Six Month Revenue Increased by 3% to $340.9
Million
Reports Fiscal Year 2017 Revenue of $551.8
Million
Amira Nature Foods Ltd (the “Company;” “Amira”, “us”, “we” or
“our”) ( NYSE: ANFI), a leading global provider of branded,
packaged Indian specialty rice, today reported financial results
for the six months and fiscal year ended March 31, 2017.
Six Months Ended March 31, 2017 Financial Highlights:
- Revenue of $340.9 million
- Adjusted EBITDA of $43.1 million
- Adjusted EBITDA margin of 12.6%
- Profits after tax and adjusted profits
after tax of $21.5 million and $22.9 million, respectively
- Earnings per share and adjusted
earnings per share (“EPS”) of $0.57 and $0.61, respectively
FY 2017 Financial Highlights:
- Revenue of $551.8 million
- Adjusted EBITDA of $70.5 million
- Adjusted EBITDA margin of 12.8%
- Profits after tax and adjusted profits
after tax of $31.5 million and $35.1 million, respectively
- Earnings per share and adjusted
earnings per share (“EPS”) of $0.84 and $0.95, respectively
- Net debt to Adjusted EBITDA of
2.9x
Bruce Wacha, Amira’s Chief Financial Officer, stated, “We are
pleased to report a return to growth during the second half of
fiscal 2017. Our growth accelerated as we progressed through the
year and we have passed an inflection point in the business where
our rate of growth increased from down in the first half of the
fiscal year to up 3% year-over-year through the six months ended
March 31, 2017. This improvement in our business trend was driven
by increased volumes in our core rice businesses which helped
generate a 5% increase in revenues for the final three months of
the fiscal year, with higher volumes offsetting lower Basmati rice
pricing compared to the prior fiscal year. Our EBITDA margins were
generally in-line with the average historical margins for the
business, and down slightly year-over-year as a result of higher
input costs and the timing of Basmati rice price increases during
the fiscal year. We expect both our revenue and margins to benefit
from our fiscal 2017 pricing actions going forward. We are
optimistic about our business momentum as we start fiscal 2018 and
believe we are well positioned to capitalize on the many
opportunities in India and around the world to further grow the
Amira brand and create value for our shareholders.”
Six Months Ended March 31, 2017 Results
Revenue for the six months ended March 31, 2017 was $340.9
million compared to $331.7 million in the prior year period.
Adjusted EBITDA was $43.1 million for the final six months of 2017
compared to $44.2 million in the prior year period. Adjusted profit
after tax was $22.9 million compared to $28.4 million in the prior
year period. Adjusted EPS was $0.61 for the final six months of
2017, compared $0.79 per share in the prior year period. A
reconciliation of adjusted EBITDA, adjusted profit after tax and
adjusted EPS is provided in the “Non-IFRS Financial Measures”
section of this release.
Full Year Fiscal 2017 Results
Revenue for the full year of fiscal 2017 was $551.8 million
compared to $563.4 million in fiscal 2016. The Company had
increased volumes in its core rice business, which offset lower
year-over-year pricing for Basmati rice. Amira branded sales were
$245.6 million, compared to $247.2 million in 2016. Third party
branded sales were $260.2 million in fiscal 2017 compared to $260.6
million in fiscal 2016. Sales to the Company’s institutional
customers were $46.0 million during fiscal 2017 compared to $55.6
million in fiscal 2016. Sales in India were $275.2 million, an
increase of 11.9%, or an increase of 14.8% in INR compared to the
prior year. International sales were $276.6 million compared to
$317.5 million in fiscal 2016. The decline in international sales
was due to lower sales of the Company’s institutional products
coupled with lower pricing for Basmati rice.
Adjusted EBITDA for fiscal 2017 was $70.5 million compared to
$74.7 million the prior year. Adjusted EBITDA margin was 12.8% for
fiscal 2017 compared to 13.3% the prior year. Adjusted profit after
tax for fiscal 2017 was $35.1 million compared to $41.9 million in
fiscal 2016. Adjusted EPS was $0.95 and the Company had an
effective tax rate of 12.7%. A reconciliation of adjusted EBITDA,
adjusted profit after tax and adjusted EPS is provided in the
“Non-IFRS Financial Measures” section of this release.
