Investor PresentationJune 2015MAKE SOMETHING BEAUTIFUL
Forward Looking Statement
not intend to, update or revise the forward-looking statements in this presentation after the date of this presentation.
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 or otherwise.
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
Market and Industry DataThis 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 verified 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 management’s 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 financial and performance metrics presented herein, may not be reliable. We have not independently verified 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 management’s knowledge of the industry as of the date of such surveys and have not been verified 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.
COMPANY OVERVIEW
KEY INVESTMENT HIGHLIGHTS
FINANCIAL OVERVIEW
APPENDIX
Table of Contents
COMPANY OVERVIEW
A Leading Growth Company with a Rich Heritage
Founded in 1915, Amira has evolved into a leading
global provider of packaged Indian specialty rice,
predominantly Basmati rice
Evolved from a domestic Indian business to a
professionally managed high growth 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% growth YoY)
Continued to receive the status of “Global Growth
Company” by the World Economic Forum
Voted “Asia’s Most Promising Brand” by the WCRC
group in 2013-2014
Voted “INDIAN POWERBRAND” in the Food Category
by Planman Marcom in 2011 and 2013
1915Founded as anAgro-commodity trading house by the Chanana family1978
Established Internationalbusiness
1995India’s first fully Integrated and automated Rice milling factory
2006KARAN A CHANANA takes over
and initiates transformation to a professionally managed global
business
2008Launch of the AMIRA Brand
2009Established subsidiary in USand launched international
marketing/distributor office2011Established Subsidiary in UK
2013 OrganicsLaunch of Organic Division
2012Amira Nature Foods Ltd.
listed on NYSE
Acquired Basmati Rice GmbH in Germany to strengthen distribution
network in Europe
2014
2015100 Year Centennial
Source: ANFI’s publicly filed 20-F and other publicly available information
6
Focused on Basmati rice, a healthy, high growth, high margin product
Listed on the NYSE in Oct 2012 under the symbol ANFI
A Leading Global Branded Packaged Food Company with a Proven Track Record
Indian Power Brands Global Super Power Edition 2011 &
2013 Inc. India featured Amira as one of India’s fastest growing mid- sized companies in 2010, 2011,
2012 and 2013
Recognized as a Global Growth Company since 2010, an invitation-
only community consisting of ~300 of the world’s fastest-growing
corporations each year
Best Partner in the “Staples” category in 2013 at the Bharti
Walmart Private Limited Annual Supplier Conference
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
Conservative balance sheet of 1.7x net debt / EBITDA
Sales in more than 60 countries compared to 40 at IPO
Amira Corporate Office
Multiple Accolades
7
Source: ANFI’s public financial statements and other publicly available information
Basmati Rice Overview and Production Process
Long-grain rice with distinct nutty flavor and strong aroma
Exclusively grown at the base of Himalayan Mountains in India and Pakistan
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
What is Basmati Rice?
Procurement Retail Sector Distributors
DistributionProcurement
Uttar Pradesh
Production
Basmati/ Non-Basmati Rice Farms
Rice is the primary staple for over 50% of the world’s population
Rice provides more than 1/5 of global caloric intake and cannot be substituted
Rice is not genetically modified and is a good source of vitamins and minerals, such as iron, vitamin D, calcium and fiber, among others
Rice Statistics
Basmati Value ChainAmira’s area of activities
Processing
Milling SeparationPackaging
Source: ANFI publicly filed 20-F, public company materials, Food and Agricultural Organizational report, USD
8
Company Snapshot
EMEA 43%
India 41%
Asia Pacific (ex-India)
14%
North America
2%
Leading global provider of branded packaged Indian specialty riceSales by Product Sales by Brand Sales by
Geography
Third party Branded
44%
Amira Branded
43%
Institutional 13%
Note: Sales by product, brand and geography based on FY 2014 results.
