OCI N.V.

Quarterly Report • Aug 27, 2014

Semi-annual Condensed Consolidated Financial Statements OCI N.V.

for the six month period ended 30 June 2014

(Unaudited)

TABLE OF CONTENTS

Condensed consolidated statement of financial position	3
Condensed consolidated statement of profit or loss and comprehensive income	4
Condensed consolidated statement of changes in equity	5
Condensed consolidated statement of cash flows	6
Notes to the condensed consolidated financial statements	8
Directors' responsibility statement	18

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT

\$ millions	Note	30 June 31 December 2014 2013 (restated*)
Assets
Non-current assets
Goodwill and other intangible assets	(10)	996.5 984.3
Property, plant and equipment	(11)	5,098.6 4,773.4
Trade and other receivables		72.0 76.8
Associates	(12)	528.5 525.7
Other investments		50.1 51.0
Deferred tax assets		64.4 67.6
Total non-current assets		6,810.1 6,478.8
Current assets
Inventories	(9)	386.5 367.5
Trade and other receivables		1,341.3 1,282.1
Construction contract receivables		469.8 375.4
Cash and cash equivalents / Restricted funds	(13)	1,704.5 1,990.2
Assets held for sale		2.3 2.4
Total current assets		3,904.4 4,017.6
Total assets		10,714.5 10,496.4
Equity
Share capital		272.1 272.1
Share premium		1,441.8 1,441.8
Reserves		111.8 87.6
Retained earnings		(62.7)) (80.2)
Equity attributable to owners of the Company		1,763.0 1,721.3
Non-controlling interest		380.9 366.3
Total equity		2,143.9 2,087.6
Liabilities
Non-current liabilities
Loans and borrowings	(14)	4,824.0 4,462.4
Trade and other payables		77.5 75.8
Provisions		10.1 19.1
Deferred tax liabilities		362.3 375.7
Income tax payables		437.1 414.7
Total non-current liabilities		5,711.0 5,347.7
Current liabilities
Loans and borrowings	(14)	1,115.1 1,427.9
Trade and other payables		1,167.2 1,038.8
Billing in excess on construction contracts		111.5 140.6
Provisions		105.1 107.5
Income tax payables		360.7 346.3
Total current liabilities		2,859.6 3,061.1
Total liabilities		8,570.6 8,408.8
Total equity and liabilities		10,714.5 10,496.4

The notes on pages 8 to 17 are an integral part of these semi-annual condensed consolidated financial statements.

* For the restatement reference is made to note 3 and 19.

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND COMPREHENSIVE INCOME FOR THE SIX MONTH PERIOD ENDED

30 June 2014

30 June 2013 (restated*)

\$ millions Note Revenue (8) 2,320.3 2,252.7 Cost of sales (1,920.7) (1,884.2) Gross profit 399.6 368.5 Other income 28.0 21.7 Selling, general and administrative expenses (179.9) (179.6) Other expenses (3.2) (7.1) Transaction costs - (80.0) Operating profit / (loss) 244.5 123.5 Finance income (17) 36.1 137.8 Finance cost (17) (182.1) (160.4) Net finance cost (17) (146.0) (22.6) Income from associates (net of tax) (12) 16.7 27.8 Profit / (loss) before income tax 115.2 128.7 Income tax (15) (29.6) (50.3) Net profit / (loss) 85.6 78.4 Other comprehensive income: Items that may be subsequently reclassified to profit or loss Net change in fair value of available-for-sale financial assets 0.1 2.9 Changes in fair value of cash flow hedges (4.1) (14.0) Foreign currency translation differences (22.7) (48.7)

Total comprehensive income 58.9 18.6 Profit / (loss) attributable to: Owners of the Company 39.5 55.9 Non-controlling interest 46.1 22.5 Net profit / (loss) 85.6 78.4 Total comprehensive income attributable to: Owners of the Company 41.7 (8.6) Non-controlling interest 17.2 27.2 Total comprehensive income 58.9 18.6 Earnings / (loss) per share (in USD) Basic earnings (loss) per share 0.416 0.384 Diluted earnings (loss) per share 0.434 0.383

Other comprehensive income, net of tax (26.7) (59.8)

The notes on pages 8 to 17 are an integral part of these semi-annual condensed consolidated financial statements.

