Ferrexpo PLC Report on Payments to Governments (7511J)
June 30 2017 - 6:41AM
UK Regulatory
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 +44 207 389 8304
Maitland:
James Isola +44 207 379 5151
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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