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Adlabs Entertainment

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Chairman's Speech (Adlabs Entertainment) Year : Mar '18

CHAIRMAN''S MESSAGE

It is my pleasure to inform you that since the launch in April 2013, over 6.5 million people have visited our parks. The Company achieved its highest ever annual footfall of 17 lakhs in FY 2017-18 vs. 15 lakhs in FY 2016-17, a growth of 12%. The visitor numbers continue to show the appreciation of the product among patrons across the country.

In FY 2017-18, with the implementation of GST, the theme and amusement park industry was unfortunately brought under the highest tax bracket of 28%. However, due to our and lAAPI’s continuous efforts, the government brought down GST rate to 18% in January 2018. We are also diligently working towards getting the refund mechanism set-up for the SGST share of 9% in lieu of Entertainment tax waiver which the Company had received for its mega tourism status from Government of Maharashtra.

This year, the focus of the management has been to significantly reduce the debt on the balance sheet. In line with this, we have entered into term sheets to sell our non-core business i.e. surplus land and the hotel. With the sale of these non-core assets, the Company would be able to reduce more than 30% of its outstanding debt. I would like to thank the shareholders for their approval to sell the non-core assets. We are also working on other plans to address our overall debt levels.

The Revenue recorded for FY 2017-18 was Rs. 237 Crore, vis-a-vis Rs. 239 Crore in FY 2016-17, a drop of 1%. The EBITDA for FY 2017-18 stands at Rs. 62.67 Crore vs. Rs. 60.85 Crore signifying a growth of 3%. The subdued revenue and EBITDA was considerably adversely affected due to factors such the imposition of high GST tariff.

Imagica has also bagged many accolades under its belt - ‘OTM Award for Excellence’, ‘Most Promising New Destination Award 2015'' and also the ‘Tripadvisor’s Traveller’s Choice Award 2015’ to name a few. I am pleased to highlight that Imagica Water Park is ranked 14th among the Top 25 Water Parks in the world in Tripadvisor. In terms of footfalls, Imagica Water Park is ranked 21st Water Park in Asia by TEA and AECOM.

Our international standard holiday destination has been featured among international media and continues to be a part of many domestic tourist itineraries. We are also one of the most preferred destinations for MICE, weddings and family holidays. In spite of this, we have some way to go in making this project every Indians ‘must-visit’ holiday destination.

As part of various marketing activities, Imagica has forged strong cross- promotion alliances with variety of brands across multiple industries such as airlines and travel, food and retail, banks, mobile wallets and service providers and education brands. The Company has also entered into a barter agreement with Bennett Coleman and Co. Ltd. (Times Group) to advertise on all Times Group media platforms in lieu of equity/warrants issued to them.

We continue to add new attractions at Imagica to increase the entertainment value to our guests. This year we are adding three new attractions at our park, Family Entertainment Centre, House of Stars and Eyelusion 3D park, with JV partners and these entail no capex by us. We have also partnered with Green Gold Animation to brand a character ride ‘Chhota Bheem - The Ride’. The association will also introduce an assorted range of Chhota Bheem merchandise thereby enhancing our existing portfolio.

I thank you for your investment and for having continued faith in our Company. We assure you of our continued commitment to make people happy and to ultimately take this company to its full potential. I would also like to thank our employees on this journey to make our vision a reality and to continuously offer a high class entertainment experience to our patrons.

Manmohan Shetty

Chairman

Source : Dion Global Solutions Limited
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