* For the restatement reference is made to note 3 and 19.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTH PERIOD ENDED 30 JUNE

.

					Equity attributable to	Non
\$ millions	Share capital	Share premium	Reserves	Retained earnings	owners of the Company	controlling interest	Total equity
Balance at 1 January 2013	191.6	725.7	(14.4)	378.8	1,281.7	418.9	1,700.6
Net profit (loss)	-	-	-	55.9	55.9	22.5	78.4
Other comprehensive income	-	-	(64.5)	-	(64.5)	4.7	(59.8)
Total comprehensive income	-	-	(64.5)	55.9	(8.6)	27.2	18.6
Corporate restructuring*	17.1	468.5	49.4	(451.3)	87.3	-	87.3
Dividends	-	-	-	-	-	(30.9)	(30.9)
Balance at 30 June 2013	208.7	1,194.2	(29.5)	(16.6)	1,356.8	415.2	1,772.0
Balance at 1 January 2014	272.1	1,441.8	109.6	(102.2)	1,721.3	366.3	2,087.6
Net profit (loss)	-	-	-	39.5	39.5	46.1	85.6
Other comprehensive income	-	-	2.2	-	2.2	(28.9)	(26.7)
Total comprehensive income	-	-	2.2	39.5	41.7	17.2	58.9
Dividends	-	-	-	-	-	(2.6)	(2.6)
Balance at 30 June 2014	272.1	1,441.8	111.8	(62.7)	1,763.0	380.9	2,143.9

The notes on pages 8 to 17 are an integral part of these semi-annual condensed consolidated financial statements.

* As per 30 June 2013, the corporate restructuring was not completed, reference is made to note 1.2 of the 2013 annual report.

OCI N.V. Semi-annual Report 2014 5

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTH PERIOD ENDED

\$ millions	Note	30 June 2014	30 June 2013 (restated*)
Net profit / (loss)		85.6	78.4
Adjustments for:
Depreciation and amortisation	(10),(11)	179.8	127.4
Interest income	(17)	(7.3)	(8.7)
Interest expense	(17)	179.0	158.3
Foreign exchange gain and loss and others		(25.7)	(127.0)
Share in income of associates	(12)	(16.7)	(27.8)
Gain / (loss) from sale of property, plant and equipment	(11)	-	(2.4)
Income tax expense	(15)	29.6	50.3
Changes in:
Inventories	(9)	(19.0)	(12.2)
Trade and other receivables		(52.6)	(95.3)
Construction contract receivables		(94.4)	88.2
Assets held for sale		0.1	2.0
Trade and other payables		126.5	85.1
Billing in excess on construction contracts		(29.1)	216.8
Provisions		(11.4)	15.3
Cash flows:
Interest paid	(17)	(138.5)	(151.5)
Interest received	(17)	6.5	6.9
Income taxes paid		(17.7)	(514.7)
Cash flow from / (used in) operating activities		194.7	(110.8)
Proceeds from sale of property, plant and equipment	(11)	10.5	16.3
Investments in property, plant and equipment	(11)	(534.7)	(468.5)
Proceeds from sale of other investments		0.9	(222.0)
Investments in intangible assets	(10)	(23.8)	-
Investments in associates	(12)	(10.0)	-
Dividends from equity-accounted investees		6.4	-
Cash flow from / (used in) investing activities		(550.7)	(674.4)

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX MONTH PERIOD ENDED (CONTINUED)

		30 June 2014	30 June 2013
\$ millions	Note		(restated*)
Proceeds from borrowings	(14)	136.0	2,191.7
Repayment of borrowings	(14)	(121.0)	(1,537.9)
Dividends paid		(2.6)	(30.9)
Cash flow from / (used in) financing activities		12.4	622.9
Net increase (decrease) in cash and cash equivalents		(343.6)	(162.3)
Cash and cash equivalents at 1 January		1,990.2	762.5
Foreign currency translation differences		57.9	(7.6)
Cash and cash equivalents at 30 June		1,704.5	592.6

The notes on pages 8 to 17 are an integral part of these semi-annual condensed consolidated financial statements.

