Page 70 - UKRRptJun21

Kyiv’s Blockbuster Mall on February 1st, the store received almost 400,000 visitors in one month. To deliver goods ordered online, IKEA opened three delivery points last year: Auchan Rive Gauche, Metro Cash & Carry, and Lavina Mall.
9.2.6 Agriculture corporate news
● Kernel
Ukraine’s largest sunflower oil producer and grain trader Kernel generated EBITDA of $670mn in 9MFY21, a 2.1x y/y surge, according to its earnings report released on May 28.
The increase was driven by its infrastructure & trading segment, in which EBITDA surged 2.5x to $394mn in 9MFY21, and its farming segment, in which EBITDA jumped 2.6x y/y to $270mn in 9MFY21. The company’s oilseed processing segment EBITDA dropped 30% y/y to $62mn in 9MFY21 and its segment EBITDA margin worsened 33% y/y to $57/t.
Kernel’s revenue rose 37% y/y to $3,996mn in 9MFY21. Its oilseed processing segment revenue increased 25% y/y to $1,300mn while its infrastructure and trading segment revenue rose 39% y/y to $3,432mn in 9MFY21. Its farming segment generated $430mn revenue, which is 13% lower y/y.
Kernel’s net profit jumped 4.6x y/y to $348mn in 9MFY21. The company’s net debt slid to $1,073mn as of Mar. 31 (vs. $1,334mn a year ago) and its net debt-to-LTM EBITDA ratio improved to 1.4x vs. 3.5x a year ago.
In 3QFY21, the company’s revenue rose 66% y/y to $1,729mn (or 30% increase qoq) and its total EBITDA rose 8% y/y to $112mn (or 58% lower qoq). The key driver of the company’s EBITDA was Avere trading operations which are included in the company's infrastructure and trading segment.
Also, Kernel updated its FY2021 outlook where the company expected its oilseed processing segment EBITDA would be lower y/y in FY2021 (and segment’s EBITDA margin would be $45-55/t), total infrastructure and trading segment EBITDA would be above $400mn and its farming segment EBITDA would be at $230mn.
● Astarta Holding
Ukraine’s leading sugar producer and farmer Astarta percentage decreased its net revenue 18% y/y to EUR 82.8mn in the first quarter of 2021, according to its interim report published on May 19. The decline was mostly caused by a 63% y/y decrease of revenue from the farming segment (to EUR 14.6mn) as the company decreased sales volumes of crops by 69% y/y in the quarter. Meanwhile, revenue in the sugar segment remained flat y/y in the first quarter of 2021 at EUR 28.8mn, as a 25% y/y decline in the volume of sugar sold was offset by higher prices.
70 UKRAINE Country Report XXXX 2018 www.intellinews.com