Ferrexpo, the FTSE 250 iron ore pellet producer, today announces its interim year results for the six months ended 30 June 2013.
Michael Abrahams, Non-Executive Chairman, said:
"Ferrexpo has performed well in the first half of the current year and expects to increase production in the second half as its new mine, Ferrexpo Yeristovo Mining (FYM) continues to ramp up. Once the FYM mine reaches its initial planned capacity, anticipated in the second half of the year, further operating efficiencies should result. Ferrexpo's capital projects are also progressing well and, whilst the iron ore price is likely to remain volatile, the Group is in a good position to continue its investment programme, as appropriate."
|
US$'000 unless otherwise stated |
6 months ended 30.06.13 |
6 months ended 30.06.12 |
% change |
Year ended 31.12.12 |
|
Pellets produced from own ore (thousand tonnes) |
5,085 |
4,563 |
11% |
9,409 |
|
Total pellet production (thousand tonnes) |
5,246 |
4,725 |
11% |
9,690 |
|
Sales volumes (thousand tonnes) |
5,324 |
4,486 |
19% |
9,675 |
|
Revenue |
775 |
731 |
6% |
1,424 |
|
EBITDA |
244 |
242 |
1% |
405 |
|
Profit before tax |
150 |
171 |
(12%) |
266 |
|
Diluted EPS (US cents per share) |
21.43 |
24.97 |
(14%) |
37.08 |
|
Net cash flow from operating activities |
83 |
70 |
19% |
119 |
|
Ukrainian Gross VAT outstanding |
305 |
231 |
(32%) |
302 |
|
Capital investment |
147 |
222 |
(34%) |
429 |
|
Net debt |
(566) |
(251) |
126% |
(423) |
|
Net debt to LTM3 EBITDA |
1.4x |
1.0x |
- |
1.1x |
|
Net gearing |
26% |
14% |
- |
21% |
