Q4 2021 PVR Ltd Earnings Call Hosted by Axis Capital Ltd
Yeah.
Yes.
Welcome to be the Odyssey in the months Q for FY 'twenty 1 earnings conference call. Please stay on line your conference will begin shortly.
Welcome to be the Odyssey in the months Q for FY 'twenty 1 earnings conference call. Please stay on line your conference will begin shortly.
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Welcome to be the Odyssey in the months Q for FY 'twenty 1 earnings conference call. Please stay on line your conference will begin shortly.
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Welcome to be the Odyssey in the months Q for FY 'twenty 1 earnings conference call. Please stay on line your conference will begin shortly.
Welcome to be the Odyssey in the months Q for FY 'twenty 1 earnings conference call. Please stay on line your conference will begin shortly.
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Welcome to be the Odyssey months Q for FY 'twenty 1 earnings conference call. Please stay on line your conference will begin shortly.
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Of Justin This is a basket of he hit on Tony I'll kick off.
Welcome to feed the Odyssey in the months Q for FY 'twenty 1 earnings conference call. Please stay on line your conference will begin shortly.
So that is going to be.
The conference is being recorded.
Good evening, ladies and gentlemen.
Moderator for.
For the conference call.
Ltd Q4.
Earnings Conference call.
Mr.
Yeah.
All participants will be in listen only mode.
There will be an opportunity for you to ask questions. After the presentation concludes.
Do you need.
During the conference call.
By pressing Star then zero on your Touchtone telephone.
Please note the.
I now would like to hand over the floor to Mr.
So on.
Thank you and over to you soon.
Yeah.
Oh, yes. Thank you good evening.
Welcome to <unk>.
Good day, Q4, and FY 'twenty 1 conference call.
The gone.
With the brief management discussion on the on the old.
The performance for the quarter and for the flu.
Yes.
An interactive book.
Sure.
Management team.
The presented by Mr. J P.
For most of the gentlemen.
Mr <unk>, the joint managing director.
Mr bottom of the CEO.
Yes.
Mr. Gamal Johnson, Donnie default business strategy.
Yes.
Mr promote.
The growth on strategy Officer Ltd.
Net.
Mr net installed.
Understood all of them got them.
SVP and head of corporate finance.
For the initial remarks.
Yeah.
Yes, I think you are on mute I'm not able to hear you.
Yes.
So just on momentum.
Okay.
Okay.
The participants please stay connected.
Okay.
The BG lethal.
Yeah Yeah.
What do you.
Thank you.
Hello.
Yes.
Over the you said for the initial demand.
Okay. So everyone is debt.
Hey, good evening, everyone I would like to welcome you all for the earnings call of PV on.
To discuss the audited results of Q4 and for the full year.
FY 2021.
Wanted to start by expressing my sincere wishes to all of you and your families.
Along with their colleagues and friends, who pay bodies and good health in the these challenging times.
Also like the kind of the frontline workers for the surplus service the dividend funding since the start of the pandemic.
These are challenging times indeed.
With respect to.
Financial performance of Youre going to give you some sort of share some set of numbers with you on.
After removing the impact of index, 1 month 6 on visa counting.
These are different from the reported numbers, we submitted to the stock exchange on year to date.
So for the quarter ended March 31, 2021 of the total revenue was 191 gross EBITDA loss was 118 gross and.
That loss loss 272 crores as compared to revenue of 662 crores.
On the same period.
Last year EBITDA was 59 crews in fact loss was 48 gross for the quarter ended March 31.2020.
For the year ended March 31, 2021 total revenue of 10 gross EBITDA loss was 424 crews on fat.
Loss was <unk> 65 crores.
As compared to revenue of 40 of revenue of 3452 gross EBITDA of 614 crews and battle for <unk>.
The 1 kudos for the year ended March 31.2020.
As you can see from other dose of COVID-19 pandemic of.
The.
The huge impact.
On our business.
The withstand this crisis. However, the company all of the company has continued with the strategy of aggressively controlling costs and also shoring up liquidity, we were able to the of fixed costs for FY 'twenty, 1 by 63% as compared to FY. 'twenty. This include a reduction of <unk>.
Ranked by 79% by.
By 42% and all of the fixed overheads of introduced by 57% company was able to short of its liquidity using a judicious mix of debt and equity leading the total liquidity of.
600 growth during the course of the pandemic, which included 11 of net growth of equity raise.
<unk> hundred 500 grows from debt.
As of April 2021, the company has liquidity.
In excess of 750 crores, which I believe is sufficient to sustain its operations and meet all of its obligations, even though business is disrupted at the moment. We continue to remain bullish on the growth opportunity of Cinemark cinema business has in India globally of pent up demand for capital exhibition of movies has been witnessed evidenced by record.
Breaking box office connection in countries, where theaters have been allowed to open China have surpassed.
The $3 billion on collections by mid April 2021, which is almost equivalent to.
The entire ticket sales of 2020.
Some of the movies that have said box office, bringing globally on detective China of down 3 hi, mom in China the months later.
Morgan train in Japan Godzilla is gone.
More to come back on all these can be a quiet place 2 in the U S.
While the things are looking better for the exhibition industry in Q4, FY 'twenty 1 given the success of regional South Indian films MOSFET of banner Jessica.
