Morning, everyone. Thank you very much for joining us this morning. I think that if we look back- Your line's open. Nisan, do you hear me, yes? No. You don't. [audio distortion] Excuse me, this is the operator. We kindly ask you to switch off the volume of the webcast. Morning, everyone. Thank you very much for joining us this morning. I think that if we look back. Your line's open. You hear me, yes? Do you hear me now? Yes, sir. This is the operator, and we can hear you well. Okay. Let's start again. Sorry, guys, for the technicalities. Morning to everyone. I think if we look at 2020, this was really the first time ever, with all our odds going back for 90 years, that we have finished a year with a loss, and with a big loss. This is in view, of course, of COVID-19 global pandemic that has really significantly impacted our industry and our company. Our sites are currently all closed but I'm very happy to say that we have announced a few days ago, at 2nd of April, we are going to start our reopening in the United States. That will be followed by the other territories in May and w e hope Central Europe also will be already in May. We'll have probably the whole estate open by the end of May. We have taken a lot of measures, in view of the COVID year. It was really a very hectic year, and nobody believed, and I guess you will agree with me, that nobody even imagined that when we closed down our cinemas a year ago, that this would last for more than two, maybe three, maybe four months. Nobody believed that it would take a year. Here we are, a year later. We are optimistic. We are looking forward to the opening, and we believe that in view of the big success of the vaccination, we will be back to relatively good business and t he third quarter of 2021, we will be already operating on a high level, and going into a very successful 2022. We have secured over $800 million additional liquidity. We also now, this morning, announced an additional $213 million in convertible bonds, that will help us to be in a good shape and liquid enough for the time which is ahead of us. We have waived the group covenants until June 2022. We are really working on all directions, whether it is our main suppliers, of course, the stu dios, we'll go to it later, and landlords, and any other saves in costs that we can do. I will turn it now to Nisan, this will go more into the financial details, and then we'll talk back more about the business. Hi, everyone. Good morning. We'll turn to page number three, the financial highlights. Mooky mentioned before, this year was impacted materially by the COVID. Cinemas were closed for almost 10 months. We started the year very well in January and April. Unfortunately, we had to close the cinemas in the second half of March. Since then, cinemas were closed, with some sort opening in the summertime. We see it immediately in the admission, 54 million admission, which is 80% less compared to 2019. Similar reduction in revenue. Adjusted EBITDA on IFRS 16 was $-116 million. If you look on the adjusted EBITDA on IAS 17, which include also the rent expense, the adjusted EBITDA is $-650 million. The free cash flow, we'll talk about it in a second, in the next slides, was almost $-700 million. Our net debt grew by $1 billion, to $4.5 billion, and adjusted the profit before tax reached a $-1.3 billion figure. If you move to the next slide. Slide number three. Slide number four, the key liquidity actions that we took immediately when we had to close the cinema and the reaction on the pandemic is, first of all, we started to negotiate it with our landlords. We have 800 location across the world with over 400 landlords, and we enter into a negotiation in order to secure rent relief and deferral. Happy to say that we reached agreement with most of the landlords on the date of signing the report. In addition to it, we put a huge control on operating cost, including CapEx. We'll touch about the CapEx in a second but i t was a lot of work around the clock in order to monitor the cost and to minimize the cash burn in order to release the liquidity while cinemas are closed. Discussed with many suppliers in order to reduce cost and also to agree payment plans or some installment plans. I think this really was also a lot of effort was put in here from the operational team, real estate team, the finance team, in order, again, to monitor the cost and to negotiate deals to allow us to, again, release the liquidity while the cinemas are closed. In addition, we furlough the majority of the part-time employee, the hourly cinemas. Some of them get furloughed directly from the government, mainly in the U.K. In the U.S., the system is a bit different. Also in this line, of course, we try to minimize as much as we can. We access government support, and the main support will come from the U.S. government, which allows us to get some refund of $200 million tax, which we expect to get soon. There were also some other government program, mainly in the U.K., which relate to the furlough and to some business rates relief. In Central Europe, there are also here and there some territories that we got some support. I would say not material support in Europe, but some support. In addition, I think this is the main line related to liquidity, we secure together with the convertible bond that we announced. In the morning, we secured over $1 billion additional liquidity and additional $200 million tax refund, which I mentioned before, which expected to be refund in the next few weeks. Some sites which were underperformed or that we have the ability to exit, we do so and w e are talking about 20 loss-making sites. This will definitely support the cash flow, the cash burn, and also the profitability of the business in the long term and w e suspend the quarterly dividend. We paid only the dividend that relate to 2019 in the level of $50 million. This was in Q1 2020. Moving to page number five. This is the income statement based on IFRS 16. We can see here the breakdown of the cost. You can see the reduction and the impact on the revenue, which went down from $4.4 billion pre-pandemic to $850 million. Adjusted EBITDA went from $1.6 billion to $-115 million, and this include also some depreciation and net finance