News
01.09.2009
Kernel Group to retain 2009 financial indicators in 2010
Kernel Group, a large operator on Ukraine's sunflower seed oil market, plans to boost its net profit in the new fiscal year, which coincides with the marketing year for grain crops started from July 1, by 1.1%, to $130 million, according to a company report issued on August 28.
The company said that it is expected that its income will grow by 0.2%, to $1.05 billion.
According to assessments, in the new fiscal year, the group would be able to retain the profitability on its EBITDA at 18%, which is the same as the indicators of the previous fiscal year.
Kernel Group expects that in the new fiscal year the company would harvest and export 1.8 million tonnes of grain crops, which is 20% less that a last year record, adding that the third part of the task has been fulfilled with the reasonable profitability.
In the sunflower oil segment, Kernel expects to retain its leadership on the market and produce 1.2 million tonnes.
In addition, the company plans to actively use its elevators and a port handling terminal in Illichivsk, through which the group plans to process over 3 million tonnes of grain, which is almost the same as the previous fiscal year – 3.4 million tonnes.
According to the report, in April-June 2008 Kernel created two new trade companies: Inerco Commodities S.A. (Switzerland) and Restomon Ltd. (British Virginia Islands), although the group trimmed its share in CJSC Poltava Vegetable Oil Refinery –Kernel Group from 95.2% to 73.05%.
As of late June 2009 the majority shareholder in the company via Namsen Ltd, remains its board chairman Andriy Verevsky.
The report says that the group's short-term liabilities as of late previous fiscal year stood at $148.48 million, including $129.05 million of secured debt, while its long-term liabilities totaled $85.47 million.
The Kyiv Post
