million was repaid from available financial funds.In December 2017, the Group concluded a private placement of bonds with institutional investors for an amount of \u20ac 125.0 million: \u20ac 60.0 million was placed with a term of 8 years, and \u20ac 65.0 million with a term of 10 years. A fixed annual gross interest is paid on both bonds. This private placement was primarily used to finance the acquisition of Landmark Cinemas in Canada.In July 2019, the Group concluded a private placement of bonds with institutional investors for \u20ac 225.0 million, with a term of 7.5 years. A fixed annual gross interest is paid on the bond. The private placement was mainly used to finance the various acquisitions in 2019, investments in the renovation of existing complexes and the construction of new complexes.Throughout 2021 and 2020 the cinema industry and Kinepolis in particular were badly hit by the Covid-19 pandemic, resulting in cinema closures, capacity restrictions and postponements of Hollywood blockbuster releases. In order to be prepared for possible longer delays before the full resumption of its activities and to finance the ongoing investment programs in, among other things, new-build cinemas, Kinepolis has taken out an additional loan with its main bankers on 8 January 2021 of \u20ac 80.0 million for a period of 3 years, at a variable interest rate. Because of the strong balance sheet, the strong cost control measures, the solid real estate position and the back-up of an 80% state guarantee provided by Gigarant in Belgium, Kinepolis succeeded in concluding the additional credit at attractive commercial terms.No securities were provided. Only a number of conditions apply with regard to the sale or the guarantee of certain of the Group\u2019s assets to a third party. Kinepolis is required to comply with conditions relating to, among others, the maximum debt ratio (covenants) on its bank debt. This relates to the roll-over credit of \u20ac 120.0 million (no outstanding draw per 31 December 2021) and a term loan of \u20ac 10.2 million per 31 December 2021. The new credittaken out at the beginning of January 2021 for an amount of \u20ac 80.0 million is also covered by these covenants. No covenants apply to the majority of the other debts. There is only an increase in interest on the private placement of 2019 if a specific debt ratio is exceeded.The calculation of the covenants as well as the maximum or minimum values were adjusted during the revision of the credit agreement in 2019. The financial covenants consist of a maximum leverage ratio of 3.75, which temporarily increases to 4.25 in the case of a material acquisition, and a minimum interest coverage ratio of 4.5. In addition, there are a number of potentially restrictive commitments that restrict or prohibit certain trading transactions. The definitions of the covenants have been adapted to the standard IFRS 16: Leases. As such, for the determination of the leverage ratio, among other things, the net financial debt is corrected for the lease liabilities on the one hand, and the EBITDA is corrected for the impact of IFRS 16 on the other.As a result of the Covid-19 pandemic, Kinepolis has reached an agreement with its financial institutions to allow a suspension of the credit covenants (\u2018covenant holiday\u2019) until 30 June 2022. In 2020 a suspension was already obtained until 30 June 2021. This suspension means that, among other things, the conditions relating to the maximum debt ratio in relation to the EBITDAL, being EBITDA adjusted for lease, will be temporarily suspended until the half-year figures of 30 June 2022. Based on the current results and assumptions, the Group should be able to comply with its covenants as of 30 June 2022. However given the uncertainty associated with the pandemic, it has been decided to request an extension of the suspension from the banks until 31 December 2022, as a precautionary measure. This extension of the suspension until 31 December 2022 was obtained in March 2022. These conditions, which only apply to bank debt, will be replaced by, among other things, a liquidity covenant, which means that the sum of the available cash and confirmed credit lines must be at least \u20ac 30.0 million during the term of this \u2018covenant holiday\u2019. In line with the existing bank credit facilities, the additional credit of \u20ac 80.0 million provides for a number of conditions that limit the disposal of assets, acquisitions and the payment of dividends, above a financial debt level of 3.75.The interest payable on term loans is calculated on the basis of