Report on the performance for the Quarter 4 and 12

Report on the performance for
the Quarter & Financial Year ended Mar 31, 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
May 29, 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 forwardlooking 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 & CR
Retail Malls
2 of 23
TABLE OF CONTENTS
Section 1
Standalone & Consolidated Financial Results
Section 2
Management Discussion & Analysis
2.1 Exhibition Business Performance
Section 3
4
8
2.2 Operational Highlights
10
2.3 ROCE Analysis- Exhibition Business
13
2.4 Performance Snapshot of Other Businesses
14
2.5 Key Developments
15
2.6 New Property openings – FY 2012-13
16
2.7 List of Current Properties
17
2.8 Upcoming Films for next 3 months
19
Shareholding Pattern as on 31st March, 2012
21
3 of 23
Section 1: Standalone & Consolidated Financial Results
PVR Ltd
Audited Financial Results for Year ended Mar 31, 2012
(Rs In lacs)
STANDALONE
Sl.
No
Quarter ended
Particulars
PART I
INCOME FROM
1
OPERATION
(a) Net sales/ income
from operations
(b) Other Operating
Income
Total income from
operations (net)
2
EXPENSES
a) Film Distributors'
share (including
commission)
b) Cost of materials
consumed
c) Cost of goods
purchased for sale
d) Employee benefits
expense
e) Depreciation and
amortisation expense
f) Rent
g) Repairs and
maintenance
h) Movie production,
distribution and print
charges
i) Other expenses
3
4
5
6
7
8
9
10
11
12
13
Total Expenses
Profit / (Loss) from
operations before
other income, finance
costs and exceptional
items (1-2)
Other Income
Profit / (Loss) from
ordinary activities
before finance costs
and exceptional items
( 3+4)
Finance Costs
Profit / (Loss) from
ordinary activities
after finance costs but
before exceptional
items ( 5+6)
Exceptional Items
Profit / (Loss) from
ordinary activity
before tax (7+8)
Tax expense
Net Profit / (Loss)
from ordinary
activities after tax (
9+10)
Extra-Ordinary items(
net of tax expenses)
Net Profit / (Loss) for
the period ( 11+12)
CONSOLIDATED
Year ended
31.03.12
31.12.11
31.03.11
31.03.12
11,106
12,456
7,137
46,747
138
82
42
11,244
12,538
2,861
31.03.11
Quarter ended
Year ended
31.03.12
31.12.11
31.03.11
31.03.12
31.03.11
35,073
11,720
13,654
8,872
50,870
45,927
352
228
49
242
111
436
295
7,179
47,099
35,301
11,769
13,896
8,983
51,306
46,222
3,509
1,853
12,945
10,116
2,790
3,332
1,952
12,516
10,064
780
862
425
3,202
2,180
826
913
476
3,388
2,420
-
-
-
-
-
2
2
3
8
7
1,214
1,356
845
5,074
4,062
1,347
1,522
990
5,627
4,731
1,195
689
608
3,136
2,411
786
824
1,869
3,647
6,741
2,570
1,647
1,307
7,257
4,768
2,739
1,745
1,302
7,667
5,056
1,181
1,006
741
4,020
3,169
1,330
1,168
832
4,477
3,535
260
-
-
260
-
294
335
(197)
1,462
3,146
1,817
1,875
1,326
7,005
5,514
1,974
2,416
1,724
8,224
8,103
11,878
10,944
7,105
42,899
32,220
12,088
12,257
8,951
47,016
43,803
(634)
1,594
74
4,200
3,081
(319)
1,639
32
4,290
2,419
272
126
203
776
804
179
173
242
896
770
(362)
1,720
277
4,976
3,885
(140)
1,812
274
5,186
3,189
447
499
370
1,796
1,596
469
519
376
1,848
1,618
(809)
1,221
(93)
3,180
2,289
(609)
1,293
(102)
3,338
1,571
(1,417)
-
-
269
-
(1,447)
-
-
(237)
-
(2,226)
1,221
(93)
3,449
2,289
(2,056)
1,293
(102)
3,101
1,571
745
(403)
40
(638)
(655)
824
(401)
(67)
(572)
(1,539)
(1,481)
818
(53)
2,811
1,634
(1,232)
892
(169)
2,529
32
-
-
-
-
-
-
-
-
-
-
(1,481)
818
(53)
2,811
1,634
(1,232)
892
(169)
2,529
32
4 of 23
14
15
16
17
18
19.
i
19.
