MAKE SOMETHING BEAUTIFUL

Investor
Presentation
June
2015

Forward Looking Statement

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
fnancial condition, results of operations, plans, objectives, future performance and business.
Specifcally, 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 fnancial impact of new sales contracts on our revenue, our plan
to make signifcant capital expenditure, and other statements of managements 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 fnancial
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 fled 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 fnancial 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 refect events or circumstances after the date hereof, whether as a result of new information,
future
events
otherwise.
not intend
to, or
update
or revise the forward-looking statements in this presentation after the
date of this presentation.
Because of these factors, we caution that you should not place undue reliance on any of our forwardlooking 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

Market and Industry Data

This presentation contains estimates and projections regarding market and industry data that were
obtained from internal company surveys as well as third-party sources such as market research,
consultant surveys, publicly available information and industry publications and surveys. We believe the
information provided or made available by these third-party sources is generally reliable. However,
market data is subject to change and cannot always be verifed with complete certainty due to limits on
the availability and reliability of raw data, the voluntary nature of the data gathering process and other
limitations and uncertainties inherent in any statistical survey, interpretation or presentation of market
data and managements estimates and projections. In addition, projections are often wrong. As a result,
you should be aware that market data set forth herein, and estimates, projections and beliefs (i) based
on such data and (ii) relating to certain fnancial and performance metrics presented herein, may not be
reliable. We have not independently verifed any of the data from third-party sources or ascertained the
underlying economic assumptions relied upon therein; accordingly we cannot guarantee the accuracy or
completeness of any such data.
Similarly, internal surveys, which we believe to be reliable, are based upon managements knowledge of
the industry as of the date of such surveys and have not been verifed by any independent sources. As a
result, we cannot guarantee the accuracy or completeness of any such information and you should not
place undue reliance on such information when making an investment decision.

Table of Contents

COMPANY
OVERVIEW
KEY INVESTMENT
HIGHLIGHTS
FINANCIAL
OVERVIEW
APPENDIX

COMPANY
OVERVIE
W

A Leading Growth Company with a Rich Heritage

a leading global provider of packaged

Indian specialty rice, predominantly

Basmati rice
Evolved from a domestic Indian
business to a managed high growth
professionally
global branded company

Q3 2015 LTM: Revenue increased to

$659.2 million (31.6% growth YoY) and
adjusted

EBITDA

increased

to

$93.0

million
(38.2%
growththe
YoY)
Continued
to receive
status of
Global Growth Company by the World

Economic
Forum
Voted Asias
Most Promising Brand by
the WCRC group in 2013-2014

1915

Founded in 1915, Amira has evolved into

1978
Established
International
business

2006
KARAN A CHANANA
takes over
and initiates
transformation to a
professionally
managed global
business

2009

Established
subsidiary in US
and launched
international
marketing/distribut
or ofice

2012

Amira Nature Foods Ltd.

listed on
NYSE

Voted INDIAN POWERBRAND in the Food

20
Category
Acquired
Basmati
Rice
by Planman Marcom in 2011
14
GmbH in Germany to
and 2013
strengthen distribution

Source: ANFIs publicly filed 20-F and other publicly

available information

network in
Europe

Founded as an
Agro-commodity trading
house by the Chanana
family

1995
Indias first fully
Integrated and
automated Rice
milling factory

2008
Launch of the AMIRA
Brand

2011
Established
Subsidiary in UK

2013

Organics
Launch of Organic
Division

2015
100 Year
Centennial

A Leading Global Branded Packaged Food Company with a

Proven Track Record
Focused on Basmati rice, a healthy, high
growth, high margin
product
Listed on the NYSE in Oct 2012 under the
symbol ANFI
Q3 2015 LTM Revenue of $659 million vs.
$342 million at IPO
Adjusted EBITDA more than doubled from
$42 million at IPO to $93 million for Q3 2015
LTM

Amira Corporate
Ofce

Multiple
Accolades

Indian Power Brands

Global Super Power
Edition 2011 & 2013

Conservative balance sheet of 1.7x net

debt / EBITDA
Sales in more than 60 countries compared
to 40 at IPO

Recognized as a Global
Growth Company since 2010,
an invitation- only community
consisting of ~300 of the
worlds fastest-growing
corporations each year

Inc. India featured Amira

as one of Indias fastest
growing mid- sized
companies in 2010, 2011,
2012 and 2013
Best Partner in the
Staples category in
2013 at the Bharti
Walmart Private Limited
Annual Supplier
Conference

Source: ANFIs public financial statements and other publicly

available information

Basmati Rice Overview and Production Process

Rice
Statistics

What is Basmati
Rice?

