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AMIRA (NYSE: ANFI) is a producer & exporter of Indian specialty basmati rice, organic rice & food products. Amira sells premium rice in over 60 countries.<br>https://www.amira.net/investor/
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Forward LookingStatement This presentation contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this presentation are forward-looking statements. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. Specifically, these statements include, among other things, statements that describe our expectations for the growth of our business, expansion into new geographic markets, maintaining and expanding our relationship with key retail partners, the financial impact of new sales contracts on our revenue, our plan to make significant capital expenditure, and other statements of management’s beliefs, intentions or goals. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “foresee”, “forecast”, "anticipate," "estimate," "expect," "project," "plan,“ "intend,“ "believe" and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. These forward-looking statements are based on assumptions that we have made in light of our industry experience and on our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. As you consider this presentation, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (some of which are beyond our control) and assumptions, some of which are described under “Risk Factors” in our Annual Reports on Form 20-F and our Registration Statement on Form F-1 filed with the Securities and Exchange Commission. Although we believe that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect our actual financial results and cause them to differ materially from those anticipated in the forward-looking statements. Since we operate in an emerging and evolving environment and new risk factors and uncertainties emerge from time to time, you should not rely upon forward looking statements as predictions of future events. Except as required under the securities laws of the United States, we undertake no obligation to update any forward-looking or other statements herein to reflect events or circumstances after the date hereof, whether as a result of new information, future events orotherwise. Because of these factors, we caution that you should not place undue reliance on any of our forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect us. Except as required by law, we have no duty to, and do not intend to, update or revise the forward-looking statements in this presentation after the date of thispresentation.
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Table ofContents COMPANY OVERVIEW KEYINVESTMENT HIGHLIGHTS FINANCIAL OVERVIEW APPENDIX
A Leading Growth Company with a RichHeritage 1915 Founded asan Agro-commodity trading houseby the Chananafamily • Founded in 1915, Amira has evolved into a leading global provider of packaged Indian specialty rice, predominantly Basmatirice 1978 EstablishedInternational business 1995 India’s first fully Integratedand automated Rice millingfactory • Evolved from a domestic Indian business toa professionally managed high growth global branded company 2006 KARAN A CHANANA takesover and initiates transformationtoa professionally managedglobal business • Q3 2015 LTM: Revenue increased to $659.2 million (31.6% growth YoY) and adjusted EBITDA increased to $93.0 million (38.2% growthYoY) 2008 Launch of the AMIRABrand 2009 Established subsidiary inUS andlaunchedinternational marketing/distributoroffice • Continued to receive the status of “Global Growth Company” by the World EconomicForum 2011 Established Subsidiary inUK • Voted “Asia’s Most Promising Brand” by the WCRC group in2013-2014 2012 Amira Nature FoodsLtd. listed onNYSE 2013Organics Launch of OrganicDivision • Voted “INDIAN POWERBRAND” in the FoodCategory 2014 by Planman Marcom in 2011 and2013 Acquired Basmati Rice GmbHin Germany to strengthendistribution network inEurope 2015 100 YearCentennial Source: ANFI’s publicly filed 20-F and other publicly available information
