OCI N.V. (\u2018OCI\u2019 or \u2018Company\u2019) was established on 2 January 2013 as a public limited liability company incorporated under Dutch law, with its head office located at Honthorststraat 19, Amsterdam, the Netherlands. OCI is registered in the Dutch commercial register under no. 56821166 dated 2 January 2013. The consolidated financial statements comprise the financial statements of the Company, its subsidiaries (together referred to as the \u2018Group\u2019) and the Group\u2019s interests in associates and joint ventures.
\nThe Group is primarily involved in the production and distribution of hydrogen-based and natural gas-based products.
\nThe consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union (IFRS-EU). The consolidated financial statements have been prepared on the historical cost convention, except when otherwise indicated.
\nThe financial year of the Group commences on 1 January and ends on 31 December. The Company\u2019s functional currency is the Euro (\u2018EUR\u2019). The Group presentation currency is the US dollar, as the Group\u2019s major foreign operations have the US dollar as their functional currency. All values are rounded to the nearest tenth of a million (in millions of USD), except when stated otherwise.
\nOn 29 August 2024, 30 September 2024, and 15 October 2024, OCI closed on the sale of its IFCO, Clean Ammonia, and Fertiglobe businesses, respectively. Further, on 08 September 2024, OCI entered into an agreement for the sale of its equity interests in the Methanol business. The entities in scope of these sale agreements are classified as discontinued operations. The consolidated statement of profit and loss in 2024 and in 2023 have been (re)presented to show separately the impacts of continuing and discontinued operations.
\nThe consolidated statement of financial position in 2024 and in 2023 separately disclose the assets and liabilities held for sale, adhering to the requirements of IFRS 5. Further information is included in note 22 Discontinued operations and assets & liabilities held for sale. This results in a material presentation change to the financial statements.
\nThese financial statements have been authorized for issue by the Company\u2019s Board of Directors on 13 March 2025. These consolidated financial statements are subject to adoption by the Annual General Meeting of Shareholders.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-7": { "value": "OCI N.V.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-1": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-3": { "value": "Honthorststraat 19, Amsterdam, the Netherlands.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-5": { "value": "The Group is primarily involved in the production and distribution of hydrogen-based and natural gas-based products.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-455": { "value": "\nThe consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union (IFRS-EU). The consolidated financial statements have been prepared on the historical cost convention, except when otherwise indicated.
\nThe financial year of the Group commences on 1 January and ends on 31 December. The Company\u2019s functional currency is the Euro (\u2018EUR\u2019). The Group presentation currency is the US dollar, as the Group\u2019s major foreign operations have the US dollar as their functional currency. All values are rounded to the nearest tenth of a million (in millions of USD), except when stated otherwise.
\nOn 29 August 2024, 30 September 2024, and 15 October 2024, OCI closed on the sale of its IFCO, Clean Ammonia, and Fertiglobe businesses, respectively. Further, on 08 September 2024, OCI entered into an agreement for the sale of its equity interests in the Methanol business. The entities in scope of these sale agreements are classified as discontinued operations. The consolidated statement of profit and loss in 2024 and in 2023 have been (re)presented to show separately the impacts of continuing and discontinued operations.
\nThe consolidated statement of financial position in 2024 and in 2023 separately disclose the assets and liabilities held for sale, adhering to the requirements of IFRS 5. Further information is included in note 22 Discontinued operations and assets & liabilities held for sale. This results in a material presentation change to the financial statements.
\nThese financial statements have been authorized for issue by the Company\u2019s Board of Directors on 13 March 2025. These consolidated financial statements are subject to adoption by the Annual General Meeting of Shareholders.
\nWe have performed an assessment of the entity\u2019s ability to continue as a going concern for at least 12 months from the date of preparation of the consolidated financial statements and have not identified any events or conditions that may cast significant doubt on the entity\u2019s ability to continue as a going concern. Our assessment included, amongst others, the impact and sequencing of the intended disposal of the Company\u2019s investment in the OCI Methanol Group as described in note 22 Discontinued operations and assets & liabilities held for sale, the funding of the remaining capital expenditure required to complete Woodside's Clean Ammonia project, and the intended extraordinary return of capital to shareholders in FY 2025. We have also prepared a forecast for the continuing operations, including cash flows for at least 12 months from the date of preparation of the financial statements and taking into account the developments in the industry and market price developments in gas, ammonia, fertilizer and methanol.
\nOCI is committed to environmental principles integrated into our strategic objectives. Following our strategic review and divestment of several facilities, OCI\u2019s previous climate mitigation targets are under review as the material structure of our business has changed.
\nFor OCI\u2019s decarbonization roadmap, refer to the section Decarbonization roadmap and for the latest environmental performance, refer to the section Environmental performance of the Annual Report.
\nThe impact of this climate roadmap has been considered when preparing these consolidated financial statements. For more information, refer to note 5 Critical accounting judgment, estimates and assumptions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-457": { "value": "\nThe consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union (IFRS-EU). The consolidated financial statements have been prepared on the historical cost convention, except when otherwise indicated.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-458": { "value": "\nThe financial year of the Group commences on 1 January and ends on 31 December. The Company\u2019s functional currency is the Euro (\u2018EUR\u2019). The Group presentation currency is the US dollar, as the Group\u2019s major foreign operations have the US dollar as their functional currency. All values are rounded to the nearest tenth of a million (in millions of USD), except when stated otherwise.
\nThe financial statements of foreign operations, including subsidiaries, joint ventures, joint operations, and associates, are prepared in the currencies which are determined based on the primary economic environment in which they operate (\u2018the functional currency\u2019). Transactions in currencies other than the functional currency are recorded at the rates of exchange prevailing on the transaction dates. At each balance sheet date, monetary items denominated in foreign currencies are revalued into the entity\u2019s functional currency at the then prevailing closing-rates.
\nExchange differences arising on the settlement and translation of monetary items are included in profit or loss for the period, except when deferred to other comprehensive income for financial assets at fair value through other comprehensive income and the effective part of qualifying cash flow hedges.
\nUpon consolidation, the assets and liabilities of subsidiaries with a functional currency other than the US dollars are translated into US dollars using the exchange rates prevailing at the balance sheet date. Income and expense items are translated using exchange rates prevailing at the date of the transactions. Investments in joint ventures and associates with a functional currency other than the US dollars are translated into US dollars using exchange rates prevailing on the balance sheet date. Exchange rate differences arising during consolidation and on the translation of investments in subsidiaries, joint arrangements and associates and monetary items that form part of net investments in foreign operations are included in other comprehensive income, as \u2018Currency translation differences\u2019.
\nWhen a foreign operation is (partly) disposed of or sold, (the proportionate share of) the related currency translation differences that were recorded in other comprehensive income are recycled to profit or loss as part of the gain or loss on disposal or sale. Goodwill and fair value adjustments arising on the acquisition of a foreign subsidiary are considered as assets and liabilities denominated in the functional currency of the foreign subsidiary.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-459": { "value": "\nThese financial statements have been authorized for issue by the Company\u2019s Board of Directors on 13 March 2025. These consolidated financial statements are subject to adoption by the Annual General Meeting of Shareholders.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-460": { "value": "\nWe have performed an assessment of the entity\u2019s ability to continue as a going concern for at least 12 months from the date of preparation of the consolidated financial statements and have not identified any events or conditions that may cast significant doubt on the entity\u2019s ability to continue as a going concern. Our assessment included, amongst others, the impact and sequencing of the intended disposal of the Company\u2019s investment in the OCI Methanol Group as described in note 22 Discontinued operations and assets & liabilities held for sale, the funding of the remaining capital expenditure required to complete Woodside's Clean Ammonia project, and the intended extraordinary return of capital to shareholders in FY 2025. We have also prepared a forecast for the continuing operations, including cash flows for at least 12 months from the date of preparation of the financial statements and taking into account the developments in the industry and market price developments in gas, ammonia, fertilizer and methanol.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-461": { "value": "\nThe Group has applied the accounting policies set out in note 3 consistently over both periods presented in these consolidated financial statements.
\nThe consolidated financial statements include the financial statements of OCI, its subsidiaries and the Group\u2019s interests in associates and joint ventures.
\nSubsidiaries are all companies to which OCI has power over the relevant activities of the investee, is exposed or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Generally, control accompanies a shareholding of more than half of the shares issued and related voting power. Subsidiaries are fully consolidated from the date that control commences until the date that control ceases.
\nWhen the Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary, and any related non-controlling interests and other components of equity. Any investment retained in the former subsidiary is recognized at fair value. The fair value shall be regarded as the fair value on initial recognition of a financial asset or, when appropriate, the cost on initial recognition of an investment in an associate or joint venture. Any resulting gain or loss is recognized in profit or loss including related cumulative translation adjustments accumulated in other comprehensive income. If a subsidiary becomes an associate or joint venture, the interest retained is subsequently measured in accordance with the equity method. The principal subsidiaries are listed in note 35.
\nIntra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealized gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group\u2019s interest in the investees. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.
\nNon-controlling interests are presented as a separate component in equity. \u2018Profit or loss\u2019 and \u2018Total comprehensive income\u2019 attributable to the non-controlling interests are presented as a separate line item in the consolidated statement of profit or loss and other comprehensive income.
\nNon-controlling interests are measured at their proportionate share of the acquiree\u2019s identifiable net assets at the balance sheet date. Changes in the Group\u2019s ownership interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.
\nAssociates are companies in which the Group exercises significant influence over the financial and operating policies, but does not have control. Significant influence is presumed to exist when the Group holds 20% to 50% of the outstanding shares and related voting rights of the investee. Associates are accounted for under the equity method. The Group\u2019s share of the profit or loss of an associate is recognized in the Group's profit or loss from the date when significant influence begins up to the date when that significant influence ceases.
\nThe Group's share of the other comprehensive income of an investee is recognized in consolidated other comprehensive income. Unrealized gains on transactions between the Group and its associates are eliminated to the extent of the Group\u2019s interest in associates. Unrealized losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. Unrealized gains on transactions between two associates are not eliminated. Investments in associates with negative shareholder\u2019s equity are impaired. The Group\u2019s share of losses in an associate may equal or exceed its interest in the associate (which includes any long-term interest that, in substance, forms part of the Group\u2019s net investment in an associate). In these cases, the Group recognizes a provision for further losses only to the extent that the Group has incurred a legal or constructive obligation or made payments on behalf of the associate.
