ZEE ENTERTAINMENT ENTERPRISES LIMITED
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1 ZEE ENTERTAINMENT ENTERPRISES LIMITED ROBUST SEQUENTIAL IMPROVEMENT ACROSS ALL OPERATING PARAMETERS ADVERTISING REVENUES OF INR 2,476 MILLION, UP 25% SEQUENTIALLY CONSOLIDATED REVENUES OF INR 5,405 MILLION, UP 14% SEQUENTIALLY EBITDA OF INR 1,507 MILLION, UP 29% SEQUENTIALLY EBITDA MARGINS AT 27.9%, UP 331 BPS SEQUENTIALLY & UP 186 BPS YOY PAT AT INR 1,109 MILLION, UP 21% SEQUENTIALLY PROPOSAL TO ACQUIRE REGIONAL ENTERTAINMENT CHANNELS FROM ZEE NEWS LIMITED IN A SHARE SWAP DEAL 2Q FY Highlights Total revenues were Rs 5,405 million for the second quarter ended September 30, 2009, recording a decline of 5% as compared to the corresponding period last fiscal. Advertising revenues were Rs 2,476 million and subscription revenues were Rs 2,435 million for the quarter. While advertising revenues declined by 13%, subscription revenues increased by 8% as compared to the corresponding period last fiscal. Subscription revenues from domestic DTH were Rs 514 million during this quarter, an increase of 89% over 2Q FY2009. Operating profit (EBITDA) for the second quarter of FY2010 was Rs 1,507 million and operating profit margin stood at 27.9%. Profit after Tax for the quarter stood at Rs 1,109 million. Zee Entertainment Enterprises Limited (ZEEL) proposes to acquire the regional entertainment channel bouquet (R-GEC) of Zee News Limited. The proposed acquisition would be funded by issue of new shares of ZEEL to shareholders of ZNL. Zee Entertainment Enterprises Limited 135, Continental Building, Dr. Annie Besant Road, Worli, Mumbai , India Tel:
2 Mumbai, India; October 23, Zee Entertainment Enterprises Limited (ZEEL) (BSE: , NSE: ZEEL.EQ) today reported its second quarter fiscal 2010 consolidated revenues of Rs 5,405 million, representing a 5% reduction over the corresponding period in the previous fiscal. The consolidated operating profit for the second quarter of FY 2010 stood at Rs 1,507 million, profit before tax stood at Rs 1,638 million and profit after tax at Rs 1,109 million. Operating profit margin for the second quarter stood at 27.9%. The numbers as published are after consolidating the financials of Taj TV Limited (Taj), ETC Networks Limited (ETC) and Zee Turner Limited. The Board of Directors in its meeting held today, has taken on record the unaudited consolidated financial results of ZEEL and its subsidiaries for the quarter ended September 30, In another significant corporate development, the company proposes to acquire the regional entertainment business (R-GEC) of Zee News Limited (ZNL). The channels proposed to be acquired by ZEEL include Zee Marathi, Zee Bangla, Zee Telugu, Zee Kannada, Zee Talkies and Zee Cinemalu. Mr. Subhash Chandra, Chairman, ZEEL, stated, Collaboration, consolidation and digitization continue to drive the future of the Indian media and entertainment industry. A fast improving macro environment has had a positive impact on the advertising revenues across media and trends indicate that the overall situation is likely to further improve as we move into the festive period. Commenting on the second quarter results, Mr. Chandra added These results highlight the enduring strength of our business model and improved discipline in managing our operating expenses. This quarter we had a healthy sequential double digit revenue growth, and we will continue to works towards growing margins as we work to make each of our businesses more efficient and profitable. The promoters are committed to ensure that all outstanding loans and advances from ZEEL to group companies would be returned before the end of this fiscal year. Mr. Chandra continued. Mr. Punit Goenka, Chief Executive Officer, ZEEL, commented, This quarter s performance is indicative of the strong fundamentals of the company. Over the last several months, the emphasis of the company has been on continuously improving its content offering to viewers. On our flagship GEC, we undertook the process of Page 2 of 10
3 revamping our primetime offering in a structured manner and the resultant effect of this has been a steady improvement in ratings across this entire calendar. We are hopeful our strong content line up along with a better business environment will help us deliver strong results this year as well. Elaborating on the proposed addition of the regional entertainment bouquet to ZEEL, Mr. Goenka said Given its strong leadership position in attractive markets and appropriate product fit, R-GEC offers Zee Entertainment an opportunity to be a part of the robust growth being witnessed in the Indian regional entertainment market. These assets will help Zee Entertainment further consolidate its leadership position in the media and entertainment industry. R-GEC will bring strength to the company s operating performance from an already profitable business immediately accretive to revenues and operating profits. Zee has been focused on delivering long term shareholder value and this development is another step in that direction. Business