LIVE De.MOVIE 2Nd August, 2019 To, the Manager the Secretary
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IN LIVE de.MOVIE 2nd August, 2019 To, The Secretary The Manager BSELlrnited National Stock Exchange of India limited PJTowers, Exchange Plaza, 5th Floor, Plot No C/1, Dalal Street, G Block, Bandra-Kurla Complex, Mumbai - 400 001 Bandra (East), Mumbai - 400 051 Scrip Code: 532706 Scrip Code: INOXLEISUR Dear Sir / Madam, Sub: Disclosure of Material E ent Information under Re o of SEBI Listin Obligations and Disclosure Requirements) Regulations. 2015 - Earnings Presentation. Pursuant to Regulations 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, a copy of the Earnings Presentation that we propose to make during the Conference Call for analyst and investors scheduled to be held on Friday, 2nd August, 2019 at 4.00 p.m. is enclosed and the said Earnings Presentation has also been uploaded on the Company's Website at htlgs://www.inoxmovies.com/Corpora te.aspx? Scction=3 We request you to kindly take the same on record. Thanking you. Yours faithfully, For,~· INOX Leisure Limited Parthasarathylyengar Company Secretary INOX LEISURE LTD. 5th Floor, Viraj Towers, Next to Andheri Flyover, Western Express Highway, Andheri (East}, Mumbai 400 093, India. Tel (91 22) 4062 6900 • Fax : (91 22) 4062 6999 • E: [email protected] • www.inoxmovies.com Registered Office: ABS Towers, Old Padra Road, Vadodara 390 007 • Tel (91 265) 6198111 • Fax (91 265) 2310312 • CIN : L92199GJ1999PLC044045 1 DISCLAIMER This presentation and the following discussion may contain “forward looking statements” by Inox Leisure Limited (“ILL” or “the Company”) that are not historical in nature. These forward looking statements, which may include statements relating to SUMMARY future state of affairs, results of operations, financial condition, business prospects, plans and objectives, are based on the current beliefs, assumptions, expectations, estimates, and projections of the management of ILL about the business, industry and Financial Results markets in which ILL operates. These statements are not guarantees of future performance, and are subject to known Property Openings and and unknown risks, uncertainties, and other factors, some of which are beyond ILL’s Pipeline control and difficult to predict, that could cause actual results, performance or achievements to differ materially from those in the forward looking statements. Content Pipeline Such statements are not, and should not be construed, as a representation as to future performance or achievements of ILL. In particular, such statements should not Shareholding Structure and be regarded as a projection of future performance of ILL. It should be noted that the actual performance or achievements of ILL may vary significantly from such Balance Sheet Items statements. Annexure Due to rounding-off, figures presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the rounded- off figures. 