TIDMFXPO
RNS Number : 4408D
Ferrexpo PLC
23 March 2011
23 March 2011
FERREXPO plc
("Ferrexpo" or the "Group")
PRELIMINARY RESULTS
Ferrexpo, the FTSE 250 iron ore pellet producer, today announces
its preliminary results for the year ended 31 December 2010.
Financial Performance
Excellent financial performance driven by increased volume,
significant price growth and robust cost control
-- Revenue doubled to US$1.3 billion (2009: US$649 million)
-- EBITDA increased by over 300% to US$585 million (2009:US$138
million)
-- PBT increased over 5 fold to US$498 million (2009: US$81
million)
-- Diluted EPS increased 5 fold to 72.24 US cents (2009: 12.05
US cents)
-- Final dividend maintained at 3.3US cents per share in line
with growth strategy
-- Net debt reduced 60% to US$104 million (2009: US$258
million), low gearing at 12%
Operational and Strategic Highlights
Record level of pellet production and recommencement of capital
investment programme
-- Pellet production increased 14% to a record of 10.0 million
tonnes (2009: 9.7 million tonnes)
-- US$647 million capex expenditure approved as part of an
investment programme to double pellet output
-- Further logistics capabilities improved:
-- Purchased 300 rail cars
-- Acquired European logistics company, Helogistics
-- Post Period End
-- Appointment of Brian Maynard as COO
-- Sales office opened to develop sales in the Middle East and
Asia
-- Appointment of Jason Keys as incoming CMO
-- Acquisition approved for up to a further 1,000 rail cars
Outlook
-- 2011 financial year started well with continued strong demand
for Ferrexpo's product
-- Ferrexpo to continue to produce at full capacity
-- Whilst the industry is cyclical, our low cost base, flexible
marketing strategy and established infrastructure to seaborne and
regional markets to mitigate demand volatility
Michael Abrahams, Non-Executive Chairman, commented:
"In 2009, Ferrexpo's priority was to conserve cash and to
protect margins by producing and selling at near full capacity
levels throughout the period. As industry fundamentals recovered in
2010, Ferrexpo was well placed to benefit from higher prices as it
continued to produce at full capacity. The Group's increased cash
generation and profitability allowed it to recommence its capital
investment programme to further develop growth opportunities.
The Board approved, in November 2010, US$647 million of capital
expenditure as part of the first of a three stage investment
programme to increase significantly the quantity and quality of its
production. This initial phase is focused on achieving first ore at
the Ferrexpo Yeristovskoye Mine ("FYM"), extending the life of the
Ferrexpo Poltava Mine ("FPM") as well as on increasing the quality
of the Group's pellet output.
Ferrexpo's resource base is one of the largest in the world with
estimated iron ore resources of over 20 billion tonnes. This will
support steady production growth, while low cost mining facilities
and integrated infrastructure from mine to rail, river and port
means that the Group is well placed to deliver sustainable value to
shareholders, employees and its country of operation throughout the
commodities cycle."
For further information, please contact:
Ferrexpo:
Ingrid McMahon +44 207 389 8304
Pelham Bell Pottinger
Charles Vivian +44 207 861 3126
James Macfarlane +44 207 861 3864
Notes to Editors:
Ferrexpo is a Swiss headquartered iron ore company with assets
in Ukraine. It is principally involved in the production and export
of high quality iron ore pellets, which are used in the manufacture
of steel. Ferrexpo's resource base is one of the largest iron ore
deposits in the world. Its current producing asset, FPM, produced
approximately 10 million tonnes of iron ore pellets in 2010 making
it the largest exporter of pellets in the CIS. The Company has a
diversified customer base supplying steel mills in Austria, Serbia,
Slovakia, Czech Republic, Germany and other European states, as
well as in China, India, Japan, and other Asian countries. Ferrexpo
is listed on the main market of the London Stock Exchange under the
ticker FXPO. For further information, please visit
www.ferrexpo.com
Chairman's and Chief Executive Officer's review
Introduction
We are pleased to report that for the year ended 31 December
2010, Ferrexpo responded to increased iron ore demand and prices
with record production, record sales volumes and robust cost
control. These factors underpinned the highest EBITDA recorded in
the Group's history of US$585 million compared to US$138 million in
2009.
In 2009, Ferrexpo's priority was to conserve cash and to protect
margins by producing and selling at near full capacity levels
throughout the period. As industry fundamentals recovered in 2010,
Ferrexpo was well placed to benefit from higher prices as it
continued to produce at full capacity. The Group's increased cash
generation and profitability allowed it to recommence its capital
investment programme to further develop growth opportunities.
The Board approved, in November 2010, US$647 million of capital
expenditure as part of the first stage of an investment programme
to increase significantly the quantity and quality of its
production. This initial phase is focused on achieving first ore at
FYM, extending the mine life of FPM as well as on increasing the
quality of the Group's pellet output.
Ferrexpo's Board believes that the Group's resource base is one
of the largest in the world with estimated iron ore resources of
over 20 billion tonnes. This will support steady production growth,
while low cost mining facilities and integrated infrastructure from
mine to rail, river and port means that the Group is well placed to
deliver sustainable value to shareholders, employees and its
country of operation throughout the commodities cycle.
Summary of results
The Company's sales volumes increased 8% to 9.7 million tonnes
of pellets (2009: 9.0 million tonnes). The Group achieved
significant price increases throughout the year compared with 2009.
These higher sales volumes and prices saw Group revenues almost
double to US$1.3 billion (2009: US$649 million). The Group produced
at full capacity throughout the period which allowed for full
absorption of the fixed cost base.
Together these factors resulted in an increase in EBITDA of over
four fold to US$585 million (2009: US$138 million). Group profit
after tax increased 500% to US$425 million (2009: US$71
million).
Operating cash flow for the year improved significantly and as a
result net debt reduced by US$153 million to US$104 million (2009:
US$258 million). As of 31 December 2010 the Group had cash balances
of US$319.5 million compared with US$12.0 million as of 31 December
2009.
Pricing Environment and Strategy
In 2010, European steel mills recovered from the lows of the
2009 downturn while Chinese iron ore requirements continued to
underpin world demand. The reduction of capacity by the major iron
ore pellet suppliers during 2009 proved an ideal scenario for
pellet price recovery in 2010.
The iron ore pricing methodology, however, adjusted throughout
the year as the industry moved from an annual global benchmark
pricing system, which covered the entire fragmented steel industry,
to shorter term individual pricing negotiations with steel
mills.
Currently in the global iron ore market, there are a number of
pricing methodologies being applied depending on geography and
customer. In 2010, Ferrexpo agreed a mixture of pricing
arrangements with its customers including quarterly and six monthly
pricing agreements. As the new pricing mechanisms are increasingly
based on shorter time periods, Ferrexpo believes there is likely to
be increased pricing volatility.
Ferrexpo will continue to focus on maximising prices relative to
its competitors based on "value in use" to the customer. Ferrexpo
believes that its geographic proximity to key steel markets
represents an attractive alternative to the major seaborne
suppliers due to the lower costs of transporting pellets over a
shorter distance from Ukraine.
Marketing and Logistics Strategy
Ferrexpo's logistics strategy is to manage and control as much
of the delivery chain as possible. This includes further developing
the Group's port and barge facilities to allow for CFR delivery to
customers in Asia and Western Europe.
Ferrexpo already has a significant logistics cost advantage for
delivery of pellets via rail and barge direct to customers in
Central and Eastern Europe. The Group's TIS-Ruda JV port terminal
on the Black Sea provides independent access to the seaborne
markets in Asia as well as to markets in Turkey and the Middle
East.
The TIS-Ruda port enables Ferrexpo to diversify its customer mix
avoiding dependence on any one customer group for pricing and
product demand. Ferrexpo is looking to further develop its ship
loading capabilities ahead of the ramp up of the Yeristovskoye
deposit, which will increase the Group's pellet production,
allowing the Group to increase its exports to key Asian
markets.
The Group made further investments in logistics during the year.
It purchased 300 rail cars bringing the Company's total holding at
31 December 2010 to over 900, and in 2011, Ferrexpo has signed
contracts to acquire an additional 400 rail cars over the next year
with an option to purchase a further 600. Purchase of these
additional rail cars should ensure near self-sufficiency and full
rail car availability for pellet transportation to the Ukrainian
border as well as a tariff discount from the railway authorities of
over 8%.
In December 2010 Ferrexpo acquired Vienna-based Helogistics, one
of the largest inland waterway transportation companies in Europe.
It transports iron ore as well as other bulk cargos, mainly by
barge, along the Danube and Rhine rivers from the ports of Izmail,
in Ukraine, and Rotterdam to various locations in Northern, Central
and Eastern Europe. This includes transportation of Ferrexpo
pellets to core customers in Central Europe. Helogistics will
enable the Group to further secure the supply chain improving
service to existing customers as well as provide further access to
markets throughout Europe, enhancing Ferrexpo's presence as the
regional market leader in iron ore pellet supply.
In general, Ferrexpo believes that a developed logistics
infrastructure is essential in high volume bulk commodity markets
like iron ore. It is therefore further expanding its logistics
infrastructure ahead of planned production growth.
In 2010, over 90% of the Group's sales volumes, from own ore,
were based on long-term volume framework agreements compared with
circa 70% in 2009. It is Ferrexpo's ongoing strategy to allocate
approximately 10% of sales to potential new customers, especially
first class Asian steel mills, through trial spot cargos ahead of
its planned Yeristovo mine expansion.
