Report on the performance for the Quarter ended Dec 2010
PVR LIMITED Block A, 4th Floor, Building No 9, DLF Cybercity Phase III, Gurgaon – 122002, Haryana, India Phone : (91-0124) 4708100 Fax : (91-0124) 4708101
th 28 Jan, 2011
The financial statements included in this quarterly report fairly present 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 and CR Retail Malls India Limited
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TABLE OF CONTENTS
Section 1 Standalone & Consolidated Financial Results 4
Section 2 Management Discussion & Analysis
2.1 Exhibition Business Performance 7
2.2 Operational Highlights 9
2.3 Performance of Subsidiary companies 11
2.4 Upcoming Films for next 3 months 12
2.5 List of Current Properties 14
2.6 New Property openings – FY 2010-11 15
Section 3 Shareholding Pattern as on 31st Dec, 2010 16
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Section 1: Standalone & Consolidated Financial Results
PVR LTD
Unaudited Financial Results for the Quarter ended Dec 31, 2010 (Rs. In lacs) STANDALONE CONSOLIDATED
Nine month ended Year Nine month ended Year Sl. Quarter ended Quarter ended No Particulars ended ended . 31.12.10 31.12.09 31.12.10 31.12.09 31.03.10 31.12.10 31.12.09 31.12.10 31.12.09 31.03.10 (Audited) (Audited)
1 Net Income from Operations 9,500 8,883 27,936 20,347 27,476 13,290 11,351 36,913 24,715 33,413 2 Other Operating Income 52 99 186 297 360 70 77 257 390 442 3 Total 9,552 8,982 28,122 20,644 27,836 13,360 11,428 37,170 25,105 33,855 4 Expenditure
a) Film Distributors' Share 2,776 2,662 8,263 5,825 7,839 2,706 2,632 8,112 5,988 8,034
b) Movie Distribution and Print - - - - - 2,066 1,422 3,343 1,623 1,831 Charges c) Consumption of food and 551 552 1,755 1,331 1,807 613 616 1,944 1,502 2,039 beverages d) Cost of goods purchased for - - - - - 1 1 4 18 19 sale e) Employees Cost 1,084 938 3,217 2,612 3,512 1,265 1,166 3,741 3,235 4,204
f) Rent 1,174 1,065 3,461 3,179 4,228 1,242 1,139 3,685 3,357 4,500
g) Repairs and maintenance 789 720 2,428 2,043 2,722 875 814 2,694 2,285 3,047
h) Electricity and water 484 394 1,608 1,227 1,591 540 417 1,795 1,393 1,813
i) Depreciation/Amortization 621 555 1,803 1,603 2,162 2,472 660 4,872 1,912 2,744
j) Other Expenditure 950 879 2,747 2,159 3,193 1,888 1,299 4,775 2,938 4,503
5 Total Expenditure 8,429 7,765 25,282 19,979 27,054 13,668 10,166 34,965 24,251 32,734 Profit / (Loss) from Operations before Other 6 1,123 1,217 2,840 665 782 (308) 1,262 2,205 854 1,121 Income, Interest and Exceptional Items 7 Other Income 204 41 601 110 230 142 131 528 426 535 Profit / (Loss) before Interest 8 1,327 1,258 3,441 775 1,012 (166) 1,393 2,733 1,280 1,656 and Exceptional Items 9 Interest 332 233 1,059 782 987 333 378 1,060 1,239 1,586 Profit / (Loss) after Interest 10 995 1,025 2,382 (7) 25 (499) 1,015 1,673 41 70 but before Exceptional Items 11 Exceptional Items ------Profit / (Loss) from ordinary 12 995 1,025 2,382 (7) 25 (499) 1,015 1,673 41 70 activity before taxes Income Tax (including deferred 13 tax, other tax adjustments and (306) (349) (695) (4) 1 (827) (348) (1,472) 40 10 net of MAT credit receivable) 14 Net Profit / (Loss) (PAT) 689 676 1,687 (11) 26 (1,326) 667 201 81 80 Extraordinary Items( net of 15 ------tax expenses) Share of Minority Interest in 16 - - 851 70 726 14 55 Losses 17 Net Profit / (Loss) for the year 689 676 1,687 (11) 26 (475) 737 927 95 135 18 Paid-up Equity Share Capital 2,715 2,301 2,715 2,301 2,562 2,715 2,301 2,715 2,301 2,562 Paid-up value of Non- 2,900 2,900 2,900 2,900 - 2,900 2,900 convertible Debentures 19 Reserves and Surplus 22,164 28,342
