Business
Amended Full Year Results
Amended Full Year Results.
About this update from Ferrexpo Plc
[{"type":"text","content":"\n \nRNS Number : 7658W Ferrexpo PLC 23 April 2019 \n\nThe following amendment has been made to the 'Full Year Results' announcement released on 23 April 2019 at 07:00 under RNS No 7180W.\n'Corrects 2019 expected capex range in Chairman's statement to $220 to $300m'\nAll other details remain unchanged.\nThe full amended text is shown below.\n \n \n23 April 2019\nFerrexpo plc\n(\"Ferrexpo\", the \"Group\" or the \"Company\")\n \n2018 Full Year Results: 40% increase in dividends to a record 23.1 US cents, increased capital investment and continued debt reduction.\n \nFerrexpo plc today announces its financial results for the year ended 31 December 2018. \n \nSteve Lucas, Non-executive Chairman, said: \n\"I am pleased to report a successful year for Ferrexpo. We continued to benefit from the strong global demand for our high-grade iron ore pellets, which helped deliver strong cash flow despite a rise in costs. This enabled us to increase investment, reduce debt further and pay a record dividend.\"\n\"Our balance sheet is now strong and this gives us a platform to deliver the next stage in our planned expansion. This year we plan to increase investment once more to be able to hit our medium-term production target of 12 million tonnes per annum by 2021 and lay the foundations for our longer-term intention to move to annual output of 20 million tonnes per annum.\" \nExtract of 2018 Financial Performance:\n\n\n\n\nUS$ million (unless otherwise stated)\n \n\n\nYear ended 31.12.18\n\n\nYear ended 31.12.17\n\n\nChange\n\n\n\n\nTotal pellet production (kt)\n\n\n10,607\n\n\n10,444\n\n\n1.6%\n\n\n\n\nSales volumes (kt)\n\n\n10,227\n\n\n10,467\n\n\n-2.3%\n\n\n\n\nAverage CFR 62% iron ore fines price (US$/t)\n\n\n69.5\n\n\n71.3\n\n\n-2.5%\n\n\n\n\nRevenue \n\n\n1,274\n\n\n1,197\n\n\n6.4%\n\n\n\n\nC1 cash cost of productionA (US$/t)\n\n\n43.3\n\n\n32.3\n\n\n34.1%\n\n\n\n\nUnderlying EBITDAA\n\n\n503\n\n\n551\n\n\n-8.7%\n\n\n\n\nUnderlying EBITDA marginA\n\n\n39%\n\n\n46%\n\n\n-7ppt\n\n\n\n\nProfit for the year \n\n\n335\n\n\n394\n\n\n-15.0%\n\n\n\n\nDiluted EPS \n\n\n56.7\n\n\n66.9\n\n\n-15.2%\n\n\n\n\nDividend per share (US cents)\n\n\n23.1\n\n\n16.5\n\n\n40.0%\n\n\n\n\nNet cash flow from operating activities\n\n\n292\n\n\n353\n\n\n-17.3%\n\n\n\n\nCapital investmentA\n\n\n135\n\n\n103\n\n\n31.1%\n\n\n\n\nNet...