The <unk> et cetera, Hollywood the lease extended both the level of Who's gone Wonder woman 90 day deferral and volume moving.
The movie.
Hey.
Easing of capacity restrictions on the announced for the release dates for the producers, although the second wave of Covid has caught everyone off guard.
With this rapid spread of infection as infection losses, reducing however, the biggest state governments are now talking about unlocking business activities, having seen the response to the box office collections in markets.
Covid has considerably been controlled the up pretty confident that our business will bounce back more strongly than ever once things normalize in the face of a mass vaccination.
With these opening remarks I open the platform for the Q&A. Thank you very much.
Thank you very much of them.
Ladies and gentlemen, we will now begin the question and answer session.
If you have a question please press star and 1 on the telephone keypad and wait for your turn to ask a question.
If you'd like to withdraw your request you may do so by pressing star 1 again.
So the first question comes from Mr of Ms. Choi from <unk>. Please go ahead Sir.
Yeah.
Mr Mitchell.
Yeah.
Yeah.
Okay.
Mr of Nisha, sorry to interrupt you.
As of breaking.
I kind of niche.
Yeah.
Okay.
Right.
Yes.
Good morning, Scott.
Yes.
My question is on.
Okay.
The company.
Uh huh.
Uh huh.
Yes.
You bet.
For us.
But what we call on.
The big ones.
I'll walk through the thing.
In the.
Okay.
Taking all of this.
Okay.
The market.
That will bring value.
The yoga.
Yes.
Hello.
For the.
Yes.
The accident, partly of already on the other 1 question but.
I think for the UK and U S and middle East and some of these places becoming a bit.
The important.
Nice quarter overseas market for in the movies.
I think now of the chances are very high once the.
Things open up so 1 of the when things open up.
In India vaccination is done a couple of months of 8 weeks from now I think.
The fact that overseas has opened is the big 1 on Hindi movie is definitely a very different from regional movies like South Indian films, because they are only meant for the certain region.
And the overseas market is limited.
But in the past.
It plays across the entire.
Victim of the country.
So I think when things get unlocked.
And most of the states.
And then I think we've been seeing the movies coming up.
As well now as opposed to what happened on the up because even though India had opened up the overseas were shut.
So we will see some big movies getting released as soon as things open up.
Oh, well non question.
For the 1 month.
Okay.
Come on.
The automotive.
Okay.
Cool.
First of all we go on.
On the.
Uh huh.
Total bucket.
Good morning debt.
Does it make sense.
Loss.
I think everybody has got us on the commodity goes on the call. So maybe you can also add from my comments, but my view is that.
Everyone is.
You know has got a zone completions.
Some people.
Willing to wait.
For the theatrical because Patrick on it.
Continuous.
I'll get the 60 to 60 of 60% to 70% of any content for revenues.
Our monetization still happens from theatrical so some people like sort of a bunch of <unk> 83 a.
Very big movies that are coming up that I need to wait on some people.
You don't see that fine there is uncertainty just now cinema that shack vaccination Hasnt happened, we don't have the holding power and let's release. It. So I think it is an aberration period and if people want to you know.
Sort of experiment is fine. So in this particular case as you said the UK U S had already opened but India was shut in India at the very big market for the movie like it all day on the <unk>, especially some on who we do well. So they just went ahead and took a call and at least at on the OTT platform, but that's fine.
I feel that India has got enough movies come in that day, 1 such experiment happens with with the Big film also it doesn't really matter much.
There's enough pipeline coming of there's enough confidence from the current redundancy to support tax which has been proven by the international markets as well.
The recent examples of movies that quite players got the level of this is getting so many firms which are coming up on the big screen.
Of which which no other the revenues I guess revenues will come from debt.
And the company would like to add something to that.
Sure sure Mitsubishi has covered the good thing of niche I would only add that.
The.
It was an experiment.
The big experiment because the please the first big for the.
People viewed route in India.
Please keep in mind that the.
As for those people with these buckets of concern before the window in the overseas markets.
So whichever.
And for your debt at the film slate released theatrically.
It wasn't available on pay per view Martin.
The exhibit those across the globe.
Similar position on such matters.
There was the big experiment and I think there is fair amount of the consensus that the the.
The extent of Windows dark blue.
You know.
1 would say unfortunately for the from.
Overall for an entertainment point of view.
India is north of the market where people of yours.
The platform.
U S and European market with pay per view is widely accepted.
I did mention the pause, which I will break the simply India.
Unfortunately as northern the degree.
I would only.
And at this point by saying that it's unlikely any of the big food.
This expanded window of this food.
All of it.
Sure.
My last question was on.
Fingerprint.
Yes.
Market.
In the lots of them yet.
Okay.
For Europe.
Okay.
Okay.
For some number of debt.
Not come back.
Sure.
All of them on.
That's true.
Okay.
In terms of.
Uh huh.
Yeah.
Because of this.
Sorry.
The airport.
Yeah.
Normal.
Okay.
Because the more likely.
The competition.
Okay.
Yes.
And I think it didn't.
Go on.
Somewhat of a I don't know.
For the first part of the question on 1 single screen and then I'll take the second part sure sure.
Our niche sort of seamless screens of concern.
Well, it's a mixed bag, what youre, saying is correct put a lot of the exhibit dose, but the for the largest of exhibitors who on the.
