Report on the Performance for the Quarter 4 and 12
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Report on the performance for the Quarter & Financial Year ended Mar 31, 2012 PVR LIMITED (Incorporated on April 26, 1995 as Priya Village Roadshow Limited and obtained certificate of commencement of business on December 4, 1995. On June 28, 2002 the name of our company was changed to PVR Limited) Block A, 4th Floor, Building No 9, DLF Cybercity Phase II, Gurgaon – 122002, Haryana, India Phone: (91-0124) 4708100 Fax: (91-0124) 4708101 May 29, 2012 The financial statements included in this quarterly report fairly presents in all material respects the financial condition and results of operations of the company as of, and for the periods presented in this report. Disclaimer Safe Harbor: - Some information in this report may contain forward-looking statements. We have based these forward looking statements on our current beliefs, expectations and intentions as to facts, actions and events that will or may occur in the future. Such statements generally are identified by forward-looking words such as “believe”, “plan”, “anticipate”, “continue”, “estimate”, “expect”, “may”, “will” or other similar words. A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. We have chosen these assumptions or bases in good faith, and we believe that they are reasonable in all material respects. However, we caution you that forward-looking statements’ and assumed facts or basis almost always vary from actual results, and the differences between the results implied by the forward-looking statements and assumed facts or bases and actual results can be material, depending on the circumstances. You should also keep in mind that any forward-looking statement made by us in this report or elsewhere speaks only as of the date on which we made it. New risks and uncertainties come up from time to time, and it is impossible for us to predict these events or how they may affect us. We have no duty to, and do not intend to, update or revise the forward- looking statements in this report after the date hereof. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in multiplex business due to the entry of new players, including those factors which may affect our cost advantage, lack of good quality content, onset of new technologies such as DTH, IPTV and increasing penetration of Home-video, which may impact overall industry growth, wage increases in India, real estate costs increases, delay or failure In handover of properties from real estate developers, the success of our subsidiary companies, withdrawal of entertainment tax exemption granted by government and general economic conditions affecting our industry. In light of these risks and uncertainties, any forward-looking statement made in this report or elsewhere may or may not occur and has to be understood and read along with this disclaimer. Others: In this report, the terms “we”, “us”, “our”, “PVR”, “PVRL” or “the Company”, unless otherwise implies, refer to PVR Limited (“PVR Limited”) and its subsidiaries, PVR Pictures Limited, PVR Blu-O Entertainment Ltd & CR Retail Malls 2 of 23 TABLE OF CONTENTS Section 1 Standalone & Consolidated Financial Results 4 Section 2 Management Discussion & Analysis 2.1 Exhibition Business Performance 8 2.2 Operational Highlights 10 2.3 ROCE Analysis- Exhibition Business 13 2.4 Performance Snapshot of Other Businesses 14 2.5 Key Developments 15 2.6 New Property openings – FY 2012-13 16 2.7 List of Current Properties 17 2.8 Upcoming Films for next 3 months 19 Section 3 Shareholding Pattern as on 31st March, 2012 21 3 of 23 Section 1: Standalone & Consolidated Financial Results PVR Ltd Audited Financial Results for Year ended Mar 31, 2012 (Rs In lacs) STANDALONE CONSOLIDATED Sl. Quarter ended Year ended Quarter ended Year ended Particulars No 31.03.12 31.12.11 31.03.11 31.03.12 31.03.11 31.03.12 31.12.11 31.03.11 31.03.12 31.03.11 PART I INCOME FROM 1 OPERATION (a) Net sales/ income 11,106 12,456 7,137 46,747 35,073 11,720 13,654 8,872 50,870 45,927 from operations (b) Other Operating 138 82 42 352 228 49 242 111 436 295 Income Total income from 11,244 12,538 7,179 47,099 35,301 11,769 13,896 8,983 51,306 46,222 operations (net) 2 EXPENSES a) Film Distributors' share (including 2,861 3,509 1,853 12,945 10,116 2,790 3,332 1,952 12,516 10,064 commission) b) Cost of materials 780 862 425 3,202 2,180 826 913 476 3,388 2,420 consumed c) Cost of