Production
FPM has been producing iron ore pellets continuously for the
last 30 years - through the Soviet administration, the fall of the
Berlin wall, Ukrainian independence and several Ukrainian
governments.
In 2010, the mine produced record levels of pellets operating at
full capacity throughout the period. In September 2010, FPM
achieved the highest monthly pellet production since 1987, while in
October 2010 FPM produced the highest monthly output of 65% Fe
pellets on record.
In total, production increased by 14% in 2010 to approximately
10 million tonnes of pellets compared with 8.8 million tonnes of
pellets produced in 2009. Production from own ore increased 5% to
9.0 million tonnes (2009: 8.6 million tonnes) while processing of
third party concentrate increased substantially to meet higher
demand.
The Group produces a mix of 62% and 65% Fe pellets. Of the total
10 million tonnes of pellets produced, 49% were higher grade 65% Fe
pellets in line with the proportion of 65% Fe pellet production in
2009.
The higher production levels achieved illustrate the benefits of
continuous improvements in production efficiencies as well as the
sustainability of the Group's operations given the reduced levels
of capital investment in 2009 and 2010.
Costs
The Board believes Ferrexpo is one of the lowest cost pellet
producers in the world on a FOB basis. The Group aims to reduce
costs within its control by at least 1% to 2% per annum principally
through increased output and efficiency enhancements achieved
through the Business Improvement Programme ("BIP"). Since the
inception of the BIP in 2006, cumulative productivity gains have
saved approximately US$5.3 per tonne of pellets produced, or US$48
million on a cumulative basis to 31 December 2010.
Not all costs are directly within Ferrexpo's control, such as
gas and electricity tariffs. The Group is investigating managing
these exposures, most likely through acquisitions and partnerships
which can secure raw material supply.
The cost environment in 2010 was impacted by Ukrainian PPI
inflation of 21% as well as cost increases associated with a
stronger commodity price environment.
Approximately 70% of total operating costs, including freight,
are denominated in Ukrainian Hryvnia while all revenues are
received in US Dollars. The Hryvnia has remained broadly stable on
average in 2010 compared to 2009 at around UAH8 to the US
dollar.
Overall the average C1 cash cost of production was below US$40
per tonne for 2010. This represented a circa 15% increase compared
to the average 2009 C1 cash cost of US$34 per tonne but this was,
however, lower than the local inflation rate of approximately 21%
for the period.
Ukraine
Ukraine has recovered in many respects in 2010 compared to the
hardships experienced in 2009. There has been a stable political
environment since the presidential elections in February 2010. In
terms of economic recovery, the steel industry (which is the
largest contributor to the economy) increased production by an
estimated 13%(1) in 2010 (2009: negative 20%(1) ). Overall, GDP
growth in 2010 was 4.2%(1) compared to a decline of 15%(1) in
2009.
In general, continued political stability, growing credibility
of Government fiscal policies, improving macroeconomic fundamentals
and renewed IMF support have led to a significant improvement of
Ukraine's credit rating. During 2010, Fitch and Standard &
Poor's raised Ukraine's sovereign rating to B (from B-) and B+
(from B) respectively with a stable outlook.
Ferrexpo continues to regard Ukraine as a good place for
business. The Group is the largest employer in the town of
Komsomolsk and benefits from a well educated workforce which is
able to transfer its skills to the further development of the
Group's resources.
Investing Activities and Funding
Ferrexpo's capital expenditure projects are aimed at the
expansion and upgrade of the existing mine and processing
facilities and to unlock the considerable value in the Group's
under exploited reserves and resources, starting with FYM.
During the year, Ferrexpo spent US$167 million on capital
expenditure. In November the Board approved US$647 million of
capital investment as part of the first stage of the Group's
investment programme.
Dividend
It is the Board's view that cash generated by the Group should
principally finance future growth projects and that the Group
should pay modest consistent dividends throughout the economic
cycle. The Directors therefore recommend a final dividend in
respect of profits generated for the Group in 2010 of 3.3 US cents
per Ordinary Share (2009 final dividend: 3.3 US cents per Ordinary
Share) for payment on 3 June 2011 to shareholders on the register
at the close of business on 3 May 2011. The dividend will be paid
in UK pounds sterling with an election to receive US dollars.
People
The Board would like to thank all the management and staff for
their continued hard work and commitment which formed the
foundation for another year of significant progress.
As previously announced, Simon Wandke the Group Marketing
Officer resigned from the Company during 2010. Simon's experience
was much valued by the Board and it would like to thank him for his
contribution to the Group.
Ferrexpo is very pleased to welcome Jason Keys to the Executive
Committee as the new Group Marketing Officer. Jason joins Ferrexpo
from BHP Billiton where he is currently Global Marketing Manager
for Iron Ore. He has significant industry experience in both the
European and Asian iron ore markets, having led BHP Billiton's Iron
Ore commercial marketing team over the last 5 years.
As part of the development of the Group's capabilities, Ferrexpo
appointed Brian Maynard as the Group Chief Operating Officer in
January 2011. Brian has worked extensively in the mining industry
for the last 30 years and is already making a considerable impact
on our operations.
Corporate Governance and Social Responsibility
Ferrexpo has a balanced and experienced Board which maintains
the highest standards of corporate governance throughout the Group
and complies with the UK Combined Code on Corporate Governance.
The Board's Corporate Safety and Social Responsibility ('CSR')
Committee monitors the management of the Group's health, safety,
environmental and community programmes on a regular basis in line
with best practice for mining companies. Safety is fundamental to
the success of Ferrexpo's future, and safety procedures are
integral to the culture of the Group. Ferrexpo deeply regrets that
Ivan Kharchenko, a machinery repairman, was fatally injured in the
second half of the year in consequence of a failure to observe the
Group's safety standards. Ferrexpo is implementing measures to
ensure that the Group's safety controls are further improved going
forward.
Outlook
Following a successful 2010, the new financial year has started
well with strong demand for Ferrexpo's product. The Group is,
however, aware that it operates in a cyclical environment and will
always look to mitigate any softening in demand across the industry
through its broad, high quality customer base and established
infrastructure for serving seaborne and regional markets. This
should allow Ferrexpo to continue to produce at full capacity
underpinning a strong financial performance for the rest of the
year.
(1 ) Source: OECD
Michael Abrahams CBE DL Kostyantin Zhevago
Chairman Chief Executive Officer
Operating Review
Ferrexpo holds exclusive licences to one of the largest iron ore
resources in the world, consisting of a single 50 kilometre long
strike divided into 10 adjacent deposits with an average iron ore
grade of 30%. This resource is located near the town of Komsomolsk
in central Ukraine. The Group currently has JORC classified
resources of 7 billion tonnes and GKZ (Soviet classified) resources
of 14 billion tonnes.
Ferrexpo JORC resources:
Resources
-----------------------
Fe Fe
Proved & grade grade Fe grade
probable (total) Measured& (total) inferred (total)
(Mt) % indicated % (Mt) %
----------------------- --------- -------- ---------- -------- --------- --------
Gorishne-Plavninskoye
& Lavrikovskoye 870 30 2,170 30 1,449 31
Yeristovskoye 632 34 828 34 364 30
Belanovskoye - - 1,485 31 217 30
Galeschinskoye - - 268 55 58 55
Total 1,502 31 4,751 33 2,088 32
----------------------- --------- -------- ---------- -------- --------- --------
Note: this is JORC resources only and excludes 14.2 billion
tonnes of additional iron ore resources classified according to the
Soviet GKZ Code.
Ferrexpo is the largest exporter of pellets in the CIS and one
of the top ten pellet producers in the global seaborne iron ore
market.
Ferrexpo Poltava Mine ("FPM")
The Group's current operating asset is the FPM. The mine and
processing facilities (crushing, concentrating and pelletising
plant) exploits the Gorishne-Plavninskoye and Lavrikovskoye ("GPL")
deposit which is immediately adjacent to rail as well as port
facilities which are located on the Dnieper River.
The FPM mine is approximately 330 metres deep and 6 kilometres
long. The Mine Life Extension programme (see Growth Projects below)
will extend the life of the mine to 2038. In 2010, FPM mined
approximately 28.9 million tonnes (2009: 28.5 million tonnes) of
ore producing 11.2 million tonnes of concentrate (2009:10.6 million
tonnes) and 9.0 million tonnes of 62% Fe and 65% Fe pellets (2009:
8.6 million tonnes). FPM's nominal processing capacity is 12
million tonnes of pellets per annum. During 2010, FPM produced 998
thousand tonnes of pellets from purchased third party concentrate.
FPM plans to continue to purchase third party concentrate, provided
acceptable margins can be realised, in order to utilize its surplus
pelletising capacity and to extend Ferrexpo's brand through
increased sales. In total during 2010, the Group produced 10
million tonnes of pellets of which 5.2 million tonnes were 62% Fe
pellets (2009: 4.5 million tonnes) and 4.9 million tonnes were 65%
Fe pellets (2009: 4.3 million tonnes).
The table below highlights FPM's production statistics in 2010
and 2009.
