Analysts expect Ferrexpo's 2011 IFRS net profit to increase 32.2% - consensus forecast
KYIV. March 13 (Interfax) - Investment and banking analysts expects Ferrexpo plc's net profit according to international financial reporting standards (IFRS) to increase 32.2% to $562.1 million for 2011.
According to a consensus-forecast from analysts surveyed by Interfax, Ferrexpo's sales revenue for 2011 increased by 30.7% to $1.693 billion and EBITDA - up 30% to $760.7 million.
At the same time, several analysts expect the company to post a decrease for its EBITDA margin. According to the consensus, the EBITDA margin might come to 44.9%, down 0.3 of a percentage point from the previous year.
Ferrexpo plans to publish its consolidated financial results for 2011 on Wednesday, March 14.
Forecast of Ferrexpo's financial results for 2011 (in mlns of dollars):
| Investment company | Sales revenue | EBITDA | EBITDA margin, % | Net profit |
| Alfa Capital | 1722 | 764 | 44.4 | 590 |
| Astrum Capital | 1753 | 796 | 45.4 | 572 |
| Renaissance Capital | 1767 | 802 | 45.4 | 592 |
| Troika Dialog | 1637 | 663 | 40.5 | 489 |
| Dragon Capital | 1654.61 | 760 | 45.9 | 539.6 |
| Art Capital | 1694 | 781 | 46.1 | 571 |
| Concord Capital | 1688 | 716 | 42.4 | 515 |
| Erste Bank | 1640.9 | 734.7 | 44.8 | 550.6 |
| ICU | 1679 | 830 | 49.4 | 639.4 |
| Consensus | 1692.8 | 760.7 | 44.9 | 562.1 |
| 2010 | 1294.9 | 585.3 | 45.2 | 425.1 |
| Change, % | 30.7% | 30.0% | -0.3 p.p. | 32.2% |
It was earlier reported that Ferrexpo increased net profit 110% year-on-year to $293.93 million in the first half of 2011. Sales revenue increased by 62.6% to $854.86 million and EBITDA - up 86.3% to $400.75 million.
The company reduced pellet production 2% to 9.834 million tonnes but increased concentrate output 1.9% to 11.442 million tonnes.
Ferrexpo AG, a Swiss-based resource company with assets in Ukraine, is the largest producer and exporter of iron ore pellets in the CIS. The company's main customers are steelmakers in Austria, Serbia, Slovakia, the Czech Republic, Germany and other European countries, as well as China, India, Japan and other markets in Asia.
Ferrexpo plc owns 100% of Ferrexpo AG, which in turn owns 97.31% of Poltava Mining. The company's shares are listed on the main market of the London Stock Exchange.