Rice Prices
Climb after Temporary Dip
Choi Song Min | 2014-11-26 21:00
Rice
prices in North Korea’s markets, after posting a decline earlier this month,
are said to be back on the rise. Rice threshing is now over, but the amount of
grain rendered useless from this year’s drought is significant, trimming the
volume of rice in circulation and affecting the prices, according to a local
source.“On most collective farms, the harvest has decreased compared to last
year,” a source based in North Hamkyung Province told the Daily NK on Tuesday.
“In
Hwanghae and Pyongan Provinces, the breadbaskets of the North, a lot of grain
heads were empty, and with corn, a lot of it had to be tossed because it dried
out during the summer drought."The prolonged drought, plaguing the nation
since spring of this year, has drained reservoirs to the point of exposing
their floors, and hydroelectric power plants have been repeatedly halted. North
Korean residents, despite mobilization for a “battle against water shortage,”
were unable to restore water levels at reservoirs, leading to widespread
damages.
The
amount of rainfall in the North in August, a period critical to crop
production, stood at 89.6㎜, much lower than the average 199.2㎜,
according to Korea Meteorological Administration in the South. In particular,
the provinces of South Pyongan and South Hwanghae saw less than 30 percent of
their average precipitation in that month. Most areas in the North also
received less than 40 to 50 percent of their annual rainfall in the months of
September and October. “The rice prices dropped briefly in the markets, as
freshly harvested rice was released earlier in the month,” the source asserted.
“But
what used to trade for 4,800-5,000 KPW [0.58-0.60 USD] has now jumped by more
than 500 KPW [0.60 USD] to 5,600 KPW [0.67 USD].” He went on to explain
that local officials with the Ministry of People's Security [MPS] are now
setting up “food checkpoints” to make sure grains are not leaking out to other
areas. “Among the vehicles, if there are any carrying loads of grain, officials
are confiscating the products without question,” he said.However, this
surveillance has yet to extend to individuals carrying 50-100kg of rice on
their backs, allowing merchants to transport the grains via train and release
it in the markets.
If
authorities crack down on this practice as well, the source speculated a jump
in rice prices to be inevitable.Another factor contributing to the price hike
is beefed up surveillance on border smugglers. The closing of a railroad bridge
connecting the North and China over the Yalu River for repairs has also added
to the pinch on rice, the source explained.“Since last week, the railroad
bridge connecting trade between the North and China has been under maintenance,
so nothing has been coming through,” a source based in Sinuiju reported.
“They
say construction will go on for roughly ten days, but we don’t know when it
will wrap up, so there is a high possibility of rice prices
increasing.”Residents, concerned about these changes are asking, “What if this
makes next year an even worse year of hardship,” pointing out, “If only they
would distribute the land to the farmers, we wouldn’t have to worry about
rice.”
*Translated by Jiyeon Lee
In Memory: Sonny Martin
USA
Rice extends condolences to the family and friends of Marlin O.
"Sonny" Martin, 73, of Bernie, MO, who passed away on November 26.
Martin's leadership roles in the rice industry included service on the Missouri
Rice Research and Merchandising Council and the chairmanship of the USA Rice
Council from 1994 to 1996.
Survivors include his wife, Alice Martin,
three sons, Tim, Mike, and David, and four grandchildren. Funeral services were held on November 29.
Memorials may be made to the Stoddard County Gospel Mission, 207 One Mile Road,
Dexter, MO 63841, or the Stoddard County Children's Home Memorial Tribute Fund,
P.O. Box 164, Dexter, MO 63841.
USA Rice Offers Assessment
of Neonicotinoid S
eed Treatments
ARLINGTON,
VA -- At the request of the U.S. Department of Agriculture, the USA Rice
There is concern that neonicotinoids, or
neonics as they are usually called, may play a role in recent pollinator
declines. While rice is not pollinated
by bees, there is mounting pressure to ban the entire class of neonics due to
uncertainties regarding their potential environmental impact on pollinators.The
U.S. rice industry relies heavily on the neonicotinoid seed treatments to
combat insect pests, and with the loss of older crop protection products,
cannot afford the loss of three more products.
Recent
EPA analysis concluded that there is little or no increase in soybean yields
using most neonicotinoid seed treatments when compared to using no pest control
at all. This analysis is an important
part of the science EPA will use in their assessment of the risks and benefits
under registration review for the neonicotinoid pesticides.A year ago,
Syngenta, Bayer CropScience, and Valent jointly commissioned an independent
study on the socio-economic benefits of neonicotinoid insecticides in North
America. This research has produced a
comprehensive series of 15 reports demonstrating the value of neonicotinoids.
The
study looked at U.S. and Canadian agriculture as well as turf and ornamental
sectors, and all uses of neonicotinoids: seed treatment, foliar, and soil
applications. The first nine reports
have been released to the media. They
are available on a new website called GrowingMatters.org, along with news
releases, fact sheets, videos, and an infographic.
Contact: Steve Hensley (703)
236-1445
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Japan
Announces 8th Ordinary Import Tender in FY 2014
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Announcement: 1
December 2014
Tender: 4
December 2014
Offer
details: 58,000
mt
Shipping
period: (Medium grain)
From 1 March 2015 to 10 April 2015
(Long
grain) From 10 March 2015 to 20 April 2015
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CME
Group/Closing Rough Rice Futures
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Gov’t
plans local rice sufficiency by 2018
Government’s ambitious 2018 target for local rice farmers to fully
meet domestic demand has been described as very feasible by the Ghana Grains
Council, although it adds that such a feat will demand government’s total
commitment.The country’s current rice production accounts for about 47 percent
its 1.8 million m/t total rice consumption.Rice is one of the major items on
Ghana’s import bill, with a market size estimated to be over US$1billion.
Reducing the size of rice imports has become a priority for government, which
sees it as a way of easing pressure on foreign exchange reserves
According
to Dr. Godwin Ansah, Managing Director of the council, much as an outright ban
of rice importation is a good thing, the current low capacity of local farmers
means that they are unable to meet the market demand.“If that ban happens
overnight, how do we meet the shortfall of more than 50 percent currently
filled by imported rice? That’s why any ban at all should not be immediate,” he
said.The Ministry of Food and Agriculture, in its Food and Agriculture Sector
Development Policy (FASDEP II), announced a raft of measures and initiatives
that will see at least a 20 percent annual increment of local rice
production.Currently local rice producers, mostly smallholder farmers, gross
about 600,000 tonnes annually amidst several challenges. Dr. Ansah told the
B&FT in an interview that beyond just raising their output, there are other
challenges the farmers have to contend with to boost local consumption.
“These
challenges have to do with issues of branding, marketing, which are major
issues as far as local rice is concerned; we are very weak in that area.
There’s also limited access to good breeds or varieties of rice that help to
boost productivity,” he added. Govt’s lead role
According
to the Ghana Grains Council, government’s assistance to local farmers by way of
various policy support such as FASDEP, Ghana Commercial Agriculture Project
(GCAP) are commendable, but government as a consumer must boost its
purchases.“There a lot of things government can do to help on the demand side.
