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Amira Nature Foods Ltd Announces Third Quarter Fiscal Year 2013 Financial Results

  Amira Nature Foods Ltd Announces Third Quarter Fiscal Year 2013 Financial
  Results

           Third Quarter Revenue Increased 56.2% to $113.9 Million

            Third Quarter EBITDA Increased 57.7% to $14.0 Million

   Third Quarter Adjusted Profit After Tax Increased 175.6% to $5.9 Million

Business Wire

DUBAI, United Arab Emirates -- February 25, 2013

Amira Nature Foods Ltd (the "Company")(NYSE: ANFI), a leading global provider
of packaged Indian specialty rice, today reported financial results for the
third quarter and nine months ended December 31, 2012.

Third Quarter Financial Highlights:

  *Revenue increased 56.2% to $113.9 million, compared to $72.9 million in
    the third quarter of fiscal 2012.
  *EBITDA increased 57.7% to $14.0 million, compared to $8.9 million in the
    third quarter of fiscal 2012.
  *Profit after tax increased 94.1% to $4.2 million, compared to $2.1 million
    in the third quarter of fiscal 2012.
  *Excluding non-recurring IPO-related expenses of approximately $1.8
    million, adjusted profit after tax increased 175.6% to $5.9 million,
    compared to $2.1 million in the third quarter of fiscal 2012.
  *Basic and diluted earnings per share ^ (1) was $0.11 compared to $0.09 for
    the third quarter of fiscal 2012.
  *For better quarter over quarter comparability, after adjusting for
    non-recurring IPO-related expenses and using 35.7 million fully diluted
    shares, adjusted earnings per share was $0.17 compared to $0.06 in the
    third quarter of fiscal 2012.

“In the third quarter we continued to execute on our strategic initiatives as
we experienced increased growth in India and internationally,” stated Karan A.
Chanana, Amira’s Chairman and Chief Executive Officer. “We are pleased to
report these efforts enabled us to generate revenue and EBITDA ahead of our
expectations for the quarter. Going forward, we remain focused on
strengthening our distribution in India, further developing our relationships
with key retailers globally and continuing our expansion in new, high-growth
markets with our strong Basmati and complementary product portfolio to
capitalize on a number of growth opportunities around the world.”

Third Quarter Fiscal 2013 Results

Revenue for the third quarter of fiscal 2013 increased 56.2% to $113.9
million, compared to $72.9 million for the same period in fiscal 2012. The
revenue increase was primarily due to increased sales volumes both in India
and internationally. In addition, our third quarter revenue included $23.6
million associated with shipment of product to a repeat customer as previously
disclosed, while the comparable shipment to this customer was made in the
fourth quarter of fiscal 2012. Excluding this shipment, revenue for the third
quarter of fiscal 2013 would have increased 23.8% to approximately $90.3
million.

Revenue in the third quarter of fiscal 2013 for our Amira and third party
branded products was 99.0% of total revenue, compared to 93.4% of total
revenue, for the third quarter of fiscal 2012. Sales of bulk commodity
products to institutional customers in the third quarter of fiscal 2013
contributed 1.0% of total revenue, compared to 6.6% of total revenue, for the
third quarter of fiscal 2012.

Cost of materials including change in inventory of finished goods increased
$28.0 million, or 50.2%, to $83.7 million in the third quarter of fiscal 2013
from $55.7 million in the same period last fiscal year. This increase
primarily reflects the growth in our revenue. As a percentage of revenue, cost
of material decreased to 73.5% in the third quarter of fiscal 2013, compared
to 76.4% in the third quarter of fiscal 2012.

EBITDA (defined as profit after tax plus finance costs, non-recurring
IPO-related expenses, income tax expense and depreciation & amortization)
increased 57.7% to $14.0 million in the third quarter of fiscal 2013, compared
to $8.9 million in the same period last year. A reconciliation of EBITDA to
the IFRS measure of profit after tax is provided in the financial tables
section of this release.

