We use EBITDA as a measure 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 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 structure (affecting relative finance or interest expenses), the book amortization of intangibles (affecting relative amortization expenses), the age and book value of property and equipment (affecting relative depreciation expenses). We also present this non-IFRS measure because we believe it is frequently used by securities analysts, investors and other interested parties as measure of the financial performance of companies in our industry.

We present 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:
 
     

(Amounts in USD)
Three months ended   Three months ended
June 30, 2013   June 30, 2012
Profit after tax $ 7,346,696 $ 3,271,854
Add: Income tax expense 2,256,537 1,201,915
Add: Finance costs (net of finance income) 4,378,545 5,229,333
Add:     Depreciation and amortization     488,883     460,898
EBITDA  

$

14,470,661
 

$

10,164,000

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

(Amounts in USD)
Three months ended   Three months ended
June 30, 2013   June 30, 2012
Profit after tax (PAT) $ 7,346,696 $ 3,271,854
Profit attributable to Shareholders of the company (A) $ 5,880,748 $ 2,630,570
Weighted average number of shares (B)     28,661,998     19,660,000
Basic and diluted Earnings per share as per IFRS (A/B)   $ 0.21   $ 0.13
Number of shares outstanding including shares for non-controlling interest - fully diluted     35,676,434     35,676,434
Adjusted earnings per share   $ 0.21   $ 0.09

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

(Amounts in USD)
As at   As at
June 30, 2013   March 31, 2013
Current assets:
Inventories $ 160,803,687 $ 181,459,799
Trade receivables 62,356,613 66,792,434
Derivative financial instruments - 1,260,512
Prepayments 12,873,666 8,386,856
Other current assets 11,371,702 10,856,050
Cash and cash equivalents   32,611,996     33,270,338
Total current assets

$

280,017,664
 

$

302,025,989
 
Current liabilities:
Trade payables $ 4,483,286 $ 4,516,657
Debt 136,351,744 156,785,820
Current tax liabilities (net) 2,546,577 2,658,236
Derivative financial instruments (liability) 7,382,468 -
Other current liabilities   6,407,438     5,393,803
Total current liabilities $ 157,171,513   $ 169,354,516
 
Working Capital as per IFRS (Total current assets minus Total current liabilities) $ 122,846,151 $ 132,671,473
Less: Cash and cash equivalents 32,611,996 33,270,338
Add: Current debt     136,351,744     156,785,820
Adjusted net working capital   $ 226,585,899   $ 256,186,955

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

(Amounts in USD)
As at   As at
June 30, 2013   March 31, 2013
Current debt $ 136,351,744 $ 156,785,820
Non-current debt   3,943,933     4,831,416
Total current and non-current debt as per IFRS

$

140,295,677

$

161,617,236
Less: Cash and cash equivalents     32,611,996     33,270,338
Net debt   $ 107,683,681   $ 128,346,898

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