Amira Nature Foods Ltd Announces Third Quarter Fiscal 2014 Financial Results

  Amira Nature Foods Ltd Announces Third Quarter Fiscal 2014 Financial Results             Third Quarter Revenue Increased 25.1% to $142.5 Million              Third Quarter EBITDA Increased 29.3% to $17.7 Million                        Company Raises Fiscal 2014 Outlook  Business Wire  DUBAI, United Arab Emirates -- February 25, 2014  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, 2013.  Third Quarter Financial Highlights:    *Revenue increased 25.1% to $142.5 million, compared to $113.9 million   *EBITDA increased 29.3% to $17.7 million, compared to $13.7 million   *Profit after tax increased 85.5% to $7.7 million, compared to $4.2 million   *Basic and diluted earnings per share^(1) was $0.20 compared to $0.11   *For better quarter over quarter comparability, after using 35.7 million     fully diluted shares, adjusted earnings per share was $0.22 compared to     $0.17.  (All comparisons above are to the third quarter of fiscal 2013)  Karan A. Chanana, Amira’s Chairman and Chief Executive Officer, stated, “Our strong financial performance in the third quarter highlights the increasing demand for our premium products, the positive response to our expanding product line, and our growing geographic footprint. Our successful execution on all aspects of our business model enables us to increase our revenue by 25.1% and EBITDA by 29.3% in the third quarter.”  Mr. Chanana continued, “Based on our year-to-date performance and outlook for the final quarter, we remain confident in our ability to deliver a record year in fiscal 2014 and are raising our annual revenue and EBITDA guidance. Our business will benefit from recently announced key contracts, including the launch of Amira branded products in Reliance Retail Limited stores across India and our acquisition of a German branded business of basmati rice. We look forward to finishing the year on a strong note and well positioned for fiscal 2015.”  Third Quarter Fiscal 2014 Results  Revenue for the third quarter of fiscal 2014 increased 25.1% to $142.5 million, compared to $113.9 million for the same period in fiscal 2013. The revenue increase was primarily due to increased sales volume and price of Basmati rice both in India and internationally. Revenue in the third quarter of fiscal 2014 for Amira and third party branded products was 95.8% of total revenue, compared to 99.0% for the same period in fiscal 2013. Institutional sales in the third quarter of fiscal 2014 contributed 4.2% of total revenue, compared to 1.0% of total revenue, for the same period in fiscal 2013.  Cost of materials including change in inventory of finished goods increased $23.7 million, or 28.3%, to $107.4 million in the third quarter of fiscal 2014 from $83.7 million in the third quarter of fiscal 2013. This increase primarily reflects the growth in revenue. As a percentage of revenue, cost of material increased to 75.4% in the third quarter of fiscal 2014, compared to 73.5% in the third quarter of fiscal 2013 due to increase in raw material prices.  EBITDA increased 29.3% to $17.7 million in the third quarter of fiscal 2014, compared to $13.7 million in the same period last year. A reconciliation of EBITDA to the IFRS measure of profit after tax is provided in the “Non-IFRS Financial Measures” section of this release.  Profit after tax for the third quarter of fiscal 2014 increased 85.5% to $7.7 million, compared to $4.2 million in the quarter of fiscal 2013. Basic and diluted earnings per share^(1) was $0.20 compared to $0.11 for the third quarter of fiscal 2013.  For better quarter over quarter comparability, after using 35.7 million fully diluted shares, adjusted earnings per share was $0.22 compared to $0.17 in the third quarter of fiscal 2013. Reconciliations of adjusted earnings per share, to basic and diluted earnings per share are provided in the “Non-IFRS Financial Measures” section of this release.  First Nine Months Fiscal 2014 Results  For the first nine months of fiscal 2014, net revenue increased 31.9% to $360.8 million, compared to $273.4 million for the same period of fiscal 2013. EBITDA increased 35.8% to $46.2 million, compared to $34.0 million for the same period in fiscal 2013. Profit after tax increased 98.8% to $21.4 million, compared to $10.7 million in the same period in fiscal 2013. Basic and diluted earnings per share^(1) was $0.58 compared to $0.37 for the first nine months of fiscal 2013.  For better quarter over quarter comparability, after using 35.7 million fully diluted shares, adjusted earnings per share was $0.60 for the first nine months of fiscal 2014 compared to $0.35 for the same period in fiscal 2013. Reconciliations of adjusted earnings per share, to basic and diluted earnings per share are provided in the “Non-IFRS Financial Measures” section of this release.  Balance Sheet and Cash Flow Highlights  At December 31, 2013, the Company’s cash and cash equivalents were $34.8 million and adjusted net working capital was $262.9 million. Net debt (after deducting cash and cash equivalents) as of December 31, 2013 was $125.5 million. The Company’s harvest season began in the third quarter in October and ended in January. During this period, the Company prudently increased inventory in order to meet expected demand, as of December 31, 2013, inventory increased $72.5 million to $253.9 million from $181.5 million as of March 31, 2013. As of December 31, 2013, trade receivables were $74.7 million, an increase of $7.9 million from $66.8 million as of March 31, 2013. 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 “Non-IFRS Financial Measures” section of this release.  