Monthly Operating Report: United States Bankruptcy Court

Case 22-90168 Document 1298 Filed in TXSB on 02/10/23 Page 1 of 22
UNITED STATES BANKRUPTCY COURT

SOUTHERN DISTRICT OF TEXAS
HOUSTON
In Re. Cineworld Group PLC, et al. (Picturehouse § Case No. 22-90168

Debtor Group Reporting) §
§ Lead Case No. 22-90168
Debtor(s) §
Jointly Administered
Monthly Operating Report Chapter 11
Reporting Period Ended: 12/31/2022 Petition Date: 09/07/2022
Months Pending: 4 Industry Classification: 5 1 2 1
Reporting Method: Accrual Basis Cash Basis
Debtor's Full-Time Employees (current): 727
Debtor's Full-Time Employees (as of date of order for relief): 772
Supporting Documentation (check all that are attached):

(For jointly administered debtors, any required schedules must be provided on a non-consolidated basis for each debtor)
Statement of cash receipts and disbursements

Balance sheet containing the summary and detail of the assets, liabilities and equity (net worth) or deficit
Statement of operations (profit or loss statement)
Accounts receivable aging
Postpetition liabilities aging
Statement of capital assets
Schedule of payments to professionals
Schedule of payments to insiders
All bank statements and bank reconciliations for the reporting period
Description of the assets sold or transferred and the terms of the sale or transfer
/s/ Nisan Cohen Nisan Cohen

Signature of Responsible Party Printed Name of Responsible Party
01/31/2023
8th Floor Vantage London, Great West Road , Brentford,
Date
England, TW8 9AG, United Kingdom
Address
STATEMENT: This Periodic Report is associated with an open bankruptcy case; therefore, Paperwork Reduction Act exemption 5 C.F.R.
§ 1320.4(a)(2) applies.
UST Form 11-MOR (12/01/2021) 1

Debtor's Name Cineworld Group PLC, et al. (Picturehouse Debtor Group Case No. 22-90168
Reporting)
Part 1: Cash Receipts and Disbursements Current Month Cumulative
a. Cash balance beginning of month $3,239,789

b. Total receipts (net of transfers between accounts) $4,338,461 $20,255,207
c. Total disbursements (net of transfers between accounts) $6,592,979 $19,590,293
d. Cash balance end of month (a+b-c) $985,271
e. Disbursements made by third party for the benefit of the estate $0 $0
f. Total disbursements for quarterly fee calculation (c+e) $6,592,979 $19,590,293
Part 2: Asset and Liability Status Current Month
(Not generally applicable to Individual Debtors. See Instructions.)
a. Accounts receivable (total net of allowance) $1,360,039
b. Accounts receivable over 90 days outstanding (net of allowance) $453,159
c. Inventory ( Book Market Other (attach explanation)) $362,495
d Total current assets $5,214,555
e. Total assets $71,937,933
f. Postpetition payables (excluding taxes) $29,668,551
g. Postpetition payables past due (excluding taxes) $-24,279
h. Postpetition taxes payable $281,811
i. Postpetition taxes past due $0
j. Total postpetition debt (f+h) $29,950,362
k. Prepetition secured debt $0
l. Prepetition priority debt $0
m. Prepetition unsecured debt $79,831,048
n. Total liabilities (debt) (j+k+l+m) $109,781,410
o. Ending equity/net worth (e-n) $-37,843,477
Part 3: Assets Sold or Transferred Current Month Cumulative
a. Total cash sales price for assets sold/transferred outside the ordinary
course of business $0 $0
b. Total payments to third parties incident to assets being sold/transferred
outside the ordinary course of business $0 $0
c. Net cash proceeds from assets sold/transferred outside the ordinary
course of business (a-b) $0 $0
Part 4: Income Statement (Statement of Operations) Current Month Cumulative

