TIDMEROS
RNS Number : 7491X
Eros International PLC
12 February 2013
Eros International plc announces Indian Subsidiary Results
London, 12th February 2013: Eros International plc (the
"Company" or "Eros"), a leading global company in the Indian film
entertainment industry, announces the release of financial results
by its majority-owned subsidiary, Eros International Media Limited
("EIML"), for the quarter ended 31(st) December, 2012. The
financial highlights below have been converted into USD, at an
exchange rate of INR 53.88.
EIML Release - Highlights
Eros International Media Limited, a leading global company in
the Indian film entertainment industry, today announces its
consolidated financial results for the quarter ended December
31(st) , 2012 (Q3 FY2013).
Financial Highlights:
CONSOLIDATED RESULTS FOR 9M FY2013
-- Total Income increased by 16% to Rs. 8,604.2 million
(USD159.7 million) (Rs. 7,435.3 million in 9M FY2012) (USD 138.0
million)
-- EBIT increased by 2% to Rs. 1,844.7 million (USD 34.2
million); (Rs. 1,803.4 million in 9M FY2012) (USD 33.5 million)
-- Profit after tax (after minority) increased by 4% to Rs.
1,227.1 million (USD 22.8 million) (Rs 1,181.1 million in 9M
FY2012) (USD 21.9 million)
-- Diluted EPS increased by 3% to Rs. 13.31 (USD 0.025) (Rs. 12.90 in 9M FY2012)(USD 0.024)
CONSOLIDATED RESULTS FOR Q3 FY2013
-- Total Income decreased by 10% to Rs. 3,701.3 million (USD
68.7 million) (Rs. 4,115.9 million in Q3 FY2012) (USD 76.4
million)
-- EBIT decreased by 12% to Rs. 898.6 million (USD 16.7 million)
(Rs. 1,026.7 million in Q3 FY2012) (USD 19.1 million)
-- Profit after tax (after minority) decreased by 6% to Rs.
652.0 million (USD 12.1 million) (Rs. 690.9 million in Q3 FY2012)
(USD 12.8 million)
-- Diluted EPS decreased by 6% to Rs. 7.07 (USD 0.13) (Rs. 7.55 in Q3 FY2012) (USD 0.14)
Operational and Strategic Highlights:
-- For the very first time since the Company's listing in BSE
and NSE in October 2010, the Company has declared an interim
dividend @ 15%
o This reflects the Company's rapid growth and market leadership
over the years resulting in its strong balance sheet and cash
flow.
-- Strong portfolio of Hindi and Tamil films with constant emphasis on content, scale and mix
o The third quarter was powered by high profile successful
releases such as 'English Vinglish', 'Maatraan', 'Son of Sardaar',
'Thuppaki', 'Khiladi 786' and 'Dabbangg 2'(overseas)
o 'Son of Sardaar' and 'Thuppaki' both simultaneous releases on
Diwali were aimed at Hindi and Tamil audiences respectively, and
demonstrated strategy to successfully scale the business
o 'English Vinglish' was a unanimous success critically as well
as at the box office in India and overseas.
o This film along with 'Vicky Donor' illustrated a new trend
that smaller budget films, provided they are marketed and
distributed well, can achieve higher returns at box office as well
as other channels of distribution.
-- Game-changing collaboration with HBO to launch two Premium
Television channels to monetize the exciting opportunities
unfolding as a result of digitization
o Two new premium channels in High Definition, entirely
advertising free.
o The first window just weeks after their theatrical release for
the best of Hollywood and Bollywood films with hit library
blockbusters
o Latest seasons of original HBO top rated TV series like Game
of Thrones
-- Strategic alliance with Endemol for co-producing film and television content
o Intellectual Property driven strategy with migration of TV
format Intellectual Property's to film and vice versa
o Eros is committed to its premium television strategy and will
focus on investment of premium original programming for
exploitation on television formats
-- In December 2012, Eros International diluted 2.8% of promoter
holding through the 'Offer for Sale' route to meet the minimum
public shareholding requirement of 25%.
o Promoter holding in the 'Offer for Sale' proposal aggregated
to 2.57 million equity shares of Rs. 10 each which was
oversubscribed 4.4 times
-- In 9M FY2013, Eros International released 60 films in
multiple languages comprising 26 Hindi, 34 Tamil and other regional
languages (61 films in 9M FY2012). The Company released a total of
21 films in Q3FY2013 out of which 18 were Hindi, 3 were Tamil and
other regional language films (19 films in Q3FY2012).
-- Theatrical revenues showcased the success of releases namely
'English Vinglish', 'Maatraan', 'Son of Sardar', 'Thuppaki',
'Khiladi 786' and 'Dabbaang 2' (overseas) during Q3 FY2013
o 'English Vinglish', a women-hero family entertainer, received
unanimous thumbs up from critics as well as audiences. This film
reported an impressive net box office collection of Rs. 67.5 crore
worldwide
o 'Son of Sardar', a highly anticipated Diwali release, received
favourable reviews from audiences and reported a net box office
collection of Rs. 108.5 crore worldwide
o 'Thuppaki', another most awaited Diwali release (in south
market) raked in a net box office collection of Rs. 180 crore
(domestic) and has become the fourth film to join the 100 crore
club in Tamil films. 'Maatraan', another high profile release was
also well received and reported a net book office collection of 90
crore at domestic box office
o 'Khiladi 786', also scored well at the box office reporting a
net collection of Rs. 77 crore worldwide during Q3 FY2013
o Two of the top ten box office grossing Hindi language films in
India in the FY13, were Eros International films (Source: Box
Office India).