cost, impact of IFRS 16. The adjusted loss before tax was $1.3 billion, and there is a positive tax charge, mainly coming from the fact that we will enjoy from some refunds now and in the future because of the losses that we incurred this year. Moving to the next slide, page number six. This is the statutory profit and loss which is not adjusted on IFRS 16 and t he main impact here is the impairment. It's a combination of impairment of goodwill and impairment of some non-performing assets. One of the factor which caused the impairment here is the discount rate because of the risk, the WACC, what we are using in order to capitalize the cash flow of the project will increase dramatically. This caused an impairment. Some of this will be reversed the moment the business will recover. Some will not be reversed, mainly the goodwill and t hat was the main impact, I would say, from the adjusted figure to the non-adjusted figure. By the end of the day, we reached a profit loss after tax of $2.7 billion. Moving to page number seven. Some overview on the cash flow. The operating cash flow after working capital was $-234 million. This include also some one-time cost and transactional cost relating to the COVID time and relating also to the financing, which we raised. In addition to it, we paid a rental cost of close to $200 million in 2020. Just to remind you that cinemas were open for about three months, where we had to pay full rent. With the negotiation with the landlord, we managed to stabilize it, and the cash rent that we paid was reached a level of $200 million. On top of this, we invested also a CapEx of $247 million. We'll touch the CapEx in a second. To summarize, this gave us a negative free cash flow of almost $700 million. Prior to it, we managed, after really hard work, to reduce the monthly cash burn while cinemas are closed to $60 million. It was step-by-step. It was not immediately happening the first month, and some of the months in the summertime, cinemas were open, and this number was a bit different. With time, we managed to bring the level of cash burn to $60 million, and we enter also into 2021 with this figure. Moving to page eight, I would say this is the overview of the CapEx. As I said before, we entered the year very well. January, February, were really a very good month for us. Positive numbers in terms of admission, cash flow. We move ahead with our plans on refurbishment that you all know. We invested here $120 million of CapEx, which mainly went to the renovation, also some modernization on projectors, which we moved to the laser projectors. Things really looks good. When we acknowledged that the pandemic probably will take longer than what we thought in the beginning, or maybe all the world was thought in the beginning, we started to monitor it, and started to put some, call it, brakes on the car. It's not easy. It's not one shot, we can stop all the CapEx. There are some liabilities, and there are some projects under construction that need to be completed. As you can see in the slide, in Q4, the CapEx went from $120 million in Q1 to $22 million in Q4 and t hat's the level that we are also entering 2021. In one hand, this is not a small amount, $277 million of CapEx, but on the other hand, I'm happy to say that we are entering now the opening. When we are now entering the opening, there are some amazing new refurbished projects that will definitely support us in the short term, and definitely in the long term, while we are looking for additional liquidity. Moving to page nine, overview of the net debt. We started the year with a net debt of $3.5 billion. As we saw before in the cash flow, there was negative free cash flow of almost $700 million. On top of this, we had to fulfill our liabilities on the debt, and we paid net interest rate of $150 million. The dividend, which I mentioned, on the level of $50 million. There was some cost of $756 million related to the financing, advisory fees, and there are some other non-cash moving mainly effects of $47 million. This was reaching us, giving us the level of $4.5 billion, increase of $ 1 billion in debt. We managed to raise the liquidity in order to finance this increase of debt by 1st in June last year by raising $250 million, rest of the world private loan. In November, we raised another $ 450 million Term Loan B facility, and we also prolonged the incremental revolving facility of $111 million. On top of this, we used and withdraw about $370 million, pre-existing RCF facility. That was part of the capacity that we hold in 2020. That's the way we managed to maintain the cash burn and the liquidity in 2020. From covenant point of view, we reached agreement with the lenders to waive the covenant until June 2022. The testing afterwards will be negative EBITDA of 5x. We are also working now and operating the business under some minimum liquidity performance, what we call cash disbursement and covenants. There is a budget. Happy to say that we are working till the budget and even better. We are maintaining well all the covenants that need to be maintained. From rent point of view, we mentioned before, a lot of negotiation, really work around the clock. The average, I would say, deals here is really a combination of cash payment, deferral, discounts. I think the bottom line is, in the end of 2020, there is additional liability of about $350 million rent deferral. This number can be moved bit up and down, depend on some further negotiation. From accounting point of view, we can book, for example, only discount when contract that we have signed agreement, and this is taking time. As I mentioned before, we're talking about hundreds of landlords. This liability will be deferred in an average of three years going forward. Moving to page 10, here we try to build some liquidity update pro forma, what I call. We can see that the cash on the balance sheet in the end of 2020 was $337 million. If we add to this cash, the two cash that need to come still in. One is the U.S. CARES Act of $200 million, which we are expecting to get in the next three weeks, and the convertible bond that we announced in the morning. This is giving us a pro forma liquidity of $732 million. This will be enough to run the business, assuming cinemas are