Amira Nature Foods Ltd Announces Fourth Quarter and Full Year Fiscal 2013 Financial Results

  Amira Nature Foods Ltd Announces Fourth Quarter and Full Year Fiscal 2013
  Financial Results

Fourth Quarter Revenue Increased 10.2% to $140.2 Million and EBITDA Increased
                            12.4% to $18.1 Million

Full Year Revenue Increased 25.7% to $413.7 Million and EBITDA Increased 30.5%
                               to $52.2 Million

Business Wire

DUBAI, United Arab Emirates -- June 10, 2013

Amira Nature Foods Ltd (the "Company")(NYSE:ANFI), a leading global provider
of packaged Indian specialty rice, today reported financial results for the
fourth quarter and full year ended March 31, 2013.

Fourth Quarter Financial Highlights:

  *Revenue increased 10.2% to $140.2 million, compared to $127.3 million in
    the fourth quarter of fiscal 2012
  *EBITDA increased 12.4% to $18.1 million, compared to $16.1 million
  *Profit after tax increased 17.5% to $8.5 million, compared to $7.2 million
  *Basic and diluted earnings per share^(1) was $0.24 compared to $0.30
  *For better quarter-over-quarter comparability, after using 35.7 million
    fully diluted shares, adjusted earnings per share was $0.24 compared to
    $0.20 in the fourth quarter of fiscal 2012

Fiscal Year 2013 ended March 31, 2013 Financial Highlights:

  *Revenue increased 25.7% to $413.7 million, compared to $329.0 million in
    fiscal year 2012
  *EBITDA increased 30.5% to $52.2 million, compared to $40.0 million
  *Profit after tax increased 61.2% to $19.2 million, compared to $11.9
    million
  *Adjusted profit after tax, which excludes non-recurring IPO-related
    expenses of approximately $1.8 million, increased 75.8% to $21.0 million,
    compared to $11.9 million
  *Basic and diluted earnings per share^(1) was $0.63 compared to $0.49
  *For better year-over-year comparability, after adjusting for non-recurring
    IPO-related expenses and using 35.7 million fully diluted shares, adjusted
    earnings per share was $0.59 compared to $0.33 in the fiscal year 2012

Karan A. Chanana, Amira’s Chairman and Chief Executive Officer, stated, “In
the fourth quarter, we generated strong revenue and EBITDA growth, which
enabled us to achieve record financial results that exceeded our fiscal 2013
annual guidance. We continue to benefit from steadily growing demand for our
Basmati rice and complementary products among our existing customers as well
as new customers. We also are pleased that we are continuing to grow both in
India and internationally.”

Mr. Chanana continued, “As we begin fiscal 2014, we believe we are well
positioned for continued growth. We believe our business will benefit from
expanding relationships with many of our key retail partners and our growing
geographic presence. We recently announced our entry into the South Korean
market, which is an example of the vast opportunity for the future growth of
Amira’s third party branded products and our Amira branded products in new
geographies.”

Fourth Quarter Fiscal 2013 Results

Revenue for the fourth quarter of fiscal 2013 increased 10.2% to $140.2
million, compared to $127.3 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, revenue for the third quarter of fiscal 2013
included $23.6 million associated with a product shipment to a repeat customer
while the comparable shipment to this customer was made in the fourth quarter
of fiscal 2012, as previously disclosed. Including this shipment, revenue for
the fourth quarter of fiscal 2013 would have increased 28.7% to approximately
$163.8 million.

Revenue in the fourth quarter of fiscal 2013 for Amira and third party branded
products was 98.8% of total revenue, compared to 97.3% for the fourth quarter
of fiscal 2012. Sales of bulk commodity products to institutional customers in
the fourth quarter of fiscal 2013 contributed 1.2% of total revenue, compared
to 2.7% for the fourth quarter of fiscal 2012.

Cost of materials including change in inventory of finished goods increased
$6.0 million, or 5.9%, to $109.0 million in the fourth quarter of fiscal 2013
from $103.0 million in the fourth quarter of fiscal 2012. This increase
primarily reflects the growth in revenue. As a percentage of revenue, cost of
material decreased to 77.7% in the fourth quarter of fiscal 2013, compared to
80.9% in the fourth quarter of fiscal 2012.