Basic Earnings Per Share - not 20 2.54 2.92 6.22 (0.06) 0.11 (1.75) 3.20 3.42 0.41 0.57 annualized 4 of 18 Diluted Earnings Per Share - not 2.53 2.92 6.20 (0.06) 0.11 (1.75) 3.20 3.41 0.41 0.57 annualized (fully paid up equity share of Rs.10 each) Debt Equity Ratio 0.51 - 0.51 - 0.55 0.43 - 0.43 - 0.58
Debt Service Coverage Ratio 1.84 - 1.61 - 0.99 2.17 - 2.14 - 1.05
Interest Service Coverage Ratio 5.86 - 4.95 - 3.22 6.93 - 7.17 - 2.77
Aggregate of Public 21 Shareholding Number of shares 16129529 13447909 16129529 13447909 16058239 16129529 13447909 16129529 13447909 16058239
Percentage of shareholding 59.41% 58.43% 59.41% 58.43% 62.67% 59.41% 58.43% 59.41% 58.43% 62.67%
Promoters and Promoter Group 22 Shareholding a) Pledged/Encumbered
Number of shares 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000
Percentage of shares (as a % of the total shareholding of 4.54% 5.23% 4.54% 5.23% 5.23% 4.54% 5.23% 4.54% 5.23% 5.23%
promoter and promoter group)
Percentage of shares (as a % of the total share capital of the 1.84% 2.17% 1.84% 2.17% 1.95% 1.84% 2.17% 1.84% 2.17% 1.95%
Company) b) Non-Encumbered
Number of shares 10517843 9065961 10517843 9065961 9066091 10517843 9065961 10517843 9065961 9066091
Percentage of shares (as a % of the total shareholding of 95.46% 94.77% 95.46% 94.77% 94.77% 95.46% 94.77% 95.46% 94.77% 94.77%
promoter and promoter group) Percentage of shares (as a % of the total share capital of the 38.75% 39.40% 38.75% 39.40% 35.38% 38.75% 39.40% 38.75% 39.40% 35.38%
Company)
Notes
1. Status of investor complaints / queries received during the quarter ended December 31, 2010 Pending at the beginning Nil; Received 6; Disposed 6; Pending at the end Nil
2. Incomes from Operations as disclosed above are net of Entertainment Tax, Value Added Tax and Service Tax collected on generating such Incomes
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3. The Segment-wise revenues, results and Capital Employed of the Consolidated Financials are given below :-
Quarter ended Nine Months Ended Year ended S.No Particulars 31.12.2010 31.12.2009 31.12.2010 31.12.2009 31.03.2010 1. Segment Revenues
Movie Exhibition 10,315 9,820 30,418 22,572 30,347
Movie Production & Distribution 3,025 1,513 6,461 1,741 2,538
Bowling Alleys 337 318 1,093 1,067 1,390
Inter Segment Revenues / Elimination (317) (223) (802) (275) (420)
Total 13,360 11,428 37,170 25,105 33,855
2. Segment Results
Movie Exhibition 1,426 1,626 3,739 1,377 1,732
Movie production & Distribution (1,782) (408) (1,802) (778) (904)
Bowling Alleys 48 44 268 255 293
Total (308) 1,262 2,205 854 1,121
Interest (Net)/ Dividend 191 247 532 813 1,051
Profit/ ( Loss) before Tax (499) 1,015 1,673 41 70
3. Capital Employed
Movie Exhibition 38,659 32,198 38,659 32,198 32,660
Movie production & Distribution 7,196 7,706 7,196 7,706 8,695
Bowling Alleys 1,407 1,278 1,407 1,278 1,291
Total 47,262 41,182 47,262 41,182 42,646
Unallocable (7,167) (3,911) (7,167) (3,911) (5,719)
4. The Company has applied to the Central Government for their approval for the excess remuneration of Rs.68.49 lacs paid to its Managing Director for the financial years 2008-09 and 2009 -10. The approval of the Central Government is awaited
5. The Company has further issued 25730 Equity Shares to its employees in accordance with the PVR ESOP Schemes 2008
6. The Company has challenged amendments in the provision of levy of the Service Tax w.e.f June 1, 2007 in the Finance Act 2010 before Honourable High Court of Delhi. The said Court has granted the Company an interim injunction and has stayed payment of Service Tax by the Company.