closed, almost till year-end, assuming $60 million cash burn. Saying this, I think as you are aware, we are opening the cinemas. This profile of cash burn will need to change. We believe that with time, and not a lot of time, we'll start to produce positive cash flow and to reduce this monthly cash burn. Some dependency really on the opening, the number of cinemas, the slates, but we'll give further light on this later on. 2021 outlook. Again, I think we have continued to work with a tight cost control and monitoring post-cinema reopening, very important. I think we worked very hard in the last year in order to look again deeply on all the cost lines. Not just the rent that we mentioned, but also there are many other cost lines that we negotiated with suppliers. I'm sure that we'll see some positive results on this in the short-term, also in the long-term. We continue cash initiatives. We are estimating the cash burn while cinemas are closed to remain on the level of $60 million. We talk about the bond that raised yesterday. We are expecting a capital expenditure in 2021 of approximately $150 million. Some of this is really to finish some project under construction. Some is maintenance CapEx, and some are new projects that we'll decide really based on the progress of the recovery. Our target is really cash generation and de-leveraging the business, in the short-term and also in the long-term. Mooky, now to you on the operational highlights. Okay. We're now moving to slide 13. As we mentioned already briefly, the key operating highlights for us were, of course, first of all, managing 10 different territories at the same time where all the business is closed. We had daily meetings, weekly meetings. We had many activities that we have not done in the past. We really, first and foremost, took care of our team. There were different solutions, different cases in every country. Some more government support, some less government support. At the end of the day, I think we've managed to keep the team and really move forward through the year. We have actively negotiated terms and structures, with the studios. Things were changing from day to day with dates. Things that were good for June were not good for September. Things that were good for September were not good anymore December but I think that the dialogue is good. You've all seen our Warner deal two days ago, which we think is a very important step forward. We trust and believe that at the end of the day, the theatrical exclusivity is of the interest of both sides, exhibition and studios, and movie makers. Once the dust will settle a bit and business will go back almost to normal, there will be also much more stability in all the issue of the windows. We have negotiated agreements with most of our landlords. This was also a shocking change for them, and not only with us, not only with the cinema industry, but the retail really had a big turbulence here. Most of our landlords have been very cooperative, understood that this is here, a partnership. We need to remember that most of our deals on real estate are anywhere between 10- 30 years. This is a very long partnership, and this was a year that we really needed help from our landlords. I must say that most of them have worked with us, found solution that were partial abatement, partial deferral, and at the end of the day, we found solution with most of them, and we are still working on it on daily basis. I'm sure they are happy as we are that we are starting to come back. We have made a significant cost cutting, first of all, for the year itself, but not less important, this will also become effective to our future activity and there will be savings. It was really a unique opportunity. I can't say much thing which is positive about 2020, but one time opportunity for the company really to take every paper, every supplier, every action to analyze, do we really need the whole action? Can we cut something there? Can we change prices? Can we change structure, etc.? I think that we are coming out. We were always known to be an efficient company. We were always known to be a company with a good margin on our income but I think that we will come even more efficient, once we come back. Other than that, we are well- prepared with our loyalty program, social media activities, and everything on the marketing side, just for the minute that we will come back. As Nisan mentioned, we will be coming back not only with well-maintained cinemas, which was a challenge of its own, to have something like 800 sites all over the world that we needed to visit, we needed to check. We had a lot of issues of people that are burgling into the cinema. We had a lot of issues of graffiti. We had all kind of things, but we kept the state in a very good position. We are ready for opening. No big damages were done. On the other hand, we have some amazing newly refurb cinemas that the projects were completed, some new builds that are due to open, now with the opening or very soon after and t his keep us optimistic for the future. When we talk about the reopening, U.S. will open from the 2nd of April for about five, maybe six weeks until we'll be fully operational. We are starting on the 2nd of April with Godzilla vs. Kong, which is a huge Warner Bros. release, and we will open some of our big guns in the U.S. for this. We estimate that Israel, who is in a great shape with regards to vaccination, that we will solve the kind of the restrictions with the government, and we will be able to open end of April. U.K. government have currently declared 17th of May for the opening. We will, of course, be ready. We still hope that in view of the success of the vaccination, in the U.K., we might even get the permission to open two weeks earlier but c urrently for us, the date is the 17th of May. Central Europe, which is relatively behind, like all of Europe in the issues of vaccination. We hear now more and more good news about new vaccinations arriving into the market, big pushes being and big effort being done by the local governments. We have reason to believe that sometime in May we will be allowed also to open our Central European operations. This was slide 14, and we are moving now to 15. We have discussed a lot the importance