Kernel Holding S.a. · GPW:KER
Kernel — Q3 FY2010 Earnings Presentation
12 slides from Kernel's earnings presentation, 2010
Slide 1: Third Quarter FY2010 Results
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 FY2010 Financial Highlights
Q3 FY2010 Financial Highlights Amounts in USD millions, except for EPS and ratios Q3 FY2009 Q3 FY2010 % change Revenue 203.4 269.4 32.5% Operating profit (EBIT) 48.8 45.4 (6.9)% Net profit * 47.2 40.0 (15.2)% EBITDA 54.1 50.2 (7.0)% Cash 124.0 14.8 (88.1)% EPS ** 0.69 0.58 Net Debt / EBITDA *** 0.83
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 2009 31 March 2010 Revenue 865.9 782.0 (9.7)% Operating profit (EBIT) 142.3 127.3 (10.5)% Net profit * 113.8 122.5 7.6% EBITDA 160.5 142.1 (11.5)% EPS ** 1.66 1.77 * Ne
Slide 5: Key Drivers
Key Drivers Markets Agricultural commodity prices remain subdued and below price levels seen a year ago No clear price trend yet for agricultural commodities over next season 2010-2011 Strategy implementation Significant year-on-year increase in oilseed crushing capacities leads to 111% year-on-year
Slide 6: Q3 FY2010 Income Statement Highlights
Q3 FY2010 Income Statement Highlights Amounts in USD millions, except for EPS and margins * Q3 FY2009 Q3 FY2010 % change Revenue 203.4 269.4 32.7% Operating profit (EBIT) 48.8 45.4 (6.9)% Net profit ** 47.2 40.0 (15.1)% EBITDA 54.1 50.2 (7.0)% EPS *** 0.69 0.58 Gross margin 42.4% 32.9% Operating (EB
Slide 7: Q3 FY2010 Balance Sheet Highlights
Q3 FY2010 Balance Sheet Highlights Amounts in $m March 31 2009 Dec. 31 2009 March 31 2010 Invested Capital Cash & cash equivalent 124.0 50.3 14.8 Net trade accounts receivable 35.7 58.6 42.9 Inventory 102.6 268.4 190.5 Of which: Readily Marketable Inventories * 98.6 265.2 186.8 Other currents assets
Slide 8: Q3 FY2010 Cash Flow Highlights
Q3 FY2010 Cash Flow Highlights Amounts in USD millions Q3 FY2009 Q3 FY2010 Operating profit before working capital changes 52.7 49.9 Changes in working capital 12.3 66.4 Cash obtained from / (used in) operations 65.0 116.3 Finance costs paid (5.9) (5.1) Income tax paid (0.2) (0.2) Net cash obtained
Slide 9: Segments Results
Segments Results Revenue, USD million Operating profit, USD million Operating margin, % Tonnage * % % FY09 FY10 FY09 FY10 % change FY09 FY10 FY09 FY10 change change Bottled oil 21.7 28.6 31.8% 5.5 7.1 29.1% 25.3% 24.8% 23.5 26.3 11.9% Bulk oil 50.5 87.6 73.5% 17.6 18.6 5.7% 34.9% 21.2% 40.3 85.2 111
Slide 10: Q3 FY2010 Liquidity position
Q3 FY2010 Liquidity position Amounts in USD millions, except ratios Q3 FY2009 Q2 FY2010 Q3 FY 2010 Cash 124.0 50.3 14.8 Inventories 102.6 268.4 190.8 Of which: Readily Marketable Inventories 98.6 265.2 186.8 RMI/Inventories 96.1% 98.8% 97.9% Q3 FY2010 10
Slide 11: Q3 FY2010 Credit metrics
Q3 FY2010 Credit metrics Amounts in $m, except ratios Q3 FY2009 Q2 FY2010 Q3 FY2010 Gross interest-bearing debt 281.5 400.7 306.0 Cash 124.0 50.3 14.8 Net interest-bearing debt 157.5 350.4 291.2 Readily marketable inventories (98.6) (265.2) (186.8) Adjusted net financial debt * 58.9 85.2 104.4 Share
Slide 12: FY2010 Outlook
FY2010 Outlook Unchanged at USD 1 050 million revenue USD 195 million EBITDA USD 155 million Net income Q3 FY2010 12