Performance The flagship Hindi General Entertainment Channel (GEC) Zee TV delivered 256 weekly GRPs on an average during this quarter and attained a channel share of 21% in its genre. This is indicative of an 11% sequential increase in the average weekly ratings of the channel. Zee TV continued to outperform channels in its genre when benchmarked to their respective month-wise performance from January 2009 viewership numbers as shown in the graph below Zee TV (256) Relati ve Index to 100 from Jan Colors (285) 94 Star Plus (278) 80 Jan'09 Q4 FY 09 Q1 FY 10 Q2 FY 10 Source: TAM Media Research, All Universe, Hindi Speaking Markets Of India, Relative Index To 100 From Jan 2009 For Individual Entities; No. In Bracket Indicates The Average Weekly GRPs For Q2FY10 Page 3 of 10
4 Agle Janam Mohe Bitiya Hi Kijo, Pavitra Rishta and Saregamapa Lil Champs 2009 were the channel s top shows on the ratings charts this quarter. All of these shows have been launched in this calendar year and have been continuously featuring in the weekly top 50 programme charts. The channel s premiere property Saregamapa Lil Champs 2009, which was launched post the finale of highly successful Dance India Dance Season 1, was the highest rating non-fiction show on television this quarter. Zee TV s popular show, Aap Ki Antara was selected as the Best Serial of the Year 2009 at an award ceremony of a leading Indian newspaper. The channel led its genre in the weekly top 50 and top 100 programme charts with 20 and 31 programmes respectively. In the coming quarter, the channel would be launching a new fiction show Yahaan Main Ghar Ghar Kheli, an offering from the most reputed production house in India- Rajshree Films. Saregamapa would complete 1000 episodes in the coming quarter, making it the longest running reality show of the country and to celebrate this event, the channel would air a four week special Saregamapa Mega Challenge in the coming quarter. The channel would also air the second season of its homebred format Dance India Dance this quarter. The graph below represents the quarter wise ratings of the channel for the last four quarters and the significant launches on the channel in the period. 270 Launch of Jhansi Ki Rani, 12/ 24 Karol Bagh Average Weekly GRPs Launch of Dance India Dance, Agle Janam Mohe Bitiya Hi Kijo Launch of Pavitra Risshta, Aap Ki Antra, Saregamapa L il Champs 231 Quarter exit week: Zee TV became India s No. 1 channel Q3 FY 09 Q4 FY 09 Q1 FY 10 Q2 FY 10 Source: TAM Media Research, All Universe, Hindi Speaking Markets Of India, Zee TV Cumulative Average Weekly Grps; Q3FY09 Avg. Ex Strike, FY: April-March Page 4 of 10
5 The company s Hindi movies channel Zee Cinema dominated its genre averaging 149 GRPs and captured over 32% channel share this quarter. The channel aired various blockbusters in the quarter such as Fashion, Welcome to Sajjanpur, Kismet Konnection etc. The channel undertook several marketing efforts this quarter including the launch of Cinema Ka Baadshah, a game based on Bollywood for the mobile phone platform. In the coming quarter, the channel would be airing recent blockbusters such as Om Shanti Om, Hey Baby, God Tussi Great Ho etc. Zee Premier, Zee Action and Zee Classic, the network s Hindi movies channels specifically for the digital platform maintained their viewership growth amongst the relevant audiences. Zee Café, the network s English entertainment offering, premiered the latest season of Grey s Anatomy, America s Most Smartest Model as also the big-ticket event of the year, Emmy Awards Live in the quarter. The channel also launched Café Mic Testing, its first original production reality show with a unique concept of a hunt for the Zee Café s next voice-over artiste. The channel would soon be airing the latest seasons of The Celebrity Apprentice, E! Specials, Fitness Corner. This strong offering of the channel helped it garner 17% channel share for the quarter in its genre. The English movies channel Zee Studio acquired rights to various blockbusters including movies Vicky Christina Barcelona, Cassandra s Dream, The Wrestler, Fireflies in the Garden, Lust & Caution etc. The channel s marketing initiative SAW Film Club screenings has met with great appreciation. The channel continues to draw a spectacular response from its unique audience base. The company s music channel and lifestyle channel Zing aired Zing Ne Bana Di Jodi a 13 episode weekly reality show based on the cultural divide between the differences in compatibilities and lifestyles of people across various socio-economic classes. The channel also plans to launch various new shows across the coming quarter including Made in Bollywood and Yo Zing! The company maintained its leadership position in the international markets through aggressive marketing activities and fresh distribution tie-ups across territories. Some of the notable highlights of the quarter included Zee Muzic UK being the highest rated Asian channel in its target group on BARB, Zee USA launching a high decibel multimedia marketing campaign to promote new shows, Zee TV Middle East maintaining its leadership position in Hindi GEC space and a much appreciated on-ground event in South Africa featuring protagonists from the popular Zee TV show Chotti Bahu. Page 5 of 10