Rice is the primary staple for over 50% of

the worlds population

Long-grain rice with distinct nutty favor

and strong aroma

Rice provides more than 1/5 of global

caloric intake and cannot be substituted

Exclusively grown at the base of Himalayan

Mountains in India and Pakistan

Rice is not genetically modifed and is a

good source of vitamins and minerals, such
as iron, vitamin D, calcium and fber,
among others

Regarded as healthy: gluten free and a

lower glycemic index than white rice
Considered a premium food product as it
improves with age and is typically stored
for 12 months or more

Basmati Value Chain

Amiras area of activities

Productio
n
Basmati/
NonBasmati
Rice
Farms

Processing

Procurem
ent
Procurem
ent

Milling

Separation
Packaging

Distributi
on

Retail
Sector
Distributo
rs

Uttar
Prade
sh

Source: ANFI publicly filed 20-F, public company materials, Food and Agricultural
Organizational report, USD

Company Snapshot
Leading global provider of branded packaged Indian
specialty rice
Sales by Product
Othe
r
14
%

Sales by Brand
Geography
Institutio
nal
13%

Third
party
Branded
44%

Specialty
Rice
21%

Basmati
Rice
65%

Amira
Brand
ed
43%

Q3 2015 LTM Revenues:

$659.2 million Q3 2015 LTM
EBITDA: $93.0 million

Amira
Branded
ThirdParty
Brande
d
Instituti
onal

Asia
Pacifc
(exIndia)
14%

Ameri
ca 2%

EME
A
43
%

Indi
a
41
%

Amira branded products are the focus of our global

expansion strategy
Launched in 2008 and sold in more than 40 countries
Branded sales have nearly doubled in size since time of
IPO
Foundation
of our initial international expansion
Launched in 1978 and sold in more than 40
countries
Low financial risk and high visibility into top and
line
bottom
Other agricultural
products including wheat, barley, legumes
and other produce
Opportunistic, profitable non-core business
Strengthens relationships with farmers and customers

Note: Sales by product, brand and geography based on

FY
2014 ANFI
results.
Source:
publicly
filed 20-F

Sales
by
North

Diverse Product Range - Catering To All Consumer Segments

Gourm
et

Premiu
m

Mainstrea
m

Popularly Priced
Products

Best
Money
Can Buy

Valu
e
Surpl
us
Value
for
Mone
y
Popul
ar
Rang
e

Broad product offering with more than

200
SKUs
globally
Source: ANFIs publicly filed 20-F
and other
publicly
available information

10

Recent Product Initiatives

Diversifying portfolio with value-add adjacencies launching in India and plan to
take internationally in the future
Adjacencies
Amira Premium Ready-toHeat

Basmati Rice
with
Lentils

Basmati Rice
with
Kidney
Premium
Beans

Amira
Snacks

The
Organics
Amiras Organic business was
established to build upon our Passion
for Purity by offering,
Certifed organic, premium snack and
ready-to- heat meals to health and
socially conscious consumers around
the world

Traceable
ingredients
and process
Integrity
in food
with absolutely
no
from
farm
to
fork
adulteration
Fair trade and corporate social
responsibility for our consumers,
farmers & our planet
Strong relationships with more
than 7,500 certifed organic
farmers in India
All natural products from one of the
greatest agricultural regions
INDIA
Organic certifcation in India is
recognized by the USDA

Source: ANFIs publicly filed 20-F and other publicly

available information

11

KEY
INVESTMENT
HIGHLIGHTS

Key Investment Highlights

1

8 Committed

and
Successful
Management
Team

9 Prove
n
Financ
ial
Result
s

Large and
Growing
Industry
with
Attractive
Pricing
Dynamics

7 Best-in-Class
Supply Chain
and Operations

6 Strong Brand
and Product
Innovation

2 Global Leader
in
a Fragmented
Category
3

5 Well-

Established
Relationship
s with
Worlds
Leading
Retailers

Strong and
Growing
Global
Presence in
more than 60
Countries

4 Favorable
Economic
Trends in
Home Market
of India

PROVEN BUSINESS MODEL

W I T H T R AC K R E C O R D O F
SUCCESS
12

1. Basmati Rice A Large and Diverse Market

Basmati is a highly attractive category given its premium
price and superior growth
Key Rice Industry Facts
Category within
Rice
Wholesa
le
$275b
n(1)
Globa
India
l
$50b
Basm
n(2)
ati
$6b
n(1)

