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Confidential
Investor PresentationJune 2017
Confidential
Table of Contents
1. Company Overview 5
2. Key Highlights 11
3. Historical Financials 21
4. Conclusions 27
Confidential
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 are based on our current expectations and assumptions 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 (many 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-l filed with the Securities and Exchange Commission. 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. 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. We have no duty to, and do not
intend to, update or revise the forward-looking statements In this presentation after the date of this presentation.
This presentation contains estimates and projections regarding market and industry data (including competitive position) 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. Third party industry publications, studies and
surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such
data. While the Company reasonably believes that each of these publications, studies and surveys, has been prepared by a reputable source, neither the Company, nor any connected
persons of the Company, or their respective agents, employees or advisers has independently verified the data contained therein. Market and industry data are subject to change 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 and industry data and management's estimates and projections. In addition, projections are often wrong. As a result, you should be aware that
market and industry 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 and are subject to change. 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.
By accepting this document you agree to accept the terms set out above and to be bound by the foregoing limitations. All subsequent written and oral forward looking statements
concerning the proposed transaction or other matters and attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary
statements referenced above.
Market and Industry Data
3
Confidential
COMPANY OVERVIEW
Confidential
A Rich Heritage with Over 100 Year Legacy
• Since its founding in 1915, Amira has evolved from a domestic, family owned Indian business to a professionally managed, growing,
global branded publicly traded packaged food company
• The Company has received numerous accolades:
� Multiple years since 2010, Amira has been recognised by the World Economic Forum as a “Global Growth Company”, an invitation-
only community consisting of ~300 of the world’s fastest-growing corporations
� Inc. India featured Amira as one of India’s fastest growing mid-sized companies in 2010, 2011, 2012 and 2013
� Voted one of “Asia’s Most Promising Brands” by the WCRC group in 2013
� Voted “INDIAN POWERBRAND” in the Food Category by Planman Marcom in 2011 and 2013
� Best Partner in the “Staples” category in 2013 at the Bharti Walmart Private Limited Annual Supplier Conference
� VWP World Brand recognised the Amira Brand as “The Admired Brand of India” in 2014–2015
1915Founded as an
agro-commodity
trading house by
the Chanana family
1978ANIL CHANANA
established
international business
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 US and launched
international
marketing/distributor
office
2011Established
subsidiary in UK
2012Amira Nature
Foods Ltd.
listed on NYSE
2013 OrganicsLaunch of organic
division
2014Acquired Basmati Rice
GmbH in Germany to
strengthen distribution
network in Europe
2015100-year centennial
Distribution wins – Publix,
Shaw’s Supermarkets, Gelson’s
Markets, Safeway, Albertsons,
Harmons Grocery, Murphy’s
Markets, Whole Foods and SPD
Markets
2016Distribution wins – Cost
Plus World and MAN
Consumer (for U.A.E.)
5
Confidential
Company Overview
Overview
• A leading global manufacturer, marketer and distributor of branded packaged specialty rice and other related food products with sales
in both emerging and developed markets across five continents around the world
• The majority of sales are generated through the sale of Basmati rice, the core focus of the Company, under its flagship Amira brand and
other Company owned brands, and third-party brands
• The Company’s packaged rice product portfolio is complemented by a growing line of related products including edible oils, organic
product offerings, and its institutional business which consists of opportunistic sales of agricultural products
• Vertically integrated business model with a global distribution platform, reaching out to a diverse base of customers
• 100+ year legacy as a family-owned and operated business which Amira has transformed into a professionally-managed, globally-
focused packaged food company with a leading position in the high growth Basmati rice category
• Chairman and CEO, Karan A. Chanana retains a large equity stake (c.75.3% of the business)(1) and the family has continued to make
investments ($13.04 million convertible notes in FY 2016(2) and $3 million in common stock in FY 2017(2)) since IPO
• Headquartered in Dubai, UAE, Amira has offices in India, Germany, the United States and the UK, with nearly 250 employees worldwide
Source: Public company filings.
