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Acquisition of Helogistics

15 Dec 2010 07:00

RNS Number : 9709X
Ferrexpo PLC
15 December 2010
 



15 December 2010

Ferrexpo plc

("Ferrexpo" or the "Group")

Acquisition of Helogistics

 

Ferrexpo today announces that it has entered into an agreement to acquire 100% of the share capital of Helogistics Holdings GmbH ("Helogistics") and to acquire the existing bank debt of Helogistics, which has a face value of €72.1 million, for €28.5 million cash.  The acquisition of the share capital of Helogistics and the existing bank debt is subject to regulatory approval and is expected to be completed around the end of the calendar year. During 2010 Ferrexpo provided a €6 million working capital loan to a subsidiary of Helogistics, which will remain in place.

Helogistics is one of the largest inland waterway transportation companies operating on the Danube River. It employs approximately 600 people; including leasing crews, and operates 253 vessels. It transports iron ore pellets as well as other bulk cargos along the Danube and Rhine rivers from the ports of Ismail, Ukraine, and Rotterdam, the Netherlands, to various locations in Northern, Central and Eastern Europe. In 2009 and to 30 November 2010, Helogistics has transported approximately 504 thousand tonnes and 575 thousand tonnes of Ferrexpo pellets, respectively, to its core customer in Central Europe.

For the year ended 31 December 2009 Helogistics reported EBITDA of €0.7 million. As of 30 June 2010 the gross assets of the company were €58.8 million and the estimated value of the net assets was €28.5 million.

Michael Abrahams, Chairman of Ferrexpo commented:

"This acquisition adds to Ferrexpo's extensive logistics network in Northern, Central and Eastern Europe solidifying our presence as the regional market leader in iron ore pellet supply. It is part of our strategy to further control the supply chain securing existing customer relationships and providing access to new European markets thorough out the Rhine/ Danube River corridor in Europe."

 

For further information, please contact:

 

Ferrexpo:

Ingrid McMahon

+44 207 389 8304

Pelham Bell Pottinger

Charles Vivian

+44 207 861 3126

James Macfarlane

+44 207 861 3864

 

Notes to Editors:

 

Ferrexpo:

Ferrexpo is a Swiss headquartered resources company with assets in Ukraine, principally involved in the production and export of iron ore pellets, used in producing steel. Current output is approximately 9.5 million tonnes, most of which is exported to steelmakers around the world. The Group is listed on the main market of the London Stock Exchange under the ticker FXPO. For further information please visit www.ferrexpo.com

 

Helogistics:

Founded in 2007, Helogistics Holding GmbH aims to be the leading service provider within the inland waterway transportation industry.As the holding company of Erste Donau-Dampfschiffahrts GmbH and Mahart Duna Cargo Kft the business activities cover the transport of commodities as well as semi-finished and ready-made goods along the 3.500 km long waterway between Rotterdam and the Black Sea; in the dry-bulk goods segment the majority of goods transported are commodities such as iron ore and grains.Helogistics is headquartered in Vienna and has branch offices in Linz, Bratislava, Budapest, Belgrade, Izmail and Constanta. Fur further information please visit www.helogistics.at.

This information is provided by RNS
The company news service from the London Stock Exchange
 
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