News Releases
CORRECTING and REPLACING Amira Nature Foods Ltd Announces Results for the Six Months Ended September 30, 2017
The corrected release reads:
AMIRA NATURE FOODS LTD ANNOUNCES RESULTS FOR THE SIX MONTHS ENDED
Six Months Ended
All numbers below are compared to six months ended
-
Revenue of
$228.9 million , an 8.5% increase -
Adjusted EBITDA of
$31.3 million , increased$3.9 million - Adjusted EBITDA margin of 13.7%, increased 60 basis points
-
Profit after tax of
$11.5 million , a 15% increase -
Adjusted profits after tax of
$11.9 million , a 2.5% decrease -
Earnings per share (“EPS”) of
$0.29 , a 7.4% increase -
Adjusted earnings per share (“Adjusted EPS”) was
$0.30 , decreased 11.8% - Net debt to the last twelve months Adjusted EBITDA of 3.0x,
Six Months Ended
Revenue increased
During the six months ended
| Half Year ended | September 30, 2017 | % of total sales | September 30, 2016 | % of total sales | Movement | ||||||||||
| India sales |
$ 95.2 Mn |
41.6% |
$ 89.0 Mn |
42.2% |
$ 6.2 Mn | ||||||||||
| International sales | $ 133.7 Mn |
58.4% |
$ 121.9 Mn |
57.8% |
$ 11.8 Mn | ||||||||||
| Total sales | $ 228.9 Mn | $ 210.0 Mn | $ 18.0 Mn |
During the six months ended
For the trailing twelve months ended
Balance Sheet and Cash Flow Highlights
As of
About
Founded in 1915, Amira has evolved into a leading global provider of
branded packaged specialty rice, including Basmati and other food
products, with sales across five continents around the world. The
Company primarily sells Basmati rice, which is a premium long-grain rice
grown only in the geographically indicated region of the Indian
sub-continent, under its flagship Amira brand as well as under other
third party brands. Amira sells its products through a broad
distribution network in both the developed and emerging markets. The
Company’s global headquarters are in
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.
| Amira Nature Foods Ltd | ||||||||
| Condensed Consolidated Statements of Financial Position | ||||||||
|
|
(Amounts in USD) |
|||||||
|
As at September 30, 2017 (Unaudited) |
As at
March 31, 2017 (Audited) |
|||||||
| ASSETS | ||||||||
| Non-current | ||||||||
| Property, plant and equipment | $ | 17,868,289 | $ | 18,674,113 | ||||
| Goodwill | 1,512,058 | 1,386,322 | ||||||
| Other intangible assets | 1,468,158 | 1,419,363 | ||||||
| Other long-term financial assets | 218,369 | 152,814 | ||||||
| Total non-current assets | $ | 21,066,874 | $ | 21,632,612 | ||||
| Current | ||||||||
| Inventories (Note 8) | $ | 306,841,721 | $ | 273,063,839 | ||||
| Trade receivables | 191,552,088 | 209,673,239 | ||||||
| Derivative financial assets | - | - | ||||||
| Other financial assets | 4,115,443 | 5,467,164 | ||||||
| Prepayments (Note 9) | 60,620,604 | 47,272,153 | ||||||
| Other current assets | 693,463 | 664,553 | ||||||
| Cash and cash equivalents | 5,151,300 | 16,831,655 | ||||||
| Total current assets | $ | 568,974,619 | $ | 552,972,603 | ||||
| Total assets | $ | 590,041,493 | $ | 574,605,215 | ||||
| EQUITY AND LIABILITIES | ||||||||
| Equity | ||||||||
| Share capital | $ | 13,609 | $ | 11,952 | ||||
| Share premium | 111,585,500 | 102,788,560 | ||||||
| Other reserves | (9,122,790) | (7,741,969) | ||||||
| Retained earnings | 179,244,727 | 167,424,244 | ||||||
| Equity attributable to shareholders of the Company | $ | 281,721,046 | $ | 262,482,787 | ||||
| Equity attributable to non-controlling interest | 40,159,641 | 40,741,634 | ||||||
| Total equity | $ | 321,880,687 | $ | 303,224,421 | ||||
| Liabilities | ||||||||
| Non-current liabilities | ||||||||
| Defined benefit obligations | $ | 337,556 | $ | 283,944 | ||||
