Eros Now Paying Subscribers Grow 65% Y-oY to
Reach 26.2 Million
Revenue of $50.8 Million and Adjusted EBITDA(1)
of $22.0 Million
57.3% Revenue Growth Q-o-Q and Adj EBITDA
Margin of 43.3%
Eros International PLC (NYSE:EROS) (“Eros” or the “Company”), a
global Indian entertainment company, today announced unaudited
financial results for the third quarter fiscal year 2020.
(USD in millions) Q3
FY20 Q3 FY19
9M FY20 9M FY19 Revenue
50.8
76.7
126.6
200.4
Y/Y % Growth
-33.8%
17.6%
-36.8%
5.9%
Q/Q % Growth
57.3%
21.0%
-
-
Operating Profit/(loss)
8.9
13.2
-3.8
32
Operating Profit Margin
17.5%
17.2%
-3.0%
16.0%
Adjusted EBITDA (1)
22.0
35.8
48.4
90.8
Adjusted EBITDA Margin
43.3%
46.7%
38.2%
45.3%
Global Paid EN Memberships
26.2
15.9
26.2
15.9
Y/Y Growth
64.8%
218.0%
64.8%
218.0%
Q/Q Growth
11.5%
22.3%
-
-
Global EN Registered Users
186.9
142
186.9
142
Paid / Registered Users
14.0%
11.2%
14.0%
11.2%
Films Released
6
25
29
56
Cash
$44.9
$134.90
$44.9
$134.9
Gross Debt
221.2
294.0
221.2
$294.0
Net Debt
176.3
159.1
176.3
$159.1
(1)
A reconciliation of the non-GAAP financial measures discussed
within this release to the Company’s IFRS revenue and net income is
included at the end of this release. See also “Non-GAAP Financial
Measures”.
The Company made the following statement:
“This quarter we generated $50.8 million of top-line revenue and
$22.0 million in adjusted EBITDA. This represents quarterly growth
of 57.3% and an adjusted EBITDA margin of 43.3%. Our Eros Now
business had a strong operating and financial performance this
quarter, buoyed by increasing digital users in India and several
popular original releases. As of December 30, 2019 our Eros Now OTT
platform reached 26.2 million paid monthly subscribers and 186.9
million registered users, increases of 65% and 32%, respectively,
over the same period last year. This represents net additions of
2.7 million paid subscribers and 45 million registered users during
the Third Quarter alone. Given the premium value the public equity
markets ascribe to loyal paying users of OTT platforms, we feel
growing our user base should continue to be a priority and will
ultimately benefit all of our stakeholders in the long-term.
Our performance this quarter represents another important step
in our company's transformation from a traditional film producer
and content syndication player, with a less regular quarterly
revenue profile, to a digital Over-the-top (“OTT”) platform with a
more consistent, stable and high-growth revenue profile. Recent
initiatives will not only bolster that growth rate but importantly
help diversify our underlying sources of revenues and subscribers.
While we expect the number of paying subscribers to continue to
grow rapidly based on our current business plan, we believe that
continued collaboration will drive growth higher.
New Partnerships with Apple, Microsoft, Wasu and YouTube Will
Expand Growth
Our partnerships with YouTube India and WasuMedia in China are
just the beginning - we hope they will lead to a considerable
number of incremental direct-to-consumer subscribers around the
world. The YouTube India partnership in particular is a good
blueprint of the kind of collaboration we hope to replicate in the
future with other partners. Outside India, we are currently Apple's
only South Asian Partner and we have
high expectations for the success and visibility of this global
service. These initiatives will all benefit revenues, profits and
free cash flow in the coming quarters, and importantly in
subsequent years as the annualized benefit of these subscribers are
realized. China remains an important and growing market for us and
we continue to release titles through our Eros Now relationships in
the country. Since announcing our tie-up with Microsoft last
September, we are even more excited about providing a
differentiated viewer experience for our subscribers.
Eros has a uniquely compelling slate of films and original
series scheduled for release over the coming quarters, and we
expect this to help drive continued growth in our Eros Now business
as well as box-office revenue. Among the highlights of our upcoming
theatrical film releases are the trilingual remake of Haathi mere
Saathi, Go Goa Gone 2, Haseen Dilruba, Shokuner Lov and Rome Roam
Main. In addition, we are very excited about the much anticipated
film Atrangi Re, starring Akshay Kumar, Sara Ali Khan, Danush and
directed by Anand L. Rai. Complementing the theatrical film slate,
Eros Now also has a compelling slate of cutting-edge, best-in-class
originals scheduled to release in the coming quarters.
Perhaps the most important developments this quarter have been
the considerable additions to our management team across the board
with notable talent hires with past experience in American Express,
Tata Group, Viacom18, Zee, Sony Network, and others. It is also
encouraging for us to see such talented people put their confidence
in the future of Eros. We are confident that they will add
considerable value to the company on our journey.
We recently announced the appointment of Pradeep Dwivedi as CEO
of Eros International Media Limited, our majority-owned subsidiary.
Mr. Dwivedi will be responsible for managing business growth and
operations of the company and for all commercial negotiations and
representation in various markets, forums, customers, vendors and
regulatory authorities. Mr. Dwivedi is a senior media industry
professional and an accomplished leader with over two decades of
experience in advertising and media businesses, telecom and
technology. Pradeep is a welcome addition to our leadership team,
and we are very excited to have him join the Eros family.
Eros also recently appointed Mr. Vijay Vaishnav as Chief Finance
Officer at Eros Now. Mr. Vaishnav has deep industry and financial
expertise as evidenced through many years of experience in
established media and entertainment organisations such as Zee
Entertainment, Viacom18 and Balaji Telefilms.
Starting from next financial year, we will be providing
disaggregated revenue information of our Studio business and
Digital business, along with a historical comparison. Over the past
few months we have fully settled our 2017 convertible note, and
currently no material amount of long-term debt due over the next
twelve months. We recently filed for an opportunistic $50 million
equity facility which will provide us with incremental balance
sheet flexibility should we decide to pivot and pursue specific
content opportunities. Importantly, the $50 million equity facility
can be drawn only at the Company’s discretion and we are not
obligated in any way to issue any equity under the terms of the
Facility. Our balance sheet remains strong and we are well
positioned to capitalise on growth opportunities. Based on our
current plan, for the full Fiscal Year 2020 we are expecting
Adjusted EBITDA in the area of $80 million, and are forecasting
growth of 20-25% in Adjusted EBITDA during Fiscal Year 2021. We are
targeting 30 million monthly paying subscribers on Eros Now by the
end of the current fiscal year.”