('000t unless otherwise
stated) Change
------------------------------
2010 2009 +/- %
------------------------------ ---------- ---------- ------- -------
Iron ore mined 28,929.77 28,547.28 382.49 1.3%
Average Fe content 30.25 30.29 -0.04 -0.1%
------------------------------ ---------- ---------- ------- -------
Iron ore processed 29,096.90 27,720.20 1376.1 5.0%
------------------------------ ---------- ---------- ------- -------
Concentrate produced ('WMS') 11,225.50 10,564.60 660.90 6.3%
Average Fe content 62.96 63.33 -0.37 -0.6%
------------------------------ ---------- ---------- ------- -------
Floated concentrate 6,195.20 6,671.40 -476.2 -7.1%
Higher grade 4,426.20 4,674.80 -248.6 -5.3%
Average Fe content 67.19 67.05 0.14 0.2%
------------------------------ ---------- ---------- ------- -------
Purchased concentrate 1,141.90 180.10 961.80 534.0%
Average Fe content 66.63 65.39 1.24 1.9%
------------------------------ ---------- ---------- ------- -------
Purchased iron ore - 0.00 - 0.0%
------------------------------ ---------- ---------- ------- -------
Pellets produced from
own ore 9,033.00 8,609.20 423.8 4.9%
Higher grade 4,060.70 4,304.10 -243.4 -5.7%
Average Fe content 64.97 64.94 0.03 0.0%
Lower grade 4,972.30 4,305.10 667.2 15.5%
Average Fe content 62.16 62.17 -0.01 0.0%
------------------------------ ---------- ---------- ------- -------
Pellets produced from
purchased concentrate
and ore 998.10 157.40 840.7 534.1%
Higher grade 817.90 0.00 817.9 -
Average Fe content 64.97 0.00 64.97 -
Lower grade 180.20 157.40 22.8 14.5%
Average Fe content 62.16 62.20 -0.04 -0.1%
------------------------------ ---------- ---------- ------- -------
Total pellet production 10,031.10 8,766.60 1264.5 14.4%
------------------------------ ---------- ---------- ------- -------
Pellet sales volume 9,720.67 9,015.12 705.55 7.8%
------------------------------ ---------- ---------- ------- -------
Gravel output 2,904.60 2,864.10 58.5 2.1%
------------------------------ ---------- ---------- ------- -------
Stripping volume 25,480.50 23,558.90 1921.6 8.2%
------------------------------ ---------- ---------- ------- -------
Ferrexpo Yeristovskoye Mine ("FYM")
The Yeristovskoye deposit is the next deposit being exploited by
the Group. It is located just north of FPM. The deposit has JORC
iron ore reserves of 632 million tonnes below 70 metres of
overburden. At an iron ore production rate of 27 million tonnes per
annum (broadly similar to FPM's current production), it has the
capacity to add 23 years to the Group's production profile.
Overburden is currently being stripped by five draglines and 12
trucks. Initial ore is expected by the first half of 2013.
First ore from FYM is planned to be processed by FPM using spare
capacity enabling the Group to produce 12 million tonnes of pellets
per annum. Ferrexpo intends to build further processing facilities
which would ultimately double the Group's output to 20 million
tonnes of pellets or concentrate equivalent per annum if the
associated capital investment programmes are approved (for further
details see Growth Projects).
Belanovskoye and Galeschinskoye
Ferrexpo holds iron ore extraction licences for the Belanovskoye
and Galeschinskoye deposits. Belanovskoye has total JORC resources
of 1,702 million tonnes, while Galeschinskoye's are 326 million
tonnes.
Ferrexpo holds exploration licences for five additional
deposits, namely Vasilevskoye, Kharchenkovskoye, Manuilovskoye,
Brovarskoye and Zerodonskoye all located to the north of
Galeschinskoye. An initial assessment of these deposits has been
undertaken and total in situ resources of 14 billion tonnes have
been delineated.
All of the above deposits are on the same ore body that Ferrexpo
is currently exploiting and are situated adjacent to the Group's
existing logistics infrastructure. As a result, any development
represents low risk additions of new iron ore capacity compared to
many other greenfield iron ore projects worldwide.
Pricing and Marketing
For over 40 years, the iron ore industry determined prices with
steel mills once a year based on the Japanese fiscal year, which
began on 1 April. The initial price settlement by the first major
iron ore producer with the first major steel mill typically set the
"benchmark" price for the year and all other iron ore producers
would typically follow that benchmark. During the financial crisis
in late 2008 and 2009, iron ore spot prices fell well below the
annual benchmark price. During this period steel mills increasingly
opted to buy iron ore from the spot market. Since then, a variety
of pricing mechanisms have been introduced which vary from six
monthly agreements to quarterly agreements and increasingly shorter
time periods based on quoted spot prices. Ferrexpo as a price
follower will continue to focus on capturing the maximum price
relative to its competitors' delivered cost through "value in use"
to the customer. Ferrexpo's geographic proximity to key steel
customers in Europe and other markets represents a natural
advantage due to the lower costs of transporting pellets over a
shorter distance from Ukraine.
In 2011, Ferrexpo plans to further develop its logistics
capabilities through the acquisition of rail cars and where
appropriate other infrastructure. This will enable it to more
competitively deliver to customers in Europe and Asia.
Ferrexpo supplies the key steel markets of the world, both in
its Traditional markets and in its Natural and Growth markets.
Descriptions of the key market segments are below:
Traditional Markets
Ferrexpo's Traditional markets lie within Central and Eastern
Europe and include steel plants that were designed to use FPM iron
ore pellets. FPM has been supplying some of these customers for
more than 20 years. Ferrexpo has a well established logistics
infrastructure to these markets by both river barge and rail.
Traditional markets include Austria, Czech Republic, Slovakia,
Serbia and Hungary.
66% of sales volumes in 2010 went to Traditional Markets,
compared with 53% in 2009 as demand recovered from the 2009
downturn.
Natural Markets
'Natural Markets' are regions where the Group has a competitive
advantage due to proximity, but which are not yet fully exploited.
This segment includes Western Europe, Turkey and the Middle East.
Ferrexpo's proximity across the Black Sea to Turkey and the Middle
East provides a competitive advantage to both the Group and iron
ore buyers in the region.
7% of sales volumes in 2010 went to Natural Markets in line with
2009. Ferrexpo is building commercial and technical relationships
in the Middle East as a base for future sales.
Growth Markets
'Growth Markets' are those which offer to add new and
significant tonnage to the Group, especially in Asia. Ferrexpo
currently has four long-term contracts in place in Asia as part of
its strategy to build a sustainable customer portfolio in these
markets. The Group currently has trial cargoes with several other
significant producers in the region.
27% of sales volumes went to Growth Markets in 2010, compared
with 39% in 2009. The 2009 figure reflects a higher proportion of
spot sales to Asia given the impact of the economic recession on
Traditional Market customer demand. In 2010, the Group witnessed a
return of demand in Traditional Markets, over 90% of sales from own
ore were based on long term volume agreements compared to only 70%
in 2009.
Logistics
The Group's strategy is to manage the delivery chain to
customers where possible. Approximately half of pellet sales
volumes are railed about 700 kilometres to the Western Ukrainian
border for delivery to customers in Central and Eastern Europe. The
remaining pellets are railed about 550 kilometres to the Group's JV
TIS-Ruda port on the Black Sea for shipment to Natural and Growth
Markets as well as to the Port of Izmail, also on the Black Sea,
which then barges pellets to customers in Central Europe.
The Group currently owns over 900 rail cars which ensure rail
car availability for pellet transportation as well as an
approximate rail tariff discount of over 8%. Ferrexpo has signed a
contract for the supply of a further 400 rail cars which will be
supplied over the next year commencing in May 2011. The Group has
an option to purchase a further 600, allowing it to be broadly
self-sufficient in rail cars.
International freight costs relate mainly to sea transportation
utilising panamax vessels. This increased 66% to US$75 million
(2009: US$45 million) as a growing portion of the Group's sales to
customers in Asia were made on a CFR or similar basis rather than
on a FOB basis.
In December 2010, Ferrexpo acquired Helogistics paying US$37.8
million cash to settle the company's existing bank debt.
Helogistics is one of the largest inland waterway transportation
companies operating on the Danube/Rhine river corridor. In 2009 and
2010, Helogistics transported approximately 504 thousand tonnes and
636 thousand tonnes of Ferrexpo pellets, respectively, to customers
in Central Europe.
Helogistics will enable the Group to further control the supply
chain securing existing customer relationships and provide new
access to European markets, solidifying Ferrexpo's presence as the
regional market leader in iron ore pellet supply.
Operating costs
Ferrexpo is the third lowest cost pellet producer in the world
on a FOB basis. Its favourable geographic location and established
logistics infrastructure helps to ensure that it is able to
maintain output at full capacity throughout the commodities
cycle.
The cost environment in 2010 included high Ukrainian PPI
inflation of 21% and cost increases from a stronger commodity price
environment. PPI inflation was driven by increases in electricity
tariffs over the year, compared to December 2009, of 24%. Diesel
costs increases were driven by higher oil price rises whilst the
costs of steel grinding bodies were in line with increased world
steel prices.
Approximately 70% of total operating costs, including freight,
are in Ukrainian Hryvnia while all revenues received are in US
dollars. The Hryvnia has remained broadly stable on average since
the end of 2009 at around UAH8.0 to the US dollar.
The Group's strategy is to reduce operating costs by around 1%
to 2% per annum principally through increased production and the
BIP. Since 2006 the BIP programme has reduced the C1 cash cost per
tonne by approximately US$5.3 on a cumulative basis, largely by
reducing consumption of electricity, gas and grinding media per
unit of output as well as increasing labour productivity on the
same basis. During the period under review, FPM was able to reduce
the consumption per tonne of electricity and grinding media by
approximately 3% each compared to average consumption levels in
2009.
