Earnings Release • Apr 29, 2014
Earnings Release
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____________________________________
| 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 | 812.2 | 754.7 | 7.6% | 429.3 | 220.6 | 94.6% |
| EBITDA margin | 13.2% | 14.3% | 14.1% | 8.3% | ||
| EBITDA excluding one-off items | 742.3 | 754.7 | -1.6% | 375.0 | 220.6 | 70.0% |
| EBITDA margin | 12.1% | 14.3% | 12.3% | 8.3% | ||
| Net Income |
295.2 | -1,887.9 | NM | 239.3 | -1,981.3 | NM |
| Net Income Margin | 4.8% | NM | 7.8% | NM | ||
| 2013 | 2012 | % Δ | H2 2013 | H2 2012 | % Δ | |
| Total assets | 11,446.6 | 11,061.5 | 3.5% | 11,446.6 | 11,061.5 | 3.5% |
| Gross interest-bearing debt | 6,066.1 | 5,549.2 | 9.3% | 6,066.1 | 5,549.2 | 9.3% |
| Net debt (reported) | 3,800.0 | 3,302.4 | 15.1% | 3,800.0 | 3,302.4 | 15.1% |
| Net debt (Sorfert proportionally consolidated) | 2,954.8 | 2,579.2 | 14.6% | 2,954.8 | 2,579.2 | 14.6% |
| Capital expenditure | 777.7 | 458.5 | 69.6% | 319.2 | 458.5 | -30.4% |
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| \$ million | 2013 | 2012 | P&L Item |
|---|---|---|---|
| Goodwill impairment | -900.0 | Operating expense | |
| Tax dispute settlement | -1,048.8 | Income tax | |
| Interest on tax settlement | -73.3 | Finance cost | |
| Forex gain on tax settlement | 88.3 | Finance income | |
| Gain on sale of Gavilon | 262.1 | Other income | |
| Loss on natural gas price derivative at IFCo | -31.0 | Other expenses | |
| IPO transaction costs, net | -67.0 | Transaction cost and income tax | |
| Start-up costs and idle capacity expenses at Sorfert | -54.3 | Other expenses | |
| Prepayment of long-term contract | -15.6 | Selling, general and administrative expenses | |
| Total non-recurring items (in EBITDA) | -69.9 | -900.0 | |
| Total non-recurring items (in Net Profit) | 135.8 | -1,948.8 | Sorfert one-off costs adjusted for OCI N.V. 51% share |
EBITDA Bridge FY 2012 - 2013
| January | OCI N.V. lists on the NYSE Euronext Amsterdam |
OCI N.V. begins trading on Euronext Amsterdam on 25 January 2013 |
|---|---|---|
| April | Tax claim EGP 7.1 billion settled |
Settled in April 2013 for EGP 7.1 billion (c. \$ 1 billion) over ten installments First instalment of \$ 360 million was paid in May 2013 Exonerated by Egyptian public prosecutor in March 2014 |
| May | IFCo issues \$ 1.2 billion bond |
Iowa Fertilizer Company, our 2.1 million ton greenfield nitrogen fertilizer plant achieves financial closure through \$ 576 million cash in escrow from OCI N.V. and a \$ 1.2 billion bond through Iowa Finance Authority's Midwestern Disaster Area bond program Largest non-investment grade transaction ever sold in the US tax-exempt market |
| June | OCI N.V. launches tender offer for OCI S.A.E. local shares. |
At the final close of the offer in March 2014, OCI N.V. owns 99.84% of OCI S.A.E. |
| August | EFC / EBIC | Gas supply agreement amended to ensure reliable future supply following gas supply volatility to our Egyptian plants from November 2012 |
| August / September |
Sorfert | Finalization of mutually favorable amendmentsto shareholders agreement with Sonatrach Start-up of commercial production |
| September | Convertible Bond and Equity Offering |
OCI N.V. launches € 339 million Convertible Bond and € 100 million equity offering |
| October | IPO of 21.7% of OCI Partners LP | OCI Partners LP, owner and operator of OCI Beaumont, IPO's 21.7% of its common units at \$ 18 per unit |
| November | Natgasoline LLC | Natgasoline LLC announced, a new greenfield 1.75 mtpa methanol plant in Beaumont, Texas |
| November | Gavilon Disposal |
Disposal of Gavilon concluded for a total consideration of \$ 666.7 million, cash proceeds \$ 629 million in 2013 |
