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

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. We believe that the use of EBITDA as a non-IFRS measure facilitates investors’ assessment of our operating performance from period to period and from company to company by backing out potential differences caused by variations in items such as capital structures (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 (affecting one-time transition charges). We also present this non-IFRS measure because we believe this non-IFRS measure is frequently used by securities analysts, investors and other interested parties as measures of the financial performance of companies in our industry.

We present Adjusted Profit after tax and adjusted earnings per share 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 and basic and diluted earnings per share respectively, provide a more complete understanding of our business than could be obtained absent this disclosure. We also believe that these non-IFRS financial measures are useful to investors in assessing the operating performance of our business after reflecting the adjustments described above.

The following is a reconciliation of profit after tax to EBITDA:

(Amounts in USD)

                                   
Nine months       Nine months       Three months       Three months
ended ended ended ended
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
 
Add: Income tax expense 4,924,886 1,730,372 2,557,897 1,227,771
Add: Finance costs 15,663,388 15,807,618 5,004,409 4,995,820
Add: IPO-related expenses 1,750,082 - 1,750,082 -
Add: Depreciation and amortization 1,433,845 1,578,060 496,523 491,751
                                       
EBITDA             $ 34,514,251       $ 23,821,202       $ 13,974,615       $ 8,862,082
 

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

      Nine months       Nine months       Three months       Three months
ended ended ended ended
Dec 31, 2012       Dec 31, 2011       Dec 31, 2012       Dec 31, 2011
Profit after tax (PAT) $ 10,742,050 $ 4,705,152 $ 4,165,704 $ 2,146,740
Add: IPO related expenses       $ 1,750,082         -       $ 1,750,082         -
Adjusted profit after tax       $ 12,492,132       $ 4,705,152       $ 5,915,786       $ 2,146,740
 

The following is a reconciliation of earnings per share as per IFRS and Adjusted earnings per share:

                               
Nine months ended       Nine months ended       Three months ended       Three months ended
31-Dec-12       31-Dec-11       31-Dec-12       31-Dec-11
Profit after tax (PAT) $ 10,742,050 $ 4,705,152 $ 4,165,704 $ 2,146,740
 
Profit attributable to Shareholders of the company $ 8,256,686 $ 3,782,942 $ 2,969,304 $ 1,725,979
Weighted average number of shares(from IPO date to 31 Dec 2012)         22,212,798         19,660,000         27,290,647         19,660,000
Basic and diluted Earnings per share as per IFRS      

$

0.37

     

$

0.19

     

$

0.11

     

$

0.09

Profit after tax (PAT)

$ 10,742,050 $ 4,705,152 $ 4,165,704 $ 2,146,740
Add: IPO-related expenses $ 1,750,082 - $ 1,750,082 -
Adjusted profit after tax, $ 12,492,132 $ 4,705,152 $ 5,915,786 $ 2,146,740
Number of shares outstanding including shares for non-controlling

interest - fully diluted (from IPO date

to 31 Dec 2012)

       

 

 

35,676,434

       

 

 

35,676,434

       

 

 

35,676,434

       

 

 

35,676,434

Adjusted earnings per share       $ 0.35       $ 0.13       $ 0.17       $ 0.06




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