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View Annual Report Ferrexpo plc Ferrexpo Annual Report and Accounts 2007 Accounts and Report Annual Positioned for growth Ferrexpo plc Registered Office: 2-4 King Street London SW1Y 6QL Ferrexpo plc www.ferrexpo.com Annual Report and Accounts 2007 Company overview Business review Sustainable development Corporate governance Financial statements review IFC Activity and mission 18 Overview 36 Commitment 46 Corporate Governance 64 Accounts and notes statements 19 Market environment 37 Health and safety report 01 Operational and financial 20 Supply 40 Environment 51 Remuneration report highlights 21 Performance review 43 Employees 57 Directors’ report 02 Ferrexpo at a glance 22 Business Improvement 44 Communities 62 Statement of Directors’ 04 Chairman’s statement Programme responsibilities 08 Chief Executive Officer’s 23 Growth projects 63 Independent auditors’ review 25 Marketing report 12 Chief Executive Officer’s 28 Risks questions and answers 30 Financial review 14 Board of Directors and 33 Key performance Executive Committee indicators 108 Glossary Ferrexpo is a resources company listed on the London Stock Exchange and a member of the FTSE 250 index. Ferrexpo is headquartered in Switzerland, with its principal operating assets in Ukraine. The Company is primarily involved in the production and export of iron ore pellets, used in producing steel. We are committed to realising the potential of one of the largest iron ore resources in the world, and aim to be recognised as a leading global supplier of iron ore pellets, providing outstanding service to our customers and strong returns to our shareholders. This Annual Report includes statements that are forward looking in nature, particularly relating to the business, strategy, investments, production, major projects and their contribution to expected production and other plans of the Ferrexpo Group and its current goals, assumptions and expectations relating to its future financial condition, performance and results. Forward looking statements involve known and unknown risks, assumptions, uncertainties and other factors that may cause the actual results, performance or achievements of the Ferrexpo Group to be materially different from any future results, performance or achievements expressed in or implied by such forward looking statements. Past performance is no guide to future performance, and persons in need of advice should consult an independent financial adviser. The forward looking statements reflect knowledge and information available at the date of preparation of this Annual Report. Except as required by the Listing Rules, the Disclosure and Transparency Rules and applicable law, Ferrexpo undertakes no obligation to update or change any forward looking statements to reflect events occurring after the date of this document. Nothing in this Annual Report should be construed as a profit forecast. Ferrexpo plc Annual Report and Accounts 2007 Company overview 01 Operational and financial highlights – – 10000– – 698.2 8000–- 9,072 - 20.41 –- 8,550 -246.1 563.4 - 7,757 17.42 547.3 6000–- – 185.2 4000– 149.1 – 10.47 2000– – 2005 2006 2007 2005 2006 –2007 2005 2006 2007 2005 2006 2007 Revenues (US$million) EBITDA (US$million) EPS (US cents per share) Production volumes (Kt) A year of growth US$698m 65% 3.2 US cents revenue up by 28% EBITDA up 65% to dividend of 3.2 US cents to US$698m US$246m per Ordinary Share 128% 9% underlying earnings1 up by increase of 9% in iron ore 128% to US$152m output to 28.9 million tonnes 19% 63% increase in production of high quality (65% Fe) pellets EBIT for the year up by 63% to from Company’s own ore US$187m 1 See Glossary 02 Ferrexpo plc Annual Report and Accounts 2007 Company overview Ferrexpo at a glance Our business at a glance Where we operate Our operations are located in central Ukraine, giving us an unmatched competitive advantage in 749 miles terms of logistics, making 12 us an iron ore producer 1 11 3 with one of the lowest 9 Ukraine costs of supply to our 7 7 13 4 2 principal customers. 5 6 8 Ferrexpo transports its product via rail and barge to its customers in Eastern and Central Europe, Turkey and to the Port of Yuzhny on the Black Sea for onward 1,105 miles 10 transport by ship to China, Japan and India. Superior logistics management is 1,786 miles 15 the key to maximising the benefit of our 14 location on the doorstep of Europe. The Group owns half of the TIS-Ruda private bulk commodity terminal at Yuzhny, the only one of its kind in the former CIS, and is in the process of building up its own fleet of railway cars. 3,151 miles 1 Netherlands 4 7 7 Bulgaria 10 13 Poland Romania Czech Republic 2 Serbia 5 8 Austria 11 14 Russia Italy Middle East 3 Germany 6 9 Turkey 12 15 Slovakia Markets served by rail Markets served by ocean vessel Markets part served by ocean vessel Ferrexpo plc Annual Report and Accounts 2007 Company overview 03 