My chosen company is Ferrexpo.

Task 2: Extracting the data of a listed company and analysing recent trends [40 marks] In this part, you need to extract some financial information of the firm from a financial database such as Yahoo.finance. A. Considering the recently released financial statements, how much has been the "total revenue", "total asset, "long-term debt, total liability, total shareholders' equity" of the company in the last 3 years? (10 marks] B. Do you see any changes in the capital structure (the ratio of total debt to equity) of the company in the last 3 years? [10 marks] C. Calculate the Total Shareholder Return (TSR) of the company in the last 3 years [10 marks] D. What are the main advantages of being listed in the stock exchange for a company? Do you see these advantages in the company that you are analysing? [10 marks] Summary Quotes Charts News Ratings Calendar Company Financials Consensus Revisions Quotes 5-day view Delayed London Stock Exchange OX 01/25/2021 304.4(c) 1 895 900 -2.56% 01/26/2021 303(c) 873 136 -0.46% 01/27/2021 285.6(c) 2 143 377 -5.74% 01/28/2021 293.4(c) 2015 104 +2.73% 01/29/2021 285.8 592 055 -2.59% Date Last Volume Change SEE BOB IN ACTION WATCH A DEMO >> More quotes Financials (USD) Sales 2020 2 366 M Net income 2020 1,53x Net Debt 2020 P/E ratio 2020 Yield 2020 1 583 M Sales 2021 448 M Net income 2021 54,0 M Net cash position 2021 4,64x P/E ratio 2021 7,56% Yield 2021 1 691 M Capitalization 535 M EV / Sales 2020 224 M EV / Sales 2021 3,75x Nbr of Employees 8,97% Free-Float 1,27x 10 767 88,2% Chart FERREXPO PLC >> More Financials Duration : Auto V Period: Day 0 m Sep 30, 2020 - Jan 29, 2021 - Last : 285.80 MA(20) 319.98 MA(50) 279.43-MA(100) 231.84 344.00 Company Ferrexpo plc is an iron ore pellet producer. The Company produces, develops and markets its principal product, iron ore pellets, for sale to the metallurgical industry. The Company's operations are vertically integrated from iron ore mining through to iron ore concentrate, and pellet production and subsequent logistics. It operates approximately two mines and a processing plant near Kremenchug in Ukraine, and an... >> Read more Sector Calendar Steel 03/17 Ergebnisverffentlichung 313.00 360.0 340.0 320.0 +300.0 +-280.0 297.00 281.60 260.0 >> More about the company 238.90 +240.0 220.0 Notations Surperformance of Ferrexpo plc Trading Rating : Investor Rating: 200.0 191.60 Valuation Fiscal Period: December 2017 2018 2019 2020 2021 2022 Capitalization 2 318 1 455 1 237 2 366 2 366 Entreprise Value (EV) 2 721 1 794 1 518 2421 2 142 2 118 P/E ratio 5,92% 4,38x 3,08x 4,64x 3,75x 7,72x Yield 4,17% 9,31% 6,26% 7,56% 8,97% 4,57% Capitalization / Revenue 1,94x 1,14x 0,82% 1,49x 1,40x 1,60% EV / Revenue 2,27x 1,41x 1,01% 1,53x 1,27x 1,44x 4,94x 3,57x 2,59x 3,38% 3,04x 5,37x EV / EBITDA Price to Book 3,89% 1,68X 0,91x 1,56% 1,21x 1,16x Nbr of stocks (in thousands) 585 708 586 288 586 922 587 699 587 699 Reference price (USD) 3,96 2,48 2,11 4,03 4,03 4,03 Last update 03/21/2018 04/23/2019 03/18/2020 01/28/2021 01/28/2021 01/28/2021 1 GBP in Million 2 USD in Million Estimates Annual Income Statement Data Average Dally Capital Traded 30,6% Fiscal Period: December 2017 2018 2019 2020 2021 2022 EPS & Dividend Net sales 1 197 1 274 1 507 1 583 1 691 1 475 EBITDA 1 551 503 586 715 706 395 1.20 50.0% Operating profit (EBIT) 496 428 497 586 603 244 1.00 40.0% Operating Margin 41,4% 33,6% 33,0% 37,0% 35,7% 16,5% 0.80 2017 2018 2019 2020 (e) 2021 (e) 2022 (e) Pre-Tax Profit (EBT) 1 450 392 460 630 675 246 g 0.60 with 30.0% Rate of Dividend 0.40 Net income 1 393 334 402 448 535 305 20.0% 0.20 Net margin 32,8% 26,2% 26,7% 28,3% 31,6% 20,7% 0.00 10.0% EPS 2 0,67 0,57 0,68 0,87 1,07 0,52 EPS Dividend -- Rate of Dividend Dividend per Share 2 0,17 0.23 0,13 0,30 0,36 0,18 Omarketscreener.com - S&P Global Market Intelligence Last update 03/21/2018 04/23/2019 03/18/2020 01/28/2021 01/28/2021 01/28/2021 1 USD in Million 2 USD Estimates Year-on-year evolution of the PER Help Balance Sheet Analysis 2010 2011 2012 2013 2014 2015 2016 2018 2019 2020 (e) 2021 (e) 2022 (e) 12.5 Fiscal Period: December 2017 2018 2019 2020 2021 2022 10 Net Debt 403 339 281 54,0 7.5- Net Cash position - - 224 249 P/E ratio 5.8 Leverage (Debt/EBITDA) 0,73x 0,67% 0,48x 0,08x -0,32% -0,63% 5 Free Cash Flow 250 157 226 422 480 255 1..... 12 2.5 5.6 5.2 6'S 4.3 tu ROE (Net Profit / Equities) 85,4% 45,1% 36,3% 35,7% 38,3% 5,80% 3.7 3.1 14.6 0 Shareholders' equity 460 740 1 109 1 257 1 396 5265 Income Statement Evolution 2017 2018 2019 2020 (e) 2021 (e) 2022 (e) Discover 2,000 45% . 40% 1,500 35% Million USD 1,000 30% Key data LLLLL -25% 500 20% Capitalization (GBP) Capitalization (USD) Net sales (USD) Number of employees Sales / Employee (USD) Free-Float Free-Float capitalization (GBP) Free-Float capitalization (USD) Avg. Exchange 20 sessions (USD) Average Daily Capital Traded 1 724 309 578 2 366 411 739 1 506 724 000 10 767 139 939 88,2% 15% Sales Operating profit Net income -.- Net Margin Operating Margin Omarketscreener.com - S&P Global Market Intelligence 1 520 199 020 2 086 294 047 527 928 545 30,6% Annual Income Statement Data Annual Income Statement Data Average Daily Capital Traded 30,6% Fiscal Period: December 2017 2018 2019 2020 2021 2022 EPS & Dividend Net sales 1 197 1 274 1 507 1 583 1 691 1 475 2017 EBITDA 551 503 586 715 706 395 1.20 50.0% Operating profit (EBIT) 496 428 497 586 603 244 1.00 2018 2019 2020 (e) 2021 (e) 2022 (e) 40.0% Operating Margin 41,4% 33,6% 33,0% 37,0% 35,7% 16,5% 0.80 - 1 Pre-Tax Profit (EBT) 450 392 460 630 675 246 0.60 30.0% will Rate of Dividend 0.40 Net income 1 393 334 402 448 535 305 20.0% 0.20 Net margin 32,8% 26,2% 26,7% 28,3% 31,6% 20,7% 1 0.00 10.0% EPS2 0,67 0,57 0,68 0,87 1,07 0,52 EPS Dividend -- Rate of Dividend Dividend per Share 2 0,17 0,23 0,13 0,30 0,36 0,18 marketscreener.com - S&P Global Market Intelligence Last update 03/21/2018 04/23/2019 03/18/2020 01/28/2021 01/28/2021 01/28/2021 1 1 USD in Million 2 USD Estimates Year-on-year evolution of the PER Help ob Finances - Leverage 2.5 4.18 % - 10.2 9.31 4.17% 7.56% 8.97 -0 2017 2018 2019 2020 (e) 2021 (e) 2022 (e) 2,000 0.80 marketscreener.com - S&P Global Market Intelligence 1,500 Evolution Valeur d'Entreprise / EBITDA Help 0.60 2012 2013 2014 2015 2016 2017 2018 2019 2020 (e) 2022 (e) 2021 (e) 1,000 8 Million USD 500 VILLE 0.40 Leverage (Debt/Ebitda) 6 0 0.20 EV / EBITDA -500 | 7.00 xe 4.92 X 4.94 x 4.16 x 5.37 % 2.34 x 3.37 x 3.57 % 2.59 x 3.38 x 3.04 % -1,000 0.00 Sales Finance or Debt EBITDA - Leverage 0 marketscreener.com - S&P Global Market Intelligence marketscreener.com - S&P Global Market