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
 
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