Eros Media World Plc (“Eros" or the “Company”) (NYSE: ESGC), a global Indian
entertainment company, today released the following statement from
the CEO.
Pradeep Dwivedi, CEO, Eros Media World PLC, said
“After a challenging two-year period impacted by the global
pandemic and a complex cross-border merger, we are diligently
working on our business transformation and we remain committed to
transparency and open communication with all our stakeholders, in
the spirit of building a sustainable growth trajectory. With that
objective, we want to share the following updates:
Debt Service Update
We reaffirm that we are current on all our debt obligations to
our debt providers globally across India, the UK and UAE, including
our UK retail bonds, and continue to focus on our financial and
operational performance.
Asset Base Update
We have one of the largest film libraries in the Indian and
South Asian media and entertainment sector. The Company will
continue to continue to monetize its valuable library along with
premium content creation and global distribution through our
studio, Eros Motion Pictures, and streaming OTT service,
Eros Now. It is this unique asset base that will serve as
the springboard for our future business initiatives.
Audit Update
The Company is in the process of working to prepare and file the
financial statements for the fiscal year ended March 31, 2021, and
is working with its incoming auditor, M/s T R Chadha & Co LLP,
Chartered Accountants. As previously communicated, the NYSE has
granted the Company an extension until May 31, 2022, and the
Company expects to meet that timeline.
Industry Update
The Indian Media and Entertainment industry has recently seen
increased levels of domestic and cross-border consolidation driven
by global events and as well as the positive secular trends of the
local market. The recent strategic announcements by Sony Pictures,
Zee Entertainment, Reliance Industries, Viacom, Lupa Systems among
others are testimony to the salience and importance of the Indian
market with its substantial long-term prospects. Given the current
dynamic market environment, and strong market position and growth
opportunities, the Company will consider all options.”
Special Note Regarding Forward Looking Statements:
Information provided in this communication includes
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, or the Securities Act, and
Section 21E of the Securities Exchange Act of 1934, as amended, and
such statements are subject to the safe harbors created thereby.
Generally, these forward-looking statements can be identified by
the use of forward-looking terminology such as “approximately,”
“anticipate,” “believe,” “estimate,” “continue,” “could,” “expect,”
“future,” “intend,” “may,” “plan,” “potential,” “predict,”
“project,” “seek,” “should,” “will”, “trending” and similar
expressions, including under the heading “Forward Guidance”. All
such forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially
from those that we are expecting, including, without limitation:
our ability to successfully and cost-effectively source film
content; the Company’s ability to achieve the desired growth rate
of Eros Now; our ability to maintain or raise sufficient capital;
delays, cost overruns, cancellation or abandonment of the
completion or release of the Company’s films; our ability to
predict the popularity of its films, or changing consumer tastes;
our ability to maintain existing rights, and to acquire new rights,
to film content; our ability to successfully defend any future
class action lawsuits we are a party to in the U.S.; anonymous
letters to regulators or business associates or anonymous
allegations on social media regarding the Company’s business
practices, accounting practices and/or officers and directors; our
ability to recoup the full amount of box office revenues to which
the Company is entitled due to underreporting of box office
receipts by theater operators; our dependence on our relationships
with theater operators and other industry participants to exploit
the Company’s film content; our ability to mitigate risks relating
to distribution and collection in international markets; our
ability to compete with other forms of entertainment; our ability
to combat piracy and to protect our intellectual property; our
ability to maintain an effective system of internal control over
financial reporting; contingent liabilities that may materialize,
our exposure to liabilities on account of unfavorable
judgments/decisions in relation to legal proceedings involving the
Company or its subsidiaries and certain of its directors and
officers; our ability to successfully respond to technological
changes; our ability to satisfy debt obligations, fund working
capital and pay dividends; the monetary and fiscal policies of
countries around the world, inflation, deflation, unanticipated
turbulence in interest rates, foreign exchange rates, equity prices
or other rates or prices; our ability to address the risks
associated with acquisition opportunities; risks that the ongoing
pandemic and its spread, and related public health measures, may
have material adverse effects on our business, financial position,
results of operations and/or cash flows; challenges, disruptions
and costs of the sale of the STX Entertainment subsidiary and
related transactions, the amount of any costs, fees, expenses,
impairments and charges related to the specific transactions of the
Company; ; uncertainty as to the long-term value of the Company’s
ordinary shares; and the completion of the Company’s fiscal 2021
audit and filing of its Annual Report on Form 20-F.