(Not generally applicable to Individual Debtors. See Instructions.)
a. Gross income/sales (net of returns and allowances) $4,302,195
b. Cost of goods sold (inclusive of depreciation, if applicable) $1,342,332
c. Gross profit (a-b) $2,959,863
d. Selling expenses $2,257,466
e. General and administrative expenses $835,194
f. Other expenses $0
g. Depreciation and/or amortization (not included in 4b) $753,939
h. Interest $-465,117
i. Taxes (local, state, and federal) $0
j. Reorganization items $0
k. Profit (loss) $-421,622 $-2,543,487
UST Form 11-MOR (12/01/2021) 2

Reporting)
Part 5: Professional Fees and Expenses
Approved Approved Paid Current Paid

Current Month Cumulative Month Cumulative
a. Debtor's professional fees & expenses (bankruptcy) Aggregate Total
Itemized Breakdown by Firm

Firm Name Role
i
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UST Form 11-MOR (12/01/2021) 3

Reporting)
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UST Form 11-MOR (12/01/2021) 4

Reporting)
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c
ci
Approved Approved Paid Current Paid

Current Month Cumulative Month Cumulative
b. Debtor's professional fees & expenses (nonbankruptcy) Aggregate Total $5,263 $6,674 $5,263 $6,674
Itemized Breakdown by Firm
Firm Name Role
i Maples Teesdale LLP Local Counsel $5,263 $6,674 $5,263 $6,674
ii
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UST Form 11-MOR (12/01/2021) 5

Reporting)
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UST Form 11-MOR (12/01/2021) 6

Reporting)
lvii
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UST Form 11-MOR (12/01/2021) 7

Reporting)
xcix
c
c. All professional fees and expenses (debtor & committees) $5,263 $6,674 $5,263 $6,674
Part 6: Postpetition Taxes Current Month Cumulative
a. Postpetition income taxes accrued (local, state, and federal) $0 $0

b. Postpetition income taxes paid (local, state, and federal) $23,887 $225,863
c. Postpetition employer payroll taxes accrued $200,455 $1,001,883
d. Postpetition employer payroll taxes paid $211,885 $928,300
e. Postpetition property taxes paid $230,051 $626,798
f. Postpetition other taxes accrued (local, state, and federal) $0 $0
g. Postpetition other taxes paid (local, state, and federal) $0 $27,407
Part 7: Questionnaire - During this reporting period:
a. Were any payments made on prepetition debt? (if yes, see Instructions) Yes No
b. Were any payments made outside the ordinary course of business Yes No
without court approval? (if yes, see Instructions)
c. Were any payments made to or on behalf of insiders? Yes No
d. Are you current on postpetition tax return filings? Yes No
e. Are you current on postpetition estimated tax payments? Yes No
f. Were all trust fund taxes remitted on a current basis? Yes No
g. Was there any postpetition borrowing, other than trade credit? Yes No
(if yes, see Instructions)
h. Were all payments made to or on behalf of professionals approved by Yes No N/A
the court?
i. Do you have: Worker's compensation insurance? Yes No
If yes, are your premiums current? Yes No N/A (if no, see Instructions)
Casualty/property insurance? Yes No
General liability insurance? Yes No
j. Has a plan of reorganization been filed with the court? Yes No
k. Has a disclosure statement been filed with the court? Yes No
l. Are you current with quarterly U.S. Trustee fees as Yes No
set forth under 28 U.S.C. § 1930?
UST Form 11-MOR (12/01/2021) 8

Reporting)
Part 8: Individual Chapter 11 Debtors (Only)
a. Gross income (receipts) from salary and wages $0

b. Gross income (receipts) from self-employment $0
c. Gross income from all other sources $0
d. Total income in the reporting period (a+b+c) $0
e. Payroll deductions $0
f. Self-employment related expenses $0
g. Living expenses $0
h. All other expenses $0
i. Total expenses in the reporting period (e+f+g+h) $0
j. Difference between total income and total expenses (d-i) $0
k. List the total amount of all postpetition debts that are past due $0
l. Are you required to pay any Domestic Support Obligations as defined by 11 Yes No
U.S.C § 101(14A)?
m. If yes, have you made all Domestic Support Obligation payments? Yes No N/A
Privacy Act Statement