Balance Sheet and Cash Flow Highlights
As of March 31, 2017, the Company’s cash and cash equivalents
were $16.8 million. Adjusted net working capital was $494.0
million. Net debt (after deducting cash and cash equivalents) was
$207.6 million and Net debt to Adjusted EBITDA was 2.9x. As of
March 31, 2017, inventories were $273.1 million compared to $239.0
million as of March 31, 2016; trade receivables were $209.7
million(a), an increase of $20.0 million from $189.7 million; and
trade payables were $13.0 million, a reduction of $1.5 million from
$14.5 million.
Total debt was $224.4 million, an increase of $15.0 million from
$209.4 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.
Outlook
The Company expects to demonstrate continued growth during
fiscal 2018, as it continues to see many opportunities in India and
around the world to further grow its business and create value for
its shareholders.
About Amira Nature Foods Ltd
Founded in 1915, Amira has evolved into a leading global
manufacturer, marketer and distributor of branded, packaged
specialty rice and other related food products, with sales across
five continents around the world. The Company generates the
majority of its revenue through the sale of Basmati rice, a premium
long-grain variety of rice grown only in the geographically
indicated region of the Indian sub-continent, as well as other
specialty rice. It sells its products under its flagship Amira
brand, as well as other Company owned brands and third party
brands. The Company expanded its product offerings in recent years
to include other value-add categories such as edible oils and
organics. The Company also sells other products such as wheat,
barley, legumes and other produce to large institutional customers.
The Company’s fourth generation leadership has built on a rich,
century-old legacy and transformed Amira from a local family-run
business to a publicly listed, globally focused packaged food
company with a global leadership position in the high growth
Basmati rice sector. 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.
Safe Harbor for Forward-Looking Statements
This press release contains statements of a forward-looking
nature. These statements are made under the “safe harbor”
provisions of the U.S. Private Securities Litigation Reform Act of
1995. You can identify these forward-looking statements by words or
phrases such as “may,” “will,” “except,” “anticipate,” “aim,”
“estimate,” “intend,” “plan,” “believe,” “is/are likely to,”
“future” or other similar expressions. We have based these
forward-looking statements largely on our current expectations and
projections about future events and financial trends that we
believe may affect our financial condition, results of operations,
business strategy and financial needs. There is no assurance that
our current expectations and projections are accurate. These
forward-looking statements include, but are not limited to:
- our goals and strategies;
- our operations and expansion
plans;
- our future business development,
results of operations, financial condition and financial
statements;
- our ability to protect our intellectual
property rights;
- projected revenue, EBITDA, adjusted
EBITDA, profits, adjusted profits, earnings, adjusted earnings and
other estimated financial information;
- our ability to maintain strong
relationships with our customers and suppliers;
- governmental policies regarding our
industry; and
- the impact of legal proceedings.
You should not place undue reliance on forward-looking
statements and you should read these statements in conjunction with
the risk factors disclosed in “Risk Factors” appearing in Amira’s
Annual Reports found on the SEC’s website located at www.sec.gov.
Those risks are not exhaustive. We operate in a rapidly evolving
environment. New risk factors emerge from time to time, and it is
impossible for our management to predict all risk factors, nor can
we assess the impact of all factors on our business or the extent
to which any factor, or combination of factors, may cause actual
results to differ from those contained in any forward-looking
statement. We do not undertake any obligation to update or revise
the forward-looking statements except as required under applicable
law.
(a) Trade receivables balance for FY 2017 includes
$164.4 million of receivables that are not past due, $43.1 million
due less than 3 months, $0.3 million due less than six month, $1.5
million due less than one year and $0.3 million due more than one
year.