goods - - - - - 2 2 3 8 7 purchased for sale d) Employee benefits 1,214 1,356 845 5,074 4,062 1,347 1,522 990 5,627 4,731 expense e) Depreciation and 1,195 689 608 3,136 2,411 786 824 1,869 3,647 6,741 amortisation expense f) Rent 2,570 1,647 1,307 7,257 4,768 2,739 1,745 1,302 7,667 5,056 g) Repairs and 1,181 1,006 741 4,020 3,169 1,330 1,168 832 4,477 3,535 maintenance h) Movie production, distribution and print 260 - - 260 - 294 335 (197) 1,462 3,146 charges i) Other expenses 1,817 1,875 1,326 7,005 5,514 1,974 2,416 1,724 8,224 8,103 Total Expenses 11,878 10,944 7,105 42,899 32,220 12,088 12,257 8,951 47,016 43,803 Profit / (Loss) from operations before 3 other income, finance (634) 1,594 74 4,200 3,081 (319) 1,639 32 4,290 2,419 costs and exceptional items (1-2) 4 Other Income 272 126 203 776 804 179 173 242 896 770 Profit / (Loss) from ordinary activities 5 before finance costs (362) 1,720 277 4,976 3,885 (140) 1,812 274 5,186 3,189 and exceptional items ( 3+4) 6 Finance Costs 447 499 370 1,796 1,596 469 519 376 1,848 1,618 Profit / (Loss) from ordinary activities 7 after finance costs but (809) 1,221 (93) 3,180 2,289 (609) 1,293 (102) 3,338 1,571 before exceptional items ( 5+6) 8 Exceptional Items (1,417) - - 269 - (1,447) - - (237) - Profit / (Loss) from 9 ordinary activity (2,226) 1,221 (93) 3,449 2,289 (2,056) 1,293 (102) 3,101 1,571 before tax (7+8) 10 Tax expense 745 (403) 40 (638) (655) 824 (401) (67) (572) (1,539) Net Profit / (Loss) from ordinary 11 (1,481) 818 (53) 2,811 1,634 (1,232) 892 (169) 2,529 32 activities after tax ( 9+10) Extra-Ordinary items( 12 - - - - - - - - - - net of tax expenses) Net Profit / (Loss) for 13 (1,481) 818 (53) 2,811 1,634 (1,232) 892 (169) 2,529 32 the period ( 11+12) 4 of 23 Share of profit / (loss) 14 - - - - - - - of associates 15 Minority interest - - - - - (92) 8 59 13 785 Net Profit / (Loss) after taxes, minority 16 interest and shore of (1,481) 818 (53) 2,811 1,634 (1,324) 900 (110) 2,542 817 profit/(loss) of associates(13+14+15) Paid-up Equity Share 17 2,590 2,590 2,715 2,590 2,715 2,590 2,590 2,715 2,590 2,715 Capital Paid-up value of Non- convertible 2,900 2,900 2,900 2,900 2,900 2,900 2,900 2,900 2,900 2,900 Debentures Reserve excluding Revaluation Reserves 18 as per balance sheet 26,060 22,164 31,422 28,342 of previous accounting year Earnings per share 19. (before extraordinary - - - i items) (a) Basic Earning Per Share - not (5.54) 3.08 (0.20) 10.50 6.03 (4.95) 3.39 (0.41) 9.50 3.02 annualized (b) Diluted Earning Per Share - not (5.51) 3.07 (0.20) 10.46 6.01 (4.93) 3.38 (0.40) 9.46 3.01 annualized (fully paid up equity share of Rs.10 each) Earnings per share 19. (after extraordinary ii items) (a) Basic Earning Per Share - not (5.54) 3.08 (0.20) 10.50 6.03 (4.95) 3.39 (0.41) 9.50 3.02 annualized (b) Diluted Earning Per Share - not (5.51) 3.07 (0.20) 10.46 6.01 (4.93) 3.38 (0.40) 9.46 3.01 annualized (fully paid up equity share of Rs.10 each) PART II PARTICULARS OF A SHAREHOLDING 1 Public Shareholding - Number of shares 14300572 14293972 15573916 14300572 15573916 14300572 14293972 15573916 14300572 15573916 - Percentage of 55.21% 55.20% 57.36% 55.21% 57.36% 55.21% 55.20% 57.36% 55.21% 57.36% shareholding Promoters and 2 Promoter Group Shareholding a)Pledged/Encumbered - Number of shares 500000 515000 1270000 500000 1270000 500000 515000 1270000 500,000 1270000 - Percentage of shares (as a % of the total shareholding of 4.31% 4.44% 10.97% 4.31% 10.97% 4.31% 4.44% 10.97% 4.31% 10.97% promoter and promoter group) - Percentage of shares (as a % of the 1.93% 1.99% 4.68% 1.93% 4.68% 1.93% 1.99% 4.68% 1.93% 4.68% total share capital of the Company) b) Non-Encumbered - Number of shares 11102092 11087092 10305456 11102092 10305456 11102092 11087092 10305456 11102092 10305456 - Percentage of shares (as a % of the total shareholding of 95.69% 95.56% 89.03% 95.69% 89.03% 95.69% 95.56% 89.03% 95.69% 89.03% promoter and promoter group) - Percentage of shares (as a % of the 42.86% 42.81% 37.96% 42.86% 37.96% 42.86% 42.81% 37.96% 42.86% 37.96% total share capital of the Company) 5 of 23 3 months ended Particulars 31.03.2012 INVESTOR B COMPLAINTS Pending at the beginning of the Nil quarter Received during the 2 quarter Disposed of during 2 the quarter Remaining unresolved at the end of the Nil quarter Notes: 1 Income from Operations as disclosed above are net of Entertainment Tax, Value Added Tax and Service Tax collected on generating such Incomes.