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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Eros | LSE:EROS | London | Ordinary Share | GB00B13JS954 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 235.50 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Mar 2020 to Mar 2025
TIDMEROS
RNS Number : 5880H
Eros International PLC
13 July 2012
EROS INTERNATIONAL PLC
("Eros" or the "Company")
PRELIMINARY RESULTS FOR THE 12 MONTHS ENDED 31 MARCH 2012
HIGHLIGHTS
-- Revenue up 25.5% to US$206.5 million (2011: US$164.6 million) -- On a constant currency basis revenue up 31.5% US$206.5 million (2011: US$157.0 million) -- Underlying EBITDA up 22.6% to US$154.8 million (2011: US$126.3 million) -- Underlying operating profit up 17.0% to US$66.7 million (2011: US$57.0 million) -- Basic EPS down 17.4% to 31.9 cents (2011: 38.6 cents)
For further information, please contact:
Eros International Plc
Sean Hanafin
Chief Corporate & Strategy Officer
T: +44 (0)20 7258 9909
Jamie M.M. Kirkwood
Group Communications & Investor Relations
T: +44 (0)20 7258 9906
Investec Bank plc
Nominated Adviser & Joint Broker
Patrick Robb / Jeremy Ellis / Carlton Nelson
T: +44 (0) 20 7597 5000
Peel Hunt LLP
Joint broker
Richard Kauffer / Dan Harris / Andy Crossley
T: +44 (0) 20 7418 8900
Pelham Bell Pottinger
Nick Lambert / Victoria Geoghegan / Elizabeth Snow
T: +44 (0) 20 7861 3232
About Eros International Plc
-- Eros co-produces, acquires and distributes Indian language films, in multiple formats worldwide
-- In 2006, Eros listed its shares on the AIM Market of the London Stock Exchange
-- In October 2010, Eros International listed its Indian subsidiary Eros International Media on the BSE & NSE in India
-- Eros operates in over 50 countries, with offices throughout India, the United Kingdom, USA, UAE, Singapore, Australia, Fiji and the Isle of Man
EXECUTIVE CHAIRMAN'S STATEMENT
"I am delighted to report that Eros has seen a 25.5% increase in revenues, a 22.6% increase in underlying EBITDA and a 17.0% increase in underlying operating profit reflecting our growth from fiscal 2011 to 2012. These results are all the more impressive as they have been achieved despite the 13.8% depreciation of the Indian Rupee against the US Dollar in the twelve months ended 31 March 2012. Expected growth in the Indian Entertainment Sector, our global film distribution network and our ongoing investment in content will position us well for the future."
The Company's major global releases during the year were Ready, Zindagi Na Milengi Dobara, Ra. One, Rockstar, Desi Boyz and Agent Vinod. Some of the notable film slate for the current year ending 31 March 2013 comprises Housefull 2 (released in April 2012), Vicky Donor (released in April 2012)Teri Meri Kahaani (released in June 2012), Ferrari ki Sawaari (released in June 2012) and forthcoming releases such as Cocktail, Maatran, Kochadaiyaan and Khiladi 786.
In order to capitalize on emerging trends like growing Internet usage, increased broadband and availability of faster 3G/4G mobile networks, we recently launched Eros Now, our on-demand entertainment portal accessible via internet-enabled devices, with a limited number of movies and music videos and we expect to expand this content offering over time. We believe that Eros Now will serve as a distribution platform to further exploit our extensive library content.
On January 5, 2012, we entered into a $125.0 million revolving credit facility which will mature in January 2017. The new credit facility includes a provision allowing for one or more increases from time to time during the life of the facility by an aggregate amount not to exceed $75.0 million and, on January 27, 2012 we exercised our option to increase the revolving facility by $25.0 million to a total amount of $150.0 million. The new credit facility was drawn on February 14, 2012, and the proceeds of the initial drawing were used to repay in full our then existing revolving credit facilities, which were due to expire before 30 September 2012, and the unsecured overdraft facility at Eros Worldwide with an aggregate value of $150.0 million.
Further to the Company's latest public filing on May 2, 2012 with the United States Securities and Exchange Commission in connection with its proposed listing on the NYSE, the Company announced on 8 June, 2012 that, given the current US equity market conditions, the Company has not yet determined when to launch its intended NYSE listing. The Company is continuing to monitor the situation and, when more clarity is available on timing, the Company will make a specific announcement to the London Stock Exchange. In the meantime, Eros will remain listed on AIM, London Stock Exchange.
The Company had previously announced that it anticipates entering into a definitive agreement on or after April 24, 2012 to acquire a 100% control of B4U Television Network ("B4U"), the global Bollywood television network. Since the agreement was not executed by all selling shareholders within a reasonable timeframe, the transaction has not been completed as intended and stands cancelled. The Company continues to own 24% non-controlling interest in B4U.
Kishore Lulla
Executive Chairman
Operating and Financial Review
This financial review is primarily based upon the comparison of our results for the year ended 31 March 2012 with those of year ended 31 March 2011. Unless otherwise stated percentage growth relates to the percentage comparison between these two periods.
Overview
The primary geographic areas from which we derive revenue are India, Europe and North America, with the remainder of our revenue generated from an area that we report as the rest of world. Outside of India, we distribute films to South Asian expatriate populations and in countries where we release Indian films that are subtitled or dubbed in local languages. Although we expect the portion of our revenue attributable to India to continue to grow, we will continue to opportunistically pursue new global distribution opportunities.
We distribute our film content, which is our one operating segment, globally across, three channels: theatrical, television syndication and digital and ancillary sources. The contribution from these three distribution channels can fluctuate year over year based on, among other things, our mix of films and budget levels, the size of our television syndication deals and our ability to license music in any particular year.
Hot Features
Premium
Underlying Results* Reported Results
2012 2011 Change 2012 2011 Change
(in thousands, except percentage amounts)
Revenue $ 206,474 $ 164,613 25.4% $ 206,474 $ 164,613 25.4%
Gross Profit 89,430 76,596 16.8% 89,430 76,596 16.8%
EBITDA* 154,805 126,321 22.6% 149,516 125,394 19.2%
Operating
profit* 66,727 57,005 17.1% 61,438 56,078 9.6%
*EBITDA is profit before depreciation of tangible assets, amortisation of intangible assets, finance costs, other gains and losses and income tax. Operating profit is profit before net finance costs, other gains and losses and income tax. The Underlying EBITDA and operating profit results add back share based payment charges.
