OCI N.V.
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Publicatie datum
20 mei 2015 - 00:26
Statutaire naam
OCI N.V.
Titel
Q1 2015 Trading Update
Bericht
Highlights
• Successful debottlenecking OCI Beaumont with recommencement of operations in mid-April
• Total OCI N.V. sellable capacity is now 7.9 million metric tons per year
• Iowa Fertilizer Company 88% complete as at 31 March 2015
• EBITDA stable versus same period last year despite lower sales volumes
• Net debt down 4% to US$ 4.0 billion as result of operational cash flow, private placement and FX
Financial Performance
First quarter 2015 revenue was lower than in the same period last year, mainly due to a decrease in product volumes sold. However, consolidated underlying EBITDA in the first quarter of 2015 was at a similar level to the same period last year, as margins have improved as a result of lower natural gas prices, a solid nitrate market in Europe and a higher utilization rate at Sorfert in Algeria.
The demerger of the Engineering & Construction Group was successfully completed in March 2015. OCI N.V. is entitled to the results of the demerged entity until the date of the demerger. For accounting purposes, the demerged entity’s results have been treated as discontinued operations. Operational numbers in this trading update exclude the discontinued operations and any potential accounting effects of the demerger.
Sales Volumes and Prices
Total product volume produced by OCI sold in the first quarter of 2015 decreased 23.7% compared to the first quarter of 2014 and 6.0% compared to the fourth quarter of 2014. Volumes were down mainly due to the shutdown of our ammonia and methanol plant in the United States, OCI Beaumont, during February and March to complete its planned turnaround and facility upgrade, and significantly lower production in Egypt compared to the first quarter last year. In Europe, first quarter 2015 fertilizer volumes decreased from an unusually strong first quarter 2014, when an early spring moved sales from the second to the first quarter.
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