Ferrexpo plc (LSE: FXPO), a FTSE 250 iron ore pellet producer, today announces its full year audited financial results for the 12 months ended 31 December 2021.
Lucio Genovese, Non-executive Chair of Ferrexpo, commented:
“At Ferrexpo, we entered 2022 expecting to celebrate 15 years of success since the Group listed in 2007. Instead, the world is witnessing a brutal invasion being waged by Russia against the people of Ukraine, which has created a humanitarian crisis across the country. From the very start of this invasion, our priority has been the safety and wellbeing of our workforce, their families and our wider communities.
“The Government of Ukraine has been highly organised and quickly recognised the role that the private sector needs to play in supporting the economy, thereby indirectly supporting those on the front line. It has been the resilience of our workforce that has enabled the Group to continue to operate, as well as launch a significant humanitarian programme to assist those directly impacted by the invasion. The response that I have seen from our colleagues has been incredible, and I would like to thank our workforce for their professionalism and continued efforts during this very difficult period.
“The financial results for the full year 2021 that we present here to you today reflect a very different time, in a period that pre-dates the invasion. We make no fanfare in presenting these results, but stand united with the people of Ukraine. In 2021, despite the lingering impact of the global Covid-19 pandemic and significant volatility in the iron ore markets, we maintained our focus on safety, growth in producing high quality iron ore pellets and reduction of carbon
“As shown in our recent production report and trading update for the first quarter of 2022, our operations continue to operate and we continue to export to Europe. We understand the importance of our role today – our operations have more than 50 years of association with Ukraine, and a workforce of more than 10,000 people in the country. Whilst there remains significant uncertainty in the near term outlook with the ongoing hostilities, the resilience and determination of the Ukrainian people continues to impress in these dark and difficult times.”
Financial Highlights for 2021:
- Revenues up 48% to US$2.5 billion, reflecting rising demand for high grade iron ore (2020: US$1.7 billion).
- Underlying EBITDAA up 68% to US$1,439 million (2020: US$859 million).
- Net cash flows from operations up 59% to US$1,094 million (2020: US$687 million).
- Net cash position of US$117 million as at year end (31 December 2020: net cash US$4 million).
- In view of Russia’s invasion of Ukraine in 2022, the Board of Directors (“Board”) has decided to defer any decision in relation to an interim dividend in conjunction with the Group’s full year results for 2021. The Board will continue to assess the situation in Ukraine, and when appropriate, will make a decision in relation to shareholder returns.
Link to full PDF version of this release: click here.
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Notes to Editors:
Ferrexpo is a Swiss headquartered iron ore company with assets in Ukraine and a premium listing on the London Stock Exchange in the FTSE 250 index (ticker FXPO). The Group produces high grade iron ore pellets, which are a premium product for the global steel industry and enable reduced carbon emissions and increased productivity for steelmakers when the Group’s iron ore pellets are converted into steel, compared to more commonly traded forms of iron ore. Ferrexpo’s operations have been supplying the global steel industry for over 50 years and in 2021 the Group produced 11.2 million tonnes of iron ore pellets, placing Ferrexpo as the world’s 3rd largest exporter of pellets to the global steel industry with a market share of approximately 9%. The Group has a global customer base comprising of premium steel mills around the world, which includes steel mills in Austria, Germany, Japan, South Korea, Taiwan, China, Slovakia, the Czech Republic, Turkey, Vietnam and America. For further information, please visit www.ferrexpo.com.