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Moser Baer Loss Deepens in First Quarter

Moser Baer India Limited announced financial results for its first quarter of fiscal year 2013.

For more information visit: www.moserbaer.com


Unedited press release follows:

Moser Baer announces Q1 results

August 3, 2012

• Net sales of INR 430 crores during the quarter DVD sales witnessed an 8% Q-o-Q increase during Q1 FY&rsquo13

• Company registers an EBITDA of INR 74 crores during Q1 FY13 and net cash from operating activities of Rs.88 crores

• BOM EBIDTA margins at approx.17% during the quarter

• Key input costs remained stable significant cost reduction achieved in advanced formats and several other cost reduction measures underway

• Progress on high efficiency project on expected lines

• PV Systems division successfully commissioned 1.25 MW Crystalline Silicon project in Rajgarh, Madhya Pradesh in record time

Moser Baer India Limited (MBIL) today released its financial results for the first quarter of FY&rsquo13. The company&rsquos Board of Directors, at its meeting in New Delhi, approved the financial results for the quarter ended June 30, 2012.

Commenting on the quarter&rsquos performance, Bhaskar Sharma CEO, Storage Media, MBIL, said, &ldquoThe growth in advanced format sales is likely to continue in the coming quarters. Implementation of prudent cost reduction measures have resulted in significant improvement in the operational efficiency and overall cost benefit. Additionally, stabilization of key input costs and ASP&rsquos at current levels are expected to augur well for the company in the short and medium term.&rdquo

He further added, &ldquoSolid state media market continues to grow at over 15% per annum and we are well positioned to participate in this growth.&rdquo

Highlighting the recent developments, K.N Subramaniam, CEO, Moser Baer PV Systems said, &ldquoSolar farms commissioned till March 2012 have performed well in the first quarter of FY&rsquo13, for all installations where Moser Baer undertook EPC Services. We witnessed an uptick in new business in this quarter and expect an increase in interest in the coming quarters as well. Rooftop installations (100 KW and below size) are expected to trigger growth in the next three quarters.

Commenting on the results, Yogesh Mathur, Group Chief Financial Officer, MBIL, said, &ldquoDespite the overall business being impacted by weak summer cyclicality, we witnessed stable operating performance during the quarter and expect further improvement in the coming quarters with enhanced liquidity.&rdquo

He further added, &ldquoDuring the quarter, the company&rsquos solid state media business has turned positive in terms of operating profits. The business carries strong promise for the future.&rdquo

Storage Media

• During 2010-2018, the Asia-Pacific region would remain the most important market for storage media products, such as HD DVDs, Blu-ray discs and flash memory products like USB flash drives.( source – Global Industry Analysts (GIA), July 2012)

• Global shipments of solid state media expected to reach 937mn units in 2014 from 688mn units in 2010 (source – Futuresource)

-    The Indian USB drive market aggregated to a total market size of Rs 4700mn in 2011 while the flash card market aggregated to a total size of Rs 7600mn

• Globally, growth in 3D Blu-ray sales continue to boost Blu-ray sales with a strong growth potential over the next 3-4 years ( source -Futuresource )

• ASPs of key products expected to remain stable at current levels

• Prices of key raw materials expected to remain stable in the near term

• Capacity conversion to high margin Blu-ray lines underway

Solar photovoltaic

• Global PV industry witnessed sustained growth in installations during Q1 2012 driven by impending incentive cuts in key European markets and robust growth in emerging markets

• Imposition of stiff antidumping duties against Chinese manufacturers in US

• Fastest PV capacity growth over next five years expected in China and India, followed by Southeast Asia, Latin America, the Middle East and North Africa (EPIA, May 2012)

• Indian PV market driven by federal and state solar policies forecast to install 1.4 GW PV systems in 2012 (Digitimes Research, April 2012)

-    New installations in states such as Gujarat, Rajasthan, Karnataka, Maharashtra and Madhya Pradesh to spur growth in installations

• Systems business expected pipeline of 50MW for &lsquoconcept to commissioning&rsquo projects

• PV Module manufacturing operations continuing, driven by demand from European and Japanese customers expected to ramp up in the coming quarters following restoration of liquidity and potential in the Indian market.

About Moser Baer India Ltd.
Moser Baer India Limited headquartered in New Delhi, is a leading global tech-manufacturing company. Established in 1983, the company has successfully developed cutting edge technologies to become one of the world&rsquos largest manufacturers of Optical Storage media like CDs and DVDs. The company also emerged as the first to market the next-generation of storage formats like Blu-Ray discs in India. Over the years the company has entered into exciting areas of consumer products, home entertainment and is set to lead the technology curve in tapping renewable energy resources in the high growth photovoltaic space. Moser Baer India has emerged as one of the most credible brands focused on hi-tech manufacturing and R & D activities. It is continuing to unfold the next generation innovative technologies that will catapult India into a respectable manufacturing hub.


