Kernel ups grain sales 1.6x, seaport throughput 2.3x yoy in 1H13

Kernel ups grain sales 1.6x, seaport throughput 2.3x yoy in 1H13



21 січня 2013 года
Конкорд Капитал

Кернел (KER)


Ukraine’s leading sunflower oil producer and grain trader Kernel (KER PW) released its 2QFY13 trading update on Jan. 18. For the reporting period, the company posted 82% yoy growth in grain sales to 1090 kt, sunflower seeds crushing volumes of 760 kt (+1% yoy) and export terminal throughput at a record high 1224 kt (+162% yoy), which includes a reported 201 kt from its recently acquired Russian Taman Port. This result suggests Kernel increased grain trading 58% yoy to 1600 kt, sunflower seeds crushing 18% yoy to 1218 kt, and port throughput 129% yoy to 1964 kt in 1HFY13. Kernel’s 2Q13 sugar output in the quarter declined 18% yoy to 99 kt.



Alexander Paraschiy: The 1H13 results suggest Kernel already exported 76% of targeted grain volumes for the full year (2.1 mmt) and crushed 47% of its annual sunflower seeds target (2.6 mmt). The year’s second half should be much calmer in terms of grain exports since not only Kernel, but all its competitors intensified exports in the last half on constant anticipation of an export ban introduction. Nevertheless, Kernel is very likely to beat its grain export target for the year. Sunflower seed processing looks like it will also exceed its plan – in 1HFY12 Kernel processed only 42% of seeds planned for the full year. All in all, it now looks like the company will beat its guided operating and financial targets for FY2013.

Источник: Конкорд Капитал

Аналитик: Александр Паращий
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