[February 21, 2018] |
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Eros International Plc Reports Third Quarter Fiscal Year 2018 Results
Eros International Plc (NYSE: EROS) ("Eros" or "the Company"), a leading
global company in the Indian film entertainment industry, today reported
its financial results for the three and nine months ended December 31,
2017.
Key Highlights:
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Reliance Industries Limited ("RIL" or "Reliance") and Eros announced
yesterday that RIL, through a subsidiary, has agreed to subscribe to a
5% equity stake in Eros at a price of $15 per share. This represents
an 18% premium to the closing price on February 16, 2018. The
transaction is subject to customary regulatory and other approvals.
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RIL and Eros International Media Limited ("Eros India") announced that
they have agreed to partner in India to jointly produce and
consolidate content from across India. The new partnership will
equally invest up to $150 million to produce and acquire Indian films
and digital originals across all languages.
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Ms. Jyoti Deshpande, Group CEO and MD of Eros, will be stepping down
from her Executive role at Eros and move on to head the Media and
Entertainment business at RIL as President of the Chairman's Office.
Ms. Deshpande will start her role at RIL in April 2018 and will remain
as a Non-Executive Director on the Board of Eros. Mr. Kishore Lulla
will resume his position of Group Chairman and CEO of Eros.
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Eros Now's paying subscriber base increased 150% y-o-y - triple digit
growth from 2 million paying subscribers as of December 31, 2016 to 5
million paying subscribers as of December 31, 2017. Registered users
reached over 80 million as of December 31, 2017. Company re-affirms
previous guidance of 6-8 million paying subscribers by FYE 2018 and
expects to double that base by FYE 2019.
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Eros closed $100 million equity-linked financing in December 2017. The
proceeds will be used for general corporate purposes, which will
include content acquisitions and increased investment in Eros Now,
including serials and originals, as well as refinancing of existing
credit facilities as previously announced.
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Eros Now has long term contracts across India's largest telcos
including Airtel, Idea and Vodafone. Additionally, Eros Now has
renewed its platform integration partnership with Reliance Jio for
another term where Eros Now service will be available to approximately
160 million Jio subscribers.
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Having initially concentrated on the India market, Eros Now is
increasingly focused on reaching the global South Asian diaspora. With
international markets on the radar, global integrations with Roku, LG
and Amazon Prime Channels have been launched.
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In adition to Smartron, Eros Now continues to form strategic
partnerships worldwide with Smart TV solutions such as Foxxum and
Metrological.
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Eros Now has announced an exciting slate of over 15 original series
which will be released over the next 18 months, many of which are in
the post-production phase. Eros Now also launched its first original
short film, 'Toffee' by Tahira Kashyap. It is a coming of age story
that looks at the friendship between two girls from opposite ends of
the social spectrum and how they view the life that lies ahead of them.
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Eros' FY16 blockbuster Bajarangi Bhaijan has secured a release in
China in more than 8,000 screens in March 2018 during the annual
Chinese Lantern Festival. During its first release, Bajarangi Bhaijan
has several records in the domestic and international markets
including the fastest INR 1 Billion (approximately $15 million) for a
Hindi language film, highest single day collection, highest first
Monday collection, highest Eid weekend gross overseas and several more.
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Eros Now continues to be focused on building and releasing its
original slate with exciting concepts that will entertain global
audience.
Financial Highlights:
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Eros has $134.6 million of cash on the balance sheet as of December
31, 2017.
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Consolidated revenue for the three months ended December 31, 2017 was
$65.2 million.
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Operating profit for the three months ended December 31, 2017 was
$16.5 million.
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Adjusted EBITDA for the three months ended December 31, 2017 was $23.6
million which resulted in a margin of 36.2%.
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Net debt decreased 4.6% to $150.3 million as at December 31, 2017 from
$157.6 million as of March 31, 2017.
A reconciliation of the non-GAAP financial measures discussed within
this release to our GAAP operating results are included at the end of
this release. See also "Non-GAAP Financial Measures."
Management Comments:
Kishore Lulla, Eros' Group Executive Chairman said:
"We are pleased to announce a strategic partnership with Reliance, which
we believe will be transformational for us and the Indian entertainment
industry. Our new joint venture, combined with Eros' existing library of
over 10,000 digital titles, our new originals and our current telco
partnerships will not only enhance our competitive advantage and cement
our position as owners of the largest premium content offering in India,
but will also equip us to be in a unique position as a global digital
content company. Jyoti and I look forward to continuing to work together
closely in her new role."
Jyoti Deshpande, Eros' Group Chief Executive Officer and Managing
Director said:
"The Reliance stake and content JV deal gives Eros incredible fire power
to take a lead in content consolidation. The synergies are complementary
and I hope this is the beginning of a long and fruitful partnership. I
think this will allow Eros to once again scale up the content slate
significantly as well as build a competitive advantage for ErosNow. On a
bittersweet note, while I will stay on as a non-executive director on
the board of Eros I will be going on to head RIL's media and
entertainment business as President of the Chairman's office. The last
20 years with Eros have been nothing short of magical and I am glad it's
not a goodbye but a continued meaningful association from a win-win
perspective."
Prem Parameswaran, Group Chief Financial Officer and President of
North America also commented:
"We are proud to deliver a strong performance in the third quarter. The
$100 million convertible notes offering in December 2017 has further
strengthened our balance sheet and increased our liquidity position. As
of December 30, 2017, our net leverage on a trailing basis has reduced
to 2.35x, and our net debt now stands at just over $150 million. The
investment in the business has already shown positive results in several
areas, which is reflected in our Adjusted EBITDA margin of 36% for the
quarter.
We continue to invest aggressively in our Eros Now platform, including
new originals and increased marketing efforts around our new campaign in
India and globally. We feel strongly that our subscriber growth,
compelling content library and focus on new originals positions us well
to capitalize on the growing demand and opportunity in the OTT space. In
this context, I want to reiterate our previously stated guidance of
reaching 6-8 million paying subscribers by March 31, 2018, and doubling
that base by fiscal year end 2019."
Recent Operational Highlights
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Four films were released in Q3 Fiscal Year 2018, all of which were low
budget films as compared to eight films in Q3 Fiscal Year 2017, of
which three were medium budget and five were low budget films. This is
in line with the Eros strategy of developing its own intellectual
property and concentrating on content driven films rather than high
budget star driven films.
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Rukh (Hindi), Ribbon (Hindi), Kadvi Hawa (Hindi) and Viswa
Vikhyatharaya Payyanmar (Malayalam) were the main revenue contributing
films during the quarter.
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Eros has a compelling film slate planned for Fiscal Year 2019,
including films such as Haathi Mere Saathi, Kaptan, Manmarziyan, Happy
Bhaag Jayegi Returns, 'Bhavesh Joshi', 'Chandamama Door Ke', the
India-China co-productions, 'Panda' by Kabir Khan, a Colour Yellow
Production films starring Shah Rukh Khan, Tanu Weds Manu 3 and films
to be co-produced under its deal with Dhrishyam Films. In addition,
Eros looks forward to releasing Tamil, Punjabi, Marathi and Malayalam
films during the year.
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As previously reported, as of December 31, 2017, Eros Now has exceeded
80 million registered users and five million paying users worldwide
across APP, WAP and Web.
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Eros Now continues to grow above expectations fostered by partnerships
with industry leaders to create an ecosystem that is focused on
bringing the best in technology and content together on a common
platform. Eros Now's new deals include partnerships with Metrological
Partner and Foxxum, as well as an integration with Amazon Channels to
bring unlimited content to Amazon Prime members in the US and UK.
Importantly, its five million paying subscribers as of December 31,
2017 do not include contribution from these deals.
Eros Now Updates
Eros Now continues to partner with industry leaders across local and
international markets is focused on making its entertainment service
available worldwide.
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Eros Now partnered with Metrological, a cloud-based TV app store and
content distribution platform. By joining the Metrological App Store,
the wide-ranging library of Bollywood and regional language films,
music videos, TV shows, originals and more will now be made available
to operators that reach over 40 million homes
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Continuing its global expansion, Eros Now forged a strategic
partnership with Foxxum, a leading provider of Smart TV solutions, to
provide its vast library of premium content on the Foxxum TV App Store
worldwide. Apart from the extensive catalogue of Bollywood and
regional language films, music videos, TV shows and original shows
will be pre-integrated on Foxxum's Smart TV Store and made available
to their millions of users across a wide range of devices worldwide.