Our operations Further potential Ferrexpo’s operations • Four large northern deposits • Approximately 14bt of magnetitic ore are situated on the reserves, classified under the Soviet GKZ Kremenchug Magnetic code Anomaly, a 50km long iron Brovarskoye ore deposit in Ukraine’s Our projects Poltava region, making it Manuilovskoye the largest iron ore Three large, well-explored resource in Europe. The Kharchenkovskoye deposits Group holds the licences to Galeschinskoye explore or mine the entire Mine concept studies currently under way • 325mt high-grade haematite deposit deposit, with its current Vasilevskoye (c.60% Fe content) within a larger operations situated at the magnetite deposit southern end of the Belanovskoye Galeschinskoye Pre-feasibility study currently under way deposit, adjacent to the • 1.6bt of JORC-classified resource Dnieper River. (magnetite, c.30% Fe content) • Large open-cut mine planned – Belanovskoye c.45mtpa of iron ore • Plan includes dedicated new processing and pelletising facilities Our operating asset Yeristovskoye The GPL Mine Yeristovskoye Our most advanced growth project. A single open-cut mine, 6km long Detailed feasibility study under way and 300m deep • Over 800mt of JORC-classified resource • Encompassing two deposits – Gorishne- (magnetite, c.30% Fe content) Lavrikovskoye Plavninskoye and Lavrikovskoye • Open-cut mine planned – approximately • Produced 29mt of iron ore in 2007, 27mtpa of iron ore equating to 9.1mt of pellets • Plan includes dedicated new processing • Announced expansion to and pelletising capacity approximately 32mtpa of iron ore by late • US$47m of capex committed to Gorishne- draglines in 2007 2010, and an extension of the mine Plavninskoye life to at least 2035 in November 2007 • Pre-stripping commences in 2008 • 1.6bt of JORC-classified • First ore in 2011 resource remaining (magnetite, Dnieper River c.30% Fe content) • Processing and pelletising capacity of over 12mtpa 04 Ferrexpo plc Annual Report and Accounts 2007 Company overview Chairman’s statement 2007 year in review An eventful and successful year Revenues for 2007 were up 27.6% at I am pleased to report that Ferrexpo has achieved strong US$698.2m (2006: US$547.3m). Pre-tax profit operational and financial performance in its first financial increased by 99% to US$160.8m (2006: US$80.7m). Group EBITDA for the period reporting period as a publicly listed company. The Group increased by 65% to US$246.1m (2006: has made considerable progress towards its stated US$149.1m). objective of becoming a world-class resources company. Market environment We are committed to best practice in our operations, The Group achieved an average price of US$72.3 per tonne of pellets sold in 2007, a marketing and corporate governance, and we are 17% increase over the average achieved developing a significant and realistic growth programme. price in the previous year (2006: US$61.8 per tonne). International iron ore benchmark price increases in 2007 had a positive effect on a number of our pellet contracts. We were successful in our continued efforts to increase prices to appropriate levels on a delivered, ‘value in use’ basis which resulted in Group average price outcomes in line with Performance in 2007 the international Notwithstanding the highest priority we benchmark. At year end, the Group was attach to the health and safety of our selling approximately 85% of its output to people, we incurred a fatal injury at our established clients on the basis of long Poltava mine in November. Regrettably, in term supply agreements. 2008, we have suffered a further two fatal accidents at this site. These tragedies are Globally, iron ore is currently in short totally unacceptable and have provided a supply, driven by demand from developing rallying point for us to redouble our efforts nations, in particular China and India, and in continuing to introduce best practice in in our core Eastern European markets, health and safety management. We have where per capita steel consumption now appointed Du Pont Safety Resources continues to grow in line with their strong which has an outstanding record of success economic growth. This demand and supply in assisting companies to achieve a ‘zero dynamic has led to the increases in harm’ objective. international benchmark prices outlined above, and we anticipate further uplifts to We increased production from our existing our product prices in the current year on mine for the sixth consecutive year. The the back of continued demand growth. Our Group produced 9.1mt of iron ore pellets, customers forsee continuing solid demand an increase of 6% compared to 2006. for steel in 2008. Pellet production from our own produced ore rose from 8.1mt in 2006 to 8.8mt in The global steel industry has also been 2007, and we produced 19% more high subject to increased environmental limits quality 65% Fe pellets from our own ore.
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