Ann: Cineworld Trade Agreement and FY22 Revenue Guidance Update, page-4

China's box office is back. Good news for VGL given it earns maintenance revenue from its JV there (normally $4.8m per annum) and still owns 47.5% of the entity (which at the end of CY19 VGL thought was worth RMB 500m for 100%):

"BEIJING, Jan. 27 (Xinhua) -- After enduring the negative impact of COVID-19, China's cinemas welcomed crowds of moviegoers during the Spring Festival holiday.This is the first Spring Festival holiday after the adjustment of the country's response to the virus earlier this month."The audiences are all back!" said Dong Wenxin, a cinema manager in the eastern Chinese city of Jinan, who was thrilled to see the return of crowds to her theater. "They are really back."The week-long holiday ends on Friday. It is usually a lucrative moviegoing period in China.The holiday box office sold a total of 117 million tickets as of 11 a.m. Friday, generating a whopping revenue of 6.16 billion yuan (about 909 million U.S. dollars), according to box office tracker Maoyan.The earnings overtook that of the same holiday last year, making this year's Spring Festival holiday the second highest-grossing to date."

Yet stock is basically at its all time lows relative to market...