A Leading Global Branded Packaged Food Company with a Proven TrackRecord Focused on Basmati rice, a healthy, high growth, high marginproduct Listed on the NYSE in Oct 2012 under the symbolANFI Amira CorporateOffice MultipleAccolades Q3 2015 LTM Revenue of $659 million vs. $342 million atIPO Adjusted EBITDA more than doubled from $42 million at IPO to $93 million for Q3 2015LTM Conservative balance sheet of 1.7x net debt /EBITDA Indian Power Brands Global Super Power Edition 2011 & 2013 Inc. India featured Amira asone of India’s fastest growing mid- sized companies in 2010,2011, 2012 and2013 Best Partner in the “Staples” category in 2013 at the Bharti Walmart Private LimitedAnnual SupplierConference Recognized as a Global Growth Company since 2010, an invitation- only community consisting of ~300 of the world’s fastest-growing corporations eachyear Sales in more than 60 countries compared to 40 atIPO Source: ANFI’s public financial statements and other publicly availableinformation
Basmati Rice Overview and ProductionProcess RiceStatistics What is BasmatiRice? • Rice is the primary staple for over 50% of the world’s population • Long-grain rice with distinct nutty flavor and strong aroma • Exclusively grown at the base of Himalayan Mountains in India andPakistan • Regarded as healthy: gluten free and a lower glycemic index than whiterice • Considered a premium food product as it improves with age and is typically stored for 12 months ormore • Rice provides more than 1/5 of global caloric intake and cannot besubstituted • Rice is not genetically modified and is a good source of vitamins and minerals, such as iron, vitamin D, calcium and fiber, amongothers Basmati ValueChain Amira’s area ofactivities Processing Milling Separation Packaging Production Basmati/ Non-Basmati RiceFarms Procurement Distribution RetailSector Distributors Procurement Uttar Pradesh Source: ANFI publicly filed 20-F, public company materials, Food and Agricultural Organizational report,USD
CompanySnapshot Leading global provider of branded packaged Indian specialtyrice Sales by Product Sales by Brand Sales byGeography North America 2% Other 14% Institutional 13% AsiaPacific (ex-India) 14% Thirdparty Branded 44% EMEA 43% SpecialtyRice 21% Amira Branded 43% BasmatiRice 65% India 41% Q3 2015 LTM Revenues: $659.2 million Q3 2015 LTM EBITDA: $93.0million • Amira branded products are the focus of our global expansionstrategy • Launched in 2008 and sold in more than 40countries • Branded sales have nearly doubled in size since time ofIPO AmiraBranded • Foundation of our initial internationalexpansion • Launched in 1978 and sold in more than 40countries • Low financial risk and high visibility into top and bottomline Third-Party Branded • Other agricultural products including wheat, barley, legumes and otherproduce • Opportunistic, profitable non-corebusiness • Strengthens relationships with farmers andcustomers Institutional Note: Sales by product, brand and geography based on FY 2014results. Source: ANFI publicly filed 20-F
Diverse Product Range - Catering To All ConsumerSegments Best MoneyCan Buy Gourmet Value Surplus Premium Valuefor Money Mainstream Popular Range Popularly PricedProducts Broad product offering with more than 200 SKUsglobally Source: ANFI’s publicly filed 20-F and other publicly available information
Recent ProductInitiatives Diversifying portfolio with value-add adjacencies launching in India and plan to take internationally in thefuture Adjacencies Amira PremiumReady-to-Heat TheOrganics • Amira’s Organic business was established to build upon our “Passion for Purity” byoffering, • Certified organic, premium snack and ready-to- heat meals to health and socially conscious consumers around the world • Integrity in food with absolutely noadulteration ‒ Traceable ingredients and process from farm to fork Basmati Ricewith Lentils Basmati Rice with KidneyBeans ‒ Fair trade and corporate social responsibility for our consumers, farmers & ourplanet Amira PremiumSnacks • Strong relationships with more than 7,500 certified organic farmers inIndia • All natural products from one of the greatest agricultural regions“INDIA” • Organic certification in India is recognized by the USDA Source: ANFI’s publicly filed 20-F and other publicly available information
Key InvestmentHighlights 1 Large and GrowingIndustry with Attractive Pricing Dynamics 9 Proven Financial Results 8 Committedand Successful ManagementTeam 2 Global Leaderin a FragmentedCategory Strong andGrowing Global Presence in more than 60 Countries 7 Best-in-ClassSupply Chain andOperations 3 Strong Brand and ProductInnovation 4 FavorableEconomic Trends in Home Market ofIndia 6 5 Well-Established Relationships with World’s LeadingRetailers PROVEN BUSINESS MODELWITH TRACK RECORD OF SUCCESS