Is a Differentiated
Basmati
Highly fragmented
industry

Rest
of
Worl
d
$225
bn

Superior quality commands premium price

Specialty product only grown in Indian subcontinent

Slender, extra long grain with a pearly hue, known

for its aromatic characteristics

Allergy-free product that must be aged for ~12

months

And We are a Global Leader in

Basmati Rice

Voted Asias Most Promising Brand by the WCRC

Voted
INDIAN
group in
2013 POWERBRAND in the Food Category by
Planman Group in 2011 and 2013

Best Partner in the Staples category in 2013 at the

Bharti Walmart Private Limited Annual Supplier
Conference

Recognized as a Global Growth Company since 2010, an

invitation-only community consisting of ~300 of the
worlds fastest-growing corporations each year

Strong Relationships with leading global retailers

such as Carrefour, Costco, Metro Cash & Carry, Tesco
and Walmart

(1) Horizon Research; (2)

CRISIL

13

1. Basmati RiceStrong Growth and Premium Pricing Dynamics

Basmati has consistently grown at a rate well above the
overall rice industry and commands a significant price
andCategory
marginGrowing
premium to manufacturers
Basmati
Faster Than Global
Rice Sales

30
%

24
%

25
%
20
%

Price per MT
($)

2008-2013
CAGR (%)

0
%

$1,2
00

$60
0
$40
0

4
%

Global Rice VolumeBasmati

Rice
Volume in
India

$41
7

$45
2

FY1
0

FY11
FY12

$48
9

$45
9

$50
5

$50
2

$20
0
Basmati Rice
Volume
Outside
India

Double-digit growth in
domestic and international
consumption in both
historical and forecasted
five year periods
Source: CRISIL, Euromonitor

$1,19
$1,16
1
$1,07
2
$1,03
6
6

$1,42
$1,32 6
8

$80
0

10
%
5
%

$1,4
00

$1,0
00

15
%

15
%

$1,6
00

Commands
Premium Pricing

$
0

Basmati
Rice

FY14 YTD
Q2
FY15
Specialty

FY13

Rice

Note: Basmati and Specialty Rice pricing per MT based

on Amira price realization.

14

2. A Global Leader in a Fragmented Category

Leading Position
Internationally by Sales
Among Indian Specialty
Rice Players

Solid Position in the

Domestic Indian
Market by Sales

Packaged Rice Industry

Dynamics
Top 10
Brands(1)

$323

$66
4

Top
10
Bran
ds
9.8%

$241

$26
7

$209
$22
4

$200

$16
7

$154

$8
5
$0
$200 $400
$600
Annual Indian sales

$76
$80
0

(US$m)

$0
$100 $200 $300 $400
Annual International sales (US$m)

Othe
r
Bran
ds
2014 Value:
90.2
% US$71bn

(2.1
%)

(1.1%)

(1.7
%)

Generi
Arawa
na
cs
brand
(0.9%
(1.0%
Heilongjiang )
)
Agriculture
Bei Da Huang
(0.6
brand (0.7%)
%)
Shinm
Gyeonggi
ei
Nonghyup
(0.6
Nonghyup
%)
brand
(0.5
%)

(0.6%)

ANFI is a leading global provider of branded packaged

Indian specialty rice

Note: Converted exchange rates of 61.1 INR/USD and 1.63

GBP/USD. Annual sales figures represent March FY14 results
Source: ANFIs publicly filed 20-F, Company filings,
Euromonitor, and Management estimates; ANFI sales
include Amira Branded, Third Party branded and
Instititutional sales

Source: Euromonitor; Represents global market share in 2014

packaged rice by value.
(1) Parentheses represent global market share in packaged rice by
value.

15

3. Strong and Growing Global Presence

Sales in 60
countries vs. 40 at
time of IPO

Approximately 60%
of sales achieved
internationally in
FY2014

Strong historical
presence in India
and the Middle
East

Continued
expansion into
developed markets,
i.e. US, UK,
Continental
Europe
Sales of Amira Branded Products
Sales of Third-Party Branded & Institutional
Sales of Amira Branded, Third-Party Branded &
Institutional

Amira India Headquarters & Processing

Facility
Amira Offices

Source: ANFIs publicly filed 20-F and publicly available data

Note: Country sizes are not altered to be representative of
ANFIs sales presence

16

3. ANFI Has Invested In Physical Infrastructure with Sales Offices,

Processing Equipment and Storage Around the World
ANFIs Ofices Around
the World

Delhi Office
(Current)

Delhi Office
(New)

Dubai
Office

Processing Facility,
Gurgaon, India

UK
Office

New York
Office

Dusseldorf,
Germany
Office

Distribution
Center, India

ANFIs ofices, factory and warehouses have been visited and diligenced by its
investment bankers, lawyers, sellside research analysts
and numerous investors
Note: for illustrative purposes only. ANFI has additional ofices, production facilities that have
not been depicted above.

