Salman Khan tweets about Kashmir, Katrina Kaif

New Delhi, Jun 9: Multiplex operator PVR on Monday said it has cut salary across various levels, laid off employees and deferred increments during the lockdown to mitigate adverse impact of COVID-19 on the business.

The company said at present it is not generating any revenue from exhibition business and related activities as cinemas across the country are shut following the directions from the regulatory authorities.

According to the company, closure of screens during the lockdown will have a significant negative impact on profitability and liquidity.

PVR has taken measures to reduce its personnel cost, including salary cuts across various levels in the organisation during the lockdown along with "reduction in headcount by way of layoffs/retrenchment" to mitigate the adverse impact of COVID-19 on the business.

Moreover, the board of the company, in its meeting held on Monday has also approved plan to raise Rs 300 crore through rights issue.

"Since Cinema Exhibition is the only business segment, company is currently not generating any revenue from admissions, food and beverage sales or other revenue and cash flow from operations," said PVR in an update.

Beginning from March 11, PVR started closing its screens in accordance with the order passed by various regulatory authorities and within a few days most of our cinemas across the country were shut down, it added.

The company will continue to incur committed cash outflows, including employee salary pay-outs, other overheads as well as payments for older working capital.

"This has and will have a significant negative impact on profitability and liquidity during lockdown and even thereafter till business comes to normalcy," it added.

Further, once the cinemas are re-opened, we may not be able to run our cinemas at normal capacity utilisation levels on account of social distancing measures that cinemas may be required to follow as well as health concerns that the patrons may have, the multiplex operator said.

"On account of this, our revenue and cash flow generation may be impeded even once we are allowed to restart operations," it added.

The company has also deferred decision on on increments to reduce its cost, it added.

PVR has also written to developers for waiving rental and CAM (Common Area Maintenance) charges for the lockdown period.

It is in discussion with developers for reducing rentals post re-opening and has invoked force majeure clause in its agreements with them.

Besides, the company has raised additional borrowings from existing bankers to shore up liquidity.

"As of March 31, 2020 the company had cash and bank balance of Rs 316 crore. As on June 7, 2020 cash and bank balance is Rs 227 crore (including undrawn bank lines)," it added.

Over reopening of theatres, PVR said that the government has come out with a phase-wise schedule.

In these guidelines cinema halls have been kept in the third phase of re-opening, where dates will be decided based on assessment of the situation.

"We are in continuous engagement with all regulatory authorities and hope to receive the necessary permissions for restarting opening in the near future," it added.

Currently PVR operates 845 screens in 176 properties in 71 cities.

Los Angeles, Jul 1: Bollywood stars Alia Bhatt, Hrithik Roshan and costume designer Neeta Lulla are among the 819 artistes and executives who have received invitations to join the Academy of Motion Picture Arts and Sciences (AMPAS).

Bhatt's last movie, the Zoya Akhtar-directed Gully Boy was India's official entry for best international feature category at the 2019 Oscars. However, the film had failed to make it to the final five.

Other prominent Indian names to receive invitations are casting director Nandini Shrikent, documentary filmmakers Nishtha Jain, Shirley Abraham, Amit Madheshiya, visual effects supervisors Vishal Anand and Sandeep Kamal.

In a statement, the Academy said the new invitees include 36 per cent of people of colour and 45 per cent women. Artistes from 68 countries have been invited as members.

Those who accept the invitation will have voting rights at the 93rd Academy Awards, scheduled to be held on April 25, 2021.

"The Academy is delighted to welcome these distinguished fellow travellers in the motion picture arts and sciences. We have always embraced extraordinary talent that reflects the rich variety of our global film community, and never more so than now," Academy President David Rubin said.

The Academy has been actively working to introduce more diversity in its voting to avoid a controversy like 2016 when the Oscars were dubbed "white" for failing to recognise talents of colour.

The 2020 batch boasts of major Hollywood names like Cynthia Erivo, John David Washington, Constance Wu, Zazie Beetz, Florence Pugh, Zendaya, Awkwafina, Yalitza Aparicio, Mackenzie Davis, Ana de Armas, Adele Haenel, Thomasin McKenzie, Olivia Wilde and others.