We released 77 films in the year ended 31 March 2012 compared to 78 in the year ended March 31, 2011. Of these films, six were high profile compared to three high profile films in the year ended 31 March 2011. The six globally released films were Ra. One, Zindagi Na Milengi Dobara, Ready, Rockstar, Desi Boyz and Agent Vinod.
Higher revenue was partially offset by the negative impact of foreign exchange rate fluctuations, in particular in the quarter ended December 2011. In addition one of the six high profile films released in the year ended 31 March 2012, Agent Vinod, was rescheduled to release in the final week of the year ended 31 March 2012, resulting in all expected revenues from the film not falling in the year ended 31 March 2012.
Revenue
Revenue was $206.5 million for the year ended 31 March 2012, compared to $164.6 million in the year ended 31 March 2011 an increase of $41.9 million, or 25.5%.
Revenue by customer location from India was $136.9 million in the year ended 31 March 2012, compared to $108.3 million in the year ended 31 March 2011, an increase of $28.6 million, or 26.4% principally reflecting the growth in theatrical revenue. Revenue from Europe was $26.9 million in the year ended 31 March 2012, compared to $21.8 million in the year ended 31 March 2011, an increase of $5.1 million, or 23.4%, principally reflecting the growth in theatrical revenue and other syndication revenues. Revenue from North America was $8.4 million in the year ended 31 March 2012, compared to $8.6 million in the year ended 31 March 2011, a decrease of $0.2 million, or (2.3)%, principally reflecting lower syndication revenues despite a growth in theatrical revenue. Revenue from rest of world was $34.3 million in the year ended 31 March 2012, compared to $25.9 million in the year ended 31 March 2011, an increase of $8.4 million, or 32.4%, principally reflecting the additional revenue from distribution in new territories and revenues from the United Arab Emirates.
Our revenue growth was primarily attributable to an increase in theatrical revenue in the year ended 31 March 2012, as a result of the increased number of high profile films with recognized star casts resulting in higher Indian and international revenue. The higher revenue in India was a result of wider screen releases, higher than average ticket prices resulting from the continued increase in multiplex and digital screens in India and premiums charged for tickets for one 3D film release, and the timing of theatrical releases. Our high profile films in the year ended 31 March 2012 were on average released on 5.5% more screens than similar films in the year ended 31 March 2011. The growth in our theatrical revenues reflected in particular the success of our globally released films, Ra. One, Zindagi Na Milengi Dobara, Ready, Rockstar and Desi Boyz, all of which were high profile films with recognized casts. Television syndication continued to be strong with the high profile films helping us continue to syndicate attractive bundles of new and catalogue films. Ra.One, Zindagi Na Milegi Dobara and Rockstar were premiered on Star TV while Agent Vinod and Desi Boyz were premiered on Zee TV. Music and mobile monetisation from the music tracks of the high profile continued to be strong. Television and music pre-sales formed an important part of the company's monetization strategy and contributed towards de-risking content investment.
Cost of sales
Cost of sales increased by $29.0 million, or 33.0%, for the year ended 31 March 2012 to the year ended 31 March 2011. The increase was primarily due to an increase in film amortization costs of $18.4 million in the period, driven by the increased film release slate cost for six high profile films in the year ended 31 March 2012 as compared to three high profile films in the year ended 31 March 2011 and the cumulative impact of amortization costs associated with our increased catalogue films. This increase also reflected a $5.5 million increase in advertising costs due to wider advertising of our high profile releases offset by increased marketing tie ups. Print costs remained consistent in the two periods as wider screen releases and higher profile larger scale releases were offset by higher usage of lower cost digital prints.
Gross profit
Gross profit was $89.4 million in the year ended 31 March year 2012, compared to $76.6 million in the year ended 31 March 2011, an increase of $12.8 million, or 16.7%, driven primarily by the increase in revenue, which was partially offset by an increase in cost of sales. As a percentage of revenue, our gross profit margin reduced to 43.3% from 46.5% in the years ended 31 March 2012 and 31 March 2011.
Administrative costs
Administrative costs, including rental, legal, travel and audit expenses, were $28.0 million in the year ended 31 March 2012, compared to $20.5 million in the year ended 31 March 2011, an increase of $7.5 million, or 36.6%, which was driven by an increase of $4.4 million of share based payment charges compared to the year ended 31 March 2011, and $2.3 million of additional overhead due to investment in set up of digital revenue streams such as Eros Now including personnel and other costs. As a percentage of revenue, administrative costs were 13.6% in the year ended 31 March 2012, compared to 12.5% in the year ended 31 March 2011. The share based payment charges comprise the ongoing charges arising from the Indian IPO share option scheme, bonuses granted ahead of the anticipated listing on the New York Stock Exchange together with a charitable donation. As at 31 March 2012, costs incurred in respect of the anticipated listing on the New York Stock Exchange, excluding costs in relation to employees, has been deferred and is shown with in prepaid charges in trade and other receivables.
Underlying EBITDA
Underlying EBITDA profit was $154.8 million in the year ended 31 March year 2012, compared to $126.3 million in the year ended 31 March 2011, an increase of $28.5 million, or 22.6%, driven primarily by the increase in revenue, which was partially offset by an increase in cost of sales. As a percentage of revenue, our underlying EBITDA profit margin decreased slightly to 75.0% from 76.7% in the years ended 31 March 2012 and 31 March 2011.
Underlying operating profit
Underlying operating profit was $66.7 million in the year ended 31 March year 2012, compared to $57.0 million in the year ended 31 March 2011, an increase of $9.7 million, or 17.0%. As a percentage of revenue, our Underlying operating profit marginally reduced to 32.3% from 34.6% in the years ended 31 March 2012 and 31 March 2011 reflecting the changes in gross profit margin and the digital investment costs within administrative expenses.
Net finance costs
Net finance cost in the year ended 31 March 2012 was $1.0 million, compared to net finance costs of $1.6 million in the year ended 31 March 2011, a movement of $0.6 million. The change is primarily attributable to an increase in finance income from IPO funds on deposit following the listing of our Indian subsidiary in October, 2010.
