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

Stocks in this article: ANFI

Fiscal 2013 Outlook

The Company expects full year fiscal 2013 revenue in the range of $405 million to $410 million, an increase of approximately 23% to 25% compared to fiscal 2012, and EBITDA in the range of $50 million to $52 million, an increase of approximately 25% to 30% compared to fiscal 2012.

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 408090). 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 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) Basic and diluted 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, is 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 us, by our weighted average outstanding ordinary shares, during the applicable period.

 
Amira Nature Foods Ltd
 
Unaudited Interim Consolidated Statements of Financial Position

(Amounts in USD)

           
As at As at
December 31, 2012 March 31, 2012
ASSETS
Non-current
Intangible assets $ 482,913 $ 360,578
Property, plant and equipment 23,677,926 25,520,950
Other long-term assets 1,076,657 580,168
Non-current assets $ 25,237,496 $ 26,461,696
 
Current
Inventories $ 197,489,321 $ 141,620,690
Trade receivables 72,829,490 37,175,413
Derivative financial instruments - 2,239,129
Prepayments 6,231,241 6,965,302
Other current assets 7,374,757 9,222,451
Cash and cash equivalents 32,657,832 8,368,256
Current assets $ 316,582,641 $ 205,591,241
Total assets $ 341,820,137 $ 232,052,937
 
EQUITY AND LIABILITIES
Equity
Share capital $ 9,111 $ 100
Securities premium 82,753,269
Reserve for available for sale financial assets (27,543 ) (25,496 )
Currency translation reserve (6,211,148 ) (1,945,447 )
Cash flow hedge reserve (1,085,734 )
Actuarial gain/loss reserve 9,954 9,954
Restructuring reserve 9,398,927 9,398,927
Retained earnings 37,549,061 29,292,375
Equity attributable to Shareholders of the Company $ 122,395,897 $ 36,730,413
Equity attributable to Non-Controlling Interest 10,134,442 8,954,156
Total Equity 132,530,339 45,684,569
Liabilities
Non-current liabilities
Employee benefit obligations $ 222,012 $ 178,497
Debt 5,335,403 7,344,938
Deferred tax liabilities 5,725,554 4,821,503
Total non-current liabilities $ 11,282,969 $ 12,344,938
 
Current liabilities
Trade payables $ 45,668,659 $ 21,302,059
Debt 143,674,026 134,410,915
Current tax liabilities 2,448,922 1,942,637
Derivative financial instruments 39,502 -
Other current liabilities 6,175,720 16,367,819
Current liabilities $ 198,006,829 $ 174,023,430
Total liabilities $ 209,289,798 $ 186,368,368
Total equity and liabilities $ 341,820,137 $ 232,052,937
 
 
Amira Nature Foods Ltd
 
Unaudited Interim Consolidated Statements of Income
 

(Amounts in USD)

             
Nine months ended Three months ended
Dec 31, 2012         Dec 31, 2011 Dec 31, 2012         Dec 31, 2011
Revenue $ 273,436,195 $ 201,719,881 $ 113,900,598 $ 72,923,389
Other income 96,974 505,837 4,872 98,958
Cost of material (239,876,630

)

 

(154,227,616

)

 

(111,730,620

)

 

(48,995,785

)

 

Change in inventory of finished goods 29,147,049 (6,388,676 )

 

28,067,020 (6,690,887

)

 

Employee expenses (3,516,944

)

 

(1,933,357

)

 

(1,677,493

)

 

(723,820

)

 

Depreciation and amortization (1,433,845

)

 

(1,578,060

)

 

(496,523

)

 

(491,751

)

 

Freight, forwarding and handling expenses (15,620,592

)

 

(7,393,082

)

 

(9,936,443

)

 

(3,518,848

)

 

Other expenses (9,051,423

)

 

(6,389,662

)

 

(4,011,836

)

 

(2,396,009

)

 

$ 33,180,784 $ 24,315,265 $ 14,119,575 $ 10,205,247
Finance costs (15,663,388

)

 

(15,807,618

)

 

(5,004,409

)

 

(4,995,820

)

 

IPO expenses (1,750,082 ) - (1,750,082 ) -
Finance income 487,594 210,639 308,443 125,321
Other financial items (587,972 ) (2,282,762

)

 

(949,926

)

 

(1,960,237

)

 

Profit before tax $ 15,666,936 $ 6,435,524 $ 6,723,601 $ 3,374,511
Income tax expense (4,924,886

)

 

(1,730,372

)

 

(2,557,897

)

 

(1,227,771 )
 
Profit after tax $ 10,742,050 $ 4,705,152 $ 4,165,704 $ 2,146,740
Profit after tax attributable to:
Non-controlling interest 2,485,364 922,210 1,196,400 420,761
Shareholders of the Company 8,256,686 3,782,942 2,969,304 1,725,979
 
Earnings Per Share
 
Basic and diluted earnings per share $ 0.37 $ 0.19 $ 0.11 $ 0.09
 
 
Amira Nature Foods Ltd
 
Unaudited Interim Consolidated Statements of Comprehensive Income/(Loss)
 

(Amounts in USD)

             
Nine months ended Three months ended
Dec 31, 2012       Dec 31, 2011 Dec 31, 2012         Dec 31, 2011
Profit after tax $ 10,742,050 $ 4,705,152 $ 4,165,704 $ 2,146,740
Other comprehensive income
Available for sale financial assets
-Current period gain/(loss) (3,769

)

 

(114,747

)

 

