fertilizer & chemicals overview - orascom construction n.v. investor... · 2 oci n.v....

28
Fertilizer & Chemicals Overview February 2015

Upload: nguyenkhuong

Post on 12-Mar-2018

224 views

Category:

Documents


0 download

TRANSCRIPT

Fertilizer & Chemicals Overview February 2015

2

OCI N.V. Post-Demerger

Summary Overview

Leading global natural gas-based fertilizer & chemicals producer:

‒ Global distribution, production facilities in The Netherlands, USA, Egypt and Algeria

‒ Top 5 five global nitrogen-based fertilizer producer - sellable capacity of c.7.5 mtpa at end-2014

Focus: Planned Demerger of Construction Business

Growth initiatives 2014 - 2016:

‒ 2015: additional volumes from Sorfert Algeria, debottlenecking OCI Beaumont and Iowa Fertilizer Co start-up

‒ On track to increase sellable capacity by 60% to c.12 mtpa by end-2016

‒ New production capacities driving earnings and cash flow

Trading on Euronext Amsterdam since 25 January 2013 (NYSE Euronext: OCI)

‒ AEX Index constituent since March 2014

3

Transaction Structure Summary

Commentary

Demerger of Orascom Construction (OC) from OCI N.V.

USD 1.4 billion repayment of capital to OCI N.V. shareholders

OCI N.V. remains listed on Euronext Amsterdam and does not retain a shareholding in OC post demerger

Same shareholding for both companies at demerger record date OCI N.V.

Sawiris Family

Free Float

Fertilizers &

Chemicals

Orascom Construction

BESIX (50%) Contrack Weitz

Structural Overview

OCI N.V.

Sawiris Family

Free Float

Fertilizers &

Chemicals

OC (DIFC)

Sawiris Family

Free Float

Orascom Construction

BESIX (50%)

Contrack Weitz

46% 54%

46% 54% 46% 54%

¹ Dates are indicative and could be subject to change ² Also includes construction related and infrastructure investments ³Pre-Egyptian Capital increase; shareholding percentages are approximate

²

³

Dual Listing Structure for OC

Primary listing on NASDAQ Dubai where all OCI N.V. shareholders will receive shares in OC

Secondary listing of ordinary shares on the Egyptian Exchange (EGX)

Shares fungible between the two markets subject to respective procedures of relevant regulatory bodies

Egyptian Capital Raise¹

Up to 15% of share capital of Orascom Construction

Proceeds to be used for general corporate purposes including debt settlement

Key Milestone Dates¹

16 Feb: demerger press release issued

19-26 Feb: institutional bookbuilding process; pathfinder prospectus published on 19 Feb

1-4 Mar: retail subscription period

6 Mar: demerger record date

9 Mar: OC to trade on NASDAQ Dubai and OCI N.V. trades ex-OC

9-11 Mar: trading on the EGX commences

³

Demerger Benefits

Demerger of Orascom Construction creates two separately-listed pure play companies offering distinct investment propositions:

– OCI N.V.: global producer of natural gas-based fertilizers and chemicals

– Orascom Construction: global engineering and construction group

Streamline Shareholder Base

Focus

Growth Opportunities

Efficient Capital Structure

4

Benefits of the Demerger of the Construction Business

Attracts clear market valuations

Attracts a wider and focused investor base in each company’s shares and benefits liquidity

Improves visibility for business, prospects and impact of sector-focused events on performance

Provides greater focus for each company to manage own resources and pursue strategic options appropriate to their markets

Allows each business to actively participate in consolidation opportunities and value-accretive partnerships and joint ventures in their respective markets

Enables efficient capital structure, balance sheet and financing strategy in line with each company’s individual requirements

Improves lenders’ ability to evaluate each business, thereby increasing balance sheet effectiveness

5

5 Operating Production Facilities in 4 Countries and 2 Under Construction

Natgasoline LLC

Under construction Planned capacity:

− 1.75 mtpa of methanol

Iowa Fertilizer Co. (IFCo)

Under construction

Planned capacity: − 185 ktpa of sellable ammonia − 250 ktpa of urea − 1.5 mtpa of UAN − 315 ktpa of DEF