\nInvestments in joint arrangements are classified as either joint ventures or joint operations depending on the contractual rights and obligations of each investor. Those joint arrangements that are assessed as joint ventures are accounted for using the equity method. Interests in joint ventures are initially recognized at cost and adjusted subsequently for the Group\u2019s share in the post-acquisition profit or loss and movements in comprehensive income.
\nThe Group\u2019s share of losses in a joint venture may equal or exceed its interest in the joint venture (which includes any long-term interest that, in substance, forms part of the Group\u2019s net investment in joint ventures). In these cases, the Group recognizes a provision for further losses only to the extent that the Group has incurred a legal or constructive obligation or made payments on behalf of the joint venture.
\nJoint operations are accounted for by recognizing the direct right to the assets, liabilities, revenues and expenses of joint operations and the Group's share of any jointly held or incurred assets, liabilities, revenues and expenses.
\nThe financial statements of foreign operations, including subsidiaries, joint ventures, joint operations, and associates, are prepared in the currencies which are determined based on the primary economic environment in which they operate (\u2018the functional currency\u2019). Transactions in currencies other than the functional currency are recorded at the rates of exchange prevailing on the transaction dates. At each balance sheet date, monetary items denominated in foreign currencies are revalued into the entity\u2019s functional currency at the then prevailing closing-rates.
\nExchange differences arising on the settlement and translation of monetary items are included in profit or loss for the period, except when deferred to other comprehensive income for financial assets at fair value through other comprehensive income and the effective part of qualifying cash flow hedges.
\nUpon consolidation, the assets and liabilities of subsidiaries with a functional currency other than the US dollars are translated into US dollars using the exchange rates prevailing at the balance sheet date. Income and expense items are translated using exchange rates prevailing at the date of the transactions. Investments in joint ventures and associates with a functional currency other than the US dollars are translated into US dollars using exchange rates prevailing on the balance sheet date. Exchange rate differences arising during consolidation and on the translation of investments in subsidiaries, joint arrangements and associates and monetary items that form part of net investments in foreign operations are included in other comprehensive income, as \u2018Currency translation differences\u2019.
\nWhen a foreign operation is (partly) disposed of or sold, (the proportionate share of) the related currency translation differences that were recorded in other comprehensive income are recycled to profit or loss as part of the gain or loss on disposal or sale. Goodwill and fair value adjustments arising on the acquisition of a foreign subsidiary are considered as assets and liabilities denominated in the functional currency of the foreign subsidiary.
\nIFRS 9 contains three principal classification and measurement categories for financial assets: amortized cost, fair value through profit or loss (\u2018FVTPL\u2019) and fair value through other comprehensive income (\u2018FVOCI\u2019). The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. Under IFRS 9, derivatives embedded in contracts where the host is a financial asset in the scope of the standard are never separated. Instead, the hybrid financial instrument as a whole is assessed for classification.
\nTrade and other receivables are held to collect contractual cash flows and are expected to give rise to cash flows representing solely payments of principal and interest. The Group analyzed the contractual cash flow characteristics of those instruments and concluded that they meet the \u2018hold-to-collect\u2019 business model criteria for amortized cost measurement. Interest income from these assets is included in finance income using the effective interest rate method. Any gain or loss on derecognition is recognized directly in profit or loss. The Group sells certain trade receivables under a securitization agreement to a third party. For these selected debtors the Group will use the \u2018hold-to-collect-and-sell business model\u2019 as defined under IFRS 9 and will measure these receivables going forward at FVOCI.
\nDerivative financial instruments held by the Group are classified in the category FVTPL, unless the instrument is designated in a hedge relationship and the hedge meets the requirements for hedge accounting.
\nEquity investments, previously recognized as available-for-sale assets, are measured at FVOCI, based on the irrevocable election made by the Group. The Group elected this approach as these investments are not held for trading. Movements in the carrying amount are recognized in other comprehensive income, except for the recognition of impairment gains and losses, interest income and foreign exchange gains and losses which are recognized in the profit or loss.
On derecognition the cumulative gain or loss recognized in other comprehensive income is not recycled from equity to profit or loss, and this cumulative change is reclassified within equity from accumulated other comprehensive income to retained earnings. Dividend income is recognized in profit or loss when the Group\u2019s right to receive payment is established.
\nThe Group has physical purchase contracts in place to procure natural gas for its production activities. These contracts are not accounted for as financial instruments if they meet the criteria for the own use exemption. The own use exemption applies to contracts that are entered into and continue to be held for the receipt of a non-financial item in accordance with the Group\u2019s expected purchase, sale or usage requirements and where the Group does not have a past practice of settling these contracts for a net amount of cash.
\nWhen a derivative instrument or a non-derivative financial liability is designated as the hedging instrument in a hedge of a net investment in a foreign operation, the effective portion of changes in the fair value of a derivative or foreign exchange gains and losses for a non-derivative is recognized in other comprehensive income and presented in the translation reserve within equity. Any ineffective portion of the changes in the fair value of the derivative or foreign exchange gains and losses on the non-derivative is recognized immediately in profit or loss. The amount recognized in other comprehensive income is fully or partially reclassified to profit or loss as a reclassification adjustment on disposal or partial disposal of the foreign operation that results in a loss of control, respectively.
\nWhen a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognized in other comprehensive income is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or loss. Net investment hedge accounting is discontinued when the hedging relationship ceases to meet the qualifying criteria as per IFRS 9, which includes when the hedging instrument expires or is terminated.
\nFinancial liabilities, like loans and borrowings and trade and other payables, are measured at amortized cost, unless the financial liability:
Is a derivative at FVTPL;
Arose from the transfer of a financial assets that does not qualify for derecognition or if the continuing involvement approach applies;
Is a financial guarantee contract;
Is a commitment to provide a loan at a below-market interest rate; or
Is a contingent consideration resulting from a business combination to which IFRS 3 applies, measured at FVTPL.
The impairment model requires the recognition of impairment provisions based on expected credit losses (ECL) rather than only incurred credit losses. The Group allocates each exposure to a credit risk grade based on data that is determined to be predictive of the risk of loss (including but not limited to external ratings, audited financial statements, management accounts, cash flow projections and available press information about customers) and applies experienced credit judgment. Credit risk grades are defined using qualitative and quantitative factors that are indicative of the risk of default and are aligned to external credit definitions from agencies (Standard & Poor\u2019s). Exposure within each credit risk grade are segmented by geographic region classification and an ECL rate is calculated for each segment based on delinquency status and actual credit loss experience over the past seven years (if possible). These rates are multiplied by scalar factors to reflect differences between economic conditions during the period over which historical data has been collected, current conditions and the Group\u2019s view of economic conditions over the expected lives of the financial instruments.
\nFor the assessment of loss allowance for expected credit losses, a simplified model for trade receivables is applied. The loss allowance is measured at initial recognition and throughout the life of the receivable at an amount equal to lifetime ECL. They are estimated based on the present value of all cash shortfalls over the remaining expected life of the financial asset, i.e., the difference between:
The contractual cash flows that are due to an entity under the contract, and;
The cash flows that the holder expects to receive.
In order to assess the lifetime ECLs for trade receivables, both historic credit losses experience and forward-looking information is assessed. Expected losses on trade receivables are recognized on a separate line item in the statement of profit and loss, if any.
\nFor other receivables (and other financial assets) the Group measures the loss allowance at an amount equal to the lifetime ECLs if the credit risk on that financial instrument has increased significantly since initial recognition. If at the reporting date, the credit risk of other receivables has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECL.
\nDerivative financial assets and derivative financial liabilities are measured at fair value. The Group investigates whether the counterparty\u2019s creditworthiness gives rise to a change in fair value. When determining the fair value, credit value and debit value adjustments are taken into account.
\nCash and cash equivalents comprise cash balances and call deposits with original maturities of three months or less from the acquisition date (original maturity) that are subject to an insignificant risk of changes in their fair value and are used by the Group in the management of its short-term commitments. Restricted cash comprises cash balances where specific restrictions exist on the Group's ability to use this cash.
\nOrdinary shares are classified as equity. Share premium is the excess amount received over the par value of the shares. Incremental costs directly attributable to the issue of new shares are recognized in equity as a deduction, net of tax, from the proceeds. When ordinary shares are repurchased, the amount of the consideration paid, which includes directly attributable costs, net of tax effects, is recognized as a deduction from \u2018Reserves\u2019. Repurchased shares are classified as treasury shares and are presented in \u2018Reserves\u2019. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in \u2018Reserves\u2019, and the resulting surplus or deficit on the transaction is presented in share premium.
\nItems of property, plant and equipment are measured at cost less accumulated depreciation and any impairment. Cost includes any expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes cost of material, direct labor, other directly attributable cost incurred to bring the asset ready to its intended use, including the cost of asset retirement obligations and any capitalized borrowing cost.
\nPurchased software that is integral to the functionality of the related equipment is capitalized as part of that equipment. When different parts of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment.
\nAny gain or loss on disposal of an item of property, plant and equipment (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognized in profit or loss. Subsequent expenditures are capitalized only when it is probable that the future economic benefits associated with the expenditure will flow to the Group. Ongoing repairs and maintenance costs are expensed as incurred. Spare parts of property, plant and equipment are recognized under property, plant and equipment if the average turnover exceeds 12 months or more, the cost exceeds USD 10,000 and the part is key for the functioning of the plant. Other spare parts are recognized within inventories.
\nExpenditures incurred for purchasing and constructing property, plant and equipment are initially recorded as \u2018under construction\u2019 until the asset is completed and ready for use. Upon the completion of the assets, the recognized costs are reclassified from \u2018under construction\u2019 to its final category of property, plant and equipment. Assets under construction are not depreciated and are measured at cost less any impairment losses.
\nItems of property, plant and equipment are depreciated on a straight-line basis through profit or loss over the estimated useful lives of each component, taking into account any residual values. Land is not depreciated. Items of property, plant and equipment are depreciated from the date that they are installed and are ready for use, or in respect of internally constructed assets, from the date that the asset is completed and ready for use.
\nDepreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if necessary by the Group.
\nThe estimated useful lives for items of property, plant and equipment are as follows: | Years |
|---|---|
Buildings | 10 - 50 |
Plant and equipment | 4 - 25 |
Fixtures and fittings | 3 - 10 |
Borrowing costs attributable to the acquisition, construction or production of assets that necessarily take a substantial period of time to get ready for their intended use or sale, are recognized as part of the cost of those assets. All other borrowing costs are recognized as \u2018Finance cost\u2019 in the period in which they are incurred.
\nGoodwill represents the excess of total consideration transferred over the sum of the net amount of identifiable assets acquired and liabilities assumed and the non-controlling interest of the acquiree. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the gain is recognized in profit or loss.
\nGoodwill on acquisition of entities that qualify as subsidiaries is presented under \u2018Goodwill and intangible assets\u2019. Goodwill on acquisitions of entities that qualify as associates or joint ventures is included in \u2018Equity-accounted investees\u2019. Goodwill on acquisition of subsidiaries is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or group of units that are expected to benefit from the business combination through which the goodwill arose, based on past experience.
\nGoodwill is initially measured at cost. After initial recognition, goodwill is measured at cost less any impairment losses. Goodwill is tested annually for impairment; an impairment loss is recognized for the amount by which the cash-generating unit\u2019s carrying amount exceeds its recoverable amount. The recoverable amount of the cash-generating unit is determined by the higher of its fair value less cost to sell and its value in use. Impairment losses on goodwill are not reversed. Gains or losses on the disposal of an entity include the carrying amount of goodwill related to the entity sold. All other expenditures on internally-generated goodwill and other intangible assets are recognized in profit or loss as incurred.
\nInventories are measured at the lower of cost and net realizable value. The cost of inventories of raw materials, spare parts and supplies are based on the weighted average principle or the first-in-first-out method, and includes expenditures incurred in acquiring the inventories and bringing them to their existing location and condition. In case of manufactured inventories and work in progress, cost includes an appropriate share of production overheads based on normal operating capacity. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses.
\nNon-financial assets that have an indefinite useful life, for example goodwill, are not subject to amortization but are tested annually for impairment or more frequently when indicators of impairment arise. Assets with a finite useful life are subject to depreciation or amortization and are reviewed at each reporting date to determine whether there is an indication of impairment. If any such indication exists, then the assets\u2019 recoverable amount is estimated.
\nFor the purpose of assessing impairment, assets are grouped based on the lowest level for which there are separately identifiable cash flows (cash-generating units). An impairment loss is recognized for the amount by which the assets\u2019 carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and its value in use. The value in use is the present value of the future cash flows expected to be derived from an asset or cash-generating unit by continued use. Impairment losses are recognized in profit or loss.
\nNon-financial assets, which are impaired, are tested periodically to determine whether the recoverable amount has increased and the impairment be (partially) reversed. Impairment losses on goodwill are not reversed.
\nFor other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. Reversal of impairments is only permitted if, in a subsequent period after an impairment loss has been recognized, the amount of the impairment loss decreases and the decrease can be related objectively to an event after the impairment loss was recognized.
\nProvisions are recognized when a present legal or constructive obligation based on past events exists, and it is probable that an outflow of economic benefits is required to settle the obligation. If the outflow is probable, but cannot be determined reliably, the obligation is disclosed. The non-current part of provisions is determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as finance cost.
\nThe Group recognizes a provision if the Group has an obligation to restore a leased asset in its original condition at the end of its lease term or there are legal requirements with respect to cleanup of contamination of land, and a reliable estimate can be made. Based on the land lease of their production facilities, some entities have the obligation to restore their site upon decommissioning.
\nThe Group has not recorded a liability for asset retirement obligations, as it does not believe there is currently a reasonable basis for estimating a date or range of dates of cessation of the operations, which is necessary to estimate the present value of this liability.
\nThe Group is subject to legal and regulatory proceedings in various jurisdictions. Such proceedings may result in criminal or civil sanctions, penalties or disgorgements against the Group. In addition, the Group is exposed to contingencies resulting from historical actions or transactions, such as contractual indemnifications. If it is probable that an obligation to the Group exists, which will result in an outflow of resources and the amount of the outflow can be reliably estimated, a provision is recognized.
\nOnerous contracts are contracts for which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. A provision for onerous contracts is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. The net costs of continuing with the contract is determined based on both the incremental costs necessary to fulfill the obligation under the contract and an allocation of other costs that relate directly to fulfilling that contract. Before a provision is established, the Group recognizes any impairment loss on the assets associated with that contract.
\nRevenues are recognized for the transfer of goods or services to customers in the ordinary course of the Group\u2019s activities, in the amounts that reflect the consideration to which the Group expects to be entitled in exchange for those goods or services. Revenue is recognized when the Group satisfies the performance obligations by transferring promised goods or services to customers.
\nThe main performance obligation of the Group is the transfer of the Group\u2019s fertilizer and chemical products to customers. Revenue from the sale of fertilizer and chemical products are the two main revenue streams of the Group.
\nGoods are transferred when the customer obtains control of the asset. The timing of when control transfers depends on the sales and shipping terms agreed. Depending on its nature and the agreed sales terms, a performance obligation is either satisfied at certain point in time or over a certain period of time. Revenue is recognized net of expected discounts and rebates to customers. Accumulated experience and management judgment is used to estimate and provide for the discounts and rebates and revenue is only recognized to the extent that it is highly probable that a significant reversal will not occur.
\nThe Group does not have any contracts where the period of time between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. Consequently, no adjustment is made to transaction prices for the time value of money.
\nGovernment grants that compensate the Group for expenses incurred are recognized in profit or loss as \u2018Other income\u2019 on a systematic basis in the periods in which the expenses are recognized. When the grant relates to an asset, it is recognized at the nominal amount of the grant and subsequently recognized as income in equal amounts over the expected useful life of the related asset, if applicable.
\nOther government grants are recognized initially as deferred income at fair value when there is reasonable assurance that they will be received and the Group will comply with the conditions associated with the grant. Subsequently, these are recognized in profit or loss as \u2018Other income\u2019 on a systematic basis over the useful life of the asset.
\nThe Group receives European Emission Allowances (\u201cEUAs\u201d) as a result of its industrial activities in the Netherlands. The EUAs are granted annually in advance by the Dutch Emission Authority. The amount of EUAs granted is based on an estimate of CO2 emissions in the Netherlands and the effective European emission legislation. In arrears, the Group must refund allowances to the Dutch Emission Authority based on actual CO2 emissions during the year. In December 2022, the European Parliament (\u201cEP\u201d) and the Council reached a provisional agreement on the reform of the EU Emissions Trading System (\u201cETS\u201d) as a result of which the free allocation of allowances within the EU ETS will be phased out gradually.
\nThe grant of these allowances is within the scope of IAS 20 Government Grants. The Group applies a specific accounting policy for the receipt of EUAs, different than the generic accounting for government grants. Upon initial recognition, the EUA\u2019s are recognized as inventory at the nominal amount of the grant (Nil). Concurrently, a liability is recognized for the obligation to refund the allowances for CO2 emissions during the compliance period. When no excess or deficit is identified, no liability is recognized as the Group has sufficient EUAs to settle the liability.
\nThe excess or deficit is calculated and recorded separately for each production facility. If a deficit in EUAs is identified, the Group has to purchase additional EUAs on the commodity markets to settle its liability to the Dutch Emission Authority. Purchased EUAs are recognized at cost and classified as inventory. The cost of the purchased EUAs to settle the liability for emission allowances during any given compliance period are recognized in cost of sales.
\nEUAs in excess of the liability to the Dutch Emission Authority that are controlled by the Group can be sold for the benefit of the Group. Sales of EUAs in excess of the liability for emission allowances during any given compliance period are recognized in cost of sales.
\nWhether an arrangement is, or contains, a lease is assessed at the commencement date of the lease. In general, an arrangement is considered to be or to contain a lease when all of the following apply:
There is an identified asset;
The Group obtains substantially all economic benefits from the use of the asset; and
The Group can direct the use of the identified asset.
The Group utilizes the short-term and low-value lease exemptions of IFRS 16 and does not record lease liabilities nor right-of-use assets for leases meeting the criteria for one of these exemptions. Lease obligations are recognized based on the present value of the future minimum lease payments. Right-of-use assets are initially valued at an amount equal to the lease liabilities. As leases do not easily provide for an implicit rate, the Group uses the incremental borrowing rate. The measurement at initial recognition may include options to extend or terminate the lease when it is reasonably certain that the Group will exercise that option. For leases, each lease payment is allocated between the liability and finance cost. The finance cost is charged to the consolidated statement of profit or loss over the term of the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis.
\nThe Group has lease agreements with lease and non-lease components, which are generally accounted for as a single lease component. For leases of offices and buildings, we account for the lease and non-lease components separately. For these types of leases, the allocation of the consideration between lease and non-lease components is based on the relative stand-alone prices of lease components included in the lease arrangements. Leases are presented as \u2018Right-of-use assets\u2019 and \u2018Lease obligations\u2019. Short term leases (less than 12 months) or low value leases (less than USD 5,000) are expensed through the statement of profit or loss as incurred.
\nFinance income comprises:
Interest income on funds invested (including on financial assets at fair value through other comprehensive income);
Gains on the disposal of financial assets at fair value through other comprehensive income;
Dividend income (excluding dividend from equity-accounted investees and subsidiaries);
Fair value gains on financial assets at fair value through profit or loss; and
Gains on hedging instruments related to foreign currency and interest rate derivatives that are recognized in profit or loss including reclassifications of amounts previously recognized in other comprehensive income.
Interest income is recognized as it accrues in profit or loss, using the effective interest method. Dividend income is recognized in profit or loss on the date that the Group\u2019s right to receive payment is established, which in the case of quoted securities is normally the ex-dividend date.
\nFinance cost comprises:
Interest expense on borrowings;
Unwinding of the discount on provisions and contingent consideration;
Interest expense related to lease obligations;
Losses on disposal of financial assets at fair value through other comprehensive income;
Fair value losses on financial assets at fair value through profit or loss;
Loss on hedging instruments related to foreign currency and interest rate derivatives that are recognized in profit or loss including reclassifications of amounts previously recognized in other comprehensive income; and
Impairment losses recognized on financial assets (other than trade receivables).
Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognized in profit or loss and expensed as incurred. Foreign currency gains and losses are recognized on a net basis as either finance income or finance cost depending on whether foreign currency movements are in a net gain or net loss position.
\nCertain Group subsidiaries provide to their employees pension plans, end of service remuneration plans and long-term service benefits. These pension plans qualify as defined contribution plans. Obligations for contributions to defined contribution plans are expensed as the related service is provided. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in future payments is available.
\nShort-term employee benefits are expensed as the related service is provided. A liability is recognized for the amount expected to be paid if both the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.
\nThe Group long-term employee benefits are recognized if both the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably to determine its present value. The discount rate is the yield at the balance sheet date on triple-A (\u2018AAA\u2019) credit rated bonds that have maturity dates approximating the terms of the Group\u2019s obligations. Re-measurements are recognized in profit or loss in the period in which they arise.
\nEmployee termination benefits are payable when employment is terminated before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits when the Group is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal, or when the Group is providing termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after balance sheet date are discounted to their present value.
\nCertain employees (including senior executives) of the Group receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments. The grant date fair value of equity-settled share-based payment awards granted to employees is recognized as an employee expense, with a corresponding increase in equity, over the period (the vesting period) that the employees render service and become unconditionally entitled to the awards.
\nThe amount recognized as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. At each reporting date, the progress of non-market conditions is measured and the expenses are trued-up accordingly.
\nCurrent tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. Current tax also includes any tax arising from the declaration of dividends. Current income tax receivable and payable are offset when there is a legally enforceable right to offset and when the current income tax relates to the same fiscal authority.
\nDeferred tax liabilities are recognized for all taxable temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements (\u2018balance sheet\u2019 method).
\nDeferred tax assets are recognized for all deductible temporary differences, unused carry forward losses and unused carry forward tax credits, to the extent that it is probable that future taxable profit will be available against which the deferred income tax assets can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized; such reductions are reversed when the probability of future taxable profits improves.
\nDeferred income tax is not recognized if it arises from initial recognition of an asset or liability in a transaction that is not a business combination and at the time of the transaction it affects neither accounting nor taxable profit or loss. No deferred income tax is recognized from the initial recognition of goodwill. Also, no deferred tax is recognized from investments in subsidiaries, associates and joint arrangements to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future.
\nDeferred income tax is measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred income tax reflects uncertainty related to income taxes, if any.
\nDeferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax relates to the same fiscal authority.
\nIn cases where it is concluded it is not probable that the tax authorities will accept a tax treatment, the effect of the uncertainty is reflected in the recognition and measurement of tax assets and liabilities or, alternatively, a provision is made for the amount that is expected to be settled, where this can be reasonably estimated. This assessment relies on estimates and assumptions and may involve a series of judgments about future events. New information may become available that causes the company to change its judgment regarding the adequacy of existing tax assets and liabilities. Such changes to tax assets and liabilities will impact the income tax expense in the period during which such a determination is made.
\nOCI has determined that the global minimum top-up tax, which is required to be paid under Pillar Two legislation, is an income tax in the scope of IAS 12. OCI has applied a temporary mandatory relief from deferred tax accounting for the impact of the top-up tax and accounts for Pillar Two taxes as a current tax when it is incurred.
\nAn operating segment is a component of an entity that engages in business activities for which it may earn revenues and incur expenses (including from transactions with other components of the same entity), whose operating results are regularly reviewed by the entity\u2019s Chief Operating Decision Maker (\u2018CODM\u2019) to make decisions about resource allocation and to assess its performance, and for which discrete financial information is available.
\nThe Group determines and presents operating segments on the basis of information that internally is provided to the CODM during the period. Operating segments are aggregated based on similar economic environments and similar products.
\nAn operating segment is disclosed as reportable segment if its financial metrics exceed the quantitative thresholds of IFRS 8.
\nThe consolidated statement of cash flows has been prepared using the \u2018indirect\u2019 method. Cash flows in foreign currencies have been translated applying average exchange rates. Currency translation differences on cash are shown separately in the consolidated statement of cash flows. Cash flows from investing activities consist mostly of investments and divestments in property, plant and equipment, intangible assets, and acquisitions insofar as these are paid for in cash.
\nAcquisitions or disposals of subsidiaries are presented as part of investing activities. Cash flows relating to capitalized borrowing cost are presented as cash flows from operating activities. Cash flows from financing activities consist of acquisition or divestment of non-controlling interests, dividends paid to non-controlling interests, and settlement of derivatives with the exception of interest rate derivatives which are presented as cash flows used in operating activities.
\nCash flows from discontinued operations are presented separately from the cash flows from continuing operations.
\nEarnings per ordinary share are calculated by dividing the profit or loss (net) attributable to holders of ordinary shares by the weighted average number of ordinary shares outstanding during the year. In making this calculation the (ordinary) treasury shares are deducted from the number of ordinary shares outstanding. The calculation of the diluted earnings per share is based on the weighted average number of ordinary shares outstanding plus the potential increase as a result of the conversion of convertible bonds and the settlement of share-based compensation plans (share option plans).
\nAnti-dilutive effects are not included in the calculation. An adjustment is made to profit or loss (net) to eliminate interest charges, whilst allowing for effect of taxation. Regarding equity-settled share option plans it is assumed that all outstanding plans will vest. The dilutive effect of equity-settled share option plans is calculated based on the number of options issued, the exercise price of these options and the average market price of ordinary shares during the period.
\nThe difference between the number of ordinary shares issued and the number of ordinary shares that would have been issued at the average market price of ordinary shares for the period is considered as dilutive. This dilutive effect is only applied if the option has intrinsic value (i.e. is in the money).
\nThe Group classifies non-current assets or disposal groups as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use, and a sale is considered highly probable. Non-current assets or disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell.
\nNon-current assets such as deferred tax assets, assets arising from employee benefits and financial assets are specifically exempt from this measurement requirement. Depreciation and amortization on non-current assets (including those that are part of a disposal group) ceases from the date that the non-current assets (or disposal groups) meet the criteria to be classified as held for sale.
\nNon-current assets or all assets of disposal groups classified as held for sale are presented separately from the other assets in the statement of financial position. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the statement of financial position.
\nThe Group classifies a component of the business as discontinued operations if the following criteria are met: the operations and cash flows of the component can be clearly distinguished from the rest of the Group, and it represents a separate major line of the business, a separate geographical area of operations, or is included as part of a plan to dispose of a major line of business. Classification as a discontinued operation occurs at the earlier of the date of disposal or when the operation meets the criteria to be classified as held for sale.
\nThe results of discontinued operations are presented separately in the statement of profit or loss. When an operation is classified as discontinued operations, the comparative statement of profit or loss and other comprehensive income are re-presented as if the portion of the business had been discontinued from the start of the comparative year.
\nIntra-group transactions between continuing and discontinued operations are eliminated as part of the consolidated financial statements. Intra-group transactions are eliminated against discontinued operations when management determines that the arrangement is not expected to continue after the sale or disposal of the discontinued operation. Intra-group transactions are eliminated against continuing operations when management determines that the arrangement is expected to continue after the sale.
\nSome overhead costs, such as IT costs, personnel costs, and interest expenses, are expected to reduce after the sale of the disposal groups. To the extent that there is a legal agreement in place for overhead costs to transfer to the buyer of the disposal group, either as part of the purchase agreement or otherwise, these costs are presented as discontinued operations. All other stranded costs are presented as part of continuing operations.
\nSubsequent to the date of the agreements, intra-group transactions occurred between the continuing and discontinued operations. These transactions include the purchases and sales of product in the normal course of business. Intra-group transactions have been eliminated in full in the consolidated financial statements. Management has eliminated these intra-group transactions in either continuing operations or discontinued operations based on the expectation of whether this arrangement will continue subsequent to the disposal.
\nThe consolidated statement of financial position notes includes movement schedules representing the total movements associated with continuing operations, which is made up of continuing operations at the end of the reporting year and movements associated with disposal groups before they met the criteria to be classified as held for sale. The portion of the closing balances representing discontinued operations are separately presented as assets held for sale or liabilities held for sale. Reference is made to note 22.
\nAs a consequence of the sale of the Clean Ammonia project to Woodside, OCI assumed an obligation to fund certain pre-operating and capex costs as defined in the sale agreement. This obligation is classified as a financial liability under the scope of IFRS 9. The financial liability is initially measured at fair value and subsequently measured at amortized cost.
\nSubsequent remeasurements in the liability are due to changes in future expected cash flows and the impact of time value of money through the effective interest rate method. These changes are classified as part of the gain of the sale presented in discontinued operations, as per the guidance of IFRS 5.
\nA portion of the proceeds from the sale relating to future employee services to be performed by the Group for OCI's former subsidiary, Clean Ammonia LLC, have been deferred as a contract liability under the scope of IFRS 15. Recognition of this revenue occurs over time as the services are provided. This revenue is recorded by the entities providing the services, Clean Ammonia M&O Co. and OCI Clean Ammonia CM LLC, which are both classified as discontinued operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-462": { "value": "\nThe consolidated financial statements include the financial statements of OCI, its subsidiaries and the Group\u2019s interests in associates and joint ventures.
\nSubsidiaries are all companies to which OCI has power over the relevant activities of the investee, is exposed or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Generally, control accompanies a shareholding of more than half of the shares issued and related voting power. Subsidiaries are fully consolidated from the date that control commences until the date that control ceases.
\nWhen the Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary, and any related non-controlling interests and other components of equity. Any investment retained in the former subsidiary is recognized at fair value. The fair value shall be regarded as the fair value on initial recognition of a financial asset or, when appropriate, the cost on initial recognition of an investment in an associate or joint venture. Any resulting gain or loss is recognized in profit or loss including related cumulative translation adjustments accumulated in other comprehensive income. If a subsidiary becomes an associate or joint venture, the interest retained is subsequently measured in accordance with the equity method. The principal subsidiaries are listed in note 35.
\nIntra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealized gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group\u2019s interest in the investees. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.