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
Amira Branded
Third-Party Branded
Institutional
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 bottom
line Other agricultural products including wheat, barley, legumes and other
produce Opportunistic, profitable non-core business Strengthens relationships with farmers and customers
Q3 2015 LTM Revenues: $659.2 million Q3 2015 LTM EBITDA: $93.0 million
Basmati Rice 65%
Source: ANFI publicly filed 20-F9
Specialty Rice 21%
Other 14%
Diverse Product Range - Catering To All Consumer Segments
Gourmet
Premium
Mainstream
Popularly Priced Products
Best Money Can
Buy
Value Surplus
Value for Money
Popular Range
Broad product offering with more than 200 SKUs globallySource: ANFI’s publicly filed 20-F and other publicly available information
10
Recent Product Initiatives
The Organics
Amira Premium Snacks
Adjacencies
Amira Premium Ready-to-Heat
Basmati Rice with Lentils
Basmati Rice with Kidney Beans
Amira’s Organic business was established to build upon our “Passion for Purity” by offering,−Certified organic, premium snack and ready-to-
heat meals to health and socially conscious consumers around the world
− Integrity in food with absolutely no adulteration
− Traceable ingredients and process from farm to fork
− Fair trade and corporate social responsibility for our consumers, farmers & our planet
−Strong relationships with more than 7,500 certified organic farmers in India
−All natural products from one of the greatest agricultural regions “INDIA”
−Organic certification in India is recognized by the USDA
Diversifying portfolio with value-add adjacencies launching in India and plan to take internationally in the future
Source: ANFI’s publicly filed 20-F and other publicly available information
11
KEY INVESTMENT HIGHLIGHTS
Key Investment Highlights
3
6 Strong Brand and Product Innovation 5 Well-Established
Relationships with World’s Leading Retailers
4 Favorable Economic Trends in Home Market of India
Strong and Growing Global Presence in more than 60 Countries
2 Global Leader ina Fragmented Category
1
Large and Growing Industry with Attractive Pricing Dynamics
8 Committed and Successful Management Team
7 Best-in-Class Supply Chain and Operations
9
12
Proven Financial Results
PROVEN BUSINESS MODEL WITH TRACK RECORD OF
SUCCESS
Highly fragmented industry
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 monthsGlobal
Basmati$6bn(1)
India$50bn(2)
Rest of World
$225bn
Wholesale$275bn(1)
Basmati is a highly attractive category given its premium price and superior growthKey Rice Industry Facts Basmati Is a Differentiated Category within Rice…
…And We are a Global Leader in Basmati Rice Voted “Asia’s Most Promising Brand” by the WCRC group in
2013 Voted “INDIAN 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 world’s 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
1. Basmati Rice – A Large and Diverse Market
13
1. Basmati Rice—Strong Growth and Premium Pricing Dynamics
Basmati has consistently grown at a rate well above the overall rice industry and commands a significant price and margin premium to manufacturers
Note: Basmati and Specialty Rice pricing per MT based on Amira price realization.
Double-digit growth in domestic and international consumption in both
historical and forecasted five year periods
Source: CRISIL, Euromonitor
4%
15%
24%
0%
5%
10%
15%
20%
25%
30%
Global Rice Volume Basmati RiceVolume in India
Basmati Rice Volume Outside
India
2008
-201
3 CA
GR
(%)
$1,076
$1,191
$1,036
$1,162
$1,328$1,426
$417 $452 $489 $459$505 $502
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
FY10 YTD Q2 FY15
Pric
e pe
r MT
($)
FY11 FY12
Basmati Rice
FY13 FY14
Specialty Rice
Basmati Category Growing Faster Than Global Rice Sales… …Commands Premium Pricing
14
$76
$154
$200
$209
$241
$323
$0 $100 $200 $300 $400Annual International sales (US$m)
Top 10 Brands 9.8%
Other Brands 90.2%
Note: Converted exchange rates of 61.1 INR/USD and 1.63 GBP/USD. Annual sales figures represent March FY14 resultsSource: ANFI’s publicly filed 20-F, Company filings, Euromonitor, and
Management estimates; ANFI sales include Amira Branded, Third Party branded and Instititutional sales
Solid Position in the Domestic Indian Market by Sales
Leading Position Internationally by Sales Among Indian Specialty
Rice PlayersPackaged Rice Industry Dynamics
2. A Global Leader in a Fragmented Category
Top 10 Brands(1)
(2.1%)
(1.1%)
Heilongjiang AgricultureBei Da Huang brand
(0.7%)
2014 Value: US$71bn
Source: Euromonitor; Represents global market share in 2014 packaged rice by value.(1) Parentheses represent global market share in packaged rice by value.