ii
Share of profit / (loss)
of associates
Minority interest
Net Profit / (Loss)
after taxes, minority
interest and shore of
profit/(loss) of
associates(13+14+15)
Paid-up Equity Share
Capital
Paid-up value of Nonconvertible
Debentures
Reserve excluding
Revaluation Reserves
as per balance sheet
of previous
accounting year
Earnings per share
(before extraordinary
items)
(a) Basic Earning Per
Share - not
annualized
(b) Diluted Earning
Per Share - not
annualized
(fully paid up equity
share of Rs.10 each)
Earnings per share
(after extraordinary
items)
(a) Basic Earning Per
Share - not
annualized
(b) Diluted Earning
Per Share - not
annualized
(fully paid up equity
share of Rs.10 each)
-
-
-
-
-
-
-
-
-
-
-
-
(92)
8
59
13
785
(1,481)
818
(53)
2,811
1,634
(1,324)
900
(110)
2,542
817
2,590
2,590
2,715
2,590
2,715
2,590
2,590
2,715
2,590
2,715
2,900
2,900
2,900
2,900
2,900
2,900
2,900
2,900
2,900
2,900
26,060
22,164
31,422
28,342
-
-
-
(5.54)
3.08
(0.20)
10.50
6.03
(4.95)
3.39
(0.41)
9.50
3.02
(5.51)
3.07
(0.20)
10.46
6.01
(4.93)
3.38
(0.40)
9.46
3.01
(5.54)
3.08
(0.20)
10.50
6.03
(4.95)
3.39
(0.41)
9.50
3.02
(5.51)
3.07
(0.20)
10.46
6.01
(4.93)
3.38
(0.40)
9.46
3.01
14300572
14293972
15573916
14300572
15573916
14300572
14293972
14300572
15573916
55.21%
55.20%
57.36%
55.21%
57.36%
55.21%
55.20%
57.36%
55.21%
57.36%
500000
515000
1270000
500000
1270000
500000
515000
1270000
500,000
1270000
4.31%
4.44%
10.97%
4.31%
10.97%
4.31%
4.44%
10.97%
4.31%
10.97%
1.93%
1.99%
4.68%
1.93%
4.68%
1.93%
1.99%
4.68%
1.93%
4.68%
11102092
11087092
10305456
11102092
10305456
11102092
11087092
10305456
11102092
10305456
95.69%
95.56%
89.03%
95.69%
89.03%
95.69%
95.56%
89.03%
95.69%
89.03%
42.86%
42.81%
37.96%
42.86%
37.96%
42.86%
42.81%
37.96%
42.86%
37.96%
PART II
A
1
2
PARTICULARS OF
SHAREHOLDING
Public Shareholding
- Number of shares
- Percentage of
shareholding
Promoters and
Promoter Group
Shareholding
15573916
a)Pledged/Encumbered
- Number of shares
- Percentage of
shares (as a % of the
total shareholding of
promoter and
promoter group)
- Percentage of
shares (as a % of the
total share capital of
the Company)
b) Non-Encumbered
- Number of shares
- Percentage of
shares (as a % of the
total shareholding of
promoter and
promoter group)
- Percentage of
shares (as a % of the
total share capital of
the Company)
5 of 23
Particulars
B
1
INVESTOR
COMPLAINTS
Pending at the
beginning of the
quarter
Received during the
quarter
Disposed of during
the quarter
Remaining unresolved
at the end of the
quarter
3 months ended
31.03.2012
Nil
2
2
Nil
Notes:
Income from Operations as disclosed above are net of Entertainment Tax, Value Added Tax and Service Tax collected on
generating such Incomes.
2
The Board has recommended payment of Dividend on equity shares for the financial year ended March 31, 2012@ Rs. 2/- per
share subject to the approval by the shareholders of the Company. The company has already paid Special Interim Dividend of
Rs. 4/- per share thereby aggregating dividend of Rs. 6/- per share.
3
As per the amendment made by the Finance Act 2010, renting of immovable property is defined as a taxable service with
retrospective effect from June 01, 2007. The Company had challenged the levy of service tax on renting of commercial
properties before the Hon'ble High Court of Delhi which had granted an interim stay against the levy of service tax. Based on
the advice obtained by the Company no provision of service tax in respect of commercial properties was made by the
Company in the earlier years. In 2011, the Hon'ble High Court of Delhi has upheld the levy of service tax vide its order dated
September 23, 2011. The Company had filed special leave petition before Hon'ble Supreme Court of India against the order of
Hon'ble High Court of Delhi which is currently pending. Meanwhile the Company is making payments towards service tax as
per direction of the Hon'ble Supreme Court of India.
In view of the above developments, the Company has provided for service tax on renting of commercial properties.
Accordingly an amount of Rs. 791 lakhs (net of cenvat credit) being provision for the current year is included in "Rent Expense"
and amount of Rs. 1416 lakhs (net of cenvat credit) being the provision for the period from 01.06.2007 upto March 31, 2011 is
shown as an exceptional item in the above results.
4
During the year, the Company has sold of its investments in the equity shares of its subsidiary company CR Retail Mall (India)
Ltd for a consideration more than the cost of investments. The profit on the same amounting to Rs 1686 lakhs has been
disclosed as an exceptional items.
