Business
Half-year Report
Half-year Report.
About this update from Ferrexpo Plc
[{"type":"text","content":"\n \n \n RNS Number : 1444V\n Ferrexpo PLC\n 05 August 2020\n \n \n \n \n 5 August 2020\n \n \n Ferrexpo plc\n \n \n \n \n \n (\"Ferrexpo\", the \"Group\" or the \"Company\")\n \n \n \n \n \n Ferrexpo delivers increased sales and production volumes, resilient financial performance and strengthened balance sheet in 1H 2020, despite unprecedented global disruption.\n \n \n Ferrexpo plc today announces its unaudited financial results for the six months ended 30 June 2020.\n \n \n \n \n \n Financial Highlights\n \n \n · \n Pellet production and sales volumes up 5% and 22% respectively\n \n \n · \n Revenues of US$776 million (1H 2019: US$787 million) reflecting lower pellet premiums\n \n \n · \n Underlying EBITDA\n A\n US$352 million (1H 2019: US$372 million)\n \n \n · \n EBITDA margin 45% (1H 2019: 47%)\n \n \n · \n Profit after tax of US$250 million (1H 2019: US$270 million)\n \n \n · \n Interim dividend declared of 6.6 US cents (1H 2019: 6.6 US cents), in addition to an interim dividend of 6.6 US cents per share declared in June 2020\n \n \n · \n Net debt \n A \n US$174 million (31 December 2019: US$282 million)\n \n \n · \n Net debt\n A\n to last twelve months' EBITDA ratio down to 0.31x, compared to 0.48x at 31 December 2019 \n \n \n · \n Capital investment US$96 million (1H 2019: US$114 million)\n \n \n \n \n \n Steve Lucas, Non-Executive Chairman, said:\n \n \n \"I am pleased to report a positive set of results for the half year, with strong cash generation, higher sales and production, lower C1 costs and debt, and solid EBITDA of US$352 million, all in the context of a pandemic that has disrupted the global economy. That is a testament to our strong management team and the commitment of our entire workforce. \n \n \n The Company has approached the uncertainty of current global events with caution, destocking throughout the period and has reduced net debt to US$174 million and increased cash to US$169 million as at 30 June 2020. The operations are now benefiting from the refurbishment work completed in 2019 and first half production was the second highest since IPO in 2007. This positive operational and financial performance has enabled the Group to declare an interim dividend to shareholders in June, and in light of the strong liquidity position the Group is ...