Ferrexpo PLC Independent Review (9506O)
04 Februar 2019 - 8:00AM
UK Regulatory
TIDMFXPO
RNS Number : 9506O
Ferrexpo PLC
04 February 2019
4 February 2019
Ferrexpo plc
("Ferrexpo", the "Group" or the "Company")
Independent Review
Ferrexpo's auditors, Deloitte LLP, has received copies of bank
statements directly from a charitable foundation called Blooming
Land, as part of its process to verify Blooming Land's use of
contributions made by Ferrexpo. Blooming Land is a Ukrainian
charity which was established with the primary function of
co-ordinating the Group's CSR programme and provides medical and
social services to local, regional and national communities
throughout Ukraine. As noted in the 1H 2018 results, Blooming Land
and its sub-funds are separately managed.
The copy bank statements from Blooming Land contained as yet
unexplained discrepancies. This has caused the Board of Ferrexpo to
decide to conduct a comprehensive independent review and is in the
process of scoping the work.
As reported in the 1H 2018 results, Ferrexpo donated US$9.5
million to Blooming Land in 1H 2018. Ferrexpo has not made any
further donations to Blooming Land since May 2018.
The Group intends to announce its FY 2018 results as planned on
20 March 2019. At the current time, the Board cannot guarantee that
the review will be complete by then, or complete favourably.
Deloitte has indicated that it may qualify or otherwise modify its
audit opinion relating to the FY 2018 accounts if this is the
case.
Following the Group's 4Q 2018 trading update, as announced on 8
January 2019, Ferrexpo expects full year 2018 EBITDA to be
approximately US$500 million (subject to audit).
This announcement contains inside information in relation to the
Company. The person responsible for making this notification is
Brian McLelland, Interim Company Secretary.
For further information contact:
Ferrexpo:
Ingrid McMahon
Head of Investor Relations +44 207 389 8304
Maitland:
James Isola +44 207 379 5151
Partner
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 ranking it as the 3(rd) 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
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCTIMFTMBAMMML
(END) Dow Jones Newswires
February 04, 2019 02:00 ET (07:00 GMT)
Ferrexpo (LSE:FXPO)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Ferrexpo (LSE:FXPO)
Historical Stock Chart
Von Jul 2023 bis Jul 2024