ITV

Category: Financials

  • Severance pay, doubtful debts, obsolescence result in Rs 154 crore loss in Q1-2015 for TV18

    Severance pay, doubtful debts, obsolescence result in Rs 154 crore loss in Q1-2015 for TV18

    BENGALURU:  The clean-up process, and that includes cleaning up of figures, by Reliance has begun.  TV18 Broadcast (TV18) posted a massive loss of Rs 154.54 crore in Q1-2015. The loss would have been higher, if not for the company’s minority interest sharing Rs 54.99 crore from the overall loss.

     

    The loss before tax for the quarter ended 30 June 2014 is Rs 214.2 crore after considering one time exceptional adjustments of Rs 223.3crore. The adjustments made by way of exceptional items to the P&L account for Q1-2015, is based on a review of the current and non-current assets of the company. The company says that these adjustments reflect the diminution in the value of certain tangible and intangible assets as well as write-offs and provisions for loans and advances and receivables. These adjustments, however, will not impact future operating profits and cash flow of the business of the company and its subsidiaries, TV18 adds (refer additional notes below)

     

    Note: 100,00,000= 100 Lakhs = 10 million = 1 crore

     

    Let us look at the other numbers reported by TV18 for Q1-2015

     

    TV 18 reported 33.2 per cent higher quarterly revenues on a consolidated basis in Q1-2015 at Rs 527.7 crore as compared to Rs 396.2 crore in Q1-2014, but 6.3 per cent lower q-o-q as compared to the Rs 563.3 crore in Q4-2014.

     

    The company’s profit from ordinary activities before exceptional items and tax in Q1-2015 was Rs 9.1 crore, almost double the Rs 4.8 crore in Q1-2014, but was about a fifth of the Rs 45.3 crore in the immediate trailing quarter.

     

    TV18’s total expenditure at Rs 509.5 (96.6 per cent of TIO) crore in Q1-2015 was 32.9 per cent more than the Rs 383.4 crore (96.8 per cent of TIO) in Q1-2014 and 0.8 per cent lower than the Rs 513.8 crore (91.2 per cent of TIO) in Q4-2014.

     

    The company’s programming cost almost doubled (went up by 90.5 per cent) in Q1-2015 at Rs 165.7 per cent as compared to the Rs 87 crore in Q1-2014 and was 6.7 per cent more than the Rs 155.3 crore in Q4-2014. TV18’s employee benefit expense (EBE) in Q1-2015 at Rs 103.9 crores (19.7 per cent of TIO) was 49.1 per cent more than the Rs 69.7 crore (17.6 per cent of TIO) in Q1-2014 and 31.5 per cent more than the Rs 79 crore (14 per cent of TIO) in Q4-2014.

     

     

    TV18 spent Rs 102.2 crore(19.4 per cent of TIO) in Q1-2015 towards marketing, distribution and promotional expense, which was 27.1 per cent lower than the Rs 140.2 crore (35.4 per cent of TIO) in Q1-2014 and 32.1 per cent lower than the Rs 150.5 crore (26.7 per cent of TIO) in Q4-2014.

     

    TV 18 has two revenue streams – media operations and film production and distribution. In Q1-2015, the media operations segment reported revenue and results of Rs 513.42 crore and Rs 19.37 crore respectively; for Q1-2014, the corresponding figures were Rs 383.49 crore and Rs 22.23 crore; for Q4-2014, the corresponding figures were Rs 550.31 crore and Rs 54.33 crore respectively.

     

    The company’s film production and distribution segment reported revenue of Rs 14.32 crore and an operating loss of Rs 0.95 crore. The corresponding figures for Q1-2014 and Q4-2014 are Rs 18.79 crore and an operating loss of Rs 8.47 crore; revenue of Rs 14.49 crore and an operating loss of Rs 4.59 crore.

     

    TV18’s business news operations saw the successful launch of CNBC Bajar, India’s first Gujarati language channel business channel on July 1, 2014. ETV News saw the successful launch of ETV Gujarati bringing the total bouquet strength to nine channels; ETV Uttar Pradesh, ETV Madhya Pradesh, ETV Rajasthan, ETV Bihar, ETV Urdu, ETV Kannada, ETV Bangla, ETV Haryana. The channels sustained their strong viewership performance aided by the national general elections.

     

    Additional Note:  (1) During the quarter ended 30th June, 2014, based on a review of the current and non-current assets, the Group has accounted for (a) obsolescence/impairment in the value of certain tangible and intangible assets to the extent of Rs 122.27 crores and (b) write-off and provisions of non-recoverable and doubtful loans/advances /receivables to the extent of Rs 87.70 crores and the same has been disclosed as Exceptional Items in the consolidated accounts. Further, Exceptional Items also includes Rs 13.31crores towards severance pay and consultancy charge.

     

    (2) Equator Trading Enterprises Private Limited (“Equator”) including its subsidiaries Panorama Television Private Limited and Prism TV Private Limited had become wholly owned subsidiary of the Company with effect from 22nd January, 2014. Hence, the consolidated results of the current period include the results of these subsidiary companies. Eenadu Television Private Limited had also become an associate with effect from 22nd January 2014 and its results have been accounted as “Associate” under accounting standard 23 on Accounting for Investments in Associates in Consolidated Financial Statements. To this extent, the results of this period are not comparable with the corresponding previous period.

     

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  • Sahara One Q1-2015 revenue down 87 per cent; company posts higher q-o-q loss

    Sahara One Q1-2015 revenue down 87 per cent; company posts higher q-o-q loss

    BENGALURU: Sahara One Media and Entertainment Limited (Sahara One) posted 87.3 per cent lower revenue (TIO) at Rs 11.19 crore in Q1-3015 as compared to the Rs 20.95 crore in Q4-2014 and less than half (40.75 per cent) of the Rs 27.42 crore the company had posted for the corresponding year ago quarter.

