Kernel Holding S.a. · GPW:KER
Kernel — Q2 FY2010 Earnings Presentation
10 slides from Kernel's earnings presentation, Feb 15, 2010
Slide 1: Second Quarter FY2010 Results
Second Quarter FY2010 Results 15 February 2010
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 FY2010 Financial Highlights
Q2 FY2010 Financial Highlights* Amounts in USD millions, except for EPS and ratios Q2 FY2009 Q2 FY2010 % change Revenue 291.2 272.3 (6.5)% Operating profit (EBIT) 48.2 51.6 7.1% Net profit 39.9 43.2 8.3% EPS ** 0.65 0.63 Net Debt / EBITDA *** 0.87X 1.80X EBITDA / Interest 3.48X 9.72X * Unaudited fin
Slide 4: Q2 FY2010 Income Statement Highlights
Q2 FY2010 Income Statement Highlights Amounts in USD millions, except for EPS and margins Q2 FY2009 Q2 FY2010 % change Revenue 291.2 272.3 (6.5)% EBITDA 54.2 56.4 4.0% Operating profit (EBIT) 48.2 51.6 7.1% Net profit* 39.9 43.2 8.3% EPS ** 0.65 0.63 Gross margin 30.4% 34.5% EBITDA margin 18.6% 20.7
Slide 5: Q2 FY2010 Balance Sheet Highlights
Q2 FY2010 Balance Sheet Highlights Amounts in USD millions Dec. 31 2008 Sept. 30 2009 Dec. 31 2009 Invested Capital Cash & cash equivalent 97.4 53.8 50.5 Net trade accounts receivable 44.1 41.5 58.7 Inventory 100.1 204.6 264.9 Of which: Readily Marketable Inventories * 97.2 198.9 258.8 Other current
Slide 6: Q2 FY2010 Cash Flow Highlights
Q2 FY2010 Cash Flow Highlights Amounts in USD millions Q2 FY2009 Q2 FY2010 Operating profit before working capital changes 63.7 54.2 Changes in working capital 64.1 (100.9) Cash obtained from / (used in) operations 127.8 (46.7) Finance costs paid (15.6) (5.8) Income tax paid (1.1) (0.3) Net cash obt
Slide 7: Segments Results – 2nd Quarter
Segments Results – 2nd Quarter Revenue, USD millions Operating profit, USD millions Operating margin, % Tonnage * Q2 Q2 % Q2 Q2 % Q2 Q2 Q2 % Q2 FY09 FY09 FY10 change FY09 FY10 change FY10 FY09 FY10 change Bottled oil 31.4 35.9 14.3% 9.3 7.9 (15.1)% 29.6% 22.0% 29.5 36.5 23.8% Bulk oil 55.8 66.8 19.7
Slide 8: Q2 FY2010 Liquidity position
Q2 FY2010 Liquidity position Sept. 30 Amounts in USD millions, except ratios Dec. 31 2008 Dec. 31 2009 2009 Cash 97.4 53.8 50.5 Inventories 100.1 204.6 264.9 Of which: Readily Marketable Inventories 97.2 198.9 258.8 RMI/Inventories 97.1% 97.2% 97.7% Y-on-y increase in inventory levels is primarily
Slide 9: Q2 FY2010 Credit metrics
Q2 FY2010 Credit metrics Dec. 31 Sept. 30 Amounts in USD millions, except ratios Dec. 31 2009 2008 2009 Gross interest-bearing debt 284.7 328.7 400.7 Cash (97.4) (53.7) (50.5) Net interest-bearing debt 187.3 275.0 350.2 Readily marketable inventories (97.2) (198.9) (258.8) Adjusted net financial deb
Slide 10: FY2010 Outlook: Revised FY2010 guidance
FY2010 Outlook Revised FY2010 guidance USD 1 050 million Revenue USD 195 million EBITDA USD 155 million Net profit Q2 FY2010 10