For instance, government can direct management of the School Feeding Programme
to only use rice grown locally as against imported rice,” he said.Previously,
management of the school feeding programme were sourcing rice locally; but due
to the inability of government to release funds on time to pay local farmers,
that relationship was strained. The GGC Council MD therefore believes a
different approach to the relationship is needed to ensure the farmers remain
in business.
Ghana
Grains Council is a private sector-led initiative by leaders in the grain
business, established with the aim of intervening in the grains value chain to
achieve improvement in productivity, quality and greater commercialisation of the
industry.
Two Great Cookbooks for Hanukkah 2014
Posted: 12/01/2014 10:22 am EST Updated: 12/01/2014 10:59 am EST
My private cookbook collection can't compare to that of many of
my colleagues -- my 500 or so seem paltry next to collections in the thousands.
But at this stage of life, I carefully curate the books I want around forever.
Here are two of them -- both recently published and perfect gifts for Hanukkah.
Jewish Soul Food: From Minsk to Marrakesh
Jewish Soul Food: From Minsk to Marrakesh
by Janna Gur
Schocken Books, New York NY 2014 $35.00 ISBN 978-0- 8052-4308-6
Its diverse recipes paint much of Israel's
culinary landscape, where Ms. Gur resides and publishes, with her husband,
Israel's most prominent food and wine magazine called Al Hashulchan (At the Table). Born in the
former Soviet Union, Ms. Gur emigrated to Israel in 1974 and since that time
has scholarly untangled the global threads woven into the Israeli kitchen.Some
of my favorite dishes include sabzi polo, rice pilaf made with equal amounts of
basmati rice and fragrant fresh herbs, and addictive ijeh b'lahmeh which are herb
and meat latkes perfect for Hanukkah. Also appropriate for the holiday are
bimuelos, a Sephardic dessert of fried dough, drizzled with cinnamon-scented
honey syrup and garnished with walnuts.
by Aaron Rezny and Jordan
Schaps
powerHouse Books, Brooklyn, NY
2014 $35.00 ISBN 978-1-57687-722-7
I don't know exactly where my
grandparents lived as Hungarian immigrants in the early part of the last
century, but they certainly climbed tenement steps and shopped on Delancey
Street, as depicted in this sumptuous book with lovely essays by famous fressers
(eaters) -- Calvin Trillin, Paul Goldberger (architecture critic of the New York Times), food maven Arthur Schwartz,
legendary graphic designer, Milton Glaser -- and mouth-watering recipes. There
are spectacular images of food, people, storefronts, and culinary ephemera, and
an unexpected black-and-white photo of Janis Joplin smoking a cigarette at
Ratner's, which is fabulous.
Eating Delancey, is Mr. Rezny's personal homage to the vanishing flavors of his
youth. Similarly, Mr. Schaps waxes nostalgic about his bubbe Ethel Raben and
the meals he consumed in her Russian-Yiddish-American kitchen. Mr. Rezny
photographs the semaphores of their combined history -- bagels, halvah,
knishes, seltzer bottles -- with the same intention. The photographs of iconic
quaffs -- a bottle of Cherry Heering, Slivovitz, a bottle top of Cel-ray soda,
tea in a glass are stunning in their simplicity. And the luster of the finished
dishes -- a slice of creamy cheesecake, Schwartz's sweet and sour flanken, even
matzo brei, a monochrome dish if there ever was one, here looks sensuous.Joan
Rivers would have kvelled from this book.
Her poignant introduction, which
in itself is poignant, is brilliantly alive with affection for Jewish food. She
describes her mother, "a chic woman, very well read, a great hostess, and
a horrible cook" and goes on to confess her love of singed chicken feet
and gefilte fish with freshly grated horseradish.Many books have delved into
the psyche of Jewish people through their food -- but this book succeeds as a
true work of art. I, for one, regret not knowing more about my grandparents'
path, that of Joseph and Louise (Goldstein) Gold, who walked and ate with the
best of them.
More nostalgia: My best friend threw me a
surprise wedding shower at Sammy's Roumanian on Chrystie Street -- imagine how
classy that was -- a place where chicken fat is poured from a pitcher, garlic
fills the air, and where time, for a moment, stands still.Rozanne
Gold is a four-time James Beard award-winning chef and author of Eat Fresh
Food: Awesome Recipes for Teen Chefs, Healthy 1-2-3, and Radically Simple:
Brilliant Flavors with Breathtaking Ease.
Two Great Cookbooks for Hanukkah 2014
Posted: 12/01/2014 10:22 am EST Updated: 12/01/2014 10:59 am EST
My private cookbook collection
can't compare to that of many of my colleagues -- my 500 or so seem paltry next
to collections in the thousands. But at this stage of life, I carefully curate
the books I want around forever. Here are two of them -- both recently
published and perfect gifts for Hanukkah.
Jewish Soul Food: From Minsk to Marrakesh
by Janna Gur
Jewish Soul Food: From Minsk to Marrakesh
by Janna Gur
Schocken Books, New York NY 2014
$35.00 ISBN 978-0- 8052-4308-6
There is much to learn. I have never seen,
eaten, or made many of these dishes: Her sabich (an egg and eggplant sandwich
often eaten for breakfast) is gorgeous, as is hamim macaroni, mafroum (meat and
potato "sandwiches"), Bulgarian feta-stuffed pepper
"cutlets," and tantalizing fluden, made with poppy seeds, walnuts and
apples, for dessert. Its diverse recipes paint much of Israel's culinary
landscape, where Ms. Gur resides and publishes, with her husband, Israel's most
prominent food and wine magazine called Al Hashulchan (At the Table). Born in the
former Soviet Union, Ms. Gur emigrated to Israel in 1974 and since that time
has scholarly untangled the global threads woven into the Israeli kitchen.
Some of my favorite dishes include sabzi polo, rice pilaf made
with equal amounts of basmati rice and fragrant fresh herbs, and addictive ijeh
b'lahmeh which are herb and meat latkes perfect for Hanukkah. Also appropriate
for the holiday are bimuelos, a Sephardic dessert of fried dough, drizzled with
cinnamon-scented honey syrup and garnished with walnuts. I look forward to
making her orange flower butter cookies studded with almonds for gift-giving
this season.
This book is important because of Janna's strongly held belief:
The only way to preserve traditional cuisine for future generations is to cook
it. Without her careful attention to this repertoire of priceless artifacts --
recipes from vanquished times and cultures -- these hand-me-downs would be all
but lost. Jewish cuisine is unique because it reflects the histories of so many
nationalities, wars and displacements. How Ms. Gur captures its essence in 100
recipes is the magic of this book.
by Aaron Rezny and Jordan
Schaps
powerHouse Books, Brooklyn, NY
2014 $35.00 ISBN 978-1-57687-722-7
Eating Delancey, is Mr. Rezny's personal homage to the vanishing flavors of his
youth. Similarly, Mr. Schaps waxes nostalgic about his bubbe Ethel Raben and
the meals he consumed in her Russian-Yiddish-American kitchen. Mr. Rezny
photographs the semaphores of their combined history -- bagels, halvah,
knishes, seltzer bottles -- with the same intention.