Other gains and losses
Other losses in the year ended 31 March 2012 of $6.8 million principally comprise a $4.3 million interest rate hedging charge, $1.3 million in respect of a provision in respect of one of our available-for-sale equity investments previously shown within other comprehensive income and, a net foreign exchange loss of $1.1 million.. In the year ended 31 March 2011 we had a gain of $1.3 million principally arising from a foreign exchange gain of $1.1 million. The foreign exchange loss was mainly derived from the fall of the rupee and a loss arising on a dollar denominated loan in our Indian subsidiary. The hedging loss of $4.3 million arose from the refinancing of our revolving credit facility and a change in our interest hedging strategy.
Income Tax Expense
Income tax expense in the year ended 31 March 2012 was $10.1 million, compared to $8.2 million in the year ended 31 March 2011, an increase of $1.9 million, or 23.2%. Our effective tax rate was 18.8% in the year ended 31 March 2012, compared to 14.8% in the year ended 31 March 2011. The ongoing increases in effective rate reflect the increase in the amount of taxes due within India in the year ended 31 March 2012. Our income tax expense in the year ended 31 March 2012 included $4.9 million of estimated current tax expense and $5.1million of estimated deferred tax expense.
Earnings per share
Earnings per share ("EPS") in the year ended 31 March 2012 was impacted by the inclusion of the first time full year minority interest share, following the listing of Eros International Media Limited, our principal Indian subsidiary on the Indian Bombay and National stock exchanges in November 2010. Basic EPS in the year ended 31 March 2012 was 32 cents, compared to 39 cents in the year ended 31 March 2011, a decrease of 18.0%. Fully diluted EPS in the year ended 31 March 2012 was 31 cents, compared to 38 cents in the year ended 31 March 2011, a decrease of 18.4%.
Other financial information
Our reporting currency is the U.S. dollar. Transactions in foreign currencies are translated at the exchange rate prevailing at the date of the transaction. Monetary assets and liabilities in foreign currencies are translated into U.S. dollars at the exchange rates at the applicable balance sheet date. For the purposes of consolidation of foreign operations, all income and expenses are translated at the quarterly average rate of exchange during the periods covered by the applicable statement of income and assets and liabilities are translated at the exchange rate prevailing on the balance sheet date. When the U.S. dollar strengthens against a foreign currency, the value of our sales and expenses in that currency converted to U.S. dollars decreases. When the U.S. dollar weakens, the value of our sales and expenses in that currency converted to U.S. dollars increases.
Recently, there have been periods of higher volatility in the Indian Rupee and U.S. dollar exchange rate, including the year ended March 31, 2012. This volatility is illustrated in the table below for the periods indicated:
Year ended Period End Average (1) High Low 31 March 2011 44.54 45.46 47.49 43.90 31 March 2012 50.70 48.01 53.71 44.00
(1) Represents the average of the exchange rates on the last day of each month during each period presented.
This volatility in the Indian Rupee as compared to the U.S. dollar has impacted our results of operations as shown in the table below comparing the reported results against constant currency comparables based upon the average rate of exchange for each of the four quarters ended 31 March 2012, weighted in proportion to the revenue recognized in each quarter, of INR 48.63 to $1.00. In addition to the impact on gross profit, the volatility during the year ended 31 March 2012 also led to a non-cash foreign exchange loss of $1.1 million principally on our Indian subsidiaries' foreign currency loans in the year ended 31 March 2012 compared to a non-cash foreign exchange profit of $1.1 million in the year ended 31 March 2011 reflected in other gains and losses.
2011 Unaudited
2012 2011 Constant
Reported Reported Currency Decline
Revenue $ 206.5 $ 164.6 $157.0 $ (7.6)
Cost of sales (117.1) (88.0) (85.7) (2.3)
Gross profit $ 89.4 $ 76.6 71.3 $ (5.3)
The impact of the decline in the Rupee to the US Dollar is shown in the above table which shows that on a constant currency basis the gross profit for the year ended 31 March 2011 would have been reduced by $5.3 million or 6.9%.
Sources and Uses of Cash
2012 2011
Net cash from operating activities $ 117,703 $ 100,661
Net cash used in investing activities $ (141,667) $ (139,332 )
Net cash from financing activities $ 51,756 $ 77,443
Net cash from operating activities in the year ended 31 March 2012 was $117.7 million, compared to $100.7 million in the year ended 31 March 2011, an increase of $17.0 million, or 16.9 %, notwithstanding decrease in income taxes and an increase interest paid in the year ended 31 March 2012 of $2.1 million and $0.5million, respectively. In addition, there was an increase in working capital of $21.5 million due to increase of $5.9 million in trade payables and an increase in trade receivables of $27.7 million in the year ended 31 March 2012 compared to decrease of $7.9 million in trade payables and an increase in trade receivables of $2.6 million in the year ended 31 March 2011.
Net cash used in investing activities in the year ended 31 March 2012 was $141.7 million, compared to $139.3 million in the year ended 31 March 2011, an increase of $2.4 million, or 1.7%, reflecting an increase in our investment in film content in the year ended 31 March 2011and future years offset by a decline in investment in property, plant and equipment combined with an increase in interest received. Our investment in film content in the year ended 31 March 2012 was $142.7 million, compared to $129.8 million in the year ended 31 March 2011 an increase of $12.9 million, or 9.9%, reflecting a change in the mix of acquired and co-produced films. Of both films released in the period and films scheduled for future release, to more high profile Hindi films and ongoing investments in our film library. Our purchase of property, plant and equipment in the year ended 31 March 2012 was $1.2million, compared to $10.0 million in the year ended 31 March 2011, a decrease of $8.8 million, or 88.0%, which related principally to the purchase of a property for our main Mumbai offices, which was previously leased in the year ended 31 March 2011.
Net cash from financing activities in the year ended 31 March 2012 was $51.8 million, compared to $77.4 million in the year ended 31 March 2011, principally as a result of the net proceeds of $71.1 million arising from the initial public offering of a 78.11% interest in Eros India in the year ended 31 March 2011 and additional proceeds of short-term and long-term borrowing of $50.2 million in the year ended 31 March 2012.
