Details for (FXPO) / Market data / Selftrade

FERREXPO

(FXPO GB00B1XH2C03 GBX)

Value 218.900

Change Today -5.00

Updated17/05 16:35

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PROFILE

Registered Number	5432915
Registered Address	2-4 King Street London United Kingdom SW1Y 6QL
Head Office	Bahnhofstrasse 13 CH-6340 Baar Switzerland SW1Y 6QL
Phone Number	+41 (0) 207 3898300
Fax Number
Website	http://www.ferrexpo.com
Activities	Produces iron ore pellets
Country of Register	GB
Currency	GBX
Short Name	FERREXPO
First Day Traded	22/09/2008
Industrial Sector	Steel
Number of shares	589m

Key People

Michael Abrahams	Chairman
Kostyantin Zhevago	Chief Executive Officer
Raffaele Genovese	Non Executive Director
Wolfram Kuoni	Non Executive Director
Oliver Baring	Non Executive Director
Miklos Salamon	Non Executive Director
Christopher Mawe	Financial Director
Ihor Mitiukov	Non Executive Director

Major Shareholders

ZHEVAGO KOSTYANTIN	51.00%
BXR Group Ltd.	13.02%

Director Deals

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Income Statements £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/12/2007	31/12/2008	31/12/2009	31/12/2010	31/12/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Sales/Revenue	348.89	609.20	415.66	838.71	1,115.37
Cost of Goods Sold (COGS) incl. D&A	169.18	239.73	221.53	315.83	420.12
COGS excluding D&A	155.06	221.12	203.58	296.13	387.32
Depreciation & Amortization Expense	14.12	18.61	17.95	19.70	32.80
Depreciation	14.03	18.46	17.76	19.57	32.22
Amortization of Intangibles	0.09	0.15	0.19	0.13	0.58
Amortization of Deferred Charges	0	0	0	0	0
Gross Income	179.71	369.47	194.13	522.88	695.25
Selling, General & Administrative Expense	71.10	117.37	129.00	165.95	222.45
Research & Development	0	0	0	0.43	0.23
Other Selling, General & Administrative	71.10	117.37	129.00	165.52	222.22
Other Operating Expense	2.55	16.39	1.13	3.34	4.95
Non Operating Income/Expense	-14.41	-9.98	-2.63	-10.92	-10.52
Non-Operating Interest Income	1.62	1.35	1.21	0.88	1.57
Equity in Affiliates (Pretax)	0.34	0.55	0.84	0	0
EBIT	0	0	0	0	0
Unusual Expense	1.06	14.39	1.67	-0.49	0.23
EBIT after Unusual Expense	0	0	0	0	0
Interest Expense	12.24	8.37	10.77	24.10	28.93
Gross Interest Expense	12.24	8.37	10.77	24.10	28.93
Interest Capitalized	0	0	0	0	0
Pretax Income	80.33	204.86	50.97	319.95	429.73
Income Tax	13.35	34.11	6.31	47.28	72.34
Income Tax - Current Domestic	15.57	43.10	6.51	47.91	78.50
Income Tax - Current Foreign	0	0	0	0	0
Income Tax - Deferred Domestic	-2.22	-8.99	-0.20	-0.63	-6.16
Income Tax - Deferred Foreign	0	0	0	0	0
Income Tax Credits	0	0	0	0	0
Minority Interest Expense	4.98	11.24	0.24	1.44	4.44
Equity in Affiliates	0	0	0.84	2.69	1.26
Other After Tax Income (Expense)	0	0	0	0	0
Net Income	62.00	159.51	45.26	273.92	354.21
Extraordinaries & Discontinued Operations	0	0	0	0	0
Extra Items & Gain/Loss Sale Of Assets	0	0	0	0	0
Cumulative Effect - Accounting Chg	0	0	0	0	0
Discontinued Operations	0	0	0	0	0
Net Income After Extraordinaries	62.00	159.51	45.26	273.92	354.21
Preferred Dividends	0	0	0	0	0
Net Income available to Common	62.00	159.51	45.26	273.92	354.21
Operational EPS	0.00	28.10	7.92	46.73	60.52
EPS (basic)	10.20	26.51	7.74	46.85	60.57
EPS (diluted)	10.16	26.43	7.72	46.79	60.49
EBITDA	120.19	254.33	81.95	373.29	500.64
EBIT	0	0	0	0	0
+Depreciation & Amortization Expense	14.12	18.61	17.95	19.70	32.80