\nNon-controlling interests are presented as a separate component in equity. \u2018Profit or loss\u2019 and \u2018Total comprehensive income\u2019 attributable to the non-controlling interests are presented as a separate line item in the consolidated statement of profit or loss and other comprehensive income.
\nNon-controlling interests are measured at their proportionate share of the acquiree\u2019s identifiable net assets at the balance sheet date. Changes in the Group\u2019s ownership interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-463": { "value": "\nSubsidiaries are all companies to which OCI has power over the relevant activities of the investee, is exposed or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Generally, control accompanies a shareholding of more than half of the shares issued and related voting power. Subsidiaries are fully consolidated from the date that control commences until the date that control ceases.
\nWhen the Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary, and any related non-controlling interests and other components of equity. Any investment retained in the former subsidiary is recognized at fair value. The fair value shall be regarded as the fair value on initial recognition of a financial asset or, when appropriate, the cost on initial recognition of an investment in an associate or joint venture. Any resulting gain or loss is recognized in profit or loss including related cumulative translation adjustments accumulated in other comprehensive income. If a subsidiary becomes an associate or joint venture, the interest retained is subsequently measured in accordance with the equity method. The principal subsidiaries are listed in note 35.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-464": { "value": "\nNon-controlling interests are presented as a separate component in equity. \u2018Profit or loss\u2019 and \u2018Total comprehensive income\u2019 attributable to the non-controlling interests are presented as a separate line item in the consolidated statement of profit or loss and other comprehensive income.
\nNon-controlling interests are measured at their proportionate share of the acquiree\u2019s identifiable net assets at the balance sheet date. Changes in the Group\u2019s ownership interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-465": { "value": "\nAssociates are companies in which the Group exercises significant influence over the financial and operating policies, but does not have control. Significant influence is presumed to exist when the Group holds 20% to 50% of the outstanding shares and related voting rights of the investee. Associates are accounted for under the equity method. The Group\u2019s share of the profit or loss of an associate is recognized in the Group's profit or loss from the date when significant influence begins up to the date when that significant influence ceases.
\nThe Group's share of the other comprehensive income of an investee is recognized in consolidated other comprehensive income. Unrealized gains on transactions between the Group and its associates are eliminated to the extent of the Group\u2019s interest in associates. Unrealized losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. Unrealized gains on transactions between two associates are not eliminated. Investments in associates with negative shareholder\u2019s equity are impaired. The Group\u2019s share of losses in an associate may equal or exceed its interest in the associate (which includes any long-term interest that, in substance, forms part of the Group\u2019s net investment in an associate). In these cases, the Group recognizes a provision for further losses only to the extent that the Group has incurred a legal or constructive obligation or made payments on behalf of the associate.
\nInvestments in joint arrangements are classified as either joint ventures or joint operations depending on the contractual rights and obligations of each investor. Those joint arrangements that are assessed as joint ventures are accounted for using the equity method. Interests in joint ventures are initially recognized at cost and adjusted subsequently for the Group\u2019s share in the post-acquisition profit or loss and movements in comprehensive income.
\nThe Group\u2019s share of losses in a joint venture may equal or exceed its interest in the joint venture (which includes any long-term interest that, in substance, forms part of the Group\u2019s net investment in joint ventures). In these cases, the Group recognizes a provision for further losses only to the extent that the Group has incurred a legal or constructive obligation or made payments on behalf of the joint venture.
\nJoint operations are accounted for by recognizing the direct right to the assets, liabilities, revenues and expenses of joint operations and the Group's share of any jointly held or incurred assets, liabilities, revenues and expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-466": { "value": "\nAssociates are companies in which the Group exercises significant influence over the financial and operating policies, but does not have control. Significant influence is presumed to exist when the Group holds 20% to 50% of the outstanding shares and related voting rights of the investee. Associates are accounted for under the equity method. The Group\u2019s share of the profit or loss of an associate is recognized in the Group's profit or loss from the date when significant influence begins up to the date when that significant influence ceases.
\nThe Group's share of the other comprehensive income of an investee is recognized in consolidated other comprehensive income. Unrealized gains on transactions between the Group and its associates are eliminated to the extent of the Group\u2019s interest in associates. Unrealized losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. Unrealized gains on transactions between two associates are not eliminated. Investments in associates with negative shareholder\u2019s equity are impaired. The Group\u2019s share of losses in an associate may equal or exceed its interest in the associate (which includes any long-term interest that, in substance, forms part of the Group\u2019s net investment in an associate). In these cases, the Group recognizes a provision for further losses only to the extent that the Group has incurred a legal or constructive obligation or made payments on behalf of the associate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-467": { "value": "\nInvestments in joint arrangements are classified as either joint ventures or joint operations depending on the contractual rights and obligations of each investor. Those joint arrangements that are assessed as joint ventures are accounted for using the equity method. Interests in joint ventures are initially recognized at cost and adjusted subsequently for the Group\u2019s share in the post-acquisition profit or loss and movements in comprehensive income.
\nThe Group\u2019s share of losses in a joint venture may equal or exceed its interest in the joint venture (which includes any long-term interest that, in substance, forms part of the Group\u2019s net investment in joint ventures). In these cases, the Group recognizes a provision for further losses only to the extent that the Group has incurred a legal or constructive obligation or made payments on behalf of the joint venture.
\nJoint operations are accounted for by recognizing the direct right to the assets, liabilities, revenues and expenses of joint operations and the Group's share of any jointly held or incurred assets, liabilities, revenues and expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-469": { "value": "\nThe financial statements of foreign operations, including subsidiaries, joint ventures, joint operations, and associates, are prepared in the currencies which are determined based on the primary economic environment in which they operate (\u2018the functional currency\u2019). Transactions in currencies other than the functional currency are recorded at the rates of exchange prevailing on the transaction dates. At each balance sheet date, monetary items denominated in foreign currencies are revalued into the entity\u2019s functional currency at the then prevailing closing-rates.
\nExchange differences arising on the settlement and translation of monetary items are included in profit or loss for the period, except when deferred to other comprehensive income for financial assets at fair value through other comprehensive income and the effective part of qualifying cash flow hedges.
\nUpon consolidation, the assets and liabilities of subsidiaries with a functional currency other than the US dollars are translated into US dollars using the exchange rates prevailing at the balance sheet date. Income and expense items are translated using exchange rates prevailing at the date of the transactions. Investments in joint ventures and associates with a functional currency other than the US dollars are translated into US dollars using exchange rates prevailing on the balance sheet date. Exchange rate differences arising during consolidation and on the translation of investments in subsidiaries, joint arrangements and associates and monetary items that form part of net investments in foreign operations are included in other comprehensive income, as \u2018Currency translation differences\u2019.
\nWhen a foreign operation is (partly) disposed of or sold, (the proportionate share of) the related currency translation differences that were recorded in other comprehensive income are recycled to profit or loss as part of the gain or loss on disposal or sale. Goodwill and fair value adjustments arising on the acquisition of a foreign subsidiary are considered as assets and liabilities denominated in the functional currency of the foreign subsidiary.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-471": { "value": "\nIFRS 9 contains three principal classification and measurement categories for financial assets: amortized cost, fair value through profit or loss (\u2018FVTPL\u2019) and fair value through other comprehensive income (\u2018FVOCI\u2019). The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. Under IFRS 9, derivatives embedded in contracts where the host is a financial asset in the scope of the standard are never separated. Instead, the hybrid financial instrument as a whole is assessed for classification.
\nTrade and other receivables are held to collect contractual cash flows and are expected to give rise to cash flows representing solely payments of principal and interest. The Group analyzed the contractual cash flow characteristics of those instruments and concluded that they meet the \u2018hold-to-collect\u2019 business model criteria for amortized cost measurement. Interest income from these assets is included in finance income using the effective interest rate method. Any gain or loss on derecognition is recognized directly in profit or loss. The Group sells certain trade receivables under a securitization agreement to a third party. For these selected debtors the Group will use the \u2018hold-to-collect-and-sell business model\u2019 as defined under IFRS 9 and will measure these receivables going forward at FVOCI.
\nDerivative financial instruments held by the Group are classified in the category FVTPL, unless the instrument is designated in a hedge relationship and the hedge meets the requirements for hedge accounting.
\nEquity investments, previously recognized as available-for-sale assets, are measured at FVOCI, based on the irrevocable election made by the Group. The Group elected this approach as these investments are not held for trading. Movements in the carrying amount are recognized in other comprehensive income, except for the recognition of impairment gains and losses, interest income and foreign exchange gains and losses which are recognized in the profit or loss.
On derecognition the cumulative gain or loss recognized in other comprehensive income is not recycled from equity to profit or loss, and this cumulative change is reclassified within equity from accumulated other comprehensive income to retained earnings. Dividend income is recognized in profit or loss when the Group\u2019s right to receive payment is established.
\nThe Group has physical purchase contracts in place to procure natural gas for its production activities. These contracts are not accounted for as financial instruments if they meet the criteria for the own use exemption. The own use exemption applies to contracts that are entered into and continue to be held for the receipt of a non-financial item in accordance with the Group\u2019s expected purchase, sale or usage requirements and where the Group does not have a past practice of settling these contracts for a net amount of cash.
\nWhen a derivative instrument or a non-derivative financial liability is designated as the hedging instrument in a hedge of a net investment in a foreign operation, the effective portion of changes in the fair value of a derivative or foreign exchange gains and losses for a non-derivative is recognized in other comprehensive income and presented in the translation reserve within equity. Any ineffective portion of the changes in the fair value of the derivative or foreign exchange gains and losses on the non-derivative is recognized immediately in profit or loss. The amount recognized in other comprehensive income is fully or partially reclassified to profit or loss as a reclassification adjustment on disposal or partial disposal of the foreign operation that results in a loss of control, respectively.
\nWhen a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognized in other comprehensive income is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or loss. Net investment hedge accounting is discontinued when the hedging relationship ceases to meet the qualifying criteria as per IFRS 9, which includes when the hedging instrument expires or is terminated.
\nFinancial liabilities, like loans and borrowings and trade and other payables, are measured at amortized cost, unless the financial liability:
Is a derivative at FVTPL;
Arose from the transfer of a financial assets that does not qualify for derecognition or if the continuing involvement approach applies;
Is a financial guarantee contract;
Is a commitment to provide a loan at a below-market interest rate; or
Is a contingent consideration resulting from a business combination to which IFRS 3 applies, measured at FVTPL.
