Rajinikanth's 'Kabali' tickets sell for up to Rs5,000

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, May 19: Actors Brian Austin Green and Megan Fox are going their separate ways after 10 years of marriage.

According to The Hollywood Reporter, 46-year-old Green, on Monday announced the news during an episode of his podcast 'With Brian Austin Green' where he emotionally opened up about the breakup with Fox.

The 'Beverly Hills 90210' star revealed that they simply grew distant at the end of last year while Fox was away shooting a film.

Green recalled Fox saying during the conversation they had after she returned from filming, "She said, 'I realised when I was out of the country working alone that I feel more like myself, and I liked myself better during that experience and I think that might be something worth trying for me.'"

Though feeling "shocked" and "upset" at first, Green admitted that he couldn't be upset with her for being honest.

He said, "Neither one of us did anything to each other. She's always been honest with me. I've always been honest with her. We've had an amazing relationship. I will always love her. And I know she will always love me and I know as far as a family what we have built is really cool and really special."

The 'Impact Point' star shared that they intend to "still do family vacations and holidays as a family and really make that a focus for the kids."

Green went on to say that it's hard to adjust to the change and he doesn't want himself and Fox to "be at odds": "She's been my best friend for 15 years and I don't want to lose that."

He added: "There's this sense of loss of, 'How do I go on with this big part of my life that I've always known and loved and shared changing?' What does that landscape look like? What does that life look like?' ... Megan and I talked a lot about it, and it's a big concern for both of us." Aware of the scrutiny around their age difference, Green defended Fox, saying "she's really a responsible person. ... She really loves the kids and cares about what their life and their experience is."

The couple share three children together 7-year-old Noah, 6-year-old Bodhi, and 3-year-old Journey, and Green said that they are only concerned about controlling how the separation will truly affect their children.

After photos circulated online of Fox and Machine Gun Kelly, whose real name is Colson Baker, hanging out -- Fox and Baker are co-stars in the upcoming film, 'Midnight in the Switchgrass,' Green said Fox and Baker are "just friends at this point."

He said, "She met this guy, Colson, on set. I've never met him. Megan and I have talked about him. I trust her judgment; she's always had really good judgment."

Green emphasised that despite what tabloids can say, he didn't want the public to categorise Fox and Baker as "villains or that I was a victim in any way."

Fox and Green started dating in 2004 and married in 2010. Fox had filed for divorce from Green in 2015, but the couple later reconciled.