Eros Now –Targetting “Middle India” a
900m + Subscriber market
Over half of the Internet population in India is expected to
come from rural areas by the end of 2020. A recent Cisco Annual
Internet Report predicts that there will be over 900 million
internet users and 950 million mobile users in India by 2023.
Rural, or “Middle India”, will generate the highest levels of user
growth over the coming years as broadband adoption grows, income
levels rise, and infrastructure improves. This dynamic underpins
our business strategy as we remain focused on reaching a broad base
of consumers with the widest possible offering aiming to appeal to
a multitude of regional cultures, languages and tastes.
Currently, Eros Now viewership in Tier 2,3 cities in India has
increased 130% Y-o-Y in terms of time spent on the platform.
Furthermore, Eros Now original shows now contribute 28% of overall
viewership on the platform in non-metropolitan areas, which is
higher than their contribution in cities. This is a new and
important trend for Eros Now also given the substantial growth in
regional language content in India – underpinned by different
tastes, preferences and viewing habits. We are well positioned to
capitalize on that growth given our deep and rich library of
regional language film titles and our strong relationships with
talent throughout India.
Our diverse and growing film library of 12,000 digital films,
innovative content such as our short format “Quickie”, originals
strategy and strategic technology partnership with Microsoft are
great examples of how we are gearing up to build a sizeable Eros
Now community aiming to reach the global niches. Beyond content and
technology, our distribution machinery has pioneered partnerships
within the industry across global Telcos such as Vodafone,
Etisalat, Airtel as well as evangelizing the industry and community
with our Veriown partnership. Furthermore, following on from our
YouTube-Eros Now partnership, we launched new pricing tiers with a
goal to further ramp up our direct-to-consumer subscribers. Our
pricing strategy aims to provide consumer value and a longer life
cycle as we focus on the next 500 million subscribers forecasted to
come from India.
In India, consumers can now access Eros Now premium at INR49 per
month, INR 79 per quarter or INR 399 annually. The revived
infrastructure, technology and pricing of the platform enables
extreme ease of use for subscribers across the world. The launch of
our revamped pricing and infrastructure resulted in a 22% increase
in the funnel from users to paid subscribers worldwide within one
month of re-launch. Eros Now will continue to garner data-driven
insights and consumer intelligence to feed consumers with the
choicest of content and offer seamless transaction capabilities.
Beyond the consumer experience, we are able to garner data insights
to predict and drive content tastes. Not only does this benefit and
funnel Eros Now’s content pipeline, these insights are invaluable
to the studio side of the business.
Content &
Programming
Our studio business continues to grow stronger than ever on the
back of a capex investment program that has seen nearly $2 billion
in content creation and aggregation spent over the last decade. Our
slate of new content and programming for the forthcoming quarters
is as versatile and robust as it has ever been, and we have a
plethora of exciting new projects we are working on. This quarter
we digitally launched a total of 249 films on Eros Now in 9
different Indian languages. Over the same period over 2,460 music
audio files were released on Eros Now as well as 102 units of short
form and Eros Now Quickie content. Over the past two years, we have
digitally premiered (first ever digital release) over 60 films on
the Eros Now platform, which is a testament to the strength of our
platform and has proven very popular with our consumers. Eros
theatrically released several successful films last quarter,
including Marjaavaan, Pagalpanti, Pati Patni Aur Woh and The Body.
Our investment in new content creation is on the ascendancy and
sustained through the next 5 years.
A significant amount of content and social media chatter was
created around the film business with the release of Saif Ali
Khan’s ‘Laal Kaptaan”, as well as the selection of Eros’s film
‘Rome Roam Main’ as the official screening at Busan film festival
and winner of the Asian Star Award. We celebrated the end of the
year with #20to2020 campaign built with content around the best
films and iconic characters of the decade. Since the beginning of
this fiscal year, Eros Now has garnered 19 prestigious digital
industry awards including: Marketing Campaign of the Year for Side
Hero, Best Launch of the Year for Smoke, Best Short Film on the Web
for A Monsoon Date and Best entertaining Video Content for The
Investigation.
Our content strategy leverages on multi-verse unique IP
development, high concept, new talent films, franchises and
multi-language co-productions. The Indian audience’s propensity to
consume content in local language has been increasing, and in
recent times regional films are breaking language barriers as they
cross over with dubbed versions to other markets especially the
Hindi market. The regional industry also has strong releases in the
next year and the market is only expected to expand further.
It is also worth noting that Eros and the production company
Colour Yellow (run by the renowned director Mr. Anand L. Rai) share
an incredible partnership which demonstrates the kind of films we
make, showcasing Indian ethos that touch hearts all over the world.
We have ramped up our own productions with an exciting line-up
under development, encompassing a significant number of releases
across budgets, genres and languages through key partnerships. A
few highlights of upcoming works with Colour Yellow include Haseena
Dilruba and Atrangi Re.
Also, with China and Saudi Arabia markets opening up, overseas
collection of our Indian film’s library will continue to conquer
box offices across the globe. We recently licensed the rights to
English Vinglish, a highly successful 2012 release, in China and is
scheduled for release later on this year. The value of digital
rights is likely to continue to see an upswing as OTT platforms
further penetrate the India audience and scale up their film
libraries.
With our network of upcoming talent
(producers/writers/directors/influencers), we continuously come
across interesting stories that can be told. Our in-house writers’
room churns out many creative ideas per month. Until now we have a
story bank of significantly different IP properties. Ideas from
this initiative that are currently in development/early production
stages include Indo-China Films.
We are continuously partnering with key talent to create
franchise driven successes leveraged across all formats. These
partnerships range across writers, directors, actors and production
houses to create a compelling content engine. We are supplementing
the creative teams with new processes and systems to improve
operational efficiencies.
