Vous êtes sur la page 1sur 15

OCP

FIRST HALF 2014 EARNINGS CONFERENCE CALL


PRESENTATION
SEPTEMBER 15
TH
2014
SAFE HARBOR STATEMENT
This presentation has been prepared by OCP S.A. (OCP) strictly for discussion purposes, and contains certain statements that are, or may be
deemed to be, forwardloo!in" statements within the meanin" of the safe harbor pro#isions set forth in the U.S. Private Securities Litigation
Reform Act of 1995. Such statements include, but are not limited to, liabilities, strate"ic, industrial, commercial plans and e$pected future financial
and operatin" results such as re#enue "rowth and earnin"s. They are based on the current beliefs, e$pectations and assumptions of OCP%s
mana"ement as of the date on which they are made in connection with past and&or future financial results, and are sub'ect to si"nificant
uncertainties and ris!s, which OCP shall not be held liable for. These ris!s and uncertainties include, but are not limited to, ris!s and uncertainties
arisin" from the future success of current and strate"ic plans and future financial and operatin" results and reser#es( chan"es in such plans and
results( any difficulty that OCP may e$perience with the reali)ation of benefits and anticipated le#els of capital e$penditures for the second half of
year *+,- and beyond( the current and future #olatility in the credit mar!ets and future mar!et conditions( OCP%s strate"y in connection with
customer retention, "rowth, product de#elopment and mar!et position( industry trends( #olatility in commodity prices( chan"es in forei"n currency,
interest and e$chan"e rates( international trade ris!s( chan"es in "o#ernment policy and de#elopments in 'udicial or administrati#e proceedin"s in
'urisdictions which OCP is sub'ect to( chan"es in en#ironmental and other "o#ernmental re"ulation, includin" re"ulatory in#esti"ations and
proceedin"s( any natural e#ents such as se#ere weather, fires, floods and earth.ua!es or manmade or other disruptions of OCP%s operatin"
systems, structures or e.uipment( the effecti#eness of OCP%s processes for mana"in" its strate"ic priorities( and OCP%s belief that it has sufficient
cash and li.uidity and&or a#ailable debt capacity to fund future financial operations and strate"ic business in#estments. Actual results may differ
from those set forth in the forwardloo!in" statements contained in this presentation, and OCP underta!es no obli"ation to publicly update any of its
forwardloo!in" statements, whether written or oral, that may be made from time to time, whether as a result of new information, future
de#elopments or otherwise.
This presentation includes OCP%s financial statements which are produced in /oroccan 0irhams (the local currency). 1or ease of presentation,
financial information included in this presentation is translated into 2.S. 0ollars, and these translated fi"ures ha#e not been audited. 1or the
purpose of such translated fi"ures, OCP used the followin" e$chan"e rate table, which sets forth the year a#era"e and yearend 0irham&2.S. 0ollar
e$chan"e rates for the followin" periods3
2
June 2014 June 2013
Decembe
2013
Pe!"# En#
4.*+5, 4.6757 4.,6,8
A$e%&e
4.*-,- 4.-8*7 4.,48,
MAJOR HIGHLIGHTS OF FIRST HALF 2014
9$ecuted effecti#ely on all !ey elements of OCP%s "rowth strate"y
Pro"ressi#ely reco#ered from ad#erse weather conditions in ;,
/aintained cost leadership( initial benefits from start up of slurry pipeline
Continued to build scale throu"h or"anic and e$ternal initiati#es
2tili)ed industrial fle$ibility and commercial a"ility to optimi)e re#enue capture
3
Continued e$ecution of Cape$ plan on time and within bud"et
Phosphate,
!ey element for life.
<eali)ed record hi"h fertiliser sales #olumes
POSITIONED FOR LONG TERM GRO'TH
A un!(ue )*%*e&+
CAPACIT, LEADERSHIP CAPACIT, LEADERSHIP
,
COST LEADERSHIP COST LEADERSHIP
*
IND-STRIAL .
COMMERCIAL FLE/IBILIT,
IND-STRIAL .
