Ladies and gentlemen, welcome to the Cineworld Group 2021 preliminary results call. My name is Emma and I will be the operator for your call this morning. If you'd like to ask a question during the question and answer session on today's call, you can do so by pressing star followed by one on your telephone keypad. I will now hand you over to Mooky. Please go ahead. Hi everyone. Good morning. Welcome. Thank you for joining us. Really a very important day for us announcing our results for 2021, where we finally see the business turning around. It started, as we all know, after 2020 with few months that we were still closed all over. Started reopening somewhere in April and moved forward until somewhere in the summer, we were fully operational, but still under all kinds of restrictions, differing between all the 10 territories where we operate. After a relatively slow quarter, the last quarter of the year really started kicking off the business. Early October, we had No Time to Die, and the end of December, we finished with Spider-Man: No Way Home, which is currently the fourth biggest movie ever. In the U.S., I think it is the third biggest movie ever, of all time. Really the strong impact of these big movies coming back and really the way we saw how eager our customers to come back to the cinema were gave us a very strong push and a good reason to believe that we are on the right track. Omicron slowed it a bit in January and February 2022. There was no big movies and we never know, you know, it's a little bit the case of the chicken and the egg. Omicron really went wide. But fortunately enough, the cases were not so difficult. Number of hospitalizations as a result of Omicron were much, much lower. Today, you know, early March, where we started Batman, we have almost no restriction at all in any of our territories. There is no need for vaccination proof anymore. Almost no need for masks in most of the cinemas around our territories. We really see people are coming back to all kinds of movies, you know. Of course, The Batman and these worlds, which are the big, big blockbusters, but we see great results for family movies. If you look at Sing 2, this was delayed a bit in the U.K., and opened just now and performed amazingly well. A lot are talking about the more mature audiences. I will refer you to the results of movies like Belfast in the United Kingdom. I think that we are on the right track and looking forward to a very strong lineup, which is coming as of April until the end of the year. We had a lot of key issues that we need to deal We needed to deal with in 2021. On the side of the commercial side, mainly, the studios and our landlords, I think we're in a good position there. We have. We can say that we, the new normal window is around 45 days. The big movies we know already from the studios will have even a longer window. Some of the movies will have a shorter window, but in general, I think the whole COVID experience taught us and taught the studios, because at the end of the day, it's partnership that the best way to see income from the big movies and from the movies that they are, is first starting with the theatrical. The second key management action was around the operational measures. We had to be very, very careful with cash. This is the name of the game. We really had very strong cost reductions all the time that we were closed, but most of the cost reductions are there to stay with us also for the future, and this is a very strong message from our point of view. Financial initiatives were a key thing, and really securing additional financing, covenant waivers and everything that was around this. Now, as I said, we are well positioned to really welcome the great lineup which is coming ahead of us, and we will talk about it at a later stage. I will move it now to you, Nisan. Thank you, Mooky, and good morning, everyone. We start with the headline of the financials. You can see that we split the year into two. First half, where most of the time the cinemas were closed. We just opened somewhere in May slowly. It's reflected in the number, you know, it's $40 million admission and adjusted EBITDAaL -$103 million. But we can see clearly that when the cinemas reopen in May and starting slowly to receive the supply of the movies, it's definitely reflected in the numbers. We reach revenue of $1.5 billion and positive adjusted EBITDA and also positive adjusted EBITDAaL after leases of $158 million. The full year also, I would say, numbers are positive, and you can see that we managed to achieve $1.8 billion of revenue and $54 million of adjusted EBITDAaL after cash leases. When we move to the next slide, this is the full income statement on adjusted basis, IFRS 16. I will point here maybe to a few lines, which is depreciation and amortization that went down from 2020 compared to 2021, mainly because of some impairment that we took in 2020. Interest cost went up, one, because the debt increased, and it's allocating some more interest to pay. Also, there is the element of interest on leases and all that connects to the WACC, that there were also some impact on the net financing cost. There is a credit tax charge of $167 million due to the losses that we carried in this year. I believe that we managed to use these losses in the next coming years. The bottom line, the adjusted loss is lower than 2020, $656 million compared to $930 million. Next slide. If you look on some KPI results, average ticket price on group level went up by 8.8% to $10. In the U.S., which