     

    The company’s q-o-q loss is at Rs 2.31 crore in Q1-2015 was about 15 times more than the Rs. 0.15crore in the immediate trailing quarter. In Q1-2014, Sahara One had reported PAT of Rs 1.21 crore.

     

    Sahara One’s total expenditure in Q1-2015 at Rs 15.1 crore (135 per cent of TIO) was 35.9 per cent lower than the Rs 23.54 crore (112.4 per cent) reported in the immediate trailing quarter and 47.1 per cent lower than the Rs 28.54 crore (79.2 per cent of TIO) in Q1-2014.

     

    A major portion of Sahara One’s expenditure is towards purchase of content (Content cost). In Q1-2015, the company spent Rs 9.90 (88.5 per cent of TIO) crore towards this head, which was 42.4 per cent lower than the Rs 17.2 crore in Q4-2014 and 54.4 per cent lower than the Rs 21.73 crore in Q1-2014.

     

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  • Hathway Bhawani posts lower revenue, lower loss for Q1-2015

    Hathway Bhawani posts lower revenue, lower loss for Q1-2015

    BENGALURU: Hathway Bhawani Cabeltel and Datacom Limited (HBC&DL) reported loss of Rs 65.55 lakh for the current quarter as compared to the Rs 99.63 lakh loss in Q4-2014 and the Rs 83.2 lakh loss in Q1-2014.

     

    HBC&DL reported 4 per cent lower total operating revenue (TIO) in Q1-2015 at Rs 3.89 crore as compared to the Rs 4.05 crore in the immediate trailing quarter and was 3.8 per cent lower than the Rs 4.04 crore in the year ago quarter.

     

    Note: Rs 100,00,000 = 100 lakhs = 10 million = 1 crore

     

    HBC&DL reported 10.9 per cent lower expenditure in Q1-2014 at Rs 4.51 crore as compared to the Rs 5.06 crore in Q4-2014 and 4.9 per cent lower than the Rs 4.74 crore in Q1-2014.

     

    EBIDTA in Q1-2015 was negative at Rs 0.42 crore as compared to the negative Rs 0.77 crore in Q4-2014 and the negative Rs 0.51 crore in Q1-2014.

     

    The company paid Rs 1.62 crore (41.7 per cent of TIO) in Q1-2015, which was 87.4 per cent higher than the Rs 0.89 crore (21.4 per cent of TIO) in Q4-2014 and 44.3 per cent lower than the Rs 2.91 crore (72 per cent of TIO) in Q4-2014.

     

    The company has informed the bourses that subject to shareholders’ approval, it intends to issue up to 9 lakh fully paid up equity shares of face value of Rs 10 to Hathway Cable and Datacom at a price of Rs 11 per equity share aggregating Rs 99,00,000.

     

    HBC&DL’s equity share price went up 3.9 per cent yesterday (11 August). The share opened at Rs 10.45 and closed at Rs 10.39, with 512 shares changing hands. The earlier closing price of the share was Rs 10. The 30 day average volume of shares was 317. The book value of each equity share was Rs 2.19. The P/E ratio of the industry that HBC&DL is involved in is 32.84.

     

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  • NDTV reports standalone profit, lower consolidated loss in Q1-2015

    NDTV reports standalone profit, lower consolidated loss in Q1-2015

    BENGALURU: New Delhi Television Limited (NDTV) reported a standalone PAT of Rs 2.6 crore in Q1-2015 as compared to a loss of Rs 19 crore in the corresponding year ago quarter. On a consolidated basis, the company reported almost one tenth (1/9.5 times) the loss in Q1-2015 at Rs 3.02 crore as compared to the loss of Rs 31.39 crore in Q4-2014 and about one-sixth (1/5.7) the loss of Rs 18.88 crore in Q1-2014.

    Note: 100,00,000 = 1 crore = 100 lakh = 10 million

    NDTV’s consolidated Total revenue (TOI) for Q1-2015 was 42.6 per cent more at Rs 146.04 crore as compared to the Rs 106.19 crore in Q4-2014 and was 17.7 per cent more than the Rs 124.09 crore in the immediate trailing quarter.

    The company says that General News continues to be profitable and recorded an EBITDA of Rs 26 crore; an increase  Rs 20 crore compared to the same period last year.

    NDTV Profit / Prime: Net Loss of Rs 11 crore remained same as last year despite the re-launch costs incurred during the quarter on the back of impressive revenue growth of 81 per cent in the current quarter.

    NDTV Group PAT performance improved by Rs 23 crore, from a loss of Rs 24 crore in Q1-2014 to Rs 1 crore loss in current quarter.

    Consolidated revenues increased by 40 per cent to Rs 150 crore in Q1-2015 from Rs 107 crore in Q1-2014.

    The company says that NDTV Convergence maintained its growth momentum clocking 50 per cent growth YoY and continues to be profitable.

    Ndtv.com saw traffic with 13 billion hits in one day – on the counting day of 16 May 2014 for the Lok Sabha elections.

    NDTV Retail / E-commerce venture IndianRoots has achieved an ‘Average Order Value’ of Rs 9,000. IndianRoots has carefully positioned itself as a platform for high end fashion. While the United States remains its largest market, IndianRoots has also made strong inroads into India. India accounts for 30 per cent of the total traffic and is the second largest market. Revenue growth is at 52 per cent QoQ and in line with early stage e-commerce businesses. It has incurred a loss of Rs 4.5 crore in this quarter.

