Ferrexpo PLC
LSE:FXPO
Ferrexpo PLC
Ferrexpo Plc engages in mining, processing, and selling of iron ore pellets to the steel industry. The company is headquartered in Baar, Zug and currently employs 8,664 full-time employees. The company went IPO on 2007-06-20. The firm produces, develops and markets its principal product, iron ore pellets, for sale to the metallurgical industry. The firm's operations are vertically integrated from iron ore mining through to iron ore concentrate, and pellet production and subsequent logistics. The company operates approximately two mines and a processing plant near Kremenchug in Ukraine, and an interest in a port in Odessa, and sales. The company operates a fleet of vessels operating on the Rhine and Danube waterways, and an ocean going vessel, which provides top off services, and operates on international sea routes. Its mineral properties lie within the Kremenchug Magnetic Anomaly and are being extracted at the Gorishne-Plavninskoye and Lavrikovskoye (GPL), and Yeristovskoye deposits. The company has a customer base supplying steel mills in Austria, Slovakia, the Czech Republic, Germany and other European states, as well as in China, India, Japan, Taiwan and South Korea.
Earnings Calls
In the face of the ongoing war, the Ukrainian company displayed remarkable resilience. Despite a transformed workforce and operations, it successfully maintained cash flow positivity and responded adeptly to market conditions. Financial results showed improvements, with increased sales volumes and prices leading to boosted revenues and a stronger net cash position. This performance supported significant humanitarian efforts, with $19 million funded towards over 70 projects to aid war efforts, including shelter, food, and medical supplies in partnership with local authorities.
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With the war approaching the middle of its second year, Ukraine continues to demonstrate an incredible resilience. Because of the war, our workforce is very different today and our operations have changed, too, adapting to become more nimble and responsive to different challenges as they develop. I believe that our business is the right size in the current environment. We are able to respond to market conditions and remain cash flow positive.
Our financial performance is testament to the resilience of our workforce. Improvements in sales volumes and prices helped lift revenues, reduce unit costs and increase our net cash position, all whilst continuing to invest in the business.
Indeed, remaining profitable has allowed us to continue our humanitarian support, funding USD 19 million for 70-plus projects and initiatives, including provision of shelter, food and medical supplies, partnering with authorities, and donating equipment and supplies. We are proud of our achievements, and we are ready to play our part in the construction of Ukraine. [Foreign Language].