The property who won work on the.
The scale and cost structures.
You know the day, maybe there's not been that severe did manage to stay like this in the MC fees.
Especially the ones, who Florida other resources other sources of revenue did manage to script to this and the.
<unk> face quite comfortably.
A lot of other exhibitors, who would do that.
And then on exhibition business have set for the Lord <unk>.
Fences.
In November till March Wednesday, the most for you.
It was difficult the sense as to.
How many cinemas single screen cinemas.
You know the ignored because of the lack of content losses.
Number of single screen for the months of boosted nor the because they didn't have the capacity of duty of open.
But no other thing is becoming book.
Got it.
Doug about you know all of the capacity of about 9000 screens out of which about 3000 screens on multiplex screens balance of about 5 in the half the award $6 of nursing new screens, the roughly 10 per se.
The single screens of Maine.
All 3 of them.
But we like the wait and see once the mother of permitted to reopen and once all the states start to ink cinemas only then ill move on.
Elevation of this number at this point of the way, we spend looks like 10% of dosing new screens may not legal.
And at the node.
Okay.
Nick on the second question about how we see good spending out on the next day to 40 years.
As we all come out of the spend that make you know.
But it would be very few operators, who will be left of it.
And of Scott, but the tool.
Spend on growth.
First of all I'll, let the guys will be struggling for you know bounce back in the value of operations. So what we expect really I think will.
Will it be the bulk of the growth that does make the segment.
Nixon Betsy.
For the better get consolidated amongst the big players.
You May also see.
But you're on the DS.
In the near term as we come out of the pandemic that smaller layout of the world of finding yourself to sort of by even the Albany.
You May also eventually want to consolidate with lot of that off but it does so our sense is that the next 2 or 3 year bulk of the screen additions will move on.
The year from smaller operators realize that all 3 of those.
We will have the capital and the balance sheet.
The new screens and sustained growth.
Over the long term.
The 1 follow up for that.
Okay.
Okay.
Got it.
And then share so that's the 1 more.
For my.
The question is.
Right.
Normally the equal the council.
Net.
The other.
The.
It does.
Well 1 of them.
Please go ahead just on the settlement.
I mean, India, even pre pandemic and.
Let's talk about normal.
The transition of the.
Our fears of add on on.
Order format.
In any case because of thousands of seats.
The people who'd been running single screen for a long time I personally been running a single screen also of thousands of seats to fill up the day in day al for 52 weeks is not very easy and therefore, a lot of single genes of becoming unattractive to run for.
You don't even pre pandemic because you don't get 52 weeks of blockbusters number 1 number 2 is that.
The government most of the places in India has already given permission to convert.
2 the moment ballpark, Boston son of property holders of the single screen to convert them into very small commercial outlets of 30 or 40000 square feet, while returning 300 seats or 10% of the seating up 30% or of.
Of the seating capacity so that is of very attractive proposition of so far a lot of people regardless of how you know.
Just holding debt real estate, just sticking with the single screen of all the only so this is this exacerbated the whole issue.
The pandemic that people are trying to capitalize on the it illustrates the value rather than just I think of it as the single screen.
Now even if it does close the 1 you still have 1 screen of say roughly 300 seats.
The other format, which is the new form of Multiplexes that is the.
The growth of that Gordon are to do with the.
The single stream closing down of opening up that has some more driven on the shopping center driven growth.
To illustrate <unk>.
All of us I'm going to be announcing.
All of these destinations where retail is happening.
Multiplexes kind of come in over debt and that growth will be driven by debt typically 4 to 5 screen complex says with thousands of 1500 seats. So I think 1 has got nothing to do with the other.
In fact, if that answers your question.
Alright.
All of the content.
So all of them.
Although the Brenda.
Screenshots.
The bank.
Right.
Alright.
The demand.
For me.
The market.
The new shopping centers, which are opening up right by new multiplexers weren't open in shopping centers. So the supply supply comes from new shopping centers. So the 1 single scheme. The chairman of 1000 seats got sharp you can have even on the smaller dawn of multiplex opening up with for screens with 11 of electric 100 seats, so that supply.
The new demand.
Okay.
Green dot unlikely it will get converted into market.
That doesn't happen the dose.
The multiplex.
The single screen, but not yet converted into a multiplex.
Of course, if I summarize the Mr. Beat you guys given the very comprehensive on so.
The man this holds the sourcing new screen shutting down.
I look on working into equity.
Marshall on clicks for Dominion was smaller single screen.
With the balance of real estate being nice for some other purpose.
This phenomenon was existing even before the mixed book the industry then.
You know we were losing about 252 of our 3 on mid single screens every year.
Some of these I would say about 100 ones, who are facing the screens for converting into small lithium the screens.
<unk> hundred 1 for a few words.
Of the exhibition charged to the.
Good day, we're being compensated by the new multiplex of screens, which pretty much moving all over the country now.
The boy.
I think we should focus on is.
The field and maybe to some extent next deal could be of small elaboration there.
You're in the state you're more of a number of single screens could shut down.
But the demand of the single screens will get diverted to the multiplexes, because it's very difficult to find.
The new city or town, which other single screen it would be without the multiplex almost entirely country yes.
The book market, but we have all of those who do the owns.
Wherever you have seen the screens it on somebody's duplexes.
