Business
Trading Update
Trading Update.
About this update from Ferrexpo Plc
[{"type":"text","content":"\n \nRNS Number : 5014Z Ferrexpo PLC 13 January 2020 \n\n \n13 January 2020\n \nFerrexpo plc\n(\"Ferrexpo\", the \"Group\" or the \"Company\")\n \nTrading Update and 2019 Pellet Production\n \n2019 trading summary:\n· Ferrexpo continued to generate strong margins in 2019 as higher realised prices of approximately 16% offset an increase in the Group's C1 cash cost of production to c. US$48 per tonne (2018: US$43 per tonne). The cost increase was primarily driven by a strong local currency and domestic inflation.\n· 2019 pellet production from own ore 10,519kt (2018: 10,506kt).\n· Production of high quality 65% Fe pellets from own ore up 3% in 2019 to 10,116kt (2018: 9,824kt).\n· Refurbishment of pelletising line number 2 completed in 4Q 2019. This is the final line refurbishment of the programme started in 2014. \n· 2019 sales volumes approximately 10,300kt (2018:10,227kt).\n· Net debt as of 31 December 2019 was approximately US$282M (31 December 2018: US$340M). The Group's cash balance as of 31 December 2019 was approximately US$131M (31 December 2018: US$62M).\n· As announced on 2 January 2020, the Group declared an interim special dividend of 6.6 US cents payable on 17 January 2020. This special interim dividend reflects the Group's strong cash generation ability and the Board's strategy to maintain a balance between sustainable and attractive shareholder returns, investment in growth opportunities and balance sheet strength.\n \n2019 Pellet Production\n \n\n\n\n000' tonnes\n\n\nQ4 2019\n\n\nQ3 2019\n\n\nChange\n\n\n\n\n\nYTD 2019\n\n\nYTD 2018\n\n\nChange\n\n\n\n\n%\n\n\n%\n\n\n\n\nPellet production from own ore\n\n\n2,627.56\n\n\n2,538.89\n\n\n3.5\n\n\n\n\n\n10,518.95\n\n\n10,506.16\n\n\n0.1\n\n\n\n\n - 62% Fe pellets\n\n\n91.84\n\n\n95.99\n\n\n-4.3\n\n\n\n\n\n402.83\n\n\n682.49\n\n\n-41.0\n\n\n\n\n - 65% Fe pellets\n\n\n2,535.72\n\n\n2,442.90\n\n\n3.8\n\n\n\n\n\n10,116.12\n\n\n9,823.67\n\n\n3.0\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nProduction from third party materials\n\n\n0.00\n\n\n0.00\n\n\n\n\n\n\n\n\n0.00\n\n\n101.00\n\n\n\n\n\n\n\n - 62% Fe pellets\n\n\n0.00\n\n\n0.00\n\n\n\n\n\n\n\n\n0.00\n\n\n0.00\n\n\n\n\n\n\n\n - 65% Fe pellets\n\n\n0.00\n\n\n0...