Pvr Inox Limited · NSE:PVRINOX
Pvr Inox — Q4 FY2023 Earnings Presentation
35 slides from Pvr Inox's earnings presentation, May 15, 2023
Slide 1: Exchange filing cover letter
15th May, 2023 National Stock Exchange of India Limited BSE Limited Exchange Plaza, 5th Floor, Corporate Relationship Department Plot No. C/1, G Block, 1st Floor, New Trading Ring, Bandra Kurla Complex, PJ Towers, Dalal Street, Bandra (East), Mumbai - 400 051 Fort, Mumbai - 400 001 Fax: 022-26598237
Slide 2: Investor Update: Q4 & 12M FY 2023
INVESTOR UPDATE : Q4 & 12M FY 2023 MAY 15th, 2023 INVESTOR UPDATE : Q4 & 12M FY 2023
Slide 3: Disclaimer
Disclaimer This presentation has been prepared for general information purposes in respect of PVR INOX Limited (“Company”) together with its subsidiaries and joint venture (together, with the “Company”, the “Group”) only, without regard to any specific objectives, suitability, financial situations a
Slide 4: Disclaimer
Disclaimer This presentation is not a prospectus, a statement in lieu of a prospectus, an offering circular, an advertisement or an offer document under the Companies Act, 2013, as amended, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, a
Slide 5: Index
Index Particulars Slide No. Preamble 6 Key Highlights 7 Result Summary 8-9 Exceptional items 10 Merger Accounting 11-12 Operating Analysis 13-21 Balance Sheet 22 Proforma Performance vs FY’20 (Pre-pandemic) 23 Growth 24-27 Content Pipeline 28-33 INVESTOR UPDATE : Q4 & 12M FY 2023 4
Slide 6: Coming together of two leading Cinema brands
Coming together of two leading Cinema brands MULTIPLEX LEADER #1 Multiplex Player #2 Multiplex Player 1,689 Screens* 934 Screens pan India Proforma 140.3 mn admits in FY’23 755 Screens pan India #1 Market Share in key Regions 186 Properties 175 Properties BROADER REACH 79 Cities 74 Cities 115 Cities
Slide 7: Preamble
Preamble The Hon’ble National Company Law Tribunal (‘NCLT’), Mumbai Bench on 12th January, 2023 approved the ‘Scheme of Amalgamation’ between INOX Leisure Limited and PVR Limited. The scheme became effective from 6th February 2023. Post merger the company’s name has been changed to ‘PVR INOX Lim
Slide 8: Key Highlights
Key Highlights (in INR Mn) TOTAL INCOME EBITDA PAT Q4, FY’23 11,647 269 (1) -2,857 (2) Q4, FY’22 5,526 -178 -956 12M, FY’23 38,190 3,886 (1) -2,429 (2) 12M, FY’22 14,071 -1,553 -4,189 (1) EBITDA is after exceptional expenses of INR 54.9 mn (refer to slide 10 for more details) (2) PAT is after follow
Slide 9: Result Summary – Q4, FY’23 vs Q4, FY’22
Result Summary – Q4, FY’23 vs Q4, FY’22 Q4, FY’23 Q4, FY’22 Particulars (INR Mn) Ind-AS 116 Ind-AS 116 Ind-AS 116 Ind-AS 116 Reported Reported Impact Adjusted Impact Adjusted Total Income 11,649 2 11,647 5,787 261 5,526 Expenses 8,793 -2,585 11,378 4,364 -1,340 5,704 EBITDA 2,856 (1) 2,587 269 (1) 1
Slide 10: Result Summary – FY’23 vs FY’22
Result Summary –FY’23 vs FY’22 FY’23 FY’22 Particulars (INR Mn) Ind-AS 116 Ind-AS 116 Ind-AS 116 Ind-AS 116 Reported Reported Impact Adjusted Impact Adjusted Total Income 38,297 107 38,190 16,555 2,484 14,071 Expenses 27,030 -7,274 34,304 12,240 -3,385 15,625 EBITDA 11,268 (1) 7,381 3,886 (1) 4,315
Slide 11: Exceptional items