2 Highest “EBITDA to Capital Invested” Ratio in the Industry Highest Q1FY20 Footfalls Growth in the Industry Highest PAT Margin in the Industry - Q1FY20 8% Highest Ad Revenue Growth 9 Consecutive CORDS Rate in the Industry for Quarters CONSISTENTLY First National Chain in the Industry to be Net Debt Free 3 Excludes Ind AS 116 impact Revenue EBITDA PAT Rs.493crs Rs.89crs Rs.41crs 19%YoY 6%YoY 11%YoY Excludes impact of Ind AS 116 Excludes impact of Ind AS 116 Ad Sales Footfalls SPH Rs.47crs 1.73crs Rs.81 18%YoY 11%YoY 6%YoY 4 BRINGS YOU INHGNIA SCAEEN:xt: Onyx 'Di11ef ,~ors SIi.NATURE WOltUl'S MOST IIIMfRSl'IE IKlll.l'S FIRST M:UO CINEl\lA IIIDIA'S FIRST MUllll.til'S FIRST EXPERIEIICE MOVIE EnRAVAGANZA! ntAT 5nMULATES All YOUR SENSES 270 DE~REE l'Jl1'01tAM-IC LED SPECJACIJLAl'I SCREEN MOYIE WATCIUKG EXPERIENCE LASER 30if., BRIGHTER AFFDROAlllf LUXURY DEDICATEll llD'S ntf LARC.E SCREEN ANO SHARPER Pi<OJECTlON EXPERIENCE FOIi THE $MARTIR GENERATION P\AY ZONE 5 Overview of IND AS-116 “Leases” New Accounting Standard-116 on Leases is effective from 1st April 2019 Ind AS 116 Transitional Impact No Distinction between Finance and Operating Lease now. on Balance Sheet As on 1st April 2019 All Leases to be recognised in financials as assets and liabilities (No off-Balance Sheet Rights/Obligations) with exceptions available for immaterial leases and short term leases (less than 12 month) Right of Use - Assets Calculation of Assets (Rights) and Liabilities (Obligations)- Rs.1,663Crs. Lease liability- Calculates Net Present Value (NPV) of lease rent payment over full lease tenure (discounted at incremental borrowing rate ). Right of use (ROU)-Initially measured at the amount of lease liability Impact on Deferred Tax Asset adjusted for lease prepayments if any. ROU is depreciated over lease term on straight line basis. Rs.185Crs. Lease liability and ROU will be NIL at the end of the Lease term. Impact on Profit and Loss Statement - Operating lease expense (fixed part) will Impact on Retained Earnings be replaced by depreciation and interest cost, impacting EBITDA, EBIT, PBT and Rs.344Crs. PAT. Transitional Approach- Company has followed Modified Retrospective approach for transition to IND AS-116. This approach does not require restatement of Lease Liability comparative information for earlier period. The cumulative effect of initially Rs.2,192Crs. applying the standard is recognized as an adjustment in retained earnings net of deferred taxes. 6 Q1FY20 P&L Impact Analysis of Ind AS 116 INR Crs. Q1FY20 Q1FY20 Ind AS 116 Particulars Without Q1FY19 YoY% Reported Impact Ind AS 116 Revenue from Operations 493 493 415 19% Total Expenses * 343 61 404 331 22% EBITDA 150 -61 89 83 6% EBITDA Margin(%) 30% 18% 20% -2% [-]Depreciation 61 -35 26 23 14% EBIT 89 -26 63 61 3% [-]Interest 51 -48 3 7 -62% [+]Other Income 3 3 3 10% PBT 42 22 63 57 12% [-] Tax 15 8 22 20 12% PAT 27 14 41 37 11% PAT Margin(%) 5% 8% 9% -1% Basic EPS (Rs.) 2.75 1.45 4.19 4.03 4% *Ind AS 116 - Rent Impact 7 INOX PARTNERS WITH IPL RAJASTHAN INOX ROYALS TEAM INOX ICC WORLD CUP PARTNERS WITH PARTNERS WITH RP-SG MAVERICKS LIVE SCREENING INDIAN NATIONAL FOR AT INOX RALLY CAMPIONSHIP ULTIMATE TABLE lFMSCIJ TENNIS 8 Q1 FY20 Results Highlights Q1 FY20 YoY Comparison REVENUE FROM EBITDA PAT OPERATIONS 700 - EBITDA ~ EBITDA Margin - PAT ~ PAT Margin 20% 50 10% 100 600 20% 9% 18% 45 8% 9% 90 .. 