Figure 52: Simplified Structure of Holding
Source: Company data
Appendix 10. Kernel`s Value-Added Process
Figure 53: Kernel`s Value Chain Model, 2012
| Segment | Product activity | Share of total assets | Capacity& output | Share of revenue Total revenue*= USD 2,157.4m | EBITDA, m USD (share of total EBITDA) Total EBITDA= USD 322m | ||||||||
| Farming | Agricultural farming. Production of wheat, barley, corn, soya bean, sunflower seed and sugar beet |  17.8%
| Acreage under crops:248,562 ha
Output: 459,000 tons of grain, 139,000 tons of oilseed and 526,000 tons of sugar beet
% of land cultivated, harvest FY 2012
| 
Intersegment sales=84.9%
| 
67.62 (21%)
| ||||||||
| Sunflower oil in bulk | Production and sales of sunflower oil in bulk (crude and refined) and meal |  45%
| Sunflower oilseed crushing: 3,000 kt
Sunflower seed crush:2,493 kt
Sales:828,370 tons
| 
| 
152.68 (47.4%)
| ||||||||
| Bottled sunflower oil | Production, refining, bottling, marketing and distribution of bottled sunflower oil |  5.6%
| Capacity;173 000 litres
Sales:134,000 litres
3 brands + private label
| 
| 
29.30 (9.1%)
| ||||||||
| Grain | Sourcing and merchandising of wholesale grain |  11.4%
| Sales= 2,123,229 tons | 
| 
24.79 (7.7%)
| ||||||||
| Export terminals | Grain handling and transshipment services in the ports | 
5.5%
| Grain and edible oil export terminals capacity= 6.0 mmt | 
Intersegment sales=72.3%
| 
12.56 (3.9%)
| ||||||||
| Silo services | Provision of grain cleaning, drying and storage services. |  7.6%
| Silo storage capacity=2,500 kt
Grains and oilseeds received in inland silos=2,059 kt
| 
Intersegment sales=38.7%
| 
16.74 (5.2%)
| ||||||||
| Sugar | Production, marketing and distribution of sugar |  6.8%
| Capacity to process 7,957 Ths tons of sugar beet Output= 119,600 tons | 
| 
18.35 (5.7%)
|
*During the year ended 30 June 2012, export sales amounted to 85% of total external sales revenue.
Source: Company data, KNU estimates
Appendix 11. Cost of equity
Figure 54. Calculation of COE
Cost of equity is includes the following items:
· Based on 10 years US government bonds risk-free rate of 1.7%
· Equity risk premium, calculated using supply-side model with income return of 3.3% (10-year US Treasury notes interest) and supply of equity return of 2.2% (average annual P/E growth of S&P index)
|
|
|
· Unlevered beta of 0.65 for the companies which operate in agricultural sector.
· Size risk premium of 1.56% as a yield premium of S&P MiddleSmallCap over S&P 500 for the previous year
· Country risk premium using yield on Ukrainian dollar-denominated bonds, equal to 5.9%
· Currency risk premium based on the IMF forecasts of the inflation rates of US and Ukraine.
Source: Bloomberg, IMF, S&P, KNU estimates
Appendix 12. Agricultural production
Figure 55. Ukrainian and Russian agricultural output
| Commodity | Million USD | MMT | Market s h are in 2010, % | ||||
| 2009 | 2010 | 2010 | |||||
| UA | UA | UA | RU | Europe | UA | RU | |
| 1 | 2 | 3 | 4 | 5 | 6 | 7=4/6*100% | 8=5/6*100% |
| Maize | 1320.4 | 699.4 | 12.0 | 3.1 | 85.1 | 14.1% | 3.6% |
| Wheat | 2546.0 | 1806.8 | 16.9 | 41.5 | 203.7 | 8.3% | 20.4% |
| Soybeans | 217.5 | 187.0 | 1.7 | 1.2 | 4.8 | 35.4% | 25.0% |
| Sugar beet | 306.0 | 371.0 | 13.7 | 22.2 | 150.5 | 9.1% | 14.8% |
| Barley | 792.2 | 394.4 | 8.5 | 8.4 | 73.5 | 11.6% | 11.4% |
| Sunflower seed | 1704.7 | 1816.8 | 6.8 | 5.3 | 19.8 | 34.3% | 26.8% |
| Rapeseed | 497.5 | 351.4 | 1.5 | 0.7 | 23.1 | 6.5% | 3.0% |
| Total | 7384.3 | 5626.8 | 61.1 | 82.4 | 560.5 | Х | Х |
Source: FAO, KNU estimates
Appendix 13. Positions of Kernel`s business segments
Дата добавления: 2020-04-25; просмотров: 53; Мы поможем в написании вашей работы! |
Мы поможем в написании ваших работ!