Amira Nature Foods Ltd Announces Fourth Quarter and Full Year Fiscal 2014 Financial Results

  Amira Nature Foods Ltd Announces Fourth Quarter and Full Year Fiscal 2014
  Financial Results

 Fourth Quarter Revenue Increased 33.0% to $186.6 Million and Adjusted EBITDA
                       Increased 45.4% to $26.4 Million

   Full Year Revenue Increased 32.3% to $547.3 Million and Adjusted EBITDA
                       Increased 44.0% to $75.5 Million

Business Wire

DUBAI, United Arab Emirates -- June 16, 2014

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, 2014.

Fourth Quarter Financial Highlights:

  *Revenue increased 33.0% to $186.6 million compared to $140.2 million
  *Adjusted EBITDA increased 45.4% to $26.4 million compared to $18.1 million
  *Adjusted EBITDA margin increased by more than 100 bps to 14.1% of sales
  *Adjusted profit after tax increased 97.2% to $16.8 million compared to
    $8.5 million
  *Basic earnings per share^(1) was $0.47 compared to $0.24
  *Adjusted earnings per share was $0.47 compared to $0.24

Fiscal Year 2014 Financial Highlights:

  *Revenue increased 32.3% to $547.3 million compared to $413.7 million
  *Adjusted EBITDA increased 44.0% to $75.5 million compared to $52.4 million
  *Adjusted EBITDA margin increased by more than 100 bps to 13.8% of sales
  *Profit after tax increased 98.1% to $38.1 million compared to $19.2
    million
  *Adjusted profit after tax, which excludes non-cash expenses for share
    based compensation of approximately $2.9 million, increased 93.2% to $41.0
    million compared to $21.2 million
  *Basic and diluted earnings per share^(1) was $1.04 compared to $0.63
  *Adjusted earnings per share was $1.14 compared to $0.59

(All comparisons above are to the fourth quarter and fiscal year 2014,
respectively. Non-IFRS financial measures are reconciled in the tables below.)

Karan A. Chanana, Amira's Chairman and Chief Executive Officer, stated, “We
are very pleased with our performance in the fourth quarter and full year
2014, where we grew sales dramatically, improved operating margins, nearly
doubled income and made significant investment for continued future growth.”

He continued, “We are focused on a dramatically increasing class of consumers
in our home market, while also exploiting new opportunities around the world
to further grow our business.To bolster our growth in India we established
eight company owned and managed distribution centers in key cities around the
country and plan to add seven more distribution centers by the end of the
fiscal 2015 to further support our success in India.”

“Internationally, we have made key investments in core regions, including our
acquisition of Basmati Rice GmbH which added to our positions in Germany and
throughout Continental Europe. We continued to invest in the UK, increasing
our marketing spend and building our presence to more than 3,000 distribution
points, and in the US where we have nearly doubled our revenues over the past
year.”

Bruce Wacha, Amira’s Chief Financial Officer, added, “The Company had a very
strong fourth quarter and fiscal 2014 performance, reporting yet another
record year. Our revenue grew by more than 30%, our operating margins grew by
more than 100 bps, Adjusted EBITDA increased by approximately 45% and Adjusted
earnings per share grew by nearly 100%. We have continued to invest in future
growth while maintaining a conservative balance sheet of just 2.4x total debt
to Adjusted EBITDA and 2.0x net debt to Adjusted EBITDA.”

Fourth Quarter Fiscal 2014 Results

Revenue for the fourth quarter of fiscal 2014 increased 33.0% to $186.6
million, compared to $140.2 million for the same period in fiscal 2013. The
revenue increase was primarily due to increased pricing and sales volumes in
India and internationally. Revenue in the fourth quarter also benefited from
the inclusion of Basmati Rice GmbH, which was acquired in January 2014.

Revenue in the fourth quarter of fiscal 2014 for Amira and third party branded
products was $158.3 million up approximately $20 million compared to $138.5
million for the same period in fiscal 2013. Sales to the Company’s
institutional customers were up significantly, contributing $28.3 million in
revenue for the quarter.