The photographs of iconic quaffs -- a bottle of Cherry Heering,
Slivovitz, a bottle top of Cel-ray soda, tea in a glass are stunning in their
simplicity. And the luster of the finished dishes -- a slice of creamy
cheesecake, Schwartz's sweet and sour flanken, even matzo brei, a monochrome
dish if there ever was one, here looks sensuous.Joan Rivers would have kvelled
from this book. Her poignant introduction, which in itself is poignant, is
brilliantly alive with affection for Jewish food. She describes her mother,
"a chic woman, very well read, a great hostess, and a horrible cook"
and goes on to confess her love of singed chicken feet and gefilte fish with
freshly grated horseradish.
Many books have delved into the psyche of Jewish people through
their food -- but this book succeeds as a true work of art. I, for one, regret
not knowing more about my grandparents' path, that of Joseph and Louise
(Goldstein) Gold, who walked and ate with the best of them. More nostalgia: My
best friend threw me a surprise wedding shower at Sammy's Roumanian on Chrystie
Street -- imagine how classy that was -- a place where chicken fat is poured
from a pitcher, garlic fills the air, and where time, for a moment, stands
still.
Rozanne Gold is a four-time
James Beard award-winning chef and author of Eat Fresh Food: Awesome Recipes
for Teen Chefs, Healthy 1-2-3, and Radically Simple: Brilliant Flavors with
Breathtaking Ease.
Source: TheHuffingtonPost.com, Inc
Amira Nature Foods : Meets Consensus; Jefferies Confirms and Updates
Its Report
12/01/2014 | 08:07am US/Eastern
Amira Nature Foods Ltd (the “Company;” or
“Amira” NYSE: ANFI), a leading global provider of packaged Indian specialty
rice, today clarified that the adjusted earnings per share reported November
24, 2014 for its fiscal 2015 second quarter did meet Street consensus earnings
estimates of $0.29 per share. It was erroneously reported by Jefferies analyst,
Kevin Grundy, that the Street consensus earnings estimate was $0.32 per share
for the fiscal 2015 second quarter.As such, on November 26, 2014, Jefferies amended and re-published its research report with the correct Street consensus earnings estimates of $0.29 per share, and confirmed that Amira’s fiscal 2015 second quarter did indeed meet Street consensus.
About Amira Nature Foods Ltd.
Founded in 1915,
Amira has evolved into a leading global provider of branded packaged Indian
specialty rice, with sales in over 60 countries today. The Company sells
Basmati rice, which is a premium long-grain rice grown only in certain regions
of the Indian sub-continent, under its flagship Amira brand as well as under
other third party brands. Amira sells its products through a broad distribution
network in both the developed and emerging markets. The Company’s global
headquarters are in Dubai, United Arab Emirates, and it also has offices in
India, Malaysia, Singapore, Germany, the United Kingdom, and the United States.
Amira Nature Foods Ltd is listed on the New York Stock Exchange (NYSE) under
the ticker symbol “ANFI.” For more information please visit www.amira.net.
Cautionary Note on Forward-Looking Statements
This release
contains forward-looking statements within the meaning of the U.S. federal
securities laws. These forward-looking statements generally can be identified
by phrases such as that we or our members of management “believe,” “expect,”
“anticipate,” “foresee,” “forecast,” “estimate” or other words or phrases of
similar import. 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 plans to make significant capital expenditures,
and other statements of management’s beliefs, intentions or goals.
It is uncertain whether any of the events
anticipated by the forward-looking statements will transpire or occur, or if
any of them do, what impact they will have on our results of operations,
financial condition, or the price of our ordinary shares. These forward-looking
statements involve certain risks and uncertainties that could cause actual
results to differ materially from those indicated in such forward-looking
statements, including but not limited to our ability to penetrate and increase
the acceptance of our products in new geographic markets; our ability to
perform our agreements with customers and further develop our relationships
with key retail partners; our ability to recognize revenue from our contracts;
continued competitive pressures in the marketplace; our reliance on a few
customers for a substantial part of our revenue; our ability to implement our
plans, forecasts and other expectations with respect to our business and
realize additional opportunities for growth; and the other risks and important
factors contained and identified in our filings with the Securities and
Exchange Commission.
All
forward-looking statements attributable to us or to persons acting on our
behalf are expressly qualified in their entirety by these risk factors. 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.
source www.4-traders.com
All hands on deck: the Warren family
pitches in
Lambrook, Ark., family farm truly a joint venture
Warren
family of Lambrook, Ark., profiled.THE
WARREN FAMILY ‘does what needs doing.’ From left, Chris, Tasha, Don, Connie,
Melissa and Anthony.
RELATED MEDIA
The rest of the Warren clan – patriarch Don, sons Chris and
Anthony and their wives Tasha and Melissa – are no less idle. If there is work
to be done, pitch in. That is the unspoken mantra of this true, tight-knit
farming family from Lambrook, Ark.
“I’m a second-generation farmer,” says Don. “My mother and daddy
moved here in 1939, just before WWII. They lived here until they passed away.“I
was born and raised here, same as Connie. Her parents also farmed here. We got
married, our kids -- Chris, Anthony and their sister, a nurse in Helena -- came
along and now they’re starting to tell us what to do,” says Don, laughing.
The Warrens farm 9,250 cropland acres, none of it more than 14
miles from the main shop in Lambrook.“We’ve certainly taken on more acreage.
Ten years ago, we were farming around 3,000 acres,” says Chris. “I started
farming in 1998 and Anthony started two years later. Around 2003/2004, we
combined acres and started working together.
“It’s worked out so much better with us working together. We
don’t have to maintain separate shops and equipment.“Truth is, we kind of had
our hand forced on that. Quality labor is scarce. Plus, it’s nice to have just
one sprayer running the 9,200 acres. Consolidating like we have keeps overhead
down and also means we’re watching each other’s backs that much closer.”The
Warrens haven’t shifted crops as much as some east Arkansas neighbors. “We’ve
always grown grain over cotton,” says Anthony. “This year, we raised about
5,500 acres of soybeans, 2,000 of grain sorghum and the rest was in rice. Grain
sorghum has always been in our rotation.”Don agrees.
“We’ve done the same crop rotation for a long time. Way back,
when I first began, I grew cotton. But with the soils around here we couldn’t
really compete with the cotton farms. So, we got out of cotton long before the
bottom fell out of the market.“Soybeans, grain sorghum and rice are our main
crops. We did grow some corn for a few years until the price turned south.”The
family has a fleet of grain bins with a 250,000-bushel capacity.“The first bin
went up in 1997 and we’ve added on five times since,” says Anthony. “This year,
we used the grain bins early-season for soybeans and milo. But we ended up
having to pull all that for rice -- it was a great crop and we didn’t have any
room for anything but rice.”
Koolmill sells rice milling machines to China
Dec 01, 2014
05:00
By Enda MullenMidland
company cracks one of the toughest markets for its produce but said
difficulties in accessing funds to expand was hitting its plans to establish a
manufacturing base here
Koolmill's
rice milling machines in action in China
A Midland company has cracked one of the toughest markets for
its produce – selling rice milling machines to China. But Solihull-based
Koolmill said difficulties in accessing funds to expand was hitting its plans
to establish a manufacturing base in the Midlands.Koolmill chief executive Alec
Anderson has likened the firm's products as being the milling equivalent of the
Dyson vacuum cleaner but says he has been frustrated at the firm's inability to
secure UK funding or Government backing.