Eros has a strong slate of programming scheduled to release in
the coming quarters, to highlight a few:
Eros Originals & Digital
Films
Name
Target Release
FLESH by Siddharth Anand
1H FY2021
7 KADAM
1H FY2021
HALAHAL, a digital film, by Zeishan
Qadri
1H FY2021
754 by Sachin Mohite
1H FY2021
AVATAR by Anirudh Pathak
2H FY2021
METRO PARK Season 2 by Abi Varghese and
Ajayan Venugopalan
2H FY2021
SMOKE Season 2
2H FY2021
NAGPADA DUNK
FY 2022
MAHABHARAT
FY 2022
Eros Now Quickies
Name
Target Release
WOMEN OF METTLE
1H FY2021
AJAB GAJAB INDIA
1H FY2021
THE INVESTIGATION Season 2
1H FY2021
DATE GONE WRONG Season 2
1H FY2021
TUMSE NA HO PAYEGA Season 2
2H FY2021
Eros Upcoming Theatrical
Slate
Name
Target Release
BRAHMA JANEN GOPON KOMMOTI
Cast - Ritabhari Chakraborty, Soham
Majumdar, Soma Chakraborty and Ambarish Bhattacharya. Directed by –
Aritra Mukherjee
6th March 2020
HAATHI MERE SAATHI
Trilingual film to be released
simultaneously in Hindi, Tamil and Telugu.
Cast - Rana Duggubati alongside popular
Tamil actor Vishnu Vishal in the Tamil and Telegu Version. Pulkit
Sharma in the Hindi version. Shriya Pilgaonkar and Zoya Hussain
also join the cast. Directed by National Award winner Prabhu
Solemon.
24th April 2020
SHOKUNER LOV
Name changed to tentatively ‘HEADLINE’
(Bengali)
Cast - Parambrata Chatterjee and Joy
Sengupta.
Directed by – Anindya Bikas Dutta
1H FY2021
HASEEN DILRUBA
Cast – Taapsee Pannu, Vikrant Massey and
Harshvardhan Rane.
Directed by - Vinil Mathew
2H FY2021
ROME ROAM MAIN
Cast – Nawazuddin Siddiqui, Tannishtha
Chatterjee and Valentina Corti.
Directed by - Tannishtha Chatterjee
2H FY2021
ATRANGI RE
Cast - Akshay Kumar, Sara Ali Khan,
Danush
Director - Anand L. Rai
FY2022
AANKHEN 2
Director - Abhinay Deo
Cast - Amitabh Bachan
FY2022
DESI BOYS 2
FY2022
VICY DONOR 2
FY2022
GO GOA GONE 2
Cast – Saif Ali Khan, Kunal Kemmu and Vir
Das.
Directed by - Raj and D.K.
FY2022
Distribution &
Alliances
Eros Now continues to develop its vision of building a global
audience for South Asian entertainment, and to that end continues
to put in place more distribution deals across India and around the
world. In India, in addition to the significant growth on viewing
streams and time spent, we have had multi-year renewals on our
telecom deals with Vodafone Idea and Airtel, and further penetrated
the Tier 2 and Tier 3 markets with BSNL pre-paid plans. The Airtel
deal specifically was a great scale-up in conjunction with the
launch of the Airtel Xtreme platform to extend Eros Now from mobile
subscribers to also broadband subscribers and across the large
screen experience. In the International markets we also saw
completion on several deals ranging from China to Middle East and
Africa including Ooredoo Qatar and Airtel Africa.
Another landmark Eros Now digital distribution deal is in China
with Wasu Media, a large state-owned culture media group. The Wasu
Group is one of the biggest comprehensive digital content service
providers across interactive TV, 3G / 4G mobile TV and Internet TV
in China. Wasu’s services cover approximately 100 cities in 29
provinces in China with cable network as well as covering the three
major telecom operators and several million Internet users. The
Eros Now service went live earlier this year on Wasu.
Key partnerships this year have set the groundwork for the next
500+ million subscribers from India:
- Microsoft : The Microsoft partnership and development is
in full swing with the combined teams re-defining the core
architecture of video viewing across languages and development work
underway to customize users cohorts at the most granular levels.
The first phase roll-out of the new platform is anticipated in Q1
FY21.
- YouTube : This is a transformational alliance between
Eros Now and YouTube Music Premium. As the start of our
collaboration, a special Eros Now – YouTube Music subscription
package priced at 99 Indian Rupees (INR) for 90 days will be made
available to all new subscribers in India as a joint bundle. This
was the first time ever, in any geography, that Google/YouTube had
partnered with a SVOD OTT player for a joint bundling and marketing
opportunity. In addition, Eros Now developed the customer journey
to provision access to both products and leveraged our new payment
funnel. The campaign was supported by a robust digital marketing
push from both.
- Apple : Eros is proud to be included on the new Apple
Plus entertainment services app. Eros Now is expected to go live on
Apple Plus soon and will immediately strengthen our distribution
reach around the world. Key terms and consumer pricing will be
announced simultaneous with the roll-out.
Conference Call
The Company will host a conference call on Thursday, March 5th,
2020, at 8:30 AM Eastern Standard Time.
To access the call please dial +1 (877) 665-5543 from the United
States, or +1 (470) 495-9519 from outside the U.S. The conference
call I.D. number is 1890986. Participants should dial in 5 to 10
minutes before the scheduled time.
A replay of the call can be accessed through March 19th, 2020 by
dialling +1 (855) 859-2056 from the U.S., or +1 (404) 537-3406 from
outside the U.S. The conference call I.D. number is 1890986. The
call will be available as a live webcast, which can be accessed at
Eros’ Investor Relations website.
About Eros International
Plc
Eros International Plc (NYSE: EROS) a Global Indian
Entertainment company that acquires, co-produces and distributes
Indian films across all available formats such as cinema,
television and digital new media. Eros International Plc was the
first Indian media company to list on the New York Stock Exchange.
Eros International has experience of over three decades in
establishing a global platform for Indian cinema. The Company has
an extensive and growing movie library comprising of over 3,000
films, which include Hindi, Tamil, and other regional language
films. The Company also owns the rapidly growing OTT platform Eros
Now which has rights to over 12,000 films across Hindi and regional
languages. For further information, please visit:
www.erosplc.com.
This release contains “forward-looking statements.” These
statements include, among other things, the discussions of our
business strategy and expectations concerning our market position,
future operations, margins, profitability, liquidity and capital
resources, tax assessment orders and future capital expenditures.
