USD million except ratios and EPSFY2013FY2014FY2015FY2016FY2017
Revenue2,796.82,393.32,329.51,988.52,168.9
EBITDA (1)287.5223.0396.6346.4319.2
EBIT200.9128.7328.3287.2265.0
Net profit (2)111.6(98.3)106.9225.2178.6
EPS, USD (3)1.40(1.23)1.342.832.19
Gross margin16.1%17.1%22.0%23.1%20.4%
EBITDA margin10.3%9.3%17.0%17.4%14.7%
Net margin4.0%(4.1%)4.6%11.3%8.1%
1. EBITDA is calculated as the sum of the profit from operating activities plus amortization and depreciation.
2. Net profit attributable to equity holders of Kernel Holding S.A.
3. EPS is measured in US Dollars per share, based on net profit attributtable to equity holders of Kernel Holding S.A. and 79,683,410 shares in FY2013-2016 and 80,338,776 shares in FY2017
USD million excerpt ratios and EPS30 June 201330 June 201430 June 201530 June 201630 June 2017
Invested Capital
Cash & cash equivalents78.865.4129.160.4143.4
Net trade accounts receivable150.899.856.175.287.2
Inventory270.2299.5158.8200.2386.7
of which: Readily Marketable Inventories (1)175.1243.4140.1183.7353.9
Biological assets274.0182.8146.6190.3256.2
Other current assets343.3225.0168.0194.4247.2
Net property, plant & equipment763.3643.5535.2538.7569.7
Other non-current assets508.2403.0271.9250.2318.7
Total assets2,361.61,919.01,465.61,509.42,009.1
Financed by
Short-term liabilities700.1597.4458.1373.3293.9
Of which: interest-bearing debt458.2489.4373.3259.0137.3
Long-term liabilities309.3291.0116.7139.0557.6
Of which: long-term interest bearing debt275.7260.095.284.1502.1
Total Liabilities1,009.4888.3574.8512.3851.5
Total Equity1,352.31,030.7890.8997.11,157.6
1. Readily Marketable Inventories are agricultural inventories readily convertible into cash because of their commodity characteristics, widely available markets and international pricing mechanisms.
USD millionFY2013FY2014FY2015FY2016FY2017
Operating profit before working capital changes288.0195.5338.7330.5324.8
Changes in working capital135.4(0.9)147.4(136.3)(206.2)
Cash obtained from operations423.5194.7486.1194.1118.5
Finance costs paid(76.2)(72.0)(68.4)(57.6)(34.6)
Income tax paid(43.4)(40.2)(13.0)(2.8)(6.5)
Net cash obtained from/(used in) operations303.982.5404.7133.777.4
Net PPE (purchases)/disposals(90.9)(41.7)(22.7)(30.4)(40.5)
Net (purchases)/disposals of intangible and other non-current assets(175.2)(41.5)(1.6)(30.4)(183.0)
Net cash used in investing activities(266.1)(83.2)(24.3)(60.7)(223.5)
USD million except ratios30 June 201330 June 201430 June 201530 June 201630 June 2017
Gross interest-bearing debt733.9749.4468.5343.1639.4
Cash78.865.4129.160.4143.4
Net interest-bearing debt655.1684.0339.4282.8496.0
Readily marketable inventories157.5243.4140.1183.7353.9
Adjusted net financial debt (1)497.6440.6199.399.1142.1
Total equity attributable to shareholders1,335.51,029.7889.6995.31,153.0
Net debt/EBITDA2.3x3.1x0.9x0.8x1.6x
Adjusted net debt/EBITDA1.7x2.0x0.5x0.3x0.4x
Interest cover (EBITDA/Interest)3.8x3.1x5.8x6.1x5.1x
1. Adjusted net financial debt is the sum of short-term interest-bearing debt, current maturities of longterm interest-bearing and long-term interest-bearing debt, less cash and cash equivalents, marketable securities and readily marketable inventories