Overall, the average C1 cash cost of production was below US$40
per tonne for 2010, in line with the Company's expectations. This
represented a 15.4% increase compared to the average 2009 C1 cash
cost of US$34 per tonne. The increase was, however, lower than the
local inflation rate of 21% for the period.
Growth Projects
Ferrexpo's capital expenditure projects are aimed at the
expansion and upgrade of the existing mine and processing
facilities and to unlock the considerable value in the Group's
under exploited reserves and resources, starting with FYM.
As part of this strategy, in November 2010, the Board approved
US$647 million of capital expenditure projects which are described
below.
Ferrexpo Yeristovskoye Mine ("FYM")
The Board authorised expenditure of US$267 million to achieve
first ore from the Yeristovskoye deposit which will deliver circa
5.5 million tonnes of primary crushed ore to the FPM processing
facilities for conversion into approximately 1.9 million tonnes of
pellets. This is expected to be completed by the first half of 2013
and will increase total Group pellet output to 12 million tonnes
per annum of own ore.
The next phases of FYM's capital investment programme will
involve the construction of concentrating and pelletising
facilities in order to process the remaining circa 21.5 million
tonnes of annual ore capacity at FYM. These stages are subject to
the Group's continuing technical review and analysis, availability
of funds and Board approval.
Quality Upgrade Project at FPM
The Board has approved expenditure of US$212 million for the
upgrade of the existing concentrator facilities at the FPM
processing facilities to increase the proportion of 65% Fe pellets
to 100%. This will allow access to new markets and increase the
average price that Ferrexpo receives for its pellets. Currently
approximately half of the Group's production is 65% Fe pellets and
the other half is 62% Fe pellets. The project is scheduled for
completion by the end of 2014.
Mine Life Extension Project at FPM
The Board has approved expenditure of US$168 million over a
period of 8 years to extend the life of the existing FPM mine to
2038. The project will involve additional stripping works in 2011
of around 15 million cubic metres to allow access to additional ore
from 2014. As a result, the ore output from the existing mine will
peak at 35 million tonnes per annum by 2014 compared to the current
output of 28 million tonnes per annum.
Financial Review
Summary of financial results
Year ended
US$ 000 31.12.2010 Year ended 31.12.2009 Change
Revenue 1,294,900 648,667 99%
EBITDA 585,297 138,136 324%
As % of revenue 45% 21% 9.2%
Profit before
taxation 498,126 80,850 516%
Income tax 73,002 9,852 641%
Profit for the period 425,124 70,998 499%
Diluted earnings per
share (US cents) 72.24 12.05 500%
Final dividend per
share (US cents) 3.3 3.3 0%
---------------------- --------------------- ---------------------- -------
Revenue
For the year ended 31 December 2010, the Group's sales volumes
increased 7.8% to 9.7 million tonnes (2009: 9.0 million tonnes) of
pellets. Pricing for the first quarter of 2010 was largely based on
the annual benchmark price to 31 March 2010 while for the remainder
of the year quarterly and six monthly pricing was agreed with the
customer base. Overall Ferrexpo achieved an 88.4% increase in its
average DAF/FOB price in 2010. Higher sales volumes and prices
resulted in Group revenues almost doubling to US$1.3 billion (2009:
US$648.6 million).
In 2010, over 90% of sales volumes from own ore were based on
long term volume agreements compared to 70% in 2009 as the Group
witnessed a return in demand from its Traditional Markets customer
base in 2010.
Cost of sales
The C1 cash cost of production per tonne is defined as the cash
costs of production of own ore divided by production volume of own
ore. This excludes non-cash costs such as depreciation and one-off
items.
For the year ended 31 December 2010, Ferrexpo maintained robust
cost control in the face of rising commodity prices and local
inflation. The average C1 cash cost increased 15.4% to US$39.7 per
tonne. This compared with US$34.4 in 2009. The Group experienced
cost increases from commodities used in the production and
processing of iron ore such as oil and steel, as well as local PPI
inflation of 20.9%. The C1 cash cost per tonne once more benefited
from production at full capacity throughout the period under
review. This allowed for efficient absorption of the fixed cost
base which along with the Business Improvement Programme (BIP)
helped mitigate inflationary cost pressures. As a result, the
increase in C1 cash costs was lower than the local PPI inflation
rate.
Just over half of the C1 cash costs are denominated in Ukrainian
Hryvnia. The Hryvnia remained on average broadly stable in 2010
compared to 2009 at around UAH8.0 to the US Dollar.
Approximately half of Ferrexpo's C1 cash costs are energy
related. Electricity tariffs increased by 21.5% in 2010, and diesel
cost increases reflected higher oil prices. Costs for grinding
media, which are 10.0% of the C1 cash cost, increased inline with
higher steel prices. The increase in steel prices was more than
reflected in higher sales prices for our iron ore pellets during
the period under review.
The table below provides a breakdown of Ferrexpo's C1 cash
costs:
Year ended 31.12.2010 Year ended 31.12.2009
US$ 000 % of total US$ 000 % of total
-------------------------- ---------- ------------ ---------- ------------
Electricity 97,251 27.1% 78,534 26.5%
Gas 43,073 12.0% 36,942 12.5%
Fuel 31,169 8.7% 27,297 9.2%
Grinding media 35,918 10.0% 29,020 9.8%
Explosives 8,148 2.4% 9,042 3.1%
Other materials 31,351 8.7% 22,475 7.6%
Spare parts, maintenance
and consumables 58,940 16.4% 49,170 16.5%
Personnel costs 45,432 12.7% 37,717 12.7%
Royalties and levies 7,237 2.0% 6,285 2.1%
C1 Cost of Sales 358,519 296,482
-------------------------- ---------- ------------ ---------- ------------
C1 Cost per tonne 39.7 - 34.4 -
-------------------------- ---------- ------------ ---------- ------------
Since the inception of the BIP in 2006, the cumulative
productivity gains have reduced costs by approximately US$5.27 per
tonne of pellets produced, or US$47.6 million to the 31 December
2010. This has been achieved through reduced consumption norms as
highlighted in the table below.
% change
2010
Consumption vs.
norms UOM 2005 2006 2007 2008 2009 2010 2005
------------- ------------- ------ ------ ------ ------ ------ ------ ------
kWh per t of
Electricity pellets 205.5 195.6 190.9 183.7 184.6 179.5 -13%
m(3) per t
Gas of pellets 22.0 19.2 18.4 17.4 16.3 16.7 -24%
kg per t of
concentrate
Grinding kg per t of 5.5 5.0 4.8 4.7 4.7 4.5 -18%
media pellets 6.4 6.0 5.8 5.7 5.8 5.6 -13%
'000 tonnes
Personnel per head 0.7 1.0 1.2 1.3 1.4 1.5 103%
------------- ------------- ------ ------ ------ ------ ------ ------ ------
Purchased concentrate
The Group has nameplate pelletising capacity of 12 million
tonnes of pellet production per year. Ferrexpo is currently able to
mine ore sufficient to produce around 9.0 million tonnes of
pellets. To efficiently utilize the spare processing capacity,
third party concentrate was purchased which increased sales in the
high demand environment. The Group will continue to purchase third
party concentrate provided adequate margins can be achieved. During
the year, 998.1 thousand tonnes of pellet equivalent third party
concentrate was acquired (2009: 157.4 thousand tonnes) which
generated a positive contribution.
Overall, cost of sales for the year ended 31 December 2010 was
US$481.9 million (2009: US$341.1 million) with total production
volumes increasing by 14.4%.
Selling and distribution expenses
The main components of Ferrexpo's selling and distribution costs
are railway freight costs to the Ukrainian border as well as port
charges and international freight expenses for pellets shipped by
sea and river to customers on a CFR basis.
The following table highlights the selling and distribution
expenses for the periods indicated:
Year ended Year ended
(US$ million unless otherwise stated) 31.12.2010 31.12.2009
Railway transportation 81.5 69.5
Port charges 32.3 35.3
International freight 74.9 45.2
Other (commissions, insurances, personnel,
depreciation, advertising) 23.3 12.3
-------------------------------------------------- ------------ ------------
Total selling and distribution expenses 212.0 162.3
-------------------------------------------------- ------------ ------------
Total sales volume, kt 9,721 9,015
-------------------------------------------------- ------------ ------------
Cost per tonne of pellets sold (incl
international freight) 21.8 18.0
-------------------------------------------------- ------------ ------------
DAF/FOB per tonne of pellets sold 13.1 12.0
-------------------------------------------------- ------------ ------------
Selling and distribution expenses increased by 30.7% to US$212.0
million, compared to US$162.3 million in 2009. This increase
reflected 7.8% higher sales volumes and higher international
freight costs as a larger proportion of sales were made including
freight.
The following table shows the geographic split of pellet sales
by volume:
Year ended Year ended
31.12.2010 31.12.2009
Traditional(1) 65.5% 52.8%
Natural(2) 7.2% 7.9%
Growth(3) 27.3% 39.3%
Total 100% 100%
---------------- ------------ ------------
(1) Traditional Markets include Austria, Czech Republic,
Hungary, Serbia, Slovakia, Russia and Ukraine.
(2) Natural Markets include Western Europe, Turkey and the
Middle East.
(3) Growth Markets include China, India, Japan and South
Korea.
Of the volumes sold, 65.5% was sold to our Traditional customers
in Central and Eastern Europe compared with 52.8% in 2009. The
increased volumes resulted in a 17.3% increase in railway
transportation costs to US$81.5 million in 2010 (2009: US$69.5
million), as our Traditional customers largely receive their
product by rail.
