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Amira Nature Foods Ltd Announces Second Quarter Fiscal Year 2013 Financial Results

Stocks in this article: ANFI

Conference Call

The Company will hold an investor conference call today at 5:00 p.m. Eastern time. The dial-in number for this conference call for domestic callers is (877) 407-3982 and (201) 493-6780 for international callers. 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 403565). 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, the United States and Nigeria.



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 global rice market, 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 perform our agreements with customers; our ability to recognize revenue from our contracts; continued competitive pressures in the marketplace; our reliance on a few customers for a substantial part of our revenue; our ability to implement our plans, forecasts and other expectations with respect to our business and realize additional opportunities for growth; and the other risks and important factors contained and identified in our filings with the Securities and Exchange Commission. All forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, we undertake no obligation to update any forward-looking or other statements herein, whether as a result of new information, future events or otherwise.

(1) Pro forma basic earnings per share is calculated by dividing our profit after tax, which starting with our first financial statements for the period in which our initial public offering occurred, or the third quarter of fiscal 2013, will be reduced by the amount of a non-controlling interest reflecting the remaining approximately 19.6% of Amira India that will not be indirectly owned by ANFI, by our weighted average outstanding ordinary shares, during the applicable period. Pro forma diluted earnings per share is calculated by dividing our profit after tax by the weighted average of the sum of our outstanding ordinary shares and the ordinary shares subject to an exchange agreement between the company and certain shareholders of Amira India, during the applicable period.

   
Amira Pure Foods Private Limited (Predecessor to Amira Nature Foods Ltd)
Unaudited Condensed Interim Consolidated Financial Statements for the three months ended
September 30, 2012
Consolidated Statements of Financial Position

 

(Amounts in USD)

    As at September 30, 2012   As at March 31, 2012
ASSETS
Non-current
Intangible assets $ 443,857 $ 360,578
Property, plant and equipment 24,969,790 25,520,950
Other long-term assets   435,445     580,168  
Non-current assets $ 25,849,092   $ 26,461,696  
 
Current
Inventories $ 129,628,057 $ 141,620,690
Trade receivables 59,998,322 37,175,413
Derivative financial instruments 5,343,625 2,239,129
Prepayments 10,329,122 6,965,302
Other current assets 8,063,172 9,222,351
Cash and cash equivalents   4,284,767     8,368,256  
Current assets $ 217,647,065   $ 205,591,141  
Total assets $ 243,496,157   $ 232,052,837  
 
EQUITY AND LIABILITIES
Equity
Share capital $ 2,546,542 $ 2,546,542
Securities premium 8,757,683 8,757,683
Reserve for available for sale financial assets (39,673 ) (31,712 )
Currency translation reserve (3,161,639 ) (2,419,710 )
Cash flow hedge reserve (485,508 ) -
Actuarial gain reserve 12,380 12,380
Capital redemption reserve 385,983 385,983
Retained earnings   43,009,648     36,433,303  
Total equity $ 51,025,416   $ 45,684,469  
 
Liabilities
Non-current liabilities
Employee benefit obligations $ 315,885 $ 178,497
Debt 6,127,306 7,344,938
Deferred tax liabilities   4,998,616     4,821,503  
Total non-current liabilities $ 11,441,807 $ 12,344,938
 
Current liabilities
Trade payables $ 14,105,207 $ 21,302,059
Debt 156,916,436 134,410,915
Current tax liabilities (net) 3,566,514 1,942,637
Other current liabilities   6,440,777     16,367,819  
Current liabilities $ 181,028,934   $ 174,023,430  
Total liabilities $ 192,470,741   $ 186,368,368  
Total equity and liabilities $ 243,496,157   $ 232,052,837  
 
   
Amira Pure Foods Private Limited (Predecessor to Amira Nature Foods Ltd)
Unaudited Condensed Interim Consolidated Financial Statements for the three months ended
September 30, 2012
Consolidated Income Statements

 