Yes.
The single screen as to shut down.
The demand is likely to the transport duplex for Tuesday, then the tone of the city.
Okay.
All of it.
Thank you very much of them.
Did you mean, just D C basket.
Participants are the question to Richard themselves with 2 questions Andrey zone in Q4 remaining questions.
For the next question comes from Akshay <unk>.
From Paragon partners. Please go ahead Jim.
Hi.
I have a question on the cost side.
For 2 questions on my side.
Of course, so how much of the peak ashburn the rehab therapy.
What is the.
How are we on the negotiations side of it.
No.
Be well.
And is there any bomb went into reduction in fixed cost based on stimulus.
Okay.
Oh.
Good Day, New York Index.
Yeah I think the question you have caused the question was around the cash from the arbitration of its very difficult to comment on that.
The amount of cash on shouldn't be because you know a large part of the fixed cost is on.
The real estate related cost, which is the range.
The 2 property level of Pos.
So part of the negotiations are flooding and Ken from session that grid negotiated with the.
But that's pretty close to March of last year came on line.
The expecting business to bounce back.
Unfortunately, as the second wave of COVID-19.
Shopping centers more than the number of that checks all of what are the country.
We have begun the landlord discussions once again.
And we're reasonably confident of getting lots of the lead from them at some of these discussions evolve, but given that nobody has clarity on.
On the opening time lines around shopping centers malls et cetera.
We clearly have no specific visibility on how much will be the cash burn on how much you will get a go on that side.
And given that it's very difficult to give any specifics on muddle of what are the monthly cash burn would be.
Yes, 1 of onetime negotiations continued will be of Bruce will give us specific number all I can say the all of the fixed cost structure continue there'll be operating.
Again.
On all of the specific michelle's debt, we took last year to reduce out of pik debt fixed cost.
We continue to you know.
All of that's significantly lower costs, but as we have more debt.
We'll be able to give a specific number of cashman.
Your second question.
Sorry could you repeat your second question.
Okay.
Yes.
I think it goes on.
The reduction in fixed cost index.
Well on it.
The last bonds back when things go back the numbers.
Yeah. So we had given the guidance on that front end of the previous quarter conference call as value leading of sorry, the occupancy cost on.
All of the fixed cost of the business, including the clinical assume that debt.
Yes.
We expect to have a long term reduction of anything between 10% to 15% 1 day.
The specific number will look like of slightly.
The appointment of the time the business reopens for Lee.
But can you do expect.
More than 10% saving.
In other fixed cost.
Okay. Thank you.
Thank you very much of them.
For the next question comes from Mr. Genius Joshi from tablets.
Please go ahead zone.
Yeah. Thanks for.
On the opportunity the right.
Just have 1 broad question on on the issue.
Given the current situation, but I mean.
Is it possible you could get some of lead on.
Uh huh.
On the keen desire to bring it should be on the call.
Outstanding debt management, now I know it might be the.
On beside much like the.
From the.
Qualitative insight.
Goodbye.
Yeah.
Yes. Unfortunately.
<unk> of that information on.
On how some of these on mystic genes are doing.
Clearly with limited access to capital I think the.
Got it thank situation.
For the most of the most of the.
I'm just curious smaller the nexgen jammer for most of those have money from the other businesses to support the cinema and beyond.
On.
Yeah, all of getting that simple.
But that's.
That's the book does not possibly.
The respective teams.
All going towards the uptime, so like US I think most of these on Mr. Genes I've also taken massive cost.
Cost cutting measures.
I think please stay on it would be on.
How the will emerge out of the pandemic and how we will operate with a lean models..1 cinema has reopened and so on and they can meet the element that's key.
First of all patients with neutral on the losers.
Uh huh.
Sure thing, but is the political was in that day.
The mixture of genes that.
Thank you Victor the.
And then continue on pretty good Reconciliate assumption.
Yeah.
Hello, everyone.
The current situation, it's difficult to because of maybe answer of your question doses from a single.
Singles' scene people.
When I was not happy with having the real estate of Brian.
Okay.
The 40000 square feet and they have alternative used to it.
Would be in a position some people released the single.
You may not be doing better.
Similarly, 1 of the states.
Okay sounds good gentlemen.
It does not hit on the fact that the industry has got impacted by the for.
It's 1 of the hardest hit the industry.
Along with the hospitality sector.
Out of home.
So, but it's just okay fine who has enjoyed the more what was going on what are the hot okay.
Okay.
Sure.
1 last week.
Good morning.
The <unk> pipeline back to the heavy shading the presentation as it possibly can be.
Moving to come back the midst of complete and Ken could you 1 might be because of the blueprint.
And I'm not looking for put any debt.
From.
<unk>.
Yes.
Yes.
Come on to answer that but I just wanted to tell you that the way they.
PV on the regional President of Susan.
And north South.
First on Easter less but our salt business is pretty significant so when we look at the lineup. We look at everything not just specifically Bollywood which also got prove envy the lease.
There was a small window.
Net even the south and then from that game like mustard and all the very rare. So we look at the overall portfolio of firm pipeline of movies not just volume what.
Specifically for you.
A couple of if you can just give a little flavor the alarm.
Anyway, Thanks for everyones sheer degree, but difficult to put the number on how many movies.
Would you like to hazard.
