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Moser Baer Sees Loss in Second Quarter

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

For more information visit: www.moserbaer.com


Unedited press release follows:

Moser Baer announces Q2 results

November 9, 2012

• Net sales of INR 414.3 crores during the quarter

• Shipments of high margin Blu-ray products increased by over 50% Q-o-Q during Q2 FY 2013

• Overall ASPs remained stable during the quarter

• EBITDA margin impacted by an unrealized foreign exchange loss of INR 71 mn in Q2 FY 2013 vis-à-vis a foreign exchange gain of INR 339 mn in the previous quarter

• Key input costs remained stable during the quarter

• Blu-ray capacity expansion in progress at low incremental capex

• Company owned 5 MW Jodhpur solar plant operating at benchmark levels

Moser Baer India Limited (MBIL) today released its financial results for the second quarter of FY’13. The company’s Board of Directors, at its meeting in New Delhi, approved the financial results for the quarter ended September 30, 2012.

Commenting on the quarter’s performance, Bhaskar Sharma CEO, Storage Media, MBIL, said, “It is heartening to note that the shipment of high value Blu-ray products have increased by over 50 % Q-o-Q during Q2 FY 2013. Combined with aggressive cost reduction measures and stability in key input costs, the advanced formats have witnessed robust revenue growth (Q-o-Q) during this quarter. I am confident about the future business prospects as the prices of key raw materials are likely to remain stable with improvements in shipments and revenue is expected to improve post completion of the debt restructuring programme.”

Commenting on the results, Yogesh Mathur, Group Chief Financial Officer, MBIL, said, “We are happy that negotiations with banks for Corporate Debt Restructuring (CDR) have concluded on a positive note and we are proceeding towards implementation. This will provide the necessary liquidity to build our business in advanced formats and solid state media.” He added, “This will further support the company’s efforts on financial restructuring and will put it on a strong position to leverage future opportunities.”

Storage Media

• ASPs are expected to remain aligned with cost

• Key raw material prices expected to remain stable in the next few quarters

• Blu-ray capacity expansion in progress at low incremental capex

• Shipments and revenue expected to improve post completion of the debt restructuring programme resulting in enhanced liquidity

Solar photovoltaic

• During 1H CY 2012, global PV installations reached a record 13 GW driven primarily by robust growth in installations in American and German markets (IMS Research)

• The Asia Pacific region driven by robust demand in emerging markets such as China, Japan and India witnessed strong growth in PV installations during the period.

• Indian PV market specifically gained momentum with cumulative installations reaching 1 GW mark during 2Q CY 2012 driven by National Solar Mission (NSM) and State Solar Policies.

• Solar REC Market in India gained momentum in 2012 with commencement of Solar RECs’ trading on power exchanges. The market is fuelled by Solar Power Obligations (SPOs) set by the respective State Electricity Regulatory Commissions

• Moser Baer’s Solar EPC business continues to receive healthy enquiries

• An addition to PV capacity in Moser Baer’s Jodhpur solar farm is under consideration

• Industry wide efforts continue to be under way on Policy advocacy relating to Anti-Dumping Duty & Domestic Content Regulations

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.

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

September 30, 2012

(Rs. in lacs)

Particulars 3 months ended
30.09.2012
Previous 3 months ended
30.06.2012
Corresponding 3 months
ended in the previous year 30.09.2011
Year to Date figures
for Current Period ended 30.09.2012
Year to Date figures
for the Previous Period ended 30.09.2011
Previous Accounting
Year ended 31.03.2012
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
1 a. Net Sales / Income from Operations 41,427 43,049 51,755 84,476 104,062 202,801
b. Other Operating Income 745 721 1,873 1,466 3,070 5,412
Total Income from Operations (net) 42,172 43,770 53,628 85,942 107,132 208,213
2 Expenses
a. Cost of materials consumed 20,949 21,524 28,951 42,473 57,503 107,200
b. Purchase of Stock in trade 725 83 303 808 427 681
c. Change in inventories of finished goods, work in progress and

stock in trade.

1,239 (928) (370) 311 3,759 8,868
d. Employees benefits expense 4,141 4,715 4,323 8,856 9,117 17,974
e. Depreciation and amortisation expense 7,590 8,075 8,384 15,665 17,440 37,582
f. Power and Fuel expense 5,418 5,149 5,076 10,567 10,126 20,259
g. Other expenses 6,886 10,234 7,626 17,120 14,873 28,308
Total expenses 46,948 48,852 54,293 95,800 113,245 220,872
&nbsp
3 Profit / (Loss) from Operations before Other Income, finance costs and exceptional Items (1-2) (4,776) (5,082) (665) (9,858) (6,113) (12,659)
4 Other Income - 4,183 425 4,183 2,284 4,616
5 Profit / (Loss) from ordinary activities before finance costs and exceptional Items (3+4) (4,776) (899) (240) (5,675) (3,829) (8,043)
6 Finance costs 6,482 6,158 5,966 12,640 11,597 23,900
7 Profit / (Loss) from ordinary activities after finance costs but before exceptional Items (5-6) (11,258) (7,057) (6,206) (18,315) (15,426) (31,943)
8 Exceptional items 2,496 (5,133) - (2,637) - -
9 Profit / (Loss) from ordinary activities before tax (7+8) (8,762) (12,190) (6,206) (20,952) (15,426) (31,943)
10 Tax expense - - - - - -
11 Net Profit / (Loss) from ordinary activities after tax (9-10) (8,762) (12,190) (6,206) (20,952) (15,426) (31,943)
12 Extraordinary Items (net of tax expense) - - - - - -
13 Net Profit / (Loss) for the period (11-12) (8,762) (12,190) (6,206) (20,952) (15,426) (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
16 Earnings Per Share: (not annualised)
i) Before Extraordinary items
- Basic (Rs.) (5.21) (7.24) (3.69) (12.45) (9.17) (18.98)
- Diluted (Rs.) (5.21) (7.24) (3.69) (12.45) (9.17) (18.98)
ii) After Extraordinary items
- Basic (Rs.) (5.21) (7.24) (3.69) (12.45) (9.17) (18.98)
- Diluted (Rs.) (5.21) (7.24) (3.69) (12.45) (9.17) (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)

