DUBAI, United Arab Emirates--()--Amira Nature Foods Ltd (the "Company")(NYSE: ANFI), a leading global provider of packaged Indian specialty rice, today reported financial results for the third quarter and nine months ended December 31, 2012.
“In the third quarter we continued to execute on our strategic initiatives as we experienced increased growth in India and internationally”
Third Quarter Financial Highlights:
- Revenue increased 56.2% to $113.9 million, compared to $72.9 million in the third quarter of fiscal 2012.
- EBITDA increased 57.7% to $14.0 million, compared to $8.9 million in the third quarter of fiscal 2012.
- Profit after tax increased 94.1% to $4.2 million, compared to $2.1 million in the third quarter of fiscal 2012.
- Excluding non-recurring IPO-related expenses of approximately $1.8 million, adjusted profit after tax increased 175.6% to $5.9 million, compared to $2.1 million in the third quarter of fiscal 2012.
- Basic and diluted earnings per share (1) was $0.11 compared to $0.09 for the third quarter of fiscal 2012.
- For better quarter over quarter comparability, after adjusting for non-recurring IPO-related expenses and using 35.7 million fully diluted shares, adjusted earnings per share was $0.17 compared to $0.06 in the third quarter of fiscal 2012.
“In the third quarter we continued to execute on our strategic initiatives as we experienced increased growth in India and internationally,” stated Karan A. Chanana, Amira’s Chairman and Chief Executive Officer. “We are pleased to report these efforts enabled us to generate revenue and EBITDA ahead of our expectations for the quarter. Going forward, we remain focused on strengthening our distribution in India, further developing our relationships with key retailers globally and continuing our expansion in new, high-growth markets with our strong Basmati and complementary product portfolio to capitalize on a number of growth opportunities around the world.”
Third Quarter Fiscal 2013 Results
Revenue for the third quarter of fiscal 2013 increased 56.2% to $113.9 million, compared to $72.9 million for the same period in fiscal 2012. The revenue increase was primarily due to increased sales volumes both in India and internationally. In addition, our third quarter revenue included $23.6 million associated with shipment of product to a repeat customer as previously disclosed, while the comparable shipment to this customer was made in the fourth quarter of fiscal 2012. Excluding this shipment, revenue for the third quarter of fiscal 2013 would have increased 23.8% to approximately $90.3 million.
Revenue in the third quarter of fiscal 2013 for our Amira and third party branded products was 99.0% of total revenue, compared to 93.4% of total revenue, for the third quarter of fiscal 2012. Sales of bulk commodity products to institutional customers in the third quarter of fiscal 2013 contributed 1.0% of total revenue, compared to 6.6% of total revenue, for the third quarter of fiscal 2012.
Cost of materials including change in inventory of finished goods increased $28.0 million, or 50.2%, to $83.7 million in the third quarter of fiscal 2013 from $55.7 million in the same period last fiscal year. This increase primarily reflects the growth in our revenue. As a percentage of revenue, cost of material decreased to 73.5% in the third quarter of fiscal 2013, compared to 76.4% in the third quarter of fiscal 2012.
EBITDA (defined as profit after tax plus finance costs, non-recurring IPO-related expenses, income tax expense and depreciation & amortization) increased 57.7% to $14.0 million in the third quarter of fiscal 2013, compared to $8.9 million in the same period last year. A reconciliation of EBITDA to the IFRS measure of profit after tax is provided in the financial tables section of this release.
Profit after tax for the third quarter of fiscal 2013 increased 94.1% to $4.2 million, compared to $2.1 million in the same period last year. Basic and diluted earnings per share (1) was $0.11 compared to $0.09 for the third quarter of fiscal 2012.
Excluding non-recurring IPO-related expenses of approximately $1.8 million, adjusted profit after tax increased 175.6% to $5.9 million, compared to $2.1 million in the same period last year. For better quarter over quarter comparability, after adjusting for non-recurring IPO-related expenses and using 35.7 million fully diluted shares, adjusted earnings per share was $0.17 compared to $0.06 in the third quarter of fiscal 2012. Reconciliations of adjusted profit after tax, to the IFRS measure of profit after tax, and adjusted earnings per share, to basic and diluted earnings per share are provided in the financial tables section of this release.
First Nine Months Fiscal 2013 Results
For the first nine months of fiscal 2013, net revenue increased 35.6% to $273.4 million, compared to $201.7 million for the same period in fiscal 2012. EBITDA increased 44.9% to $34.5 million compared to $23.8 million for the same period in fiscal 2012. Profit after tax increased 128.3% to $10.7 million compared to $4.7 million for the same period in fiscal 2012. Excluding non-recurring IPO-related expenses of approximately $1.8 million, adjusted profit after tax increased 165.5% to $12.5 million, compared to $4.7 million for the same period in fiscal 2012. A reconciliation of adjusted profit after tax, to the IFRS measure of profit after tax is provided in the financial tables section of this release.
Basic and diluted earnings (1) per share for the first nine months of fiscal 2013 was $0.37 compared to $0.19 for the same period in fiscal 2012. For better quarter over quarter comparability, after adjusting for non-recurring IPO-related expenses and using 35.7 million fully diluted shares, adjusted earnings per share was $0.35 for the first nine months of fiscal 2013 compared to $0.13 for the same period in fiscal 2012.
Balance Sheet and Cash Flow Highlights
Our harvest season began in the third quarter in October and ended in January. During this period, we prudently increased inventory in order to meet expected demand, which is reflected in changes in operating assets and liabilities in the cash flow statement for the nine-month period ended December 31, 2012.
On October 15, 2012, we completed an initial public offering (IPO) of our ordinary shares at $10.00 per share and raised $90 million. After paying fees and related offering expenses, we received approximately $81 million in net proceeds. Contemporaneously with the completion of the offering, approximately $77 million of these net proceeds were used to fund the purchase by our direct wholly owned subsidiary Amira Nature Foods, Ltd. of 80.4% of the equity shares of Amira Pure Foods Private Limited (“Amira India”). Amira India will use $25.0 million of this amount to partially fund the development of a new processing facility. As of the date of this release, Amira India has utilized approximately $52 million out of the funds to repay a portion of outstanding indebtedness and the Company’s cash and cash equivalents were $32.7 million as of December 31, 2012 (including the amount reserved for the new processing facility and $3.8 million of the IPO net proceeds retained at ANFI to fund future operating expenses through 2015).
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 |
Cash flow hedge reserve |
Actuarial gain/loss reserve |
Restructuring reserve |
Retained earnings |
Equity
attributable to |
Equity
attributable to |
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.
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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