the EURIBOR applicable for the selected borrowing period, plus the negotiated margin. The average interest rate of the debt portfolio on 31 December 2021 was 2.62% (2020: 2.62%). As the vast majority of the loans are at a fixed interest rate, no sensitivity analysis was performed for the remaining variable part.FINANCIAL LIABILITIES \u2013 FUTURE CASH FLOWSThe following table gives an overview of the contractual maturities for the non-discounted financial liabilities at 31 December, including the estimated interest payments:IN \u2019000 \u20ac20202021< 1 YEAR 1-5 YEARS > 5 YEARS TOTAL < 1 YEAR 1-5 YEARS > 5 YEARS TOTALPrivate placement of bonds 12 256 201 176 299 958 513 390 74 781 363 967 66 885 505 633Public bond 635 17 148 17 783 635 16 513 17 148Trade payables 56 607 56 607 56 633 56 633 (1)Loans and borrowings with credit institutions77 454 10 360 87 814 11 690 81 848 93 537Bank overdrafts 112 112 12 12Non-derivative financial liabilities 147 064 228 684 299 958 675 706 143 751 462 328 66 885 672 964Interest rate swaps 87 87 28 28Derivative financial instruments 87 87 28 28TOTAL 147 064 228 771 299 958 675 793 143 779 462 328 66 885 672 992(1) The roll-over credit, with an outstanding draw of \u20ac 66.5 million per 31 December 2020 is presented as current. This does not concern an actual payment obligation as the credit can be redrawn again.In respect of interest-bearing financial liabilities with a variable interest rate, the following table gives an overview of the expected maturities: IN \u2019000 \u20ac20202021TOTAL < 1 YEAR TOTAL < 1 YEARLoans and borrowings with credit institutions 86 756 76 599 90 157 10 157Bank overdrafts 112 112 12 12TOTAL 86 868 76 711 90 169 10 169HEDGING ACTIVITIES The Group uses derivative financial instruments to hedge the interest rate risk and the foreign currency risk. All derivative financial instruments are measured at fair value.The following table gives the remaining term of the outstanding derivative financial instruments at balance sheet date. The amounts given in this table are the nominal values. IN \u2019000 \u20ac20202021< 1 YEAR 1-5 YEARS > 5 YEARS TOTAL < 1 YEAR 1-5 YEARS > 5 YEARS TOTALInterest rate swaps 5 949 5 907 11 856 5 907 5 907TOTAL 5 949 5 907 11 856 5 907 5 907FAIR VALUEThe fair value is the amount at which an asset can be traded or a liability settled in an orderly transaction between well- informed, willing parties, following the arm\u2019s length principle.For 2021 and 2020 the fair value is in line with the carrying amount given the illiquidity of the market. This was also reflected in the attractive commercial terms of the new loan of \u20ac 80.0 million at the beginning of January 2021. For other non-derivative financial assets (loans and borrowings and receivables) and liabilities (measured at amortised cost) the fair value is equal to the carrying value. The following table discloses the actual fair value and the carrying amount of the main interest-bearing financial loans and borrowings (measured at amortised cost). IN \u2019000 \u20ac20202021CARRYING AMOUNT FAIR VALUE CARRYING AMOUNT FAIR VALUEPrivate placement of bonds \u2013 fixed interest rate 446 000 446 000 446 000 446 000Public bond \u2013 fixed interest rate 15 878 15 878 15 878 15 878Interest-bearing loans \u2013 variable interest rate 86 756 86 756 90 157 90 157Bank overdrafts 112 112 12 12Transaction costs refinancing -2 153 -2 153 -1 984 -1 984TOTAL 546 593 546 593 550 064 550 064The following table gives the nominal or contractual amounts and the actual fair value of all outstanding derivative financial instruments (cash flow hedging instruments). The nominal or contractual amounts reflect the volume of the derivative financial instruments outstanding at the balance sheet date. As such, they represent the Group\u2019s risk on these transactions.IN \u2019000 \u20ac20202021NOMINAL VALUE FAIR VALUE NOMINAL VALUE FAIR VALUEInterest rate swap 11 856 -87 5 907 -28TOTAL 11 856 -87 5 907 -28The fair value of financial products related to the interest rates is determined by discounting the expected future cash flows, taking into account the current market interest rates and the interest rate curve for the remaining life of the instrument. There were no outstanding forward exchange contracts at 31 December 2021.The fair value of the derivative instruments is included in the balance sheet of the Group as follows (value before tax):IN \u2019000 \u20ac20202021ASSETS LIABILITIES NET VALUE ASSETS LIABILITIES NET VALUENon-current -87 -87 -28 -28TOTAL -87 -87 -28 -28The change in the fair value of the derivative financial instruments on the balance sheet is as follows:IN \u2019000 \u20acCARRYING AMOUNTINCLUDED IN THE FOLLOWING LINE ITEM CHANGES IN THE FAIR VALUE OF NOMINALIN THE STATEMENT THE HEDGING INSTRUMENT INCLUDED VALUEOF FINANCIAL POSITIONIN OTHER COMPREHENSIVE INCOMEASSETS LIABILITIESInterest rate swap 5 907 -28 Derivative financial instruments 59FAIR VALUE \u2013 HIERARCHYThe following table provides an overview of financial instruments recognised at fair value by the valuation method. The different levels are defined as follows:\u2022 Level 1: quoted market prices (unadjusted) in active markets for identical assets or liabilities.