WOOD Flash – Ferrexpo: 2H19 financial results – in line with consensus, but dividend decision deferred
Ferrexpo published its 2H19 financial results today (18 March), following a steel decline in iron ore pellet prices in 2H19. The EBITDA fell 43% hoh and 20% yoy, to USD 214m (close to the consensus, but 9% below our estimate), with the FCF falling 40% hoh, to USD 85m, 10% above our estimate. This should be no surprise, however, as approximate sales, cash costs and net debt were all announced in advance.Ferrexpo is an iron ore pellet producer. Co. produces, develops and markets its product for sale to the metallurgical industry. Co. operate two mines and a processing plant near Kremenchug in Ukraine, and an interest in a port in Odessa. Co. also owns logistics assets in Austria which operate a fleet of vessels operating on the Rhine and Danube waterways and an ocean-going vessel. Co.'s operations are integrated from iron ore mining through to iron ore concentrate and pellet production and subsequent logistics. Co.'s mineral properties lie within the Kremenchug Magnetic Anomaly and are being extracted at the Gorishne-Plavninskoye and Lavrikovskoye and Yeristovskoye deposits.
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