OCI Beaumont

Capacity (after debottlenecking Q1 2015): − 913 ktpa of methanol − 305 ktpa of ammonia

Sorfert Algérie

800 ktpa of sellable ammonia

1.26 mtpa of urea

Egypt Basic Industries Corp. (EBIC)

730 ktpa of ammonia

Egyptian Fertilizers Company (EFC)

1.55 mtpa of urea

OCI Nitrogen Netherlands

1.4 mtpa of CAN 350 ktpa of sellable ammonia 250 ktpa of UAN 190 ktpa of melamine

Competitive position with access to low cost natural gas feedstock in United States and North Africa

Sorfert, Algeria Largest fertilizer complex in Africa

Iowa Fertilizer Company World scale greenfield fertilizer plant

6

Global Distribution Network

Production complex with port access Sales office or JV Sales location

Indoor ship loading facility at the port of Stein, Limburg

Ammonia tanks at OCI Terminal Europoort, Port of Rotterdam, Holland

Liquid storage warehouses in Spain FITCO/OCI Warehouse in Brazil Warehouse at port of Stein, Limburg

Global distribution network with strong presence in Europe and strategic JVs in Brazil and the USA

Majority of OCI sales direct to customers

Sales to more than 35 countries

Port access in Europe, US Gulf Coast, and North Africa

Global warehousing capacity (ex. FITCO JV in Brazil) in excess of 1.1 mt of liquid and dry bulk storage capacity

World’s largest AS distributor

Access to all major end markets

7

Pursuing a Growth Strategy

Total Capacity on Track to Reach Almost 12 MTPA by end-2016

OCI Beaumont debottlenecking – expected completion Q1 2015

‒ Expected increases of methanol and ammonia capacity by 25% and 15% respectively through debottlenecking project

‒ Plants have been shut down from Friday 30 January 2015 to commence the planned turnaround

‒ Upgraded methanol and ammonia production lines expected to restart in approximately 8 and 4 weeks respectively

Iowa Fertilizer Company greenfield - expected start of production Q4 2015

‒ First world scale natural gas-based greenfield nitrogen fertilizer plant built in the United States in nearly 25 years

‒ Located in Wever County, Iowa

‒ On track to start production in the fourth quarter of 2015 : construction 84.3% complete as at 31 December 2014

Natgasoline greenfield – expected start of commissioning Q4 2016

‒ World-scale 1.75 mtpa greenfield methanol facility located in Beaumont, Texas

‒ All required permits received during Q3 2014, including crucial EPA permit - construction is underway and progress is on track

‒ Expected to have a production capacity of c.1.75 million metric tons per annum and scheduled to commission in Q4 2016

New production capacities driving earnings and cash flow

8

Rapid Ramp-up of Production Capacity Production Capacity From Inception in Egypt to Completion of Current North American Greenfield Projects

2008 First entry into natural gas-

based chemicals (EFC and EBIC)

2010 First foothold in Europe with

acquisition of DSM’s fertilizer

businesses for € 310 m

2011 First entry into the US -

acquisition and rehabilitation of

OCI Beaumont

2014 Start ramp-up of greenfield

expansion Sorfert in Algeria

7.5 mtpa sellable capacity at end-

2014

North American shale gas

monetization strategy

2015 IFCo starting production

2016 Natgasoline commissioning

1.3 mtpa 4.0 mtpa 7.5 mtpa 11.9 mtpa

On track to become top 3 global nitrogen fertilizer producer and largest US merchant methanol producer by end-2016

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2008 2011 2014 2016

Sella

ble

pro

du

ctio

n c

apac

ity

ktp

a

Urea Merchant ammonia CAN UAN Melamine Methanol DEF

9

Organic Growth Initiatives in the United States: Iowa Fertilizer Company

Construction on Schedule:

c.84.3% complete as

of 31 Dec 2014

Greenfield nitrogen fertilizer plant (ammonia, urea, UAN and DEF)