     

  • Sunrisers Hyderabad pares Sun TV’s profits in Q1-2015; declares 45 per cent interim dividend

    Sunrisers Hyderabad pares Sun TV’s profits in Q1-2015; declares 45 per cent interim dividend

    BENGALURU: Sun TV Network Limited (Sun TV) reported almost flat (up 0.7 per cent) y-o-y PAT in Q1-2015 at Rs 165.64 crore (26.1 per cent of Income from Operations or TIO) as compared to the Rs 164.44 crore (27.3 per cent of TIO) in Q1-2014, but 16.2 per cent lower than the Rs 197.57 crore (38 per cent of TIO) reported in Q4-2014. The company’s IPL franchise reported a negative EBIDTA of Rs 43.45 crore, and the company’s Q1-2015 expenditure for the quarter includes the annual franchisee fee of Rs 85.05 crore.

     

    The board of directors of Sun TV have declared an interim dividend of Rs 2.25 per share (45 per cent) of face value of Rs 5 each.

     

    The company reported 21.8 per cent higher revenue in Q1-2015 at Rs 633.58 crore as compared to the Rs 520.18 crore in the immediate trailing quarter Q4-2014, and more by 5.3 per cent as compared to the Rs 601.85 crore in Q1-2014. These figures include revenue by Sun TV’s IPL franchisee. 

     

    Note:  100,00,000 = 1 crore = 10 million = 100 lakh

     

    Of the total media and entertainment revenues of Rs 633.58 crore reported by Sun TV in Q1-2015, Rs 520.17 crore came from broadcasting, while 113.41 crore came from the company’s SunRisers Hyderabad IPL franchisee, which reported operating costs of Rs 156.86 crore. During Q4-2014, the company reported an income of Rs 105.53 crore and costs of Rs 142.06 crore for SunRisers Hyderabad.

     

    Sun TV has reported advertising revenue at Rs 280.42 crore in Q1-2015

     

    Let us look at the other results reported by Sun TV for Q1-2015

     

    Sun TV reported a 47.1 per cent growth in Q1-2015 of Other Income to Rs 19.7 crore from Rs 13.39 crore in the year ago quarter and 49.6 per cent more than the Rs 13.17 crore in the immediate trailing quarter.

     

    Sun TV’s total expenditure in Q1-2015 at Rs 404.85 crore (63.9 per cent of TIO) was 10.7 per cent more than the Rs 365.59 crore (60.7 per cent of TIO) in Q1-2014 and 74.1 per cent more than the Rs 232.48 crore (63.9 per cent of TIO) in Q4-2014.

     

    The company’s depreciation and amortisation (depreciation) expense in Q1-2015 at Rs 138.99 crore (22 per cent of TIO) was 18.4 per cent more than the Rs 117.39 crore (19.5 per cent of TIO) in Q1-2014 and 23.7 per cent more than the Rs 112.33 crore (21.6 per cent of TIO) in Q4-2014.

     

    Sun TV’s cost of revenues in Q1-2015 has gone down 7 per cent to Rs 41.86 crore (6.6 per cent of TIO) from Rs 45 crore (7.5 per cent of TIO) in Q1-2014 and was 3.8 per cent lower than the Rs 43.51 crore (8.4 per cent of TIO) in Q4-2014.

     

    Sun TV’s other expenditure was up 26 per cent at Rs 93.18 crore (14.7 per cent of TIO) in Q1-2015 as compared to the Rs 73.94 crore (12.3 per cent of TIO) in Q1-2014 and a whopping 258 per cent (3.58 times) more than the Rs 26.01 crore in Q3-2014. 

  • Fox: Filmed Entertainment, Cable Network shine, Television segments dull Q4 results

    Fox: Filmed Entertainment, Cable Network shine, Television segments dull Q4 results

    BENGALURU: Twenty-First Century Fox, Inc. (Fox, the company) reported financial results for the three months (Q4-2014, current quarter) and full year ended 30 June 2014 (FY-2014). While the company’s Television and Direct Broadcast Satellite Television (DBST) segments reported lower y-o-y Q4-2014 operating income before depreciation and amortization (OIBDA) in Q4-2014, its Cable Networking Programming (CNP) and Filmed Entertainment (FE) segment’s OIBDA grew. For FY-2014, all the segments reported revenue and OIBDA growth.

     

    Fox reported 16.8 per cent growth in overall revenue in Q4-2014 at $8424 million as compared to the $7212 million in Q4-2013 (quarter ended 30 June 2013 or year ago quarter). The company’s OIBDA for Q4-2014 at $1766 million was 18.7 per cent more than the $1488 million in Q4-2013.

     

    For FY-2014, the company reported 15.1 per cent growth in overall revenue to $31867 million from $27675 in FY-2013 (year ended 30 June 2013). OIBDA for FY-2014 at $6715 million was 7.3 per cent more than the $6261 in FY-2013.

     

    Let us look at the segment results reported by the company for Q4-2014 and FY-2014

     

    Cable Network Programming

     

    Fox’s CNP segment reported 13.3 per cent higher revenue in Q4-2014 at $3347 million (39.7 per cent of all revenue) as compared to the $2953 million (40.9 per cent of all revenue) reported for the year ago quarter. Q4-2014 OIBDA at $1202 million (68.1 per cent of all OIBDA) was 11.4 per cent higher than the $1079 million (72.5 per cent of all OIBDA) reported for Q4-2013.

     

    For FY-2014, CNP segment reported 12.8 per cent growth in revenue to $12273 million (38.5 per cent of all revenue) from $10881 million (39.3 per cent of all revenue). OIBDA for FY-2014 at $4407 million (65.6 per cent of all OIBDA) grew 5.5 per cent from $4177 million (66.7 per cent of all OIBDA).

     

    Fox says that this segment’s Q4-2014 OIBDA increase was driven by a 13 per cent revenue increase led by continued affiliate revenue growth. The revenue improvement was partially offset by a 14 per cent increase in expenses, approximately a third of which reflects the planned investments related to the launches of new channels, including Fox Sports 1, Star Sports and FXX, and the consolidation of the Yes Network.

