PVR Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2018
Auditor and Management Disclosures and Notes for the quarterly results dated 31 Dec 2018
Notes to the Statement of Unaudited Standalone Financial Results for the quarter and nine months period ended December 31, 2018:-
1. The above Unaudited Standalone Financials Results for the quarter and nine months period ended December 31, 2018 have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on January 24, 2019. The Statutory Auditors of PVR Limited ("the Company") have carried out limited review of the above Unaudited Standalone Financials Results pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended and have issued an unmodified review opinion report.
2. The Board of Directors in its meeting held on August 12, 2018, approved acquisition of SPI Cinemas Private Limited ("SPI") by way of acquisition of 71.69% equity shares in SPI for cash consideration of Rs. 63,560 lakhs and for the balance 28.31% stake, through issue of 15,99,974 equity shares of the Company to SPI shareholders in the ratio of 1: 18.19 equity shares of the Company, pursuant to the proposed scheme of amalgamation ("Scheme"). Consequent to above, on fulfilment of condition precedent, on August 17, 2018, the Company completed the acquisition of 71.69% shareholding in SPI. Subsequent to the quarter end, the proposed Scheme has been approved by NSE and BSE vide their letter dated January 21, 2019 and January 22, 2019 respectively. Further the Company is in the process of filing an application with the National Company Law Tribunal ("NCLT").
3. With effect from April 01, 2018, the Company has adopted Ind AS-115, "Revenue from contracts with customers" using the cumulative effect method. There is no significant net impact on retained earnings as at April 01, 2018. Moreover, the application of Ind AS-115 did not have any significant impact on recognition and measurement of revenue from operations and other related items in the Unaudited Standalone Financial results of the Company.
4. Earning per share is not annualised for the quarter ended December 31, 2018, September 30, 2018 and December 31, 2017 and for the nine months period ended December 31, 2018 and December 31, 2017.
5. Previous year/quarterly/nine month period results have been regrouped/rearranged wherever considered necessary, to conform to current quarter/nine months period results.
6. The above Unaudited Standalone Financial Results for the quarter ended and nine months period ended December 31, 2018 are available on the Bombay Stock Exchange website (URL:www.bseindia.com/corporates), the National Stock Exchange website (URL: www.nseindia.com/corporates) and on the Company’s website (URL: