Financial highlights

Income Statement Highlights
Balance Sheet Highlights
Cash Flow Highlights
Credit Metrics

USD million except ratios and EPS	FY2019	FY2020	FY2021	FY2022	FY2023
Revenue	3,960	4,107	5,595	5,332	3,455
EBITDA ⁽¹⁾	346	443	806	220	544
EBIT	269	337	689	91	439
Net profit ⁽²⁾	190	118	513	(41)	299
EPS, USD ⁽³⁾	2.31	1.42	6.10	(0.51)	3.86
Gross margin	8.4%	11.2%	16.2%	12.2%	18.4%
EBITDA margin	8.7%	10.8%	14.4%	4.1%	15.8%
Net margin	4.7%	2.9%	9.2%	(0.8%)	8.7%

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 81,941,230 in FY2019; 82,983,367 in FY2020; 84,031,230 in FY2021; 80,187,230 in FY2022; 77,429,230 in FY2023.

USD million excerpt ratios and EPS	30 June 2019	30 June 2020	30 June 2021	30 June 2022	30 June 2023
Invested Capital
Cash & cash equivalents	77	369	574	448	954
Net trade accounts receivable	183	215	381	143	322
Inventory	358	303	332	954	342
of which: Commodity Inventories ⁽¹⁾	293	252	285	892	282
Biological assets	309	252	377	162	148
Other current assets	330	391	620	817	677
Net property, plant & equipment	765	984	1,065	1,018	1,020
Other non-current assets	443	649	648	644	423
Total assets	2,464	3,165	3,997	4,186	3,886
Financed by
Short-term liabilities	480	413	917	2,238	1,899
Of which: interest-bearing debt	203	73	263	1,696	1,474
Long-term liabilities	638	1,258	1,131	261	242
Of which: long-term interest bearing debt	560	966	822	-	-
Total Liabilities	1,118	1,671	2,048	2,499	2,141
Total Equity	1,346	1,494	1,949	1,686	1,744

1. Commodity inventories are inventories such as corn, wheat, sunflower oil, and other products that were easily convertible into cash before the Russian invasion of Ukraine given their commodity characteristics, widely available markets and the international pricing mechanism. The Group used to call such inventories as “Readily marketable inventories”, but after the beginning of the war in Ukraine the Group faced difficulties selling such inventories, and therefore such inventories cannot any longer be considered as readily marketable.

USD million	FY2019	FY2020	FY2021	FY2022	FY2023
Operating profit before working capital changes	368	422	649	677	753
Changes in working capital	(94)	(10)	(44)	(794)	128
Cash obtained from operations	274	412	605	(117)	881
Finance costs paid, net	(72)	(135)	(128)	(119)	(120)
Income tax paid	(3)	(8)	(18)	(70)	(44)
Net cash obtained from/(used in) operations	199	269	460	(305)	716
Net PPE (purchases)/disposals	(157)	(210)	(172)	(114)	(74)
Net (purchases)/disposals of intangible and other non-current assets	(84)	7	(33)	(180)	84
Net cash used in investing activities	(241)	(203)	(205)	(294)	10

USD million except ratios	30 June 2019	30 June 2020	30 June 2021	30 June 2022	30 June 2023
Gross debt	770	1,350	1,410	1,935	1,672
Cash	77	369	574	448	1,077
Net debt	694	981	836	1,488	595
Commodity inventories	293	252	285	892	282
Adjusted net financial debt ⁽¹⁾	400	729	551	596	313
Total equity attributable to shareholders	1,351	1,493	1,946	1,683	1,742
Net debt/EBITDA	2.0x	2.2x	1.0x	6.8x	1.1x
Adjusted net debt/EBITDA	1.2x	1.6x	0.7x	2.7x	0.6x
Interest cover (EBITDA/Interest)	4.2x	3.0x	5.7x	1.8x	4.4x

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 commodity inventories

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