Summary of Consolidated Results for H1 2015 compared to H1 2014:
Statement from the Chief Executive Officer – Nassef Sawiris:
We made good progress during the first half of the year and in particular in the second quarter. OCI Beaumont has at times been running above its new design capacity since it restarted in April, there was some improvement in the gas situation at EFC compared to the first quarter, and Sorfert and OCI Nitrogen reported a solid performance. We expect a better second half, as OCI Beaumont will be able to produce at the increased capacity levels and we expect higher utilization rates in Egypt from the fourth quarter onwards upon arrival of a second LNG import vessel. Construction at IFCo and Natgasoline LLC is progressing well and IFCO is now within months of starting production.
Earlier this month, we announced an agreement with CF Industries to combine a number of OCI’s businesses with CF’s global assets, another transformational transaction following the demerger of our Construction business in March. This opportunity allows our shareholders to participate directly in the emergence of a new global leader in nitrogen with unparalleled growth prospects. OCI itself will remain a platform for future growth and investments. Our retained fertilizer and methanol assets have significant upside potential. Sorfert is highly cash generative and continues to deleverage rapidly. We are optimistic about prospects for our Egyptian plants, especially in a lower gas price environment conducive for accelerated gas imports for supply to industry. Post-transaction, we anticipate OCI to have the balance sheet strength and financial flexibility to drive our strategy through the next phase of growth and value creation, building on an investment track record of a shareholder IRR of c.40% achieved in the past 15 years.
An investors and analysts conference call will be hosted on Thursday 27th August at 3:30 PM CET (2:30 PM BST, 9:30 AM EDT) by Nassef Sawiris, Chief Executive Officer, and Salman Butt, Chief Financial Officer.
The dial-in numbers for the conference call are:
Standard International: +44 (0) 1452 555566
United Kingdom FreeCall: 0800 6940257
Netherlands FreeCall: 08000 235 091
United States FreeCall: 1 (866) 966 9439
Conference ID: 22145061
A conference call replay will be available following from 18:00 BST Friday 28th August until 25th September 2015.
The replay access numbers are:
Standard International: +44 (0) 1452 550 000
Netherlands: 08000 234 610
United States: 1 (866) 247 4222
Conference ID: 22145061