Amira Nature Foods Ltd
Consolidated Statements of Financial
Position
(Amounts in USD)
As at
March 31, 2017
As at
March 31, 2016
ASSETS Non-current Property, plant and equipment $
18,674,113 $ 19,931,857 Goodwill 1,386,322 1,461,139 Other
intangible assets 1,419,363 1,598,226 Other long-term financial
assets 152,814 3,960,684
Total non-current
assets $ 21,632,612 $
26,951,906 Current Inventories $
273,063,839 $ 239,048,161 Trade receivables 209,673,239 189,702,525
Derivative financial assets - 439,488 Other financial assets
5,467,164 5,577,017 Prepayments 47,272,153 22,572,280 Other current
assets 664,553 1,282,267 Cash and cash equivalents 16,831,655
17,412,501
Total current assets
$ 552,972,603 $ 476,034,239
Total assets $ 574,605,215
$ 502,986,145 EQUITY AND
LIABILITIES Equity Share capital $ 11,952 $ 9,301 Share
premium 102,788,560 85,114,755 Other reserves (7,741,969 )
(11,212,715 ) Retained earnings 167,424,244 142,297,177
Equity
attributable to shareholders of the Company $
262,482,787 $ 216,208,518 Equity attributable
to non-controlling interest 40,741,634 33,513,248
Total equity $ 303,224,421
$ 249,721,766 Liabilities
Non-current liabilities Defined benefit obligations $
283,944 $ 334,928 Debt 48,743 518,056 Deferred tax liabilities
(net) 4,491,272 5,201,372
Total non-current
liabilities $ 4,823,959 $
6,054,356 Current liabilities Trade
payables $ 13,004,865 $ 14,513,988 Debt 224,391,280 208,924,196
Current tax liabilities (net) 15,799,116 15,716,854 Derivative
financial liabilities - 453 Other financial liabilities 12,259,830
6,856,677 Other current liabilities 1,101,744
1,197,855
Total current liabilities $
266,556,835 $ 247,210,023
Total liabilities $ 271,380,794
$ 253,264,379 Total equity and
liabilities $ 574,605,215 $
502,986,145
Amira Nature Foods Ltd
Consolidated Statements of Profit or
Loss
(Amounts in USD)
Fiscal years ended March 31, 2017
March 31, 2016 March 31,
2015 Revenue
$ 551,830,966
$ 563,451,016
$
700,044,891 Other income 48,833 956,336 186,404 Cost of materials
(492,189,652 ) (432,030,831 ) (619,100,865 ) Change in inventory of
finished goods 35,517,661 (22,509,438 ) 63,181,906 Employee benefit
expenses (8,753,175 ) (12,884,266 ) (11,831,777 ) Depreciation and
amortization (1,778,968 ) (2,061,698 ) (2,396,874 ) Freight,
forwarding and handling expenses (3,139,061 ) (9,082,563 )
(16,508,963 ) Other expenses (14,905,710 )
(23,275,173 ) (24,609,109 )
$ 66,630,894
$ 62,563,383 $ 88,965,613 Finance costs
(29,272,826 ) (27,063,456 ) (34,988,422 ) Finance income 263,231
1,187,095 2,256,120 Other gains and (losses) (1,512,928 )
1,123,900 5,534,369
Profit before
tax $ 36,108,371 $ 37,810,922
$ 61,767,680 Income tax expense (4,596,968 )
(4,897,325 ) (8,603,974 )
Profit after tax
for the year $ 31,511,403 $
32,913,597 $ 53,163,706 Profit after tax
for the year attributable to: Shareholders of the Company
25,087,388 25,792,843 42,125,065
Non-controlling interest
6,424,015 7,120,754
11,038,641 Earnings per share Basic earnings
per share
$ 0.84
$
0.90
$
1.47 Diluted earnings per share
$ 0.84
$
0.90 $ 1.46
Amira Nature Foods Ltd
Consolidated Statements of
Comprehensive Income
(Amounts in USD)
Fiscal years ended March 31, 2017
March 31, 2016 March 31,
2015 Profit after tax for the year $
31,511,404 $ 32,913,597 $
53,163,706 Other comprehensive income Items that
will not be reclassified subsequently to profit or loss:
Re-measurement of defined benefit obligation: Current year gain
$ 74,931
$ 69,682
$ 14,947 Income tax
(25,932 ) (24,116 ) (5,080 )
$ 48,999
$ 45,566 $ 9,867
Items that may be reclassified subsequently to profit or
loss: Available for sale financial assets: Current year
gain/(loss)
$ 45,053
$ 8,061
$ 52,995
Reclassification to profit or loss - (14,090 ) (8,705 ) Income tax
(15,592 ) 2,183 (15,054 )
$
29,461 $ (3,846 ) $
29,236 Cash flow hedging reserve: Current year
gain/(loss)