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Eros Now is now available to Amazon Prime members on Amazon Channels
across the US and UK. Access to Eros Now's entertainment services
through the program will include a 7-day free trial.
Eros Now holds rights to more than 10,000 films, of which approximately
5,000 films are owned in perpetuity, and across Hindi and regional
languages.
Eros Now is very excited for its slate of originals that are being
produced internally in partnership with the best talent. Global concepts
that will entertain audiences are being produced internally. A selection
of key upcoming titles include:
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Smoke: An unflinching look at the politics within the
drug mafia that resides in the intoxicant riddled underbelly of its
tropical paradise, Goa. Smoke is lead by an all-star cast including
Jim Sarbh, Gulshan Devaiah, Kalki Koechlin, Mandira Bedi, Tom Alter
amongst others.
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Blue Oak Academy: a teen-drama thriller that follows one
young boy's quest to exact revenge with the most prestigious academic
institution of the nation.
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Side Hero with Rohan Sippy: featuring Kunaal Roy Kapur
as a fictionalised version of himself - the less successful younger
brother of a hotshot Bollywood producer and star - this comedy drama
follows Kunaal trying to land a leading role in a bid to prove that
his profession of acting is not just a 'hobby.'
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Toffee by Tahira Kashyap (Short Film): a coming of age
story that looks at the firnedship between two girls from opposite
ends of the social spectrum and how they look towards the life that
lies ahead of them.
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August 25th starring Rajat Kapoor (Short Film): a sci-fi
drama that considers the possibility of time travel and the doors that
might open up for mankind.
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Flesh with Siddharth Anand: An eight-year-old girl goes
missing and her NRI parents are forced to seek the help of a suspended
female cop in their search for her. An ex-human trafficker is
blackmailed to join the search or else risk his sinful past catching
with him.
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Swarajya: On the eve of India's independence, two senior
civil servants in Nehru's government find themselves in the center of
the storm, having to deal with myriad issues relating to the transfer
of power and birth of a new nation.
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Minerva Mills Malady: Following the Minerva Mills Case
in the 1970s through the eyes of the petitioners.
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Kurukshetra with Prakash Kovalamadhi: The tribals
thought they were Gods. The army thought they were militants. What
they turn out to be, are five children with 'superpowers' emerging
from a genetic mutation. And with destinies that, almost uncannily,
resemble the trajectory of the Mahabharata.
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Hacked with Abbas Tyrewala: A young man must team up
with the spirit of a dead hacker that haunts his new laptop to uncover
the truth behind his killing, leading them to a bloody conspiracy of
murdered nuclear scientists.
Eros International Plc Financial Highlights:
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Three Months Ended December 31
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Nine Months Ended December 31
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(dollars in millions)
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2017
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2016
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% change
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2017
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2016
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% change
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Revenue
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$
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65.2
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$
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57.3
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13.8
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$
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189.3
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$
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200.3
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(5.5)
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34.7
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22.3
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Gross profit
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55.6
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88.7
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68.3
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29.9
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Operating profit
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16.5
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8.2
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101.2
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42.7
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20.9
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104.3
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Adjusted EBITDA(1)
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23.6
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14.5
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62.8
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54.5
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46.3
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17.7
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(1)Reconciliations of the non-GAAP financial measures
discussed within this release to our GAAP operating results are included
at the end of this release. See also "Non-GAAP Financial Measures."
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Eros's wholly owned subsidiary - Copsale Ltd has divested its 51%
shareholding in Ayngaran International Limited, with effect from
October 1, 2017. Consequently, the Ayngaran group consisting of five
subsidiaries have not been consolidated in the group financial results
with effect from October 1, 2017. The Company has been and will
continue to conduct Tamil film distribution business directly. This
divestment has no material impact on the group's business operations.
Financial Results for the Three and Nine Months Ended December
31, 2017
Revenue
In the three months ended December 31, 2017, the Eros film slate was
comprised of four films which were low budget films as compared to eight
films in the three months ended December 31, 2016, of which three were
medium budget and five were low budget.
In the three months ended December 31, 2017, the Company's slate of four
films comprised of three Hindi film and one regional films as compared
to the same period last year where its slate of eight films comprised
two Hindi films, three Tamil/Telugu films and three regional films.
In the nine months ended December 31, 2017, the Eros film slate was
comprised of 16 films of which one film was high budget, three were
medium budget and twelve were low budget films as compared to 40 films
in the nine months ended December 31, 2016, of which five were high
budget, nine were medium budget and 26 were low budget.
In the nine months ended December 31, 2017, the Company's slate of 16
films comprised of eight Hindi films, one Tamil/Telugu film and seven
regional films as compared to the same period last year where its slate
of 40 films comprised of twelve Hindi films, sixteen Tamil/Telugu films
and twelve regional films.
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Three months ended
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High
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Medium
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Low
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Total
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December 31, 2017
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0
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0
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4
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4
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December 31, 2016
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0
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3
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5
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8
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Nine months ended
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High
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Medium
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Low
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Total
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December 31, 2017
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1
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3
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12
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16
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December 31, 2016
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5
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9
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26
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40
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For the three months ended December 31, 2017, revenue increased by 13.8%
to $ 65.2 million, compared to $57.3 million for the three months ended
December 31, 2016. In the nine months ended December 31, 2017, revenue
decreased by 5.5% to $ 189.3 million, compared to $200.3 million for the
nine months ended December 31, 2016.
For the three months ended December 31, 2017, aggregate theatrical
revenues decreased by 35.2% to $12.9 million from $19.9 million for the
three months ended December 31, 2016, mainly due to a lower number of
films, especially high and medium budget Hindi films. In the nine months
ended December 31, 2017, revenue decreased by 36.9% to $ 55.9 million,
compared to $88.6 million for the nine months ended December 31, 2016.
The decrease in theatrical revenue reflects the mix of films released in
each period as mentioned above.
For the three months ended December 31, 2017, aggregate revenues from
television syndication increased by 45.5% to $ 29.4 million from $20.2
million for the three months ended December 31, 2016, mainly due to
increased catalogue revenues. In the nine months ended December 31,
2017, revenue increased by 6.4% to $70.0 million, compared to $65.8
million for the nine months ended December 31, 2016. This was due to
increased catalogue sales in nine months ended December 31, 2017.
For the three months ended December 31, 2017, the aggregate revenues
from digital and ancillary increased by 33.1 % to $ 22.9 million from
$17.2 million for the three months ended December 31, 2016 primarily on
account of contribution from Eros Now and catalogue revenues. In the
nine months ended December 31, 2017, revenue increased by 38.1 % to $
63.4 million, compared to $45.9 million for the nine months ended
December 31, 2016.
Revenue from India increased by 13.8% to $ 22.3 million in the three
months ended December 31, 2017, compared to $19.6 million in the three
months ended December 31, 2016 mainly due to lower overall theatrical
revenue as offset by stronger catalogue revenue contribution in the
quarter ended December 31, 2017. In the nine months ended December 31,
2017, revenue from India decreased by 28.6% to $ 73.0 million, compared
to $102.2 million for the nine months ended December 31, 2016. This was
due to lower overall theatrical revenue in nine months ended December
31, 2017
Revenue from Europe decreased by 13.6 % to $5.1 million in the three
months ended December 31, 2017, compared to $5.9 million in the three
months ended December 31, 2016. This was due to lower theatrical
revenues associated with fewer films released in the quarter ended
December 31, 2017. In the nine months ended December 31, 2017, revenue
from Europe increased by 30.5 % to $19.7 million, compared to $15.1
million for the nine months ended December 31, 2016.
Revenue from North America decreased by 83.3% to $ 0.1 million in the
three months ended December 31, 2017, compared to $0.6 million in the
three months ended December 31, 2016 mainly due to lower theatrical
revenues associated with fewer films released in the quarter ended
December 31, 2017. In the nine months ended December 31, 2017, revenue
from North America decreased by 72.0% to $ 0.7 million, compared to $2.5
million for the nine months ended December 31, 2016.
Revenue from the rest of the world increased by 20.4% to $37.7 million
in the three months ended December 31, 2017, compared to $31.3 million
in the three months ended December 31, 2016. This was due to higher
catalogue sales partially offset by lower theatrical revenues associated
with fewer films released in the quarter ended December 31, 2017. In the
nine months ended December 31, 2017, revenue from rest of world
increased by 19.0% to $ 95.9 million, compared to $80.6 million for the
nine months ended December 31, 2016.