Port charges reduced by 8.5% to US$32.3 million (2009: US$35.3
million), reflecting lower seaborne sales to our Growth Markets
customers as their share of sales volume fell to 27.3% in 2010
compared with 39.3% in 2009.
International freight costs increased by 65.7% to US$74.9
million (2009: US$45.2 million) as a growing proportion of the
Group's sales to customers in Asia were made on a CFR or similar
basis rather than on a FOB basis.
General and administrative expenses
General and administrative expenses increased by 13.9% to
US$49.2 million for the year ended 31 December 2010 (2009: US$43.2
million). The increase was primarily due to professional fees
related to increased business development activities including fees
for the Helogistics acquisition amounting to US$1.6 million.
Other contributing factors were higher depreciation and
maintenance following increased levels of investment and an
increase in personnel costs reflecting local inflation in
Ukraine.
Other income and expense
Other income was US$4.5 million for the year ended 31 December
2010 (2009: US$4.1 million). The higher amount in the 2010
reflected increased sales of spare parts.
Other expenses increased by US$2.5 million to US$5.9 million
compared with US$3.4 million in 2009. The increase primarily
reflected a lower release of allowance for doubtful debts compared
to the previous year and an increase in charitable donations.
EBITDA
Ferrexpo defines EBITDA as profit from continuing operations
before:
-- depreciation and amortisation (included in cost of sales,
administrative expenses and selling and distribution costs)
-- non-recurring cash items included in other income and other
expenses
-- net gains and losses from the disposal of investments and
property, plant and equipment
-- tax and finance
EBITDA increased by 324% to US$585.3 million for the year ended
31 December 2010 compared with US$138.1 million in 2009. The
increase was due to 7.8% higher sales volumes and a significantly
higher average DAF/FOB sales price. This was partially offset by a
15.4% increase in C1 cash costs per tonne. The EBITDA margin in
2010 was 45.2% compared with 21.3% in 2009.
Disposal of VAT bonds
During 2010, VAT bonds were issued to Ferrexpo by the Ukrainian
Government with a face value of UAH658.6 million (US$81.3 million)
in compensation for VAT outstanding as of 31 December 2009. These
instruments were subsequently sold realising a loss of UAH86.5
million (US$10.9 million) reflecting prevailing conditions in the
local bond market.
Finance income and expense
Finance income was US$2.6 million in 2010 compared to US$2.9
million in 2009. The decrease was due to lower US Libor rates on
deposits in 2010 compared to 2009.
Finance expenses increased to US$42.8 million for the year ended
31 December 2010 (2009: US$23.7 million) due to higher interest
margins charged on Group borrowings. The Group's average weighted
interest rate increased in 2010 to 7.2% compared to 5.1% in 2009.
In 2010, finance expense also included arrangement fees for debt
financing of US$5.5 million carried forward from earlier
periods.
Foreign exchange gain/(loss)
Operating foreign exchange gains and losses
Ferrexpo prepares its financial statements in US Dollars and
operating foreign exchange gains and losses reflect the revaluation
of trade receivables and trade payables that are denominated in a
currency other than the Group's reporting currency at the balance
sheet date.
In 2010, the Ukrainian Hryvnia remained broadly stable against
the US Dollar, appreciating slightly from UAH 7.99 to UAH 7.96
compared with UAH 7.70 to UAH 7.99 in 2009. As a result in 2010,
there were no significant operating foreign exchange gains and
losses, with a loss of US$1.1 million recorded (2009: gain of
US$2.5 million).
Non-operating foreign exchange gains and losses
Non-operating foreign exchange losses result from the
re-translation of financial liabilities, loans and other similar
items. Non-operating foreign exchange losses increased from US$2.6
million to US$3.9 million due to the depreciation of the US Dollar
compared with the Swiss Franc.
Income tax expense
The Group pays tax in various jurisdictions. The effective
income tax rate for the period was 14.7% compared with 12.2% for
the equivalent 2009 period. This is influenced by the Group's mix
of profits between Switzerland and Ukraine.
Statement of financial position and cash flow
The Group's cash flow from operating activities increased by
394% to US$379.8 million (2009: US$76.9 million). This was after a
working capital outflow of US$136.8 million (2009: US$13.8 million
working capital outflow). The working capital outflow was largely
due to a US$74.0 million increase in trade receivables reflecting
higher prices, a US$20.4 million increase in VAT receivables and a
US$42.9 million increase in inventory due to stocks of third party
concentrate and pellets at the year end.
Total capital expenditure in 2010 was US$167.1 million (2009:
US$86.2 million). Of the total US$49.1 million was for sustaining
capital expenditure at FPM. Total development capital expenditure
amounted to US$118.0 million. This consisted of US$54.9 million for
FPM which included capitalised stripping and mining equipment for
the mine life extension programme and the quality upgrade
programme. US$42.6 million was for the development of FYM, which
included US$27.4 million for mining equipment. US$2.4 million was
spent on development of the northern deposits while US$18.1 million
was spent on infrastructure including the purchase of over 300 rail
cars during the year.
In November 2010, the Board approved a capital expenditure
budget of US$647 million as part of the first stage of the Group's
capital investment programme. This first stage of the programme
will be funded from the Group's cash flow generation.
Borrowings
Net financial indebtedness ('NFI') reduced by US$153.2 million
to US$104.4 million (2009: US$257.6 million).
Ferrexpo secured a new Pre-Export Financing ("PXF") facility in
September 2010 for US$350 million. The facility matures on 31 March
2014, amortising over 24 months following an 18 month grace
period.
As of 31 December 2010, total credit lines amounted to US$596.9
million of which US$423.9 million had been drawn. This compares to
credit lines of US$319.5 million at 31 December 2009 of which
US$269.5 million had been drawn. The average life to maturity of
Ferrexpo's debt as of 31 December 2010 was 2.3 years compared to
one year as of 31 December 2009.
As of 31 December 2010 the Group had cash balances of US$319.5
million compared with US$12.0 million as of 31 December 2009. The
balance at 31 December 2010 included restricted cash held in escrow
of US$37.8 million for payment of the Helogistics acquisition.
As of 31 December 2010 net debt to EBITDA decreased
significantly to 0.2 times (31 December 2009: 1.9 times).
The following table analyses the net financial indebtedness of
the Group:
US$ 000 As at 31.12.2010 As at 31.12.2009
---------------------------- ----------------- -----------------
Cash and cash equivalents 319,470 11,991
Current borrowings (22,563) (251,379)
Non-current borrowings (401,290) (18,143)
---------------------------- ----------------- -----------------
Net financial indebtedness (104,384) (257,655)
---------------------------- ----------------- -----------------
Statement of Directors' Responsibility
Responsibility Statement of the Directors in respect of the
Annual Report and Accounts
We confirm on behalf of the Board that to the best of our
knowledge:
(a) the financial statements give a true and fair view of the
assets, liabilities, financial position and profit of the Company
and the undertakings included in the consolidation taken as a
whole; and
(b) the management report (entitled 'Business Review') includes
a fair review of the development and performance of the business,
and the principal risks and uncertainties that they face.