Balance Sheet £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/12/2007	31/12/2008	31/12/2009	31/12/2010	31/12/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Cash & Short Term Investments	45.17	61.54	7.81	204.05	572.78
Cash Only	43.69	61.08	7.43	204.05	514.36
Short-Term Investments	1.48	0.45	0.39	0	58.42
Total Accounts Receivable	52.49	89.99	81.45	137.76	194.48
Accounts Receivables, Net	21.89	40.45	22.60	70.92	80.58
Accounts Receivables, Gross	22.09	48.77	26.60	73.40	81.53
Bad Debt/Doubtful Accounts	-0.20	-8.32	-4.00	-2.48	-0.95
Other Receivables	30.60	49.54	58.85	66.84	113.90
Inventories	28.41	42.62	36.93	66.95	75.31
Finished Goods	1.63	10.75	3.18	15.12	15.46
Work in Progress	1.43	2.99	4.68	5.40	7.26
Raw Materials	25.46	29.14	29.36	44.99	50.26
Progress Payments & Other	-0.12	-0.26	-0.29	1.44	2.34
Other Current Assets	3.81	7.99	10.53	14.02	15.81
Prepaid Expenses	3.81	4.76	6.78	6.69	8.66
Miscellaneous Current Assets	0	3.23	3.75	7.34	7.15
Total Current Assets	129.87	202.13	136.72	422.79	858.38
Net Property, Plant & Equipment	183.13	286.86	279.96	413.33	595.00
Property, Plant & Equipment - Gross	253.82	364.61	362.25	516.70	729.69
Buildings	69.25	78.27	80.46	96.73	114.24
Land & Improvements	2.45	2.24	1.93	2.00	5.06
Machinery & Equipment	90.38	98.59	118.39	141.59	177.63
Construction in Progress	37.62	95.30	80.80	113.02	218.17
Leases	0	0	0	0	0
Computer Software and Equipment	0	0	0	0	0
Leased Property	0	0	0	0	0
Transportation Equipment	46.57	76.34	68.37	108.89	153.28
Other Property, Plant & Equipment	7.55	13.88	12.30	54.47	61.31
Accumulated Depreciation	70.69	77.75	82.29	103.36	134.69
Buildings	12.22	13.97	14.48	19.12	24.80
Land & Improvements	0	0	0	0	0
Machinery & Equipment	44.07	47.04	48.25	60.46	73.27
Construction in Progress	0.02	0	0.01	0	0
Leases	0	0	0	0	0
Computer Software and Equipment	0	0	0	0	0
Leased Property	0	0	0	0	0
Transportation Equipment	13.23	14.89	17.27	21.88	31.21
Other Property, Plant & Equipment	1.15	1.84	2.27	1.90	5.42
Total Investments and Advances	34.55	18.14	15.38	16.28	13.18
LT Investment - Affiliate Companies	10.87	15.05	13.57	14.14	12.35
Other Long-Term Investments	23.68	3.08	1.81	2.14	0.83
Long-Term Note Receivable	0	0	0	0	0
Intangible Assets	78.78	72.16	62.14	65.61	66.43
Net Goodwill	78.21	71.02	60.97	63.07	63.35
Net Other Intangibles	0.58	1.15	1.17	2.53	3.08
Other Assets	5.62	4.95	4.85	15.18	60.07
