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OCI N.V. Announces H1 2013 Results

Aug 29 2013 12:00AM



CAIRO, EGYPT -- (Marketwired) -- 08/29/13 --

Results as at 30 June 2013 Amsterdam, the Netherlands / 29 August, 2013 8:00 AMOCI N.V. Reports H1 2013 Results Reflecting 75.7% Ownership in OCIS.A.E. as at 30 June 2013Rising Contribution from US Activities As Texas Plant Operates at FullCapacitySummary of Consolidated Results for H1 2013: * Consolidated revenue increased 17.9% to US$ 3,096.3 million versus US$ 2,627.0 million in H1 2012, primarily due to: - An increase in our Fertilizer Group's total productioncapacity due to higher production levels at OCI Beaumont and OCINitrogen completing a debottlenecking of its nitrates productionfacility in the Netherlands; - An increase in trading activities for third party urea aswell as our AS trading platform, for which we are positioned as globalleader; and - The full consolidation of the Weitz Company (Weitz), whichis now fully consolidated in our financial statements. Theconsolidation of Weitz's income statement took place in the firstquarter of 2013, following the consolidation of its balance sheet as at31 December 2012. * EBITDA decreased 31.2% to US$ 367.4 million versus US$ 534.1 million in H1 2012. Consolidated EBITDA margin stood at 11.9% during H1 2013. EBITDA was negatively impacted by: - Natural gas supply curtailments during the first half of2013 at both our plants in Egypt. These curtailments were as a resultof ongoing negotiations with the Egyptian government regarding taxclaims for the years 2007 to 2010 related to OCI S.A.E.'s sale of alisted subsidiary, Orascom Building Materials Holding (OBMH), andregarding amendments to its existing natural gas supply agreements withEgyptian Natural Gas Company (GASCO) and Egyptian Natural Gas HoldingCompany (EGAS) for both EFC and EBIC, respectively. - The reduction of the Construction Group's blended margin to4.5% from 11.0% during the same period last year. Margins were affectedby a deteriorating operating environment and productivity in Egyptcaused by stoppages at construction sites in Cairo and Alexandria,coupled with severe inflationary pressures in the country. Margins werealso affected by the full consolidation of lower margin US-based workfrom Weitz and by a decline in BESIX's margins as a result of anexceptionally cold winter; and - US$ 15.6 million in one-off development fees at OCIBeaumont. Excluding these fees, H1 2013 EBITDA totaled US$ 383.3million, a 28.3% decrease over the same period last year.Click on, or paste the following link into your web browser, to viewthe associated PDF document: This information is provided by RNS The company news service from the London Stock ExchangeEND

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