17

3. ANFIs Products Sit On the Shelves Around the

World
WH Smith, New Delhi
Morrisons, London

Dansk,

Copenhagen

Costco,
USA

Marianos,
Chicago, USA

Food Palace,
Qatar

Established base in high growth emerging markets with opportunity

to increase penetration in developed markets
Packaged rice market size in US: ~$2.5bn, UK: ~$850mm and
Continental Europe: ~$4.5bn
Source: Euromonitor

18

3. ANFI Has Made Concerted Efforts to Support the

Brand
Wall Street Journal
Grocer, UK

Public
Transportation,
UK

The

Airport Billboard,
New Delhi

19

4. Favorable Economic Trends in Home Market of India

Amira positioned to benefit from favorable macroeconomic and
demographic
Rapidly growingtrends in India
15 DCs today, up from
middle class

1 at IPO

Estimated middle class population CAGR is

13% between 2005 and 2025, reaching
583 million Indian middle class citizens by
2025(1) (current population of India is 1.267
billion)
Amira is able to serve pan-India with
extensive distribution structure and plans
to supplement direct distribution as
needed

Zirakp
ur
(Punja
b)
Punj
ab
Haryan
Rajasth
an
Indor a
Gurgaon
e

Robust growth expected in modern

trade in India

Jaipur

17% CAGR from 2014 to 2019 estimated

for modern trade (organized retail formats),
which is estimated to account for 11% of
Indian retail trade in 2014(2)
Amira has a dedicated sales team
focused on the modern trade channel

Ahmedab
ad
Mumb
ai
Bangalo
re

Amira has frst mover advantage due to

entrenched relationships

Increasing private
consumption

Private consumption estimated to increase

at a 7% CAGR between 2005 and 2025,
reaching $1.5 trillion in 2025(1)

(1) McKinsey Global Insight, assumes 0.0223 INR/USD

exchange rate.
(2) Planet Retail.

Himac
hal
Prades
h Del
hiUtt Prades
ar h)
Uttar
ak Luckno
Pradeha w
sh
nd
S
u
Kolkat
r
a
a
Ranc
j
hi
p
u
r Hyderab
ad
Vijayawa
(
da U
t
Chennai
t
a
r

Establishment of 15 company managed distribution

centers in India provides Amira with greater control
over its expansion efforts in its important home
geography
Expected to drive deeper and more broad market
penetration
Expected to generate higher service levels of fill
rates, inventory turnover and replenishment
20

5. Well-Established Customer Relationships

Selected Customers
In Spring 2015,
Amira Nature
Foods Ltd
Announced Three
New
Partnerships to
Expand Amira
Branded Sales in
the United States

Revenue by Top 5
Customers

2012
(IPO)

Top 5
Custom
ers 47%

Rest of
Custom
ers 53%
Rest of
Custom
ers 66%

201
4

3rd Party Branded

Partners
Top 5
Custom
ers 34%

Amira has strong

relationships with
leading global
retailers

Source: ANFIs publicly filed 20-F and publicly available

data
Note: For FY 2014, Amira branded sales, third party branded sales and institutional sales contributed 43%, 44% and 13%,
respectively, of total ANFI sales.

21

6. Strong Brand and Continuous Product and Packaging Innovation

Core Rice Offerings
Core Basmati Rice
Rice Categories

Innovation Across

Leveraging Our Expertise into

New Adjacencies Ready to Eat Snacks

Launched Amira brand in 2008 initial focus

on Indian market, now in 40+ countries
around the world

Amira brand has nearly doubled

since IPO to
~$240 million as of fiscal 2014
Consumer awareness built through
multi-pronged marketing strategy

Organ
ics

Broad product range across size and

value pyramid
Continued focus on innovation and
consumer friendly adjacencies (edible oils,
snacks and ready meals)
Launched organic initiative in 2013
relationships with more than 7,500 organic
farmers in India

Source: ANFIs publicly filed 20-F and other publicly

available information

22

6. Brand Building Based on Consumer Research

Best Fit
Product &
Strategic
Packaging

Promotio
n&
Advertisi
ng

= Successful
Consumer
Strategy

Eye
Level
Placem

Brand
and
Relevant
Pricing

23

7. Superior Sourcing Network The Amira

Best-in-class supply chain
Advantage
Long-standing relationships with local paddy farmers and a
large network of procurement agents allow us to consistently
source high-quality and quantity of paddy
Major Basmati-Growing
Regions