EBITDA increased 12.4% to $18.1 million in the fourth quarter of fiscal 2013,
compared to $16.1 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 fourth quarter of fiscal 2013 increased 17.5% to $8.5
million, compared to $7.2 million in the fourth quarter of fiscal 2012. Basic
and diluted earnings per share^(1) was $0.24 compared to $0.30 for the fourth
quarter of fiscal 2012.

For better quarter-over-quarter comparability, after using 35.7 million fully
diluted shares, adjusted earnings per share was $0.24 compared to $0.20 in the
fourth quarter of fiscal 2012. A reconciliation of adjusted earnings per share
to basic and diluted earnings per share is provided in the financial tables
section of this release.

Fiscal Year 2013 Results

For the full year fiscal 2013, net revenue increased 25.7% to $413.7 million,
compared to $329.0 million in fiscal 2012. EBITDA increased 30.5% to $52.2
million, compared to $40.0 million in fiscal 2012. Profit after tax increased
61.2% to $19.2 million, compared to $11.9 million in fiscal 2012. Adjusted
profit after tax, which excludes non-recurring IPO-related expenses of
approximately $1.8 million, increased 75.8% to $21.0 million, compared to
$11.9 million 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 per share^(1) for fiscal 2013 was $0.63 compared to
$0.49 in fiscal 2012. For better year-over-year comparability, after adjusting
for non-recurring IPO-related expenses and using 35.7 million fully diluted
shares, adjusted earnings per share was $0.59 in fiscal 2013 compared to $0.33
in fiscal 2012.

Balance Sheet and Cash Flow Highlights

At March 31, 2013, the Company’s cash and cash equivalents was $33.3 million,
adjusted net working capital was $256.2 million. Net debt (after deducting
cash and cash equivalents) as on March 31, 2013 was $128.3 million. As of
March 31, 2013, inventory increased $39.9 million to $181.5 million from
$141.6 million as of March 31, 2012 to position for growth. As of March 31,
2013, trade receivables were $66.8 million, an increase of $29.6 million from
$37.2 million as of March 31, 2012, due to increased sales. Reconciliations of
adjusted net working capital and net debt to the IFRS measures of working
capital and total current and non-current debt, respectively, are provided in
the financial tables section of this release.

Fiscal 2014 Outlook

In line with long-term guidance previously provided to the investment
community in connection with Amira’s initial public offering, in fiscal 2014,
the Company expects revenue to increase in the range of $480 million to $507
million and EBITDA in the range of $62 million to $66 million. This guidance
is based on current foreign exchange rates.

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 414877). 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 40 countries today. Amira sells
Basmati rice, a 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 growth
of our business, expansion into new geographic markets, maintaining and
expanding our relationship with key retail partners, 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 penetrate and increase the acceptance of our
products in new geographic markets; our ability to perform our agreements with
customers and further develop our relationships with key retail partners; 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

Consolidated Statements of Financial Position

(Amounts in USD)

                                As at                 As at
                                     March 31, 2013             March 31, 2012
ASSETS
Non-current
Intangible assets                  $ 607,871                  $ 360,578
Property, plant and                  23,467,379                 25,520,950
equipment
Other long term assets               430,739                    580,168
Total non-current assets           $ 24,505,989               $ 26,461,696
                                                                
Current
Inventories                        $ 181,459,799              $ 141,620,690
Trade receivables                    66,792,434                 37,175,413
Derivative financial                 1,260,512                  2,239,129
instruments
Prepayments                          8,386,856                  6,965,302
Other current assets                 10,856,050                 9,222,451
Cash and cash                        33,270,338                 8,368,256
equivalents
Total current assets               $ 302,025,989              $ 205,591,241
Total assets                       $ 326,531,978              $ 232,052,937
                                                                
