PVR Ltd (PVRL IN) - Standardized

In Millions of INR except Per Share FY 2014 FY 2015 FY 2016 FY 2017

12 Months Ending 03/31/2014 03/31/2015 03/31/2016 03/31/2017
Total Assets
Cash, Cash Equivalents & STI 490.2 259.0 2,672.7 307.8
Cash & Cash Equivalents 227.0 213.4 186.2 247.5
ST Investments 263.2 45.6 2,486.5 60.3
Accounts & Notes Receiv 523.0 767.0 900.8 1,020.8
Accounts Receivable, Net 523.0 767.0 900.8 1,020.8
Notes Receivable, Net 0.0 0.0 0.0 0.0
Unbilled Revenues — — — —
Inventories 106.3 126.0 204.7 190.4
Raw Materials 0.0 0.0 0.0 0.0
Work In Process 0.0 0.0 0.0 0.0
Finished Goods 1.6 1.4 1.9 2.7
Other Inventory 104.7 124.6 202.8 187.7
Other ST Assets 263.2 415.5 740.5 1,284.9
Prepaid Expenses 176.8 244.9 366.9 611.8
Derivative & Hedging Assets 0.0 0.0 0.0 0.0
Assets Held-for-Sale — — — —
Taxes Receivable — — — —
Misc ST Assets 86.4 170.6 373.6 673.1
Total Current Assets 1,382.7 1,567.5 4,518.7 2,803.9
Property, Plant & Equip, Net 7,797.0 8,134.1 9,373.3 11,503.0
Property, Plant & Equip 11,014.6 12,254.9 14,249.7 13,298.8
Accumulated Depreciation 3,217.6 4,120.8 4,876.4 1,795.8
LT Investments & Receivables 16.8 16.8 17.1 10.1
LT Investments 16.6 16.1 16.3 10.1
LT Receivables 0.2 0.7 0.8 —
Other LT Assets 4,336.4 4,569.9 5,241.0 7,939.9
Total Intangible Assets 1,206.7 1,080.2 1,091.8 4,639.5
Goodwill 938.0 837.2 757.0 4,336.5
Other Intangible Assets 268.7 243.0 334.8 303.0
Prepaid Expense 55.7 127.4 113.9 89.7
Deferred Tax Assets 0.0 — 42.3 432.6
Derivative & Hedging Assets 0.0 0.0 0.0 0.0
Investments in Affiliates — — — —
Misc LT Assets 3,074.0 3,362.3 3,993.0 2,778.1
Total Noncurrent Assets 12,150.2 12,720.8 14,631.4 19,453.0
Total Assets 13,532.9 14,288.3 19,150.1 22,256.9

Liabilities & Shareholders' Equity

Payables & Accruals 2,178.2 1,893.6 2,630.1 3,341.7
 Accounts Payable 1,610.7 1,519.5 2,029.1 1,976.2
Accrued Taxes 19.4 50.0 118.0 —
Interest & Dividends Payable 114.5 20.2 20.0 19.5
Other Payables & Accruals 433.6 303.9 463.0 1,346.0
ST Debt 1,343.4 1,115.4 882.0 2,145.4
ST Borrowings 320.5 319.9 0.0 1,250.8
ST Capital Leases 0.0 0.0 0.0 0.0
Current Portion of LT Debt 1,022.9 795.5 882.0 894.6
Other ST Liabilities 355.9 331.9 579.1 584.2
Deferred Revenue 0.0 0.0 0.0 0.0
Derivatives & Hedging 0.0 0.0 0.0 0.0
Misc ST Liabilities 355.9 331.9 579.1 584.2
Total Current Liabilities 3,877.5 3,340.9 4,091.2 6,071.3
LT Debt 4,790.2 6,354.7 5,740.9 6,050.4
LT Borrowings 4,790.2 6,354.7 5,740.9 6,050.4
LT Capital Leases 0.0 0.0 0.0 0.0
Other LT Liabilities 101.2 117.6 222.1 80.1
Accrued Liabilities 0.0 0.0 0.0 0.0
Pension Liabilities 66.4 82.5 67.2 71.0
Deferred Revenue 0.0 0.0 0.0 0.0
Deferred Tax Liabilities 4.3 10.5 135.5 9.1
Derivatives & Hedging 0.0 0.0 0.0 0.0
Misc LT Liabilities 30.5 24.6 19.4 0.0
Total Noncurrent Liabilities 4,891.4 6,472.3 5,963.0 6,130.5
Total Liabilities 8,768.9 9,813.2 10,054.2 12,201.8
Preferred Equity and Hybrid Capital 0.0 0.0 0.0 0.0
Share Capital & APIC 1,559.6 1,649.4 5,193.4 5,179.8
Common Stock 411.1 415.3 466.9 467.4
Additional Paid in Capital 1,148.5 1,234.1 4,726.5 4,712.4
Treasury Stock 0.0 0.0 0.0 0.0
Retained Earnings 1,934.1 1,850.9 2,752.7 3,481.3
Other Equity 499.30 591.60 748.50 989.00
Equity Before Minority Interest 3,993.0 4,091.9 8,694.6 9,650.1
Minority/Non Controlling Interest 771.0 383.2 401.3 405.0
Total Equity 4,764.0 4,475.1 9,095.9 10,055.1
Total Liabilities & Equity 13,532.9 14,288.3 19,150.1 22,256.9