Deferred Charges	5.46	4.81	4.53	14.80	55.55
Tangible Other Assets	0.16	0.13	0.31	0.38	4.52
Total Assets	436.02	594.01	507.52	943.79	1,608.13
ST Debt & Curr. Portion LT Debt	27.40	51.83	155.67	14.41	12.19
Short Term Debt	0.01	1.44	0.45	0.27	6.01
Current Portion of Long Term Debt	27.39	50.39	155.22	14.14	6.19
Accounts Payable	11.55	19.74	15.30	29.33	25.35
Income Tax Payable	3.88	10.04	6.88	26.71	23.60
Other Current Liabilities	14.15	19.16	14.41	52.11	26.41
Dividends Payable	0.60	0.22	0.05	0.02	0.04
Accrued Payroll	5.72	7.65	6.44	6.92	13.41
Miscellaneous Current Liabilities	7.83	11.30	7.92	45.17	12.96
Total Current Liabilities	56.97	100.78	192.25	122.56	87.55
Long-Term Debt	73.39	160.93	11.24	256.31	612.21
Long-Term Debt excl. Capitalized Leases	73.39	160.93	0.58	242.69	609.49
Non-Convertible Debt	73.39	160.93	0.58	242.69	609.49
Convertible Debt	0	0	0	0	0
Capitalized Lease Obligations	0	0	10.66	13.62	2.71
Provision for Risks & Charges	9.00	9.75	9.78	13.14	10.52
Deferred Taxes	-3.56	-6.08	-6.15	-9.05	-13.64
Deferred Taxes - Credit	0.51	3.68	2.32	1.55	1.44
Deferred Taxes - Debit	-4.07	-9.77	-8.47	-10.60	-15.07
Accumulated Minority Interest	23.04	8.19	7.05	8.81	13.18
Other Liabilities	1.30	0.40	0	-0.00	0.00
Deferred Tax Liability-Untaxed Reserves	0	0	0	0	0
Other Liabilities (excl. Deferred Income)	1.30	0.40	0	-0.00	0.00
Deferred Income	0	0	0	0	0
Total Liabilities	141.17	275.53	215.58	393.55	711.71
Non-Equity Reserves	0	0	0	0	0
Preferred Stock (Carrying Value)	0	0	0	0	0
Redeemable Preferred Stock	0	0	0	0	0
Non-Redeemable Preferred Stock	0	0	0	0	0
Preferred Stock issues for ESOP	0	0	0	0	0
ESOP Guarantees - Preferred Stock	0	0	0	0	0
Common Equity (total)	271.81	310.29	284.89	541.42	883.24
Common Stock Par/Carry Value	61.10	84.60	75.32	77.69	78.26
Additional Paid-In Capital/Capital Surplus	94.73	128.75	114.63	118.23	119.11
Retained Earnings	108.82	326.97	310.35	565.49	910.18
ESOP Debt Guarantee	0	-10.74	-7.18	-6.50	-6.06
Cumulative Translation Adjustment/Unrealized For. Exch. Gain	0.09	-188.21	-180.76	-186.05	-189.69
Unrealized Gain/Loss Marketable Securities	0	0.57	0.69	1.61	0.70
Revaluation Reserves	0	0	0	0	0
Other Appropriated Reserves	7.07	22.10	19.68	20.30	20.45
Unappropriated Reserves	0	0	0	0	0
Treasury Stock	0	-53.74	-47.84	-49.35	-49.71
Total Shareholders' Equity	271.81	310.29	284.89	541.42	883.24
Liabilities & Shareholders' Equity	436.02	594.01	507.52	943.79	1,608.13

