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Moser Baer Racks Up Loss in Third Quarter

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

For more information visit: www.moserbaer.com


Unedited press release follows:

Moser Baer announces Q3 FY’13 results

February 8, 2013

• Net sales of INR 309.9 crores during the quarter

• Overall ASPs softened slightly due to change in product mix

• Key input costs continued to remain stable during the quarter

• Exceptional unrealized loss of INR 19.3 crores pertains to short term exchange impact on account of long term foreign currency liabilities

• The company’s systems business retained its position as the leading solar EPC player

Moser Baer India Limited (MBIL) today released its financial results for the third quarter of FY’13. The company’s Board of Directors, at its meeting in New Delhi, approved the financial results for the quarter ended December 31, 2012.

Commenting on the quarter’s performance, Bhaskar Sharma, CEO, Storage Media, MBIL, said, “We continue to realign our businesses to changing market dynamics with a focus on advanced formats and solid state media products. We are confident about the future prospects as improved liquidity post financial restructuring would enable us to consolidate our position and increase our market shares and volumes. On the other hand, stable raw material prices would allow us to protect our margins.”

K.N Subramaniam, CEO, Moser Baer PV Systems said, “Solar PV business is likely to show rapid signs of growth in the next three years due to announcements by JNNSM and the state government projects totaling to over 8000 MW. All these augurs well for the systems business which is shaping itself to deliver projects both in solar farms and rooftop installations at record times. Our recent track record of executing projects of 20MW+ size within 8 weeks demonstrates our robust business delivery capabilities. With systems costs falling sharply due to modules and improved engineering with focus on cost reduction, solarising India in the next few years is becoming a certainty.”

Commenting on the results, Yogesh Mathur, Group Chief Financial Officer, MBIL, said, “We are happy to note that the definitive documents are being executed with Banks, thus crystallizing our debt restructuring package and we are proceeding towards implementation. This is expected to provide the necessary liquidity to support our business priorities. He further added, “All efforts are being made to conclude the company’s financial restructuring and repositioning the businesses to leverage future opportunities.”

Storage Media

• As per industry sources, key global optical media players are likely to witness a turnaround with strong price increases expected in 2013

• Blu-ray discs continued to gain momentum in 2012 (Digital Entertainment Group – Jan 2013) offerings of leading global optical media manufacturers are increasingly finding traction in the market

• Moser Baer storage media business reflects healthy order pipeline for Q4 FY’13

• Company’s shipments and revenue expected to improve post completion of the debt restructuring programme resulting in enhanced liquidity

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

Solar photovoltaic

• Global PV installations reached 32 GW in 2012, up from 28 GW in 2011 (IHS iSuppli) growth supported by strong demand in Germany, China, USA, Japan and India

• Global PV industry revenue that reached USD 77 billion in 2012 is forecast to increase to USD 115 billion in 2016 (IHS iSuppli)

• Increasing competitiveness of solar power along with its green attributes and installation ease promises strong potential in the long term

• In India, over 266 MW of Solar PV projects commissioned under Phase I Batch I of JNNSM by end of Dec 2012 (MNRE) another 340 MW of Phase I Batch II projects targeted by March 2013

• The Indian Government has released the ‘Draft guidelines for JNNSM Phase II” in December 2012 several state governments has also announced policies/intent for rapid development of solar power in their respective states announcements by states to develop over 8,000 MW of capacity were made by end of 2012

• The Indian Solar REC market continued to develop strongly with prices for solar RECs holding firm as demand outstripped supply till end of 2012

• In November 2012, Ministry of Commerce (Government of India) initiated Anti-Dumping Investigation concerning imports of solar cells and modules into India from China, Taiwan, USA and Malaysia

• Ramp up of Moser Baer’s moduling operations targeted post disbursement of funds by banks recent uptick in prices across value chain promising for the company’s PV business

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’s 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 content replication, home entertainment and is a market leader in the high growth photovoltaic space. It is the only company worldwide to receive the prestigious 5-star rating from TÜV Rheinland for 3 years in a row maintaining highest standards of quality in manufacturing PV modules. 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. Website: www.moserbaer.com


Moser Baer’s Unaudited Standalone Financial Results For The Quarter Ended

December 31, 2012

(Rs. in lacs)


S.No.
Particulars
3 months ended 31.12.2012

Previous 3 months ended 30.09.2012
Corresponding 3 months ended in the previous year 31.12.2011
Year to Date figures for Current Period ended 31.12.2012

Year to Date figures for the Previous Period ended 31.12.2011

Previous Accounting Year ended 31.03.2012
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)

1
a. Net Sales / Income from Operations 30,989 41,427 54,129 115,466 158,191 202,801
b. Other Operating Income 694 745 1,506 2,160 5,183 5,412

Total Income from Operations (net)
31,683 42,172 55,635 117,626 163,374 208,213

2

Expenses
a. Cost of materials consumed 17,559 20,949 27,754 60,032 85,257 107,200
b. Purchase of Stock in trade 64 725 112 872 540 681
c. Change in inventories of finished goods, work in progress and
stock in trade.
(723) 1,239 2,627 (413) 6,386 8,868
d. Employees benefits expense 4,463 4,141 4,659 13,319 13,776 17,974
e. Depreciation and amortisation expense 7,014 7,590 11,170 22,679 28,610 37,582
f. Power and Fuel expense 4,492 5,418 5,298 15,059 15,424 20,259
g. Other expenses 6,867 6,886 8,269 23,987 23,163 28,308
Total expenses 39,736 46,948 59,889 135,535 173,156 220,872