EQUITY AND LIABILITIES
Equity
Share capital                      $ 9,111                    $ 100
Share premium                        82,639,766                 -
Share based compensation             227,674                    -
reserve
Reserve for available
for sale financial                   (21,561      )             (25,496      )
assets
Currency translation                 (5,582,983   )             (1,945,447   )
reserve
Cash flow hedging                    258,647                    -
reserve
Actuarial gain reserve               26,340                     9,954
Restructuring Reserve                9,398,927                  9,398,927
Retained earnings                    44,348,684                 29,292,375
Equity attributable to
Shareholders of the                  131,304,605                36,730,413
Company
Equity attributable to               12,328,130                 8,954,156
Non-Controlling Interest
Total equity                       $ 143,632,735              $ 45,684,569
                                                                
Liabilities
Non-current liabilities
Employee benefit                   $ 185,437                  $ 178,497
obligations
Debt                                 4,831,416                  7,344,938
Deferred tax liabilities             8,527,874                  4,821,503
Total non-current                  $ 13,544,727               $ 12,344,938
liabilities
                                                                
Current liabilities
Trade payables                     $ 4,516,657                $ 21,302,059
Debt                                 156,785,820                134,410,915
Current tax liabilities              2,658,236                  1,942,637
(net)
Other current                        5,393,803                  16,367,819
liabilities
Total current                      $ 169,354,516              $ 174,023,430
liabilities
Total liabilities                  $ 182,899,243              $ 186,368,368
Total equity and                   $ 326,531,978              $ 232,052,937
liabilities
                                                                             


Amira Nature Foods Ltd

Consolidated Income Statements

(Amounts in USD)
                                                   
                                     March 31, 2013             March 31, 2012
Revenue                            $ 413,682,574              $ 328,979,799
Other income                         94,368                     637,383
Cost of material                     (347,341,159 )             (270,259,623 )
Change in inventory of               27,594,211                 6,667,730
finished goods
Employee expenses                    (5,553,197   )             (2,844,454   )
Depreciation and                     (1,943,846   )             (2,089,738   )
amortization
Freight, forwarding and              (20,985,039  )             (13,990,863  )
handling expenses
Other expenses                       (14,676,910  )             (10,568,202  )
                                   $ 50,871,002               $ 36,532,032
IPO expenses                         (1,750,082   )             -
Finance costs                        (21,751,614  )             (21,786,007  )
Finance income                       802,146                    303,036
Other financial items                (654,852     )             1,032,599
Profit before tax                  $ 27,516,600               $ 16,081,660
Income tax expense                   (8,267,562   )             (4,137,422   )
                                                                             
Profit after tax                   $ 19,249,038               $ 11,944,238
Profit after tax
attributable to:
Shareholders of the                  15,056,309                 9,603,167
company
Non-controlling interest             4,192,729                  2,341,071
                                                                
Earnings per share
                                                                
Basic and diluted                  $ 0.63                     $ 0.49
earnings per share
                                                                             


Amira Nature Foods Ltd

Consolidated Statements of Other Comprehensive Income/ (Loss)

(Amounts in USD)

                                March 31, 2013        March 31, 2012
Profit after tax                   $ 19,249,038               $ 11,944,238
Other comprehensive
income
Available for sale
financial assets
- Current period                     7,416                      (47,016     )
gain/(loss)
- Reclassification to                -                          (22,905     )
Income statement
- Income tax                         (2,520      )              22,686
Cash flow hedge reserve
-Current period loss                 (1,160,394  )              -
-Reclassification to                 1,628,914                  -
income statement
-Income tax                          (146,820    )              -
Actuarial gain/(loss)
reserve
-Current year gains                  30,875                     40,747
-Income tax                          (10,495     )              (13,220     )
Exchange differences on
translation of foreign               (4,524,299  )              (5,504,858  )
operations
                                                                
Other comprehensive loss           $ (4,177,323  )            $ (5,524,567  )
for the year, net of tax
Total comprehensive                $ 15,071,715               $ 6,419,672
income for the year
                                                                
Total comprehensive
income for the year
attributable to:
Shareholders of the                  11,697,741                 5,161,416
Company
Non-controlling interest             3,373,974                  1,258,256
                                                                            