Reference Items
Accounting Standard IN GAAP IN GAAP IN GAAP IN GAAP
Shares Outstanding 41.1 41.5 46.7 46.7
Number of Treasury Shares 0.0 0.0 0.0 0.0
Pension Obligations 66.4 82.5 67.2 71.0
Future Minimum Operating Lease Obligatio 11,754.7 12,980.7 11,843.1 14,959.9
Capital Leases - Total 0.0 0.0 0.0 0.0
Percent Of Foreign Ownership 53.74 23.37 48.91 57.59
Number Of Shareholders 32,457.00 28,601.00 32,589.00 30,466.00
Options Granted During Period 0.1 0.0 0.0 0.0
Options Outstanding at Period End 0.1 0.0 0.0 0.0
Net Debt 5,643.4 7,211.1 3,950.2 7,888.0
Net Debt to Equity 118.46 161.14 43.43 78.45
Tangible Common Equity Ratio 22.60 22.80 42.10 28.44
Current Ratio 0.36 0.47 1.10 0.46
Cash Conversion Cycle -469.04 -467.92 -425.45 -417.73
Number of Employees — — — 4,751.00
Source: Bloomberg
 FY 2018
03/31/2018

337.7
277.6
60.1
1,556.1
1,556.1
0.0
19.2
198.0
0.0
0.0
131.9
66.1
866.5
343.5
0.0
—
—
523.0
2,977.5
12,286.4
15,683.7
3,397.3
176.1
176.1
—
8,048.4
4,629.0
4,344.7
284.3
123.8
156.0
0.0
22.7
3,116.9
20,510.9
23,488.4

3,503.8
 2,511.1
—
18.7
974.0
2,689.5
998.3
—
1,691.2
811.8
0.0
0.0
811.8
7,005.1
5,615.6
5,615.6
—
106.0
0.0
100.1
0.0
5.9
0.0
0.0
5,721.6
12,726.7
0.0
5,179.8
467.4
4,712.4
0.0
4,298.3
1,275.50
10,753.6
8.1
10,761.7
23,488.4

IN GAAP
46.7
0.0
100.1
14,311.3
286.8
59.98
34,261.00
0.0
0.0
7,967.4
74.03
32.48
0.43
-447.44
3,475.00
PVR Ltd (PVRL IN) - Standardized
In Millions of INR except Per Share FY 2014 FY 2015 FY 2016 FY 2017
12 Months Ending 03/31/2014 03/31/2015 03/31/2016 03/31/2017
Cash from Operating Activities
Net Income 560.5 127.6 1,187.3 958.4
Depreciation & Amortization 943.8 1,168.0 1,251.9 1,383.8
Non-Cash Items -261.7 68.4 -25.0 398.3
Other Non-Cash Adj -261.7 68.4 -25.0 398.3
Chg in Non-Cash Work Cap 91.3 -862.9 204.1 -246.0
(Inc) Dec in Accts Receiv -130.8 -277.3 -177.3 -162.4
(Inc) Dec in Inventories 1.2 -19.7 -78.7 14.2
Inc (Dec) in Accts Payable 0.0 0.0 0.0 0.0
Inc (Dec) in Other 220.9 -565.9 460.1 -97.8
Net Cash From Disc Ops 0.0 0.0 0.0 0.0
Cash from Operating Activities 1,333.9 501.1 2,618.3 2,494.5

