Amira Nature Foods Ltd Announces First Quarter 2015 Financial Results

  Amira Nature Foods Ltd Announces First Quarter 2015 Financial Results

             First Quarter Revenue Grew 25.9 % to $138.8 Million

               Adjusted EBITDA Increased 30.9% to $19.1 Million

Business Wire

DUBAI, United Arab Emirates -- August 28, 2014

Amira Nature Foods Ltd (the “Company;” or “Amira” NYSE: ANFI), a leading
global provider of packaged Indian specialty rice, today reported financial
results for its fiscal 2015 first quarter which ended on June 30, 2014.

First Quarter Financial Highlights:

  *Revenue grew 25.9% to $138.8 million compared to $110.3 million in the
    year earlier period
  *Adjusted EBITDA increased 30.9% to $19.1 million compared to $14.6 million
  *Adjusted EBITDA margin increased to 13.7% percent of sales compared to
    13.2%
  *Adjusted profits after tax increased 24.7% to $9.3 million compared to
    $7.4 million
  *Basic earnings per share was $0.25 compared to $0.21
  *Adjusted earnings per share was $0.26 compared to $0.21

Karan A. Chanana, Amira’s Chairman and Chief Executive Officer, stated, “Our
strong first quarter performance reflects increased demand and a favorable
pricing environment for our products - with gains in our core Indian and
Middle East markets, as well as in developed markets, such as the US, the UK
and Continental Europe where we continue to make inroads in these priority
markets. We believe that fiscal 2015 will be a great year and we expect to
meet our growth forecasts as we expand markets and distribution points around
the world.”

Bruce Wacha, Amira’s Chief Financial Officer, added, “We are pleased with the
progress in the first quarter – we grew top line, adjusted EBITDA and profits
by approximately 25% or more, while also increasing margins and improving our
balance sheet. We added to inventory during the quarter providing support for
our future sales growth and simultaneously reduced our trade payables and
debt.”

First Quarter Fiscal 2015 Results

Revenue for the first quarter of fiscal 2015 increased 25.9% to $138.8
million, compared to $110.3 million for same period in fiscal 2014. The
revenue increase was primarily due to continuing increases in sales volume,
pricing and mix. Amira branded and third party branded sales increased by
29.3% to $136.8 million. Revenue from institutional sales fell marginally in
dollar terms to $2.0 million from $4.4 million a year ago. Sales in India
increased by 20.9% to $55.8 million (an increase of 30.3% in Indian rupees),
while non-India or international sales increased by 29.5% to $83.0 million.

Cost of materials including change in inventory of finished goods increased by
$20.7 million, or 23.7% to $108.2 million in the first quarter of fiscal 2015
from $87.5 million in the first quarter of 2014, primarily reflecting revenue
growth during that period. As a percentage of revenue, cost of materials
including change in inventory of finished goods decreased to 78.0% in the
three months ended June 30, 2014, versus 79.3% in the same period a year ago,
due to improved pricing, operating efficiencies and continued benefit from
economies of scale.

Adjusted EBITDA increased by approximately $4.5 million or 30.9% to $19.1
million, with adjusted EBITDA margins increasing by approximately 50 basis
points to 13.7%. Adjusted EBITDA benefited from improvements in cost of
materials including change in inventory of finished goods and freight,
forwarding and handling, which improved by approximately 140 basis points and
240 basis points as a percentage of sales, respectively. These gains were
offset in part by slight increases in employee benefit costs and other
expenses.

Adjusted profit after tax increased by $1.8 million or 24.7% to $9.3 million
for the three months ended June 30, 2014. Adjusted EPS increased by 23.8% to
$0.26 per share from $0.21 per share in the year-ago quarter.

A reconciliation of Adjusted EBITDA, Adjust profit after tax and Adjusted EPS
is provided in the “Non-IFRS Financial Measures” section of this release.

Balance Sheet and Cash Flow Highlights

At June 30, 2014, the Company’s cash and cash equivalents was $32.8 million
and adjusted net working capital was $311.1 million. Net debt (after deducting
cash and cash equivalents) as of June 30, 2014 was $150.2 million. As of June
30, 2014, inventories increased $10.7 million to $265.7 million from $255.0 at
March 31, 2014, trade receivables were $71.4 million, a decrease of $9.5
million from $80.9 million, trade payables were $23.7 million, a decrease of
$17.5 million from $41.2 million and total debt was $182.9 million a decrease
of $1.9 million from $184.8 million. 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

The Company reiterates its previously-issued guidance and expects full-year
fiscal 2015 Revenue and Adjusted EBITDA growth in excess of 20%. This is in
line with long-term guidance previously provided to the investment community.
The Company’s guidance is based on foreign exchange rates as of June 30, 2014
and does not take into account the potential impact of foreign currency
fluctuations for the remainder of the fiscal year.