     

    Full year CNP annual segment OIBDA increase was driven by a 13 per cent revenue increase led by continued affiliate revenue growth. The revenue improvement was partially offset by a 17per cent increase in expenses, almost half of which reflects the planned investments related to the launches of new channels and the impact of the consolidation of recently acquired ownership stakes in the Yes Network, ESS, Eredivisie Media & Marketing CV (EMM) and Sports Time Ohio.  

     

    The company says that segment OIBDA growth was also adversely impacted by 3 per cent from foreign exchange rate fluctuations, primarily in Latin America and India during Q4-2014 as well as FY-2014.

     

    Television

     

    Fox’s Television segment reported lower revenue as well as OIBDA for Q4-2014 as increased retransmission consent revenues were more than offset by lower advertising revenues. Quarterly advertising  revenues declined 11 per cent from the corresponding period of the prior year driven by the impact of lower general entertainment  ratings, led by declines at American Idol says the company.

     

    For Q4-2014, the Television segment reported 5.9 per cent lower revenue at $1031 million (12.2 per cent of all revenue) as compared to the $1096 million (15.2 per cent of all revenue) in Q4-2013. The segment’s Q4-2014 OIBDA at $145 million (8.2 per cent of all OIBDA) was 31.9 per cent lower than the $213 million (14.3 per cent of all OIBDA).

     

    In FY-2014, Fox’s Television segment reported 9 per cent higher revenue at $5296 million (16.6 per cent of all revenue) as compared to the $4860 million (17.6 per cent of all revenue). The segment’s OIBDA for FY-2014 at $882 million (13.1 per cent of all OIBDA) was 3.2 per cent higher than the $855 million (13.7 per cent of all OIBDA) in FY-2013.

     

    Fox says that this increase was driven by continued retransmission consent revenue growth and contributions from the broadcast of Super Bowl XLVIII partially offset by the impact of lower primetime general entertainment ratings led by declines at American Idol and X-Factor and higher programming costs. Advertising revenues increased 5 per cent from the prior year driven by the broadcast of Super Bowl XLVIII and higher rates and ratings for the National Football League and Major League Baseball playoffs, substantially offset by the impact from lower general entertainment ratings.

     

    Filmed Entertainment

     

    The Filmed Entertainment (FE) segment reported 37.7 per cent growth in revenue in Q4-2014 at $2803 million (33.3 per cent of all revenue) as compared to the $2035 million (28.2 per cent of all revenue) in Q4-2013.

     

    FE reported Q4-2014 segment OIBDA of $339 million (19.2 per cent of all OIBDA), nearly triple (2.9 times) the $117 million (7.9 per cent of all OIBDA) reported in the same period a year-ago, driven by a $768 million or 37.7 per cent revenue increase. The company says that this growth was led by several successful worldwide theatrical releases in the quarter including X-Men: Days of Future Past, which has grossed $740 million in worldwide box office to date, Rio 2, which has grossed over $90 million in worldwide box office to date, and The Fault in Our Stars, which has grossed over $260 million in worldwide box office to date. As a result of the successful releases, the company claims that the film studio became the first to cross the $3 billion mark in worldwide box office this year. Quarterly results also reflect higher contribution from the television production businesses led by the syndication of Modern Family and the delivery of a new season of 24 adds to the company.

     

    For FY-2014, FE revenue at $9679 million (30.4 per cent of all revenue) increased 12 per cent from $8642 million (31.2 per cent of all revenue) in FY-2013.Full year FE segment OIBDA of $1358 billion (20.2 per cent of all OIBDA) increased $50 million or 3.8 per cent over prior year amounts. The company says that the annual results reflect higher contributions from the television production businesses led by higher SVOD revenues, including the sale of series to Amazon, and the syndication of Modern Family. This growth was partially offset by difficult comparisons to the successful worldwide theatrical performance of Ice Age: Continental Drift in the prior year.

     

    Direct Broadcast Satellite Television (DBST)

     

    Fox’s DBST segment reported 15.5 per cent growth in Q4-2014 revenue to $1593 million (18.9 per cent of all revenue) from $1379 million (19.1 per cent of all revenue).

     

    DBST generated quarterly segment OIBDA of $146million (8.3 per cent of all OIBDA) compared with the $156 million (10.5 per cent of all OIBDA) reported in the same period a year ago.

     

    The company says that the $214 million or 15.5 per cent increase in revenue underpinned by sustained Sky Deutschland subscriber growth was more than offset by higher sports programming costs including Sky Italia’s broadcast of the FIFA World Cup and Sky Deutschland’s exclusive broadcast of Bundesliga soccer. Sky Deutschland grew net direct subscribers by approximately 82,000 during the quarter, bringing total direct subscribers to 3.81 million, while Sky Italia’s subscriber base declined by 25,000 during the quarter bringing total subscribers to 4.73 million.

     

    For FY-2014, the DBST segment’s revenue at $6030 million (18.9 per cent of all revenue) was 35.8 per cent more than the $4439 million (16 per cent of all revenue) in FY-2013. DBST generated annual segment OIBDA of $424 million (6.3 per cent of all OIBDA), a $27 million or 6.8 per cent increase over the prior year driven by higher contributions from Sky Italia resulting from cost reduction efforts. Annual segment revenues increased principally reflecting the full year consolidation of Sky Deutschland revenues versus the consolidation of six-months of Sky Deutschland revenues in the prior year. This revenue increase was offset by the full year consolidation of Sky Deutschland costs, including costs related to its exclusive broadcast of Bundesliga soccer.

     

    BskyB and other affiliates

     

    Quarterly equity earnings from affiliates were $192 million as compared to with $223 million in Q4-2013. Annual earnings from affiliates were $622 million as compared to the $655 million in FY-2014. The decreased contributions from affiliates mainly reflect lower contributions from BskyB, says the company.