7. The Consolidated and Standalone Results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 28 th January, 2011. The financial results of PVR Limited (Standalone) have been subjected to limited review by the Statutory Auditors in terms of Clause 41 of the Listing Agreement.
8. Previous year/ period figures have been regrouped/rearranged, wherever considered necessary.
9. The above financial results are available at company's website www.pvrcinemas.com and also on the websites of the NSE and BSE.
By Order of the Board For PVR LIMITED
Place: Gurgaon Ajay Bijli Date: January 28, 2011 Chairman cum Managing Director
6 of 18 Section 2.1- Exhibition Business Performance
For the purpose of analysis, overall performance of the Exhibition business has been analyzed below after incorporating the results of the company’s 100% subsidiary CR Retail Malls India Ltd which operates the Phoenix mill property in Mumbai
Actuals Figures in Rs Lakhs Q3, FY 11 Q3, FY 10 Growth Net Income from operations 10,251 9,742 5% Other Operating Income 65 109 -41% Total Operating Income 10,315 9,851 5% Film Distributors' Share 2,970 2,869 4% Consumption of food and beverages 579 583 -1% Employee Cost 1,115 962 16% Rent 1,175 1,065 10% Other Expenditure 2,364 2,113 12% Total Expenditure 8,203 7,592 8% Operating Profit 2,112 2,259 -6% Operating Profit Margin 20% 23%
Other Income 84 43 96% EBITDA 2,197 2,302 -5% EBITDA Margin 21% 23%
Depreciation/Amortization 690 623 11% Profit Before Interest and Taxes 1,507 1,680 -10% Interest 332 378 -12% Profit Before Taxes 1,177 1,302 -10% Tax 371 443 -16% Net Profit (PAT) 806 859 -6%
Quarters As on Dec 10 As on Dec 09 Growth Properties under Operation* 33* 26 27% Screens under Operation 142 108 31% Seats under Operation 36818 27827 32%
* Properties under operation include 2 properties namely Oppulent and Mahagun in Ghaziabad which are operated on Franchise/ Management basis. The company does not consolidate any revenues/costs for these properties in its financial results.
7 of 18 Review of the quarter ended Dec 2010
In comparison with similar quarter last year, Q3 2009-10 was a relatively weaker quarter for the cinema exhibition industry. The occupancies and revenues during the quarter were adversely impacted on account of poor performance of major blockbusters like Action Replay, Khelein Hum Jee Jaan Sey, Guzaarish, No Problem, Tees Mar Khan as against Q3 of 2008-09 which witnessed the release of major blockbusters like 3 idiots and Ajab Prem Ki Ghajab Kahani
Revenue Side Analysis
Quarter ended Figures in Rs Lakhs Dec 10 Dec 09 Growth Ticket Sales/Revenue Share Income 6,792 6,743 1% Sale of Food and Beverages 1,800 1,796 0.2% Advertisement Income 1,498 1,109 35% Convenience Fee 135 95 42% Other Operating Income 91 109 -17% Total Operating Income 10,315 9,851 5% Analysis for the Quarter Ended June 2009 (Standalone Financials) Cost Side Analysis
Quarter ended Figures in Rs Lakhs Dec 10 Dec 09 Growth Film Distributors' Share 2,970 2,869 4% Consumption of food and beverages 579 583 -1% Employee Cost 1,115 962 16% Rent 1,175 1,065 10% Other Expenditure 2,364 2,113 12% Total Expenditure 8,203 7,592 8%
Cost Ratios ( As a % of Operating Quarter ended Remarks Income) Dec 10 Dec 09 Higher payouts in quarter ended Dec 09 for “3 Idiots and Film Distributors' Share 28.8% 29.1% “Ajab Prem Ki Ghajab Kahani” Consumption of food and beverages 5.6% 5.9%
Employee Cost 10.8% 9.8% Impacted on account of drop in occupancy and revenues Rent 11.4% 10.8% across comparable properties
