Kernel Anno Operations Update for Three Months Ended 31 December 2013
OREANDA-NEWS. Production, sales and throughput:
Volume and tonnage |
Q2 FY2014(1) |
Q2 FY2013(2) |
y-o-y |
Grain sales, tons |
1,335,265 |
1,089,598 |
22.5% |
Bulk oil sales, tons |
261,747 |
382,680 |
(31.6%) |
Bottled oil sales, '000 liters |
30,375 |
33,760 |
(10.0%) |
Sunflower seed crush, tons |
726,087 |
760,218 |
(4.5%) |
Refined oil production, tons |
34,572 |
33,785 |
2.3% |
Bottled oil production, tons |
31,487 |
30,773 |
2.3% |
Export terminals throughput, tons'3' |
1,268,516 |
1,223,610 |
3.7% |
Grain and oilseeds received in inland silos, tons'4' |
2,447,085 |
1,623,760 |
50.7% |
(1) Three months ended 31 December 2013.
(2) Three months ended 31 December 2012.
(3) Including 389,787 tons transshipped through Taman port in Q2 FY2014 (201,043 tons in Q2 FY2013), which represents 50% of the total throughput volume of the
Taman facility. Kernel Holding S.A. owns a 50% stake in the Taman grain transshipment facility.
(4) Six months ended 31 December 2013 and 2012, respectively.
Key highlights:
22.5% yoy growth in grain sales to a record 1.3 million tons in Q2 FY2014, stemming from a notable increase in grain exports from the Russian Federation and the overall advance of exports from Ukraine following a record high harvest.
Bulk oil sales of 261,747 tons in Q2 FY2014 approximately matched production volumes, with a decline of 31.6% yoy reflecting unusually high volumes delivered in second quarter last year.
Crushing plants were running at nearly full utilization, processing sizeable new harvest.
Record-high quarterly throughput at the export terminals of 1.3 million tons, up 3.7% yoy, reflecting higher utilization at the Taman grain transshipment facility and solid utilization of the Ukrainian ports.
Grain silo infrastructure benefitting from Ukraine's record high harvest, with grain and oilseeds received in inland silos up 50.7% yoy reaching a record 2.5 million tons as of 31 December 2013.
Corporate & Legislative:
In late December, the Ukrainian parliament approved a bill to reinstate VAT refunds on grain exports, effective 1 January 2014.
In October, Kernel Holding S.A. completed, via its subsidiary, the sale of remotely located farming operations in southern Ukraine for a total consideration of USD 7.0 million. Following the deal, the company's farming operations amounted to 405,000 hectares of leasehold land.
Selected average commodity prices, USD /t |
3 months ended 31 December 2013 2012 |
yoy | |
Sunflower oil, Ukraine FOB, Black Sea |
902 |
1,152 |
(21.8%) |
Wheat, Ukraine FOB, Black Sea |
284 |
340 |
(16.6%) |
Corn, Ukraine FOB, Black Sea |
202 |
299 |
(32.5%) |
Barley, Ukraine FOB, Black Sea |
243 |
312 |
(22.0%) |
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