All of our forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially
from those that we are expecting, including, without limitation,
the factors discussed in our most recent Form 20-F filed with the
U.S. Securities and Exchange Commission on August 14th, 2019 (the
“20-F”), including under the sections captioned “Risk Factors.” The
forward-looking statements contained in this presentation are based
on historical performance and management’s current plans, estimates
and expectations in light of information currently available to us
and are subject to uncertainty and changes in circumstances. There
can be no assurance that future developments affecting us will be
those that we have anticipated. Actual results may differ
materially from these expectations due to changes in global,
regional or local political, economic, business, competitive,
market, regulatory and other factors, many of which are beyond our
control, as well as the other factors described in the 20-F under
the sections captioned “Risk Factors.”
Eros International Plc Financial Highlights:
Three Months Ended December
31
Nine Months Ended December
31
(dollars in millions)
2019
2018
% change
2019
2018
% change
Revenue
$
50.8
$
76.7
(33.8)%
$
126.6
$
200.4
(36.8)%
Gross profit
28.6
32.3
(11.5)%
71.1
81.2
(12.4)%
Operating profit/(loss)
8.9
13.2
(32.6)%
(3.8)
32
(111.9)%
Adjusted EBITDA(1)
$
22
$
35.8
(38.5)%
$
48.4
$
90.8
(46.7)%
(1)
A reconciliation of the non-GAAP financial
measures discussed within this release to our IFRS revenue and net
income is included at the end of this release. See also “Non-GAAP
Financial Measures”.
Financial Results for the Three and Nine Months Ended
December 31, 2019
Revenue
In the three months ended December, 31, 2019, the Eros film
slate was comprised of six films of which two were medium budget
and four were low budget films as compared to 25 films in the three
months ended December 31, 2018, of which two were medium budget and
23 were low budget.
In the three months ended December 31, 2019, the Company’s slate
of six films comprised of five Hindi film and one Telugu regional
film as compared to the same period last year where its slate of 25
films comprised six Hindi films and 17 regional films and two
Tamil/Telugu regional films.
In the nine months ended December 31, 2019, the Eros film slate
was comprised of 29 films of which two were medium budget and 27
were low budget films as compared to 56 films in the nine months
ended December 31, 2018, of which seven films were medium budget,
49 were low budget. In addition Eros Now released five original
series titled Modi: Journey of a Common Man, My name is Sheela, A
Monsoon Date, That Man In The Picture and Maunn during the nine
months ended December 31, 2019.
In the nine months ended December 31, 2019, the Company’s slate
of 29 films comprised of eight Hindi films, one Telugu regional
film and 20 regional films as compared to the same period last year
where its slate of 56 films comprised of 14 Hindi films, five
Tamil/Telugu films and 37 regional films.
Three months ended
High
Medium
Low
Total
December 31, 2019
0
2
4
6
December 31, 2018
0
2
23
25
Nine months ended
High
Medium
Low
Total
December 31, 2019
0
2
27
29
December 31, 2018
0
7
49
56
For the three months ended December 31, 2019, aggregate revenues
from decreased by 33.8% to $50.8 million from $76.7 million for the
three months ended December 31, 2018 mainly due to lower
syndication revenue for the three months ended December 31, 2019,
partially offset by increase in revenues from the Eros Now business
and revenue from film production services for the three months
ended December 31, 2019.
For the nine months ended December 31, 2019, aggregate revenues
from decreased by 36.8% to $126.6 million from $200.4 million for
the nine months ended December 31, 2018 mainly due to lower
syndication revenue for the nine months ended December 31, 2019,
partially offset by increase in revenues from the Eros Now business
and revenue from film production services for the nine ended
December 31, 2019.
Cost of sales
For the three months ended December 31, 2019, cost of sales
decreased by 50.3% to 22.1 million compared to $44.5 million in the
three months ended December 31, 2018 and in the nine months ended
December 31, 2019, cost of sales decreased by 53.3% to $55.6
million, compared to $119.1 million for the nine months ended
December 31, 2019 which is partially offset by decrease in cost of
sales.
Gross profit
For the three months ended December 31, 2019, gross profit
decreased by 11.5% to $28.6 million, compared to $32.3 million in
the three months ended December 31, 2018.
The decrease was mainly due to decrease in revenue for the nine
months ended December 31, 2019 which is partially offset by
decrease in cost of sales.
Administrative cost
For the three months ended December 31, 2019, administrative
cost increased by 3.7% to $19.8 million compared to $ 19.1 million
in the three months ended December 31, 2018. For the nine months
ended December 31, 2019, administrative cost increased by 52.0% to
$ 74.8 million, compared to $49.2 million for the nine months ended
December 31, 2018. The increase was mainly due to increase in
expected credit loss accounted as per default method under IFRS
9.
Adjusted EBITDA (Non- GAAP)
For the three months ended December 31, 2019, Adjusted EBITDA
decreased by 38.5% to $22.0 million compared to $35.8 million in
the three months ended December 31, 2018. The decrease in Adjusted
EBITDA is on account of increase in administrative costs due to
decrease in gross margin, expected credit loss expense accounted
under IFRS 9 and loss on account of fair valuation of senior
convertible notes.
In the nine months ended December 31, 2019, adjusted EBITDA
decreased by 46.7% to $ 48.4 million, compared to $90.8 million for
the nine months ended December 31, 2018. The decrease in Adjusted
EBITDA is on account of increase in administrative costs due to
decrease in gross margin, expected credit loss expense accounted
under IFRS 9 and loss on account of fair valuation of senior
convertible notes.
Net finance costs
For the three months ended December 31, 2019, net finance costs
decreased by 69.2% to $ 1.2 million, compared to $3.9 million in
the three months ended December 31, 2018 mainly due to decrease in
finance costs which is offset by reduction in interest income on
account of unwinding of credit impairment loss.
In the nine months ended December 31, 2019, net finance costs
decreased by 6.7% to $5.6 million, compared to $6.0 million for the
nine months ended December 31, 2018 mainly due to decrease in
finance costs which is offset by reduction in interest income on
account of unwinding of credit impairment loss.
Income tax expense
For the nine months ended December 31, 2019, income tax expenses
decreased by 1.5% to $6.7 million, compared to $6.8 million in the
nine months ended December 31, 2018. Effective income tax rates
were 20.7% and 11.6% for December 31, 2019 and December 31, 2018,
respectively excluding non-deductible share-based payment charges
and gain/loss on fair valuation of derivative liabilities. The
change in effective rate principally reflects a change in the mix
of the profits earned from taxable and non- taxable
jurisdictions.
Trade Receivables
As of December 31, 2019, Trade Receivables decreased to $186.4
million from $196.4 million as of March 31, 2019, partly due to a
decline in syndication revenues associated with longer payment
cycles.
