USD million except ratios and EPS FY2014 FY2015 FY2016 FY2017 FY2018
Revenue 2,393.3 2,329.5 1,988.5 2,168.9 2,403.0
EBITDA (1) 223.0 396.6 346.4 319.2 222.5
EBIT 128.7 328.3 287.2 265.0 139.6
Net profit (2) (98.3) 106.9 225.2 176.2 52.1
EPS, USD (3) (1.23) 1.34 2.83 2.19 0.64
Gross margin 17.1% 22.0% 23.1% 20.4% 13.1%
EBITDA margin 9.3% 17.0% 17.4% 14.7% 9.3%
Net margin (4.1%) 4.6% 11.3% 8.1% 2.2%
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, 80,338,776 shares in FY2017 and 81,941,230 in FY2018
USD million excerpt ratios and EPS 30 June 2014 30 June 2015 30 June 2016 30 June 2017 30 June 2018
Invested Capital
Cash & cash equivalents 65.4 129.1 60.4 143.4 132.0
Net trade accounts receivable 99.8 56.1 75.2 87.2 92.4
Inventory 299.5 158.8 200.2 386.7 368.5
of which: Readily Marketable Inventories (1) 243.4 140.1 183.7 353.9 325.2
Biological assets 182.8 146.6 190.3 256.2 289.4
Other current assets 225.0 168.0 194.4 247.2 249.7
Net property, plant & equipment 643.5 535.2 538.7 569.7 588.1
Other non-current assets 403.0 271.9 250.2 318.7 418.1
Total assets 1,919.0 1,465.6 1,509.4 2,009.1 2,138.2
Financed by
Short-term liabilities 597.4 458.1 373.3 293.9 475.5
Of which: interest-bearing debt 489.4 373.3 259.0 155.3 248.8
Long-term liabilities 291.0 116.7 139.0 557.6 557.4
Of which: long-term interest bearing debt 260.0 95.2 84.1 502.1 505.3
Total Liabilities 888.3 574.8 512.3 851.5 1,032.9
Total Equity 1,030.7 890.8 997.1 1,157.6 1,105.3
1. Readily Marketable Inventories are agricultural inventories readily convertible into cash because of their commodity characteristics, widely available markets and international pricing mechanisms.
USD million FY2014 FY2015 FY2016 FY2017 FY2018
Operating profit before working capital changes 195.5 338.7 330.5 324.8 183.8
Changes in working capital (0.9) 147.4 (136.3) (206.2) (31.2)
Cash obtained from operations 194.7 486.1 194.1 118.5 152.1
Finance costs paid (72.0) (68.4) (57.6) (34.6) (64.4)
Income tax paid (40.2) (13.0) (2.8) (6.5) (5.2)
Net cash obtained from/(used in) operations 82.5 404.7 133.7 77.4 82.5
Net PPE (purchases)/disposals (41.7) (22.7) (30.4) (40.5) (139.5)
Net (purchases)/disposals of intangible and other non-current assets (41.5) (1.6) (30.4) (183.0) (16.2)
Net cash used in investing activities (83.2) (24.3) (60.7) (223.5) (155.7)
USD million except ratios 30 June 2014 30 June 2015 30 June 2016 30 June 2017 30 June 2018
Gross interest-bearing debt 749.4 468.5 343.1 639.4 754.1
Cash 65.4 129.1 60.4 143.4 132.0
Net interest-bearing debt 684.0 339.4 282.8 514.0 622.1
Readily marketable inventories 243.4 140.1 183.7 353.9 325.2
Adjusted net financial debt (1) 440.6 199.3 99.1 160.0 296.9.1
Total equity attributable to shareholders 1,029.7 889.6 995.3 1,153.0 1,170.7
Net debt/EBITDA 3.1x 0.9x 0.8x 1.6x 2.8x
Adjusted net debt/EBITDA 2.0x 0.5x 0.3x 0.5x 1.3x
Interest cover (EBITDA/Interest) 3.1x 5.8x 6.1x 5.1x 3.4x
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