Fertiglobe Financial Overview
Q3 2022 Results Summary
Summary
Fertiglobe
An ADNOC and OCI Company
Key Financials1 and KPIs
Q3 2022
Q3 2021
% A
9M 2022
9M 2021
% A
1,317.9
866.7
52%
3,974.0
2,126.7
87%
583.9
338.7
72%
1,919.5
780.7
146%
44.3%
39.1%
48.3%
36.7%
606.3
370.7
64%
2,000.9
902.9
122%
Adjusted EBITDA margin
EBITDA
46.0%
42.8%
50.3%
42.5%
609.3
377.1
62%
1,998.9
910.4
120%
EBITDA margin
46.2%
43.5%
50.3%
42.8%
Adjusted net profit attributable to shareholders²
291.5
158.2
84%
1,090.7
360.3
203%
Reported net profit attributable to shareholders
291.6
137.7
112%
1,077.6
336.2
221%
Earnings growth in Q3 2022 is driven by higher selling prices
across our product portfolio.
Own-produced volumes down 2% in Q3 '22 vs. Q3 '21
4% higher own-produced ammonia sales volumes
4% lower own-produced urea sales volumes
Third party traded volumes sold +11% YoY in Q3 '22 vs.
Q3 '21
$ million unless otherwise stated
Revenue
Gross Profit
Gross profit margin
Adjusted EBITDA²
Earnings/(loss) per share ($)
Basic earnings per share
Summary of Q3 2022 performance
•
Q3 2022 revenues increased 52% YoY to $1,318 million
and adjusted EBITDA +64% YoY to $606 million.
Adjusted net profit was $292 million in Q3 2022, an
increase of 84% compared to $158 million in Q3 2021.
FCF before growth capex was $189 million in Q3 2022
compared to $56 million in Q3 2021.
• Total cash capital expenditures including growth capex
were $24 million in Q3 2022, compared to $21 million in
Q3 2021.
•
Net cash position of $644 million as of 30 September
2022 compared to net debt of $487 million in Dec-21.
0.035
0.017
106%
0.130
0.040
225%
Diluted earnings per share
0.035
0.017
106%
0.130
0.040
225%
Adjusted earnings per share
0.035
0.019
84%
0.131
0.043
205%
Earnings/(loss) per share (AED)
Basic earnings per share
0.129
0.062
106%
0.477
0.147
225%
Diluted earnings per share
0.129
0.062
106%
0.477
0.147
225%
Adjusted earnings per share
0.129
0.070
84%
0.481
0.158
205%
Free cash flow
189.3
56.1
237%
1,498.8
535.0
180%
Capital expenditure
23.5
20.5
15%
47.5
34.1
39%
Of which: Maintenance Capital Expenditure
18.4
16.0
15%
38.2
28.9
32%
30-Jun-22
31 Dec 21
% A
Total Assets
Gross Interest-Bearing Debt
Net Debt/(cash)
5,979.0
5,168.5
16%
1,139.1
1,385.7
(18%)
(643.7)
486.6
n/m
Q3 2022
Q3 2021
% A
9M 2022
9M 2021
% A
Sales volumes ('000 metric tons)
Fertiglobe Product Sold
Third Party Traded
Total Product Volumes
1) Unaudited
1,364
336
1,700
1,396
(2%)
4,158
4,338
(4%)
302
11%
848
824
3%
1,698
0%
5,006
5,163
(3%)
2) Fertiglobe uses Alternative Performance Measures ('APM') to provide a better understanding of the underlying developments of the performance of the business. The
APMs are not defined in IFRS and should be used as supplementary information in conjunction with the most directly comparable IFRS measures. A detailed reconciliation
between APM and the most directly comparable IFRS measure can be found in this report
3) Free cash flow is an APM that is calculated as cash from operations less maintenance capital expenditures less distributions to non-controlling interests plus dividends
from equity accounted investees, and before growth capital expenditures.
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