Instead the firm is developing its business in China through a
joint venture and is now seeing its machines manufactured over there.Mr
Anderson said: "It's a bit like James Dyson – what he was doing with
vacuum cleaners we are doing with milling machines and taking on a global
industry. But we're looking at big customers and they are waiting to see how it
pans out.
"When you're selling a £300 vacuum cleaner people are a
little bit miffed if there's a problem but if you're running a mill you're
going to need 5-10, £30,000 machines."We're a small company, there are
huge commercial risks and so it's pretty tough but China has a different
attitude to here in the UK. For years we have been trying to raise money in the
UK to set up a manufacturing operation."I think it comes down to the fact
we don't easily fit into any of the categories and intellectual property is an
intangible asset, which in banking terms has no value, so can't be borrowed
against."Koolmill had hoped to set up a Midland manufacturing base
employing up to 40 people and still has hopes of doing so to cater for the
premium end of the market.
Its joint venture Quzhou Koolmill (QZ), which has a 20 per cent stake
from a Chinese venture capital company, is small-scale at present manufacturing
rice milling machines in a 9,000 sq m factory the city of Quzhou.It employs 25
people and this year aims to produce 200 machines, increasing to 1,500 to 2,000
machines within 3-5 years producing an estimated income of £40 million.
Koolmill has plans to expand manufacturing to India and possibly Brazil.
Mr Anderson added: "I'd like to think we could have access
to funding here in the UK on reasonable terms but the reality is that for us it
is not there. I would like this to be a British technology and being made in
Birmingham.
"You hear about the Business Bank and LEPS etc but our
experience is it's a bit like a bargain flight – when you go to get it is isn't
there."China is extremely supportive and we are grateful for the support
of government at all levels as we seek to change the culture of a globally
significant but ultra-conservative industry."
Philippines will continue rice imports up to
2015, exec says
01.12.2014
THE PHILIPPINES will continue to
import rice next year to meet supply requirements as local production of the
staple is seen to be insufficient.The National Food Authority (NFA), the
country’s grains procurement agency, said the Philippines may import an initial
600,000 metric tons (MT) of rice for 2015 to boost its buffer stocks in the
lean months of June to August.“The interagency body in charge of computing and
recommending how much we need to import is saying we still need to import about
600,000 MT. That’s for next year, 2015,” NFA Administrator Renan B. Dalisay
said in a text message to BusinessWorld.
The NFA Council -- members of
which, together with the Secretary of Agriculture, makes import recommendations
to the President, who then makes the final decision -- still needs to give the
go signal to import the additional supply, Mr. Dalisay said.The tender process
must start “now or in January” as imported rice “should arrive by June 2015, at
the start of the lean months,” he said.The Philippines imported around 1.8
million tons of rice over the last 11 months, the biggest in four years --
including 1.5 million tons of this year’s imports and 300,000 tons of last
year’s residual imports -- to replenish thinning stockpiles and bring down
local retail prices.
The NFA is still authorized to
import another 500,000 MT of rice this year, if need arises depending on supply
conditions as affected by calamities, possible occurrence of El Niño, and the
production output in the fourth quarter.Thailand and Vietnam remain the primary
supply source of the country’s rice. The NFA recently awarded to Thailand and
Vietnam a contract to supply the Philippines with 500,000 MT of rice to beef up
stocks, with the first tranch earlier set to arrive in the third week of
October.The Philippines can enter into government-to-government deals with the
two countries, including Cambodia with which it has rice procurement
agreements.
Palay production hit 11.41 million metric tons (MT) in the nine months to September, of which the third quarter saw 3.03 million MT, 10% below the 3.36 million MT in the comparable three-month 2013 period, due to decline of production and harvest in Western Visayas, Davao region and Zamboanga Peninsula, reflecting the damage caused by typhoons Glenda, Luis and Mario during the period from July to September, the Philippine Statistics Authority (PSA) said in its report last Nov. 14.The agency projects a 5% year-on-year increase to 7.47 million MT this quarter to bring this semester’s tally to 10.5 million MT, up just 0.5% from 10.44 million MT a year ago.All these are expected to bring palay production to total 18.88 million MT for the entire 2014, 2.4% more than 2013’s 18.44 million MT, but short of a 19.07 million MT target for this year.
Palay production hit 11.41 million metric tons (MT) in the nine months to September, of which the third quarter saw 3.03 million MT, 10% below the 3.36 million MT in the comparable three-month 2013 period, due to decline of production and harvest in Western Visayas, Davao region and Zamboanga Peninsula, reflecting the damage caused by typhoons Glenda, Luis and Mario during the period from July to September, the Philippine Statistics Authority (PSA) said in its report last Nov. 14.The agency projects a 5% year-on-year increase to 7.47 million MT this quarter to bring this semester’s tally to 10.5 million MT, up just 0.5% from 10.44 million MT a year ago.All these are expected to bring palay production to total 18.88 million MT for the entire 2014, 2.4% more than 2013’s 18.44 million MT, but short of a 19.07 million MT target for this year.
For the first quarter of 2015, PSA
expects palay production to slip by 0.6% to 4.28 million MT from 4.31 million
MT in the comparable three months this year as slightly improved yield fails to
offset a contraction in harvest area.The Department of Agriculture earlier said
it targets to produce 59,678,679 MT of rice in the next three years (2014-2016)
as part of the department’s commitment to attain rice self-sufficiency.The
Philippines achieved 96% rice self-sufficiency when local farmers produced
18.44 million metric tons of rice in 2013, the country’s highest rice
production in history, the Agriculture department said, adding that the
country’s self-sufficiency in rice was at 82% at the start of the
administration of President Benigno S. C. Aquino III in 2010.
DA drops 2014 goal on palay harvest
By | Nov. 30, 2014 at 11:35pm
The Agriculture Department said
over the weekend the country may not reach its target of producing 19.07
million metric tons of palay or unmilled rice this year, following a series of
typhoons that affected harvests.Agriculture Secretary Proceso Alcala, however,
said the 2014 production would still likely surpass the record harvest in
2013.“We are expecting that by the end of the year, we will be able to surpass
the 18.44 million metric ton production last year,” Alcala said.Alcala said
palay production this year would more likely reach 18.88 or 18.89 million MT.
The Philippine Statistics
Authority earlier said palay production in the first nine months hit 11.41
million MT, up from 11.36 million MT recorded a year ago.“While there were good
harvest records of palay in the first half of the year, the third quarter
production was adversely affected by typhoons Glenda and Luis,” the PSA
said.“The onset of ‘habagat’ also caused damages on standing crop in Central
Luzon that resulted in lower yield. In Bicol region, the cutback in harvest
area was triggered by the insufficiency of water supply in most provinces as
well as damages from typhoon Glenda,” PSA said.