$ -
$ -
$ 4,700,884
Reclassification to profit or loss - - (5,593,589 ) Income tax
- - 303,430
$
- $ - $ (589,275
) Currency
translation reserve $ 4,150,164 $ (8,082,087 ) $ (4,940,304
)
Other comprehensive income/(loss) for the year, net of
tax $ 4,228,624 $ (8,040,367
) $ (5,490,476 ) Total comprehensive
income/(loss) for the year $ 35,740,027
$ 24,873,230 $ 47,673,230
Total comprehensive income/(loss) for the year attributable
to:
Shareholders of the Company $ 28,511,641
$ 19,325,344 $ 37,712,898
Non-controlling interest $ 7,228,386
$ 5,547,886 $ 9,960,332
Amira Nature Foods Ltd
Consolidated Statements of Changes in
Equity
(Amounts in USD)
Other reserves
Share
capital
Share
premium
Share-based
compensation
reserve
Reserve for
available for
sale financial
assets
Currency
translation
reserve
Cash flow
hedging
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, 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 Issue of shares 9
130,032 (130,041 ) — — —
— — — — — Repurchased and cancelled (4 ) (38,186 ) — — — —
—
—
(38,190 ) —
(38,190 ) Share-based
compensation — — 1,849,078 — — —
—
—
1,849,078 —
1,849,078 Profit after tax for the year
— — — — — —
— 42,125,065
42,125,065 11,038,641
53,163,706 Other
comprehensive income /(loss) for the year — — — 23,493 (3,969,925 )
(473,664 ) — 7,929
(4,412,167 ) (1,078,309 )
(5,490,476 ) Total comprehensive income/(loss) for
the year $ —
$ —
$ —
$ 23,493
$ (3,969,925 ) $
(473,664 ) $ —
$
42,132,994 $ 37,712,898
$ 9,960,332 $ 47,673,230
Balance as at March 31, 2015 $
9,120 $ 82,896,596
$ 4,582,399 $ (6,634
) $ (19,988,326 )
$
—
$ 9,398,927 $
116,467,681 $ 193,359,763
$ 27,965,362 $
221,325,125 Balance as at April 1, 2015
$ 9,120 $ 82,896,596 $
4,582,399 $ (6,634 ) $
(19,988,326 ) $
—
$ 9,398,927 $ 116,467,681 $
193,359,763 $ 27,965,362 $
221,325,125 Issue of shares 181 2,218,159 (2,218,340 )
—
—
—
—
—
—
—
—
Share-based compensation 3,523,411
—
—
—
—
—
3,523,411
—
3,523,411 Profit after tax for the year
—
—
—
—
—
—
—
25,792,843
25,792,843 7,120,754
32,913,597 Other
comprehensive income /(loss) for the year
—
—
—
(3,094 ) (6,501,058 )
—
—
36,653
(6,467,499 )
(1,572,868 )
(8,040,367 )
Total comprehensive income/(loss) for the year
—
—
—
(3,094 )
(6,501,058 )
—
—
25,829,496 19,325,344
5,547,886
24,873,230 Balance as at March 31, 2016
9,301 85,114,755
5,887,470 (9,728
) (26,489,384 )
—
9,398,927
142,297,177 216,208,518
33,513,248 249,721,766
Balance as at April 1, 2016
9,301 85,114,755
5,887,470 (9,728 )
(26,489,384 )
—
9,398,927
142,297,177 216,208,518
33,513,248 249,721,766
Issue of shares
2,651
17,673,805 (17,676,456
)
—
—
—
—
—
—
—
—
Share-based compensation
—
—
17,762,628
—
—
—
—
—
17,762,628
—
17,762,628 Profit after tax for
the year
—
—
—
—
—
—
—
25,087,388 25,087,388
6,424,015
31,511,403 Other comprehensive income /(loss) for the
year
—
—
—
23,857
3,360,717
—
—
39,679 3,424,253
804,371 4,228,624
Total comprehensive income/(loss) for the year
—
—
—
23,857
3,360,717
—
—
25,127,067 28,511,641
7,228,386
35,740,027 Balance as at March 31, 2017
11,952 102,788,560
5,973,642 14,129
(23,128,667 )
—
9,398,927
167,424,244 262,482,787
40,741,634 303,224,421
Amira Nature Foods Ltd
Consolidated Statements of Cash
Flows
(Amounts in USD)
Fiscal years ended March 31, 2017
March 31, 2016 March 31,
2015
(A) CASH FLOW FROM OPERATING
ACTIVITIES
Profit before tax for the year $ 36,108,371
$ 37,810,922 $ 61,767,680 Adjustments
for non-cash items 14,960,995 4,198,599 5,604,779 Adjustments for
non-operating incomes and expenses 29,011,112 25,859,298 32,722,705
Changes in operating assets and liabilities (68,644,523 )
(70,904,940 ) (89,566,490 )
$
11,435,955 $ (3,036,121 ) $
10,528,674 Income taxes paid (5,648,895 )
(3,435,386 ) (3,150,849 )
Net cash generated from/(used
in) operating activities $ 5,787,060
$ (6,471,507 ) $ 7,377,825
(B) CASH FLOW FROM INVESTING
ACTIVITIES
