Kernel Holding S.a. · GPW:KER
Kernel — FY2013 Earnings Presentation
24 slides from Kernel's earnings presentation, October 2013
Slide 1: Kernel Holding S.A. Company Presentation
KERNEL HOLDING S.A. CO M PA N Y P R E S E N TAT I O N October 2013
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: Company Overview
COMPANY OVERVIEW October 2013
Slide 4: Kernel at a glance
Kernel at a glance EDIBLE OIL FY2013 EBITDA: US$ 199 Mio, 62% of total(1) Bulk oil segment #1 oilseed crusher and exporter in Ukraine 3 Mio tons/year sunflower seed crushing capacity Bottled oil segment #1 bottled sunflower oil producer and marketer in Ukraine with 32% market share GRAIN F
Slide 5: FY2013 contribution by operating segment
FY2013 contribution by operating segment Revenue by segment (1) EBITDA(2) (US$ Mio / % of total revenue) (US$ Mio / % of EBITDA) US$ (4.0) / -1.2% US$ 29.3 / 1.0% US$ 182.6 / 6.1% US$ 19.4 / 6.0% US$ 25.8 / 8.0% US$ 46.4 / 1.5% US$ 12.5 / 3.9% US$ 67.7 / 21.0% US$ 972.3 / 32.4% US$ 2 797 Mio US$ 1 5
Slide 6: Segmental Review
SEGMENTAL REVIEW October 2013
Slide 7: Bulk oil segment
Bulk oil segment Kernel – No1 oilseed crusher in Ukraine with 2.6 Mio tons/year sunflower seed crushing Bulk oil sales 17% capacity (tons) of international trade 1 040 332 Kernel – 1/4 of Ukraine `s total crushing capacity Main competitors: Cargill – 10%; Creative - 10% (Kernel `s 820 987 828 37
Slide 8: Bottled oil segment
Bottled oil segment Kernel – leading bottled oil producer and marketer in Ukraine Bottled oil sales Mio liters (in million litres) Consolidated bottled oil sector 131.7 140 Kernel and Bunge supply close to half of bottled 118.0 112.4 108.2 120 oil sold in Ukraine 100.9 97.8 100 Kernel and Bunge ar
Slide 9: Grain segment
Grain segment Leading grain supply chain operator in Ukraine with 12% market share of grain & oil-bearing crops export in 2012/13 season Grain: major exporters, Extensive and well-established origination base 2012/13 season Origination effected directly at farm level through Kernel `s regional U
Slide 10: Export terminals segment
Export terminals segment TransBulkTerminal (“TBT”) 2nd largest grain terminal in Ukraine, 4 Mio tons/year grain throughput capacity Key features: 200 000 tons grain storage capacity in 38 vertical bins directly alongside berth Handles all types of grain Grain & oilseeds delivery to terminal
Slide 11: Silo services segment
Silo services segment Largest private grain silo network in Ukraine with .8 Mio tons grain storage capacity 2 Strategic location of silos in key origination areas and close to Kernel `s crushing plants All silos connected to national railway network, allowing grain shipment to port by railcar
Slide 12: Farming segment
Farming segment Kernel’s farming acreage ths.ha Prime location of farms in grain and sunflower belt of Ukraine 450 390.6 400 Kernel has been active in farming since 2002 350 Farms benefit from close location to Kernel `s grain silos and processing plants Largest landbank among listed Ukrain
Slide 13: Financial Highlights FY2013
FINANCIAL HIGHLIGHTS FY2013 October 2013
Slide 14: FY2013 financial highlights
FY2013 financial highlights USD million except ratios and EPS FY2013 FY2012 y-o-y Income statement highlights Revenue 2 796.8 2 071.8 35.0% EBITDA 287.5 318.8 (9.8%) Net profit attributable to equity holders of Kernel Holding S.A. 111.3 206.7 (46.2%) EBITDA margin 10.3% 15.4% (4.9pp) Net margin 4.0%
Slide 15: Segmental results
Segmental results Revenue(1) EBITDA(2) EBITDA(2) margin Tonnage(3) FY2013 FY2012 y-o-y FY2013 FY2012 y-o-y FY2013 FY2012 FY2013 FY2012 y-o-y Bottled sunflower oil 182.6 203.0 (10.0%) 25.8 31.8 (19.0%) 14.1% 15.7% 108 227 131 694 (17.8%) Sunflower oil in bulk 1 527.7 1 191.6 28.2% 173.2 166.6 3.9% 11
Slide 16: Financial Highlights FY2006 – FY2013
FINANCIAL HIGHLIGHTS FY2006 – FY2013 October 2013
Slide 17: Income statement FY2006 – FY2013
Income statement FY2006 – FY2013 (1) Amounts in USD million, except for EPS and margins FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 Revenue 215.2 350.4 663.1 1 047.1 1 020.5 1 899.1 2 071.8 2 796.8 EBITDA (2) 17.0 46.4 123.2 190.1 190.0 309.6 318.8 287.5 EBIT 12.0 38.6 111.6 166.6 167.5
Slide 18: Balance sheet FY2006 – FY2012
Balance sheet FY2006 – FY2012 (1) Amounts in USD million FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 Invested Capital Cash & cash equivalents 6.4 25.3 88.5 129.3 59.5 115.9 82.5 78.8 Net trade accounts receivable 9.1 9.8 48.7 32.4 65.5 111.6 146.4 149.6 Inventory 32.3 40.2 144.7 99.1 147
Slide 19: Cash flow FY2006 – FY2012
Cash flow FY2006 – FY2012 (1) Amounts in USD million FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 Operating profit before working capital changes 16.6 45.4 116.1 188.2 205.7 275.2 291.4 260.4 Changes in working capital (35.8) (14.7) (210.3) (25.0) (97.4) (180.1) (242.1) 156.9 Cash obtaine
Slide 20: Credit metrics FY2006 – FY2012
Credit metrics FY2006 – FY2012 (1) Amounts in USD million, except ratios FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2012 Gross interest-bearing debt 93.3 164.3 224.8 292.6 345.1 422.0 698.3 734.2 Cash 6.4 25.3 88.5 129.3 59.5 115.9 82.5 78.8 Net interest-bearing debt 87.0 139.1 136.2 163.3 2
Slide 21: Appendices
APPENDICES October 2013
Slide 22: Ukraine: market leader in production and export of sunflower oil
Ukraine: market leader in production and export of sunflower oil Major producing regions, season 2012/13 Average sunflower EU - 27 Russia seed yields (t/ha), 2012/13 7.0 Mio tons 8.2 Mio tons sunflower seed production sunflower seed production 2.7 Mio tons 3.4 Mio tons sunflower oil production sunfl
Slide 23: Ukraine: global leader in sunflower oil trade and major exporter of grain
Ukraine: global leader in sunflower oil trade and major exporter of grain Ukraine accounts for half of global sunflower oil export Ukrainian sunflower oil exports by destination, season 2012/13 Ukraine is the world’s largest exporter of sunflower oil, accounting for half of global sunflower oil ex
Slide 24: IR Contact
IR Contact • Yuriy Kovalchuk Investor Relations Director investor_relations@kernel.ua • Yegor Samusenko Investor Relations Manager y.samusenko@kernel.ua Tel.: (+38-044) 461-88-01, ext. 70-88 October 2013 24