Kernel Holding S.a. · GPW:KER
Kernel — Q3 FY2009 Earnings Presentation
12 slides from Kernel's earnings presentation, May 14, 2009
Slide 1: Third Quarter FY2009 Results
Third Quarter FY2009 Results 14 May 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: Q3 FY2009 Financial Highlights
Q3 FY2009 Financial Highlights Amounts in USD millions, except for EPS and ratios Q3 FY2008 Q3 FY2009 % change Revenue 243.2 203.4 (16.4%) EBIT 29.3 48.8 66.7% Net income * 19.6 47.3 141.1% Cash 38.9 124.0 218.8% EPS ** 0.31 0.69 Net Debt / EBITDA *** 1.99 0.81 EBITDA / Interest 5.3 9.2 * Net Income
Slide 4: Financial Highlights – 9 months to 31 March
Financial Highlights – 9 months to 31 March 9 months ended 9 months ended Amounts in USD millions, except for EPS % change 31 March 2008 31 March 2009 Revenue 493.6 865.9 75% EBIT 68.8 142.3 107% Net income * 40.2 113.8 183% EPS ** 0.63 1.66 * Net Income attributable to group, before minorities ** E
Slide 5: Key Drivers – financial year to date
Key Drivers – financial year to date Markets Large 2008 crop in grain and oil-bearing crops, leading to record export volumes from Ukraine : in excess of 20 Mio tons export of grain, mainly feed wheat, corn and barley in excess of 2 Mio tons of oil export Rebound in soft commodity prices: sunflower
Slide 6: Q3 FY2009 Income Statement Highlights
Q3 FY2009 Income Statement Highlights Amounts in USD millions, except for EPS and margins Q3 FY2008 Q3 FY2009 % change Revenue 243.2 203.4 (16.4%) EBITDA 32.4 54.1 67% EBIT 29.3 48.8 66.7% Net income * 19.5 47.2 142.1% EPS ** 0.31 0.69 Gross margin 21% 42% EBITDA margin 13% 27% EBIT margin 12% 24% *
Slide 7: Q3 FY2009 Balance Sheet Highlights
Q3 FY2009 Balance Sheet Highlights Amounts in $m March 31 2008 Dec. 31 2008 March 31 2009 Invested Capital Cash & cash equivalent 38.9 97.4 124.0 Net trade accounts receivable 48.4 44.1 35.7 Inventory 212.2 100.1 102.6 Of which: Readily Marketable Inventories * 206.5 96.2 98.6 Other currents assets
Slide 8: Q3 FY2009 Cash Flow Highlights
Q3 FY2009 Cash Flow Highlights Amounts in USD millions Q3 FY2008 Q3 FY2009 Operating profit before working capital changes 32.3 52.7 Changes in working capital 30.2 12.3 Cash obtained from / (used in) operations 62.6 65.0 Finance costs paid (6.3) (5.9) Income tax paid (2.1) (0.2) Net cash obtained f
Slide 9: Segments Results – 9 months to 31 March
Segments Results – 9 months to 31 March Revenue, $ million EBIT, $ million EBIT margin, % Tonnage * % % FY08 FY09 FY08 FY09 FY08 FY09 FY08 FY09 % change change change Bottled oil 150 105 - 30% 25 24 - 17% 23% 77 82 6,5% Bulk oil 202 201 - 32 43 34% 16% 21% 136 151 11% Grain handling -- 39 -- -- 20 -
Slide 10: Q3 FY2009 Liquidity position
Q3 FY2009 Liquidity position Amounts in USD millions, except ratios Q3 FY2008 Q2 FY2009 Q3 FY 2009 Cash 38.9 97.4 124.0 Inventories 212.2 100.1 102.6 Of which: Readily Marketable Inventories 206.5 96.2 98.6 RMI/Inventories 97.3% 96.1% 96.1% Due to continued uncertainty in financial markets, cash lev
Slide 11: Q3 FY2009 Credit metrics
Q3 FY2009 Credit metrics Amounts in $m, except ratios Q3 FY2008 Q2 FY2009 Q3 FY2009 Gross interest-bearing debt 284.2 284.7 281.5 Cash (38.9) (97.4) 124.0 Net interest-bearing debt 245.3 187.2 157.5 Readily marketable inventories (206.5) (96.2) (98.6) Adjusted net financial debt * 38.8 91.0 58.9 Sha
Slide 12: FY2009 Outlook
FY2009 Outlook Revised full-year guidance USD 1 100 million revenue USD 195 million EBITDA USD 125 million Net income Q3 FY2009 12