For and on behalf of the Board
Michael Abrahams CBE DL
Chairman
Christopher Mawe
Chief Financial Officer
Consolidated income statement
Year Year
ended ended
US$ 000 Notes 31.12.10 31.12.09
------------------------------------------- ------ ---------- ----------
Revenue 4 1,294,900 648,667
Cost of sales 5 (481,857) (341,067)
Gross profit 813,043 307,600
------------------------------------------- ------ ---------- ----------
Selling and distribution expenses (212,006) (162,266)
General and administrative expenses (49,175) (43,161)
Other income 4,515 4,102
Other expenses (5,938) (3,418)
Operating foreign exchange (losses)/gains (1,078) 2,534
Operating profit from continuing
operations before adjusted items 549,361 105,391
------------------------------------------- ------ ---------- ----------
Under recovery of VAT receivable 9 (10,936) -
Write-offs and impairment losses (1,618) (2,757)
Share of profit of associates 4,155 1,304
Gain on bargain purchase 2,623 503
Initial public offering costs (55) (427)
(Losses)/gain on disposal of property,
plant and equipment (1,305) 213
Profit before tax and finance from
continuing operations 542,225 104,228
------------------------------------------- ------ ---------- ----------
Finance income 6 2,632 2,893
Finance expense 6 (42,843) (23,718)
Non-operating foreign exchange
losses (3,888) (2,551)
Profit before tax 498,126 80,851
------------------------------------------- ------ ---------- ----------
Income tax expense 7 (73,002) (9,852)
------------------------------------------- ------ ---------- ----------
Profit for the year from continuing
operations 425,124 70,998
------------------------------------------- ------ ---------- ----------
Attributable to:
Equity shareholders of Ferrexpo
plc 422,906 70,627
Minority interests 2,218 371
------------------------------------------- ------ ---------- ----------
425,124 70,998
------------------------------------------- ------ ---------- ----------
Earnings per share:
Basic (US cents) 8 72.34 12.08
Diluted (US cents) 8 72.24 12.05
Consolidated statement of comprehensive income
Year Year
ended ended
US$ 000 31.12.10 31.12.09
--------------------------------------------- ---------- ----------
Profit for the period 425,124 70,998
--------------------------------------------- ---------- ----------
Exchange differences on translating foreign
operations
Exchange differences arising during the
year 533 (20,842)
Exchange differences arising on hedging
of foreign operations 110 (3,697)
Available-for-sale investments
Gain arising on revaluation during the
year 1,915 400
Net loss on disposal of available-for-sale
financial assets
Income tax effect (492) 2,895
Other comprehensive income for the period,
net of tax 2,066 (21,244)
--------------------------------------------- ---------- ----------
Total comprehensive income for the period,
net of tax 427,190 49,754
--------------------------------------------- ---------- ----------
Total comprehensive income attributable
to:
Equity shareholders of Ferrexpo plc 424,923 49,633
Minority interests 2,267 121
--------------------------------------------- ---------- ----------
427,190 49,754
--------------------------------------------- ---------- ----------
Consolidated statement of financial position
As at As at
US$ 000 Notes 31.12.10 31.12.09
-------------------------------------------- ------ ---------- ----------
Assets
Property, plant and equipment 647,137 452,100
Goodwill and other intangible assets 102,715 100,354
Investments in associates 21,132 19,915
Available-for-sale financial assets 3,356 2,917
Other non-current assets 24,767 9,824
Deferred tax assets 16,596 13,673
-------------------------------------------- ------ ---------- ----------
Total non-current assets 815,703 598,783
-------------------------------------------- ------ ---------- ----------
Inventories 104,827 59,636
Trade and other receivables 111,890 38,117
Prepayments and other current assets 18,922 19,394
Income taxes recoverable and prepaid 35 9,741
Other taxes recoverable and prepaid 9 103,647 81,284
Available-for-sale financial assets - 626
Cash and cash equivalents 319,470 11,991
-------------------------------------------- ------ ---------- ----------
658,791 220,789
-------------------------------------------- ------ ---------- ----------
Assets classified as held for sale 3,149 -
-------------------------------------------- ------ ---------- ----------
Total current assets 661,940 220,789
-------------------------------------------- ------ ---------- ----------
Total assets 1,477,643 819,572
-------------------------------------------- ------ ---------- ----------
Equity and liabilities
Issued capital 121,628 121,628
Share premium 185,112 185,112
Other reserves (344,420) (347,858)
Retained earnings 885,353 501,175
-------------------------------------------- ------ ---------- ----------
Equity attributable to equity shareholders
of Ferrexpo plc 847,673 460,057
-------------------------------------------- ------ ---------- ----------
Non-controlling interests 13,801 11,387
-------------------------------------------- ------ ---------- ----------
Total equity 861,474 471,444
-------------------------------------------- ------ ---------- ----------
Interest bearing loans and borrowings 401,290 18,143
Defined benefit pension liability 17,819 14,529
Provision for site restoration 2,746 1,268
Deferred tax liabilities 2,432 3,739
-------------------------------------------- ------ ---------- ----------
Total non-current liabilities 424,287 37,679
-------------------------------------------- ------ ---------- ----------
Interest bearing loans and borrowings 22,563 251,503
Trade and other payables 88,089 27,802
Accrued liabilities and deferred
income 25,496 12,146
Income taxes payable 41,811 11,105
Other taxes payable 13,923 7,893
-------------------------------------------- ------ ---------- ----------
Total current liabilities 191,882 310,449
-------------------------------------------- ------ ---------- ----------
Total liabilities 616,169 348,128
-------------------------------------------- ------ ---------- ----------
Total equity and liabilities 1,477,643 819,572
-------------------------------------------- ------ ---------- ----------
The financial statements were approved by the Board of directors
on 22 March 2011.
Kostyantin Zhevago Christopher Mawe
Chief Executive Officer Chief Financial Officer
Consolidated statement of cash flows
Year Year
ended ended
US$ 000 Notes 31.12.10 31.12.09
------------------------------------------- ------ ---------- ----------
Profit before tax 498,126 80,850
------------------------------------------- ------ ---------- ----------
Adjustments for:
Depreciation of property, plant
and equipment and amortisation
of intangible assets 30,415 28,018
Interest expense 42,843 20,622
Under recovery of VAT receivable 9 10,936 -
Interest income (2,632) (2,893)
Share of profit of associates (4,155) (1,304)
Movement in allowance for doubtful
receivables (3,685) (5,199)
Losses/(gains) on disposal of property,
plant and equipment 1,305 (213)
Write-offs and impairment losses 1,618 2,757
Site restoration provision 1,478 159
Employee benefits 3,281 5,474
IPO costs 55 427
Share based payments 1,366 3,423
Gain recognised on rights issue
at subsidiary - (503)
Gain on bargain purchase from business
combination 10 (2,623) -
Operating foreign exchange (losses)/gains 1,078 (2,534)
Non-operating foreign exchange
losses 3,888 2,552
------------------------------------------- ------ ---------- ----------
Operating cash flow before working
capital changes 583,295 131,636
------------------------------------------- ------ ---------- ----------
Changes in working capital:
(Increase)/decrease in trade and
other receivables (74,020) 14,961
(Increase)/decrease in inventories (42,938) 1,777
Increase/(decrease) in trade and
other accounts payable 11,215 (6,474)
(Increase) in VAT recoverable and
other taxes prepaid(1) 9 (31,062) (24,038)
------------------------------------------- ------ ---------- ----------
Cash generated from operating activities 446,490 117,862
------------------------------------------- ------ ---------- ----------
Interest paid (25,437) (19,197)
Income tax paid (37,827) (18,899)
Post-employment benefits paid (3,468) (2,897)
------------------------------------------- ------ ---------- ----------
Net cash flows from operating activities 379,758 76,869
------------------------------------------- ------ ---------- ----------
Cash flows from investing activities
Purchase of property, plant and
equipment (166,775) (85,823)
Proceeds from sale of property,
plant and equipment - 213
Purchase of intangible assets (633) (598)
Interest received 1,270 2,104
Proceeds from loans to associates 1,550 6,450
Pre-acquisition loans provided 9 (10,881) -
Acquisition of subsidiaries, net
of cash acquired 9 582 -
------------------------------------------- ------ ---------- ----------
Net cash flows used in investing
activities (174,887) (77,654)
------------------------------------------- ------ ---------- ----------
Cash flows from financing activities
Proceeds from borrowings and finance 668,802 35,637
Repayment of borrowings and finance (505,359) (73,168)
Arrangement fees paid (21,074) -
Dividends paid to equity shareholders
of Ferrexpo plc (41,744) (36,325)
Dividends paid to non-controlling
shareholders (47) (234)
Dividends from associates 2,931
------------------------------------------- ------ ---------- ----------
Net cash flows from/(used) in financing
activities 103,509 (74,090)
------------------------------------------- ------ ---------- ----------
Net increase/(decrease) in cash
and cash equivalents 308,380 (74,875)
Cash and cash equivalents at the
beginning of the year 11,991 87,822
Currency translation differences (901) (956)
------------------------------------------- ------ ---------- ----------
Cash and cash equivalents at the
end of the year(2) 319,470 11,991
------------------------------------------- ------ ---------- ----------
1 The movement includes effect of VAT receivable amounting to
US$72,318 thousand, which was recovered through VAT bonds. See note
9 for further details.
2 The balance of cash and cash equivalents includes restricted
cash of US$37,768 thousand (2009: US$ nil).
Consolidated statement of changes in equity
Attributable to equity shareholders of Ferrexpo plc.
-----------------------------------------------------------------------------------------------------------------------------------------------
Uniting
of Treasury Net
Issued Share interest share Employee benefit unrealised Total
capital premium reserve reserve trust reserve gains Translation capital Non-controlling
(Note (Note (Note (Note (Note 29 and reserve reserve Retained and interests (Note
US$ 000 29) 29) 29) 29) 40) (Note29) (Note 29) earnings reserves 1) Total equity
----------------- ---------- -------- --------- --------- ----------------- ----------- ------------ --------- --------- ---------------- -------------
At 1 January
2009 121,628 185,112 31,780 (77,260) (15,443) 813 (270,604) 470,098 446,124 11,769 457,893
Profit for the
period - - - - - - - 70,627 70,627 371 70,998
Other
comprehensive
income - - - - - 301 (21,295) - (20,994) (250) (21,244)
----------------- ---------- -------- --------- --------- ----------------- ----------- ------------ --------- --------- ---------------- -------------
Total
comprehensive
income for the
period - - - - - 301 (21,295) 70,627 49,633 121 49,754
----------------- ---------- -------- --------- --------- ----------------- ----------- ------------ --------- --------- ---------------- -------------
Equity dividends
paid to
shareholders of
Ferrexpo plc. - - - - - - (39,550) (39,550) - (39,550)
Share based
payments (note
40) - - - - 3,850 - - - 3,850 - 3,850
Adjustments
relating to the
decrease in
non-controlling
interests - - - - - - - - - (503) (503)
----------------- ---------- -------- --------- --------- ----------------- ----------- ------------ --------- --------- ---------------- -------------
At 31 December
2009 121,628 185,112 31,780 (77,260) (11,593) 1,114 (291,899) 501,175 460,057 11,387 471,444
----------------- ---------- -------- --------- --------- ----------------- ----------- ------------ --------- --------- ---------------- -------------
Profit for the
period - - - - - - - 422,906 422,906 2,218 425,124
Other
comprehensive
income - - - - - 1,401 616 - 2,017 49 2,066
----------------- ---------- -------- --------- --------- ----------------- ----------- ------------ --------- --------- ---------------- -------------
Total
comprehensive
income for the
period - - - - - 1,401 616 422,906 424,923 2,267 427,190
----------------- ---------- -------- --------- --------- ----------------- ----------- ------------ --------- --------- ---------------- -------------
Equity dividends
paid to
shareholders of
Ferrexpo plc. - - - - - - - (38,581) (38,581) - (38,581)
Share based
payments (note
40) - - - - 1,421 - - - 1,421 - 1,421
Adjustments
relating to the
decrease in
non-controlling
interests - - - - - - - (147) (147) 147 -
----------------- ---------- -------- --------- --------- ----------------- ----------- ------------ --------- --------- ---------------- -------------
At 31 December
2010 121,628 185,112 31,780 (77,260) (10,172) 2,515 (291,283) 885,353 847,673 13,801 861,474
----------------- ---------- -------- --------- --------- ----------------- ----------- ------------ --------- --------- ---------------- -------------
Notes to the Consolidated Financial Information
Note 1: General information
The financial information for the year ended 31 December 2010
does not constitute statutory accounts as defined in section 435 of
the Companies Act 2006. The audited statutory accounts for the year
ended 31 December 2009 have been delivered to the Registrar of
Companies and those for 2010 will be delivered following the
Company's annual generalmeeting convened for Thursday, 26 May
2011.
