FXPO has delivered strong results in a turnaround year recovering from its local banks issues which resulted in the loss of a significant amount of cash of around US$592m. FXPO’s robust operational performance was, however, unaffected. Production of 11.2mnt was down 4% YoY, however, sales volumes were up 3% YoY to 11.7mnt and prices averaged 5% higher YoY at US$58.3/t. Revenue was therefore up 3% YoY to US$986m.
Cash costs were down 13% YoY to US$28/t and EBITDA increased 20% YoY to US$375m as a result of the improved cost base. Net profit of US$189m was up close to fivefold YoY while with minimal capital investment owing to the completion of ramp up activities net cash flow was also up strongly. Consequently net debt was reduced from US$868m to US$589m YoY and FXPO opted to pay a final dividend of US$0.066/sh., double last years.