5
Pursuant to the Composite Scheme of Arrangement ('Scheme'), under the provisions of the Companies Act, 1956 approved by
the shareholders, and sanctioned by the Hon'able High Court of Delhi on February 02, 2012, the production business
undertaking of PVR Pictures Limited (the Transferor Company) was transferred to and vested in the Company (the Transferee
Company) with effect from April 01, 2011 (appointed date). The Company has made necessary filing with the Registrar of
Companies, NCT of Delhi and Haryana on February 29, 2012 and the Scheme has been correspondingly given effect in these
current financial statements.
(i) Accordingly pursuant to the above transfer the revenues of Rs. 800 lakhs and PBT of Rs. (-) 49 lakhs of the production
business undertaking for the prior period i.e. April 01, 2011 to December 31, 2011 is reflected in the standalone results for the
quarter and
(ii) The assets and liabilities of production business undertaking as on April 01, 2011 stands merged with PVR Limited. In
accordance with the scheme, subsequent to the Demerger taking effect and from the effective date viz February 29, 2012 the
Company has reviewed and recorded such assets and liabilities, as the Board of Directors considered relevant and appropriate
relating to the Film Exhibition business and Film Production business of the Company at their fair values. Accordingly the
company has written down the value of the such assets by Rs. 4937 lacs (net of deferred tax ) and set off the same against
specified reserves (including share premium) in accordance with the scheme.
6 of 23
6.The Segment-wise revenues, results and Capital Employed of the Consolidated Financials are given below :Quarter ended
S.
No
1.
Particulars
Movie Production & Distribution
Bowling Centers
Inter Segment Revenues /
Elimination
Total
Preceding
3 months
ended
31.12.2011
10,438
731
675
12,582
1,025
545
6,849
1,855
326
46,432
3,400
1,989
37,336
8,316
1,419
(75)
(256)
(47)
(515)
(849)
11,769
13,896
8,983
51,306
46,222
(450)
170
21
1,598
49
(8)
250
(256)
38
4,276
(126)
200
4,171
(2,058)
306
(60)
-
-
(60)
-
(319)
290
1,447
(2,056)
1,639
346
1,293
32
134
(102)
4,290
952
237
3,101
2,419
848
1,571
36,899
3,668
3,633
44,200
(14,503)
38,772
10,719
2,651
52,142
(15,406)
43,182
11,269
1,974
56,425
(16,850)
36,899
3,668
3,633
44,200
(14,503)
43,182
11,269
1,974
56,425
(16,850)
31.03.2012
31.03.2011
Segment Results
Movie Exhibition
Movie production & Distribution
Bowling Centers
Inter Segment Revenues /
Elimination
Total
Finance Cost (Net)/ Dividend
Exceptional Items
Profit/ ( Loss) before Tax
3.
3 months
ended
31.03.2012
Segment Revenues
Movie Exhibition
2.
Year ended
Corresponding
3 months
ended
31.03.2011 in
the previous
year
Capital Employed
Movie Exhibition
Movie production & Distribution
Bowling Centers
Total
Unallocable
7 The Company has applied to the Ministry of Corporate Affairs, Central Government for approval of the remuneration paid as
minimum remuneration and also for waiver of excess remuneration to its Managing Director for financial year 2008-09 (for waiver)
and 2009-10 & 2010-11 ( for minimum remuneration) aggregating to Rs. 118.75 lakhs. The approval of the Central Government is
awaited.
8 The Company has during the quarter allotted 6600 Equity Shares to its employees in accordance with the PVR ESOP
Scheme 2008.
9 Previous year/ period figures have been regrouped/rearranged, wherever considered necessary.
10 The above financial results duly reviewed by the Audit Committee were approved in the Board Meeting held on 29th May, 2012.
The financial results have been subjected to the audit by the Statutory Auditors in terms of clause 41 of the listing agreement. The
figures of last quarter of FY 2011-12 & FY 2010-11 are the balancing figures between audited figures in respect of the full financial
year for FY 2011-12 & FY 2010-11 and the published year to date figures upto the third quarter of FY 2011-12 & FY 2010-11
respectively.