-- Stable television and music revenues backed by pre-sales
o During the quarter under review, the Company entered into a
number of satellite television licensing deals which resulted into
valuable contribution to its revenues.
o The Company also delivered further films under the Viacom
Colours pre-sales slate deal that was announced earlier in the
year.
o The music from the film 'Khiladi 786' was top of the charts
for several weeks and generated strong digital music revenues
-- Eros Now, the unique global online subscription service
offering Indian films and music on demand, that went commercially
live in Q2 FY2013, continues to gain momentum as it extends its
offering to iPad and other tablet devices
o The portal provides access to a wide array of full length
films, music videos and music tracks, enabling the Company to best
leverage the online digital ecosystem
Commenting on the results, Mr. Sunil Lulla, Managing Director,
Eros International Media Ltd. said:
"Firstly it gives me great pleasure to declare an interim
dividend at 15% and thank all our shareholders who put their faith
in us. The nine months to December have been extremely fruitful for
the Company with the success of 'Vicky Donor', 'Housefull 2' and
'Cocktail' in the first half complemented by the success of
'English Vinglish', 'Son of Sardaar', 'Khiladi 786', 'Maatraan' and
'Thuppaki' as well as the hit 'Dabaangg 2' for which we monetized
international rights. Our slate was a well architected combination
of modest budget high concept films as well as high profile big
star cast films in Hindi and Tamil, which performed very well at
the box office resulting in corresponding strong revenues through
other channels of distribution like television and digital.
We are extremely excited about our collaboration with HBO who
are leaders in premium television arena globally. The collaboration
will allow us to unlock the value of our library and new film slate
even more and foray into the growing premium television market in
India where television viewers will be offered advertising free
compelling Bollywood and Hollywood content.
We are proud to have built our company based on strong
fundamentals supported by rapid structural growth in the industry
fuelled by digitization and we are confident of being able to
continue to increase shareholder value as we implement our
strategies".
The full announcement can be found at the following link:
http://www.erosintl.com/finance-info.aspx
<ends>
For further information, please contact:
Andrew Heffernan
Chief Financial Officer
T: +44 (0) 20 7258 9892
Eros International Plc
Sean Hanafin
Chief Corporate & Strategy Officer
T: +44 (0)20 7258 9909
Jamie M.M. Kirkwood
Group Communications & Investor Relations
T: +44 (0)20 7258 9906
Investec Bank plc
Nominated Adviser & Joint Broker
Jeremy Ellis / Patrick Robb / Carlton Nelson
T: +44 (0) 20 7597 5000
Peel Hunt LLP
Joint broker
Richard Kauffer / Dan Harris / Andy Crossley
T: +44 (0) 20 7418 8900
About Eros International Plc
-- Eros co-produces, acquires and distributes Indian language
films, in multiple formats worldwide
-- In 2006, Eros listed its shares on the AIM Market of the London Stock Exchange
-- In October 2010, Eros listed its Indian subsidiary Eros
International Media on the BSE & NSE in India
-- Eros operates in over 50 countries, with offices throughout
India, the United Kingdom, USA, UAE, Singapore, Australia, Fiji and
the Isle of Man
A registration statement relating to the Company's A ordinary
shares has been filed with the SEC, but has not yet become
effective. These securities may not be sold nor may offers to buy
be accepted prior to the time the registration statement becomes
effective. This document shall not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any offer or
sale of these securities in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of such state or
jurisdiction.
Some of the information presented in this press release and in
related comments by the Company's management contains
forward-looking statements. In some cases, these forward-looking
statements are identified by terms and phrases such as "aim,"
"anticipate," "believe," "feel," "contemplate," "intend,"
"estimate," "expect," "continue," "should," "could," "may," "plan,"
"project," "predict," "will," "future, " "goal," "objective," and
similar expressions and include references to assumptions and
relate to the Company's future prospects, developments and business
strategies. Similarly, statements that describe the Company's
strategies, objectives, plans or goals and statements regarding the
proposed offering and the anticipated costs of these transactions
are forward-looking statements and are based on information
available to the Company as of the date of this press release.
Forward-looking statements are subject to risks, uncertainties and
assumptions that could cause actual results to differ materially
from those contemplated by the relevant statement. Such risks and
uncertainties include a variety of factors, some of which are
beyond the Company's control. In particular, such risks and
uncertainties include market conditions. Information concerning
these and other factors that could cause results to differ
materially from those contained in the forward-looking statements
is contained under the caption "Risk Factors" in the Company's
Registration Statement on Form F-1 filed with the U.S. Securities
and Exchange Commission. The Company undertakes no obligation to
revise the forward-looking statements included in herein to reflect
any future events or circumstances, except as required by law. The
Company's actual results, performance or achievements could differ
materially from the results expressed in, or implied by, these
forward-looking statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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