A registration statement relating to Eros' A Ordinary Shares has been filed with the United States Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any offer or sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
Some of the information presented in this press release and in related comments by Eros' management contains forward-looking statements. In some cases, these forward-looking statements are identified by terms and phrases such as "aim," "anticipate," "believe," "feel," "contemplate," "intend," "estimate," "expect," "continue," "should," "could," "may," "plan," "project," "predict," "will," "future," "goal," "objective," and similar expressions and include references to assumptions and relate to Eros' future prospects, developments and business strategies. Similarly, statements that describe Eros' strategies, objectives, plans or goals and statements regarding the proposed offering and the anticipated costs of these transactions are forward-looking statements and are based on information available to Eros as of the date of this press release. Forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those contemplated by the relevant statement. Such risks and uncertainties include a variety of factors, some of which are beyond Eros' control, including market conditions. Information concerning these and other factors that could cause results to differ materially from those contained in the forward-looking statements is contained under the caption "Risk Factors" in Eros' Registration Statement on Form F-1 filed with the U.S. Securities and Exchange Commission. Eros undertakes no obligation to revise the forward-looking statements included in herein to reflect any future events or circumstances, except as required by law. Eros' actual results, performance or achievements could differ materially from the results expressed in, or implied by, these forward-looking statements.
SUMMARISED AUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS OF MARCH 31, 2012 AND 2011
As at March 31
------------------------------
Note 2012 2011
(in thousands)
ASSETS
Non-current assets
Property, plant and equipment 5 $12,622 $14,075
Goodwill 1,878 1,878
Intangible assets - trade name 14,000 14,000
Intangible assets - content 6 473,092 421,901
Intangible assets - others 7 1,870 698
Available-for-sale financial
assets 30,385 25,556
Deferred tax assets 407 265
$534,254 $478,373
Current assets
Inventories $1,130 $1,561
Trade and other receivables 8 78,650 57,659
Current tax receivable 4,937 6,081
Other financial assets 1,573 -
Cash and cash equivalents 10 145,422 126,167
231,712 191,468
Total assets $765,966 $669,841
LIABILITIES
Current liabilities
Trade and other payables 9 $27,239 $23,197
Short-term borrowings 11 68,527 49,611
Other financial liabilities 1,538 4,579
Current tax payable 2,610 429
$99,914 $77,816
Non-current liabilities
Long-term borrowings 11 $180,768 $149,310
Other financial liabilities 11,027 -
Deferred tax 20,009 17,340
211,804 166,650
Total liabilities 311,718 244,466
Net assets $454,248 $425,375
EQUITY
Equity attributable to equity
holders of the parent
Share capital 12 $21,687 $21,349
Share premium 135,008 128,296
Translation reserve (20,534) 102
Reverse acquisition reserve (22,752) (22,752)
Other reserves 59,781 56,893
Retained earnings 242,975 205,745
416,165 389,633
Non controlling interest 38,083 35,742
Total equity $454,248 $425,375
SUMMARISED AUDITED CONSOLIDATED INCOME STATEMENTS
FOR THE YEAR ENDED MARCH 31, 2012 AND 2011
Year ended March 31
Note 2012 2011
(in thousands, except
per share amounts)
Revenue 1 $206,474 $164,613
Cost of sales (117,044) (88,017)
Gross profit 89,430 76,596
Administrative costs (27,992) (20,518)
Operating profit 61,438 56,078
Financing costs (5,697) (3,570)
Finance income 4,688 1,986
Net finance costs 2 (1,009) (1,584)
Other gains/(losses) 3 (6,790) 1,293
Profit before tax 53,639 55,787
Income tax expense (10,059) (8,237)
Profit for the year $43,580 $47,550
Attributable to:
Owners of the parent 37,406 44,796
Non-controlling interest 6,174 2,754
$43,580 $47,550
Earnings per share (cents)
Basic earnings per share 4 31.9 38.6
Diluted earnings per share 4 31.4 38.1
SUMMARISED AUDITED CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED MARCH 31, 2012 AND 2011
Year ended March 31
-------------------------
Note 2012 2011
(in thousands, except
per share amounts
Profit for the year $ 43,580 $47,550
Reclassification of revaluation of
freehold buildings - (67)
Reclassification adjustment relating
to available-for-sale financial assets 1,230 -
Fair value adjustment of available-for-sale
financial assets 4,829 (3,045)
Exchange differences on translating
foreign operations (30,049) 376
Reclassification of gains on cash
flow hedges 4,405 (3,068)
Change in fair value of cash flow
hedges (3,847) 3,617
Total comprehensive income for the
year $ 20,148 $45,363
Attributable to non-controlling interests $ 1,602 $2,758
Attributable to owners of Eros International
Plc $ 18,546 $42,605
SUMMARISED AUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED MARCH 31, 2012 AND 2011
Year ended March 31
---------------------------
Note 2012 2011
(in thousands)
Cash flow from operating activities
Profit before tax $53,639 $55,787
Adjustments for:
Depreciation 1,275 928
Share based payment 5,289 927
Amortization of intangibles 86,804 68,114
Non cash items 5,511 -
Net finance charge 1,009 1,584
Impairment of available-for-sale
financial assets - -
Movement in trade and other receivables (27,689) (2,618)
Movement in inventories 341 248
Movement in trade payables 5,861 (7,873)
(Gain)/loss on sale of property,
plant and equipment 239 (193)
Cash generated from operations 132,279 116,904
Interest paid (10,368) (9,906)
Income taxes paid (4,208) (6,337)
Net cash generated from operating
activities $ 117,703 $100,661
Cash flows from investing activities
Purchase of property, plant and
equipment (1,224) (9,964)
Proceeds from disposal of property,
plant and equipment 8 784
Purchase of intangible film rights
and related content (142,675) (129,806)
Purchase of intangible assets others (1,572) (268)
(Purchase)/Sale of available-for-sale
financial assets - (2,020)
Interest received 3,796 1,942
Net cash used in investing activities $ (141,667) $(139,332)
Cash flows from financing activities
Net proceeds from issue of share
capital by subsidiary 1,498 71,063