Fiscal 2014 Outlook  The Company raises its previously issued guidance and expects full year fiscal 2014 revenue in the range of $507 million to $517 million and EBITDA in the range of $66 million to $68 million. This is in line with long-term guidance previously provided to the investment community in connection with Amira’s initial public offering. The Company’s guidance is based on foreign exchange rates as of December 31, 2013.  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 13576708). 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, 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. Since we operate in an emerging and evolving environment and new risk factors and uncertainties emerge from time to time, you should not rely upon forward-looking statements as predictions of future events. Except as required under the securities laws of the United States, we undertake no obligation to update any forward-looking or other statements herein to reflect events or circumstances after the date hereof, whether as a result of new information, future events or otherwise.  (1) Basic earnings per share is calculated by dividing our profit after tax as reduced by the amount of a non-controlling interest reflecting the remaining approximately 19.6% of Amira India that is not indirectly owned by us, by the number of our weighted average outstanding ordinary shares during the applicable period. And diluted earnings per share is calculated by dividing our profit after tax as reduced by the amount of a non-controlling interest reflecting the remaining approximately 19.6% of Amira India that is not indirectly owned by us, by the number of our weighted average outstanding ordinary shares adjusted by dilutive impact of equivalent stock options granted. The dilutive impact of total share options (721,535) granted to an employee in the fiscal year 2012 and 2013 is insignificant and hence there is no change in Basic and diluted earnings per share.                                                           Amira Nature Foods Ltd Condensed Consolidated Statements of Financial Position                                                                                                    As at                   As at                                        December 31, 2013       March 31, 2013                                        (Unaudited)              ASSETS Non-current Intangible assets                      $  766,151              $ 607,871 Property, plant and equipment          20,638,959              23,467,379 Other long-term assets                 462,255                430,739        Total non-current assets               $  21,867,365          $ 24,505,989                                                                   Current Inventories                            $  253,930,133          $ 181,459,799 Trade receivables                      74,708,389              66,792,434 Derivative financial instruments       458,597                 1,260,512 Prepayments                            3,481,626               8,386,856 Other current assets                   11,754,138              10,856,050 Cash and cash equivalents              34,812,240             33,270,338     Total current assets                   $  379,145,123         $ 302,025,989  Total assets                           $  401,012,488         $ 326,531,978                                                                  EQUITY AND LIABILITIES Equity Share capital                          $  9,115                $ 9,111 Share premium                          82,639,766              82,639,766 Share based compensation reserve       3,028,347               227,674 Reserve for available for sale         (29,271         )       (21,561       ) financial assets Currency translation reserve           (17,963,738     )       (5,582,983    ) Cash flow hedging reserve              (2,292,102      )       258,647 Actuarial gain reserve                 26,340                  26,340 Restructuring reserve                  9,398,927               9,398,927 Retained earnings                      60,933,866              44,348,684 Equity attributable to                 $  135,751,250          $ 131,304,605 Shareholders of the Company Equity attributable to                 13,446,685             12,328,130     Non-Controlling Interest Total Equity                           149,197,935            143,632,735                                                                    Liabilities Non-current liabilities Employee benefit obligations           $  256,194              $ 185,437 Debt                                   2,948,529               4,831,416 Deferred tax liabilities               9,843,916              8,527,874      Total non-current liabilities          $  13,048,639          $ 13,544,727                                                                   Current liabilities Trade payables                         $  68,338,164           $ 4,516,657 Debt                                   157,314,516             156,785,820 Current tax liabilities (net)          2,529,336               2,658,236 Derivative financial instruments       2,690,887               - Other current liabilities              7,893,011              5,393,803      Total current liabilities              $  238,765,914         $ 169,354,516  Total liabilities                      $  251,814,553         $ 182,899,243  Total equity and liabilities           $  401,012,488         $ 326,531,978                                                                                        Amira Nature Foods Ltd Condensed Consolidated Statements of Income                                              Nine months ended                          Three months ended                       December 31,        December 