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It's been a slow process

you are correct, Capex is not due t commence until August, at which time they should have generated an additional close to $300m in free cash.

considering the near collapse of the company crippled with debt over the last 18 months I am a little surprised with 1, the early return of dividends, and 2, the huge capex planned for this year. I feel the dividend could have waited until Oct 1st as we would have had Q3 behind us and Q4 locked in. by all means a summer dividend in 2018 AFTER the major debt repayments due then have been completed would have been more prudent. Yes it shows condifrence but is it over-cofidence, personally I think they should have waited. 2 CAPEX 2017, the CEO confused everyone with his figures in the presentation, Given the huge sums involves I would issue and RNS on this capital expenditure alone. we know some CAPEX for 2017 is maintenance related $40m and we know that $50m over two years is required to open the new production facility, $25m a year I gather, but the CEO mention figures much higher. The analysts tried to ask him to clarify, and he half did, I;m still not 100%, is anyone else ?

Dividends ?..... I think this is a little premature and he could have waited unti Oct 1 2017 with a 3p dividend . With 5p in June 2018

You view focuses on a bad case scenario. I think we can presume iron ore will fall somewhat. But I would caution against a steep decline, this may not emerge, The majors have not ramped up production. The pellet premium at $35 was locked in for 2017 on 30% of production, it was $35 for Q1 for 100% of production. and Q2 should also be $35 a ton when agreed in the next week. So, 100% of production is guarantee to have a $35 premium for H1. and 30% is locked in for H2. That's a great vista.

Thank You. well worth a watch

agreed, it's production only. I found the link to the video presentation if anyone wants to watch it. good Q and A. Pity Chris didn't say how things had gone in the first 10 weeks, cash wise, but he did reveal that premiums were at $35 a ton, and 30% of these are locked into for a full year, and 70% for 3 months.

Can anyone find on Ferrexpo's website the video of todays presentation? I can't find it anywhere. they said it would be on the website.

they released those figures last year. and the Q1 figures are only production

The CFO did not give post period financials ( Jan 1 to March15 2017 ) in this report. This was very noticeable and they should be there given the colossal rise in the price or Iron Ore in these period. It is likely that Ferrexpo generated some $70m per month in Jan and Feb, and $35m in the first two weeks of March. Had the CFO said we have generated $175m since Jan 1st, and retired another $48m in debt in Feb, leaving us with $127m EXTRA since the end of 2016 accounts. This would have allowed him to say, we currently have $145m plus $127m = $272m in CASH as of March 15. Ok, I know the figures can alter slightly with contracts etc, but I can assure you he has $250m in the bank today. IMHO. and the $48.5 retired. This needed to be highlighted.

The market response has be very quiet, I would have thought the resumption of dividends would have attracted certain certain dividend only fund managers. Maybe some take time to digest the information. I honestly though this report would have pushed Ferrexpo 15% higher, Production in January seemed low. But other than that this is an excellent report, and H1 2017 will be superb.

This need the Jan-Feb update!!!! It needed to say we are making $70m a month . Maybe there is a commercial reason for this .

Excellent report - I think he should have have given the cash position as of 15 March. That would have sealed it. Dividend !!!!

Those accounts are for the subsidiary . This company operates the mine. In 2015 it lost $200m for example - while ferrexpo made a profit . We will have the real figures tomorrow -

We will soon know -

If it's 19% on 2015 EBITDA, then it will be $372m for 2016… BUT , it says profits. That makes more sense pitted beside the increase in cash to Dec 31 and the debt retired.

I see it is the full company . agreed. But the calculations seem strange.

The operating profit for the first half of 2016 was $131m or UH 3.2billion. This happens to be the exact same figure given in the report for the FULL YEAR operating profit for 2016. That would assume Ferrexpo didn't make a red cent in the last half of the year. Maybe this is the confusion. Still its strange the figures are out before a vital RNS. Also, I cannot place the 19%.

Max kindly posted from a similar website before and I remember being a little confused then, however I also recall the figures stacked after that. so. Firstly Ferrexpo made an operating profit of $251m in 2015 so 19% on that would be $298m and not the figure Maxim suggests.. It may not be the complete accounts but only from the main mine. The thing is the accounts are not out until tomorrow and there is no way they would do this. It's not on their website. The fall today is tracking miners so that's not an issue/ I'll have another look

They bought in a few months back and have had a 50% increase. Often a fund manager taking a pounding elsewhere will sell part of a winning share to cover his losses elsewhere and deliver a winning quarter.