1. Basmati Rice – A Large and DiverseMarket Basmati is a highly attractive category given its premium price and superiorgrowth Key RiceIndustry Facts Basmati Is a Differentiated Category withinRice… • Highly fragmentedindustry • Superior quality commands premiumprice • Specialty product only grown in Indiansubcontinent • Slender, extra long grain with a pearly hue, known for its aromatic characteristics • Allergy-free product that must be aged for ~12months Wholesale $275bn(1) Global Basmati $6bn(1) Restof World $225bn India $50bn(2) • …And We are a Global Leader in BasmatiRice • Voted “Asia’s Most Promising Brand” by the WCRC group in2013 • Voted “INDIAN POWERBRAND” in the Food Category by Planman Group in 2011 and2013 • Best Partner in the “Staples” category in 2013 at the Bharti Walmart Private Limited Annual SupplierConference • Recognized as a Global Growth Company since 2010, an invitation-only community consisting of ~300 of the world’s fastest-growing corporations eachyear • Strong Relationships with leading global retailers such as Carrefour, Costco, Metro Cash & Carry, Tesco andWalmart (1) Horizon Research; (2)CRISIL
1. Basmati Rice—Strong Growth and Premium PricingDynamics Basmati has consistently grown at a rate well above the overall rice industry and commands a significant price and margin premium tomanufacturers Basmati Category Growing Faster Than Global RiceSales… …Commands PremiumPricing 30% $1,600 $1,426 $1,328 $1,400 24% 25% $1,191 $1,162 $1,200 $1,076 $1,036 2008-2013CAGR (%) 20% $1,000 PriceperMT($) 15% $800 15% $600 $505 $502 $489 $459 $452 10% $417 $400 4% 5% $200 $0 0% YTDQ2 FY15 FY10 FY11 FY12 BasmatiRice FY13 FY14 SpecialtyRice Basmati Rice VolumeOutside India Global Rice Volume BasmatiRice Volume inIndia Double-digit growth in domestic and international consumption inboth historical and forecasted five yearperiods Source: CRISIL,Euromonitor Note: Basmati and Specialty Rice pricing per MT based on Amira price realization.
2. A Global Leader in a FragmentedCategory Leading Position Internationallyby Sales Among Indian Specialty Rice Players Solid Position in theDomestic Indian Market bySales Packaged Rice IndustryDynamics Top 10Brands(1) $323 $664 Top10 Brands 9.8% (1.1%) (1.7%) (2.1%) $241 $267 Generics (0.9%) Arawana brand (1.0%) $209 $224 $200 HeilongjiangAgriculture Bei Da Huangbrand (0.7%) $167 Other Brands 90.2% (0.6%) $154 Shinmei (0.6%) Gyeonggi Nonghyup Nonghyupbrand (0.6%) $85 $76 2014 Value:US$71bn $0 $100 $200 $300 $400 Annual International sales(US$m) $0 $200 $400 $600 $800 (0.5%) Annual Indian sales(US$m) ANFI is a leading global provider of branded packaged Indian specialtyrice Note: Converted exchange rates of 61.1 INR/USD and 1.63 GBP/USD. Annual sales figures represent March FY14results Source: ANFI’s publicly filed 20-F, Company filings, Euromonitor, and Management estimates; ANFI sales include Amira Branded, Third Party branded and Instititutionalsales Source: Euromonitor; Represents global market share in 2014 packaged rice byvalue. (1)Parenthesesrepresentglobalmarketsharein packagedrice byvalue.
3. Strong and Growing GlobalPresence • Sales in 60 countries vs. 40 at time ofIPO • Approximately 60% of sales achieved internationally inFY2014 • Strong historical presence in Indiaand the MiddleEast • Continued expansion into developedmarkets, • i.e. US, UK, Continental Europe Amira India Headquarters & ProcessingFacility AmiraOffices Sales of Amira BrandedProducts Sales of Third-Party Branded &Institutional Sales of Amira Branded, Third-Party Branded &Institutional Source: ANFI’s publicly filed 20-F and publicly availabledata Note: Country sizes are not altered to be representative of ANFI’s salespresence
3. ANFI Has Invested In Physical Infrastructure with Sales Offices, Processing Equipment and Storage Around theWorld ANFI’s Offices Around theWorld Delhi Office(Current) Delhi Office(New) DubaiOffice UKOffice New YorkOffice Dusseldorf, Germany Office Distribution Center,India Processing Facility, Gurgaon,India ANFI’s offices, factory and warehouses have been visited and diligenced by its investment bankers, lawyers, sellside research analysts and numerousinvestors Note: for illustrative purposes only. ANFI has additional offices, production facilities that have not been depictedabove.