of the safety measures. Now with the vaccination, the risk with COVID is going down, but on the other hand, we need, first and foremost, to let our audience trust that the cinema visit is safe. We said it a couple of times. In the cinema, at the end of the day, you sit for two hours in the same seat. Everybody is watching the same direction. People are not facing one another. There is no movement almost in the hall through the movie. With all the measures that we have taken, and the time that we took training our teams and cinema managers, we believe that CinemaSafe is a successful plan, and it's working well. Even in cinemas that are currently opened, we don't hear of any COVID cases coming out of cinemas. We are really putting a lot of attention to this. This is the safety of our customers, and this is also the safety, of course, of our team. CinemaSafe will be with us for a while. If we move to slide 16, I think that one of the most encouraging things that we have had in the last two or three months is the amazing results that are being produced now in China, in Japan, in some other territories that are already, in a way, over COVID or almost over COVID. We could not ignore in any way that two months ago, Demon Slayer became the biggest movie ever in Japan, biggest ever opening weekend in Japan. Just three or four weeks ago, in China was released a local Chinese movie, Detective Chinatown 3 and t his has topped Avengers as the biggest ever opening in the history for one weekend in a single market. This is really amazing, and I think it shows very clearly what we've been saying all the time. People miss the cinemas. People want to go back. People want to go out. People had a lot of takeaway, a lot of self-cooking at home, but they want very much to go back to the restaurant. People have seen a lot of movies at home, many TV series mainly at home, but they want to go out and to have the experience in the cinema, and really, the China and Japan two records are showing it in a very clear way that this is what's going to happen also in our territories. What is next? We move to slide 17. Reopening, as we said, 2nd of April, w e are going to enjoy a substantial cost saving. We are going to work hard with the side of the safety. We did it very well in the short period where we opened somewhere in September, and we'll continue to do this. We are emphasizing and continuing the dialogue with our partners, the Hollywood Studios. We are controlling very strong now, CapEx and w e are going to enjoy the CapEx that we have invested through 2020 and before that. There are even some cinemas that were just opened end of 2019, early 2020, that we have to enjoy them at all in our P&L. We are going to enjoy them now. This is also a very important thing. We will continue our successful dialogue with our real estate partners, with our landlords, of course, look all the time about the liquidity and the financial health of Cineworld. We are going naturally on the opening to relaunch our very successful Unlimited membership, reminding you that we were climbing in a very good and very positive numbers in the U.S., which was the new Unlimited market for us, and we will go back and emphasize it. This is going to be a great tool that will allow more and more people to visit our cinemas. If we move to the next slide, and the next one is 18 j ust couple of our refurbished cinemas that we have done, and finished through COVID. The first slide, 18, shows us Irvine Spectrum in California, Ontario. Orange County, sorry. This is one of our top cinemas and very successful. The reactions on the few weeks that it was open, in September, were amazing from the customers, and we are sure it's going to be one of the leading cinemas in the United States. We have, in slide 19, another two examples. One is Pinnacle, our hometown, Knoxville, Tennessee. An amazing lobby, which is very, very attractive for our customers. University Town, an example of another project in California, which is a small sixplex, but also is looking like a brand-new cinema. The next one, slide 20, Union Square, New York, one of our flagships again. This was 14 screens, in the center of Manhattan, one of our top cinemas. Everything is completed and ready for opening. It will be now a 17-Plex. We found place to add additional three screens, and we have very high hopes for this project that's it. In slide 21, we have an example of one of our new builds. This is our biggest project, by the way, in the last five years. This is in Houston, Texas. Another amazing project that have all kinds of activities there, including different food offerings. All the formats of the movies are there on the RPX and the ScreenX and the 4DX. Gaming for the youngsters, gaming for the kids, going to be one of the leading cinemas again in the industry. All these investments that were on the way already before COVID, we had to conclude them because it didn't make any sense to stop in the middle and now to start continuing them, are a big asset for us, towards the opening and the results in the opening. If we move to slide 22, there are many questions about the movie slate. I know it is moving. Movies are moving on almost a weekly basis here and there. I think we can say that the lineup starts to stabilize now, and I think if you look at the names of the movies, they are self-explanatory. They are really huge movies for all around, and of course, for us in the U.K., everybody is waiting to see the new Bond. The rumors about the new Top Gun: Maverick are outstanding, and maybe one of the most highly anticipated movies for sure in the U.S.A and worldwide. There are, of course, all the Marvel movies, and the opening movie for us, which is Godzilla vs. Kong. If you see at the end, in December, we have the most anticipated, Matrix 4. Really, one by one, the movies here are very promising. The schedule will stabilize. The deals with the studio will stabilize, and we are going forward with this. I think there is not a better slide to conclude this presentation before we move to the Q&A, is slide 23, which is showing how attractive is going to be the lineup in 2022. Thank you very much for joining us. Thank you very much for listening and w e'll move now to the Q&A. If you wish