1. Includes 3.5 million shares held in a family trust.
2. Amira’s Financial Year end is the 31st March
FY 2016 Sales by Brand
Amira
Branded
44%
Third
Party
Branded
46%
Institutional
10%
$542.6 million LTM Sales at September 30, 2016
FY 2016 Sales by Region
EMEA
53%India
44%
North
America
2%
Asia
Pacific
1%
FY 2016 Sales by Product
Basmati
Rice
66%
Specialty
Rice
20%
Other
14%
6
Confidential
A Closer Look at Amira’s Broad Product Portfolio
Rice
Products
Premium Basmati Rice Value Basmati Rice Other Specialty Rice
Brand/
Product
Lines
• Pure Basmati Rice
• Extra Long Grain Basmati Rice
• Indian Basmati Rice
• Brown Basmati Rice
• Traditional Basmati Rice
• Smoked Basmati Rice
• Daily Fresh Basmati Rice
• Goodlength Day to Day
Basmati Rice
• Everyday Basmati Rice
• Goodlength Broken
Basmati Products
• Parboiled Basmati Products
• Banquet Rice
• Thai Jasmine Rice
• Sharbati Aromatic Long
Grain Rice
• Kheer Rice
• Khichdi Rice
• Sona Masoori Rice
Product
Features
• Consists of the finest grains of
aromatic Basmati
• Aged for as much as
12+ months
• More than doubles in size
when cooked
• Rich taste and fragrant aroma
• Consist of different types of
high-quality rice such as a mix
of Basmati rice varieties or a
mix of broken rice
• Value alternative commonly
used as an “everyday” Basmati
and by restaurants or catering
companies
• Thai Jasmine: sourced from
Thailand and has a fragrant
aroma and chewy texture
• Sharbati Aromatic Long Grain:
an everyday rice for daily
consumption; often purchased
by foodservice customers
• Kheer: formulated for
rice pudding
• Khichdi: formulated for Indian
and South Asian comfort food;
also used as infant and
toddler food
• Sona Masoori: aromatic and
light grain white rice
Branded � � �
Third Party
Branded� � �
Opportunistic sale of agricultural products to
large international and regional trading firms
Wheat Barley Legumes
Maize Sugar Soybean Meal
Onions Potatoes Millet
Institutional Offerings
Other Product Adjacencies
Edible oils
Broad product portfolio with more than 300 SKUs globally
Organic Products
7
Confidential
Rice Procured “Early-Stage”Rice Procured “Early-Stage”
ProcessingProcessing
Dynamic and Flexible Procurement Strategy with Significant Barriers for New Participants
ProcurementProcurement
� Amira purchases paddy (rice) in an unfinished state from a large network
of procurement agents and local Indian farmers (typically between
September and March)
� The farmers bring their paddy to markets called “Mandi,” where they sell
at a set price to buyers from millers, to brokers, to companies like Amira
� The markets function as a price setting process run by the local
governments, who set the market-wide prices at which Amira ends up
purchasing paddy
1 Rice Procured “Mid- and Late-Stage”Rice Procured “Mid- and Late-Stage”
� Amira buys rice from brokers or other third party millers at the mid-late
stage (semi-finished) of the processing cycle
� While this rice is more expensive than early stage rice upon Amira’s initial
purchase, it has a lower in-house processing cost and storage requirement
� Average drying/warehousing time for mid-stage rice can be as much as
four to six months or more
� Fully processed rice may also be purchased from third-party mills for
immediate re-sale (Amira can use its facilities for packaging or rely on third
parties)
� Amira sources from third party providers both inside and outside of India
Amira Distribution Center, Mumbai
2
� Amira then selects the highest quality paddy available and brings it back to
its factory to mill, separate, remove impurities, and package into ready-to-
sell rice
� Leverages proprietary technology for the quality-testing of
purchased paddy
