• Cinemax has maintained occupancies at 38-40% over the previous year. The difference is that in FY 2007 the assumption is five shows per screen against four shows per screen in FY 2006.

• The average ticket price (ATP) increased to Rs 125 against Rs 105 in FY 2006. The management believes that the ATP would go up by 10% in the next five years.

• On a consolidated basis, theatrical segment contributed 84% of the revenues in FY 2007 against 50% in FY 2006.

• Entertainment tax was Rs 6.85 crore in FY 2007; which accounts for 8-10% of the revenues, and would increase by 13-14%. As per the policy of the company, atleast 50% of the properties would be under entertainment tax exemption.

• Food and beverages (F&B) cost was Rs 4.62 crore about 35-40% of F&B sales. Of the other expenditure, marketing expenses account for 3% at Rs 3.64 crore and rentals were Rs 4.90 crore.

• Currently, the company owns eight properties and another four are on lease. Going forward, all new properties will be on lease. On an average the company spends about Rs 60000-80000 per seat as capex.

• Debt stood at Rs 63 crore end March 2007 which is expected to come down to Rs 50 crore.

• In Nagpur, the company has developed property, which will be leased by July 2007 at about Rs 65-70/sq. feet. Cinemax has leased property in Thane at about Rs 80/sq. feet. It would develop the balance 30,000 sq ft in Thane and lease it out. The lease rent would be about Rs 4-5 crore per annum. However, in one or two year's time leased properties at Nagpur (valued at Rs 80 crore) and Thane would be sold off.

• Gaming revenues, which constituted a minimal part of the revenues currently, would increase with gaming zones being set up at various properties. Currently, they are at Mira Road property, Eternity Thane and Eternity Nagpur. It would contribute about Rs 4 crore in FY 2008.

• The company started 2 new properties: Himmatnagar, Gujarat and Guwahati, Assam. The ATP at Himmatnagar is about Rs 75, which the company targets to increase to Rs 90-95 in a year with occupancies of 30%. The ATP at Guwahati is at Rs 155 with occupancy of 70-75%.

• The company is changing its strategy from 350 seat per screen to 200-250 seats per screen which would reduce the capex on each property.

• Out of the theatrical revenues, 75% is ticket sales, 16% is F&B, 5% is advertising revenues and 4% is others. The F&B revenue per person is Rs 26, which the company targets to increase to over Rs 30 with contribution of 18% of exhibition revenues.

• The footfalls(number of people buying tickets in the multiplex) in FY 2005 was 33 lakhs, in FY 2006 was 37 lakhs and in FY 2007 was 52.5 lakhs. 20% of the footfalls are at Versova property and 15% from Sion property.

• The company is targeting earnings before interest, tax, depreciation and amortisation (EBITDA) margins of 25-29% in FY 2008.

Cinemax India: Property matrix