| Debt | 12,351 | 48,743 | ||||||
| Deferred tax liabilities (Net) | 4,787,887 | 4,491,272 | ||||||
| Total non-current liabilities | $ | 5,137,794 | $ | 4,823,959 | ||||
| Current liabilities | ||||||||
| Trade payables | $ | 7,894,454 | $ | 13,004,865 | ||||
| Debt (Note 10) | 230,654,710 | 224,391,280 | ||||||
| Current tax liabilities (net) | 16,929,802 | 15,799,116 | ||||||
| Derivative financial liabilities | - | - | ||||||
| Other financial liabilities | 5,940,112 | 12,259,830 | ||||||
| Other current liabilities | 1,603,934 | 1,101,744 | ||||||
| Total current liabilities | $ | 263,023,012 | $ | 266,556,835 | ||||
| Total liabilities | $ | 268,160,806 | $ | 271,380,794 | ||||
| Total equity and liabilities | $ | 590,041,493 | $ | 574,605,215 | ||||
| Amira Nature Foods Ltd | ||||||||
| Condensed Consolidated Statements of Profit or Loss | ||||||||
|
|
(Amounts in USD) |
|||||||
| Six months ended | ||||||||
|
September 30, 2017
(Unaudited) |
September 30, 2016
(Unaudited) |
|||||||
| Revenue | $ | 228,929,636 | $ | 210,924,684 | ||||
| Other income | 19,110 | 19,682 | ||||||
| Cost of material | (225,261,357) | (182,978,800) | ||||||
| Change in inventory of finished goods | 36,960,197 | 12,774,137 | ||||||
| Employee benefit expenses | (3,303,120) | (4,561,672) | ||||||
|
Depreciation and amortization |
(830,838) | (936,271) | ||||||
| Freight, forwarding and handling expenses | (907,591) | (1,396,839) | ||||||
| Other expenses | (6,232,506) | (8,395,427) | ||||||
| $ | 29,373,531 | $ | 25,449,494 | |||||
| Finance costs | (16,994,815) | (13,997,437) | ||||||
| Finance income | 28,695 | 147,607 | ||||||
| Other gains and (losses) | 673,677 | (1,130,954) | ||||||
|
Profit before tax for the period |
$ | 13,081,088 | $ | 10,468,710 | ||||
| Income tax expense | (1,558,311) | (434,324) | ||||||
|
Profit after tax for the period |
$ | 11,522,777 | $ | 10,034,386 | ||||
| Profit after tax attributable to: | ||||||||
| Shareholders of the Company | $ | 9,250,902 | $ | 7,787,664 | ||||
| Non-controlling interest | $ | 2,271,875 | $ | 2,246,722 | ||||
|
Earnings per share |
||||||||
| Basic earnings per share | $ | 0.29 | $ | 0.27 | ||||
| Diluted earnings per share | $ | 0.29 | $ | 0.27 | ||||
| Amira Nature Foods Ltd | ||||||||
| Condensed Consolidated Statements of Comprehensive Income | ||||||||
|
|
(Amounts in USD) |
|||||||
| Six months ended | ||||||||
|
September 30, 2017
(Unaudited) |
September 30, 2016
(Unaudited) |
|||||||
| Profit after tax for the period | $ | 11,522,777 | $ | 10,034,386 | ||||
| Other comprehensive income/(loss) | ||||||||
| Items that may be reclassified subsequently to profit or loss: | ||||||||
| Available for sale financial assets: | ||||||||
| Current period gain/(loss) | 37,269 | 31,991 | ||||||
| Reclassification to profit or loss | - | - | ||||||
| Income tax | (12,898) | (11,071) | ||||||
| $ | 24,371 | $ | 20,920 | |||||
| Cash flow hedging reserve: | ||||||||
| Current period gain/(loss) | - | - | ||||||
| Reclassification to profit or loss | - | - | ||||||
| Income tax | - | - | ||||||
| $ | - | $ | - | |||||
| Currency translation reserve | (1,623,571) | (666,761) | ||||||
| Other comprehensive income/(loss) for the period, net of tax | $ | (1,599,200) | $ | (645,841) | ||||
| Total comprehensive income for the period | $ | 9,923,577 | $ | 9,388,545 | ||||
| Total comprehensive income/(loss) for the period attributable to: | ||||||||
| Shareholders of the Company | $ | 8,048,895 | $ | 7,266,728 | ||||
| Non-controlling interest | $ | 1,874,682 | $ | 2,121,817 | ||||
| Amira Nature Foods Ltd | ||||||||||||||||||||||||||||||||||||||||||||
