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Annual Report, Including the Financial Report, for the Year Ended 30 June 2015

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Annual Report, Including the Financial Report, for the Year Ended 30 June 2015 APPENDIX 4E For the year ended 30 June 2015 This information should be read in conjunction with Fortescue’s Annual Report, including the Financial Report, for the year ended 30 June 2015. Name of entity Fortescue Metals Group Limited ABN 57 002 594 872 Results for announcement to the market US$ million Revenue from ordinary activities down 27% to 8,574 Profit from ordinary activities after tax attributable to members down 88% to 317 Net profit attributable to members down 88% to 317 Amount Franked amount Dividends per security per security Financial year ended 30 June 2015: Interim – ordinary A$0.03 A$0.03 Final – ordinary A$0.02 A$0.02 Previous corresponding period: Interim – ordinary A$0.10 A$0.10 Final – ordinary A$0.10 A$0.10 Ex-dividend date of final dividend 3 September 2015 Record date of final dividend 7 September 2015 Payment date of final dividend 5 October 2015 Dividend Reinvestment Plan Net tangible asset backing The Company operates a Dividend Reinvestment Plan (the Plan) which Net tangible asset backing per ordinary shares: US$2.41 allows eligible shareholders to elect to invest dividends in ordinary (previous corresponding period: US$2.41). shares which rank equally with the ordinary shares of the Company. The allocation of price for shares under the Plan will be calculated as the average of the daily volume weighted average market price of all Previous corresponding period Fortescue shares traded on the Australian Securities Exchange during the period of ten trading days commencing on the second day after the The previous corresponding period is the 12 months ended 30 June 2014. record date of 7 September 2015, being 9 September 2015. The last date for receipt of applications to participate in or to cease Audit For personal use only or vary participation in the Plan is by 5:00pm (WST) on 8 September 2015. The Directors have determined that no discount shall apply to the allocation This report is based on financial statements which have been audited. price and the Plan will not be underwritten. Shares to be allocated under the Plan will be acquired on market and transferred to participants on 5 October 2015. A broker will be engaged to assist in this process. Commentary on results for the period A commentary on the results for the period is contained within the A copy of the Plan Rules is available at Annual Report, including Financial Report, that accompany this www.fmgl.com.au/Investors_and_Media announcement. www.fmgl.com.au I @FortescueNews Working together. Delivering results. ABN 57 002 594 872 I 2015 Annual Report For personal use only THE YEAR AT A GLANCE SAFETY Operating cost Total Recordable 5.1 Injury Frequency Rate (TRIFR) 21% 165.4 Revenue million tonnes shipped for FY15 US$8.6 13% billion Aboriginal employment achieved Fifth berth at Herb Elliott Port Commissioned March 2015 Fortescue River A$ Gas Pipeline 1.8 billion construction completed Contracts to Aboriginal companies and JVs For personal use only 17.3 2.4 billion tonnes Ore Reserves Mineral Resources ABOUT FORTESCUE Overview 3 Fortescue Metals Group is a global leader in the iron ore industry, recognised for its culture, innovation and industry-leading development of world class infrastructure and mining assets in the Pilbara, Western Australia. Since it was founded in 2003, Fortescue has discovered and developed significant iron ore deposits and constructed some Operating and Financial Review 19 of the largest mines in the world. The Chichester Hub, which includes the Cloudbreak and Christmas Creek mines, is located in the Chichester Ranges, and produces more than 90 million tonnes per annum (mtpa) of iron ore and an additional six mtpa from Fortescue’s joint venture with BC Iron. The Solomon Hub is located in the Hamersley Ranges, and includes Reserves and Resources 33 the Firetail and Kings Valley mines which produce in excess of 70 mtpa. Fortescue has constructed world class facilities at its five berth Herb Elliott Port in Port Hedland, and operates the fastest, heavy haul railway in the world with up to 42 tonne axle load capacity over 620km of track, including 12 bridges. The company is now producing 165 million tonnes of iron ore per annum and is focused on being the safest, lowest cost, Corporate Social Responsibility 45 most profitable iron ore producer. As a proud West Australian company, Fortescue values its relationship with key stakeholders by working together to positively manage and create opportunities for Aboriginal people, communities, the environment and the broader Australian economy. Governance 75 ABOUT THIS REPORT This report has been prepared for Fortescue’s stakeholders in line with our statutory and regulatory obligations. The Company