     

    Commenting on the results, 21st Century Fox chairman and CEO Rupert Murdoch said: “In the fiscal fourth quarter we built on our operational momentum with double-digit earnings and revenue gains. The Company’s strong financial performance was driven by sustained affiliate revenue increases at our cable networks and record fourth quarter contributions at our filmed entertainment segment on the strength of global box office successes XMen: Days of Future Past, Rio 2 and The Fault In Our Stars. As we close the fiscal year, I continue to have confidence in our ability to execute our growth plan and drive value for our shareholders. Our new $6 billion share buyback programme, to be executed over the next 12 months, further underscores our disciplined approach to increasing shareholder value.”

     

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  • Elections boost Zee Media’s Q1-2015 ad rev by 51%; TV biz grows 34%

    Elections boost Zee Media’s Q1-2015 ad rev by 51%; TV biz grows 34%

    BENGALURU:  Zee Media Corporation (ZMCL) reported 33.7 per cent growth for its television business to Rs 103.87 crore in Q1-2015 as compared to Rs 77.68 crore in Q1-2014 and 25 per cent more than the Rs 82.78 crore in Q4-2014. The television segment reported operating result of Rs 4.78 crore in the quarter.

     

    ZMCL’s advertising revenue in Q1-2014 at Rs 80.1 crore grew by 51.2 per cent as compared to the year ago ad revenue of Rs 52.9 crore.  Ad revenue from existing channels grew 47.7 per cent to Rs 77.3 crore in Q1-2015 from Rs 52.35 crore in Q1-2014. New channels ad revenue increased to Rs 2.71 crore in Q1-2015 from Rs 0.55 crore in the Q1-2014.

     

    The company reported a Q1-2015 loss of Rs 17.52 crore as compared to a PAT of Rs 4.11 crore in Q4-2014 and PAT of Rs 5.04 crore in Q1-2014.

     

    Note : 100,00,000 = 10 million = 100 Lakhs = 1 crore

     

    ZMCL has included the print segment’s numbers to its consolidated results for Q1-2014 for the first time. The Scheme of Amalgamation (“The Scheme”) for merger of Essel Publishers Private Limited (“EPPL”) with the Company was approved by the Bombay High Court vide Order passed on 2 May 2 2014, with appointed date being 1 April 2014. The Scheme has been made effective on 27 May 2014 and hence given effect to in the financial statements of the current quarter. As per the Scheme, all assets and liabilities of EPPL vested on the company were accounted at their respective fair values as per Accounting Standard 14. In pursuance of the Scheme, the company had on 9 June 2014 issued and allotted 122,381,817 equity shares of Re 1 each fully paid up to the shareholders of EPPL, which has resulted in (i) increase in paid-up capital of the company to 362,145,773 equity shares of Re. 1 each and (ii) increase in shareholding of promoters and promoter group to 69.11per cent. The current period EPS is not comparable to the previous periods, due to such allotment of equity shared during the quarter.

     

    ZMCL’s print segment reported revenue of Rs 29.6 crore in Q1-2015 and an operating loss of Rs 15.19 crore, which was a major addition to the loss reported by the company during the current quarter.

     

    Let us look at the other numbers reported by ZMCL for Q1-2015: (Q-o-q or y-o-y figures cannot be compared)

     

    ZMCL reported total income from operations (TIO) in Q1-2015 to Rs 113.46 crore (includes print segment); Rs 82.78 crore (without print segment) in Q4-2014 and Rs 77.68 crore (without print segment) in Q1-2014.

     

    The company’s total expense in Q1-2015 was Rs 143.80 crore (including print segment). In Q4-2014, total expense was Rs 93.09 crore (without print segment) and in Q1-2014 it was Rs 72.30 crore.

     

    ZMCL’s employee benefit expense (EBE) in Q1-2015 was Rs 39.95 crore (29.9 per cent of TIO, including print segment). In Q4-2014, EBE was Rs 25.13 crore (30.4 per cent of TIO, without print segment) and in Q1-2014, it was Rs 23.25 crore (29.9 per cent of TIO, without print).

     

    The company’s depreciation and amortisation expense in Q1-2015 was Rs 12.43 crore (9.3 per cent of TIO, including print segment), in Q4-2014, it was Rs 4.71 crore (5.7 per cent of TIO, without print segment) and Q1-2014, it was Rs 3.94 crore (5.1 per cent of TIO, without print segment).

     

    ZMCL’s operational cost in Q1-2015 was Rs 32.96 crore (24.7 per cent of TIO, including print segment), in Q4-2014, it was Rs 20.28 crore (24.5 per cent of TIO, without print segment), and in Q1-2014, it was Rs 12.61 crore (17.89 per cent of TIO, without print segment).

     

    The company’s other expense in Q1-2015 stood at Rs 33.78 crore (25.3 per cent of TIO, including print segment), in Q4-2014, it was Rs 27.83 crore (33.62 per cent of TIO, without print segment) and in Q1-2014, it was Rs 21.30 crore (27 per cent of TIO, without print segment)

     

    Zee Media news cluster group CEO Bhaskar Das said, “Continuing to expand our horizon, ZMCL has enlarged its reach to over 147 million users across the country, again consolidating its position as the largest private news network. We have also continued to sharpen our focus on our online medium by ensuring seamless integration of content across platforms. The network set high benchmarks in coverage of general elections, striking a rich balance between insightful analysis and reportage from the field. While we are constantly striving for creating content differentiators, the network has posted a strong growth in advertisement revenue, especially on counting day of general elections.”

