"Kernel" bought "Inter-Agro"
2012-08-30 15:53:45
Agro-industrial group "Kernel", one of the largest in Ukraine, purchased agricultural holding "Inter-Agro", which has a land bank of 39,3 thousand hectares in Poltava and Kharkiv regions.
As stated in “Kernel” the annual report, released on Wednesday, the group gained control of the "Inter-Agro Capital" holding company (Petrovka, Kharkov region.) and approximately twenty subsidiary companies in April, 2012.
According to the document, the fair value of the rights to land lease at the date of aquisition was estimated at $13 million.
"Kernel" reports that all companies are currently under the operational control of the group, but the deal has to be formally completed in 12 months.
In late april, 2012, "Kernel" reported the conclusion of an option to acquire 100% of the shares of two agricultural companies in Ukraine, with a total landbank of 119.2 th ha.
The Group did not disclose the information as to what the acquired companies were, and the information about buying a company in the Khmelnitsky region is not in the annual report.
"Kernel" in the 2012 fiscal year (FY ended June 30) reduced net income by 12.2% - to $198.56 million, while its revenue increased by 14.2% - up to $2 billion 169.25 million, EBITDA - by 5% to $325 million.