Net proceeds from issue of share
capital 15 -
Proceeds/(repayment) of short-term
borrowings 19,588 8,613
Proceeds/(repayment) from long-term
borrowings 30,655 (2,233)
Net cash generated from financing
activities $ 51,756 $77,443
Net increase in cash and cash equivalents 27,792 38,772
Effects of exchange rate changes
on cash and cash equivalents (8,537) (218)
Cash and cash equivalents at beginning
of year 126,167 87,613
Cash and cash equivalents at end
of year $ 145,422 $126,167
SUMMARISED AUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
FOR THE YEAR ENDED MARCH 31, 2012
Share Reverse Non-
Share Premium Translation Retained Acquisition Other Controlling Total
Capital Account Reserve Earnings Reserve Reserves Total Interest Equity
(in thousands)
Balance at March
31, 2011 $21,349 $128,296 $102 $205,745 $(22,752) $56,893 $389,633 $35,742 $425,375
Gain/Losses of
available for
sale financial
assets - - - - - 1,230 1,230 - 1,230
Fair value
adjustments of
available for
sale financial
assets - - (1,617) - - 6,446 4,829 - $ 4,829
Reclassification
of loss on cash
flow hedges - - - - - 4,405 4,405 - 4,405
Fair value
adjustment of
cash flow hedge - - - - - (3,847) (3,847) - (3,847)
Exchange
difference on
translating
foreign
operations - - (19,019) - - (6,458) (25,477) (4,572) (30,049)
Other
comprehensive
income - - (20,636) - - 1,776 (18,860) (4,572) (23,432)
Profit for the
year - - - 37,406 - - 37,406 6,174 43,580
Total
comprehensive
income for the
period - - (20,636) 37,406 - 1,776 18,546 1,602 20,148
Shares issued - - - (176) - 1,112 936 562 1,498
Share based
payment 338 6,712 - - - - 7,050 177 7,227
Balance at March
31, 2012 $21,687 $135,008 $(20,534) $242,975 $(22,752) $59,781 $416,165 $38,083 $454,248
(1) During the year ended March 31, 2012 the Group's Indian subsidiary, Eros International Media Limited, has issued shares to the employees of the company under ESOP scheme resulting in an increase in the non-controlling interest in accordance with the policy set out in 3.2 to the principal accounting policies.
SUMMARISED AUDITED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
FOR THE YEAR ENDED MARCH 31, 2011
Share Reverse Non-
Share Premium Translation Retained Acquisition Other Controlling Total
Capital Account Reserve Earnings Reserve Reserves Total Interest Equity
(in thousands)
Balance at March
31, 2010 $21,349 $128,296 $(270) $171,54 $(22,752) $6,81 $304,989 $2,200 $307,189
Revaluation
adjustment of
freehold buildings - - - - - (67) (67) - (67)
Fair value
adjustment of
available-for-sale
financial assets - - - - - (3,045) (3,045) - (3,045)
Reclassification of
gain on cash flow
hedges - - - - - (3,068) (3,068) - (3,068)
Fair value
adjustment of cash
flow hedge - - - - - 3,617 3,617 - 3,617
Exchange difference
on translating
foreign operations - - 372 - - - 372 4 376
Other comprehensive
income - - 372 - - (2,563) (2,191) 4 (2,187)
Profit for the year - - - 44,796 - - 44,796 2,754 47,550
Total comprehensive
income for the
period - - 372 44,796 - (2,563) 42,605 2,758 45,363
Shares issued by
subsidiaries(1) - - - (11,527) - 52,639 41,112 30,784 71,896
Share based payment - - - 927 - - 927 - 927
Balance at March
31, 2011 $21,349 $128,296 $102 $205,745 $(22,752)) $56,893 $389,633 $35,742 $425,375
(1) During the year ended March 31, 2011 the Group's Indian subsidiary, Eros International Media Limited, completed an IPO resulting in an increase in the non-controlling interest in accordance with the policy set out in 3.2 to the principal accounting policies.
1 BUSINESS SEGMENTAL DATA
Eros acquires, co-produces and distributes Indian films in multiple formats worldwide. Film content is monitored and strategic decisions around the business operations are made based on the film content, whether it is new release or catalogue. Hence, management identifies only one operating segment in the business, film content. We distribute our film content to the Indian population in India, the South Asian diaspora worldwide and to non-Indian consumers who view Indian films that are subtitled or dubbed in local languages. As a result of these distribution activities, Eros has identified four geographic markets, India, North America, Europe and the Rest of the World.
Revenues are presented based on the region of domicile and by customer location:
Year ended March 31
-----------------------
2012 2011
(in thousands)
Revenue by region of domicile
India $ 113,573 $81,292
Europe 41,828 44,529
North America 10,454 5,056
Rest of the world 40,619 33,736
$ 206,474 $164,613
Year ended March 31
2012 2011
(in thousands)
Revenue by customer location
India $136,942 $108,339
Europe 26,852 21,787
North America 8,379 8,617
Rest of the world 34,301 25,870
Total Revenue $206,474 $164,613
One customer, an aggregator of television rights, Dhrishti Creations Pvt. Ltd., accounted for 11.8% of the Group's total revenues for the year ended March 31, 2012. (2011: 23 %) For the year ended March 31,2012 and March 31, 2011 no customers other than Dhrishti Creations Pvt. Ltd. accounted for more than 10% of the Group's total revenues.
There were no significant non-cash expenses during the year except the impairment, loss on sale of assets, share based incentives, depreciation, derivative interest and amortization disclosed above and a share based payment charge of 2012: $5,289,451 (2011: $927,000).
North Rest of the
India America Europe World
Assets (in thousands)
As of March 31, 2012 $273,435 $3,397 $162,853 $ 326,281
As of March 31, 2011 $254,383 $1,759 $152,273 $261,426
Rest of
North the
India America Europe World
Liabilities (in thousands)
As of March 31, 2012 $113,458 $874 $37,983 $ 159,403
As of March 31, 2011 $ 80,978 $888 $5,091 $ 157,509
2 FINANCE CHARGES AND INCOME
Year ended March 31
-----------------------
2012 2011
(in thousands)
Interest on bank overdrafts and loans $ 9,341 $ 8,677
Interest on other borrowings 120 -
Total interest expense for financial liabilities
not classified at fair value through profit
or loss 9,461 8,677
Reclassification of gains on hedging previously
recognized in other comprehensive income 2,223 3,068
Loss arising on interest swaps as designated
hedging instruments - -
Capitalized interest on filmed content (5,987) (8,175)
5,697 3,570
Less: Interest Received (4,688) (1,986)
$ 1,009 $1,584
For the year ended March 31, 2012, the capitalization rate of interest was 5.2% (2011: 6.0%).