Benefiting from first mover advantage in the US for greenfield plants

Strategic location: in the heart of US Midwest corn belt,

Broke ground on 19 November 2012 and scheduled to begin production in Q4 2015

Construction capabilities: leveraged Orascom Engineering & Construction as the EPC contractor

Investment cost: approximately $ 1.9 bn

Plant Overview

Financing

Issued $ 1.2 bn Midwest Disaster Area tax-exempt bond - average interest rate of 5.12%

Bond issuance is rated BB- by both S&P and Fitch and represents the largest non-investment grade transaction ever sold in the US tax-exempt market

10

Barriers to Entry are High in North America

Source: CRU, Fertecon, Blue JKohnson

Nitrogen facilities are time and capital intensive

‒ Capex for greenfield construction now up to US$ 3.0 billion or even higher, depending on size, capacity and financing of project

‒ Typical nitrogen plant can take 5-7 years from conception to production

‒ Project financing difficult to source

‒ Cheap debt or project bonds not readily available for smaller developers

Diminishing value proposition of US greenfield projects

‒ Limited availability of EPC contractors for new projects

‒ Difficulty in securing fixed price EPC

‒ Rapidly increasing capital costs and first mover’s advantage have negatively impacted profitability of upcoming facilities

‒ Not all announced projects will materialize

The United States set to remain a net importer of nitrogen fertilizer until at least 2020

‒ Limited new capacity (green- or brownfield)

‒ Delays in start of construction or announced cancellations

OCI benefiting from early mover advantage

Limited new nitrogen fertilizer capacity expected in North America

11

Organic Growth Initiatives in the United States - OCI Beaumont Debottlenecking

Largest integrated ammonia-methanol plant in North America

Competitive location on Gulf Coast, strong ammonia / methanol economics in the US market and attractive natural gas feedstock costs

Newly rehabilitated – full capacity utilization rates achieved in Q4 2012

Adding c. 15% capacity to ammonia and c. 25% to methanol through a $ 240-250 million debottlenecking scheduled for completion in Q1 2015

Completed IPO of 21.7% of OCI Partners LP (OCIP), the owner and operator or OCI Beaumont, in October 2013

— Following a capital contribution in exchange for common units in November 2014, OCI N.V. owns 79.04%

— Net proceeds to OCI were $ 295 million

— Current market value to OCI is c.$ 1.1 billion

OCI Beaumont

34%

66%

Barge Pipeline

Terms Delivery (LTM)

Contract Life: 2-5 Years / Renewable

Pricing: Jim Jordan Minus

Payment Terms: 25-30 Days

Key Customers:

Methanol Customers

Barge Contract Life: Monthly

Pricing: Tampa CFR Minus

Payment Terms: 30 Days

Key Customers:

Ammonia Customers

Terms Delivery (LTM)

100%

12

Organic Growth Initiatives in the United States - Natgasoline LLC

All required permits received

Crucial EPA permit on 29 September 2014

Construction has started - expect to start commissioning in late 2016

Procurement of long lead items has been completed

Air Liquide Global E&C Solutions will supply proven Lurgi MegaMethanol® process technology

Agreement with Air Liquide to purchase oxygen and other industrial gases over the fence

Construction Progress

World scale greenfield methanol production complex currently under development

Expected to produce approximately 1.75 million metric tons of methanol per year

Located in Beaumont, Texas, on plot adjacent to OCI Beaumont

Natgasoline LLC

13

Lower Natural Gas Price Environment

2.0

3.0

4.0

5.0

6.0

7.0

8.0

Jan-2013 Apr-2013 Jul-2013 Oct-2013 Jan-2014 Apr-2014 Jul-2014 Oct-2014 Jan-2015

Henry Hub (US$/MMBtu) Average 2014 (US$/MMBtu)

Average 2014 US$ 4.35 / MMBtu

Henry Hub (US$/MMBtu) TTF Netherlands (US$/MMBtu)

5.0

7.0

9.0

11.0

13.0

15.0

17.0

Jan-2013 Apr-2013 Jul-2013 Oct-2013 Jan-2014 Apr-2014 Jul-2014 Oct-2014 Jan-2015

TTF (US$/MMBtu) TTF Average 2014 (US$/MMBtu)