\u2022 Level 2: input that does not refer to any quoted market price included in level 1, and that is observable for the asset or the liability, either directly (i.e. as price) or indirectly (i.e. derived from price).\u2022 Level 3: input for the asset that is, or the liability that is not based on observable market data (unobservable input).IN \u2019000 \u20ac20202021LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 1 LEVEL 2 LEVEL 3Cash flow hedging \u2013 CurrencyInterest rate swaps -87 -28TOTAL -87 -28LEVEL 3 FAIR VALUESPer 31 December 2021 there are no contingent considerations (2020: \u20ac 0.0 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "pp-value-157": { "value": "LEASES AS LESSEEThe Group leases several sites, buildings, cars, equipment for in-theatre sales and projection equipment. If the contracts are classified as leases, they are recognised on the date on which the leased asset is available for use by the Group. On the one hand a right-of-use asset is recognised, which is depreciated on a straight-line basis over the lease term. On the other hand, a lease liability is recognised, that consists of future lease payments that are discounted at the Group\u2019s average interest rate for external financing.The discount rate applied throughout 2021 is 2.62% (2020: 2.70%). The discount rate is updated on a yearly basis and will be applied to new leases or for changes to existing lease agreements which are to be measured at a revised discount rate.When determining the term of a lease, extension options which will be executed with reasonable certainty at the start of the contract, are included in the lease liabilities. For the key category, land and buildings (cinema complexes), the Group applies as a general principle a term between 15 and 20 years. This term reflects the entity\u2019s reasonable expectation of the period during which the underlying asset will be used.The Group will only reassess the term of a lease when there has been a significant event or a significant change in circumstances, within the control of the Group. Significant events or changes in circumstances within the control of the Group include but are not limited to significant changes to the contract terms, exercise a renewal option or termination option and significant leasehold improvements.In the context of the acquisition of the Wolff Bioscopen group in 2014, the lease of the complex in Groningen (NL) was renegotiated for a period of 17 years. The lease obligation at the start of the new contract was determined by discounting the future lease payments of the Group on the basis of the marginal interest rate of the Group, as the implicit interest rate of the lease was not available. This debt amounted to \u20ac 5.8 million at 31 December 2021 (2020: \u20ac 6.3 million). Since the application of the standard IFRS 16: Leases, the finance lease is also included in Lease liabilities. RIGHT-OF-USE ASSETS LAND AND IN-T HE ATR E PROJECTION IN \u2019000 \u20acCARSTOTALBUILDINGSSALESEQUIPMENTAcquisition value 415 351 4 674 1 026 3 549 424 599Depreciations and impairment losses -25 556 -1 276 -235 -319 -27 387NET CARRYING AMOUNT AT 31/12/2019 389 795 3 397 790 3 229 397 212New leases 24 674 910 40 25 624Expired leases and disposals -1 203 -77 -1 280Transfer from other categories 85 85Adjustments -12 477 14 -12 463Depreciations -24 711 -1 575 -251 -512 -27 050Effect of exchange rate fluctuations -19 502 -47 -98 -19 647Acquisition value 404 582 5 120 958 3 554 414 214Depreciations and impairment losses -48 006 -2 451 -466 -810 -51 733NET CARRYING AMOUNT AT 31/12/2020 356 576 2 669 492 2 744 362 481New leases 152 29 254 435Expired leases and disposals 1 1Adjustments -4 051 352 -3 699Depreciations -25 108 -1 323 -274 -543 -27 248Effect of exchange rate fluctuations 21 208 35 107 21 350Acquisition value 424 744 5 062 1 070 3 954 434 830Depreciations and impairment losses -76 118 -3 212 -788 -1 392 -81 510NET CARRYING AMOUNT AT 31/12/2021 348 626 1 