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UFO Moviez board recommends 125% dividend for fiscal 2018

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BENGALURU: The board of directors of Indian digital cinema distribution network and in-cinema advertising platform UFO Moviez Ltd (UFO) has mooted a dividend of Rs 12.50 (125 per cent) per equity share of face value of Rs 10 each subject to shareholder approval for the year ended 31 March 2018 (FY 2018, year or fiscal under review). UFO says that this dividend including dividend distribution tax translates to 68 per cent of its FY 2018 consolidated PAT.

UFO reported almost flat (up 0.8 per cent) consolidated PAT for FY 2018 at Rs 60.64 crore as compared to Rs 60.13 crore in the previous fiscal. Total comprehensive income or TCI for the fiscal under review increased 3.2 per cent to Rs 60.35 crore from Rs 58.50 crore in FY 2017. Simple EBITDA including other income for FY 2018 declined 7.5 per cent to Rs 172.93 crore (29 per cent of total revenue) from Rs 186.89 crore (31.1 per cent of total revenue) in the previous year.

UFO’s operating revenue in the fiscal under review was almost flat (reduced 0.8 per cent) at Rs 594.03 crore as compared to Rs 598.95 crore in FY 2017. Total revenue declined 0.6 per cent in FY 2018 to Rs 596.96 crore from Rs 600.65 crore in FY 2017. In its earnings press release, UFO says that advertisement revenue grew by 19.3 per cent to Rs 213.6 crore (In FY 2017 it was Rs 179 crore) million. Average advertisement minutes sold per show per screen grew to 5.19 per cent (FY 2017 – 4.34) minutes during FY 2018.

Total expenditure in FY 2018 increased 2.5 per cent to Rs 424.03 crore from Rs 413.76 crore in the previous year. Purchase of digitalcinema and lamps in the year under review was flat at Rs 67.56 crore as compared to R 67.57 crore in FY 2017. Ad revenue share expense in FY 2018 increased 26 per cent to Rs 65 crore from Rs 51.58 crore in the previous fiscal. Virtual print fees sharing expense in FY 2018 reduced 28 per cent to Rs 52.36 crore from Rs 72.72 crore in FY 2017. Other operating direct costs in FY 2018 increased 2.4 per cent to Rs 55.22 crore from Rs 53.40 crore in FY 2017. Employee benefit expense in FY 2018 increased 3.2 per cent to Rs 83.70 crore from Rs 81.12 crore in FY 2017. Other expenses in the year under review increased 11.3 per cent to Rs 94.81 crore from Rs 85.15 crore in FY 2017.

Company speak:

“UFO ended fiscal 2018 on a strong note by delivering robust advertisement revenues,” said UFO founder and managing director Sanjay Gaikwad. “Growing advertisement contribution to overall profitability minimised the impact of planned reduction in D-Cinema VPF revenue. Additionally, the Scheme of Arrangement and Amalgamation between UFO and Qube is progressing as per schedule and is currently awaiting requisite approvals from regulatory bodies. We are extremely excited about the future of the merged entity and the opportunities across in-cinema advertising. Also, the board recommended an enhanced dividend of Rs 12.5 per equity share in fiscal 2018. This marks the third consecutive dividend in line with UFO’s shareholder value creation philosophy. Going forward, we will continue to achieve our goals and are confident of delivering long term sustainable growth and shareholder value creation.”

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