- - - &nbsp - -
- 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 30.09.2012
B INVESTOR COMPLAINTS
Pending at the beginning of the quarter 1
Received during the quarter 5
Disposed of during the quarter 6
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 September
    30, 2012 includes foreign currency exchange fluctuation loss (net) of Rs.
    1067 lacs.(Quarter ended June 30, 2012 includes gain (net) of Rs 698 lacs).(b) The current quarter exceptional items pertains to exchange gain
    of Rs. 2,496 lacs (Quarter ended June 30, 2012 exchange loss of Rs 5,133
    lacs) on account of long term foreign currency liabilities.
  3. Statement of Assets and Liabilities as at September 30,
    2012 are as under :-

(Rs. in lacs)

Particulars As at Current half year end
30.09.2012
As at Previous year end 31.03.2012
(Unaudited) (Unaudited)
A Equity And Liabilities &nbsp &nbsp
1 Shareholder’s funds 16,831 16,831
(a) Share Capital 46,074 70,053
(b) Reserves and Surplus 62,905 86,884
Sub-total – Shareholders’ funds &nbsp &nbsp
2 Non-current liabilities &nbsp &nbsp
(a) Long Term borrowings 23,290 38,624
(b) Other long term liabilities 17,976 17,932
(c) Long-term provisions 2,340 1,993
Sub-total – Non-current
liabilities
43,606 58,549
3 Current liabilities &nbsp &nbsp
(a) Short-term borrowings 89,812 87,062
(b) Trade payables 31,425 32,909
(c) Other current liabilities 118,509 100,956
(d) Short-term provisions 25,664 22,321
Sub-total – Current liabilities 265,410 243,248
B Total – Equity And Liabilities

Assets

371,921 388,681
1 Non-current assets &nbsp &nbsp
(a) Fixed assets 110,268 124,795
(b) Non-current investments 70,092 70,092
(c) Long-term loans and advances 16,026 15,211
(d) Other non-current assets 32,584 34,462
(e) Foreign currency monetary item
translation difference account
- 975
Sub-total – Non-current assets 228,970 245,535
2 Current assets &nbsp &nbsp
(a) Inventories 53,112 55,939
(b) Trade receivables 74,280 72,880
(c) Cash and cash equivalents 4,654 3,701
(d) Short-term loans and advances 5,043 5,083
(e) Other Current assets 5,862 5,543
Sub-total – Current assets 142,951 143,146
Total – Assets 371,921 388,681
  1. (a) The Company received the final Letter of Approval (LoA)
    dated October 22, 2012 from the Corporate Debt Restructuring
    Empowered Group (CDR-EG) to re-structure existing debt obligations,
    including interest, additional funding and other terms (hereafter
    referred to as &quotthe CDR Scheme&quot). The board of directors of the
    Company at its meeting held on November 09, 2012 approved the terms
    of the CDR Scheme for implementation. The effect of the CDR Scheme
    has not been given in the financial results of the Company as of
    March 31, 2012 and for the year then ended, since the execution of
    the Master Restructuring Agreement (MRA) by all the lenders is
    pending and the Company in the process of complying with the
    conditions precedent to the implementation of the CDR Scheme.(b) Moser Baer Photovoltaic Limited (MBPV) one of the
    subsidiaries of the Company received the LoA dated September 27,
    2012 from the Corporate Debt Restructuring Empowered Group (CDR-EG)
    to re-structure existing debt obligations, including interest,
    additional funding and other terms (hereafter referred to as “the
    CDR Scheme”). The draft debt re-structuring proposal of Moser Baer
    Solar Limited (MBSL) is under discussion amongst its lenders.

    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.
    75,930 lacs, are made in the results for the quarter ended September
    30, 2012.

    (c) The Company’s foreign currency convertible bonds (FCCBs)
    having face value of Rs.46,786 Lacs (equivalent to USD 88.5 million)
    were due for redemption on June 21, 2012, along with the premium on
    redemption of Rs.20,959 Lacs. The Company is in the process of
    re-structuring these FCCBs and has accordingly, received approval
    from the Reserve Bank of India (RBI) to extend the term of these
    FCCBs upto December 20, 2012, subject to the consent of bond
    holders. The Company is in discussions with the FCCB holders to
    restructure its obligation (both the face value and the premium)
    along with certain terms inter-alia, exchange of old bonds with new
    bonds, maturity of new bonds, redemption premium and conversion
    option. The re-structuring as proposed by the Company is pending
    approval by the bond holders, and therefore has not been accounted
    for in the books of account for the quarter ended September 30,
    2012.

  2. Figures of the previous period/ year have been regrouped and
    rearranged wherever necessary.
  3. The above results were reviewed by the Audit Committee on
    November 08, 2012 and approved by the Board of Directors at its
    meeting held on November 09, 2012.
  4. 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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