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"First half 2014 earnings conference call presentation" contains certain statements that are, or may be deemed to be, "forwardloo!in" statements. Such statements include, but are not limited to, liabilities, strate"ic, industrial, commercial plans and e$pected future financial and operatin" results. They are based on the current beliefs, e$pectations and assumptions of OCP%s mana"ement as of the date on which they are made.
"First half 2014 earnings conference call presentation" contains certain statements that are, or may be deemed to be, "forwardloo!in" statements. Such statements include, but are not limited to, liabilities, strate"ic, industrial, commercial plans and e$pected future financial and operatin" results. They are based on the current beliefs, e$pectations and assumptions of OCP%s mana"ement as of the date on which they are made.
"First half 2014 earnings conference call presentation" contains certain statements that are, or may be deemed to be, "forwardloo!in" statements. Such statements include, but are not limited to, liabilities, strate"ic, industrial, commercial plans and e$pected future financial and operatin" results. They are based on the current beliefs, e$pectations and assumptions of OCP%s mana"ement as of the date on which they are made.
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