Generics (0.9%)
Arawana brand (1.0%)
Gyeonggi Nonghyup
Nonghyup brand(0.6%)
(1.7%)
Shinmei (0.6%)
(0.6%)
(0.5%)
$85
$167
$224
$267
$664
$0 $200 $400 $600 $800
Annual Indian sales (US$m)
ANFI is a leading global provider of branded packaged Indian specialty rice
15
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
3. Strong and Growing Global Presence
Source: ANFI’s publicly filed 20-F and publicly available dataNote: Country sizes are not altered to be representative of ANFI’s sales presence
16
3. ANFI Has Invested In Physical Infrastructure with Sales Offices, Processing Equipment and Storage Around the World
ANFI’s Offices Around the World
Processing Facility, Gurgaon, India
Delhi Office (Current) Delhi Office (New) New York OfficeDubai Office Dusseldorf, Germany Office
Distribution Center, India
UK Office
17
ANFI’s offices, 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 offices, production facilities that have not been depicted above.
3. ANFI’s Products Sit On the Shelves Around the World
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: ~$4.5bnSource: Euromonitor
WH Smith, New Delhi Morrisons, London Dansk, Copenhagen
Food Palace, QatarMariano’s, Chicago, USA
Costco, USA
18
Wall Street Journal The Grocer, UK
3. ANFI Has Made Concerted Efforts to Support the Brand
Public Transportation, UK Airport Billboard, New Delhi
19
Rapidly growing middle class
– 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
Robust growth expected in modern trade in India
– 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
– Amira has “first 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)
Amira positioned to benefit from favorable macroeconomic and demographic trends in India
(1) McKinsey Global Insight, assumes 0.0223 INR/USD exchange rate.(2) Planet Retail.
4. Favorable Economic Trends in Home Market of India
15 DCs today, up from 1 at IPO
Rajasthan
20
Uttar Pradesh
Ahmedabad
Delhi
Hyderabad
Himachal Pradesh
Uttarakhand
Surajpur (Uttar
Bangalore
Kolkata
Mumbai
Pradesh) Lucknow
Ranchi
Vijayawada
Chennai
Zirakpur (Punjab)
Punjab HaryanaGurgaon
Jaipur
Indore
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
5. Well-Established Customer Relationships
3rd Party Branded PartnersRevenue by Top 5 Customers
Top 5 Customers
47%
Rest of Customers
53%
2012 (IPO)
Top 5 Customers
34%
2014
Amira has strong relationships with leading global retailers
Selected Customers
In Spring 2015, Amira Nature Foods Ltd
Announced Three New Partnerships to Expand Amira Branded Sales in
the United States
Rest of Customers
66%Source: ANFI’s publicly filed 20-F and publicly available dataNote: For FY 2014, Amira branded sales, third party branded sales and institutional sales contributed 43%, 44% and 13%, respectively, of total ANFI sales.