Amira Nature Foods Ltd

Consolidated Statements of Changes in Equity

(Amounts in USD)

                                                                          Reserve for                                                                                                         Equity
                                                                         available                                                                                                                                 Equity
                    Share         Share                                   for                 Currency             Cash flow       Actuarial         Restructuring       Retained             attributable          attributable to
                 Capital    premium           Share based     sale             translation       hedging      gain/(loss)    reserve          earnings          to                 Non-controlling    Total Equity
                                                       compensation       financial           reserve              reserve         reserve                                                    Shareholders          interest
                                                       reserve            assets                                                                                                              of the
                                                                                                                                                                                              Company
                                                                                                                                                                                                                  
                    $ 100         $ —                $ —                  $ 12,481            $ 2,480,458          $ —             $ (12,177 )       $  9,398,927        $ 19,689,208       $                     $                       $ 39,264,897
Balance as at                                                                                                                                                                                 31,568,997            7,695,900
April 1, 2011
Profit after        —             —                    —                  —           —       —                    —               —                 —                   9,603,167            9,603,167             2,341,071             11,944,238
tax
Other
comprehensive                                                                                                                                                                                                                 
income              —             —                    —                  (37,977   )         (44,25,905   )       —               22,131            —                   —                                                                (5,524,567    )
/(loss) for                                                                                                                                                                                   (4,441,751  )         (1,082,816   )
the period

                                                                                                                                                                                                                   
Total
comprehensive       —             —                    —                  (37,977   )         (4,425,905   )       —               22,131            —                   9,603,167                                                      6,419,671
income/(loss)
for the                                                                                                                                                                                       5,161,416             1,258,256
period

                                                                                                                                                                                                                   
Balance as at       $ 100         $ —                $ —                  $ (25,496 )         $ (1,945,447 )       $ —             $ 9,954           $  9,398,927        $ 29,292,375       $                     $                       $ 45,684,569
March 31,                                                                                                                                                                                     36,730,413            8,954,156
2012
                                                                                                                                                                                                                                          
                                                                                                                                                                                                                  
                    $ 100         $ —                $ —                  $ (25,496 )         $ (1,945,447 )       $ —             $ 9,954           $  9,398,927        $ 29,292,375       $                     $                       $ 45,684,569
Balance as at                                                                                                                                                                                 36,730,413            8,954,156
April 1, 2012
Issue of                                                                                                                                                                                     
Shares (Net           9,000         82,639,766                              —                   —                    —               —                  —                  —                                        —                       82,648,766
of Issuance                                            —                                                                                                                                      82,648,766
Cost)
Share based           11            —                  227,674              —                   —                    —               —                  —                  —                  227,685               —                       227,685
compensation
Transactions
with                  9011          82,639,766         227,674              —                   —                    —               —                  —                  —                  82,876,451            —                       82,876,451
shareholders
Profit after        —             —                    —                  —                   —                    —               —                 —                   15,056,309           15,056,309            4,192,729             19,249,038
tax
Other
comprehensive                                                                                                                                                                                                                 
income/(loss)       —             —                    —                  3,935               (3,637,536   )       258,647         16,386            —                   —                                                                (4,177,323    )
for the                                                                                                                                                                                       (3,358,568  )         (818,755     )
period
Total
comprehensive                                                                                                                                                                                                      
income/(loss)       —             —                    —                  3,935               (3,637,536   )       258,647         16,386            —                   15,056,309                                                       15,071,715
for the                                                                                                                                                                                       11,697,741            3,373,974
period

                                                                                                                                                                                                                   
Balance as at       $ 9,111       $ 82,639,766       $ 227,674            $ (21,561 )         $ (5,582,983 )       $ 258,647       $ 26,340          $  9,398,927        $ 44,348,684       $                     $                       $ 143,632,735
March 31,                                                                                                                                                                                     131,304,605           12,328,130
2013
                                                                                                                                                                                                                                                        


Amira Nature Foods Ltd

Consolidated Statements of Cash Flows

(Amounts in USD)