3. ANFI’s Products Sit On the Shelves Around theWorld WH Smith,NewDelhi Morrisons, London Dansk,Copenhagen Costco,USA Mariano’s, Chicago,USA Food Palace,Qatar Established base in high growth emerging markets with opportunity to increase penetrationin developedmarkets — Packaged rice market size in US: ~$2.5bn, UK: ~$850mm and Continental Europe:~$4.5bn Source:Euromonitor
3. ANFI Has Made Concerted Efforts to Support theBrand Wall Street Journal The Grocer,UK Airport Billboard, NewDelhi Public Transportation,UK
4. Favorable Economic Trends in Home Market ofIndia Amira positioned to benefit from favorable macroeconomic and demographic trends inIndia • Rapidly growing middleclass 15 DCs today, up from 1 atIPO – Estimated middle class population CAGRis13% between 2005 and 2025, reaching 583 million Indian middle class citizens by 2025(1) (current population of India is 1.267billion) Zirakpur (Punjab) Punjab Haryana Gurgaon Jaipur Himachal Pradesh Uttarakhand Surajpur(Uttar Delhi – Amira is able to serve pan-Indiawithextensive distribution structure and plans to supplement direct distribution asneeded Pradesh) Lucknow Rajasthan Uttar Pradesh Indore • RobustgrowthexpectedinmoderntradeinIndia Kolkata – 17% CAGR from 2014 to 2019 estimatedformodern trade (organized retail formats), which is estimated to account for 11% of Indian retail trade in2014(2) Ahmedabad Ranchi Mumbai Hyderabad – Amira has a dedicated sales team focusedonthe modern tradechannel Vijayawada Chennai Bangalore – Amira has “first mover advantage duetoentrenched relationships” • Increasing privateconsumption • Establishment of 15 company managed distribution centers in India provides Amira with greater control over its expansion efforts in its important homegeography – Private consumption estimated to increase ata7% CAGR between 2005 and 2025, reaching $1.5 trillion in 2025(1) • Expected to drive deeper and more broad marketpenetration • Expected to generate higher service levels of fill rates, inventory turnover andreplenishment McKinsey Global Insight, assumes 0.0223 INR/USD exchangerate. PlanetRetail.
5. Well-Established CustomerRelationships SelectedCustomers In Spring 2015, Amira Nature Foods Ltd Announced Three New Partnerships to Expand Amira Branded Salesin the UnitedStates Revenue by Top 5Customers 3rd Party BrandedPartners 2014 2012(IPO) Top 5 Customers 47% Top 5 Customers 34% Rest of Customers 53% Amira has strong relationships with leading globalretailers Rest of Customers 66% Source: ANFI’s publicly filed 20-F and publicly availabledata Note: For FY 2014, Amira branded sales, third party branded sales and institutional sales contributed 43%, 44% and 13%, respectively, of total ANFIsales.
6. Strong Brand and Continuous Product and PackagingInnovation Core RiceOfferings Core Basmati Rice Innovation Across RiceCategories Leveraging Our Expertise into New Adjacencies Ready to EatSnacks Organics • Broad product range across size and valuepyramid • Launched Amira brand in 2008 – initial focus on Indian market, now in 40+ countries around theworld • Amira brand has nearly doubled since IPOto • ~$240 million as of fiscal 2014 • Consumer awareness built through multi-pronged marketingstrategy • Continued focus on innovation and consumer friendly adjacencies (edible oils, snacks and readymeals) • Launched organic initiative in 2013 – relationships with more than 7,500 organic farmers inIndia Source: ANFI’s publicly filed 20-F and other publicly available information
6. Brand Building Based on ConsumerResearch Best FitProduct & Strategic Packaging Promotion& Advertising Brand and RelevantPricing = SuccessfulConsumer Strategy Eye Level Placement
7. Superior Sourcing Network – The AmiraAdvantage Best-in-class supplychain Long-standing relationships with local paddy farmers and a large network of procurement agents allow us to consistently source high-quality and quantity ofpaddy Basmati rice is grown exclusively in foothills of the Himalayas in the Indiasubcontinent Major Basmati-GrowingRegions Paddy procurement typically occurs between September andMarch HimachalPradesh Punjab Haryana Basmati rice may be purchased in unfinished state from localpaddy Uttarakhand farmers via the mandi process, or in semi finished form from third party millers Uttar Pradesh Rajasthan Uttar Pradesh Amira has long-standing relationships with top procurement agents and local paddy farmers in all major paddy procurementcenters Amira procures the highest quality paddy for production, including proprietary technology for the testing of purchasedpaddy We maintain ample warehousing capacity to store the paddy for optimal aging (12+ months), resulting in high-end, premium all-natural Basmatirice Relationships with more than 200,000 farmersand more than 7,500 certified organicfarmers Source: ANFI’s publicly filed 20-F and other publicly available information