11 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
Sanjeev Kumar
Joint Managing Director
Place: Gurgaon
Date: May 29, 2012
7 of 23
Section 2.1 – Exhibition Business Performance
Particulars (Rs Lacs)
Q4, FY 12
Q4, FY 11
Growth
FY 11-12
FY 10-11
Growth
Net Operating Income
10,236
201
10,437
7,405
237
7,642
38%
-15%
37%
45,345
1,087
46,432
37,101
959
38,060
22%
13%
22%
2,840
778
1,992
446
43%
74%
12,980
3,212
10,837
2,289
20%
40%
1,163
1,738
1,166
607
1,140
9,432
879
1,203
774
437
976
6,707
32%
44%
51%
39%
17%
41%
5,036
6,180
4,043
2,604
4,422
38,477
4,183
4,666
3,318
2,197
3,718
31,207
20%
32%
22%
19%
19%
23%
1,005
935
8%
7,956
6,852
16%
10%
12%
17%
18%
297
708
935
-24%
1,067
6,889
6,852
1%
EBITDA
139
847
86
1,021
63%
-17%
582
7,471
342
7,194
71%
4%
EBITDA Margin
8%
13%
16%
19%
Depreciation/amortization
638
210
675
345
-6%
-39%
2,614
4,858
2,683
4,511
-3%
8%
439
(229)
371
(26)
18%
-791%
1,788
3,070
1,603
2,909
12%
6%
2,909
15%
867
2,042
-30%
-34%
Other Operating Income
Total Operating Income
Film Distributor's Share
Consumption of F & B
Personnel Expenses
Rent*
Repair and Maintenance
Electricity & Water
Other Expenditure
Total Expenditure
Adjusted Operating Profit
Adjusted Operating Profit
Margin*
Rent-Phoenix Mills*
Reported Operating Profit
Other Income
EBIT
Financial Expenses
PBT before Exceptional Items
Exceptional Items
Service tax on Rent (Apr-Dec-11)
(646)
(1,416)
PBT After Exceptional Items
(2,292)
(26)
-8817%
(1,416)
1,686
3,339
Tax
(744)
(1,548)
(12)
(14)
-6097%
-11199%
609
2,730
Service tax on Rent -Till FY 11-12
Profit on Sale of CRR
Profit after Tax
Particulars
Properties under Operation**
Screens under Operation
Seats under Operation
Cities under Operation
*
March 11
38
166
42,275
22
March 10
33
142
36,818
18
Growth
15%
17%
15%
22%
Rent for Phoenix Mills property has been shown separately to do a like to like comparison. The company did a sale and
leaseback of the above property in May 2011
**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.
8 of 23
Operating Income Analysis
Q4, FY
12
Q4, FY
11
Growth
FY 11-12
FY 10-11
Growth
6,640
4,796
38%
29,858
25,207
18%
2,260
1,264
79%
9,308
6,806
37%
1,337
1,345
-1%
6,179
5,088
21%
201
237
-15%
1,087
959
13%
Total Operating Income
10,437
7,642
37%
46,432
38,060
22%
Particulars (Rs Lacs)
Q4, FY
12
Q4, FY
11
Growth
FY 11-12
FY 10-11
Growth
E-tax Expense
1,394
689
102%
5,879
4,222
39%
E-tax as a % of Net Ticket
Sales/ Revenue Share Income
21.0%
14.4%
6.6%
19.7%
16.7%
2.9%
Particulars (Rs Lacs)
Ticket Sales/ Revenue Share
Income
Sale of Food and Beverages
Advertisement Income
Other Operating Income
June 2009 (Standalone Financials)
Expenditure Side Analysis
Ratios
Q4, FY
12
Q4, FY
11
FY 11-12
FY 10-11
Film Distributor Share as a % of
Net Ticket Sales/ Revenue Share
Income*
42.8%
41.5%
43.5%
43.0%
COGS %
34.4%
35.3%
34.5%
33.6%
Cost Ratios
(As a % of Operating Income)
Q4, FY
12
Q4, FY
11
FY 11-12
FY 10-11
Employee Cost
11.1%
11.5%
10.8%
11.0%
Rent**
19.5%
15.7%
15.6%
12.3%
Repair & Maintenance
11.2%
10.1%
8.7%
8.7%
Electricity & Water
5.8%
5.7%
5.6%
5.8%
Other Expenditure
10.9%
12.8%
9.5%
9.8%
* Higher Payout on movies like Agneepath and Kahani in Q4, FY 12 as against no movies in Q4, FY 11