is committed to becoming the safest, lowest cost, most profitable iron ore producer and the information within this report outlines Financial Report 93 Fortescue’s performance and the journey to realising this vision in a manner that reflects the Company’s core values. This report provides a summary of Fortescue’s operations and financial position for the financial year ended 30 June 2015. All references to Fortescue, the Group, the Company, we, us and our refer to Fortescue Metals Group Limited (ABN 57 002 594 872) and its subsidiaries. All references to a year are the financial year Remuneration Report 143 ended 30 June 2015 unless otherwise stated. All dollar figures are in US currency unless otherwise stated. For personal use only Corporate Information 163 FORTESCUE METALS GROUP LIMITED 2015 ANNUAL REPORT I 1 OPERATINGThe best address AND FINANCIAL for iron REVIEW ore HIGHLIGHTS Fortescue holds the largest tenement position in the Pilbara. For personal use only 2 I FORTESCUE METALS GROUP LIMITED OVERVIEW Operating and Corporate Social Overview Reserves and Resources Governance Financial Report Remuneration Report Corporate Information 3 I Financial Review Responsibility 2015 ANNUAL REPORT 2015 ANNUAL FORTESCUE METALS GROUP LIMITED METALS FORTESCUE Report Report Information I Remuneration I Corporate For personal use only I Operating and Financial Review I Reserves and Resources I Corporate Social Responsibility I Governance I Financial Social I Reserves Responsibility I Governance and Resources I Corporate Review and Financial I Operating Overview OVERVIEW CHAIRMAN’S MESSAGE Andrew Forrest I am delighted to provide the Chairman’s Report on your Company’s While we too can make good money on incremental expansion tonnes, performance during the 2014-15 financial year. Our operations are we fail to see any logic in doing so when we lower the value for all our mining, processing, shipping and exploring our valuable iron ore at tonnes we produce on your behalf. The net gain on the extra tonne is a steady canter of 165 million tonnes per annum. Sitting within our completely overwhelmed by the overall loss caused by lowering the iron arsenal is the ability to accelerate production significantly, quickly ore price, by pushing incremental tonnes into a market that doesn’t want and very cost efficiently. Operating costs, which continue to fall, are them. The logic that you keep expanding just because you can squeeze already a match for the best in the industry. an extra tonne out of your machines, applies well to mining juniors that won’t put a dent in the market, but is market vandalism and self harm At Fortescue, you “always do what you say you are going to do”. As a when industry leaders do it. The buyers make a picnic out of you and shareholder, I am grateful for that attitude because during a year of that’s exactly what happened to the Australian iron ore industry. intense price volatility in the iron ore market, our Company has delivered outstanding results across the key performance measures of safety, And that industry is massive. It impacts every Australian and every production and cost, and accumulated substantial cash on our balance Australian is a stakeholder. At Fortescue we have worked hard to educate sheet. The strength of the relationships we enjoy with our customers are the media, government and the broader community of the importance driven not only because we produce exactly the product they need, but of iron ore to the Australian economy, responding to the urgent need also because the substantial market share they have given us is met for much greater transparency on the practices, contribution and with deep respect. They can and do rely on us because our product is challenges for the industry as a whole. It’s only fair the public receives predictable, excellent value, and our team is great to deal with. the same level of information as well run national industries. Previously the iron ore industry has studiously resisted such transparency, using As of 30 June 2015 we have US$2.4bn in cash and as such net debt industry bodies and lobbyists to pursue this objective. of US$7.2bn. Our world class assets are worth in the tens of $billions. Today, like every other, we will add several million dollars to that Iron ore is inelastic in demand. That simply means our customers have balance sheet - while employing some 8,600 people. Your Company is a strong need for the product to a point and are not particularly price in great shape and, of all the majors, we are proud to pay our fair share sensitive up to reaching that point. However, once that need has been of tax. We are the only iron ore major to not channel iron ore through realised, any further product offering will see the price collapse. We have offshore tax minimising marketing hubs. seen that this year. Our customers won’t take more iron ore even if our competitors offered to give it away.
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