Other Expenditure 22.9% 21.4%
Total Expenditure 79.5% 77.1%
8 of 18 Section 2.2 – Operational Highlights The operating performance has been analyzed by making a like to like comparison between properties which were operational during the corresponding period of the previous year (classified as “Comparable Properties”), properties which were not operational during the corresponding period of previous year (classified as “Non Comparable Properties”) and new properties which commenced operations during the quarter (classified as “New Properties”)
For the quarter under review, Chennai, Ahmedabad, Raipur, Allahabad, LDA Lucknow have been categorized under New/Non Comparable Properties. Two properties of PVR namely Mahagun & Oppulent are on Franchise/ Management basis which have been categorized under “Franchise Cinemas”
Footfalls & Occupancy • We entertained approx 5.2 million patrons during the quarter under review, marginally higher by 2% from Q3 FY 10 • The Footfalls & occupancy across our exhibition circuit during the quarter ended Dec 2010 were as under
Footfalls (Mn) Occupancy (%)
Quarter Ended Quarter Ended Growth Growth Dec 10 Dec 09 Dec 10 Dec 09
Comparable Properties 3.9 5.1 -24% 27.1 36.8 -26%
New/ Non Comparable Properties 1.1 - - 33.6 - -
Own Cinemas 5.0 5.1 -2% 28.3 36.8 -23%
Franchise Cinema 0.2 - - 17.6 - -
Total Exhibition 5.2 5.1 2% 27.7 36.8 -25%
Average Ticket Price (ATP) • The average ticket prices across the comparable properties in the quarter under review grew by Rs 20 (13% growth) over corresponding period of previous year due to increase in ticket pricing in various properties across our cinema circuit • Overall ATP for Q3, FY 11 grew at a robust rate of 5% over Q3, FY 10 ( From Rs 159 to Rs 167) • The ATP across our exhibition circuit during the quarter ended Dec 2010 were as under
ATP (Rs)
Quarter Ended Growth
Dec 10 Dec 09
Comparable Properties 179 159 13%
New/ Non Comparable Properties 123 - -
Total Exhibition 167 159 5%
9 of 18 Average F&B Realization ( SPH)
• The average F & B realization across the comparable properties grew at a robust rate of 10% in the quarter ended Dec 2010 over the corresponding period of previous year • Overall SPH for Q3, FY 11 witnessed an increase of 3% as compared to Q3, FY 10 • The Spend per Head across our cinema circuit during the quarter ended Dec 2010 was as under:
SPH (Rs)
Quarter Ended Growth Dec 10 Dec 09
Comparable Properties 43.4 39.6 10%
New/Non Comparable Properties 31.1 - -
Total Exhibition 40.7 39.6 3%
Advertisement Income
• Overall Advertising income during Q3, FY 11 was Rs 1,498 lakhs as compared to 1,109 lakhs, substantially higher by 35% as compared to Q3, FY 10 on account of new sponsorship deals signed during the festive quarter
Advertising Income (In Lakhs)
Quarter Ended Growth
Dec 10 Dec 09
Comparable Properties 1,298 1,109 17%
New/ Non Comparable Properties 199 - -
Total Exhibition 1,498 1,109 35%
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Section 2.3 : Performance of Subsidiary companies
PVR Blu-O
• PVR Blu-O is a 51:49 JV between PVR Ltd and Major Cineplex Group Plc based out of Thailand. Presently operates India’s largest bowling alley center in Ambience Mall, Gurgaon • For 9 months ended, 2009-10, the subsidiary grossed an income of Rs 1097 lacs, EBITDA of 359 lakh delivering EBITDA margin of 33% and PAT of Rs 178 lacs • The company plans to open around 4-5 bowling centres across India in next 12-15 months in key cities like Bangalore, Pune, Delhi etc.