Conference Call

The Company will hold an investor call today at 5:00 p.m. Eastern time. The
dial-in number for this conference call is 1-877-407-3982 for North American
listeners and 1-201-493-6780 for international listeners. Live audio of the
conference call will be simultaneously webcast on the investor relations
section of the Company's website at www.amira.net.

An audio replay will be available following the completion of the conference
call by dialing 1-877-870-5176 for North American listeners or 1-858-384-5517
for international listeners (conference ID 13589712). The webcast of the
teleconference will be archived and available on the Company’s website.

About Amira Nature Foods Ltd.

Founded in 1915, Amira has evolved into a leading global provider of branded
packaged Indian specialty rice, with sales in over 60 countries today. The
Company 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. The
Company’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. Amira Nature Foods Ltd is listed on the New York Stock
Exchange (NYSE) under the ticker symbol “ANFI.” 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



Condensed Consolidated Statements of Financial Position

                                                           (Amounts in USD)
                                              As at           As at

                                              June 30, 2014  March 31, 2014

                                              (Unaudited)     (Audited)
ASSETS                                                      
Non-current
Property, plant and equipment                 $ 22,932,608    $   23,284,918
Goodwill                                        1,715,677         1,727,338
Other intangible assets                         2,162,311         2,262,731
Other long-term financial assets               474,135         485,731
Total non-current assets                      $ 27,284,731   $   27,760,718
                                                                  
Current
Inventories                                   $ 265,659,869   $   254,952,549
Trade receivables                               71,430,171        80,882,986
Derivative financial assets                     1,703,560         2,352,886
Other financial assets                          8,521,456         9,768,514
Prepayments                                     11,401,333        8,361,244
Other current assets                            926,012           765,655
Cash and cash equivalents                      32,772,640      37,606,098
Total current assets                          $ 392,415,041  $   394,689,932
Total assets                                  $ 419,699,772  $   422,450,650
                                                                  
EQUITY AND LIABILITIES
Equity
Share capital                                 $ 9,119         $   9,115
Share premium                                   82,859,746        82,804,750
Other reserves                                  (2,975,498)       (3,312,575)
Retained earnings                               81,639,073        74,334,687
Equity attributable to shareholders of the    $ 161,532,440   $   153,835,977
Company
Equity attributable to non-controlling         19,991,851      18,005,030
interest
Total equity                                  $ 181,524,291  $   171,841,007
                                                                  
Liabilities
Non-current liabilities
Defined benefit obligations                   $ 285,321       $   246,548
Debt                                            2,278,595         2,739,414
Deferred tax liabilities                       6,452,263       6,666,270
Total non-current liabilities                 $ 9,016,179    $   9,652,232
                                                                  
Current liabilities
Trade payables                                $ 23,699,654    $   41,197,158
Debt                                            180,648,431       182,103,347
Current tax liabilities (net)                   12,677,147        9,644,944
Other financial liabilities                     10,617,040        6,031,593
Other current liabilities                      1,517,030       1,980,369
Total current liabilities                     $ 229,159,302  $   240,957,411
Total liabilities                             $ 238,175,481  $   250,609,643
Total equity and liabilities                  $ 419,699,772  $   422,450,650
                                                                  

Amira Nature FoodsLtd



Condensed Consolidated Statements of Profit or Loss
                                                           
                                                            (Amounts in USD)
                                            Three months ended
                                            June 30, 2014     June 30, 2013
                                                            
                                            (Unaudited)       (Unaudited)
Revenue                                     $ 138,812,972     $  110,285,088
Other income                                  50,459             37,876
Cost of material                              (144,236,899)      (89,871,922)
Change in inventory of finished goods         35,988,839         2,368,511
Employee benefit expenses                     (2,558,508)        (2,144,918)
Depreciation and amortization                 (620,052)          (488,883)
Freight, forwarding and handling expenses     (4,875,737)        (6,541,015)
Other expenses                               (5,443,596)      (3,421,597)
                                            $ 17,117,478      $  10,223,140
Finance costs                                 (7,031,586)        (5,163,522)
Finance income                                636,046            784,977
Other gains and (losses)                     1,262,567        3,758,638
Profit before tax for the period            $ 11,984,505      $  9,603,233
Income tax expense                           (2,775,690)      (2,256,537)
                                                                 
Profit after tax for the period             $ 9,208,815       $  7,346,696
Profit after tax attributable to:
Shareholders of the Company                   7,304,386          5,880,748
Non-controlling interest                      1,904,429          1,465,948
                                                                 
Earnings per share^(1)
Basic earnings per share                    $ 0.25            $  0.21
Diluted earnings per share                  $ 0.25           $  0.21

^(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 19.6% of Amira India that is not owned by us, by the number of our
weighted average outstanding ordinary shares, during the applicable period.
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
19.6% of Amira India that is not owned by us, by the number of our weighted
average outstanding ordinary shares adjusted by the dilutive impact of
equivalent stock options granted. For the quarter ended June 30, 2014, the
dilutive impact of total share options of 721,535 granted to Mr. Karan A.
Chanana through June 30, 2014, is insignificant and hence there is no
difference in the presented basic and diluted earnings per share in the table
above. For the quarter ended June 30, 2013, the effect of 360,257 share
options granted to Mr. Karan A. Chanana through June 30, 2013 was
anti-dilutive and has not been considered in the computation of the diluted
earnings per share.

Amira Nature FoodsLtd



Condensed Consolidated Statements of Comprehensive Income

                                                           (Amounts in USD)
                                              Three months ended
                                              June 30, 2014   June 30, 2013
                                                            
                                              (Unaudited)     (Unaudited)
Profit after tax for the period               $ 9,208,815    $  7,346,696
Other comprehensive income
Items that may be reclassified subsequently
to profit or loss:
Available for sale financial assets:
Current period gain/(loss)                      34,962           28,596
Reclassification to profit or loss              -                -
Income tax                                      (7,043)        (9,720)
                                              $ 27,919       $  18,876
Cash flow hedging reserve:
Current period gain/(loss)                      1,941,271        (7,983,593)
Reclassification to profit or loss              (1,295,356)      (513,772)
Income tax                                      (219,547)      2,888,254
                                              $ 426,368      $  (5,609,111)
                                                              
Currency translation reserve                    (34,818)       (11,324,434)
                                                                 
Other comprehensive income/(loss) for the     $ 419,469      $  (16,914,669)
period, net of tax
Total comprehensive income/(loss) for the     $ 9,628,284    $  (9,567,973)
period
                                                                 
Total comprehensive income/(loss) for the
period attributable to:
Shareholders of the Company                   $ 7,641,463     $  (7,718,646)
Non-controlling interest                     $ 1,986,821    $  (1,849,327)
                                                                 

Amira Nature FoodsLtd



Condensed Consolidated Statements of Changes in Equity
                                                                                                                                                                      
                                                                                                                                                              (Amounts in USD)
                                    Other reserves                                                                                                          
                                                              Reserve                                                                         Equity           Equity
                                             Share-           for           Currency                                                          attributable     attributable
                  Share       Share          based            available     translation      Cash flow       Restructuring     Retained       to               to
               capital   premium      compensation   for         reserve        hedging       reserve         earnings     shareholders   non -          Total equity
                                             reserve          sale                           Reserve                                          of the           controlling
                                                              financial                                                                      Company          interest
                                                              assets
Balance as at
April 1, 2013   $ 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
(Audited)
Share based       -           -              85,811           -             -                -               -                 -            $ 85,811           -              $ 85,811
compensation
Profit after
tax for the       -           -              -                -             -                -               -                 5,880,748    $ 5,880,748        1,465,948      $ 7,346,696
period
Other
comprehensive
income            -           -              -                15,177        (9,104,846)      (4,509,725)     -                 -            $ (13,599,394)     (3,315,275)    $ (16,914,669)
/(loss) for
the period
Total
comprehensive
income/(loss)  $ -        $ -           $ -             $ 15,177     $ (9,104,846)   $ (4,509,725)  $ -              $ 5,880,748   $ (7,718,646)   $ (1,849,327)   $ (9,567,973)
for the
period
Balance as at
June 30, 2013  $ 9,111    $ 82,683,926  $ 269,325       $ (6,384)    $ (14,687,829)  $ (4,251,078)  $ 9,398,927      $ 50,255,772  $ 123,671,770   $ 10,478,803    $ 134,150,573
(Unaudited)
                                                                                                                                               