** Service tax on Lease Rentals amounting to Rs 791 lacs for FY 2011-12 has been provided.
9 of 23
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”)
New/Non Comparable Properties: Udaipur, Surat, Directors Cut-Vasant Kunj, Kolkatta, Nanded
Franchise Properties: Mahagun & Oppulent
Footfalls
Footfalls (lacs)
Particulars
Q4, FY 12
Q4, FY 11
Growth
FY 11-12
FY 10-11
Growth
Comparable Properties
48.4
35.0
38%
224.9
189.3
19%
New/ Non Comparable Properties
4.9
Own Cinemas
53.3
35.0
52%
237.9
189.3
26%
Franchise Cinema
2.0
1.5
34%
9.3
7.0
34%
Total Exhibition
55.3
36.5
51%
247.2
196.3
26%
13.0
Average Ticket Price (ATP)
ATP (Rs)
Particulars
Q4, FY 12
Q4, FY 11
Growth
FY 11-12
FY 10-11
Growth
Comparable Properties
155
166
-7%
156
162
-4%
New/ Non Comparable Properties
156
Total Exhibition
155
162
-4%
145
166
10 of 23
-7%
156
Average F&B Realization (SPH)
SPH (Rs)
Particulars
Q4, FY 12
Q4, FY 11
Growth
FY 11-12
FY 10-11
Growth
Comparable Properties
46.1
40.7
13%
43.6
40.5
8%
New/ Non Comparable Properties
43.1
Total Exhibition
45.8
40.5
7%
38.6
40.7
11 of 23
12%
43.3
Advertisement Income
Advertising Income ( Rs Lacs)
Particulars
Comparable Properties
New/ Non Comparable Properties
Total Exhibition
Q4, FY
12
Q4, FY
11
Growth
FY 11-12
FY 10-11
Growth
1,286
1,345
-4%
6,089
5,088
20%
5,088
21%
51
1,337
90
1,345
12 of 23
-1%
6,179
Section 2.3: ROCE Analysis- Exhibition Business
In order to enable our Shareholders & Investors to get a better understanding of the performance of our
Exhibition Business, we are presenting below a ROCE analysis of our business which gives a break up of
ROCE on
1. Sites operational > 12 months –Stabilised Units
2. Sites operational < 12 months – Yet to Stabilise
3. Sites under construction
Property Level
Capital
Employed
Particulars (Rs. Lacs)
After Allocation of
Corporate Overheads
EBIT
ROCE
EBIT
ROCE
Sites operational > 12 months
22,924
5,889
26%
4,919
21%
Sites operational < 12 months
4,658
(31)
-0.7%
(61)
-1%
Total
27,582
5,858
21%
4,858
18%
Sites under construction/ New Sites
9,307
Grand Total*
36,889
5,858
16%
4,858
13%
For the purpose of this analysis
1. EBIT for FY 2011-12 has been considered after excluding onetime profit on sale of shares of CR Retail
Malls amounting to Rs 1686 lacs and Service Tax Rentals on Lease Rentals for earlier years totaling
Rs1416 lacs
st
2. Capital Employed as on 31 March, 2012 has been considered
13 of 23
Section 2.4: Performance Snapshot of Other Businesses
–
Production
Business
Distribution
Business
(PVR
Pictures)
BluO
Total Operating Revenues
827
2,573
1,969
Total Expenditure
354
2,360
1,610
Operating Profit
472
213
358
Operating Profit Margin
57%
8%
18%
Other Income
133
162
19
EBITDA
605
374
378
EBITDA Margin
73%
15%
19%
Depreciation/Amortization
558
254
178
EBIT
47
121
199
PBT Before Exceptional Items
39
119
170
Particulars (Rs. Lacs)
Exceptional Items
Service tax on Lease Rentals for earlier years
(32)
PBT After Exceptional Items
39
119
138
PAT
39
195
99
14 of 23
Section 2.5: Key Developments
New Properties opening
During the quarter under review and subsequent quarters the company opened the following properties:
New Properties
Screens
Seats
Opening Date
Avani Mall, Kolkata
4
1,188
Feb-12
Treasure Bazaar Mall, Nanded
4
1,025
Mar-12
MBD Mall, Jallandhar
4
1100
Apr-12
Treasure Bazaar Mall, Ujjain
3
821
May-12
Total
15
4,134
Service Tax on Lease Rentals
As per the amendment made by the Finance Act 2010, renting of immovable property is defined as a taxable
service with retrospective effect from June 01, 2007. The Company had challenged the levy of service tax on
renting of commercial properties before the Hon'ble High Court of Delhi which had granted an interim stay
against the levy of service tax. Based on the advice obtained by the Company no provision of service tax in
respect of commercial properties was made by the Company in the earlier years. In 2011, the Hon'ble High
Court of Delhi has upheld the levy of service tax vide its order dated September 23, 2011. The Company had
filed special leave petition before Hon'ble Supreme Court of India against the order of Hon'ble High Court of
Delhi which is currently pending. Meanwhile the Company is making payments towards service tax as per
direction of the Hon'ble Supreme Court of India.
In view of the above developments, the Company has provided for service tax on renting of commercial
properties. Accordingly an amount of Rs. 791 lakhs (net of cenvat credit) being provision for the current year
is included in "Rent Expense" and amount of Rs. 1416 lakhs (net of cenvat credit) being the provision for the
period from 01.06.2007 upto March 31, 2011 is shown as an exceptional item in the above results.
15 of 23
Section 2.6:-New Property Openings- FY 2012-13
A List of upcoming projects in next 9 months with the expected opening schedule is provided below.
