Business
2019 Full Year Results
2019 Full Year Results.
About this update from Ferrexpo Plc
[{"type":"text","content":"\n \n \n RNS Number : 5423G\n Ferrexpo PLC\n 18 March 2020\n \n \n \n \n 18 March 2020\n \n \n Ferrexpo plc\n \n \n (\"Ferrexpo\", the \"Group\" or the \"Company\")\n \n \n 2019 Full Year Results \n \n \n Ferrexpo PLC, a FTSE 250 iron ore pellet producer, today announces its full year audited financial results for the 12 months ended 31 December 2019. \n \n \n \n \n \n Financial Highlights\n \n \n · \n Revenue up 18% to US$1.5 billion due to higher iron ore fines prices and an increase in sales volumes\n \n \n · \n Underlying EBITDA A\n \n \n \n \n \n up 17% to US$586 million (2018: US$503 million) \n \n \n · \n 62% increase in net cash flows from operations to US$473 million (2018: US$292 million)\n \n \n · \n Net debt A\n \n \n \n \n \n to underlying EBITDA reduced to 0.48 times\n \n \n · \n Capital investment A increased 83% to US$247 million (2018: US$:135 million)\n \n \n \n \n \n Steve Lucas, Non-Executive Chairman, said: \n \n \n \"Ferrexpo has continued to deliver strong cash flow generation which is up 62% year on year. This has enabled us to allocate capital to further reduce debt, to increase investment to drive medium term growth, and to pay record dividends to shareholders.\"\n \n \n \n \n \n \"I am also pleased to report that the Group had no fatalities in 2019 (2018: one fatality) and that the Group's Lost time injury frequency rate (\"LTIFR\") declined to 0.58 times - a record low for the Group. \n \n \n \"The safety and wellbeing of our employees is paramount. That is why we are taking precautions to mitigate the risk of infection from the COVID-19 virus. \n This includes cancellation of business trips in accordance with respective government advice, also in locations where the COVID-19 virus has had a more severe impact, Ferrexpo has stipulated a working from home requirement.\n \n We have been following and will continue to follow the advice from health authorities in Ukraine, as well as other jurisdictions where our employees are based. \n \n \n \"During 1Q 2020, COVID-19 began causing disruption to Chinese supply chains impacting the distribution networks of steel producers and their customers. This could result in short-term volatility for the iron ore market as high levels of steel inventory, built up during this period, are released into the supply chain onc...