is the largest territory for us, we see also an increase of 6.4%. It's a combination of few things. One is the premium formats, the 4DX, the IMAX, the ScreenX. Mooky will talk about it later on in his section. There is also the element of the type of the movies, the big blockbuster and some blockbuster tax. By the end of the day, this increase is material, I would say, for our going forward results. If we move to the next slide, the spend per person, what we call the results in the retail and the concession. We can definitely see here very encouraging numbers on the group level and also in the biggest territory, the U.S., almost 30% increase. This is really encouraging. It's not just impacting the revenue lines, it's also impacting positively the EBITDA. This revenue comes with a high margin. In the beginning, we thought it was really a good surprise, I would say. It took us a bit of time to, let's say, come to a conclusion if this is something which is sustainable. I'm happy to say now, only eight months after cinemas are reopened, that we see the numbers strong. This is, again, people are buying more, people are buying big. This is, I would say, a very promising KPI for the future model of the business. Next slide. The liquidity action, I think, in 2021, similar to 2020, we worked a lot on the liquidity side of the business. We raised $400 million of liquidity, part is convertible bonds, part of term loan. We received other $200 million of US CARES Act refund. We managed to defend $92 million of the dissenting shareholder out of $265 million. We also work a lot on the cost side for operating expenses, CapEx, negotiating almost with, I would not say all, but over 80% deals with the landlords already done. We secure the rent relief and deferral. We work again in the last two years, we have worked a lot on the permanent cost reduction, and it will be impacting the going forward results of the business. We'll talk about it in a second. We move to the next slide. The second half of the cash flow of the year. We are showing the second half because this is really the time cinemas were open. It's interesting to see that if we look on the cash generated from operation after rent, after we pay really the cash leases, the company generates positive cash flow of $131 million. If we take into account also the other element of the cash, which is CapEx and interest, the company burned in six months $89 million. Again, it was not the six months that cinemas were fully operated. The beginning was we have some lack of movies, so I think that the bottom line, I think it's this slide is showing a strong cash flow generation position. We are also mentioning here what we said, by the way, in one of our RNS in the past that look specifically in Q4 where we have in October, Bond, and in September, Spider-Man, the business generate a positive cash flow after CapEx and after interest. The next slide, please. Looking on the net debt. The net debt increased by only 5%, which is $220 million. It's not a small amount, but if you compare it to 2020, the net debt increased by almost $1 billion. I think this is really a material improvement, showing that in a challenging year, we managed to keep the debt more or less on a similar level of last year. This was, of course, supported by the tax refund that we got. I think the bottom line is encouraging to see that only with six months of operation, and again, numbers of admissions grew up gradually, the business managed to maintain more or less similar net debt as we started the year. Next slide. Cost savings and initiatives are very important. We invested a lot of management time in the last two years in order to renegotiate deals, and I'm happy to say that now, after only eight months of full operations of the business, we can better estimate that what was difficult to estimate maybe six months ago. We are seeing now between $50 million-$75 million of net annual cost savings. This is partially offset by some cost inflation, mainly on payroll and energy costs. You can look on the slide and see that the saving is coming from almost every line of costs, either G&A, either repair and maintenance, payroll within the cinema, out of the cinemas. I think this is very encouraging. It's not the last, I would say, level of cost saving. We'll analyze it, I think every quarter probably, and I hope this number will be able to grow. This is encouraging to see that, despite some cost inflation and some energy pressure that we are facing, mainly in the last few months, the business is in a good stand to save almost $75 million on an annual basis. Next, please. Financial outlook. I think that we are now well-positioned, really to benefit from the strong movie. Mooky will talk about the slate, but it looks like that starting from April, there is a very promising line of movies in front of us. We continue to improve the revenue per customer in all aspects, either in ATP, either in SPP, working hard also to improve the advertising segment of the business, tight cost control and the mitigating structural costs. Again, we are not resting in this and, investing a lot of management time to find all the time ways to keep the costs down as much as we can. Of course, not impacting badly the services that we want to give to our customers. We are targeting to generate positive cash flow. We did it already in Q4 last year. It was very encouraging to see the business generating cash. Our goal is to deleverage in 2022 and also to look into some debt refinancing. It should