� Once the early-stage rice has been processed by Amira, it is then dried and
aged for as much as 12 months or more in warehouses before it is ready
for wholesale distribution
Basmati rice is only grown in the northern region of the Indian sub-continent in the foothills of the Himalayas
3
8
Confidential
Amira Has Continued to Invest in Its Important India Home Geography
15 distribution centers
today, up from 1 at IPO• 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 broader
market penetration
� Expected to generate higher service levels of fill
rates, inventory turnover and replenishment
• Amira is one of a handful of large relevant players in
the domestic India market, which collectively controls
approximately less than 30% of the market
� Represents a meaningful opportunity to
consolidate the market over time Amira Distribution Center, Mumbai, India
Amira Factory, New Delhi, IndiaAmira Manufacturing Facility, New Delhi, IndiaAmira EmployeesAmira Billboard, New Delhi Airport
Zirakpur (Punjab)
Punjab
Haryana
Gurgaon
Jaipur
Indore
Ahmedabad
Mumbai
Bangalore
Himachal
Pradesh
Uttarakhand
Delhi
Surajpur (Uttar Pradesh)
Lucknow
Kolkata
Ranchi
Hyderabad
Vijayawada
Chennai
RajasthanUttar
Pradesh
Strong GDP Growth and an Emerging Middle Class Expected to Continue Acceleration of Trade-up to
Branded Premium Packaged Specialty Rice Products
9
Confidential
KEY HIGHLIGHTS
Confidential
Key Highlights
Large Staple Consumer
Category with Highly
Supportive Industry and
Sub Category
Fundamentals
1
A Market Leader with
Differentiated Business
Model
2
Globally Diversified with
Wide Customer Base and
Broad Product Portfolio
3
Highly Experienced and
Successful Management
Team
6
Strong Financial Track
Record with Stable
Margins
5
Vertically Integrated,
“State-of-the-art” Supply
Chain and Operations
4
11
Confidential
Asia Pacific
59.3%
Middle
East and
Africa
15.6%
Latin
America
12.3%
North
America
5.5%
Western
Europe
5.0%
Eastern
Europe
1.8%
Australasia
0.4%
Other
Brands
87.3%
1. Rice is a $275bn Global Staple Category with Favourable Market Conditions
Large Industry with Steady Growth
406 412 418 425436 435
443456
466476 479 475
483 490 497504
512
250
325
400
475
550
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
Me
tric
to
nn
es
(mm
)
Note: Represent modern trade channels only.
1. $64 billion size of segment reported by Euromonitor refers only to channels tracked by the data provider and results in underestimating the overall market size
2. Percentages represent global market share in packaged rice by value
3. Euromonitor as of January 2017 – represents global market share in 2016 packaged rice by value
4. Jefferies report dated 21 September 2016
5. Business Monitor International research, as of Jan 2017
6. Horizon Research report dated 25 July 2012
• Rice is the primary staple for >50% of the world’s population and
provides >20% of the global caloric intake(4)
� Represents 30% of caloric consumption in Asia(4)
• Defensive and non-cyclical with steady growth
• Improves with age and has an extremely long shelf life (up to 5+
years) if stored properly
• Global rice consumption is growing, estimated to reach c.483 million
metric tonnes in 2017(5)
• The global rice market is estimated at c.$275bn(6) and has grown at
c. 2% volume CAGR over the 2010 – 2015 period
Packaged Rice Industry Dynamics (1) (2)
Top Ten Brands (2)
12.7%
• Highly diversified market sub-segments driven by factors such as
varied taste and preferences, rice varieties / quality and income
levels across the world
Source: Business Monitor International research, as of Jan 2017
Packaged Rice Industry Brand Ownership(3)
Packaged Rice Industry Consumption by Geographic Region(3)
• Highly fragmented industry, limited concentration of brand
