Financial Performance - The company reported a revenue of $236.4 million for the fiscal year 2020, with an EBITDA of $79.7 million excluding non-recurring items and foreign exchange effects[7]. - The company achieved a net cash flow from operating activities of $62.9 million, representing a significant increase of over 100%[7]. - The company achieved a basic profit of $24.2 million, recovering from a loss of $21.0 million last year[14]. - Revenue reached $224.6 million, representing a significant growth of 26.8% compared to the previous year[14]. - The company recorded a net profit of $100.6 million for 2020, a substantial improvement from the previous year's performance[14]. - EBITDA (excluding non-recurring items and foreign exchange) increased to $79.7 million, more than doubling from 2019[14]. - The company reported a profit of $100.6 million, a significant turnaround from a loss of $38.7 million in 2019, driven by an increase in EBITDA and foreign exchange gains[63]. - The net cash generated from operating activities was $62.9 million in 2020, up 93.9% from $32.4 million in 2019, primarily due to increased revenues from the K&S mine[67]. - The total borrowings of the company decreased to $203.9 million as of December 31, 2020, from $224.6 million in 2019, reflecting a reduction in financing costs[77]. - Financing costs fell by 13.1% to $25.2 million in 2020, attributed to a decline in the London Interbank Offered Rate (LIBOR)[59]. Production and Sales - Iron ore sales volume reached 2.6 million tons, while production was 2.7 million tons, indicating a strong operational performance[7]. - The company reported iron ore production of 2,747,767 tons for the year ended December 31, 2020, an increase of 10.1% from 2,496,600 tons in 2019[26]. - Sales volume for the same period was 2,576,722 tons, up 4.6% from 2,464,401 tons in 2019[26]. - K&S's sales volume increased by 4.6% to 2,576,722 tons in 2020, despite logistical issues caused by traffic congestion on Russian railways[36]. - The company produced 2,747,767 tons of iron concentrate in 2020, representing a 10.1% increase compared to 2019[199]. Cost and Pricing - The cash cost per ton was reported at $51, with a realized selling price of $100 per dry ton, reflecting a 14.9% increase[7]. - The average realized price for iron ore based on dry metric tons was $100, a 14.9% increase from $87 in the previous year[26]. - The average price of Platts 65% iron ore was $122 in 2020, an increase of 17.3% from $104 in 2019[26]. - The cash cost per ton decreased by 2.8% to $51.2, down from $53 in 2019[30]. - The unit cash cost per ton was $51 in 2020, with potential for further cost control as full capacity is reached[104]. Safety and Environmental Impact - The company reported a lost time injury rate of 0.35, demonstrating a commitment to operational safety[7]. - Greenhouse gas emissions were recorded at 65.7 thousand tons, with a reduction of 4.6% compared to previous periods[7]. - The lost time injury frequency rate improved significantly, decreasing by 66% to 0.35 in 2020 from 1.04 in 2019[87]. - The company is committed to providing cleaner, more sustainable resources to meet the growing demand for iron ore[18]. - The company has maintained low levels of water intake and discharge while increasing the reuse of water[166]. Strategic Plans and Developments - The company aims to increase production capacity at the K&S mine to 3.2 million tons per year, with a long-term plan to add processing equipment and develop other exploration projects[5]. - Future expansion plans include new delivery points for Chinese railway customers, enhancing logistics capabilities[2]. - The company plans to develop the Sutara mine, with production expected to commence by the end of 2022 or early 2023[23]. - The company plans to continue reducing debt levels and accumulating cash to strengthen its financial position[14]. - The Amur River Bridge is expected to enhance logistics efficiency by reducing transportation distance to major customers once operational in 2022[18]. Customer Relationships and Market Position - The company has established long-term customer relationships in China and Russia, leveraging its competitive advantages in the iron ore market[4]. - The company is diversifying its customer base by selling to southern China and utilizing maritime routes to mitigate market challenges in northeastern China[40]. - The average realized price for iron ore before hedging was $100 per dry ton in 2020, up 14.9% from $87 per ton in 2019[41]. Human Resources - The average number of employees in 2020 was 1,700, a decrease of 3.4% from the previous year[185]. - The employee turnover rate was 20% in 2020, with 346 employees leaving the company, which is higher than the industry average[198]. - Labor productivity per ton of iron concentrate rose by approximately 13.9% in 2020, attributed to increased employee engagement and reduced downtime for maintenance[200]. - The average salary in 2020 increased compared to 2019, contributing to higher labor productivity[200]. Resource and Reserve Estimates - The company reported total resources of 1,353 million tons and reserves of 390 million tons as of year-end 2020, compared to 1,410 million tons and 372 million tons in 2019[87]. - K&S total resources amount to 783.7 million tons with an average iron grade of 31.2%, containing 244.9 million tons of iron[150]. - The total reserves for K&S were reported at 363.6 million tons with an average iron grade of 30.1%[140]. - The total inferred resources for K&S amount to 434.5 million tons with an average iron grade of 30.1%, containing 131.0 million tons of iron[150].
铁货(01029) - 2020 - 年度财报