7. Processing Capacity to SupportGrowth • ExistingFacility • Currently operates a state-of-the-art, fully automated and integrated processing and milling facility in Guragon, India (originally constructedin 1995 with major upgrades in2010) • Includes grading and packaging units, along with modern in-house laboratory for qualityassurance andwarehousing • Processing capacity of 24 metric tons per hour(27 metric tons per hour including leasedfacilities) • Existing site zoned for residentialdevelopment • ProcessingCapacity • PlannedFacility • Land • Previously secured 48.2 acres of land in Karnal, Haryana,India • Purchase of Amira Enterprises with 86 acresof adjacentland • Strategically located near rice growing regionand • ~132 km from NewDelhi • FactoryEquipment • Buhler rice processing facility on order for $8.3 million • Next generation machinery adds 48 metric tons per hour of rice millingcapacity • Upon completion of installation, 12 metric tons per hour facility (2010 vintage) will move to new location and shutter older-eraequipment • Phase 1Capabilities • 60 metric tons per hour of modern, untouched-by- hand processingequipment • Consolidation of warehousing onsite vs.multiple leased locationstoday • Modern Amira factory office compound andR&D lab Currently process ~30-35% product as early stage product, additional~30-35% reprocessed and remainder via 3rdparty After completion of new facility, will process ~50%as early stage rice,additional ~30-35% reprocessedand remainder via 3rdparty InstalledCapacity (MT/HR) 60 24 PostExpansion Plan Today Source: ANFI’s publicly filed 20-F and other publicly available information
8. Committed and Successful ManagementTeam Our management team has transformed Amira from a local, family-owned business into a global, professionally runcompany Years ofRelevant Name Position Experience Experience Key Management Board Cornelius Barton &Co.
9. Proven Organic FinancialResults 700 120 $659 $609 $576 (1) 600 $547 LTMAdj. EBITDA($millions) $93 100 LTMRevenue($ millions) $501 $86 $472 $80 $444 500 $75 80 $414 $401 $67 $360 $342 400 $61 $57 60 $52 $50 $45 300 $41 40 200 20 100 0 0 Jun.13Sep.13 LTM Adj.EBITDA Dec.13Mar.14 LTMRevenue Jun.12 Sep.12 Dec.12 Mar.13 Jun.14 Sep.14 Dec.14 (2) Peer CAGR for the period LTM Dec. 2012 to LTM Dec.2014 EBITDA bar graph and revenue trend line are based on LTM numbers, while indicated growth rates reflect yoy quarterlygrowth Quarter end for McCormick & Company, Inc. is August 31st; Boulder Brands Inc. CAGR corresponds to the period LTM Sep. 2012 to LTM Sept. 2014 On Dec. 23, 2013 Boulder Brands, Inc. announced the acquisition of EVOL Foods and estimated EVOL would generate $25M in net sales and approximately $1.5M in EBITDA for the year ending Dec. 31, 2014; On June 1, 2012 Boulder Brands, Inc. announced the acquisition of Udi's Healthy Foods, LLC and noted Udi’s had TTM sales of $60.9 million and TTM adjusted EBITDAof $7.2million Source: Public filings, Capital IQ, and other publicly availabledata
Strong, Sustainable Performance Over Time, While Increasing Margins Consistently delivered over 26% top-line growth in the last four plus years while increasing Adj. EBITDA by34% Revenue Adj.EBITDA $100 24% $700 $93 $659 $90 22% $600 $80 $547 $75 20% $70 $500 18% EBITDAmargin ($ inmillions) $414 $60 ($ inmillions) $52 $400 $50 16% $329 $40 14.1% $300 13.8% $40 $255 14% $31 12.7% $202 $30 12.1% $200 12% $22 12.1% $20 $100 10% 10.7% $10 $0 8% $0 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 LTM Q3 2015 LTMQ3 2015 FY2010 FY2011 FY2012 FY2013 FY2014 Source: ANFI’s publicly available financialstatements Note: Fiscal years ended March 31. LTM values are unauditedfigures.