ownership on global and regional / country basis
Global Rice Consumption
12
Confidential
1.01.2
1.6
2.0
2.4
3.23.5
3.8 3.74.0
0.0
1.5
3.0
4.5
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
Basmati’s Premium PricingBasmati is a Value-Add, High Growth Variant of Rice
Metr
ic tonnes (
mm
)
417 452
489 459 505
542 487
430
1,076
1,191
1,036
1,162
1,328 1,402
1,216
1,115
0
250
500
750
1,000
1,250
1,500
0
250
500
750
1,000
1,250
1,500
FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17E
($/MT)
Specialty Rice (Dom+Intl) per MT Basmati Rice (Dom+Intl) per MT
1. Basmati is a Highly Attractive Segment of the Overall Rice Category
• Amira is a global leader in Indian Basmati rice market with more
than $350 million of sales in the $6.9 billion Indian Basmati rice
market (2)
• Basmati rice is a premium, aromatic long-grain rice grown in the
northern region of the Indian sub-continent in the foothills of the
Himalayas
� Regarded as healthy (hypoallergenic and gluten free), with a
lower glycemic index than white rice
� Considered a premium food product: it improves with age and is
typically stored for as much as 12+ months or more
• Basmati market has seen steady volume growth in India and
internationally
� Of the estimated $6.9bn (2) Indian Basmati rice market, ~70% is
sold internationally and ~30% is sold in India
• Basmati’s superior quality commands a premium price
� Often 2 – 3x plus the price of other variants of rice
• Basmati pricing has recovered sharply from 2015 / 2016 trough
levels
• Fragmented supply chain, challenging for Western companies to
consistently source large quantities of Basmati rice
• Top 5 players in control of less than 30% of category
Source: Company materials, Food and Agricultural Organization report, USDA, ICRA Limited (March 2016)
1. APEDA Agri-exchange.
2. Market size from CRISIL – Indian headquartered global analytical & advisory company.
3. Business Monitor International 2016
International Volumes of India Basmati Rice(1)
India Basmati rice is a ~$6.9 billion (2) subcategory of the ~$50 billion (3) Indian rice market, of which ~70% is sold
internationally and ~30% is sold in country
(Amira Price Realization)
*$1,058
9/30/16
“Trough”
*$1,500
3/31/17
“Last
Trade”
13
Confidential
2. Amira is a Market Leader with a Differentiated Business Model
Regional PlayersGlobal Players/Brands India Specialty Rice
No Pure Play Global Rice Players
Fragmented Regional Brands
without Global Management
Teams or Perspective
Lack Sophisticated Management,
governance and Legacy Planning,
Limited Global Breadth and Reach
Amira is Uniquely Positioned to Seize the Global Specialty Rice Opportunity as a Pure Play
RiceFit
14
Confidential
3. Globally Diversified with Wide Customer Base and Broad Product Portfolio
Costco, United States
Waitrose, London
Traditional Retail, New Delhi, India
Modern Retail, New Delhi, India
Kaiser’s, GermanyWhole Foods, USA
Presence Across Five Continents(1) Diverse Customer Base
India Headquarters
& Processing Facility
Amira offices
Top 5
Customers
47%
Rest of
Customers
53%
Top 5
Customers
30%
Rest of
Customers
70%
Top Customers at IPO (2012)
Top Customers FY 2016
India Middle East US UK Germany
(1) Information obtained from the Group’s distribution channel
15
Confidential
3. Globally Diversified with Wide Customer Base and Broad Product Portfolio
Tailored Product Offering for the Targeted Consumer Segments Across
Products and Price Points
GourmetAvg Selling Px:
INR 160-190/kg
UK: £4.79/kg
PremiumAvg Selling Px: INR 110-140/kg
UK: £1.50-2.32/kg
MainstreamAvg Selling Px: INR 80-110/kg
UK: £1.20-1.62/kg
Popularly Priced ProductsAvg Selling Px: INR 50-70/kg
UK: £0.90-1.20/kg
Product Shelving Around the World
Germany
USA
India Middle East
UKCopenhagen
