Cineworld Group Reports Positive Adj. EBITDA In 2021

Cineworld Group plc (CINE.L) said its 2021 results reflect the recovery from the pandemic’s impact on its business. Adjusted EBITDA increased by 495.2% to $454.9 million and margin was 25.2%, for the fiscal year. The Group said the return to adjusted EBITDA profitability was mainly driven by the longer periods of operating in 2021 compared with 2020. Adjusted loss per share, in cents, was 47.8 compared to a loss of 66.5.

For the period ended 31 December 2021, loss before tax was $708.3 million compared to a loss of $3.01 billion, prior year. Loss per share, in cents, was 41.2 compared to a loss of 193.2.

Revenue increased by 111.8% to $1.80 billion as the pandemic continued to impact revenues and, throughout the year, lockdowns and restrictions were imposed and relaxed across markets.

Mooky Greidinger, CEO of Cineworld Group plc, said: “Whilst our 2021 results still reflect the impacts of COVID-19, particularly at the start of the financial year, we are encouraged by the recent strong trading performance throughout the final quarter.”

National Express Board Believes DWS Offer Materially Undervalues Stagecoach

The Board of National Express Group PLC (NEX.L) advised Stagecoach shareholders to take no action in relation to the DWS offer. The Board said the Express-Stagecoach combination represents a superior value creation opportunity when compared to the 105 pence per share DWS offer. The Board stated that it will remain disciplined in its assessment of options going forward.

The National Board encouraged all shareholders to look through the current period of market volatility and value both National Express and Stagecoach based on their respective fundamentals, strong future prospects and the significant benefits and synergies. The Board noted that a recovery of National Express’ share price to a pre-pandemic level of 421 pence would imply: an illustrative look-through value per Stagecoach share of approximately 170 pence.

The National Board expects that the combined Group will be able to realise significant run-rate annual pre-tax cost synergies of at least 45 million pounds as a result of the combination. When illustratively valued at an estimated pre-pandemic National Express trading multiple of 12.2x, these synergies would unlock value of over 500 million pounds, the Board said.

5 Things to Do This Weekend

Our critics and writers have selected noteworthy cultural events to experience virtually and in person in New York City.

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‘Panama’ Review: Welcome to the Jungle, We Lack Fun and Games

Mel Gibson drops in from time to time in this predictable throwback thriller from Mark Neveldine.

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By Amy Nicholson

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Commercial Metals Q2 Net Increases 5-fold; Results Beat Estimates

Commercial Metals Company (CMC) on Thursday announced net earnings of $383.31 million, or $3.12 per share in the second quarter, a growth of more than 5-times from $66.36 million, or $0.55 per share in the same quarter a year ago.

The company had a benefit of $195.8 million related to the sale of its Southern California real estate in the second quarter.

Excluding one-time items, earnings from continuing operations were $187.55 million, or $1.53 per share, higher than $79.77 million, or $0.66 per share, in the prior year period.

On average, six analysts polled by Tomson Reuters expected the company to report earnings of $1.32 per share. Analysts’ estimates typically exclude special items.

Net sales for the quarter also increased to $2.009 billion from $1.462 billion last year. The consensus estimate was for $1.93 billion.

On March 16, the company’s Board board declared a quarterly dividend of $0.14 per share, payable on April 13, to stockholders of record on March 30.

Looking forward, Barbara R. Smith, Chairman of the Board, President and Chief Executive Officer commented, “Shipment volumes of finished steel products have historically increased from second quarter levels, driven by seasonal factors, and we expect shipments during the third quarter of fiscal 2022 to follow these trends. We anticipate strong third quarter financial results, with margins remaining at high levels.”

‘Love After Love’ Review: Elegance Without a Center

Ann Hui’s World War II-era film is lovely to look at but lacks emotional depth and resonance.

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By Claire Shaffer

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Metals Acquisition Corp. To Acquire CSA Copper Mine From Glencore – Quick Facts

Metals Acquisition Corp. (MTAL.U) has entered into a definitive sale and purchase agreement with Glencore to acquire CSA Copper Mine for total consideration of $1.10 billion, consisting of $1.05 billion of cash and $50 million of common equity, plus a 1.5% copper NSR. CSA is a producing, high-grade, long-life, underground copper mine located in the Tier 1 mining jurisdiction of western New South Wales, Australia.

The transaction will be effected by the acquisition by Metals Acquisition Corp.’s subsidiary, Metals Acquisition Corp. (Australia) Pty Ltd, of the issued share capital of Cobar Management Pty Limited, a Glencore subsidiary which owns CSA.