Moser Baer’s Unaudited Standalone Financial Results for the
quarter ended

June 30, 2012

(Rs. in lacs)

Particulars 3 months ended 30.06.2012 Previous 3 months ended 31.03.2012 Corresponding 3 months ended in the previous year 30.06.2011 Previous Accounting Year ended 31.03.2012
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
1 a. Net Sales / Income from Operations 43,049 44,611 52,307 2,02,802
b. Other Operating Income 4,116 1,622 2,233 6,805
Total Income from Operations (net) 47,165 46,233 54,540 2,09,607
2 Expenses
a. Cost of materials consumed 21,524 21,941 28,552 1,07,198
b. Purchase of Stock in trade 83 141 124 681
c. Change in inventories of finished goods, work in progress andstock in trade. (928) 2,482 4,130 8,868
d. Employees benefits expense 4,715 4,255 4,793 18,031
e. Depreciation and amortisation expense 8,075 8,972 9,056 37,582
f. Power and Fuel expense 5,149 4,836 5,049 20,259
g. Other expenses 10,044 3,987 6,994 26,452
Total expenses 48,662 46,614 58,698 2,19,071
3 Profit / (Loss) from Operations before Other Income, finance costs and exceptional Items (1-2) (1,497) (381) (4,158) (9,464)
4 Other Income 788 743 822 3,296
5 Profit / (Loss) from ordinary activities before finance costs and exceptional Items (3+4) (709) 362 (3,336) (6,168)
6 Finance costs 6,348 6,322 5,885 24,810
7 Profit / (Loss) from ordinary activities after finance costs but before exceptional Items (5-6) (7,057) (5,960) (9,221) (30,978)
8 Exceptional items (5,133) - - -
9 Profit / (Loss) from ordinary activities before tax (7+8) (12,190) (5,960) (9,221) (30,978)
10 Tax expense - - - -
11 Net Profit / (Loss) from ordinary activities after tax (9-10) (12,190) (5,960) (9,221) (30,978)
12 Extraordinary Items (net of tax expense) - - - -
13 Net Profit / (Loss) for the period (11-12) (12,190) (5,960) (9,221) (30,978)
14 Paid-up equity share capital 16,831 16,831 16,831 16,831
(Face value:Rs.10/- per share)
15 Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year
16 Earnings Per Share: (not annualised)
i) Before Extraordinary items
- Basic (Rs.) (7.24) (3.54) (5.48) (18.41)
- Diluted (Rs.) (7.24) (3.54) (5.48) (18.41)
ii) After Extraordinary items
- Basic (Rs.) (7.24) (3.54) (5.48) (18.41)
- Diluted (Rs.) (7.24) (3.54) (5.48) (18.41)
A PARTICULARS OF SHAREHOLDING
1 Public shareholding
- Number of shares 14,08,85,963 14,08,85,963 14,08,85,963 14,08,85,963
- Percentage of shareholding 83.71 83.71 83.71 83.71
2 Promoters and promoter group Shareholding
a) Pledged/Encumbered - - - -
- Number of shares &nbsp &nbsp &nbsp &nbsp
- Percentage of shares (as a % of the total shareholding ofpromoter

and promoter group)

- - - -
- Percentage of shares (as a% of the total share capital of theCompany) - - - -
b) Non-encumbered 2,74,20,141 2,74,20,141 2,74,20,141 2,74,20,141
- Number of shares
- Percentage of shares (as a % of the total shareholding ofpromoter

and promoter group)

100.00 100.00 100.00 100.00
- Percentage of shares (as a% of the total share capital of theCompany) 16.29 16.29 16.29 16.29
Particulars 3 months ended 30.06.2012
B INVESTOR COMPLAINTS
Pending at the beginning of the quarter Nil
Received during the quarter 3
Disposed of during the quarter 2
Remaining unresolved at the end of the quarter 1

Notes:

  1. The Company is primarily in the business of manufacture and sale of Storage Media. The other activities of the Company comprise replication of content, sale of consumer electronic products and operation and maintenance of sector specific Special Economic Zone for non-conventional energy. The segment revenues, results and assets of the other activities do not constitute reportable segments under AS-17 and accordingly no disclosure is required.
  2. a. The Profit / (Loss) from operations before other Income, finance costs and exceptional Items for the quarter ended June 30, 2012 includes foreign currency exchange fluctuation gain (net) of Rs. 698 lacs.(Quarter ended March 31, 2012 includes gain (net) of Rs.1689 lacs).b.
    The current quarter exceptional items pertains to exchange loss of Rs. 5,133 lacs on account of erstwhile long term foreign currency liabilities.
  3. Figures of the previous period/ year have been regrouped and rearranged wherever necessary.
  4. The figures for period ended June 30, 2011 were reviewed/ audited by erstwhile auditors.
  5. a. The Company and its certain subsidiaries, have applied for Corporate Debt Restructuring (CDR) to re-structure their existing debt obligations, including interest and other terms. Further, these subsidiaries have adopted and are in the process of implementing new technologies, which will enable these companies to improve their competitive positions and cash flows. Accordingly, no adjustments to either the carrying values of debt obligations or the carrying values of underlying investments in and advances to these subsidiaries aggregating to Rs. 67,192 Lacs, are made in the results for the quarter ended 30 June 2012.b. The Company has outstanding foreign currency convertible bonds (FCCBs) having face value of Rs.49,228 Lacs (equivalent to USD 88.5 million) which were redeemable on 21st June 2012, along with the premium on redemption of Rs.18,461 Lacs. The Company has received Reserve Bank of India (RBI) approval for extension upto 20th Dec 2012.The Company is in discussions with the FCCB holders to restructure its obligation (both the face value and the premium) by way of exchange of old bonds with new bonds along with certain terms inter-alia, maturity of new bonds, redemption premium and conversion option. The Company has also applied for an approval to RBI for the proposed restructuring of bond obligation.In anticipation of successful restructuring of debt obligations, including FCCBs and successful implementation of new technologies by these subsidiaries, these results have been prepared on a going concern basis.
  6. The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on August 03, 2012.
  7. The Limited review by the Statutory Auditors for the quarter as required under clause 41 of the Listing Agreement has been completed and the related report is being forwarded to the Stock Exchanges.
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