* For the restatement reference is made to note 3 and 19.

1 General

This report contains the semi-annual condensed consolidated financial statements of OCI N.V. ('OCI', 'the Group' or 'the Company'), a public limited liability company incorporated under Dutch law, with its head office located at Mijnweg 1, 6167 AC Geleen, the Netherlands. OCI N.V. is registered in the Dutch commercial register under No. 56821166 dated 2 January 2013. The Group is primarily involved in the production of nitrogen based fertilizers and industrial chemicals, and in engineering and construction activities.

The semi-annual condensed consolidated financial statements for the six month period ended 30 June 2014 have been authorised for issue by the Board of Directors on 28 August 2014.

The semi-annual condensed consolidated financial statements for the six month period 30 June 2014 have not been audited or reviewed by an external auditor.

2 Basis of preparation

The semi-annual condensed consolidated financial statements for the six month period ended 30 June 2014 have been prepared in accordance with IAS 34 'Interim Financial Reporting' and do not include all the information and disclosures required in the annual financial statements. Selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last annual consolidated financial statmenst as at and for the year ended 31 December 2013. The semi-annual condensed consolidated financial statements should be read in conjunction with the consolidated financial statements for the year ended 31 December 2013 which have been prepared in accordance with IFRS, as adopted by the European Union.

3. Summary of significant accounting policies

3.1 General

Except as described under note 3.3, the accounting policies applied over de the six month period ended 30 June 2014 are consistent with those applied in the consolidated financial statements for the year ended 31 December 2013.

3.2 Semi-annual financial statements 2013

After issuing the semi-annual condensed consolidated financial statements 2013, OCI made a change to the consolidation method applied to Sorfert Algeria and the Sidra project in Qatar. Initially, both were included on a proportionate basis. During the second half of 2013, based on a new assessement, Sidra was recognized as a joint venture while Sorfert was fully consolidated. In addition, the accounting of the Orasqualia investment has been accounted for in accordance with IFRIC 12. The effect of these changes to the condensed consolidated statement of profit or loss and consolidated statement of cash flows as per 30 June 2013 are reflected in note 19 in the column 'Effect of other restatements'. These restatements have already been recognized in the 2013 annual report.

3.3. Standards , amendments, revisions and interpretation effective to OCI in the six month period ended 30 June 2014

3.3.1. Standards , amendments, revisions and interpretation with a significant impact.

IFRS 11 'Joint Arrangements' IFRS 11 is applicable for annual periods beginning on or after 1 January 2014. IFRS 11 provides for a more realistic reflection of joint arrangements by focusing on the rights and obligations of the arrangement, rather than its legal form (as was the case). The standard addresses inconsistencies in the reporting of joint arrangements by requiring a single method to account for interests in jointly controlled entities. IFRS 11 supersedes IAS 31 'Interests in Joint Ventures' and SIC-13 'Jointly Controlled Entities / Non-monetary Contributions by Ventures'. The application of this new standard impacts the financial position of the Group by eliminating proportionate consolidation of the joint ventures in Orasqualia for Development, Orasqualia for Construction, Alico, BESIX and some other small entities. With the application of the new standard, the investment in these entities are accounted for using the equity method of accounting. This standard is effective for annual periods beginning on or after 1 January 2014 and is to be applied retrospectively for joint arrangements held at the date of initial application. For the impact of this standard on the semi-annual condensed consolidated financial statements, reference is made to note 19.

3.3.2. Standards , amendments, revisions and interpretation with insignificant impact.

Amendment to IAS 39 'Novation of Derivatives and Continuation of Hedge Accounting' The amendment issued on 27 June 2013 is effective for annual periods beginning on or after 1 January 2014. The amendment allows hedge accounting to continue in a situation where a derivative, which has been designated as a hedging instrument, is novated to effect clearing with a central counterparty as a result of laws or regulation, if specific conditions are met. The amendment did not have a significant impact on the semi-annual condensed consolidated financial statements.