                                        March 31, 2013       March 31,
                                                                         2012
(A) CASH FLOW FROM
OPERATING
ACTIVITIES
Profit before tax                             $ 27,516,600             $ 16,081,660
Adjustments for                                 2,039,904                3,125,793
non-cash items
Adjustments for
non-operating                                   19,015,955               16,943,347
expenses
Changes in
operating assets                                (105,093,325 )           (15,744,410 )
and liabilities
                                              $ (56,520,866  )         $ 20,406,390
Income Taxes paid                               (3,701,951   )           (512,071    )
Net cash generated
from/(used in)                                $ (60,222,817  )         $ 19,894,319
operating
activities
                                                                                     
(B) CASH FLOW FROM
INVESTING
ACTIVITIES
Purchase of
property, plant and                           $ (1,526,281   )         $ (858,941    )
equipment
Purchase of                                     (334,793     )           (51,745     )
intangible assets
Proceeds from sale
of property, plant                              320,067                  8,241
and equipment
Proceeds from the
sale of short term                              -                        78,504
investments
Net
(addition)/deletion                             (84,631      )           (288,300    )
of long term assets
Purchase of short                               (110,400     )           (183,031    )
term investments
Interest income                                 802,147                  303,036
Net cash used in
investing                                     $ (933,891     )         $ (992,236    )
activities
                                                                                     
(C) CASH FLOWS FROM
FINANCING
ACTIVITIES
Net Proceeds from                             $ 82,648,766             $ -
issue of shares
Net proceeds from                               27,973,449               3,687,642
short term debt
Proceeds from long                              34,220                   245,295
term debt
Repayment of long                               (2,241,703   )           (2,428,149  )
term debt
Interest paid                                   (19,830,624  )           (17,248,517 )
Net cash generated
from/(used in)                                $ 88,584,108             $ (15,743,729 )
financing
activities
(D) Effect of
change in exchange                              (2,525,318   )           (2,990,793  )
rate on cash and
cash equivalents
Net
increase/(decrease)         (A+B+C+D)         $ 24,902,082             $ 167,562
in cash and cash
equivalents
Cash and cash
equivalents at the                              8,368,256                8,200,695
beginning of the
year
Cash and cash
equivalents at the                            $ 33,270,338             $ 8,368,256
end of the year
                                                                                     

Non-IFRS Financial Measures

In evaluating our business, we consider and use the non-IFRS measures EBITDA,
adjusted profit after tax, adjusted earnings per share, adjusted net working
capital and net debt as supplemental measures to review and assess our
operating performance. The presentation of these non-IFRS financial measures
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 (net of finance
income), non-recurring IPO-related expenses, income tax expense and
depreciation and amortization; (2) Adjusted profit after tax, as profit after
tax plus $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; (4) adjusted
net working capital as total current assets minus: (a) cash and cash
equivalents and (b) trade payables, current tax liabilities (net) and other
current liabilities; and (5) net debt as total current and non-current debt
minus cash and cash equivalents.

We use EBITDA as a measure of operating performance to assist in comparing
performance from period to period on a consistent basis, as a measure for
planning and forecasting overall expectations, for evaluating actual results
against such expectations and as a performance evaluation metric, 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 structure (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 it is frequently used
by securities analysts, investors and other interested parties as measure of
the financial performance of companies in our industry.

We present adjusted profit after tax, adjusted earnings per share, adjusted
net working capital and net debt 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, basic and diluted
earnings per share, working capital and total current and non-current debt,
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)
                                                          Three months    Three months
                                Year ended         Year ended         ended              ended
                                March 31,       March 31,       March 31,       March 31,
                                2013               2012               2013               2012
Profit after tax                $ 19,249,038       $ 11,944,238       $ 8,506,988        $ 7,239,086
Add:         Income tax           8,267,562          4,137,422          3,342,676          2,407,050
             expense
             Finance
Add:         costs (net           20,949,468         21,482,971         5,773,674          5,885,992
             of finance
             income)
Add:         IPO-related          1,750,082          -                  -                  -
             expenses
             Depreciation
Add:      and              1,943,846      2,089,738      510,001        511,678
             amortization
EBITDA                   $ 52,159,996    $ 39,654,369    $ 18,133,339    $ 16,043,806
                                                                                           

