Brief: Kernel Holding Updates On Impact Of Russian War Against Ukraine

Kernel Holding SA

08/03/2022 06:56

March 8(Reuters) - Kernel Holding SA  KER.WA :
    * SAID ON MONDAY BUSINESS OPERATIONS IN SOME OF UKRAINIAN
REGIONS
WITH THE MOST INTENSIVE MILITARY ACTIONS ARE PARALYZED
    * BUSINESS PROCESSES HAVE BEEN REORGANIZED TO ADJUST TO THE
EXISTING CHALLENGES AND TO PROVIDE CONTINUITY TO THE GROUP'S
GOVERNANCE
    * SO FAR NONE OF THE GROUP'S CRITICAL FACILITIES OR
INFRASTRUCTURE
HAS SUFFERED ANY SIGNIFICANT DAMAGE
    * GIVEN THAT THE GROUP IS NOT ABLE TO EXPORT GOODS FROM
UKRAINE IT
INVOKES FORCE MAJEURE CLAUSES UNDER EXPORT CONTRACTS ACCORDING
TO GAFTA RULES, MINIMIZING THE RISK OF CLAIMS FOR
NON-PERFORMANCE UNDER COMMERCIAL CONTRACTS
    * GROUP SEES RISK OF DAMAGE OF ASSETS AN INSURANCE UNLIKELY
TO
MEET THE REPLACEMENT COSTS, LOSS OF INVENTORY, AND DISRUPTIONS
OF THE SOWING CAMPAIGN
    * THE FULL EXTENT OF THE IMPACT OF THE UKRAINIAN EVENTS ON
THIS
YEAR'S HARVEST AND ON THE GROUP'S BUSINESS IS NOT YET KNOWN AND
WILL BE LARGELY DEPENDENT ON THE DURATION AND EXTENT OF THE
CURRENT CONFLICT
    * BASED ON THE GROUP’S CURRENT LIQUIDITY RESERVES AND THE
WIDER
SITUATION, THE GROUP’S CURRENT EXPECTATION IS THAT IT WILL BE
ABLE TO PAY SCHEDULED INTEREST FALLING DUE IN THE NEAR TERM
UNDER THE TERMS OF ALL OF ITS OUTSTANDING FINANCIAL INDEBTEDNESS

    
    
 Source text for Eikon:  urn:newsml:reuters.com:*:nEM5Bcs45a
 Further company coverage:  KER.WA  

 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 769 66 00;))