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season starts, SkyUp plans to start service from Kyiv to Hannover, Marseille, Malta and Nuremburg. Adding new cities and new countries in June, the airline announces: “We are preparing to start flying from Kyiv and the regions to Poland, Germany, Denmark, Jordan, Sweden, Serbia and the Netherlands.”
9.2.4 Construction & Real estate corporate news
9.2.5 Retail corporate news
9.2.6 Agriculture corporate news
With the warehouse market tightening, Dragon Capital Group sold Omega-2, a 32,731 square meter logistics complex in Brovary’s industrial zone, facing the city’s bypass road. “This is our first closing of a commercial real estate sale deal after we made a bet on this segment in 2016, and it demonstrates that there are opportunities in this market not only for profitable investments, but also for exits,” said Volodymyr Tymochko, Dragon’s managing director for Private Equity.
Swedish retailer H&M will open its first store in Kharkiv in May 2021 in new Nikolsky shopping mall, expanding its chain in Ukraine to six outlets, the retailer's press service said. The total area of the store is 2,100 square meters, of which about 1,700 square meters are shopping area. This is the sixth store of the chain in Ukraine and the first outside the Ukrainian capital.
● Kernel
Ukraine’s largest sunflower oil producer and grain trader Kernel generated EBITDA of $269mn in 2QFY21 (October-December 2020), a 2.47x y/y growth and a 7.2% qoq decrease, according to its financial report published February26.
The company’s key segment, oilseed processing, generated EBITDA of $24mn in 2QFY21, 39% less y/y and 23% less qoq. The company’s EBITDA per ton of oil declined 50% y/y and 46% qoq in 2QFY21 to $50. Its infrastructure and trading segment EBITDA jumped 2.63x y/y (and 45% qoq) to $161mn, while the company’s farming segment EBITDA jumped 5.6x y/y (but decreased 34% qoq) to $107mn in 2QFY21.
Kernel’s revenue rose 29% y/y (and 41% qoq) to $1,326mn in 2QFY21. Its oilseed processing segment revenue increased 33% y/y (and 66% qoq) to $486mn while its infrastructure and trading segment revenue rose 26% y/y (and 37% qoq) to $1,107mn in 2QFY21. Its farming segment generated $213mn revenue in 2QFY21, which is 13% more y/y and 2.36x more qoq.
In 1HFY21, the company’s revenue increased 20% y/y to $2,267mn and its total EBITDA surged 2.6x y/y to $558mn. The company’s net debt slid to $1,247mn as of December 31 (vs. $1,644mn a year ago) and its net debt-to-LTM EBITDA ratio improved to 1.6x vs. 5.0x a year ago.
Kernel’s net profit jumped 3.3x y/y to $332mn in 1HFY21. Its operating cash flow before working capital changes rose 2.8x to $405mn, while its net cash from operating activities was negative $382mn in 1HFY21 vs. negative
60 UKRAINE Country Report March 2021 www.intellinews.com
