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 2018	30 June 2019	30 June 2020	30 June 2021	30 June 2022
Invested Capital
Cash & cash equivalents	132	77	369	574	448
Net trade accounts receivable	92	183	215	381	143
Inventory	369	358	303	332	954
of which: Commodity Inventories ⁽¹⁾	325	293	252	285	892
Biological assets	289	309	252	377	162
Other current assets	322	330	391	620	817
Net property, plant & equipment	588	765	984	1,065	1,018
Other non-current assets	418	443	649	648	644
Total assets	2,138	2,464	3,165	3,997	4,186
Financed by
Short-term liabilities	476	480	413	917	2,238
Of which: interest-bearing debt	246	203	73	263	1,696
Long-term liabilities	557	638	1,258	1,131	261
Of which: long-term interest bearing debt	498	560	966	822	-
Total Liabilities	1,033	1,118	1,671	2,048	2,499
Total Equity	1,178	1,346	1,494	1,949	1,686

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	FY2018	FY2019	FY2020	FY2021	FY2022
Operating profit before working capital changes	183	368	422	649	677
Changes in working capital	(31)	(94)	(10)	(44)	(794)
Cash obtained from operations	152	274	412	605	(117)
Finance costs paid, net	(64)	(72)	(135)	(128)	(119)
Income tax paid	(5)	(3)	(8)	(18)	(70)
Net cash obtained from/(used in) operations	83	199	269	460	(306)
Net PPE (purchases)/disposals	(140)	(157)	(210)	(172)	(114)
Net (purchases)/disposals of intangible and other non-current assets	(16)	(84)	7	(33)	(180)
Net cash used in investing activities	(156)	(241)	(203)	(205)	(294)

USD million except ratios	30 June 2018	30 June 2019	30 June 2020	30 June 2021	30 June 2022
Gross debt	754	770	1,350	1,410	1,935
Cash	132	77	369	574	448
Net debt	622	694	981	836	1,488
Commodity inventories	325	293	252	285	892
Adjusted net financial debt ⁽¹⁾	297	400	729	551	596
Total equity attributable to shareholders	1,171	1,351	1,493	1,946	1,683
Net debt/EBITDA	2.8x	2.0x	2.2x	1.0x	6.8x
Adjusted net debt/EBITDA	1.3x	1.2x	1.6x	0.7x	2.7x
Interest cover (EBITDA/Interest)	3.4x	4.2x	3.0x	5.7x	1.8x

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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