EBITDA Generation andSeasonality Predictable and seasonal business with Q4 generating ~34% of revenues and Adj.EBITDA Fiscal 2013 and 2014RevenueDistribution Fiscal 2013 and 2014 Adj. EBITDADistribution Q12014 20% Q12013 19% Q12013 19% Q12014 19% Q42013 34% Q42013 35% Q42014 34% Q42014 35% Q22014 19% Q22013 19% Q22014 20% Q22013 19% Q32014 26% Q32013 28% Q32013 27% Q32014 27% LTM Rolling Adj. EBITDA andMargin ($ inmillions) $100.0 14.5% $93.0 $90.0 $85.6 14.1% 14.0% $80.0 $80.0 14.0% $75.5 13.9% 13.8% $70.0 $60.0 13.5% 2014Q4 Source: ANFI publicly filed 20-F and other publicly availabledata 2015Q1 2015Q2 2015Q3
Balanced Business Model with Steady GrowthProfile Revenue by Geography Revenue byBrand North America 2% AsiaPacific (ex-India) 14% Thirdparty Branded 44% Institutional 13% FY14 Revenues and % Changey-o-y India $224.1, up 18.6% (31.5% in Indianrupees) EMEA $237.5, up22.9% Asia Pac $73.9, up>100% N. America $11.8, up73.5% • Amira Branded / Third Party Branded~50%/50% splittoday • Institutional returns to 5%– 12% level historicallyseen EMEA 43% Amira Branded 43% India 41% Revenue by Brand OverTime ($ inmillions) $239 $239 $214 $192 $181 $122 $118 $95 $95 $78 $69 $42 $29 $27 $7 FY2010 FY2011 FY2012 Third PartyBranded FY2013 FY2014 Institutional AmiraBranded Source: ANFI publicly filed 20-F and other publicly availabledata
Disciplined Cost Structure and Capital SpendingPlan • Historically invested in only the most modern manufacturing equipment which has allowed us to benefit from low maintenancecapex • Maintenance capex expected to be less than ~$2-3 million peryear • In the process of breaking ground on our new processing facility in Karnal, India which will increase our capacity from 24 to 60 MT / hour, further benefiting ourmargins • Strong controls over employee costs with 439 of 477 employees based in Indian homemarket • Historical CapitalExpenditures $6 $5.5 $5 $3.9 $4 ($inmillions) $3 $1.8 $2 $0.9 $0.9 $1 $- FY2010 FY2011 FY2012 FY2013 FY2014 % ofsales 2.7% 0.7% 0.3% 0.2% 0.7% Source: ANFI publicly filed 20-F and other publicly availabledata
ANFI Continues to Maintain a Conservative CapitalStructure • ANFI continues to maintain a conservative balance sheetwith • $187.1 million of total debt at December 31, 2014 compared to December 31, 2014 LTM adjusted EBITDA of $93million • Total Debt to adjusted EBITDA ratio of just 2.0x at December 31, 2014, compared to 2.4x and 3.1x at December 31,2013 • and March 31, 2013,respectively • Net Debt to LTM adjusted EBITDA ratio of just 1.7x at December 31,2014 • LTM Adjusted EBITDA to Finance Cost (net of Finance Income) ratio of 3.3x at December 31,2014 • ANFI had $27 million of cash on its balance sheet and $21.6 million available under its current borrowing facility suggesting more than sufficient capital to fund its continuingoperations • Strong relationships with consortium of Indianbanks ANFI Leverage (Total Debt / LTM Adj.EBITDA) 5.0x 4.0x Total Debt/ LTM Adj. EBITDA 3.1x 3.0x 2.5x 2.4x 2.4x 2.4x 2.3x 2.2x 2.0x 2.0x 1.0x 0.0x Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 ANFI Interest Coverage (LTM Adj. EBITDA /Finance Costs Net of FinanceIncome) Peer Leverage Levels (Total Debt / LTM Adj. EBITDA) 5.0x 5.0x LTMAdj. EBITDA/ Finance Cost (net of FinanceIncome) 3.9x Total Debt/ LTM Adj. EBITDA 4.0x 4.0x 3.3x 3.3x 3.2x 3.1x 3.0x 3.0x 3.0x 2.8x 3.0x 3.0x 2.5x 2.0x 2.0x 2.0x 1.0x 1.0x 0.0x – Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Mid and Small CapFood Competitors(Avg) Large Cap Food Competitors(Avg) Amira Source: Derived from public Company financial statements and Capital IQ as of May 11,2015 Note: ANFI values based on publicly filed financial statements; Interim results and ratios have not beenaudited. Large Cap companies include Campbell’s, ConAgra, General Mills, Kellogg, Mead Johnson, Kraft, Mondelez, PepsiCo, JM Smucker, and McCormick. 32 MidandSmallCapcompaniesincludePinnacle,Treehouse,Snyder’s-Lance,B&G Foods,FlowersFoods,PostHoldingCop.,HainCelestial,WhiteWave,J&JSnackFoods,SodaStream,BoulderBrands,DiamondFoods,MonsterBeverage,andHerbalife.
