Kernel Holding S.a. · GPW:KER
Kernel — H1 FY2010 Earnings Presentation
11 slides from Kernel's earnings presentation, Apr 23, 2010
Slide 1: H1 FY2010 Results
H1 FY2010 Results 23 April 2010
Slide 2: Disclaimer
Disclaimer The information in this document has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of the
Slide 3: H1 FY2010 Financial Highlights
H1 FY2010 Financial Highlights Amounts in USD millions, except for EPS and ratios H1 FY2009 H1 FY2010 % change Revenue 662.5 512.5 (22.6)% Operating profit (EBIT) 93.5 81.9 (12.4)% Net profit* 66.6 82.4 23.7% Cash 97.4 50.3 (48.4)% EPS ** 0.97 1.20 Net Debt / EBITDA *** 1.0X 1.8X EBITDA / Interest 4
Slide 4: Key Drivers – 1st half year
Key Drivers – 1st half year Markets 2009 wheat and coarse grain (incl. corn) harvest in Ukraine decreases 13.6% year-on-year from 52 million tons to 45 million tons (USDA Global Commodities Database, April 2010) 2009/2010 season wheat and coarse grain exports from Ukraine decrease 19.7% year-on-
Slide 5: H1 FY2010 Income Statement Highlights
H1 FY2010 Income Statement Highlights Amounts in USD millions, except for EPS and margins H1 FY2009 H1 FY2010 % change Revenue 662.5 512.5 (22.6)% Operating profit (EBIT) 93.5 81.9 (12.4)% Net profit* 66.6 82.4 23.7% EBITDA** 106.4 91.8 (13.7)% EPS *** 0.97 1.20 Gross margin 27.4% 30.3% Operating pr
Slide 6: H1 FY2010 Balance Sheet Highlights
H1 FY2010 Balance Sheet Highlights Amounts in USD million H1 FY2009 H1 FY2010 % change Invested Capital Cash & cash equivalent 97.4 50.3 (48.4)% Net trade accounts receivable 44.1 58.6 32.9% Inventory 100.1 268.4 168.1% Of which: Readily Marketable Inventories * 95.7 265.2 177.1% Other currents asse
Slide 7: H1 FY2010 Cash Flow Highlights
H1 FY2010 Cash Flow Highlights Amounts in USD millions H1 FY2009 H1 FY2010 Operating profit before working capital changes 100.0 107.2 Changes in working capital (25.4) (206.9) Cash obtained from / (used in) operations 74.6 (99.7) Finance costs paid (23.3) (8.9) Income tax paid (1.4) (0.5) Net cash
Slide 8: Segments Results – 6 months to 31 December
Segments Results – 6 months to 31 December Operating profit (EBIT), USD Revenue, USD million Operating margin, % Tonnage * million % FY09 FY10 % change FY09 FY10 FY09 FY10 FY09 FY10 % change change Bottled oil 83.5 62.9 (24.7)% 18.1 11.3 (37.6) 21.7% 18.0% 58.1 65.3 12.4% Bulk oil 150.9 143.9 (4.6)%
Slide 9: H1 FY2010 Liquidity position
H1 FY2010 Liquidity position Amounts in USD millions, except ratios H1 FY2009 H1 FY2010 % change Cash 97.4 50.3 (48.4)% Inventories 100.1 268.4 168.1% Of which: Readily Marketable Inventories 95.7 265.2 177.1% RMI/Inventories 95.6% 98.8% 168% increase in inventory levels due to development of Kern
Slide 10: H1 FY2010 Credit metrics
H1 FY2010 Credit metrics Amounts in USD million, except ratios H1 FY2009 H1 FY2010 % change Gross interest-bearing debt 284.7 400.7 40.7% Cash 97.4 50.3 (48.4)% Net interest-bearing debt 187.3 350.4 87.1% Readily marketable inventories 95.7 265.2 177.1% Adjusted net financial debt * 91.6 85.2 (7.0)%
Slide 11: FY2010 Outlook
FY2010 Outlook USD 1 050 million revenue USD 195 million EBITDA USD 155 million net profit H1 FY2010 11