| Condensed Consolidated Statements of Changes in Equity (unaudited) | ||||||||||||||||||||||||||||||||||||||||||||
|
|
(Amounts in USD) |
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| Other reserves | ||||||||||||||||||||||||||||||||||||||||||||
|
Share |
Share |
Share-based |
Reserve for
available for
sale financial assets |
Currency
Reserve |
Cash flow
Reserve |
Restructuring
Reserve |
Retained
Earnings |
Equity
attributable to
shareholders |
Equity
attributable to
non - |
Total equity | ||||||||||||||||||||||||||||||||||
| Balance as at April 1, 2016 (Audited) | $ | 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 (Note 5) | 503 | 3,688,780 | (3,689,283) | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
|
Share based compensation
(Note 6) |
- | - | 3,647,994 | - | - | - | - | - | $ | 3,647,994 | - | $ | 3,647,994 | |||||||||||||||||||||||||||||||
| Transactions with Owner - Loan repayment (Note 4.1) | 417 | 2,999,583 | - | - | - | - | - | - | 3,000,000 | - | 3,000,000 | |||||||||||||||||||||||||||||||||
| Profit after tax for the period | - | - | - | - | - | - | - | 7,787,664 | $ | 7,787,664 | 2,246,722 | $ | 10,034,386 | |||||||||||||||||||||||||||||||
| Other comprehensive income /(loss) for the period | - | - | - | 16,873 | (537,809) | - | - | - | $ | (520,936) | (124,905) | $ | (645,841) | |||||||||||||||||||||||||||||||
| Total comprehensive income/(loss) for the period | $ | - | $ | - | $ | - | $ | 16,873 | $ | (537,809) | $ | - | $ | - | $ | 7,787,664 | $ | 7,266,728 | $ | 2,121,817 | $ | 9,388,545 | ||||||||||||||||||||||
| Balance as at September 30, 2016 (Unaudited) | $ | 10,221 | $ | 91,803,118 | $ | 5,846,181 | $ | 7,145 | $ | (27,027,193) | $ | - | $ | 9,398,927 | $ | 150,084,840 | $ | 230,123,240 | $ | 35,635,065 | $ | 265,758,305 | ||||||||||||||||||||||
| Balance as at April 1, 2017 (Audited) | $ | 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 | ||||||||||||||||||||||||||||||||
| Issue of shares (Note 5) | 1,657 | 8,796,940 | (8,798,597) | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||
|
Share based compensation
(Note 6) |
8,732,689 | - | - | - | - | - | $ | 8,732,689 | - | $ | 8,732,689 | |||||||||||||||||||||||||||||||||
| Transactions with Owner - Loan repayment (Note 4.1) | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||
| Reclassification of Non-controlling interest (refer MD&A- “Corporate Structure”) | 2,569,581 | 2,569,581 | (2,569,581) | - | ||||||||||||||||||||||||||||||||||||||||
| Profit after tax for the period | - | - | - | - | 9,250,902 | $ | 9,250,902 | 2,271,875 | $ | 11,522,777 | ||||||||||||||||||||||||||||||||||
| Other comprehensive income /(loss) for the period | 20,039 | (1,334,952) | - | - | - | $ | (1,314,913) | (284,287) | $ | (1,599,200) | ||||||||||||||||||||||||||||||||||
| Total comprehensive income/(loss) for the period | $ | - | $ | - | $ | - | $ | 20,039 | $ | (1,334,952) | $ | - | $ | - | $ | 11,820,483 | $ | 10,505,570 | $ | (581,993) | $ | 9,923,577 | ||||||||||||||||||||||
| Balance as at September 30, 2017 (Unaudited) | $ | 13,609 | $ | 111,585,500 | $ | 5,907,734 | $ | 34,168 | $ | (24,463,619) | $ | - | $ | 9,398,927 | $ | 179,244,727 | $ | 281,721,046 | $ | 40,159,641 | $ | 321,880,687 | ||||||||||||||||||||||
| Amira Nature Foods Ltd | ||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||
|
|
(Amounts in USD) |
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| Six months ended | ||||||||
|
September 30, 2017
(Unaudited) |
September 30, 2016
(Unaudited) |
|||||||
| (A) CASH FLOW FROM OPERATING ACTIVITIES | ||||||||
| Profit before tax for the period | $ | 13,081,088 | $ | 10,468,710 | ||||
