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Ferrexpo plc

Ferrexpo plc Production for 2Q 2019 and trading update

Ferrexpo plc (LON: FXPO) have today provided the following production and trading update for 2Q 2019.

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). Ferrexpo plc’s cash balance as of 30 June 2019 was approximately US$90M while undrawn available debt facilities amounted to US$40M.

000′ tonnesQ2 2019Q1  2019Change%YTD 2019YTD 2018Change%
Pellet production from own ore2,813.802,538.7010.85,352.505,081.705.3
  – 62% Fe pellets107.5107.50215317.1-32.2
  – 65% Fe pellets2,706.302,431.2011.35,137.504,764.607.8
  
Production from third party materials00014.5 
  – 62% Fe pellets0000 
  – 65% Fe pellets00014.5 
  
Total Pellets Produced2,813.802,538.7010.85,352.505,096.205
  – 62% Fe pellets107.5107.50215317.1-32.2
  – 65% Fe pellets2,706.302,431.2011.35,137.504,779.107.5
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