Kernel Holding S.a. · GPW:KER
Kernel — Q2 FY2009 Earnings Presentation
11 slides from Kernel's earnings presentation, Feb 13, 2009
Slide 1: Second Quarter FY2009 Results
Second Quarter FY2009 Results February 13, 2009
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: Q2 FY2009 Financial Highlights
Q2 FY2009 Financial Highlights Amounts in USD millions, except for EPS and ratios Q2 FY2008 Q2 FY2009 % change Revenue 156.4 291.4 86% EBIT 23.9 53.7 125% Net income * 12.2 20.0 64% Cash 16.4 97.2 493% EPS ** 0.18 0.33 Net Debt / EBITDA *** 2.17 0.99 EBITDA / Interest 2.8 5.34 * Net Income attributa
Slide 4: Key Drivers – financial year to date
Key Drivers – financial year to date Strategy implementation Successful integration of grain terminal fully completed Leveraging grain terminal asset to achieve record grain export sales Challenging farming environment will provide opportunities to acquire distressed assets and expand farm land unde
Slide 5: Q2 FY2009 Income Statement Highlights
Q2 FY2009 Income Statement Highlights Amounts in USD millions, except for EPS and margins Q2 FY2008 Q2 FY2009 % change Revenue 156.4 291.4 86% EBITDA 26.2 61.1 133% EBIT 23.9 53.7 125% Net income * 12.2 20.0 64% EPS ** 0.18 0.33 Gross margin 23% 31% EBITDA margin 17% 21% EBIT margin 15% 18% * Net in
Slide 6: Q2 FY2009 Balance Sheet Highlights
Q2 FY2009 Balance Sheet Highlights Amounts in $m Dec. 31 2007 Sept. 30 2008 Dec. 31 2008 Invested Capital Cash & cash equivalent 16.4 234.3 97.2 Net trade accounts receivable 36.1 50.3 43.4 Inventory 256.4 181.4 100.5 Of which: Readily Marketable Inventories * 252.5 168.3 96.2 Other currents assets
Slide 7: Q2 FY2009 Cash Flow Highlights
Q2 FY2009 Cash Flow Highlights Amounts in USD millions Q2 FY2008 Q2 FY2009 Operating profit before working capital changes 26.1 51.8 Changes in working capital (192.9) 60.8 Cash obtained from / (used in) operations (166.8) 113.0 Finance costs paid (9.4) (11.5) Income tax paid (0.2) (0.8) Net cash ob
Slide 8: Q2 FY2009 Segments Results
Q2 FY2009 Segments Results Revenue, $ million EBIT, $ million EBIT margin, % Tonnage * % % Q2 FY08 Q2 FY09 Q2 FY08 Q2 FY09 Q2 FY08 Q2 FY09 Q2 FY08 Q2 FY09 % change change change Bottled oil 54 34 (37%) 10 9 (10%) 18.5% 26.5% 33.9 29.5 (13%) Bulk oil 55 43 (21.8%) 9 10 11.1% 16.4% 23.3% 32.9 35.2 7%
Slide 9: Liquidity position
Q2 FY2009 Liquidity position Amounts in USD millions, except ratios Q2 FY2008 Q1FY2009 Q2 FY 2009 Cash 16.4 234.3 97.2 Inventories 256.4 181.4 100.5 Of which: Readily Marketable Inventories 252.5 168.3 96.2 RMI/Inventories 98.5% 92.8% 95.7% As a result of a conservative approach to market uncertaint
Slide 10: Credit metrics
Q2 FY2009 Credit metrics Amounts in $m, except ratios Q2 FY2008 Q1 FY2009 Q2 FY2009 Gross interest-bearing debt 283.4 424.2 280.4 Cash (16.4) (234.3) (97.2) Net interest-bearing debt 267.0 189.9 183.2 Readily marketable inventories (252.5) (168.3) (96.2) Adjusted net financial debt * 14.5 21.6 87.0
Slide 11: FY2009 Outlook
FY2009 Outlook Maintaining full-year guidance USD 1 100 million revenue USD 185 million EBITDA USD 115 million Net income 11