PVR Cinemas
S.No
Location
Screens
Expected Opening Schedule
1
MBD, Jallandhar
4
Opened in April, 2012
2
Treasure Mall, Ujjain
3
Opened in May, 2012
3
Empress mall, Nagpur
5
Q1, FY 2012-13
4
Market City, Pune
9
Q2, FY 2012-13
5
Silver Arch, Ludhiana
6
Q2, FY 2012-13
6
Orion Mall, Bangalore
11
Q2, FY 2012-13
7
Garuda Mall, Mysore
4
Q2, FY 2012-13
8
Plaza Center, Pune
7
Q2, FY 2012-13
9
Market City - Kurla, Mumbai
8
Q2, FY 2012-13
10
Ripples Mall, Vijaywada
4
Q3, FY 2012-13
11
Market city , Bangalore
9
Q3, FY 2012-13
12
Panipat, Haryana
3
Q3, FY 2012-13
13
Bilaspur, Chhattisgarh
4
Q3, FY 2012-13
14
Diamond Mall, Kolkata
5
Q4, FY 2012-13
Total
82
PVR BluO
Sl. No
Location
No of Lanes
Expected Opening Schedule
1
Orion Mall, Bangalore
27
Q1, FY 2012-13
2
Market City, Pune
17
Q2, FY 2012-13
3
Plaza Center, Pune
20
Q2, FY 2012-13
4
Market City, Bangalore
16
Q3, FY 2012-13
Total
80
16 of 23
Section 2.7: – List of Current Properties
S.No City
Name of property
Screens
Seats
E Tax% on net
E tax
exemption
Opening date
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
4
Delhi
Vikaspuri
3
921
20%
No
Aug-01
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
67%
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
1,199
20%
No
Apr-06
13
Lucknow
Sahara Mall, Lucknow
4
874
67%
No
Apr-06
14
Mumbai
Juhu
5
1260
45%
Yes
Apr-06
15
Mumbai
Nirmal Lifestyle, Mulund
6
1,815
45%
No
Jun-06
16
Gurgaon
Sahara Mall
2
528
30%
No
Jul-06
17
Aurangabad
Aurangabad
3
1,156
40%
No
Sep-06
18
Latur
Latur
3
1,136
40%
No
Oct-06
19
Baroda
Baroda
3
1,094
25%
No
May-07
20
Ludhiana
Flamez Mall, Ludhiana
4
1,025
25%
Yes
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
Gurgaon
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
26
Raipur
Magneto
4
1,350
30%
No
Feb-10
Exemption
date
Jun-07
Aug-08
27
Allahabad
Vinayak
4
923
67%
Yes
Mar-10
28
Ghaziabad*
Mahagun
3
1,028
67%
No
Mar-10
29
Ghaziabad*
Oppulent
4
1,045
67%
No
Mar-10
30
Chennai
Ampa Mall
7
1794
30%
No
Apr-10
31
Ahmedabad
Acropolis
6
1349
25%
No
Apr-10
32
Lucknow
Phoenix United Mall
6
1,502
67%
Yes
Sept-10
Sept-10
33
Mumbai
Phoenix Mills
7
1,847
45%
Yes
Dec-08
Mar-09
34
Udaipur
Celebration Mall
4
1,150
0%
No
July-11
35
Surat
Rahul Raj Mall
8
1,753
25%
No
Aug -11
36
4
282
20%
No
Oct -11
Yes
Feb-12
Delhi
Ambience Mall, Vasant Kunj
37
Kolkata
Avani Mall, Kolkata
4
1,188
30%
38
Nanded
Treasure Bazaar Mall, Nanded
4
1,025
40%
No
Mar-12
39
Jallandhar
Apr-12
40
Ujjain
May-12
MBD Mall, Jallandhar
4
1100
25%
Yes
Treasure Bazaar Mall, Ujjain
3
821
20%
Yes
173
44,196
Total – PVR Ltd
* Both the cinemas, Mahagun & Oppulent in Ghaziabad are operated on Franchise /Management basis
17 of 23
Mar-10
Awaited
Awaited
Section 2.7: – List of Current Properties
Geographical Distribution
Particulars
North
South
West
East
Total
Seats
22,442
5,756
14,810
1,188
44,196
% Distribution
50.8%
13.0%
33.5%
2.7%
100.0%
93
25
51
4
173
53.8%
14.5%
29.5%
2.3%
100.0%
Screens
% Distribution
18 of 23
Total Screens
173
Screens enjoying tax exemption
28
As a % of total Screens
16.2%
Section 2.8: Upcoming Films for the next 3 months
Release Date
Movie Title
Genre
Rowdy Rathore
Action
Snow White &
Huntsman
Action /
Drama
Shanghai
Thriller /
Romance
Bel Ami
Banner
UTV Motion
Director
Cast
Prabhu Deva
Akshay Kumar , Sonakshi Sinha
Rupert Sanders
Kristen Stewart, Chris
Hemsworth, Charlize Theron
PVR Pictures
Limited
Dibankar
Banerjee
Abhay Deol, Emraan Hashmi,
Prosenjit Chatterjee, Pitobash
Tripathy, Kalki Koechlin, Farooq
Sheikh
Drama
PVR Pictures
Limited
Declan
Donnellan, Nick
Ormerod
Robert Pattinson, Uma Thurman
Madagascar 3 :
Europe's Most Wanted
Adventure /
Comedy
Viacom 18
Media
Eric Darnell ,
Tom Mcgrath
Ben Stiller, Jada Pinkett Smith,
Chris Rock
Prometheus - 3D
Action /
Drama
FOX Star
Studios
Ridley Scott
Noomi Rapace, Charlize Theron ,
Patrick Wilson
Ferrari Ki Sawaari
Sports
Reliance Big
Entertainment
Rajesh
Mapuskar
Sharman Joshi
Rock Of Ages
Comedy /
Musicals
Warner Bros.
