Dish TV India (VDTH) 6-K Videocon d2h Limited - Financial Statements

Videocon d2h Limited - Financial Statements

(All amounts are in Millions)

Income Statement

	For the year ended
	March 31, 2015			March 31, 2014
Particulars	Audited			Audited
INCOME
Revenue from operations		23,377.08			17,644.10
		23,377.08			17,644.10
EXPENSE
Operating expense		13,853.05			10,715.06
Employee benefits expense		1,023.28			864.28
Administration and other expenses		688.04			538.71
Selling and distribution expenses		1,856.32			1,605.56
Depreciation, amortization and impairment		5,286.82			4,211.89
Total Expenses		22,707.51			17,935.50
Profit / (Loss) from operations		669.57			(291.40	)
Finance costs / Finance Income (Net)		(4,614.22	)		(4,351.02	)
Other Income		0.08			17.26
Profit / (loss) before tax		(3,944.57	)		(4,625.16	)
Profit / (Loss) before tax		(3,944.57	)		(4,625.16	)
Income tax expense
Current tax		—			—
Deferred tax		(1,217.93	)		(1,429.68	)
Profit / (Loss) after tax		(2,726.64	)		(3,195.48	)
Basic and Diluted earning per share (In )		(11.25	)		(13.20	)

Videocon d2h Limited - Financial Statements

(All amounts are in Millions)

Statement of Financial Position

	As at
	March 31, 2015			March 31, 2014
Particulars	Audited			Audited
Assets
Non-current Assets
Property, Plant and equipment & Capital Work-in-Progress		25,315.45			22,774.61
Intangible Assets		1,072.53			1,250.93
Other Financial Assets		861.32			2,225.01
Deferred Tax Assets (Net)		7,708.19			6,490.26
Total non-current assets		34,957.49			32,740.81
Current Assets
Inventories		341.25			317.13
Trade Receivables		1.63			4.24
Other Financial Assets		3,168.34			747.16
Other Non-Financial Assets		907.93			1,721.45
Cash and cash equivalents		9,888.77			184.90
Total current assets		14,307.92			2,974.88
Total Assets		49,265.41			35,715.69
Equity
Share Capital		3,930.00			2,420.00
Share Premium		21,380.88			5,840.00
Retained earnings		(17,300.70	)		(14,574.06	)
Total Equity		8,010.18			(6,314.06	)
Liabilities
Non-current Liabilities
Long-term borrowings		23.13			—
Other Non-Financial Liabilities		2,869.14			2,668.99
Post employement benefits		44.99			29.87
Others employement benefits		26.10			18.19
Total non-current liabilities		2,963.36			2,717.05
Current Liabilities
Short-term borrowings		—			2,250.00
Trade Payable		4,338.03			2,203.87
Other Non-Financial Liabilities		7,199.90			5,597.46
Other Financial Liabilities		26,747.99			29,256.55
Post employement benefits		2.53			1.81
Others employement benefits		3.42			3.01
Total current liabilities		38,291.87			39,312.70
Total Liabilities		41,255.23			42,029.75
Total equity and liabilities		49,265.41			35,715.69

Videocon d2h Limited - Financial Statements

(All amounts are in Millions)