Average 2014 US$ 8.1 / MMBtu

Lower gas prices have a direct positive impact on operations in The Netherlands and the United States

US$ 2.65 / MMBtu

Natural gas feedstock prices at Sorfert in Algeria are fixed, and are based on a formula in Egypt – at globally competitive levels

OCI Beamont in the US and OCI Nitrogen in The Netherlands source natural gas from the spot-market, as will IFCO once operational

Natural gas spot prices in Europe have followed the downward trend of oil prices and are currently below US$ 7 / MMBtu

Relatively high winter temperatures have kept demand low, putting further pressure on gas prices

Henry Hub has reached US$ 2.65 /MMBtu on 3 February - lower gas prices more than offset lower product prices

Availability issues in the Ukraine are meanwhile resolved, preventing upward pressure

14

OCI Nitrogen – Decreasing Gas Feedstock Costs and High Nitrate Premium

CAN and UAN (EUR/tonne)

CAN is OCI Nitrogen’s (The Netherlands) most important product

OCI Nitrogen is the second largest CAN producer in Europe

CAN has benefitted from tight supply-demand, resulting in regular seasonal monthly increases:

‒ Supported by falling EUR/USD exchange rates

‒ CAN prices have increased c.15% between Aug 2014 and Feb 2015

‒ Increasing nitrate margins, as a result of decreasing natural gas prices

Record ammonia margins in 2014 - margins remain high despite lower ammonia prices due to falling gas costs

160

180

200

220

240

260

280

300

01/2013 04/2013 07/2013 10/2013 01/2014 04/2014 07/2014 10/2014 01/2015

CA

N a

nd

UA

N in

EU

R/t

CAN UAN

Nitrate Premium (%)

0%

10%

20%

30%

40%

50%

60%

nit

rate

pre

miu

m in

%

TTF Netherlands (US$/MMBtu)

10.6 9.8

7.6 7.0

8.1

6.8

0.0

2.0

4.0

6.0

8.0

10.0

12.0

Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Latest

TTF US$/MMBtu

15

Sorfert Algeria – Ramping Up to Full Utilization

Globally cost competitive plant, major contributor to earnings growth

Ramping up successfully:

‒ Product sales volumes improved significantly from the second into the third quarter

‒ Running at times above design capacity

‒ On track to reach full potential in 2015

Cash costs at Sorfert amongst the very lowest globally

Significant contributor to Consolidated Group EBITDA in 2014

Rapid deleveraging in Sorfert due to repayment as well as forex translation gains:

‒ Majority of OCI N.V. pro forma net debt of US$ 4.2 billion as of 30 Sep 2014 is related to growth initiatives (Sorfert, IFCO and Natgasoline)

‒ Sorfert net debt US$ 1.57 billion or c.37% of total as of 30 Sep 2014

‒ Sorfert’s net debt is declining rapidly as a result of strong cash flow combined with devaluation of the Algerian Dinar

Sorfert on track to reach full potential in 2015

OCI NV Consolidated Net Debt by Currency 30 Sep 2014

Movement of Currencies 30 Sep 2014 – 10 Feb 2015

USD 30%

EUR 30%

Egyptian Pound

3%

Algerian Dinar 37%

-11.2% -10.3%

-5.7%

-12.0%

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

USD/DZD EUR/USD USD/EGP

16

Egypt – Addressing the Natural Gas Deficit

Natural gas deficit in Egypt in excess of 10% of total demand:

‒ Priority for natural gas supply to electricity sector to avoid power blackouts

Government has taken several steps to address gas supply issue:

‒ Including imports of natural gas/LNG available from April 2015 and substitution of natural gas by coal in cement industry

‒ Blended cost (domestic + gas imports) to the government still below levels charged to industry including fertilizers despite more expensive import prices

Limited availability of natural gas at EFC and EBIC during 2014

‒ Expect improved natural gas supply in 2015 resulting from government’s efforts

EFC and EBIC remain globally competitive:

‒ Formula-based pricing natural gas feedstock cost to OCI

‒ Above blended cost of natural gas to government

Upside potential for EFC and EBIC if higher utilization rates materialize

Egyptian Fertilizers Company

13% Egypt Basic Industries

Corp. 6%

OCI Nitrogen (Netherlands

) 19%

Sorfert Algérie

17%

OCI Beaumont

10%

Iowa Fertilizer Company

20%

Natgasoline LLC 15%

Percentage of Total Capacity as of end-2016

Natural gas imports EFC & EBIC: 19% of sellable capacity at end-2016

APPENDIX

OCI N.V. Pro Forma Financials

19

OCI N.V. Fertilizer & Chemicals Pro Forma Income Statement1)

2013 9M 2014

Revenue 2,545.9 1,998.9

Cost of construction and goods sold -1,750.5 -1,253.0

Gross Profit 795.4 745.9

Gross Profit Margin 31.2% 37.3%

Selling, General, and Admin Expenses -232.4 -124.4

Other operating income (expenses) -67.6 4.9

Provisions -2.5 -2.2

EBITDA 492.8 624.2

EBITDA Margin 19.4% 31.2%

Depreciation & Amortization -223.2 -222.8

EBIT 269.6 401.4

Interest Income 6.0 6.5

Interest Expenses -277.8 -145.6

Foreign exchange gain (loss) 70.8 5.2

Net financing cost -201.0 -133.9

Income from investments 268.5 -3.2

Income before taxes and minority 337.2 264.3

Income taxes - current -75.6 251.2

Income taxes - deferred -5.6 18.7

Income before minority interest 255.9 534.2

Minority Interest 50.6 -91.3

Net Income before discontinued operations 306.5 442.9

Discontinued operations -11.3 -93.7

Net Income after dicontinued operations 295.2 349.2

____________________________________

1) The pro forma 2013 and 9 months 2014 statements are unaudited. Financials have been prepared in accordance with IFRS as adopted by the European Union

20

OCI N.V. Fertilizer & Chemicals Pro Forma Balance Sheet - Assets1)

31 Dec 2013 30 Sep 2014

ASSETS

Non-current assets

Property, plant and equipment (net) 3,866.2 3,621.5

Assets under construction 797.2 1,380.0

Payment for purchase of investments 0.0 0.0

Goodwill 959.4 939.5

Other intangible assets 4.7 1.3

Investment in associated companies 43.1 37.9

Investments available for sale 50.1 46.7

Deferred tax assets 59.9 58.6

Long - term receivables 24.6 25.2

Total non-current assets 5,805.1 6,110.6

Current assets

Inventories Net 186.0 158.6

Marketable securities 0.0 7.4

Trade and other receivables 449.6 562.0

Due from clients 0.0 0.0

Cash on hand and at banks 1,569.5 1,234.1

Assets held for sale 0.0 0.0

Discontinued operations 3,087.3 2,681.4

Total current assets 5,292.4 4,643.5

Total assets 11,097.6 10,754.1

____________________________________

1) The pro forma 2013 and 9 months 2014 statements are unaudited. Financials have been prepared in accordance with IFRS as adopted by the European Union

21

OCI N.V. Fertilizer & Chemicals Pro Forma Balance Sheet – Liabilities & Shareholders’ Equity1)

31 Dec 2013 30 Sep 2014

EQUITY

Shareholders' equity

Share capital 267.9 272.3

Legal reserve 0.0 0.0

Other reserves 1,529.4 1,567.2

Retained earnings 107.5 426.1

Cumulative adjustment on translation of foreign entities -153.4 -164.3

Treasury stock -21.4 -21.6

Hedge reserves -7.3 -7.2

Fair Value reserves -1.4 -1.4

Total shareholders' equity 1,721.3 2,071.1

Minority interest in subsidiary companies 366.3 414.3

Total equity 2,087.6 2,485.4

Check

LIABILITIES

Non-current liabilities

Long-term loans 4,441.1 4,824.5

Deferred tax liabilies 371.4 354.5

Provisions 19.1 8.5

Other long - term liabilities 224.1 16.8

Total non - current liabilities 5,055.8 5,204.2

Current Liabilities 0.0 0.0

Bank overdraft and current portion of long-term loans 677.2 624.0

Trade and other payables 833.6 426.8

Due to clients 0.0 0.0

Provisions 34.4 34.3

Income taxes payable 209.8 96.6

Discontinued operations 2,199.2 1,882.7

Current liabilities 3,954.2 3,064.5

Total liabilities 9,010.0 8,268.7

Total equity and liabilities 11,097.6 10,754.1

____________________________________

1) The pro forma 2013 and 9 months 2014 statements are unaudited. Financials have been prepared in accordance with IFRS as adopted by the European Union