6 Zee Sports and Ten Sports continued their strong presence in the sports genre. During the quarter, Ten Sports aired the Indian cricket team s tour of West Indies. The channel also aired the Compaq Cup, a tri-series featuring India, New Zealand and Sri Lanka. The US Open tennis tournament and the Nehru Cup football tournament were also aired on the network this quarter. In the coming quarter, the South Africa- England cricket series and the New Zealand- Pakistan cricket series are scheduled to be aired on the network. Some of the non cricket sports to be showcased on Ten Sports and Zee Sports include the i League Soccer tournament and the Federation Cup Soccer tournament amongst other properties. The Sports Business revenues during the second quarter of FY10 were Rs 1060 million, while costs incurred this quarter were Rs 1,108 million. During the quarter, the sports business incurred an operating loss of Rs 49 million. Condensed Statement of Operations The table below presents the condensed statement of operations for Zee Entertainment Enterprises Limited and its subsidiaries for the second quarter of FY2010 versus FY2009. Second Quarter % Growth (Rs million) FY2010 FY2009 Y o Y Operating Revenues 5,405 5,717 (5%) Expenditure 3,897 4,229 (8%) Operating Profit (EBITDA) 1,507 1,488 1% Add: Other Income % Less: Depreciation % Less: Finance Expenses (63%) PBT before exceptional Items 1,638 1,479 11% Less: Provision for Tax % Profit After Tax before exceptional items 1, % Add: Write back of excess tax provision for earlier year Profit After Tax with exceptional items 1,109 1,782 (38%) Minority Interest (32) (1.1) Page 6 of 10
7 Revenue Streams ZEEL s revenues are generated primarily from Advertising Revenues, Subscription Revenues and Other sales and services which comprise revenues from syndication, film distribution and education sales. The following table sets forth the percentage of revenues that each type contributed to consolidated revenues in the second quarter of FY2010 and FY2009. Second Quarter % of Total Revenues % Growth (Rs million) FY2010 FY2009 FY2010 FY2009 Y o Y Advertising revenues 2,476 2,851 46% 50% (13%) Subscription revenues 2,435 2,244 45% 39% 8% Other sales and services % 11% (20%) Total Revenues 5,405 5, % 100% (5%) ZEEL s advertising revenues were Rs 2,476 million, a decrease of 13% as compared to the corresponding quarter last fiscal and a 25% increase over the first quarter of this fiscal. Advertising revenues grew sequentially as a result of an improved business environment and steady improvement in ratings across network channels. Total subscription revenues for the quarter were at Rs 2,435 million, registering an increase of 8% over the corresponding quarter last fiscal. During the current quarter, domestic subscription revenues stood at Rs 1,377 million while international subscription revenues were Rs 1,058 million. Revenues from domestic DTH operators, part of domestic subscription revenues, were Rs 514 million as against Rs 467 million in the first quarter of this fiscal. Subscription revenues from international operations reduced by 7% over the corresponding fiscal in 2009 and subscription revenues from domestic cable grew by 3% over the corresponding fiscal in Other sales and services, comprising syndication sales, income from education business, income from film distribution, play out and production services, events and commission on advertisements and subscription sales, stood at Rs 494 million. The company had recorded revenues of Rs 621 million under this head during the corresponding period last fiscal. The Films division of the company released two movies this quarter, one Page 7 of 10
8 each in Hindi and Marathi. The division generated revenues of Rs 71 million and registered EBIT losses of Rs 48 million. Expenditure ZEEL s main expenses include cost of goods and operations, employee cost and administrative and selling expenses. The following table sets forth the percentage of costs that each type contributed to the consolidated expenses in the second quarter of FY 2010 as compared to the corresponding period last year. Second Quarter % of Total Expenses % Growth (Rs. Million) FY2010 FY2009 FY2010 FY2009 Y o Y Prog. & operating cost 2,229 2,613 57% 62% (15%) Employee cost % 12% (14%) Selling & other expenses 1,226 1,102 31% 26% 11% Total Expenses 3,897 4, % 100% (8%) Overall, programming & operating cost was Rs 2,229 million as compared to the Rs 2,613 million in the corresponding period last year, a decrease of 15%. Selling & other expenses for the quarter were Rs 1,226 million, indicating an increase of 11% over the corresponding period last fiscal. During this quarter, the company took new initiatives in selling, distribution and marketing which resulted in higher costs this quarter. Personnel cost reduced by 14% over