2014 Fiscal Year PerformanceReview KeyDrivers Revenue Revenue increased by $133.7 million, or 32.3%, to $547.3million $800 $547.3 $600 International sales increased by $98.5 million, or 43.8%,to $323.2 million, India sales increased by $35.2 million, or 18.6%, to $224.1 million (up ~31.5% in rupeesy-o-y) ($ inmillions) $413.7 $400 $200 $0 Amira branded sales increased by $43.8 million, or 22.4%,to $238.8 million, and 3rd party branded sales increased by $24.3 million, or 11.3%, to $239.1 million, institutional sales increased by $65.6 million to $69.4million 2013 2014 AdjustedEBITDA $150 Adjusted EBITDA increased by $23.1 million, or 44.0%, to $75.5 million driven by strong sales growth for the period as well as increased pricing and operatingefficiencies. ($ inmillions) $100 $75.5 $52.2 $50 Margins increased by more than 100 bps, driven by pricing improvements in cost of materials as % of sales (75.7% vs 77.3%) and freight, forwarding and shipping (4.3% vs. 5.1%) and was offset in part by an increase in employee expenses as a % of sales (2.1% vs.1.3%) $0 2013 2014 AdjustedEPS Adjusted profit after tax increased by 93.2% to $41.0 million, compared to $21.2 million, driven by increased EBITDA, operating leverage and a reduction in effective tax rate of 19.6% from30.0% ($ inmillions) $1.14 $1.20 $0.80 $0.59 $0.40 $0.00 2013 2014 Adjusted EPS increased by $0.59 or 93% to$1.14 Note: Does not include the full benefit of Basmati Rice GmbH which had approximately $9 million in calendar year 2013 sales and was acquired in January 2014; Adjusted EBITDA and Adjusted EPS exclude the impact of non cash compensation in the amount of $0.2 million and $2.9 million for the fiscal years ended 2013 and 2014, respectively: weighted average diluted shares for the period were 35.7 million and 35.9 million for fiscal years 2013 and 2014, respectively. Please see “Non IFRS Measures” in this release for a reconciliation of Adjusted EBITDA and Adjusted profit after tax to the IFRS measure of profit aftertax. 33
3 Months Ended Q3 2015 FinancialHighlights Revenue Keydrivers • Revenue increased $49.9 million or 35.0% to $192.4 million driven primarily by increased sales volume and product mix of rice in India and internationally 35.0% $250.0 $200.0 $150.0 $100.0 $50.0 $0.0 $192.4 ($ inmillions) $142.5 • Sales in India increased by $20.3 million or 30.7%, to $86.6 million, non-India or international sales increased $29.6 million or 38.9%,to • $105.8million • Amira branded and third party branded sales increased $39.9 million, or 29.2%, to $176.4 million, Institutional sales were $16.0 millioncomparedto$5.9millionayearago 20142015 AdjustedEBITDA • Cost of material including the change in finished goods as a percentage of revenue increased by 390 basis points to 79.3% of sales from 75.4% in the year ago period. Cost of material including change in finished goods as a percentage of revenue plus foreign exchange gain/ (loss) (due to hedging of foreign exchange risk) increased by 330 basis points to 79.2% of sales from 75.9%. Increase largely driven by higher cost of raw material from the procurement season of FY2014 • Freight, forwarding and handling expenses decreased by 180 basis points to 2.4% of sales from 4.2% in the prior period, due to more shipments involving free on board (FOB). Employee benefit costs decreased 110 basis points to 2.3% of sales compared to 3.4%. Other expenses decreased 80 basis points to 3.2% of sales from 4.0%. Other gains / losses showed a gain of $1.3 million versus a loss of $0.9 millionin the prior year period. $40.036.6% $27.7 $30.0 ($ inmillions) $20.3 $20.0 $10.0 $0.0 2014 14.3% 2015 14.4% %margin AdjustedEPS 52.9% $0.50 $0.40 $0.30 $0.20 $0.10 $0.00 $0.44 • AdjustedEBITDAincreased$7.4millionor36.6%to$27.7 million,with adjusted EBITDA margins increased 10 bps to14.4% • The Company’s effective tax rate was 21.8% for the period compared to 19.1% in the year ago period, Adjusted profit after tax increased $5.5 million or 52.9% to $15.9 million from $10.4 million and Adjusted EPS increased 52.9% to $0.44 per share from $0.29 per share in the prior year period ($ per share) $0.29 20142015 Note: Interim results are not audited. Includes full benefit of Basmati Rice GmbH which was acquired in January 2014; Adjusted EBITDA and Adjusted EPS exclude the impact of non cash compensation; weighted average diluted shares were 35.9 million and 35.9 million for the three months ended December 31, 2013 and December 31, 2014, respectively. Please see “Non-IFRS Measures” in this release for a reconciliation of Adjusted EBITDA and Adjusted profit after tax to the IFRS measure of profit aftertax.
Key Working CapitalItems $ inmillions Q32014 Q42014 Q22015 Q32015 Source: Values based on publicly filed financialstatements Note: Interim results and ratio analyses have not been audited. A reconciliation for LTM sales is included in the appendix. Net adjusted working capital is defined in Appendix for Non-IFRS measures.
Key Capital StructureItems $ inmillions Q32014 Q42014 Q22015 Q32015 Cash and cashequivalents $33.8 $37.6 $25.7 $27.0 Totaldebt $160.3 $184.8 $184.2 $187.1 LTM adjustedEBITDA $67.4 $75.5 $85.6 $93.0 Total debt / LTM adjustedEBITDA 2.4x 2.4x 2.2x 2.0x Net debt / LTM adjustedEBITDA 1.9x 2.0x 1.9x 1.7x Source: Values based on publicly filed financialstatements Note: Interim results and ratio analyses have not been audited. A reconciliation for LTM adjusted EBITDA is included in theappendix.
Outlook FY2015 Longterm Revenue 25%growth $1.0billion AdjustedEBITDA 25%growth $150million Note: Long term outlook represents Revenue and Adjusted EBITDA targets through FY2018 set by management at time ofIPO.
Recap of Amira CreditHighlights Established, 100 year old company with a track record of proven financialresults Global leader in a large and growing category with attractive pricingdynamics Recognized international brand that represents a value-add and premium high quality product Deep, entrenched and longstanding relationships with a vast network of trusted suppliers Proven ability to expand internationally and diversify businessprofile Defensive business model with a strong inherent free cash flow generation profile (currently reinvesting back into thebusiness) Experienced management team with focus on preserving a conservative capital structure and financialpolicy
Amira Nature Foods CorporateStructure CorporateStructure Karan A.Chanana Publicshareholders 69.4%(b) 30.6% Amira Nature FoodsLtd (British VirginIslands) 100% Amira Nature FoodsLtd (Mauritius) 100% 80.4% Amira Pure Foods Private Limited (India) Karan A.Chanana andaffiliates Amira I Grand Foods Inc. (British Virgin Islands) 19.6%(a) 100% International Subsidiaries(c) Assumes the completion of the purchase by Karan A. Chanana of 1,500,000 equity shares of Amira India. Includes Share options granted and vested till March 31,2014. International subsidiaries are: Amira I Grand Foods Inc., Amira Food Pte. Ltd., Amira C Foods International DMCC, Amira Foods (Malaysia) SDN. BHD., Basmati Rice GmbH, Basmati Rice North America LLC, Amira G Foods Limited, and Amira Ten NigeriaLimited. Source: Companyfilings
Contact AMIRA www.amira.net amirafoods@amirafoods.com