| OCI N.V. Consolidated Debt Breakdown as at 31 December 2013 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| \$ Million |
Description | Companies | Gross Debt | Cash | Net debt | ||||
| Joint Venture Debt | Debt at entities where OCI's stake is less than 100% Debt is non-recourse to OCI N.V., although consolidated on the group's balance sheet |
Sorfert EBIC OCI Beaumont Construction JVs BESIX |
2,469 | 617 | 1,852 | ||||
| Operating Company Debt |
100% owned operating companies' debt is organized against operating company cash flow and is non-recourse to HoldCo Corporate support is available from OCI N.V. with Board approvals. |
OCI Nitrogen EFC Orascom Construction Other Construction Debt |
1,787 | 359 | 1,428 | ||||
| Project Finance Debt |
Project finance debt which can remain with companies after completion of construction All project finance debt is ring-fenced and non-recourse to OCI N.V. Debt is raised through banks or capital markets Long tenures financed by operating cash flow |
IFCo |
1,169 | 1,156 | 13 | ||||
| Holding Company Debt |
Full responsibility of OCI N.V. Supported by investment asset values and dividends received from subsidiaries |
OCI N.V. OCI S.A.E |
641 | 134 | 507 | ||||
| Total | 6,066 | 2,266 | 3,800 |
Performance by Group
| 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% |
| Ammonia | 236.6 | 295.1 | 269.2 | 408.6 | 1,209.5 | 1,264.6 | -4.4% |
| OCI Production | 208.6 | 254.5 | 236.2 | 330.6 | 1,029.9 | 1,228.0 | -16.1% |
| Third Party Traded | 28.0 | 40.6 | 33.0 | 78.0 | 179.6 | 36.6 | 390.7% |
| CAN | 268.0 | 274.0 | 236.0 | 353.0 | 1,131.0 | 1,260.0 | -10.2% |
| OCI Production | 268.0 | 274.0 | 236.0 | 353.0 | 1,131.0 | 1,260.0 | -10.2% |
| UAN | 103.1 | 127.9 | 109.0 | 124.0 | 464.0 | 296.0 | 56.8% |
| OCI Production | 90.1 | 72.0 | 85.0 | 111.0 | 358.1 | 276.0 | 29.8% |
| Third Party Traded | 13.0 | 55.9 | 24.0 | 13.0 | 105.9 | 20.0 | 429.4% |
| AS | 414.5 | 362.0 | 419.0 | 453.0 | 1,648.5 | 771.7 | 113.6% |
| Third Party Traded | 414.5 | 362.0 | 419.0 | 453.0 | 1,648.5 | 771.7 | 113.6% |
| Total Fertilizers | 1,524.3 | 1,211.8 | 1,353.2 | 1,791.8 | 5,881.1 | 4,949.6 | 18.8% |
| OCI Production | 725.2 | 716.6 | 846.5 | 1,064.7 | 3,353.0 | 3,951.7 | -15.1% |
| Third Party Traded | 799.1 | 495.2 | 506.7 | 727.1 | 2,528.1 | 998.0 | 153.3% |
| Total Industrial Chemicals | 221.6 | 204.4 | 125.6 | 205.8 | 757.4 | 410.1 | 84.7% |
| Melamine | 38.7 | 35.0 | 34.8 | 38.0 | 146.5 | 158.6 | -7.6% |
| Methanol | 182.9 | 169.4 | 90.8 | 167.8 | 610.9 | 251.5 | 142.9% |
| Total Product Volumes | 1,745.9 | 1,416.2 | 1,478.8 | 1,997.6 | 6,638.5 | 5,359.8 | 23.9% |
| OCI Production | 946.8 | 921.0 | 972.1 | 1,270.5 | 4,110.4 | 4,361.8 | -5.8% |
| Third Party Traded | 799.1 | 495.2 | 506.7 | 727.1 | 2,528.1 | 998.0 | 153.3% |
Total chemicals volume sold reached 6.6 million metric tons, a 23.9% improvement over 2012
OCI N.V. production volumes sold reached 4.4 million metric tons, a decrease of 5.8% over 2012
Higher methanol and melamine prices were offset by lower nitrogen fertilizer prices, especially in the second half of the year
| \$ 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 | 849.1 | -24.8% | 326.4 | 455.0 | -28.3% |
| EBITDA Margin | 24.2% | 34.7% | 25.5% | 33.4% | ||
| Capital expenditure | 683.8 | 348.5 | 96.2% |
| \$ 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 | 2,834.8 | 3,326.2 | -14.8% | 1,591.4 | 2,199.9 | -27.7% |
| Capital expenditure | 88.1 | 123.9 | -28.9% |
2014 Outlook
| Segment | 2014 Expectations |
|---|---|
| Ramp-up of Sorfert: |
|
| Fertilizers & | ‒ 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 capacity utilization at EFC and EBIC: |
|
| Chemicals | ‒ Egyptian gas supply remains uncertain. We have been advised by EGAS to plan gas supply levels of around 70% for 2014 |