Himachal Pradesh
Punjab
Haryana

Rajasthan

Uttarakhand

Uttar
Pradesh

Uttar
Prade
sh

Basmati rice is grown exclusively in foothills of

the Himalayas in the India subcontinent

Paddy procurement typically occurs between

September and March
Basmati rice may be purchased in unfinished
state
farmers
from
vialocal
the mandi
paddy process, or in semi finished
form from third party millers
Amira has long-standing relationships with top
procurement agents and local paddy farmers in
all major paddy procurement centers
Amira procures the highest quality paddy for
production, including proprietary technology for
the testing of purchased paddy
We maintain ample warehousing capacity to store
the paddy for optimal aging (12+ months),
resulting in high-end, premium all-natural Basmati
rice

Source: ANFIs publicly filed 20-F and other publicly

available information

Relationships with more than

200,000 farmers and more than
7,500 certified organic farmers
24

7. Processing Capacity to Support Growth

Existing Facility

Currently operates a state-of-the-art,

fully automated and integrated
processing and milling facility in
Guragon, India (originally constructed in
1995 with major upgrades in 2010)

Includes grading and packaging units,

along with modern in-house laboratory
for quality assurance and warehousing

Processing capacity of 24 metric tons

per hour (27 metric tons per hour
including leased facilities)

Existing site zoned for residential

development

Currently process ~3035% product as early

Capacity
stage product,
additional ~30-35%
reprocessed and
2
remainder via 3rd

4
party
After completion of
new facility, will
Post
Toda
process ~50% as early
Expansi
y
stage rice, additional
on Plan
~30-35%
Source: ANFIs publicly filed 20-F and other publicly
reprocessed and
available information
remainder via 3rd
party

Installed
Capacity
(MT/HR)

6
Processing
0

Planned Facility
Land

Previously secured 48.2 acres of land

in Karnal, Haryana, India

Purchase of Amira Enterprises with 86

acres of adjacent land

Strategically located near rice growing

region and
~132 km from New Delhi
Factory Equipment

Buhler rice processing facility on

order for $8.3 million

Next generation machinery adds 48

metric tons per hour of rice milling
capacity

Upon completion of installation, 12

metric tons per hour facility (2010
vintage) will move to new location and
shutter older-era equipment
Phase 1 Capabilities

60 metric tons per hour of modern,

untouched-by- hand processing
equipment

Consolidation of warehousing onsite

vs. multiple leased locations today

Modern Amira factory ofice compound

25

8. Committed and Successful Management Team

Our management team has transformed Amira from a local,
family-owned business into a global, professionally run
company
Years of Relevant
19
Experience

Karan A. Chanana

Chairman

Bruce
Wacha
Experience

Chief Financial Offcer

Protik Guha

CEO, Amira India

20

Rajesh Arora

Sr. Executive Director Finance

25

Ashish Poddar

Executive Director Finance

16

Tony OConnor

CEO, Amira UK & Europe

39

Tobias Sterath

CEO, Basmati Rice GmbH

10

Alireza Yazdi

Vice President, Amira U.S.,

Canada, South America

20

Neal Cravens

Independent Director

35

Shiv Surinder
Kumar
Harash Pal Sethi

Independent Director

21

Independent Director

40

Boa
rd

Key
Management

Name

Position

15

Cornelius

Barton & Co.

26

LTM Revenue ($
millions)

70
0
60
0
50
0
40
0
30
0
20
0
10
0
0

$34
2
$4
1

$41
4
$5
2

$5
7

$47
2
$6
1

$6
7

$8
6

$8
0

12
0
10
0
8
0
6
0
4
0

19.4%
22.0%

Sep.1
2
28.7%
53.8%

Dec.1
2
56.2%
54.2%

Mar.1
3

Jun.13

Dec.13

Sep.13 LTM Adj.

10.2%EBITDA
37.6%
16.0% 43.2%

Mar.14 LTM

Revenue
36.1% 25.1%
33.0%
38.8% 48.7% 44.0%

Peer CAGR for the period LTM Dec. 2012 to

LTM Dec. 2014

Revenue CAGR
Adj. EBITDA CAGR
Adj. EPS CAGR

$57
6

$65
9
$9
3

2
0
Jun.1
2

Revenue growth(1)
Adj. EBITDA
growth(1)

$36
0
$4
5

$40
1
$5
0

$44
4

$50
1

$54
7
$7
5

$60
9

LTM Adj. EBITDA ($

millions)

(1
)

9. Proven Organic Financial Results

28.3% 15.7% 22.8% 10.9% 26.7% 4.6%

36.6% 7.2% 35.0% 13.9% 32.4% 7.9%
61.5% 3.3% 17.5% 9.5% 18.9% 10.0%

2.8%
4.3%
5.3%

Jun.1
4

Sep.1
4

Dec.1
4

25.9% 30.9% 35.0%

30.9% 39.4% 36.6%

(2
)