to ask a question, please press star followed by one on your telephone keypad. If you change your mind and you wish remove your question, please press star followed by two. When prepairing to ask a queston, please ensure that phone is unmuted locally. The first question comes from Kiranjot Grewal from Bank of America. Please go ahead. Hi, guys. Just a couple of questions from me. Firstly, on your rents, could you potentially talk about how long you expect it will take to pay the deferred rents, going forward? Also on that point, has there been any structural change to the amount of rent you'll be paying long-term when it came to those, renegotiations with your landlords? Seondly, could you remind us what the average cash burn was last summer when you reopened the cinemas? The cash burn was higher then versus closure. It would just be useful to know when we're thinking about the initial months of reopening in 2021. Last question, just on that Regal litigation, any color on when you expect that decision to come through and when you're likely to be repaying that amount? Thank you. First of all, with regards to the real estate deals, we are getting the deferrals, I guess in average anywhere between four to five years. There are some that are for three, there are some that are for 10. Depends according the deal with the landlord, it depends on the amount of the abatement, but it's a long-term deferral and favorable for us. Yes, we got also concessions for a further year of some kind of reductions and amendments to contracts in some of the cases, and in some of the cases not. Second question was- Can you repeat- The second. ...the second or the third? The second one was on cash burn, actually, when you reopened in the summer last year. I remember it was a step-up versus when you were closed. Just if you could remind us roughly how much you burnt during those open months last summer, that would be helpful. Look, I think there is a difference between the opening last year, and if I will compare it to the opening we are planning now. I think now there is more visibility on the products and there is more visibility on cost, and the opening will be in a very careful way. In order to bring the business to a situation that will not burn more than the $60 million while cinemas are closed. I think we put a lot of effort, like I said, and Mooky said before, to open the cinemas in a way that will allow us also, if admission will not reach the level that we are estimating, allow us to compensate it by some more variable costs that we manage to get, and by some other saving that will compensate any, I will say, build-up admission that we might see. It's very difficult to point out exactly what will be the cash burn in the opening, but I assume that we can forecast a cash burn which is much lower than the $60 million. Maybe it will take a month or two months in order to start to see some positive cash flow. Again, it depends also on the content, on the movies. This is more or less how I see really the opening of the cinema. As regard to your last question about the Regal claim, look, this is a very complicated legal situation here. We are expecting earliest to get the judgment by the end of June. We believe that by the end of the day, we'll need to find some economical logic solution that all the parties will be accepted. That's I think what we can say right now about it. There are some restrictions that we are working under based on the financial deal we signed in November, which is not allowing us to pay this claim from the current resources. I believe that all the parties here want to reach an agreement, and I'm optimistic that we'll manage to reach some solution. Got it. Thank you. Thanks a lot. The next question comes from Alastair Reid from Investec. Please go ahead. Morning. Thanks very much. A couple from me. You talked in the release about your base case assumptions for, I think, admissions returning. Perhaps could you talk about how that might turn into revenue? Do you think you can get concession spend returning at similar trends, too? Would you consider any ticket price rises? Secondly Sorry, go on. Yeah, please. Sorry. Just the second area I was going to ask. In terms of your Warner Bros. deal, I don't know whether you're able to give any more details or thoughts about the economics of that, in terms of the balance between any impact on admissions versus costs, and whether we should be expecting some similar deals with the other studios in the next few months. Thanks a lot. Okay. I will answer the first question, and then Mooky will answer about the Warner. Look, I understand you are referring to the going concern disclosure, that we had to model many scenarios. What will happen if and then, and to analyze some admission levels. In our best case scenarios, if we open the cinemas with 60% admission, compared to last year. It can be more, it can be less. Very difficult to guess. Yes. I think this really analysis, and that's why we are doing many scenarios. I think that you can estimate that if you're talking about 60% admission, we are referring also to the revenue. I don't see any reason why it should be a material difference. I think it will be a difference if we need to start maybe 60% admission, but 57% or 55% revenue. As I said before, I think that the measures that we took on the cost, at least in the beginning, but also in the long term, will help us to compensate some shortfall here. That's the way I look on this. Even if I estimate that the 60% or 50% or 70% admission, it will be reflected also on the revenue line. Warner. As for the Warner deal, I think everybody will imagine this would be my answer. Naturally, we cannot give any more details from the details that really matters, and these are the number of days. Our deals with the studios have a lot of different points and a lot of different issues between them. This was a deal that was negotiated in a good way between two very longtime partners. We are very happy with the outcome of the deal, and we are sure that Warner are happy as well. The number of days are the most important point, and this was the point that was revealed in the release. Brilliant. Thank you. The next question comes from Ed Young from MS. Please go