Intelligence As at US$000 Notas continued Note 23: Provisions continued The costs of restoration of the different deposits in the Group's open pit mines are based on amounts determined by an independent and credited institute taking into account the codes of practice and laws applicable in Ukraine. The useful lives of the different pits and mines are determined by the same institute based on expected annual stripping and production volumes having taken into account the expected timing and effect of future mine-life extension programmes. It is expected that the restoration works of the GPL mine will start after the years 2040, 2044 and 2061 for the different areas within the mine. The first minor restoration work of the Yerystivske mine is expected to start for some dump areas after 2026, whereas the removal of equipment and the flooding of the pit will only begin at the end of the mine's life in 2044. The provision represents the discounted value of the estimated costs of decommissioning and restoring the mines at the dates when the deposits are expected to be depleted in the relevant areas within the mine. The present value of the provision has been calculated in Ukrainian Hryvnia using an average nominal pre-tax discount rate of 12.2% (2018: 14.0%) and the costs are expected to be incurred once the restoration works begin in the different areas of the mines. Uncertainties in estimating the provision include potential changes in regulatory requirements, decommissioning and reclamation alternatives and the discount and inflation rates to be used in the calculations. Note 24: Accrued and contract liabilities Accounting policy Accrued expenses are recognised for amounts to be paid in a future period for goods or services received, which have not been billed to the Group as at the end of the reporting period. Contract liabilities consist of the portion of freight revenues under CIF and CFR Incoterms, which is deferred and recognised over time as the performance obligation is fulfilled, and released at the point of time when the freight services are completed. As at 31 December 2019, accrued and contract liabilities comprised: : As at US$000 31.12.19 31.12.18 Accrued expenses 7,439 6,123 Accrued interest 4,306 6,438 Accrued employee costs 17,482 13,899 Advances from customers 50 195 Contract liabilities 9,980 6,038 Total accrued and contract liabilities 39,257 32,693 Note 26: Interest-bearing loans and borrowings Accounting policy Interest-bearing loans and borrowings (excluding lease liabilities) are measured at amortised cost. All loans are in US Dollars. See also Note 27 Financial instruments for more details in respect of the accounting policies applied. This note provides information about the contractual terms of the Group's major finance facilities. As at 31.12.19 31.12.18 Current Eurobond issued 172,454 Syndicated bank loans-secured 133,333 Other bank loans-secured 9,262 Other bank loans - unsecured 1,494 1,494 Lease liabilities 30 3,540 2,074 Trade finance facilities 19,316 Total current interest-bearing loans and borrowings 138,367 204,600 Non-current Syndicated bank loans-secured 266,667 195,000 Other bank loans - unsecured 764 2,258 Lease liabilities 30 6,580 Total non-current interest-bearing loans and borrowings 274,011 197,258 Total interest-bearing loans and borrowings 412,378 401,858 As at 27 Note 25: Cash and cash equivalents Accounting policy Cash and cash equivalents include cash at bank and on hand and short-term deposits with original maturity of 90 days or less. Cash at bank and on hand and short-term deposits are recorded at their nominal amount as these present an insignificant risk of changes in value. As at 31 December 2019, cash and cash equivalents comprised: As at US$0,00 31.12.19 31.12.18 Cash at bank and on hand 131,020 62,996 Total cash and cash equivalents 131,020 62.996 At 31 December 2019, the Group has a syndicated revolving US$400,000 thousand pre-export finance facility, which is fully drawn. As at the end of the comparative year ended 31 December 2018, US$205,000 thousand were available and US$195,000 thousand were drawn by the Group. The initial facility agreement for a total amount of US$ 195,000 thousand was signed on 16 November 2017 and fully drawn in March 2018. In August 2018, an amendment to the aforementioned facility agreement was signed, increasing the facility from US$195,000 thousand to US$400,000 thousand and extending the tenor by one year. The effective date of the increase and extension was 6 November 2018. Following a one-year grace period, the facility will be amortised in 12 quarterly instalments, with the first instalment due on 7 February 2020 and the final repayment due on 6 November 2022 The aforementioned bank debt facility was guaranteed and secured as follows: Ferrexpo AG and Ferrexpo Middle East FZE, which are also joint borrowers, assigned the rights to revenue from certain sales contracts; PJSC Ferrexpo Poltava Mining assigned all of its rights of certain export contracts for the sale of pellets to Ferrexpo AG and Ferrexpo Middle East FZE; and - the Group pledged bank accounts of Ferrexpo AG and Ferrexpo Middle East FZE into which sales proceeds from certain assigned sales contracts are exclusively received. As a As at the end of the comparative year ended 31 December 2018, the Group had outstanding unsecured Notes at par value totaling US$173,181 thousand in addition to the major bank debt facility listed above. The final payment was made on 7 April 2019. The Notes had a 10.375% interest coupon payable semi-annually. As at 31 December 2019, the Group had no open trade finance facilities (2018: US$19,316 thousand). Trade finance facilties are secured against receivable balances related to these specific trades. The debt repayments during the financial year ended 31 December 2019 totalled US$229,374 thousand (2018: US$308,817 thousand) affecting the balance of cash and cash equivalents. Further information on the Group's gross debt is provided in Note 26 Interest-bearing loans and borrowings. The balance of cash and cash equivalents held in Ukraine amounts to US$28,351 thousand as at 31 December 2019 (2018: US$21,416 thousand). The Group's exposure to liquidity, counterparty and interest rate risk as well as a sensitivity analysis for financial assets and liabilities are disclosed in Note 27 Financial instruments. Note 30 Commitments, contingencies and legal disputes provides details on the Group's balance of restricted cash and deposits, which has been fully provided for during the financial years 2015 and 2016 as not available to the Group. Ferrexpo plc Annual Report & Accounts 