come also with the industry recovery. The capital expenditure that we are expecting to have this year is approximately $150 million. It's a combination of maintenance CapEx but also some sites that are under renovation. It's important to keep investing. We are very happy with the results that we see in the cinemas that we renovated till now. We are enjoying from it from all aspects. These CapEx have a very promising return. The dissenting shareholder, we managed to defer the payment through the all first half of the year, talking about $92 million. To date, we paid $33 million, and I think in the second half of the year, this issue will be behind us. The last point, and I think also the next section, the business update, Mooky will take the lead. Thank you, and I'm waiting for your Q&A. Okay, thank you very much, Nisan. The last point I would say in Nisan's slide is really something that all of you are very interested in, and needless to say, it's a very important issue for the company, and this is the court decision in Canada that granted Cineplex CAD 1.23 billion as damages. We for sure, with all due respect to the Canadian court system and the judge that was sitting in our case, strongly disagree with this judgment, and we are really backed by strong opinions from our legal advisors. We have added to the case another law firm to join our expert lawyers because they are really their expertise appears. I think that we can say quite confident that we strongly believe that the Supreme Court or the High Court there in front of three judges will reverse the decision. You know, we say very openly in our report if it's not going this way, we don't have the money to pay, so it's not an issue that can go. This will become an unsecured debt. I will say again, we are very positive about the results. We have learned the judgment very deeply, and we are working with our lawyers. We have already submitted the basis for the appeal to the court. This is according to the way it is being treated in Canada. We will need to submit, probably by the end of April, the full, detailed appeal. Of course, the other side will have some time to answer. They also decided to cross-appeal the decision. I think, you know, it's rare, you know, at least I'm not aware, of a case that someone wins in court CAD 1.2 billion then cross-appealing it, and I think it says a lot in the subject. In any case, we will need to wait for the court. We want it to come as early as possible because we are positive and optimistic about the results. We will need to wait patiently, and see what the three judges that will be coming from the High Court there will decide. Next slide. Okay. Really the operational highlights, if we go back, is the reopening and the recovery was a huge challenge. Going back, recruiting thousands of employees, a lot of issues in the labor side of the business. At the beginning, was very difficult to recruit. Now we are in a good position already. We had people that left us. We were closed for about a year and a half, and we need to recruit new team. We are in a very good shape now, and we are really ready, as we said, to greet more and more customers like we did in December for Spider-Man in the coming months that are ahead of us. Customer experience. We are continuing to extend a lot of our food and beverage offerings. We see really in the SPP growth. There are a few reasons for the SPP growth, as Nisan mentioned, but really, in a big way, we can say people missed the popcorn and the Pepsi and our really continuous partnership with Pepsi in U.S., U.K., and Central Europe is important for us. We are coming with our new offerings. First, our very successful cooperation with Starbucks in the United Kingdom. We are now starting to open Lavazza coffee shops in our cinemas in the U.S., and we have great success with the alcohol bars also in the United States. This section of the business of the food and beverage is going very nicely, as you saw, and encourages us with the results for the future. Third point is technology and innovation. Cineworld was always having as part of our strategy is to lead with technology, with the quality of the picture, with the quality of the sound. We believe very much that we should bring a great experience to people that are going out of their home and want to have some good time in the cinemas. We currently have, as you can see, very impressive numbers of IMAX cinemas, 4DX, which is a phenomenal success. ScreenX just starting to grow because all these formats need also the support from the movie makers. I think all these formats are being embraced by the studios now and by the movie makers, and it is doing well for us, very well for us. We have invested already until today, and this was done, the decision was done before COVID. We... Maybe the timing was not the best, but we are already enjoying 2,000 next-generation laser projectors. Not only that these projectors are giving great strong light possibilities on the screen, but it has also very considerable operating savings. There's no need anymore to change lamps, which is a big cost. It saves a big amount of electricity. It needs much less air conditioning in the booth, so it's again energy. It's really a very good move, and we really see dramatic savings, I would say, around this investment. We have also a very good increase in the online ticket sales across all our territories. Expansion and refurbishment. We had seven sites refurbished in 2021. Altogether, we have already 14 sites in the U.S. As Nisan