Ferrexpo PLC Report on Payments to Governments (7511J)

TIDMFXPO

RNS Number : 7511J

Ferrexpo PLC

30 June 2017

30 June 2017

FERREXPO plc

("Ferrexpo" or the "Company")

Report on Payments to Governments for the year ended 31 December 2016

Ferrexpo today provides information in accordance with DTR 4.3A in respect of payments made by the Company and its subsidiaries to governments for the year ended 31 December 2016 and in compliance with The Reports on Payments to Governments Regulations 2014, as amended (the Regulations).

 
                                                                                                                                                Licenses 
                                                                                                                                                   and                Infrastructure 
                      Production                Taxes                Royalties               Dividends                 Bonuses                 concessions             improvements              Total 
                      entitlements               paid                   paid                    paid                     paid                     paid                     paid                 (US$'000) 
-------------  ------------------------  -------------------  ----------------------  -----------------------  -----------------------  -----------------------  -----------------------  ------------------- 
 Ukraine 
-------------  ------------------------  -------------------  ----------------------  -----------------------  -----------------------  -----------------------  -----------------------  ------------------- 
   State 
    treasury: 
    State 
    budget                            -                  537                  10,319                        -                        -                        -                        -               10,856 
-------------  ------------------------  -------------------  ----------------------  -----------------------  -----------------------  -----------------------  -----------------------  ------------------- 
   State 
    treasury: 
    Regional 
    budget                            -                1,405                   3,440                        -                        -                        -                        -                4,845 
-------------  ------------------------  -------------------  ----------------------  -----------------------  -----------------------  -----------------------  -----------------------  ------------------- 
   State 
    treasury: 
    Local 
    budget                            -                2,235                       1                        -                        -                        -                        -                2,236 
-------------  ------------------------  -------------------  ----------------------  -----------------------  -----------------------  -----------------------  -----------------------  ------------------- 
   Total 
    Ukraine                           -                4,177                  13,760                        -                        -                        -                        -               17,937 
-------------  ------------------------  -------------------  ----------------------  -----------------------  -----------------------  -----------------------  -----------------------  ------------------- 
 Grand Total                          -                4,177                  13,760                        -                        -                        -                        -               17,937 
-------------  ------------------------  -------------------  ----------------------  -----------------------  -----------------------  -----------------------  -----------------------  ------------------- 
 

In 2016, Ferrexpo received a tax refund of US$27 million related to the equivalent of US$138 million of corporate profit tax that was prepaid in Ukraine from 2012 to 2015 (using historic exchange rates). The outstanding balance of prepaid corporate profit tax as of 31 December 2016 was US$16 million.

Basis of preparation:

   1.            The Company regards payments relating to the Group's mining operations in Ukraine as interconnected projects for the purposes of the Regulations. 

2. Taxes paid includes taxes levied on the income, production or profits of companies but excludes any taxes levied on consumption such as value added taxes, personal income taxes or sales taxes.

3. Payments made in currencies other than US Dollars are translated at the average foreign exchange rate for the relevant quarter.

This report is available for download at www.ferrexpo.com.

For further information contact:

 
 Ferrexpo: 
 Ingrid McMahon    [phone] 
 Maitland: 
 James Isola       [phone] 
 
 

Notes to Editors:

Ferrexpo is a Swiss headquartered iron ore company with assets in Ukraine. It has been mining, processing and selling high quality iron ore pellets to the global steel industry for 40 years. Ferrexpo's resource base is one of the largest iron ore deposits in the world. The Group is currently the 3rd largest exporter of pellets to the global steel industry and the largest exporter of pellets from the Former Soviet Union. In 2016, it produced 11.2 million tonnes of pellets reflecting a 2% increase in production of the Group's highest quality pellets to a record 10.5 million tonnes. Ferrexpo has a diversified customer base supplying steel mills in Austria, Slovakia, the Czech Republic, Germany and other European states, as well as in China, India, Japan, Taiwan and South Korea. Ferrexpo is listed on the main market of the London Stock Exchange under the ticker FXPO and is a member of the FTSE 250 index. For further information, please visit www.ferrexpo.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

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June 30, 2017 06:41 ET (10:41 GMT)