Purchase of property, plant and equipment $ (71,885 ) $ (568,346 )
$ (2,374,971 ) Purchase of intangible assets - - - Advance for
property, plant and equipment - - (33,408 ) Proceeds from sale of
property, plant and equipment 2,262 31,759 1,732 Net cash outflow
on acquisition of subsidiaries - - - Proceeds from term deposits
17,230,029 16,572,440 30,785,529 Investments in term deposits
(14,189,981 ) (15,534,982 ) (31,275,048 ) Purchase of short term
investments - (38,245 ) (202,980 ) Proceeds from the sale of short
term investments - 228,260 180,905 Interest received 381,144
1,156,596 2,416,729
Net cash
used in investing activities $ 3,351,569
$ 1,847,482 $ (501,512 )
(C) CASH FLOWS FROM FINANCING
ACTIVITIES
Net proceeds from issue of shares
$ -
$ -
$ -
Repurchase of shares from ex-director - - (38,190 ) Net proceeds
from short term debt 9,384,793 10,293,533 35,401,875 Proceeds from
long term debt - 19,123 18,040 Repayment of long term debt (463,035
) (896,896 ) (1,205,893 ) Interest paid (27,520,656 )
(31,260,950 ) (30,374,796 )
Net cash generated from
financing activities $ (18,598,898 )
$ (21,845,190 ) $ 3,801,036
(D) Effect of change in exchange rate
on cash and cash equivalents
8,879,423 (2,779,206 )
(1,622,525 ) Net increase/(decrease) in
cash and cash equivalents $ (580,846 )
$ (29,248,421 ) $ 9,054,824
Cash and cash equivalents at the beginning of the year
17,412,501 46,660,922 37,606,098
Cash and cash equivalents at
the end of the year $ 16,831,655 $
17,412,501 $ 46,660,922
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 fiscal 2017, fiscal 2016 and fiscal
2015, respectively, other one-time legal & professional charges
for fiscal 2017, fiscal 2016 and one-time expenses related to
proposed Senior Secured Second Lien Notes offering for fiscal
2015;
(3) adjusted profit after tax as profit after tax plus non-cash
expense for share-based compensation for fiscal 2017, fiscal 2016
and fiscal 2015, respectively, one-time expenses related to
proposed Senior Secured Second Lien Notes offering for fiscal 2015
and other one-time legal and professional charges for fiscal
2016;
(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 during the applicable period;
(5) adjusted net working capital as total current assets minus
(a) total current liabilities and (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 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), 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.
These non-IFRS financial measures are not defined under IFRS and
are not presented in accordance with IFRS. These non-IFRS financial
measures have limitations as analytical tools, and when assessing
our operating performance, investors should not consider it in
isolation, or as a substitute for profit/(loss) or other
consolidated statements of operations data prepared in accordance
with IFRS. Some of these limitations include, but are not limited
to:
- it does not reflect our cash
expenditures or future requirements for capital expenditures or
contractual commitments;
- it does not reflect changes in, or cash
requirements for, our working capital needs;
- it does not reflect the finance or
interest expenses, or the cash requirements necessary to service
interest or principal payments, on our debt;
- it does not reflect income taxes or the
cash requirements for any tax payments;
- although depreciation and amortization
are non-cash charges, the assets being depreciated and amortized
often will have to be replaced in the future, and adjusted net
profit and EBITDA do not reflect any cash requirements for such
replacements; and
- other companies may calculate EBITDA
differently than we do, limiting the usefulness of this non-IFRS
measure as a comparative measure.
We compensate for these limitations by relying primarily on our
IFRS results and using EBITDA only as a supplemental measure.