6.3%
4.3%
7.4%

8.6%
-4.3%
23.0%

22.1% 16.2%
25.9% 14.2%
5.3% 12.5%

(1)EBITDA bar graph and revenue trend line are based on LTM numbers, while indicated growth rates reflect yoy quarterly growth

Significant
Acquisitions

st; BoulderBrands Inc.CAGR corresponds

to LTM
- Sep. 2012
(2)Quarter
end for McCormick
& Company,
Inc. is August 31
to -the period LTM
Sept. 2014
(3)

(3)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 Udis had TTM sales of $60.9 million and TTM adjusted EBITDA of
$7.2 million
Source: Public filings, Capital IQ, and other publicly available data

27

FINANCIAL
OVERVIE
W

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 by 34%
Revenue
Adj. EBITDA
$70
0

$65
9

$60
0

$41
4

22
%

$7
5

($ in
millions)

$6
0

20
%

$30
0
$20
2

$3
0
$2
0

$10
0

$1
0
FY
2010

FY
2011

$4
0

$4
0

$25
5

FY
2012

FY
2013

FY
2014

LTM
Q3
2015

Source: ANFIs publicly available financial statements

Note: Fiscal years ended March 31. LTM values are
unaudited figures.

$
0

18
%

$5
2

$5
0

$32
9

$3
1
$2
2
10.7
%

12.1
%

12.7
%

24
%

13.8
%

14.1
%

12.1
%

FY 2010 FY 2011 FY 2012 FY 2013 FY

2014 LTM Q3
2015

16
%
14
%
12
%
10
%
8
%

EBITDA
margin

($ in
millions)

$9
0

$7
0

$40
0

$
0

$9
3

$8
0

$54
7

$50
0

$20
0

$10
0

EBITDA Generation and Seasonality

Predictable and seasonal business with Q4 generating
~34% of revenues and Adj. EBITDA
Fiscal 2013 and 2014 Revenue Distribution Fiscal 2013 and 2014
Adj. EBITDA Distribution
Q1
2013
19%

Q4
2013
34%
Q3
2013
28%

Q4
2014
34%

Q2
2013
19%

Q3
2014
26%

Q2
2014
20%

Q4
2013
35%
Q3
2013
27%

Q1
2013
19%
Q2
2013
19%

Q4
2014
35%

Q1
2014
19%
Q2
2014
19%

Q3
2014
27%

LTM Rolling Adj. EBITDA

and Margin

($ in
millions)

$100
.0
$90.
0
$80.
0

Q1
2014
20%

$75.
5
13.8%

$80.
0
13.9

$85.
6
14.0
%

$93.
0
14.1
%

14.5
%

14.0
%

$70.0
$60.
0

2014 Q4

Source: ANFI publicly filed 20-F and other publicly

available data

2015
Q1

2015
Q2

2015
Q3

13.5
%

Balanced Business Model with Steady Growth Profile

Revenue by Geography
Brand
Asia
Pacifc
(exIndia)
14%

North
Ameri
ca 2%

Revenue by

Third
party
Amira Branded /
Branded
Third Party Branded
44%
~50%/50% split
today

Institutio
nal
13%

FY14 Revenues and %

Change y-o-y
India $224.1, up 18.6%
(31.5% in Indian rupees)

EME
A
43 EMEA $237.5, up 22.9%
%
Asia Pac $73.9, up >100%

Indi
a
41
%

Institutional returns to
5% 12% level
historically seen

Amira
Brand
ed
43%

N. America $11.8, up
73.5%

Revenue by Brand
Over Time
($ in
millions)

$21
4

$18
1

$2
9

$7
8

FY20
10

$9
5

$11
8
$4
2

Institutio
nal

$2
7
FY20
11

Source: ANFI publicly filed 20-F and other publicly

available data

$19
2

$12
2

$9
5

$239
$239

$6
9
$
7

FY2012
Third Party
Branded

FY20
13

Amira
Branded

FY20
14

30

Disciplined Cost Structure and Capital Spending Plan

Historically invested in only the most modern manufacturing equipment which has
allowed us to benefit from low maintenance capex

Maintenance capex expected to be less than ~$2-3 million per year

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 our
margins

Strong controls over employee costs with 439 of 477 employees based in Indian
home market
$5.
5

% of
sales

Historical Capital Expenditures

$3.
9

($ in
millions)

