USD million except ratios and EPS FY2013 FY2014 FY2015 FY2016 FY2017
Revenue 2,796.8 2,393.3 2,329.5 1,988.5 2,168.9
EBITDA (1) 287.5 223.0 396.6 346.4 319.2
EBIT 200.9 128.7 328.3 287.2 265.0
Net profit (2) 111.6 (98.3) 106.9 225.2 178.6
EPS, USD (3) 1.40 (1.23) 1.34 2.83 2.19
Gross margin 16.1% 17.1% 22.0% 23.1% 20.4%
EBITDA margin 10.3% 9.3% 17.0% 17.4% 14.7%
Net margin 4.0% (4.1%) 4.6% 11.3% 8.1%
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 and 80,338,776 shares in FY2017
USD million excerpt ratios and EPS 30 June 2013 30 June 2014 30 June 2015 30 June 2016 30 June 2017
Invested Capital
Cash & cash equivalents 78.8 65.4 129.1 60.4 143.4
Net trade accounts receivable 150.8 99.8 56.1 75.2 87.2
Inventory 270.2 299.5 158.8 200.2 386.7
of which: Readily Marketable Inventories (1) 175.1 243.4 140.1 183.7 353.9
Biological assets 274.0 182.8 146.6 190.3 256.2
Other current assets 343.3 225.0 168.0 194.4 247.2
Net property, plant & equipment 763.3 643.5 535.2 538.7 569.7
Other non-current assets 508.2 403.0 271.9 250.2 318.7
Total assets 2,361.6 1,919.0 1,465.6 1,509.4 2,009.1
Financed by
Short-term liabilities 700.1 597.4 458.1 373.3 293.9
Of which: interest-bearing debt 458.2 489.4 373.3 259.0 137.3
Long-term liabilities 309.3 291.0 116.7 139.0 557.6
Of which: long-term interest bearing debt 275.7 260.0 95.2 84.1 502.1
Total Liabilities 1,009.4 888.3 574.8 512.3 851.5
Total Equity 1,352.3 1,030.7 890.8 997.1 1,157.6
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 FY2013 FY2014 FY2015 FY2016 FY2017
Operating profit before working capital changes 288.0 195.5 338.7 330.5 324.8
Changes in working capital 135.4 (0.9) 147.4 (136.3) (206.2)
Cash obtained from operations 423.5 194.7 486.1 194.1 118.5
Finance costs paid (76.2) (72.0) (68.4) (57.6) (34.6)
Income tax paid (43.4) (40.2) (13.0) (2.8) (6.5)
Net cash obtained from/(used in) operations 303.9 82.5 404.7 133.7 77.4
Net PPE (purchases)/disposals (90.9) (41.7) (22.7) (30.4) (40.5)
Net (purchases)/disposals of intangible and other non-current assets (175.2) (41.5) (1.6) (30.4) (183.0)
Net cash used in investing activities (266.1) (83.2) (24.3) (60.7) (223.5)
USD million except ratios 30 June 2013 30 June 2014 30 June 2015 30 June 2016 30 June 2017
Gross interest-bearing debt 733.9 749.4 468.5 343.1 639.4
Cash 78.8 65.4 129.1 60.4 143.4
Net interest-bearing debt 655.1 684.0 339.4 282.8 496.0
Readily marketable inventories 157.5 243.4 140.1 183.7 353.9
Adjusted net financial debt (1) 497.6 440.6 199.3 99.1 142.1
Total equity attributable to shareholders 1,335.5 1,029.7 889.6 995.3 1,153.0
Net debt/EBITDA 2.3x 3.1x 0.9x 0.8x 1.6x
Adjusted net debt/EBITDA 1.7x 2.0x 0.5x 0.3x 0.4x
Interest cover (EBITDA/Interest) 3.8x 3.1x 5.8x 6.1x 5.1x
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