Profit after tax for the third quarter of fiscal 2013 increased 94.1% to $4.2
million, compared to $2.1 million in the same period last year. Basic and
diluted earnings per share ^(1) was $0.11 compared to $0.09 for the third
quarter of fiscal 2012.

Excluding non-recurring IPO-related expenses of approximately $1.8 million,
adjusted profit after tax increased 175.6% to $5.9 million, compared to $2.1
million in the same period last year. For better quarter over quarter
comparability, after adjusting for non-recurring IPO-related expenses and
using 35.7 million fully diluted shares, adjusted earnings per share was $0.17
compared to $0.06 in the third quarter of fiscal 2012. Reconciliations of
adjusted profit after tax, to the IFRS measure of profit after tax, and
adjusted earnings per share, to basic and diluted earnings per share are
provided in the financial tables section of this release.

First Nine Months Fiscal 2013 Results

For the first nine months of fiscal 2013, net revenue increased 35.6% to
$273.4 million, compared to $201.7 million for the same period in fiscal 2012.
EBITDA increased 44.9% to $34.5 million compared to $23.8 million for the same
period in fiscal 2012. Profit after tax increased 128.3% to $10.7 million
compared to $4.7 million for the same period in fiscal 2012. Excluding
non-recurring IPO-related expenses of approximately $1.8 million, adjusted
profit after tax increased 165.5% to $12.5 million, compared to $4.7 million
for the same period in fiscal 2012. A reconciliation of adjusted profit after
tax, to the IFRS measure of profit after tax is provided in the financial
tables section of this release.

Basic and diluted earnings ^(1) per share for the first nine months of fiscal
2013 was $0.37 compared to $0.19 for the same period in fiscal 2012. For
better quarter over quarter comparability, after adjusting for non-recurring
IPO-related expenses and using 35.7 million fully diluted shares, adjusted
earnings per share was $0.35 for the first nine months of fiscal 2013 compared
to $0.13 for the same period in fiscal 2012.

Balance Sheet and Cash Flow Highlights

Our harvest season began in the third quarter in October and ended in January.
During this period, we prudently increased inventory in order to meet expected
demand, which is reflected in changes in operating assets and liabilities in
the cash flow statement for the nine-month period ended December 31, 2012.

On October 15, 2012, we completed an initial public offering (IPO) of our
ordinary shares at $10.00 per share and raised $90 million. After paying fees
and related offering expenses, we received approximately $81 million in net
proceeds. Contemporaneously with the completion of the offering, approximately
$77 million of these net proceeds were used to fund the purchase by our direct
wholly owned subsidiary Amira Nature Foods, Ltd. of 80.4% of the equity shares
of Amira Pure Foods Private Limited (“Amira India”). Amira India will use
$25.0 million of this amount to partially fund the development of a new
processing facility. As of the date of this release, Amira India has utilized
approximately $52 million out of the funds to repay a portion of outstanding
indebtedness and the Company’s cash and cash equivalents were $32.7 million as
of December 31, 2012 (including the amount reserved for the new processing
facility and $3.8 million of the IPO net proceeds retained at ANFI to fund
future operating expenses through 2015).

Fiscal 2013 Outlook

The Company expects full year fiscal 2013 revenue in the range of $405 million
to $410 million, an increase of approximately 23% to 25% compared to fiscal
2012, and EBITDA in the range of $50 million to $52 million, an increase of
approximately 25% to 30% compared to fiscal 2012.

Conference Call

The Company will hold an investor conference call today at 8:30 a.m. Eastern
time. The dial-in number for this conference call is (877) 407-3982 for North
American listeners and (201) 493-6780 for international listeners. Live audio
of the conference call will be simultaneously webcast in the investor
relations section of the company's website at http://www.amirafoods.com.