31,           December 31,        December 31,                       2013                   2012                   2013                   2012                       (Unaudited)         (Unaudited)            (Unaudited)         (Unaudited) Revenue               $ 360,774,711          $ 273,436,195          $ 142,478,370          $ 113,900,598 Other income            108,120                96,974                 13,057                 4,872 Cost of                 (291,031,271 )         (239,876,630 )         (109,089,976 )         (111,730,620 ) material Change in inventory of            14,195,269             29,147,049             1,710,878              28,067,020 finished goods Employee                (9,103,034   )         (3,516,944   )         (4,850,720   )         (1,677,493   ) expenses Depreciation and                     (1,472,270   )         (1,433,845   )         (521,070     )         (496,523     ) amortization Freight, forwarding and          (15,907,424  )         (15,620,592  )         (6,045,737   )         (9,936,443   ) handling expenses Other expenses         (12,101,245  )     (9,051,423   )        (5,644,163   )     (4,011,836   )                       $ 45,462,856           $ 33,180,784           $ 18,050,639           $ 14,119,575 Finance costs           (18,864,147  )         (15,663,388  )         (8,284,701   )         (5,004,409   ) IPO expenses            -                      (1,750,082   )         -                      (1,750,082   ) Finance income          2,248,529              487,594                685,383                308,443 Other financial        (711,563     )     (587,972     )        (902,391     )     (949,926     ) items Profit before         $ 28,135,675           $ 15,666,936           $ 9,548,930            $ 6,723,601 tax Income tax             (6,780,309   )     (4,924,886   )        (1,819,944   )     (2,557,897   ) expense                                                                                               Profit after          $ 21,355,366           $ 10,742,050           $ 7,728,986            $ 4,165,704 tax Profit after tax attributable to: Shareholders of         16,585,182             8,256,686              5,680,798              2,969,304 the company Non-controlling         4,770,184              2,485,364              2,048,188              1,196,400 interest                                                                                               Earnings per share Basic earnings        $ 0.58                 $ 0.37                 $ 0.20                 $ 0.11 per share Diluted earnings per          $ 0.58             $ 0.37                $ 0.20             $ 0.11          share                                                                                                                                                         Amira Nature Foods Ltd Condensed Consolidated Statements of Comprehensive Income                                                                                  Nine months ended                      Three months ended                       December 31,      December 31,       December 31,     December 31,                       2013                2012               2013               2012                       (Unaudited)       (Unaudited)        (Unaudited)      (Unaudited) Profit after tax      $ 21,355,366        $ 10,742,050       $ 7,728,986        $ 4,165,704 Other comprehensive income Items to be reclassified to income statement in subsequent period Available for sale financial assets -Current period         (14,536     )       (3,769     )       9,258              8,017 gain/(loss) -Income tax             4,941               1,223              (3,147     )       (2,601     ) Cash flow hedging reserve -Current period         (8,090,011  )       (636,729   )       2,976,006          1,813,965 gain/ (loss) -Reclassification to income               3,281,293           (1,362,258 )       1,072,748          (3,094,267 ) statement -Income tax             1,634,483           648,571            (1,376,172 )       415,394 Exchange differences on translation of        $ (15,407,013 )   $ (5,305,598 )     $ 2,167,917     $ (4,563,670 ) foreign operations Other comprehensive income/(loss) for     $ (18,590,843 )   $ (6,658,560 )     $ 4,846,610     $ (5,423,162 ) the period, net of tax Total comprehensive         $ 2,764,523      $ 4,083,490       $ 12,575,596    $ (1,257,458 ) income/(loss) for the period                                                                                    Total comprehensive income/(loss) for the period attributable to: Shareholders of         1,636,105           2,903,204          9,575,433          (1,390,918 ) the Company Non-controlling        1,128,418       1,180,286        3,000,163      133,460     interest                                                                                                                                                                                                                                        Amira Nature Foods Ltd Condensed Consolidated Statements of Changes in Equity (Unaudited)                                                                                                                                                                                                                          Reserve                                                                                           Equity          Equity                                                             for                                                                                               attributable    attributable                                                             