Even one cut by Censors amounts to murder of film: Kashyap

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.

Washington, Jun 20: American actor Angelina Jolie has now opened up about her 2016 divorce announcement with Brad Pitt, which shocked fans.

Fox News said the 45-year-old Jolie opened up about leaving the father of her six kids,18-year-old Maddox, 16-year-old Pax, 15-year-old Zahara, 12-year-old, Shiloh, and 11-year-old twins Knox and Vivienne.

"I separated for the well-being of my family. It was the right decision. I continue to focus on their healing," the Oscar-winning star told Vogue India magazine.

The 'Maleficent' star added, "Some have taken advantage of my silence, and the children see lies about themselves in the media, but I remind them that they know their own truth and their own minds. In fact, they are six very brave, very strong young people."

Since 2004, Pitt and Jolie were together but only married in August 2014 at their estate in France.

The 'Mr and Mrs Smith' star previously told Harper's Bazaar magazine how the last few years have been physically, emotionally and mentally turbulent for her.

"My body has been through a lot over the past decade, particularly the past four years, and I have both the visible and invisible scars to show for it," Jolie said.

"The invisible ones are harder to wrestle with. Life takes many turns. Sometimes you get hurt, you see those you love in pain, and you can't be as free and open as your spirit desires. It's not new or old, but I do feel the blood returning to my body," she added.

Besides her marriage ending on the public stage, Jolie underwent a preventative double mastectomy in 2013 followed by breast reconstruction after testing positive for the BRCA gene. In 2015, the actor 'Girl, Interrupted' star also had her ovaries and fallopian tubes removed.

She admitted it has taken a while for her to feel like her old self. She said, "The part of us that is free, wild, open, curious can get shut down by life. By pain or by harm."