EARNINGS RELEASE: Q1 2016-17 - NETWORK 18 Results/2016-17/Investors...EARNINGS RELEASE: Q1 2016-17 ... quarter, CN se of Rs. 3 lready #2 channels ... BARC, TG: 4 18 Motion English re Office. Viacom18 tion, was

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  • EARNINGS RELEASE: Q1 2016-17 Mumbai, July 13, 2016 Network18 Media & Investments Limited today announced its results for the quarter ended 30th June, 2016. The consolidated Revenue (including proportionate share of Joint Ventures considered for segment reports) for the quarter ended 30th June 2016 stood at Rs. 820.2 crores vs. Rs. 791.7 crores in the corresponding quarter last year. This represents a growth of 10% after factoring in the change in status of Prism TV Private Limited (Regional entertainment channels). Prism was consolidated as a subsidiary during the quarter ended 30th June 2015 but became a Joint Venture effective 1st August 2015. During the quarter the Group made aggressive investments in new channel launches and re-launches of existing ones, on talent and various digital businesses. These initiatives reflect in lower profitability for the quarter. Segment Loss before Interest and Tax on a consolidated basis including the performance of Joint ventures stood at Rs. 76.6 crores. The Segment loss excluding the impact of these new initiatives is Rs.24.6 crores vis--vis Rs. 19.9 crores in the quarter ended 30th June 2015. The company has transited to Indian Accounting Standards (Ind-AS) with effect from 1st April 2016 with comparative results being restated. Under Ind AS, the joint ventures of the group including Viacom18, Indiacast, IBN Lokmat and Bigtree Investment (Bookmyshow) have now been accounted following Equity method, as proportionate consolidation method is not allowed as per Ind AS. The consolidated Revenue as per Ind AS (accounting the JVs under Equity method) for the quarter ended 30th June 2016 stood at Rs. 351.9 crores as compared to Rs. 411.1 crores in the corresponding quarter last year. On a like-for-like basis, after factoring in the change in status of Prism TV Private Limited from a subsidiary to Joint Venture, the growth in revenue is 11%. Operating loss on a consolidated basis under Ind AS was Rs. 73.8 crores as against Rs. 49.4 crores in the quarter ended 30th June 2015. Mr. Adil Zainulbhai, Chairman, stated We are bullish about media both linear and digital and are investing heavily in most of our businesses to position them for leadership. We are investing aggressively in upgrading existing properties and launching new news & entertainment properties to enable our businesses to be ahead of the curve. We are also investing in our digital businesses.The results of these investments are starting to bear fruit and will help in healthy revenue growth and profits in the near future. Q1 Highlights

    1. Investment in content -- new channels, new programming, local production, new formats

    and events -- saw a significant increase during the quarter, in line with the groups vision to provide innovative content to its viewers. The group has also strengthened human capital by hiring experienced professionals in various areas, in line with its strategy to invest in growth in the digital media space, new-age content delivery and to maintain its leadership position across businesses.

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    ere consoliden considerbsidiary of t

    Stargaze t of Rs 43.3urrent perio

    31 Mar'16 3

    475.4 0.2


    2.2 126.6

    0.7 107.7 14.8

    159.0 411.0 64.6

    (3.9) 60.7

    18.0 42.7

    - 42.7



    0.4 56.5




    arter ende

    Investor Update

    ed 30th Jun

    dated as ared as a Jothe Compan

    Entertainm crores on s

    od are not c

    30 Jun'15

    410.7 0.4


    65.6 133.3

    0.8 113.7 14.0

    147.1 474.5 (63.4)

    77.8 14.4

    19.1 (4.7)

    - (4.7)



    30.6 (22.2) 42.8




    e- July 13, 2016Page | 9

    ne, 2016

    a subsidiaryoint Ventureny from the

    ent Privatesuch sale iscomparable

    31 Mar'16

    1,653.6 1.2


    89.8 503.9

    2.9 426.2 58.5

    604.6 1,685.9


    113.3 82.2

    70.1 12.1

    - 12.1



    98.1 57.7 36.0




    6 9

    y e e

    e s e

  • Report

    The unoperatinentities methodaccounSegmenas segmfor the q

    Segme(a) Me(b) Fil(c) OtTotal(d) OtLess: InNet incLess: R

    Net inc

    Segme(a) Me(b) Fil(c) OtSegmeLess:(d) Fina(e) Oth(f) OthTotal lo

    Less: PProfitVentur

    Tax expNet losShare oMinorityNet (loshare oCapita(Segme(a) Me(b) Fil(c) OthTotal(d) UnTotal c

    ed Consol

    audited conng results b

    which werd under theting under nts as definment revenquarter end


    ent revenueedia operatiom productiothers

    ther unallocanter segmencome from oRevenue rela

    come from o

    ent resultsedia operatiom productiothersent (loss)/pr

    ance costsher unallocabher unallocaboss/(profit)