$
6
$
5
$
4
$
3
$
2
$
1
$
-

$1.
8

FY2010
2.7%

$0.
9

$0.
9

FY2011

FY2012

FY2013

0.7%

0.3%

0.2%

FY201
4
0.7%

Source: ANFI publicly filed 20-F and other publicly

available data

31

ANFI Continues to Maintain a Conservative Capital Structure

ANFI Leverage (Total Debt / LTM

Adj. EBITDA)

4.0
x
3.0
x

3.1
x

2.5
x

2.4
x

2.4
x

2.4
x

2.0
x

2.3
x

2.2
x

2.0
x

1.0
x
0.0
x

Q4'13
Q2'15

Q1'14 Q2'14 Q3'14 Q4'14 Q1'15

Q3'15

LTM Adj. EBITDA /

Finance Cost
(net of Finance Income)

ANFI Interest Coverage (LTM Adj.

EBITDA / Finance Costs Net
5.0
of Finance Income)
x
4.0
x
3.0
x

2.5
x

2.8
x

3.1
x

3.0
x

3.3
x

3.2
x

3.0
x

3.3
x

2.0
x
1.0
x
0.0
x

Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15

Q3'15
Source: Derived from public
Company financial statements and Capital IQ as of May 11, 2015

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
Peer
Levels (Total Debt /
fund
itsLeverage
continuing operations

LTM Adj.
EBITDA)
Strong
relationships
with consortium of Indian banks

5.0
x
4.0
x

Total Debt / LTM Adj.

EBITDA

Total Debt / LTM Adj.

EBITDA

5.0
x

ANFI continues to maintain a conservative balance

sheet with
$187.1 million of total debt at December 31, 2014
compared to December 31, 2014 LTM adjusted
EBITDA of $93 million

3.0
x
2.0
x

3.9
x
3.0
x
2.0
x

1.0
x

Mid and Small Cap

Large Cap
Amir
Food
Food
a
Note: ANFI values based on publicly filed financial statements; Interim results and ratios have
Competitors
Competitors
not been audited.
(Avg)
(Avg)
Mid
and
Small
Cap companies
include Pinnacle,
Treehouse,
B&GJohnson,
Foods, Flowers
Foods, Post
HoldingJM
Cop., Hain Celestial,
WhiteWave, J&J Snack Foods,
SodaStream, Boulder Brands,
Large
Cap
companies
include Campbells,
ConAgra,
GeneralSnyders-Lance,
Mills, Kellogg, Mead
Kraft, Mondelez,
PepsiCo,
Diamond
Monster Beverage, and Herbalife.
Smucker, Foods,
and McCormick.

32

2014 Fiscal Year Performance Review

Key Drivers

($ in millions)

Revenue
$80
0
$60
0
$40
0
$20
0
$
0

$413.
7

$547.
3

2013
2014

Adjusted EBITDA

($ in
millions)

$15
0
$10
0
$5
0
$
0

$75.5
$52.2

2013
2014

($ in millions)

Adjusted EPS
$1.1
4

$1.2
0
$0.8
$0.4
0
0
$0.0
0

$0.5
9

Revenue increased by $133.7 million, or 32.3%, to

$547.3 million
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
rupeesbranded
y-o-y) sales increased by $43.8 million, or
Amira
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
Adjusted
million to EBITDA
$69.4 million
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 operating effciencies.
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 ofset in part by
an increase in employee expenses as a % of sales
(2.1% vs. 1.3%)
Adjusted proft 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% from 30.0%

2013
Adjusted EPS increased by $0.59 or
2014
to $1.14
Note: Does not include the full benefit of Basmati Rice GmbH which had93%
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

33

3 Months Ended Q3 2015 Financial Highlights

Revenue

Key drivers

35.0
%

$250.
0
($ in
millions)

$200.
0

$142.
5

$192.
4

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

$150.
0
$100.
0

($ in
millions)

$50.
0
$40.0
$0.
0
36.6%
$30.
0
$20.
0
$10.
0
$0.
0

% margin

Adjusted EBITDA

($ per
share)

$27.
7

$20.
3

201
4

201
5

14.3%

14.4%

Adjusted EPS

$0.4
0

52.9
%
$0.2
9

Amira branded and third party branded sales

increased $39.9 million, or 29.2%, to $176.4 million,
Institutional sales were $16.0 million compared to
Cost of material including the change in fnished goods as a
$5.9 million a year ago
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 fnished 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 FY 2014

2014
2015

$0.5
0

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
$105.8 million

$0.4
4

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 beneft 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$7.4
from
4.0%.orOther
gains
Adjusted
EBITDA
increased
million
36.6%
to / losses
showed
a gainwith
of $1.3
millionEBITDA
versusmargins
a loss ofincreased
$0.9 million in
$27.7
million,
adjusted
thebps
prior
period.
10
toyear
14.4%