| ‒ Q1 2014 utilization rate 73.5% at EFC, EBIC's gas supply was lower at about 51%. Further, there was a 20-day unplanned shutdown at EBIC during the first quarter of 2014 |
|
| All other fertilizer and industrial chemicals assets are operating normally |
|
| OCI Beaumont debottlenecking to add c. 15% to ammonia capacity and c. 25% to methanol capacity in Q4 2014 |
|
| Deconsolidation of BESIX and other joint ventures to result in lower revenues and EBITDA in 2014 |
|
| Construction margins in Q1 2014 to remain similar to 2013 |
|
| Engineering & | Expect that new projects which are at higher margin levels to start contributing from Q2 2014 and EBITDA margin improvement starting Q2 2014 |
| Construction | Backlog: |
| ‒ strong start to 2014 with over \$ 900 million in new awards |
|
| ‒ Positive development in key markets including Egypt, Saudi Arabia, Dubai / Abu Dhabi, Qatar and the United States |
|
| We expect to divest our 13.5% share in Notore Chemical Industries (Notore), a granular urea and bulk blended NPK producer and exporter, in 2014 |
|
| Corporate | We are considering divesting our 50% stake in BESIX Group, which we jointly acquired with its management in a leveraged buyout in 2004. Discussions with interested parties have been initiated, which may lead to the sale of our stake |
Strategy & Outlook | 2014 - 2018
| Segment | Growth initiatives |
|---|---|
| Fertilizers & Chemicals |
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 mtpa ‒ OCI Beaumont (Texas): debottlenecking, adding 15% capacity to ammonia and c. 25% to methanol in Q4 2014 ‒ Iowa Fertilizer Co.: 2 mtpa greenfield facility on schedule to commission in Q4 2015 ‒ Natgasoline LLC: 1.75 mtpa greenfield methanol plant expected to commission in Q4 2016 Cost competitive on global basis: ‒ Early mover advantage in the US, where natural gas prices are amongst the lowest in the world due to shale gas boom ‒ Presence in the heart of the US market: currently the US imports up to 80% of methanol and up to 40% of ammonia demand ‒ Existing low-cost production base in Egypt and Algeria |
| Engineering & Construction |
Strategy for the Engineering & Construction Group going forward is to strengthen our wholly owned entities and focus on their core markets and segments Consolidated backlog of US\$ 5.9 billion as at 31 December 2013 2014 has started well, with strong growth in new awards in key markets including Egypt, Saudi Arabia, Dubai / Abu Dhabi, Qatar and the United States Well-positioned to take advantage of continued infrastructure spend across the MENA region Positive outlook for construction markets in the US |
| Design Capacities¹ |
|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Ammonia | Fertilizer | Total Chemicals |
|||||||||
| Plant | Country | Gross | Net⁶ | Urea | UAN⁷ | for CAN |
sale | Methanol | Melamine | DEF | for sale |
| Egyptian Fertilizers Company² |
Egypt | 800 | - | 1,550 | - | - | 1,550 | - | - | - | 1,550 |
| Egypt Basic Industries Corp. |
Egypt | 730 | 730 | - | - | - | 730 | - | - | - | 730 |
| OCI Nitrogen³ |
Netherlands | 1,130 | 350 | - | 250 | 1,400 | 2,000 | - | 190 | - | 2,190 |
| Sorfert Algérie |
Algeria | 1,600 | 800 | 1,260 | - | - | 2,060 | - | - | - | 2,060 |
| OCI Beaumont |
USA | 265 | 265 | - | - | - | 265 | 730 | - | - | 995 |
| Year End 2013 |
4,525 | 2,145 | 2,810 | 250 | 1,400 | 6,605 | 730 | 190 | - | 7,525 | |
| OCI Beaumont Expansion⁴ |
USA | 305 | 305 | - | - | - | 305 | 913 | - | - | 1,218 |
| Year End 2014 |
4,565 | 2,185 | 2,810 | 250 | 1,400 | 6,645 | 913 | 190 | - | 7,748 | |
| Iowa Fertilizer Company⁵ |
USA | 770 | 185 | 420 | 1,505 | - | 2,110 | - | - | 315 | 2,425 |
| Year End 2015 |
5,335 | 2,370 | 3,230 | 1,755 | 1,400 | 8,755 | 913 | 190 | 315 | 10,173 | |
| Natgasoline LLC |
USA | - | - | - | - | - | - | 1,750 | - | - | 1,750 |