3 OTHER GAINS AND LOSSES
Year ended March 31
-------------------------
2012 2011
(in thousands)
(Gain)/loss on disposal of property, plant
and equipment $ 239 $ (193)
Net foreign exchange (gains)/losses 1,057 (1,100)
Net (gain)/loss on held for trading financial
liabilities 4,264 -
Hedge ineffectiveness on cash flow hedges - -
Reclassification adjustment relating to available-for-sale
financial assets 1,300 -
Foreign exchange (gain)/loss on available-for
sale financial assets (70) -
$6,790 $ (1,293)
The net loss on held for trading financial liabilities in the year ended March 31, 2012 principally relates to losses arising on a previously effective interest swap as a result of a change in hedging strategy.
4 EARNINGS PER SHARE
Year ended March 31
------------------------------------------------
2012 2011
Basic Diluted Basic Diluted
(in thousands, except earnings
per share)
Earnings
Earnings attributable to the
equity holders of the parent $37,406 $37,406 $44,796 $44,796
Potential dilutive effect related
to share based compensation
scheme in subsidiary undertaking - (507) - (481)
Adjusted earnings attributable
to equity holders of the parent $37,406 $36,899 $44,796 $44,315
Number of shares
Weighted average number of shares 117,227 117,227 116,134 116,134
Potential dilutive effect related
to share based compensation
scheme - 187 - 187
Adjusted weighted average number
of shares 117,227 117,414 116,134 116,321
Earnings per share
Earnings attributable to the
equity holders of the parent
per share (cents) 31.9 31.4 38.6 38.1
5 PROPERTY, PLANT AND EQUIPMENT
Year ended March 31, 2012
Land Furniture,
and Fittings and Plant and
Building Equipment Vehicles Machinery Total
(in thousands)
Opening net book amount $ 10,767 $ 1,516 $581 $1,211 $14,075
Exchange differences (755) (389) (63) 52 (1,155)
Additions 189 14 95 926 1,224
Disposals - (136) (7) (104) (247)
Depreciation charge (659) (88) (150) (378) (1,275)
Closing net book amount $9,542 $ 917 $ 456 $ 1,707 $ 12,622
As at March 31, 2012
(in thousands)
Cost or valuation $11,198 $2,367 $1,725 $ 6,005 21,295
Accumulated depreciation (1,656) (1,450) (1,269) (4,298) (8,673)
Net book amount $ 9,542 917 456 1,707 12,622
Year ended March 31, 2011
Land Furniture,
and Fittings and Plant and
Building Equipment Vehicles Machinery Total
(in thousands)
Opening net book amount $2,271 $1,012 $594 $1,556 $5,433
Exchange differences 218 18 6 20 262
Additions 8,834 622 301 142 9,899
Disposals (429) - (159) (3) (591)
Depreciation charge (127) (136) (161) (504) (928)
Closing net book amount $10,767 $1,516 $581 $1,211 $14,075
As at March 31, 2011
(in thousands)
Cost or valuation 11,764 2,742 1,693 5,027 21,226
Accumulated depreciation (997) (1,226) (1,112) (3,816) (7,151)
Net book amount $10,767 $1,516 $581 $1,211 $14,075
Land and buildings with a carrying amount of approximately $8,239,807 (2011; $9,932,465) have been pledged to secure borrowings (see note 18).
6 INTANGIBLE CONTENT ASSETS
Gross Content Accumulated
Assets Amortization Content Assets
(in thousands)
As at March 31, 2012
Film and content rights 599,172 (288,457) 310,715
Content advances 162,377 - 162,377
Non Current Content
assets $761,549 $(288,457) $473,092
As at March 31, 2011
Film productions $170 - $170
Film and content rights 487,046 (228,680) 258,366
Content advances 163,365 - 163,365
Non Current Content
assets $650,581 $(228,680) $421,901
Changes in the main content assets are as follows:
Year ended March 31
2012 2011
(in thousands)
Film productions
Opening balance $170 $7,878
Additions 22 1,297
Changes in foreign currency translation (22) (88)
Transfer to film and content rights (170) (8,917)
Closing balance $- $170
Content advances
Opening balance $163,365 $123,106
Additions 159,725 136,684
Changes in foreign currency translation (13,489) 1,649
Transfer to film and content rights (147,224) (98,074)
Closing balance $162,377 $163,365
Film and content rights
Opening balance $258,366 $218,244
Amortization (86,525) (67,839)
Changes in foreign currency translation (8,520) 970
Transfer from other content assets 147,394 106,991
Closing balance $310,715 $258,366
7 OTHER INTANGIBLE ASSETS
Other intangibles are comprised of internally generated software used within the Group's digital and home entertainment activities.
Year ended March 31
Accumulated
Gross Amortization Net
(in thousands)
As at March 31, 2012 $3,422 $(1,552) $ 1,870
As at March 31, 2011 $1,971 $(1,273) $698
The changes in other intangible assets are as follows:
Year ended March
31
--------------------
2012 2011
(in thousands)
Opening balance $698 $692
Additions during the year 1,572 268
Changes in foreign currency translation (121) 13
Amortization (279) (275)
Closing balance $1,870 $698
8 TRADE AND OTHER RECEIVABLES
As at March 31
--------------------
2012 2011
(in thousands)
Trade accounts receivable $61,819 $49,794
Trade accounts receivable reserve (478) (221)
Trade accounts receivable net 61,341 49,573
Other receivables 11,805 7,285
Prepaid charges 5,504 801
Trade accounts receivable and other $78,650 $57,659
An element of trade accounts receivable that have not been impaired are past due as at the reporting date. The age of these financial assets past due were as follows:
As at March 31
------------------
2012 2011
(in thousands)
Not more than three months $4,219 $963
More than three months but not more than six
months 1,032 793
More than six months but not more than one
year 829 1,201
More than one year 1,469 2,513
$7,549 $5,470
The movements in the trade receivable provisions are as follows:
As at March 31
2012 2011
(in thousands)
At April 1 $221 $87
Utilizations (124) -
Provisions 381 134
At March 31 $478 $221
The carrying amount of trade and other receivables is considered a reasonable approximation of fair value. There were no amounts held as collateral in respect of any of the years.