The auditor has reported on the statutory accounts for year
ended 31 December 2010. The auditor's report was unqualified.
Note 2: Summary of significant accounting policies
International Financial Reporting Interpretations Committee
(IFRIC)
Whilst the preliminary announcement has been prepared in
accordance with International Financial Reporting Standards
('IFRS') and International Financial Reporting Interpretation
Committee ("IFRIC") interpretations adopted for use by the European
Union and with those parts of the Companies Act 2006 applicable to
companies reporting under IFRS, this announcement does not itself
contain sufficient information to comply with IFRS. The Board
approved the full financial statements that comply with IFRS on
Tuesday, 22 March 2011. The financial statements have been prepared
under the historical cost convention as modified by the recording
of pension assets and liabilities and the revaluation of certain
financial instruments.
The accounting policies applied are consistent with those
adopted and disclosed in the Group's annual financial statements
for the year ended 31 December 2009 except for the following.
The Group has adopted the following new and amended IFRS and
IFRIC interpretations as of 1 January 2010.
International Financial Reporting Interpretations Committee
(IFRIC) Effective date
-- IFRS 3 Business combinations 1 January 2009
-- IAS 27 Consolidated and separate financial 1 January 2009
statements
The adoption of these standards did have the following effect on
the reported result and financial position of the Group.
Acquisition related costs amounting to US$1,624 thousand have
been expensed when incurred during the financial year 2010 in order
to comply with IFRS 3.
Due to the change of IAS 27, the effect of US$147 thousand from
the decrease of the non-controlling interests has been recognised
directly in equity.
Changes occurring as a result of improvements to IFRSs
None of the following new or revised to be adopted for the
financial year 2010 affected the presentation and disclosures:
-- IFRS 2 Share-based payment - group cash-settled share-based payment
transactions
-- IFRS 28 Investments in associates
-- IFRIC Distribution of non-cash assets to owners
17
-- IFRIC Transfer of assets from customers
18
The Group amended its accounting policies where applicable
however the adoption of the above standards did not have an impact
upon the financial position or performance of the Group.
The Group has elected not to early adopt the following revised
and amended standards:
-- IAS 24 Related party disclosures
-- IAS 32 Financial instruments: presentation - classification of
rights issues
-- IFRS 9 Financial instruments: classification and measurements
-- IFRIC Prepayment of a minimum funding requirement
14
-- IFRIC Extinguishing financial liabilities with equity instruments
19
Seasonality
The Group's operations are not affected by seasonality.
Note 3: Segment information
The Group is managed as a single entity which produces, develops
and markets its principal product - iron ore pellets - for sale to
the metallurgical industry. In December 2010, the Group acquired a
logistics company engaged in the transport of bulk commodities and
liquids through the Rhine Danube corridor in Europe and the
provision of bunkering fuel services on the same routes. The
management of the Group monitors the operating results of the
pellet and logistics business separately for the purpose of making
decisions about resource allocation and performance assessment. In
accordance with IFRS 8 Operating Segments, the Group presents its
results in a single segment which are disclosed in the income
statement for the Group. The acquired logistics business is below
the quantitative thresholds requiring separate disclosure as set by
the standard and its revenue and result for the year is
immaterial.
The management monitors the operating result of the Group based
on a number of measures including EBITDA, 'C1' costs and the net
financial indebtedness.
EBITDA
The Group calculates EBITDA as profit from continuing operations
before tax and finance plus depreciation and amortisation (included
in cost of sales, administrative expenses and selling and
distribution costs) and non-recurring cash items included in other
income, non-recurring cash items included in other costs plus the
net of gains and losses from disposal of subsidiaries and
associates. The Group presents EBITDA because it believes that
EBITDA is a useful measure for evaluating its ability to generate
cash and its operating performance.
Year ended Year ended
US$'000 31.12.10 31.12.09
---------------------------------- ----------- -----------
Profit before tax and finance 542,225 104,228
Under recovery of VAT receivable 10,936 -
Write-offs and impairment losses 1,618 2,757
Gain on disposal of property,
plant and equipment 1,305 (213)
Initial public offering costs 55 427
Share based payments 1,366 3,423
Negative goodwill generated on
rights issue (2,623) (503)
Depreciation and amortisation 30,415 28,018
---------------------------------- ----------- -----------
EBITDA 585,297 138,137
---------------------------------- ----------- -----------
'C1' costs
"C1" costs represent the cash costs of production of iron
pellets from own ore divided by production volume of own ore, and
excludes non cash costs such as depreciation, pension costs and
stock movement, costs of purchased ore, concentrate and production
cost of gravel and excludes one-off items which are outside the
definition of EBITDA. Cost of sales is reconciled to "C1" costs in
the following manner:
Year Year
ended ended
US$ 000 31.12.09 31.12.08
------------------------------------ ---------- ----------
Cost of sales 481,857 341,067
Depreciation and amortisation (24,662) (23,370)
Purchased ore and concentrate (101,351) (8,914)
Processing costs for purchased ore
and concentrate (11,042) (1,206)
Production cost of gravel (88) (357)
Inventory movements 18,608 (10,543)
Pension service costs (2,049) (1,857)
Other (2,754) 1,662
------------------------------------ ---------- ----------
C1 cost 358,519 296,482
------------------------------------ ---------- ----------
Own ore produced (tonnes) 9,033,000 8,609,200
------------------------------------ ---------- ----------
C1 cash cost per tonne $ 39.69 34.44
------------------------------------ ---------- ----------
Net financial indebtedness
Net financial indebtedness as defined by the Group comprises
cash and cash equivalents, term deposits, interest bearing loans
and borrowings and amounts payable for equipment.
Year Year
ended ended
US$ 000 31.12.10 31.12.09
---------------------------- ---------- ----------
Cash and cash equivalents 319,470 11,991
Current borrowings (22,563) (251,503)
Non-current borrowings (401,290) (18,143)
Net financial indebtedness (104,384) (257,655)
---------------------------- ---------- ----------
Note 4: Revenue
Revenue for the year ended 31 December 2010 consisted of the
following:
Year ended Year ended
US$ 000 31.12.10 31.12.09
---------------------------------------- ----------- -----------
Revenue from sales of iron ore pellets
and concentrate:
Export 1,288,665 612,829
Ukraine 453 34,483
---------------------------------------- ----------- -----------
Total revenue from sale of iron ore
pellets and concentrate 1,289,118 647,312
---------------------------------------- ----------- -----------
Revenue from services provided 674 790
Revenue from other sales 5,108 565
---------------------------------------- ----------- -----------
Total revenue 1,294,900 648,667
---------------------------------------- ----------- -----------
Export sales by geographical destination were as follows:
Year ended Year ended
US$'000 31.12.10 31.12.09
---------------- ----------- -----------
Austria 405,511 105,690
China 320,572 241,882
Serbia 156,806 84,193
Slovakia 143,478 77,537
Czech Republic 99,235 21,293
Turkey 62,166 39,272
Japan 45,318 5,027
Germany 24,833 5,573
Hungary 16,575 6,539
India 14,153 21,225
Other 18 4,598
---------------- ----------- -----------
Total exports 1,288,665 612,829
---------------- ----------- -----------
During the year ended 31 December 2010 sales made to three
customers accounted for 62.5% of the sales revenue (2009:
51.9%).
Sales made to two customers individually amounted to more than
10% of the total sales. These are disclosed below representing the
total by country of destination:
Year ended Year ended
US$'000 31.12.10 31.12.09
------------ ----------- -----------
Customer A 405,511 105,690
Customer B 300,284 161,730
Note 5: Cost of sales
Cost of sales for the year ended 31 December 2010 consisted of
the following:
Year Year
ended ended
US$ 000 31.12.10 31.12.09
------------------------------- ---------- ----------
Materials 67.661 60,607
Purchased ore and concentrate 101,351 8,914
Electricity 101,528 81,438
Personnel costs 47,930 41,670
Spare parts and consumables 16,616 13,007
Depreciation and amortisation 24,662 23,370
Fuel 31,299 23,969
Gas 48,236 28,744
Repairs and maintenance 45,230 38,503
Royalties and levies 8,489 6,484
Inventory movements (18,608) 10,543
Other 7,463 3,818
------------------------------- ---------- ----------
Total cost of sales 481,857 341,067
------------------------------- ---------- ----------
Note 6: Finance income and expense
Finance income and expenses for the year ended 31 December 2010
consisted of the following:
Year
ended Year ended
US$ 000 31.12.10 31.12.09
------------------------------------------- ---------- -----------
Finance income
Interest income 1,357 1,894
Other finance revenue 1,275 999
Total finance income 2,632 2,893
------------------------------------------- ---------- -----------
Finance expense
Interest expense on financial liabilities
measured at amortised cost (24,509) (16,805)
Interest on defined benefit plans (3,344) (2,967)
Bank charges (12,694) (535)
Other finance costs (2,296) (3,411)
Total finance expense (42,843) (23,718)
------------------------------------------- ---------- -----------
Net finance expense (40,211) (20,825)
------------------------------------------- ---------- -----------
Bank charges include arrangement fees charged in relation to the
Group's major bank debt facility.