ahead. Good morning. Thank you. My first question, hopefully simple. With the cash burn you've given of $60 million per month, can you please split that out between EBITDA losses, CapEx and interest, just to give the shape of that, please? The second, on the theatrical window, I won't ask in a different way, the Warner Bros. detail, you've been clear there. Obviously, it does shorten the number of days, as you said. Your peers have signed a 17-day window deal with Universal, which you previously said you don't see any business sense in. I noticed on your 2021 slate slide, you've got some Universal movies in there, so s hould we expect you to make a deal with them? I guess if you don't, how should we think about the sort of impact you'd see on your Unlimited program or on admissions, given that usually about sort of 15% of the Box Office. Then the final one, I appreciate it's a difficult question, just interested in your perspective. You've used China and Japan as comps. They're obviously quite different markets in some ways, and with the sort of less structural PVOD stuff going on. Clearly there's going to be some pent-up demand to go back to the movies. How do you sort of weigh up, you think, longer term, where consumers are between wanting to go back at least once this summer to have the feel of the movies again at the cinema, versus the longer-term admissions trend of where things might change given some of the changes to the windows, streaming, PVOD, whatever. Just interested in your perspective there. Thanks. I will start with the cash burn, and then Mooky will answer about your other question. The $60 million is an average number. Some months can be less, some months can be more. Sometimes the timing of payment. It's a bucket of three main categories. One is all what connect to the financing, interest, and we are paying also some principal on the loan. On demand, this is one bucket. The second bucket is all what connect to the real estate, rent, taxes that connect to the real estate, and things like this. The other bucket is, like we mentioned, CapEx, payroll, and some working capital elements, utilities, and cost lines like this. I think the big picture, if you want, the division is about fair serve and fair. Again, some months can be more here, less there, but that's more or less the average, I would say, fair to each bucket. I can ask him with regards to Universal. I think here the situation is very clear. We are talking to Universal. We don't have a deal with Universal yet, but it doesn't mean that we are not showing their movies. The 17 days for smaller movies and the 31 days for the bigger movies for Premium VOD, for the Universal window, is a given at this stage. It was agreed with Cinemark, AMC agreed on 17 days, then Cinemark made it 17 and 31, two categories. This is existing there, and we can show the movies that we want to show. We are working with Universal on an agreement that will also cover international, will also be dealing with future. I believe that we will reach not only with Universal, we will reach with other studios agreements, in the coming weeks and w e'll see how this will go. This is the standard currently for Universal Movies, in the U.S. Talking about the future in the numbers, I would say that my estimate was that this industry, that have reached in 2019, a record year of all time of $43 billion income, would reach $60 billion before 2024. This is in view of great growth in the developing markets and the still growing markets. On the other hand, the massive improvement in the U.S. market in the qualities of the cinema. Now it probably will not be in 2024, maybe it will be a bit later, but I remind all of you that the avenues in the cinema business have grown through the years, almost every year. Some years they were a little bit flat, some years they continued to grow. At the end of the day, as we say, people want to go out. People don't want to stay at home. We need to remember that there's going to be a relatively kind of recession probably in the next two years in the world because of COVID. Cinema is still the most affordable entertainment outside of home and always performed well in times of economy slowing down. I think that we can be expecting 2022, that we will be back close to the levels of 2019, maybe a little less, maybe a little more, but subject to the movies, of course. At the end of the day, as long as theatrical exclusivity is kept, in a way, we are going to do well, and the people will still run to the movies in the cinemas. Also for the studios, it is clear that the rule is that the more the movie is successful in the cinemas, then it is more successful and more popular in all the auxiliary markets and also in the other versions of merchandising, entertainment parks, etc. Great. Thank you. The next question comes from Richard Stuber from Numis. Please go ahead. Hi, good morning. Just two questions from me, please. Could you just confirm what your available liquidity position is now? I guess on the slide you said you had $ 337 million of cash at the end of December. Could we assume it's down another, say, $ 180 million or so, at this point? Can you confirm what the minimum liquidity covenant is at the moment? The second question is, in your discussions with the landlords, has these discussions led to more turnover-based rent negotiations? If so, what proportion of your rents now, or will be on a turnover base? Thank you. For the liquidity question, you are right about the calculation. I would just add another factor that we raised yesterday night, another $200 million to the current position, which will come in the next week or two, probably two weeks. There is some formal process to complete. As for the landlords, we cannot go too much into details about our deals with the landlords. In general, I would say that in the coming two to three years, we are going to have concessions from landlords, some of them more based on turnover, some of them more based on reduction on the minimum rent, etc. We all hope, including the landlords, that somewhere in 2023 or 2024, there will not be a need for this anymore. We are analyzing it deal by deal. We have almost 800 sites, so we have almost 800 contracts on real estate, and they really