21
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
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
6. Strong Brand and Continuous Product and Packaging Innovation
Core Rice Offerings
Core Basmati Rice Innovation Across Rice Categories
Leveraging Our Expertise into New Adjacencies
Ready to Eat Snacks Organics
Source: ANFI’s publicly filed 20-F and other publicly available information
22
6. Brand Building Based on Consumer Research
Best Fit Product & Strategic Packaging
Brand and Relevant Pricing
Promotion & Advertising
= Successful Consumer Strategy
Eye Level Placement
23
Paddy procurement typically occurs between September and March
Basmati rice is grown exclusively in foothills of the Himalayas in the India subcontinent
Amira has long-standing relationships with top procurement agents and local paddy farmers in all major paddy procurement centers
Basmati rice may be purchased in unfinished state from local paddyfarmers via the mandi process, or in semi finished form from third party millers
7. Superior Sourcing Network – The Amira Advantage
Uttar Pradesh
Rajasthan
Source: ANFI’s publicly filed 20-F and other publicly available information
24
Uttar Pradesh
Major Basmati-Growing Regions
Punjab
Haryana Uttarakhand
Himachal Pradesh
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
Relationships with more than 200,000 farmers and more than 7,500 certified organic farmers
Best-in-class supply chainLong-standing relationships with local paddy farmers and a large network of procurement agents allow us to consistently source high-quality and quantity of paddy
24
60
Today Post Expansion Plan
Inst
alle
d Ca
paci
ty(M
T/H
R)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
Processing Capacity
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 office compound and
R&D lab
Source: ANFI’s publicly filed 20-F and other publicly available information
25
Currently process ~30-35% product as early stage product, additional ~30-35% reprocessed and remainder via 3rd partyAfter completion of new facility, will process ~50% as early stage rice, additional~30-35% reprocessed and remainder via 3rd party
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 RelevantName Position Experience Experience
Key
Man
agem
ent
Boar
d
26
Karan A. Chanana Chairman 19
Bruce Wacha Chief Financial Officer 15
Protik Guha CEO, Amira India 20
Rajesh Arora Sr. Executive Director Finance 25
Ashish Poddar Executive Director Finance 16
Tony O’Connor 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 Independent Director 21
Harash Pal Sethi Independent Director 40 Cornelius Barton & Co.
(1)EBITDA bar graph and revenue trend line are based on LTM numbers, while indicated growth rates reflect yoy quarterly growth(2) Quarter end for McCormick & Company, Inc. is August 31st; Boulder Brands Inc. CAGR corresponds to the period LTM Sep. 2012 to LTM Sept. 2014(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 Udi’s had TTM sales of $60.9 million and TTM adjusted EBITDA of$7.2 millionSource: Public filings, Capital IQ, and other publicly available data
9. Proven Organic Financial Results
Peer CAGR for the period LTM Dec. 2012 to LTM Dec. 2014
(2)
LTM
Rev
enue
($ m
illio
ns)
LTM Adj. EBITDA ($ m
illions)
(1)
$41 $45$50 $52 $57 $61
$67$75
$80$86
$93
$342 $360$401 $414
$444 $472$501
$547$576
$609 $659
0
20
40
60
80
100
120
0
100
200
300
400
500
600
700
Jun.12 Sep.12 Dec.12 Mar.13 Jun.14 Sep.14 Dec.14Jun.13
Sep.13 LTM Adj.
EBITDA
Dec.13
Mar.14 LTM
Revenue
27
Revenue growth(1) 19.4% 28.7% 56.2% 10.2% 37.6% 36.1% 25.1% 33.0% 25.9% 30.9% 35.0%
Adj. EBITDA growth(1) 22.0% 53.8% 54.2% 16.0% 43.2% 38.8% 48.7% 44.0% 30.9% 39.4% 36.6%
Revenue CAGR 28.3%36.6%61.5%
15.7%7.2%3.3%
22.8%35.0%17.5%
10.9%13.9%9.5%
26.7%32.4%18.9%
4.6%7.9%
10.0%
2.8%4.3%5.3%
6.3%4.3%7.4%
8.6%-4.3%
-23.0%
22.1%25.9%5.3%
16.2%14.2%12.5%
Adj. EBITDA CAGR
Adj. EPS CAGR
Significant Acquisitions - (3) - - -
FINANCIAL OVERVIEW
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%
RevenueAdj. EBITDA
$202
$255
$329
$414
$547
$659
$0
$100
$200
$300
$400
$500
$600
$700
FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 LTM Q3 2015
($ in
mill
ions
)
$22
$31
$40
$52
$75
$93
10.7%
12.1%
12.1%12.7%
13.8% 14.1%
8%
10%
12%
14%
16%
18%
20%
22%
24%
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 LTM Q3
2015
EBITDA margin($
in m
illio
ns)
Source: ANFI’s publicly available financial statementsNote: Fiscal years ended March 31. LTM values are unaudited figures.
