Brief: OCI Q4 Adjusted EBITDA Down At $310 Million, Suspends Semi-Annual Cash Distribution

OCI

14/02/2024 09:18

Feb 14 (Reuters) - OCI NV  OCI.AS :
    * NET DEBT FROM CONTINUING OPERATIONS WAS $2,001 MILLION AS
OF 31
DECEMBER 2023 VERSUS $609 MILLION AS OF 31 DECEMBER 2022
    * Q4 RESULTS
    * ADJUSTED NET LOSS FROM TOTAL OPERATIONS IN Q4 2023 WAS $46
MILLION, VERSUS ADJUSTED NET PROFIT OF $205 MILLION IN Q4 2022.
    * TOTAL OPERATING FREE CASH FLOW WAS $16 MILLION IN Q4 2023
    * FY 2023 REVENUES OF $5,022 MILLION, A DECREASE OF 48% YOY,
AND
TOTAL FY 2023 ADJUSTED EBITDA OF $1,214 MILLION, A DECREASE OF
69% YOY
    * Q4 2023 REVENUES OF $1,209 MILLION AND Q4 2023 ADJUSTED
EBITDA
OF $310 MILLION REPRESENTED A 45% AND A 54% DECLINE YOY
RESPECTIVELY
    * HAS SUSPENDED ITS SEMI-ANNUAL CASH DISTRIBUTION IN LIGHT
OF
RECENT STRATEGIC ACTIVITY DURING THE PERIOD AND GIVEN
EXTRAORDINARY DISTRIBUTIONS OF CAPITAL TO SHAREHOLDERS EXPECTED
TO BE MADE IN FY 2024 FROM TRANSACTION PROCEEDS
    * EXPECTS TO EXECUTE REDUCTIONS IN HOLDING COMPANY
("HOLDCO")
COSTS; ANTICIPATES A $30-$40 MILLION FORWARD RUN-RATE IN HOLDCO
COSTS BY 2025 AS A RESULT OF RESTRUCTURING PLANS

Source text: https://shorturl.at/huNW6
Further company coverage:  OCI.AS 

 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 769 66 00;))