| Year End 2016 |
5,335 | 2,370 | 3,230 | 1,755 | 1,400 | 8,755 | 2,663 | 190 | 315 | 11,923 |
Five production assets in Europe (the Netherlands), the USA, and North Africa (Egypt, Algeria), have a combined sellable capacity of c. 6.6 million metric tons per annum (mtpa) of nitrogen‐based fertilizer, increasing to 8.8 mtpa in 2016 with the addition of the Iowa Fertilizer Company and OCI Beaumont's post-expansion capacity
___________________________________
World's largest AS distributor with 1 mtpa from Lanxess and 750 mtpa from DFI (a DSM subsidiary)
Note: all tonnage is in thousand metric tons per year and refers to total design capacity, Iowa Fertilizer Company and Natgasoline LLC volumes are estimates ¹ Table not adjusted for OCI's stake in considered plant; ² Also has a 325 thousand metric ton per year (ktpa) UAN line to capitalize on seasonal UAN price premiums over urea (swing capacity); ³ Also has 500 ktpa of captive urea liquor capacity used to produce downstream products; ⁴ OCI Beaumont Expansion is expected design capacity once the debottlenecking initiative is completed; ⁵IFCo design capacities apart from net ammonia are gross capacities and cannot all be achieved at the same time; ⁶ Net ammonia is remaining capacity after downstream products are produced; ⁷ Excludes EFC UAN swing capacity.
| Plant Overview |
In the heart of the corn belt benefiting from a first mover advantage in the US for greenfield plants – broke ground on 19 November 2012 and scheduled to begin commissioning in Q4 2015 Orascom Engineering & Construction is the EPC contractor Total estimated investment cost is approximately US\$ 1.8 billion |
|
|---|---|---|
| Issued US\$ 1.2 billion Midwest Disaster Area tax-exempt bond. The bond was 3x oversubscribed and has an average interest rate of 5.12% |
||
| Plant Overview |
The bond issuance is rated BB- by both S&P and Fitch and represents the largest non-investment grade transaction ever sold in the US tax-exempt market |
|
| Equity of US\$ 576 million already in escrow account |
||
| Construction on site is progressing on schedule |
Construction Progress
Ammonia steel structure erection Ammonia tanks shell rings installation
UAN France FOT (\$/ton)
Melamine ICIS (\$/ton)
Methanol US Gulf FOB (\$/ton)
Evolution of Backlog Split by Client
Evolution of Backlog Split by Region
| 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 | - | -900 |
| Total operating expenses | -304.3 | -1,458.7 |
| Operating profit (Loss) | 557.1 | -422.1 |
| EBITDA excluding one-off items | 812.2 | 754.7 |
| EBITDA | 742.3 | 754.7 |
| Depreciation | 327.0 | 276.8 |
| Finance income | 17.7 | 26.3 |
| Finance cost | -391.8 | -265.1 |
| Foreign exchange gain (loss) | 140.5 | 20.2 |
| Net finance cost | -233.6 | -218.6 |
| Income from associates (net of tax) | 21.7 | 24.8 |
| Profit (Loss) before tax | 345.2 | -615.9 |
| Income tax | -86.0 | -1,243.3 |
| Minority interest | 36.0 | -28.7 |
| Net Profit (Loss) Attributable to Shareholders | 295.2 | -1887.9 |
| 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 assets | 76.1 | 4.6 |
| Total non-current assets | 6,419.3 | 5,879.3 |
| Current assets | ||
| Inventories | 479.7 | 378.9 |
| Trade and other receivables | 1,865.1 | 1,735.8 |
| Contracts receivables | 414.0 | 448.9 |
| Other investments | - | 1,213.4 |
| Cash and cash equivalents | 2,266.1 | 1,033.4 |
| Assets held for sale | 2.4 | 371.8 |
| Total current assets | 5,027.3 | 5,182.2 |
| Total assets | 11,446.6 | 11,061.5 |
| 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 | 2,087.6 | 1,700.6 |
| LIABILITIES | ||
| Non-current liabilities | ||
| Loans and borrowings | 4,591.9 | 2,651.6 |
| Trade and other payables | 118.9 | 134.4 |
| Provisions | 48.2 | 43.1 |
| Deferred tax liabilities | 393.3 | 323.3 |