COMMERCIAL FLE/IBILIT,
7
4
STRONG F-NDAMENTALS B-T 11TH HO-R P-RCHASING
BEHA0IOR DRI0ES PRICE 0OLATILIT,
5
DAP P!ce E$"1u*!"n
7-+
75+
--+
-5+
6-+
65+
1O= Tampa
1O= /orocco
C1< >ndia
DAP P!ce E$"1u*!"n
Source: CRU, OCP
?&T
@enerali)ed deferral
purchasin" beha#ior
leadin" to buyers rush,
worsened afterwards by
supply difficulties caused
by Atlantic swell
Slower offta!es due to
end of Sprin" season and
purchasin" deferral in
followin" seasons
9nd of Aorthern
Bemisphere season and
late start of >ndian
season
C"mmec!%1 %&!1!*+ %n# !n#u)*!%1 21e3!b!1!*+ %11"4!n& OCP *" c%5*ue
5!c!n& u5)!#e)
OCP B-ILDING SCALE AND STRENGTHENING MAR6ET
POSITION
N"*7 Ame!c%8
PCS A"reement
S"u*7 Ame!c%8
Partnership with
Berin"er
A2!c%8
Stron"er mar!et
penetration
9$pandin" OCP%s distribution channels for fertili)er products in Aorth
America
Cooperate with PCS on ammonia sourcin" from Aorth America and the
Caribbean
9.uity sta!e of appro$imately ,+C in Berin"er 1ertili)antes, a ma'or
=ra)ilian fertili)er producer
Strate"ic partnership to better ser#e customers in the re"ion and
impro#e OCP positionin"
0istribution consolidation conte$t in the re"ion
Berin"er accounts for D,EC mar!et shares in the distribution in =ra)il,
operatin" in *, blendin" units for a total capacity of 8.* million tons
Fey "rowth mar!et
0e#elopment of product portfolio tailored to the re"ion
Support the de#elopment of local distributors
9
, *+,
, +6-
858
, 6,7
* ++,
* 7+8
* **+
* ,-5
,4
-7
4+
77-
*++E *++4 *++5 *+,+ *+,, *+,* *+,7 *+,-
RECORD HIGH FERTILISER E/PORTS IN H1 2014
Aew
products
1:201
1:054
9;9
1:531
2:001
2:34;
2:300
2:4<3
0AP&/AP&TSP
=
H1 S%1e) $"1ume
*" A2!c%
>?* 5"#uc*@
*+,7 *+,-
7,6
,8-
H1 Fe*!1!)e) e35"* $"1ume)
>?* 5"#uc*@
FINANCIAL RES-LTS O0ER0IE'
Cash flow related to operatin" acti#ities amounted to 2S? 8,* million
>n#estment pro"ram initiated by OCP in *++4 continued at a steady pace with
2S? ,., billion spent in B, *+,-
1irst half 9=>T0A amounted to 2S? 687 million
<
Key component
of global food
security
Accounts are presented in >1<S
1irst half re#enue amounted to 2S? *.- billion
1irst "lobal bond offerin", raisin" 2S?bn ,.*6 of ,+year notes and 2S?8++ million
of 7+year notes
256
223
101
984
429
458
613
739
2,437
B, *+,-
1,085
2,350
Others
-33
Others
1ertilisers
Acid
<oc!
1ertilisers Acid
-29
<oc!
-126
B, *+,7
R"c? 3 lower roc! sales mainly due to chan"e
of consolidation scope
,
In US$m
Rock; 26%
Acid
18%
Fertilisers
46%
Others
10%
RE0EN-E BREA6DO'N
;
Fe*!1!)e) 3 hi"her fertilisers re#enues than!s
to increased sales #olumes and chan"e of
consolidation scope
,
despite ne"ati#e price
effect
Ac!# 3 lower acid re#enue due to lower "lobal
phosphoric acid prices, partially offset by an
increase in #olumes
H1 2014 Re$enue b+ P"#uc*
,
G1C H (9$=/P GH)%s ownership chan"ed from 6+C to ,++C in *+,-
SALES 0OL-MES ANAL,SIS
>ncreased sales #olume in <oc! due to an increase in e$ports
>ncreased Acid sales #olume mainly due to hi"her demand in South Asia
10
44-
A;B
A15B
B, *+,-
A;B
*,-66
B, *+,-
*,84+
B, *+,7 B, *+,-
,,+,6
B, *+,7
8,-44
B, *+,7
6,576
R"c?
Ac!#
Fe*!1!)e)
S%1e) $"1ume)
1
C 6T
>ncreased 1ertiliser sales #olume mainly due to hi"her demand of 0AP in
9urope and Oceania, and hi"her deli#eries of APF&APS to Africa
,
OCP e$ports and home deli#eries to all its affiliates.