Net Debt
As of December 31, 2019, net debt increased by 21.6% to $176.3
million from $145.0 million as of March 31, 2019 primarily on
account of decrease in cash and cash equivalent.
EROS INTERNATIONAL PLC
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Amounts in thousands, except
share and per share data)
As at
Note
December 31, 2019
March 31, 2019
(in thousands)
ASSETS
Non-current assets
Property and equipment
$
9,856
$
10,921
Right of use assets
1,138
—
Intangible assets — content
5
819,290
706,572
Intangible assets — others
3,105
3,794
Investments
2,000
2,650
Trade and other receivables — amortised
cost
1
8,567
10,065
Income tax receivable
1,791
1,284
Restricted deposits
1,098
756
Deferred income tax assets
1,234
1,263
Total non-current assets
$
848,079
$
737,305
Current assets
Inventories
$
—
$
435
Trade and other receivables — fair
value
1
86,892
125,229
Trade and other receivables — amortised
cost
1
106,458
79,916
Investments
1,302
1,042
Cash and cash equivalents
44,933
89,117
Restricted deposits
5,390
55,858
Total current assets
244,975
351,597
Total assets
$
1,093,054
$
1,088,902
LIABILITIES
Current liabilities
Trade and other payables
$
81,963
$
83,487
Acceptances
3
1,964
8,366
Short-term borrowings — fair value
2
40,800
68,349
Short-term borrowings — amortised cost
2
111,929
140,559
Derivative financial instruments
—
620
Lease liabilities
507
—
Current income tax payable
22,467
17,291
Total current liabilities
$
259,630
$
318,672
Non-current liabilities
Long-term borrowings — amortised cost
2
68,508
71,920
Lease liabilities
748
—
Other long - term liabilities
14,756
13,898
Deferred income tax liabilities
25,970
27,427
Total non-current liabilities
$
109,982
$
113,245
Total liabilities
$
369,612
$
431,917
EQUITY
Share capital
4
$
59,947
$
39,326
Share premium
642,619
580,013
Reserves
(30,529)
(2,202)
Other components of equity
(82,887)
(79,696
)
JSOP reserve
—
(15,985
)
Equity attributable to equity holders
of Eros International Plc
$
589,150
$
521,456
Non-controlling interest
134,292
135,529
Total equity
$
723,442
$
656,985
Total liabilities and shareholder’s
equity
$
1,093,054
$
1,088,902
EROS INTERNATIONAL PLC
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands, except
share and per share data)
Three Months Ended December
31,
Nine Months Ended December
31,
Note
2019
2018
2019
2018
Revenue
$
50,752
$
76,744
$
126,637
$
200,381
Cost of sales
(22,113)
(44,459)
(55,576)
(119,144)
Gross profit
28,639
32,285
71,061
81,237
Administrative cost
(19,784)
(19,130)
(74,836)
(49,243)
Operating (loss)/ profit
8,855
13,155
(3,775)
31,994
Financing costs
(3,959)
(7,352)
(15,539)
(16,674)
Finance income
2,801
3,427
9,981
10,685
Net finance costs
(1,158)
(3,925)
(5,558)
(5,989)
Other gains/(losses),net
8
(19,822)
7,462
(23,097)
(797)
Profit/(loss) before tax
(12,125)
16,692
(32,430)
25,208
Income tax
(3,991)
(2,218)
(6,716)
(6,808)
Profit/(loss) for the period
$
(16,116)
$
14,474
$
(39,146)
$
18,400
Attributable to:
Equity holders of Eros International
Plc
$
(18,971)
$
9,593
$
(40,759)
$
8,571
Non-controlling interest
$
2,855
4,881
1,613
9,829
Earning/(loss) per share(cents)
Basic earning/(loss) per share
7
(15.5)
13.0
(41.1)
12.1
Diluted earning/(loss) per share
7
(15.5)
12.5
(41.1)
11.8
EROS INTERNATIONAL PLC
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
(Amounts in thousands, except
share and per share data)
Three Months Ended
December 31,
Nine Months Ended
December 31,
2019
2018
2019
2018
(Loss)/Profit for the period
$
(16,116)
$
14,474
$
(39,146)
$
18,400
Other comprehensive Income:
Items that will be subsequently
reclassified to profit or loss
Fair value loss on trade account
receivable (FVTOCI)
968
—
2,193
—
Exchange differences on translating
foreign operations
(2,075)
9,023
(6,268)
(14,927)
Total other comprehensive (loss) for
the period
$
(1,107)
$
9,023
$
(4,075)
$
(14,927)
Total comprehensive (loss)/income for
the period, net of tax
$
(17,223)
$
23,497
$
(43,221)
$
3,473
Attributable to:
Equity holders of Eros International
Plc
$
(18,750)
$
15,224
$
(41,880)
$
(241)
Non-controlling interest
1,527
8,273
(1,341)
3,714
EROS INTERNATIONAL PLC
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands, except
share and per share data)
Nine Months Ended December
31,
2019
2018
Cash flows from operating
activities:
Profit/(Loss) before tax
$
(32,430)
$
25,208
Depreciation and amortization
46,219
97,968
Non-cash charges
68,929
48,799
Changes in operating assets and
liabilities
(76,471)
(131,387)
Net cash generated from operating
activities
$
6,247
$
40,588
Cash flows from investing
activities:
Purchase of intangible film and content
rights
(91,447)
(79,328)
Other investing activities, net
53,055
(46,884)
Net cash from/(used in) investing
activities
$
(38,392)
$
(126,212)
Cash flows from financing
activities:
Net cash generated from/(used in)
financing activities
$
(11,948)
$
87,129
Net increase/(decrease) in cash and
cash equivalents
(44,093)
1,505
Effect of exchange rate changes on cash
and cash equivalents
(91)
(1,049)
Cash and cash equivalents at beginning of
period
89,117
87,762
Cash and cash equivalents at the end of
period
$
44,933
$
88,218
EROS INTERNATIONAL PLC
NOTES TO UNAUDITED CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
(Amounts in thousands, except share and per
share data)
1.