2019 121 Consolidated Income Statement Strategic Report Notes Year ended 31.12.19 5/7 US$000 Revenue Operating expenses Other operating income Operating foreign exchange losses Operating profit Share of profit from associates Profit before tax and finance Net finance expense Non-operating foreign exchange losses Profit before tax Income tax expense Profit for the year Year ended 31.12.18 1,274,030 (844,470) 3,314 (5,295) 427,579 5,360 432,939 (39,332) (1,585) 392,022 (56,801) 335,221 1,506,724 (968,443) 5,614 (46,752) 497,143 4,114 501,257 (23,191) (18,491) 459,575 (56,282) 403,293 Corporate Governance 33 10 9 11 Financial Statements Profit attributable to: Equity shareholders of Ferrexpo plc Non-controlling interests Profit for the year 402,370 923 403,293 333,616 1,605 335,221 Earnings per share: Basic (US cents) Diluted (US cents) 12 56.9 | 68.6 68.4 12 56.7 Report US$000 Yaar anded 31.12.18 Corporate Governance Financial Statements 31 Note 11: Taxation continued The income tax expense for the year ended 31 December 2019 consisted of the following: Year ended 31.12.19 Current income tax Current income tax charge 52,106 44,086 Amounts related to previous years 10,297 (569) Total current income tax 62,403 43,517 Deferred income tax Origination and reversal of temporary differences (6,121) 13,284 Total deferred income tax (6,121) 13,284 Total income tax expense 56,282 56,801 Tax effects on items recognised in the statement of other comprehensive income consisted of the following for the year ended 31 December 2019: Year ended Your anded US$000 Notas 31.12.19 31.12.18 Tax effect of exchange differences arising on translating foreign operations 20,487 2,007 Total income tax effects recognised in statement of other comprehensive income 20,487 2,007 The weighted average statutory corporate income tax rate is calculated as the average of the statutory tax rates applicable in the countries in which the Group operates, weighted by the profits and losses before tax of the subsidiaries in the respective countries, as included in the consolidated financial information. The weighted average statutory corporate income tax rate was 11.3% for the financial year 2019 (2018: 15.5%). A reconciliation between the income tax charged in the accompanying financial information and income before taxes multiplied by the weighted average statutory tax rate for the year ended 31 December 2019 is as follows: US$0.00 Profit before tax 459,575 392,022 Notional tax charge computed at the weighted average statutory tax rate of 11.3% (2018: 15.5%) 52,072 60,629 (Recognition)/derecognition of deferred tax assets (10,433) (8,576) Credit for Ukrainian fuel excise tax against income tax? (3,686) (7,408) Expenses not deductible for local tax purposes 2,539 3,795 Income exempted for local tax purposes (25) (56) Reassessment of prior year temporary differences 4,911 7,719 Effect of different tax rates on local profit streams 646 1,157 Prior year adjustments to current taxe 10,297 (569) Effect from share of profit from associates (783) (974) Other (including translation differences) 744 1,084 Total income tax expense 56,282 56,801 Year ended 31.12.19 Your ended 31.12.16 Note 27: Financial instruments continued Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group's approach is to ensure that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group's reputation by holding surplus cash or undrawn committed credit facilities. The Group prepares detailed rolling cash flow forecasts, which assist it in monitoring cash flow requirements and optimising its cash return on investments. Typically, the Group intends to ensure that it has sufficient cash on demand and/or lines of credit to meet expected operational expenses, including the servicing of financial obligations. The Group also makes use of available trade finance facilities to manage its short-term liquidity requirements. Trade finance generally refers to the financing of individual transactions or a series of revolving transactions and is often self-liquidating, whereby the lending bank stipulates that all sales proceeds to be collected are applied to settle the loan, with the remainder returned to the Group. Trade finance transactions are approved by the Group Treasurer. For further information see the Group's Viability Statement on page 61 The folowing are the contractual maturities of financial liabilities: As at 31.12.19 Less than Between US$000 Between 1 to 2 years 2 to 5 years 5 years Total Interest-bearing Floating rate loans and borrowings 134,868 134,100 133,333 402,301 Lease liabilities 3,946 3,342 3,937 553 11,778 Total interest-bearing 138,814 137,442 137,270 553 414,079 Non-interest-bearing Trade and other payables 65,627 65,627 Accrued liabilities 29,209 29,209 Future interest payable 18,321 11,438 4,366 34,125 Total non-interest-bearing 113,157 4,366 128,961 Total financial liabilities 251,971 148,880 141,636 553 543,040 Note 27: Financial instruments continued Currency risk The Group is exposed to currency risk on financial assets and financial liabilities resulting from sales, purchases and borrowings that are denominated in a currency other than the respective functional currencies of the Group's subsidiaries. The functional currencies of the Group's subsidiaries are primarily the Ukrainian Hryvnia, US Dollars, Euro and Swiss Francs. The Group's functional currency and reporting currency is the US Dollar The Group's major lines of borrowings and the majority of its sales are denominated in US Dollars, with costs of local Ukrainian production mainly in Hryvnia. The value of the Hryvnia is published by the NBU. An appreciation of the Ukrainian Hryvnia increases the operating costs of the production unit in US Dollar terms and the value of Hryvnia payables recorded in the statement of financial position at the year end in US Dollars, with the opposite effect in case of a depreciation of the Ukrainian Hryvnia. As the majority of sales and receivables are denominated in US Dollars, a change in the local currency will result in operating exchange differences recorded in the income statement. case of a change of the local currency compared to the US Dollar, US Dollar-denominated loans held by the Ukrainian subsidiaries result in non-operating exchange differences to the extent these are not matched by US Dollar-denominated assets. Fixed assets are held in local currency amounts and a change in the functional currencies different to the US Dollar results in a change of the Group's net assets as recorded in the translation reserve. The NBU manages and determines the official exchange rates. An interbank market