Margins also increased due to improved pricing dynamics, operating
efficiencies and economies of scale. Cost of materials including change in
inventory of finished goods were $137.4 million, or 73.7% of sales in the
fourth quarter of fiscal 2014, compared to $109.0 million, or 77.7% of sales
in the fourth quarter of fiscal 2013. Freight, forwarding and handling
expenses were $7.5 million, or 4.0% of revenue compared to $5.4 million, or
3.8% of revenue, in the prior year’s fourth quarter.

Adjusted EBITDA increased 45.4% to $26.4 million in the fourth quarter of
fiscal 2014, compared to $18.1 million in the same period last year. Adjusted
EBITDA margin increased by more than 100 bps to 14.1% in the fourth quarter of
2014. A reconciliation of Adjusted EBITDA to the IFRS measure of profit after
tax is provided in the “Non-IFRS Financial Measures” section of this release.

Adjusted profit after tax for the fourth quarter of fiscal 2014 increased
97.2% to $16.8 million, compared to $8.5 million in the fourth quarter of
fiscal 2014. Basic earnings per share^(1) was $0.47 compared to $0.24 for the
fourth quarter of fiscal 2013. A reconciliation of adjusted profit after tax
to the IFRS measure of profit after tax is provided in the “Non-IFRS Financial
Measures” section of this release.

Adjusted earnings per share was $0.47 compared to $0.24 in the fourth quarter
of fiscal 2013. Reconciliations of adjusted earnings per share to basic and
diluted earnings per share is provided in the “Non-IFRS Financial Measures”
section of this release.

Fiscal Year 2014 Results

For the full year fiscal 2014, revenue increased 32.3% to $547.3 million,
compared to $413.7 million in fiscal 2013. Adjusted EBITDA increased 44.0% to
$75.5 million, compared to $52.4 million in fiscal 2013 and Adjusted EBITDA
margins increased by more than 100 bps to 13.8%. Profit after tax increased
98.1% to $38.1 million, compared to $19.2 million in fiscal 2013. Adjusted
profit after tax, which excludes non-cash expenses for share based
compensation of approximately $2.9 million, increased 93.2% to $41.0 million,
compared to $21.2 million in fiscal 2013. A reconciliation of adjusted EBITDA
and adjusted profit after tax to the IFRS measure of profit after tax is
provided in the “Non-IFRS Financial Measures” section of this release.

Basic and diluted earnings per share^(1) for fiscal 2014 was $1.04 compared to
$0.63 each in fiscal 2013. Adjusted earnings per share was $1.14 in fiscal
2014 compared to $0.59 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 March 31, 2014, the Company’s cash and cash equivalents was $36.6 million,
adjusted net working capital was $299.2 million, or 54.6% of sales, compared
to $256.2 million, or 61.9% of sales, in the prior year. Net debt (after
deducting cash and cash equivalents) as of March 31, 2014 was $148.2 million.
Net debt to Adjusted EBITDA was 2.0x, compared to 2.4x at the end of fiscal
2013. As of March 31, 2014, inventory was $255.0 million, or 46.6% of sales,
compared to $181.5 million, or 43.9% of sales, as of March 31, 2013. As of
March 31, 2014, trade receivables were $80.9 million, or 14.8% of sales,
compared to $66.8 million, or 16.1% of sales, in the prior year.
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 2015 Outlook

For 2015, the Company expects revenue and Adjusted EBITDA to increase by more
than 20%. The Company maintains its long term outlook for $1 billion in
revenue and $150 million in Adjusted EBITDA as has been previously
communicated to investors as part of its initial public offering. This outlook
is based on current foreign exchange rates.

Conference Call

The Company will hold an investor conference call with presentation slides on
June 17, 2014 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 and
presentation slides 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. 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 branded
packaged Indian specialty rice, with sales in over 40 countries today. Amira
sells Basmati rice, which is a premium long-grain rice grown only in certain
regions of the Indian sub-continent, under its flagship Amira brand as well as
under other third party brands. Amira sells its products through a broad
distribution network in both the developed and emerging markets. Amira’s
global headquarters are in Dubai, United Arab Emirates, and it also has
offices in India, Malaysia, Singapore, Germany, the United Kingdom, and the
United States. For more information please visit www.amira.net.

Cautionary Note on Forward-Looking Statements

This release contains 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.

