Business
2017 Full Year Results
2017 Full Year Results.
About this update from Ferrexpo Plc
[{"type":"text","content":"\n \nRNS Number : 3699I Ferrexpo PLC 21 March 2018 \n\n21 March 2018\nFerrexpo plc\n(\"Ferrexpo\", the \"Group\" or the \"Company\")\n2017 Full Year Results: significant increase in profitability, strengthened balance sheet and total full year dividends of 16.5 US cents.\n \nFerrexpo plc today announces its financial results for the year ended 31 December 2017. \n \nSteve Lucas, Non-executive Chairman, said: \n\"An excellent set of results demonstrating strong demand for Ferrexpo's high quality iron ore pellets from the world's leading steel mills. \n\"The Group's quality upgrade programme, completed in 2015, allowed Ferrexpo to fully capture the increase in market premiums for higher quality iron ore, with its 65% Fe pellet product.\n\"In 2018, Ferrexpo expects further rationalisation of steel capacity in China which should support global steel margins, and in turn encourage a continued focus on iron making productivity. These dynamics, together with a continued focus by Chinese authorities on the environment and a reduction of air emissions, should provide a favourable setting for iron ore pellets.\n\"Reflecting our confidence in the business profile and outlook, the Board has proposed a final and special dividend of 9.9 US cents bringing the total dividend for the year to 16.5 US cents.\"\n \nExtract of 2017 Financial Performance:\n\n\n\n\nUS$ million (unless otherwise stated)\n \n\n\nYear ended 31.12.17\n\n\nYear ended 31.12.16\n\n\nChange\n\n\n\n\nTotal pellet production (kt)\n\n\n10,444\n\n\n11,201\n\n\n-7%\n\n\n\n\nSales volumes (kt)\n\n\n10,467\n\n\n11,697\n\n\n-11%\n\n\n\n\nAverage CFR 62% iron ore fines price (US$/t)\n\n\n71.3\n\n\n58.3\n\n\n22%\n\n\n\n\nRevenue \n\n\n1,197\n\n\n986\n\n\n21%\n\n\n\n\nC1 cash cost of production (per tonne)\n\n\n32.3\n\n\n27.7\n\n\n17%\n\n\n\n\nUnderlying EBITDAA\n\n\n551\n\n\n375\n\n\n47%\n\n\n\n\nUnderlying EBITDA marginA\n\n\n46%\n\n\n38%\n\n\n8 ppts\n\n\n\n\nProfit for the year \n\n\n394\n\n\n189\n\n\n108%\n\n\n\n\nDiluted EPS \n\n\n66.85\n\n\n31.91\n\n\n109%\n\n\n\n\nDividend per share (US cents)\n\n\n16.5\n\n\n6.6\n\n\n150%\n\n\n\n\nNet cash flow from operating activities\n\n\n353\n\n\n332\n\n\n6%\n\n\n\n\nCapital investmentA\n\n\n103\n\n\n48\n\n\n115%\n\n\n\n\nNet debt\n\n\n403\n\n\n589\n\n\n-32%\n\n\n\n\nTotal liquidityA\n\n\n312\n\n\n145\n\n\n114%\n\n\n...