said, the reaction from the audience and the results of these cinemas is only improving. It takes some time for every refurbishment to mature, same as a new cinema, but we are very happy with the results that we see. I would say it was one of our difficult decisions whether to continue the refurbishment through the time of the closure and through the COVID time. We took a very hard decision here to continue with the projects we were doing. Of course, we didn't start new projects until the things started to be clear. Currently, we are again refurbishing a bit slower than what we planned. We need to be very careful with the cash. When we see the results and when we see the return on investment, we are continuing, and we hope to accelerate once the cash flow situation and the debt will be starting to go down. We will even do it faster. We have closed 25 underperforming sites through the COVID time. Some simply contracts ended, and some we reached agreement with the landlords to close. We have opened 10 new cinemas, which were of course planned prior to COVID, and the timetable, as you know, in the new projects is not in our hand, but in the hands of the developers. We have worked very close with the landlords. As you can see here, we have more than 85% of the landlords of the cinemas already under agreement. Landlords worked with us. The partnership with the landlord is very long. We have some landlords that we have relations for 30 years now. The deals in this industry are going anywhere from 10-25 years, so it's really a long partnership, and I think that most of the landlords really helped us and supported us. We have some cases of litigation, unfortunately, but I hope they will be settled soon. Some are still under negotiation for various reasons. I think the main issue with the landlords is already behind us. Next slide. If we look at the recovery, this is an interesting slide because it takes us really, you know, we see the 90%. This is 90% of box office and concession revenue versus 2019. October, thanks to Bond and thanks to other movies, that were there, like Dune, for example, but not only Bond, we reached 90%. November slowed down. Unfortunately, Top Gun was poSPPoned. There are always in life, as you know, pluses and minuses. We lost Top Gun in November. It cost us, as you can see, but we are gaining Top Gun in May. You know, we didn't lose it completely, and we are now looking forward to have it, in two months' time. December, with Spider-Man, we reached 88%. Omicron has changed our plans a little bit and our forecast in January and February. But we see, and here we see the first two weeks of March, 86%, thanks to Batman, thanks to good increase in the SPPs. From there on, we believe that we are going for a very strong lineup as of April, and this will be seen in the results. I think we are really looking forward now to the lineup, which is going to come. Next slide. Okay. Now, in Cineworld, we are running every few years survey, which we decided to share with you guys. The last survey was done in January 2022, immediately after the Spider-Man and the great December that we had. I think we can learn a lot of it. If we look at the number of people that were saying back in September 2014, if we take it and said, like, "I go to the cinema for the quality of the viewing experience," 73% were saying it in 2014, now it is 82%. I love the shared experience. You know, we always say that going to the cinema is not only the big screen and the big sound and the outing, it's also a big social event. To see Spider-Man surrounded by 400 people is a different experience than to see it at home with three, four, five family members. If in September 2014, the view that I love the shared experience was 54%, look what COVID have done. We're now 67%. And we hear it a lot from our customers that they want to be together. People want to see one another together. Well, same for restaurants and for other activities, but in the cinemas, it's really, very, very impressive. Same as the next quote, which I go to get away from it all. Good way to run away from COVID is to sit down with a friend or with a partner or with the kids in the cinemas, watch the big screen. It's safe. If it was 43% in 2014 or it was 45% in 2019, after the huge year in the business, it is 64% in January 2022. Next, slide. We have here another two examples, and they are really speaking for themselves. One thing that we love very much is that I would like to go more than I do. The numbers really are safe, explanatory, and really giving a very good impression of where the people are in their view and the fact that they love going to the movies, and they want to continue going to the movies. Next slide. The continuous refurbishment, I mentioned already, we have already 14 refurbishments completed in the U.S. Among them, some of our flagship cinemas, Union Square in Manhattan, Irvine Spectrum in California, but many, many more. At the Emeryville location in San Francisco, there are big cinemas that were taken care of. As we were saying all the time about Cineworld, and we said again about Regal, these two circuits have some of the best location in the world for cinemas. Many of the cinemas, after 25 years or 30 years, were a bit tired, needed a freshening up. You can see here just with the small sample of the photos, you know, how it looks now, what kind of experience people are getting now in the cinemas. We have now 10 additional projects that are on the line, and all these projects or most of them are