Eros International Plc Interim Results

Eros International Plc Interim Results

Eros International Plc, the leading global company for Indian filmed entertainment, announces its interim results for the six months ended 30 September 2011.

Financial Highlights

  • Revenue up 35.3% to US$92.0 million (H1 2010: US$68.0 million)
  • Revenue from India up 60.1% to US$51.5 million (H1 2010: US$ 32.1 million)
  • Theatrical revenues up 94.0% to US$44.8 million (H1 2010: 23.1 million)
  • EBITDA up 36.9% to US$70.3 million (H1 2010: US$51.3 million)
  • Basic EPS down 7.5% to 18.64 cents (H1 2010: 20.16 cents)*
  • Profit before tax up 3.9% to US$29.0 million (H1 2010: US$27.9 million)
  • Strong cash from operations  up 2.9% to US$67.7 million (H1 2010: US$65.8 million)
  • Net debt at 30 September 2011 of US$114.2 million (31 March 2011: US$72.8million)
    *Basic EPS of 18.64 cents was 5.6% higher to H12010 EPS of 17.65 cents on a like for like basis, adjusting dilution of Indian subsidiary IPO.

Operational Highlights

  • Major film releases in the period included: Ready, Zindagi Na Milegi Dobara, Murder 2 and Mausam
  • Eros currently holds 3 of the top 5 theatrical film releases in India for calendar year 2011
  • Major TV syndication sale of remaining FY2012 release slate post 30 September 2011completed, giving high revenue  visibility in second half
  • Completed an innovative TV syndication deal linking box office success with content pricing, whilst safeguarding minimum fee
  • Continued film content investment strategy further strengthens FY2013 and FY 2014  film content slate
  • With the increased investment in film content Catalogue revenues from Television syndication and Digital are set to drive future performance  and offset the associated increase in amortisation charge
  • Continued success in digital initiatives with deals signed with Korean Telecom, Qatar Telecom, Intigral and Etisalet
  • Launch of Eros App on iTunes will help drive further engagement in addition the c 1 billion views per annum our short form content already gets on Youtube  
  • Expansion into new territories and consolidation of existing territories, including television deals with Fox International (Middle East), Hot (Israel), Bollywood TV (Africa), Vasantham (Singapore) and theatrical deals in South Korea, Taiwan and China
  • First major release of second half film content, Ra.One, has met huge success with US$45 million gross box office receipts to date worldwide. 


Kishore Lulla, Executive Chairman and CEO, commented: "We are immensely proud of the progress made in the first half.  The success of our film releases together with the continued growth in the Indian Entertainment sector and the further inroads we are making into the international markets make it an exciting time for Eros.  The second half could not have started better with the release of Ra.One being a huge success and meaning that we have 3 of the top 5 Indian films released in 2011.   The Board is confident that Eros will meet its expectations for the full year.  Our investment in content that means we have full visibility over our FY 2013 releases and the widening and strengthening of our distribution capabilities means Eros should be able to deliver year on year growth."

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