The stars of multiple Oscar-winning South Korean movie Parasite -- Jang Hye-Jin, Jo Yeo-Jeong, Park So-Dam and Lee Jung-Eun -- are among the invitees.

Directors Lulu Wang, Ari Aster, Terence Davies, Matthew Vaughn, Robert Eggers, Matt Reeves, Alma Har’el are on the list as well.

The Academy has announced a new five-year plan that includes implementing inclusion standards for nominees.

"We take great pride in the strides we have made in exceeding our initial inclusion goals set back in 2016, but acknowledge the road ahead is a long one.  We are committed to staying the course.

"We look forward to continuing to foster an Academy that reflects the world around us in our membership, our programs, our new Museum, and in our awards," Academy CEO Dawn Hudson said.

In 2019, the organisation had invited 842 new members which included Indian names such as filmmakers Zoya Akhtar, Anurag Kashyap and veteran actor Anupam Kher.

New Delhi, Jul 11: The COVID-19 triggered restrictions on cinema exhibition industry have not only disheartened movie goers, but axed several thousand jobs and costed the industry an estimated ₹ 5,000 crore in revenue.

The sector has been one of the hardest hit due to COVID-19 pandemic and the subsequent restrictions implemented to curb its spread.

Presently, cinemas and multiplexes continue to remain in the list of prohibited activities under the Centre's Unlock 2.0 Guidelines.

In an interview to media persons, movie exhibition major Inox Leisure's Chief Executive Alok Tandon said, "The industry on an average collects about ₹ 1,000 crore a month of 'Box Office' and on an average generates about ₹ 500 crore a month of ancillary revenues."

"Keeping in mind that the lockdown has been effective for more than 100 days now, which is about 3.5 months, the cinema exhibition industry would have accumulated losses worth ₹ 5,000 crore so far."

According to Tandon, associated businesses such as pre and post-production, make-up artistes, graphics, film set fabrication, film crew, events, marketing, F&B services have all been impacted due to the restrictions.

"With the production and exhibition of movies coming to a halt, the industry was bound to witness some job losses," he said without divulging any estimates.

As per industry data, the multiplex industry in India employs more than 200,000 people directly and accounts for nearly 60 % of revenues of the film business.

On the way forward, Tandon elaborated that the industry expects to regain business momentum and sentiment post resumption of operations.

"We believe it will be a matter of a couple of blockbusters, and we will be back to our usual operational numbers," he said.

"We are rightfully relying on the unshakeable passion of the Indian movie lovers, who are yearning to step out and spend time enjoying the giant screen experience."

Furthermore, he cited that industry has sent representation to the Centre for immediate re-commencement of operations and a support package.

"We have requested for financial support in the form of salary subsidies during the lockdown period, interest-free loans for three years, exemptions from various taxes and duties, like 'GST, Show tax, LBETs and Property taxes' for a period of one year from the date of operations, waiver on electricity minimum demand charges for one year and auto renewal of licenses and permits for the next one year," he said.

"We have been talking to our mall developer partners and are working together with them to see through this phase."

However, even after re-commencement, the industry anticipates at least 3-6 months before things return anywhere close to normal.

"The cinema ecosystem is such that we will need all the aspects of the business to swing into action and fire together for us to see a resurgence, and we are highly optimistic about the same," he said.

In terms of global experience, Tandon pointed out that cinemas have started operating in more than 25 major countries, and some of those markets are witnessing a healthy response.

"India is a massive movie market and we are confident that the passionate and responsible movie lovers will turn up in huge numbers to enjoy their favourite form of entertainment and also follow the prevention guidelines at the same time, ensuring a safe and steady revival of the cinema exhibition sector," Tandon said.

The film exhibition industry in India is mainly comprised of single screen and multiplexes.

At present there are around 9,527 cinemas across the country, including 6,327 single and 3,200 multiplex screens.