differ from one another in many ways, including 20 or 30 cinemas that I guess we will lose in this round, which are cinemas that have not been performing well for us anyhow. We were able to reach agreements with the landlords to take them off our portfolio and for the landlord to turn them into something else, which is not a cinema, and some other activity. Yes. Thank you very much. The next question, come Ali Naqvi from HSBC. Please go ahead. Hi, good morning. I just wanted to ask, you've not given a view on as to what happens to the royalty rate going forward. I know the window is shortening. Do you expect to pay the same sort of level of royalties that you have in the past going into the future? Second question on cash burn, maybe thinking about it another way. In terms of the basket of costs that you have, what changes? As in, will you start to pay rent? Will that start to increase going forward? How should we think about those baskets that you've categorized in the release today? Finally, on your CapEx, could you give the split in the first half and second half, and how much of it is actually contractual versus your discretion? We start with, studios again. As I said, there are many aspects to the deal with the studios, the days in the window, the royalty rate, the marketing, other splits, and other aspects of the deals. We cannot go into this, and we are not going to comment any more about the deals with the studios. Secondly, the saving in the costs, they are coming from various directions. As I said, almost every piece of paper in the company was checked, and this is, in a way, in some cases, new structure of operation from number of people. In some cases, there are improvements in energy saving and costs on that side. There's a big amount of money which is going into IT, different contracts and maintenance. There is a big part on maintenance. Every aspect in the business was visited, and we are going to have material savings. Just as one example, which has nothing to do with COVID, but we have installed prior to COVID, somewhere more than 1,500 laser projectors in our estate around the world. Each projector like this is saving something like $2,000-$3,000 a year in electricity. We haven't enjoyed it yet because we closed down for COVID somewhere where we finished this laser installation. It's one just top of my head examples for the savings. There are going to be significant savings, and we are going to be very active as we always been on the marketing side, on the offers that we give our customers, and we are going to be even more efficient than we were before. Yes. Maybe about the CapEx, Ali, you mentioned. I think that, look, the moment we realized we are entering into the pandemic and it's going to take long, we stopped almost all the new CapEx. We didn't start new project or new renovation. We had to deal really with the project that are under construction and to deal also with some liabilities that were in queue on some projects and projectors that Mooky mentioned that we bought. Okay. The next question comes from Natasha Brilliant from Citi. Please go ahead. Thank you. Thank you for taking my questions. If I could just, for five seconds, if I could just come back to the cost savings you've talked about, and whether it's possible to quantify the level of structural cost savings that you've identified. If we look forward to when we're back at the same level as 2019, where do you think the margin will come out versus the 2019 level? Second question is on CapEx. If we look to the medium term, and coming back to your comments about the market getting to $ 50 billion, I think the story pre-COVID was around a multiyear significant CapEx program, from you. Would that still be required? Would you anticipate increasing your CapEx back up to the sort of $ 300 million-$ 350 million a year in order to drive that growth? Final question is, as you look at U.S., are there any other sites that you could potentially identify to close through the balance of this year? Yes. I think for your first question, to quantify exactly the saving is very difficult. Cinemas are closed now and we negotiated contract. We need to see the realization on this when cinemas are open. It'll depend on the volume of admission, and depend on many other factors. I can say that it will be a material number. Definitely a number that will support the liquidity in the short term, but also in the long term, we need to be a bit patient. I think Mooky mentioned we are estimating to go back in 2022 to the level of EBITDA and margins as at 2019. Again, can be a bit low, a bit high. We need to be a bit patient and to analyze it in the next few months. About the CapEx, I think we said that we plan to invest in 2020, $150 million of CapEx. This can be as well monitored and can be reduced if we see that the opening is not like we expected or if we will see some more, I would say, difficult times. I'm not assuming this will be the case. I think that for this year, this CapEx will allow us to keep the growth that we have because there are many projects that we invested in 2019, not to talk about 2020, that we didn't enjoy a penny. I think this 2022, I hope that we'll realize also all this benefit from the CapEx that we invested in the last two years. If you can remind me the last question, please. The last question was just on further closures in the U.S. Yeah. We closed 20 sites, 20 losing sites. Look, we are analyzing a lot the markets. The U.S. is a big market. There are many analyses, right? How the market will look like, how the industry will look like. If all the cinemas will be open, yes or no, very difficult to say as well. I think also here it's something that we need to wait a bit to see how the market is recovering. We might enjoy here and there, we need to be patient and look very carefully on our sites. We'll analyze also going forward. Look, we are doing it all the time. It's not that we wait for the pandemic and decided to close now. It was part of our plan. If you look back two or three years ago when we acquired Regal, we said that we'll probably close some losing sites. The pandemic probably make it a bit faster. This is all the time under control, and we are looking all the time on the sites and