An audio replay will be available following the completion of the conference
call by dialing (877) 870-5176 for North American listeners or (858) 384-5517
for international listeners (conference ID 408090). The webcast of the
teleconference will be archived and available on the Company’s website.

About Amira Nature Foods

Founded in 1915, Amira has evolved into a leading global provider of packaged
Indian specialty rice, with sales in over 40countries today. Amira sells
Basmati rice, premium long-grain rice grown only in certain regions of the
Indian sub-continent, under their flagship Amira brand as well as under other
third party brands. Amira sells its products primarily in emerging markets
through a broad distribution network. Amira’s headquarters are in Dubai,
United Arab Emirates, and it also has offices in India, Malaysia, Singapore,
the United Kingdom, and the United States.

Cautionary Note on Forward-Looking Statements

This release may contain forward-looking statements within the meaning of the
U.S. federal securities laws. These forward-looking statements generally can
be identified by phrases such as that we or our members of management
“believe,” “expect,” “anticipate,” “foresee,” “forecast,” “estimate” or other
words or phrases of similar import. Specifically, these statements include,
among other things, statements that describe our expectations for the global
rice market, the financial impact of new sales contracts on our revenue, our
plans to make significant capital expenditures, and other statements of
management’s beliefs, intentions or goals. It is uncertain whether any of the
events anticipated by the forward-looking statements will transpire or occur,
or if any of them do, what impact they will have on our results of operations,
financial condition, or the price of our ordinary shares. These
forward-looking statements involve certain risks and uncertainties that could
cause actual results to differ materially from those indicated in such
forward-looking statements, including but not limited to our ability to
perform our agreements with customers; our ability to recognize revenue from
our contracts; continued competitive pressures in the marketplace; our
reliance on a few customers for a substantial part of our revenue; our ability
to implement our plans, forecasts and other expectations with respect to our
business and realize additional opportunities for growth; and the other risks
and important factors contained and identified in our filings with the
Securities and Exchange Commission. All forward-looking statements
attributable to us or to persons acting on our behalf are expressly qualified
in their entirety by these risk factors. Other than as required under the
securities laws, we undertake no obligation to update any forward-looking or
other statements herein, whether as a result of new information, future events
or otherwise.

(1) Basic and diluted earnings per share is calculated by dividing our profit
after tax, which starting with our first financial statements for the period
in which our initial public offering occurred, or the third quarter of fiscal
2013, is reduced by the amount of a non-controlling interest reflecting the
remaining approximately 19.6% of Amira India that will not be indirectly owned
by us, by our weighted average outstanding ordinary shares, during the
applicable period.


Amira Nature Foods Ltd

Unaudited Interim Consolidated Statements of Financial Position
(Amounts in USD)
                                                       
                                    As at                     As at
                                    December 31, 2012         March 31, 2012
ASSETS
Non-current
Intangible assets                   $   482,913               $  360,578
Property, plant and equipment       23,677,926                25,520,950
Other long-term assets              1,076,657                 580,168
Non-current assets                  $   25,237,496            $  26,461,696
                                                                             
Current
Inventories                         $   197,489,321           $  141,620,690
Trade receivables                   72,829,490                37,175,413
Derivative financial                -                         2,239,129
instruments
Prepayments                         6,231,241                 6,965,302
Other current assets                7,374,757                 9,222,451
Cash and cash equivalents           32,657,832                8,368,256
Current assets                      $   316,582,641           $  205,591,241
Total assets                        $   341,820,137           $  232,052,937
                                                                             