Cost of sales
For the three months ended December 31, 2017, cost of sales decreased by
12.9% to $ 30.5 million compared to $35 million in the three months
ended December 31, 2016. The decrease was mainly due to lower
amortization costs, lower marketing, advertising and distribution costs
associated with fewer films released in the quarter ended December 31,
2017. In the nine months ended December 31, 2017, cost of sales
decreased by 23.8% to $ 100.6 million, compared to $132 million for the
nine months ended December 31, 2016.
Gross profit
For the three months ended December 31, 2017, gross profit increased by
55.6% to $ 34.7 million, compared to $22.3 million in the three months
ended December 31, 2016. As a percentage of revenues, the Company's
gross profit margin was 53.2% in the three months ended December 31,
2017, compared to 38.9% in the three months ended December 31, 2016.
This was mainly due to lower cost of sales linked to film mix and
contribution from high margin catalogue revenues. In the nine months
ended December 31, 2017, gross profit increased by 29.9 % to $ 88.7
million, compared to $68.3 million for the nine months ended December
31, 2016.
EBIT (Non- GAAP)
For the three months ended December 31, 2017, EBIT decreased by 64.3 %
to $ 6.6 million compared to $ 18.5 million in the three months ended
December 31, 2016. This was mainly due to lower cost of sales linked to
film mix and contribution from high margin catalogue revenues. In the
nine months ended December 31, 2017, EBIT decreased by 28% to $ 25
million, compared to $ 34.7 million for the nine months ended December
31, 2016.
Adjusted EBITDA (Non- GAAP)
For the three months ended December 31, 2017, Adjusted EBITDA increased
by 62.8 % to $ 23.6 million compared to $14.5 million in the three
months ended December 31, 2016 due to increased gross profit margin in
the quarter In the nine months ended December 31, 2017, adjusted EBITDA
increased by 17.7 % to $ 54.5 million, compared to $46.3 million for the
nine months ended December 31, 2016.
Administrative costs
For the three months ended December 31, 2017, administrative costs
increased by 28.4 % to $ 18.1 million compared to $14.1 million for the
three months ended December 31, 2016 mainly due to increase in share
based compensation. In the nine months ended December 31, 2017,
administrative costs decreased by 3.2% to $ 46 million, compared to
$47.5 million for the nine months ended December 31, 2016.
Net finance costs
For the three months ended December 31, 2017, net finance costs
decreased by 35.3% to $ 2.2 million, compared to $3.4 million in the
three months ended December 31, 2016 mainly due to repayment of
revolving credit facilities loan. In the nine months ended December 31,
2017, net finance costs increased by 16.4 % to $ 12.8 million, compared
to $11 million for the nine months ended December 31, 2016.
Income tax expense
For the nine months ended December 31, 2017, income tax expenses
decreased by 51 % to $ 5.0 million, compared to $10.2 million in the
nine months ended December 31, 2016. Effective income tax rates were
19.3% and 30.2% for December 31, 2017 and December 31, 2016,
respectively excluding non-deductible share-based payment charges and
gain/loss on fair valuation of derivative liabilities. The change in
effective rate principally reflects a change in the mix of the profits
earned from taxable and non- taxable jurisdictions.
Net Income
For the three months ended December 31, 2017, net income decreased by
72.2 % to $ 3.2 million, compared to $ 11.5 million in the three months
ended December 31, 2016. For the nine months ended December 31, 2017,
net income decreased by 46.7% to 7.2 million, compared to $13.5 million
in the nine months ended December 31, 2016.
Trade Receivables
As of December 31, 2017, Trade Receivables decreased to $226.1 million
from $226.8 million as of March 31, 2017. The Company collected over $
34 million of trade receivables post December 31, 2017.
Net Debt
As of December 31, 2017, net debt decreased by 4.6% to $ 150.3 million
from $157.6 million as of March 31, 2017.
Conference Call
The Company will host a conference call on Wednesday, February 21, 2018,
at 8:30 AM Eastern Standard Time.
To access the call please dial 646-828-8143 or 800-263-0877 from the
United States, or +44 (0)330 336 9105 or +44 (0)800 358 6377 from
outside the U.S. The conference call I.D. number is 8732366.
Participants should dial in 5 to 10 minutes before the scheduled time.
A replay of the call can be accessed through February 28, 2018 by
dialing 719-457-0821 or 888-203-1112 from the U.S., or +44 (0) 207 660
0134 or +44 (0) 808 101 1153 from outside the U.S. The conference call
I.D. number is 8732366. The call will be available as a live webcast,
which can be accessed at Eros'
Investor Relations website. A replay of the webcast recording will
be available until February 21, 2019.
Non-GAAP Financial Measures
Net Income
The Company uses the term Net Income, as the International Financial
Reporting Standards ("IFRS") define the term as synonymous with profit
for the period.
Adjusted EBITDA
In addition to the results prepared in accordance with IFRS provided in
this release, the Company uses Adjusted EBITDA. The company uses
Adjusted EBITDA along with other IFRS measures to evaluate operating
performance. Adjusted EBITDA is defined by the Company as net income
before interest expense, income tax expense and depreciation and
amortization (excluding amortization of capitalized film content and
debt issuance costs) adjusted for impairments of financial assets and
available-for-sale financial assets, profit/loss on held for trading
liabilities (including profit/loss on derivatives) share based payments
and transaction costs related to equity transactions.
Adjusted EBITDA, as used and defined by us, may not be comparable to
similarly-titled measures employed by other companies and is not a
measure of performance calculated in accordance with GAAP. Adjusted
EBITDA should not be considered in isolation or as a substitute for
operating income, net income, cash flows from operating investing and
financing activities, or other income or cash flow statement data
prepared in accordance with GAAP. Adjusted EBITDA provides no
information regarding a company's capital structure, borrowings,
interest costs, capital expenditures and working capital movement or tax
position. However, our management team believes that Adjusted EBITDA is
useful to investors in evaluating our results of operations because this
measure:
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is widely used by investors to measure a company's operating
performance without regard to items excluded from the calculation of
such, term, which can vary substantially from company to company
depending upon accounting methods and book value of assets, capital
structure and the method by which assets were acquired, among other
factors;
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help investors to evaluate and compare the results of our operations
from period to period by removing the effect of our capital structure
from our operating structure; and
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is used by our management team for various other purposes, including
presentations to our board of directors, as a basis for strategic
planning and forecasting.
See the supplemental financial schedules for a reconciliation of
Adjusted EBITDA to Net Income.
Cautionary Statement Concerning Forward-Looking Statements
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 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 but not
limited to market conditions and economic 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' Annual Report on
Form 20-F filed with the U.S. Securities and Exchange Commission. Eros
undertakes no obligation to revise the forward-looking statements
included 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.
Seasonality
The Groups' financial position and results of operations for any period
fluctuate due to film release schedules. Film release schedules take
account of holidays and festivals in India and elsewhere, competitor
film releases and sporting events.
