Kernel increases revenue 87% y-o-y in FY2011

Kernel Holding (WSE: KER PW), a leading Ukrainian sunflower oil producer, increased its revenue by 87% y-o-y to USD 1.9 bln, according to 12-month unaudited financial results for its FY2011 ending June 30, 2011. EBITDA rose by 62% y-o-y to USD 309 mln and net profit by 43% y-o-y to USD 218 mln. In the 2010/2011 season, Kernel sold 930 ths mt of bulk and bottled oil, vs. 470 ths mt in the previous season. Management guidance for FY2012 financial results is as follows: USD 2.3 bln in revenue, USD 370 mln in EBITDA and USD 255 mln in net income, buoyed by expanded operations and expectations of a good harvest. Kernel’s management is planning to hold a conference call today at 9:00 New York time, 14:00 UK time and 15:00 Central European time – see www.kernel.ua for more information and dial-in details.