Slide 1: 2013 Results Presentation
2013 Results Presentation 29 April 2014
Slide 2: 2013 Results Presentation
2013 Results Presentation 2013 Summary 3 Fertilizer & Chemicals Group Highlights 8 Engineering & Construction Group Highlights 10 Outlook and Guidance 12 Strategy & Outlook 2014 - 2018 14 Appendix Company Overview 19 Additional Information on 2013 Results 20 2013 Consolidated Financial Statements 23
Slide 3: Consolidated Results: Financial Highlights
Consolidated Results Financial Highlights Consolidated Financials $ million 2013 2012 %Δ H2 2013 H2 2012 %Δ Revenue 6,131.8 5,286.5 16.0% 3,049.0 2,659.5 14.6% EBITDA excluding one-off items 812.2 754.7 7.6% 429.3 220.6 94.6% EBITDA margin 13.2% 14.3% 14.1% 8.3% EBITDA 742.3 754.7 -1.6% 375.0 220.6
Slide 4: EBITDA Bridge | Non-Operating Events & One-off Items
Consolidated Results EBITDA Bridge | Non-Operating Events & One-off Items 2012 one-off items include an adjusted goodwill amortization of $ 900.0 million One-off items impact EBITDA negatively by $ 69.9 million in 2013 One-off items impact net income positively by $ 135.8 million in 2013 $ mil
Slide 5: 2013: A Transformational Year
2013: A Transformational Year OCI N.V. lists on the NYSE January OCI N.V. begins trading on Euronext Amsterdam on 25 January 2013 Euronext Amsterdam Tax claim EGP 7.1 billion Settled in April 2013 for EGP 7.1 billion (c. $ 1 billion) over ten installments April First instalment of $ 360 millio
Slide 6: Debt Overview
Debt Overview As at 31 December 2013, OCI N.V. had total gross debt outstanding of $ 6,066.1 million Of which $ 2.9 billion (c. 48% of total) is related to Sorfert and Iowa Fertilizer Company. The two projects did not contribute to EBITDA in 2013 Debt position increased by $ 848.7 million due
Slide 7: Performance by Group
Performance by Group
Slide 8: Fertilizer & Chemicals Group Highlights: 2013 Sales Volumes
Fertilizer & Chemicals Group Highlights 2013 Sales Volumes 000 metric tons Q1 2013 Q2 2013 Q3 2013 Q4 2013 2013 2012 % change Urea 502.1 152.8 320.0 453.1 1,428.1 1,357.3 5.2% OCI Production 158.5 116.1 289.3 270.0 834.0 1,187.6 -29.8% Third Party Traded 343.6 36.7 30.7 183.1 594.1 169.7 250.2% Ammo
Slide 9: Fertilizer & Chemicals Group Highlights: Financial Snapshot
Fertilizer & Chemicals Group Highlights Financial Snapshot $ million 2013 2012 %Δ H2 2013 H2 2012 %Δ Revenue 2,633.3 2,448.5 7.5% 1,282.1 1,360.8 -5.8% EBITDA excluding one-off items 708.2 849.1 -16.6% 380.7 455.0 -16.3% EBITDA Margin excluding one-off items 26.9% 34.7% 29.7% 33.4% EBITDA 638.3 849.
Slide 10: Engineering & Construction Group Highlights
Engineering & Construction Group Highlights Backlog and New Awards Snapshot as at 31 December 2013 Backlog & New Awards by Quarter Consolidated backlog stood at $ 5.9 billion as at 31 December 2013, a decrease of 16.3% compared with 31 December 2012 8.0 Backlog New Awards 7.2 7.2 7.2 7.0 6.8 New
Slide 11: Engineering & Construction Group Highlights: Financial Snapshot
Engineering & Construction Group Highlights Financial Snapshot $ million 2013 2012 %Δ H2 2013 H2 2012 %Δ Revenue 3,498.6 2,838.0 23.3% 1,767.0 1,298.6 36.1% EBITDA 129.5 53.2 143.5% 50.3 -116.0 NM EBITDA Margin 3.7% 1.9% 2.8% -8.9% Backlog 5,893.8 7,043.0 -16.3% 5,893.8 7,043.0 -16.3% New awards 2,8
Slide 12: 2014 Outlook
2014 Outlook
Slide 13: Looking Forward: Focus on Growth in All Segments
Looking Forward: Focus on Growth in All Segments Segment 2014 Expectations Ramp-up of Sorfert: ‒ Total sellable capacity: 0.8 mtpa ammonia and 1.26 mtpa urea ‒ Sorfert is expected to produce at capacity from April 2014 onwards as the export license issues have been resolved Expect improved capac
Slide 14: Strategy & Outlook | 2014 - 2018
Strategy & Outlook | 2014 - 2018
Slide 15: Looking Forward | Focus on Growth in All Segments
Looking Forward | Focus on Growth in All Segments Segment Growth initiatives Total sellable capacity 7.5 mtpa as at end-2013 Ramping up production capacity in the US Addition of c. 4.4 mtpa to total capacity of 11.9 mtpa over next three years: ‒ Sorfert: ramp-up to sellable capacity of 2.1 mtp