Overview Current and Future Production Capacities

23

Expanding Our Globally Cost Competitive Product Portfolio

___________________________________

Note: all tonnage is in thousand metric tons per year and refers to total design capacity, Iowa Fertilizer Company and Natgasoline LLC volumes are estimates

¹ Table not adjusted for OCI’s stake in considered plant; ² Also has a 325 thousand metric ton per year (ktpa) UAN line to capitalize on seasonal UAN price premiums over urea (swing capacity); ³ Also has 500 ktpa of captive urea liquor capacity used to produce downstream products; ⁴ OCI Beaumont Expansion is expected design capacity once the debottlenecking initiative is completed; ⁵IFCo design capacities apart from net ammonia are gross capacities and cannot all be achieved at the same time; ⁶ Net ammonia is remaining capacity after downstream products are produced; ⁷ Excludes EFC UAN swing capacity.

Cost competitive on global basis:

‒ Early mover advantage in the US, where natural gas prices are amongst the lowest in the world due to shale gas boom

‒ Presence in heart of US market: currently the US imports up to 80% of methanol and up to 40% of ammonia demand

‒ Existing low-cost production base in Egypt and Algeria

OCI Nitrogen is the second largest CAN producer in Europe and the largest melamine producer in the world

Design Capacities¹

Ammonia Fertilizer for sale

Total Chemicals

Plant Country Gross Net⁶ Urea UAN⁷ CAN Methanol Melamine DEF for sale

Egyptian Fertilizers Company² Egypt 800 - 1,550 - - 1,550 - - - 1,550

Egypt Basic Industries Corp. Egypt 730 730 - - - 730 - - - 730

OCI Nitrogen³ Netherlands 1,130 350 - 250 1,400 2,000 - 190 - 2,190

Sorfert Algérie Algeria 1,600 800 1,260 - - 2,060 - - - 2,060

OCI Beaumont USA 265 265 - - - 265 730 - - 995

Year End 2014 4,525 2,145 2,810 250 1,400 6,605 730 190 - 7,525

OCI Beaumont (after Expansion⁴) USA 305 305 - - - 305 913 - - 1,218

Iowa Fertilizer Company⁵ USA 770 185 420 1,505 - 2,110 - - 315 2,425

Year End 2015 5,335 2,370 3,230 1,755 1,400 8,755 913 190 315 10,173

Natgasoline LLC USA - - - - - - 1,750 - - 1,750

Year End 2016 5,335 2,370 3,230 1,755 1,400 8,755 2,663 190 315 11,923

24

Q3 and 9M 2014 Sales Volumes

Product – Sales Volumes Q3 2014 Q2 2014 % Δ Q3 2013 % Δ 9M 2014 9M 2013 % Δ

Granular Urea

OCI Product Sold 382.3 315.7 21.1% 289.3 32.2% 1,127.7 563.9 100.0%

Third Party Traded 5.0 0.9 nm 30.7 -83.7% 31.5 411.0 -92.3%

Total Granular Urea 387.3 316.6 22.3% 320.0 21.0% 1,159.2 974.9 18.9%

Ammonia

OCI Product Sold 390.6 360.1 8.5% 236.2 65.4% 1,063.7 699.3 52.1%

Third Party Traded 168.3 135.4 24.3% 33.0 410.1% 415.7 101.6 309.2%

Total Ammonia 558.9 495.5 12.8% 269.2 107.6% 1,479.5 800.9 84.7%

Calcium Ammonium Nitrate (CAN)