28 U.S.C. § 589b authorizes the collection of this information, and provision of this information is mandatory under 11 U.S.C.
§§ 704, 1106, and 1107. The United States Trustee will use this information to calculate statutory fee assessments under 28
U.S.C. § 1930(a)(6). The United States Trustee will also use this information to evaluate a chapter 11 debtor's progress
through the bankruptcy system, including the likelihood of a plan of reorganization being confirmed and whether the case is
being prosecuted in good faith. This information may be disclosed to a bankruptcy trustee or examiner when the information
is needed to perform the trustee's or examiner's duties or to the appropriate federal, state, local, regulatory, tribal, or foreign
law enforcement agency when the information indicates a violation or potential violation of law. Other disclosures may be
made for routine purposes. For a discussion of the types of routine disclosures that may be made, you may consult the
Executive Office for United States Trustee's systems of records notice, UST-001, "Bankruptcy Case Files and Associated
Records." See 71 Fed. Reg. 59,818 et seq. (Oct. 11, 2006). A copy of the notice may be obtained at the following link: http://
www.justice.gov/ust/eo/rules_regulations/index.htm. Failure to provide this information could result in the dismissal or
conversion of your bankruptcy case or other action by the United States Trustee. 11 U.S.C. § 1112(b)(4)(F).
I declare under penalty of perjury that the foregoing Monthly Operating Report and its supporting
documentation are true and correct and that I have been authorized to sign this report on behalf of the
estate.
/s/ Nisan Cohen Nisan Cohen

Signature of Responsible Party Printed Name of Responsible Party
Chief Financial Officer 02/09/2023

Title Date
UST Form 11-MOR (12/01/2021) 9

Reporting)
PageOnePartOne
PageOnePartTwo
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UST Form 11-MOR (12/01/2021) 10

Reporting)
Bankruptcy1to50
Bankruptcy51to100
NonBankruptcy1to50
NonBankruptcy51to100
UST Form 11-MOR (12/01/2021) 11

Reporting)
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UST Form 11-MOR (12/01/2021) 12

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE SOUTHERN DISTRICT OF TEXAS
HOUSTON DIVISION
)
In re: ) Chapter 11
)
CINEWORLD GROUP PLC, et al., 1 ) Case No. 22-90168 (MI)
)
Debtors. ) (Jointly Administered)
)
)
MONTHLY OPERATING REPORT NOTES FOR THE PICTUREHOUSE DEBTOR