Cash Flow £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/12/2007	31/12/2008	31/12/2009	31/12/2010	31/12/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Net Income before Extraordinaries	80.33	204.86	51.81	322.64	430.99
Depreciation, Depletion & Amortization	14.12	18.61	17.95	19.70	25.58
Depreciation and Depletion	14.03	18.46	17.76	19.57	25.58
Amortization of Intangible Assets	0.09	0.15	0.19	0.13	0
Deferred Taxes & Investment Tax Credit	0	0	0	0	0
Deferred Taxes	0	0	0	0	0
Investment Tax Credit	0	0	0	0	0
Other Funds	3.19	-1.35	-10.33	-6.94	-70.78
Funds from Operations	97.65	222.13	59.43	335.40	385.78
Extraordinaries	0	0	0	0	0
Changes in Working Capital	-0.88	-18.45	-8.83	-88.61	-69.52
Receivables	-0.23	-20.09	-5.82	-68.06	-10.85
Inventories	-3.92	-2.77	1.14	-27.81	-7.62
Accounts Payable	3.26	4.41	-4.15	7.26	-6.11
Income Taxes Payable	0	0	0	0	0
Other Accruals	0	0	0	0	0
Other Assets/Liabilities	0	0	0	0	-44.95
Net Operating Cash Flow	96.77	203.68	50.61	246.79	316.26
Capital Expenditures	52.36	151.56	55.38	108.43	237.29
Capital Expenditures (Fixed Assets)	52.14	150.69	54.99	108.02	235.99
Capital Expenditures (Other Assets)	0.22	0.87	0.38	0.41	1.30
Net Assets from Acquisitions	0	-6.03	0	0.38	-23.98
Sale of Fixed Assets & Businesses	0.95	1.10	0.14	0	0
Purchase/Sale of Investments	-5.71	-2.33	4.13	-6.04	0.62
Purchase of Investments	-8.56	-2.33	0	-7.05	0
Sale/Maturity of Investments	2.85	0	4.13	1.00	0.62
Other Uses	0	0	0	0	0
Other Sources	4.50	0	0	0	0
Net Investing Cash Flow	-52.62	-158.82	-51.11	-114.10	-260.64
Cash Dividends Paid - Total	0	-21.25	-23.28	-27.04	-24.12
Common Dividends	0	-21.25	-23.28	-27.04	-24.12
Preferred Dividends	0	0	0	0	0
Change in Capital Stock	44.71	-40.98	0	0	0
Repurchase of Common & Preferred Stk.	-32.01	-42.14	0	0	0
Sale of Common & Preferred Stock	76.71	1.16	0	0	0
Proceeds from Stock Options	76.71	1.16	0	0	0
Other Proceeds from Sale of Stock	0	0	0	0	0
Issuance/Reduction of Debt, Net	-50.39	56.04	-24.05	92.21	338.25
Change in Current Debt	0	0	0	0	0
Change in Long-Term Debt	-50.39	56.04	-24.05	92.21	338.25
Issuance of Long-Term Debt	87.57	93.90	22.84	419.53	594.03
Reduction in Long-Term Debt	-137.96	-37.86	-46.89	-327.32	-255.78
Other Funds	-2.89	-0.65	-0.15	1.87	-13.66
Other Uses	-2.89	-0.65	-0.15	-0.03	-13.66
Other Sources	0	0	0	1.90	0
Net Financing Cash Flow	-8.57	-6.84	-47.48	67.04	300.47
Exchange Rate Effect	-0.23	-37.56	-0.61	-0.58	-0.09
Miscellaneous Funds	-0.00	0.00	0.00	-0.00	-0.00
Net Change in Cash	35.34	0.47	-48.59	199.15	355.99
Free Cash Flow	44.62	31.74	-27.67	111.73	56.15