including some of the formats or all the formats, which are the IMAX, the ScreenX, the 4DX, the premium large format that we have and many more. Same goes for the new offerings of food that we are now starting in the U.S., knowing that our cooperation with Starbucks in the U.K. is so successful. Really the customers are embracing these cinemas in a big way. Next slide. Okay. The rollout, as we mentioned before, continues. We do not control the timetable, but we opened seven new sites in the U.S., two new sites in the U.K. and one in the rest of the world. I think that in general, we are going to enjoy all these new cinemas in 2022, and eight new sites are about to be open in 2022. Here we have two sites in the U.S. that are very close to completion. One, I think, is opening next month and the other one in June. Five new sites in the U.K. and one new site in the rest of the world, which is already opened. It belongs to 2022. I think we have a lot more attractive cinemas here that will serve our main goal, and this is really generating back the cash that we need into the business. Next slide. The strategy that we so much believe in, we are just as a summary, continuing to be an innovative operators. We really go to the new formats. We are changing a lot of things in the cinema and also in customer services, and we think we are on the right track there. Best cinema experience that we are further expanding. Diversity of the revenue base, we have all kinds of initiatives that are going well. With, for example, developing now more and more the in-cinema gaming in the cinema, in the entrances. We have very big lobbies in the United States, in the cinemas, and we have now new video games and attractions for the youngsters and for the kids to play, and we see great results from there. Really we are trying to get more of what we can from the cinemas that we have. We are continuing our expansion slowly but surely with new sites and the refurbishments. Next, slide. Just summarizing here, what we see at this stage is future of the cinemas, so is improved retail offering all the way from coffee to bars, B-Fresh, which is a kind of a more health drinks, which is very popular now. We are going to the new premium formats and the great premium formats that we have, IMAX, Superscreen, RPX, which are our own large formats, and of course, ScreenX and 4DX, which are so successful. We are looking at the new technologies and investing in new technologies like the laser and all kind of apps activities that we are developing on both sides of the ocean. Of course, the famous and the strong Unlimited offering that we have, including our members club, there's the Regal Crown Club and My Cineworld. All these are very important tools in our marketing and in our accessibility to our customers. Numbers of Unlimited, which naturally went down dramatically for COVID, are growing now again. Really movie lovers, we always say that Unlimited is not a bargain, Unlimited is a solution for movie lovers that want to see more than two movies a month. We start seeing it growing, and it's a very important base of customers for us. In the next slide, last but for sure not least, 2022 film slate. Started first quarter, as we mentioned, was not as strong because of Omicron, but still Batman, you know, smashed the box office with an amazing result. We still have Lost City in the end of March, the new Sandra Bullock. Look what's going to happen in Q2 2022, as of April, there are coming big movies, one after the other. Without really lowering expectation from all the movies there, we must say that it's very rare to have in one quarter three mega blockbusters, which are here, Doctor Strange early May, Top Gun end of May, and Jurassic World in the middle of June. Really a great quarter is coming ahead of us. Look at the second half of 2022 in the next slide. It is, we cannot say even getting better, but maybe it's even getting better. We have two huge Marvel titles here, Thor and Black Panther, the second Black Panther, which is coming. We have an animated Spider-Man. The first one was very, very successful. As you look at it, give you a few minutes to just get your own impressions. Ending the year with what can we expect more than Avatar, the second chapter is coming. There are additional three Avatars under production. I can say that we saw already some pieces of the new Avatar in a special presentation that we were invited to. It's looking really outstanding, and we really have very, very high hopes for Avatar, which is going to be the last big release of the year. We need to look also forward. As we know, this industry is easier now to predict in the era of the sequels. There are probably many, many great movies that are original, not sequels, that will be coming in 2022 and in 2023 and beyond. All kinds of movies that I'm just remind one, you know, like Bohemian Rhapsody. We had it in the lineup. Nobody expected this movie will do the amazing numbers it did. When we look into the future, the sequels are really giving us the main base, I would say, for the future. The list here is really self-explanatory. I already mentioned that there are another three Avatars on the way. There are new Star Wars on the way. Indiana Jones is coming back. Mission: Impossible has next movie in May 2023, and another one is now under production. Many more Marvel titles, DC titles, and, really, I don't know, the list is almost endless. You have here in front of you some good choices of the movies to come. At this stage, I will