available                                                                                         to              to                                            Share based      for sale      Currency          Cash flow        Actuarial                                        Shareholders    Non -                 Share       Share          compensation     financial     translation       hedging          gain/(loss)     Restructuring     Retained       of the          controlling    Total               capital   premium      reserve        assets      Reserve         Reserve        Reserve       Reserve         Earnings     Company        interest      Equity 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    9,011       82,639,766     113,503          —             —                 —                —               —                 —              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 income          —           —              —                (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   $ 2,903,204    $ 1,180,286   $ 4,083,490    for the period Balance as at December 31,  $ 9,111    $ 82,639,766  $ 113,503       $ (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  2012                                                                                                                                                              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   $ 131,304,605   $ 12,328,130   $ 143,632,735 April 1, 2013 Share based     4           —              2,800,673        —             —                 —                —               —                 —            $ 2,800,677       —            $ 2,800,677 compensation Transaction   $ 4         $ —            $ 2,800,673      $ —           $ —               $ —              $ —             $ —               $ —            $ 2,800,677     $ —            $ 2,800,677 with owners Profit after    —           —              —                —             —                 —                —               —                 16,585,182   $ 16,585,182      4,770,184    $ 21,355,366 tax Other comprehensive income          —           —              —                (7,710  )     (12,380,755 )     (2,550,749 )     —               —                 —            $ (14,939,214 )   (3,651,629 ) $ (18,590,843 ) /(loss) for the period Total comprehensive income/(loss) $ —        $ —           $ —             $ (7,710  )  $ (12,380,755 )  $ (2,550,749 )  $ —            $ —              $ 16,585,182  $ 1,645,968    $ 1,118,555   $ 2,764,523    for the period Balance as at December 31,  $ 9,115    $ 82,639,766  $ 3,028,347     $ (29,271 )  $ (17,963,738 )  $ (2,292,102 )  $ 26,340       $ 9,398,927      $ 60,933,866  $ 135,751,250  $ 13,446,685  $ 149,197,935  2013                                                                                                                                                                                                                                              Amira Nature Foods Ltd Condensed Consolidated Statements of Cash Flows                                                                            Nine months ended                                      December 31, 2013    December 31, 2012                                      (Unaudited)             (Unaudited) (A) CASH FLOW FROM OPERATING ACTIVITIES Profit before tax                    $  28,135,675           $  15,666,936 Adjustments for non-cash items          2,453,905               153,022 Adjustments for non-operating           14,701,719              12,178,995 expenses Changes in operating assets            (41,256,221  )         (80,699,456  ) and liabilities                                      $  4,035,078            $  (52,700,503  ) Income Taxes paid                      (2,806,816   )         (2,798,528   ) Net cash generated from/(used        $  1,228,262           $  (55,499,031  ) in) operating activities                                                                  (B) CASH FLOW FROM INVESTING ACTIVITIES Purchase of property, plant          $  (1,364,502   )       $  (879,098     ) and equipment Purchase of intangible assets           (298,763     )          (176,304     ) Proceeds from sale of                   5,332                   - property, plant and equipment Interest income                        1,167,050             564,510       Net cash used in investing           $  (490,883     )       $  (490,892     ) activities                                                                  (C) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from Issue of Shares        $  -                    $  82,648,766 Net proceeds from short term            17,826,801              16,389,036 debt Proceeds from long term debt            41,445                  - Repayment of long term debt             (1,394,134   )          (2,163,382   ) Interest paid                          (12,588,251  )         (12,743,505  ) Net cash generated from              $  3,885,861           $  84,130,915    financing activities                                                                  (D) Effect of change in exchange rate on cash and cash         (3,081,338   )         (3,851,416   ) equivalents Net increase in cash and cash        $  1,541,902           $  24,289,576    equivalents (A+B+C+D) Cash and cash equivalents at            33,270,338              8,368,256 the beginning of the period Cash and cash equivalents at         $  34,812,240          $  32,657,832    the end of the period                                                                                            Non-IFRS Financial Measures  In evaluating our business, we consider and use the non-IFRS measures EBITDA and 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), income tax expense and depreciation and amortization; (2) 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; (3) 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 (4) 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), the book amortization of intangibles (affecting relative amortization expenses), the age and book value of property and equipment (affecting relative depreciation expenses). 