    Profit before before


    pensess/(profit) aof profit of asy interestoss)/profit aof profit of l Employedent assets edia operatiom productiohers

    nallocable ascapital empl

    Nidated Seg

    nsolidated Sby the chiere hitherto e Indian GA

    the Ind ASned under Iue and Inc

    ded 30th Jun

    culars (In R

    e onsn and distrib

    able revenuent revenueoperationsated to Joint


    onsn and distrib

    rofit before

    ble expendituble incomebefore tax

    tax of Joint vtax


    after taxssociates an

    after tax, minassociates

    Segment liaonsn and distrib

    ssets less lialoyed

    Network18 gment Infor

    Segment inef operatingconsolidate

    AAP but hS. The comInd AS 108

    come from One, 2016 re

    Rs. Crore)



    ventures/ As

    as reported


    Tax and fin



    nd joint ventu

    nority intereand joint v




    Media & Inrmation for

    nformation hg decision ed and/or aave now bmpany con. AccordingOperations

    elates to inco



    nance cost

    sociatesg Joint


    est and entures


    nvestmentsr the Quarte

    has been pmaker (CO

    accounted ubeen accounsiders thesgly, the diffe

    as per theome from o

    30 Jun'16

    801.3 18.9 -

    820.2 - -

    820.2 468.3


    (73.0) (3.3) (0.3)


    28.0 5.6

    (28.4) (81.8)



    0.8 (85.6)

    5.4 (30.5) (49.7)

    3,299.8 250.2

    8.3 3,558.3 (335.6)



    ork18 Q1 FY17

    s Limited er Ended 3

    repared in ODM) includunder proponted for unse entities erence betw Unaudited

    operations o

    31 Mar'16

    893.6 23.4 -

    917.0 -

    15.8 901.2 425.6


    69.7 (0.7) (0.5) 68.5

    25.0 7.3

    (4.2) 40.4



    4.6 38.1 0.4

    56.5 (18.0)

    3,125.8 240.1

    8.1 3,374.0

    (68.9) 3,305.1

    uarter ende

    Investor Update

    30th June, 2

    line with thding the resortionate conder equity as part of

    ween amoun Consolida

    of these ent

    30 Jun'15

    761.4 52.6 -

    814.0 -

    22.2 791.8 380.7


    (21.0) 1.3

    (0.3) (20.0)

    24.9 4.1

    (84.3) 35.4



    5.3 (10.0) 30.6

    (22.2) 42.8

    2,928.3 209.8

    7.4 3,145.5

    85.6 3,231.1


    e- July 13, 2016Page | 10


    he review ofsults of theonsolidation

    method ofOperating

    nts reportedted Resultsities.

    31 Mar'16

    3,304.2 129.2

    - 3,433.4

    - 38.0

    3,395.4 1,740.6


    110.1 1.3

    (1.5) 109.9

    96.4 22.8

    (144.1) 134.8



    16.5 (4.4) 98.1 57.7 36.0

    3,125.8 240.1

    8.1 3,374.0

    (68.9) 3,305.1


    6 0

    f e n f g d s





  • Repo

    The finaquarter 2015 w

    1. In(aTo

    2. Ex(a(b(c(d(eTo

    3. Prinite

    4. O5. Pr


    6. Fi7. Pr

    be8. Ta9. Ne10. Sh11. M12. Ne


    13. Ore

    14. To

    orted Cons

    ancials of Pended 30thhen Prism c

    ncome from a) Income frootal incomexpenses

    a) Programmb) Employee c) Marketing,d) Depreciatie) Other expeotal Expensrofit from o

    ncome, finanems (1-2)ther Incomerofit from onance costs3+4)nance Costsrofit / (Lossefore tax (5ax expense et Profit / (Lhare of profitinority intereet Profit / (L

    nterest and ssociate (9+ther Compre

    elating to joinotal Compre


    solidated F

    Prism TV Prh June 2015ceased to b

    Operationsom operatione from Oper

    ming costbenefits exp distribution on and amoensessesperations bnce costs a

    erdinary actis and excep

    ss) from ordi5+6)(charge / (crLoss) for tht of associat

    est (recoveryLoss) after share of pr

    +10-11)ehensive Inc

    nt ventures)ehensive In

    ars (In Rs. C

    TV18inancial Pe

    ivate Limite5 and have be a subsidi

    snsrations (net

    penseand promot

    ortisation exp

    before otheand excepti

    ivities befoptional item

    nary activit

    redit))he period (7tey)taxes, mino

    rofit of

    come (includ

    ncome (12+


    8 Broadcaserformance

    ed (Prism) wbeen consi

    iary of the C

    30 J


    tional pense

    er onal

    ore ms







    t Limited e for the Qu

    were consolidered as a

    Company fro

    Jun'16 31

    210.7 210.7

    - 77.0 53.2 9.5

    99.5 239.2 (28.5)

