Earnings Release • Apr 30, 2013
Earnings Release
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30 April 2013
| Summary of Consolidated Financial Results | 3 |
|---|---|
| Construction Group Highlights | 5 |
| Fertilizer Group Highlights | 8 |
| Consolidated Financial Statements | 9 |
| Consolidated Financials | ||||||
|---|---|---|---|---|---|---|
| US\$ million | Q4 2012 | Q4 2011 | Change | FY 2012 | FY 2011 | Change |
| Revenue from Continuing Operations | 1,492.9 | 1,418.4 | 5.3% | 5,492.0 | 5,511.3 | -0.4% |
| Gross Profit from Continuing Operations | 372.0 | 403.0 | -7.7% | 1,425.5 | 1,688.5 | -15.6% |
| Gross Profit Margin | 24.9% | 28.4% | (-) 350bp | 26.0% | 30.6% | (-) 460bp |
| EBITDA from Continuing Operations | 290.2 | 341.0 | -14.9% | 1,138.4 | 1,407.0 | -19.1% |
| EBITDA Margin | 19.4% | 24.0% | (-) 460bp | 20.7% | 25.5% | (-) 480bp |
| Income from Operations | 111.3 | 271.0 | -58.9% | 761.1 | 1,134.2 | -32.9% |
| Interest Income | (12.0) | 0.6 | -2100.0% | 14.5 | 13.6 | 6.6% |
| Interest Expense | (153.4) | (67.2) | -128.3% | (299.0) | (190.0) | -57.4% |
| Foreign Exchange Gain (Loss) | 16.8 | 2.2 | 663.6% | 21.3 | 7.2 | 195.8% |
| Net Financing Cost | (148.6) | (64.4) | -130.7% | (263.2) | (169.2) | -55.6% |
| Net Income | (81.2) | 124.4 | -165.3% | 259.5 | 678.4 | -61.7% |
| Net Income Margin | -5.4% | 8.8% | (-) 1420bp | 4.7% | 12.3% | (-) 760bp |
| 31-Dec-12 | 30-Sep-12 | Change | ||||
| Total Debt | 4,816.8 | 3,863.1 | 24.7% | |||
| Net Debt | 3,798.6 | 2,628.0 | 44.5% |
* 2012 figures are based on unaudited financials. 2011 figured are based on audited financials
Shareholders' Equity 2,258.3 3,383.4 -33.3% ROE 13.4% 13.1% (+) 30bp
contributions
*International revenue calculated on the basis of revenue source and not domiciliation
Senegal
53.8%
27.9%
18.3%
Total product sold reached 5.9 million tons in FY 2012
| Tonnage Sold by Plant | ||||
|---|---|---|---|---|
| 000 Metric Tons |
Q1 2012 | Q2 2012 | Q3 2012 | Q4 2012 |
| EFC | ||||
| Urea | 350.6 | 299.4 | 308.5 | 229.1 |
| EBIC | ||||
| Ammonia | 180.6 | 166.7 | 135.8 | 92.1 |
| OCI Nitrogen | ||||
| Calcium Ammonium Nitrate Urea Ammonium Nitrate Ammonia Urea¹ Nitric Acid Ammonium Sulphate Melamine |
235.0 79.0 96.0 198.0 12.6 132.0 38.0 |
362.0 81.0 116.0 66.0 21.5 106.7 42.0 |
368.0 63.0 125.0 102.0 0.0 213.0 41.0 |
295.0 73.0 120.0 206.0 0.0 320.0 37.6 |
| OCI Beaumont | ||||
| Ammonia Methanol |
38.4 23.3 |
63.1 20.1 |
57.7 84.6 |
62.6 123.5 |
| EFT² | ||||
| Urea | 21.0 | 0.0 | 74.5 | 10.1 |
¹ EFC-produced urea sold in Europe by OCI Nitrogen. OCI Nitrogen has no urea production capacity
2 EFT's third-party traded volume is not included in EFC's reported volumes
| Q4 2012 ended 31 December 2012 US\$ millions |
OCI Consolidated | Q4 2011 |
|---|---|---|
| Total revenue | 1,492.90 | 1,418.40 |
| Cost of construction and goods sold | (1,120.90) | (1,015.40) |
| Gross profit | 372.00 | 403.00 |
| Selling, General and administrative expenses | (71.60) | (60.90) |
| Other operating income (expenses) | (12.30) | 18.60 |
| Provisions | 2.10 | (19.70) |
| Income from operations | 111.30 | 271.00 |
| EBITDA | 290.20 | 341.00 |
| Depreciation | (79.70) | (70.00) |
| Goodwill impairment | (99.20) | 0.00 |
| Interest income | (12.00) | 0.60 |
| Interest expense | (153.40) | (67.20) |
| Foreign exchange gain (loss) | 16.80 | 2.20 |
| Net financing cost | (148.60) | (64.40) |
| Income from investments | 4.60 | (49.40) |
| Income before taxes & minority interest | (32.70) | 157.20 |
| Income taxes | (46.70) | (59.20) |
| Income before minority interest | (79.40) | 98.00 |
| Minority Interest | (1.80) | (18.90) |
| Net income before discontinued operations | (81.20) | 79.10 |
| Discontinued operations | 0.00 | 45.30 |
| Net income after discontinued operations | (81.20) | 124.40 |
| Gain on sale of discontinued operations | 0.00 | 0.00 |
| Net income | (81.20) | 124.40 |
*2012 figures are based on unaudited financials. 2011 figures are based on audited financials
| As at 31 December 2012 US\$ millions |
OCI Consolidated | 30 September 2012 |
|---|---|---|
| ASSETS | ||
| Non-current assets | ||
| Property, plant, and equipment | 2,252.70 | 2,195.90 |
| Assets under construction | 1,241.00 | 1,302.60 |