Slide 16: Fertilizer & Chemicals | Ramping-Up Capacity
Fertilizer & Chemicals | Ramping-Up Capacity Design Capacities¹ Total Ammonia Fertilizer Chemicals for sale Plant Country Gross Net⁶ Urea UAN⁷ CAN Methanol Melamine DEF for sale Egyptian Fertilizers Company² Egypt 800 - 1,550 - - 1,550 - - - 1,550 Egypt Basic Industries Corp. Egypt 730 730 - - - 730
Slide 17: Organic Growth Initiatives: Iowa Fertilizer Company
Fertilizers & Chemicals Organic Growth Initiatives Iowa Fertilizer Company In the heart of the corn belt benefiting from a first mover advantage in the US for greenfield plants – broke ground on 19 Plant November 2012 and scheduled to begin commissioning in Q4 2015 Overview Orascom Engineering &
Slide 18: Organic Growth Initiatives: OCI Beaumont & Natgasoline LLC
Fertilizers & Chemicals Organic Growth Initiatives OCI Beaumont & Natgasoline LLC Largest integrated ammonia-methanol plant in North America Competitive location on Gulf Coast, strong ammonia / methanol economics in the US market on the and attractive natural gas feedstock costs Newly rehabili
Slide 19: Appendix
Appendix
Slide 20: Company Overview
Company Overview Leading global natural gas-based fertilizer & chemicals producer and engineering & construction company OCI N.V. Re-domiciled from Egypt to The Netherlands through an exchange and tender offer for Egypt-listed OCI S.A.E. Employs approximately 72,000 people worldwide Began tr
Slide 21: Fertilizer & Chemicals Group Highlights: 2013 Benchmark Prices
Fertilizer & Chemicals Group Highlights 2013 Benchmark Prices Granular Urea Middle East FOB ($/ton) Ammonia Arab Gulf FOB ($/ton) CAN Germany CIF FOB ($/ton) 471 365 362 420 423 691 342 403 404 646 311 311 320 591 303 295 354 537 303 313 507 440 439 365 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2013 2012
Slide 22: Engineering & Construction Group Highlights: Evolution of Backlog
Engineering & Construction Group Highlights Evolution of Backlog Evolution of Backlog Split by Sector Evolution of Backlog Split by Client 100% 100% 0.5% 0.9% 0.7% 1.2% 0.9% 0.8% 1.0% 90% 90% 18.3% 19.2% 19.3% 18.3% 17.4% 29.1% 28.4% 28.2% 31.3% 30.4% 26.5% 27.7% 27.5% 28.1% 26.5% 32.1% 33.4% 31.3%
Slide 23: Consolidated Income Statement
Consolidated Income Statement US$ million 2013 2012 Revenue 6,131.8 5,286.5 Cost of sales -5,270.4 -4,249.9 Gross profit 861.4 1,036.6 Other income 348.6 156.6 General, selling and administrative expenses -466.1 -685.2 Other expenses -97.5 -30.1 Transaction cost -89.3 - Impairment loss on goodwill -
Slide 24: Consolidated Balance Sheet
Consolidated Balance Sheet US$ million 31 December 2013 31 December 2012 ASSETS Non-current assets Goodwill and other intangible assets 986.0 996.2 Property, plant and equipment 4,918.4 4,446.6 Trade and other receivables 198.7 232.1 Associates 188.2 144.9 Other investments 51.9 54.9 Deferred tax as
Slide 25: Consolidated Balance Sheet
Consolidated Balance Sheet US$ million 31 December 2013 31 December 2012 EQUITY Share capital 272.1 191.6 Share premium 1,441.8 725.7 Reserves 109.6 -14.4 Retained earnings -102.2 378.8 Equity attributable to owners of the Company 1,721.3 1,281.7 Non-controlling interest 366.3 418.9 Total equity 2,0
Slide 26: Cash Flow Statement
Cash Flow Statement US$ million 2013 2012 Net income 259.2 -1,859.2 Depreciation and amortisation 327.0 276.8 Impairment of goodwill 0.0 900.0 Income tax expense 86.0 1,243.3 Other adjustments to net income -1,015.5 -172.8 Net financing costs 6.8 32.7 Decrease (increase) in working capital needs -37
Slide 27: Disclaimer
Disclaimer NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION. THIS DOCUMENT IS NOT AN EXTENSION INTO THE UNITED STATES OF THE OFFER MENTIONED BELOW AND IS NOT AN OF
Slide 28: For OCI N.V. investor relations enquiries contact
For OCI N.V. investor relations enquiries contact: Hans Zayed hans.zayed@orascomci.com M +31 (0) 6 18 25 13 67 Erika Wakid erika.wakid@orascomci.com M +44 (0) 20 7297 8841 OCI N.V. corporate website: www.ocinv.nl