    9.6 (18.9)

    4.6 (23.5)

    (0.9) (22.6)

    5.6 (2.9)





    ork18 Q1 FY17

    uarter End

    idated as aJoint Ventu

    om the afor

    Mar'16 30

    303.7 303.7

    - 71.6 38.3 9.1

    106.1 225.1 78.6

    16.3 94.9

    4.5 90.4

    0.5 89.9 2.8

    (0.6) 93.4



    er ended

    Investor Update

    ed 30th Jun

    subsidiary ure w.e.f. 1sresaid date.

    0 Jun'15 3

    273.1 273.1

    65.0 76.4 63.1 8.5

    90.7 303.8 (30.7)

    10.7 (20.0)

    7.9 (27.9)

    0.1 (28.0) 26.1

    (10.5) 8.6




    e- July 13, 2016Page | 11

    ne, 2016

    during the st August

    31 Mar'16

    1,052.1 1,052.1

    86.9 287.6 190.4 35.6

    381.6 982.1 70.0

    50.1 120.1

    22.4 97.7

    3.3 94.4 98.0

    (12.3) 204.7



    ear ended

    6 1

  • Rep

    Thethe werbut Com108per


    1. Segm (a) M (b) FTotalLess: INet Inc

    Less: R

    Net inc

    2. SegmSegme (a) M (b) FTotalLess: ISegmecostLess: (i)

    (ii) 3. Segm

    Less: P

    4. Prof

    4. Tax e5. Segm6. Shar7. Mino8. Net interes9. Capi (a) M (b) F (c) UTotalLess: ITotal C

    ported Con

    e Segment chief opera

    re hitherto chave now b

    mpany cons8. According

    the Una

    ulars (In Rs.

    ment RevenMedia operatiFilm Producti

    Inter Segmecome From

    Revenue rela

    come from o

    ment Resulent ResultsMedia operatiFilm Producti

    Inter Segmeent (Loss) /

    Finance cosUn-allocable

    ment (Loss)

    Profit Before

    fit Before Ta

    expense (chment Net (Lre of profit of rity interest (Profit / (Losst and shareital Employe

    Media operatiFilm ProductiUnallocated

    Inter SegmeCapital Emp


    informationating decisioconsolidatedbeen accousiders thesegly, the diffeaudited Co

    . Crores)

    nue onson and Distr

    nt Revenue Operations

    ated to joint v

    operations a


    onson and Distr

    nt ProfitsProfit befo

    ste Income) / Profit Be

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    ax (excludin

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    onson and Distr

    nt eliminatioployed

    TV18Segment I

    has been on maker (Cd using propunted for une entities aserence betwonsolidated




    as reported


    ore tax and

    efore Tax


    ng Joint Ven

    it))it (3-4)

    xes, minorityof associate



    8 Broadcasnformation

    prepared inCODM) incportionate c

    nder equity s part of Opween amou




    d finance


    y (5+6-7)


    t Limited n for the Qu

    n line with tluding the r

    consolidatiomethod of aperating Sents reporterelate to

    0 Jun'16 3

    587.8 18.9

    606.7 -




    (16.5) (3.3)

    (19.8) 0.7


    (11.4) 11.5




    (0.9) (22.6)

    5.6 (2.9)


    2,772.6 250.2 414.9

    3,437.7 (29.6)



    ork18 Q1 FY17

    uarter Ende

    the review oresults of thon method uaccounting egments asd as segmeoperations

    31 Mar'16

    663.7 23.4

    687.1 15.8




    86.2 (0.7) 85.5 (1.1)


    (10.9) 21.8




    0.5 89.9

    2.8 (0.6) 93.4

    2,752.5 240.1 457.4

    3,450.0 (30.8)


    arter ended

    Investor Update

    ed 30th Jun

    of operatinghe joint venunder the Inunder the I

    s defined unent informas of joint

    30 Jun'15

    566.3 52.6

    618.9 22.2




    7.9 1.3 9.2

    (8.5) 0.7

    (13.4) 14.2




    0.1 (28.0)

    26.1 (10.5)


    2,779.2 209.8 342.5

    3,331.5 (124.9)



    e- July 13, 2016Page | 12

    ne, 2016

    g results bytures which

    ndian GAAPnd AS. The

    nder Ind ASation and ast ventures

    31 Mar'16

    2,477.7 129.2

    2,606.9 38.0




    204.9 1.3

    206.2 (5.9)


    (46.9) 69.3




    3.3 94.4

    98.0 (12.3) 204.7

    2,752.5 240.1 457.4

    3,450.0 (30.8)



    6 2

    y h P e S s .





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