PVR Pictures
• The quarter under review was impacted on account of poor performance of company’s production “Khelein Hum Jee Jaan Sey” which was released during the quarter. As a result the company incurred a loss of Rs 2034 lacs at PAT level during the first 9 months of the current year. The loss after excluding Minority Interest was Rs 1220 lacs. • The company has a pipeline of 2 films which are currently under production. These include:-
Film name Director Star Cast Genre Expected Release Date
Rakesh Omprakash Om Puri, Deepak Dubriyal 3 The Bhai Comedy April 2011 Mehra and Shreyas Talpade
Abhay Deol, Emraan Shanghai Dibakar Banerjee Action Q3/Q4 2011-12 Hashmi
11 of 18 Section 2.4 – Upcoming Films for the next 3 months
Release Movie Title Genre Banner Director Cast Date* Utt Pataang Comedy Warner Bros Srikanth Velagalti Vinay Pathak, Mahie Gill White House Productions Vishal Aryan Parvathy Omanakuttan, United Six Action / Thriller Limited Singh Daisy Bopanna, John Cameron Nicole Kidman, Aaron Rabbit Hole Drama PVR Pictures Ltd Mitchell Eckhart Sanctum (Jaan Ki Baazi Action / Adventure / Mukta Movies Richard Roxburgh, Toan Alister Grierson - Hindi) Drama / Thriller Distributors Gruffudd, 4-Feb-11 Animation / Adventure/ Anthony Bell, Ben Alpha & Omega Fox Star Studio Comedy Gluck Pushpa Krishna Angel Drama Ganesh Acharya Nilesh Sahey, Maddalsa Creations Shree Ashtavinayak Govinda, Tusshar Kapoor, Run Bhola Run Comedy Neeraj Vora Cinevision Pvt Ltd Amisha Patel Prakasha Jha Arunoday Singh, Yeh Saali Zindagi Cult Sudhir Mishra Productions Chitrangda Singh Reese Witherspoon, Paul Everything You've Got Comedy / Romance Sony Pictures James L. Brooks Rudd Alejandro Javier Bardem, Rubén Biutiful Drama PVR Pictures Ltd González Iñárritu Ochandiano The night chronicles: Paramount Pictures Devil Reese Witherspoon, Paul How Do You Know Romantic Comedy Sony Pictures James L. Brooks 11-Feb- Rudd 11 Superfine Films Private Andrey The Nutcracker 3D Elle Fanning, Nathan Lane Limited Konchalovskiy Ishaan Manhaas, Ankita Aashiqui.in Comedy / Romance Gipsy Film Shankhadeep Shrivastava, Alice Braga, Anthony The Rite Drama Warner Bros Mikael Håfström Hopkins Akshay Kumar, Rishi Patiala House Family/Drama T-Series Nikhil Advani Kapoor Priyanka Chopra, John and Saat Khoon Maaf Drama/Thriller UTV Motion Pictures Vishal Bhardwaj others Colin Farrel, ED Harris, Jim The Way Back Drama PVR Pictures Ltd Peter Weir Sturgess 18-Feb- I Am Number Four Action | Sci-Fi Big Pictures D.J. Caruso Alex Pettyfer, Dianna Agron 11 Big Mommas: Like Fox Star Studio Father, Like Son Gnomeo and Juliet (2D Animation / Family / Walt Disney Kelly Asbury Jason Statham, Emily Blunt & 3D) Fantasy / Rom ance Drive Angry (3D) Action / Thriller Multivision Multimedia Patrick Lussier Nicolas Cage, Amber Heard 25-Feb- Keira Knightley , Colin London Boulevard Crime / Romance PVR Pictures Ltd William Monahan 11 Farell True Grit Drama Paramount Pictures Ethan Coen Matt Damon, Jeff Bridges Picture Thoughts Kay Kay Menon, Pawan Bhindi Baazar Inc Thriller / Drama Ankush Bhatt Production Malhotra, West is West Comedy / Drama BBC FILM Andy DeEmmony Om Puri, Ila Arun