Amendment to IAS 19 'Defined Benefit Plans: Employee Contributions' The amendments issued on 21 November 2013 are effective for annual periods beginning on or after 1 January 2014. The amendments apply to contributions from employees or third parties to defined benefit plans. The objective of the amendments is to simplify the accounting for contributions that are independent of the number of years of employee service, for example, employee contributions that are calculated according to a fixed percentage of salary. The amendments did not have a significant impact on the semi-annual condensed consolidated financial statements, because OCI does not have any significant defined benefit plans.

IFRIC Interpretation 21 'Levies' The interpretation issued on 20 May 2013 is effective for annual periods beginning on or after 1 January 2014. IFRIC 21 is an interpretation of IAS 37 'Provisions, Contingent Liabilities and Contingent Assets'. IAS 37 sets out criteria for recognition of a liability, one of which is the requirement for an entity to have a present obligation as a result of a past event (known as an obligating event). The interpretation clarifies that the obligating event that gives rise to a liability to pay levy is the activity described in the relevant legislation that trigger the payment of the levy. The IFRIC did not have a significant impact on the semi-annual condensed consolidated financial statements.

4. Seasonality of operations

The Group has two operating segments: Fertilizer & Chemicals and Engineering & Construction. The Fertilizer operations are inherently dependent on seasonal fluctuations in demand as governed by major crop planting and harvesting seasons. Weighted average netback prices tend to be higher during the Northern and Southern Hemispheres' planting seasons, translating into generally stronger first and fourth quarters. In addition, industrial sales of the Chemicals operations, methanol and ammonia are more evenly distributed throughout the year, thereby contributing to stability in sales. Our global sales and diversified product mix – both as fertilizers and chemical products – mitigate the impact of any one region's seasonal fluctuations. The Engineering & Construction Group's results are not significantly impacted by seasonal fluctuations.

5. Judgements, estimates and assumptions

The preparation of the financial statements in compliance with IFRS requires management to make judgements, estimates and assumptions that affect amounts reported in the consolidated financial statements. The estimates and assumptions are based on experience and various other factors that are believed to be reasonable under the circumstances and are used to judge the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised or in the revision period and future periods, if the changed estimates affect both current and future periods. There have not been significant changes in this respect since the 2013 annual report.

With respect to financial instruments, there have not been any reclassification between categories of financial instruments. Neither have business or economic circumstances affected the fair value of the entity's financial assets or liabilities either measured at fair value and amortized cost.

6. Significant rates

The following significant exchange rates applied during the financial period:

	Average during the six month period ended 30 June 2014	Average during the six month period ended 30 June 2013	Closing as at 30 June 2014	Closing as at 31 December 2013
Euro	1.3716	1.3255	1.3692	1.3761
Egyptian pound	0.1425	0.1494	0.1398	0.1439
Algerian Dinar	0.0127	0.0126	0.0126	0.0127

7. Financial risk and capital management

7.1 Financial risk management

The objectives and policies of financial risk management are consistent with those disclosed in the 2013 annual report.

7.2 Capital risk management

The Board's policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. Capital consists of ordinary shares, retained earnings and non-controlling interest of the Group. The Board of Directors monitors the return on capital as well as the level of dividends to ordinary shareholders. The objectives and policies of capital risk management are consistent with those disclosed in the 2013 annual report.

The Group's net debt to adjusted equity ratio at the reporting date was as follows:

\$ millions	Notes	30 June 2014	31 December 2013
Loans and borrowings	(14)	5,939.1	5.890.3
Less: cash and cash equivalents	(13)	1,704.5	1,990.2
Net debt		4,234.6	3,900.1
Total equity		2,143.9	2,087.6
Net debt to equity ratio		1.98	1.87

8. Segment reporting

The Group determines and presents operating segments on the information that internally is provided to the Board of Directors during the period. The Group has two reportable segments: Fertilizer & Chemicals and Engineering & Construction. Each of the segments is managed separately because they require different operating strategies and use their own assets and employees. Factors used to identify OCI's reportable segments are a combination of factors and whether operating segments have been aggregated and types of products and services from which each reportable segment derives its revenues.

