Kernel published Operations Update for three months ended March, 31, 2014
According to the release published on the official site of Kernel Holding S.A., grain sales are 2x up by 100.5% to 1.3 mln tons in Q3 FY 2014 compared to the same period of 2013 benefiting from record production and export volumes out of Ukraine along with the farmers actively selling their stock in the favorable price environment. Bulk oil sales are up 52.0% to 264.5 thousand tons in Q3 FY 2014, with sales close to production levels. Crushing volumes are up 4,4% to 708.9 on favorable sunflower seed availiability resulting in close-to-full capacity utilization.
Export terminals throughout is up 66,0% to 1 mln tons in Q3 FY2014 on higher grain exports through both Ukrainian and Russian facilities.
34 thousand hectares of winter crops (winter wheat mostly) are in good conditions, with the spring planting campaign underway on 345 thousand hectares.
Since the severe political crisis in Ukraine that began in November 2013, the Company to date has been operating in a normal course of business both in Ukraine and Russia.
Completed the divestment of a small 100,000 tons oilseed crushing plant in the Stavropol region of the Russian Federation for the enterprise value of USD 100 mln.
At that the company stated that attracted USD 80 mln of pre-crop financing led by a syndicate of European banks to fund the 2014 planting campaign.
* Kernel listed on the Warsaw Stock Exchange
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