Statement of Cash flows

	For the year ended
	March 31, 2015			March 31, 2014
Particulars	Audited			Audited
Profit before Tax		(3,944.57	)		(4,625.16	)
Adjustments for:
Depreciation, Amortization and Impairment		5,286.82			4,211.89
Finance Costs		4,716.75			4,447.98
Interest Income		(102.53	)		(96.96	)
Employee benefits expenses		24.16			6.38
Liabilities/ provisions no longer required written back		—			(15.41	)
Operating cash flow before changes in assets and liabilities		5,980.63			3,928.72
Decrease/(increase) in inventories		(24.12	)		(63.96	)
Decrease/(increase) in trade receivables		2.61			14.50
Decrease/(increase) in other financial and non-financial assets		(244.64	)		(1,635.12	)
Increase/(decrease) in trade payable		2,134.17			227.06
Increase/(decrease) in other financial and non-financial liabilities		717.98			4,499.50
Cash generated from operations		8,566.63			6,970.70
Income tax paid		(0.67	)		19.25
Net cash inflow from operating activities		8,567.30			6,951.45
Cash flows from investing activities
Purchase of intangible assets		(55.10	)		(63.02	)
Property, Plant and equipment & Capital Work-in-Progress		(7,597.34	)		(6,438.82	)
Decrease in Capital Work-in-Progress & Disposal of Property, Plant and equipment		3.17			285.54
Interest Income		102.53			96.96
Net cash flow from investing activities		(7,546.74	)		(6,119.34	)
Cash flows from financing activities
Increase in Equity Share Capital		1,510.00			—
Share Premium Received		15,540.88			—
Proceeds from borrowings		8,704.38			3,709.40
Repayment of borrowings		(12,355.20	)		(5,697.30	)
Interest & other borrowing costs paid		(4,716.75	)		(4,447.98	)
Net cash flow from financing activities		8,683.31			(6,435.88	)
Net increase/(decrease) in cash and cash equivalents during the year		9,703.87			(5,603.77	)
Cash and cash equivalents at beginning of the financial year		184.90			5,788.67
Cash and cash equivalents at end of the financial year		9,888.77			184.90

Videocon d2h Limited - Financial Statements

(All amounts are in Millions)

Statement of Changes in Equity

												(  in Million)
	Called up share capital		Share premium		Share Application Money		Retained earnings			Accumulated Other Comprehensive Income / (Loss)		Total
Balance as at March 31 2013		2,420.00		5,840.00		—		(11,378.58	)		—		(3,118.58	)
Loss for the year		—		—		—		(3,195.48	)		—		(3,195.48	)
Balance as at March 31 2014		2,420.00		5,840.00		—		(14,574.06	)		—		(6,314.06	)
Additional Issued		1,510.00		15,540.88				—			—		17,050.88
Loss for the year		—		—		—		(2,726.64	)		—		(2,726.64	)
Balance as at March 31 2015		3,930.00		21,380.88		—		(17,300.70	)		—		8,010.18

Share Capital

	As at March 31, 2015				As at March 31, 2014
Particulars	No of Shares (in Nos)		Value (  in Million)		No of Shares (in Nos)		Value (  in Million)
Authorized shares		500,000,000		5,000.00		500,000,000		5,000.00
(Equity Shares of  10/- each)
Ordinary shares of  10 allotted, issued and fully paid		242,000,000		2,420.00		242,000,000		2,420.00
Allotted during the year		150,999,600		1,510.00		—		—
As at March 31		392,999,600		3,930.00		242,000,000		2,420.00

a) The Company, under ESOP Plan 2014, granted an option to its eligible employees to purchase upto 4,000,000 equity shares. Each option granted pursuant to the ESOP Plan 2014 entitles the grantees to apply for one equity share. The exercise price is lower of  50 or a price equivalent to 50% of the issue price of equity shares in initial public offering.

b) The current shareholders of the Company are entitled to be issued an additional 11,680,000 American Depository Shares equivalent to 46,720,000 equity shares of the company. These equity shares will be issued by way of a bonus shares or such other form of share issue as determined by, subject to the achievement of certain American Depository Shares price targets within a period of three years after listing (i.e. Fiscal 2018).

c) The Company is also required to issue to the Global Eagle Acquisition LLC by way of a bonus issue of shares (or such other form of share issue as determined by the independent members of the Board of Directors of Videocon d2h) an additional 2,000,000 American Depository Shares.

d) The Company has also granted a stock option of 2,800,000 equity shares to its executive director, Mr Saurabh Dhoot, which may be exercisable, subject to achievement of certain American Depository Shares price targets within a period of three years (i.e. Fiscal 2018).

The issuance of equity shares under clauses (a) to (d) above are subject to approval of Ministry of Information and Broadcasting (MoIB)