Balance as at
April 1, 2014   $ 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
(Audited)
Share based       4           54,996         -                -             -                -               -                 -            $ 55,000           -              $ 55,000
compensation
Profit after
tax for the       -           -              -                -             -                -               -                 7,304,386    $ 7,304,386        1,904,429      $ 9,208,815
period
Other
comprehensive
income            -           -            - -                22,435        (27,979)         342,621         -                              $ 337,077          82,392         $ 419,469
/(loss) for
the period
Total
comprehensive
income/(loss)  $ -        $ -           $ -             $ 22,435     $ (27,979)      $ 342,621      $ -              $ 7,304,386   $ 7,641,463     $ 1,986,821     $ 9,628,284
for the
period
Balance as at
June 30, 2014  $ 9,119    $ 82,859,746  $ 2,863,362     $ (7,692)    $ (16,046,380)  $ 816,285      $ 9,398,927      $ 81,639,073  $ 161,532,440   $ 19,991,851    $ 181,524,291
(Unaudited)
                                                                                                                                                                                

Amira Nature FoodsLtd



Condensed Consolidated Statements of Cash Flows
                                                           
                                                            (Amounts in USD)
                                             Three months ended
                                             June 30, 2014    June 30, 2013
                                                            
                                             (Unaudited)      (Unaudited)
(A) CASH FLOW FROM OPERATING ACTIVITIES
Profit before tax for the period             $ 11,984,506     $  9,603,233
Adjustments for non-cash items                 1,769,789         (2,052,334)
Adjustments for non-operating incomes and      6,394,564         4,374,563
expenses
Changes in operating assets and               (19,176,646)    6,585,809
liabilities
                                             $ 972,213        $  18,511,271
Income taxes paid                             (180,493)       (225,043)
Net cash generated from operating            $ 791,720       $  18,286,228
activities
                                                                 
(B) CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment    $ (590,823)      $  (315,703)
Purchase of intangible assets                  -                 (67,286)
Proceeds from sale of property, plant and      1,307             5,332
equipment
(Investments in)/ proceeds from term           2,286,850         (749,369)
deposits
Proceeds from short term investments           (16,700)          (81,000)
Interest income                               312,975         171,491
Net cash generated from/ (used in)           $ 1,993,609     $  (1,036,535)
investing activities
                                                                 
(C) CASH FLOWS FROM FINANCING ACTIVITIES
Net repayment of short term debt               (1,453,709)       (7,765,937)
Repayment of long term debt                    (460,819)         (500,743)
Interest paid                                 (5,756,705)     (4,861,822)
Net cash used in financing activities        $ (7,671,233)   $  (13,128,502)
                                                                 
(D) Effect of change in exchange rate on      52,446          (4,779,533)
cash and cash equivalents
Net decrease in cash and cash equivalents    $ (4,833,458)   $  (658,342)
(A+B+C+D)
Cash and cash equivalents at the beginning     37,606,098        33,270,338
of the period
Cash and cash equivalents at the end of      $ 32,772,640    $  32,611,996
the period

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), income tax expense and depreciation and amortization; (2)
adjusted EBITDA, as EBITDA plus non-cash expense for share-based-compensation
for three months ended June 30, 2014 and 2013, respectively (3) adjusted
profit after tax, as profit after tax plus non-cash expense for share-based
compensation for three months ended June 30, 2014 and 2013, respectively; (4)
adjusted earnings per share as the quotient of: (a) adjusted profit after tax
and (b) the sum of our weighted average number of shares (including dilutive
impact of share options granted) for the applicable period and the ordinary
shares subject to the exchange agreement between us and the non-controlling
shareholders of Amira India; (5) adjusted net working capital as total current
assets minus: (a) total current liabilities (b) cash and cash equivalents and
plus current debt; 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 both
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.