9 TRADE AND OTHER PAYABLES
As at March 31
------------------
2012 2011
-------
(in thousands)
Trade accounts payable $10,399 $15,134
Accruals & other payables 12,071 3,038
Social security & other taxes payable 4,769 5,025
$27,239 $23,197
The Group considers that the carrying amount of trade and other payables approximate their fair value.
10 CASH AND CASH EQUIVALENTS
Cash and Cash equivalents consist of cash on hand and balance with banks and investments in money market investments, noted as held - to - maturity investments. Cash and Cash equivalents included in the statement of cash flows comprise amounts in the statement of financial position.
As at March 31
----------------------
2012 2011
(in thousands)
Held-to-maturity investments $8,552 $33,268
Cash at bank and in hand 136,870 92,899
$145,422 $126,167
11 BORROWINGS
Analysis of long-term borrowings
As at March
31
-----------
Nominal
Interest Rate Maturity 2012 2011
%
(in thousands)
Asset backed borrowings
Term loan LIBOR+7.5% 2015 $ 1,819 $ 2,830
Term loan BPLR+5.5% 2012 - 557
Term loan LIBOR+8.5% 2017 2,033 3,376
Term loan BPLR 2012 - 75
Term loan BPLR+1.25% 2012 - 135
Asset loan 10-15% 2015 819 1,247
Term loan BR + 5.5% 2012 - 5,131
Term loan 10-15% 2012 157 45
Term loan BR+1.80% 2017 19,665 -
$24,493 $13,396
Unsecured borrowings
Other borrowings 10.5% 2022 $ 10,804 -
$100 million revolving
facility LIBOR+1.65% 2012 - $100,000
$25 million revolving
facility LIBOR+2.35% 2012 - 25,000
$20 million revolving
facility LIBOR +3% 2012 - 20,000
$150 million revolving LIBOR +1.9%
facility - 2.9% + Mandatory
Cost 2017 $ 150,000 -
$ 160,804 $145,000
Nominal value of borrowings $ 185,297 $ 158,396
Cumulative effect of unamortized
costs (2,183) (845)
Installments due within
one year (2,346) (8,241)
Long-term borrowings -
at amortised cost $ 180,768 $ 149,310
Bank prime lending rate ("BPLR") is the Indian equivalent to LIBOR. Asset backed borrowings are secured by fixed and floating charges over certain group assets.
Analysis of short-term borrowings
As at March 31
--------------------
Nominal interest
rate (%) 2012 2011
(in thousands)
Asset backed borrowings
Export credit and overdraft LIBOR+ 1-2.5% $40,626 $26,825
Unsecured Borrowings
Commercial Paper 10.95% -11.95% 25,555 4,506
Book Overdraft BR+ 2% - 10,039
Installments due within one year
on long-term borrowings 2,346 8,241
Short-term borrowings - at amortised
cost $68,527 $49,611
12 ISSUED SHARE CAPITAL
Number of
Shares GBP
(in thousands)
Authorized
200,000,000 ordinary shares of 10p each ("Ordinary Shares") at March 31, 2012, and
March 31,
2011 200,000,000 20,000
Number of
Shares USD
(in thousands)
Allotted, called up and fully paid
As at March 31, 2010 and March 31, 2011 116,133,758 21,349
Allotment of shares on 1 June 2011 107,776 18
Allotment of shares on 3 October 2011 2,075,340 320
As at March 31, 2012 118,316,874 21,687
The allotment of shares on June 1, 2011 were shares issued for employee bonus/remuneration issued at $3.60 a share based on the mid-market price on May 31, 2011. The allotment on October 3, 2011 were shares issued to employees, directors and a charity as bonus/remuneration/charitable donation at $3.20 a share based on the mid-market price on October 3, 2011.
The holders of Ordinary Shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company.
13 MAJOR CONSOLIDATED ENTITIES
Country % of voting
of rights
Date Incorporation held
Eros Network Limited June 06 U.K. 100
Eros International Limited June 06 U.K. 100
Eros International USA Inc June 06 U.S. 100
Eros Music Publishing Limited June 06 U.K. 100
Eros Worldwide FZ-LLC June 06 UAE 100
Eros International Media Limited June 06 India 77.83
Eros International Films Pvt. Limited June 06 India 100
Eros Pacific Limited June 06 Fiji 100
Eros Australia Pty Limited June 06 Australia 100
Big Screen Entertainment Pvt. Limited January 07 India 64
Copsale Limited June 06 BVI 100
Ayngaran International Limited October 07 IOM 51
Ayngaran International UK Limited October 07 U.K. 51
Ayngaran International Media Pvt.
Limited October 07 India 51
Acacia Investments Holdings Limited April 08 BVI 100
Eyeqube Studios Pvt. Limited January 08 India 99.99
Belvedere Holdings Pte. Ltd. March 2010 Singapore 100
Eros International Pte Ltd. August 2010 Singapore 100
Ayngaran Anak Media Pvt. Limited October 08 India 51
All of the companies were involved with the distribution of film content and associated media. All the companies are indirectly owned with the exception of Eros Network Limited and Eros Worldwide FZ-LLC.
The Group was holding 99.99% share capital of Eros International Media Ltd (EIML) as on April 1, 2010.
The shareholding of the Group reduced to 78.11% on IPO of EIML on October 1, 2010. The Group shareholdings further reduced to 77.98 % on October 14, 2010 and 77.83% on February 2, 2012 on exercise of ESOP by the employees.
14 POST BALANCE SHEET EVENTS
On 24 April 2012 following an EGM shareholders approved the waiving of pre-emption rights in connection with the proposed allotment and issue of such number of A Ordinary Shares as the Directors may in their absolute discretion determine in connection with a registered public offering in the US of such A Ordinary Shares and the proposed listing of A Ordinary Shares on the New York Stock Exchange. In addition, Shareholders also approved the following actions, all of which are subject to, and will have effect only on the listing of the A Ordinary Shares on the New York Stock Exchange:
-- adoption of the New Articles;
-- re-designation of all Shares, save for those Shares held by the B Shareholders (the Company's founders as described below), as A Ordinary Shares;
-- re-designation of all Shares held by the B Shareholders as B Ordinary Shares; and
-- cancellation of the admission of the A Ordinary Shares to trading on AIM, as soon as practicable after the listing of the A Ordinary Shares on the New York Stock Exchange.