Cash from Investing Activities

Change in Fixed & Intang -1,272.8 -1,690.8 -2,331.5 -6,324.2
Disp in Fixed & Intang 529.0 3.2 2.4 6.3
Disp of Fixed Prod Assets 529.0 3.2 2.4 6.3
Disp of Intangible Assets 0.0 0.0 0.0 0.0
Acq of Fixed & Intang -1,801.8 -1,694.0 -2,333.9 -6,330.5
Acq of Fixed Prod Assets -1,621.4 -1,623.8 -2,333.9 -6,330.5
Acq of Intangible Assets -180.4 -70.2 0.0 0.0
Net Change in LT Investment 0.0 0.0 0.0 0.0
Dec in LT Investment 0.0 0.0 0.0 0.0
Inc in LT Investment 0.0 0.0 0.0 0.0
Net Cash From Acq & Div 0.0 -370.0 0.0 0.0
Cash from Divestitures 0.0 0.0 0.0 0.0
Cash for Acq of Subs 0.0 -370.0 0.0 0.0
Cash for JVs 0.0 0.0 0.0 0.0
Other Investing Activities 193.4 230.8 -2,962.5 -25.5
Net Cash From Disc Ops 0.0 0.0 0.0 0.0
Cash from Investing Activities -1,079.4 -1,830.0 -5,294.0 -6,349.7

Cash from Financing Activities

Dividends Paid -46.4 -121.7 -45.9 -116.9
Cash From (Repayment) Debt -432.6 1,336.7 -847.2 1,438.5
Cash From (Repay) ST Debt 96.3 -0.6 -319.9 1,093.6
Cash From LT Debt 2,101.2 2,949.5 241.9 1,508.5
Repayments of LT Debt -2,630.1 -1,612.2 -769.2 -1,163.6
Cash (Repurchase) of Equity 121.0 100.3 3,541.6 10.3
Increase in Capital Stock 121.0 100.3 3,541.6 10.3
 Decrease in Capital Stock 0.0 0.0 0.0 0.0
Other Financing Activities 0.0 0.0 0.0 0.0
Net Cash From Disc Ops 0.0 0.0 0.0 0.0
Cash from Financing Activities -358.0 1,315.3 2,648.5 1,331.9

Effect of Foreign Exchange Rates 0.0 0.0 0.0 0.0

Net Changes in Cash -103.5 -13.6 -27.2 -2,523.3

Cash Paid for Taxes 153.9 68.5 235.5 330.9

Cash Paid for Interest 811.8 827.3 797.4 730.4

Reference Items
EBITDA 2,229.9 2,096.7 3,581.9 3,136.2
Trailing 12M EBITDA Margin 16.93 14.57 19.71 14.93
Interest Received 12.7 13.9 42.5 28.8
Net Cash Paid for Acquisitions 0.0 370.0 0.0 0.0
Free Cash Flow -287.5 -1,122.7 284.4 -3,836.0
Free Cash Flow to Firm 427.9 -435.2 933.2 -3,378.4
Free Cash Flow to Equity -191.1 217.2 -560.4 -2,391.2
Free Cash Flow per Basic Share -7.04 -27.18 6.31 -82.07
Price to Free Cash Flow — — 116.32 —
Cash Flow to Net Income 2.38 3.93 2.21 2.60
Source: Bloomberg
 FY 2018
03/31/2018

1,247.0
1,536.9
305.9
305.9
582.2
-574.7
-17.3
0.0
1,174.2
0.0
3,672.0

-3,385.4
14.8
14.8
0.0
-3,400.2
-3,400.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-679.5
0.0
-4,064.9