About Eros International, Plc
Eros International Plc (NYSE: EROS) is a leading global company in the
Indian film entertainment industry that acquires, co-produces and
distributes Indian films across all available formats such as cinema,
television and digital new media. Eros International Plc was the first
Indian media company to list on the New York Stock Exchange. Eros
International has experience of over three decades in establishing a
global platform for Indian cinema. The Company has a competitive
advantage through its extensive and growing movie library comprising of
over 3,000 films, which include Hindi, Tamil, and other regional
language films for home entertainment distribution. Eros International
has built a dynamic business model by combining the release of new films
every year with the exploitation of its film library. The company also
owns the rapidly growing OTT platform Eros Now. For further information
please visit: www.erosplc.com
|
|
|
|
|
|
|
|
|
EROS INTERNATIONAL PLC
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL
POSITION
(Amounts in thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Note
|
|
December 31, 2017
|
|
|
March 31, 2017
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
|
|
|
|
Property and equipment
|
|
|
|
$
|
9,845
|
|
|
|
$
|
10,354
|
|
Goodwill
|
|
|
|
|
4,992
|
|
|
|
|
4,992
|
|
Intangible assets - trade name
|
|
|
|
|
14,000
|
|
|
|
|
14,000
|
|
Intangible assets - content
|
|
5
|
|
|
908,330
|
|
|
|
|
904,628
|
|
Intangible assets - others
|
|
|
|
|
5,257
|
|
|
|
|
4,360
|
|
Available-for-sale financial assets
|
|
|
|
|
29,693
|
|
|
|
|
29,613
|
|
Trade and other receivables
|
|
1
|
|
|
23,639
|
|
|
|
|
11,443
|
|
Income tax receivable
|
|
|
|
|
1,086
|
|
|
|
|
1,051
|
|
Restricted deposits
|
|
|
|
|
1,272
|
|
|
|
|
335
|
|
Deferred income tax assets
|
|
|
|
|
563
|
|
|
|
|
112
|
|
Total non-current assets
|
|
|
|
$
|
998,677
|
|
|
|
$
|
980,888
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
|
Inventories
|
|
|
|
$
|
126
|
|
|
|
$
|
214
|
|
Trade and other receivables
|
|
1
|
|
|
246,150
|
|
|
|
|
242,762
|
|
Current income tax receivable
|
|
|
|
|
13
|
|
|
|
|
253
|
|
Cash and cash equivalents
|
|
|
|
|
134,559
|
|
|
|
|
112,267
|
|
Restricted deposits
|
|
|
|
|
6,115
|
|
|
|
|
6,981
|
|
Total current assets
|
|
|
|
|
386,963
|
|
|
|
|
362,477
|
|
Total assets
|
|
|
|
$
|
1,385,640
|
|
|
|
$
|
1,343,365
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
Trade and other payables
|
|
|
|
$
|
72,831
|
|
|
|
$
|
120,082
|
|
Acceptances
|
|
3
|
|
|
6,891
|
|
|
|
|
8,935
|
|
Short-term borrowings
|
|
2
|
|
|
133,912
|
|
|
|
|
180,029
|
|
Current income tax payable
|
|
|
|
|
6,626
|
|
|
|
|
7,055
|
|
Total current liabilities
|
|
|
|
$
|
220,260
|
|
|
|
$
|
316,101
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
|
|
|
Long-term borrowings
|
|
2
|
|
$
|
150,939
|
|
|
|
$
|
89,841
|
|
Other long-term liabilities
|
|
|
|
|
5,320
|
|
|
|
|
5,349
|
|
Derivative financial instruments
|
|
|
|
|
-
|
|
|
|
|
12,553
|
|
Deferred income tax liabilities
|
|
|
|
|
40,272
|
|
|
|
|
35,973
|
|
Total non-current liabilities
|
|
|
|
$
|
196,531
|
|
|
|
$
|
143,716
|
|
Total liabilities
|
|
|
|
$
|
416,791
|
|
|
|
$
|
459,817
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
|
|
|
|
|
|
Share capital
|
|
4
|
|
$
|
32,653
|
|
|
|
$
|
31,877
|
|
Share premium
|
|
|
|
|
422,798
|
|
|
|
|
399,686
|
|
Reserves
|
|
|
|
|
449,314
|
|
|
|
|
436,997
|
|
Other components of equity
|
|
|
|
|
(46,460
|
)
|
|
|
|
(48,118
|
)
|
JSOP reserve
|
|
|
|
|
(15,985
|
)
|
|
|
|
(15,985
|
)
|
Equity attributable to equity holders of Eros International Plc
|
|
|
|
$
|
842,320
|
|
|
|
$
|
804,457
|
|
Non-controlling interest
|
|
|
|
|
126,529
|
|
|
|
|
79,091
|
|
Total equity
|
|
|
|
$
|
968,849
|
|
|
|
$
|
883,548
|
|
Total liabilities and shareholder's equity
|
|
|
|
$
|
1,385,640
|
|
|
|
$
|
1,343,365
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EROS INTERNATIONAL PLC UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (Amounts in
thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Nine Months Ended December 31,
|
|
|
Note
|
|
2017
|
|
|
|
2016
|
|
|
|
2017
|
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
8
|
|
$
|
65,187
|
|
|
|
$
|
57,348
|
|
|
|
$
|
189,327
|
|
|
|
$
|
200,319
|
|
Cost of sales
|
|
|
|
|
(30,528
|
)
|
|
|
|
(35,029
|
)
|
|
|
|
(100,638
|
)
|
|
|
|
(131,974
|
)
|
Gross profit
|
|
|
|
|
34,659
|
|
|
|
|
22,319
|
|
|
|
|
88,689
|
|
|
|
|
68,345
|
|
Administrative cost
|
|
|
|
|
(18,128
|
)
|
|
|
|
(14,119
|
)
|
|
|
|
(46,022
|
)
|
|
|
|
(47,470
|
)
|
Operating profit
|
|
|
|
|
16,531
|
|
|
|
|
8,200
|
|
|
|
|
42,667
|
|
|
|
|
20,875
|
|
Financing costs
|
|
|
|
|
(2,731
|
)
|
|
|
|
(4,005
|
)
|
|
|
|
(14,264
|
)
|
|
|
|
(12,806
|
)
|
Finance income
|
|
|
|
|
488
|
|
|
|
|
590
|
|
|
|
|
1,468
|
|
|
|
|
1,824
|
|
Net finance costs
|
|
|
|
|
(2,243
|
)
|
|
|
|
(3,415
|
)
|
|
|
|
(12,796
|
)
|
|
|
|
(10,982
|
)
|
Other (losses)/gains
|
|
9
|
|
|
(9,944
|
)
|
|
|
|
10,264
|
|
|
|
|
(17,696
|
)
|
|
|
|
13,829
|
|
Profit before tax
|
|
|
|
|
4,344
|
|
|
|
|
15,049
|
|
|
|
|
12,175
|
|
|
|
|
23,722
|
|
Income tax
|
|
|
|
|
(1,143
|
)
|
|
|
|
(3,565
|
)
|
|
|
|
(4,960
|
)
|
|
|
|
(10,194
|
)
|
Profit / (Loss) for the period
|
|
|
|
$
|
3,201
|
|
|
|
$
|
11,484
|
|
|
|
$
|
7,215
|
|
|
|
$
|
13,528
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity holders of Eros International Plc
|
|
|
|
$
|
301
|
|
|
|
$
|
8,184
|
|
|
|
$
|
(2,957
|
)
|
|
|
$
|
6,484
|
|
Non-controlling interest
|
|
|
|
|
2,900
|
|
|
|
|
3,300
|
|
|
|
|
10,172
|
|
|
|
|
7,044
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings/(loss) per share(cents)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings/(loss) per share
|
|
7
|
|
|
0.5
|
|
|
|
|
13.5
|
|
|
|
|
(4.8
|
)
|
|
|
|
11.0
|
|
Diluted earnings/(loss) per share
|
|
7
|
|
|
(8.6
|
)
|
|
|
|
12.7
|
|
|
|
|
(14.5
|
)
|
|
|
|
9.7
|
|
|
|
|
|
|
|
EROS INTERNATIONAL PLC UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Amounts
in thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Nine Months Ended December 31,
|
|
|
2017
|
|
|
2016
|
|
|
|
2017
|
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit / (Loss) for the period
|
|
$
|
3,201
|
|
|
$
|
11,484
|
|
|
|
$
|
7,215
|
|
|
|
$
|
13,528
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items that will be subsequently reclassified to profit or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange differences on translating foreign operations
|
|
|
2,973
|
|
|
|
(4,075
|
)
|
|
|
|
223
|
|
|
|
|
(2,852
|
)
|
Reclassification of the cash flow hedge to the statement operations,
net of tax
|
|
|
188
|
|
|
|
201
|
|
|
|
|
375
|
|
|
|
|
602
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other comprehensive income/(loss) for the period
|
|
$
|
3,161
|
|
|
$
|
(3,874
|
)
|
|
|
$
|
598
|
|
|
|
$
|
(2,250
|
)