16
Confidential
4. Vertically Integrated, “State-of-the-art” Value Chain
• Global presence with established roots – With procurement,
processing, and distribution facilities throughout the Basmati rice
producing region
• Diversified supplier base and purchasing power – Longstanding
relationships with a large network of procurement agents and a
large number of local Indian paddy farmers, which allow Amira to
consistently source high- quality paddy at competitive prices
• Organic sourcing initiative – Developed organic sourcing initiatives
which allow Amira to source and sell organic certified products in
India, Europe and the US
• Reliability to valued
customers – Allowing
establishment and
fostering of stable
relationships across 5
continents and with many
of the world’s premier
retailers
• Global brand and value-
added offering – Focus on
providing customers with
consistently high-quality,
authentic specialty rice
• Adding value with state-of-the-art
processing capabilities – State-of-art,
fully automated and integrated
processing and milling facility with a
capacity to process c.24 metric tons
of paddy per hour
• Stability of supply – Ability to deliver
large quantities of high-quality
products globally in a timely manner,
essential to success in both the Amira
branded and third-party branded
businesses
Basmati Value Chain
Procurement of early-stage paddy Milling Separation Packaging
Procurement Processing
Retail Sector
Distribution
DistributionProduction
Scope of Amira’s operations
Procurement of early-stage paddy Milling Separation PackagingRetail Sector
Distribution
Basmati/
Non-Basmati
Rice Farms
Basmati/
Non-Basmati
Rice Farms
Pro
cure
me
nt
Str
ate
gy
Directly
Sourced
Paddy
Mid-/
Late-Stage
Rice
Storage (6-9 months)
Storage (6-9 months)
Storage (min. 3
months)
Storage (min. 3
months)
17
Confidential
$21.5
$31.0
$39.7
$52.4
$75.5
$99.9
$74.7$71.6
$201.7$255.0
$329.0
$413.7
$547.3
$700.0
$563.5$542.6
$0.0
$200.0
$400.0
$600.0
$800.0
$1,000.0
$1,200.0
FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 LTM H1 FY2017
$0.0
$20.0
$40.0
$60.0
$80.0
$100.0
$120.0
Adj. EBITDA Revenue
Source: Company filings & press releases
5. Proven Organic Financial Results
Re
ven
ue
($
mil
lio
ns)
Ad
j. EB
ITD
A ($
millio
ns)
Revenue growth
Adj. EBITDA growth
18
Historical Financial PerformanceHistorical Financial Performance
10.7% 12.1%12.1% 12.7% 13.8% 14.3% 13.3% 13.2%
Adj. EBITDA Margin
+32.3%
+44.0%
+27.9%
+32.4%
(19.5)%
(25.2)%
+25.7%
+32.1%
+29.0%
+28.1%
+26.5%
+43.9%
Confidential
6. Highly Experienced and Successful Management Team
Our Management team has transformed Amira from a local, family-owned business into a global,
professionally run company
Name Position
Years of Relevant
Experience Experience
Ke
y M
an
age
me
nt
Karan A. ChananaChairman and Chief
Executive Officer20+
Bruce WachaChief Financial Officer and
Executive Director20+
Rajesh AroraSenior Executive Director of
Finance, Amira India25+
Tobias Sterath Chief Executive Officer, Amira
Basmati Rice GmbH EUR10+
Alireza YazdiVice President, Amira I Grand
Foods Inc., USA20+
Bo
ard
Neal Cravens Independent Director 35+
Shiv Surinder Kumar Independent Director 21+
Harash Pal Sethi Independent Director 40+ Cornelius Barton & Co.
Overview of Key Management & Board
19
Confidential
HISTORICAL FINANCIALS
Confidential
Revenue Growth Performance
Delivered c.16.4% top-line CAGR over the past 7 years following our proven strategy
94.0 97.0 112.0
189.0245.9
286.7245.9
212.3
108.0158.0
217.0
255.0
301.4
413.3
317.6330.4
201.7
255.0
329.0
413.7
547.3
700.0
563.5542.6
$0
$200
$400
$600
$800
FY2
01
0
FY2
01
1
FY2
01
2
FY2
01
3
FY2
01
4
FY2
01
5
FY2
01
6
LTM
H1
20
17
India International
Note: Fiscal year ended March 31.
