CAIRO, EGYPT--(Marketwired - Aug 29, 2013) -
Results as at 30 June 2013 Amsterdam, the Netherlands / 29 August, 2013 8:00 AM OCI N.V. Reports H1 2013 Results Reflecting 75.7% Ownership in OCI S.A.E. as at 30 June 2013 Rising Contribution from US Activities As Texas Plant Operates at Full Capacity Summary 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 production capacity due to higher production levels at OCI Beaumont and OCI Nitrogen completing a debottlenecking of its nitrates production facility in the Netherlands; - An increase in trading activities for third party urea as well as our AS trading platform, for which we are positioned as global leader; and - The full consolidation of the Weitz Company (Weitz), which is now fully consolidated in our financial statements. The consolidation of Weitz's income statement took place in the first quarter of 2013, following the consolidation of its balance sheet as at 31 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 of 2013 at both our plants in Egypt. These curtailments were as a result of ongoing negotiations with the Egyptian government regarding tax claims for the years 2007 to 2010 related to OCI S.A.E.'s sale of a listed subsidiary, Orascom Building Materials Holding (OBMH), and regarding amendments to its existing natural gas supply agreements with Egyptian Natural Gas Company (GASCO) and Egyptian Natural Gas Holding Company (EGAS) for both EFC and EBIC, respectively. - The reduction of the Construction Group's blended margin to 4.5% from 11.0% during the same period last year. Margins were affected by a deteriorating operating environment and productivity in Egypt caused by stoppages at construction sites in Cairo and Alexandria, coupled with severe inflationary pressures in the country. Margins were also affected by the full consolidation of lower margin US-based work from Weitz and by a decline in BESIX's margins as a result of an exceptionally cold winter; and - US$ 15.6 million in one-off development fees at OCI Beaumont. Excluding these fees, H1 2013 EBITDA totaled US$ 383.3 million, a 28.3% decrease over the same period last year. Click on, or paste the following link into your web browser, to view the associated PDF document: http://www.rns-pdf.londonstockexchange.com/rns/7313M_1-2013-8-29.pdf This information is provided by RNS The company news service from the London Stock Exchange END