EQUITY AND LIABILITIES
Equity
Share capital                       $   9,111                 $  100
Securities premium                  82,753,269                —
Reserve for available for           (27,543           )       (25,496        )
sale financial assets
Currency translation reserve        (6,211,148        )       (1,945,447     )
Cash flow hedge reserve             (1,085,734        )       —
Actuarial gain/loss reserve         9,954                     9,954
Restructuring reserve               9,398,927                 9,398,927
Retained earnings                   37,549,061                29,292,375
Equity attributable to              $   122,395,897           $  36,730,413
Shareholders of the Company
Equity attributable to              10,134,442                8,954,156
Non-Controlling Interest
Total Equity                        132,530,339               45,684,569
Liabilities
Non-current liabilities
Employee benefit obligations        $   222,012               $  178,497
Debt                                5,335,403                 7,344,938
Deferred tax liabilities            5,725,554                 4,821,503
Total non-current liabilities       $   11,282,969            $  12,344,938
                                                                             
Current liabilities
Trade payables                      $   45,668,659            $  21,302,059
Debt                                143,674,026               134,410,915
Current tax liabilities             2,448,922                 1,942,637
Derivative financial                39,502                    -
instruments
Other current liabilities           6,175,720                 16,367,819
Current liabilities                 $   198,006,829           $  174,023,430
Total liabilities                   $   209,289,798           $  186,368,368
Total equity and liabilities        $   341,820,137           $  232,052,937
                                                                             


Amira Nature Foods Ltd

Unaudited Interim Consolidated Statements of Income

(Amounts in USD)
                                                                
                        Nine months ended                               Three months ended
                        Dec 31, 2012        Dec 31, 2011            Dec 31, 2012        Dec 31, 2011
Revenue                 $ 273,436,195           $ 201,719,881           $ 113,900,598           $ 72,923,389
Other income            96,974                  505,837                 4,872                   98,958
Cost of                 (239,876,630  )        (154,227,616  )        (111,730,620  )        (48,995,785  ) 
material
Change in
inventory of            29,147,049              (6,388,676    )        28,067,020              (6,690,887   ) 
finished goods
Employee                (3,516,944    )        (1,933,357    )        (1,677,493    )        (723,820     ) 
expenses
Depreciation
and                     (1,433,845    )        (1,578,060    )        (496,523      )        (491,751     ) 
amortization
Freight,
forwarding and          (15,620,592   )        (7,393,082    )        (9,936,443    )        (3,518,848   ) 
handling
expenses
Other expenses          (9,051,423    )        (6,389,662    )        (4,011,836    )        (2,396,009   ) 
                        $ 33,180,784            $ 24,315,265            $ 14,119,575            $ 10,205,247
Finance costs           (15,663,388   )        (15,807,618   )        (5,004,409    )        (4,995,820   ) 
IPO expenses            (1,750,082    )         -                       (1,750,082    )         -
Finance income          487,594                 210,639                 308,443                 125,321
Other financial         (587,972      )         (2,282,762    )        (949,926      )        (1,960,237   ) 
items
Profit before           $ 15,666,936            $ 6,435,524             $ 6,723,601             $ 3,374,511
tax
Income tax              (4,924,886    )        (1,730,372    )        (2,557,897    )        (1,227,771   )
expense
                                                                                                               
Profit after            $ 10,742,050            $ 4,705,152             $ 4,165,704             $ 2,146,740
tax
Profit after
tax
attributable
to:
Non-controlling         2,485,364               922,210                 1,196,400               420,761
interest
Shareholders of         8,256,686               3,782,942               2,969,304               1,725,979
the Company
                                                                                                               
Earnings Per
Share
                                                                                                               
Basic and
diluted                 $ 0.37                  $ 0.19                  $ 0.11                  $ 0.09
earnings per
share
                                                                                                               


Amira Nature Foods Ltd

Unaudited Interim Consolidated Statements of Comprehensive Income/(Loss)

(Amounts in USD)
                                                                