| Income tax payables | 414.7 | 514.6 |
| Total non-current liabilities | 5,567.0 | 3,667.0 |
| Current liabilities | ||
| Loans and Borrowings | 1,474.2 | 2,897.6 |
| Trade and other payables | 1,616.3 | 1,799.9 |
| Billing in excess on construction contracts | 218.9 | 175.3 |
| Provisions | 130.5 | 136.0 |
| Income tax payables | 352.1 | 685.1 |
| Total current liabilities | 3,792.0 | 5,693.9 |
| Total liabilities | 9,359.0 | 9,360.9 |
| Total equity and liabilities | 11,446.6 | 11,061.5 |
| 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 | -376.2 | -97.0 |
| Cash flow from operating activities | -712.7 | 323.8 |
| Proceeds from sale of property, plant and equipment | 43.5 | 64.0 |
| Investments in property, plant and equipment | -777.7 | -458.5 |
| Proceeds from assets held for sale | 629.0 | 0.0 |
| Investments in associates, net | -31.3 | 0.0 |
| Dividends from equity accounted investees | 0.0 | 2.5 |
| Other investing activities | 1,221.1 | -1,172.0 |
| Cash flow used in investing activities | 1,084.6 | -1,564.0 |
| Proceeds from share issuance | 355.6 | 0.0 |
| Proceeds from treasury share | 91.2 | 28.7 |
| Proceeds from sale of treasury share | -20.5 | 0.0 |
| Proceeds from borrowings | 2,964.7 | 1,880.7 |
| Payment of borrowings | -2,411.8 | -651.5 |
| Orascom Construction Industries S.A.E. shares acquired | -90.0 | 0.0 |
| Dividends paid | -39.7 | -59.3 |
| Other | 0.0 | -10.8 |
| Cash flow from financing activities | 849.5 | 1,187.8 |
| Net increase (decrease) in cash and cash equivalents | 1,221.4 | -52.4 |
| Cash and cash equivalents at 1 January | 1,033.4 | 1,083.7 |
| Currency translation differences | 11.3 | 2.1 |
| Cash and cash equivalents at 31 December 2013 | 2,266.1 | 1,033.4 |
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 OFFER TO SELL SECURITIES OR THE SOLICITATION OF AN OFFER TO BUY SECURITIES IN THE UNITED STATES.
This document has been provided to you for information purposes only. This document does not constitute an offer of, or an invitation to invest or deal in, the securities of OCI N.V.
Certain statements contained in this document constitute forward-looking statements relating to OCI N.V. (the "Company"), its business, markets and/or industry. These statements are generally identified by words such as "believe," "expect," "anticipate," "intends," "estimate," "forecast," "project," "will," "may," "should" and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are outside of the Company's control and are difficult to predict, that may cause actual results to differ materially from any future results expressed or implied from the forward-looking statements.
The forward-looking statements contained herein are based on the Company's current plans, estimates, assumptions and projections. Various factors could cause actual future results, performance or events to differ materially from those described in these statements. The Company does not make any representation as to the future accuracy of the assumptions underlying any of the statements contained herein. The information contained herein is expressed as of the date hereof and may be subject to change. Neither the Company nor any of its controlling shareholders, directors or executive officers or anyone else has any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained in this document.
The Company's backlog or orderbook is based on management's estimates of awarded, signed and ongoing contracts which have not yet been completed, and serves as an indication of total size of contractsto be executed.
For OCI N.V. investor relations enquiries contact:
Hans Zayed [email protected] M +31 (0) 6 18 25 13 67
Erika Wakid [email protected] M +44 (0) 20 7297 8841
OCI N.V. corporate website: www.ocinv.nl
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