for the exchange of currencies exists in Ukraine and is monitored by the NBU, The Group, through financial institutions, exchanges currencies at bank offered market rates. Trade receivables are predominately in US Dollars and are not hedged. Trade payables denominated in US Dollars are also not hedged on the market but are matched against US Dollar currency receipts. This includes the interest expense, which is principally payable in US Dollars. Trade receivables and trade payables in Ukrainian Hryvnia are not hedged as a forward market for the currency is generally not available. Corporate Governance More than 1 year Financial Statements 11,438 As at The difference of the total of fixed and floating interest-bearing loans and borrowings compared to the balances disclosed in Note 26 Interest- bearing loans and borrowings mainly relates to arrangement fees paid for specific facilities, which are netted for the presentation in the statement of financial position. As at 31.12.18 Less than Between Batwoon More than US$000 1 year 1 to 2 years 25 years r Total Interest-bearing Fixed rate loans and borrowings (excl. lease liabilities) 179,108 179,108 Floating rate loans and borrowings 24,785 66.534 130,767 222,086 Lease liabilities 2,074 2,074 Total interest-bearing - 205,967 66,534 130,767 403,268 Non-interest-bearing Trade and other payables 34,292 34,292 Accrued liabilities 26,458 26,458 Future interest payable 23,321 12,380 10,511 46.212 Total non-interest-bearing 84,071 12,380 10,511 106,962 Total financial liabilities 290,038 78,914 141,278 510,230 Other Group monetary assets and liabilities denominated in foreign currencies are considered immaterial as the exposure to currency risk mainly relates to corporate costs within Switzerland and the UK. The Group's exposure to foreign currency risk was as follows as of 31 December 2019: US$000 As at 31.12.19 31.12.18 Total financial assets 231,286 149,147 Thereof exposed to Ukrainian Hryvnia Thereof exposed to US Dollar 7,372 6,837 Thereof exposed to Euro 4,603 49 Thereof exposed to Swiss Franc 174 674 Thereof exposed to other currencies 1,521 1,898 Total exposures to currencies other than local functional currencies 13,670 9,458 Total financial liabilities (507,200) ) (462,608) Thereof exposed to Ukrainian Hryvnia Thereof exposed to US Dollar (5,831) ( (12,369) Thereof exposed to Euro (1,595) (1,587) Thereof exposed to Swiss Franc (333) (4,617) Thereof exposed to other currencies (1,598) (1,086) Total exposures to currencies other than local functional currencies (9,357) (19,659) No other subsidiaries of the Group, apart from the Ukrainian subsidiaries, have financial assets and liabilities denominated in the Ukrainian Hryvnia. The functional currency of the Ukrainian subsidiaries is the Ukrainian Hryvnia and the translation of financial assets and financial liabilities does not therefore pose a foreign currency risk exposure in the consolidated income statement of the Group as translation differences are reflected in the translation reserve Isco Noto 31 Share capital and reserves Consolidated Statement of Cash Flows Consolidated Statement of Changes in Equity Notes Year onded 31.12.10 459,575 Waranded 31.12.18 392,022 Non-controlling Intrasts Note 31) 121,628 Attributable to sculty Sheridors of Forreoplo Ratained Shar premium Others Gamings Note 31) Note 31) Note 2 185,112 2.020,864) 2,330,580 333,616 10.110 861 Total equity 616,826 capital and Servos 616,456 333,616 10.971 370 1,605 75 335,221 11,046 40 10.110 334,477 1.680 344,587 674 346,267 674 674 7 7 33 82,130 21.267 (1,436) 417 (153) 1,241 (4,114) 736 437 3,534 1,022 46,752 18,491 (7,307) 622,592 62,094 37,832 (891) 5,701 (372) 1,489 5,360) 222 (162) 3,642 674 5,295 1,586 (7,657) 496,115 18 2 121,628 2,050 LISSC00 At 1 January 2018 Profit for the year Other comprehensive income Total comprehensive income for the year Share-based payments (Note 28) Equity dividends to shareholders of Ferrexpo plc At 31 December 2018 Profit for the year Other comprehensive income Total comprehensive income for the year Share-based payments (Note 28) ) Equity dividends to shareholders of Ferrexpo plc Effect from increase of shareholding in subsidiary At 31 December 2019 (96,870) 185,112 (2,010,080) 2,568,187 402,370 244,250 16,898) 196,870) 864,847 402,370 237,352 196,870) 866,897 403,293 238,778 923 1,426 28 9 395,472 2,349 244,250 1,022 639,722 1,022 642,071 1,022 Financial Statements (155,087) (155,0871 (155,087) 2,050 2,050 185,112 (1,764,808) 2,810,622 1,352,554 (4,321) 78 (2,271) 1,352,632 121,628 20 US3000 Profit before tax Adjustments for Depreciation of property, plant and equipment, right-of-use assets and amortisation of intangible assets Finance expense Finance income Losses on disposal of property, plant and equipment Cash elements included in losses on disposal of property, plant and equipment Write-offs Share of profit from associates Movement in allowance for doubtful receivables Movement in site restoration provision Employee benefits Share-based payments Operating foreign exchange losses Non-operating foreign exchange losses Other adjustments Operating cash flow before working capital changes Changes in working capital Increase in trade and other receivables Increase in inventories Increase in trade and other payables (incl. accrued and contract liabilities) Decrease/(increase) in other taxes recoverable and payable (incl. VAT) Cash generated from operating activities Interest paid Income tax paid Post-employment benefits paid Net cash flows from operating activities Cash flows from investing activities Purchase of property, plant and equipment and intangible assets Proceeds from disposal of property, plant and equipment and intangible assets Interest received Dividends from associates Acquisition of non-controlling interests Net cash flows used in investing activities Cash flows from financing activities Proceeds from borrowings and finance Repayment of borrowings and finance Principal elements of lease payments Arrangement fees paid Dividends paid to equity shareholders of Ferrexpo plc Net cash flows used in financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the year Currency translation differences Cash and cash equivalents at the end of the year (23,479) (37,152) 19,590 11,371 592,922 (33,932) (83,730) (1,884) 473,376 ( (12,785) (87,999) 1.903 (17,530) 379,704 (42,768) (43,509) (1,702) 291,725 11 19/15 (247,478) ) 1,165 1,344 3,519 (2,189) (243,639) (135,113) 800 827 4,137 (129,349) 26 28 214.317 (308,817) 25 225,000 (223,774) (5,118) (131 (154,922) (158,945) 70,792 62,996 (2,768) 131,020 (5,817) (96,559) (196,876) (34,500) 97,742 (246) 62,996 25 Task 2: Extracting the data of a listed company and analysing recent trends [40 marks] In this part, you need to extract some financial information of the firm from a financial database such as Yahoo.finance. A. Considering the recently released financial statements, how much has been the "total revenue", "total asset, "long-term debt, total liability, total shareholders' equity" of the company in the last 3 years? (10 marks] B. Do you see any changes in the capital structure (the ratio of total debt to equity) of the company in the last 3 years? [10 marks] C. Calculate the Total Shareholder Return (TSR) of the company in the last 3 years [10 marks] D. What are the main advantages of being listed in the stock exchange for a company? Do you see these advantages in the company that you are analysing? [10 marks] Summary Quotes Charts News Ratings Calendar Company Financials Consensus Revisions Quotes 5-day view Delayed London Stock Exchange OX 01/25/2021 304.4(c) 1 895 900 -2.56% 01/26/2021 303(c) 873 136 -0.46% 01/27/2021 285.6(c) 2 143 377 -5.74% 01/28/2021 293.4(c) 2015 104 +2.73% 01/29/2021 285.8 592 055 -2.59% Date Last Volume Change SEE BOB IN ACTION WATCH A DEMO >> More quotes Financials (USD) Sales 2020 2 366 M Net income 2020 1,53x Net Debt 2020 P/E ratio 2020 Yield 2020 1 583 M Sales 2021 448 M Net income 2021 54,0 M Net cash position 2021 4,64x P/E ratio 2021 7,56% Yield 2021 1 691 M Capitalization 535 M EV / Sales 2020 224 M EV / Sales 2021 3,75x Nbr of Employees 8,97% Free-Float 1,27x 10 767 88,2% Chart FERREXPO PLC >> More Financials Duration : Auto V Period: Day 0 m Sep 30, 2020 - Jan 29, 2021 - Last : 285.80 MA(20) 319.98 MA(50) 279.43-MA(100) 231.84 344.00 Company Ferrexpo plc is an iron ore pellet producer. The Company produces, develops and markets its principal product, iron ore pellets, for sale to the metallurgical industry. The Company's operations are vertically integrated from iron ore mining through to iron ore concentrate, and pellet production and subsequent logistics. It operates approximately two mines and a processing plant near Kremenchug in Ukraine, and an... >> Read more Sector Calendar Steel 03/17 Ergebnisverffentlichung 313.00 360.0 340.0 320.0 +300.0 +-280.0 297.00 281.60 260.0 >> More about the company 238.90 +240.0 220.0 Notations Surperformance of Ferrexpo plc Trading Rating : Investor Rating: 200.0 191.60 Valuation Fiscal Period: December 2017 2018 2019 2020 2021 2022 Capitalization 2 318 1 455 1 237 2 366 2 366 Entreprise Value (EV) 2 721 1 794 1 518 2421 2 142 2 118 P/E ratio 5,92% 4,38x 3,08x 4,64x 3,75x 7,72x Yield 4,17% 9,31% 6,26% 7,56% 8,97% 4,57% Capitalization / Revenue 1,94x 1,14x 0,82% 1,49x 1,40x 1,60% EV / Revenue 2,27x 1,41x 1,01% 1,53x 1,27x 1,44x 4,94x 3,57x 2,59x 3,38% 3,04x 5,37x EV / EBITDA Price to Book 3,89% 1,68X 0,91x 1,56% 1,21x 1,16x Nbr of stocks (in thousands) 585 708 586 288 586 922 587 699 587 699 Reference price (USD) 3,96 2,48 2,11 4,03 4,03 4,03 Last update 03/21/2018 04/23/2019 03/18/2020 01/28/2021 01/28/2021 01/28/2021 1 GBP in Million 2 USD in Million Estimates Annual Income Statement Data Average Dally Capital Traded 30,6% Fiscal Period: December 2017 2018 2019 2020 2021 2022 EPS & Dividend Net sales 1 197 1 274 1 507 1 583 1 691 1 475 EBITDA 1 551 503 586 715 706 395 1.20 50.0% Operating profit (EBIT) 496 428 497 586 603 244 1.00 40.0% Operating Margin 41,4% 33,6% 33,0% 37,0% 35,7% 16,5% 0.80 2017 2018 2019 2020 (e) 2021 (e) 2022 (e) Pre-Tax Profit (EBT) 1 450 392 460 630 675 246 g 0.60 with 30.0% Rate of Dividend 0.40 Net income 1 393 334 402 448 535 305 20.0% 0.20 Net margin 32,8% 26,2% 26,7% 28,3% 31,6% 20,7% 0.00 10.0% EPS 2 0,67 0,57 0,68 0,87 1,07 0,52 EPS Dividend -- Rate of Dividend Dividend per Share 2 0,17 0.23 0,13 0,30 0,36 0,18 Omarketscreener.com - S&P Global Market Intelligence Last update 03/21/2018 04/23/2019 03/18/2020 01/28/2021 01/28/2021 01/28/2021 1 USD in Million 2 USD Estimates Year-on-year evolution of the PER Help Balance Sheet Analysis 2010 2011 2012 2013 2014 2015 2016 2018 2019 2020 (e) 2021 (e) 2022 (e) 12.5 Fiscal Period: December 2017 2018 2019 2020 2021 2022 10 Net Debt 403 339 281 54,0 7.5- Net Cash position - - 224 249 P/E ratio 5.8 Leverage (Debt/EBITDA) 0,73x 0,67% 0,48x 0,08x -0,32% -0,63% 5 Free Cash Flow 250 157 226 422 480 255 1..... 12 2.5 5.6 5.2 6'S 4.3 tu ROE (Net Profit / Equities) 85,4% 45,1% 36,3% 35,7% 38,3% 5,80% 3.7 3.1 14.6 0 Shareholders' equity 460 740 1 109 1 257 1 396 5265 Income Statement Evolution 2017 2018 2019 2020 (e) 2021 (e) 2022 (e) Discover 2,000 45% . 40% 1,500 35% Million USD 1,000 30% Key data LLLLL -25% 500 20% Capitalization (GBP) Capitalization (USD) Net sales (USD) Number of employees Sales / Employee (USD) Free-Float Free-Float capitalization (GBP) Free-Float capitalization (USD) Avg. Exchange 20 sessions (USD) Average Daily Capital Traded 1 724 309 578 2 366 411 739 1 506 724 000 10 767 139 939 88,2% 15% Sales Operating profit Net income -.- Net Margin Operating Margin Omarketscreener.com - S&P Global Market Intelligence 1 520 199 020 2 086 294 047 527 928 545 30,6% Annual Income Statement Data Annual Income Statement Data Average Daily Capital Traded 30,6% Fiscal Period: December 2017 2018 2019 2020 2021 2022 EPS & Dividend Net sales 1 197 1 274 1 507 1 583 1 691 1 475 2017 EBITDA 551 503 586 715 706 395 1.20 50.0% Operating profit (EBIT) 496 428 497 586 603 244 1.00 2018 2019 2020 (e) 2021 (e) 2022 (e) 40.0% Operating Margin 41,4% 33,6% 33,0% 37,0% 35,7% 16,5% 0.80 - 1 Pre-Tax Profit (EBT) 450 392 460 630 675 246 0.60 30.0% will Rate of Dividend 0.40 Net income 1 393 334 402 448 535 305 20.0% 0.20 Net margin 32,8% 26,2% 26,7% 28,3% 31,6% 20,7% 1 0.00 10.0% EPS2 0,67 0,57 0,68 0,87 1,07 0,52 EPS Dividend -- Rate of Dividend Dividend per Share 2 0,17 0,23 0,13 0,30 0,36 0,18 marketscreener.com - S&P Global Market Intelligence Last update 03/21/2018 04/23/2019 03/18/2020 01/28/2021 01/28/2021 01/28/2021 1 1 USD in Million 2 USD Estimates Year-on-year evolution of the PER Help ob Finances - Leverage 2.5 4.18 % - 10.2 9.31 4.17% 7.56% 8.97 -0 2017 2018 2019 2020 (e) 2021 (e) 2022 (e) 2,000 0.80 marketscreener.com - S&P Global Market Intelligence 1,500 Evolution Valeur d'Entreprise / EBITDA Help 0.60 2012 2013 2014 2015 2016 2017 2018 2019 2020 (e) 2022 (e) 2021 (e) 1,000 8 Million USD 500 VILLE 0.40 Leverage (Debt/Ebitda) 6 0 0.20 EV / EBITDA -500 | 7.00 xe 4.92 X 4.94 x 4.16 x 5.37 % 2.34 x 3.37 x 3.57 % 2.59 x 3.38 x 3.04 % -1,000 0.00 Sales Finance or Debt EBITDA - Leverage 0 marketscreener.com - S&P Global Market Intelligence marketscreener.com - S&P Global Market Intelligence