Guests are given the little guidance for that.
Sure Thanks for squeezing.
You know a lot of sense.
Already the so you would recall in March 2021.
When said the most of the still open in the second of able still to take on.
You know, we're still to gain momentum.
1 of the slew of you all for users, which Gordon loans.
For the entirety of it and there was almost non grabbing sort of the situation, which was taking place for the holiday weekends.
So the entire financial.
And then some of your 'twenty 1 'twenty 2.
All of the big weekends of out of the total for weekends.
Totally grabbed.
By not just in the phones, but also of Oliver tunes and Doubloon Penguin Adobe's New foods.
So short answer the question is a lot of the uncertainty in fact, we are in constant touch for the producers.
And the producers, but also of these new producers kind of.
Of course, there is a lot of action not the thing I sort of the Hollywood films are concerned the stride reusing the somewhat of an U S has already commenced lot of things are getting released with the blues will also be ready.
The release as soon as you open in fact, we feel.
Good day, a lot of anxiety amongst producers to the release slots.
Hollywood will have lot of loans, which will be ready for release, India has got you know quite of few firms, which are the due for release, which had been reading.
Because of these analyst day live.
So on top of your question is the larger phones will be the idea and in fact, they would be.
You know competition amongst producers book without the good weekend.
But if you need specific numbers my colleagues all of them Gautam.
Be able to share it with you off line.
Okay. Thanks, a lot.
Thank you so the.
The next question comes from Mr Prasad from.
Spot capital.
Okay.
Please go ahead.
Yeah. Thank you. So Uh huh you spoke about the growth opportunities are on shortly.
Can you go for more specific color on how many new properties are on on probably not design order no D. CS.
The location of explaining the used car, though the.
The lawyer, Illinois on him when he was with developers on how you didn't.
Some kind of the numbers would be.
Sure.
Yes, I think this question.
You know we have a very large pipeline of screens before we hit the pandemic wechat the chatter of deepwater Angola.
And which are likely to come up in the next few years.
But the envy of the pandemic, we have currently suspended.
Taking kind of at all on the new.
Sites have currently suspended on new Capex.
To the adult new screens.
Currently we have approximately 19 screens, which are absolutely ready to open.
We can even look on as soon as the.
They don't all parts of energy, but I think our decision to recommence on Capex program is a rethinking of how soon do we.
Come back from Goldman Sachs.
But the screen number is quite large I don't want to give a specific number but we are of very large pipe. The non screens, which is the other thing handover of yet.
We can potentially stock book.
I'm on mute.
The the business coming back for the moment.
Oh, no I wasn't at the program.
For the handover of screen, but more of.
The very Louie Louie you're talking about the.
The first agreement is in place with the owner.
Okay great.
We don't share that view on what that number but can you update the large bi claims.
Okay fair enough.
The second question is on a on the on minions deed, you've heard of a Canadian stupid third party aggregator. So it's halfway to the hurdle for endometrial any of them did on the new layered on.
Attention on such a contract.
No, it's very premature to talk of annuity interest of businesses loss leading.
Share during the course of the up on our last 12.15 months.
And our view of extended.
Some of these deals during the period, we have been really share.
And given that the free timeframe. So we still have.
No it has been either of you.
Through the contract so there's still a lot of non technical equal on video.
Before those contracts come up for the medium ecosystem.
So sort of ideally when it will be coming up for renewal.
For the opening for you from from 3 months ago from.
From them. So from from there then it will be how many months of does it take to.
Each of the renewal skinny.
You kind of I don't have the specific months, but I think the other big demand during the contract yet at the other contact we have some debt mcvie during those contracts. So we have still for for because it keeps us on all of those contact check book.
Thanks, guys.
Okay.
Question on any future benefits in the future of what would be the tax for the day do you have got sitting on what did you have this would be like counting on some of what you mean, you mean backed on the Puget expert the build.
Yeah.
Any color on debt.
No. So as I said, we have continued to operate in the old tax regime, which was 30.
35% tax rate per day simply because we have brought forward the macrogenics.
Tax outflow to the on Bachelor and bid on net basis.
We will switch over to the annuity game of packed with genetically defined loss impact of the gene.
As soon as we exhaust of rock solid losses on existing macro of its rich I think will take at least another group of key has to happen depending upon how the business comes back.
But I'll look back to the.
Ben effectively from the existing the Dean.
Being back to be shipped for the new Baxter in the library Brooklyn disciples.
Thank you.
Thanks.
Thank you.
The next question comes from Artic coupled.
From <unk>.
In the Sig. Please go ahead.
Yeah, Hi, good evening.
I just had a quick question.
Totally understand.
Thank you Albert.
It goes all of the gross debt.
The agenda the payments coming off of the next day.
That would be the financing.
But you can.
Okay.
And I don't even want to take that.
Sure So I think.
What's the source of corporate debt and a bulk of this is more of a lump sum of Nick Joseph from loans.
Well Tony optical.
So what I'm talking about the just go ahead.
Yes, sorry about the.
So and the long term loans sort of daily, but it's spread out over the next.
For 2.5 years or so on an average of your payments.
You mentioned.
Okay.
Yeah.
Sort of I'm sorry, the of participants please stay connected while we kind of back to the Jefferson.
Yeah.
Good day of participants please stay connected.