|
Total comprehensive income for the period, net of tax
|
|
$
|
6,362
|
|
|
$
|
7,610
|
|
|
|
$
|
7,813
|
|
|
|
$
|
11,278
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity holders of Eros International Plc
|
|
$
|
3,472
|
|
|
$
|
5,054
|
|
|
|
$
|
(1,299
|
)
|
|
|
$
|
4,755
|
|
Non-controlling interest
|
|
|
2,890
|
|
|
|
2,556
|
|
|
|
|
9,112
|
|
|
|
|
6,523
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EROS INTERNATIONAL PLC
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
Nine Months Ended December 31,
|
|
|
Note
|
|
2017
|
|
|
|
2016
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
Profit before tax
|
|
|
|
$
|
12,175
|
|
|
|
$
|
23,722
|
|
Adjustments for:
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
838
|
|
|
|
|
590
|
|
Share based payment
|
|
6
|
|
|
13,502
|
|
|
|
|
18,645
|
|
Amortization of intangible film and content rights
|
|
|
|
|
87,322
|
|
|
|
|
105,730
|
|
Amortization of other intangibles assets
|
|
|
|
|
1,112
|
|
|
|
|
1,029
|
|
Other non-cash items
|
|
10
|
|
|
14,511
|
|
|
|
|
(12,898
|
)
|
Net finance costs
|
|
|
|
|
12,796
|
|
|
|
|
10,982
|
|
Gain on sale of available for sale financial asset
|
|
|
|
|
-
|
|
|
|
|
(58
|
)
|
Loss on sale of property and equipment
|
|
|
|
|
18
|
|
|
|
|
-
|
|
Changes in trade and other receivables
|
|
|
|
|
(105,883
|
)
|
|
|
|
(38,443
|
)
|
Changes in inventories
|
|
|
|
|
210
|
|
|
|
|
41
|
|
Changes in trade and other payables
|
|
|
|
|
32,300
|
|
|
|
|
4,195
|
|
Cash generated from operations
|
|
|
|
|
68,901
|
|
|
|
|
113,535
|
|
Interest paid
|
|
|
|
|
(17,160
|
)
|
|
|
|
(13,744
|
)
|
Income taxes paid
|
|
|
|
|
(2,154
|
)
|
|
|
|
(6,464
|
)
|
Net cash generated from operating activities
|
|
|
|
$
|
49,587
|
|
|
|
$
|
93,327
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of available for sale financial assets
|
|
|
|
|
-
|
|
|
|
|
288
|
|
Proceeds from sale of share of subsidiaries
|
|
|
|
|
40,221
|
|
|
|
|
-
|
|
Purchases of property and equipment
|
|
|
|
|
(191
|
)
|
|
|
|
(629
|
)
|
Proceeds from sale of property and equipment
|
|
|
|
|
46
|
|
|
|
|
-
|
|
Proceeds from/(investment in) restricted deposits held with banks
|
|
|
|
|
190
|
|
|
|
|
(4,937
|
)
|
Purchase of intangible film and content rights
|
|
|
|
|
(89,107
|
)
|
|
|
|
(168,585
|
)
|
Purchase of other intangible assets
|
|
|
|
|
(93
|
)
|
|
|
|
-
|
|
Interest received
|
|
|
|
|
2,222
|
|
|
|
|
2,309
|
|
Net cash used in investing activities
|
|
|
|
$
|
(46,712
|
)
|
|
|
$
|
(171,554
|
)
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issue of share capital
|
|
|
|
|
16,600
|
|
|
|
|
30,452
|
|
Proceeds from issue of shares by subsidiary
|
|
|
|
|
502
|
|
|
|
|
19
|
|
Proceeds from short-term debt
|
|
|
|
|
31,892
|
|
|
|
|
66,524
|
|
Proceed from issue out of treasury shares
|
|
|
|
|
-
|
|
|
|
|
938
|
|
Repayment of short-term debt with maturity less than three months
(net)
|
|
|
|
|
(1,036
|
)
|
|
|
|
(1,685
|
)
|
Repayment of short-term debt
|
|
|
|
|
(125,760
|
)
|
|
|
|
(74,809
|
)
|
Proceeds from long-term borrowings
|
|
|
|
|
110,829
|
|
|
|
|
16,598
|
|
Repayment of long-term borrowings
|
|
|
|
|
(9,126
|
)
|
|
|
|
(11,225
|
)
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
Net cash generated from financing activities
|
|
|
|
$
|
23,901
|
|
|
|
$
|
26,812
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents
|
|
|
|
|
26,776
|
|
|
|
|
(51,415
|
)
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
|
(4,484
|
)
|
|
|
|
4,462
|
|
Cash and cash equivalents, beginning of period
|
|
|
|
|
112,267
|
|
|
|
|
182,774
|
|
Cash and cash equivalents, end of period
|
|
|
|
$
|
134,559
|
|
|
|
$
|
135,821
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EROS INTERNATIONAL PLC
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Amounts in thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other components of equity
|
|
Reserves
|
|
|
|
|
|
|
|
|
Share capital
|
|
Share premium account
|
|
Currency translation reserve
|
|
Available for sale fair value reserves
|
|
Revaluation reserve
|
|
Hedging reserve
|
|
Reverse acquisition reserve
|
|
Merger reserve
|
|
Retained earnings
|
|
JSOP reserve
|
|
Equity Attributable to Shareholders of
EROS International PLC
|
|
Non- controlling interest
|
|
Total equity
|
|
(in thousands)
|
Balance as at April 1, 2017
|
$
|
31,877
|
|
$
|
399,686
|
|
$
|
(55,810
|
|
)
|
$
|
6,238
|
|
$
|
1,829
|
|
|
$
|
(375
|
)
|
$
|
(22,752
|
|
)
|
$
|
70,275
|
|
$
|
389,474
|
|
|
$
|
(15,985
|
|
)
|
$
|
804,457
|
|
|
$
|
79,091
|
|
|
$
|
883,548
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/Profit for the period
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
(2,957
|
)
|
|
|
-
|
|
|
|
(2,957
|
)
|
|
|
10,172
|
|
|
|
7,215
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income/(loss) for the period
|
|
-
|
|
|
-
|
|
|
1,303
|
|
|
|
-
|
|
|
(20
|
)
|
|
|
375
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
1,658
|
|
|
|
(1,060
|
)
|
|
|
598
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income/(loss) for
the period
|
|
-
|
|
|
-
|
|
|
1,303
|
|
|
|
-
|
|
|
(20
|
)
|
|
|
375
|
|
|
-
|
|
|
|
-
|
|
|
(2,957
|
)
|
|
|
-
|
|
|
|
(1,299
|
)
|
|
|
9,112
|
|
|
|
7,813
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share based compensation
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
13,014
|
|
|
|
-
|
|
|
|
13,014
|
|
|
|
488
|
|
|
|
13,502
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued on exercise of employee stock options
and awards
|
|
208
|
|
|
6,934
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
(7,142
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in ownership interests in subsidiaries that
do not result in a loss of control
|
|
568
|
|
|
16,178
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
8,161
|
|
|
-
|
|
|
|
-
|
|
|
|
24,907
|
|
|
|
32,060
|
|
|
|
56,967
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in ownership interests in subsidiaries
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
|
1,241
|
|
|
-
|
|
|
|
-
|
|
|
|
1,241
|
|
|
|
5,778
|
|
|
|
7,019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as at December 31, 2017
|
$
|
32,653
|
|
|
422,798
|
|
|
(54,507
|
)
|
|
|
6,238
|
|
|
1,809
|
|
|
|
-
|
|
|
(22,752
|
)
|
|
|
79,677
|
|
|
392,389
|
|
|
|
(15,985
|
)
|
|
|
842,320
|
|
|
|
126,529
|
|
|
|
968,849
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EROS INTERNATIONAL PLC
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Amounts in thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other components of equity
|
|
Reserves
|
|
|
|
|
|
|
|
|
|
Share capital
|
|
Share premium account
|
|
Currency translation reserve
|
|
Available for sale investments
|
|
Revaluation reserve
|
|
Hedging reserve
|
|
Reverse acquisition reserve
|
|
Merger reserve
|
|
Retained earnings
|
|
JSOP reserve
|
|
Equity Attributable to Shareholders of
EROS International PLC.
