Fortescue Metals Group Ltd Issues a $0.5 Billion Voluntary Redemption Notice to the Trustee of the $0.9 Billion Senior Unsecured Notes Due 2018
Aug 20 14
Fortescue Metals Group Ltd. has issued a $0.5 billion voluntary redemption notice to the trustee of the $0.9 billion senior unsecured notes due 2018. The $0.5 billion of notes will be redeemed on October 17, 2014. This announcement comes less than six months after Fortescue fully repaid both the 2015 and 2016 notes on March 14, 2014, and takes total debt repayments since November 2013 to $3.6 billion. The company also intends to repay an additional $0.5 billion to $1 billion during fiscal year 2015, subject to iron ore prices and other market factors.
Fortescue Metals Group Limited Declares Final Fully Franked Dividend for the Year Ending June 30, 2014, Payable on October 3, 2014; Announces Audited Consolidated Earnings and Operating Results for the Year Ended June 30, 2014; Provides Capital Expenditure and Operations Guidance for the Fiscal 2015
Aug 20 14
The Board of Fortescue Metals Group Limited declared AUD 0.10 per share final fully franked dividend, bringing the full year dividend for fiscal year 2014 to AUD 0.20 per share. The dividend is payable on October 3, 2014 with record date of September 3, 2014.
The company also announced audited consolidated earnings and operating results for the year ended June 30, 2014. For the year, the company announced operating sales revenue of USD 11,753 million compared to USD 8,120 million for the same period a year ago. Profit before income tax and net finance expenses was USD 4,633 million compared to USD 3,019 million for the same period a year ago. Profit before income tax was USD 3,913 million compared to USD 2,466 million for the same period a year ago. Profit for the year is attributable to equity holders of the parent company was USD 2,730 million compared to USD 1,746 million for the same period a year ago. Diluted earnings per share for profit attributable to the ordinary equity holders of the company was 87.85 cents compared to 56.05 cents for the same period a year ago. Net cash inflow from operating activities was USD 6,248 million compared to USD 3,004 million, increased due to production and lower operating costs, for the same period a year ago. Operating cash flow per share was USD 200.66 cents against USD 96.47 cents for the same period a year ago. Payments for property, plant and equipment - fortescue was USD 1,931 million compared to USD 6,355 million for the same period a year ago. Payments for property, plant and equipment - joint operations was USD 64 million. Capital expenditure decreased to USD 1.9 billion against USD 6.4 billion in 2013, as the 155mtpa expansion was completed during the year. EBITDA was USD 5,636 million compared to USD 3,575 million for the same period a year ago. Fortescue's net debt position improved to USD 7.2 billion against USD 10.5 billion in 2013.
For the year, the company delivered mining, processing and shipping. Total shipments increased to 124.2 million tonnes against 80.9 million tonnes, 54% higher than the prior year, and comprised 119.9 million Fortescue equity tonnes and 4.3 million third party tonnes. Total ore mined increased by 48% to 140.4 million tonnes, as operations ramped up across the Chichester and the Solomon Hubs.
The company provided capital expenditure and operations guidance for the fiscal 2015. For the fiscal 2015, the company expects to ship 155 to 160 million tones at a C1 cost of USD 31 to USD 32/wmt. Capital expenditure is estimated at USD 1.3 billion, including approximately USD 0.1 billion deferred from Fiscal year 2014. Inorder to achieve the initial gearing target of 40%, further debt repayments of USD 2.0 billion to USD 2.5 billion are expected to be executed over the next 18 to 24 months period.
Fortescue Metals Group Limited Announces Board Changes
Aug 19 14
Fortescue Metals Group Limited announced that deputy chairman Herb Elliott, Graeme Rowley and Herbert (Bud) Scruggs will retire as Directors at the company's 2014 annual general meeting in November, 2014.