Ferrexpo PLC Production for 2Q 2019 and Trading Update (6206E)
05 July 2019 - 4:00PM
UK Regulatory
TIDMFXPO
RNS Number : 6206E
Ferrexpo PLC
05 July 2019
5 July 2019
Ferrexpo plc
("Ferrexpo", the "Group" or the "Company")
Production for 2Q 2019 and trading update
Summary:
-- 2Q 2019 pellet production up 11% to 2.8MT (1Q 2019: 2.5 MT).
-- 1H 2019 pellet production up 5% to 5.4MT (1H 2018: 5.1MT).
-- FY 2019 production guidance remains at 10.6MT
-- 1H 2019 sales volumes expected to increase by approximately
4% to 5.0MT (1H 2018 sales volumes: 4.8MT).
-- In 1H 2019, the Group continued to generate strong cash flow
due to a 29% increase in the Group's average received price
compared to the average FY 2018 price, reflecting stronger iron ore
prices and premiums for iron ore pellets.
-- The average C1 cost of production for 1H 2019 is expected to
be approximately US$46 per tonne compared to the average FY 2018 C1
cost of US$43 per tonne, this is due to Ukrainian inflation and a
strong Hryvnia currency against the US dollar.
-- Net debt as of 30 June 2019 was approximately US$277M (31
December 2018: US$339M). The Group's cash balance as of 30 June
2019 was approximately US$90M while undrawn available debt
facilities amounted to US$40M.
000' tonnes Q2 2019 Q1 2019 Change YTD 2019 YTD 2018 Change
======== ======== ========= =========
% %
======== ======== ======= ========= ========= =======
Pellet production from own
ore 2,813.8 2,538.7 10.8 5,352.5 5,081.7 5.3
- 62% Fe pellets 107.5 107.5 0.0 215.0 317.1 (32.2)
- 65% Fe pellets 2,706.3 2,431.2 11.3 5,137.5 4,764.6 7.8
Production from third party
materials 0.0 0.0 0.0 14.5
- 62% Fe pellets 0.0 0.0 0.0 0.0
- 65% Fe pellets 0.0 0.0 0.0 14.5
Total Pellets Produced 2,813.8 2,538.7 10.8 5,352.5 5,096.2 5.0
-------- -------- ------- --------- ---------
- 62% Fe pellets 107.5 107.5 0.0 215.0 317.1 (32.2)
- 65% Fe pellets 2,706.3 2,431.2 11.3 5,137.5 4,779.1 7.5
----------------------------- -------- -------- ------- --------- --------- -------
For further information contact:
Ferrexpo:
Ingrid McMahon +44 207 389 8304
Maitland/AMO:
James Isola +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 8.5%. Ferrexpo has a diversified
customer base supplying steel mills in Austria, Germany, Japan,
South Korea, Taiwan, China, Slovakia, the Czech Republic, Turkey
and Vietnam. 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
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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