Revenue Performance Commentary
• Amira delivered 16.4% revenue CAGR from FY 2010 through the LTM
H1 FY 2017 period, driven by strong double digit volume growth and
benefitting from improved price plus mix trends
� Grew Amira branded sales at ~20% CAGR over the period based on
outperformance in both its domestic and international markets
through the conversion of some of its historical third party
branded customers, increased penetration of existing geographies
and an expanded geographic footprint; Double Amira branded
sales which now account for approximately 44% of total sales or
nearly half of core rice revenues
� Doubled India sales as the Company increased its customer base of
large distributors and launched 15 managed distribution centers as
part of its strategy to increase penetration and grow volumes in its
import home market
• Amira reported 11 consecutive quarters of double digit revenue,
EBITDA and net income growth from the time of its IPO through FYE
March 31st 2015
� Strong operating performance and momentum in the business led
by superior Company execution on its expansion strategy and
favorable industry trends
• FY 2016 was negatively impacted by a lower industry pricing, the
impact of FX translation on its domestic Indian business and one-off
business disruption and lack of availability of growth funding
� The Company would have expected volume growth through lower
prices in the market in the absence of the business disruption
• Return to growth during 2H FY 2017 with revenues increasing by
approximately 2% or more based on unaudited financials and full year
revenues of approximately $550 million for FY 2017
18.8%
13.3%
16.4%
FY 2010 –
LTM
H1 2017
CAGR
($m)
21
Confidential
Stable EBITDA Margins Led by High Variable Cost Model and Pass Through Nature of Business
Note: Fiscal year ended March 31.
Commentary
• Adjusted EBITDA has been stable with improved trends over the
long term period (average EBITDA margins of 13.2% from FY 2010
through LTM H1 2017)
• Amira added c.150bps of EBITDA margin in FY 2011, following its
last major factory upgrade in FY 2010 (doubled internal production
capacity from 12 MT per hour to 24 MT per hour)
• Amira benefits from a consistent variable cost model which allows
it to efficiently scale its business up or down depending on the
opportunity set
� Amira’s largest financial outlay is the purchase of paddy / rice,
c.80% of its sales are cost of materials, additional c.2% of sales
are freight, forwarding and handling
� Demonstrated ability to manage employee labor costs by
operating in low cost environment and exerting disciplined
controls over spending
• Proven ability to hold margins at long term average despite 20%
drop in revenues in FY 2016 following significant business
disruptions while simultaneously operating in a lower input cost
environment
� Rice is not a commodity, instead and most importantly the
aging of rice leads to a natural hedge for the business
• Amira has shown a high degree of earnings quality with limited
EBITDA adjustments (historically only non-cash compensation,
expenses from aborted 2015 bond process and the increased legal
spending associated with the successful defence against a Class
Action and its lawsuit against the short sellers)
• 13.2% Adjusted EBITDA margins for six months (or LTM) period
ended September 30th, 2016 was in-line with historical average
throughout its life as a public company
EBITDA Performance
Co
st of M
ate
rials n
et o
f Ch
an
ge
s in In
ven
tory o
f Finish
ed
Go
od
s1
Ma
rgin
21.5
31.0
39.7
52.4
75.5
99.9
74.771.7
85.8%
80.8% 80.1%77.3%
75.7%79.4%
80.7%
81.6%
60%
80%
100%
120%
140%
160%
180%
$0
$30
$60
$90
$120
FY2010 FY2011 FY2012 FY2013 FY2014 FY2015FY2016 LTM
H1
FY2017
(%)
10.7% 12.2% 12.1% 12.7% 13.8% 14.3% 13.3% 13.2%EBITDA
Margin
(%)
($m)
22
Confidential
Key Working Capital Items
$ in millionsFY2014 FY2015 H1 2016 FY2016 H1 2017
Inventories $255.0 $262.9 $233.7 $239.0 $244.6
% LTM sales 46.6% 37.6% 35.9% 42.4% 45.1%
Trade receivables(1) $80.9 $130.4 $168.3 $189.7 $194.7
% LTM sales 14.8% 18.6% 25.8% 33.7% 35.9%
Trade payables $41.2 $34.3 $27.7 $14.5 $16.8
% LTM sales 7.5% 4.9% 4.2% 2.6% 3.1%
Net adjusted working capital(2) $298.2 $366.2 $374.8 $420.3 $435.8
% LTM sales 54.5% 52.3% 57.5% 74.6% 80.3%
Source: Values based on publicly filed financial statements.