TRADE AND OTHER RECEIVABLES
As at
December 31, 2019
March 31, 2019
Trade accounts receivables (net of
credit impairment loss)
Trade accounts receivables at fair
value
$
86,892
125,229
Trade accounts receivables at amortised
cost
99,493
71,129
Total Trade accounts
receivables
$
186,385
$
196,358
Other receivables at amortised cost
15,532
18,852
Total Trade and other
receivables
201,917
215,210
Current
193,350
205,145
Non-current
8,567
10,065
$
201,917
$
215,210
The age of account receivables net of credit impairment loss are
past due but not impaired were as follows:
As at
December 31, 2019
March 31, 2019
Not more than three months
$
22,724
$
44,687
More than three months but not more than
six months
27,759
15,948
More than six months but not more than one
year
58,620
15,310
More than one year
8,799
8,796
$
117,902
$
84,741
The movement in the allowances for expected credit losses is as
follows:
Year ended
December 31, 2019
Trade Receivables
Other Receivables
Total Receivables
Balance as on April 1, 2019
$
41,335
$
447
$
41,782
Charged to operations
39,206
—
39,206
Unwinding of expected credit loss
(included in finance income)
(8,059)
—
(8,059)
Reversal of expected credit loss (included
in other gains/(losses))
(6,176)
—
(6,176)
Translation adjustment
(1,051)
—
(1,051)
Bad debts
(2,669)
—
(2,669)
Balance as at December 31, 2019
$
62,586
$
447
$
63,033
EROS INTERNATIONAL PLC
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Amounts in thousands, except
share and per share data)
Year ended
March 31, 2019
Trade Receivables
Other Receivables
Total Receivables
Balance on April 1, 2018
$
10,193
$
—
$
10,193
Impact of adoption of IFRS 9
18,050
447
18,497
Balance as on April 1, 2018
28,243
447
28,690
Charged to operations
60,208
7,284
67,492
Unwinding of expected credit loss
(included in finance income)
(13,227
)
—
(13,227
)
Reversal of expected credit loss (included
in other gains/(losses))
(20,698
)
—
(20,698
)
Translation adjustment
(160
)
—
(160
)
Bad debts
(13,031
)
(7,284
)
(20,315
)
Balance at the March 31, 2019
$
41,335
$
447
$
41,782
2
BORROWINGS
An analysis of long-term borrowings is shown in the table
below.
Nominal
As at
Interest Rate
Maturity
December 31, 2019
March 31, 2019
(in thousands)
Asset backed borrowings
Vehicle loan
2.5 - 9.5%
2017-22
$
169
$
382
Term loan
MCLR +3.2% - 4.50%
2019-22
8,321
12,947
Term loan
BR + 2.75%
2020-21
633
1,083
Term loan
10.39% - 13.75%
2020-23
—
251
$
9,123
$
14,663
Unsecured borrowings
Retail bond
6.50%
2021-22
66,339
65,215
Convertible notes
14.23%
2020-21
68,349
$
66,339
$
133,564
Cumulative effect of unamortised costs
(493)
(691
)
Instalments due within one
year:
Convertible notes
—
(68,349
)
Others
(6,461)
(7,267
)
$
68,508
$
71,920
Long-term borrowings at fair
value
$
—
$
—
Long-term borrowings at amortised
cost
$
68,508
$
71,920
EROS INTERNATIONAL PLC
NOTES TO UNAUDITED CONDENSED
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Amounts in thousands, except
share and per share data)
Analysis of short-term
borrowings
Nominal As at interest rate (%)
December 31 2019 March 31, 2019 (in thousands)
Asset backed borrowings Export credit, bill discounting and
overdraft
MCLR +.40% to 4.60%
$
44,481
$
32,078
Export credit, bill discounting and overdraft
Base Rate + 0.5% to 1%
3,605
3,533
Export credit, bill discounting and overdraft
6.01% - 15.25%
43,768
26,719
Convertible notes
9.96%
40,800
— Short- term loan
3.25% - 15.75%
13,614
70,962
$
146,268
$
133,292
Unsecured borrowings Instalments due within one year on
long-term borrowing
6,461
75,616
$
152,729
$
208,908
Short-term borrowings at fair value
40,800
68,349
Short-term borrowings at amortised cost
$
111,929
$
140,559
Bank prime lending rate and marginal cost lending rate (“BPLR”
& “MCLR”) is the Indian equivalent to LIBOR. Asset backed
borrowings are secured by fixed and floating charges over certain
Group assets.
Eros International Plc.(“issuer”) issued Senior Convertible
Notes ( convertible notes) on 25 September 2019 amounting to
US$27,500 principal amount. The maturity date of convertible is
September 26, 2020.
Reconciliation of fair value measurement of convertible
notes:
December 31, 2019
Particulars
(in thousands)
As at March 31,2019
$
68,349
Interest
4,671
‘A’ ordinary shares issued in lieu of
convertible notes
(82,967)
Receipt from convertible notes
25,000
Loss on fair value of convertible
notes
25,747
As at December 31,2019
$
40,800
EROS INTERNATIONAL PLC
NOTES TO UNAUDITED CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
(Amounts in thousands, except share and per
share data)
3.
ACCEPTANCES
December, 31
March, 31
2019
2019
(in thousands)
Payable under the film financing
arrangements
$
1,964
$
8,366
$
1,964
$
8,366
Acceptances comprise of short – term credit availed from
financial institutions for payment to film producers for film
co-production arrangement entered by the group. The carrying value
of acceptances are considered a reasonable approximation of fair
value
4.
ISSUED SHARE CAPITAL
Number of Shares
GBP
Authorized
(in thousands)
Ordinary shares of 30p each at March 31,
2019
150,000,000
45,000
Ordinary shares of 30p each at December
31, 2019 (*)
200,000,000
60,000
(*) The Company increased authorized number of shares to
200,000,000 on September 25, 2019.
Number of Shares
USD
Allotted, called up and fully
paid
A Ordinary 30p
Shares(*)
B Ordinary 30p
Shares(*)
(in thousands)
As at March 31, 2018
55,718,423
9,712,715
$
35,334
Issue of shares in the quarter ended June
30, 2018
2,747,645
—
1,138
Issue of shares in the quarter ended
September 30, 2018
3,773,385
—
1,471
Issue of shares in the quarter ended
December 31, 2018
1,659,767
—
641
Transfer of B Ordinary to A Ordinary
share
1,500,000
(1,500,000
)
—
Issue of shares in the quarter ended March
31, 2019
1,892,518
—
742
As at March 31, 2019
67,291,738
8,212,715
$
39,326
Issue of shares in the quarter ended June
30, 2019
4,192,459
—
1,598
Issue of shares in the quarter ended
September 30, 2019
25,956,283
7,044,210
12,276
Issue of shares in the quarter ended
December 31, 2019
16,250,661
—
6,747
As at December 31, 2019
113,691,141
15,256,925
59,947
(*) Each A ordinary shares is entitled to one vote on all
matters and each B shares is entitled to ten votes.