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

(Amounts in USD)
                                            Three          Three
                                                     months            months
               Year ended         Year ended         ended             ended
               March 31,       March 31,       March 31,      March 31,
               2013               2012               2013              2012
Profit
after          $ 19,249,038       $ 11,944,238       $ 8,506,988       $ 7,239,086
tax
(PAT)
Add: IPO
related      1,750,082      -              -             -
expenses
Adjusted
profit      $ 20,999,120    $ 11,944,238    $ 8,506,988    $ 7,239,086
after
tax
                                                                         

The following is a reconciliation of earnings per share and adjusted earnings
per share:

                  (Amounts in USD)
                                                      Three months    Three months
                      Year ended         Year ended         ended              ended
                      March 31,       March 31,       March 31,       March 31,
                      2013               2012               2013               2012
Profit after          $ 19,249,038       $ 11,944,238       $ 8,506,988        $ 7,239,086
tax (PAT)
                                                                               
Profit
attributable to       $ 15,056,309       $ 9,603,167        $ 6,799,623        $ 5,820,225
Shareholders of
the company (A)
Weighted
average number
of shares (from     23,802,786     19,660,000     28,661,080     19,660,000
IPO date to
March 31,
2013)(B)
Basic and
diluted
Earnings per       $ 0.63          $ 0.49          $ 0.24          $ 0.30
share as per
IFRS (A/B)
                                                                                 
Profit after          $ 19,249,038       $ 11,944,238       $ 8,506,988        $ 7,239,086
tax (PAT)
Add:
IPO-related             1,750,082          -                  -                  -
expenses
Adjusted profit       $ 20,999,120       $ 11,944,238       $ 8,506,988        $ 7,239,086
after tax
Number of
shares
outstanding
including
shares for
non-controlling     35,676,434     35,676,434     35,676,434     35,676,434
interest -
fully diluted
(from IPO date
to March 31,
2013)
Adjusted
earnings per       $ 0.59          $ 0.33          $ 0.24          $ 0.20
share
                                                                                 

The following is a reconciliation of working capital (total current assets
minus total current liabilities) and adjusted net working capital:

                                    (Amounts in USD)
                                         As at                  As at
                                                           
                                         March 31, 2013         March 31, 2012
Current assets:                                            
Inventories                              $  181,459,799         $  141,620,690
Trade receivables                           66,792,434             37,175,413
Derivative financial instruments            1,260,512              2,239,129
Prepayments                                 8,386,856              6,965,302
Other current assets                        10,856,050             9,222,451
Cash and cash equivalents                  33,270,338        8,368,256
Total current assets                     $  302,025,989     $  205,591,241
                                                                
Current liabilities:
Trade payables                           $  4,516,657           $  21,302,059
Debt                                        156,785,820            134,410,915
Current tax liabilities (net)               2,658,236              1,942,637
Other current liabilities                  5,393,803         16,367,819
Total current liabilities                $  169,354,516     $  174,023,430
                                                                
Working Capital as per IFRS
(Total current assets minus              $  132,671,473         $  31,567,811
Total current liabilities)
Less: Cash and cash equivalents             33,270,338          $  8,368,256
Add: Current debt                      156,785,820       134,410,915
Adjusted net working capital         $  256,186,955     $  157,610,470
                                                                   

The following is a reconciliation of total current and non-current debt to net
debt:

                                       (Amounts in USD)
                                           Year ended        Year ended
                                           March 31, 2013    March 31, 2012
Current debt                               $  156,785,820          134,410,915
Non-current debt                             4,831,416        7,344,938
Total current and non-current debt         $  161,617,236       $  141,755,853
as per IFRS
Less: Cash and cash equivalents           33,270,338       8,368,256
Net debt                                $  128,346,898    $  133,387,597

Contact:

ICR
John Mills/Katie Turner
646-277-1200
 
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