Note: Interim results and ratio analyses have not been audited. Net adjusted working capital is defined in Appendix for Non-IFRS measures.
1. Trade receivables balance for FY 2016 includes $185.1 million of receivables that are not past due, $2.6 million due less than 3 months, $0.6 million due less than six month, $1.4 million due less than one year and
$1.0 million due more than one year.
2. Net adjusted working capital is defined as total current assets minus: (a) total current liabilities (b) cash and cash equivalents and plus current debt
3. Net realizable value is the estimated selling price in the ordinary course of business less estimated cost of completion and selling expenses. Impairments in last 2 years are negligible, where it was $0.2m and $0.1m
as of March 31, 2016 and March 31, 2015 respectively
Commentary
• Amira’s inventories included paddy (raw materials) and rice (finished goods) and are valued at the lower of cost and net realizable value(3). Amira’s
inventory level has remained in the region of 35-45% of sales from FY2014 to H1 2017. The write down of inventories for Amira remained minimal at
less than 0.1% of the total inventory value historically
• Amira’s inventories represent a highly monetizable asset that can be sold at virtually any time in the lifecycle should Amira choose to do so
• Trade receivables as a percentage of sales increased over time in line with growth in the international space where invoices are typically settled after
longer periods. Receivables comprise of retail and institutional customers. As at H1 FY 2017, less than 0.5% is past due for more than one year.
Receivables cycle has also been temporarily extended as a result of a challenging operating environment
• Trade payables comprise mainly of semi-processed rice suppliers and paddy suppliers in addition to other expenses incurred in the normal course of
business
23
Confidential
Disciplined Cost Structure and Capital Spending Plan
Historical Capital Expenditures(1)
$5.5
$1.8
$0.9$1.2
$3.7
$2.4
$0.6
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016
($ in
mill
ion
s)
% of Sales 2.7% 0.7% 0.3% 0.3% 0.7% 0.3% 0.1%
• Historically, the company invested in only the most modern manufacturing equipment which has allowed it to benefit from low maintenance capex
� In 2010, the majority of capex relates to the doubling of Amira’s factory capacity. Amira benefitted from an increase of ~150bps EBITDA margin
following its factory expansion
� As part of its growth strategy, Amira used part of the proceeds from the IPO in 2012 to expand its milling and sorting capacity over 2014 through
to 2015
• We expect to purchase 86 acres of land in Karnal, Haryana, India through the acquisition of Amira Enterprises and to build our new rice processing
and milling facility on this land. The cost of this acquisition will be equal to $30 million, and we expect to spend an aggregate of $30 million in the
next three years to complete the construction of our new rice processing and milling facility
• Maintenance capex expected to be ~$3 million per year following the completion of its new factory
