May 11, 2020 / 6:24 AM / 18 days ago

BRIEF-OCI Q1 Adjusted Net Loss Stable At $82 Million

May 11 (Reuters) - OCI NV:

* REVENUES INCREASED 36% TO $811 MILLION AND ADJUSTED EBITDA 49% TO $193 MILLION IN Q1 2020 VERSUS Q1 2019

* ADJUSTED NET LOSS OF $82 MILLION IN Q1 2020 IN LINE WITH A LOSS OF $82 MILLION IN Q1 2019

* NET DEBT $3.97 BILLION AS OF 31 MARCH 2020, A REDUCTION OF $94 MILLION COMPARED TO 31 DECEMBER 2019

* COVID-19 HAS NOT CAUSED DISRUPTION TO PRODUCTION AND DISTRIBUTION TO DATE, ALL OCI’S PRODUCTS DEEMED ESSENTIAL

* ON TRACK TO DELIVER A HEALTHY INCREASE IN VOLUMES IN 2020

* IN ORDER TO MAXIMISE VALUE FOR STAKEHOLDERS AND IN LIGHT OF COVID-19 UNCERTAINTY, OCI POSTPONES METHANOL PROCESS

* DESPITE COVID-19 CHALLENGES ACROSS THE GLOBE, NITROGEN DEMAND IS LOOKING FAVOURABLE FOR 2020

* WE MAINTAIN OUR FORECAST THAT WE ARE ON TRACK TO DELIVER ROBUST VOLUME GROWTH IN 2020 - CEO

* PRODUCTION AT OCI’S FACILITIES HAS NOT BEEN DISRUPTED BY COVID-19, SUPPLY CHAINS AND DISTRIBUTION CHANNELS PERFORM RESILIENTLY

* FREE CASH FLOW AMOUNTED TO ($85) MILLION DURING Q1 2020

* HAS ALSO IDENTIFIED ADDITIONAL C.$20 MILLION OF CASH SAVINGS AT FERTIGLOBE, TO BE REALIZED OVER NEXT 3 YRS

* OUR ORDER BOOK FOR THE SECOND QUARTER IS HEALTHY

* CONSOLIDATED LIQUIDITY AROUND $1.3 BILLION AT BEGINNING OF MAY, CONSISTING OF C.$550 MILLION CASH AND C.$750 MILLION UNDRAWN COMMITTED FACILITIES Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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