Production in the third quarter
dropped by a tenth to 3.02 million MT from 3.4 million MT a year earlier.PSA
said the drop in production was due to the decline of production and harvest
areas in Western Visayas, Davao Region and Zamboanga Peninsula.“The decline in
production and harvest areas in Davao Region and Zamboanga Peninsula was traced
to the delayed plantings because of insufficient supply of water from the
irrigation systems and rainfall. Crop shifting of some palay farmers to cacao
was also cited in the region,” PSA said.
Thailand
moving in on world’s number 1 rice exporter
Date : 30 พฤศจิกายน 2557
BANGKOK, 30 November 2014 (NNT) - Thailand’s rice exports made a
one-year record high in October at 1.21 million tons, increasing the chance to
export as high as 11 tons and reclaim the position of the world’s number one
rice exporter. President of the Thai Rice Exporters’ Association Charoen
Laothammathat said Thailand’s rice exports in October increased by 59% compared
to September. From January to October, Thailand exported 8.77 million tons
worth 140 billion baht, increasing by 62% compared to the same period last
year. The rice export hike in October was due to the Christmas and New Year
festivals and Thailand’s delivering of rice to China, Philippines and Indonesia
under their government-to-government contracts, said the president. The price
of Thai rice exports in November is expected to decline in line with the global
rice price market and baht depreciation. Competition in the last two months
will remain high since Vietnam, India and Pakistan will send their produce to
the market during this period.
http://thainews.prd.go.th/CenterWeb/NewsEN/NewsDetail?NT01_NewsID=WNECO5711300010006#sthash.3eKj4Te3.dpuf
Japan to sharply cut 2015 rice output target to 7.51 mil.
Tons
Japan's farm ministry on Friday proposed setting the country's
rice production target for human consumption in 2015 at 7.51 million tons, a
decrease of 140,000 tons from the previous year.The reduction is smaller than
the all-time high of 260,000 tons in 2014 but still considerable, as the
Japanese government has continued to slash the target due to a decline in rice
consumption as a result of the country's graying society and low prices caused
by overstocks of rice produced in 2013.The Ministry of Agriculture, Forestry
and Fisheries plans to achieve a balance between production and consumption
before abolishing the current policy of reducing rice fields in 2018. It also
plans to continue heavily subsidizing farmers who convert their rice crops from
produce for human consumption to livestock feed.Given its status as a staple
food in Japan, rice is one of the country's main farm products.
==Kyodo
Soruce:
(Globalpost/GlobalPost)
Gov’t
plans local rice sufficiency by 2018
Government’s ambitious 2018 target for local rice farmers to
fully meet domestic demand has been described as very feasible by the Ghana
Grains Council, although it adds that such a feat will demand government’s
total commitment.The country’s current rice production accounts for about 47
percent its 1.8 million m/t total rice consumption.Rice is one of the major
items on Ghana’s import bill, with a market size estimated to be over
US$1billion. Reducing the size of rice imports has become a priority for government,
which sees it as a way of easing pressure on foreign exchange reserves
According to Dr. Godwin Ansah, Managing Director of the council,
much as an outright ban of rice importation is a good thing, the current low
capacity of local farmers means that they are unable to meet the market
demand.“If that ban happens overnight, how do we meet the shortfall of more
than 50 percent currently filled by imported rice? That’s why any ban at all
should not be immediate,” he said.The Ministry of Food and Agriculture, in its
Food and Agriculture Sector Development Policy (FASDEP II), announced a raft of
measures and initiatives that will see at least a 20 percent annual increment
of local rice production.
Currently local rice producers, mostly smallholder farmers,
gross about 600,000 tonnes annually amidst several challenges. Dr. Ansah told
the B&FT in an interview that beyond just raising their output, there are
other challenges the farmers have to contend with to boost local
consumption.“These challenges have to do with issues of branding, marketing,
which are major issues as far as local rice is concerned; we are very weak in
that area. There’s also limited access to good breeds or varieties of rice that
help to boost productivity,” he added. Govt’s lead role
According to the Ghana Grains Council, government’s assistance
to local farmers by way of various policy support such as FASDEP, Ghana
Commercial Agriculture Project (GCAP) are commendable, but government as a
consumer must boost its purchases.
“There a lot of things government can do to help on the demand
side. For instance, government can direct management of the School Feeding
Programme to only use rice grown locally as against imported rice,” he
said.Previously, management of the school feeding programme were sourcing rice
locally; but due to the inability of government to release funds on time to pay
local farmers, that relationship was strained. The GGC Council MD therefore
believes a different approach to the relationship is needed to ensure the
farmers remain in business.Ghana Grains Council is a private sector-led
initiative by leaders in the grain business, established with the aim of
intervening in the grains value chain to achieve improvement in productivity,
quality and greater commercialisation of the industry.
Amira
Nature Foods Meets Consensus; Jefferies Confirms and Updates Its Report
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DUBAI, United Arab Emirates, Dec
01, 2014 (BUSINESS WIRE) --
Amira Nature Foods Ltd (the
"Company;" or "Amira" NYSE: ANFI), a leading global
provider of packaged Indian specialty rice, today clarified that the adjusted
earnings per share reported November 24, 2014 for its fiscal 2015 second
quarter did meet Street consensus earnings estimates of $0.29 per share. It
was erroneously reported by Jefferies analyst, Kevin Grundy, that the Street
consensus earnings estimate was $0.32 per share for the fiscal 2015 second
quarter.
As such, on November 26, 2014,
Jefferies amended and re-published its research report with the correct
Street consensus earnings estimates of $0.29 per share, and confirmed that
Amira's fiscal 2015 second quarter did indeed meet Street consensus.
About Amira Nature Foods Ltd.
Founded in 1915, Amira has
evolved into a leading global provider of branded packaged Indian specialty
rice, with sales in over 60 countries today. The Company sells Basmati rice,
which is a premium long-grain rice grown only in certain regions of the Indian sub-continent, under
its flagship Amira brand as well as under other third party brands. Amira
sells its products through a broad distribution network in both the developed
and emerging markets. The Company's global headquarters are in Dubai, United
Arab Emirates, and it also has offices in India, Malaysia, Singapore,
Germany, the United Kingdom, and the United States. Amira Nature Foods Ltd is
listed on the New York Stock Exchange (NYSE) under the ticker symbol
"ANFI." For more information please visit www.amira.net.
Cautionary Note on Forward-Looking
Statements
This release contains
forward-looking statements within the meaning of the U.S. federal securities
laws. These forward-looking statements generally can be identified by phrases
such as that we or our members of management "believe," "expect,"
"anticipate," "foresee," "forecast,"
"estimate" or other words or phrases of similar import.
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 plans to make significant capital expenditures, and other statements of
management's beliefs, intentions or goals.