850 282 2 562 353 320LEASE LIABILITIESIN \u2019000 \u20acTOTALNET CARRYING AMOUNT AT 31/12/2019 416 143New leases 27 324Early terminated leases -1 290Interest 10 248Repayment -19 492Forgiveness of lessee\u2019s lease payments -7 540Adjustments -10 868Effect of exchange rate fluctuations -20 913NET CARRYING AMOUNT AT 31/12/2020 393 612New leases 181Interest 10 323Repayment -22 922Forgiveness of lessee\u2019s lease payments -11 750Adjustments -2 401Effect of exchange rate fluctuations 23 524NET CARRYING AMOUNT AT 31/12/2021 390 567At 31 December 2021, the Group has a lease liability of \u20ac 390.6 million (2020: \u20ac 393.6 million) and a right-of-use asset of \u20ac 353.3 million (2020: \u20ac 362.5 million). During 2021 the lease liabilities decreased with \u20ac 3.0 million and the right-of-use assets with \u20ac 9.2 million.NEW LEASESThe new leases mainly consist of new leases concluded for RealD 3D equipment (\u20ac 0.3 million), cars (\u20ac 0.2 million) and in-theatre sales equipment (\u20ac 0.0 million). This resulted in a total additional lease liability of \u20ac 0.2 million and an increase in right-of-use assets of \u20ac 0.4 million. The RealD 3D equipment used by the Group is included under the right-of-use assets (\u20ac 2.6 million). As these assets are fully prepaid, there is no outstanding lease liability for these assets.(EARLY) TERMINATED LEASESDuring 2021 some lease agreements have contractually ended. This concerns among others the lease for the Dawson Creek complex in Canada. The Group decided not to extend the lease and to close the complex as the maintenance investments required were disproportionate to the contribution to the turnover development of the Group. In addition, some leases related to cars have been terminated early throughout 2021.ADJUSTMENTSDuring 2021 a number of leases were adjusted, mainly due tochanges to the contractual term or other adjustment such asindexations or new negotiations for future lease payments. In addition, the Group received investment contributions for contracts already started, which are deducted from the right-of-use assets for \u20ac 1.3 million. All this led to an adjustment of the lease liabilities of \u20ac -2.4 million and an adjustment of the right-of-use assets of \u20ac -3.7 million.RENT CONCESSIONS AS A RESULT OF THE COVID-19 PANDEMICAs a result of the Covid-19 pandemic, the Group has obtained rent concessions from the lessor for part of the lease agreements, mainly related to land and buildings. If the rent concessions resulting directly from the Covid-19 pandemic meet the conditions, they are treated as if they were not lease modifications. For the conditions imposed, we refer to note 1. The rent concessions are then processed in the same way as a negative variable lease payment, and are therefore included in the income statement within \u2018Other operating income\u2019, as part of \u2018Operating result\u2019. In 2021 the Group obtained \u20ac 11.8 million (2020: \u20ac 7.5 million) rent concessions. We refer to note 4.IMPACT ON THE CONSOLIDATED RESULT AND THE STATEMENT OF CASH FLOWPer 31 December 2021 the Group has \u20ac 27.2 million (2020: \u20ac 27.1 million) depreciations on right-of-use assets and \u20ac 10.3 million (2020: 10.2 million) interest on lease liabilities. The Group repaid \u20ac 22.9 million lease liabilities in 2021 (2020: \u20ac 19.5 million), of which \u20ac 10.3 million (2020: \u20ac 10.2 million) was interest. Without the rent concessions as a result of Covid-19, the repayment of lease liabilities as of 31 December 2021 would have been \u20ac 34.7 million (2020: \u20ac 27.0 million). In the consolidated statement of cash flow this can be found under \u2018Cash flow from financing activities\u2019.FINANCIAL LIABILITIES \u2013 FUTURE CASH FLOWSThe following table gives an overview of the contractual maturities of the non-discounted lease liabilities at 31 December:IN \u2019000 \u20ac20202021< 1 YEAR 1-5 YEARS > 5 YEARS TOTAL < 1 YEAR 1-5 YEARS > 5 YEARS TOTALNON-DISCOUNTED LEASE LIABILITIES 35 948 122 521 326 591 485 059 36 958 125 312 314 641 476 911NOT INCLUDED UNDER IFRS 16Exemption from recognitionThe Group has decided to make use of the option of exemption of recognition under IFRS 16 for short-term leases and leases in which the underlying asset has a low value. The operational lease cost related to the exempt short-term leases amounts to \u20ac 0.0 million in 2021 (2020: \u20ac 0.0 million). Leases for which the underlying asset has a low value include cash recyclers. The operational lease cost related to these exempted leases amounts to \u20ac 0.1 million in 2021 (2020: \u20ac 0.1 million). This is classified in the consolidated statement of cash flow under \u2018Cash flow from operating activities\u2019.Variable lease liabilitiesIn addition, variable lease liabilities are also not recognised under IFRS 16. The total operational lease cost of this amounts to \u20ac 0.1 million in 2021 (2020: \u20ac 0.1 million). Variable lease liabilities in 2021 and 2020 have decreased significantly compared to 2019 (\u20ac 0.9 million) as a result of the Covid-19 pandemic, as variable rent is mainly dependent on realised revenue and the number of visitors. This has led to the same outgoing cash flow that is classified in the consolidated statement of cash flow under \u2018Cash flow from operating activities\u2019.The main parameters of variable lease liabilities are the realised revenue and the number of visitors. The Group has performed a sensitivity analysis with possible changes in the variable lease liabilities, estimated on the basis of a theoretical volatility of both revenue and number of visitors to be able to estimate the future impact. Since the number of visitors and revenue were impacted in 2021 and 2020 as a result of the Covid-19 pandemic, these are not considered as a comparable basis and 2019 is used as the basis for the sensitivity analysis. If the revenue and the number of visitors were to increase by 10% compared to 2019, the total operational lease cost of the variable lease liability would increase to \u20ac 1.5 million. If the revenue and the number of visitors were decreased by 10% compared to 2019, the total operational lease cost of the variable lease liability would decrease to \u20ac 0.5 million.Lease commitments already entered intoAs of 31 December 2021 the Group has not entered into any other lease commitments that impact the future outgoing cash f low.Extension optionsIf the Group were to exercise all possible extensions options that it has available in the contracts as of 31 December 2021, there would be an additional cash outflow of non-discounted lease liabilities of \u20ac 268.8 million over the entire term of the included contracts. As of 31 December 2021, the Group is of the opinion that these additional extension options will not yet be exercised with reasonable certainty, as a result of which they are not included in the ending balance of the lease liabilities and the non-discounted lease liability. If the Group were to include only the contractually agreed extension options, the future cash outflow of the non-discounted lease liabilities would decrease from \u20ac 476.9 million to \u20ac 315.2 million.LEASES AS LESSORThe Group has leased out parts of its property under operational leases. The non-discounted lease payments under non-cancellable operational leases are recoverable as follows:IN \u2019000 \u20ac20202021Less than one year 8 063 7 416Between one and two years 4 688 3 998Between two and three years 2 843 2 834Between three and four years 2 060 1 753Between four and five years 1 365 1 049More than five years 2 379 2 949TOTAL 21 398 19 999Minimum lease payments in the income statement with regard to operational leases 8 035 6 821Variable lease payments in the income statement with regard to operational leases 224 286The leases as lessor primarily concern the cinema complex in Poznan\u00b4 (PL), leased to Cinema City since January 2007 for a period of 10 years, extended by 5 years. The rent consists of a fixed and variable portion, of which the variable rent is expressed as a percentage of Box Office revenue. As a consequence of the Covid-19 pandemic, no variable rent is applicable in 2021 and 2020.The Group also leases out part of its complexes to third parties for the exploitation of shops or caf\u00e9s. These concessions have a term of 1 to 20 years (renewable), unless they are agreed for an undefined term.In addition, the car parks of a number of complexes are leased out for a term of 1 to 15 years (renewable) or for an indefinite term in Belgium, for a period of 9 years or for an indefinite term in Luxembourg or for an indefinite term in Poland and France. A fixed rent is charged for part of these car parks. The revenue from the other car parks is variable, based on the number of parking tickets sold, adjusted for management expenses. The variable rent of the car parks is impacted by the Covid-19 pandemic in 2021 and 2020.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "pp-value-170": { "value": "KFDAt the end of 2021 the Group had unrecognised contractual obligations for \u20ac 1.9 million (2020: \u20ac 2.0 million). These are primarily minimum guarantee commitments of Kinepolis Film Distribution NV towards Dutch Filmworks BV and local producers for films that have not yet been released, but for which contractual obligations already exist.