                                                             
Amira Nature Foods Ltd

Consolidated Statements of Financial Position for the Full Year Years Ended
                                                                
                                            (Amounts in USD)
                                              As at             As at

                                              March 31, 2014    March 31, 2013
ASSETS
Non-current
Property, plant and equipment                 $ 23,284,918      $  23,467,379
Goodwill                                        1,727,338          -
Other intangible assets                         2,262,731          607,871
Other long-term assets                        485,731          430,739
Total non-current assets                      $ 27,760,718     $  24,505,989
                                                                
Current
Inventories                                   $ 254,952,549     $  181,459,799
Trade receivables                             80,882,986        66,792,434
Derivative financial assets                   2,352,886         1,260,512
Other financial assets                        9,213,064         9,821,263
Prepayments                                   8,361,244         8,386,856
Other current assets                          765,655           1,034,787
Cash and cash equivalents                     36,602,086       33,270,338
Total current assets                          $ 393,130,470    $  302,025,989
Total assets                                  $ 420,891,188    $  326,531,978
                                                                
EQUITY AND LIABILITIES
Equity
Share capital                                 $ 9,115           $  9,111
Share premium                                 82,804,750        82,683,926
Other reserves                                (3,312,575    )   4,236,544
Retained earnings                             74,334,687        44,375,024
Equity attributable to shareholders of the    $ 153,835,977     $  131,304,605
Company
Equity attributable to non-controlling        18,005,030       12,328,130
interest
Total equity                                  171,841,007      143,632,735
                                                                
Liabilities
Non-current liabilities
Defined benefit obligations                   $ 246,548         $  185,437
Debt                                          2,739,414         4,831,416
Deferred tax liabilities                      6,666,270        8,527,874
Total non-current liabilities                 $ 9,652,232      $  13,544,727
                                                                
Current liabilities
Trade payables                                $ 41,197,158      $  4,516,657
Debt                                          182,103,347       156,785,820
Current tax liabilities (net)                 9,644,944         2,658,236
Other financial liabilities                   4,472,131         2,836,252
Other current liabilities                     1,980,369        2,557,551
Total current liabilities                     $ 239,397,949    $  169,354,516
Total liabilities                             $ 249,050,181    $  182,899,243
Total equity and liabilities                  $ 420,891,188    $  326,531,978
                                                                   

Amira Nature Foods Ltd

Consolidated Statements of Profit or Loss for the Full Years Ended

                                          (Amounts in USD)
                                            March 31, 2014   March 31, 2013
Revenue                                    $ 547,344,368      $ 413,682,574
Other income                                 160,064            94,368
Cost of materials                            (454,123,161 )     (347,341,159 )
Change in inventory of finished goods        39,859,583         27,594,211
Employee benefit expenses                    (11,642,833  )     (5,553,197   )
Depreciation and amortization                (2,064,264   )     (1,943,846   )
Freight, forwarding and handling             (23,359,177  )     (20,985,039  )
expenses
Other expenses                              (22,855,617  )    (14,676,910  )
                                           $ 73,318,963       $ 50,871,002
Finance costs                                (25,859,231  )     (21,751,614  )
IPO expenses                                 -                  (1,750,082   )
Finance income                               2,766,518          802,146
Other gains and losses                      (2,800,475   )    (654,852     )
Profit before tax                          $ 47,425,775       $ 27,516,600
Income tax expense                          (9,293,071   )    (8,267,562   )
                                                                
Profit after tax for the year              $ 38,132,704       $ 19,249,038
Profit after tax for the year
attributable to:
Shareholders of the Company                  29,956,327         15,056,309
Non-controlling interest                     8,176,377          4,192,729
                                                                
Earnings per share
Basic earnings per share                   $ 1.04             $ 0.63
Diluted earnings per share                 $ 1.04            $ 0.63         
                                                                
                                                          
                                                                

(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/ directly 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 (360,257 and
361,278) granted to a director in fiscal years 2013 and 2014 was insignificant
and hence there is no change in Basic and diluted earnings per share.