Hall Pass Drama Warner Bros Bobby Farrelly Owen Wilson
Deepshikha, Kaishav Arora Yeh Dooriyan Romance V1 Creations Deepshikha , R Madhavan, Kangna Tanu Weds Manu Studio 18 Anand L Rai Ranaut Rajnish Duggal, Adha Phirr Suspense Thriller Big Pictures Vikram Bhatt Sharma Rango Animation | Action | Paramount Pictures Gore Verbinski Johnny Depp, Isla Fisher, 4-Mar-11 Cécile De France, Thierry Hereafter Drama / Fantasy Warner Bros Clint Eastwood Neuvic Restless Drama Sony Pictures Gus Van Sant Mia Wasikowska
12 of 18 Release Date Movie Title Genre Banner Director Cast
Mars Needs Moms! (2D / Animation / Family Walt Disney Simon Wells Seth Green, Joan Cusack 3D / IMAX 3D) Channing Tatum, Mark The Eagle War / Action PVR Pictures Ltd Kevin Macdonald Strong,
Natlie Portman, Ashton 11-Mar- No Strings Attached Romance/ Comedy Paramount Pictures Ivan Reitman Kutcher 11 Nana Patekar, Anurag Shagird Action Reliance Big Picture Tigmanshu Dhulia Kashyap Catherine Amanda Seyfried, Lukas Red Riding Hood Drama / Thriller Warner Bros Hardwicke Haas Vanessa Hudgens, Neil Beastly Comedy Sony Pictures Daniel Barnz 18-Mar- Patrick 11 Abhishek Bachchan, Jimmy Game Drama/Action Excel Entertainment Abhinay Deo Sheirgill A Thousand Words Comedy | Drama Paramount Pictures Brian Robbins Eddie Murphy 25-Mar- Carla Gugino, Vanessa 11 Sucker Punch (3D) Action | Fantasy | Thriller Warner Bros. Zack Snyder Hudgens My Friend Pinto Drama UTV Motion Pictures Prateek Babbar
Raginni MMS Balaji
Puja Entertainment (India) Jakky Bhagnani, Pooja Faltu Romance Remo D'souza Ltd Gupta, Akshay Kumar Mrigdeep Singh Om Puri, Shreyas Talpade, Teen The Bhai Drama Pvr Pictures Ltd Lamba Deepak Dobriyal 1-Apr-11 The Adjustment Bureau Romance / Sci-Fi Paramount Pictures George Nolfi Matt Damon, Emily Blunt
Apollo 18 Thriller/ Sci-Fi/Horror Multivision Multimedia Gonzalo Lopez Courtney Cox, Neve Scream 4 Horror Big Pictures Wes Craven Campbell Mia Wasikowska, Judie Jane Eyre Romantic PVR Pictures Ltd Cary Fukunaga Dench Anne Hathaway, Rodrigo Rio - 3D Fox Star Studio 8-Apr-11 Santoro Liam Neeson, January Jones, Unknown White Male Drama / Thriller Warner Bros Jaume Collet-Serra Diane Kruger Thank You Comedy UTV Motion Pictures Anees Bazmee Akshay Kumar Anna Faris, Michaelle Kids In America Comedy / drama Paramount Pictures Michael Dowse Trachtenberg 15-Apr- Vistaar Religare Film Fund Happi Comedy Bhavana Talwar Pankaj Kapoor 11 / WSG Picture Haunted (Hindi 3D) Horror ASA movies Vikram Bhatt
Yogi Bear (3D) Animation | Adventure | Warner Bros Eric Brevig Bobby Farrelly, Owen Wilson, Alexandra 22-Apr- Hall Pass Drama Warner Bros 11 Peter Farrelly Daddario Abhishek Bachchan , Bipasha Dum Maaro Dum Thriller Fox Star Studios Rohan Sippy Basu Saoirse Ronan, Cate Hanna Thriller Sony Pictures Joe Wright Blanchett 29-Apr- Action | Adventure | Drama Natalie Portman, Chris Thor (3D) Paramount Pictures Kenneth Branagh 11 | Fantasy Hemsworth Krishna D.K and Tushar Kapoor, Sendhir Shorr Comedy Balaji Raj Nidimoru Ramamurthy
*The above schedule is compiled based on the latest industry information and is subject to change