Analysis Data

	2007	2008	2009	2010	2011
Fiscal Year End	2007-12-31	2008-12-31	2009-12-31	2010-12-31	2011-12-31
Valuation
Market Capitalisation	1,409.06	187.02	1,168.90	2,418.30	1,582.22
Price/Earnings	22.50	1.15	25.66	8.77	4.44
Price/Sales	4.00	0.30	2.79	2.86	1.41
Price/Book Value	5.18	0.60	4.10	4.47	1.79
Price/Cash Flow	14.47	0.90	23.00	9.75	4.98
Enterprise Value/EBIT	13.94	1.46	20.78	7.02	3.50
Enterprise Value/EBITDA	12.31	1.35	16.23	6.65	3.27
Enterprise Value/Sales	4.24	0.56	3.20	2.96	1.47
Total Debt/Enterprise Value	0.07	0.62	0.13	0.11	0.38
Total Debt/EBITDA	0.84	0.84	2.04	0.73	1.25
EPS (basic)	10.20	26.51	7.74	46.85	60.57
EPS (diluted) as stated	10.16	26.43	7.72	46.79	60.49
Profitability
Gross Margin (%)	51.51	60.65	46.70	62.34	62.33
Operating Margin (%)	30.40	38.69	15.40	42.16	41.95
Pretax Margin (%)	23.02	33.63	12.26	38.15	38.53
Net Margin (%)	17.77	26.18	10.89	32.66	31.76
Return on Assets (%)	15.51	30.97	8.22	37.75	27.76
Return on Equity (%)	29.15	54.81	15.21	66.30	49.73
Return on Avg. Total Capital (%)	18.44	35.62	9.28	43.34	30.54
Return on Avg. Invested Capital (%)	20.55	39.08	11.80	50.08	30.89
Efficiency
Revenue/Employee	0.03	0.07	0.05	0.09	0.12
Receivables Turnover	6.47	8.55	4.85	7.65	6.71
Days of Sales Outstanding (DSO) (%)	56.42	42.68	75.27	47.70	54.36
Inventory Turnover	6.36	6.75	5.57	6.08	5.91
Days of Inventory on Hand (DIO)	57.37	54.07	65.53	60.03	61.80
Total Asset Turnover	0.87	1.18	0.75	1.16	0.87
Working Capital Turnover	4.79	6.01	0.00	2.79	1.45
Liquidity
Current Ratio	2.28	2.01	0.71	3.45	9.80
Quick Ratio	1.78	1.58	0.52	2.90	8.94
Capital Structure
Debt-to-Total Equity (%)	37.08	68.57	58.58	50.00	70.69
Debt-to-Total Capital (%)	27.05	40.68	36.94	33.33	41.42
Debt-to-Total Assets (%)	23.12	35.82	32.89	28.68	38.83
Interest Coverage	8.67	28.17	5.94	14.67	16.17

Market data

Name	Latest	Var
FTSE 100	5,338.38(c)	-1.24%
FTSE 250	10,592.94(c)	-0.77%
DOW INDUSTRIALS	12,464.51	-1.06%
HONG KONG HANG SENG INDIC	19,200.93	+0.00%
Nikkei 225	8,876.59(c)	+0.00%

Name	Latest	Var
RANDGOLD RES.	4,855.00(c)	+4.63%
ICAP	342.00(c)	+1.63%
NATIONAL GRID	675.00(c)	+1.43%
ANTOFAGASTA	1,026.00(c)	+1.38%
CENTRICA	311.90(c)	+1.10%

Name	Latest	Var
INTL. CONS. AIR GRP	143.50(c)	-6.02%
AVIVA	267.70(c)	-4.70%
GKN	184.30(c)	-4.21%
HARGREAVES LANS	480.70(c)	-4.15%
MAN GROUP	78.55(c)	-4.09%

Buys

Name	Latest	Var
AVIVA	267.70(c)	-4.70%
LAMPRELL	128.50(c)	+1.18%
RED EMPEROR RES	18.00(c)	-41.46%
LLOYDS GRP.	27.65(c)	-3.56%
RANGE RES.	7.25(c)	-16.47%

Sells

Name	Latest	Var
RED EMPEROR RES	18.00(c)	-41.46%
RANGE RES.	7.25(c)	-16.47%
BP	396.65(c)	-0.75%
AVIVA	267.70(c)	-4.70%
VODAFONE GRP.	165.90(c)	-1.19%

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Data: include Bondscape, Dow Jones, Factset, FTSE, Morningstar. Conditions may apply.

FERREXPO

PROFILE

Key People

Major Shareholders

Director Deals

Income Statements £1K

Balance Sheet £1K

Cash Flow £1K

Analysis Data

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