8.1 Business information

		Engineering & Construction		Fertilizer & Chemicals		Total
\$ millions	30 June 2014	30 June 2013	30 June 2014	30 June 2013	30 June 2014	30 June 2013
Segment revenue	1,465.4	1,068.2	1,298.1	1,307.6	2,763.5	2,375.8
Inter-segment revenue	(443.2)	(123.1)	-	-	(443.2)	(123.1)
Revenue	1,022.2	945.1	1,298.1	1,307.6	2,320.3	2,252.7
Net profit before tax	(40.6)	21.9	155.8	106.8	115.2	128.7

	Engineering & Construction		Fertilizer & Chemicals		Total
\$ millions	30 June 2014	31 December 2013	30 June 2014	31 December 2013	30 June 2014	31 December 2013
Total assets	1,221.9	869.6	9,592.6	9,626.8	10,714.5	10,496.4
Total liabilities	2,652,5	2,412.4	5,918.1	5,996.4	8,570.6	8,408.8

The amount of USD 443.2 million (2013: USD 123.1 million) of inter-segment revenues relates for the majority to the in-house construction of the plant of the Iowa Fertilizer Company.

8.2 Geographical information

The geographic information below analyses the Group's revenue where the activities are being operated. OCI N.V. has no single customer that represents 10 percent or more of revenues and therefore information about major customers is not provided.

		Revenue
\$ millions	30 June 2014	30 June 2013
Europe	750.6	748.3
North America	617.1	650.5
South America	67.1	97.9
Africa	487.8	358.2
Asia & Oceania	397.7	397.8
Total	2,320.3	2,252.7

9. Inventory

\$ millions	30 June 2014	31 December 2013
Finished goods	116.0	96.5
Raw materials and consumables	182.3	181.2
Spare parts, fuels and others	77.6	78.7
Real estate	10.6	11.1
Total	386.5	367.5

The write down of inventory in the six month period ended June 2014 amounted to USD 1.8 million (2013: USD 1.9 million). In 2014 and 2013 there were no reversals of write downs. The real estate relates to concession projects of the Suez Industrial Zone in Egypt. Spare parts relate to the Fertilizer & Chemicals operations.

10. Goodwill and other intangible assets

\$ millions	30 June 2014	31 December 2013
Cost	1,959.5	1,948.7
Accumulated amortization and impairment	(975.2)	(952.5)
At 1 January	984.3	996.2
Movements in the carrying amount:
Additions	23.8	8.7
Amortization	(11.1)	(22.3)
Exchange rate effects	(0.5)	1.7
At 30 June / 31 December	996.5	984.3
Cost	1,982.4	1,959.5
Accumulated amortization and impairment	(985.9)	(975.2)
At 30 June / 31 December	996.5	984.3

Considering the limited headroom at year-end 2013 and the performance in the first half of 2014, the impairment analysis for EFC has been updated. Based on the calculations of the value in use (using similar parameters and models as in the 2013 Financial Statements), goodwill and other intangibles were not impaired.

11. Property, plant and equipment

\$ millions	30 June 2014	31 December 2013
Cost	5,812.8	5,185.7
Accumulated depreciation	(1,039.4)	(883.7)
At 1 January	4,773.4	4,302.0
Movements in the carrying amount:
Additions	534.7	734.6
Disposals	(11.5)	(30.9)
Depreciation	(168.7)	(275.3)
Exchange rate effects	(29.3)	43.0
At 30 June / 31 December	5,098.6	4,773.4
Cost	6,272.5	5,812.8
Accumulated depreciation	(1,173.9)	(1,039.4)
At 30 June / 31 December	5,098.6	4,773.4

Capital commitments as at 30 June 2014 amount to USD 504.2 million, The additions in 'Property, plant and equipment' mainly relates to the work in progress of the construction of the Iowa Fertilizer Company and Natgasoline plants.