| Adjustments for non-cash items | 10,146,516 | 7,310,918 | ||||||
| Adjustments for non-operating incomes and expenses | 16,962,599 | 13,850,920 | ||||||
| Changes in operating assets and liabilities | (43,074,971) | (19,721,565) | ||||||
| $ | (2,884,768) | $ | 11,908,983 | |||||
| Income taxes paid | (2,273) | (3,748,261) | ||||||
| Net cash used in operating activities | $ | (2,887,041) | $ | 8,160,722 | ||||
| (B) CASH FLOW FROM INVESTING ACTIVITIES | ||||||||
| Purchase of property, plant and equipment | $ | (430,436) | $ | (196,721) | ||||
| Purchase of intangible assets | - | - | ||||||
| Advance for property, plant and equipment | - | - | ||||||
| Proceeds from sale of property, plant and equipment | 19,279 | 2,218 | ||||||
| Net cash outflow on acquisition of subsidiaries | - | - | ||||||
| Proceeds from term deposits | - | (15,702,045) | ||||||
| Investments in term deposits | 1,241,394 | 16,572,440 | ||||||
| Purchase of short term investments | - | - | ||||||
| Interest income | 75,776 | 225,352 | ||||||
| Net cash generated from investing activities | $ | 906,013 | $ | 901,244 | ||||
| (C) CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
| Net (repayment of)/ proceeds from short term debt | 5,800,846 | (2,940,756) | ||||||
| Proceeds from long term debt | - | - | ||||||
| Repayment of long term debt | (37,865) | (405,490) | ||||||
| Interest paid | (14,920,436) | (14,095,694) | ||||||
| Net cash used in financing activities | $ | (9,157,455) | $ | (17,441,940) | ||||
| (D) Effect of change in exchange rate on cash and cash equivalents | (541,872) | 3,741,018 | ||||||
| Net decrease in cash and cash equivalents (A+B+C+D) | $ | (11,680,355) | $ | (4,638,956) | ||||
| Cash and cash equivalents at the beginning of the period | 16,831,655 | 17,412,501 | ||||||
| Cash and cash equivalents at the end of the period | $ | 5,151,300 | $ | 12,773,545 | ||||
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
the six months ended
(3) adjusted profit after tax, as profit after
tax plus non-cash expense for share-based compensation for the six
months ended
(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 (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 both 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), non-recurring IPO-related expenses, one time legal and professional charges for defending class action suits, 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 tool, 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 non-IFRS measures only as supplemental information.
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:
1. Reconciliation of profit after tax to EBITDA and adjusted EBITDA:
| Six months ended | ||||||||
| September 30, 2017 | September 30, 2016 | |||||||
| Profit after tax (PAT) | $ | 11,522,777 | $ | 10,034,386 | ||||
| Add: Income tax expense | 1,558,311 | 434,324 | ||||||
| Add: Finance costs (net of finance income) | 16,966,120 | 13,849,830 | ||||||
| Add: Depreciation and amortization | 830,838 | 936,271 | ||||||
| EBITDA | $ | 30,878,046 | $ | 25,254,811 | ||||
| Add: Non-cash expenses for share-based compensation | 230,000 | 1,184,784 | ||||||
| Add: One-time legal & professional charges | 188,199 | 1,006,713 | ||||||
| Adjusted EBITDA | $ | 31,296,245 | $ | 27,446,308 | ||||
2. Reconciliation of profit after tax to adjusted profit after tax:
| Six months ended | ||||||||
| September 30, 2017 | September 30, 2016 | |||||||
| Profit after tax (PAT) | $ | 11,522,777 | $ | 10,034,386 | ||||
| Add: Non-cash expenses for share-based compensation | 230,000 | 1,184,784 | ||||||
| Add: One-time legal & professional charges | 188,199 | 1,006,713 | ||||||
