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OCI 2023

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  4. forum rang 10 DeZwarteRidder 9 mei 2023 07:13

    • DeZwarteRidder

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    quote:

    _Aurum_ schreef op 9 mei 2023 07:05:

    oci-global.com/news-stories/press-rel...
    OCI Global Reports Q1 2023 Results
    Download PDF

    Highlights

    Q1 2023 revenues decreased 41% to $1.4 billion, adjusted EBITDA decreased 65% to $336 million YoY, mainly due to significantly lower selling prices and volumes, and realized gas hedging losses, partly offset by lower gas prices
    Results reflect $98 million realized losses from natural gas hedges and an estimated $77 million impact on adjusted EBITDA from unplanned outages in Texas
    Adjusted net loss was $(15) million in Q1 2023, versus adjusted net profit of $354 million in Q1 2022
    OCI generated free cash flow of $151 million in Q1 2023
    Net debt declined by 9% to $1.06 billion as of 31 March 2023, or consolidated net leverage of 0.3x
    OCI has recently launched a cost optimization initiative to reinforce its first quartile positioning on the global cost curve, with a target to be announced in August 2023; Fertiglobe has already identified a run-rate of at least $50 million in savings per annum to be achieved over the next 12 – 18 months
    Board approved strategic review of all business lines, including evaluation of OCI’s listing in the Netherlands

    Outlook

    Nitrogen: prices declined as result of energy price volatility, short term buying patterns and completion of ramp-up of new supply commissioned in 2022, but markets have begun to tighten into the second quarter and prices started to improve in some regions. Decades low grain stocks and high farmer profitability continue to support a demand recovery with limited new supply from 2023 onwards
    Methanol: delivery of first methanol-fueled ships in coming months combined with an expected rebound in China in H2 2023 provide support for future methanol demand and pricing

    Growth initiatives

    OCI has signed an agreement with NuStar that allows OCI to cost-effectively transport ammonia from the Gulf Coast to the premium US Midwest and includes a new connection to link NuStar’s pipeline to OCI’s facilities in Iowa, strengthening OCI’s competitive Midwest position. Completion is expected in early 2024
    OCI and Petrofac have entered into a strategic partnership where Petrofac will be OCI’s exclusive global engineering partner for gasification-based hydrogen fuels projects
  5. forum rang 10 DeZwarteRidder 9 mei 2023 07:13

    • DeZwarteRidder

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    2)

    OCI Global (Euronext: OCI), a global producer and distributor of hydrogen products providing fertilizers, fuels, and feedstock to agricultural, transportation, and industrial customers around the world, today reported first quarter 2023 revenues of $1.4 billion and adjusted EBITDA of $336 million, reflecting lower selling prices, a decline in own-produced volumes of 12% compared to a year ago, and realized gas hedging losses of $98 million.

    In particular, own-produced volumes in Europe were 46% lower YoY. Margins in the European nitrogen segment were also impacted by high-cost inventories produced in Q4 2022 and sold in Q1 2023 following a sharp drop in gas prices, and restart delays post Q4 2022 turnarounds. The combined impact was $74 million during the quarter.

    In the methanol segment, unplanned outages had an estimated negative impact of $77 million on adjusted EBITDA, of which c.$30 million due to the winter freeze in the US. Following the restart, the plants in Texas have been running well.

    We reduced net debt and maintained consolidated net leverage at 0.3x as of 31 March 2023. In April, OCI returned $800 million to shareholders and Fertiglobe distributed $700 million of dividends, of which $350 million to OCI, with respect to the period H2 2022. Guidance on the return of capital to shareholders with respect to H1 2023 will be provided with the Q2 2023 results.

    Ahmed El-Hoshy, CEO of OCI Global commented:

    “Our Q1 results were affected by challenging market conditions, but underlying fundamentals remain healthy for our existing nitrogen and methanol businesses. European gas futures over next winter and 2024 are pricing in expectations of a tighter market than current levels, implying ammonia cost support of ~$815/t including CO2 and $650/t excluding CO2. This should result in closures of European marginal production if pricing remains below cost for a sustained period.

    I am also pleased about a growing diversified customer base from both existing traditional and new applications for our low carbon ammonia and methanol businesses as we started delivering low carbon fertilizers to several food & beverages customers, and expect demand for green methanol to power new methanol-powered container ships.

    Our hydrogen growth initiatives are progressing well, reinforcing our role as a leader in the global energy transition. We are already the largest green methanol producer in the world and are establishing a comprehensive low carbon platform by decarbonizing our existing platform and executing new projects. We are well ahead of our peers, with the first large-scale blue ammonia project set to start production in the US in early 2025.