12. Associates

\$ millions	30 June 2014	31 December 2013
At 1 January (restated)	525.7	458.2
Share in income	16.7	88.7
Investment / divestment	10.0	1.4
Dividend	(6.4)	(35.8)
Exchange rate effects	(17.5)	13.2
At 30 June / 31 December	528.5	525.7

13. Cash and cash equivalents / Restricted funds

\$ millions	30 June 2014	31 December 2013
Restricted funds	810.6	1,143.2
Restricted cash	42.1	52.2
Sub-total	852.7	1,195.4
Cash on hand	3.0	2.6
Bank balances	777.3	700.1
Call deposits	71.5	92.1
Sub-total	851.8	794.8
Total	1,704.5	1,990.2

The decrease in restricted funds mainly relates to the work in progress of the construction of the Iowa Fertilizer Company and Natgasoline plants.

14. Loans and borrowings

\$ millions	30 June 2014	31 December 2013
Balance at 1 January	5,890.3	5,435.0
Proceeds from secured loans	55.8	1,804.4
Proceeds from unsecured loans	80.2	387.3
Redemption of secured loans	(98.2)	(1,641.3)
Redemption of unsecured loans	(22.8)	(75.5)
Exchange rate effects	33.8	(19.6)
Balance at 30 June / 31 December	5,939.1	5,890.3

The proceeds (USD 1,804.4 million) and redemption (USD 1,641.3 million) in 2013 included the redemption of an existing loan and proceeds of a new loan for the Iowa Fertilizer Company (IFCo) for an amount of USD 1,194.1 million.

Covenants

OCI Fertilizer B.V. is a guarantor of a working capital facility for OCI Fertilizer Trading Limited. The company was not able to meet the covenants due to liabilities to other subsidiaries of OCI N.V. The company has approached the bank to redefine the covenant calculations by excluding these liabilities within OCI Group. The bank has not approved the proposed changes to the covenant definitions up to the date of issuance of these financial statements.

The outstanding balance of the facility is USD 35 million which is classifies as short term liability.

15. Income tax in statement of profit or loss

The income tax expense or the six month period ended 30 June amounted to USD 29.6 million (30 June 2013 USD 50.3 million). The effective tax rate for the six month period ended 30 June was 25.7% (30 June 2013: 39,1%). The major difference between the nominal and effective tax rates relates mainly to unrecognized carry forward losses.

Reconciliation of the statutory income tax rate in the Netherlands with the effective tax rate can be summarized as follows:

\$ millions	30 June 2014	%
Profit / (loss) before income tax	115.2
Enacted income tax rate in the Netherlands	25%
Tax calculated at statutory tax rate	(28.8)	(25.0)
Effective tax rate in foreign jurisdictions	11.6	10.1
Losses for which no tax asset is recognized	(22.5)	(19.5)
Income from equity accounted investees	4.0	3.5
Permanent differences	1.7	1.5
Other	4.2	3.7
Total income tax in profit or loss	(29.6)	(25.7)

16. Related party transactions

There were no significant changes with respect to related parties as reported in the 2013 annual report.

17. Net finance expense

\$ millions	30 June 2014	30 June 2013
Interest income on loans and receivables	7.2	8.7
Interest income on available-for-sale financial assets	0.1	-
Foreign exchange gains	28.8	129.1
Finance Income	36.1	137.8
Interest expense on financial liabilities measured at amortised cost	(179.0)	(158.3)
Foreign exchange losses	(2.1)	(1.3)
Changes in fair values of cash flow hedges	(1.0)	(0.8)
Finance costs	(182.1)	(160.4)
Net finance costs recognised in profit or loss	(146.0)	(22.6)

The amounts of USD 28.8 million of foreign exchange gains includes an amount of USD 18.7 million relating to the EGP-USD revaluation of the Orascom Construction Industries S.A.E. tax dispute liability (2013: USD 94.4 million gain include in the USD 129.1 million of foreign exchange gains). Interest expense includes an amount of USD 33.4 million relating to tax dispute. Reference is made to note 18 'Contingencies'.