     

    Click here to read unaudited financial

    Click here to read earnings release

  • Film Studio and Theme Parks buoy The Walt Disney Co third quarter: Cable Networks op inc down 7 %

    Film Studio and Theme Parks buoy The Walt Disney Co third quarter: Cable Networks op inc down 7 %

    BENGALURU:  The Walt Disney Company Inc (Disney) reported 15.1 per cent growth in operating income (Op Inc) in the quarter ended 28 June 2014 (Q3-2014) to $3857 million as compared to $3351 million reported in the year ago quarter ended 29 June 2014 (Q3-2014). The company reported 7.7 per cent rise in all revenues to $12466 million in Q3-2014 from $11578 million in Q3-2013.

     

    Five segments contribute to Disney’s numbers – Media Networks; Parks and resorts; Studio entertainment; Consumer products; and Interactive.

     

    Media Networks

     

    The company’s Media Network segment is the largest in terms of contribution to overall revenue and Op Inc. This segment consists of two sub-segments – Cable Networks and Broadcasting.

     

    Disney’s Media Network segment reported 3 per cent rise in revenue from $5352 million (46.2 per cent of all revenues) in Q1-2013 to $5511 million (44.2 per cent of all revenues) in Q1-2014. Op Inc dropped marginally by 0.2 per cent from $2300 million (68.6 per cent of overall Op Inc) in Q1-2013 to $2296 million (59.5 per cent of overall Op Inc) in Q3-2014.

     

    Despite a 1.5 per cent increase in its revenues in Q3-2014 at $3,942 million from $3884 million in Q3-2013, the Cable Networks sub-segment reported 6.9 per cent lower Op Inc at $1942 from $2087 in Q3-2013. Broadcasting reported 6.9 per cent growth in revenue from $1468 million in Q3-2013 to $1,569 million in Q3-2014. The sub-segment’s Op Inc increased 66.2 per cent to $345 million in Q3-2014 from $213 million in the year ago quarter.

     

    Breaking the revenues of the Media networks segment to Affiliate fees, advertising and other, Affiliate fees registered 1.2 per cent increase to $2845 million in the current quarter from $2810 million in Q3-2013. The segment’s advertising revenue in Q3-2014 went up 5.2 per cent to $2142 million from $2047 million in Q3-2013. ‘Other’ revenue in the current quarter went up to $525 million from $504 million reported in Q3-2013.

     

     Explaining the breakup of revenues from the Media network’s segment, Disney says the 1.2 per cent increase in Affiliate Fee revenue was primarily due to increases of 6 per cent from higher contractual rates, partially offset by decreases of 3 per cent from lower recognition of previously deferred revenue at ESPN as a result of changes in contractual  provisions related to annual programming commitments and 2 per cent due to the sale of its ESPN UK business in the fourth quarter  of the prior year. During the quarter, ESPN recognised $176 million of previously deferred revenue compared to $274 million in Q3-2013.

     

    The 5.2 increase in advertising revenues was due to increases of $86 million at Cable Networks, from $1,001 million to $1,087 million, and $19 million at Broadcasting, from $1,036 million to $1,055 million. The increase at Cable Networks was driven by a 6 per cent increase from higher rates and a 3 per cent increase from more units sold, partially offset by a 1 per cent decrease due to lower ratings.

     

    The increase at Broadcasting reflected a 4 per cent increase from higher primetime and news ratings and a 1 per cent increase due to higher primetime rates, partially offset by a 4 per cent decrease due to fewer units sold.

     

    The increase in other revenue was driven by higher programme sales led by Devious Maids and Marvel’s Agents of S.H.I.E.L.D., partially offset by lower sales of Army Wives

     

    Parks and Resorts

     

    Disney’s Parks and resorts segment reported 8.2 per cent growth in y-o-y revenue to $3980 million (31.8 per cent of all revenue) in Q3-2014 from $3678 million (31.9 per cent of all revenue) in Q3-2013. This segment’s Op Inc grew 23.1 per cent to $848 million (22 per cent of overall Op Inc) in Q3-2014 from $689 million (20.6 per cent of overall Op Inc) in Q3-2013.

     

    Domestic (within the US) revenue grew 9.8 per cent to $3290 million in Q3-2014 from $2995 million in the year ago quarter.  Disney’s Parks and resorts segment’s international revenue grew 1 per cent to $690 million in the current quarter from $683 million in Q3-2013.

     

    Disney says that revenue growth of 10 per cent at is domestic operations reflected a 7 per cent increase from higher average guest spending and a 2 per cent increase from higher volumes.

     

    Revenue growth of 1 per cent at Disney’s international operations reflected a 4 per cent increase from higher average guest spending and a 2 per cent increase due to the impact of foreign currency translation, partially offset by a 3 per cent decrease from lower volumes and a 2 per cent decrease due to lower Disneyland Paris special event revenue says the company.

     

    Studio Entertainment

     

    Disney’s Studio entertainment segment reported 13.6 per cent jump in revenue in Q3-2014 at $1807 million (14.5 per cent of all revenue) from $1590 million (13.7 per cent of all revenue) in Q3-2013. This segment reported more than double (2.04 times) growth in Op Inc in Q3-2014 to $411 million (10.7 per cent of overall revenue)  from $201 million (6 per cent of overall revenue) in Q3-2013.

     

    Three sub-segments of the Studio entertainment segment contribute to Disney’s revenue – Theatrical distribution; Home entertainment; and TV/SVOD distribution and other.

     

    Theatrical distribution segment reported 1.1 per cent fall in revenue from $761 million in Q3-2013 to $753 million in Q3-2014. The Home entertainment segment reported a phenomenal revenue growth of 45.8 per cent to $398 million in Q3-2014 from $273 million in Q3-2013. Disney’s TV/SVOD distribution and other sub-segment reported 18 per cent revenue growth in the current quarter to $656 million in Q3-2014 from $556 million in the year ago quarter.