As at US$000 Notas continued Note 23: Provisions continued The costs of restoration of the different deposits in the Group's open pit mines are based on amounts determined by an independent and credited institute taking into account the codes of practice and laws applicable in Ukraine. The useful lives of the different pits and mines are determined by the same institute based on expected annual stripping and production volumes having taken into account the expected timing and effect of future mine-life extension programmes. It is expected that the restoration works of the GPL mine will start after the years 2040, 2044 and 2061 for the different areas within the mine. The first minor restoration work of the Yerystivske mine is expected to start for some dump areas after 2026, whereas the removal of equipment and the flooding of the pit will only begin at the end of the mine's life in 2044. The provision represents the discounted value of the estimated costs of decommissioning and restoring the mines at the dates when the deposits are expected to be depleted in the relevant areas within the mine. The present value of the provision has been calculated in Ukrainian Hryvnia using an average nominal pre-tax discount rate of 12.2% (2018: 14.0%) and the costs are expected to be incurred once the restoration works begin in the different areas of the mines. Uncertainties in estimating the provision include potential changes in regulatory requirements, decommissioning and reclamation alternatives and the discount and inflation rates to be used in the calculations. Note 24: Accrued and contract liabilities Accounting policy Accrued expenses are recognised for amounts to be paid in a future period for goods or services received, which have not been billed to the Group as at the end of the reporting period. Contract liabilities consist of the portion of freight revenues under CIF and CFR Incoterms, which is deferred and recognised over time as the performance obligation is fulfilled, and released at the point of time when the freight services are completed. As at 31 December 2019, accrued and contract liabilities comprised: : As at US$000 31.12.19 31.12.18 Accrued expenses 7,439 6,123 Accrued interest 4,306 6,438 Accrued employee costs 17,482 13,899 Advances from customers 50 195 Contract liabilities 9,980 6,038 Total accrued and contract liabilities 39,257 32,693 Note 26: Interest-bearing loans and borrowings Accounting policy Interest-bearing loans and borrowings (excluding lease liabilities) are measured at amortised cost. All loans are in US Dollars. See also Note 27 Financial instruments for more details in respect of the accounting policies applied. This note provides information about the contractual terms of the Group's major finance facilities. As at 31.12.19 31.12.18 Current Eurobond issued 172,454 Syndicated bank loans-secured 133,333 Other bank loans-secured 9,262 Other bank loans - unsecured 1,494 1,494 Lease liabilities 30 3,540 2,074 Trade finance facilities 19,316 Total current interest-bearing loans and borrowings 138,367 204,600 Non-current Syndicated bank loans-secured 266,667 195,000 Other bank loans - unsecured 764 2,258 Lease liabilities 30 6,580 Total non-current interest-bearing loans and borrowings 274,011 197,258 Total interest-bearing loans and borrowings 412,378 401,858 As at 27 Note 25: Cash and cash equivalents Accounting policy Cash and cash equivalents include cash at bank and on hand and short-term deposits with original maturity of 90 days or less. Cash at bank and on hand and short-term deposits are recorded at their nominal amount as these present an insignificant risk of changes in value. As at 31 December 2019, cash and cash equivalents comprised: As at US$0,00 31.12.19 31.12.18 Cash at bank and on hand 131,020 62,996 Total cash and cash equivalents 131,020 62.996 At 31 December 2019, the Group has a syndicated revolving US$400,000 thousand pre-export finance facility, which is fully drawn. As at the end of the comparative year ended 31 December 2018, US$205,000 thousand were available and US$195,000 thousand were drawn by the Group. The initial facility agreement for a total amount of US$ 195,000 thousand was signed on 16 November 2017 and fully drawn in March 2018. In August 2018, an amendment to the aforementioned facility agreement was signed, increasing the facility from US$195,000 thousand to US$400,000 thousand and extending the tenor by one year. The effective date of the increase and extension was 6 November 2018. Following a one-year grace period, the facility will be amortised in 12 quarterly instalments, with the first instalment due on 7 February 2020 and the final repayment due on 6 November 2022 The aforementioned bank debt facility was guaranteed and secured as follows: Ferrexpo AG and Ferrexpo Middle East FZE, which are also joint borrowers, assigned the rights to revenue from certain sales contracts; PJSC Ferrexpo Poltava Mining assigned all of its rights of certain export contracts for the sale of pellets to Ferrexpo AG and Ferrexpo Middle East FZE; and - the Group pledged bank accounts of Ferrexpo AG and Ferrexpo Middle East FZE into which sales proceeds from certain assigned sales contracts are exclusively received. As a As at the end of the comparative year ended 31 December 2018, the Group had outstanding unsecured Notes at par value totaling US$173,181 thousand in addition to the major bank debt facility listed above. The final payment was made on 7 April 2019. The Notes had a 10.375% interest coupon payable semi-annually. As at 31 December 2019, the Group had no open trade finance facilities (2018: US$19,316 thousand). Trade finance facilties are secured against receivable balances related to these specific trades. The debt repayments during the financial year ended 31 December 2019 totalled US$229,374 thousand (2018: US$308,817 thousand) affecting the balance of cash and cash equivalents. Further information on the Group's gross debt is provided in Note 26 Interest-bearing loans and borrowings. The balance of cash and cash equivalents held in Ukraine amounts to US$28,351 thousand as at 31 December 2019 (2018: US$21,416 thousand). The Group's exposure to liquidity, counterparty and interest rate risk as well as a sensitivity analysis for financial assets and liabilities are disclosed in Note 27 Financial instruments. Note 30 Commitments, contingencies and legal disputes provides details on the Group's balance of restricted cash and deposits, which has been fully provided for during the financial years 2015 and 2016 as not available to the Group. Ferrexpo plc Annual Report & Accounts 2019 121 