18. Contingencies

There have been no significant changes in contingencies compared to the situation as described in the 2013 Annual Report, with the exception of the following:

Orascom Construction Industries S.A.E. Financial Tax liability

Following a number of meetings with the Egyptian government, the tax dispute liability case was referred back to the Egyptian Tax Authority's (ETA) Independent Appeals Committee and all cheques related to this dispute have been suspended. This committee was originally reviewing OCI S.A.E.'s tax returns, but the process was terminated in 2012 by the previous Administration. The Appeals Committee met on 19 August 2014, when the Company presented its case. The committee has set a next date for a hearing on 16 September 2014 for any final submissions, after which it is expected to issue a final decision.

19. Restatement of primary statements

19.1.Restatement of consolidated statement of financial position as at

		31 December 2013	Effect of	31 December 2013
\$ millions	Note	(original)	IFRS 11	(restated)
Assets
Non-current assets
Goodwill and other intangible assets	(10)	986.0	(1.7)	984.3
Property, plant and equipment	(11)	4,918.4	(145.0)	4,773.4
Trade and other receivables		198.7	(121.9)	76.8
Associates	(12)	188.2	337.5	525.7
Other investments		51.9	(0.9)	51.0
Deferred tax assets		76.1	(8.5)	67.6
Total non-current assets		6,419.3	59.5	6,478.8
Current assets
Inventories	(9)	479.7	(112.2)	367.5
Trade and other receivables		1,865.1	(583.0)	1,282.1
Contracts receivables		414.0	(38.6)	375.4
Cash and cash equivalents / Restricted funds	(13)	2,266.1	(275.9)	1,990.2
Assets held for sale		2.4	-	2.4
Total current assets		5,027.3	(1,009.7)	4,017.6
Total assets		11,446.6	(950.2)	10,496.4
Equity
Share capital		272.1	-	272.1
Share premium		1,441.8	-	1,441.8
Reserves		109.6	-	109.6
Retained earnings		(102.2)	-	(102.2)
Equity attributable to owners of the Company		1,721.3	-	1,721.3
Non-controlling interest		366.3	-	366.3
Total equity		2,087.6	-	2,087.6
Liabilities
Non-current liabilities
Loans and borrowings	(14)	4,591.9	(129.5)	4,462.4
Trade and other payables		118.9	(43.1)	75.8
Provisions		48.2	(29.1)	19.1
Deferred tax liabilities		393.3	(17.6)	375.7
Income tax payables		414.7	-	414.7
Total non-current liabilities		5,567.0	(219.3)	5,347.7
Current liabilities
Loans and borrowings	(14)	1,474.2	(46.3)	1,427.9
Trade and other payables		1,616.3	(577.5)	1,038.8
Billing in excess on construction contracts		218.9	(78.3)	140.6
Provisions		130.5	(23.0)	107.5
Income tax payables		352.1	(5.8)	346.3
Total current liabilities		3,792.0	(730.9)	3,061.1
Total liabilities		9,359.0	(950.2)	8,408.8
Total equity and liabilities		11,446.6	(950.2)	10,496.4

19.2. Restatement of consolidated statement of profit or loss for the six month period ended

\$ millions	Note	30 June 2013 (original*)	Effect of other restatements	30 June 2013 before IFRS 11 restatement*	Effect of IFRS 11	30 June 2013 (restated)
Revenue	(8)	3,096.3	(63.1)	3,033.2	(780.5)	2,252.7
Cost of sales		(2,666.1)	60.8	(2,605.3)	721.1	(1.884.2)
Gross profit		430.2	(2.3)	427.9	(59.4)	368.5
Other income		20.9	4.8	25.7	(4.0)	21.7
Selling, general and administrative expenses		(221.9)	(2.9)	(224.8)	45.2	(179.6)
Other expenses		(3.5)	(3.6)	(7.1)	-	(7.1)
Transaction costs		(80.0)	-	(80.0)	-	(80.0)
Operating profit / (loss)		145.7	(4.0)	141.7	(18.2)	123.5
Finance income	(17)	139.9	-	139.9	(2.1)	137.8
Finance cost	(17)	(144.1)	(17.5)	(161.6)	1.2	(160.4)
Net finance cost	(17)	(4.2)	(17.5)	(21.7)	(0.9)	(22.6)
Income from associates (net of tax)	(12)	8.6	2.3	10.9	16.9	27.8
Profit / (loss) before income tax		150.1	(19.2)	130.9	(2.2)	128.7
Income tax	(15)	(52.5)	-	(52.5)	2.2	(50.3)
Net profit / (loss)		97.6	(19.2)	78.4	-	78.4
Attributable to owners of the Company		55.9	-	55.9	-	55.9
Minority interest		41.7	(19.2)	22.5	-	22.5
Net profit / (loss)		97.6	(19.2)	78.4	-	78.4
Earnings / (loss) per share (in USD)
Basic earnings (loss) per share		0.384				0.384
Diluted earnings (loss) per share		0.383				0.383