|
|
Non- controlling interest
|
|
Total equity
|
|
|
|
Balance as of April 1, 2016
|
$
|
30,793
|
|
$
|
356,865
|
|
|
$
|
(60,609
|
)
|
$
|
6,622
|
|
$
|
1,856
|
|
$
|
(1,179
|
|
)
|
$
|
(22,752
|
|
)
|
$
|
69,586
|
|
$
|
376,317
|
|
$
|
(17,167
|
)
|
$
|
740,332
|
|
$
|
68,762
|
|
$
|
809,094
|
|
Profit/(loss) for the period
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
6,484
|
|
|
-
|
|
|
6,484
|
|
|
7,044
|
|
|
13,528
|
|
Other comprehensive income for the period
|
|
-
|
|
|
-
|
|
|
|
(2,361
|
)
|
|
-
|
|
|
29
|
|
|
603
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1,729
|
)
|
|
(521
|
)
|
|
(2,250
|
)
|
Total comprehensive income/(loss) for
the period
|
|
-
|
|
|
-
|
|
|
|
(2,361
|
)
|
|
-
|
|
|
29
|
|
|
603
|
|
|
|
-
|
|
|
|
-
|
|
|
6,484
|
|
|
-
|
|
|
4,755
|
|
|
6,523
|
|
|
11,278
|
|
Issue of shares
|
|
808
|
|
|
29,644
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
30,452
|
|
|
-
|
|
|
30,452
|
|
Shares issued on exercise of employee stock options,
awards and RSU
|
|
265
|
|
|
12,541
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
(12,806
|
)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Share based compensation
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
18,175
|
|
|
-
|
|
|
18,175
|
|
|
470
|
|
|
18,645
|
|
Changes in ownership interests in subsidiaries that
do not result in a loss of control
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
387
|
|
|
-
|
|
|
-
|
|
|
387
|
|
|
160
|
|
|
547
|
|
Issue out of JSOP reserve
|
|
-
|
|
|
(164
|
)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
1,182
|
|
|
1,018
|
|
|
-
|
|
|
1,018
|
|
Balance as of December 31, 2016
|
$
|
31,866
|
|
|
398,886
|
|
|
|
(62,970
|
)
|
|
6,622
|
|
|
1,885
|
|
|
(576
|
)
|
|
|
(22,752
|
)
|
|
|
69,973
|
|
|
388,170
|
|
|
(15,985
|
)
|
|
795,119
|
|
|
75,915
|
|
|
871,034
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.
|
TRADE AND OTHER RECEIVABLES
|
|
|
As at
|
|
|
December 31, 2017
|
|
|
March 31, 2017
|
|
|
|
Trade receivables, net
|
|
$
|
226,125
|
|
|
$
|
226,822
|
Other receivables
|
|
|
36,943
|
|
|
|
25,683
|
Prepaid charges
|
|
|
506
|
|
|
|
277
|
Accrued revenues
|
|
|
6,215
|
|
|
|
1,423
|
Trade and other receivables
|
|
$
|
269,789
|
|
|
$
|
254,205
|
|
|
|
|
|
|
|
|
Current trade and other receivables
|
|
|
246,150
|
|
|
|
242,762
|
Non-current trade and other receivables
|
|
|
23,639
|
|
|
|
11,443
|
|
|
$
|
269,789
|
|
|
$
|
254,205
|
|
|
|
|
|
|
|
|
An analysis of long-term borrowings is shown in the table below.
|
|
|
|
|
|
As at
|
|
|
|
Nominal Interest Rate
|
|
Maturity
|
|
December 31, 2017
|
|
|
March 31, 2017
|
|
|
|
|
|
|
|
|
|
Asset backed borrowings
|
|
|
|
|
|
|
|
|
|
|
|
|
Vehicle loan
|
|
10.0% - 12.0%
|
|
2017-21
|
|
$
|
195
|
|
|
$
|
325
|
|
Term loan
|
|
BPLR+1.8% - 2.75%
|
|
2017
|
|
|
-
|
|
|
|
1,264
|
|
Term loan
|
|
BPLR+2.75%
|
|
2017-18
|
|
|
-
|
|
|
|
466
|
|
Term loan
|
|
BPLR+2.85%
|
|
2019-20
|
|
|
4,109
|
|
|
|
5,776
|
|
Term loan
|
|
BPLR+2.55% - 3.4%
|
|
2020-21
|
|
|
9,725
|
|
|
|
11,945
|
|
Term loan
|
|
13.75%
|
|
2017-22
|
|
|
10,008
|
|
|
|
-
|
|
Retail bond
|
|
6.5%
|
|
2021-22
|
|
$
|
67,513
|
|
|
$
|
62,672
|
|
Revolving facility
|
|
LIBOR +7.5% and Mandatory Cost
|
|
2017-18
|
|
|
-
|
|
|
|
85,000
|
|
Term loan
|
|
MCLR+3.45%
|
|
2021-22
|
|
|
12,674
|
|
|
|
14,603
|
|
|
|
|
|
|
|
$
|
104,224
|
|
|
$
|
182,051
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other borrowings
|
|
10.5%
|
|
2021-22
|
|
|
-
|
|
|
|
5,853
|
|
Convertible notes
|
|
14.2%
|
|
2020-21
|
|
|
93,994
|
|
|
|
-
|
|
|
|
|
|
|
|
$
|
93,994
|
|
|
$
|
5,853
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nominal value of borrowings
|
|
|
|
|
|
$
|
198,218
|
|
|
$
|
187,904
|
|
Cumulative effect of unamortized costs
|
|
|
|
|
|
|
(1,241)
|
|
|
|
(1,665
|
)
|
Installments due within one year
|
|
|
|
|
|
|
(46,038)
|
|
|
|
(96,398
|
)
|
Long-term borrowings - at amortized cost
|
|
|
|
|
|
$
|
150,939
|
|
|
$
|
89,841
|
|
Bank Prime Lending Rate ("BPLR") and Marginal Cost Based Lending Rate
("MCLR") is an Indian equivalent to LIBOR. Asset backed borrowings are
secured by fixed and floating charges over certain Group assets.
Analysis of short-term borrowings
|
|
|
|
|
|
As at
|
|
|
|
|
Nominal interest rate (%)
|
|
December 31, 2017
|
|
|
March 31, 2017
|
|
|
|
|
|
|
|
Asset backed borrowings
|
|
|
|
|
|
|
|
|
|
|
|
Export credit bill discounting and overdraft
|
|
|
|
BPLR+1-3.5%
|
|
$
|
44,648
|
|
|
$
|
41,687
|
Export credit and overdraft
|
|
|
|
LIBOR+4.5%
|
|
|
21,512
|
|
|
|
24,572
|
Other short-term loan
|
|
|
|
13-14.25%
|
|
|
10,204
|
|
|
|
5,396
|
Other short-term loan
|
|
|
|
10.20%
|
|
|
11,510
|
|
|
|
-
|
Term loan
|
|
|
|
MCLR+4.25%
|
|
|
-
|
|
|
|
4,943
|
|
|
|
|
|
|
$
|
87,874
|
|
|
$
|
76,598
|
Unsecured borrowings
|
|
|
|
|
|
|
|
|
|
|
|
Other short-term loan
|
|
|
|
12-14%
|
|
|
-
|
|
|
|
7,033
|
Installments due within one year on long-term borrowings
|
|
|
|
|
|
|
46,038
|
|
|
|
96,398
|
Short-term borrowings - at amortized cost
|
|
|
|
|
|
$
|
133,912
|
|
|
$
|
180,029
|
Fair value of the long-term borrowings as at December 31, 2017 is
$166,641 (March 31, 2017: $155,923). Fair values of long-term financial
liabilities except retail bonds and convertible notes have been
determined by calculating their present values at the reporting date,
using fixed effective market interest rates available to the respective
entities within the Group. As at December 31, 2017, the fair value of
retail bond amounting to $49,622 (March 31, 2017: $43,416) has been
determined using quoted prices from the London Stock Exchange (LSE). As
at December 31, 2017, the fair value of convertible notes amounting to
$93,994 has been determined using implied cost of debt as on the issue
date. Carrying amount of short-term borrowings approximates fair value.
|
|
|
December 31, 2017
|
|
|
March 31, 2017
|
|
|
|
(in thousands)
|
Payable under the film financing arrangements
|
|
|
$
|
6,891
|
|
|
$
|
8,935
|
|
|
|
$
|
6,891
|
|
|
$
|
8,935
|
Acceptances comprise of credit availed from financial institutions for
payment to film producers for film co-production arrangement entered by
the group. The carrying value of acceptances are considered a reasonable
approximation of fair value.