It is uncertain whether any of the events
anticipated by the forward-looking statements will transpire or occur, or if
any of them do, what impact they will have on our results of operations,
financial condition, or the price of our ordinary shares. These
forward-looking statements involve certain risks and uncertainties that could
cause actual results to differ materially from those indicated in such
forward-looking statements, including but not limited to our ability to
penetrate and increase the acceptance of our products in new geographic
markets; our ability to perform our agreements with customers and further
develop our relationships with key retail partners; our ability to recognize
revenue from our contracts; continued competitive pressures in the
marketplace; our reliance on a few customers for a substantial part of our
revenue; our ability to implement our plans, forecasts and other expectations
with respect to our business and realize additional opportunities for growth;
and the other risks and important factors contained and identified in our
filings with the Securities and Exchange Commission.
All forward-looking statements attributable
to us or to persons acting on our behalf are expressly qualified in their
entirety by these risk factors. 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.
Amira Nature Foods Ltd
Condensed Consolidated Statements of Financial Position
(Amounts in USD)
--------------------------------------------------- -------------------- ---------------------------------------------------
As at As at
September 30, 2014 March 31, 2014
(Unaudited) (Audited)
--------------------------------------------------- -------------------- ---------------------------------------------------
ASSETS
Non-current
Property, plant and equipment $ 22,709,419 $ 23,284,918
Goodwill 1,608,842 1,727,338
Other intangible assets 2,008,421 2,262,731
Other long-term financial assets 676,666 485,731
-------------------- ----------- -------------------- -------------------- -------------------- ----------- --------------------
Total non-current assets $ 27,003,348 $ 27,760,718
-------------------- ----------- -------------------- -------------------- -------------------- ----------- --------------------
Current
Inventories $ 251,322,898 $ 254,952,549
Trade receivables 86,483,943 80,882,986
Derivative financial assets - 2,352,886
Other financial assets 8,937,351 9,768,514
Prepayments 9,490,256 8,361,244
Other current assets 1,389,419 765,655
Cash and cash equivalents 25,677,486 37,606,098
-------------------- ----------- -------------------- -------------------- -------------------- ----------- --------------------
Total current assets $ 383,301,353 $ 394,689,932
-------------------- ----------- -------------------- -------------------- -------------------- ----------- --------------------
Total assets $ 410,304,701 $ 422,450,650
==================== =========== ==================== ==================== ==================== =========== ====================
EQUITY AND LIABILITIES
Equity
Share capital $ 9,115 $ 9,115
Share premium 82,821,560 82,804,750
Other reserves (6,459,745 ) (3,312,575 )
Retained earnings 89,911,780 74,334,687
Equity attributable to shareholders of the Company $ 166,282,710 $ 153,835,977
Equity attributable to non-controlling interest 21,305,819 18,005,030
-------------------- ----------- -------------------- -------------------- -------------------- ----------- --------------------
Total equity $ 187,588,529 $ 171,841,007
-------------------- ----------- -------------------- -------------------- -------------------- ----------- --------------------
Liabilities
Non-current liabilities
Defined benefit obligations $ 319,635 $ 246,548
Debt 1,989,020 2,739,414
Deferred tax liabilities 5,934,002 6,666,270
-------------------- ----------- -------------------- -------------------- -------------------- ----------- --------------------
Total non-current liabilities $ 8,242,657 $ 9,652,232
-------------------- ----------- -------------------- -------------------- -------------------- ----------- --------------------
Current liabilities
Trade payables $ 11,858,836 $ 41,197,158
Debt 182,178,084 182,103,347
Current tax liabilities (net) 12,778,581 9,644,944
Derivative financial liabilities 103,261 -
Other financial liabilities 5,704,301 6,031,593
Other current liabilities 1,850,452 1,980,369
-------------------- ----------- -------------------- -------------------- -------------------- ----------- --------------------
Total current liabilities $ 214,473,515 $ 240,957,411
-------------------- ----------- -------------------- -------------------- -------------------- ----------- --------------------
Total liabilities $ 222,716,172 $ 250,609,643
-------------------- ----------- -------------------- -------------------- -------------------- ----------- --------------------
Total equity and liabilities $ 410,304,701 $ 422,450,650
==================== =========== ==================== ==================== ==================== =========== ====================
Amira Nature Foods Ltd
Condensed Consolidated Statements of Profit or Loss
(Amounts in USD)
------------------------------------------------------------------------------------ -------------------- -----------------------------------------------------------------------------------
Six months ended Three months ended
September 30, 2014 September 30, 2013 September 30, 2014 September 30, 2013
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
-------------------------------- -------------------- -------------------------------- -------------------- -------------------------------- -------------------- -------------------------------
Revenue $ 280,200,545 $ 218,296,338 $ 141,387,573 $ 108,011,250
Other income 74,659 95,063 24,200 57,187
Cost of material (267,672,107 ) (181,941,294 ) (123,435,208 ) (92,069,372 )
Change in inventory of finished goods 49,112,448 12,484,391 13,123,609 10,115,880
Employee benefit expenses (5,419,006 ) (4,252,315 ) (2,860,498 ) (2,107,397 )
Depreciation and amortization (1,202,179 ) (951,200 ) (582,127 ) (462,317 )
Freight, forwarding and handling expenses (9,416,138 ) (9,861,688 ) (4,540,401 ) (3,320,673 )
Other expenses (11,566,530 ) (6,457,078 ) (6,122,934 ) (3,035,481 )
------------ -------------------- -------------------- ------------ -------------------- -------------------- ------------ -------------------- -------------------- ----------- --------------------
$ 34,111,692 $ 27,412,217 $ 16,994,214 $ 17,189,077
Finance costs (15,137,450 ) (10,579,446 ) (8,105,864 ) (5,415,924 )
Finance income 1,083,361 1,563,146 447,315 778,169
Other gains and (losses) 3,291,671 190,828 2,029,103 (3,567,810 )
------------ -------------------- -------------------- ------------ -------------------- -------------------- ------------ -------------------- -------------------- ----------- --------------------
Profit before tax for the period $ 23,349,274 $ 18,586,745 $ 11,364,768 $ 8,983,512
Income tax expense (3,702,122 ) (4,960,365 ) (926,432 ) (2,703,828 )
------------------------------------------------------ ------------------------------------------------------ ------------------------------------------------------ ---------------------------------
Profit after tax for the period $ 19,647,152 $ 13,626,380 $ 10,438,336 $ 6,279,684
Profit after tax attributable to:
Shareholders of the Company $ 15,577,093 $ 10,904,385 $ 8,272,706 $ 5,023,637
Non-controlling interest $ 4,070,059 $ 2,721,995 $ 2,165,630 $ 1,256,047
Earnings per share
Basic earnings per share $ 0.54 $ 0.38 $ 0.29 $ 0.18
Diluted earnings per share $ 0.54 $ 0.38 $ 0.29 $ 0.18
------------ -------------------- -------------------- ------------ -------------------- -------------------- ------------ -------------------- -------------------- ----------- --------------------
Amira Nature Foods Ltd
Condensed Consolidated Statements of Comprehensive Income
(Amounts in USD)
--------------------------------------------------------------------------------- -------------------- --------------------------------------------------------------------------------
Six months ended Three months ended
September 30, 2014 September 30, 2013 September 30, 2014 September 30, 2013
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
------------------------------ -------------------- ------------------------------- -------------------- ------------------------------ -------------------- ------------------------------
Profit after tax for the period $ 19,647,152 $ 13,626,380 $ 10,438,336 $ 6,279,684
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Available for sale financial assets:
Current period gain/(loss) 30,129 (23,793 ) (4,833 ) (52,389 )
Reclassification to profit or loss - - - -