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "pp-value-169": { "value": "At 31 December 2021, the Group has material capital commitments for \u20ac 0.8 million. This mainly concerns commitments for the installation of recliner seats in St. Catharines (CA) for \u20ac 0.5 million and commitments with regard to the construction and finishing of the new cinema Kinepolis Metz Amphith\u00e9\u00e2tre (FR) for \u20ac 0.3 million.At the end of 2020, the Group had material capital commitments for \u20ac 12.1 million. This mainly concerned commitments with regard to the construction or finishing of new cinemas for \u20ac 10.6 million in Leidschendam (NL), South East Edmonton Tamarack (CA), and two complexes in the region of Metz (FR). Furthermore, this also related to the commitments for the installation of recliner seats in St. Catharines (CA) for \u20ac 1.3 million and 3D equipment in the cinemas for \u20ac 0.2 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "pp-value-171": { "value": "Government grants and support measures received as compensation for directly attributable costs are recognised as deductions from the related costs. General grants and support measures received from local governments are included under \u2018Other operating income\u2019.GOVERNMENT GRANTSIn France, the Group receives grants from the Centre National du Cin\u00e9ma et de l\u2019image Anim\u00e9e (CNC) for cinema related investments. These grants come from a fund financed by a contribution from cinema operators in the form of a percentage of ticket sales. The grants are recorded in the balance sheet as liabilities, and are recognised in the result over the useful life of the related assets. We hereby refer to notes 4 and 23. The grant can be claimed from the CNC in proportion to the number of visitors. We refer to note 15 for the outstanding receivables.GOVERNMENT GRANTS AND SUPPORT MEASURES AS A RESULT OF THE COVID-19 PANDEMICAs a result of the outbreak of the Covid-19 virus, governments, in the various countries where Kinepolis is active, and the CNC in France have taken support measures.DIRECTLY ATTRIBUTABLE GRANTS AND SUPPORT MEASURESThe Group was able to make use of the system of economic unemployment in Belgium and Spain, and of the system of wage subsidies in France, the Netherlands, Luxembourg, Canada and Switzerland. In the economic unemployment system, the wage cost does not have to be paid by the Company, but is paid directly to the employee by the government. By contrast, the wage cost in the wage subsidy system is first paid by the Company, and can subsequently be reclaimed from the government in whole or in part. We refer to note 5 for more information. In Luxembourg, the Group received an additional allowance towards wage costs when employees remained employed during the Covid-19 pandemic. In Belgium, the Group obtained a compensation from the National Office for Social Security (NSSO) for the holiday pay of white-collar workers who were economically unemployed throughout 2020 as a result of the Covid-19 pandemic. In Canada, as a result of the mandatory closure in the province of Ontario, the Group received a compensation for energy costs and a grant for property taxes. In addition, a rent subsidy was obtained in Canada, with part of the rent paid subsidised by the government. For Canada, this concerns a total amount of \u20ac 3.9 million. In France, the Group received an allowance in the form of a reduction of the property taxes and other local taxes (\u20ac 0.7 million). In addition, due to various support measures, the Group obtained a deferral of payment, for example for local taxes, although more limited than in 2020. GENERAL GRANTS AND SUPPORT MEASURESThe general support measures include grants as a result of the mandatory closure, reimbursements for fixed costs, grants for significant revenue loss, grants received from CNC and grants for the cultural sector. In 2021, the Group included \u20ac 10.3 million (2020: \u20ac 6.7 million) in \u2018Other operating income\u2019. We refer to note 4 for this.The general support measures consist of:IN \u2019000 \u20ac20202021Belgium Globalisation premium 795 1 205Belgium Protection mechanism and nuisance premium 294 514France Grant received from CNC 491 2 967France Aid for fixed costs (\u2018Aide co\u00fbts fixes\u2019) 2 236France Solidarity fund (\u2018Fonds de solidarit\u00e9\u2019) 758France