Exceptional items INR Mn PVR had commenced fitout works at a project (Mantri Arena) in Bangalore in 2019. However, before making the mall operational the developer went into a financial Impairment of Capital 1 108.2 crisis and consequently there has been no progress at the site for the last 36 month
Slide 12: Merger Accounting – Purchase price allocation and Goodwill
Merger Accounting – Purchase price allocation and Goodwill Pursuant to the accounting standard Ind AS 103 on Business Combinations, PVR is required to perform purchase price allocation (PPA) on merger of INOX in the books of PVR. This involves recording purchase consideration as well as all identifi
Slide 13: Merger Accounting - Alignment of Accounting Policies
Merger Accounting - Alignment of Accounting Policies Depreciation rates and estimated life of assets has been made similar across PVR and 1 Depreciation Policy INOX which is based on the useful life of the assets. Recognition of leases under IndAS 116 for INOX has been aligned with PVR policy. 2 RoU
Slide 14: Investor Update: Q4 & 12M FY 2023
INVESTOR UPDATE : Q4 & 12M FY 2023
Slide 15: Language wise mix (Pre-pandemic vs FY’23)
Language wise mix (Pre-pandemic vs FY’23) India Box Office PVR INOX Box Office 15% 17% 23% 41% Pre- 60% 44% Pandemic Significant change in mix witnessed between Hindi and Regional content from pre- pandemic to FY’23. 12% 16% 33% 34% 51% 54% 2022-23 Source : Ormax Media INVESTOR UPDATE : Q4 & 12M FY
Slide 16: FY’23 Box Office Performance
FY’23 Box Office Performance Pro forma Quarterly Gross Box office for PVR INOX (INR mn) (On the basis of ‘Running language’) Regional Hindi English 10,467 1,502 8,790 6,481 1,673 7,263 1,043 5,314 870 High volatility in 3,355 4,352 3,926 Hindi and English 3,651 movies 2,255 2,766 2,293 Q1 FY’23 Q2 F
Slide 17: Q4 FY’23 Box office performance of Hindi movies
Q4 FY’23 Box office performance of Hindi movies TOP 5 HINDI MOVIES IN Q4 FY’23 1,585 | 663 378 | 165 205 | 111 201 | 84 India GBOC* | PVR INOX GBOC (INR Mn) • Quarter started off with a blockbuster ‘Pathaan’ in the month of Jan’23. 6,579 | 2,269 • However, the performance was underwhelming in Feb an
Slide 18: Regional Box Office Performance
Regional Box Office Performance TOP 5 MOVIES IN Q4 FY’23 2,085 | 273 655 | 227 1,441 | 195 1,900 | 189 1,150 | 92 (Tamil) (Marathi) (Tamil) (Telugu) (Telugu) India GBOC* | PVR INOX GBOC (INR Mn) India GBOC of Regional Movies (INR mn) • Regional box office has shown relative stability with low INDIA
Slide 19: Q4 Box Office Performance of Hollywood Movies
Q4 Box Office Performance of Hollywood Movies TOP 5 MOVIES IN Q4 FY’23 910~ | 583~ 550 | 319 472 | 225 128 | 93 60 | 48 India GBOC* | PVR INOX GBOC (INR Mn) Globally, Hollywood recorded the best 1st Significant YoY increase expected in the no. of wide Releases GLOBAL BOX OFFICE quarter since 2019 by
Slide 20: Operating Numbers
Operating Numbers For the purpose of comparing Q4 FY’23 operating & financial numbers, proforma PVR + INOX numbers have been presented for the corresponding quarter in FY’22 Q4, FY’23 vs Q4, FY’22; 12M, FY’23 vs 12M, FY’22 Particulars Q4, FY’23 Q4, FY’22 % Change 12M, FY’23 12M, FY’22 PVR INOX PVR P
Slide 21: Revenue Analysis
Revenue Analysis Q4, FY’23 vs Q4, FY’22; 12M, FY’23 vs 12M, FY’22 Particulars (INR Mn) Q4, FY’23 Q4, FY’22 % Change 12M, FY’23 12M, FY’22 PVR INOX PVR PVR + INOX PVR INOX PVR Financials (A/ B) -1 Reported (A) Reported Proforma (B) Reported Reported Sale of Movie Tickets 6,016 2,939 4,956 21% 18,940
