Report on the Performance for the Quarter 2 And
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Report on the performance for the Quarter & Half Year ended Sept 30, 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 Oct 30, 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. 2 of 22 TABLE OF CONTENTS Section 1 Standalone & Consolidated Financial Results 4 Section 2 Management Discussion & Analysis 2.1 Exhibition Business Performance 9 2.2 Operational Highlights 11 2.3 ROCE Analysis- Exhibition Business 14 2.4 New Property openings – FY 2012-13 15 2.5 List of Current Properties 16 2.6 Upcoming Films for next 3 months 18 Section 3 Shareholding Pattern as on 30th Sept, 2012 20 3 of 22 Section 1: Standalone & Consolidated Financial Results PVR Ltd Audited Financial Results for Year ended Sep 30, 2012 (Rs In lacs) STANDALONE CONSOLIDATED Sl. Quarter ended Half Year Year Quarter ended Half Year Year Particulars No 30.09.12 30.06.12 30.09.11 30.09.2012 30.09.11 31.03.12 30.09.12 30.06.12 30.09.11 30.09.12 30.09.11 31.03.12 PART I INCOME FROM 1 OPERATION (a) Net sales/ income 17,577 15,654 12,757 33,231 23,185 46,747 18,900 16,769 13,813 35,669 25,496 50,870 from operations (b) Other Operating 68 94 90 162 132 352 81 129 92 210 145 436 Income Total income from 17,645 15,748 12,847 33,393 23,317 47,099 18,981 16,898 13,905 35,879 25,641 51,306 operations (net) 2 EXPENSES a) Film Distributors' share (including 5,240 3,846 3,606 9,086 6,575 12,945 5,056 3,796 3,471 8,852 6,394 12,516 commission) b) Cost of materials 1,247 1,073 870 2,320 1,560 3,202 1,340 1,152 917 2,492 1,653 3,396 consumed c) Employee benefits 1,496 1,464 1,248 2,960 2,503 5,074 1,710 1,677 1,365 3,387 2,758 5,627 expense d) Depreciation and 749 1,708 640 2,457 1,252 3,136 889 1,791 782 2,680 2,037 3,647 amortisation expense e) Rent 2,395 2,116 1,659 4,511 3,040 7,257 2,567 2,258 1,737 4,825 3,183 7,667 f) Repairs and 1,279 1,162 951 2,441 1,834 4,020 1,458 1,300 1,019 2,758 1,979 4,477 maintenance g) Movie production, distribution and print 15 711 - 726 - 260 288 1,057 578 1,345 833 1,462 charges h) Other expenses 2,591 2,107 1,783 4,698 3,323 7,005 2,899 2,279 1,871 5,178 3,844 8,224 Total Expenses 15,012 14,187 10,757 29,199 20,087 42,899 16,207 15,310 11,740 31,517 22,681 47,016 Profit / (Loss) from operations before other 3 income, finance costs 2,633 1,561 2,090 4,194 3,230 4,200 2,774 1,588 2,165 4,362 2,960 4,290 and exceptional items (1-2) 4 Other Income 79 75 176 154 378 776 89 81 319 170 544 896 Profit / (Loss) from ordinary activities 5 before finance costs 2,712 1,636 2,266 4,348 3,608 4,976 2,863 1,669 2,484 4,532 3,504 5,186 and exceptional items ( 3+4) 6 Finance Costs 492 447 441 939 850 1,796 520 471 447 991 860 1,848 Profit / (Loss) from ordinary activities after 7 2,220 1,189 1,825 3,409 2,758 3,180 2,343 1,198 2,037 3,541 2,644 3,338 finance costs but before exceptional items ( 5+6) 8 Exceptional Items - - - - 1,696 269 - - 4 - 1,221 (237) Profit / (Loss) from 9 ordinary activity before 2,220 1,189 1,825 3,409 4,454 3,449 2,343 1,198 2,041 3,541 3,865 3,101 tax (7+8) 10 Tax expense/(credit) 724 391 598 1,115 979 638 729 417 611 1,146 995 572 Net Profit / (Loss) from 11 ordinary activities after 1,496 798 1,227 2,294 3,475 2,811 1,614 781 1,430 2,395 2,870 2,529 tax ( 