500 40 8% 80 15% 35 7% 70 400 30 6% 60 19% 6% 11% 25 300 50 5% 10% 89 20 40 83 41 4% 493 37 200 415 15 t 30 t t 3% 5% 10 20 2% 100 5 10 1% - - - 0% 0% Q1FY19 Q1FY20 Q1FY19 Q1FY20 Q1FY19 Q1FY20 Note: Excludes, impact of Ind AS 116 All figures in INR Crs., unless specified Note: EBITDA excludes Other Income (non-operating) 9 Q1 FY20 Results Analysis – Revenue Break Up Analysis Q1 FY20YoY Comparison 600 493 500 26 415 47 400 22 40 22% %Share Q1FY19 Q1FY20 t 132 ■ Net Box Office 58.3% 58.2% 300 111 Net Food & Beverage --26.8% 26.9% 18% ■ t ■ Advertisement 9.6% 9.5% 200 ■ Other Operating Revenues 5.2% 5.3% 19% t 287 242 100 t 19% - Q1FY19 Q1FY20 All figures in INR Crs., unless specified 10 Q1 FY20 Results Analysis – Top 5 Movies in INOX IN X TOP 5 Movies in INOX Avengers: Q1FY20 Endgame Kabir Singh Bharat De De Pyaar De Aladdin Total Footfalls (Lacs) 30.91 19.98 14.83 10.91 6.99 83.63 GBOC (INR Crs.) 80.27 33.61 31.65 19.71 14.90 180.14 Avengers: Jurassic World : Q1FY19 Infinity War Raazi Race 3 Baaghi 2 Fallen Kingdom Total Footfalls (Lacs) 21.07 15.86 10.55 11.01 8.74 67.22 GBOC (INR Crs.) 51.07 30.03 24.81 18.50 17.23 141.64 Top 5 films accounted for 53% of Q1 FY20 GBOC revenues (46% in Q1 FY19) GBOC – Gross Box Office Collection 11 Q1 FY20 Results Analysis – Key Operational Metrics Overall Footfalls & Occupancy% Comparable Properties Footfalls & Occupancy% Footfalls (Lacs) Occ% Footfalls (Lacs) Occ% 180.0 33% 200.0 33% 29% 30% 29% 29% 160.0 180.0 - 28% 28% - 160.0 140.0 140.0 120.0 23% 23% 120.0 11% 100.0 18% 100.0 18% 80.0 154.8 80.0 173.2 146.7 156.2 60.0 13% 13% 60.0 t 40.0 40.0 -5% 8% 8% 20.0 20.0 - 3% - 3% Q1FY19 Q1FY20 Q1FY19 Q1FY20 Footfalls with Management properties: Q1FY20: 183lacs, Q1FY19: 165lacs 300 300 Overall Average Ticket Price (ATP) [INR] Comparable Properties Average Ticket Price (ATP) [INR] 250 250 200 200 150 150 100 100 199 * 198 198 *197 50 50 -0.4% -1% - - Q1FY19 Q1FY20 Q1FY19 Q1FY20 *W.e.f 1st Jan 2019, GST rate on tickets is reduced from 28%/18% to 18%/12%, thereby affecting the YoY ATP growth. 12 Note: All above charts exclude management properties Q1 FY20 Results Analysis – Key Operational Metrics Spend Per Head (SPH) [INR] Comparable SPH [INR] Food & Beverages – Net Contribution (%) 100 100 100.0% 90 90 90.0% 80 80 80.0% 70 70 70.0% 60 60 60.0% 50 6% 50 5% 50.0% 40 76 81 40 76 79 40.0% 75.6% 74.9% 30 30 30.0% 20 20 20.0% t 10.0% 10 t 10 - - 0.0% Q1FY19 Q1FY20 Q1FY19 Q1FY20 Q1FY19 Q1FY20 Advertisement Revenue [INR Crs.] Other Operating Revenue [INR Crs.] 30 50 45 25 40 35 20 30 15 25 47 26 20 18% 22% 40 10 22 15 10 5 5 t t - - Q1FY19 Q1FY20 Q1FY19 Q1FY20 13 Q1 FY20 Results Analysis – Key Operational Metrics IN X Film Distributor Share on NBOC [%] 70.0% 60.0% 50.0% 44.2% 43.9% 40.0% 30.0% 20.0% 10.0% 0.0% Q1FY19 Q1FY20 Other Overheads Per Operating Screen (INR Lacs) 50.0 44.0 45.0 42.6 3.5% 40.0 13.0 ■ Oliiher Q,1,rerheads, 35.0 12.6 30.0 • 2.3% Per Screen 25.0 ■ CAM,.