thank you for listening to me and to Nisan, and we will be very happy to answer any questions. If you wish to ask a question, please press star followed by one on your telephone keypad. If you change your mind and wish to remove your question, please press star followed by two. When preparing to ask your question, please ensure that your phone is unmuted locally. To confirm, that is star followed by one to ask a question. If you wish to ask a question, please press star followed by one on your telephone keypad. If you change your mind and wish to remove your question, please press star followed by two. When preparing to ask your question, please ensure that your phone is unmuted locally. To confirm, that is star followed by one to ask a question. The first question is from the line of Alastair Reid with Investec. Please go ahead. Morning. Yeah, thanks. A few from me, please. Firstly, can you just touch on how you think you've been performing market share-wise in the U.S. over the past few months? Then secondly, could you expand a little bit on your plans on ticket price inflation from here? You know, what is the scale of that sort of blockbuster tax uplift that you're sort of applying? What proportion of admissions could potentially see that tax? Then lastly, can you just remind us what cash payments for deferred rents you expect this year and next? Thanks very much. Okay. We'll start with talking about the market share. We are already back to the market share that we had in 2019. We had relatively slow start with regards to market share, because we need to remember that our competition took the decision not to re-close the cinemas back in October 2020 when Bond was poSPPoned. We took the decision to close down the cinemas again in view of the lack of product. We saved a lot of money. I think it was a great decision and was important. As we were closed and our key two competitors were still open, naturally people that still were going to the cinema, some of them changed their habits, got used to another cinema. At the early opening, we felt a lower market share. We are back now. We had an amazing market share on Spider-Man, and now again in The Batman. I think our market share in general in the U.S. is into the positive direction. We will be doing a higher market share than we did in 2019, in 2022, and for sure in 2023. This will come as a result of the new cinemas, of the refurbishments and also the special formats, which are also giving us a higher ATP. As for the inflation and ticket price, look, we cannot ignore the fact that although we made amazing savings in the cost, we have a lot of costs that went up much over the inflation. One of them is very significant for us, is the hourly rate that we need to pay now to employees. There are some states that we had to increase the hourly rate by 25%, 30%, even 40%. This is part of the market. In order to get employees, we had to do it. This is going to stay with us, as we know salaries are not going down usually. We had a lot of, a relatively big increase in energy costs. We need also to think about the losses that we suffered in the last two years and, a higher, cost of, interest that we need to bear. All this coming together, and not only for Cineworld, not only for the cinema business, but all over the world, is creating some of the inflation that we are experiencing. In general, we are still the most affordable entertainment outside the home. If there is a change here and there, which is meaningful for the results, if we increase the ticket price by $1 in the States, it's something like 10% increase. But we are not rushing with it. We are very, very careful with it. This is one of the reasons we decided at this stage, when we are still gaining back our customers and really re-introducing the cinema-going habit, we decided in some of the cases to increase the ticket price only on the big movies and only for a limited time, like the first two or three weekends. This was well received by the customers. We didn't hear any criticism or any, there was no complaints around it or something like this. This is part of the business, and prices are going up all around. We are very, very conservative with it, but we need to take care, of course, of the results and being realistic with the high costs that are coming up. We need here and there to increase prices only, for a short period and for very special movies. The last question, I don't have the exact number of the deferrals, but the deferrals with the landlords are running anywhere between 12-18 months up to even six or seven years. It depends also on the level of abatement the landlords gave us. Some gave us a bigger abatement, but a shorter period to pay. Some gave us a smaller abatement, but allowed us to pay even up to 10 years. It was also the strategy of the landlord of where to go. I think in general, these agreements of course will bear a cash flow cost in the coming years, but not that significant for the cash flow situation. Perfect. Thank you. The next question is from the line of Imogen Barker with Morgan Stanley. Please go ahead. Hello. Thanks for taking my questions. Three from me, please. The first one is just on the current available liquidity. If you can't provide that, then perhaps if you could just help us understand what the cash flow in per month in Q4 was, on a sort of underlying basis, and how that changes as admissions change. The second question is on the structural change in the industry. The statement references that the theatrical release