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Annual Report & Accounts Report Ferrexpo Plc 2018 Annual

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Annual Report & Accounts Report Ferrexpo Plc 2018 Annual FERREXPO PLC ANNUAL REPORT 2018 ANNUAL REPORT & ACCOUNTS for over 40 years SINCE 1977, FERREXPO HAS SUPPLIED HIGH QUALITY IRON ORE PELLETS TO THE WORLD’S STEEL INDUSTRY. WE HAVE BEEN LISTED ON THE LONDON STOCK EXCHANGE FOR OVER 10 YEARS. The Group has had a premium listing on Ferrexpo is the largest exporter of iron ore the Main Market of the London Stock pellets in the Former Soviet Union (the Exchange since its IPO in June 2007 and it “FSU”) and currently the third largest is currently a constituent of the FTSE 250 supplier of blast furnace pellets to the Index and the FTSE4Good Index. global steel industry. For more information See pages 20-23 BUT IT’S THE FUTURE THAT INSPIRES US. OUR VISION IS TO KEEP ON GROWING BY DEVELOPING OUR PLENTIFUL RESOURCES AND ENABLING OUR PEOPLE TO PERFORM TO THEIR BEST. 01 Ferrexpo plc Annual Report & Accounts 2018 GROUP PERFORMANCE 2018 STRATEGIC REPORT LOST TIME INJURY FREQUENCY RATE TOTAL PRODUCTION Welcome to Ferrexpo IFC STRATEGIC REPORT STRATEGIC Group Performance 2018 01 Ferrexpo at a Glance 02 High Value Sector 03 x MT Long-Life Resource Base 04 1.18 10.6 Group LTIFR in line with 2017 (2017: 1.17x) 94% of production of 65% Fe pellets (2017: Low Cost and Well Invested Production 1 fatality during the year (2017: 1) total production 10.4Mt, 95% of production Process 05 of 65% Fe pellets) High Quality Product 06 Established Logistics 07 World Class Customer Base 08 REVENUE Sustainable Future 09 Business Model 10 Production Process 12 Chairman’s Statement 16 GOVERNANCECORPORATE Market Review 20 US$1.3BN Performance Review 24 (2017: US$1.2BN) Strategic Framework 32 Key Performance Indicators 34 Risk Management 36 UNDERLYING EBITDAA PROFIT FOR THE YEAR Principal Risks 38 Viability Statement 48 Responsible Business 49 US$503M US$335M (2017: US$551M) (2017: US$394M) CORPORATE GOVERNANCE Board of Directors 60 A Executive Committee 62 DILUTED EPS NET DEBT TO EBITDA STATEMENTS FINANCIAL Corporate Governance Report 63 Independent Review Committee Report 69 Audit Committee Report 71 Nominations Committee Report 76 ¢ x Relations with Shareholders 77 56.7 0.67 Remuneration Report 78 (2017: 66.9 US CENTS) (2017: 0.72x) Directors’ Report 94 Statement of Directors’ NET CASH FLOW FROM DIVIDEND PER SHARE Responsibilities 98 OPERATING ACTIVITIES FINANCIAL STATEMENTS Independent Auditor’s Report US$292M 23.1¢ to the Members of Ferrexpo plc 100 (2017: US$353M) (2017: 16.5 US CENTS PER SHARE) Consolidated Income Statement 110 Consolidated Statement of Comprehensive Income 111 Consolidated Statement of Financial Position 112 Consolidated Statement of ALTERNATIVE Cash Flows 113 PERFORMANCE MEASURES Consolidated Statement Words with the symbol A of Changes in Equity 114 are defined in the Alternative Notes to the Consolidated Performance Measures Financial Statements 115 section of the Annual Report Parent Company Statement on pages 169-171. of Financial Position 162 Notes to the Parent Company Financial Statements 164 Additional Disclosures 168 Alternative Performance Measures 169 Glossary 172 Shareholder Information 176 02 Ferrexpo plc Annual Report & Accounts 2018 FERREXPO AT A GLANCE Ferrexpo’s strong business profile enables the Company to create long-term sustainable value for all stakeholders. 