Business
2019 Half Year Results
2019 Half Year Results.
About this update from Ferrexpo Plc
[{"type":"text","content":"\n \nRNS Number : 6504H Ferrexpo PLC 02 August 2019 \n\n \n2 August 2019\nFerrexpo plc\n(\"Ferrexpo\", the \"Group\" or the \"Company\")\n2019 Half Year Results \nFerrexpo plc today announces its unaudited financial results for the six months ended 30 June 20191.\n \nFinancial Highlights\n· Revenue up 28% to US$787 million due to higher iron ore fines prices and an increase in sales volumes\n· Underlying EBITDA A up 59% to US$372 million (1H 2018: US$234 million) \n· Profit after tax up 78% to US$270 million\n· Declared interim ordinary dividend up 100% to 6.6 US cents (1H 2018: 3.3 US cents)\n· Net debt A reduced to US$282 million (31 December 2018: US$339 million) \n· Capital investment doubled to US$114 million\n \nSteve Lucas, Non-Executive Chairman, said: \n\"I am pleased to report half-year EBITDA of US$372 million, up almost 60% compared to 1H 2018, and a profit after tax of US$270 million, up 78% compared to 1H 2018. During the period we continued to benefit from strong pricing for our high-grade iron ore pellets, which helped deliver healthy cash flows. This enabled us to allocate capital to further reduce debt, increase organic investment in our assets to drive medium term growth and declare a record interim dividend to shareholders.\"\n \nFerrexpo has a diversified sales portfolio selling to world class steel mills under long term contracts using international benchmark pricing. Currently steel demand is muted in some regions reflecting increased raw material costs and weaker end-user demand. The Group, however, has the ability to deploy tonnage to other markets to offset any regional weakness. Overall pricing remains attractive compared to historic levels.\"\n \n1H 2019 Financial Summary: \n\n\n\nUS$ million (unless otherwise stated)\n\n\n6 months ended 30.06.19\n\n\n6 months ended 30.06.18\n\n\nChange\n%\n\n\nYear ended 31.12.18\n\n\n\n\nTotal pellet production (kt)\n\n\n5,353\n\n\n5,096\n\n\n5%\n\n\n10,607\n\n\n\n\nSales volumes (kt)\n\n\n4,990\n\n\n4,798\n\n\n4%\n\n\n10,227\n\n\n\n\nAvg PLATTS CFR 62% Fe iron ore fines price (US$/t)\n\n\n91.7\n\n\n69.8\n\n\n31%\n\n\n71.3\n\n\n\n\nAvg PLATTS CFR 65% Fe iron ore fines price (US$/t)\n\n\n105.4\n\n\n88.1\n\n\n20%\n\n\n90....