KERNEL HOLDING S.A.: OPERATIONS UPDATE FOR THREE MONTHS ENDED 31 DECEMBER 2014
Grain sales reached a record 1.4 million tons in Q2 FY2015, up 5% yoy, with the growth reflecting our own farming division’s improved production. • Sunflower oil sales in bulk increased 6% yoy to 278,099 tons in Q2 FY2015 and were in line with production levels. • Bottled oil sales in Q2 FY2015 were seasonally strong at 34.2 million liters, with growth of 13% yoy driven by an increase in export deliveries. • Sunflower seed crush decreased 4% yoy due to a later start to the season in Russia, with capacity utilization close to full during the period. • Export terminals’ throughput increased 13% yoy to 1.4 million tons, with the growth driven by an increase in grain exports and higher share of grain export going through our own ports. Corporate: • An AGM on 10 December 2014 approved a dividend payout of USD 0.25 per share. The board is due to set up ex and payout dates. • The board approved the management incentive plan, which provides the management team with an option scheme in an aggregate amount of 3.75 million shares (4.71% of current shares), vesting over next five years. Condensed Consolidated Interim Financial Statements for the six months ended 31 December 2014 will be published before market opening on 27 February 2015.