The impairment model requires the recognition of impairment provisions based on expected credit losses (ECL) rather than only incurred credit losses. The Group allocates each exposure to a credit risk grade based on data that is determined to be predictive of the risk of loss (including but not limited to external ratings, audited financial statements, management accounts, cash flow projections and available press information about customers) and applies experienced credit judgment. Credit risk grades are defined using qualitative and quantitative factors that are indicative of the risk of default and are aligned to external credit definitions from agencies (Standard & Poor\u2019s). Exposure within each credit risk grade are segmented by geographic region classification and an ECL rate is calculated for each segment based on delinquency status and actual credit loss experience over the past seven years (if possible). These rates are multiplied by scalar factors to reflect differences between economic conditions during the period over which historical data has been collected, current conditions and the Group\u2019s view of economic conditions over the expected lives of the financial instruments.
\nFor the assessment of loss allowance for expected credit losses, a simplified model for trade receivables is applied. The loss allowance is measured at initial recognition and throughout the life of the receivable at an amount equal to lifetime ECL. They are estimated based on the present value of all cash shortfalls over the remaining expected life of the financial asset, i.e., the difference between:
The contractual cash flows that are due to an entity under the contract, and;
The cash flows that the holder expects to receive.
In order to assess the lifetime ECLs for trade receivables, both historic credit losses experience and forward-looking information is assessed. Expected losses on trade receivables are recognized on a separate line item in the statement of profit and loss, if any.
\nFor other receivables (and other financial assets) the Group measures the loss allowance at an amount equal to the lifetime ECLs if the credit risk on that financial instrument has increased significantly since initial recognition. If at the reporting date, the credit risk of other receivables has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECL.
\nDerivative financial assets and derivative financial liabilities are measured at fair value. The Group investigates whether the counterparty\u2019s creditworthiness gives rise to a change in fair value. When determining the fair value, credit value and debit value adjustments are taken into account.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-472": { "value": "\nIFRS 9 contains three principal classification and measurement categories for financial assets: amortized cost, fair value through profit or loss (\u2018FVTPL\u2019) and fair value through other comprehensive income (\u2018FVOCI\u2019). The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. Under IFRS 9, derivatives embedded in contracts where the host is a financial asset in the scope of the standard are never separated. Instead, the hybrid financial instrument as a whole is assessed for classification.
\nTrade and other receivables are held to collect contractual cash flows and are expected to give rise to cash flows representing solely payments of principal and interest. The Group analyzed the contractual cash flow characteristics of those instruments and concluded that they meet the \u2018hold-to-collect\u2019 business model criteria for amortized cost measurement. Interest income from these assets is included in finance income using the effective interest rate method. Any gain or loss on derecognition is recognized directly in profit or loss. The Group sells certain trade receivables under a securitization agreement to a third party. For these selected debtors the Group will use the \u2018hold-to-collect-and-sell business model\u2019 as defined under IFRS 9 and will measure these receivables going forward at FVOCI.
\nDerivative financial instruments held by the Group are classified in the category FVTPL, unless the instrument is designated in a hedge relationship and the hedge meets the requirements for hedge accounting.
\nEquity investments, previously recognized as available-for-sale assets, are measured at FVOCI, based on the irrevocable election made by the Group. The Group elected this approach as these investments are not held for trading. Movements in the carrying amount are recognized in other comprehensive income, except for the recognition of impairment gains and losses, interest income and foreign exchange gains and losses which are recognized in the profit or loss.
On derecognition the cumulative gain or loss recognized in other comprehensive income is not recycled from equity to profit or loss, and this cumulative change is reclassified within equity from accumulated other comprehensive income to retained earnings. Dividend income is recognized in profit or loss when the Group\u2019s right to receive payment is established.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-473": { "value": "\nTrade and other receivables are held to collect contractual cash flows and are expected to give rise to cash flows representing solely payments of principal and interest. The Group analyzed the contractual cash flow characteristics of those instruments and concluded that they meet the \u2018hold-to-collect\u2019 business model criteria for amortized cost measurement. Interest income from these assets is included in finance income using the effective interest rate method. Any gain or loss on derecognition is recognized directly in profit or loss. The Group sells certain trade receivables under a securitization agreement to a third party. For these selected debtors the Group will use the \u2018hold-to-collect-and-sell business model\u2019 as defined under IFRS 9 and will measure these receivables going forward at FVOCI.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-474": { "value": "\nDerivative financial instruments held by the Group are classified in the category FVTPL, unless the instrument is designated in a hedge relationship and the hedge meets the requirements for hedge accounting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-475": { "value": "\nDerivative financial instruments held by the Group are classified in the category FVTPL, unless the instrument is designated in a hedge relationship and the hedge meets the requirements for hedge accounting.
\nWhen a derivative instrument or a non-derivative financial liability is designated as the hedging instrument in a hedge of a net investment in a foreign operation, the effective portion of changes in the fair value of a derivative or foreign exchange gains and losses for a non-derivative is recognized in other comprehensive income and presented in the translation reserve within equity. Any ineffective portion of the changes in the fair value of the derivative or foreign exchange gains and losses on the non-derivative is recognized immediately in profit or loss. The amount recognized in other comprehensive income is fully or partially reclassified to profit or loss as a reclassification adjustment on disposal or partial disposal of the foreign operation that results in a loss of control, respectively.
\nWhen a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognized in other comprehensive income is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or loss. Net investment hedge accounting is discontinued when the hedging relationship ceases to meet the qualifying criteria as per IFRS 9, which includes when the hedging instrument expires or is terminated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-476": { "value": "\nDerivative financial instruments held by the Group are classified in the category FVTPL, unless the instrument is designated in a hedge relationship and the hedge meets the requirements for hedge accounting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-481": { "value": "\nWhen a derivative instrument or a non-derivative financial liability is designated as the hedging instrument in a hedge of a net investment in a foreign operation, the effective portion of changes in the fair value of a derivative or foreign exchange gains and losses for a non-derivative is recognized in other comprehensive income and presented in the translation reserve within equity. Any ineffective portion of the changes in the fair value of the derivative or foreign exchange gains and losses on the non-derivative is recognized immediately in profit or loss. The amount recognized in other comprehensive income is fully or partially reclassified to profit or loss as a reclassification adjustment on disposal or partial disposal of the foreign operation that results in a loss of control, respectively.
\nWhen a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognized in other comprehensive income is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or loss. Net investment hedge accounting is discontinued when the hedging relationship ceases to meet the qualifying criteria as per IFRS 9, which includes when the hedging instrument expires or is terminated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-484": { "value": "\nFinancial liabilities, like loans and borrowings and trade and other payables, are measured at amortized cost, unless the financial liability:
Is a derivative at FVTPL;
Arose from the transfer of a financial assets that does not qualify for derecognition or if the continuing involvement approach applies;
Is a financial guarantee contract;
Is a commitment to provide a loan at a below-market interest rate; or
Is a contingent consideration resulting from a business combination to which IFRS 3 applies, measured at FVTPL.
Financial liabilities, like loans and borrowings and trade and other payables, are measured at amortized cost, unless the financial liability:
Is a derivative at FVTPL;
Arose from the transfer of a financial assets that does not qualify for derecognition or if the continuing involvement approach applies;
Is a financial guarantee contract;
Is a commitment to provide a loan at a below-market interest rate; or
Is a contingent consideration resulting from a business combination to which IFRS 3 applies, measured at FVTPL.
The impairment model requires the recognition of impairment provisions based on expected credit losses (ECL) rather than only incurred credit losses. The Group allocates each exposure to a credit risk grade based on data that is determined to be predictive of the risk of loss (including but not limited to external ratings, audited financial statements, management accounts, cash flow projections and available press information about customers) and applies experienced credit judgment. Credit risk grades are defined using qualitative and quantitative factors that are indicative of the risk of default and are aligned to external credit definitions from agencies (Standard & Poor\u2019s). Exposure within each credit risk grade are segmented by geographic region classification and an ECL rate is calculated for each segment based on delinquency status and actual credit loss experience over the past seven years (if possible). These rates are multiplied by scalar factors to reflect differences between economic conditions during the period over which historical data has been collected, current conditions and the Group\u2019s view of economic conditions over the expected lives of the financial instruments.
\nFor the assessment of loss allowance for expected credit losses, a simplified model for trade receivables is applied. The loss allowance is measured at initial recognition and throughout the life of the receivable at an amount equal to lifetime ECL. They are estimated based on the present value of all cash shortfalls over the remaining expected life of the financial asset, i.e., the difference between:
The contractual cash flows that are due to an entity under the contract, and;
The cash flows that the holder expects to receive.
In order to assess the lifetime ECLs for trade receivables, both historic credit losses experience and forward-looking information is assessed. Expected losses on trade receivables are recognized on a separate line item in the statement of profit and loss, if any.
\nFor other receivables (and other financial assets) the Group measures the loss allowance at an amount equal to the lifetime ECLs if the credit risk on that financial instrument has increased significantly since initial recognition. If at the reporting date, the credit risk of other receivables has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECL.
\nDerivative financial assets and derivative financial liabilities are measured at fair value. The Group investigates whether the counterparty\u2019s creditworthiness gives rise to a change in fair value. When determining the fair value, credit value and debit value adjustments are taken into account.
\nNon-financial assets that have an indefinite useful life, for example goodwill, are not subject to amortization but are tested annually for impairment or more frequently when indicators of impairment arise. Assets with a finite useful life are subject to depreciation or amortization and are reviewed at each reporting date to determine whether there is an indication of impairment. If any such indication exists, then the assets\u2019 recoverable amount is estimated.
\nFor the purpose of assessing impairment, assets are grouped based on the lowest level for which there are separately identifiable cash flows (cash-generating units). An impairment loss is recognized for the amount by which the assets\u2019 carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and its value in use. The value in use is the present value of the future cash flows expected to be derived from an asset or cash-generating unit by continued use. Impairment losses are recognized in profit or loss.
