Agri-holding Kernel subsidiary gets $210 million European bank credit
KYIV. June 25 (Interfax) - Inerco Trade, a subsidiary of one of Ukraine's largest agricultural holdings Kernel, has raised a $210 million credit from a consortium of European banks.
Per a statement on the Warsaw Stock Exchange, the credit falls due June 30 of next year.
The company intends to use the credit for the acquisition, storage, and processing of agricultural product - corn, barley, wheat, rapeseed, and soy.
Kernel Group is a vertically integrated company in existence since 1994. It produces sugar and sunflower oil, distributes bottled oil in Ukraine, exports oil and grains, and provides grain and oil storage services. Its production wing includes around 70 agricultural enterprises and it has 210,000 hectares of farmland.
In the third quarter of the 2012 financial year, Kernal earned net profits of $33.798 million, which was 57% less than a year previously. Sales revenues increased 4.8% to $594.4 million, operating profits 31.6% to $86.2 million, and EBITDA (earnings before interest, taxes, depreciation, and amortization) 40% to $104 million.