9+10) Extra-Ordinary items( 12 - - - - - - - - - - - - net of tax expenses) Net Profit / (Loss) for 13 1,496 798 1,227 2,294 3,475 2,811 1,614 781 1,430 2,395 2,870 2,529 the period ( 11+12) Share of profit / (loss) 14 - - - - - - - - - - of associates 15 Minority interest - - - - - - (5) (25) (10) (30) 97 13 Net Profit / (Loss) after taxes, minority interest and share of 16 1,496 798 1,227 2,294 3,475 2,811 1,609 756 1,420 2,365 2,967 2,542 profit/(loss) of associates ( 13+14+15) Paid-up Equity Share 2,885 2,595 2,590 2,885 2,590 2,590 2,885 2,595 2,590 2,885 2,590 2,590 17 Capital Paid-up value of Non- 2,900 2,900 2,900 2,900 2,900 2,900 2,900 2,900 2,900 2,900 2,900 2,900 convertible Debentures Reserve excluding Revaluation Reserves 18 as per balance sheet of 24,747 25,317 previous accounting year 19. Earnings per share i (before extraordinary 4 of 22 items) (a) Basic Earning Per 5.76 3.08 4.65 8.83 13.16 10.50 6.19 2.92 5.38 9.10 11.24 9.50 Share - not annualized (b) Diluted Earning Per 5.72 3.06 4.62 8.77 13.09 10.46 6.15 2.90 5.35 9.04 11.17 9.46 Share - not annualized (fully paid up equity share of Rs.10 each) Earnings per share 19. (after extraordinary ii items) (a) Basic Earning Per 5.76 3.08 4.65 8.83 13.16 10.50 6.19 2.92 5.38 9.10 11.24 9.50 Share - not annualized (b) Diluted Earning Per 5.72 3.06 4.62 8.77 13.09 10.46 6.15 2.90 5.35 9.04 11.17 9.46 Share - not annualized PART II PARTICULARS OF A SHAREHOLDING Public Shareholding 1 - Number of shares 17243712 14 348712 14293 972 17243 712 14293 972 14300 572 17243 712 14348 712 14293 972 17243 712 14293 972 14300572 - Percentage of 59.78% 55.29% 55.20% 59.78% 55.20% 55.21% 59.78% 55.29% 55.20% 59.78% 55.20% 55.21% shareholding Promoters and Promoter Group 2 Shareholding a) Pledged/Encumbered - Number of shares 500000 500000 1270000 500000 1270000 500000 500000 500000 1270000 500000 1270000 500000 - Percentage of shares (as a % of the total shareholding of 4.31% 4.31% 10.95% 4.31% 10.95% 4.31% 4.31% 4.31% 10.95% 4.31% 10.95% 4.31% promoter and promoter group) - Percentage of shares (as a % of the 1.73% 1.93% 4.90% 1.73% 4.90% 1.93% 1.73% 1.93% 4.90% 1.73% 4.90% 1.93% total share capital of the Company) 0 b) Non-Encumbered - Number of shares 11102092 11102092 10332092 11102092 10332092 11102 092 11102092 11102092 10 332092 11102 092 10332 092 11102092 - Percentage of shares (as a % of the total shareholding of 95.69% 95.69% 89.05% 95.69% 89.05% 95.69% 95.69% 95.69% 89.05% 95.69% 89.05% 95.69% promoter and promoter group) - Percentage of shares (as a % of the 38.49% 42.78% 39.90% 38.49% 39.90% 42.86% 38.49% 42.78% 39.90% 38.49% 39.90% 42.86% total share capital of the Company) 3 mon ths ended Particulars 30.09.2012 INVESTOR B COMPLAINTS Pending at the beginning of the Nil quarter Received during the 16 quarter Disposed of during 16 the quarter Remaining unresolved at the Nil end of the quarter 5 of 22 th Balance Sheet as on 30 Sept’2012 STANDALONE CONSOLIDATED Half Year Half Year S.No Particulars Year ended Year ended ended ended 30.0 9.2012 31.03.2012 30.09.2012 31.03.2012 A EQUITY AND LIABILITIES 1 Shareholders Fund (a) Share Capital 2,885 2,590 2,885 2,590 (b) Reserves and Surplus 32,499 24,747 33,208 25,317 Sub -total - Shareholder's fund 35,384 27,337 36,093 27,907 Share application money pending 2 21 - 711