Well, the chip listen John back to the conference.
Welcome back so you would on the conference. Please go ahead.
Sorry, I got disconnected so.
I was saying just the.
Payment of long term debt is fairly well spread out over the next the portal.
The event spend on average the payment of would be the wanted to keep the other sports it yet.
Thank you for the that's the number of if we can expect even in the current or they can pay off the book.
The guidance that is kind of I.
I think you're on a question on on refinancing debt at what.
We do about this I think we will.
No we keep.
You keep on ourself on.
The global Steepen.
A bit on how the liquidity position and then depending on the base.
Decide whether you want to refinance debt or just be from a cash flow. So we will take the call and then when they come on for the reasons.
Got it got it.
The second question was on the.
The reduction in the quarter pool. So all of the Keybank is down almost 50% Tam is.
Down about 22 on the same so well.
Sure.
Uh huh of landlords in volume.
But the guidance.
Thank you for your range.
Absolute numbers would come down more.
Non tobacco or moving.
Does this imply debt.
The developer.
We have negotiated on a big bet on a little bit less of compared to the standalone landlords.
So oh I.
Just on this question by saying that you know each of the negotiation.
The negotiation is different and different needs of the stable of book.
And you don't what do you see the portfolio of what we've managed to negotiate.
<unk> expense is that actual expenses in the third by shopping more level of funding.
Dominion operating of shopping mall.
I think they have reduced these expenses to the extent of big Bang for Buck.
They are not dependent on occupancy and you got actual cost the chance to be borne by all of the existing operators on and then some of them on so yes. What is the next leg less flexibility in negotiating those costs down.
Because these are typically pass through costs.
They are the big focus has been on the managed to get some good discounts during the beta the Russell.
I'll come back for more thanks, and all of that.
Thank you Sue.
The next question comes from Moshe from IDB of capital. Please go ahead.
Yes, thanks for the opportunity on.
Let's see the.
My first question was on the kind of think lineup and workforce.
The fight when deeply ingrained equal the point of view. So we are expecting that Adobe company other than Midland.
That's the.
Finally, the figure.
Thank you.
Moving production.
Also you know equally fragmented if not more.
So.
Are you all being on the development of <unk>.
The initial calls for.
Malo or even for those on which Ken.
The current lineup.
What are quite ready for.
The yogurt equal.
Yeah.
So Oh, you know first point is that the producers.
The nature of the oil production businesses that they're used to gaps.
You know so because as you mentioned in the end market is.
The quite fragmented as compared to the developed markets.
Each producer of produces.
You know 1 maximum when only in some cases to be for them to you.
Which means they're used to a gap between total leases.
So that then this whole pandemic induced GAAP that producers are suffering.
He is longer than usual, but is toward something.
Which the inaugural stool.
The number 2 is that the odd conversations with producers.
No our talent agencies.
We are having the feedback that we're getting is that in fact producers of your phases phase.
The quite wisely in a lot of firms, Florida create the material has been putting together a lot of firms have been green lit, Florida of sessions have taken place with the actors have given the buying for the project.
The <unk>.
So I mean the whole.
Well it seems.
You know this whole day English plays very very easily for creating.
Creating material on taking buy in from the get their value and so to that the extend it seems the whole machine is working at the same pace, although in the different format.
There is more development less shopping but the work is going on.
Good news is that the good news and then I'd say in the text of the question. The do it asking with respect to cornered into play is that the.
The field's dog gone down.
Single of it which clearly shows that on for.
At least actors actresses has not diminished tack on there is no reduction in quantity of food. There's no reduction in the work that the established actors were doing or will continue to do in future.
So when you all of these factors together and when you look at the slate that is being shared with us from the producers we see absolutely no.
As for as production is concerned in the years to come.
Well look the deck was just 1 part of most of almost capital of literally point of view order.
The smaller guys.
For the movie.
The Oh.
For the entire capital.
The currency as you said the capex ankle.
Good day.
From a.
The security of having the capital point of view of.
From that perspective, obviously, you are not seeing any of that on a return.
What where do you see for April.
The producers have been fortunate to the extent that the the streaming platforms have been the big customers of the contents of the Lord of producers that are in fact the benefit there.
Because there was a mismatch in the 2020 in inbound sort of demand and supply so disciplines, which where the available which we're the leader in fact got so low for good prices is what we are learning, though so a lot of producers that are in fact, the benefited in terms of cash flow for.
From the last 12.13 months.
Sure. Thanks.
The next 1 on the group loss.
So on your covenant free.
Appears that the ink.
As highlighted by the guidance.
All right.
That's the theory.
Good day.
So again actually picked up for FY 'twenty for any.
So is that on the earning the right.
He might either organic or inorganic the capacity.
Got you and can actually be quite small.
So I would refrain from making any forward looking statements I would only say that the the book.
For the 3 in quarter 4 of the spin until you will see a lot of supply of content because they've all got a bundled up and producers are very anxious to batch release lots of U b.
A tremendous amount of the supply of 1 cinema as fuel and then once that is widespread the widespread the.
Vaccination once the current customers into adulthood. So you will see the law.
A lot of supply of content for the next 6 months of the cinemas reopen.
And then thereafter.
Stabilizing but at no point, we see corn supply in terms of quality or in terms of quantity.
Moving below the pose the 1920 level.