     

    The company says that theatrical distribution revenue remained relatively flat reflecting the worldwide performance of Marvel’s Captain America 2: The Winter Soldier and Maleficent as well as the international performance of Frozen compared to the worldwide performance of Marvel’s Iron Man 3 and Monsters University in the prior-year quarter.

     

    Higher Home entertainment revenue reflected a 30 per cent increase from higher average net effective pricing and a 19 per cent increase from higher unit sales. Higher pricing was driven by the current quarter sales mix of new releases, which have a higher relative sales price compared to catalogue titles, reflecting the success of Frozen. Increased unit sales reflected the performance of Frozen in Q3-2014 compared to Oz The Great And Powerful and Wreck-It Ralph in Q4-2013.

     

    The increase in television and subscription video on demand (TV/SVOD) distribution and other revenue reflected an increase of 24 per cent from other revenues, partially offset by a decrease of 6 per cent from lower TV/SVOD revenue.

     

    Higher other revenues reflected an increase at Lucasfilm’s special effects business, higher stage play revenues due to more productions in Q3-2014 and higher music distribution revenues reflecting the success of the Frozen soundtrack. The company attributes the decrease in TV/SVOD revenue to lower domestic TV/SVOD sales reflecting a sale of library titles in Q3-2013.

     

    Consumer Products

     

    Disney’s Consumer products segment reported 16.4 per cent increase in revenue in Q3-2014 to $902 million (7.2 per cent of all revenues) from $775 million (6.7 per cent of all revenues) in Q3-2013. This segment reported 24.7 per cent hike in Op Inc to $273 million (7.1 per cent of overall Op Inc) in Q3-2014 from $219 million (6.7 per cent of overall Op Inc) in Q3-2013. This segment has two revenue streams – licensing and publishing (licensing); and retail and other (retail).

     

     Retail sub-segment reported 11.6 per cent growth in revenue from $525 million in the year ago quarter to $586 million in Q3-2014. Retail sub-segment reported 26.4 per cent revenue growth to $316 million in the current quarter from $250 million in Q3-2013.

     

    Disney explains that the 11.6 per cent increase in licensing and publishing revenue was driven by the performance of merchandise based on Frozen, Disney Channel properties, Spider-Man and Planes, partially offset by lower performance of Monsters University merchandise. Licensing also benefited from lower acquisition accounting impacts, which reduced revenue recognition in the prior-year quarter.

     

    The 26.4 per cent increase in retail and other revenue was from our retail business, which was driven by comparable store sales growth in all its key markets. Retail revenue growth also benefited from higher online sales in North America and Europe and a new wholesale distribution business in North America.

     

     Interactive

     

    Disney’s Interactive segment reported more than double the revenue (2.1 times) of $266 million (2.1 per cent of all income) in Q3-2014, up from $125 million (1.6 per cent of all income) in Q1-2013. This segment reported positive Op Inc in the current quarter at $29 million as compared to a loss of $58 million in Q3-2013.

     

    Interactive segment comprises two sub-segments – Gaming; and other content.

     

    Disney’s Interactive segment’s gaming sub-segment reported revenue of $204 million in Q3-2014, up 63.2 per cent at $204 million from $125 million. The other content sub-segment reported Q3-2014 revenue of $62 million as compared to the $58 million in Q3-2013.

     

    Disney says that game revenues grew due to increases of 45 per cent from sales of console games and 28 per cent from social/mobile games revenue. The increase in sales of console games was due to the continued success of Disney Infinity compared to no new releases in the prior-year quarter and higher licensing revenues reflecting the performance of Lego Marvel Super Heroes and Amazing Spider-Man 2.

     

    The increase in social/mobile games revenue was due to the performance of Frozen Free Fall and Tsum Tsum.  Higher revenue from other content was due to higher licensing fees from our mobile phone business in Japan.

     

    “Our strategy of building strong brands and franchises continues to create great value across our company,” said Disney chairmen and CEO Robert A. Iger. “This quarter we delivered the highest EPS in the company’s history, and we’ve now generated greater EPS in the first three quarters of FY 2014 than we have in any previous full fiscal year. We’re extremely pleased with these results and we are also thrilled with the spectacular performance of Guardians of the Galaxy, which holds great promise as a new franchise for our company and once again reinforces the tremendous value of Marvel.”

     

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  • Turner, HBO boost Time-Warner revenues in Q2

    Turner, HBO boost Time-Warner revenues in Q2

    BENGALURU: Time -Warner Inc (Time-Warner) reported three per cent y-o-y growth in revenue in the quarter ended 30 June 2014 (Q2 of 2014, or the current quarter) to $6.8 billion. The company’s adjusted operating revenue grew 17 per cent to $1.6 billion.

     

    Turner, Home Box Office (HBO) and Warner Bros segments contribute to Time Warner’s numbers.  Revenues were boosted y-o-y by Turner and (HBO) by 9.5 per cent and 16.5 per cent respectively, while Warner Bros showed a 2.4 per cent y-o-y de-growth in the current quarter.

     

    Turner results

     

    Turner reported revenue of $2,750 million in the current quarter as compared to $2,627 million in the corresponding quarter of last year. Turner’s subscription revenue grew 8.7 per cent y-o-y to $1,323 million in the current quarter from $ 1,217 million in the quarter ended 30 June 2013 (year ago quarter), while its advertising (ad) revenue grew 27 per cent in the current quarter to $1,284 million from the year ago quarter’s $1011 million. Turner’s content revenue in the current quarter grew 25.4 2 per cent to $89 million from the year ago quarter’s $71 million. The segment reported 15.3 per cent in adjusted operating revenue in the current quarter to $940 million, as compared to the year ago quarter’s $815 million.

