Kernel exports 837 kt of grain in Jul-Dec 2011
30 January 2012
Kernel (KER PW) exported 837 kt of grain in the first half of its 2012 financial year (July-December 2011), APK-Inform reported on Friday. Kernel’s share of total Ukrainian exports in the period was 10%, second after Khlib Investbud (880 kt of grain).
Yegor Samusenko: The figure implies Kernel exported about 420 kt of grain in 2Q12, flat qoq but 40% down yoy. This is generally in line with the market due to export duties in effect in the first four months of the season – only 40% of the projected domestic export volume this season (22 mmt of grain, according to APK-Inform) was shipped in July-December 2011. This is likely to result in a smaller top line for Kernel in 3Q11/12 (to be reported on February 14), which we estimate at USD 470 mln, down 17% yoy. While the market reaction could be negative, we expect export volumes to pick up in January-June 2012, and project Kernel to export 2.2 mmt of grain this financial year, up 22% yoy, which implies top line growth for the full year of 19% yoy.
