Key financial information is summarised in the table below
US$'000 unless otherwise stated
|
|
Year ended 31.12.2012 |
Year ended 31.12.2011 |
Change |
|
Pellets produced from own ore (thousand tonnes) |
9,409 |
9,063 |
4% |
|
Total pellet production (thousand tonnes) |
9,690 |
9,811 |
(1%) |
|
Sales volumes (thousand tonnes) |
9,675 |
9,876 |
(2%) |
|
Revenue |
1,424 |
1,788 |
(20%) |
|
EBITDA * |
402 |
801 |
(50%) |
|
Profit before tax |
262 |
691 |
(62%) |
|
Diluted EPS (US cents per share) |
36.57 |
96.97 |
(62%) |
|
Net cash flow from operating activities |
119 |
503 |
(77%) |
|
Capital investment |
429 |
380 |
13% |
|
Ukrainian VAT outstanding |
302 |
172 |
76% |
|
Net debt |
423 |
80 |
|
|
Cash and cash equivalents |
597 |
890 |
(33%) |
|
Net debt to EBITDA |
1.1 |
0.1 |
|
* EBITDA - the Group calculates EBITDA as profit from continuing operations before tax and finance plus depreciation and amortisation and non-recurring exceptional items included in other income and expenses, and the net of gains and losses from disposal of investments, property, plant and equipment
Michael Abrahams, Non-Executive Chairman, said:
"In the last five years, since its IPO, Ferrexpo has made significant progress in achieving its strategic objectives.
"In the face of general cost inflation prevalent in the mining industry, the Group has maintained its position as a competitive cost producer of pellets and in 2012 it lowered its seaborne freight costs delivering more product via capesize vessels both enhancing margins and allowing Ferrexpo to provide a better service to first class steel mills around the world with its high quality iron ore product.
"The Group has continued to develop its asset base through the modernisation of the existing mine and processing facilities, Ferrexpo Poltava Mining, and in 2012 by opening its second mine, Ferrexpo Yeristovo Mining, the first new iron ore mine in the CIS for many years. Once mining operations at FYM have ramped up, Ferrexpo will have two mines in full operation providing associated cost benefits through higher output and remains on track to increase production in 2013 and to reach its target of 12 million tonnes of pellet production in 2014.
"As a result of the above factors, Ferrexpo has reduced its operational and financial risk and enhanced its reputation as a premium supplier of pellets with excellent quality and service. In the financial markets Ferrexpo is increasingly recognised for its sound management and good governance.
"In accordance with Ferrexpo's stated dividend policy, the Directors are, as in previous years, recommending an unchanged final ordinary dividend of 3.3 US cents per share.
"In recognition of the progress referred to above, and in particular, of the significant milestone of the opening of the Yeristovo mine, the Directors are pleased to announce a special dividend of 6.6 US cents per share, amounting to approximately US$39 million."