As we move forward on lease up to 2 years.
1 of your question was on the capacity addition of this week.
Yeah. So actually it was on capacity addition.
Yes, but then you want to take that I think you're on the part of the call, but maybe you can just stick with again.
So as I said you know.
It's very difficult to give us specific guidance on this but you know the will recommence on capex programs once business comes back the momentum.
<unk>.
If the business bounces back of solving the screen growth also loans back, but what's the quantum will be how many screens on the open I think it's very early for us to give any kind of forward looking guidance I guess as the year progresses, we didn't even a better position to comment on the sales.
Sure. Thank you and all of it.
Uh huh.
Thank you the net.
Question comes from Mr. <unk>.
From equity Securities. Please go ahead.
Yeah, Hi, thanks for taking the good.
Just 1 from me.
Any thoughts on and then finish the big Sandy many of the last quarter, considering with you on reported box of things the revenues seem to be on the lower side. So just wanted to understand based on all of them.
The assessment what are the end markets you've got in the south of market and did you see that coming on could you maybe dosing on the screen.
Let the new undertake this.
Yeah. So.
So I'm kind of.
You can add onto this.
South India on.
The movie releases began in January.
Onwards, we believe the master.
And most of the industry was still continuing to operate with capacity on Steves Veeva.
Operating on a 50%.
Do you think capacity restriction.
In the mid to integrity when this capacity perhaps for the next.
And we saw most leading reasons.
And the performance of South Indian firms was a quite good NBC of big Bounceback in fact the field.
Look like on the months bulk of the emissions are contributed by South Indian films.
Sorry.
You know in the later months of the capacity got sort of lags.
The south again bounds.
The most doing 50, 60% levels well submissions of what we were doing in 3 COVID-19.
Because of that opening to big numbers.
And I don't think there has been any kind of on market share of loss specifically.
B the quickly these ticket pricing levels, we sort of get you better off but if they get pre COVID-19 levels.
Also on average at some of these things in cinemas are also of close to what people are picking it up pre COVID-19 levels.
Can you comment specifically on this market share of question.
So 2 points the BV.
So within.
Within the <unk>.
The box office revenues of the contribution also is on.
Almost 35, 36%.
Oh on market share it in fact in Japan in March 2020 for you do it.
It became better than what it used to be earlier.
Although overall numbers were small because there are fewer foods, which will come in and out.
<unk> contribution in market share of actually doing the spirit.
So I'm not sure what data you're referring but.
The way, we look at the data on market share it has actually grown in the speed of it.
Okay. Thank you.
Yeah.
Yes.
Thank you Sam.
Next question is from Yogesh <unk> from <unk> Securities. Please go ahead.
Yeah, Hi, thanks for the opportunity for <unk>.
Looking back on the Oh.
1 just going into the disruption started from.
These sorts of rollout.
Speaking of units of the does Oh and the distribute the.
Chuck on the mid single that out for like it sounds like you mentioned the need that.
My question is why are something of the sort of that's not happened in India. So far.
This is Matt on for <unk>.
The the number we gotta go into the shipyard because the deal.
But that's the place.
Good day.
Related to day now debt, but the team the most of the piece of it soon.
Well, we didn't get the deception.
Do you believe that co ltd or from a bit due at me from.
Some for much of that on particularly in terms of the of I, just don't from a business like that.
There was a bit of and make sure of the.
All of them feeling the same.
The Oh my goodness.
Good day, everyone understood. Your question. The first part of your question is there didn't U S. MBA they'll go to the market. There was the reduction in revenue, but the thing the Lord happened in India. Instead of the question yes.
Well I mean the.
Sure.
But you're right I mean U S market. Another day of look markets have gone through.
The magic of reduction in Windows in the market has also seen a lot of the memorial income.
In terms of.
The producers are launching their own streaming direct to customer the apps.
And of course, because the needs to do as book on figure than they wanted to sell this day that if that's the word.
A lot of loans released directly on the.
The streaming platforms.
And there has been and there has also seen some bit of debt in 2020, but.
As compared to the western markets, we've been fairly insulated and I think 1 reason for that debt.
There is no.
Yeah.
The homogeneous market like the U S. So there is no.
And though the dependence on 1 day.
Reported.
So we depend on Hollywood films, we depend on in the film industry than within the we used no debt.
The year for very big industry for us like Tamil Telugu Malayalam and then the rest smaller industries like Bengali Punjabi without the and many of those so because the market is fragmented in terms of languages.
Also within the languages, we don't have consolidation read on the studios operating like the way you have in the western market.
So as the result, and exhibition as Mike Book Consolidator.
You've got as of failure.
Our colleagues in business. It also fairly large in terms of scale and size.
Exhibit those tend to have a more long term perspective on these matters and we've been able to negotiate harder as compared to our colleagues in the they've looked okay.
In other thing then is 1 reason but of course there are many other variables at play.
But I mean, the second question, whether you're doing good market will be more accommodative than would be relaxed windows.
C.
We as an important stakeholder in the entire value chain.
You wanted to finding solutions, which are.
Sustainable and which benefit all members of the value.
At this point, it's important that the industrial the colors and it recovers.
Fortunately, what we're seeing in the U S market of China market and other markets, which had been able to contain COVID-19.
Nobody seems to be faster than expected.