Amira Nature Foods Ltd

Consolidated Statements of Comprehensive Income for the Full Years Ended

                                          (Amounts in USD)
                                            March 31, 2014   March 31, 2013
Profit after tax for the year              $ 38,132,704       $ 19,249,038
Other comprehensive income
Items that will not be reclassified
subsequently to profit or loss:
Re-measurement of defined benefit
obligation:
Current year gain/(loss)                     6,290              30,875
Income tax                                  (2,138       )    (10,495     )
                                           $ 4,152           $ 20,380      
Items that may be reclassified
subsequently to profit or loss:
Available for sale financial assets:
Current year gain/(loss)                     (13,414      )     7,416
Reclassification to profit or loss           (2,058       )     -
Income tax                                  4,812            (2,520      )
                                           $ (10,660      )   $ 4,896       
Cash flow hedging reserve:
Current year gain/(loss)                     (8,512,091   )     (1,160,394  )
Reclassification to profit or loss           8,917,446          1,628,914
Income tax                                  (137,780     )    (146,820    )
                                           $ 267,575         $ 321,700     
                                                             
Currency translation reserve               $ (12,986,175  )   $ (4,524,299  )
                                                                
Other comprehensive income/(loss) for      $ (12,725,108  )   $ (4,177,323  )
the year, net of tax
Total comprehensive income/(loss) for      $ 25,407,596      $ 15,071,715  
the year
                                                                
Total comprehensive income/(loss) for
the year attributable to:
Shareholders of the Company                  19,730,696         11,697,741
Non-controlling interest                    5,676,900        3,373,974   
                                                                            

Amira Nature Foods Ltd

Consolidated Statements of Changes in Equity

(Amounts in USD)
                                                                                                                                                                     
                                             Other reserves
                                                            Reserve
                                                            for                                                                          Equity
                                                                                            Cash                                                           Equity
                                             Share based    available     Currency          flow        Restructuring     Retained       attributable
               Share     Share        compensation  for         translation     hedging                                to              attributable to   Total equity
                  capital     premium        reserve                                                    Reserve           Earnings
                                                            sale          reserve           Reserve                                      shareholders      Non-controlling
                                                            financial                                                                    of the            interest
                                                                                                                                         Company
                                                            assets
Balance as at   $ 100       $ —            $ —            $ (25,496 )  $ (1,945,447  )  $ —        $ 9,398,927       $ 29,302,329   $ 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)- IPO
Issue of
shares –          11          44,160         (44,171    )   —             —                 —           —                 —              —                 —                   —
directors
Share based       —           —              227,685        —             —                 —           —                 —              227,685           —                   227,685
compensation
Profit after
tax for the       —           —              —              —             —                 —           —                 15,056,309   $ 15,056,309        4,192,729         $ 19,249,038
year
Other
comprehensive
income            —           —              —              3,935         (3,637,536  )     258,647     —                 16,386       $ (3,358,568  )     (818,755     )    $ (4,177,323  )
/(loss) for
the year
Total
comprehensive  $ —        $ —           $ —           $ 3,935     $ (3,637,536  )  $ 258,647  $ —              $ 15,072,695  $ 11,697,741    $ 3,373,974       $ 15,071,715  
income/(loss)
for the year
Balance as at
March 31,      $ 9,111    $ 82,683,926  $ 183,514     $ (21,561 )  $ (5,582,983  )  $ 258,647  $ 9,398,927      $ 44,375,024  $ 131,304,605   $ 12,328,130      $ 143,632,735 
2013
                                                                                                                                               
Balance as at   $ 9,111     $ 82,683,926   $ 183,514      $ (21,561 )   $ (5,582,983  )   $ 258,647   $ 9,398,927       $ 44,375,024   $ 131,304,605     $ 12,328,130        $ 143,632,735
April 1, 2013
Issue of
shares –          4           120,824        (120,828   )   —             —                 —           —                 —              —                 —                   —
directors
Share based       —           —              2,800,676      —             —                 —           —                 —            $ 2,800,676         —                 $ 2,800,676
compensation
Profit after
tax for the       —           —              —              —             —                 —           —                 29,956,327   $ 29,956,327        8,176,377         $ 38,132,704
year
Other
comprehensive
income            —           —              —              (8,566  )     (10,435,418 )     215,017     —                 3,336        $ (10,225,631 )     (2,499,477   )    $ (12,725,108 )
/(loss) for
the year
Total
comprehensive  $ —        $ —           $ —           $ (8,566  )  $ (10,435,418 )  $ 215,017  $ —              $ 29,959,663  $ 19,730,696    $ 5,676,900       $ 25,407,596  
income/(loss)
for the year
Balance as at
March 31,      $ 9,115    $ 82,804,750  $ 2,863,362   $ (30,127 )  $ (16,018,401 )  $ 473,664  $ 9,398,927      $ 74,334,687  $ 153,835,977   $ 18,005,030      $ 171,841,007 
2014
                                                                                                                                                                                           