|
|
Number of Shares*
|
|
|
GBP
|
Authorized
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary shares of 30p each at March 31, 2017
|
|
|
83,333,333
|
|
|
|
25,000
|
Ordinary shares of 30p each at December 31, 2017
|
|
|
100,000,000
|
|
|
|
30,000
|
*The company increased number of authorized share capital from
83,333,333 shares to 100,000,000 shares.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares
|
|
|
USD
|
Allotted, called up and fully paid
|
|
|
|
A Ordinary 30p Shares
|
|
|
B Ordinary 30p Shares
|
|
|
(in thousands)
|
As at March 31, 2016
|
|
|
|
|
32,949,314
|
|
|
|
24,960,654
|
|
|
$
|
30,793
|
Issue of shares in the quarter ended June 30, 2016
|
|
|
|
|
1,750
|
|
|
|
-
|
|
|
|
1
|
Issue of shares in the quarter ended September 30, 2016
|
|
|
|
|
2,515,436
|
|
|
|
|
|
|
|
986
|
Issue of shares in the quarter ended December 31, 2016
|
|
|
|
|
231,043
|
|
|
|
|
|
|
|
87
|
Issue of shares in the quarter ended March 31, 2017
|
|
|
|
|
33,387
|
|
|
|
-
|
|
|
|
10
|
Transfer of B Ordinary to A Ordinary share
|
|
|
|
|
5,581,272
|
|
|
|
(5,581,272
|
)
|
|
|
-
|
As at March 31, 2017
|
|
|
|
|
41,312,202
|
|
|
|
19,379,382
|
|
|
$
|
31,877
|
Issue of shares in the quarter ended June 30, 2017
|
|
|
|
|
12,000
|
|
|
|
-
|
|
|
|
5
|
Issue of shares in the quarter ended September 30, 2017
|
|
|
|
|
288,291
|
|
|
|
-
|
|
|
|
114
|
Issue of shares in the quarter ended December 31, 2017
|
|
|
|
|
1,681,520
|
|
|
|
-
|
|
|
|
657
|
Transfer of B Ordinary to A Ordinary share
|
|
|
|
|
9,666,667
|
|
|
|
(9,666,667)
|
|
|
|
-
|
As at December 31, 2017
|
|
|
|
|
52,960,680
|
|
|
|
9,712,715
|
|
|
$
|
32,653
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
On May 11, 2017, the Company issued 12,000 shares entered into an exit
agreement with an employee pursuant to which the Board approved a grant
of 12,000 'A' ordinary share awards with Nil exercise price and a fair
market value of $10.8 per share.
In May 2017, the Company issued 90,000 shares entered into an exit
agreement with an employee pursuant to which the Board approved a grant
of 90,000 'A' ordinary share awards with Nil exercise price and a fair
market value of $10 per share. These shares were issued in July and
August 2017.
Between the months of May to December, permitted Class B shares
aggregating to 9,666,667 were converted into Class A shares. This was
effected through the cancellation of 9,666,667 Class B shares and
subsequent issuance of the equivalent amount of Class A shares.
In June 2015, 300,000 'A' ordinary shares awards were granted to the
Group CFO with a fair market value of $21.34 per share. Subject to
continued employment, these awards with nominal value exercise price
vest annually in three tranches beginning June 9, 2016. Out of which,
200,000 shares were issued in September 2017.
On September 24, 2014, the Board approved a grant of 116,730 'A'
ordinary share awards to certain employees. These awards, granted to the
employees on October 21, 2014 with $Nil exercise price, subject to
continued employment, vest annually in three equal tranches from the
date of grant. Fair value of each award was $17.07. In October and
November 2017, 24,550 shares were issued.
On October 6, 2017, 25,000 'A' ordinary shares were issued to a
consultant with a fair value of $14.3 per share.
On October 24, 2017, 148,895 'A' ordinary shares were issued to employee
as a settlement compensation with a fair value of $12.2 per share.
On November 15, 2017, 9,375 'A' ordinary shares were exercised by an
employee.
On June 28, 2016, the Board of Directors approved a grant of 197,820
share awards to certain employees with a fair value of $ 14.68 per
share. Subject to continued employment, these awards with Nil exercise
price vest over a period of two and half years with first tranche
vesting on November 11, 2016. In November and December 2017, 52,180
shares were issued.
On November 22, 2017, the Board of Directors approved to offset loan and
advances of Founder Group to the company by approving the issuance of
1,421,520 'A' ordinary shares with a fair value of $12.2 per share which
were subsequently issued in accordance with the resolution.
5.
|
INTANGIBLE CONTENT ASSETS
|
|
|
|
|
Gross Content Assets
|
|
|
Accumulated Amortization
|
|
|
Net Content Assets
|
|
|
|
|
|
As at December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Film and content rights
|
|
|
|
$
|
1,453,393
|
|
|
$
|
(837,323)
|
|
|
$
|
616,070
|
Content advances
|
|
|
|
|
286,933
|
|
|
|
-
|
|
|
|
286,933
|
Film productions
|
|
|
|
|
5,327
|
|
|
|
-
|
|
|
|
5,327
|
Non-current content assets
|
|
|
|
$
|
1,745,653
|
|
|
$
|
(837,323)
|
|
|
$
|
908,330
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at March 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Film and content rights
|
|
|
|
$
|
1,430,523
|
|
|
$
|
(796,058
|
)
|
|
$
|
634,465
|
Content advances
|
|
|
|
|
266,232
|
|
|
|
-
|
|
|
|
266,232
|
Film productions
|
|
|
|
|
3,931
|
|
|
|
-
|
|
|
|
3,931
|
Non-current content assets
|
|
|
|
$
|
1,700,686
|
|
|
$
|
(796,058
|
)
|
|
$
|
904,628
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
|
SHARE BASED COMPENSATION PLANS
|
The compensation cost recognized with respect to all outstanding plans
and by grant of shares, which are all equity settled instruments, is as
follows:
|
|
|
|
Three months ending December 31,
|
|
|
Nine months ending December 31,
|
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
IPO India Plan
|
|
|
|
$
|
511
|
|
|
$
|
574
|
|
|
$
|
1,230
|
|
|
$
|
1,787
|
JSOP Plan
|
|
|
|
|
-
|
|
|
|
905
|
|
|
|
615
|
|
|
|
2,716
|
Option award scheme 2012
|
|
|
|
|
-
|
|
|
|
102
|
|
|
|
197
|
|
|
|
599
|
2014 Share Plan*
|
|
|
|
|
(467)
|
|
|
|
246
|
|
|
|
(83)
|
|
|
|
1,128
|
2015 Share Plan
|
|
|
|
|
19
|
|
|
|
80
|
|
|
|
86
|
|
|
|
295
|
Other share option awards
|
|
|
|
|
4,109
|
|
|
|
(594)
|
|
|
|
5,871
|
|
|
|
1,662
|
Management scheme (staff share grant)
|
|
|
|
|
1,859
|
|
|
|
2,806
|
|
|
|
5,586
|
|
|
|
10,458
|
|
|
|
|
$
|
6,031
|
|
|
$
|
4,119
|
|
|
$
|
13,502
|
|
|
$
|
18,645
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In the meeting date November 22, 2017, the Board of Directors approved
the following grants:
243,300 'A' ordinary share awards to certain employees with $Nil
exercise price, subject to continued employment, first vest immediately
and remaining two tranches vest annually from the date of grant. Fair
value of each award was $13.25.
525,095 'A' ordinary share awards to certain employees and the Group CFO
with $Nil exercise price, subject to continued employment vest annually
in three equal tranches from the date of grant. Fair value of each award
was $13.25.
680,000 'A' ordinary shares to certain executive directors. with $Nil
exercise price, subject to continued employment vest annually in three
equal tranches from the date of grant. Fair value of each award was
$13.25.
20,000 'A' ordinary shares to certain non- executive directors with a
fair market value of $13.25 per share. Subject to continued
directorship, with nominal exercise price, vest on November 22, 2018.
*Above includes reversal of charges on account of forfeiture of 100,000
shares
|
|
|
Three months ended December 31,
|
|
|
Nine months ended December 31,
|
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
|
|
|
Basic
|
|
|
Diluted
|
|
|
Basic
|
|
|
Diluted
|
|
|
Basic
|
|
|
Diluted
|
|
|
Basic
|
|
|
Diluted
|
Earnings/(loss) attributable to the equity holders
of the parent
|
|
|
$
|
301
|
|
|
|
301
|
|
|
$
|
8,184
|
|
|
|
8,184
|
|
|
$
|
(2,957)
|
|
|
|
(2,957)
|
|
|
$
|
6,484
|
|
|
|
6,484
|
Potential dilutive effect of Senior Convertible Bonds
and share based compensation scheme in subsidiary undertaking
|
|
|
|
-
|
|
|
|
(6,086)
|
|
|
|
-
|
|
|
|
(265)
|
|
|
|
-
|
|
|
|
(6,324)
|
|
|
|
-
|
|
|
|
(588)
|
Adjusted earnings/(loss) attributable to equity
holders of the parent
|
|
|
$
|
301
|
|
|
|
(5,785)
|
|
|
$
|
8,184
|
|
|
|
7,919
|
|
|
$
|
(2,957)
|
|
|
|
(9,281)
|
|
|
$
|
6,484
|
|
|
|
5,896
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares
|
|
|
|
61,715,635
|
|
|
|
61,715,635
|
|
|
|
60,465,835
|
|
|
|
60,465,835
|
|
|
|
61,132,018
|
|
|
|
61,132,018
|
|
|
|
58,964,412
|
|
|
|
58,964,412
|
Potential dilutive effect of Senior Convertible Bonds
and share based compensation scheme in subsidiary undertaking
|
|
|
|
-
|
|
|
|
5,860,475
|
|
|
|
-
|
|
|
|
1,972,602
|
|
|
|
-
|
|
|
|
2,969,105
|
|
|
|
-
|
|
|
|
1,680,698
|
Adjusted earnings/(loss) attributable to equity
holders of the parent
|
|
|
|
61,715,635
|
|
|
|
67,576,110
|
|
|
|
60,465,835
|
|
|
|
62,438,437
|
|
|
|
61,132,018
|
|
|
|
64,101,123
|
|
|
|
58,964,412
|
|
|
|
60,645,110
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning attributable to the equity holders of the parent
per share (cents)
|
|
|
|
0.5
|
|
|
|
(8.6)
|
|
|
|
13.5
|
|
|
|
12.7
|
|
|
|
(4.8)
|
|
|
|
(14.5)
|
|
|
|
11.0
|
|
|
|
9.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The above table does not split the earnings per share separately for the
'A' ordinary 30p shares and the 'B' ordinary 30p shares as there is no
variation in their entitlement to participate in undistributed earnings.
