Kernel Holding S.a. · GPW:KER
Kernel — Q3 FY2016 Earnings Presentation
26 slides from Kernel's earnings presentation, 2016
Slide 1: Q3 FY2016 Results
KERNEL Q3 FY2016 RESULTS
Slide 2: Disclaimer
Disclaimer The information in this document has not been independently verified and no representation or warranty, expressed 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. Neither th
Slide 3: Q3 FY2016 results highlights
Kernel at Sunflower Grain and Q3 FY2016 a glance Oil Infrastructure Farming Financials Q3 FY2015 results highlights Key highlights: USD million except ratios and EPS Q3 FY2016 Q3 FY2015 y-o-y ii Revenue was unchanged y-o-y at USD 607.5 million in Q3 FY2016, as growth in sales P&L highlights volumes
Slide 4: Q3 FY2016 segment results summary
Kernel at Sunflower Grain and Q3 FY2016 a glance Oil Infrastructure Farming Financials Q3 FY2016 segment results summary Revenue, USD million EBITDA, USD million EBITDA margin, % Volumes, thousand tons Q3 FY2016 Q3 FY2015 y-o-y Q3 FY2016 Q3 FY2015 y-o-y Q3 FY2016 Q3 FY2015 Q3 FY2016 Q3 FY2015 y-o-y
Slide 5: Sunflower oil in Q3 FY2016
Kernel at Sunflower Grain and Q3 FY2016 a glance Oil Infrastructure Farming Financials Sunflower oil in Q3 FY2016 Sunflower oil sales in bulk Sunflower oil sold in bulk EBITDA Sunflower oil sold in bulk (thousand tons) (USD per ton) 278 ii Sunflower oil sales in bulk increased 28% y-o-y to a notable
Slide 6: Grain and infrastructure in Q3 FY2016
Kernel at Sunflower Grain and Q3 FY2016 a glance Oil Infrastructure Farming Financials Grain and infrastructure in Q3 FY2016 Grain sales Grain segment EBITDA Grain (thousand tons) (USD per ton) 1,415 ii Grain sales reached a record 1.4 million tons in Q3 FY2016, an increase of 1,403 1,335 1,323 1,33
Slide 7: Farming in Q3 FY2016
Kernel at Sunflower Grain and Q3 FY2016 a glance Oil Infrastructure Farming Financials Farming in Q3 FY2016 Farming Net crop yields (tons per hectare) ii In Q3 FY2016, the Company accelerated export sales of corn and wheat, as the reinstatement of VAT refunds on grain export significantly improved F
Slide 8: Q3 FY2016 balance sheet
Kernel at Sunflower Grain and Q3 FY2016 a glance Oil Infrastructure Farming Financials Q3 FY2016 balance sheet Balance sheet highlights USD million 31 Mar 2016 30 Jun 2015 31 Mar 2015 Invested capital Cash & cash equivalents 137.1 129.1 113.0 Net trade accounts receivable 138.0 56.1 80.2 Inventory 2
Slide 9: Q3 FY2016 P&L and cash flow
Kernel at Sunflower Grain and Q3 FY2016 a glance Oil Infrastructure Farming Financials Q3 FY2016 P&L and cash flow P&L highlights USD million except ratios and EPS Q3 FY2016 Q3 FY2015 Revenue 607.5 607.0 Net IAS 41 gain (16.8) (11.4) Gross profit 141.8 122.1 EBITDA 98.9 115.2 EBIT 84.5 99.5 Net fina
Slide 10: Kernel at a glance
Kernel at Sunflower Grain and Q3 FY2016 a glance Oil Infrastructure Farming Financials Kernel at a glance Sunflower oil EBITDA Stock information $213m Exchange Warsaw Stock Exchange ii #1 sunflower oil producer and exporter in Ukraine. Stock quote currency PLN ii 3.2 million tons/year sunflower seed
Slide 11: Our business model
Kernel at Sunflower Grain and Q3 FY2016 a glance Oil Infrastructure Farming Financials Our business model 1 Own farming 2 Third party farmers 3 Origination 4 Silo storage 5 Sunflower seed processing plants 6 Grain export 7 Bottled sunflower oil 8 Export terminals www.kernel.ua Company presentation May
Slide 12: Asset map
Kernel at Sunflower Grain and Q3 FY2016 a glance Oil Infrastructure Farming Financials Asset map Kursk Voronezh Chernihiv Lutsk Sumy Belgorod Rivne Kyiv Zhytomyr Kharkiv Lviv Ternopil Poltava Cherkasy Khmelnytskyi Vinnytsia Ivano-Frankivsk Uzhhorod Volgograd Luhansk Kirovohrad Dnipropetrovsk Cherniv
Slide 13: Sunflower Oil
Kernel at Sunflower Grain and Q3 FY2016 a glance Oil Infrastructure Farming Financials Sunflower Oil www.kernel.ua Company presentation May 2016 13