Safeguard fund (\u2018Fonds de sauvegarde\u2019) 477France Remission \u2018taxe sp\u00e9ciale additionelle\u2019 (TSA) 1 276 23France Grant for significant revenue loss 1 734 -348France Others 9Spain Grants from multiple regional governments 333 963The Netherlands Reimbursement fixed costs (TVL) and reimbursement entrepreneurs affected sectors (TOGS) 1 478 866Luxembourg Aid for costs not covered and others 367Switzerland Others 276 298TOTAL 6 677 10 337", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "pp-value-174": { "value": "The transactions between the Group and its subsidiaries were eliminated in the consolidation, and are accordingly not included in this note. The transactions with other related parties are explained below.REMUNERATION OF THE DIRECTORS AND EXECUTIVE OFFICERSIN \u2019000 \u20ac20202021DirectorsRemuneration 736 933Executive officers (CEO)Short-term employee benefits 718 734TOTAL 1 454 1 668Under the Group\u2019s 2016 Stock Option Plan (Incentive Plan), no new options were granted to the Group\u2019s CEO, the Chairman and Vice-Chairman of the Board of Directors in 2021. They did participate in this in 2017 (180 000). We refer to the remuneration report in the Corporate Governance Statement and note 20 for more information.TRANSACTIONS WITH OTHER RELATED PARTIESPentascoop NV provides a number of maintenance and transport services to the Group, for which it charged \u20ac 0.1 million in 2021 (2020: \u20ac 0.1 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "pp-value-177": { "value": "KINEPOLIS CONCLUDES NEW CP/MTN PROGRAMME AND EXTENDS THE COVENANT HOLIDAY As a result of the impact of the Covid-19 pandemic, Kinepolis reached an agreement with its financial institutions at the beginning of 2021 to exempt its bank debt from covenants (a so-called covenant holiday) until 30 June 2022. Kinepolis closed the year 2021 with a strong liquidity position, a recovery in profitability and solvency in the second half of the year and a decrease in the net financial debt, but applies the prudency principle and reached an agreement with its financial institutions to extend the covenant holiday until 31 December 2022.This means that, among other things, the conditions regarding the maximum debt ratio in relation to EBITDAL will remain suspended until the end of 2022. These conditions, which apply solely to bank debt, have been replaced by, among other things, a liquidity covenant, which means that the sum of the available cash and confirmed credit lines must be at least \u20ac 30.0 million during the term of the covenant holiday.Kinepolis Group NV has been a regular issuer in the debt capital markets. As part of its funding strategy, Kinepolis has put in place a new CP/MTN treasury notes programme of \u20ac 150.0 million. This programme provides the company with another tool to finance its business with maturities of minimum 7 days and maximum 10 years.DISPOSAL OF TREASURY SHARESBy exercising stock options within the framework of the Share Option Plan 2016, 23 656 treasury shares were exercised during 2022 at an exercise price of \u20ac 41.55. Per 23 March 2022, the total number of treasury shares amounts to 398 896.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "pp-value-179": { "value": "The statutory auditor for the Company is KPMG Bedrijfsrevisoren, represented by Mr. F. Poesen. The mandates and remunerations for the entire Group can be summarised as follows:IN \u2019000 \u20ac20202021Remuneration of the statutory auditor 292 387Other audit-related services 38 2Other assignments outside the audit assignments 10 3Remuneration for exceptional services or special assignments performed within 48 5the Company and its subsidiaries by the statutory auditorRemuneration for persons associated with the statutory auditor for the performance 522 418of a mandate as statutory auditorTax advisory services 23 13 (1) (2)Other assignments outside the audit assignments 256277Remuneration for exceptional services and special assignments performed within the Company 279 290and its subsidiaries by persons associated with the statutory auditorTOTAL 1 141 1 099(1) Including a provision of K\u20ac 230 for work not yet completed related to the NOW-audit.(2) Including a provision of K\u20ac 265 for work not yet completed related to the NOW-audit and TVL-attestation.