| Adjusted profit after tax | $ | 11,940,976 | $ | 12,225,883 | ||||
3. Reconciliation of earnings per share and adjusted earnings per share:
| Six months ended | |||||||||||
| September 30, 2017 | September 30, 2016 | ||||||||||
| Profit after tax (PAT) | $ | 11,522,777 | $ | 10,034,386 | |||||||
| Profit attributable to Shareholders of the Company | (A) | $ | 9,250,902 | $ | 7,787,664 | ||||||
| Weighted average number of shares (for basic earnings per share) | (B) | 32,402,272 | 29,217,092 | ||||||||
| Dilutive impact of share options as converted in equivalent number of shares | (C) | - | - | ||||||||
| Weighted average number of shares (for diluted earnings per share) | (D) = (B) + C) | 32,402,272 | 29,217,092 | ||||||||
| Basic earnings per share as per IFRS | (A) ÷ (B) | $ | 0.29 | $ | 0.27 | ||||||
| Diluted earnings per share as per IFRS | (A) ÷ (D) | $ | 0.29 | $ | 0.27 | ||||||
| Shares issuable under share exchange agreement for non-controlling interest | (E) | 7,005,434 | 7,005,434 | ||||||||
| Number of shares outstanding including shares for non-controlling interest | (F) = (D) + (E) | 39,407,706 | 36,222,526 | ||||||||
| Profit after tax (PAT) | $ | 11,522,777 | $ | 10,034,386 | |||||||
| Add: Non-cash expenses for share-based compensation | $ | 230,000 | $ | 1,184,784 | |||||||
| Add: One-time legal & professional charges | 188,199 | 1,006,713 | |||||||||
| Adjusted profit after tax | (G) | $ | 11,940,976 | $ | 12,225,883 | ||||||
| Adjusted earnings per share | (G) ÷ (F) | $ | 0.30 | $ | 0.34 | ||||||
4. Reconciliation of working capital (total current assets minus total current liabilities) and adjusted net working capital:
| As at September 30, 2017 | As at March 31, 2017 | |||||
| (Amount in $) | ||||||
| Current assets: | ||||||
| Inventories | 306,841,721 | 273,063,839 | ||||
| Trade receivables | 191,552,088 | 209,673,239 | ||||
| Derivative financial assets | - | - | ||||
| Other financial assets | 4,115,443 | 5,467,164 | ||||
| Prepayments | 60,620,604 | 47,272,153 | ||||
| Other current assets | 693,463 | 664,553 | ||||
| Cash and cash equivalents | 5,151,300 | 16,831,655 | ||||
| Total current assets | 568,974,619 | 552,972,603 | ||||
| Current liabilities: | ||||||
| Trade payables | 7,894,454 | 13,004,865 | ||||
| Debt | 230,654,710 | 224,391,280 | ||||
| Current tax liabilities (net) | 16,929,802 | 15,799,116 | ||||
| Derivative financial liabilities | - | - | ||||
| Other financial liabilities | 5,940,112 | 12,259,830 | ||||
| Other current liabilities | 1,603,934 | 1,101,744 | ||||
| Total current liabilities | 263,023,012 | 266,556,835 | ||||
| Working Capital (Total current assets minus Total current liabilities) | 305,951,607 | 286,415,768 | ||||
| Less: Cash and cash equivalents | 5,151,300 | 16,831,655 | ||||
| Add: Current debt | 230,654,710 | 224,391,280 | ||||
| Adjusted net working capital | 531,455,017 | 493,975,393 | ||||
5. Reconciliation of total current and non-current debt to net debt:
| As at September 30, 2017 | As at March 31, 2017 | |||||
| (Amount in $) | ||||||
| Current debt | 230,654,710 | 224,391,280 | ||||
| Non-current debt | 12,351 | 48,743 | ||||
| Total current and non-current debt as per IFRS | 230,667,061 | 224,440,023 | ||||
| Less: Cash and cash equivalents | 5,151,300 | 16,831,655 | ||||
| Net debt | 225,515,761 | 207,608,368 | ||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20171130005586/en/
Source:
Amira Nature Foods Ltd
Varun Sethi
Chief Financial Officer
Varun.Sethi@theamiragroup.com
or
Amy
Greene
Amy.Greene@theamiragroup.com
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