OREANDA-NEWS. On 28 August 2009 Kernel (KER PW) announced results for its 2009 fiscal year ending June 30, 2009: revenues increased 58% yoy to USD 1.05 bln, operating profit 48% yoy to USD 165.3 mln, EBITDA 53% yoy to USD 188.3 mln, and net profit 56% yoy to USD 128.5 mln. Kernel originated and exported 2.2 mln mt of grain over the period, a company record. Kernel said it expects a largely flat FY2010, with grain origination and export of ~1.8 mln mt, revenues of USD 1.05 bln, EBITDA of USD 185 mln and net profit of USD 130 mln.

Concorde Capital: The company’s financials are just slightly worse than expected, as earlier after the publication of the 9M09 results the management gave guidance of USD 1.1 bln (5.1% below the actual figure) for sales and USD 195 mln for EBITDA (3.6% below actual). We deem the news to be largely neutral for the stock.

Concorde Capital is a full service investment bank operating on the Ukrainian, Russian and CIS markets. In 2007 Concorde Capital’s analytical team was recognized as the Top Team covering Ukraine by Thomson Extel's Pan European Survey. Senior Analyst Alexander Paraschiy was recognized as the Leading Pan-European Investment Analyst – European Emerging Markets. Concorde Capital is a leader when it comes to private placements and M&A deals. Concorde Capital’s sale of a stake in Electron Bank to Volksbank International AG was named the Best Ukrainian M&A deal of the year 2007 by the Adam Smith Institute.