Business
Final Results
Final Results.
About this update from Ferrexpo Plc
[{"type":"text","content":"\n RNS Number : 3397P Ferrexpo PLC 24 March 2009 \n \n24 March 2009\n\nFerrexpo plc\n\nPreliminary Results for the year ended 31st December 2008\n\nFinancial highlights\n\n\n\nRevenue up by 60.0% to US$1,116.9 million\n\n\nEBITDA up by 104.8% to US$503.9 million\n\n\nUnderlying earnings up by 129.0% to US$347.4 million \n\n\nFree cash flow increased by 116.0% to US$300.3 million \n\n\nDividend of 3.3 US cents per share amounting to US$20.0 million\n\n\n\nOperating highlights\n\n\n\nAverage price for pellets sold was 72.3% higher than in 2007\n\n\n87.7% of sales accounted for by long term contracts with higher spot sales later in year\n\n\nTotal pellet production in 2008 maintained at 2007 level\n\n\n8.5% increase in production of high quality (65% Fe) pellets from the Group's own ore \n\n\nSubstantial reductions in use of raw materials and energy per unit of output \n\n\nSignificantly lower C1 costs in December \n\n\nGrowth projects on hold while the Group focuses on cash conservation \n\n\n\nFinancial and production highlights \n\n\n\n\n (US$ '000, unless stated)\n\n\nTwelve Months ended \n31 December 2008\n\n\nTwelve Months ended \n31 December 2007\n\n\n% Change\n\n\n\n\nIron ore production (kt)\n\n\n27,763 \n\n\n28,934\n\n\n(4.0%)\n\n\n\n\nPellet production (kt)\n\n\n9,035\n\n\n9,072\n\n\n(0.4%)\n\n\n\n\nOf which 65% Fe content (kt)\n\n\n4,014\n\n\n3,701\n\n\n8.5%\n\n\n\n\nRevenue\n\n\n1,116,854\n\n\n698,216\n\n\n60.0%\n\n\n\n\nEBITDA\n\n\n503,946\n\n\n246,057\n\n\n104.8%\n\n\n\n\nProfit for the period\n\n\n313,048\n\n\n 134,035\n\n\n133.6%\n\n\n\n\nUnderlying earnings\n\n\n347,431\n\n\n151,717\n\n\n129.0%\n\n\n\n\nBasic EPS (USc)\n\n\n48.46\n\n\n20.33\n\n\n138.4%\n\n\n\n\n\nKostyantin Zhevago, CEO of Ferrexpo plc, commented:\n\n'Ferrexpo had a record year in 2008, and since the economic downturn has continued to trade profitably. We improved all aspects of our business, and were able to increase our operating efficiency and production quality during the year while reducing cash costs in the fourth quarter. Together with our proximity to our key customers and our established marketing presence and reput...