GROUP REPORTING 2 MONTH ENDED DECEMBER 2022 (REPORTING PERIOD
DECEMBER 1 THROUGH DECEMBER 31)
I. INTRODUCTION
This monthly operating report (“MOR”) is unaudited and does not purport to represent
financial statements prepared in accordance with accounting principles under the International
Financial Reporting Standards (“IFRS”) or generally accepted accounting principles in the United
States (“GAAP”), and it is not intended to fully reconcile to the consolidated financial statements
prepared by the Debtors. 3 Information contained in this MOR has been derived from the Debtors’
books and records, but does not reflect in all circumstances presentation for IFRS, GAAP or SEC
1 A complete list of each of the Debtors in these chapter 11 cases may be obtained on the website of the Debtors’
claims and noticing agent at https//cases.ra.kroll.com/Cineworld. The location of Debtor Cineworld Group plc’s
principal place of business and the Debtors’ service address in these chapter 11 cases is: 8th Floor Vantage
London, Great West Road, Brentford, England, TW8 9AG, United Kingdom.
2 Exhibit 6, attached hereto, provides a list of all Debtors included in the Picturehouse Debtor Group consolidated
reporting.
3 Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in(a) the
Declaration of Israel Greidinger, Deputy Chief Executive Officer of Cineworld Group plc, in Support of the
Debtors’ Chapter 11 Petitions [Docket No. 19] and (b) the Declaration of James A. Mesterharm, Chief
Restructuring Officer of Cineworld Group plc, in Support of the Debtors’ Chapter 11 Petitions and First Day
Motions [Docket No. 80].
1
reporting purposes. Therefore, to comply with their obligations to provide MORs during these
chapter 11 cases, the Debtors have prepared this MOR using the best information presently
available to them, which has been collected, maintained, and prepared in accordance with their
historical accounting practices. Accordingly, this MOR is true and accurate to the best of the
Debtors’ knowledge, information and belief, based on currently-available data. The results of the
Debtors’ operations and financial position contained herein are not necessarily indicative of the
results that may be expected for any period other than full calendar month-ending December,
31, 2022, or for the full year, and may not necessarily reflect the Debtors’ future consolidated
results of operations and financial position.
II. RESERVATION OF RIGHTS
This MOR is limited in scope, covers a limited time period, and has been prepared solely
for the purpose of complying with the monthly reporting requirements of the Debtors’ chapter 11
cases. The unaudited financial statements have been derived from the Debtor’s books and records.
The information presented herein has not been subject to all procedures that typically would be
applied to financial information presented in accordance with IFRS or GAAP. Upon the
application of such procedures, the Debtors believe that the financial information could be subject
to material change. The information furnished in this MOR includes normal recurring adjustments
but does not include all of the adjustments that typically would be made for interim financial
statements presented in accordance with IFRS or GAAP.
Given the complexity of the Debtor’s business, inadvertent errors or omissions may have
occurred. Accordingly, the Debtors hereby reserve all of their rights to dispute the validity, status,
enforceability, or executory nature of any claim amount agreement, representation, or other
statement set for the in this MOR. Further, the Debtors reserve the right to amend or supplement
this MOR, if necessary.
2
III. INTERCOMPANY
Intercompany receivables and payables are presented on a net basis, inclusive of pre-
petition and post-petition balances. The Debtors have been granted interim authority to continue
to perform intercompany transactions under terms provided on [Docket No. 174]
https://cases.ra.kroll.com/cineworld/Home-DocketInfo.
IV. General Notes to MOR
1. Currency Translation. The Debtor’s record financials in local currencies

including USD, GDP and Euros. The MOR is presented in USD. Where there
was a need to translate one currency into another currency, December 31, 2022
was used as the currency exchange date.
2. Part 1: Cash Receipts and Disbursements. The MOR presents the Debtors’
receipts and disbursements for the period from December 1, 2022 through
December 31, 2022. Inter group transfers are netted from beginning balance in
order for ending balance to reconcile. The disbursements for fee calculation do
not include inter group transfers to other Debtor entities.
3. Part 2: Asset and Liability Status. The amounts identified in Part 2 of the MOR
are derived from the Debtors’ unaudited and estimated balance sheets as of
December 31, 2022. Please refer to the notes above for information about
presentation and limitations that may exist in the MOR.
4. Part 4 Income Statement (Statement of Operations). This MOR presents the

Debtors’ best estimates of their statement of operations for the period from
December 1, 2022 through December 31, 2022. Rent expense listed is for non-
IFRS 16 rent amounts.
5. Part 6: Postpetition Taxes. The Debtors collect, withhold, and incur sales, use,
withholding, income, and property taxes, as well as other business and regulatory
fees and assessments (collectively, the “Taxes and Fees”). The Debtors remit the
Taxes and Fees to various federal, state, and local governments (collectively,
the “Authorities”). The Debtors pay the Taxes and Fees to the Authorities on a
periodic basis, remitting them monthly, semi-monthly, quarterly, semi-annually or
annually depending on the nature and incurrence of a particular Tax or Fee. On
September 8, 2022 the United States Bankruptcy Court for the Southern District
of Texas (the “Court”) entered an order [Docket No. 158] authorizing, but not
directing, the Debtors to, among thing, pay Taxes and Fees that arise or accrue in
the ordinary course of business on a post-petition basis consistent with pre-petition
practices. Debtors believe that they are current with respect to any outstanding
post-petition amounts due.
3
Exhibit 1: Income Statement

Cineworld Group PLC, et al. (Picturehouse Debtor Group Reporting)
PICTUREHOUSE
Description
IN USD
Revenue 4,302,195
Total Cost of sale 1,342,332
Total Theatre Level Operational Expenses 2,257,466
Reported Gross Profit - Cinema EBITDA 702,397
Total Corporate Level Operational Expenses 1,589,133
Operating Profit (886,737)
Total financial expenses (465,117)