Pictures (India)
Pvt. Ltd.
Mumbai
Adam
Shankman
Julianne Hough, Diego Boneta,
Tom Cruise
Abraham Lincoln:
Vampire Hunter - 3D
Fantasy /
Horror
FOX Star
Studios
Timur
Bekmambetov
Benjamin Walker, Rufus Sewell ,
Dominic Cooper
The Five Year
Engagement
Comedy/
Romance
Paramount
Films of India
Ltd.
Nicholas Stoller
Jason Segal, Emily Blunt, Chris
Pratt
To Rome With Love
Comedy
PVR Pictures
Limited
Woody Allen
Woody Allen, Penelope Cruz &
Jesse Eisenberg
Teri Meri Kahani
Romance
Kunal Kohli
Shahid Kapoor, Priyanka
Chopra, Neha Sharma
Gangs Of Wasseypur
Crime
Anurag
Kashyap
Manoj Vajpee, Shabana Azmi,
Piyush Mishra
Maximum
Crime
Reliance Big
Entertainment
Kabeer Kaushik
Sonu Sood, Naseeruddin Shah,
Neha Dupia, Vinay Pathak,
Aarya Babbar
The Amazing
Spiderman - 3D
Action
SPE Films
India Pvt. Ltd.
Marc Webb
Andrew Garfield, Emma Stone,
Irrfan Khan
G.I.Joe: Retaliation
Action
Jon M.Chu
Channing Tatum, Ray Park
Bol Bachchan
Comedy
Shree
Ashtavinayak
Cinevision Ltd.
Rohit Shetty
Ajay Devgan, Abhishek
Bachchan, Asin, Asrani, Prachi
Desai
Cocktail
Romance
Eros
International
Homi Adajania
Saif Ali khan, Deepika Padukone
1920 - Evil Returns
Horror
Bhushan Patel
Aftab Shivdasani, Tia Bajpai,
Vidya Malvade
Barfi
Comedy
UTV Motion
Picture
Anurag Basu
Ranbir Kapoor, Priyanka Chopra
The Dark Knight Rises
Action /
Crime /
Drama
Warner Bros.
Pictures (India)
Pvt. Ltd.
Mumbai
Christopher
Nolan
Christian Bale, Joseph Gordon
Levitt , Gary Oldman
01-Jun-12
08-Jun-12
15-Jun-12
22-Jun-12
29-Jun-12
06-Jul-12
13-Jul-12
20-Jul-12
19 of 23
Release Date
Movie Title
Genre
Comedy /
Sci - Fi
I, Me Aur Main
Romance
Step Up 4 (3D)
Drama /
Music
Chashme Baddoor
Remake
FOX Star
Studios
Director
Cast
Akiva Schaffer
Ben Stiller, Vince Vaughn,
Jonah Hill
Kapil Sharma
John Abraham, Chitrangdha
Singh, Prachi Desai
PVR Pictures
Limited
Scott Speer
Kathryn Mccormick, Ryan
Guzman, Adam G Sevani
Comedy
Viacom 18
Motion Picture
David Dhawan
Ali Zafar, Tapsee Pannu,
Sonu Nigam, Rishi Kapoor,
Juhi Chawla
Ice Age Continental
Drift - 3D
Animation /
Adventure
FOX Star
Studios
Steve Martino /
Mike Thurmeier
Ray Romano, Denis Leary,
John Leguizamo
Kya Super Kool Hain
Hum
Comedy
Total Recall
Action
SPE Films
India Pvt. Ltd
Len Wiseman
10-Aug-12
The Bourne Legacy
Action /
Adventure
Paramount
Films Of India
Ltd
Tony Gilroy
Jeremy Renner, Rachel
Weisz, Edward Norton
15-Aug-12
Ek Tha Tiger
Romance /
Thriller
Yashraj Films
Kabir Khan
Salman Khan, Katrina Kaif,
Ranvir Shorey
The Pirates - Band Of
Misfits
Animation /
Adventure
Spe Films India
Pvt. Ltd.
Peter Lord ,
Jeff Newitt
Hugh Grant, Salma Hayek,
Jeremy Piven
Once Upon A Time In
Mumbai 2
Crime
Balaji Motion
Picture
Milan Luthria
Akshay Kumar, Kareena
Kapoor, Shahid Kapoor,
Ileana D'Cruz
The Rivals
Comedy
Warner Bros.
Pictures (India)
Pvt. Ltd.,
Mumbai
John Landis
Albert Finney, James Corden
And Imelda Staunton
Power Play
Romance /
Crime
Prakash Jha
Productions
Sudhir Mishra
Arjun Rampal, Chitrangda
Singh, Gaurav Dwivedi
Savages
Crime /
Drama
Paramount
Films Of India
Ltd
Oliver Stone
Aaron Johnson, Taylor Kitsch
, Blake Lively
That's My Boy
Comedy
Spe Films India
Pvt. Ltd.
