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For Over 35 Years FERREXPO PLC A NN UA L REPORT A ND A CCO U NT S 2014 SUPPLYING THE WORLD WITH IRON ORE PELLETS for over 35 YEARS FERREXPO PLC ANNUAL REPORT AND ACCOUNTS 2014 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS FERREXPO IS AN IRON ORE PELLET PRODUCER WITH MINES IN UKRAINE AND TRANSPORT AND saLES OPERATIONS THROUGHOUT THE WORLD. Since Ferrexpo’s IPO in June 2007, it has maintained a premium listing on the main market of the London Stock Exchange. The Group operates to high standards of corporate governance. Ferrexpo is the largest exporter of iron ore pellets in the Former Soviet Union (the “FSU”) and the fifth largest supplier of pellets to the global steel industry. As a result of the Group’s large iron ore deposit, significant past investment into its operations and its established logistics infrastructure, the Group is an efficient and competitive producer of premium iron ore pellets on a delivered basis to its well regarded customer base around the world. Yeristovo Poltava mine mine The town of Komsomolsk Pelletiser facilities Concentrator Tailings facilities dam STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS ABOUT FERREXPO Ferrexpo’s resource base is one of the largest iron ore deposits in the world. As of 1 January 2015, the Group had 6.7 billion tonnes of JORC classified resources and, in addition, it had 13.1 billion tonnes of FSU classified resources. At today’s production rates, Ferrexpo believes there are enough reserves for more than 50 years of production. The resource consists of nine magnetite mineral deposits, with an average iron content of 32%. PROCESSING AND LOGISTICS GLOBAL CUSTOMER BASE The mining and processing operations are located on the The Group is export-oriented, with virtually all of its sales banks of the Dnieper River, next to the city of Komsomolsk, made to a diversified customer base in Austria, China, in the Poltava region of central Ukraine. Japan, Germany, Slovakia as well as other European and Asian countries. Ferrexpo has marketing offices The ore mined is beneficiated into high grade concentrate, in China, Japan, Singapore, Switzerland, the UAE and which is then fired into iron ore pellets. Ferrexpo currently sell Ukraine, which are dedicated marketing and trading arms two types of pellets which differ primarily due to the amount and manage the Ferrexpo’s customer relationships. of iron content they contain – 65% Ferrexpo Premium Pellets (“FPP”) and 62% Ferrexpo Basic Pellets (“FBP”) Ferrexpo’s approach is based on building long-term relationships with customers who produce high-quality The Group’s logistics infrastructure enables it to transport its steel and have a competitive advantage in their chosen pellets by rail, primarily with Ferrexpo’s own rail cars, from the markets. The Group enters into long-term supply contracts mines to the western border of Ukraine to connect with the with such customers and this, combined with Ferrexpo’s European rail network and to the southern port of TIS-Ruda low cost base, facilitates a stable sales volume across for seaborne shipments various industry cycles and has allowed Ferrexpo to maintain positive operating cash flows since 2006. The significantly shorter shipping distance to both Europe and Asia from Ukraine, compared to our key Brazilian pellet producing peers, allows us to deliver pellets on a competitive basis to these markets. CAPITAL INVESTMENT US$MILLION 430 378 276 278 US$ BN 232 2.0 We have invested approximately US$2 billion into our mining, and logistics operations since our IPO in 2007. 167 105 As of 31 December 2014, Ferrexpo completed a major 86 programme of modernisation and expansion of its mining and logistics operations, which included an upgrade of the existing facilities and the development of FYM and its associated 2 0 0 7 2 0 0 8 2 0 0 9 2 0 10 2 0 11 2 0 12 2 0 13 2 0 14 infrastructure. As a result Ferrexpo has 12 million tonnes of installed pelletising capacity KEY STRENGTHS Ferrexpo’s business is well positioned due to the following key strengths: – Producer of iron ore pellets, a premium product; – Reliable and competitive cost producer on a delivered basis; – Well invested asset base following a significant modernisation programme; +35yrs 11.0 Mtns – High quality and diverse customer portfolio under long-term Ferrexpo has been mining and In 2014, the Group produced framework agreements; processing high quality iron 11.0 million tonnes of pellets, a – Integrated rail, port and shipping and barging capabilities; ore pellets for the global steel 2% increase compared to 2013. – Significant resource base to support current production levels; industry for over 35 years. and – Strong corporate governance and experienced management team. STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS THE FERREXPO BUSINESS MODEL Ferrexpo’s