(Amounts in USD)

For the period ended

   

 

 

Six months ended Sep 30, 2012

 

Six months ended Sep 30, 2011

 

Three months ended Sep 30, 2012

 

Three months ended Sep 30, 2011

Revenue $ 159,535,598   $ 128,796,492   $ 79,363,793 $ 61,667,142
Other income 92,102 406,879 40,703 177,881
Cost of material (128,146,010 ) (105,231,831 ) (91,367,217 ) (41,538,079 )
Change in inventory of finished goods 1,080,029 302,212 30,188,582 (7,970,343 )
Employee expenses (1,839,450 ) (1,209,536 ) (1,034,770 ) (575,113 )
Depreciation and amortization (937,322 ) (1,086,309 ) (476,424 ) (547,303 )
Freight, forwarding and handling expenses (5,684,149 ) (3,874,234 ) (2,959,869 ) (1,502,966 )
Other expenses   (5,039,588 )   (3,993,653 )   (2,127,274 )   (1,808,894 )
$ 19,061,210 $ 14,110,020 $ 11,627,524 $ 7,902,325
Finance costs (10,658,978 ) (10,811,798 ) (5,320,478 ) (5,418,706 )
Finance income 179,150 85,317 69,983 42,959
Other financial items   361,953     (322,525 )   (1,907,463 )   (1,862,213 )
Profit before tax $ 8,943,335 $ 3,061,014 $ 4,469,566 $ 664,365
Income tax expense   (2,366,989 )   (502,601 )   (1,165,074 )   179,860  

Profit after tax attributable to equity shareholders

$ 6,576,346   $ 2,558,413   $ 3,304,492   $ 844,225  
 
   

Amira Pure Foods Private Limited (Predecessor to Amira Nature Foods Ltd)

Unaudited Condensed Interim Consolidated Financial Statements for the three months ended

September 30, 2012

Consolidated Statements of Comprehensive Income/ (Loss)

 

(Amounts in USD)

For the period ended

   

 

Six months ended

Sep 30, 2012

  Six months ended

Sep 30, 2011

  Three months ended

Sep 30, 2012

  Three months ended

Sep 30, 2011

Profit after tax

$ 6,576,346   $ 2,558,413   $ 3,304,492 $ 844,225
Other comprehensive income
Available for sale financial assets
-Current period gain/(loss) (11,785) (107,640) 2,500 (83,741)
-Reclassification to income statement

-

- - -
-Income tax 3,824 34,924 (811) 34,924
Cash flow hedge reserve

-Current period loss

(2,450,694)

-

7,773,710

-

-Reclassification to Income Statement

1,732,009

-

1,732,009

-

-Income tax 233,177 - (3,084,130) -
Exchange differences on translation of foreign operations $ (741,929) $ (3,881,174) $ 2,151,500 $ (3,858,824)
Other comprehensive gain/ (loss) for the period, net of tax $ (1,235,398) $ (3,953,890) $ 8,574,778 $ (3,907,641)
Total comprehensive income/(loss) for the period attributable to equity shareholders $ 5,340,948 $ (1,395,477) $ 11,879,270 $ (3,063,416)
 
 
Amira Pure Foods Private Limited (Predecessor to Amira Nature Foods Limited)
Unaudited Condensed Interim Consolidated Financial Statements for the three months ended September 30, 2012
Consolidated Statements of Change in Equity

 

(Amounts in USD)

Equity attributable to shareholders of the Group

  Share capital   Securities premium  

Reserve for available forsale financial assets

  Currencytranslation reserve   Cash flow hedging reserve   Actuarial gain/loss reserve   Capital redemption reserve   Retained earnings   Total attributable to shareholders
  No. of shares   Amount
Balance as at April 1, 2011 12,979,975 $ 2,546,542 $ 8,757,683 $ 15,523 $ 3,085,147 $ -