analyzing any possibility that will be benefit for us. Thank you. The next question comes from Owen Shirley from Berenberg. Please go ahead. Morning, guys. Thanks for taking the questions. Three, if that's okay, please. The first is, just after the $ 200 million odd bond or convertible that you're placing today, what's the latest blended interest cost across the group's debt? Secondly, if I could follow up on the last CapEx question. On the proviso that revenue and EBITDA is at sort of 2019-ish levels in 2022, what kind of CapEx would you expect to spend? Thirdly, how do you think about prioritizing investing in the business and versus de-leveraging the business versus paying a dividend over the next few years? Is there a net debt number you would want to get to or a leverage figure you'd want to get to before considering scaling CapEx up or before reinstating a dividend? Thanks. Okay. I think as for the bond, we are not disclosing really the interest. I can tell you it's a one-digit number. By the end of the day, if you look, we raised $200 million, but it's coming on top of $4.5 billion that we currently have so t he blended interest will not be affected materially. Yes, it's really a minor impact on the overall interest rate we are paying. About the CapEx of 2022, and I think it's also related to your first question about deleveraging dividend. Look, a lot depends how the recovery will happen. It could be a fast recovery like we want and like we estimate, and really 2022, we start to see that the recovery is really going on the right place. We might speed up a bit the CapEx, we need also to remember that as a business, we don't think that this level of debt is the level that we need to live in, and we need to find the right opportunity and the right time to reduce this level of debt and i t can come on some CapEx future investment. Yes, we need to analyze it, I think, with the time. We said all the time in the past, I can repeat it again, we like to be in a net debt to EBITDA on the level of something like three times. Definitely the level we are now is not the level we think is the right level but w e need to wait and see how things are developing and how fast the recovery is, and this will impact really all the lines that you mentioned, CapEx, dividend, and also deleveraging. If I could ask a follow-up. Would you say you don't expect to pay a dividend until you're under 3x? Look, currently, we are restricted to pay dividend by the new financing which we took. I believe this will be eliminated the moment we start to see the recovery. Look, our goal and I think the board, we need to analyze it again and to think about it. The goal, of course, is to come back and to pay dividend. I think it will show that we are going back to normal business. Yes? That's the goal. I think the board will need to sit and analyze all the full picture and the liquidity and the leverage, and to take the right decision. Okay, thanks. The last question for today's call is from Harry Gowers from JP Morgan. Please go ahead. Yeah, morning, gents. Thanks for taking the time. Two quick questions, if I can. The first one, just on all of your territories, if you can you give some kind of idea on the competition, maybe post-COVID? Will there be a percentage of the supply, presumably independents, that don't open back up? The second one, just on the reopening, it'd be good to get a sense of any kind of reopening partnerships or schemes that you might have in place to try and drive footfall and mindshare to get consumers back to sites when they reopen. Thanks. First of all, we will work very hard in order to get consumers back. We feel from the reaction that we got back in September, and we feel from the reaction that we got in our announcement two days ago, that our hardcore customers are really approaching us. Already, all our website is full with questions. When are you opening? Which cinemas will open first? Why my cinema is only open later, etc.? People are very enthusiastic to come back. We will, of course, have national supports, first of all, from the cinema organization in the U.S., which are working on their own marketing side. We are working in a big way in the digital arena and in our website. We need to remember that we have more than 12 million loyalty customers in the U.S. We have more than two million loyalty customers in the U.K. We have a lot of customers, loyal customers, that we can approach directly also in Central Europe and in Israel. We are using all these tools and emphasizing a lot to our Unlimited, which is the heavy users that we have, customers. We are very visible industry, as you know, and good news are traveling fast. We believe that within a few weeks, we will be already having the full awareness that we have opened back our cinemas. Second question was? Competition. We can see what we hear in the media. There are changes in competition. Some smaller players might not even come back, unfortunately, from this COVID. If we look at the big circuits, I think they are publicly traded, and we can learn from what is the situation there. We are really concentrating on the side of Cineworld, but there are also all kinds of at least promo and public relations cooperations with competitors. Thank you very much, guys. Okay. Thank you very much. Thank you. This concludes the question- and- answer session. I would like to turn the conference back over to Mooky for any closing remarks. Thank you. Guys, again, thank you for the time, and thank you for the patience to listen and be with us today. I think our main message is that we greatly believe in the cinema experience. As long as we give the quality and the right quality to our customers, we will continue to offer the special formats that we are doing so well and so successfully with, IMAX, with 4DX, with ScreenX. There will be many new 4DXs and many ScreenXs that are in the market, and many that we just operated for two or three months prior to the closure, and this will also be positive for us. When we say that our strategy is to be the best place to watch a movie, we mean that, and we are sure that this will bring us back to successful operation until the end of the year. Thank you very much for joining us. This presentation has now ended.