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 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 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)                    Nine months     Nine months     Three months    Three months                    ended              ended              ended              ended                    December 31,    December 31,    December 31,    December 31,                    2013               2012               2013               2012 Profit after       $ 21,355,366       $ 10,742,050       $ 7,728,986        $ 4,165,704 tax Add: IPO           -                  1,750,082          -                  1,750,082 expenses Add: Income        6,780,309          4,924,886          1,819,944          2,557,897 tax expense Add: Finance costs (net         16,615,618         15,175,794         7,599,318          4,695,966 of finance income) Add: Depreciation    1,472,270       1,433,845       521,070         496,523 and amortization EBITDA          $ 46,223,563    $ 34,026,657    $ 17,669,318    $ 13,666,172                                                                                 The following is a reconciliation of earnings per share as per IFRS and Adjusted earnings per share:                                                              (Amounts in                                                                        USD)                     Nine months    Nine months    Three months   Three months                     ended            ended            ended            ended                     December 31,   December 31,   December 31,   December 31,                     2013             2012             2013             2012 Profit after        $ 21,355,366     $ 10,742,050     $ 7,728,986      $ 4,165,704 tax Profit attributable to     $ 16,585,182     $ 8,256,686      $ 5,680,798      $ 2,969,304 Shareholders of the company (A) Weighted average number of shares (for      28,672,134       22,212,798       28,674,389       27,290,647 Basic earnings per share) (B) Weighted average number of shares (for    28,714,896     22,212,798     28,902 ,735    27,290,647 Diluted earnings per share) (C) Basic Earnings per share as      $ 0.58         $ 0.37         $ 0.20         $ 0.11 per IFRS (A) ÷ (B) Diluted Earnings per      $ 0.58         $ 0.37         $ 0.20         $ 0.11 share as per IFRS (A) ÷ (C)                                                                           Profit after        $ 21,355,366     $ 10,742,050     $ 7,728,986      $ 4,165,704 tax (PAT) Add: IPO-related         $ -              $ 1,750,082      $ -              $ 1,750,082 expenses Adjusted profit     $ 21,355,366     $ 12,492,132     $ 7,728,986      $ 5,915,786 after tax, Number of shares outstanding including          35,680,431    35,676,434    35,680,431    35,676,434 shares for non-controlling interest - fully diluted Adjusted earnings per      $ 0.60         $ 0.35         $ 0.22         $ 0.17 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                                      December 31, 2013    March 31, 2013 Current assets: Inventories                         $ 253,930,133           $ 181,459,799 Trade receivables                     74,708,389              66,792,434 Derivative financial                  458,597                 1,260,512 instruments Prepayments                           3,481,626               8,386,856 Other current assets                  11,754,138              10,856,050 Cash and cash equivalents          34,812,240           33,270,338 Total current assets              $ 379,145,123         $ 302,025,989                                                                Current liabilities: Trade payables                      $ 68,338,164            $ 4,516,657 Debt                                  157,314,516             156,785,820 Current tax liabilities (net)         2,529,336               2,658,236 Derivative financial                  2,690,887               - instruments (liability) Other current liabilities          7,893,011            5,393,803 Total current liabilities         $ 238,765,914         $ 169,354,516                                                                Working Capital as per IFRS (Total current assets minus         $ 140,379,209           $ 132,671,473 Total current liabilities) Less: Cash and cash equivalents       34,812,240              33,270,338 Add: Current debt                  157,314,516          156,785,820 Adjusted net working capital      $ 262,881,485         $ 256,186,955                                                                 The following is a reconciliation of total current and non-current debt to net debt:                                                         (Amounts in USD)                                       As at                 As at                                      December 31, 2013    March 31, 2013 Current debt                        $ 157,314,516           $ 156,785,820 Non-current debt                   2,948,529            4,831,416 Total current and non-current       $ 160,263,045           $ 161,617,236 debt as per IFRS Less: Cash and cash equivalents    34,812,240           33,270,338 Net debt                          $ 125,450,805         $ 128,346,898  Contact:  ICR Katie Turner, 646-277-1200