OCI Product Sold 318.5 177.3 79.7% 236.0 34.9% 878.7 778.0 12.9%

Total CAN 318.5 177.3 79.7% 236.0 34.9% 878.7 778.0 12.9%

Urea Ammonium Nitrate (UAN)

OCI Product Sold 87.4 50.3 73.7% 85.0 2.8% 242.6 247.1 -1.9%

Third Party Traded 23.5 7.3 220.8% 24.0 -2.1% 67.1 92.9 -27.8%

Total UAN 110.9 57.6 92.4% 109.0 1.7% 309.6 340.0 -8.9%

Ammonium Sulphate (AS)

Third Party Traded 316.6 381.2 -16.9% 419.0 -24.4% 1,173.3 1,195.5 -1.9%

Total (AS) 316.6 381.2 -16.9% 419.0 -24.4% 1,173.3 1,195.5 -1.9%

Total Fertilizers

Total OCI Product Sold 1,178.7 903.4 30.5% 846.5 39.3% 3,312.7 2,288.3 44.8%

Total Third Party Traded 513.4 524.8 -2.2% 506.7 1.3% 1,687.6 1,801.0 -6.3%

Total Fertilizers 1,692.2 1,428.2 18.5% 1,353.2 25.1% 5,000.3 4,089.3 22.3%

Industrial Chemicals

Melamine 38.3 43.6 -12.2% 34.8 10.0% 123.8 108.5 14.1%

Methanol 157.0 161.6 -2.8% 90.8 72.9% 460.0 443.1 3.8%

Total industrial chemicals 195.3 205.2 -4.8% 125.6 55.5% 583.8 551.6 5.8%

Total

Total OCI Product Sold 1,374.0 1,108.6 23.9% 972.1 41.4% 3,896.5 2,839.9 37.2%

Total Third Party Traded 513.4 524.8 -2.2% 506.7 1.3% 1,687.6 1,801.0 -6.3%

Total Product Volumes 1,887.5 1,633.4 15.6% 1,478.8 27.6% 5,584.1 4,640.9 20.3%

Listing Information

26

OCI N.V. Listing Information

Listing Information

Trading on Euronext Amsterdam since 25 January 2013 (NYSE Euronext: OCI)

Number of shares: 210,113,854

Market cap: EUR 6.5 billion as at 13 February 2015

Options trading: Euronext introduced options on OCI N.V. shares as of 13 December 2013

Index inclusions: trading as part of the AEX, STOXX Europe 600, Euronext 100 indices

OCI Partners: listed 21.7% of the Master Limited Partnership (MLP) on NYSE on 4 October 2013

‒ Following a capital contribution in exchange for common units in November 2014, OCI N.V. owns 79.04%

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION. THIS DOCUMENT IS NOT AN OFFER TO SELL SECURITIES OR THE SOLICITATION OF AN OFFER TO BUY SECURITIES IN THE UNITED STATES OR ANY OTHER JURISDICTION. This document has been provided to you for information purposes only. This document does not constitute an offer of, or an invitation to invest or deal in, the securities of OCI N.V. Certain statements contained in this document constitute forward-looking statements relating to OCI N.V. (the "Company"), its business, markets and/or industry. These statements are generally identified by words such as "believe," "expect," "anticipate," "intends," "estimate," "forecast," "project," "will," "may," "should" and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are outside of the Company's control and are difficult to predict, that may cause actual results to differ materially from any future results expressed or implied from the forward-looking statements. The forward-looking statements contained herein are based on the Company's current plans, estimates, assumptions and projections. Various factors could cause actual future results, performance or events to differ materially from those described in these statements. The Company does not make any representation as to the future accuracy of the assumptions underlying any of the statements contained herein. The information contained herein is expressed as of the date hereof and may be subject to change. Neither the Company nor any of its controlling shareholders, directors or executive officers or anyone else has any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained in this document.

Disclaimer

For OCI N.V. investor relations enquiries contact: Hans Zayed [email protected] T +31 (0) 6 18 25 13 67 Erika Wakid [email protected] T +44 (0) 20 7297 8841 OCI N.V. corporate website: www.oci.nl