3

Profit / (Loss) from Operations before Other Income, finance costs and
exceptional Items (1-2)
(8,053) (4,776) (4,254) (17,909) (9,782) (12,659)

4
Other Income 2,060 - 876 6,243 2,553 4,616

5

Profit / (Loss) from ordinary activities before finance costs and
exceptional Items (3+4)
(5,993) (4,776) (3,378) (11,666) (7,229) (8,043)

6
Finance costs 6,195 6,482 6,213 18,836 17,789 23,900

7

Profit / (Loss) from ordinary activities after finance costs but before
exceptional Items (5-6)
(12,188) (11,258) (9,591) (30,502) (25,018) (31,943)

8
Exceptional items (1,931) 2,496 - (4,568) -

9

Profit / (Loss) from ordinary activities before tax (7+8)
(14,119) (8,762) (9,591) (35,070) (25,018) (31,943)

10
Tax expense - - - - -

11

Net Profit / (Loss) from ordinary activities after tax (9-10)
(14,119) (8,762) (9,591) (35,070) (25,018) (31,943)

12
Extraordinary Items (net of tax expense) - - - - -

13

Net Profit / (Loss) for the period (11-12)
(14,119) (8,762) (9,591) (35,070) (25,018) (31,943)

14

Paid-up equity share capital

(Face value:Rs.10/- per share)

16,831 16,831 16,831 16,831 16,831 16,831

15

Reserves excluding Revaluation Reserves as per balance sheet of previous
accounting year
70,053

16

Earnings Per Share: (not annualised)

i) Before Extraordinary items
- Basic (Rs.) (8.39) (5.21) (5.70) (20.84) (14.86) (18.98)
- Diluted (Rs.) (8.39) (5.21) (5.70) (20.84) (14.86) (18.98)

ii) After Extraordinary items
- Basic (Rs.) (8.39) (5.21) (5.70) (20.84) (14.86) (18.98)
- Diluted (Rs.) (8.39) (5.21) (5.70) (20.84) (14.86) (18.98)

A
PARTICULARS OF SHAREHOLDING

1

Public shareholding
- Number of shares 140,885,963 140,885,963 140,885,963 140,885,963 140,885,963 140,885,963
- Percentage of shareholding 83.71 83.71 83.71 83.71 83.71 83.71

2

Promoters and promoter group Shareholding

a) Pledged/Encumbered
- Number of shares - - - - - -
- Percentage of shares (as a % of the total shareholding of
promoter
and promoter group)
- - - - - -
- Percentage of shares (as a% of the total share capital of the
Company)
- - - - - -

b) Non-encumbered
- Number of shares 27,420,141 27,420,141 27,420,141 27,420,141 27,420,141 27,420,141
- Percentage of shares (as a % of the total shareholding of
promoter
and promoter group)
100.00 100.00 100.00 100.00 100.00 100.00
- Percentage of shares (as a% of the total share capital of the
Company)
16.29 16.29 16.29 16.29 16.29 16.29

Particulars 3 months ended 31.12.2012
B INVESTOR COMPLAINTS
Pending at the beginning of the quarter Nil
Received during the quarter 4
Disposed of during the quarter 4
Remaining unresolved at the end of the quarter Nil

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 December 31, 2012 includes foreign currency exchange fluctuation gain (net) of Rs. 1297 lacs.(Quarter ended September 30, 2012 includes loss (net) of Rs 1067 lacs).

    (b) The current quarter exceptional items pertains to short term exchange loss of Rs. 1,931 lacs (Quarter ended September 30, 2012 exchange gain of Rs 2,496 lacs) on account of long term foreign currency liabilities.

  3. (a) The Company has executed the Master
    Restructuring Agreement (MRA) / other definitive documents with a majority
    of lenders and compliance with certain terms and conditions of the approved
    debt restructuring scheme is on going. The financial impact of the CDR
    Scheme shall be accounted for upon satisfactorily execution of these terms
    and conditions.

    (b) The outstanding Foreign Currency Convertible Bonds (FCCBs)
    aggregating to USD 885 Lacs were due for redemption on June 21, 2012, which
    have since been claimed on behalf of the bondholders. The Company has
    applied for relevant regulatory approvals and meanwhile is in discussions
    with the bondholders through the Trustee to re-structure these bonds.
    Pending acceptance by the bondholders and approval from the concerned
    regulatory authorities of the terms proposed by the Company, the financial
    obligations of the Company, other than premium on redemption, are presently
    not reasonably determinable, and hence have not been provided for.

    (c) Moser Baer Photovoltaic Limited (MBPV) one of the subsidiaries of
    the Company also signed the requiste Master Restructuring
    Agreement/definitive documents with its lenders on January 18, 2013 and the
    completion of implementation is on going. The draft debt re-structuring
    proposal of Moser Baer Solar Limited (MBSL) is under final consideration by
    the Corporate Debt Restructuring -Empowered Group (CDR EG).

    In anticipation of successful implementation of the MBPV and MBSL CDR
    schemes and successful implementation of new technologies by MBPV and MBSL,
    no adjustments to the carrying values of underlying investments in and
    advances to these subsidiaries aggregating to Rs.77,567 lacs, are made in
    the results for the quarter/period ended December 31, 2012.

  4. Figures of the previous period/ year have been regrouped and rearranged wherever necessary.
  5. The above results were reviewed by the Audit Committee on February 07, 2013 and approved by the Board of Directors at its meeting held on February 08, 2013.
  6. 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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