     

     HBO results

     

    HBO’s revenue in the current quarter grew to $1,417 million from $1,216 million in the year ago quarter.  Its subscription revenue grew 9.7 per cent in the current quarter to $1,411 million from $1,040 in the year ago quarter. The segment’s content revenue grew 55.6 per cent to $274 million from $176 million in the year ago quarter. HBO’s adjusted operating revenue in the current quarter grew 22.7 per cent to $552 million from $450 million reported for the year ago quarter.

     

    Warner Bros

     

    Warner Bros revenue fell 2.4 per cent to $2,870 million in the current quarter from the year ago quarter’s $ 2941 million. Warner Bros theatrical product reported 5.5 per cent lower revenue at $1,494 million in the current quarter as compared to the $1,581 million reported for the year ago quarter. The segment’s television product grew by 5.9 per cent in the current quarter to $1,052 million as compared to the year ago quarter’s $993 million.

     

    Y-o-y, Warner Bros current quarter’s content revenue shrank 2.3 per cent to $2,731 million from $2,795 reported during the year ago quarter. Warner Bros advertising and subscription revenues were almost flat at $19 million and $33 million, respectively, in the current quarter as compared to the year ago quarter’s $18 million and $32 million, respectively.

     

    Time Warner completed the Time Warner cable spinoff last month and says it has repurchased 51 million shares for $3.5 billion year-to-date through 1 August 2014. The Time Warner board has authorised an additional $5 billion of share repurchases.

     

    Time Warner chairman and CEO Jeff Bewkes said, “We are off to a very strong start in 2014, with results that demonstrate both the returns we can achieve on our investments in great storytelling and the growth potential of our businesses. Excluding Time Inc., which we expect to spin off as an independent publicly-traded company this quarter, we grew first quarter Revenues by 10%, Adjusted Operating Income by 12 per cent, and Adjusted EPS by 26 per cent. In the first quarter, Warner Bros. picked up where it left off after a record-breaking year in 2013, with The LEGO Movie launching yet another franchise for us and leading all releases at the domestic box office. Combined with its promising slate of movies for the rest of the year and strong lineup of TV shows to be unveiled at the upfronts, Warner Bros. is positioned to have another excellent year in 2014. Home Box Office continues to be red hot, led by the debut of True Detective, the most-watched freshman series in HBO’s history. And the Season 4 premiere of Game of Thrones on April 6 drew HBO’s largest audience since The Sopranos finale. Turner also made history by bringing the NCAA Men’s Basketball Final Four to cable for the first time ever. The success of the NCAA Tournament also helped TBS maintain its position as ad-supported cable’s #1 network in primetime among adults 18-34 and 18-49. It also showcased the importance and vibrancy of our TV Everywhere initiatives, with a more than 40 per cent increase in streams for our March Madness Live service over last year. Another standout at Turner was Adult Swim, which again finished the quarter as the #1 ad-supported cable network in total day for Adults 18-34. And CNN reaffirmed that it is the place the world goes for authoritative coverage during major news events, with delivery in its key demographic up over 50 per cent in March. Further demonstrating our commitment to shareholder returns, during the quarter we returned almost $1.3 billion to our shareholders in the form of share buybacks and dividends.”

  • 26.1 per cent downturn in filmed entertainment dampens Viacom Inc Q3 results 7.4 per cent

    26.1 per cent downturn in filmed entertainment dampens Viacom Inc Q3 results 7.4 per cent

    BENGALURU:  Viacom Inc. (Viacom) reported 7.4 per cent lower revenue in the quarter ended 30 June 2014 (Q3 for Viacom, or the ‘current quarter’) to USD 3421 million from USD 3693 million in the year ago quarter ended 30 June 2013. The company’s operating income dropped 5.6 per cent to USD 611 million in Q3 of 2014 as compared to the USD 647 million in Q3 of the previous year. Adjusted net earnings from continuing operations attributable to Viacom decreased to USD 618 million.

     

    Viacom’s filmed entertainment division reported 26.1 per cent drop in revenue to USD 856 million in the current quarter as compared to the USD 1158 million reported for corresponding quarter of the previous fiscal, driven by a 43 per cent decrease in theatrical revenues due to the number and timing of releases, says the company.

     

    The impact of this downturn was softened to some extent by Viacom’s media networks segment, which reported a 0.9 per cent increase in revenue in Q3 or the current year to USD 2591 million from USD 2569 million in the corresponding year ago quarter, driven by higher advertising revenues, which rose 1 per cent domestically and 2 per cent on a worldwide basis reveals Viacom. The company’s press release says that its worldwide affiliate fee revenues were flat in the quarter, as rate increases were more than offset by lower revenues from certain distribution arrangements which are affected by the timing of available programming. Excluding the impact of these distribution arrangements, the domestic affiliate revenue growth rate in the quarter was in the low double-digits.

     

    Viacom executive chairman Sumner M. Redstone said, “Viacom continues its mission to develop the world’s most exciting media brands and compelling entertainment. As the industry landscape continues to evolve, our business is very well positioned.”

     

    Viacom president and chief executive officer Philippe Dauman said, “It was a solid quarter for Viacom. We delivered nearly USD 1 billion to shareholders through buybacks and dividends and continued to build on our success in creating outstanding content and focused brands that connect deeply with audiences across all platforms. Our Media Networks distribution relationships continue to expand, providing broader opportunities for fans to enjoy Viacom’s content. Successful series and high-profile event programming on our networks create powerful experiences for audiences and valuable opportunities for advertisers, while driving industry-leading social engagement. We announced our agreement to acquire major British broadcaster Channel 5 in the quarter, which will increase our presence in an important global market. Paramount is poised for an outstanding summer, kicked off by Transformers: Age of Extinction which is already a record-setting global hit and the number one film of all time in China. In addition, the highly-anticipated Teenage Mutant Ninja Turtles premieres Friday for fans around the world.”

     

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