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Zee Entertainment Enterprises Limited Quarter Two Earnings Conference Call – Financial Year 2008-2009 October 21, 2008

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Zee Entertainment Enterprises Limited Quarter Two Earnings Conference Call – Financial Year 2008-2009 October 21, 2008 2Q (July –September 2008) FY 2009 Teleconference: October 21st, 2008 Zee Entertainment Enterprises Limited Quarter Two Earnings Conference Call – Financial Year 2008-2009 October 21, 2008 Moderator: Good afternoon ladies and gentlemen. I am Sandhya, the moderator for this conference. Welcome to the Zee Entertainment Enterprises Limited Quarter Two FY 2009 results conference call. For the duration of the presentation, all participants’ lines will be in the listen-only mode. After the presentation, the question and answer session will be conducted for participants connected to WebEx International. After that, the question and answer session will be conducted for participants in India. Now, I would like to hand over to Mr. Harshdeep Chhabra. Thank you and over to you sir. Mr. Harshdeep Chhabra: Thank you. Ladies and gentlemen, thank you for joining us today to discuss the results for the quarter ended September 30, 2008, which is the second quarter for the financial year 2009. We do hope that you had a chance to go through copies of the earnings release and results which are uploaded on our website www.zeetelevsion.com. This is the second earnings call we are conducting for Zee Entertainment Enterprises Limited for financial year 2009 and to discuss the results and performance joining me today is Mr. Subhash Chandra, Chairman, Zee Entertainment Enterprises Limited and members of senior management team of the company including Mr. Punit Goenka, Whole Time Director and CEO ZEEL; Mr. Sanjay Jain, CFO Essel Group; Mr. Hitesh Vakil, Director, Finance, ZEEL; Mr. R. Nanda Kumar, President, Corporate Communications Essel Group. We will start with a brief statement from Mr. Punit Goenka on the second quarter performance and then we will open the discussion for question and answers. I would like to remind everyone that anything that we say during this call that refers to our outlook for the future with a forward looking statement that must be taken in the context of the risk that we face. With this, I now request Mr. Punit Goenka, Whole-time Director and CEO Zee Entertainment Enterprises Limited to address the audience. Mr. Punit Goenka: Thank you Harsh. Firstly I would like to welcome everybody to this call and appreciate your joining for the discussion on the results for the second quarter of financial year 2009. I am pleased to announce that we have recorded a robust 43% growth in operating revenues which is led by advertising revenue growth of 30% and subscription revenue growth of 38%. Even in this prevailing macro economic environment and the given escalating competition in TV broadcasting arena, the company continues to dominate the television viewership across its footprint, which has led to this handsome revenue growth. We continue to focus on revenue leadership even as our channels surge ahead on the viewership front across countries. Zee is poised to deliver the business outlook committed to its shareholders and this belief is supported Page 1 of 18 2Q (July –September 2008) FY 2009 Teleconference: October 21st, 2008 through the breadth of our portfolio, a clear vision for maximizing revenues across our various businesses and a strong focus on risk return parameters. I would now like to discuss in detail some of the key financials of the second quarter of financial year 2009 versus financial year 2008, which would give a clearer picture of our second quarter performance. Advertisement revenue was Rs. 2.85 billion for the quarter ended 30th September 2008, an increase of 30% compared to the corresponding period last fiscal. Our advertisement revenues have yet again been ahead of the industry growth rates, reiterating the belief that advertisers will still prefer television as a medium given its current cost effectiveness. The subscription revenue was Rs. 2.24 billion for the quarter ended 30th September 2008, an increase of 38% as compared to the corresponding quarter of last fiscal. Other sales and services stood at Rs. 621 million, a 273% growth compared to the corresponding quarter last fiscal. This includes new revenue streams of Rs. 117 million from our film division, Zee Entertainment Studios, which released five films across four languages during this quarter. Other revenue streams under this head include syndication sales, education business, playout and production services, events, and commission on advertising and subscription sales. Consolidated revenues stood at Rs. 5.71 billion for the quarter representing a 43% growth over the corresponding period in the previous fiscal. Programming and operating cost has increased by 57%. This includes start up cost of Zee Next and Zee Entertainment Studios, as well as cost incurred on incremental hours of original content programming for Zee TV, higher cost of movie rights and cost of the