$

(15,146

) $ 385,983 $ 24,489,065 $ 39,264,797

Profit after tax

- - - - - - - - 2,558,413 2,558,413
Other comprehensive loss for the period -   -   -   (72,716 )   (3,881,174 )   -     -     -   -   (3,953,890 )
Total comprehensive income/(loss) for the period -   -   -   (72,716 )   (3,881,174 )   -     -     -   2,558,413   (1,395,477 )
Balance as at Sep 30, 2011 12,979,975 $ 2,546,542 $ 8,757,683

$

(57,193

)

$

(796,027

) $ -  

$

(15,146

) $ 385,983 $ 27,047,478 $ 37,869,320  
 
 
Balance as at April 1, 2012 12,979,975 $ 2,546,542 $ 8,757,683

$

(31,712

)

$

(2,419,710

) $ - $ 12,380 $ 385,983 $ 36,433,303 $ 45,684,469

Profit after tax

- - - - - - - -

6,576,346

6,576,346
Other comprehensive loss for the period -   -   -  

(7,961

)

  (741,929 )   (485,508 )   -     -   -   (1,235,398 )
Total comprehensive income/(loss) for the period -   -   -  

(7,961

)

 

(741,929

)

 

(485,508

)

  -     -  

6,576,346

  5,340,948  
Balance as at Sep 30, 2012 12,979,975 $ 2,546,542 $ 8,757,683

$

(39,673

)

$

(3,161,639

)

$

(485,508

) $ 12,380   $ 385,983 $ 43,009,649 $ 51,025,417  
 
   
Amira Pure Foods Private Limited (Predecessor to Amira Nature Foods Limited)
Unaudited Condensed Interim Consolidated Financial Statements for the three months ended
September 30, 2012
Consolidated Statements of Cash Flow

 

(Amounts in USD)

  Six months ended Sep 30, 2012   Six months ended Sep 30, 2011
(A) Cash flow from operating activities
Profit before tax $ 8,943,335 $ 3,061,014
Adjustments for non-cash items 141,483 3,393,414
Changes in operating assets and liabilities (34,027,228 ) (7,429,131 )
Adjustment for non-operating expenses   8,516,398     8,789,532  
$ (16,426,012 ) $ 7,814,829
Income taxes paid   (327,489 )   (423,439 )
Net cash generated from/(used in) operating activities $ (16,753,501 ) $ 7,391,390  
 
(B) Cash flow from investing activities
Purchase of property, plant and equipment $ (638,403 ) $ (605,873 )
Purchase of intangible assets (106,149 ) (1,083 )
Proceeds from the sale of property, plant and equipment (350 ) (2,731 )
Interest income   179,150     85,317  
Net cash used in investing activities $ (565,752 ) $ (524,370 )
 

(C) Cash flows from financing activities

Proceeds from short term debt (net) 23,202,954 972,335
Net Repayment of long term debt (963,036 ) (1,549,149 )
Interest paid   (8,695,198 )   (8,872,118 )
Net cash generated from/(used in) financing activities $ 13,544,720   $ (9,448,932 )

Net decrease in cash and cash equivalents (A+B+C)

$ (3,774,533 ) $ (2,581,912 )
Cash and cash equivalents at the beginning of the period 8,368,256 8,200,695
Effect of change in exchange rate on cash and cash equivalents (308,955 ) (1,303,063 )
 
Cash and cash equivalents at the end of the period $ 4,284,768   $ 4,315,720  
 
 

Non-IFRS Financial Measure

In evaluating our business, we consider and use EBITDA, a non-IFRS measure as a supplemental measure to review and assess our operating performance. The presentation of this non-IFRS financial measure 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 EBITDA as profit after tax plus finance costs, income tax expense and depreciation and amortization. We use EBITDA as a measure of operating performance to assist in comparing performance from period to period on a consistent basis, as measures for planning and forecasting overall expectations and for evaluating actual results against such expectations and as performance evaluation metrics, including as part of assessing and administering our executive and employee incentive compensation programs.

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