$75.5$80.0
$85.6
$93.0
13.9%14.0%
14.1%
13.5%
14.0%
14.5%
$60.0
13.8%$70.0
$80.0
$90.0
2015 Q1 2015 Q2 2015 Q3
Q1 201419%
Q2 201419%
Q3 201427%
Q4 201435%
Q1 201319%
Q2 201319%
Q3 201328%
Q4 201334%
Q1 201420%
Q2 201420%
Q3 201426%
Q4 201434%
EBITDA Generation and Seasonality
LTM Rolling Adj. EBITDA and Margin
($ in millions)
$100.0
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 201319%
Q2 201319%
Q3 201327%
Q4 201335%
2014 Q4
Source: ANFI publicly filed 20-F and other publicly available data
Balanced Business Model with Steady Growth Profile
Revenue by Geography Revenue by Brand
Amira Branded / Third Party Branded ~50%/50% split today
Institutional returns to 5% – 12% level historically seen
FY14 Revenues and % Change y-o-y
India $224.1, up 18.6% (31.5% in Indian rupees)
EMEA $237.5, up 22.9%
Asia Pac $73.9, up >100%
N. America $11.8, up 73.5%
Revenue by Brand Over Time
$29 $42$27
$7
$69$78
$118
$181$214
$95 $95$122
$192
$239 $239
FY2010 FY2011 FY2013 FY2014
Institutional
FY2012
Third Party Branded Amira Branded
($ in millions)
Third party Branded
44%
Amira Branded
43%
Institutional 13%
EMEA 43%
India 41%
Asia Pacific (ex-India)
14%
North America
2%
Source: ANFI publicly filed 20-F and other publicly available data30
$5.5
$1.8
$0.9 $0.9
$3.9
$-
$1
$2
$3
$4
$5
$6
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 ~$2-3 million per year
In the process of breaking ground on our new processing facility in Karnal, India which will increase our capacity from 24 to 60 MT / hour, further benefiting our margins
Strong controls over employee costs with 439 of 477 employees based in Indian home market
Historical Capital Expenditures
31
($ in
mill
ions
)
Source: ANFI publicly filed 20-F and other publicly available data
FY2010 FY2011 FY2012 FY2013 FY2014
% of sales 2.7% 0.7% 0.3% 0.2% 0.7%
Source: Derived from public Company financial statements and Capital IQ as of May 11, 2015Note: ANFI values based on publicly filed financial statements; Interim results and ratios have not been audited.Large Cap companies include Campbell’s, ConAgra, General Mills, Kellogg, Mead Johnson, Kraft, Mondelez, PepsiCo, JM Smucker, and McCormick.Mid and Small Cap companies include Pinnacle, Treehouse, Snyder’s-Lance, B&G Foods, Flowers Foods, Post Holding Cop., Hain Celestial, WhiteWave, J&J Snack Foods, SodaStream, Boulder Brands, Diamond Foods, Monster Beverage, and Herbalife.
ANFI Continues to Maintain a Conservative Capital Structure
ANFI Leverage (Total Debt / LTM Adj. EBITDA)
32
Peer Leverage Levels (Total Debt / LTM Adj. EBITDA)
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
− Total Debt to adjusted EBITDA ratio of just 2.0x at December 31, 2014, compared to 2.4x and 3.1x at December 31, 2013and 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 continuing operations
Strong relationships with consortium of Indian banks
3.1x
2.5x 2.4x 2.4x 2.4x 2.3x 2.2x2.0x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15Q2'15 Q3'15
ANFI Interest Coverage (LTM Adj. EBITDA / Finance Costs Net of Finance Income)
Tota
l Deb
t / L
TM A
dj. E
BITD
A
2.5x2.8x
3.1x 3.0x3.3x 3.2x
3.0x3.3x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15
LTM
Adj
. EBI
TDA
/ Fi
nanc
e Co
st(n
et o
f Fin
ance
Inco
me)
3.9x
3.0x
2.0x
–
1.0x
2.0x
3.0x
4.0x
5.0x
Mid and Small Cap Food Competitors (Avg)
Large Cap Food Competitors (Avg)
Amira
Tota
l Deb
t / L
TM A
dj. E
BITD
A
2014 Fiscal Year Performance Review
33
$413.7
$547.3
$0
$200
$400
$600
$800
2013 2014
($ in
mill
ions
)
$0
$50
$100
$150
2013 2014
($ in
mill
ions
)
Revenue Key Drivers
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 after tax.