vision is to continually grow the Group’s output of iron ore by developing our substantial resources in a sustainable and environmentally sensitive manner whilst developing our people and allowing them to achieve their full potential. OUR COMPETITIVE ADVANTAGES ACROSS THE IRON ORE VALUE CHANGE DEVELOPMENT MINING PROCESSING LOGISTICS MARKETING LARGE BROWNFIELD LOW COST PELLET A HIGH QUALITY AN INTEGRATED LONG-TERM RESOURCE PRODUCER PRODUCT SOLUTION CUSTOMER RELATIONSHIPS G I N D T E V E E K L R O A P M M E N T L O ADDING G I VALUE S G T N I I C N S I M P R O C E S S I N G UNDERPINNED BY FINANCIAL DISCIPLINE STRONG GOVERNANCE Ferrexpo targets prudent balance Ferrexpo is dedicated to maintaining sheet ratios with net debt levels high standards of corporate governance commensurate with the long-term throughout the Group, as well as iron ore price outlook and the risk instilling a culture of commitment and profile of the business. accountability in all employees. STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS 01 FINANCIAL HIGHLIGHTS 2014 16% 2% INCREASE IN 65%FE PELLETS TOTAL PRODUCTION VOLUMES STRATEGIC REPORT 65% Fe pellet volumes of 5.8 million Production volumes of 11.0 million tonnes IFC About Ferrexpo tonnes (2013: 10.8 million tonnes) IFC Ferrexpo Business Model (2013: 65% Fe pellet 5.0 million tonnes) 01 Financial Highlights 2014 02 Overview of Business Model 02 Open Pit Mining 04 A Low Cost Producer 06 A Central Location 08 A Responsible Approach 10 Strategic Framework 12 Progress Against Strategy 14 2014 Performance Review % % 26 Principal Risks 4 47 32 Corporate Social Responsibility SALES VOLUME IRON ORE PRICES Sales volumes of 11.2 million tonnes The 62% Fe CFR fines iron ore price CORPORATE GOVERNANCE (2013: 10.7 million tonnes) to China declined 47% in 2014 to 38 Board of Directors US$72/tonne 40 Executive Committee (31 December 2013: US$135/tonne) 41 Corporate Governance Report 50 Remuneration Report 66 Directors’ Report 70 Statement of Directors’ Responsibilities US$ BN FINANCIAL STATEMENTS 1.4 23% 71 Financial Contents 72 Independent Auditor’s Report to REVENUE C1 CASH COST the Members of Ferrexpo plc Revenue declined by 12% The C1 cash cost declined 23% 79 Consolidated Income Statement (2013: US$1.6BN) to US$46/tonne 80 Consolidated Statement of (2013: US$60/tonne) Comprehensive Income 81 Consolidated Statement of Financial Position 82 Consolidated Statement of Cash Flows 83 Consolidated Statement of Changes in Equity 84 Notes to the Consolidated Financial US$ M ¢ Statements 496 30.39 137 Parent Company Balance Sheet 138 Notes to the Parent Company EBITDA DILUTED EARNINGS Financial Statements EBITDA declined by 2% PER SHARE 141 Appendix 1 – Subsidiary Risks (2013: US$506 millon) Earnings per share declined by 32% 143 Glossary (2013: US44.69 cents) 147 Shareholder Information The future is in our hands Ferrexpo believes that a successful business and a sustainable business are one and the same. For more information please visit our website ferrexpo.com FERREXPO PLC ANNUAL REPORT AND ACCOUNTS 2014 STRATEGIC REPORT CORPORATE GOVERNANCE 02 FINANCIAL STATEMENTS OVERVIEW OF BUSINESS MODEL OPEN Pit miNING with a LONG-LifE RESOURCE Ferrexpo’s significant resource base is situated along a single ore body, which allows for efficient expansion through brownfield developments. The development of the Yeristovo pit (FYM) was the first new open pit in the Former Soviet Union since Independence. 20.7 Mtns OF IRON ORE PROCESSED IN 2014 AT FPM 9.3 Mtns OF IRON ORE PROCESSED IN 2014 AT FYM FERREXPO PLC ANNUAL REPORT AND ACCOUNTS 2014 STRATEGIC REPORT CORPORATE GOVERNANCE FINANCIAL STATEMENTS 03 BROVARKOVSKOYE 4.0BT 13.1 BT MANUILOVSKOYE 3.4BT FSU SOVIET CLASSIFIED KHARCHENKOVSKOYE 2.8BT RESOURCES 50yrs VASILIEVSKOYE 1.4BT ZARUDENSKOYE 1.5BT AT TODAy’s production RATES, THE GROUP HAS ENOUGH RESERVES FOR GALESCHINSKOYE 0.3BT MORE THAN FIFTY YEARS of production 6.7 BT BELANOVSKOYE 1.7BT J O R C CLASSIFIED RESOURCES YERISTOVSKOYE 1.2BT MINE LIFe – 22 YEARS GORISHNE-PLAVNINSKOYE & LAVRIKOVSKOYE 3.5BT MINE LIFe – 23 YEARS JORC Reserve Statements as at 1 January 2015 Ore Reserves Fe grade Fe grade Proved Fe grade total magnetite Probable Fe grade total magnetite Deposit (million tonnes) (% Fe tot) (% Fe mag) (million tonnes) (% Fe tot) (% Fe mag) Gorishne-Plavninskoye(1) 181 26 17 475 30 22 Lavrikovskoye(1) 34 31 21 88 32 23 Yeristovskoye(2) 242 34 27 418 32 25 JORC Reserves 457 31 23 981 31 23 1 The reserves estimates for the GPL deposits are those estimated in the report by Turgis Consulting (Pty) Ltd. dated 25 July 2008, less our estimates of the volume of ore mined from GPL deposits between 2008 and 31 December 2014 from the estimates stated in that report. 2 The reserves estimates for the Yeristovskoye deposits are based on a report by Royal Haskoning DHV (UK) Ltd.
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