Kernel posted USD 22 mln of loss in Q3 FY2020

In Q3(three months ended 31 March 2020) FY2020(July-June), Kernel net loss totalled USD 22.19 mln compared to USD 15.94 mln of net profit in the corresponding period of FY2019.

Revenue of the Group reached USD 1,047 mln in Q3 FY2020, up 30% y-o-y, driven primarily by high Avere physical sales of edible oils originated from 3rd parties.

EBITDA in Q3 FY2020 increased by 88% y-o-y (Q3 FY2019: USD 55.32 mln) to USD 104 mln (or USD 95 mln if excluding IFRS 16 impact).

In 9M FY2020, the company generated net profit of USD 82.56 mln, 2.2x down on the same period of FY2019: USD 182.79 mln. Revenues during this period also decreased by 5% to USD 2.91 bln, while EBITDA increased by 12% to USD 319.75 mln, compared to USD 285.17 mln in 9M FY2019.

Revenues within three business segments in 9M FY2020:

  • Oilseeds Processing: dropped by 6% to USD 1,04 bln
  • Infrastructure and Trading: increased by 3% to USD 2,45 bln
  • Farming: increased by 3% to USD 494 mln

Net-debt-to-EBITDA ratio as of 31 March 2020 (measured on 12 months trailing basis) reduced to 3.5x, as compared to 5.0x as of 31 December 2019.

Previously reported that Kernel's agricultural enterprises confirmed the compliance of production processes with the European ISCC(International Sustainability and Carbon Certification (ISCC)) standard.

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