Consolidated Income Statement Strategic Report Notes Year ended 31.12.19 5/7 US$000 Revenue Operating expenses Other operating income Operating foreign exchange losses Operating profit Share of profit from associates Profit before tax and finance Net finance expense Non-operating foreign exchange losses Profit before tax Income tax expense Profit for the year Year ended 31.12.18 1,274,030 (844,470) 3,314 (5,295) 427,579 5,360 432,939 (39,332) (1,585) 392,022 (56,801) 335,221 1,506,724 (968,443) 5,614 (46,752) 497,143 4,114 501,257 (23,191) (18,491) 459,575 (56,282) 403,293 Corporate Governance 33 10 9 11 Financial Statements Profit attributable to: Equity shareholders of Ferrexpo plc Non-controlling interests Profit for the year 402,370 923 403,293 333,616 1,605 335,221 Earnings per share: Basic (US cents) Diluted (US cents) 12 56.9 | 68.6 68.4 12 56.7 Report US$000 Yaar anded 31.12.18 Corporate Governance Financial Statements 31 Note 11: Taxation continued The income tax expense for the year ended 31 December 2019 consisted of the following: Year ended 31.12.19 Current income tax Current income tax charge 52,106 44,086 Amounts related to previous years 10,297 (569) Total current income tax 62,403 43,517 Deferred income tax Origination and reversal of temporary differences (6,121) 13,284 Total deferred income tax (6,121) 13,284 Total income tax expense 56,282 56,801 Tax effects on items recognised in the statement of other comprehensive income consisted of the following for the year ended 31 December 2019: Year ended Your anded US$000 Notas 31.12.19 31.12.18 Tax effect of exchange differences arising on translating foreign operations 20,487 2,007 Total income tax effects recognised in statement of other comprehensive income 20,487 2,007 The weighted average statutory corporate income tax rate is calculated as the average of the statutory tax rates applicable in the countries in which the Group operates, weighted by the profits and losses before tax of the subsidiaries in the respective countries, as included in the consolidated financial information. The weighted average statutory corporate income tax rate was 11.3% for the financial year 2019 (2018: 15.5%). A reconciliation between the income tax charged in the accompanying financial information and income before taxes multiplied by the weighted average statutory tax rate for the year ended 31 December 2019 is as follows: US$0.00 Profit before tax 459,575 392,022 Notional tax charge computed at the weighted average statutory tax rate of 11.3% (2018: 15.5%) 52,072 60,629 (Recognition)/derecognition of deferred tax assets (10,433) (8,576) Credit for Ukrainian fuel excise tax against income tax? (3,686) (7,408) Expenses not deductible for local tax purposes 2,539 3,795 Income exempted for local tax purposes (25) (56) Reassessment of prior year temporary differences 4,911 7,719 Effect of different tax rates on local profit streams 646 1,157 Prior year adjustments to current taxe 10,297 (569) Effect from share of profit from associates (783) (974) Other (including translation differences) 744 1,084 Total income tax expense 56,282 56,801 Year ended 31.12.19 Your ended 31.12.16 Note 27: Financial instruments continued Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group's approach is to ensure that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group's reputation by holding surplus cash or undrawn committed credit facilities. The Group prepares detailed rolling cash flow forecasts, which assist it in monitoring cash flow requirements and optimising its cash return on investments. Typically, the Group intends to ensure that it has sufficient cash on demand and/or lines of credit to meet expected operational expenses, including the servicing of financial obligations. The Group also makes use of available trade finance facilities to manage its short-term liquidity requirements. Trade finance generally refers to the financing of individual transactions or a series of revolving transactions and is often self-liquidating, whereby the lending bank stipulates that all sales proceeds to be collected are applied to settle the loan, with the remainder returned to the Group. Trade finance transactions are approved by the Group Treasurer. For further information see the Group's Viability Statement on page 61 The folowing are the contractual maturities of financial liabilities: As at 31.12.19 Less than Between US$000 Between 1 to 2 years 2 to 5 years 5 years Total Interest-bearing Floating rate loans and borrowings 134,868 134,100 133,333 402,301 Lease liabilities 3,946 3,342 3,937 553 11,778 Total interest-bearing 138,814 137,442 137,270 553 414,079 Non-interest-bearing Trade and other payables 65,627 65,627 Accrued liabilities 29,209 29,209 Future interest payable 18,321 11,438 4,366 34,125 Total non-interest-bearing 113,157 4,366 128,961 Total financial liabilities 251,971 148,880 141,636 553 543,040 Note 27: Financial instruments continued Currency risk The Group is exposed to currency risk on financial assets and financial liabilities resulting from sales, purchases and borrowings that are denominated in a currency other than the respective functional currencies of the Group's subsidiaries. The functional currencies of the Group's subsidiaries are primarily the Ukrainian Hryvnia, US Dollars, Euro and Swiss Francs. The Group's functional currency and reporting currency is the US Dollar The Group's major lines of borrowings and the majority of its sales are denominated in US Dollars, with costs of local Ukrainian production mainly in Hryvnia. The value of the Hryvnia is published by the NBU. An appreciation of the Ukrainian Hryvnia increases the operating costs of the production unit in US Dollar terms and the value of Hryvnia payables recorded in the statement of financial position at the year end in US Dollars, with the opposite effect in case of a depreciation of the Ukrainian Hryvnia. As the majority of sales and receivables are denominated in US Dollars, a change in the local currency will result in operating exchange differences recorded in the income statement. case of a change of the local currency compared to the US Dollar, US Dollar-denominated loans held by the Ukrainian subsidiaries result in non-operating exchange differences to the extent these are not matched by US Dollar-denominated assets. Fixed assets are held in local currency amounts and a change in the functional currencies different to the US Dollar results in a change of the Group's net assets as recorded in the translation reserve. The NBU manages and determines the official exchange rates. An interbank market for the exchange