8.
|
BUSINESS SEGMENTAL DATA
|
|
|
|
Three months ended December 31,
|
|
|
Nine months ended December 31,
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
|
|
|
Revenue by customer's location
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
India
|
|
|
$
|
26,724
|
|
|
$
|
24,810
|
|
|
$
|
81,293
|
|
|
$
|
109,532
|
Europe
|
|
|
|
253
|
|
|
|
1,464
|
|
|
|
2,297
|
|
|
|
7,331
|
North America
|
|
|
|
1,444
|
|
|
|
4,528
|
|
|
|
3,703
|
|
|
|
9,255
|
Rest of the world
|
|
|
|
36,766
|
|
|
|
26,546
|
|
|
|
102,034
|
|
|
|
74,201
|
Total Revenue
|
|
|
$
|
65,187
|
|
|
$
|
57,348
|
|
|
$
|
189,327
|
|
|
$
|
200,319
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31,
|
|
|
Nine months ended December 31,
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
|
|
|
Revenue by group's operation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
India
|
|
|
$
|
22,253
|
|
|
$
|
19,647
|
|
|
$
|
73,024
|
|
|
$
|
102,248
|
Europe
|
|
|
|
5,065
|
|
|
|
5,860
|
|
|
|
19,698
|
|
|
|
15,053
|
North America
|
|
|
|
125
|
|
|
|
569
|
|
|
|
702
|
|
|
|
2,461
|
Rest of the world
|
|
|
|
37,744
|
|
|
|
31,272
|
|
|
|
95,903
|
|
|
|
80,557
|
Total Revenue
|
|
|
$
|
65,187
|
|
|
$
|
57,348
|
|
|
$
|
189,327
|
|
|
$
|
200,319
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31,
|
|
|
Nine months ended December 31,
|
|
|
|
2017
|
|
|
2016
|
|
|
2017
|
|
|
2016
|
|
|
|
|
Gains on sale of available for sale financial assets
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
$
|
58
|
Net foreign exchange gains/(losses)
|
|
|
|
313
|
|
|
|
1,722
|
|
|
|
(3,619)
|
|
|
5,172
|
(Losses) on sale of property, plant and equipment
|
|
|
|
(14)
|
|
|
|
-
|
|
|
|
(18)
|
|
|
-
|
Net (losses) on derecognition of financial assets
measured at amortized cost
|
|
|
|
(930
|
)
|
|
|
-
|
|
|
|
(2,708)
|
|
|
-
|
Credit impairment (losses)
|
|
|
|
(1,439
|
)
|
|
|
-
|
|
|
|
(4,446)
|
|
|
-
|
Net (losses)/ gains on held for trading financial liabilities
|
|
|
|
(969)
|
|
|
|
8,542
|
|
|
|
-
|
|
|
8,599
|
Others
|
|
|
|
(6,905)
|
|
|
|
-
|
|
|
|
(6,905)
|
|
|
-
|
|
|
|
$
|
(9,944)
|
|
|
$
|
10,264
|
|
|
$
|
(17,696)
|
|
$
|
13,829
|
The net (losses)/gains on held for trading financial liabilities in the
three months ended December 31,2017 and 2016, respectively, principally
relate to derivative instruments not designated in a hedging
relationship.
10.
|
NON-CASH EXPENSE/(INCOME)
|
Significant non-cash expenses except loss on sale of assets, share based
compensation, depreciation, derivative interest and amortization were as
follows:
|
|
|
Nine months ended December 31,
|
|
|
|
2017
|
|
|
2016
|
|
|
|
(in thousands)
|
|
|
|
|
Net gains on held for trading financial liabilities
|
|
|
$
|
-
|
|
|
$
|
(8,599)
|
Provisions for trade and other receivables
|
|
|
|
1,795
|
|
|
|
290
|
Balance written off
|
|
|
|
-
|
|
|
|
(367)
|
Credit impairment losses
|
|
|
|
4,446
|
|
|
|
-
|
Impairment loss on content advances
|
|
|
|
-
|
|
|
|
950
|
Net Losses on derecognition of financial assets measured at
amortized cost
|
|
|
|
2,708
|
|
|
|
-
|
Unrealized foreign exchange loss/(gain)
|
|
|
|
(1,343)
|
|
|
|
(5,172)
|
Others
|
|
|
|
6,905
|
|
|
|
-
|
|
|
|
$
|
14,511
|
|
|
$
|
(12,898)
|
11. NON GAAP-FINANCIAL MEASURES
Adjusted EBITDA(Non-GAAP)
|
|
|
|
Three months ended December 31,
|
|
|
Nine months ended December 31,
|
|
|
|
|
2017
|
|
|
2016
|
|
|
|
2017
|
|
|
2016
|
|
|
|
|
|
(in thousand)
|
Net income (GAAP)
|
|
|
|
$
|
3,201
|
|
|
$
|
11,484
|
|
|
|
$
|
7,215
|
|
|
$
|
13,528
|
|
Income tax expense
|
|
|
|
|
1,143
|
|
|
|
3,565
|
|
|
|
|
4,960
|
|
|
|
10,194
|
|
Net finance costs
|
|
|
|
|
2,243
|
|
|
|
3,415
|
|
|
|
|
12,796
|
|
|
|
10,982
|
|
Depreciation
|
|
|
|
|
305
|
|
|
|
197
|
|
|
|
|
838
|
|
|
|
590
|
|
Amortization(1)
|
|
|
|
|
387
|
|
|
|
259
|
|
|
|
|
1,112
|
|
|
|
1,029
|
|
EBITDA
|
|
|
|
|
7,279
|
|
|
|
18,920
|
|
|
|
|
26,921
|
|
|
|
36,323
|
|
Share based payments(2)
|
|
|
|
|
6,031
|
|
|
|
4,119
|
|
|
|
|
13, 502
|
|
|
|
18,645
|
|
Gains on sale of available - for - sale financial assets
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
(58
|
)
|
Net losses on derecognition of financial assets measured at
amortized cost
|
|
|
|
|
930
|
|
|
|
-
|
|
|
|
|
2,708
|
|
|
|
-
|
|
Credit impairment losses
|
|
|
|
|
1,439
|
|
|
|
-
|
|
|
|
|
4,446
|
|
|
|
-
|
|
Loss on sale of property
|
|
|
|
|
14
|
|
|
|
-
|
|
|
|
|
18
|
|
|
|
-
|
|
Net losses/(gains) on held for trading financial liabilities
|
|
|
|
|
969
|
|
|
|
(8,542
|
)
|
|
|
|
-
|
|
|
|
(8,599
|
)
|
Others
|
|
|
|
|
6,905
|
|
|
|
-
|
|
|
|
|
6,905
|
|
|
|
-
|
|
Adjusted EBITDA (Non-GAAP)
|
|
|
|
$
|
23,567
|
|
|
$
|
14,497
|
|
|
|
$
|
54,500
|
|
|
$
|
46,311
|
|
(1) Includes only amortization of intangible assets other than
intangible content assets.
(2) Consists of compensation costs recognized with respect to all
outstanding plans and all other equity settled instruments.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180221005674/en/
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