POLISH FINANCIAL SUPERVISION AUTHORITY
UNI - EN REPORT No5/2019
Date of issue:2019-02-18
Short name of the issuer
KERNEL HOLDING S.A.
Subject
ACQUISITION OF A RAILCAR BUSINESS IN UKRAINE
Official market - legal basis
art. 56. 1. 2 of Act on Public Offering.
Unofficial market - legal basis
Contents of the report:
Kernel Holding S.A. (herein “the Company”) is pleased to announce that the investment fund owned by the Company acquired 100% interest in Rail Transit Kargo Ukraine LLC (herein “RTK-Ukraine”) for the enterprise value of US$ 64 million. Adjusted for working capital and net debt, Company paid US$ 49 million in cash at completion while the remaining balance shall be released upon the achievement of certain conditions. RTK-Ukraine is the owner of 2,949 grain railcars accounting for nearly 15% of the market and making it the second largest grain hopper wagon fleet operator in the country after the state monopoly Ukrainian Railways. The acquisition shall not only contribute an estimated incremental EBITDA of up to US$ 20 million annually and protect the Company against ever rising logistic costs, but it shall also procure the smooth and efficient flow of grains from inland silos to the ports as Company’s export volumes increase following the commissioning of TransGrainTerminal in the port of Chornomorsk.
Annexes
FileDescription
Current report 05 2019 eng.pdf
KERNEL HOLDING S.A.
(fullname of the issuer)
KERNEL HOLDING S.A.Spożywczy (spo)
(short name of the issuer)(sector according to clasification of the WSE in Warsow)
L-1273Luxembourg
(post code)(city)
rue de Bitbourg19
(street)(number)
(phone number)(fax)
(e-mail)(web site)
(NIP)(REGON)
SIGNATURE OF PERSONS REPRESENTING THE COMPANY
DateNamePosition / FunctionSignature
Current report 05 2019 eng.pdf

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