Sean Anders,
John Morris
Adam Sadler, Andy Samberg,
Leighton Meester
Raaz 3
Suspense/
Thriller
Fox Star
Studios
Vikram Bhatt
Emraan Hashmi, Esha Gupta
27-Jul-12
Neighborhood Watch
Banner
Sachi Yardi
02-Aug-12
17-Aug-12
24-Aug-12
30-Aug-12
Jokar
Drama
Premium Rush
Action /
Thriller
Shirish Kundar
Spe Films
David Koepp
Tusshar Kapoor, Riteish
Deshmukh, Bipasha Basu,
Angela Jonsson
Colin Farrell, Kate
Beckinsale, Jessica Biel,
Bryan Cranston, John Cho
And Bill Nighy
Akshay Kumar, Sonakshi
Sinha, Jaaved Jaafri,
Shreyas Talpade, Manisha
Lamba,
Joseph Gordon-Levitt,
Michael Shannon, Jamie
Chung
*The above schedule is compiled based on the latest industry information and is subject to change
20 of 23
Section 3-Shareholding Pattern as on 31st Mar, 2012
Category of shareholder
(A)
Shareholding of Promoter and Promoter Group[2]
(1)
Indian
(a)
Individuals/ Hindu Undivided Family
(b)
Central Government/ State Government(s)
(c)
Bodies Corporate
(d)
Financial Institutions/ Banks
(e)
Any Other (specify)
Sub-Total (A)(1)
(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)= (A)(1)+(A)(2)
(B)
Public shareholding[3]
(1)
Institutions
(a)
Mutual Funds/ UTI
(b)
Financial Institutions/ Banks
(c)
Central Government/ State Government(s)
(d)
Venture Capital Funds
(e)
Insurance Companies
(f)
Foreign Institutional Investors
(g)
Foreign Venture Capital Investors
(h)
Any Other (specify)
(2)
Non-institutions
(a)
Bodies Corporate
Number of
Shareholding
shares
%
1,570,287
6.06
10,031,805
38.74
11,602,092
44.80
0
0.00
11,602,092
44.80
4,475,573
17.28
0
0.00
59,295
1,029,877
3.98
5,564,745
21.26
1,075,187
4.15
1,792,032
6.92
590,157
2.28
674,783
2.61
Foreign Bodies
2,557,000
9.87
Trust
2,021,965
7.81
Sub-Total (B)(1)
Individuals i.
Individual shareholders holding nominal share capital up to Rs. 1 lakh.
ii. Individual shareholders holding nominal share capital in excess of Rs. 1 lakh.
(c)
Any Other (specify)
Non Resident Indians
Clearing Members
(C)
18,103
0.07
Sub-Total (B)(2)
8,729,227
33.71
Total Public Shareholding (B)= (B)(1)+(B)(2)
14,293,972
55.20
TOTAL (A)+(B)
Shares held by Custodians and against which Depository Receipts have been
issued
GRAND TOTAL (A)+(B)+(C)
25,896,064
100.00
0
0.00
25,896,064
100.00
21 of 23
List of Non-Promoter Shareholders holding more than 1% of the total number of shares
S. No
Name of the shareholder
Number of
Shareholding
shares
%
1
MAJOR CINEPLEX GROUP PUBLIC COMPANY LIMITED
2,557,000
9.87
2
IDBI TRUSTEESHIP SERVICES LIMITED (INDIA ADVANTAGE
2,021,742
7.81
3
RELIANCE CAPITAL TRUSTEE CO. LTD A/C RELIANCEEQUITY
OPPORTUNITIES FUND
1,581,793
6.11
4
SBIMF-MAGNUM SECTOR FUNDS UMBRELLA-EMERGING
BUSINESSES FUND
700,000
2.70
5
SBIMF - MAGNUM MIDCAP FUND
698,277
2.70
6
TATA INVESTMENT CORPORATION LIMITED
500,000
1.93
7
SANJAY KUMAR
460,274
1.78
8
RELIANCE CAPITAL TRUSTEE CO LTD A/C RELIANCE MEDIAAND
ENTERTAINMENT FUND
397,500
1.53
9
SUNDARAM MUTUAL FUND A/C SUNDARAM SELECT
THEMATICFUNDS - ENTERTAINMENT OPPORTUNITIES
337,303
1.30
10
MORGAN STANLEY ASIA (SINGAPORE) PTE.
266,981
1.03
9,520,870
36.77
TOTAL
22 of 23
Contact
For any further information and queries please feel free to contact:
Nitin Sood
Saurabh Gupta
Chief Financial Officer
GM – Finance
[email protected]
[email protected]
PVR Limited
Block A, 4th Floor, Building No 9, DLF Cybercity Phase II
Gurgaon, Haryana – 122002
Ph : 0124-4708100, Fax : 0124-4708101
23 of 23