The Company issued A and B Ordinary shares as follows:
A Ordinary
B Ordinary
As at
As at
December 31, 2019
March 31, 2019
December 31,2019
March 31, 2019
Issuance to Founders Group(1)
—
1,769,911
4,878,050
—
Issuance towards settlement of Convertible
notes(2)
45,254,213
4,411,359
—
—
Exercise against Restricted Share Unit/
Management scheme (3)
1,013,177
770,541
2,166,160
—
Issuance towards Reliance Industries
Limited (4)
—
3,111,088
—
—
2015 Share Plan (5)
132,013
10,416
—
—
Total
46,399,403
10,073,315
7,044,210
—
EROS INTERNATIONAL PLC
NOTES TO UNAUDITED CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
(Amounts in thousands, except share and per
share data)
(1) Average price of A Ordinary at NIL price (March 2019:
$14.69)and B Ordinary at $1.64 (March 2019:Nil)
(2) Average exercise price of A Ordinary $1.83 (March 2019:
$11.28)
(3) 1,013,177 A Ordinary shares (March 2019: 183,000) exercised
at NIL price (March 2019: $0.39) and 2,166,160 B Ordinary shares
exercised at Nil price (March 2019:Nil)
(4) Average exercise price of A Ordinary NIL (March 2019:
$15)
(5) Average exercise price A Ordinary $2 (March 2019: $7.92)
5.
INTANGIBLE CONTENT ASSETS
Gross Content Assets
Accumulated
Amortization
Impairment Loss
Content Assets
As at December 31, 2019
Film and content rights
$
1,769,737
$
(984,027)
$
(366,703)
$
419,007
Content advances
427,853
—
(38,832)
389,021
Film productions
11,262
—
—
11,262
Non-current content assets
$
2,208,852
$
(984,027)
$
(405,535)
$
819,290
As at March 31, 2019
Film and content rights
$
1,675,406
$
(954,628
)
$
(366,703
)
$
354,075
Content advances
378,268
—
(38,832
)
339,436
Film productions
13,061
—
—
13,061
Non-current content assets
$
2,066,735
$
(954,628
)
$
(405,535
)
$
706,572
6.
SHARE BASED COMPENSATION PLANS
The compensation cost recognized with respect to all outstanding
plans and by grant of shares, which are all equity settled
instruments, is as follows:
Three months ended December
31,
Nine months ended December
31,
2019
2018
2019
2018
IPO India Plan
$
95
$
252
$
266
$
1,031
2014 Share Plan
—
—
—
47
2015 Share Plan
36
607
1,247
2,959
Other share option awards (*)
1,141
800
3,150
4,155
Management scheme (staff share grant)
3,045
2,298
9,037
6,881
$
4,317
$
3,957
$
13,700
$
15,073
(*) includes Restricted Share Unit (RSU) and Other share option
plans
EROS INTERNATIONAL PLC
NOTES TO UNAUDITED CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
(Amounts in thousands, except share and per
share data)
7.
EARNINGS PER SHARE (EPS)
Three months ended December
31,
Nine months ended December
31,
2019
2018
2019
2018
Basic
Diluted
Basic
Diluted
Basic
Diluted
Basic
Diluted
Earnings/(loss) attributable to the
equity holders of the parent
$
(18,971)
(18,971)
$
9,593
9,593
$
(40,759)
(40,759)
$
8,571
8,571
Potential dilutive effect of convertible
notes
—
—
—
1,347
—
—
—
—
Potential dilutive effect related to share
based compensation scheme in subsidiary undertaking
—
—
—
(38)
—
—
—
(186)
Adjusted earnings/(loss) attributable
to equity holders of the parent
$
(18,971)
(18,971)
$
9,593
10,902
$
(40,759)
(40,759)
$
8,571
8,385
Number of shares
Weighted average number of shares
122,294,744
122,294,744
73,668,766
73,668,766
99,120,330
99,120,330
70,879,289
70,879,289
Potential dilutive effect related to share
based compensation plan
—
9,590,380
—
13,510,251
—
6,755,221
—
46,075
Adjusted weighted average number of
shares
122,294,744
131,885,124
73,668,766
87,179,017
99,120,330
105,875,551
70,879,289
70,925,364
Earnings/(loss) per share
Earnings/(loss) attributable to the
equity holders of the parent per share (cents)
(15.5)
(15.5)
13.0
12.5
(41.1)
(41.1)
12.1
11.8
EROS INTERNATIONAL PLC
NOTES TO UNAUDITED CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
(Amounts in thousands, except share and per
share data)
The above table does not split the earnings per share separately
for the ‘A’ ordinary 30p shares and the ‘B’ ordinary 30p shares as
there is no variation in their entitlement to participate in
undistributed earnings.
The Company excludes options with exercise prices that are
greater than the average market price from the calculation of
diluted EPS because their effect would be anti-dilutive. In the
Nine months ended December 31, 2019, 764,470 shares were not
included in diluted earnings per share (December 31, 2018:
1,957,035) Further, the Company have excluded convertible notes
7,660,167 shares because their effect was anti-dilutive (December
31, 2018:14,950,488). Since there is loss for the year, and for the
quarter, the potential equity shares resulting from dilutive
options are not considered as dilutive and hence, the Diluted EPS
is same as Basic EPS.
8.
OTHER GAINS/(LOSSES), NET
Three months ended December
31,
Nine months ended December
31,
2019
2018
2019
2018
Foreign exchange (loss)/gain,net
$
(4,484)
$
1,545
$
(794)
$
5,234
(Loss) on sale of property and
equipment
(2)
(3)
(6)
(3)
Reversal of expected credit (loss)
2,902
3,895
6,176
14,458
Net losses on derecognition of financial
assets measured at FVTPL(*)
(1,625)
(1,566)
(2,621)
(4,334)
Loss of investments measured at FVTPL
(23)
—
(865)
—
Credit from Government of India
—
2,328
760
2,328
(Loss)/Gain on financial liability
(convertible notes) measured at FVTPL
(16,590)
1,263
(25,747)
(18,480)
$
(19,822)
$
7,462
$
(23,097)
$
(797)
(*) Arising on assignment and novation of trade receivables and
trade payables with no-recourse. Derecognition of aforesaid
financial assets/liabilities measured at amortized cost is to
mitigate both credit risk and liquidity risk
9.