1. Capital expenditures include purchase of property, plant, and equipment and intangible assets.
24
Confidential
Credit Statistics
ANFI Leverage (Total Net Debt / LTM Adj. EBITDA)
Peer Leverage Levels (Total Net Debt / LTM Adj. EBITDA)
2.4x
1.9x1.7x
1.9x 2.0x 1.9x 1.9x 1.7x 1.6x1.9x
2.6x 2.6x
0.0x
2.0x
4.0x
Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 H1'16 H2'16 H1'17
ANFI Interest Coverage (LTM Adj. EBITDA /
Finance Costs Net of Finance Income)
2.5x2.8x
3.1x 3.0x3.3x 3.2x
3.0x3.3x
3.1x2.8x 2.9x 2.8x
0.0x
2.0x
4.0x
Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 H1'16 H2'16 H1'17
3.2x3.0x
2.6x
0.0x
2.0x
4.0x
Mid/Small Cap Food Large Cap Food Amira
• $204.3 million of total debt at September 30, 2016 and
September 30, 2016 LTM Adj. EBITDA of $71.7 million
• Total Debt to Adj. EBITDA ratio of 2.9x at September 30, 2016
• Net Debt to LTM Adj. EBITDA ratio of 2.6x at September 30,
2016
• LTM Adj. EBITDA to Finance Cost (net of Finance Income) ratio of
2.8x at September 30, 2016
Source: Derived from public Company financial statements and Capital IQ as of February 24, 2016.
Note: ANFI values based on publicly filed financial statements; preliminary and Interim results and ratios have not been audited.. Large Cap companies include Campbell’s, ConAgra, General Mills, Kellogg, Kraft,
Mondelez, PepsiCo, Mead Johnson, JM Smucker, McCormick.
Mid/Small Cap companies include Pinnacle, Treehouse, Snyder’s-Lance, B&G Foods, Flowers Foods, Post, Hain Celestial, WhiteWave, SodaStream, J&J Snack, Premier Foods, AdvancePierre, Nomad Foods, Monster
Beverage, Lamb Weston, Blue Buffalo, Hostess and Herbalife.
Commentary
25
Confidential
CONCLUSION
Confidential
• Global players with basmati representing only a small division of sales, hence lacking focus towards the category
• Indian players primarily dependent on home markets (and one other international market) and lacking appropriate back-end infrastructure
• Amira has strong and growing presence across 5 continents with established distribution routes throughout emerging and international markets
• Broad and flexible product offering that can be tailored to target all value and price points
• Diversified blend of leading retailers (Bharti, Publix, Costco, Whole Foods, etc) and institutional, 3rd Party Branded and distribution partners underpinned by strong relationships
• Significant decline of revenue concentration since IPO in 2012 (Top 5: 47% to 30% )
• Experienced management team has transformed Amira from a local, family-owned business into a global, professionally run company
• Combined total of ~90 years of management experience with diverse backgrounds in the global rice industry
• Track record delivering high growth alongside disciplined cost structure and capital spend
• A large, staple category with steady growth and a very long shelf life (5+ years for packed product)
• Highly fragmented industry with no clear leaders, characterised by high barriers to entry and growth (procurement, WC need, product know-how, geographic indication, brand, visibility on costs)
• Basmati is a highly attractive premium sub-segment of the rice market catering to a wealthier demographic enabling pricing premium, benefitting from growth of middle classes in EM countries and a largely under-penetrated international market
• Revenue CAGR of 16.4% and Adjusted EBITDA CAGR of 20.3% between FY 2010 and LTM H1 FY 2017
• Margin stability ensured through complete visibility on costs before pricing considerations and currency hedging to mitigate adverse FX risk—relative margin stability in the recent challenging basmati pricing environment and short-term external issues
• Poised for a return to growth
• Dynamic and flexible procurement strategy (supported by a large network of procurement agents throughout the Basmati rice producing region) from a diversified supplier base with procurement at competitive prices combined with lower in-house processing and storage costs
• State-of-the-art, fully automated processing and milling capabilities
• Customer relationships strengthened through the reliable and timely delivery of large quantities of high-quality products to customers
Staple Consumer Category
with Highly Supportive
Industry Fundamentals
1
A Market Leader with
Differentiated Business
Model
2
Globally Diversified with
Wide Customer Base and
Broad Product Portfolio
3
Highly Experienced and
Successful Management
Team
6
Strong Financial Track
Record with Stable
Margins
5
Vertically Integrated,
“State-of-the-art” Supply
Chain and Operations
4
Conclusion
Amira Key Highlights
27
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