Report on the Performance for the Quarter Ended June 2011
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Report on the performance for the Quarter & Year ended June 30, 2011 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 Aug 8, 2011 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 and CR Retail Malls (India) Limited 2 of 20 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 12 2.4 Key Developments 13 2.5 Upcoming Films for next 3 months 14 2.6 List of Current Properties 16 2.7 New Property openings – FY 2011-12 17 Section 3 Shareholding Pattern as on 30th June, 2011 18 3 of 20 Section 1: Standalone & Consolidated Financial Results PVR Ltd Unaudited Financial Results for the Year ended June 30, 2011 (Rs. In lacs) STANDALONE CONSOLIDATED Sl. Quarter ended Year ended Quarter ended Year ended Particulars No. 30.06.2011 30.06.2010 31.03.2011 30.06.2011 30.06.2010 31.03.2011 (Audited) (Audited) 1 Net Income from Operations 10,394 8,675 34,915 11,646 10,196 45,729 2 Other Operating Income 55 67 284 69 115 390 3 Total 10,449 8,742 35,199 11,715 10,311 46,119 4 Expenditure a) Film Distributors' Share 2,969 2,552 10,116 2,922 2,659 10,064 b) Movie Distribution and Print Charges - - - 254 260 3,174 c) Consumption of food and beverages 690 585 2,181 734 649 2,420 d) Cost of goods purchased for sale - - - 2 2 7 e) Employees Cost 1,255 1,014 4,062 1,393 1,191 4,731 f) Rent 1,360 1,209 4,664 1,425 1,286 4,953 g) Repairs and maintenance 883 838 3,169 960 928 3,523 h) Electricity and water 599 565 2,003 638 632 2,245 i) Depreciation/Amortization 613 586 2,411 1,255 758 6,741 j) Other Expenditure 997 886 3,731 1,395 1,156 6,081 5 Total Expenditure 9,366 8,235 32,337 10,978 9,521 43,939 Profit / (Loss) from Operations before 6 Other Income, Interest and 1,083 507 2,862 737 790 2,180 Exceptional Items 7 Other Income 202 267 803 225 295 770 Profit / (Loss) before Interest and 8 1,285 774 3,665 962 1,085 2,950 Exceptional Items 9 Interest 353 344 1,374 353 345 1,377 Profit / (Loss) after Interest but before 10 932 430 2,291 609 740 1,573 Exceptional Items 11 Exceptional Items 1,696 - - 1,217 - - Profit / (Loss) from ordinary activity 12 2,628 430 2,291 1,826 740 1,573 before taxes Income Tax (including deferred tax, other 13 tax adjustments and net of MAT credit (381) (85) (657) (384) (184) (1,541) receivable) 14 Net Profit / (Loss) (PAT) 2,247 345 1,634 1,442 556 32 Extraordinary Items ( net of tax 15 - - - - - - expenses) 16 Share of Minority Interest in Losses - - - 107 (49) 786 17 Net Profit / (Loss) for the year 2,247 345 1,634 1,549 507 818 18 Paid-up Equity Share Capital 2,718 2,563 2,715 2,718 2,563 2,715 Paid-up value of Non- convertible 2,900 2,900 2,900 2,900 2,900 2,900 Debentures 19 Reserves and Surplus 26,060 31,422 20 Basic Earning Per Share - not annualized 8.28 1.34 6.03 5.71 1.98 3.02 Diluted Earning Per Share - not 8.22 1.34 6.01 5.67 1.97 3.01 4 of 20 annualized (fully paid up equity share of Rs.10 each) Debt Equity Ratio 0.54 0.66 0.56 0.48 0.53 0.47 Debt Service Coverage Ratio 2.88 1.43 1.17 3.06 1.48 1.02 Interest Service Coverage Ratio 7.51 3.95 3.53 8.17 5.35 5.63 21 Aggregate of Public Shareholding Number of shares 15,574,010 16,065,839 15,573,916 15,574,010 16,065,839 15,573,916 Percentage of shareholding 57.31% 62.68% 57.36% 57.31% 62.68% 57.36% Promoters and Promoter Group 22 Shareholding a) Pledged/Encumbered Number of shares 1,270,000 500,000 1,270,000 1,270,000 500,000 1,270,000 Percentage of shares (as a % of the total shareholding of promoter and promoter 10.95% 5.23% 10.97% 10.95% 5.23% 10.97% group) Percentage of shares (as a % of the total 4.67% 1.95% 4.68% 4.67% 1.95% 4.68% share capital of the Company) b) Non-Encumbered Number of shares 10,332,092 9,066,091 10,305,456 10,332,092 9,066,091 10,305,456 Percentage of shares (as a % of the total shareholding of promoter and promoter 89.05% 94.77% 89.03% 89.05% 94.77% 89.03% group) Percentage of shares (as a % of the total 38.02% 35.37% 37.96% 38.02% 35.37% 37.96% share capital of the Company) Notes: 1 Status of investor complaints / queries received during the quarter ended June 30, 2011 Pending at the beginning Nil; Received 01; Disposed 01; Pending at the end Nil 2 Income from Operations as disclosed above are net of Entertainment Tax, Value Added Tax and Service Tax collected on generating such Incomes 3 Exceptional items include profit on sale of investments in a subsidiary 4 The Board has approved buy back of Company's own shares for a sum up to 10% of its paid- up Equity share Capital and free reserves from the open market. Pursuant to the above, the Company has till 5th August, 2011 purchased 1,083,073 no. of equity shares 5 The Company has on 5th July, 2011 purchased 40% share capital of PVR Pictures Limited from JP Morgan Mauritius Holdings IV Limited and ICICI Venture Funds Management Company Limited. Subsequent to the above purchase, PVR Pictures has now become a wholly owned subsidiary of the Company 6 The Board of Directors in its meeting dated August 8, 2011 has approved a Composite Scheme of arrangement entailing demerger of the Production business undertaking of PVR Pictures Limited (its wholly owned subsidiary) with the Company and financial restructuring 5 of 20 7 The Segment-wise revenues, results and Capital Employed of the Consolidated Financials are given below :- (Rs in lacs) Quarter ended Year ended S.No Particulars 30.06.2011 30.06.2010 31.03.2011 1. Segment Revenues Movie Exhibition 10,610 9,485 38,060 Movie Production & Distribution 806 534 7,489 Bowling Alleys 397 382 1,419 Inter Segment Revenues / Elimination (99) (90) (849) Total 11,714 10,311 46,119 2.