OCI Global Energy Transition Leadership
Q3 2023 Results
Global
OCIGI
Summary
Strong operational performance across the platform
Own product sales volumes were 2.8 million metric tons during Q3 2023,
increased 8% YoY:
Total own-produced nitrogen product sales volumes increased 4%
compared to Q3 2022
Total own-produced methanol sales volumes increased 35% compared
to Q3 2022
Gross profit
Gross profit margin
Adjusted EBITDA
Basic earnings per share
Summary of Q3 2023 performance:
➤ Q3 2023 revenues decreased 54% to $1.1 billion, adjusted EBITDA
decreased 75% to $242 million YoY, mostly due to lower selling prices
and offsetting an 8% increase in own-produced volumes
Adjusted net loss was $95 million in Q3 2023, versus adjusted net profit
of $257 million in Q3 2022
9M 2023 revenues were $3.8 billion, adjusted EBITDA $904 million and
adjusted net loss $117 million
Reported Operating Free Cash Flow was negative $3 million in Q3 2023,
with no minority distributions
Net debt was $2.3 billion at 30 September 2023, with consolidated net
leverage of 1.5x
Key Financials¹ and KPIs
$ million unless otherwise stated
Revenue
Q3'23
Q3 '22
% A
9M '23
9M '22
1,068.9
2,330.4
(54%)
3,812.3
7,515.9
% A
(49%)
173.9
871.3
(80%)
570.8
2,904.2
(80%)
16.3%
37.4%
15.0%
38.6%
242.0
961.8
(75%)
903.8
3,221.8
(72%)
EBITDA
229.8
944.5
(76%)
740.4
EBITDA margin
21.5%
40.5%
19.4%
3,109.4
41.4%
(76%)
Adjusted net profit/(loss) attributable to
shareholders
(95.2)
257.1 (137%)
(116.9) 1,138.8 (110%)
Reported net profit/(loss) attributable to
shareholders
(117.9)
316.4 (137%)
(280.0)
1,202.8 (123%)
Earnings per share ($)
(0.560)
Diluted earnings per share
(0.560)
1.495
1.503 (137%) (1.330)
(137%) (1.330)
5.721
(123%)
5.689
(123%)
Adjusted earnings per share
(0.452)
1.223
(137%) (0.555)
5.417
(110%)
Capital expenditure
203.5
123.7
65%
530.6
249.2
113%
Of which: Maintenance Capital Expenditure
Free cash flow
112.0
72.9
54%
277.0
162.2
71%
(3.1)
392.3
(101%)
(74.2)
1,930.0
(104%)
30-Sep-23
31-Dec-22
%A
Total Assets
9,466.7
9,771.1
(3%)
Gross Interest-Bearing Debt
Net Debt
4,019.2
2,875.7
40%
2,325.8
1,158.7
101%
Q3'23
Q3 '22
%A
9M '23
9M '22
% A
Sales volumes ('000 metric tons)
OCI Product Sold¹
Third Party Traded
Total Product Volumes
2,792.5
393.8
3,186.3
2,595.1
8%
1,140.5
3,735.6
8,141.4
(65%) 1,763.9
(15%) 9,905.3 11,140.2
8,245.1
(1%)
2,895.1
(39%)
(11%)
(1) Unaudited.
(2) OCI presents certain financial measures when discussing OCI's performance, that are not measures of financial performance under IFRS. These non-IFRS
measures of financial performance (also known as non-GAAP or alternative performance measures) are presented because management considers them
important supplemental measures of OCI's performance and believes that similar measures are widely used in the industry in which OCI operates.
(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 and lease payments.
(4) Fully consolidated, not adjusted for OCI proportionate ownership stake in plants, except OCI's 50% share of Natgasoline volumes.
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