Slide 22: Expense Analysis
Expense Analysis Q4, FY’23 vs Q4, FY’22; 12M, FY’23 vs 12M, FY’22 Particulars (INR Mn) Q4, FY’23 Q4, FY’22 % Change 12M, FY’23 12M, FY’22 PVR INOX PVR PVR + INOX PVR INOX PVR Variable Cost (A/ B) -1 Reported (A) Reported Proforma (B) Reported Reported FHC (%) 46.9% 47.2% 46.8% 10 bps 45.9% 47.2% COG
Slide 23: Balance Sheet
Balance Sheet Reported INR Mn Particulars (INR Mn) March 31, 2023 March 31, 2022 Gross Debt 17,926 15,052 Total Shareholder funds 73,292 13,701 Equity Share Capital 980 610 3,618 Other Equity 72,319 13,094 Non-Controlling Interest -7 -3 Total Debt 17,926 15,052 5,786 Long Term Borrowings 12,723 10,3
Slide 24: Proforma Performance vs Pre-pandemic
Proforma Performance vs Pre-pandemic Proforma FY’23 (12 months) P&L of PVR & INOX has been compared against FY’20. FY’23 FY’20 Particulars (INR Mn) Change PVR + INOX PVR INOX Total Screens* 1,680 845 626 1,471 14% Admits (Mn) 140 102 66 168 -16% Occupancy % 25.2% 34.9% 28.0% 31.8% -21% Gross ATP (IN
Slide 25: Investor Update: Q4 & 12M FY 2023
INVESTOR UPDATE : Q4 & 12M FY 2023
Slide 26: Diversified screen network across 115 cities
Diversified screen network across 115 cities PUNJAB JAMMU & KASHMIR 15 cinemas | 76 screens 2 cinemas | 5 screens East CHANDIGARH UTTARAKHAND 3 cinemas | 15 screens 2 cinema | 10 screens HARYANA UTTAR PRADESH 7% 23 cinemas | 88 screens 32 cinemas | 158 screens SOUTH* DELHI JHARKHAND 25 cinemas | 97
Slide 27: New Screen Additions
New Screen Additions • 168 screens added in FY’23 between PVR (97 screens) and INOX (71 screens) • 79 screens added in Q4 FY’23 between PVR (53 screens) and INOX (26 screens) S. No New Properties opened in Q4 Date Screens Region 1 PVR Mall of Jaipur 9-Jan-23 8 Central East 6, 4% 2 PVR Bhartiya Mall,
Slide 28: Screen opening outlook for FY’24
Screen opening outlook for FY’24 • The company intends to open 150-175 screens in FY’24. Of these, 9 screens have opened till date, 15 screens are East awaiting license for commercial opening and 152 screens are 7% West currently under various stages of fitout. 13% South Region Wise 38% • The compan
Slide 29: Investor Update: Q4 & 12M FY 2023
INVESTOR UPDATE : Q4 & 12M FY 2023
Slide 30: Content Lineup
Content Lineup The latest content lineup can also be accessed at : https://www.pvrcinemas.com/coming-soon-movie-calender INVESTOR UPDATE : Q4 & 12M FY 2023 29
Slide 31: Content Lineup
Content Lineup The latest content lineup can also be accessed at : https://www.pvrcinemas.com/coming-soon-movie-calender INVESTOR UPDATE : Q4 & 12M FY 2023 30
Slide 32: Content Lineup
Content Lineup The latest content lineup can also be accessed at : https://www.pvrcinemas.com/coming-soon-movie-calender INVESTOR UPDATE : Q4 & 12M FY 2023 31
Slide 33: Content Lineup
Content Lineup The latest content lineup can also be accessed at : https://www.pvrcinemas.com/coming-soon-movie-calender INVESTOR UPDATE : Q4 & 12M FY 2023 32
Slide 34: Content Lineup
Content Lineup The latest content lineup can also be accessed at : https://www.pvrcinemas.com/coming-soon-movie-calender INVESTOR UPDATE : Q4 & 12M FY 2023 33
Slide 35: Content Lineup
The latest content lineup can also be accessed at : https://www.pvrcinemas.com/coming-soon-movie-calender INVESTOR UPDATE : Q4 & 12M FY 2023 34