the corresponding period last fiscal. Total costs incurred by the company this quarter were Rs 3,897 million, showing a reduction of 8% over the corresponding quarter last year. During the quarter, the company s operating profit was Rs 1,507 million, an increase of 1% over the corresponding period last fiscal. Operating profit margin stood at 27.9%, an increase of 186 bps year on year. The operating profit in the first quarter of fiscal 2009 was 24.6%, thus indicating a sequential growth in operating profit margins. Finance expenses were Rs 84 million in the second quarter, down 63% year on year. Profit before Tax (PBT) stood at Rs 1,638 million while Profit after Tax (PAT) was Rs 1,109 million. This represents an increase of 11% and 12% respectively over the corresponding quarter last fiscal. Page 8 of 10
9 Segment Performance The company is a diversified entertainment company with a multi-pillar approach to business. Its operations lie in 3 segments: (i) Content and broadcasting, (ii) Education, and (iii) Film production and distribution The table below presents ZEEL s second quarter performance for FY2010 as compared to the FY2009 in the key segment. Second Quarter Revenues % of total revenues (Rs million) FY2010 FY2009 FY2010 FY2009 Content and Broadcasting 5,263 5, % 96.7% Education % 1.2% Film Production & Distribution % 2.1% Total Revenues 5,405 5, % 100% Corporate developments during 2Q FY2010 ZEEL proposes to acquire, subject to necessary approvals, the regional entertainment business (R-GEC) of ZNL. This includes six television channels (Zee Marathi, Zee Bangla, Zee Talkies, Zee Telugu, Zee Kannada and Zee Cinemalu) along with the assets and liabilities pertaining to these businesses. The proposed acquisition would be funded by issue of new shares by ZEEL to shareholders of ZNL. The Board of Directors has in-principle approved the de-merger of the R-GEC business from ZNL to ZEEL. The Board shall meet again to consider among other things the share swap ratio. ZEEL is already the leading provider of entertainment content across genres in the Hindi and English languages. It has leadership in Hindi GEC, Hindi Movies, Sports and has significant strengths in the Music and English entertainment genres. With leading channels like Zee Marathi, Zee Bangla, Zee Telugu and Zee Kannada within its fold, it would have an unparalleled reach across the country in the fast growing regional markets. This also provides ZEEL the opportunity to take the regional channels international and expand revenue streams further. Page 9 of 10
10 This reorganisation gives ZEEL a large growth opportunity and better control to exploit synergies across the entertainment spectrum. The benefits would accrue because of more effective cross pollination of ideas and better bundling of channels for selling. ZEEL is proposing to acquire leading channels in the regional entertainment space, which are already profitable. During FY2009, the R-GEC business had a turnover of Rs 3,403 million and an EBITDA of Rs 797 million and capital employed of Rs 2,319 million on March 31, During 1H FY2010, the R-GEC business had a turnover of Rs 1,868 million and an EBITDA of Rs 597 million. Note: This earnings release contains consolidated results that are unaudited and prepared as per Indian Generally Accepted Accounting Principles (GAAP). Caution Concerning Forward-Looking Statements: This document includes certain forward-looking statements. These statements are based on management's current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive, technological and/or regulatory factors. Zee Entertainment Enterprises Limited is under no obligation to, and expressly disclaims any such obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise. About Zee Entertainment Enterprises Limited: Zee Entertainment Enterprises Limited (Zee) is one of India s leading television media and entertainment companies. It is amongst the largest producers and aggregators of Hindi programming in the world, with an extensive library housing over 80,000 hours of television content. With rights to more than 3,000 movie titles from foremost studios and of iconic film stars, Zee houses the world s largest Hindi film library. Through its strong presence worldwide, Zee entertains over 500 million viewers across 167 countries. Pioneer of television entertainment industry in India, Zee s well known brands include Zee TV, Zee Cinema, Zee Premier, Zee Action, Zee Classic, Ten Sports, Zee Sports, Zee Cafe, Zee Studio, Zee Trendz, Zee Jagran, Zing, ETC Music and ETC Punjabi. Zee has interests in the film production space and operates under two brands- Zee Motion Pictures and Zee Limelight. Zee and its affiliate companies have leading presence across the media value chain including television broadcasting, cable and distribution, direct-to-home satellite services, digital media, multiplexes, amusement parks and print media amongst others. More information about Zee and its businesses is available on Page 10 of 10
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