6E, FINANCIAL FIG-RES
H%12 +e% EBITDA b!#&e
623
87
67
563
83
Gune *+,-
,*
Other Personnel
expenses
Other
consumed
purchases
Ammonia
14
Sulfur
,E
<e#enue Gune *+,7
11
In US$m
In -SDm H1 2014 H1 2013
9.uity 8,86E 6,EE4
0ebt -,-5* *,*+5
Aet financial debt *,*56 *65
0ebt&9.uity +.8E +.74
In -SDm H1 2014 H1 2013
<e#enue *,76+ *,-7E
@ross /ar"in ,,6,8 ,,8*7
C of net sales 86C 8EC
9=>T0A 687 8*7
C of net sales *-C *8C
9=>T --* 677
Operatin" profit 756 6,6
1inancial profit *7 *8
Profit for the period *5* -7-
CASH FLO' HIGHLIGHTS AND LE0ERAGE
12
et financia! "e#t $ %&I'(A ) #ase" on *+1, %&I'(A-
Ne* F!n%nc!%1 Deb*
June 2013 Dec 2013 June 2014
-259
1,298
2,295
(0.21x)
1.06x
1.89x
In US$m
605
612
810
893
605
Closing cash Chan"e
3
Cash flows
related to
financin"
acti#ities
Cash flows
related to
in#estin"
acti#ities
1,131
Cash flows
related to
operatin"
acti#ities
Openin"
cash
C%)7 21"4)
In US$m
CAPE/ BREA6DO'N
13
C%5e3 Be%?#"4n
In US$m
642
932
1,600
518
40
543
840
642
0
500
1 000
1 500
2 000
2 500
3 000
2011 2012 2013 H1 2014
Mining Chemical u!!"#$
14 9 11
1
In US$m
5%
88%
&%
'$he#
(n)u$#ial * De+el"!men$
(n)u$#ial * Main$enance
DE0ELOPMENT
O0> ( new "ranulation unit) (,EE /?)
O0> * Pro'ect ( ,6+ /?)
O0> 7 Pro'ect ( ,,, /?)
9n"ineerin" and carryin" out washin" plant of 9l Balassa (4* /?)
Adaptation of the e$istin" plant and e.uipment to process pulp ( 87 /?)
O0> - Pro'ect ( -5 /?)
Port Gorf Iasfar pro'ect ( 75 /?)
De*%!1) 2" H1 2014
410
93&
1 590
1 020
281
552
861
141
0
500
1 000
1 500
2 000
2 500
3 000
2011 2012 2013 H1 2014
(n)u$#iel ex!ani"n ca!ex "$he#
OCP E/PANDING ITS CAPACIT, AND LO'ERING ITS
PROD-CTION COSTS
14
Eu%n*!*+ "2 P7")57%*e "c?
*%n)5"*e# b+ P!5e1!ne >M*@
+,7
+,8
*,5
,B,- 9nd Guly ,- *+,- Total
COST LEADERSHIP COST LEADERSHIP CAPACIT, LEADERSHIP CAPACIT, LEADERSHIP
J"2 L%)2% %##!*!"n%1 P7")%c!#
c%5%c!*+
Ne4 L!ne E "2 450 ?* P
2
O
5
)ucce))2u11+ )*%*e# "n M%+
2014
Fu11 c%5%c!*+ %m5Cu5
%c7!e$e# 4!*7!n 3 4ee?)
R%m5Cu5 !n bene2!c!%*!"n
c%5%c!*+ %* 67"u!b&% m!ne
S-MMAR, AND MAR6ET O-TLOO6
15
Solid performance in B, demonstrated OCP%s commercial and industrial a"ility and cost
leadership
Additionally, OCP%s B* results should benefit from3
Aew supply a"reements in Aorth America and =ra)il
Aew 8month Phosacid a"reement in >ndia
>ncreased sales to Africa
>ndustry forecasts of impro#ed yearo#eryear pricin" and demand in B* *+,-
Conse.uently, OCP%s B* *+,- re#enues and 9=>T0A performance is e$pected to outpace
that of B,( and *+,- re#enues and 9=>T0A to e$ceed *+,7 le#els

Vous aimerez peut-être aussi