\nNon-financial assets, which are impaired, are tested periodically to determine whether the recoverable amount has increased and the impairment be (partially) reversed. Impairment losses on goodwill are not reversed.
\nFor other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. Reversal of impairments is only permitted if, in a subsequent period after an impairment loss has been recognized, the amount of the impairment loss decreases and the decrease can be related objectively to an event after the impairment loss was recognized.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-487": { "value": "\nThe impairment model requires the recognition of impairment provisions based on expected credit losses (ECL) rather than only incurred credit losses. The Group allocates each exposure to a credit risk grade based on data that is determined to be predictive of the risk of loss (including but not limited to external ratings, audited financial statements, management accounts, cash flow projections and available press information about customers) and applies experienced credit judgment. Credit risk grades are defined using qualitative and quantitative factors that are indicative of the risk of default and are aligned to external credit definitions from agencies (Standard & Poor\u2019s). Exposure within each credit risk grade are segmented by geographic region classification and an ECL rate is calculated for each segment based on delinquency status and actual credit loss experience over the past seven years (if possible). These rates are multiplied by scalar factors to reflect differences between economic conditions during the period over which historical data has been collected, current conditions and the Group\u2019s view of economic conditions over the expected lives of the financial instruments.
\nFor the assessment of loss allowance for expected credit losses, a simplified model for trade receivables is applied. The loss allowance is measured at initial recognition and throughout the life of the receivable at an amount equal to lifetime ECL. They are estimated based on the present value of all cash shortfalls over the remaining expected life of the financial asset, i.e., the difference between:
The contractual cash flows that are due to an entity under the contract, and;
The cash flows that the holder expects to receive.
In order to assess the lifetime ECLs for trade receivables, both historic credit losses experience and forward-looking information is assessed. Expected losses on trade receivables are recognized on a separate line item in the statement of profit and loss, if any.
\nFor other receivables (and other financial assets) the Group measures the loss allowance at an amount equal to the lifetime ECLs if the credit risk on that financial instrument has increased significantly since initial recognition. If at the reporting date, the credit risk of other receivables has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECL.
\nDerivative financial assets and derivative financial liabilities are measured at fair value. The Group investigates whether the counterparty\u2019s creditworthiness gives rise to a change in fair value. When determining the fair value, credit value and debit value adjustments are taken into account.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-492": { "value": "\nCash and cash equivalents comprise cash balances and call deposits with original maturities of three months or less from the acquisition date (original maturity) that are subject to an insignificant risk of changes in their fair value and are used by the Group in the management of its short-term commitments. Restricted cash comprises cash balances where specific restrictions exist on the Group's ability to use this cash.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-493": { "value": "\nCash and cash equivalents comprise cash balances and call deposits with original maturities of three months or less from the acquisition date (original maturity) that are subject to an insignificant risk of changes in their fair value and are used by the Group in the management of its short-term commitments. Restricted cash comprises cash balances where specific restrictions exist on the Group's ability to use this cash.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-494": { "value": "\nOrdinary shares are classified as equity. Share premium is the excess amount received over the par value of the shares. Incremental costs directly attributable to the issue of new shares are recognized in equity as a deduction, net of tax, from the proceeds. When ordinary shares are repurchased, the amount of the consideration paid, which includes directly attributable costs, net of tax effects, is recognized as a deduction from \u2018Reserves\u2019. Repurchased shares are classified as treasury shares and are presented in \u2018Reserves\u2019. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in \u2018Reserves\u2019, and the resulting surplus or deficit on the transaction is presented in share premium.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-495": { "value": "\nItems of property, plant and equipment are measured at cost less accumulated depreciation and any impairment. Cost includes any expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes cost of material, direct labor, other directly attributable cost incurred to bring the asset ready to its intended use, including the cost of asset retirement obligations and any capitalized borrowing cost.
\nPurchased software that is integral to the functionality of the related equipment is capitalized as part of that equipment. When different parts of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment.
\nAny gain or loss on disposal of an item of property, plant and equipment (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognized in profit or loss. Subsequent expenditures are capitalized only when it is probable that the future economic benefits associated with the expenditure will flow to the Group. Ongoing repairs and maintenance costs are expensed as incurred. Spare parts of property, plant and equipment are recognized under property, plant and equipment if the average turnover exceeds 12 months or more, the cost exceeds USD 10,000 and the part is key for the functioning of the plant. Other spare parts are recognized within inventories.
\nExpenditures incurred for purchasing and constructing property, plant and equipment are initially recorded as \u2018under construction\u2019 until the asset is completed and ready for use. Upon the completion of the assets, the recognized costs are reclassified from \u2018under construction\u2019 to its final category of property, plant and equipment. Assets under construction are not depreciated and are measured at cost less any impairment losses.
\nItems of property, plant and equipment are depreciated on a straight-line basis through profit or loss over the estimated useful lives of each component, taking into account any residual values. Land is not depreciated. Items of property, plant and equipment are depreciated from the date that they are installed and are ready for use, or in respect of internally constructed assets, from the date that the asset is completed and ready for use.
\nDepreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if necessary by the Group.
\nThe estimated useful lives for items of property, plant and equipment are as follows: | Years |
|---|---|
Buildings | 10 - 50 |
Plant and equipment | 4 - 25 |
Fixtures and fittings | 3 - 10 |
Borrowing costs attributable to the acquisition, construction or production of assets that necessarily take a substantial period of time to get ready for their intended use or sale, are recognized as part of the cost of those assets. All other borrowing costs are recognized as \u2018Finance cost\u2019 in the period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-496": { "value": "\nAny gain or loss on disposal of an item of property, plant and equipment (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognized in profit or loss. Subsequent expenditures are capitalized only when it is probable that the future economic benefits associated with the expenditure will flow to the Group. Ongoing repairs and maintenance costs are expensed as incurred. Spare parts of property, plant and equipment are recognized under property, plant and equipment if the average turnover exceeds 12 months or more, the cost exceeds USD 10,000 and the part is key for the functioning of the plant. Other spare parts are recognized within inventories.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-497": { "value": "\nItems of property, plant and equipment are depreciated on a straight-line basis through profit or loss over the estimated useful lives of each component, taking into account any residual values. Land is not depreciated. Items of property, plant and equipment are depreciated from the date that they are installed and are ready for use, or in respect of internally constructed assets, from the date that the asset is completed and ready for use.
\nDepreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if necessary by the Group.
\nThe estimated useful lives for items of property, plant and equipment are as follows: | Years |
|---|---|
Buildings | 10 - 50 |
Plant and equipment | 4 - 25 |
Fixtures and fittings | 3 - 10 |
Borrowing costs attributable to the acquisition, construction or production of assets that necessarily take a substantial period of time to get ready for their intended use or sale, are recognized as part of the cost of those assets. All other borrowing costs are recognized as \u2018Finance cost\u2019 in the period in which they are incurred.
\nBorrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognized in profit or loss and expensed as incurred. Foreign currency gains and losses are recognized on a net basis as either finance income or finance cost depending on whether foreign currency movements are in a net gain or net loss position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-499": { "value": "\nGoodwill represents the excess of total consideration transferred over the sum of the net amount of identifiable assets acquired and liabilities assumed and the non-controlling interest of the acquiree. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the gain is recognized in profit or loss.
\nGoodwill on acquisition of entities that qualify as subsidiaries is presented under \u2018Goodwill and intangible assets\u2019. Goodwill on acquisitions of entities that qualify as associates or joint ventures is included in \u2018Equity-accounted investees\u2019. Goodwill on acquisition of subsidiaries is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or group of units that are expected to benefit from the business combination through which the goodwill arose, based on past experience.
\nGoodwill is initially measured at cost. After initial recognition, goodwill is measured at cost less any impairment losses. Goodwill is tested annually for impairment; an impairment loss is recognized for the amount by which the cash-generating unit\u2019s carrying amount exceeds its recoverable amount. The recoverable amount of the cash-generating unit is determined by the higher of its fair value less cost to sell and its value in use. Impairment losses on goodwill are not reversed. Gains or losses on the disposal of an entity include the carrying amount of goodwill related to the entity sold. All other expenditures on internally-generated goodwill and other intangible assets are recognized in profit or loss as incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-500": { "value": "\nGoodwill represents the excess of total consideration transferred over the sum of the net amount of identifiable assets acquired and liabilities assumed and the non-controlling interest of the acquiree. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the gain is recognized in profit or loss.
\nGoodwill on acquisition of entities that qualify as subsidiaries is presented under \u2018Goodwill and intangible assets\u2019. Goodwill on acquisitions of entities that qualify as associates or joint ventures is included in \u2018Equity-accounted investees\u2019. Goodwill on acquisition of subsidiaries is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or group of units that are expected to benefit from the business combination through which the goodwill arose, based on past experience.
\nGoodwill is initially measured at cost. After initial recognition, goodwill is measured at cost less any impairment losses. Goodwill is tested annually for impairment; an impairment loss is recognized for the amount by which the cash-generating unit\u2019s carrying amount exceeds its recoverable amount. The recoverable amount of the cash-generating unit is determined by the higher of its fair value less cost to sell and its value in use. Impairment losses on goodwill are not reversed. Gains or losses on the disposal of an entity include the carrying amount of goodwill related to the entity sold. All other expenditures on internally-generated goodwill and other intangible assets are recognized in profit or loss as incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-501": { "value": "\nGoodwill represents the excess of total consideration transferred over the sum of the net amount of identifiable assets acquired and liabilities assumed and the non-controlling interest of the acquiree. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the gain is recognized in profit or loss.
\nGoodwill on acquisition of entities that qualify as subsidiaries is presented under \u2018Goodwill and intangible assets\u2019. Goodwill on acquisitions of entities that qualify as associates or joint ventures is included in \u2018Equity-accounted investees\u2019. Goodwill on acquisition of subsidiaries is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or group of units that are expected to benefit from the business combination through which the goodwill arose, based on past experience.