On 3 May 2012 shareholders approved a resolution, relating to a 1 for 3 share consolidation subject to the anticipated New York Exchange Listing. The amounts disclosed in respect of the following share grant awards, joint share ownership plan and option awards are stated before the 1 for 3 share consolidation. The vesting of the awards and share ownership plan are conditional on the New York Stock Exchange listing.
The share grant awards
On March 29, 2012, our board of directors approved a grant of our A ordinary shares in an aggregate amount of up to 1% of our issued share capital following this offering, or the Share Grant Awards, to certain employees and directors of the Company and certain subsidiaries and holding companies in connection with this offering. On April 17, 2012, as part of the Share Grant Awards, we approved a grant of 8, 99,436 of our A ordinary shares to certain of our employees, valued at a price equal to the New York Stock Exchange initial public offering price per share in this offering, conditional upon the consummation of this offering and continued employment for six months following consummation of the offering.
The joint share ownership plan
On March 29, 2012, our board of directors approved a joint share ownership program, or JSOP, pursuant to which certain of our employees and executive directors, and of certain of our subsidiaries, may acquire shares jointly with the trustee of our Employee Benefit Trust upon receiving a grant by our board of directors to do so. Our board of directors has approved the grant of an aggregate number of A ordinary shares issued pursuant to the JSOP and the Option Awards, as discussed below, not to exceed 8% of our issued share capital following this offering. The ownership and related vesting arrangements for such grants will be governed by deeds between each participant and the trustee. Pursuant to the deed governing the Employee Benefit Trust, the trustee has waived its rights to receive dividends, but has retained its right to vote shares. Over time, the participant may transfer or dispose of a portion of his or her interest in the shares subject to the occurrence of certain conditions set forth in the deed. Upon certain triggering events as specified in the deed, the trustee will have the option to acquire the beneficial interest belonging to the participant by paying the option price as determined pursuant to the formula set
forth in the deed.
On April 18, 2012, we issued 6,000,492 ordinary shares at an initial value set forth in the deeds governing these shares to the Company's Employee Benefit Trust for the benefit of certain of our employees under the JSOP, which shares will be admitted to trading on the AIM Market until our delisting in connection with the offering. Upon the listing of our A ordinary shares, the value of these shares will be adjusted to equal the initial public offering price of this offering per share. Under the deeds governing these shares, each participant will be required to pay a nominal amount to acquire shares and the trustee will be required to pay the Company the remaining market value of such shares, as defined in the relevant deed, at time of acquisition. Over time and subject to certain conditions, if these shares increase in value from the initial public offering price of this offering per share, the participant's interest in those shares will increase proportionately. The consideration for these shares was funded by a loan from us to the Employee Benefit Trust, which will be repaid upon demand by the Company, by all cash held by the Employee Benefit Trust within seven days of receipt of such demand and by cash received upon sale of any shares held by the Employee Benefit Trust, within seven days of such sales. Upon the listing of our A ordinary shares on the NYSE, the principal amount of the loan will be adjusted to reflect the initial public offering price of this offering per share. These shares are subject to three different vesting and performance conditions set out in separate JSOP deeds. Under two of these deeds, our board of directors may permit up to 10% of the applicable shares to vest after May 31, 2013, and up to 20% of the applicable shares in the aggregate to vest after May 31, 2014. After May 31, 2015, some or all of the remaining shares under these two deeds will vest automatically only if a specified level of total shareholder return or earnings per share, as applicable, has been met. The shares covered by the third deed automatically vest in their entirety after May 31, 2015, if the specified level of total shareholder return has been met. Until a participant's rights in these shares vest, the rights to vote and receive dividends associated with such unvested shares will remain with the trustee.
The option awards
On March 29, 2012, our board of directors approved a grant of options for ordinary shares, or the Option Awards, to certain employees and directors of the Company and certain subsidiaries and holding companies of the Company. The aggregate number of Option Awards, together with any A ordinary shares issued pursuant to the JSOP, will not exceed 8% of our issued share capital following the offering. On April 17, 2012, we approved a grant to certain of our employees and consultants of 2,422,944 ordinary share options with an exercise price equal to the initial public offering price of this offering per share. These options will be subject to three different vesting and performance conditions, similar to those described above for the shares issued under the JSOP on April 18, 2012. Our board of directors may permit up to 10% of the applicable options to vest after May 31, 2013, and up to an aggregate of 20% of the applicable options to vest after May 31, 2014. After May 31, 2015, the remaining options subject to these vesting and performance conditions will vest automatically if a specified level of total shareholder return or earnings per share, as applicable, has been met. The third group of options will automatically vest in their entirety after May 31, 2015, if the specified level of total shareholder return has been met.
Also on April 17, 2012, we approved a grant to certain employees and consultants of 1,795,008 ordinary share options with an exercise price equal to the initial public offering price of this offering per share. 400,008 of these options will vest monthly over a period of 24 months, and the remaining 1,395,000 will vest quarterly over a period of five years.
Board Appointment
On June 22, 2012 Jyoti Deshpande, the Company's former Group Chief Executive Officer & Managing Director rejoined Eros in her former role.
Acquisition of B4U
The Company had previously announced that it anticipates entering into a definitive agreement on or after April 24, 2012 to acquire a 100% control of B4U Television Network ("B4U"), the global Bollywood television network. Since the agreement was not executed by all selling shareholders within a reasonable timeframe, the transaction has not been completed as intended and stands cancelled. The Company continues to own 24% non-controlling interest in B4U.
15 Basis of preparation
The full year results for the year ended 31 March 2012 have been extracted from the audited consolidated financial statements which have not yet been dispatched to shareholders. The financial information set out in this preliminary announcement does not constitute statutory accounts but is derived from those accounts. While the financial information in this preliminary announcement has been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union. The auditors have reported on the statutory accounts for the year ended 31 March 2012 and their report was unqualified. The financial information relating to the year ended 31 March 2011 is extracted from the statutory accounts for that period, which contain an unqualified auditors report.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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