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Section 2.5-List of Current Properties
E Tax% on E tax S.No City Name of property Screens Seats Opening date Exemption date net exemption
1 Delhi Anupam, Saket 4 1,000 20% No Jun-97 2 Delhi Priya, Vasant Vihar 1 944 20% No Jan-00 3 Delhi Naraina 4 830 20% No Aug-01 4 Delhi Vikaspuri 3 921 20% No Nov-01 5 Gurgaon Metropolitan Mall 7 1,310 30% No May-03 6 Faridabad Crown Plaza 2 504 30% No May-04 7 Delhi Plaza 1 300 20% No May-04 8 Bangalore Forum Mall, Bangalore 11 2,011 30% No Nov-04 9 Ghaziabad EDM 3 726 60% No Mar-05 10 Hyderabad Central Mall, Hyderabad 3 926 20% No Feb-06 11 Delhi Rivoli 1 329 20% No Feb-06 12 Indore Treasure Island, Indore 5 1,140 20% Yes Apr-06 Apr-06 13 Lucknow Sahara Mall, Lucknow 4 874 60% Yes Apr-06 Apr-06 14 Mumbai Juhu 5 1260 45% Yes Apr-06 Jun-07 15 Mumbai Nirmal Lifestyle, Mulund 6 1,815 45% Yes Jun-06 Sep-06 16 Gurgaon Sahara Mall 2 528 30% No Jul-06 17 Aurangabad Aurangabad 3 1,156 40% Yes Sep-06 Jan-07 18 Latur Latur 3 1,136 34% Yes Oct-06 Jan-07 19 Baroda Baroda 3 1,094 25% No May-07 20 Ludhiana Flamez Mall, Ludhiana 4 1,025 0% Yes Aug-07 Aug-07 21 Delhi Prashant Vihar 3 786 20% No Aug-07 22 Delhi Select City Walk Saket 6 1,238 20% No Nov-07 23 Gurg aon Ambience Mall 7 1,194 30% No Aug-08 24 Chandigarh Centra Mall 4 1,150 30% No July-08 25 Mumbai Goregaon 6 1,783 45% Yes May-08 Aug-08 26 Raipur Magneto 4 1,350 30% No Feb-10 27 Allahabad Vinayak 4 923 60% Yes Mar-10 Mar-10 28 Ghaziabad * Mahagun 3 1,028 60% No Mar -10 29 Ghaziabad * Oppulent 4 1,045 60% No Mar -10 30 Chennai Ampa Mall 7 1794 10% No Apr-10 31 Ahmedabad Acropolis 6 1349 25% No Apr-10 32 Lucknow Phoenix United Mall 6 1,502 60% No Sept-10 Total – PVR Ltd 135 34,971 33 Mumbai Phoenix Mills 7 1,847 45% Yes Dec-08 Mar-09
Total – (Incl. Cinemas operated by Subsidiary) 142 36,818 *Both the cinemas, Mahagun & Oppulent in Ghaziabad are operated on Franchise /Management basis
Geographical Distribution Total Seats 36,818
Seats enjoying tax exemption 12,917 North South West Total As a % of total Seats 35.1% Seats 19,359 4,846 12,613 36,818
% Distribution 52.6% 13.2% 34.3% Total Screens 142 Screens 77 21 44 142 Screens enjoying tax exemption 47 % Distribution 54.2% 14.8% 31.0% As a % of total Screens 33.1% 14 of 18 Section 2.6-New Property Openings-FY 2010-11
A tentative list of upcoming projects in the next few months with the expected opening schedule is provided below:
S.No Location Screens Expected Opening Schedule
1 Ampa Mall , Chennai 7 Opened in April 2010
2 Acropolis Mall, Ahmedabad 6 Opened in April 2010
3 LDA, Lucknow 6 Opened in Sept 2010
4 Ripples Mall, Vijaywada 4 March, 2011
5 Rahul Raj Mall, Surat 8 March, 2011
6 Treasure Bazaar Mall, Nanded 4 March, 2011
7 Celebration Mall, Udaipur 4 April, 2011
8 Ambience Mall, Vasant Kunj, Delhi 4 April, 2011
Total 43
In addition to this, the company expects to open around 50-60 multiplexes in the next financial year. The malls are currently in various stages of construction and a more detailed update on list of properties will be shared in the next quarter investor update