Total financial - Net (465,117)
Net income before taxation (421,622)
Income taxes expenses 0
Net Income - Group (421,622)
4
Exhibit 2: Balance Sheet

December 31 2022
Description
(USD)
Intangible assets $955,713

Goodwill Net 8,502,529
Property and equipment, net 56,827,904
Deferred income taxes receivable long term 437,233
Intercompany Recievable (net) -
Fixed assets 66,723,379
Inventories 362,495
Trade receivables 906,879
Trade receivables over 90 days 453,159
Total other receivebles 796,730
Prepayments and accrued Income 622,440
Trade and other Receivables 2,779,209
Liquid funds 2,072,850
Current assets 5,214,555
Total assets 71,937,933
Long-terms Loans , borrowing and other financial liabilities 28,723,815

Total other long-term payables 1,935,840
Government grants 4,758,648
Long term liabilities 35,418,303
Short-terms Loans , borrowing and other financial liabilities 3,625,480

Bank overdrafts -
Current tax payable 281,811
-
Trade payables 9,341,958
Pre Petition Trade payables -
Pre Petition Property related payables 3,690,889
Accruals and deferred income 6,811,281
Intercompany Payable (net) 49,463,235
Other Payable (695,078)

Employee and payroll accruals 1,039,293
Government institutions 804,239
Other Payables 1,148,454
Trade and Other accounts payable 70,455,816
Current liabilities 74,363,107
Share capital 111

Additional paid in capital (premium) 40,070
Capital reserve from foreign currency translation 11,073,452
Retained earnings (36,644,455)

Lease Equity (4,214,566)
Retained earnings brought forward (40,859,021)
Total Profit for the year (8,139,331)
Total Retained Earnings (48,998,352)
Total equity & minority (37,728,834)
Total shareholders equity and liabilities 71,896,691
5
Exhibit 3: Post Petition Receivables Aging

Days Past Due

Group 0-90 91+ Total
PH Debtor Group 906,879 453,160 1,360,039
Total 906,879 453,160 1,360,039
6
Exhibit 4: Post Petition Liabilites Aging

Days Past Due

Group 0-30 31-60 61-90 91+ Total
PH Debtor Group 283,695 514,175 171,145 (24,279) 944,736
Total 283,695 514,175 171,145 (24,279) 944,736
7
Exhibit 5: UST 4th Quarter Fee Calculation

All values are in USD
LID Case # Case Name FEIN (Last 5) Total 4th Qtr Fee Calculation
24 22-90214 (MI) City Screen (Brighton) Limited 36691 226,986 908
25 22-90216 (MI) City Screen (Liverpool) Limited 25166 315,120 1,260
26 22-90218 (MI) City Screen (S.O.A.) Limited 87964 - 250
27 22-90223 (MI) City Screen (Stratford) Limited 13698 218,701 875
28 22-90227 (MI) City Screen (York) Limited 12221 227,579 910
35 22-90258 (MI) CS (Brixton) Limited 15146 601,860 2,407
36 22-90259 (MI) CS (Exeter) Limited 11926 158,937 636
37 22-90260 (MI) CS (Norwich) Limited 04237 309,837 1,239
61 22-90257 (MI) Newman Online Limited 10076 - 250
66 22-90219 (MI) Picturehouse Bookings Limited 16285 - 250
67 22-90225 (MI) Picturehouse Cinemas Limited 06576 12,195,507 97,564
68 22-90229 (MI) Picturehouse Entertainment Limited 23229 375,410 1,502
PH Debtor Group Reporting Totals 14,629,938 108,052
8
Exhibit 6: Schedule of Debtor Entities

LID Case # Case Name FEIN (Last 5)

