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  • OCI Q4/FY 2012 Results

    April 30 2013

    Summary of Consolidated Results for Q4 2012 : • Consolidated revenues increased 5.3% to US$ 1,492.9 million (EGP 9,088.2 million) versus US$ 1,418.4 million (EGP 8,484.9 million) in Q4 2011 • EBITDA decreased 14.9% to US$ 290.2 million (EGP 1,767.6 million) versus US$ 341.0 million (EGP 2,041.0 million) in Q4 2011 • Consolidated EBITDA margin of 19.4% and Construction Group EBITDA margin of 8.2% during Q4 2012 • Net income decreased 165.3% to a loss of US$ 81.2 million (a loss of EGP 487.4 million) versus US$ 124.4 million (EGP 746.9 million) in Q4 2011 and was impacted by extraordinary charges of US$ 181.2 million (EGP 1,087.2 million). These charges included: - a one-off US$ 82.0 million in additional interest expense related to delayed interest payments on the agreed to tax settlement with the Egyptian Tax Authority (ETA) for the years 2007-2010 - a one-off US$ 99.2 million goodwill impairment for Egyptian Fertilizer Company (EFC) in light of the natural gas supply environment in Egypt • Net income excluding the extraordinary charges decreased 22.4% to US$ 96.5 million (EGP 587.5 million) versus US$ 124.4 million (EGP 746.9 million in Q4 2011) and was adversely affected by the following items: - a production loss at EFC and Egypt Basic Industries Corporation (EBIC) due to low natural gas supply experienced during the quarter - a drop in the Construction Group’s margin to 8.2% during the fourth quarter of 2012 due to construction cost overruns at Sorfert Algeria Summary of Consolidated Results for FY 2012: • Consolidated revenues decreased 0.4% to US$ 5,492.0 million (EGP 33,262.5 million) versus US$ 5,511.3 million (EGP 32,722.0 million) in FY 2011 • EBITDA decreased 19.1% to US$ 1,138.4 million (EGP 6,894.7 million) versus US$ 1,407.0 million (EGP 8,353.7 million) in FY 2011 • Consolidated EBITDA margin of 20.7% and Construction Group EBITDA margin of 9.8% during FY 2012 • Net income decreased 61.7% to US$ 259.5 million (EGP 1,571.6 million) versus US$ 678.4 million (EGP 4,028.9 million) in FY 2011

  • OCI Agrees to Payments in Settlement of Tax Claims in Egypt

    April 30 2013

    OCI N.V.’s subsidiary, Orascom Construction Industries (OCI S.A.E.), announced today that it will pay the Egyptian Tax Authority (ETA) ten instalments during 2013 - 2017 totalling EGP 7.1 billion less EGP 182 million in existing tax credits to end a dispute regarding tax claims for the years 2007 to 2010. During that period, OCI S.A.E. divested its cement business through the sale of a listed subsidiary, Orascom Building Materials Holding (OBMH). The agreed amount is based on the originally disclosed tax claim by the ETA of EGP 4.7 billion including accrued interest and delay fees.

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