15 of 18 Section 3-Shareholding Pattern as on 31st Dec , 2010
Number of Sl. No Category of shareholder Shareholding % shares
(A) Shareholding of Promoter and Promoter Group[2] (1) Indian (a) Individuals/ Hindu Undivided Family 1,554,674 5.73 (b) Central Government/ State Government(s) (c) Bodies Corporate 9,463,169 34.86 (d) Financial Institutions/ Banks Sub-Total (A)(1) 11,017,843 40.59 (2) Foreign (a) Individuals (Non-Resident Individuals/ Foreign Individuals) (b) Bodies Corporate (c) Institutions (d) Any Other (specify) Sub-Total (A)(2) Total Shareholding of Promoter and Promoter Group (A)= 11,017,843 40.59 (A)(1)+(A)(2) (B) Public shareholding[3] (1) Institutions (a) Mutual Funds/ UTI 5,050,503 18.60 (b) Financial Institutions/ Banks 60,396 0.22 (c) Central Government/ State Government(s) (d) Venture Capital Funds (e) Insurance Companies (f) Foreign Institutional Investors 2,724,324 10.04 Foreign Venture Capital Investors (h) Any Other (specify) Sub -Total (B)(1) 7,835,223 28.86 (2) Non-institutions (a) Bodies Corporate 1,156,724 4.26 (b) Individuals - i. Individual shareholders holding nominal share capital up to Rs. 2,018,348 7.43 1 lakh. ii. Individual shareholders holding nominal share capital in excess 297,743 1.10 of Rs. 1 lakh. (c) Any Other (specify) Non Resident Indians 218,336 0.80 Foreign Bodies 2,557,000 9.42 Trust 2,021,965 7.45 Clearing Members 24,190 0.09 Sub -Total (B)(2) 8,294,306 30.55 Total Public Shareholding (B)= (B)(1)+(B)(2) 16,129,529 59.41 TOTAL (A)+(B) 27,147,372 100.00 (C) Shares held by Custodians and against which Depository Receipts _ _ have been issued GRAND TOTAL (A)+(B)+(C) 27,147,372 100.00
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List of Non-Promoter Shareholders holding more than 1% of the total number of shares Number of Shareholding S. No. Name of the shareholder shares %
1 MAJOR CINEPLEX GROUP PUBLIC COMPANY LIMITED 25,57,000 9.42
IDBI TRUSTEESHIP SERVICES LIMITED (INDIA ADVANTAGE 2 20,21,742 7.45 FUND)
3 RELIANCE CAPITAL TRUSTEE CO LTD A/C RELIANCE EQUITY 14,60,600 5.38
4 LEGG MASON SOUTHEAST ASIA SPECIAL SITUATIONS TRUST 798,988 2.94
5 SBIMF - MAGNUM MIDCAP FUND 698,277 2.57
6 RELIANCE CAPITAL TRUSTEE CO LTD A/C RELIANCE MEDIA 521,000 1.92
7 PCA INDIA CONSUMER EQUITY OPEN LIMITED 450,000 1.66
8 AXA WORLD FUNDS - FRAMLINGTON EMERGING MARKETS 362,253 1.33
9 MERILL LYNCH CAPITAL MARKETS ESPANA S.A. S.V 340,999 1.26
10 SUNDARAM MUTUAL FUND A/C SUNDARAM SELECT 340,164 1.25
11 ICICI PRUDENTIAL FUSION FUND SERIES - III 335,668 1.24
12 INDIA INFOLINE LIMITED 312,584 1.15
13 JM FINANCIAL MUTUAL FUND -JM EMERGING LEADERS FUND 297,993 1.10
14 RELIANCE CAPITAL TRUSTEE CO LTD A/C RELIANCE MONTHLY 283,100 1.04
TOTAL 10,780,368 39.71
17 of 18 Contact
For any further information and queries please feel free to contact:
Nitin Sood Saurabh Gupta Chief Financial Officer Senior Manager – Finance [email protected] [email protected]
PVR Limited Block A, 4th Floor, Building No 9, DLF Cybercity Phase III Gurgaon, Haryana – 122002 Ph : 0124-4708100, Fax : 0124-4708101
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