Slide 14: Our business model
Kernel at Sunflower Grain and Q3 FY2016 a glance Oil Infrastructure Farming Financials Our business model ii #1 oilseed crusher in Ukraine; total capacity of 3.2 million tons of sunflower Sunflower seed industrial crushing Kernel’s sunflower oil export by destination capacity in Ukraine, FY2015 (FY2
Slide 15: Sunflower oil in FY2015
Kernel at Sunflower Grain and Q3 FY2016 a glance Oil Infrastructure Farming Financials Sunflower oil in FY2015 Sunflower oil sold in bulk Sunflower oil sold in bulk EBITDA Sunflower oil sold in bulk (thousand tons) (USD/ton, %) ii 12% y-o-y growth in the volumes of sunflower oil sold in bulk reflect
Slide 16: Grain and Infrastructure
Kernel at Sunflower Grain and Q3 FY2016 a glance Oil Infrastructure Farming Financials Grain and Infrastructure www.kernel.ua Company presentation May 2016 16
Slide 17: Our business model
Kernel at Sunflower Grain and Q3 FY2016 a glance Oil Infrastructure Farming Financials Our business model Ukraine’s grain and oilseed production Russia’s grain and oilseed production ii Top grain exporter from the Black Sea region, with a market share in (million tons) (million tons) Ukraine of 9-12
Slide 18: Grain and infrastructure in FY2015
Kernel at Sunflower Grain and Q3 FY2016 a glance Oil Infrastructure Farming Financials Grain and infrastructure in FY2015 Grain sales Grain segment’s EBITDA Grain export: (thousand tons) (USD/ton, %) ii The combination of a 400,000-ton increase in our own grain and oilseed 37 4,744 production, and a
Slide 19: Farming
Kernel at Sunflower Grain and Q3 FY2016 a glance Oil Infrastructure Farming Financials Farming www.kernel.ua Company presentation May 2016 19
Slide 20: Our business model
Kernel at Sunflower Grain and Q3 FY2016 a glance Oil Infrastructure Farming Financials Our business model Kernel’s farmed acreage crop mix ii Large-scale crop production on 390,000 hectares of leasehold farmland in Ukraine. 8% 8% 6% ii A crop mix based on four crops allows us to focus on profits and
Slide 21: Farming in FY2015
Kernel at Sunflower Grain and Q3 FY2016 a glance Oil Infrastructure Farming Financials Farming in FY2015 Acreage harvested Farming segment EBITDA Farming: (thousand hectares) (USD/hectare, %) ii Our total grain and oilseed tonnage was up 31% y-o-y to 1.8 million in 345 FY2015, as improvements in our
Slide 22: Crop production cycle in Ukraine
Kernel at Sunflower Grain and Q3 FY2016 a glance Oil Infrastructure Farming Financials Crop production cycle in Ukraine FY2015 FY2016 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Corn Land preparation Fertilization Planting Plant protection Harvesti
Slide 23: Financials
Kernel at Sunflower Grain and Q3 FY2016 a glance Oil Infrastructure Farming Financials Financials www.kernel.ua Company presentation May 2016 23
Slide 24: Balance sheet
Kernel at Sunflower Grain and Q3 FY2016 a glance Oil Infrastructure Farming Financials Balance sheet Balance sheet highlights USD million FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 31 Mar 2016 Invested capital Cash & cash equivalents 6.4 25.3 88.5 129.3 59.5 115.9 82.5 78.
Slide 25: P&L and cash flow
Kernel at Sunflower Grain and Q3 FY2016 a glance Oil Infrastructure Farming Financials P&L and cash flow P&L highlights USD million except ratios and EPS FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 Revenue 215.2 350.4 663.1 1,047.1 1,020.5 1,899.1 2,071.8 2,796.8 2,393.3 2,
Slide 26: IR contact
IR contact Yuriy Kovalchuk Yegor Samusenko Corporate Investment Director Investor Relations Manager [email protected] [email protected] Tel.: +38 044 461-88-01, ext. 70-88 3 Tarasa Shevchenka Lane, Kyiv, Ukraine, 01001 Investor calendar ii Q4 FY2016 Operations Update 20 July 2016 ii FY2016 Annual Rep