                          Nine months ended                             Three months ended
                          Dec 31, 2012        Dec 31, 2011           Dec 31, 2012       Dec 31, 2011
Profit after tax          $ 10,742,050           $ 4,705,152            $ 4,165,704            $ 2,146,740
Other
comprehensive
income
Available for
sale financial
assets
-Current period           (3,769       )        (114,747     )        8,017                  (7,107       )
gain/(loss)
-Reclassification
to income                 —                      —                      —                      —
statement
-Income tax               1,223                  37,230                 (2,601       )         2,306
Cash flow hedge
reserve
-Current period           (636,729     )        —                      1,813,965              —
loss
-Reclassification
to income                 (1,362,258   )         —                      (3,094,267   )         —
statement
-Income tax               648,571                —                      415,394                —
Exchange
differences on
translation of            $ (5,305,598 )        $ (7,153,349 )        $ (4,563,670 )         $ (3,272,175 ) 
foreign
operations
                                                                                                              
Other
comprehensive
loss for the              $ (6,658,560 )        $ (7,230,866 )        $ (5,423,162 )         $ (3,276,976 ) 
period, net of
tax
Total
comprehensive             $ 4,083,490            $ (2,525,714 )        $ (1,257,458 )         $ (1,130,236 ) 
income/(loss) for
the period
                                                                                                              
Total
comprehensive
income/(loss)for
the period
attributable to:
Non-controlling             1,180,286              (495,040   )           133,460                (221,526   )
interest
Shareholders of             2,903,204    2         (2,030,674 )           (1,390,918 )           (908,710   )
the Company
                                                                                                              


Amira Nature Foods Ltd

Unaudited Interim Consolidated Statements of Changes in Equity

(Amounts in USD)
                                               Reserve                                                                                                                     Equity
                                               for             
                  Share       Securities       available                          Cash flow          Actuarial       Restructuring     Retained         Equity              attributable
                Capital   premium        for           Currency         hedge            gain/loss     reserve         earnings                         to               Total Equity
                                               sale            translation        reserve            reserve                                            attributable to     Non -
                                               financial       reserve                                                                                  Shareholders of     controlling
                                               assets                                                                                                   the Company         interest
Balance as at     $ —         $ —              $ 12,481        $ 2,480,458        $ —                $ (12,177 )     $  9,398,927      $ 19,689,208     $ 31,568,897        $ 7,695,900        $ 39,264,797
April 1, 2011
Profit after      —           —                —               —                  —                  —               —                 3,782,942          3,782,942           922,210          4,705,152
tax
Other
comprehensive     —           —                (62,324   )     (5,751,292   )     —                  —               —                 —                  (5,813,616  )       (1,417,250 )     (7,230,866    )
loss for the
period
Total
comprehensive                                                                                                                                                                         
income/(loss)     —           —                (62,324   )     (5,751,292   )     —                  —               —                 3,782,942                                               (2,525, 714   )
for the                                                                                                                                                   (2,030,674  )       (495,040   )
period
Balance as at       —           —              $ (49,843 )     $ (3,270,834 )     $ —                $ (12,177 )     $  9,398,927      $ 23,472,150     $ 29,538,223        $ 7,200,860        $ 36,739,083
Dec 31, 2011
                                                                                                                                                                                                             
Balance as at     $ 100       $ —              $ (25,496 )     $ (1,945,447 )     $ —                $ 9,954         $  9,398,927      $ 29,292,375     $ 36,730,413          8,954,156        $ 45,684,569
April 1, 2012
Issue of
Shares (Net         9,000       82,639,766       —               —                  —                  —                —                —                82,648,766          —                  82,648,766
of Issuance
Cost)
Share based         11          113,503          —               —                  —                  —                —                —                113,514             —                  113,514
payment
Transactions        9011        82,753,269       —               —                  —                  —                —                —                82,762,280          —                  82,762,280
with owners
Profit after      —           —                —               —                  —                  —               —                 8,256,686          8,256,686           2,485,364        10,742,050
tax
Other
comprehensive     —           —                (2,047    )     (4,265,701   )     (1,085,734   )     —               —                 —                  (5,353,482  )       (1,305,078 )     (6,658,560    )
loss for the
period
Total
comprehensive                                                                                                                                                                
income/(loss)     —           —                (2,047    )     (4,265,701   )     (1,085,734   )     —               —                 8,256,686                                               4,083,490
for the                                                                                                                                                   2,903,204           1,180,286
period
Balance as at     $ 9,111     $ 82,753,269     $ (27,543 )     $ (6,211,148 )     $ (1,085,734 )     $ 9,954         $  9,398,927      $ 37,549,061     $ 122,395,897         10,134,442       $ 132,530,339
Dec 31, 2012
                                                                                                                                                                                                             