window that you're anticipating for this year is sort of 20-60 days. Perhaps you could talk a little bit about the agreements that you've currently signed with the studios, and what the terms are regarding the theatrical release windows. The final question is just in the base case scenario of your going concern is that you get to 85% admissions recovery for 2022 in the U.S. I just want to understand how the company has arrived at this forecast when January and February admissions were more than 50% below 2019. Thank you. Maybe I will start with your first question and the last question, and Mooky will answer on this part. From liquidity point of view, we are not disclosing the current liquidity, but you can see on the results that in the end of last year, we have approximately $350 million of available cash. Specifically for Q4, you have to remember that October was a very strong month with Bond. November was a bit weaker due to the poSPPonement of Top Gun. In December was again a very strong month with Spider-Man. Saying this, altogether it's not that we reached 100% of the pre-pandemic level. Of course, the increase in the KPI and the ATP, and mainly the SPP help us to mitigate some gap in the admission. We managed to generate a positive cashflow in these three months after I would say paying for CapEx and approximately $65 million of interest. So that's about the liquidity. We are not specifically disclosing the liquidity per month or per quarter, but I think the general picture is clear, and we have in the presentation also the full six months. The second half of the year cashflow. About the base case, we are referring to 85%. This is after we took into account the actual results of January and February, because we believe, and again, it's not everything is in our control, but we believe and we look also on in the some other forecast that in the industry is focusing that in a month that you will have Avatar or in the month that you will have Black Panther or Jurassic World, we can do over 85%. This number is really an average of some months that we can maybe reach even more than 100% compared to 2018. That's the reason we think that. Again, not everything is in our control here. We think that 85% level is correct for the base case scenario. I will take the piece of the window. I think we said it already, you know, that the movies that probably are going to generate 80% of the box office will have a minimum 45-day window. Some of the studios are even talking on a longer window. There will be movies that will have shorter windows. Some of them might even go same day. I'm not sure that we will show them. We'll see. We are analyzing case by case. We have deals with all the studios. Some things are more flexible and some are less. Of course, we cannot go into the details of these agreements. I would say that we are in a good place, and all the main movies are going to have at least 45 days of the window. Thank you. The next question is from the line of Richard Taylor with Barclays. Please go ahead. Yeah, morning. Thanks. A couple please. Firstly, following your comments on retail spend per head, cost savings and cost inflation, if we use your base case from the going concern statement, what are the implications to EBITDA margins versus 2019? Will that be sort of consistent with in line, above, or below? Secondly, on the Cineplex situation, can you talk us through what might happen in a hypothetical situation that the appeal is not successful? I see you've noted they are an unsecured creditor, and that your liquidity is lower than the fine. Given that Cineplex must know this, what outcome would you anticipate under that scenario? Thank you. Yes. I'll take the first question about the margin. I think that when you look on the results of the SPP, which is really encouraging, the about 30% increase, knowing that this is coming really with a high EBITDA margin, and also on the cost saving, which we are estimating to be between $50 million-$75 million, I think we can assume that if all goes well with admission, and really we are referring to the best case scenario, we can say that we also assume that the EBITDA margin will be very similar to 2018 level. Now, it can be a bit down, a bit up, but I think that we worked very hard in the last two years to sustain the model of the business. I think that this SPP, the cost saving all across the board, and some other initiatives that we are implementing, including the renovation that we see in the very strategic cinemas, some good numbers, this will help us to, I think, close the gap of some admission gap in order to maintain similar level of margin that we generated in 2018. Mooky? Yeah. With regards to the Canadian question, the Canadian issue, I think I made it very clear where we are. We fully trust the Canadian justice system. We need to wait. We're for sure not going to speculate here about the results one way or the other. We have strong faith to believe this decision will be reversed, and if not, we will then see what is the right direction for us to go, but I will not go into more details. Okay. Understood. Thank you very much. The next question is from the line of Kiranjit Kaur with Bank of America. Please go ahead. Hey, guys. Morning. Just a couple of questions from me. Firstly, we can see your retail spend is up notably. Do you think this is sustainable into 2022 and beyond? Given that admissions were a lot lower in H2 than we were expecting, are you still comfortable with the 85% base case assumption for