Income tax (5,400 ) 8,087 1,643 17,807
---------- -------------------- -------------------- ----------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
$ 24,729 $ (15,706 ) $ (3,190 ) $ (34,582 )
---------- -------------------- -------------------- ----------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
Cash flow hedging reserve:
Current period gain/(loss) 1,667,700 (11,066,017 ) (273,571 ) (3,082,425 )
Reclassification to profit or loss (2,587,545 ) 2,208,545 (1,292,189 ) 2,722,317
Income tax 312,655 3,010,655 532,202 122,401
---------- -------------------- -------------------- ----------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
$ (607,190 ) $ (5,846,817 ) $ (1,033,558 ) $ (237,707 )
---------- -------------------- -------------------- ----------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
---------------------------------------------------- ----------------------------------------------------- ---------------------------------------------------- --------------------------------
Currency translation reserve (3,333,979 ) (17,574,930 ) (3,299,161 ) (6,250,496 )
---------- -------------------- -------------------- ----------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
---------------------------------------------------- ----------------------------------------------------- ---------------------------------------------------- --------------------------------
Other comprehensive income/(loss) for the period, net of tax $ (3,916,440 ) $ (23,437,453 ) $ (4,335,909 ) $ (6,522,785 )
---------- -------------------- -------------------- ----------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
Total comprehensive income/(loss) for the period $ 15,730,712 $ (9,811,073 ) $ 6,102,427 $ (243,101 )
---------- -------------------- -------------------- ----------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
Total comprehensive income/(loss) for the period attributable to:
Shareholders of the Company $ 12,429,923 $ (7,939,327 ) $ 4,788,460 $ (220,682 )
Non-controlling interest $ 3,300,789 $ (1,871,746 ) $ 1,313,967 $ (22,419 )
---------- -------------------- -------------------- ----------- -------------------- -------------------- ---------- -------------------- -------------------- ---------- --------------------
Amira Nature Foods Ltd
Condensed Consolidated Statements of Changes in Equity
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Other reserves (Amounts in USD)
------------------------------------------------- -------------------- -------------------- ---------------------------------------------- -------------------- -------------------- ------------------------------ -------------------- -------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- ------------------------------- -------------------- -------------------- -----------------------------------------------------------------------------------------------------
Share capital Share premium Share-based compensation reserve Reserve for Currency translation Cash flow hedging Restructuring Retained Equity Equity Total equity
available for reserve reserve Reserve earnings attributable to attributable to
sale financial shareholders of the Company non - controlling interest
assets
------------------------------------------------- -------------------- ------------------------------------------------------------------ -------------------- -------------------------------------------------- -------------------- ---------------------------------------- -------------------- -------------------------------------------------- -------------------- --------------------------------------- -------------------- --------------------------------------- -------------------- ---------------------------------------- -------------------- ---------------------------------------- -------------------- --------------------------------------------------- -------------------- -------------------------------------------------- -------------------- ---------------------------------------------------
Balance as at April 1, 2013 (Audited) $ 9,111 $ 82,639,766 $ 227,674 $ (21,561 ) $ (5,582,983 ) $ 258,647 $ 9,398,927 $ 44,375,024 $ 131,304,605 $ 12,328,130 $ 143,632,735
Share based compensation - - 154,822 - - - - - $ 154,822 - $ 154,822
Profit after tax for the period - - - - - - - 10,904,385 $ 10,904,385 2,721,995 $ 13,626,380
Other comprehensive income /(loss) for the period - - - (12,627 ) (14,130,244 ) (4,700,841 ) - - $ (18,843,712 ) (4,593,741 ) $ (23,437,453 )
Total comprehensive income/(loss) for the period $ - $ - $ - $ (12,627 ) $ (14,130,244 ) $ (4,700,841 ) $ - $ 10,904,385 $ (7,939,327 ) $ (1,871,746 ) $ (9,811,073 )
------------------------------------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- ----------- -------- -------------------- -------------------- ---------- --------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ----------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- ----------- --------------------
Balance as at September 30, 2013 (Unaudited) $ 9,111 $ 82,639,766 $ 382,496 $ (34,188 ) $ (19,713,227 ) $ (4,442,194 ) $ 9,398,927 $ 55,279,409 $ 123,520,100 $ 10,456,384 $ 133,976,484
================================================= ==================== ==================== ==================== ====== ==================== ==================== ==================== ========== ==================== ==================== ==================== ==================== ==================== ==================== ========== ==================== ==================== ==================== =========== ======== ==================== ==================== ========== ========= ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== =========== ==================== ==================== ==================== ========== ==================== ==================== ==================== =========== ====================
------------------------------------------------- -------------------- -------------------- --------------------------------------------------------------------- -------------------- ---------------------------------------------------- -------------------- -------------------- -------------------- -------------------- ---------------------------------------------------- -------------------- ----------------------------------------- -------------------- ----------------------------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ----------------------------------------------------- -------------------- ---------------------------------------------------- -------------------- ---------------------------------
Balance as at April 1, 2014 (Audited) $ 9,115 $ 82,804,750 $ 2,863,362 $ (30,127 ) $ (16,018,401 ) $ 473,664 $ 9,398,927 $ 74,334,687 $ 153,835,977 $ 18,005,030 $ 171,841,007
Share based compensation 4 54,996 - - - - - - $ 55,000 - $ 55,000
Repurchase of shares from ex-director (4 ) (38,186 ) (38,190 ) (38,190 )
Profit after tax for the period - - - - - - - 15,577,093 $ 15,577,093 4,070,059 $ 19,647,152
Other comprehensive income /(loss) for the period - - - - 19,871 (2,679,116 ) (487,925 ) - - $ (3,147,170 ) (769,270 ) $ (3,916,440 )
Total comprehensive income/(loss) for the period $ - $ - $ - $ 19,871 $ (2,679,116 ) $ (487,925 ) $ - $ 15,577,093 $ 12,429,923 $ 3,300,789 $ 15,730,712
------------------------------------------------- -------------------- -------------------- -------------------- ------ -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- ----------- -------- -------------------- -------------------- ---------- --------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- ----------- -------------------- -------------------- -------------------- ---------- -------------------- -------------------- -------------------- ----------- --------------------
Balance as at September 30, 2014 (Unaudited) $ $ 9,115 $ 82,821,560 $ 2,863,362 $ (10,256 ) $ (18,697,518 ) $ (14,261 ) $ 9,398,927 $ 89,911,780 $ 166,282,711 $ 21,305,819 $ 187,588,529
================================================= ==================== ==================== ==================== ====== ==================== ==================== ==================== ========== ==================== ==================== ==================== ==================== ==================== ==================== ========== ==================== ==================== ==================== =========== ======== ==================== ==================== ========== ========= ==================== ==================== ==================== ==================== ==================== ==================== ==================== ==================== =========== ==================== ==================== ==================== ========== ==================== ==================== ==================== =========== ====================