Amira Nature Foods Ltd

Consolidated Statements of Cash Flows for the Full Years Ended

                                          (Amounts in USD)
                                            March 31, 2014   March 31, 2013
(A) CASH FLOW FROM OPERATING ACTIVITIES
Profit before tax for the year             $ 47,425,775       $ 27,516,600
Adjustments for non-cash items               2,277,965          2,039,904
Adjustments for non-operating incomes        20,366,935         19,015,955
and expenses
Changes in operating assets and             (66,961,766  )    (105,093,325 )
liabilities
                                           $ 3,108,909        $ (56,520,866  )
Income taxes paid                           (3,783,471   )    (3,701,951   )
Net cash generated from/(used in)          $ (674,562     )   $ (60,222,817  )
operating activities
                                                                
(B) CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and            $ (3,732,975   )   $ (1,526,281   )
equipment
Purchase of intangible assets                (315,649     )     (334,793     )
Proceeds from sale of property, plant        4,787              320,067
and equipment
Net cash outflow on acquisition of           (1,954,432   )     --
subsidiaries
Net investments in term deposits             (627,834     )     (84,631      )
Purchase of short term investments           (249,000     )     (110,400     )
Proceeds from the sale of short term         4,248              --
investments
Interest received                           2,685,657        802,147      
Net cash used in investing activities      $ (4,185,198   )   $ (933,891     )
                                                                
(C) CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from issue of shares          $ --               $ 82,648,766
Net proceeds from short term debt            37,982,254         27,973,449
Proceeds from long term debt                 128,540            34,220
Repayment of long term debt                  (1,764,307   )     (2,241,703   )
Interest paid                               (23,339,652  )    (19,830,624  )
Net cash generated from/(used in)          $ 13,006,835      $ 88,584,108   
financing activities
(D)Effect of change in exchange rate on     (4,815,327   )    (2,525,318   )
cash and cash equivalents
Net increase/(decrease) in cash and cash   $ 3,331,748       $ 24,902,082   
equivalents
Cash and cash equivalents at the             33,270,338         8,368,256
beginning of the year
Cash and cash equivalents at the end of    $ 36,602,086      $ 33,270,338   
the year
                                                                             

Non-IFRS Financial Measures

In evaluating our business, we consider and use the non-IFRS measures EBITDA,
Adjusted 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 EBITDA, as EBITDA plus
approximately $2.9 million and $0.2 million of non - cash expense for share
based compensation for FY2014 and FY2013, respectively (3) Adjusted profit
after tax, as profit after tax plus $1.8 million in non-recurring IPO-related
expenses for FY13 and approximately $2.9 million and $0.2 million of non -
cash expense for share based compensation for FY2014 and FY2013, respectively;
(4) 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, during the applicable period; (5) 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 (6) net debt as total current and non-current debt minus cash
and cash equivalents.

We use both EBITDA and Adjusted EBITDA as measures 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
and Adjusted EBITDA as non-IFRS measures 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. We also present these non-IFRS measures because we believe they are
frequently used by securities analysts, investors and other interested parties
as measures of the financial performance of companies in our industry.

We present adjusted EBITDA, 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 and Adjusted
EBITDA:

                (Amounts in USD)
                                               Three months     Three months

                 FY 2014       FY 2013       ended           ended

                                               March 31, 2014   March 31, 2013
Profit after     $ 38,132,704  $ 19,249,038  $  16,777,338   $  8,506,988
tax
Add: IPO         -              1,750,082      -                -
expenses
Add: Income      9,293,071      8,267,562      2,512,762        3,342,676
tax expense
Add: Finance
costs (net of    23,092,713     20,949,468     6,477,095        5,773,674
finance
income)
Add:
Depreciation    2,064,264     1,943,846     591,994         510,001
and
amortization
EBITDA          $ 72,582,752  $ 52,159,996  $  26,359,189   $  18,133,339
Add: Non -
cash expenses
for share       2,874,010     227,674       -               -
based
compensation
Adjusted        $ 75,456,762  $ 52,387,670  $  26,359,189   $  18,133,339
EBITDA
                                                                   

