Ferrexpo PLC Announcement of Shareholder Returns Policy (4577S)
16 11월 2021 - 4:00PM
UK Regulatory
TIDMFXPO
RNS Number : 4577S
Ferrexpo PLC
16 November 2021
16 November 2021
Ferrexpo plc
("Ferrexpo" or the "Company" or the "Group")
Announcement of Shareholder Returns Policy
Ferrexpo plc (LSE: FXPO), the world's 3(rd) largest exporter of
high grade iron ore pellets to the global steel industry, is
pleased to announce the approval of a formal shareholder returns
policy by the Group's Board of Directors ("Board").
The approved policy is to target a payout of 30% of free cash
flow[1], forming the basis of the Group's dividend, payable in
respect of the Group's performance in a financial year. The Board
will continue to evaluate additional shareholder returns, in the
form of special dividends, at times of strong financial and
operational performance of the Group. Ferrexpo's shareholder
returns policy, as well as the declaration and payment of
dividends, is at the discretion of the Board and will depend on the
Group's financial results, cash requirements, financial outlook,
the economic environment both locally within Ukraine and on a
global basis, and other factors deemed relevant by the Board.
The new policy reflects the Group's continued commitment to
sustainable shareholder returns, balanced alongside capital
investment for future growth, and represents a continuation of the
approach applied by the Board since the Group's listing in 2007.
The Board believes that free cash flow is the most appropriate
financial metric for Ferrexpo to use in its shareholder returns
policy given that it is net of capital investment and financing
activities, and therefore does not restrict the Group from
continuing its focus on investing in it's operations in Ukraine and
its wider logistics network. By adopting a formal policy at this
point in time, the Board believes this is a clear demonstration of
the Group's strong commitment to shareholder returns throughout the
commodity cycle.
For 15 years since listing, the Group's Board has maintained a
consistent and balanced approach to capital allocation throughout
the commodity cycle, both investing in future growth and providing
shareholder returns. The Group has met the target threshold for
shareholder returns announced today in each of the past three
calendar years, and therefore this policy serves to define the
Group's established strategy. The Group will continue its
investments in growth and product quality, and modernising the
Group's operations, and therefore the Board will continue to assess
cash flows for shareholder returns on a regular basis.
The policy, effective as of today, has been made following a
review with the Group's financial advisors and is in line with
other metals and mining companies in the Group's peer group,
particularly those with a single commodity focus.
Jim North, Interim Group Chief Executive Officer, said:
"Ferrexpo is a company that has consistently delivered both
growth, in the form of production volumes and product quality, and
shareholder returns throughout the commodity cycle, as established
through our track record since listing. Today's announcement marks
an important milestone in the Group's development and provides
further clarity and disclosure on our capital allocation
strategy.
We are pleased to unveil this new policy so soon after
publishing our group decarbonisation targets, further demonstrating
our direction as a business. As a top three global iron ore pellet
exporter, we recognise our role in producing higher grade iron ore
pellets, which are a pathway to green steel production in the
future, as well as allowing our steel making customers to
significantly reduce their own carbon emissions today.
For further information, please contact:
Ferrexpo:
Rob Simmons r.simmons@ferrexpo.ch +44 207 389 8305
Tavistock:
Jos Simson +44 207 920 3150
Gareth Tredway ferrexpo@tavistock.co.uk +44 7785 974 264
About Ferrexpo:
Ferrexpo is a Swiss headquartered iron ore company with assets
in Ukraine. It has been mining, processing and selling high quality
iron ore pellets to the global steel industry for over 40 years. In
2020, the Group produced 11.2 million tonnes of iron ore pellets, a
7% increase on the prior year. The Company is ranked as the world's
3(rd) largest exporter of pellets to the global steel industry with
a market share of approximately 9%. Ferrexpo has a diversified
customer base supplying steel mills in Austria, Germany, Japan,
South Korea, Taiwan, China, Slovakia, the Czech Republic, Turkey,
Vietnam and America. Ferrexpo has a premium listing on the main
market of the London Stock Exchange under the ticker FXPO. For
further information, please visit www.ferrexpo.com .
[1] Free cash flow comprises net cash flows from operating
activities less net cash flows from investing and financing
activities. Net cash flows used in investing activities include,
but are not limited to, the following: sustaining capital
expenditure, development capital expenditure and any acquisition
capital expenditure.
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