The Companys efective tax rate was 21.8% for the period
compared to 19.1% in the year ago period, Adjusted proft
after tax increased $5.5 million or 52.9% to $15.9 million
$0.2
from $10.4 million and Adjusted EPS increased 52.9% to
2014
0
$0.44
per was
share
fromin$0.29
per
share in the prior year
2015are not audited. Includes full benefit of Basmati Rice GmbH
Note: Interim results
which
acquired
January
2014;
$0.1Adjusted EBITDA and Adjusted EPS exclude the impact of non cash compensation; weighted average diluted shares were 35.9 million and 35.9
period
0
$0.3
0

million for the three months ended December 31, 2013 and December 31, 2014, respectively. Please see Non-IFRS Measures in this release for

$0.0a reconciliation of Adjusted EBITDA and Adjusted profit after tax to the IFRS measure of profit after tax.
0

34

Key Working Capital Items

$ in millions

Q3
2014
Inventories
% LTM sales
Trade receivables
% LTM sales
Trade payables
% LTM sales
Net Adjusted working
capital
% LTM sales

$253.9
$253.8
50.7%
38.5%
$74.7
$99.1
14.9%
15.0%
$68.3
$16.5
13.6%
2.5%
$262.9
$339.4
52.5%
51.5%

Q4
2014

Q2
2015

Q3
2015

$255.0

$251.3

46.6%

41.3%

$80.9

$86.5

14.8%

14.2%

$41.2

$11.9

7.5%

1.9%

$298.2

$325.3

54.5%

53.4%

Source: Values based on publicly filed financial statements

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 defned in Appendix for Non-IFRS measures.

35

Key Capital Structure Items

$ in millions

Q3
2014

Q4
2014

Q2
2015

Cash and cash

equivalents

$33.
8

$37.
6

$25.
7

$27.
0

Total
debt

$160
.3

$184
.8

$184
.2

$187
.1

LTM adjusted
EBITDA

$67.
4

$75.
5

$85.
6

$93.
0

Total debt / LTM

adjusted EBITDA

2.4
x

2.4
x

2.2
x

2.0
x

Net debt / LTM adjusted

EBITDA

1.9
x

2.0
x

1.9
x

1.7
x

Source: Values based on publicly filed financial statements

Note: Interim results and ratio analyses have not been audited. A reconciliation for LTM adjusted EBITDA is
included in the appendix.

Q3
2015

36

Outlook
FY
2015

Long
term

Reven
ue

25%
growth

$1.0
billion

Adjusted
EBITDA

25%
growth

$150
million

Note: Long term outlook represents Revenue and Adjusted EBITDA targets through FY2018 set by
management at time of IPO.

37

Recap of Amira Credit Highlights

Established, 100 year old company with a track record of proven
financial results
Global leader in a large and growing category with attractive pricing
dynamics
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
business profile
Defensive business model with a strong inherent free cash flow
generation profile (currently reinvesting back into the business)
Experienced management team with focus on preserving a

38

APPENDIX:
SUPPLEMENTA
L MATERIALS

Q3 2015 LTM Revenue, Adj. EBITDA and Adj. PAT Reconciliation

($ in USD millions)

FY 2013

FY 2014
(A)

Revenue
Adjusted EBITDA
Adjusted
PAT

$413.7
$52.4
$21.
2

Source: ANFIs publicly filed 20-F and public company

financial statements
Note: LTM and quarterly values are unaudited.

$547.3
$75.5
$41.
0

9 Months

9 Months

Ended Dec 31,

2013

Ended Dec
31,
2014

(B)

(C)

$360.8
$49.0
$24.
2

$472.6
$66.5
$35.
7

LTM Dec 31,

2014
(A) (B) +
(C)
$659.2
$93.0
$52
.5

Amira Nature Foods Corporate Structure

Corporate Structure
Karan A. Chanana

Public shareholders

69.4%(b)
30.6%
Amira Nature Foods
Ltd (British Virgin
Islands)
100
%
Amira Nature Foods
Ltd (Mauritius)
100%
80.4%
Amira I Grand Foods Inc. (British
Virgin Islands)

Amira Pure Foods Private

Limited (India)
100
%

Karan A. Chanana
and affiliates
19.6%
(a)

International Subsidiaries(c )
(a)Assumes the completion of the purchase by Karan A. Chanana of 1,500,000 equity shares of Amira India.
(b) Includes Share options granted and vested till March 31, 2014.
(c)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 Nigeria Limited.
Source: Company filings

40