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

                 (Amounts in USD)
                                                Three months     Three months

                  FY 2014       FY 2013       ended           ended

                                                March 31, 2014   March 31,
                                                                 2013
Profit after      $ 38,132,704  $ 19,249,038  $  16,777,338   $  8,506,988
tax (PAT)
Add: IPO          -              1,750,082      -                -
expenses
Add: Non - cash
expenses for     2,874,010     227,674       -               -
share based
compensation
Adjusted profit  $ 41,006,714  $ 21,226,794  $  16,777,338   $  8,506,988
after tax
                                                                    

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

                  (Amounts in USD)
                                                 Three months     Three months

                   FY 2014       FY 2013       ended           ended

                                                 March 31, 2014   March 31,
                                                                  2013
Profit after tax   $ 38,132,704  $ 19,249,038  $  16,777,338   $ 8,506,988
Profit
attributable to    $ 29,956,327   $ 15,056,309   $  13,371,145    $ 6,799,623
Shareholders of
the company (A)
Weighted average
number of shares
(for Basic         28,672,840     23,802,786     28,674,997       28,661,080
earnings per
share) (B)
Weighted average
number of shares
(for Diluted      28,888,163    23,802,786    29,001,032      28,661,080
earnings per
share) (C)
Basic Earnings
per share as per  $ 1.04        $ 0.63        $  0.47         $ 0.24
IFRS (A) ÷ (B)
Diluted Earnings
per share as per  $ 1.04        $ 0.63        $  0.46         $ 0.24
IFRS (A) ÷ (C)
                                                                    
Profit after tax   $ 38,132,704   $ 19,249,038   $  16,777,338    $ 8,506,988
(PAT)
Add: IPO-related     -              1,750,082       -               -
expenses
Add: Non - cash
expense for          2,874,010      227,674         -               -
share based
compensation
Adjusted profit    $ 41,006,714   $ 21,226,794   $  16,777,338    $ 8,506,988
after tax,
Number of shares
outstanding
including shares
for                35,893,597   35,676,434    36,006,466    35,676,434
non-controlling
interest - fully
diluted
Adjusted
earnings per      $ 1.14        $ 0.59        $  0.47         $ 0.24
share
                                                                    

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

                                                (Amounts in USD)
                                                 FY2014         FY2013
Current assets:                                                
Inventories                                      $ 254,952,549   $ 181,459,799
Trade receivables                                80,882,986      66,792,434
Derivative financial instruments                 2,352,886       1,260,512
Other financial assets                           9,213,064       9,821,263
Prepayments                                      8,361,244       8,386,856
Other current assets                             765,655         1,034,787
Cash and cash equivalents                       36,602,086     33,270,338
Total current assets                            $ 393,130,470  $ 302,025,989
                                                                 
Current liabilities:
Trade payables                                   $ 41,197,158    $ 4,516,657
Debt                                             182,103,347     156,785,820
Current tax liabilities (net)                    9,644,944       2,658,236
Other financial liabilities                      4,472,131       2,836,252
Other current liabilities                       1,980,369      2,557,551
Total current liabilities                       $ 239,397,949  $ 169,354,516
                                                                 
Working Capital as per IFRS (Total current       $ 153,732,521   $ 132,671,472
assets minus Total current liabilities)
Less: Cash and cash equivalents                  36,602,086      33,270,338
Add: Current debt                               182,103,347    156,785,820
Adjusted net working capital                    $ 299,233,782  $ 256,186,954
                                                                   

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

                                                (Amounts in USD)
                                                  FY2014        FY2013
                                                   
Current debt                                     $ 182,103,347  $ 156,785,820
Non-current debt                                   2,739,414       4,831,416
Total current and non-current debt as per IFRS   $ 184,842,761   $ 161,617,236
Less: Cash and cash equivalents                    36,602,086      33,270,338
Net debt                                        $ 148,240,675  $ 128,346,898

Contact:

Amira Nature Foods Ltd
Bruce Wacha, Chief Financial Officer
201-960-0745
bruce.wacha@theamiragroup.com
or
ICR
Katie Turner
646-277-1200
katie.turner@icrinc.com
 
Press spacebar to pause and continue. Press esc to stop.