Financial highlights

Income Statement Highlights
Balance Sheet Highlights
Cash Flow Highlights
Credit Metrics

USD million except ratios and EPS	FY2018	FY2019	FY2020	FY2021	FY2022
Revenue	2,403	3,960	4,107	5,595	5,332
EBITDA ⁽¹⁾	223	346	443	806	220
EBIT	140	269	337	689	91
Net profit ⁽²⁾	52	190	118	513	(41)
EPS, USD ⁽³⁾	0.64	2.31	1.42	6.10	(0.51)
Gross margin	6.7%	8.4%	11.2%	16.2%	12.2%
EBITDA margin	9.3%	8.7%	10.8%	14.4%	4.1%
Net margin	2.2%	4.7%	2.9%	9.2%	(0.8%)

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 80,338,776 shares in FY2017; 81,941,230 in FY2018-FY2019; 82,983,367 in FY2020; 84,031,230 in FY2021; 80,187,230 in FY2022.

USD million excerpt ratios and EPS	30 June 2017	30 June 2018	30 June 2019	30 June 2020	30 June 2021
Invested Capital
Cash & cash equivalents	143.4	132.0	76.8	369.1	574.0
Net trade accounts receivable	87.2	92.4	183.2	215.3	381.1
Inventory	386.7	368.5	357.6	303.4	332.0
of which: Readily Marketable Inventories ⁽¹⁾	353.9	325.2	293.4	251.9	284.8
Biological assets	256.2	289.4	309.0	252.2	376.6
Other current assets	247.2	322.0	329.8	391.0	619.9
Net property, plant & equipment	569.7	588.1	764.7	984.4	1,065.1
Other non-current assets	318.7	418.1	442.5	649.3	647.7
Total assets	2,009.1	2,138.2	2,463.6	3,164.7	3,996.6
Financed by
Short-term liabilities	293.9	475.5	479.8	412.6	783.0
Of which: interest-bearing debt	152.4	245.5	202.9	73.4	51.0
Long-term liabilities	557.6	557.4	637.8	1,258.0	1,130.9
Of which: long-term interest bearing debt	499.2	497.6	559.7	966.2	821.7
Total Liabilities	851.5	1,032.9	1,117.6	1,670.6	1,913.9
Total Equity	1,157.6	1,177.6	1,346.0	1,494.1	2,082.7

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	FY2017	FY2018	FY2019	FY2020	FY2021
Operating profit before working capital changes	324.8	183.8	368.3	422.2	786.3
Changes in working capital	(206.2)	(31.2)	(93,9)	(10.1)	(180.8)
Cash obtained from operations	118.5	152.1	274.4	412.1	605.4
Finance costs paid, net	(34.6)	(64.4)	(72.4)	(134.6)	(127.5)
Income tax paid	(6.5)	(5.2)	(3.3)	(8.2)	(18.1)
Net cash obtained from/(used in) operations	77.4	82.5	198.7	269.4	459.8
Net PPE (purchases)/disposals	(40.5)	(139.5)	(157.2)	(210.1)	(172.4)
Net (purchases)/disposals of intangible and other non-current assets	(183.0)	(16.2)	(84.2)	7.4	(32.7)
Net cash used in investing activities	(223.5)	(155.7)	(241.4)	(202.7)	(205.1)

USD million except ratios	30 June 2017	30 June 2018	30 June 2019	30 June 2020	30 June 2021
Gross debt	1,145.3	754.1	770.3	1,349.6	1,409.6
Cash	143.4	132.0	76.8	369.1	574.0
Net debt	1,001.9	622.1	693.5	980.5	835.6
Readily marketable inventories	353.9	325.2	293.4	251.9	284.8
Adjusted net financial debt ⁽¹⁾	647.9	296.9	400.1	728.5	550.7
Total equity attributable to shareholders	1,153.0	1,170.7	1,350.9	1,492.7	1,946.1
Net debt/EBITDA	3.1x	2.8x	2.0x	2.2x	0.9x
Adjusted net debt/EBITDA	2.0x	1.3x	1.2x	1.6x	0.6x
Interest cover (EBITDA/Interest)	5.1x	3.4x	4.2x	3.0x	6.6x

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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