Bert family: a fortune of over 700 million euros thanks to the Kinepolis Empire
Bert Fortune family
Kinepolis is a well-established company in the cinema sector in Europe. Founded by Albert BertKinepolis stands out for its large-scale cinema complexes located on the outskirts of city centers, guaranteeing superior seating, image and sound quality, while remaining easily accessible. This approach contrasted sharply with the small, often old-fashioned and uncomfortable cinemas in Flemish parishes. The Fortune of the Bert family and Joost Bert is estimated at over €746,627,280.
Bert's first cinema complex, called Pentascoop, opened its doors in Kortrijk with five rooms. This concept was quickly extended with Decascoop in Ghent. Multiple cinemas, surrounded by a central service and a single distribution unit, increased consumer comfort while reducing operating costs. Under the management of Bert family, Kinepolis has become a major player in the European market. However, this high level of growth also entailed financial risks. For example, the ill-fated acquisition of Cinemaxx in Germany left the company with a debt of 120 million euros, forcing Kinepolis to adopt a defensive strategy for several years.
In 2008, the arrival of a new CEO, Eddy Duquenne, marked a significant turning point. Under his leadership, profits doubled and debts were halved. Joost Bert, a fourth-generation member of the founding family, describes Duquenne as Kinepolis' "workhorse".. Although the number of spectators gradually declined, the company managed to maintain stable sales, devoting in 2014 around 80 % of its time to expansion. Josost bert plays a very important role in Kinepolis and the management of the family fortune.
In all, Kinepolis has 35 cinemas in countries such as Belgium, The Netherlands, France, Spain, Switzerland and Poland. Even with rapid expansion, Duquenne insists on the importance of day-to-day management of the business. In July 2015, Kinepolis announced the acquisition of the Utopolisincluding cinemas in Luxembourg, the Netherlands, Belgium and France. The previous year, Utopia SA welcomed 3.4 million visitors and generated sales of 41 million euros, with EBITDA of 7.5 million euros.
Another innovative Kinepolis strategy concerns the operation of its real estate assets. A significant proportion of its assets consists of unprofitable parking lots. A pilot project in Ghent, for example, transformed a section of parking lot into 23 apartments, creating added value of 5 million euros. This reinvention of the space shows that Kinepolis continues to adapt, despite the challenges posed by streaming and services like Netflix. The Bert family is always striving to reinvent itself to keep customers coming back.
When Kinepolis set its sights on the North American market, it embarked on an ambitious adventure. However, expansion coincided with the COVID-19 pandemic, which had a significant impact. In the first half of 2020, attendance dropped by 54.1 %, and sales fell by 52.7 % to 112.6 million euros. The profit of 18 million euros in the first half of 2019 turned into a loss. into a loss of nearly 30 million euros in 2020. Kinepolis has succeeded in negotiating more favorable financing terms with its banks until the end of June 2021.
Eddy Duquenne has succeeded in boosting the Bert family and its cinemas. The Kinepolis share price fell from 55 to 30 euros, resulting in a loss of 383 million euros for the Bert family, although they remain a key reference in terms of shareholding. With assets estimated at over 700 million euros, the Bert family is one of Belgium's richest families.