01 HIGH VALUE 02 LONG-LIFE SECTOR RESOURCE BASE Ferrexpo’s products are used to create Ferrexpo has a significant resource base high value steels that are used for with 6.5 billion tonnes of JORC classified sophisticated end-user products. resources and 13 billion tonnes of FSU classified resources. For more information See page 3 For more information See page 4 03 LOW COST AND 04 HIGH QUALITY 05 ESTABLISHED WELL INVESTED PREMIUM PRICED LOGISTICS PRODUCTION PELLETS INFRASTRUCTURE Ferrexpo receives a price premium for its The Group exports all of its production PROCESS product compared to the benchmark and transports its pellets by rail, barge or Ferrexpo is one of the lowest cost pellet 62% Fe iron ore fines price, CFR China. sea to customers around the world. producers in the world. Since its IPO in For more information For more information 2007, it has invested over US$2.3 billion See pages 6, 20-23, 25 See page 7 into modernising and expanding its operations. For more information See pages 5, 12-15 07 SUSTAINABLE FUTURE Ferrexpo has been profitable through 06 WORLD CLASS every trough in the commodities cycle due to its well invested asset base, CUSTOMER BASE long-term customer relationships, skilled workforce and high quality product. This Ferrexpo has a high quality customer list ensures the Group can continue to make consisting of the most ‘crisis-resistant’ a positive contribution to the societies in steel mills in the world. which it operates. For more information See pages 8, 29 For more information See pages 9, 49-59 03 Ferrexpo plc Annual Report & Accounts 2018 HIGH VALUE SECTOR REPORT STRATEGIC CORPORATE GOVERNANCECORPORATE Supply of pellets peaked in 2010 at c.150MT 2010 2018 % change STATEMENTS FINANCIAL MT exports exports vs 2010 Exports of pellet feed 30 91 203% Exports of pellets 151 132 (13)% Exports of lump 160 285 78% Exports of fines 759 1,133 49% Total exports 1,100 1,641 49% Source: management estimates and CRU (Market Outlook January 2019) Iron ore pellets are the highest value IRON ORE FINES/ form of iron ore. It is a niche market IRON ORE with high barriers to entry, including LUMP/PELLET FEED the requirement to beneficiate and PELLETS upgrade the iron ore and high capital Fines (150μm – 6.8mm) – From hematite ore, c.70% of global costs to establish a full mine-to-port Pellets (10mm) iron ore exports – From magnetite, c.8% of global exports pelletising operation. Pellets are the – Global benchmark for iron ore pricing – Uniform in size and composition most productive source of iron ore a – Agglomerated into ‘sinter’ at the sinter (c.62-65% iron content) plant of a steel mill before use in a steel mill can use. – Highest value form of iron ore since furnace. The resultant operating cost pellets are the most efficient source causes fines to have a lower of iron for a steel furnace relative value – Pellets reduce energy requirements, slag volumes and air emissions in the Lump (6.8mm – 15mm) steelmaking process while improving the – From hematite. c.17% of global exports quality of the final product… – Can be charged directly into furnace, – … and thus command a premium enabling steel producer to avoid on the market relative to fines, lump sintering, thus sold at premium to fines and concentrate – Manufactured by agglomeration Pellet feed (60μm – 150μm) % of concentrate (“pellet feed”) in a PELLETS MAKE UP 8% – From magnetite – also known as 8 pelletising plant OF GLOBAL IRON ORE EXPORTS