    We have been receptive to comments made by shareholders, including Inclusive Capital, regarding the significant share price discount to OCI’s intrinsic value, despite strong incumbent positions in our markets and the tangible steps we are taking in executing on our hydrogen strategy. In this regard, we have started a comprehensive review of all our business lines with the aim to unlock value, including an evaluation of our listing in the Netherlands.

    We also reiterate our commitment to our operational excellence program, which is on track to deliver operational and EBITDA efficiencies. In addition, we recently launched an initiative to further optimize OCI’s and Fertiglobe’s cost structures and reinforce our top quartile cash cost positioning. Fertiglobe has already identified a run-rate of at least $50 million per annum savings to be achieved over the next 12 – 18 months.”
  7. benny80 9 mei 2023 07:32

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    "We have been receptive to comments made by shareholders, including Inclusive Capital, regarding the significant share price discount to OCI’s intrinsic value, despite strong incumbent positions in our markets and the tangible steps we are taking in executing on our hydrogen strategy. In this regard, we have started a comprehensive review of all our business lines with the aim to unlock value, including an evaluation of our listing in the Netherlands"

    Bovenstaande qoute van de CEO kan OCI vandaag nog eens weleens wat hoger gaan zetten geeft wel wat fantasie aan het aandeel we gaan het zien straks.
  8. niceguy19502020 9 mei 2023 07:33

    • niceguy19502020

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    Het resultaat van Q1 2023 is inderdaad niet best, maar dat is al grotendeels ingecalculeerd in de huidige koers. Ik vind het wel positief dat Ahmed El-Hoshy de kritiek van Jeff Ubben en andere beleggers over de lage beurskoers ter harte genomen heeft. Het bedrijf bestudeert nu echt de mogelijkheden om de beurswaarde op te krikken. Het is mij niet geheel duidelijk wat de CEO bedoelt met de evaluatie van de notering op het Damrak. Jeff Ubben zal toch ook als bestuurder bij Fertiglobe met enige regelmaat contact hebben met El-Hoshy en consorten.
  9. Hangklokje 9 mei 2023 07:34

    • Hangklokje

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    Slecht kwartaal, dat wisten we, maar de vooruitzichten zijn best oké. Ik denk dat we een Postnlletje krijgen. Hoeft de koers maar naar 25,85 euro
  10. forum rang 10 DeZwarteRidder 9 mei 2023 07:43

    • DeZwarteRidder

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    quote:

    benny80 schreef op 9 mei 2023 07:32:

    "We have been receptive to comments made by shareholders, including Inclusive Capital, regarding the significant share price discount to OCI’s intrinsic value, despite strong incumbent positions in our markets and the tangible steps we are taking in executing on our hydrogen strategy. In this regard, we have started a comprehensive review of all our business lines with the aim to unlock value, including an evaluation of our listing in the Netherlands"

    Bovenstaande qoute van de CEO kan OCI vandaag nog eens weleens wat hoger gaan zetten geeft wel wat fantasie aan het aandeel we gaan het zien straks.
    Ik denk dat ze notering in Amsterdam willen stopzetten en een nieuwe notering gaan aanvragen in Abu Dhabi.
  16. forum rang 7 Branco P 9 mei 2023 07:53

    • Branco P

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    Wellicht overweegt men een notering elders, bijvoorbeeld London of NY, voor een betere exposure. Louter de notering in Amsterdam opheffen zou niet gunstig zijn m.i.
  17. Charlemagne 9 mei 2023 07:53

    • Charlemagne

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    evaluatie van de notering op het Damrak is in mijn Nederlands gewoon: onze aandelen worden daar veel te laag gewaardeerd dus kunnen we beter elders, waar meer waardering is voor de werkelijke waarde, een notering aanvragen of de notering stoppen, ..... waar dat weet ik niet.... delisting staat gewoon op de agenda, volgens mij.......
  19. Bertus 9 mei 2023 07:58

    • Bertus

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    quote:

    venelmptstraat schreef op 9 mei 2023 07:57:

    Er vind weer een hoop bang makerij plaats op dit forum.
    Hoe bedoel je?
  20. forum rang 5 Stork 49 9 mei 2023 07:58

    • Stork 49

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    quote:

    DeZwarteRidder schreef op 9 mei 2023 07:43:

    [...]

    Ik denk dat ze notering in Amsterdam willen stopzetten en een nieuwe notering gaan aanvragen in Abu Dhabi.
    En dat ontsluit "waarde"?
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