Ferrexpo PLC Trading update (4575B)
07 June 2019 - 4:00PM
UK Regulatory
TIDMFXPO
RNS Number : 4575B
Ferrexpo PLC
07 June 2019
7 June 2019
FERREXPO plc
("Ferrexpo" or the "Group")
Ferrexpo 2019 AGM Statement and Board Appointment
The Company is releasing the following update as part of its
Annual General Meeting which is being held today.
Trading update
Group EBITDA in 1H 2019 is expected to increase materially
compared with 1H 2018. Year to date, the improvement in
profitability has been driven by higher pricing, production and
sales volumes compared to 1H 2018. While the average C1 cost of
production is likely to increase in 1H 2019 compared with 1H 2018,
cost inflation has been lower than expected due to a fall in the
Brent oil price and the European gas price partially offset by an
appreciation of the Ukrainian Hryvnia versus the US Dollar.
Board appointment
Ferrexpo is pleased to announce that, as of 10 June 2019, Graeme
Dacomb will be appointed to the Board as an independent
non-executive director chairing the Audit Committee and will be a
member of the Independent Review Committee which is looking into
matters relating to Blooming Land.
Mr Dacomb was a partner at Ernst and Young (EY) for 26 years
where, for his last twelve years, he was a lead partner in the
extractive industry, responsible for coordinating the provision of
a full suite of services to multinational mining and oil and gas
clients including Xstrata, Fresnillo, and BP across a broad range
of countries including emerging markets. In addition to audit
services, he provided critical advice for his clients on corporate
governance structures, risk management, acquisitions, disposals and
financial systems and controls.
From 2011 to 2018, Mr Dacomb was a member of the Financial
Reporting Review Panel.
There are no other matters that require notification in respect
of Mr Dacomb pursuant to LR 9.6.13.
Steve Lucas, Chairman of Ferrexpo, said:
"Ferrexpo continues to be well positioned to supply a high
quality iron ore product to the top steel mills in the world
receiving a record price premium for its product. The Group's
balance sheet remains strong with net debt expected to further
reduce compared to 31 December 2018.
The Independent Review into how Ferrexpo's donations to a third
party charity in Ukraine were used remains ongoing. The Company
will make an announcement to shareholders when the Independent
Review Committee completes its work. To date, after a significant
amount of work on the part of our forensic accountants and legal
advisors, there has been no conclusive evidence of any
wrongdoing.
I am very pleased to announce the appointment of Graeme Dacomb
as an independent director of the Ferrexpo Board chairing the Audit
Committee. The appointment of someone of Graeme's calibre
underlines the Board's commitment to the highest standards of
corporate governance and underpins our confidence in the Group's
future business prospects. Graeme is well known and respected
amongst his former clients and peers for his collaborative,
supportive and culturally aware working style. I believe he has the
right balance of expertise including industry and emerging market
knowledge. I look forward to the valuable contribution that I'm
sure he will make.
As previously stated Ferrexpo intends to make further Board
appointments in due course. We are also in the process of
appointing a new auditor. The new Chair of the Audit Committee will
oversee this process."
For further information contact:
Ferrexpo:
Ingrid McMahon +44 207 389 8304
Maitland:
Neil Bennett +44 207 379 5151
Notes to Editors:
Ferrexpo is a Swiss headquartered iron ore company with assets
in Ukraine. It has been mining, processing and selling high quality
iron ore pellets to the global steel industry for 40 years.
Ferrexpo's resource base is one of the largest iron ore deposits in
the world. In 2018, the Group produced 10.6 million tonnes of
pellets, a 2% increase compared to 2017, ranking it as the 3rd
largest exporter of pellets to the global steel industry with a
market share of approximately 8%. Ferrexpo has a diversified
customer base supplying steel mills in Austria, Germany, Japan,
South Korea, Taiwan, China, Slovakia, the Czech Republic, Turkey,
Vietnam and America. Ferrexpo has a premium listing on the main
market of the London Stock Exchange under the ticker FXPO. For
further information, please visit www.ferrexpo.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
TSTDBGDLCDGBGCL
(END) Dow Jones Newswires
June 07, 2019 02:00 ET (06:00 GMT)
Ferrexpo (LSE:FXPO)
Historical Stock Chart
From Apr 2024 to May 2024
Ferrexpo (LSE:FXPO)
Historical Stock Chart
From May 2023 to May 2024