Financial highlights

Income Statement Highlights
Balance Sheet Highlights
Cash Flow Highlights
Credit Metrics

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

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