concentrate, c.6% of global exports – Lowest value form of iron ore, since the required pelletising is more costly than the sintering required for fines 04 Ferrexpo plc Annual Report & Accounts 2018 FERREXPO AT A GLANCE CONTINUED 02 Ferrexpo’s significant magnetite resource base is situated along a single ore body, which allows for efficient expansion through brownfield developments LONG-LIFE Magnetite ore allows for isolation of iron units so as to produce a uniform and high iron content product. Magnetite ore is RESOURCE BASE exothermic which reduces energy requirements and lowers costs. 4.0BT 3.4BT 1.4BT 1.7BT 3.4BT BROVARKIVSKE MANUILIVSKE VASYLIVSKE BILANIVSKE GORISHNE-PLAVNINSKE- LAVRYKIVSKE (“GPL”) 0.3BT GALESCHYNSKE JORC CLASSIFIED RESOURCES FORMER SOVIET UNION (NON-JORC) CLASSIFIED RESOURCES 2.8BT 1.5BT 1.1BT KHARCHENKIVSKE ZARUDENSKE YERYSTIVSKE AT CURRENT PRODUCTION RATES, THE GROUP HAS + ENOUGH RESERVES FOR OVER 40 YEARS OF PRODUCTION BT 13FORMER SOVIET UNION CLASSIFIED 40 RESOURCE BT 6.5JORC CLASSIFIED RESOURCES JORC Reserve Statements as at 1 January 20191 Proved Fe total Fe magnetic Probable Fe total Fe magnetic Deposit Mt % % Mt % % Gorishne-Plavninske-Lavrykivske (“GPL”) 169 27 17 516 30 22 Yerystivske 195 34 27 417 32 25 JORC Reserves 364 31 22 933 31 23 JORC Resource Statements as at 1 January 2019² Fe Fe Fe Measured Fe total magnetic Indicated Fe total magnetic Inferred Fe total magnetic Deposit Mt % % Mt % % Mt % % Gorishne-Plavninske-Lavrykivske (“GPL”) 312 30 20 1,645 31 23 1,442 31 23 Yerystivske 200 34 27 556 33 26 364 30 23 Bilanivske 336 31 24 1,149 31 23 217 30 21 Galeschynske – – – 268 55 – 58 55 – JORC Resources 848 31 23 3618 33 22 2081 31 22 1. The ore reserves estimates for the GPL deposits were calculated based on a review conducted by Turgis DHV Mining Consultants in May 2009 less the volume of ore mined from GPL deposits between May 2009 and 31 December 2018. 2. The ore reserve estimates are based on a report by Royal Haskoning DHV dated September 2013. The ore reserves estimates for Yerystivske deposit has been depleted in line with the volume of ore mined between September 2013 and 31 December 2018. 05 Ferrexpo plc Annual Report & Accounts 2018 03 – Since 2007, the Group has REPORT STRATEGIC increased output of 65% Fe pellets LOW COST AND by 168% – Since 2007, the Group has increased total annual production WELL INVESTED volumes by 17% – By 2021, the Group plans to increase production volumes by 15% to 12Mt PRODUCTION GOVERNANCECORPORATE – Thereafter, the Group aims to increase production volumes PROCESS to 20Mt CAPITAL INVESTMENTA (US$M) 07 Acquired 49.5% of berth at Port Yuzhny 105 enabling seaborne shipments FINANCIAL STATEMENTS FINANCIAL 08 Start of development of FYM 276 (new open pit mine) 09 86 10 Acquired barging operation on 167 Danube River to transport pellets 11 Commenced modernisation 378 & quality upgrade programme at FPM 12 First ore 430 at FYM 13 First shipment of capesize vessels to 278 customers in Asia 14 Completion of FPM’s quality upgrade programme 232 & ramp up of premium 65% Fe pellets; refurbishment of first pellet line 15 Increased ownership of rail cars to 65 transport 80% of production volumes 16 48 US$2.3BN 17 Commencement of Concentrator Expansion INVESTED SINCE IPO 103 Programme (“CEP1”); refurbishment of second pellet line 18 Completion of Medium Fine Crushing 1 (“MFC1”), increased 135 maintenance vs.
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