During the half year, Fortescue's Billion Opportunities continued to support Aboriginal businesses with over A$258 million in new contracts awarded to 16 Aboriginal businesses. Fortescue's CSR strategy incorporates commitments and targets under three core pillars: As a significant consumer of energy, Fortescue is identifying opportunities to introduce renewable energy sources such as solar and hydrogen into its energy supply. Liability limited by a scheme approved under Professional Standards Legislation. Key dates for Fortescue shareholders in 2020. Fortescue Metals Group Ltd (Fortescue) is a global leader in the iron ore industry, recognised for its culture, innovation and industry-leading development of world class infrastructure and mining assets in the Pilbara, Western Australia. Fortescue pays 7.5 per cent government royalty for the majority of its iron ore products, with a concession rate of five per cent applicable to beneficiated fines. Careers. During the first half of FY20, there were no fatalities and Fortescue reset its commitment to further reduce the risk of fatalities and serious injuries through eliminating or engineering out hazards by another 15 per cent. all Shareholder questions should be stated clearly and should be relevant to the business of the Meeting, including matters arising from the Financial Report, the reports of the Directors (including the Remuneration Report) and the report of the auditors of the Company and its controlled entities for the year ended 30 June 2020 as well as general questions about the performance, business or … Reducing emissions. The Notes rank pari passu with all existing and future senior unsecured indebtedness. On a constant currency basis, net profit after tax was US$2,247 million. Download PDF of the 04-Nov-2020. 2Australian dollar earnings per share is calculated by translating the US dollar earnings per share at the average exchange rate for the period of 0.685 USD/AUD (31 December 2018: 0.724 USD/AUD). Right of use assets are initially measured at the amount of the initial lease liability plus any lease payments at or before commencement date less incentives received, plus any initial direct costs, and any costs required for dismantling and rehabilitation. On 26 September 2019, Fortescue completed a partial repayment and extension of maturity of the Syndicated Term Loan. From 1 July 2019 the Group has applied the requirements of AASB 16 Leases. The semester report consists of a summary of UvA‐Q results of all courses in one semester. Read our 2019/20 Annual Report 2020 Annual General Meeting Right of use assets are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses; and any adjustment for remeasurement of the lease liability. In conducting our review, we have complied with the independence requirements of the Corporations Act 2001. Total comprehensive income for the period attributable to: Earnings per share for profit attributable to the equity holders of. The right of use asset is amortised on a straight-line basis over the shorter of the useful life of the asset and lease term. The EIA procedure has been divided into the Kymenlaakso and western coast procedures, which will be carried out on different schedules. In October 2019, Fortescue paid a fully franked final dividend of 24 Australian cents per share for the financial year ended 30 June 2019. Fortescue is committed to building and maintaining a workplace that is diverse and inclusive. 15 per cent of employees at Fortescue's Pilbara sites are Aboriginal. Fortescue has no financial maintenance covenants across all instruments. Profit from ordinary activities after tax attributable to members, Net profit for the half year attributable to members, Interim dividend declared for the half year ended 31 December 2019, Interim dividend declared for the previous corresponding period, Special dividend for the previous corresponding period. This article by Simply Wall St is general in nature. The CLT reviews the Group's financial performance and makes significant operating decisions having regard to all aspects of the integrated operation with the key financial information presented internally for management purposes on a consolidated basis. This report should be read in conjunction with the Annual Report for the year ended 30 June 2019, and any public announcements made by the Company during the half year ended, 31 December 2019 and up to the date of this report in accordance with the continuous disclosure requirements of the Corporations Act 2001 and, Innovative use of technology suitable to Fortescue's deposits, 5 berths maximise outload capacity and utilisation, customers' specications 8 Fortescue Ore Carriers, Towage eet provides safe and reliable towage services. Fortescue Metals Group Ltd (the Company), which comprises the consolidated statement of financial position as at 31 December 2019, the consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the half year ended on that date, selected other explanatory notes and the directors' declaration for the Fortescue Metals Group Ltd Group (the consolidated entity). The conversion to autonomous haulage (AHS) continued at the Chichester Hub and brings Fortescue's total autonomous fleet to 158 at 31 December 2019. Fortescue is committed to its strategic goals of ensuring balance sheet strength and flexibility, investing in the core long term sustainability of the business while pursuing growth and development options and delivering returns to shareholders. The consolidated entity comprises the Company and the entities it controlled during that half year. Since its inception in 2011, the Billion Opportunities Program has awarded more than A$2.5 billion in contracts and subcontracts to over 120 Aboriginal businesses and joint ventures. no contraventions of any applicable code of professional conduct in relation to the review. Fortescue's mining hub with two operating iron ore mines, Cloudbreak and Christmas Creek, located in the Pilbara, approximately 250 kilometres south east of Fortescue's Herb Elliott Port in Port Hedland. The Company's debt maturity profile at 31 December 2019, after the repayment and refinancing, is set out below. Instead, all leases other than short term and low value asset leases are recognised on the balance sheet as a right of use asset, representing the lessee's entitlement to the benefits of the identified asset over the lease term, and a lease liability representing the lessee's obligation to make the lease payments. DNB Bank; DNB Boligkreditt; DNB Livsforsikring (in Norwegian only) DNB Bedriftspensjon 3Q20 (in Norwegian only) 2nd Quarter 2020. Fortescue Twitter channel Fortescue Linkedin channel Fortescue Youtube channel. A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 36, and forms part of this report. Typically, the duration of these contracts is for periods of between 2 and 5 years, some of which include extension options. These payments include the present value of, Certain sales contracts are provisionally priced at the initial revenue recognition (bill of lading) date, with the final settlement price based on a, Iron ore revenue and shipping revenue recognised at the bill of lading date at current prices; and. Fortescue's world class integrated operations and customer-focussed marketing strategy. View FMG.AU financial statements in full. The revolving credit facility remained undrawn at 31 December 2019. Farmington Mancos-Gallup 2020 Environmental Consequences Supplemental Report (Introduction) EC-2 Farmington Mancos-Gallup 2020 Environmental Consequences Supplemental Report may reevaluate decisions made as part of this planning process and may adjust management accordingly. The following information pertains to the fiscal period from the Fund’s inception, February 12, 2020 to March 31, 2020. At Macquarie, the diversity of our people is one of our greatest strengths. Total debt of US$4,033 million, inclusive of US$829 million of lease liabilities, represents gross gearing of 24 per cent. Read detailed company information including current share prices, financial summary, directors, announcements, dividends & … Profit before tax and net finance expenses. Shareholder Information. Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half year financial report of Fortescue Metals Group Ltd is not in accordance with the Corporations Act 2001 including: As lead auditor for the review of Fortescue Metals Group Ltd for the half-year ended 31 December 2019, I declare that to the best of my knowledge and belief, there have been: This declaration is in respect of Fortescue Metals Group Ltd and the entities it controlled during the period. A further US$186 million of the Term Loan was repaid from available cash and negotiations were successfully concluded with existing Term Loan lenders to extend the repayment date of the balance of the Term Loan of US$600 million to 2025 based on the same terms and conditions. Notes to the consolidated financial statements. The exchange rate reduced from 0.70 USD/AUD at 30 June 2019 to 0.68 USD/AUD at 31 December 2019. Fortescue Metals Group Ltd. annual income statement. More Provisional pricing adjustments which represent any difference between the revenue recognised at the bill of lading date and the final settlement price. Refer to note 1(c) for details of the impact on adoption of AASB 16 Leases. The Board is committed to oversight of Macquarie’s performance, risk management and culture and to promoting the creation of enduring value by supporting its purpose to realise opportunities for the benefit of our clients, community, shareholders and our people. It provides a summary of the Company's operations, performance and financial position as at and for the half year ended 31 December 2019. United Nations Sustainable Development Goals. Review of a Financial Report Performed by the Independent Auditor of the Entity, Interim Financial Reporting and the Corporations Regulations 2001. giving a true and fair view of the consolidated entity's financial position as at 31 December 2019 and of its performance for the half year ended on that date; complying with Accounting Standard AASB 134, no contraventions of the auditor independence requirements of the. Hematite deposits are typically large, close to the surface and mined via open pits. Consolidated statement of comprehensive income, Exchange differences on translation of foreign operations, Total comprehensive income for the period, net of tax. On 19 February 2020, the Directors declared an interim fully franked dividend of 76 Australian cents per ordinary share payable in April 2020. The latest Fortescue Metals Group Ltd [FMG] news, articles, data and analysis from The Australian Financial Review US$2,453 million and earnings per share of 79.7 US cents. MineHutte ratings) A comprehensive annual review of mining risk, including a jurisdiction-by-jurisdiction... Read More. On 6 September 2019, Fortescue completed a US$600 million offering of Senior Unsecured Notes (Notes) at an interest rate of 4.5 per cent, maturing 15 September 2027. Aboriginal employment and business opportunities, Fortescue is proud to be one of Australia's largest employers of Aboriginal people. A mining hub with two operating iron ore mines, Firetail and Kings. Now consistently shipping around 170 million tonnes per annum (mtpa) of iron ore, Fortescue is a low cost provider of seaborne iron ore to China. Accordingly, no reportable operating segments have been identified in presenting the Group's consolidated financial performance. Independent and centralised unit responsible for identifying, assessing and monitoring risks across Macquarie. Special dividends declared and paid in FY19 were "special" in terms of timing, noting that Fortescue's total FY19 dividends declared of A$1.14 per share represented a dividend payout ratio of 78 per cent of full year net profit after tax. the half year was focussed on iron ore in the Western Hub and Eastern Hamersley regions in the Pilbara, and early stage target generation for copper-gold in the North Paterson and Rudall region in Western Australia. The Fortescue Metals Group Ltd’s (ASX:FMG) share price is up today 3.8% after releasing their June 2020 quarterly production report. The allocation of price for shares under the Plan will be calculated as the average of the daily volume weighted average market price of all Fortescue shares traded on the Australian Securities Exchange during the period of ten trading days commencing on 5 March 2020. Fortescue accepts the scientific consensus as assessed by the Intergovernmental Panel on Climate Change and is committed to contributing to global efforts to address climate change. An iron ore compound that is typically a lower grade ore than Hematite iron ore because of a lower iron content. The Company is focussed on implementing innovative and practical initiatives that have the potential to lower its costs while also reducing emissions and managing climate-related risks. Global capability in advisory and capital raising services, investing alongside partners and clients across the capital structure, providing clients with specialist expertise, advice and flexible capital solutions across a range of sectors. Fortescue delivered record shipments in the last quarter of FY19 and carried this momentum into the current period while maintaining its focus on safety and cost. During the half year, Fortescue continued drilling on targets prospective for copper at its Santa Ana concessions in Ecuador with two rigs having drilled over 11,000 metres to date. Lease liabilities are subsequently measured at present value, adjusted for any variations to the underlying contract terms. 2020 Annual Report. FMG directors must report any change in shareholding to the ASX within 5 business days. As the auditor of Fortescue Metals Group Ltd, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report. Some products and/or services mentioned on this website may not be suitable for you and may not be available in all jurisdictions. meeting from Covanta. This program will be constructed, owned and operated by Fortescue, and comprises: The PEC project provides Fortescue with a hybrid solar gas energy solution that enables low cost power delivery to Iron Bridge. 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