Report on the Performance for the Quarter Ending Dec 10

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Report on the Performance for the Quarter Ending Dec 10 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 2 of 18 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 3 of 18 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 5 of 18 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.
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