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:
Reconciliation of profit after tax to EBITDA and adjusted
EBITDA:
Fiscal year ended March 31,
2017
2016 2015
(Amount in $) Profit after tax (PAT) 31,511,403
32,913,597 53,163,706
Add: Income tax expense 4,596,968 4,897,325 8,603,974 Add: Finance
costs (net of finance income) 29,009,595 25,876,361 32,732,302 Add:
Depreciation and amortization 1,778,968
2,061,698 2,396,874
EBITDA 66,896,934
65,748,981 96,896,856
Add: Non-cash expenses for share-based compensation
1,312,250 3,523,412
1,719,037
Add: One-time expenses related to proposed
Senior Secured Second Lien Notes offering
- -
1,256,995 Add: One-time legal & professional charges
2,295,995 5,461,146
-
Adjusted EBITDA
70,505,179 74,733,539
99,872,888
Reconciliation of profit after tax to adjusted profit after tax
(excluding IPO-related expenses):
Fiscal year ended March 31,
2017
2016 2015
(Amount in $) Profit after tax (PAT) 31,511,403
32,913,597 53,163,706
Add: Non-cash expenses for share-based compensation 1,312,250
3,523,412 1,719,037
Add: One-time expenses related to proposed
Senior Secured Second Lien Notes offering
- - 1,256,995 Add: One-time legal & professional charges
2,295,995 5,461,146
-
Adjusted profit after tax
35,119,648 41,898,155
56,139,738
Reconciliation of earnings per share and adjusted earnings per
share:
Fiscal year ended March 31,
2017
2016 2015
(Amount in $) Profit after tax (PAT)
31,511,403 32,913,597
53,163,706 Profit attributable to Shareholders
of the company (A) 25,087,388 25,792,843 42,125,065 Weighted
average number of shares (for Basic earnings per share) (B)
29,822,470 28,805,738 28,723,273 Weighted average number of shares
(for diluted earnings per share) (C) 29,822,470
28,805,738 28,927,135
Basic earnings per share as per IFRS (A) ÷ (B)
0.84 0.90
1.47 Diluted earnings per share as per IFRS
(A) ÷ (C) 0.84
0.90 1.46 Share Issuable
under share exchange agreement for non-controlling interest
(D) 7,005,434 7,005,434
7,005,434
Number of shares outstanding including shares
for non-controlling interest-fully diluted (E) = (C)
+ (D) 36,827,904
35,811,172 35,932,569
Profit after tax (PAT) 31,511,403 32,913,597
53,163,706 Add: Non-cash expenses for share-based
compensation 1,312,250 3,523,412 1,719,037
Add: One-time expenses related to proposed
Senior Secured Second Lien Notes offering
- - 1,256,995 Add: One-time legal & professional charges
2,295,995 5,461,146
-
Adjusted profit after tax (F)
35,119,648 41,898,155
56,139,738
Adjusted earnings per share (F) ÷ (E)
0.95 1.17
1.56
Reconciliation of working capital (total current assets minus
total current liabilities) and adjusted net working capital:
Fiscal year ended March 31,
2017
2016 2015
(Amount in $) Current assets:
Inventories 273,063,839 239,048,161
262,887,805 Trade receivables 209,673,239 189,702,525 130,398,610
Derivative financial assets - 439,488 638,467 Other financial
assets 5,467,164 5,577,017 9,956,265 Prepayments 47,272,153
22,572,280 19,610,778 Other current assets 664,553 1,282,267
865,458 Cash and cash equivalents 16,831,655
17,412,501 46,660,922
Total current assets 552,972,603
476,034,239
471,018,305 Current liabilities: Trade
payables 13,004,865 14,513,988 34,336,831 Debt 224,391,280
208,924,196 209,578,866 Current tax liabilities (net) 15,799,116
15,716,854 14,364,651 Derivative financial liabilities - 453
280,560 Other financial liabilities 12,259,830 6,856,677 6,977,989
Other current liabilities 1,101,744
1,197,855 2,194,082
Total
current liabilities 266,556,835
247,210,023
267,732,979
Working Capital (Total
current assets minus Total current liabilities)
286,415,768 228,824,216
203,285,326 Less: Cash and cash
equivalents 16,831,655 17,412,501 46,660,922 Add: Current debt
224,391,280 208,924,196
209,578,866
Adjusted net working
capital 493,975,393
420,335,911 366,203,270
Reconciliation of total current and non-current debt to net
debt:
Fiscal year ended March 31,
2017
2016 2015
(Amount in $) Current debt 224,391,280
208,924,196 209,578,866 Non-current debt
48,743 518,056 1,465,707
Total current and non-current debt as
per IFRS 224,440,023 209,442,252
211,044,573 Less: Cash and cash equivalents
16,831,655 17,412,501
46,660,922
Net debt
207,608,368 192,029,751
164,383,651
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170731005494/en/
For Investor Inquiries:Amira Nature Foods LtdBruce Wacha,
646-779-1984Chief Financial
Officerbruce.wacha@theamiragroup.com
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