24 22-90214 (MI) City Screen (Brighton) Limited 36691
25 22-90216 (MI) City Screen (Liverpool) Limited 25166
26 22-90218 (MI) City Screen (S.O.A.) Limited 87964
27 22-90223 (MI) City Screen (Stratford) Limited 13698
28 22-90227 (MI) City Screen (York) Limited 12221
35 22-90258 (MI) CS (Brixton) Limited 15146
36 22-90259 (MI) CS (Exeter) Limited 11926
37 22-90260 (MI) CS (Norwich) Limited 04237
61 22-90257 (MI) Newman Online Limited 10076
66 22-90219 (MI) Picturehouse Bookings Limited 16285
67 22-90225 (MI) Picturehouse Cinemas Limited 06576
68 22-90229 (MI) Picturehouse Entertainment Limited 23229
9
Exhibit 7
Cineworld Group PLC, et al. (Picturehouse Debtor Group Reporting) Lead Case No: 22-90168
Schedule of Payments to Insiders Reporting Period: December 2022
The Debtors hereby submit this attestation regarding payments to insiders during December 2022.
With respect to insiders all cash payments made were on account of ordinary course salaries (or directors fees, as applicable) and authorized
travel and expense reimbursements.
No non-cash transfers were made during this reporting period.
/s/ Nisan Cohen 1/31/2023

Signature of Authorized Individual Date
Nisan Cohen Chief Financial Officer

Printed Name of Authorized Individual Title of Authorized Individual
10

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Case 22-90168 Document 1298 Filed in TXSB on 02/10/23 Page 1 of 22

UNITED STATES BANKRUPTCY COURT

In Re. Cineworld Group PLC, et al. (Picturehouse § Case No. 22-90168

Monthly Operating Report Chapter 11

Reporting Period Ended: 12/31/2022 Petition Date: 09/07/2022

Months Pending: 4 Industry Classification: 5 1 2 1

Reporting Method: Accrual Basis Cash Basis

Debtor's Full-Time Employees (current): 727

Debtor's Full-Time Employees (as of date of order for relief): 772

Supporting Documentation (check all that are attached):

Statement of cash receipts and disbursements

/s/ Nisan Cohen Nisan Cohen

UST Form 11-MOR (12/01/2021) 1

a. Cash balance beginning of month $3,239,789

Part 3: Assets Sold or Transferred Current Month Cumulative

Part 4: Income Statement (Statement of Operations) Current Month Cumulative

UST Form 11-MOR (12/01/2021) 2

Approved Approved Paid Current Paid

Itemized Breakdown by Firm

UST Form 11-MOR (12/01/2021) 3

UST Form 11-MOR (12/01/2021) 4

Approved Approved Paid Current Paid

UST Form 11-MOR (12/01/2021) 5

UST Form 11-MOR (12/01/2021) 6

UST Form 11-MOR (12/01/2021) 7

Part 6: Postpetition Taxes Current Month Cumulative

a. Postpetition income taxes accrued (local, state, and federal) $0 $0

Part 7: Questionnaire - During this reporting period:

UST Form 11-MOR (12/01/2021) 8

a. Gross income (receipts) from salary and wages $0

Privacy Act Statement

/s/ Nisan Cohen Nisan Cohen

Chief Financial Officer 02/09/2023

UST Form 11-MOR (12/01/2021) 9

UST Form 11-MOR (12/01/2021) 10

UST Form 11-MOR (12/01/2021) 11

UST Form 11-MOR (12/01/2021) 12

IN THE UNITED STATES BANKRUPTCY COURT

MONTHLY OPERATING REPORT NOTES FOR THE PICTUREHOUSE DEBTOR

results of operations and financial position.

II. RESERVATION OF RIGHTS

statements presented in accordance with IFRS or GAAP.

enforceability, or executory nature of any claim amount agreement, representation, or other

this MOR, if necessary.

to perform intercompany transactions under terms provided on [Docket No. 174]

IV. General Notes to MOR

1. Currency Translation. The Debtor’s record financials in local currencies

4. Part 4 Income Statement (Statement of Operations). This MOR presents the

Exhibit 1: Income Statement

Total Cost of sale 1,342,332

Total Theatre Level Operational Expenses 2,257,466

Reported Gross Profit - Cinema EBITDA 702,397

Total Corporate Level Operational Expenses 1,589,133

Operating Profit (886,737)

Total financial expenses (465,117)

Net income before taxation (421,622)

Income taxes expenses 0