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "pp-value-180": { "value": "LIST OF THE FULLY CONSOLIDATED COMPANIESVAT OR COMPANY COUNTRYNAME MUNICIPALITY% 2020% 2021REGISTRATION NUMBERBelgium Brightfish NV Brussels BE 0450 523 725 100 100Kinepolis Braine SA Braine-L\u2019Alleud BE 0462 688 911 100 100Kinepolis Film Distribution (KFD) NV Brussels BE 0445 372 530 100 100Kinepolis Financial Services NV Brussels BE 0886 547 831 100 100Kinepolis Group NV Brussels BE 0415 928 179 100 100Kinepolis Immo Hasselt NV Hasselt BE 0455 729 358 100 100Kinepolis Immo Multi NV Brussels BE 0877 736 370 100 100Kinepolis Li\u00e8ge NV Hasselt BE 0459 469 796 100 100Kinepolis Mega NV Brussels BE 0430 277 746 100 100Kinepolis Multi NV Kortrijk BE 0434 861 589 100 100Canada Kinepolis Canada LTD Calgary CA 2020 757 353 100 100Landmark Cinemas Holding LTD Calgary CA 2020 757 536 99,02 99,30Landmark Cinemas Canada LP Calgary CA 2017 564 317 99,02 99,30Landmark Cinemas Canada GP Calgary CA 2017 564 317 100 100France Eden Panorama SA Lomme FR 02340483221 100 100Forvm Kinepolis SA N\u00eemes FR 86421038548 100 100Kinepolis Bourgoin SA Bourgoin-Jallieu FR 65779487297 100 100Kinepolis France SAS Lomme FR 20399716083 100 100Kinepolis Film Distribution France SAS Lomme FR 43789848280 100 100Kinepolis Immo St. Julien-l\u00e8s-Metz SAS Metz FR 51398364463 100 100Kinepolis Immo Thionville SA Thionville FR 10419162672 100 100Kinepolis Le Ch\u00e2teau du Cin\u00e9ma SAS Lomme FR 60387674484 100 100Kinepolis Mulhouse SA Mulhouse FR 18404141384 100 100Kinepolis Nancy SAS Nancy FR 00428192819 100 100Kinepolis Prospection SAS Lomme FR 45428192058 100 100Kinepolis St. Julien-l\u00e8s-Metz SAS Metz FR 43398364331 100 100Kinepolis Thionville SAS Thionville FR 09419251459 100 100Utopolis Longwy SAS Longwy FR 21432763563 100 100Luxembourg Utopolis Belval SA Luxembourg LU 220 75 333 100 100Majestiek International SA Luxembourg LU 19942206638 100 100Utopia SA Luxembourg LU 160 90 380 100 100VAT OR COMPANY COUNTRYNAME MUNICIPALITY% 2020% 2021REGISTRATION NUMBERThe Netherlands Kinepolis Immo BV Utrecht NL 003182794B01 100 100Kinepolis Rotterdam BV Utrecht NL 808810261B01 100 100Kinepolis Bioscopen Holding BV Utrecht NL 822624382B01 100 100Kinepolis Enschede BV Utrecht NL 808883574B01 100 100Kinepolis Groningen BV Utrecht NL 816165774B01 100 100Kinepolis Huizen BV Utrecht NL 820697230B01 100 100Kinepolis Exploitatie BV Utrecht NL 819683036B01 100 100Kinepolis UBOS BV Utrecht NL 856681866B01 100 100Kinepolis Immo Schagen BV Utrecht NL 815246353B01 100 100Kinepolis Cinemagnus Schagen BV Utrecht NL 815293446B01 100 100Kinepolis Immo Hoofddorp BV Utrecht NL 821608563B01 100 100Kinepolis Cinemeerse Hoofddorp BV Utrecht NL 821608666B01 100 100City Monumenten Utrecht BV Utrecht NL 002611375B01 100 100NH Haarlem BV Utrecht NL 855813593B01 100 100Cineschalkstad BV Utrecht NL 855814275B01 100 100Utopia Nederland BV Almere NL 804687237B03 100 100Utrechtse Film Onderneming \u2018Ufio\u2019 BV Utrecht NL 003182812B01 100 100Kinepolis Immo Spijkenisse BV Utrecht NL 810523358B01 100 100Kinepolis Spijkenisse BV Utrecht NL 800351575B01 100 100Poland Kinepolis P o z n a n\u00b4 Sp.z o.o.P o z n a n\u00b4NIP 5252129575 100 100Spain Kine Invest SA Pozuelo de Alarcon ESA 824 896 59 100 100Kinepolis Espa\u00f1a SA Pozuelo de Alarcon ESA 814 870 27 100 100Kinepolis Granada SA Pozuelo de Alarcon ESA 828 149 55 100 100Kinepolis Jerez SA Pozuelo de Alarcon ESA 828 149 22 100 100Kinepolis Madrid SA Pozuelo de Alarcon ESA 828 149 06 100 100Kinepolis Paterna SA Pozuelo de Alarcon ESA 828 149 14 100 100Cines Llobregat SL Madrid NIF B651 443 70 100 100Cines El Punt SA Madrid NIF A621 222 21 100 100United StatesKinepolis US INC Michigan EIN 61-1936179 100 100MJR Group LLC Michigan EIN 38-3367945 100 100MJR Sterling Heights LLC Michigan EIN 46-3910496 100 100Switzerland Kinepolis Schweiz AG Schaffhausen CH 2903013216-5 100 100CHANGES IN THE CONSOLIDATION SCOPE The participation of Kinepolis Group in Landmark Cinemas Holding LTD and Landmark Cinemas Canada LP increased from 99.02% to 99.30% in 2021 due to the acquisition of non-controlling interests, without changes in control.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "pp-value-182": { "value": "Kinepolis Group NV", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "pp-value-183": { "value": "Kinepolis Group NV", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "f100469": { "value": "Kinepolis Group NV", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "pp-value-188": { "value": "Eeuwfeestlaan 20B-1020 Brussels, Belgium", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "f100480": { "value": "NV", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } }, "f100483": { "value": "Belgium", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5493002BJQRO0S06F161", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00" } } } }