RNS Number : 1485P
Eros International PLC
29 September 2011
Eros International Plc
("Eros" or the "Company")
Eros International Plc, a leading global company in Indian filmed entertainment, announces a trading update for the six month period ended 30 September 2011.The Company has experienced a strong first six months and expects results for the year ended 31 March 2012 to be ahead of current consensus market expectations.
During the second quarter, Eros generated strong operating cash flows underpinned by the strong theatrical performances and television syndication of a number of films including Zindagi Na Milegi Dobara and Ready. Ready's gross box office receipts in the first week were among India's top three first week grossing films of all time.
During the second quarter, Eros continued its expansion into new international territories with film releases announced in Taiwan and South Korea and distribution agreements with broadcasters and distributors in Myanmar, Japan and Romania. The Company also widened the scope of its regional language releases with its agreement to co-produce a slate of films with a leading Punjabi production company.
Notwithstanding unstable economic conditions currently experienced by Western economies and the recent strengthening of the US Dollar which has adversely impacted the Indian Rupee exchange rate, the Indian economy, in particular the fundamentals of the Indian media and entertainment industry, remains extremely buoyant with consumer confidence levels high.
Eros' performance has remained robust and, with a strong second half release schedule expected to generate significant box office receipts, the improved cash inflows are expected to reduce the net debt position of the Company further.
The Company looks forward to the rest of the financial year with confidence.
Interim results for the six months ended 30 September, 2011 are expected to be announced in early November.
For further information, please contact:
Eros International Plc
Andrew Heffernan - CFO
Jamie Kirkwood - Head of Investor Relations & Special Projects
T: +44 (0) 20 7258 9906
Evolution Securities Limited
Jeremy Ellis / Chris Clarke
T: +44 (0) 20 7071 4300
Investec Bank Plc
Patrick Robb / Carlton Nelson
T: +44 (0) 20 7597 5000
Peel Hunt LLP
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 acquires, co-produces and distributes quality Indian film content, worldwide, across multiple formats
· Established in 1977 with a vision to become the gateway for Indian content worldwide and Hollywood content in India, Eros has over three decades of market experience in creating a global platform for Indian cinema
· In 2006, Eros became the first Indian media company to obtain a listing 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 five continents and over 50 countries with offices throughout India, the United Kingdom, USA, UAE, Singapore, Australia, Fiji and the Isle of Man
This information is provided by RNS
The company news service from the London Stock Exchange