Iron ore production in Ukraine: Ferrexpo

Publication Date	January 2009
Publisher	Concorde Capital
Product Type	Report
Pages	16
ISBN Number	not applicable
Product Code	CNC00074

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Summary

Ferrexpo's 2008 output was down 0.6% yoy, much shallower than its CIS peers' cuts. The company's focus on Europe and China will keep its capacity 60-70% loaded in 2009, even with a planned 10-20% production decline. Ferrexpo's cash balance and operating cash flow make its debt repayment obligations this year look feasible.

Content

Outlook for 2009: Production cut on the back of shrinking demand
Investments on hold, waiting for better times
Debt repayment schedule in 2009 looks feasible
Iron ore market: Power returns to consumers?
Coming events: RPGI-NWR deal, Meeting with analysts
Comparison valuation
- Appendix A: Ferrexpos markets and client overview
- Appendix B: Financial Statements, IFRS
- Appendix C: Ferrexpos production cost breakdown in 1H08
Disclosures
Analyst certification
Investment Ratings