-112.7
254.8
-100.6
1,250.0
-894.6
0.0
0.0
 0.0
0.0
0.0
142.1

0.0

-250.8

416.5
801.6

4,018.4
17.41
11.0
0.0
271.8
755.2
541.4
5.82
208.97
2.94
PVR Ltd (PVRL IN) - Adjusted
In Millions of INR except Per Share FY 2016 FY 2017 FY 2018 FY 2019 Est
12 Months Ending 03/31/2016 03/31/2017 03/31/2018 03/31/2019
Revenue 18,177.0 21,005.5 23,080.6 27,562.5
Sales & Services Revenue 18,177.0 21,005.5 23,080.6
Gross Profit — — — 19,270.8
Other Operating Income 793.9 188.8 260.5
Operating Expenses 16,575.3 19,378.3 20,855.9
Selling & Marketing — — 407.6
Research & Development 0.0 0.0 0.0
Depreciation & Amortization 1,251.9 1,383.8 1,536.9
Prov For Doubtful Accts 25.7 — —
Other Operating Expense 15,297.7 17,994.5 18,911.4
Operating Income (Loss) 2,395.6 1,816.0 2,485.2 3,217.5
Non-Operating (Income) Loss 1,035.2 237.4 551.0
Interest Expense, Net 712.9 595.3 663.8
Interest Expense 775.0 729.8 758.0
Interest Income 62.1 134.5 94.2
Other Investment (Inc) Loss 0.0 — —
Foreign Exch (Gain) Loss 0.0 -2.1 -0.1
(Income) Loss from Affiliates — — 7.3
Other Non-Op (Income) Loss 322.3 -355.8 -120.0
Pretax Income (Loss), Adjusted 1,360.4 1,578.6 1,934.2 2,674.0
Abnormal Losses (Gains) -64.4 50.2 -10.4
Merger/Acquisition Expense — 16.2 —
Disposal of Assets 65.6 63.6 3.7
Asset Write-Down 42.4 24.5 —
Gain/Loss on Sale/Acquisition of Busines — — —
Sale of Investments -172.4 -54.1 -14.1
Pretax Income (Loss), GAAP 1,424.8 1,528.4 1,944.6 2,674.0
Income Tax Expense (Benefit) 232.1 570.0 704.4
Current Income Tax 149.4 333.0 488.9
Deferred Income Tax 82.7 237.0 215.5
(Income) Loss from Affiliates — — —
Income (Loss) from Cont Ops 1,192.7 958.4 1,240.2 1,764.7
Net Extraordinary Losses (Gains) 0.0 0.0 0.0
Discontinued Operations 0.0 0.0 0.0
XO & Accounting Changes 0.0 0.0 0.0
Income (Loss) Incl. MI 1,192.7 958.4 1,240.2
Minority Interest 5.4 — -6.8
Net Income, GAAP 1,187.3 958.4 1,247.0 1,764.7
Preferred Dividends 0.0 0.0 0.0
Other Adjustments 0.0 0.0 0.0
Net Income Avail to Common, GAAP 1,187.3 958.4 1,247.0 1,764.7

Net Income Avail to Common, Adj 1,145.2 993.5 1,239.7 1,764.7

Net Abnormal Losses (Gains) -42.1 35.1 -7.3
Net Extraordinary Losses (Gains) 0.0 0.0 0.0

Basic Weighted Avg Shares 45.0 46.7 46.7

Basic EPS, GAAP 26.36 20.50 26.68 37.54
Basic EPS from Cont Ops 26.36 20.50 26.68 37.54
Basic EPS from Cont Ops, Adjusted 25.42 21.26 26.52 37.54

Diluted Weighted Avg Shares 45.1 46.7 46.9

Diluted EPS, GAAP 26.34 20.50 26.57 37.54
Diluted EPS from Cont Ops 26.34 20.50 26.57 37.54
Diluted EPS from Cont Ops, Adjusted 25.41 21.26 26.41 37.54

Reference Items
Accounting Standard IN GAAP IN GAAP IN GAAP
EBITDA 3,647.5 3,199.8 4,022.1 5,141.9
EBITDA Margin (T12M) 20.07 15.23 17.43 18.66
EBITA 2,589.3 1,952.1 2,657.0
EBIT 2,395.6 1,816.0 2,485.2 3,217.5
Gross Margin — — — 69.92
Operating Margin 13.18 8.65 10.77 11.67
Profit Margin 6.30 4.73 5.37 6.40
Sales per Employee — 4,421,279.73 6,641,899.28
Dividends per Share 2.00 2.00 2.00 2.98
Total Cash Common Dividends 93.4 93.5 93.5
Personnel Expenses 1,853.0 2,205.1 2,540.7
Depreciation Expense 1,058.2 1,247.7 1,365.1
Rental Expense 3,147.5 3,901.5 4,111.4
Source: Bloomberg
FY 2020 Est
03/31/2020
32,217.5