recovery? The last question from me is, given the cost savings done during lockdown, where's the flexibility in you guys managing the higher cost inflation now? Thank you. I would say like this. We were, as Nisan mentioned earlier, also surprised a bit by the strong demand and strong increase in the spend per head. Seeing it now, almost a year after we reopened in the United States, and we see it all across territories, I think it is sustainable. There is some change in the habits here. People are buying the bigger portions. People are spending more in the concession. Our new offerings are also increasing the spend per head. We have the VIP, which includes also more diversified food. We have more alcohol bars. All this is supporting the SPP, it's for sure sustainable. It's not just coming because somebody decided to move from medium popcorn to large popcorn. There are other ingredients here, and each one is contributing to this. We feel it is sustainable, and we feel good with it. It's a very good news for the industry. We see it also in our competition. Reports where they are public. The 85% estimate of 2019, also Nisan said already, we feel confident. We look at the lineup. We had some slowdown, as we said, January, February, but the lineup is really amazingly strong. If there are no COVID surprises, we are there to reach these targets and even maybe beat it. The last is the cost savings. The cost savings are good. Some of the cost savings are helping us to adjust the increase in the costs that I mentioned, the hourly rates for employees, the energy costs. But we have other savings against it. We believe that at the end of the day, we will not need to increase dramatically prices or to change something very substantially. We want to stay the most affordable entertainment outside the home. Thank you. Thank you. Next question is from the line of Ali Naqvi with HSBC. Please go ahead. Hi. Good morning. I just have a couple of questions, please. In terms of the film royalties, is there a difference between the royalty rate you have to pay for films that are, let's say, day-and-date releases versus those that maintain a level of exclusivity? And then, just on cost, maybe asking another way, what inflation are you seeing directly, for example, on utilities and how much of that is hedged or can be hedged that you've put through? And finally, on the base case, how many of the major releases that you are currently relying on, I mean, how many of those could potentially slip and you would still meet that 85% versus potentially that 85% becoming a harder target to meet? Okay. With regard, again, I said we are not going into details with our deals with our movie suppliers, of course. Of course, when there is a day-and-date release, we hardly do a day-and-date release. If the window is shorter, we are, in most of the cases, paying a bit less for the movie. The longer windows, which are more in line of what we had before, are keeping the deals as they were. The utility energy, we have some hedge deals which are protecting us currently but not for so too long. I think the longest one is another year in the U.K. We feel the energy cost, but we also believe that it is now, in a way, in kind of a climax in view of not only the COVID results, but also, of course, the Russian-Ukraine war, and all this. This probably will stabilize at a certain stage. There's a huge burden on businesses and on households, et cetera. Even at this level, this is not demanding from us to do any dramatic increases. Here and there, we will need to go in line with the prices according to our costs and according to the inflation. Your last question. I think the last big move of movies was done by Warner Bros. a week ago, in view of just delays in production that they had because of COVID. This is. They are very confident about the business and want to be as much as they can in the cinemas. Their The Batman results probably convince them that this is the way to be, but sometimes you have delays in production that are out of control. I can say that for most of these blockbusters that you see, the movies are already ready. The movie's already been screened in the studios. So the chances of major delays do not exist. You know, after the two years that we have passed, we'll never say never. We hope there will be a minimal change that will not impact our estimates. Thank you. This concludes our question and answer session. I would like to turn the conference over back to Mooky for closing remarks. Okay. Again, guys, thank you for listening to us. I think it is an important day for us. We come really with a strong optimistic feeling. The lineup speaks for itself. We have an amazing team that have passed very difficult two years. Everybody is very enthusiastic to welcome our customers again to the cinemas. I personally, on the weekend of the opening of Spider-Man, stayed in New York and viewed, after a long time, huge screens that were filled until the first row. People are cheering, laughing, crying, being frightened in front of the big screen. It was really a great experience, not only for them, but also for me. We hope that with no big COVID surprises, we are going back into the normal thing and to do what we do best, and this is to run cinemas and give our customers the experience making Cineworld Group the best place to watch a movie. Thank you very much. Thank you. Ladies and gentlemen, the conference is now concluded. You may disconnect your telephone. Thank you for joining, and have a pleasant day. Goodbye.