Ferrexpo reports 1Q15 financials
28 May 2015
Revenue at Ukraine’s leading iron ore pellet exporter Ferrexpo (FXPOLN, FXPO LN) dropped 38% yoy to USD 258 mln in 1Q15, according to its May 28 quarterly report. The top line decline was caused by a 2% yoy decrease in pellet shipment volumes (to 2.79 mmt) and a 37% yoy plunge in average pellet prices (to about USD 92/t). The company’s C1 pellet costs decreased slightly less than prices did: -34% yoy to USD 33.2/t, which resulted in a 37% yoy decrease in the company’s gross profit to USD 148 mln. Its EBITDA plunged 41% yoy to USD 112 mln in 1Q15.
The company’s net debt increased 3% YTD to EUR 695 mln, while its ratio of net debt-to-LTM EBITDA deteriorated to 1.7x in 1Q15, from 1.4x in 2014 and 1.2x in 1Q14.
