SOURCE: Orascom Construction Inds, S.A.E.

August 29, 2013 04:56 ET

OCI N.V. Announces H1 2013 Results

CAIRO, EGYPT--(Marketwired - Aug 29, 2013) -

Results as at 30 June 2013
                   Amsterdam, the Netherlands / 29 August, 2013 8:00 AM

OCI N.V. Reports H1 2013 Results Reflecting 75.7% Ownership in OCI
S.A.E. as at 30 June 2013

Rising Contribution from US Activities As Texas Plant Operates at Full

Summary of Consolidated Results for H1 2013:

 * Consolidated revenue increased 17.9% to US$ 3,096.3 million versus
   US$ 2,627.0 million in H1 2012, primarily due to:

 - An increase in our Fertilizer Group's total production
capacity due to higher production levels at OCI Beaumont and OCI
Nitrogen completing a debottlenecking of its nitrates production
facility in the Netherlands;

 - An increase in trading activities for third party urea as
well as our AS trading platform, for which we are positioned as global
leader; and

 - The full consolidation of the Weitz Company (Weitz), which
is now fully consolidated in our financial statements. The
consolidation of Weitz's income statement took place in the first
quarter of 2013, following the consolidation of its balance sheet as at
31 December 2012.

 * EBITDA decreased 31.2% to US$ 367.4 million versus US$ 534.1
   million in H1 2012. Consolidated EBITDA margin stood at 11.9% during
   H1 2013. EBITDA was negatively impacted by:

 - Natural gas supply curtailments during the first half of
2013 at both our plants in Egypt. These curtailments were as a result
of ongoing negotiations with the Egyptian government regarding tax
claims for the years 2007 to 2010 related to OCI S.A.E.'s sale of a
listed subsidiary, Orascom Building Materials Holding (OBMH), and
regarding amendments to its existing natural gas supply agreements with
Egyptian Natural Gas Company (GASCO) and Egyptian Natural Gas Holding
Company (EGAS) for both EFC and EBIC, respectively.

 - The reduction of the Construction Group's blended margin to
4.5% from 11.0% during the same period last year. Margins were affected
by a deteriorating operating environment and productivity in Egypt
caused by stoppages at construction sites in Cairo and Alexandria,
coupled with severe inflationary pressures in the country. Margins were
also affected by the full consolidation of lower margin US-based work
from Weitz and by a decline in BESIX's margins as a result of an
exceptionally cold winter; and

 - US$ 15.6 million in one-off development fees at OCI
Beaumont. Excluding these fees, H1 2013 EBITDA totaled US$ 383.3
million, a 28.3% decrease over the same period last year.

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