| Payments for purchase of investments | 0.60 | - |
| Other long term assets | 71.30 | 43.70 |
| Investment in associated companies | 70.20 | 68.50 |
| Investments available for sale | 66.20 | 64.70 |
| Long term receivables | 105.00 | 95.00 |
| Deferred income taxes | 4.60 | 1.90 |
| Goodwill | 1,741.40 | 1,831.50 |
| Total non-current assets | 5,553.00 | 5,603.80 |
| Current assets | ||
| Inventories | 399.60 | 369.40 |
| Trade and other receivables | 2,001.20 | 2,117.60 |
| Investment in marketable securities | 1,213.70 | 17.30 |
| Assets held for sale | 375.40 | 497.20 |
| Cash and cash equivalents | 1,018.20 | 1,235.10 |
| Due from clients | 508.90 | 452.40 |
| Total current assets | 5,517.00 | 4,689.00 |
| Total assets | 11,070.00 | 10,292.80 |
*2012 figures are based on unaudited financials. 2011 figures are based on audited financials
| As at 31 December 2012 | OCI Consolidated | 30 September 2012 |
|---|---|---|
| US\$ millions | ||
| LIABILITIES | ||
| Non-current liabilities | ||
| Long-term loans | 2,243.40 | 2,391.10 |
| Deferred income taxes | 297.50 | 257.70 |
| Long-term provisions | 561.40 | 246.10 |
| Other long-term liabilities | 115.10 | 143.60 |
| Total non-current liabilities | 3,217.40 | 3,038.50 |
| Current liabilities | ||
| Trade and other payables | 1,813.00 | 1,746.80 |
| Due to clients | 172.70 | 145.30 |
| Bank overdraft and current portion of long-term loans | 2,573.40 | 1,472.00 |
| Income taxes payable | 170.20 | 154.30 |
| Provisions | 675.10 | 150.60 |
| Current liabilities | 5,404.40 | 3,669.00 |
| Total liabilities | 8,621.80 | 6,707.50 |
| SHAREHOLDER'S EQUITY | ||
| Share capital | 189.90 | 191.60 |
| Legal reserve | 98.30 | 98.30 |
| Other reserves | 791.30 | 789.50 |
| Retained earnings | 1,384.50 | 2,542.80 |
| Cumulative adjustment on transaction of foreign entities | (99.10) | (93.30) |
| Treasury shares | (89.30) | (81.70) |
| Hedge reserves | (17.30) | (63.80) |
| Total shareholders' equity | 2,258.30 | 3,383.40 |
| Minority interest in subsidiary companies | 189.90 | 201.90 |
| Total equity | 2,448.20 | 3,585.30 |
| Total liabilities and equity | 11,070.00 | 10,292.80 |
*2012 figures are based on unaudited financials. 2011 figures are based on audited financials
| As at 31 December 2012 | |
|---|---|
| US\$ millions | OCI Consolidated |
| Cash Flow Summary | |
| Net income | 259.50 |
| Depreciation of PPE | 278.10 |
| Goodwill impairment | 99.20 |
| Other adjustments to net income | 2.10 |
| Net financing costs | 263.20 |
| Decrease (increase) in working capital needs | 579.70 |
| Cash flow from operating activities | 1,481.80 |
| Payments to purchase PPE | (448.20) |
| Disposal (acquisition) of investments | (1,072.50) |
| Proceeds from Investments | (80.60) |
| Decrease (increase) in other LT assets | 60.80 |
| Increase (decrease) in LT liabilities | 204.40 |
| Cash flow from investing activities | (1,336.10) |
| Cash set free (tied up) after investments | 145.70 |
| Dividends (paid) to shareholders | - |
| Increase in capital | (1.70) |
| Increase in reserves | 37.30 |
| Other equity adjustments | (954.00) |
| Inrease (decrease) in minority interests | (3.40) |
| Decrease (increase) in treasury stock | 27.00 |
| (De)increase short-term debt | 1,625.40 |
| Financial income received | 14.50 |
| Financial expenses (paid) | (299.00) |
| Forex gain (loss) | 21.30 |
| (Repayment) of long-term financing liabilities and other equity | (646.60) |
| Cash flow from financing activities | (179.20) |
| (De)Increase cash and cash equivalents | (33.50) |
| Cash and Cash Equivalents as at January 1 2012 | 1,051.70 |
| Cash and Cash Equivalents as at December 31 2012 | 1,018.20 |
*2012 figures are based on unaudited financials
Certain statements contained in this document constitute forward-looking statements relating to Orascom Construction Industries (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.
Financial figures for 2012 in this presentation are unaudited. 2011 financial figures are based on audited financials.
For OCI N.V. investor relations enquiries contact:
Omar Darwazah [email protected]
M +20 12 681 7970
Erika Wakid [email protected]
M +20 12 855 8779
OCI N.V. corporate website: www.ocinv.nl
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