Financial highlights

Income Statement Highlights
Balance Sheet Highlights
Cash Flow Highlights
Credit Metrics

USD million except ratios and EPS	FY2015	FY2016	FY2017	FY2018	FY2019
Revenue	2,329.5	1,988.5	2,168.9	2,403.0	3,992.1
EBITDA ⁽¹⁾	396.6	346.4	319.2	222.5	345.5
EBIT	328.3	287.2	265.0	139.6	269.2
Net profit ⁽²⁾	106.9	225.2	176.2	52.1	189.5
EPS, USD ⁽³⁾	1.34	2.83	2.19	0.64	2.31
Gross margin	13.5%	15.2%	13.1%	6.7%	8.7%
EBITDA margin	17.0%	17.4%	14.7%	9.3%	8.7%
Net margin	4.6%	11.3%	8.1%	2.2%	4.7%

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 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 2015	30 June 2016	30 June 2017	30 June 2018	30 June 2019
Invested Capital
Cash & cash equivalents	129.1	60.4	143.4	132.0	76.8
Net trade accounts receivable	56.1	75.2	87.2	92.4	183.2
Inventory	158.8	200.2	386.7	368.5	357.6
of which: Readily Marketable Inventories ⁽¹⁾	140.1	183.7	353.9	325.2	293.4
Biological assets	146.6	190.3	256.2	289.4	309.0
Other current assets	168.0	194.4	247.2	322.0	249.7
Net property, plant & equipment	535.2	538.7	569.7	588.1	764.7
Other non-current assets	271.9	250.2	318.7	418.1	442.5
Total assets	1,465.6	1,509.4	2,009.1	2,138.2	2,463.6
Financed by
Short-term liabilities	458.1	373.3	293.9	475.5	479.8
Of which: interest-bearing debt	373.3	259.0	155.3	248.8	205.4
Long-term liabilities	116.7	139.0	557.6	557.4	637.8
Of which: long-term interest bearing debt	95.2	84.1	502.1	505.3	565.0
Total Liabilities	574.8	512.3	851.5	1,032.9	1,117.6
Total Equity	890.8	997.1	1,157.6	1,177.6	1,346.0

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	FY2015	FY2016	FY2017	FY2018	FY2019
Operating profit before working capital changes	338.7	330.5	324.8	183.8	368.3
Changes in working capital	147.4	(136.3)	(206.2)	(31.2)	(93,9)
Cash obtained from operations	486.1	194.1	118.5	152.1	274.4
Finance costs paid, net	(68.4)	(57.6)	(34.6)	(64.4)	(72.4)
Income tax paid	(13.0)	(2.8)	(6.5)	(5.2)	(3.3)
Net cash obtained from/(used in) operations	404.7	133.7	77.4	82.5	198.7
Net PPE (purchases)/disposals	(22.7)	(30.4)	(40.5)	(139.5)	(157.2)
Net (purchases)/disposals of intangible and other non-current assets	(1.6)	(30.4)	(183.0)	(16.2)	(84.2)
Net cash used in investing activities	(24.3)	(60.7)	(223.5)	(155.7)	(241.4)

USD million except ratios	30 June 2015	30 June 2016	30 June 2017	30 June 2018	30 June 2019
Gross interest-bearing debt	468.5	343.1	639.4	754.1	770.3
Cash	129.1	60.4	143.4	132.0	76.8
Net interest-bearing debt	339.4	282.8	514.0	622.1	693.5
Readily marketable inventories	140.1	183.7	353.9	325.2	293.4
Adjusted net financial debt ⁽¹⁾	199.3	99.1	160.0	296.9	400.1
Total equity attributable to shareholders	889.6	995.3	1,153.0	1,170.7	1,350.9
Net debt/EBITDA	0.9x	0.8x	1.6x	2.8x	2.0x
Adjusted net debt/EBITDA	0.5x	0.3x	0.5x	1.3x	1.2x
Interest cover (EBITDA/Interest)	5.8x	6.1x	5.1x	3.4x	4.2x

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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