Amira Nature Foods Ltd
Condensed Consolidated Statements of Cash Flows
(Amounts in USD)
-------------------------------------------------------------------------------------------------------------------------
Six months ended
September 30, 2014 September 30, 2013
(Unaudited) (Unaudited)
--------------------------------------------------- -------------------- --------------------------------------------------
(A) CASH FLOW FROM OPERATING ACTIVITIES
Profit before tax for the period $ 23,349,274 $ 18,586,745
Adjustments for non-cash items 2,297,255 (2,295,894 )
Adjustments for non-operating incomes and expenses 14,053,132 9,011,062
Changes in operating assets and liabilities (41,709,501 ) (4,420,317 )
-------------------- ----------- -------------------- -------------------- -------------------- ---------- --------------------
$ (2,009,840 ) $ 20,881,596
Income taxes paid (509,525 ) (547,045 )
-------------------- ----------- -------------------- -------------------- -------------------- ---------- --------------------
Net cash generated from/ (used in) operating activities $ (2,519,365 ) $ 20,334,551
-------------------- ----------- -------------------- -------------------- -------------------- ---------- --------------------
(B) CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment $ (1,320,860 ) $ (781,245 )
Purchase of intangible assets - (212,448 )
Proceeds from sale of property, plant and equipment 1,448 5,333
Proceeds from term deposits 9,063,340 6,883,986
Investments in term deposits (7,663,164 ) (8,629,936 )
Purchase of short term investments (33,200 ) (153,450 )
Interest income 364,706 340,038
-------------------- ----------- -------------------- -------------------- -------------------- ---------- --------------------
Net cash generated from/ (used in) investing activities $ 412,270 $ (2,547,722 )
-------------------- ----------- -------------------- -------------------- -------------------- ---------- --------------------
(C) CASH FLOWS FROM FINANCING ACTIVITIES
Repurchase of shares (38,190 ) -
Net proceeds from short term debt $ 4,467,758 $ 8,706,169
Proceeds from long term debt 18,150 32,442
Repayment of long term debt (716,850 ) (952,320 )
Interest paid (12,750,565 ) (9,927,782 )
-------------------- ----------- -------------------- -------------------- -------------------- ---------- --------------------
Net cash used in financing activities $ (9,019,697 ) $ (2,141,491 )
-------------------- ----------- -------------------- -------------------- -------------------- ---------- --------------------
(D) Effect of change in exchange rate on cash and cash (801,820 ) (3,845,371 )
equivalents
-------------------- ----------- -------------------- -------------------- -------------------- ---------- --------------------
Net increase/ (decrease) in cash and cash equivalents (A+B+C+D) $ (11,928,612 ) $ 11,799,967
-------------------- ----------- -------------------- -------------------- -------------------- ---------- --------------------
Cash and cash equivalents at the beginning of the period 37,606,098 33,270,338
Cash and cash equivalents at the end of the period $ 25,677,486 $ 45,070,305
-------------------- ----------- -------------------- -------------------- -------------------- ---------- --------------------
In evaluating our business, we
consider and use the non-IFRS measures EBITDA, adjusted EBITDA, adjusted
profit after tax, adjusted earnings per share, adjusted net working capital
and net debt as supplemental measures to review and assess our operating
performance. The presentation of these non-IFRS financial measures is not
intended to be considered in isolation or as a substitute for the financial
information prepared and presented in accordance with IFRS. We define: (1)
EBITDA as profit after tax plus finance costs (net of finance income), income
tax expense and depreciation and amortization; (2) adjusted EBITDA, as EBITDA
plus non-cash expense for share-based compensation for three and six months
ended September 30, 2014 and 2013, respectively (3) adjusted profit after
tax, as profit after tax plus non-cash expense for share-based compensation
for three and six months ended September 30, 2014 and 2013, respectively; (4)
adjusted earnings per share as the quotient of: (a) adjusted profit after tax
and (b) the sum of our weighted average number of shares (including dilutive
impact of share options granted) for the applicable period and the ordinary
shares subject to the exchange agreement between us and the non-controlling
shareholders of Amira India; (5) adjusted net working capital as total
current assets minus: (a) total current liabilities (b) cash and cash
equivalents and plus current debt; and (6) net debt as total current and
non-current debt minus cash and cash equivalents.
We use both EBITDA and adjusted
EBITDA as measures of operating performance to assist in comparing
performance from period to period on a consistent basis, as a measure for
planning and forecasting overall expectations, for evaluating actual results
against such expectations and as a performance evaluation metric, including
as part of assessing and administering our executive and employee incentive
compensation programs.
We believe that the use of both
EBITDA and adjusted EBITDA as non-IFRS measures facilitates investors'
assessment of our operating performance from period to period and from
company to company by backing out potential differences caused by variations
in items such as capital structure (affecting relative finance or interest
expenses), non-recurring IPO-related expenses, the book amortization of
intangibles (affecting relative amortization expenses), the age and book
value of property and equipment (affecting relative depreciation expenses)
and other non-cash expenses. We also present these non-IFRS measures because
we believe they are frequently used by securities analysts, investors and
other interested parties as measures of the financial performance of
companies in our industry.These non-IFRS financial measures are not defined
under IFRS and are not presented in accordance with IFRS. These non-IFRS
financial measures have limitations as analytical tool, and when assessing
our operating performance, investors should not consider it in isolation, or
as a substitute for profit/ (loss) or other consolidated statements of operations
data prepared in accordance with IFRS. Some of these limitations include, but
are not limited to:
• it does not reflect our cash
expenditures or future requirements for capital expenditures or contractual
commitments;• it does not reflect changes in, or cash requirements for, our
working capital needs;• it does not reflect the finance or interest
expenses, or the cash requirements necessary to service interest or principal
payments, on our debt;• it does not reflect income taxes or the cash requirements
for any tax payments;
• although depreciation and
amortization are non-cash charges, the assets being depreciated and amortized
often will have to be replaced in the future, and adjusted net profit and
EBITDA do not reflect any cash requirements for such replacements;
• other companies may calculate
EBITDA differently than we do, limiting the usefulness of this non-IFRS
measure as a comparative measure.We compensate for these limitations by
relying primarily on our IFRS results and using non-IFRS measures only as a
supplemental information.We present adjusted EBITDA, adjusted profit after
tax, adjusted earnings per share, adjusted net working capital and net debt
because we believe these measures provide additional metrics to evaluate our
operations and, when considered with both our IFRS results and the
reconciliation to profit after tax, basic and diluted earnings per share,
working capital and total current and non-current debt, respectively, provide
a more complete understanding of our business than could be obtained absent
this disclosure. We also believe that these non-IFRS financial measures are
useful to investors in assessing the operating performance of our business
after reflecting the adjustments described above.
In the following tables we have
provided reconciliation of non-IFRS measures to the most directly comparable
IFRS measure:
1. Reconciliation of profit after
tax to EBITDA and adjusted EBITDA:
Six months ended Three months ended
--------------------------------------------------- -------------------- ------------------------------------------------------------
------------------------------ -------------------------------------------------------------------------------------
September 30, September 30, September 30, September 30,
2014 2013 2014 2013
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