Adjusted EBITDA
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 rupees y-o-y)
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 $69.4 million
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 operating efficiencies.
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%)
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% from 30.0%
Adjusted EPS increased by $0.59 or 93% to $1.14
Adjusted EPS
$0.59
$1.14
$0.40
$0.00
$1.20
$0.80
2013 2014
($ in
mill
ions
)
$75.5
$52.2
3 Months Ended Q3 2015 Financial Highlights
Revenue Key drivers
Adjusted EBITDA
Adjusted EPS
% margin
• 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
− 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
− 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 $5.9 million a year ago
• 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 FY 2014
• 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 million in the prior year period.
Adjusted EBITDA increased $7.4 million or 36.6% to $27.7 million, with adjusted EBITDA margins increased 10 bps to 14.4%
• 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
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 after tax.
$142.5
$192.4$250.0
$200.0
$150.0
$100.0
$50.0
$0.02014 2015
($ in
mill
ions
)
35.0%
$20.3
$27.7
$0.0
$10.0
$20.0
$30.0
201414.3%
201514.4%
($ in
mill
ions
)
$40.0 36.6%
$0.29
$0.44$0.50
$0.40
$0.30
$0.20
$0.10
$0.002014 2015
($ p
er sh
are)
52.9%
34
Key Working Capital Items
Source: Values based on publicly filed financial statementsNote: 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.
$ in millions
Q4 2014 Q2 2015 Q3 2015Q3 2014
35
Inventories $253.9 $255.0 $251.3 $253.8
% LTM sales 50.7% 46.6% 41.3% 38.5%
Trade receivables $74.7 $80.9 $86.5 $99.1
% LTM sales 14.9% 14.8% 14.2% 15.0%
Trade payables $68.3 $41.2 $11.9 $16.5
% LTM sales 13.6% 7.5% 1.9% 2.5%
Net Adjusted working capital $262.9 $298.2 $325.3 $339.4
% LTM sales 52.5% 54.5% 53.4% 51.5%
Key Capital Structure Items
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
2.4x 2.4x 2.2x 2.0x
Net debt / LTM adjusted EBITDA
1.9x 2.0x 1.9x 1.7x
$ in millions
Source: Values based on publicly filed financial statementsNote: Interim results and ratio analyses have not been audited. A reconciliation for LTM adjusted EBITDA is included in the appendix.
Q4 2014 Q2 2015 Q3 2015Q3 2014
36
Outlook
Long termFY 2015
Revenue 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
38
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 conservative capital structure and financial policy
APPENDIX: SUPPLEMENTAL MATERIALS
Q3 2015 LTM Revenue, Adj. EBITDA and Adj. PAT Reconciliation
Adjusted PAT $21.2 $41.0 $24.2 $35.7 $52.5
Source: ANFI’s publicly filed 20-F and public company financial statementsNote: LTM and quarterly values are unaudited.
($ in USD millions) 9 Months 9 MonthsEnded Dec 31, Ended Dec 31,
FY 2013 FY 2014 2013 2014 LTM Dec 31, 2014(A) (B) (C) (A) – (B) + (C)
Revenue $413.7 $547.3 $360.8 $472.6 $659.2
Adjusted EBITDA $52.4 $75.5 $49.0 $66.5 $93.0
Amira Nature Foods Corporate Structure
Corporate Structure
(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
Amira I Grand Foods Inc. (British Virgin Islands)
Amira Pure Foods Private Limited (India)
Karan A. Chanana Public shareholders
Amira Nature Foods Ltd (British Virgin Islands)
Amira Nature Foods Ltd (Mauritius)
100%
69.4%(b) 30.6%
Karan A. Chanana and affiliates
19.6%(a)
International Subsidiaries(c )
100%
40
100% 80.4%