IFRS – 16 LEASES
Effective April 1, 2019, the Company adopted IFRS 16, Leases,
which specifies how to recognize, measure, present and disclose
leases. The standard provides a single accounting model, requiring
the recognition of assets and liabilities for all major leases
previously classified as “operational leases”. The company applied
Modified Retrospective Approach on the date of initial application.
The Company recognizes a right-of-use asset and a lease liability
at the lease commencement date. The right-of-use asset is initially
measured at cost, based on the initial amount of the lease
liability adjusted for prepaid balances existing as at March 31,
2019. The assets are depreciated to the earlier of the end of the
useful life of the right-of-use asset or the lease term using the
straight-line method as this most closely reflects the expected
pattern of consumption of the future economic benefits. The lease
term includes periods covered by an option to extend if the Company
is reasonably certain to exercise that option. In addition, the
right-of-use asset is periodically adjusted for certain
re-measurements of the lease liability. There is no impact on
transition in opening balance of retained earnings as at April 1,
2019.
Operating leases
The Company has decided to use the approach that allows the
right-of-use asset to be recognized at an amount equal to the
liability as at the date of initial application. Based on such
approach the Right-to-use (ROU) asset and lease liability as at
April 1, 2019 have been created at $ 1,982 and $ 1,907,
respectively. Unwinding of lease liability amounting $ 94 and
amortization of Right-to-use asset amounting $1,046 have been
recorded for the nine months ended December 31, 2019 as against
lease rent expenses recorded in the prior period/s. The weighted
average incremental borrowing rate of 12% (for India) and 7.45%
(for other locations) have been applied to lease liabilities
recognized in the statement of financial position at the date of
initial application.
Finance leases
As of April 01, 2019, Equipment amounting $ 243 has been
reclassified to ROU from property and equipment and long-term and
short-term borrowing amounting $145 and $ 108, respectively, have
been reclassified to lease liabilities in relation to these finance
lease. The Company has continued to discount the lease rental at
interest rate implicit in these lease agreements, with unwinding of
lease liability amounting $ 17 and amortization of ROU over the
useful life amounting $ 89 for the nine months ended December 31,
2019.
Non-GAAP Financial Measures
Net Income
The Company uses the term Net Income, as the International
Financial Reporting Standards (“IFRS”) define the term as
synonymous with profit for the period.
Reconciliation of Adjusted EBITDA
In addition to the results prepared in accordance with IFRS, the
Company has presented Adjusted EBITDA. The Company uses Adjusted
EBITDA along with other IFRSs measures to evaluate operating
performance. Adjusted EBITDA is defined as EBITDA adjusted for
(gains)/impairments of available-for-sale financial assets,
profit/loss on held for trading liabilities (including profit/loss
on derivatives), transactions costs relating to equity
transactions, share based payments, loss/(gain) on sale of property
and equipment, Loss on de-recognition of financial assets measured
at amortized cost, net, credit impairment loss, net, component loss
on financial liability (convertible notes) measured at fair value
through profit and loss, Loss on deconsolidation of a subsidiary
and exceptional items such as impairment of goodwill, trademark,
film & content rights and content advances.
Adjusted EBITDA, as used and defined by us, may not be
comparable to similarly-titled measures employed by other companies
and is not a measure of performance calculated in accordance with
GAAP. Adjusted EBITDA should not be considered in isolation or as a
substitute for operating income, net income, cash flows from
operating investing and financing activities, or other income or
cash flow statement data prepared in accordance with GAAP. Adjusted
EBITDA provides no information regarding a company’s capital
structure, borrowings, interest costs, capital expenditures and
working capital changes or tax position. However, Eros’ management
team believes that Adjusted EBITDA is useful to an investor in
evaluating the Company’s results of operations because this
measure:
- is widely used by investors to measure a company’s operating
performance without regard to items excluded from the calculation
of such term, which can vary substantially from company to company
depending upon accounting methods and book value of assets, capital
structure and the method by which assets were acquired, among other
factors;
- helps investors to evaluate and compare the results of Eros’
operations from period to period by removing the effect of the
Company’s capital structure from its operating structure.
See the supplemental financial schedules for reconciliations to
IFRSs measures in the table below, which presents a reconciliation
of Eros’ Adjusted EBITDA to net income.
Adjusted EBITDA
Three months ended December
31,
Nine months ended December
31,
2019
2018
2019
2018
(in thousand)
Profit/(loss) for the period
$
(16,116)
$
14,474
$
(39,146)
$
18,400
Income tax expense
3,991
2,218
6,716
6,808
Net finance costs
1,158
3,925
5,558
5,989
Depreciation
415
296
1,260
823
Amortization(1)
224
228
672
987
EBITDA (Non- GAAP)
(10,328)
21,141
(24,940)
33,007
Share based payments(2)
4,317
3,957
13,700
15,073
Credit impairment losses
12,642
4,350
36,536
8,926
Reversal of credit impairment
losses/(gains)
(2,902)
(3,895)
(6,176)
(14,458)
Adjustment towards arisen significant
discounting, component
—
9,917
—
25,164
Net losses on de-recognition of financial
assets measured at amortized cost, net
1,625
1,566
2,621
4,334
Loss/(Gain) on financial liability
(convertible notes) measured at FVTPL
16,590
(1,263)
25,747
18,480
Closure of derivative asset
—
—
—
249
Loss on sale of property and equipment
2
3
6
3
Loss on available – for – sale measured at
FVTL
23
—
865
—
Adjusted EBITDA (Non-GAAP)
$
21,969
$
35,776
$
48,359
$
90,778
Amortizaton of intangible and content
rights
20,018
35,835
44,287
96,158
Gross Adjusted EBITDA
$
41,987
$
71,611
$
92,646
$
186,936
(1)
Includes only amortization of intangible assets other than
intangible content assets.
(2)
Consists of compensation costs recognized with respect to all
outstanding plans and all other equity settled instruments.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200305005454/en/
Mark Carbeck Chief Corporate and Strategy Officer Eros
International PLC mark.carbeck@erosintl.com +44 207 258 9909
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