Amira Nature Foods Ltd

Unaudited Interim Consolidated Statements of Cash Flows

(Amounts in USD)
                                                    
                                 Nine months ended         Nine months ended
                                 Dec 31, 2012              Dec 31, 2011
(A) Cash flow from
operating activities
Profit before tax                $   15,666,936            $  6,435,524
Adjustments for non-cash         153,022                   3,643,618
items
Changes in operating             (80,699,456       )       (9,568,612      ) 
assets and liabilities
Adjustment for                   12,178,995                12,521,668
non-operating expenses
                                 $   (52,700,503   )       $  13,032,198
Income taxes paid                (2,798,528        )       101,699
Net cash (used in) /
generated from operating         $   (55,499,031   )       $  13,133,897
activities
                                                                             
(B) Cash flow from
investing activities
Purchase of property,            $   (879,098      )       $  (780,085     ) 
plant and equipment
Purchase of intangible           (176,304          )       (7,638          ) 
assets
Interest income                  564,510                   348,772
Net cash used in investing       $   (490,892      )       $  (438,951     ) 
activities
                                                                             
(C) Cash flows from
financing activities
Proceeds from Issue of           82,648,766                -
Shares
Net proceeds/(repayment)         16,389,036                (615,875        )
from short term debt
Repayment of long term           (2,163,382        )       (1,928,642      ) 
debt
Interest paid                    (12,743,505       )       (12,867,295     ) 
Net cash generated
from/(used in) financing         $   84,130,915            $  (15,411,812  ) 
activities
Effect of change in
exchange rate on cash and        (3,851,416        )       (1,825,770      ) 
cash equivalents
Net increase/(decrease) in       $   24,289,576            $  (4,542,636   ) 
cash and cash equivalents
Cash and cash equivalents
at the beginning of the          8,368,256                 8,200,695
period
Cash and cash equivalents        $   32,657,832            $  3,658,059
at the end of the period
                                                                             

Non-IFRS Financial Measure

In evaluating our business, we consider and use the non-IFRS measures EBITDA,
adjusted profit after tax and adjusted earnings per share, as supplemental
measures to review and assess our operating performance. The presentation of
these non-IFRS financial measure is not intended to be considered in isolation
or as a substitute for the financial information prepared and presented in
accordance with IFRS. We define: (1) EBITDA as profit after tax plus finance
costs, non-recurring IPO-related expenses, income tax expense and depreciation
and amortization (2) Adjusted Profit after tax, as profit after tax less $1.8
million in non-recurring IPO-related expenses (3) adjusted earnings per share
as the quotient of: (a) adjusted profit after tax , and (b) the sum of our
outstanding ordinary shares and the ordinary shares subject to the exchange
agreement between us and the non-controlling shareholders of Amira India, or
35.7 million shares, during the applicable period.

We use EBITDA as a measure of operating performance to assist in comparing
performance from period to period on a consistent basis, as measures for
planning and forecasting overall expectations and for evaluating actual
results against such expectations and as performance evaluation metrics,
including as part of assessing and administering our executive and employee
incentive compensation programs. We believe that the use of EBITDA as a
non-IFRS measure facilitates investors’ assessment of our operating
performance from period to period and from company to company by backing out
potential differences caused by variations in items such as capital structures
(affecting relative finance or interest expenses), non-recurring IPO-related
expenses the book amortization of intangibles (affecting relative amortization
expenses), the age and book value of property and equipment (affecting
relative depreciation expenses) and other non-cash expenses (affecting
one-time transition charges). We also present this non-IFRS measure because we
believe this non-IFRS measure is frequently used by securities analysts,
investors and other interested parties as measures of the financial
performance of companies in our industry.