* In the 2013 semi-annual financial statements, which was used as a starting point in the above restatement overview, Sorfert Algeria and Sidra were consolidated on a proportionate basis (reference is made to note 3.2). The '30 June 2013 before IFRS 11 restatement' shows the 30 June 2013 amounts based on the consolildation principals used in the 2013 annual report.

19.3. Restatement of consolidated statement of cash flows for the six month period ended

\$ millions	Note	30 June 2013 (original)	Effect of restatements	30 June 2013 (restated)
Net profit / (loss) Adjustments for non-cash profit or loss items /		97.6	(19.2)	78.4
changes in items of financial position:		(658.0)	847.2	189.2
Cash flow from / (used in) operating activities		(560.4)	449.6	(110.8)
Cash flow from / (used in) investing activities		(706.4)	32.0	(674.4)
Cash flow from / (used in) financing activities		1,042.6	(419.7)	622.9
Net increase (decrease) in cash and cash
equivelants		(224.2)	61.9	(162.3)
Cash and cash equivelants at 1 January	(13)	979.0	(216.5)	762.5
Currency translation differences		-	(7.6)	(7.6)
Cash and cash equivelants at 30 June	(13)	754.8	(162.2)	592.6

20. Subsequent events

USD 550 million Revolving Credit Facility

On 30 July 2014, OCI signed a USD 550 million Revolving Credit Facility with a maturity of 36 months from signing. The loan is earmarked towards general corporate purposes including partial financing of capital expenditure for Natgasoline LLC.

Orascom Construction Industries S.A.E. Financial Tax liability

Reference is made to note 18.

Sidra Medical Centre Project in Qatar - Notice of Termination

In July 2014, a consortium consisting of Obrascón Huarte Lain (OHL) and OCI N.V. subsidiary Contrack received a Notice of Termination from the Qatar Foundation for Education, Science & Community Development for the contract for the design and build of Sidra Medical and Research Centre in Doha, Qatar. The contract was awarded to the JV between OHL (55%) and Contrack (45%) in February 2008, for a total budget of approximately \$ 2.4 billion. The project is more than 95% complete and represents a negligible amount in the Engineering & Construction Group's backlog. The consortium believes that the reasons given by the client lack any legitimate grounds and has started negotiations to try to resolve the dispute. Notwithstanding, to protect its interests, the consortium intends to start arbitration to claim the effective protection of its interests. Subject to the outcome of the negotiations and arbitration process, the company will assess the impact, if any, on OCI's shareholders' equity or financial position.

DIRECTORS' RESPONSIBILITY STATEMENT

The members of the board of directors of OCI N.V. declare that, to the best of their knowledge, the semi-annual condensed consolidated financial statements included in this semi-annual report, which have been prepared in accordance with IAS 34 'Interim Financial Reporting' , give a true and fair view of OCI N.V.'s assets, liabilities, financial position and profit or loss of OCI N.V. and its consolidated group companies taken as a whole and the half-year press release included to this semi-annual report gives a fair review of the information required pursuant to section 5:25d (8)/(9) of the Dutch Financial Market Supervision Act.

Amsterdam, the Netherlands, 27 August 2014

The OCI N.V. Board of Directors