India-Sri Lanka cricket series on Ten Sports, all of which has amounted to Rs. 1.15 billion. Excluding the impact of these initiatives of the cost on a like-to-like basis, the average inflationary increase in operating cost has just been 7.5%. During the current quarter, personnel cost has gone up by 52% to Rs. 513 million from Rs. 338 million over the corresponding quarter last fiscal. Personnel cost in this quarter includes proportionate quarterly provision for financial 2009 performance incentive of Rs. 60 million to be paid in the next year. This is over and above the performance incentive of Rs. 290 million paid in May 2008 for the performance of last fiscal year. If we remove the impact of these additional provisions, then net increase in personnel cost stands at 33% for quarter two of current year over quarter two of last year. Operating profit for the current quarter has gone up by 12% to Rs. 1.42 billion from Rs. 1.27 billion last year corresponding quarter. Operating margins stood at 25% for the quarter, but if we remove the impact of losses the sports business incurred due to the India-Sri Lanka cricket series, operating margins stood at 34%. During the quarter, interest and other financial losses of 223 million including foreign exchange derivative loss of Rs. 111 million were incurred. During this period, Asia Today Limited, a wholly owned subsidiary of the company, received a refund of Rs. 789 million from the income tax department for the assessment years 2001 through 2004. The Appellate Authorities Page 2 of 18 2Q (July –September 2008) FY 2009 Teleconference: October 21st, 2008 of Income Tax Department have held that the foreign telecasting company Asia Today Limited is operating through independent agents in India and hence has no permanent establishment under articles 5 and 7 of double taxation avoidance treaty between India and Mauritius. Accordingly, its revenues from India are not taxable in India and hence excess tax provisions for earlier years have been written back during the current quarter. During the current quarter, company provided for 489 million towards tax provision, as a result profit before tax increased by 5% to Rs. 1.48 billion while profit after tax went up by 84% to Rs. 1.78 billion for the quarter of financial year 2009. I would now like to cover some of the business performances. For the flagship channel Zee TV, our focus on week days, weekend prime time, as also the afternoon offering has yielded satisfactory results. Even in the wake of heightened competitions, the channel has retained its viewership base and reach. The channel averaged 219 weekly GRPs attaining a 20% market share and maintained the performance of 19 out of 50 talk programs in its genre. Saat Phere, Dulhan, Maayka, Kasam Se were the top rated shows on the channel this quarter. New programs such as Sa Re Ga Ma Pa, Ranvir Rano, Ek Se Badkar Ek, Waaris have been well received. The channel continues to focus on its core fiction programming with interesting twists within existing story lines, exciting new shows and block buster films. Zee Next, a newly launched channel has capped losses at rupees 82 million for the quarter. Whilst the revised strategy is being formulated for the channel, it has been currently brought under maintenance mode and spends similar to those incurred in second quarter of financial year 2009 are expected across the remainder of this financial year. Cumulative loss during first half of the year for this channel has been rupees 480 million. Zee Cinema continues to lead in the Hindi cinema genre. We have 33% market share, key properties such as Shanivaar Ki Raat, Bhakti ki Shakti etc., continue to deliver high ratings on this channel. The channel has procured various block buster movies and undertaken various marketing activities which have helped strengthen the brand connect with audiences across markets. In the English GEC Space, Zee Café, got a 23% channel share and ranked second in the genre on viewership. Shows such as Everybody Hates Chris, Crosswords, I wanna be a Soapstar are amongst the few that have helped it reach this position. The channel is highly appreciated by its relevant target group. Zee Sports and Ten Sports saw high volume of sports action this quarter and garnered 65% market share making them a leader in their genre genre. Prominent sporting events including coverage of the Indian cricket team’s tour of Sri Lanka, the US open tennis tournament, the Ryder Cup golf tournament, and I- league football were some of the properties showcased in this quarter. Going forward, the channels would cover the Indian cricket league on Ten Sports and Zee Sports. Ten Sports would continue with its WWE programming while Zee Sports would continue with coverage of the I-league as well as the newly formatted Federation cup football tournament. The sports Page 3 of 18 2Q (July –September 2008) FY 2009 Teleconference: October 21st, 2008 business revenues during the second quarter of financial year 2009 were rupees 1.3 billion recording a growth of 212% over the corresponding quarter last fiscal.
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