Financial highlights

Income Statement Highlights
Balance Sheet Highlights
Cash Flow Highlights
Credit Metrics

USD million except ratios and EPS	FY2016	FY2017	FY2018	FY2019	FY2020
Revenue	1,988.5	2,168.9	2,403.0	3,960.2	4,106.8
EBITDA ⁽¹⁾	346.4	319.2	222.5	345.5	443.0
EBIT	287.2	265.0	139.6	269.2	337.3
Net profit ⁽²⁾	225.2	176.2	52.1	189.5	117.9
EPS, USD ⁽³⁾	2.83	2.19	0.64	2.31	1.42
Gross margin	15.2%	13.1%	6.7%	8.4%	11.2%
EBITDA margin	17.4%	14.7%	9.3%	8.7%	10.8%
Net margin	11.3%	8.1%	2.2%	4.7%	2.9%

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-FY2019

USD million excerpt ratios and EPS	30 June 2016	30 June 2017	30 June 2018	30 June 2019	30 June 2019
Invested Capital
Cash & cash equivalents	60.4	143.4	132.0	76.8	369.1
Net trade accounts receivable	75.2	87.2	92.4	183.2	215.3
Inventory	200.2	386.7	368.5	357.6	303.4
of which: Readily Marketable Inventories ⁽¹⁾	183.7	353.9	325.2	293.4	251.9
Biological assets	190.3	256.2	289.4	309.0	252.2
Other current assets	194.4	247.2	322.0	329.8	391.0
Net property, plant & equipment	538.7	569.7	588.1	764.7	984.4
Other non-current assets	250.2	318.7	418.1	442.5	649.3
Total assets	1,509.4	2,009.1	2,138.2	2,463.6	3,164.7
Financed by
Short-term liabilities	373.3	293.9	475.5	479.8	412.6
Of which: interest-bearing debt	254.5	152.4	245.5	202.9	73.4
Long-term liabilities	139.0	557.6	557.4	637.8	1,258.0
Of which: long-term interest bearing debt	81.8	499.2	2.8	63.7	172.4
Total Liabilities	512.3	851.5	1,032.9	1,117.6	1,670.6
Total Equity	997.1	1,157.6	1,177.6	1,346.0	1,494.1

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	FY2016	FY2017	FY2018	FY2019	FY2020
Operating profit before working capital changes	330.5	324.8	183.8	368.3	422.2
Changes in working capital	(136.3)	(206.2)	(31.2)	(93,9)	(10.1)
Cash obtained from operations	194.1	118.5	152.1	274.4	412.1
Finance costs paid, net	(57.6)	(34.6)	(64.4)	(72.4)	(134.6)
Income tax paid	(2.8)	(6.5)	(5.2)	(3.3)	(8.2)
Net cash obtained from/(used in) operations	133.7	77.4	82.5	198.7	269.4
Net PPE (purchases)/disposals	(30.4)	(40.5)	(139.5)	(157.2)	(210.1)
Net (purchases)/disposals of intangible and other non-current assets	(30.4)	(183.0)	(16.2)	(84.2)	7.4
Net cash used in investing activities	(60.7)	(223.5)	(155.7)	(241.4)	(202.7)

USD million except ratios	30 June 2016	30 June 2017	30 June 2018		30 June 2019
Gross debt	336.3	1,145.3	754.1	770.3	1,349.6
Cash	60.4	143.4	132.0	76.8	369.1
Net debt	275.9	1,001.9	622.1	693.5	980.5
Readily marketable inventories	183.7	353.9	325.2	293.4	251.9
Adjusted net financial debt ⁽¹⁾	92.3	647.9	296.9	400.1	728.5
Total equity attributable to shareholders	995.3	1,153.0	1,170.7	1,350.9	1,492.7
Net debt/EBITDA	0.8x	3.1x	2.8x	2.0x	2.2x
Adjusted net debt/EBITDA	0.3x	2.0x	1.3x	1.2x	1.6x
Interest cover (EBITDA/Interest)	6.1x	5.1x	3.4x	4.2x	3.0x

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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