of currencies exists in Ukraine and is monitored by the NBU, The Group, through financial institutions, exchanges currencies at bank offered market rates. Trade receivables are predominately in US Dollars and are not hedged. Trade payables denominated in US Dollars are also not hedged on the market but are matched against US Dollar currency receipts. This includes the interest expense, which is principally payable in US Dollars. Trade receivables and trade payables in Ukrainian Hryvnia are not hedged as a forward market for the currency is generally not available. Corporate Governance More than 1 year Financial Statements 11,438 As at The difference of the total of fixed and floating interest-bearing loans and borrowings compared to the balances disclosed in Note 26 Interest- bearing loans and borrowings mainly relates to arrangement fees paid for specific facilities, which are netted for the presentation in the statement of financial position. As at 31.12.18 Less than Between Batwoon More than US$000 1 year 1 to 2 years 25 years r Total Interest-bearing Fixed rate loans and borrowings (excl. lease liabilities) 179,108 179,108 Floating rate loans and borrowings 24,785 66.534 130,767 222,086 Lease liabilities 2,074 2,074 Total interest-bearing - 205,967 66,534 130,767 403,268 Non-interest-bearing Trade and other payables 34,292 34,292 Accrued liabilities 26,458 26,458 Future interest payable 23,321 12,380 10,511 46.212 Total non-interest-bearing 84,071 12,380 10,511 106,962 Total financial liabilities 290,038 78,914 141,278 510,230 Other Group monetary assets and liabilities denominated in foreign currencies are considered immaterial as the exposure to currency risk mainly relates to corporate costs within Switzerland and the UK. The Group's exposure to foreign currency risk was as follows as of 31 December 2019: US$000 As at 31.12.19 31.12.18 Total financial assets 231,286 149,147 Thereof exposed to Ukrainian Hryvnia Thereof exposed to US Dollar 7,372 6,837 Thereof exposed to Euro 4,603 49 Thereof exposed to Swiss Franc 174 674 Thereof exposed to other currencies 1,521 1,898 Total exposures to currencies other than local functional currencies 13,670 9,458 Total financial liabilities (507,200) ) (462,608) Thereof exposed to Ukrainian Hryvnia Thereof exposed to US Dollar (5,831) ( (12,369) Thereof exposed to Euro (1,595) (1,587) Thereof exposed to Swiss Franc (333) (4,617) Thereof exposed to other currencies (1,598) (1,086) Total exposures to currencies other than local functional currencies (9,357) (19,659) No other subsidiaries of the Group, apart from the Ukrainian subsidiaries, have financial assets and liabilities denominated in the Ukrainian Hryvnia. The functional currency of the Ukrainian subsidiaries is the Ukrainian Hryvnia and the translation of financial assets and financial liabilities does not therefore pose a foreign currency risk exposure in the consolidated income statement of the Group as translation differences are reflected in the translation reserve Isco Noto 31 Share capital and reserves Consolidated Statement of Cash Flows Consolidated Statement of Changes in Equity Notes Year onded 31.12.10 459,575 Waranded 31.12.18 392,022 Non-controlling Intrasts Note 31) 121,628 Attributable to sculty Sheridors of Forreoplo Ratained Shar premium Others Gamings Note 31) Note 31) Note 2 185,112 2.020,864) 2,330,580 333,616 10.110 861 Total equity 616,826 capital and Servos 616,456 333,616 10.971 370 1,605 75 335,221 11,046 40 10.110 334,477 1.680 344,587 674 346,267 674 674 7 7 33 82,130 21.267 (1,436) 417 (153) 1,241 (4,114) 736 437 3,534 1,022 46,752 18,491 (7,307) 622,592 62,094 37,832 (891) 5,701 (372) 1,489 5,360) 222 (162) 3,642 674 5,295 1,586 (7,657) 496,115 18 2 121,628 2,050 LISSC00 At 1 January 2018 Profit for the year Other comprehensive income Total comprehensive income for the year Share-based payments (Note 28) Equity dividends to shareholders of Ferrexpo plc At 31 December 2018 Profit for the year Other comprehensive income Total comprehensive income for the year Share-based payments (Note 28) ) Equity dividends to shareholders of Ferrexpo plc Effect from increase of shareholding in subsidiary At 31 December 2019 (96,870) 185,112 (2,010,080) 2,568,187 402,370 244,250 16,898) 196,870) 864,847 402,370 237,352 196,870) 866,897 403,293 238,778 923 1,426 28 9 395,472 2,349 244,250 1,022 639,722 1,022 642,071 1,022 Financial Statements (155,087) (155,0871 (155,087) 2,050 2,050 185,112 (1,764,808) 2,810,622 1,352,554 (4,321) 78 (2,271) 1,352,632 121,628 20 US3000 Profit before tax Adjustments for Depreciation of property, plant and equipment, right-of-use assets and amortisation of intangible assets Finance expense Finance income Losses on disposal of property, plant and equipment Cash elements included in losses on disposal of property, plant and equipment Write-offs Share of profit from associates Movement in allowance for doubtful receivables Movement in site restoration provision Employee benefits Share-based payments Operating foreign exchange losses Non-operating foreign exchange losses Other adjustments Operating cash flow before working capital changes Changes in working capital Increase in trade and other receivables Increase in inventories Increase in trade and other payables (incl. accrued and contract liabilities) Decrease/(increase) in other taxes recoverable and payable (incl. VAT) Cash generated from operating activities Interest paid Income tax paid Post-employment benefits paid Net cash flows from operating activities Cash flows from investing activities Purchase of property, plant and equipment and intangible assets Proceeds from disposal of property, plant and equipment and intangible assets Interest received Dividends from associates Acquisition of non-controlling interests Net cash flows used in investing activities Cash flows from financing activities Proceeds from borrowings and finance Repayment of borrowings and finance Principal elements of lease payments Arrangement fees paid Dividends paid to equity shareholders of Ferrexpo plc Net cash flows used in financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the year Currency translation differences Cash and cash equivalents at the end of the year (23,479) (37,152) 19,590 11,371 592,922 (33,932) (83,730) (1,884) 473,376 ( (12,785) (87,999) 1.903 (17,530) 379,704 (42,768) (43,509) (1,702) 291,725 11 19/15 (247,478) ) 1,165 1,344 3,519 (2,189) (243,639) (135,113) 800 827 4,137 (129,349) 26 28 214.317 (308,817) 25 225,000 (223,774) (5,118) (131 (154,922) (158,945) 70,792 62,996 (2,768) 131,020 (5,817) (96,559) (196,876) (34,500) 97,742 (246) 62,996 25