The forward-looking statements contained in this communication
are based on historical performance and management’s current plans,
estimates and expectations in light of information currently
available and are subject to uncertainty and changes in
circumstances. There can be no assurance that future developments
affecting the Company will be those that it has anticipated. Actual
results may differ materially from these expectations due to
changes in global, regional or local political, economic, business,
competitive, market, regulatory and other factors, many of which
are beyond the Company’s control. Should one or more of these risks
or uncertainties materialize or should any of the Company’s
assumptions prove to be incorrect, the Company’s actual results may
vary in material respects from what the Company may have expressed
or implied by these forward-looking statements. The Company
cautions that you should not place undue reliance on any of its
forward-looking statements. Any forward-looking statement made by
the Company in this communication speaks only as of the date on
which the Company makes it. Factors or events that could cause the
Company’s actual results to differ may emerge from time to time,
and it is not possible for the Company to predict all of them. The
Company undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as may be required by
applicable securities laws.
USE OF NON-GAAP FINANCIAL MEASURES To supplement our
consolidated financial statements, which are presented in
accordance with generally accepted accounting principles in the
United States (“GAAP”), we also use Adjusted EBITDA as an
additional financial measure, which is not required by, or
presented in accordance with, GAAP. We believe that Adjusted EBITDA
facilitates comparisons of operating performance from period to
period and company to company by eliminating potential impacts of
items that our management does not consider to be indicative of our
operating performance. We believe that this measure provides useful
information to investors and others in understanding and evaluating
our consolidated results of operations in the same manner as they
help our management. However, our presentation of Adjusted EBITDA
may not be comparable to similarly titled measures presented by
other companies. The use of this non-GAAP measure has limitations
as an analytical tool, and you should not consider it in isolation
from, or as substitute for analysis of, our results of operations
or financial condition as reported under GAAP.
We define Adjusted EBITDA as EBITDA adjusted for impairments of
available-for-sale financial assets, profit/loss on held for
trading liabilities (including profit/loss on derivatives),
transaction costs relating to equity transactions, and share based
payments. We define EBITDA as net income before interest expense,
income tax expense and depreciation and amortization (excluding
amortization of capitalized film content and debt issuance costs).
The non-GAAP financial measures included under the headings “Key
Highlights” and “Forward Guidance” constitute forward-looking
information, and the Company believes that a quantitative
reconciliation of such forward-looking information to the most
comparable financial measure calculated and presented in accordance
with GAAP cannot be made available without unreasonable efforts. A
reconciliation of these non-GAAP financial measures would require
the Company to quantify several financial criteria, including inter
alia: stock based compensation expenses, amortization expense of
acquisition-related intangibles, tax impacts, asset impairment
charges, amounts related to securities litigation, restructuring
charges and gains or losses relating to sales of assets. These
items cannot be reliably quantified due to the combination of
variability and volatility of such components and may, depending on
the size of the components, have a significant impact on the
reconciliation. In addition, Net Debt is a non-GAAP financial
measure, which we define as consolidated gross debt less cash and
cash equivalents.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220429005381/en/
Company Contact:
Mark Carbeck Chief Corporate and Strategy Officer
mark.carbeck@erosintl.com
Eros STX Global (NYSE:ESGC)
Gráfica de Acción Histórica
De Oct 2024 a Nov 2024
Eros STX Global (NYSE:ESGC)
Gráfica de Acción Histórica
De Nov 2023 a Nov 2024