8,017 (7,107 )
-Reclassification to income statement
-Income tax 1,223 37,230 (2,601 ) 2,306
Cash flow hedge reserve
-Current period loss (636,729

)

 

1,813,965
-Reclassification to income statement (1,362,258 ) (3,094,267 )
-Income tax 648,571 415,394
Exchange differences on translation of foreign operations $ (5,305,598

)

 

$ (7,153,349

)

 

$ (4,563,670 ) $ (3,272,175

)

 

 
Other comprehensive loss for the period, net of tax $ (6,658,560

)

 

$ (7,230,866

)

 

$ (5,423,162 ) $ (3,276,976

)

 

Total comprehensive income/(loss) for the period $ 4,083,490 $ (2,525,714

)

 

$ (1,257,458 ) $ (1,130,236

)

 

 
Total comprehensive income/(loss)for the period attributable to:
Non-controlling interest 1,180,286 (495,040 ) 133,460 (221,526 )
Shareholders of the Company 2,903,204 2 (2,030,674 ) (1,390,918 ) (908,710 )
 
 
Amira Nature Foods Ltd
 
Unaudited Interim Consolidated Statements of Changes in Equity
 
(Amounts in USD)
    Share Capital     Securities premium     Reserve for available for sale financial assets    

 

Currency translation reserve

    Cash flow hedge reserve     Actuarial gain/loss reserve     Restructuring reserve     Retained earnings    

 

Equity

attributable to Shareholders of the Company

   

Equity

attributable to Non - controlling interest

    Total Equity

Balance as at April 1, 2011

$ $ $ 12,481 $ 2,480,458 $ $ (12,177 ) $ 9,398,927 $ 19,689,208

$

31,568,897

$

7,695,900

$ 39,264,797
Profit after tax 3,782,942 3,782,942 922,210 4,705,152
Other comprehensive loss for the period (62,324 ) (5,751,292 )

(5,813,616

)

(1,417,250

)

(7,230,866 )
Total comprehensive income/(loss) for the period (62,324 ) (5,751,292 ) 3,782,942

 

(2,030,674

 

)

 

(495,040

 

)

(2,525, 714 )

Balance as at Dec 31, 2011

$ (49,843 ) $ (3,270,834 ) $ $ (12,177 ) $ 9,398,927 $ 23,472,150

$

29,538,223

$

7,200,860

$ 36,739,083
 

Balance as at April 1, 2012

$ 100 $ $ (25,496 ) $ (1,945,447 ) $ $ 9,954 $ 9,398,927 $ 29,292,375

$

36,730,413

8,954,156

$ 45,684,569

Issue of Shares (Net of Issuance Cost)

9,000 82,639,766

82,648,766

82,648,766
Share based payment 11 113,503 113,514 113,514
Transactions with owners 9011 82,753,269 82,762,280 82,762,280

Profit after tax

8,256,686

8,256,686

2,485,364

10,742,050
Other comprehensive loss for the period (2,047 ) (4,265,701 ) (1,085,734 )

(5,353,482

)

(1,305,078

)

(6,658,560 )
Total comprehensive income/(loss) for the period (2,047 ) (4,265,701 ) (1,085,734 ) 8,256,686

 

2,903,204

 

1,180,286

4,083,490

Balance as at Dec 31, 2012

$ 9,111 $ 82,753,269 $ (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
 
 
Amira Nature Foods Ltd
 
Unaudited Interim Consolidated Statements of Cash Flows
 

(Amounts in USD)

           
Nine months ended Nine months ended
Dec 31, 2012 Dec 31, 2011
(A) Cash flow from operating activities
Profit before tax $ 15,666,936 $ 6,435,524
Adjustments for non-cash items 153,022 3,643,618
Changes in operating assets and liabilities (80,699,456 ) (9,568,612

)

 

Adjustment for non-operating expenses 12,178,995 12,521,668
$ (52,700,503 ) $ 13,032,198
Income taxes paid (2,798,528 ) 101,699
Net cash (used in) / generated from operating activities $ (55,499,031 ) $ 13,133,897
 
(B) Cash flow from investing activities
Purchase of property, plant and equipment $ (879,098 ) $ (780,085

)

 

Purchase of intangible assets (176,304 ) (7,638

)

 

Interest income 564,510 348,772
Net cash used in investing activities $ (490,892 ) $ (438,951

)

 

 
(C) Cash flows from financing activities
Proceeds from Issue of Shares 82,648,766 -
Net proceeds/(repayment) from short term debt 16,389,036 (615,875 )
Repayment of long term debt (2,163,382 ) (1,928,642

)

 

Interest paid (12,743,505 ) (12,867,295

)

 

Net cash generated from/(used in) financing activities $ 84,130,915 $ (15,411,812

)

 

Effect of change in exchange rate on cash and cash equivalents (3,851,416 ) (1,825,770

)

 

Net increase/(decrease) in cash and cash equivalents $ 24,289,576 $ (4,542,636

)

 

Cash and cash equivalents at the beginning of the period 8,368,256 8,200,695
Cash and cash equivalents at the end of the period $ 32,657,832 $ 3,658,059
 

Non-IFRS Financial Measure

In evaluating our business, we consider and use the non-IFRS measures EBITDA, adjusted profit after tax and adjusted earnings per share, as supplemental measures to review and assess our operating performance. The presentation of these 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: (1) EBITDA as profit after tax plus finance costs, non-recurring IPO-related expenses, income tax expense and depreciation and amortization (2) Adjusted Profit after tax, as profit after tax less $1.8 million in non-recurring IPO-related expenses (3) 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.

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