So we want to follow the same trajectory and we were the comedy.
Good thing for civil to ensure that producers have.
It was time, releasing their foods and the Anchorage to come forward and released the funds quickly. So that's the answer to your second question.
Okay. Thanks, a lot for this quite carefully.
My second question the true.
The defendant.
Locations the.
The landlocked.
Right.
I'm not confused.
So it could be other.
All of it.
Once the at the peak.
Let's say it means that the children during the last year for.
On the non current the limited spots because the.
The case study.
Uh huh.
So we are following the same packets are I think the we must all the sort of and most of those back you know the restocking of that operation and then all of sudden the Mars the head again once again to reopen.
On the good operating some of the properties.
In the third week of the present.
So shut down has happened consequence of that but I D.
Like the implemented cost savings and cost control of the majors.
Last year. The same factors theme has been really kicked the advanced again.
What that specific number it would be very disappointed to comment right. Now I think we believe in a better position as we close the quarter, but yes. All of that has been the initiated and we are following exactly the same.
The practice is what we did last year.
But do you have to remember that for the my little Pony part of.
Some parts of the strength and once you shut down there is some bit of a lag effect of Oh.
Cut down some expenses.
Sure.
Thanks for the that's on the page.
That's enough of a concept when.
All of the best.
Thank you.
The next question comes from how did coupled from Investor day.
Please go ahead zone.
Yes. My question is the non defense.
Okay.
Thank you Sam.
The next question comes from <unk>.
<unk> from the Melbourne.
Please go ahead.
Thank you for the opportunity.
My questions first 1 is regarding advertising can you do you see a quick bounce.
Bounce back of your advertising revenue.
For your customer team once the.
Do you have a bit of non move to the industry.
Third quarter of expected non would seem to put in fourth quarter.
The advertising business come back.
Could you give me some of that happened with the lag on.
Second thing for the back do you think you need to give some kind of discounted rates at the beginning of it.
So no no we wont need to give any discounted rates in fact.
You bet equally are we on we will have the same breeds operational we don't want to sort of Oh, the stopped the new norm in the market, but to answer your first question yes.
Yes, it would be a bit of a slope on initially.
Oh advertising all with 4 of those Footfalls and more on so we will need at least a couple of big blockbuster films to get the entire we stopped it.
So I'll get to that 1.
Once the open and once we get a couple of big films.
We will see advertising.
Holy but surely coming back on track, we saw the similar pattern for.
For the South Indian films.
It took some time, but the moment masked the game and we recorded some great advertising revenues debt in the south of we see the same pattern.
Spending up.
When we open in the release of some mix of homes.
Well My second question of what you got the support from the government side. They didn't quite what do you think might just need it on supporting.
Contact in terms of services sectors.
Any discussion along those lines you've had with the government are you expecting anything coming your way.
Yes.
Yeah I'll take this question. So we had been lobbying with the governmental and Claude the extent of some kind of out of leaf.
Who the industry given that we have been significantly impacted.
A lobbying has been that the state government level, because some of these cost control and manage at the state government level on.
Could you ask for concessions in electric the duties and taxes concessions on property taxes.
As a gain of state government issue and at the Central government. We've asked for some bit of a liquidity supporting GST the lead.
The government has to come on for the <unk> scheme of which basically to support the sectors, which are impacted by pandemic.
And the other <unk> T and the recent amendment of the government has announced this weekend.
They've allowed businesses.
Sectors, like hospitality, which got hit by the pandemic.
The liquidity support and basically the scheme.
Is that any companies which have.
Borrowings in excess of 500 crores.
You can apply and of the program and you can.
Potentially.
Our funding of 60 of the funding from various banking partners.
Is equal to about 200 crores of 40% of the 500 current limit.
<unk> had a net imports.
So the can is another 200 crores of traditionally I guess for liquidity from banking partners under the ECM D of scheme.
<unk> recently been amended the announced by the government on Monday.
We've already begun discussions.
For the banking partners on the scene on.
We expect that the we'll get more liquidity support.
The title would the spend so that's that's the only the leaf debt has come true.
No.
Lastly on your line of.
Screens do you.
Good thing for some of the utility partner, that's would've been under some amount of stress.
The dose can be relaxing come up the over the next 3 to 5 years because.
Again being because of whatever.
Oh, the mud would you take that.
Yeah, so you're on.
Mhm the microphone for sure.
Parker for delivery.
In Q4 loss.
The good the financial closure of the rent of Berkman, you're finding of the agreement non.
About 10% of maybe a possible for.
Uh huh.
The screens, which may dropdown, but not beyond that that's how you're looking at the back book now.
Okay. Thank you very much.
Thank you Sam.
That will be the last question for the day now I hand over the flow to Mr. Linton for closing comments.
Yeah.
Everyone for taking the time.
The 2 at the end of.
Q4 earnings call.
And do you see a lot of enabled 1 said.
Anyone on this call.
Right to me or my believe that wouldn't go out of them directly and.
And we shall be happy to speak to you in the industrial queries.
All of them.
Thanks, very much once again.
Thank you Sam.
Ladies and gentlemen, this concludes your conference call for today. Thank you for your participation and for using due to the bus conference called service you may all disconnect your lines.
And have a pleasant evening.
Your conference is no longer being recorded.
Okay.