TIDMEROS
RNS Number : 5972L
Eros International PLC
13 August 2013
13 August 2013
Eros International PLC
Eros International plc announces Indian Subsidiary Results
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 30
June 2013 (Q1 FY2014). The announcement issued by EIML, with
modifications to clarify company name references only, is shown
below;
Financial Highlights:
-- Total Income stood at Rs. 1,942 million (Rs. 2,593 million in Q1 FY2013)
-- EBIT lower at Rs. 461 million (Rs. 523 million in Q1 FY2013)
-- Profit after tax (after minority) stood at Rs. 293 million (Rs. 314 million in Q1 FY2013)
-- Diluted EPS stood at Rs. 3.2 (Rs. 3.42 in Q1 FY2013)
Operational Highlights:
-- EIML released 12 films during Q1 FY2014 which included 7
Hindi and 5 Tamil and other regional languages (23 films in Q1
FY2013).
-- Theatrical revenues during Q1 FY2014 have showcased the
success of global releases namely 'Raanjhanaa', 'Go Goa Gone', and
'Yeh Jawaani Hai Deewani' (Overseas).
o 'Raanjhanaa', a high concept modestly budgeted film, earned
phenomenal success at the box office, achieving an impressive gross
box office collection of more than Rs.100 crore worldwide in its
successful run.
o 'Ye Jawaani Hai Deewani', a movie that was distributed
overseas by Eros International's parent Company Eros Plc, reported
a commendable box office collection of more than Rs. 60 crore
(Overseas). The movie was released in multiple international
markets. The film was also released in Israel marking a new revival
of that market. The last major film to be released there was Devdas
of 2002, also by Eros International.
o 'Go Goa Gone', a 'Zombie comedy', a new genre for the Indian
youth audience was well received and reported a gross box office
collection of Rs. 42 crore worldwide.
o Other releases like 'Fukrey' (Overseas), 'Lootera' (Overseas),
'Shoot out at Wadala' (Overseas), 'Ek Thi Dayan' (Overseas) and
'Rangeelay' (Punjabi) and Tamil films also contributed to overall
performance during the period under review.
-- Performance was also driven by Television licensing deals for
the Company's movie library and new releases during the quarter and
we continued to deliver films under the Viacom television license
deal that was announced last year.
-- EIML recently announced its collaboration with HBO Asia to
launch two new premium advertising free television channels that
will showcase compelling content from Hollywood and Bollywood. The
channels HBO Defined and HBO Hits went live on the DISH and AIRTEL
DTH platforms in India and are expected to launch on other DTH and
digital cable platforms later this year. We are excited about the
prospects of this collaboration based on the early response from
subscribers and believe it will unlock the value of our content
catalogue as it grows.
-- Eros Now, our online entertainment portal, showcases latest
releases as well as film library and Music videos, audio tracks and
Regional programing on demand. We believe that as broadband
connectivity in India grows, with the advent of 3G and 4G, and as
mobile smartphones and tablets gain popularity, a service such as
Eros Now, will gain popularity amongst consumers and allow us to
monetise our content library through yet another distribution
channel.
Commenting on the results, Mr. Sunil Lulla, Managing Director,
EIML. said:
"EIML has delivered an encouraging Q1 FY 2014 results in the
context of the film mix that it released in the quarter compared to
the high profile films released in Q1 FY 2013. 'Ranjhanaa', 'Go Goa
Gone' and 'Yeh Jawaani Hain Deewani' all delivered at the box
office and were subsequently monetized through other revenue
streams as well. Relative to their budget, the mix of films
performed extremely well and demonstrates our ability to scale and
change our mix to take advantage of market trends.
We are really excited about our collaboration with HBO Asia and
believe the two premium channels will gain momentum with
subscribers as we launch on further DTH and digital cable platform.
The industry trends are testimony that premium content will be an
important factor to drive demand and we are proud to be forerunners
in that space.
We continue to expand our film content through our diversified
approach of acquiring a healthy mix of movies. Our current future
slate remains well funded and we have several high profile movies
lined up like 'Kochadaiyaan', 'Ram Leela', 'Rambo Rajkumar', 'Happy
Ending' and a number of high concept movies that are slated to be
released in FY 2014. Our business has a natural Q3 skew due to film
releases around the festive season and this year is no different
and we remain positive on the outlook for FY 2014."
The full announcement can be found at the following link:
http://www.erosintl.com/finance-info.aspx
In light of the proposed NYSE listing by Eros International plc,
the ultimate parent company of EIML, and consistent with US quiet
period rules, EIML will not be issuing guidance in relation to
current or future years' financial performance at this time.
For further information, please contact:
Eros International Plc Eros International Plc
Sean Hanafin Jamie M.M. Kirkwood
Chief Corporate & Strategy Officer Group Communications & Investor
T: +44 (0)20 7258 9909 Relations
T: +44 (0)20 7258 9906
Investec Bank plc Peel Hunt LLP
Nominated Adviser & Joint Broker Joint broker
Jeremy Ellis / Patrick Robb Richard Kauffer / Dan Harris
/ Carlton Nelson / Andy Crossley
T: +44 (0) 20 7597 5000 T: +44 (0) 20 7418 8900
About Eros International Plc
Eros co-produces, acquires and distributes Indian language
films, in multiple formats worldwide
-- 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 Limited 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 Eros' A Ordinary Shares has
been filed with the United States Securities and Exchange
Commission, 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 press release 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
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of such jurisdiction.
Some of the information presented in this press release and in
related comments by Eros' 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 Eros' future
prospects, developments and business strategies. Similarly,
statements that describe Eros' 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 Eros 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 Eros' control, including
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 Eros' Registration Statement on Form F-1 filed
with the U.S. Securities and Exchange Commission. Eros undertakes
no obligation to revise the forward-looking statements included in
herein to reflect any future events or circumstances, except as
required by law. Eros' 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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