In the following tables we have provided reconciliation of non-IFRS measures
to the most directly comparable IFRS measure:

1. Reconciliation of profit after tax to EBITDA and adjusted EBITDA:

                                               
                                                Three months ended
                                               June 30, 2014  June 30, 2013
                                                               
Profit after tax (PAT)                           $  9,208,815    $  7,346,696
Add: Income tax expense                             2,775,690       2,256,537
Add: Finance costs (net of finance income)          6,395,540       4,378,545
Add: Depreciation and amortization                620,052       488,883
EBITDA                                          $  19,000,097  $  14,470,661
Add: Non-cash expenses for share-based            59,722        85,811
compensation
Adjusted EBITDA                                 $  19,059,819  $  14,556,472
                                                                    

2. Reconciliation of profit after tax to adjusted profit after tax:

                                               
                                                Three months ended
                                               June 30, 2014  June 30, 2013
                                                               
Profit after tax (PAT)                          $  9,208,815   $  7,346,696
Add: Non-cash expenses for share-based            59,722        85,811
compensation
Adjusted profit after tax                       $  9,268,537   $  7,432,507
                                                                    

3. Reconciliation of earnings per share and adjusted earnings per share:

                                             
                                               Three months ended
                                             June 30, 2014  June 30, 2013
                                                               
Profit after tax (PAT)                           $  9,208,815    $  7,346,696
Profit attributable to               (A)         $  7,304,386    $  5,880,748
Shareholders of the Company
Weighted average number of shares    (B)            28,676,204      28,661,998
(for basic earnings per share)
Dilutive impact of stock options
as converted in equivalent number   (C)          241,188       -
of shares
Weighted average number of shares   (D) = (B)    28,917,392    28,661,998
(for diluted earnings per share)     + (C)
Shares issuable under exchange      (E)          7,005,434     7,005,434
agreement
Basic earnings per share as per     (A) ÷ (B)  $  0.25        $  0.21
IFRS
Diluted earnings per share as per   (A) ÷ (D)  $  0.25        $  0.21
IFRS
                                                            
Profit after tax (PAT)              (F)        $  9,208,815   $  7,346,696
Add: Non-cash expenses for          (G)        $  59,722      $  85,811
share-based compensation
Adjusted profit after tax           (H) = (F)  $  9,268,537   $  7,432,507
                                     + (G)
                                                                    
Weighted average number of shares
(including dilutive impact of
share options granted) and the
ordinary shares subject to the      (I) = (D)    35,922,826    35,667,432
exchange agreement between us and    + (E)
the non-controlling shareholders
of Amira Pure Foods Private
Limited
Adjusted earnings per share         (H) ÷ (I)  $  0.26        $  0.21
                                                                    

4. Reconciliation of working capital (total current assets minus total current
liabilities) and adjusted net working capital:

                                                      
                                  As at June 30, 2014  As at March 31, 2014
                                   (Amount in $)
Current assets:                                         
Inventories                         265,659,869           254,952,549
Trade receivables                   71,430,171            80,882,986
Derivative financial assets         1,703,560             2,352,886
Other financial assets              8,521,456             9,768,514
Prepayments                         11,401,333            8,361,244
Other current assets                926,012               765,655
Cash and cash equivalents          32,772,640           37,606,098
Total current assets               392,415,041          394,689,932
                                                          
Current liabilities:
Trade payables                      23,699,654            41,197,158
Debt                                180,648,431           182,103,347
Current tax liabilities (net)       12,677,147            9,644,944
Other financial liabilities         10,617,040            6,031,593
Other current liabilities          1,517,030            1,980,369
Total current liabilities          229,159,302          240,957,411
                                                      
Working Capital as per IFRS
(Total current assets minus Total  163,255,739          153,732,521
current liabilities)
Less: Cash and cash equivalents     32,772,640            37,606,098
Add: Current debt                  180,648,431          182,103,347
Adjusted net working capital       311,131,530          298,229,770
                                                          

5. Reconciliation of total current and non-current debt to net debt:

                                                      
                                  As at June 30, 2014  As at March 31, 2014
                                   (Amount in $)
Current debt                        180,648,431          182,103,347
Non-current debt                    2,278,595             2,739,414
Total current and non-current       182,927,026           184,842,761
debt as per IFRS
Less: Cash and cash equivalents    32,772,640           37,606,098
Net debt                           150,154,386          147,236,663

Contact:

Amira Nature Foods Ltd
Bruce Wacha, 201-960-0745
bruce.wacha@theamiragroup.com
Chief Financial Officer
or
FTI Consulting
Beth Saunders, 212-850-5717
elizabeth.saunders@fticonsulting.com
 
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