Note 7: Income tax expense
The income tax expense for the year ended 31 December 2010
consisted of the following:
Year Year
ended ended
US$ 000 31.12.10 31.12.09
------------------------------------------- ---------- ----------
Current income tax
Current income tax charge 73,700 12,659
Amounts under/(over) provided in previous
years 270 (2,497)
------------------------------------------- ---------- ----------
Total current income tax 73,970 10,162
------------------------------------------- ---------- ----------
Deferred income tax
Origination and reversal of temporary
differences (4,494) (310)
Effect from changes in tax laws and
rates 3,526 -
------------------------------------------- ---------- ----------
Total deferred income tax (968) (310)
------------------------------------------- ---------- ----------
Total income tax expense 73,002 9,852
------------------------------------------- ---------- ----------
The effective income tax rate differs from the corporate income
tax rates. The weighted average statutory rate was 13.1% for 2010
(2009: 13.0%). This is calculated as the average of the statutory
tax rates applicable in the countries in which the Group operates,
weighted by the profits/(losses) before tax of the subsidiaries in
the respective countries, as included in the consolidated financial
information. The effective tax rate is 14.7% (2009: 12.2%).
A reconciliation between the income tax charged in the
accompanying financial information and income before taxes
multiplied by the weighted average statutory tax rate for the year
ended 31 December 2010 is as follows:
Year Year
ended ended
US$ 000 31.12.10 31.12.09
--------------------------------------------- ---------- ----------
Profit before tax 498,126 80,850
Notional tax computed at the weighted
average statutory tax rate of 13.1%
(2009: 13.0%) 65,254 10,526
Derecognition of deferred tax asset (902) 135
Effect from differences in local tax
rates 3,526 -
Effect from utilisation of non-recognised
deferred tax assets (274) -
Effect from capitalised tax loss carry
forwards (293) -
Inflation related indexation of fixed
assets for tax - (1,792)
Expenses not deductible for tax purposes 7,338 3,359
Tax exempted income (623) (942)
Non recognition of deferred taxes on
current year losses 555 780
Effect from change in permanent differences (2,079) -
Tax related to prior years 270 (2,497)
Other 230 283
Total income tax expense 73,302 9,852
--------------------------------------------- ---------- ----------
Note 8: Earnings per share and dividends paid and proposed
Basic earnings per share (EPS) is calculated by dividing the net
profit for the year attributable to ordinary equity shareholders of
Ferrexpo plc by the weighted average number of ordinary shares.
Year ended Year ended
31.12.10 31.12.09
--------------------------------------- ----------- -----------
Profit for the year attributable to
equity shareholders:
Basic earnings per share (US cents) 72.34 12.08
Diluted earnings per share (US cents) 72.24 12.05
Underlying earnings for the year:
Basic earnings per share (US cents) 72.98 12.80
Diluted earnings per share (US cents) 72.91 12.77
--------------------------------------- ----------- -----------
The calculation of the basic and diluted earnings per share is
based on the following data:
Year ended Year ended
Thousands 31.12.10 31.12.09
----------------------------------------------- ----------- -----------
Weighted average number of shares
Basic number of ordinary shares outstanding 584,568 584,652
Effect of dilutive potential ordinary
shares 854 1,361
----------------------------------------------- ----------- -----------
Diluted number of ordinary shares outstanding 585,422 586,013
----------------------------------------------- ----------- -----------
The basic number of ordinary shares is calculated by reducing
the total number or ordinary shares in issue by the shares held in
treasury.
Diluted earnings per share is calculated by adjusting the
weighted average number of ordinary shares in issue on the
assumption of conversion of all potentially dilutive ordinary
shares. All share awards are potentially dilutive and have been
included in the calculation of diluted earnings per share.
'Underlying earnings' is an alternative earnings measure, which
the directors believe provides a clearer picture of the underlying
financial performance of the Group's operations. Underlying
earnings is presented after minority interests and excludes
adjusted items. The calculation of underlying earnings per share is
based on the following earnings data:
Year ended Year ended
US$ 000 31.12.10 31.12.09
-------------------------------- ----------- -----------
Profit attributable to equity
holders 422,906 70,627
Write offs/impairments 1,618 2,757
IPO costs 55 427
Gain on bargain purchase (2,623) (503)
Losses/(gains) on disposal of
property, plant and equipment 1,305 (213)
Non-operating foreign exchange
losses 3,888 2,551
Tax on adjusted items (346) (823)
-------------------------------- ----------- -----------
Underlying earnings 426,803 74,823
-------------------------------- ----------- -----------
Adjusted items are those items of financial performance that the
Group believes should be separately disclosed on the face of the
income statement to assist in the understanding of the underlying
financial performance achieved by the Group. Adjusted items that
relate to the operating performance of the Group include impairment
charges and reversals and other exceptional items. Non-operating
adjusted items include gains and losses on disposal of investments
and businesses and non-operating foreign exchange gains and
losses.
Dividends paid and proposed
Audited
Year ended
US$ 000 31.12.10
----------------------------------------- ------------
Dividends proposed
Final dividend for 2010: 3.3 US cents
per ordinary share 19,289
----------------------------------------- ------------
Total dividends proposed 19,289
----------------------------------------- ------------
Dividends paid during the period
Interim dividend for 2010: 3.3 US cents
per ordinary share 19,292
Final dividend for 2009: 3.3 US cents
per ordinary share 19,289
----------------------------------------- ------------
Total dividends paid 38,581
----------------------------------------- ------------
Note 9: Taxes recoverable and prepaid
As at 31 December 2010 taxes recoverable and prepaid
comprised:
As at
US$ 000 As at 31.12.10 31.12.09
------------------------- --------------- ----------
VAT receivable 101,683 81,269
Other taxes prepaid 1,964 15
--------------- ----------
Other taxes recoverable
and prepaid 103,647 81,284
------------------------- --------------- ----------
The VAT receivable is as a result of zero rate VAT exports made
from Ukraine which is recoverable under Ukrainian tax
legislation.
The Ukrainian government has not been making timely repayments
of VAT in 2009 and the first half of the financial year 2010 due to
the economic downturn and general financial crisis in 2009 allied
with the presidential elections in early 2010 and the ongoing
negotiations for financial aid from the IMF. The increase of the
VAT receivable balance is related to higher imports of equipment in
the period under review. During the financial year 2010, the Group
received VAT bonds from the Ukrainian government relating to the
outstanding VAT receivable balance as of the end of December 2009.
All VAT bonds were sold in the latter half of the financial year
2010 with a discount of US$10,936 thousand. Subsequent to the
issuance of the VAT bonds in August 2010, the Ukrainian governments
has started repayments of the outstanding VAT.
Note 10: Business combination
Subsidiaries acquired
On 31 December 2010, the Group acquired Helogistics Holding GmbH
and its subsidiaries ("Helogistics") in order to develop the
Group's distribution and logistics capabilities. The acquisition
agreements were signed on 14 December 2010 and the completion of
the acquisition was subject to the approval from the Austrian
merger control authorities which was obtained on 10 January 2011.
The Group however obtained effective control on the 14 December
2010 and Helogistics has been consolidated as at the 31 December
2010 as no material transactions or events occurred between 14
December 2010 and 31 December 2010 that would have a material
impact on the amounts recognised in the income statement in that
period.
Consideration transferred
No consideration has been transferred in cash for this
acquisition to previous shareholders of Helogistics. Transaction
costs of US$1,624 thousand have been incurred and expensed by the
Group. These costs are included in general and administrative
expenses.
In relation with the acquisition of Helogistics, the Group
acquired bank debts amount to US$95,472 thousands for a
consideration transferred in cash to the lending banks of US$37,768
thousand. The amount was held in an escrow account at 31 December
2010 as the financial closing of the transaction was on 19 January
2011. The debts acquired have been fair valued for the purpose of
the acquisition accounting.
There is no contingent consideration to be paid by the Group to
the previous shareholders of Helogistics.
Bargain purchase arising on acquisition
The initial accounting for the acquisition of Helogistics has
been provisionally determined at the end of the reporting period.
At the date of finalisation of these financial statements, the fair
values of the vessels acquired and the certain liabilities assumed
had not been finalised and they have therefore been provisionally
determined based on the directors' best estimate of the likely
values. The actual fair values may also impact the recognised fair
values of the other assets acquired as part of the business
combination.
The acquisition of Helogistics resulted in a bargain purchase of
US$2,623 thousand recognised in profit or loss as of 31 December
2010.
As at
US$ 000 31.12.09
--------------------------------------------- ----------
Consideration paid in cash -
Value of pre-existing loan balances 10,881
Less: fair value of identifiable net assets
acquired (13,504)
----------
Bargain purchase on acquisition 2,623
--------------------------------------------- ----------
Note 11: Events after the reporting period
No material adjusting or non-adjusting events have occurred
subsequent to the year end other than the proposed dividend
disclosed in note 8 and the completion of the acquisition of
Helogistics described above.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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