We present Adjusted Profit after tax and adjusted earnings per share because
we believe these measures provide additional metrics to evaluate our
operations and, when considered with both our IFRS results and the
reconciliation to Profit after tax and basic and diluted earnings per share
respectively, provide a more complete understanding of our business than could
be obtained absent this disclosure. We also believe that these non-IFRS
financial measures are useful to investors in assessing the operating
performance of our business after reflecting the adjustments described above.

The following is a reconciliation of profit after tax to EBITDA:

(Amounts in USD)
                                                                      
                              Nine months     Nine months     Three months    Three
                                                                                       months
                              ended              ended              ended              ended
                              Dec 31, 2012    Dec 31, 2011    Dec 31, 2012    Dec 31,
                                                                                       2011
Profit after tax              $ 10,742,050       $ 4,705,152        $ 4,165,704        $ 2,146,740
                                                                                       
Add:       Income tax           4,924,886          1,730,372          2,557,897          1,227,771
           expense
Add:       Finance              15,663,388         15,807,618         5,004,409          4,995,820
           costs
Add:       IPO-related          1,750,082          -                  1,750,082          -
           expenses
           Depreciation
Add:       and                  1,433,845          1,578,060          496,523            491,751
           amortization
                                                                    
EBITDA                  $ 34,514,251    $ 23,821,202    $ 13,974,615    $ 8,862,082
                                                                                         

The following is a reconciliation of profit after tax to adjusted profit after
tax (excluding IPO-related expenses):

            Nine months     Nine months    Three          Three
                                                    months            months
               ended              ended             ended             ended
               Dec 31, 2012    Dec 31,        Dec 31,        Dec 31,
                                  2011              2012              2011
Profit
after          $ 10,742,050       $ 4,705,152       $ 4,165,704       $ 2,146,740
tax
(PAT)
Add: IPO
related     $ 1,750,082      -            $ 1,750,082     -
expenses
Adjusted
profit      $ 12,492,132    $ 4,705,152    $ 5,915,786    $ 2,146,740
after
tax
                                                                        

The following is a reconciliation of earnings per share as per IFRS and
Adjusted earnings per share:

                                                                
                      Nine months     Nine months     Three months    Three months
                      ended              ended              ended              ended
                      31-Dec-12       31-Dec-11       31-Dec-12       31-Dec-11
Profit after          $ 10,742,050       $ 4,705,152        $ 4,165,704        $ 2,146,740
tax (PAT)
                                                                               
Profit
attributable to       $ 8,256,686        $ 3,782,942        $ 2,969,304        $ 1,725,979
Shareholders of
the company
Weighted
average number
of shares           22,212,798     19,660,000     27,290,647     19,660,000
(from IPO date
to 31 Dec 2012)
Basic and
diluted
Earnings per       $ 0.37          $ 0.19          $ 0.11          $ 0.09
share as per
IFRS
Profit after          $ 10,742,050       $ 4,705,152        $ 4,165,704        $ 2,146,740
tax (PAT)
Add:
IPO-related           $ 1,750,082          -                $ 1,750,082          -
expenses
Adjusted profit       $ 12,492,132       $ 4,705,152        $ 5,915,786        $ 2,146,740
after tax,
Number of
shares
outstanding
including                                                                     
shares for
non-controlling                                               

interest -              35,676,434         35,676,434         35,676,434         35,676,434
fully diluted
(from IPO date

to 31 Dec 2012)
Adjusted
earnings per       $ 0.35          $ 0.13          $ 0.17          $ 0.06
share

Contact:

ICR
John Mills/Katie Turner
646-277-1200
 
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