22,474.0

4,137.5

3,475.4

3,475.4

2,294.5

2,294.5
2,294.5

2,294.5

48.60
48.60
48.60

48.60
48.60
48.60

6,196.5
19.23

4,137.5
69.76
12.84
7.12

3.59
PVR Ltd (PVRL IN) - GAAP
In Millions of INR except Per Share FY 2016 FY 2017 FY 2018 FY 2019 Est
12 Months Ending 03/31/2016 03/31/2017 03/31/2018 03/31/2019
Revenue 18,177.0 21,005.5 23,080.6 27,562.5
Sales & Services Revenue 18,177.0 21,005.5 23,080.6
Gross Profit — — — 19,270.8
Other Operating Income 793.9 188.8 260.5
Operating Expenses 16,640.9 19,441.9 20,859.6
Selling & Marketing — — 407.6
Research & Development 0.0 0.0 0.0
Depreciation & Amortization 1,251.9 1,383.8 1,536.9
Prov For Doubtful Accts 25.7 — —
Other Operating Expense 15,363.3 18,058.1 18,915.1
Operating Income (Loss) 2,330.0 1,752.4 2,481.5 3,217.5
Non-Operating (Income) Loss 905.2 224.0 536.9
Interest Expense, Net 712.9 595.3 663.8
Interest Expense 775.0 729.8 758.0
Interest Income 62.1 134.5 94.2
Other Investment (Inc) Loss 0.0 — —
Foreign Exch (Gain) Loss 0.0 -2.1 -0.1
(Income) Loss from Affiliates — — 7.3
Other Non-Op (Income) Loss 192.3 -369.2 -134.1
Pretax Income 1,424.8 1,528.4 1,944.6 2,674.0
Income Tax Expense (Benefit) 232.1 570.0 704.4
Current Income Tax 149.4 333.0 488.9
Deferred Income Tax 82.7 237.0 215.5
(Income) Loss from Affiliates — — —
Income (Loss) from Cont Ops 1,192.7 958.4 1,240.2 1,764.7
Net Extraordinary Losses (Gains) 0.0 0.0 0.0
Discontinued Operations 0.0 0.0 0.0
XO & Accounting Changes 0.0 0.0 0.0
Income (Loss) Incl. MI 1,192.7 958.4 1,240.2
Minority Interest 5.4 — -6.8
Net Income, GAAP 1,187.3 958.4 1,247.0 1,764.7
Preferred Dividends 0.0 0.0 0.0
Other Adjustments 0.0 0.0 0.0
Net Income Avail to Common, GAAP 1,187.3 958.4 1,247.0 1,764.7

Net Income Avail to Common, Adj 1,145.2 993.5 1,239.7 1,764.7

Net Abnormal Losses (Gains) -42.1 35.1 -7.3
Net Extraordinary Losses (Gains) 0.0 0.0 0.0

Basic Weighted Avg Shares 45.0 46.7 46.7

Basic EPS, GAAP 26.36 20.50 26.68 37.54
Basic EPS from Cont Ops 26.36 20.50 26.68 37.54
Basic EPS from Cont Ops, Adjusted 25.42 21.26 26.52 37.54

Diluted Weighted Avg Shares 45.1 46.7 46.9

Diluted EPS, GAAP 26.34 20.50 26.57 37.54
Diluted EPS from Cont Ops 26.34 20.50 26.57 37.54
Diluted EPS from Cont Ops, Adjusted 25.41 21.26 26.41 37.54

Reference Items
Accounting Standard IN GAAP IN GAAP IN GAAP
EBITDA 3,581.9 3,136.2 4,018.4 5,141.9
EBITDA Margin (T12M) 19.71 14.93 17.41 18.66
EBITA 2,523.7 1,888.5 2,653.3
EBIT 2,330.0 1,752.4 2,481.5 3,217.5
Operating Margin 12.82 8.34 10.75 11.67
Profit Margin 6.53 4.56 5.40 6.40
Sales per Employee — 4,421,279.73 6,641,899.28
Dividends per Share 2.00 2.00 2.00 2.98
Total Cash Common Dividends 93.4 93.5 93.5
Personnel Expenses 1,853.0 2,205.1 2,540.7
Depreciation Expense 1,058.2 1,247.7 1,365.1
Rental Expense 3,147.5 3,901.5 4,111.4
Source: Bloomberg
FY 2020 Est
03/31/2020
32,217.5

22,474.0

4,137.5

3,475.4

2,294.5

2,294.5

2,294.5

2,294.5
 48.60
48.60
48.60

48.60
48.60
48.60

6,196.5
19.23

4,137.5
12.84
7.12

3.59