\nGoodwill is initially measured at cost. After initial recognition, goodwill is measured at cost less any impairment losses. Goodwill is tested annually for impairment; an impairment loss is recognized for the amount by which the cash-generating unit\u2019s carrying amount exceeds its recoverable amount. The recoverable amount of the cash-generating unit is determined by the higher of its fair value less cost to sell and its value in use. Impairment losses on goodwill are not reversed. Gains or losses on the disposal of an entity include the carrying amount of goodwill related to the entity sold. All other expenditures on internally-generated goodwill and other intangible assets are recognized in profit or loss as incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-502": { "value": "\nInventories are measured at the lower of cost and net realizable value. The cost of inventories of raw materials, spare parts and supplies are based on the weighted average principle or the first-in-first-out method, and includes expenditures incurred in acquiring the inventories and bringing them to their existing location and condition. In case of manufactured inventories and work in progress, cost includes an appropriate share of production overheads based on normal operating capacity. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-504": { "value": "\nNon-financial assets that have an indefinite useful life, for example goodwill, are not subject to amortization but are tested annually for impairment or more frequently when indicators of impairment arise. Assets with a finite useful life are subject to depreciation or amortization and are reviewed at each reporting date to determine whether there is an indication of impairment. If any such indication exists, then the assets\u2019 recoverable amount is estimated.
\nFor the purpose of assessing impairment, assets are grouped based on the lowest level for which there are separately identifiable cash flows (cash-generating units). An impairment loss is recognized for the amount by which the assets\u2019 carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and its value in use. The value in use is the present value of the future cash flows expected to be derived from an asset or cash-generating unit by continued use. Impairment losses are recognized in profit or loss.
\nNon-financial assets, which are impaired, are tested periodically to determine whether the recoverable amount has increased and the impairment be (partially) reversed. Impairment losses on goodwill are not reversed.
\nFor other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. Reversal of impairments is only permitted if, in a subsequent period after an impairment loss has been recognized, the amount of the impairment loss decreases and the decrease can be related objectively to an event after the impairment loss was recognized.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-505": { "value": "\nProvisions are recognized when a present legal or constructive obligation based on past events exists, and it is probable that an outflow of economic benefits is required to settle the obligation. If the outflow is probable, but cannot be determined reliably, the obligation is disclosed. The non-current part of provisions is determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as finance cost.
\nThe Group recognizes a provision if the Group has an obligation to restore a leased asset in its original condition at the end of its lease term or there are legal requirements with respect to cleanup of contamination of land, and a reliable estimate can be made. Based on the land lease of their production facilities, some entities have the obligation to restore their site upon decommissioning.
\nThe Group has not recorded a liability for asset retirement obligations, as it does not believe there is currently a reasonable basis for estimating a date or range of dates of cessation of the operations, which is necessary to estimate the present value of this liability.
\nThe Group is subject to legal and regulatory proceedings in various jurisdictions. Such proceedings may result in criminal or civil sanctions, penalties or disgorgements against the Group. In addition, the Group is exposed to contingencies resulting from historical actions or transactions, such as contractual indemnifications. If it is probable that an obligation to the Group exists, which will result in an outflow of resources and the amount of the outflow can be reliably estimated, a provision is recognized.
\nOnerous contracts are contracts for which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. A provision for onerous contracts is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. The net costs of continuing with the contract is determined based on both the incremental costs necessary to fulfill the obligation under the contract and an allocation of other costs that relate directly to fulfilling that contract. Before a provision is established, the Group recognizes any impairment loss on the assets associated with that contract.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-506": { "value": "\nThe Group recognizes a provision if the Group has an obligation to restore a leased asset in its original condition at the end of its lease term or there are legal requirements with respect to cleanup of contamination of land, and a reliable estimate can be made. Based on the land lease of their production facilities, some entities have the obligation to restore their site upon decommissioning.
\nThe Group has not recorded a liability for asset retirement obligations, as it does not believe there is currently a reasonable basis for estimating a date or range of dates of cessation of the operations, which is necessary to estimate the present value of this liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-507": { "value": "\nThe Group is subject to legal and regulatory proceedings in various jurisdictions. Such proceedings may result in criminal or civil sanctions, penalties or disgorgements against the Group. In addition, the Group is exposed to contingencies resulting from historical actions or transactions, such as contractual indemnifications. If it is probable that an obligation to the Group exists, which will result in an outflow of resources and the amount of the outflow can be reliably estimated, a provision is recognized.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-508": { "value": "\nRevenues are recognized for the transfer of goods or services to customers in the ordinary course of the Group\u2019s activities, in the amounts that reflect the consideration to which the Group expects to be entitled in exchange for those goods or services. Revenue is recognized when the Group satisfies the performance obligations by transferring promised goods or services to customers.
\nThe main performance obligation of the Group is the transfer of the Group\u2019s fertilizer and chemical products to customers. Revenue from the sale of fertilizer and chemical products are the two main revenue streams of the Group.
\nGoods are transferred when the customer obtains control of the asset. The timing of when control transfers depends on the sales and shipping terms agreed. Depending on its nature and the agreed sales terms, a performance obligation is either satisfied at certain point in time or over a certain period of time. Revenue is recognized net of expected discounts and rebates to customers. Accumulated experience and management judgment is used to estimate and provide for the discounts and rebates and revenue is only recognized to the extent that it is highly probable that a significant reversal will not occur.
\nThe Group does not have any contracts where the period of time between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. Consequently, no adjustment is made to transaction prices for the time value of money.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-509": { "value": "\nGovernment grants that compensate the Group for expenses incurred are recognized in profit or loss as \u2018Other income\u2019 on a systematic basis in the periods in which the expenses are recognized. When the grant relates to an asset, it is recognized at the nominal amount of the grant and subsequently recognized as income in equal amounts over the expected useful life of the related asset, if applicable.
\nOther government grants are recognized initially as deferred income at fair value when there is reasonable assurance that they will be received and the Group will comply with the conditions associated with the grant. Subsequently, these are recognized in profit or loss as \u2018Other income\u2019 on a systematic basis over the useful life of the asset.
\nThe Group receives European Emission Allowances (\u201cEUAs\u201d) as a result of its industrial activities in the Netherlands. The EUAs are granted annually in advance by the Dutch Emission Authority. The amount of EUAs granted is based on an estimate of CO2 emissions in the Netherlands and the effective European emission legislation. In arrears, the Group must refund allowances to the Dutch Emission Authority based on actual CO2 emissions during the year. In December 2022, the European Parliament (\u201cEP\u201d) and the Council reached a provisional agreement on the reform of the EU Emissions Trading System (\u201cETS\u201d) as a result of which the free allocation of allowances within the EU ETS will be phased out gradually.
\nThe grant of these allowances is within the scope of IAS 20 Government Grants. The Group applies a specific accounting policy for the receipt of EUAs, different than the generic accounting for government grants. Upon initial recognition, the EUA\u2019s are recognized as inventory at the nominal amount of the grant (Nil). Concurrently, a liability is recognized for the obligation to refund the allowances for CO2 emissions during the compliance period. When no excess or deficit is identified, no liability is recognized as the Group has sufficient EUAs to settle the liability.
\nThe excess or deficit is calculated and recorded separately for each production facility. If a deficit in EUAs is identified, the Group has to purchase additional EUAs on the commodity markets to settle its liability to the Dutch Emission Authority. Purchased EUAs are recognized at cost and classified as inventory. The cost of the purchased EUAs to settle the liability for emission allowances during any given compliance period are recognized in cost of sales.
\nEUAs in excess of the liability to the Dutch Emission Authority that are controlled by the Group can be sold for the benefit of the Group. Sales of EUAs in excess of the liability for emission allowances during any given compliance period are recognized in cost of sales.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-4": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-510": { "value": "\nWhether an arrangement is, or contains, a lease is assessed at the commencement date of the lease. In general, an arrangement is considered to be or to contain a lease when all of the following apply:
There is an identified asset;
The Group obtains substantially all economic benefits from the use of the asset; and
The Group can direct the use of the identified asset.
The Group utilizes the short-term and low-value lease exemptions of IFRS 16 and does not record lease liabilities nor right-of-use assets for leases meeting the criteria for one of these exemptions. Lease obligations are recognized based on the present value of the future minimum lease payments. Right-of-use assets are initially valued at an amount equal to the lease liabilities. As leases do not easily provide for an implicit rate, the Group uses the incremental borrowing rate. The measurement at initial recognition may include options to extend or terminate the lease when it is reasonably certain that the Group will exercise that option. For leases, each lease payment is allocated between the liability and finance cost. The finance cost is charged to the consolidated statement of profit or loss over the term of the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis.
\nThe Group has lease agreements with lease and non-lease components, which are generally accounted for as a single lease component. For leases of offices and buildings, we account for the lease and non-lease components separately. For these types of leases, the allocation of the consideration between lease and non-lease components is based on the relative stand-alone prices of lease components included in the lease arrangements. Leases are presented as \u2018Right-of-use assets\u2019 and \u2018Lease obligations\u2019. Short term leases (less than 12 months) or low value leases (less than USD 5,000) are expensed through the statement of profit or loss as incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-511": { "value": "\nFinance income comprises:
Interest income on funds invested (including on financial assets at fair value through other comprehensive income);
Gains on the disposal of financial assets at fair value through other comprehensive income;
Dividend income (excluding dividend from equity-accounted investees and subsidiaries);
Fair value gains on financial assets at fair value through profit or loss; and
Gains on hedging instruments related to foreign currency and interest rate derivatives that are recognized in profit or loss including reclassifications of amounts previously recognized in other comprehensive income.
Interest income is recognized as it accrues in profit or loss, using the effective interest method. Dividend income is recognized in profit or loss on the date that the Group\u2019s right to receive payment is established, which in the case of quoted securities is normally the ex-dividend date.
\nFinance cost comprises:
Interest expense on borrowings;
Unwinding of the discount on provisions and contingent consideration;
Interest expense related to lease obligations;
Losses on disposal of financial assets at fair value through other comprehensive income;
Fair value losses on financial assets at fair value through profit or loss;
Loss on hedging instruments related to foreign currency and interest rate derivatives that are recognized in profit or loss including reclassifications of amounts previously recognized in other comprehensive income; and
Impairment losses recognized on financial assets (other than trade receivables).
Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognized in profit or loss and expensed as incurred. Foreign currency gains and losses are recognized on a net basis as either finance income or finance cost depending on whether foreign currency movements are in a net gain or net loss position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-512": { "value": "\nFinance cost comprises:
Interest expense on borrowings;
Unwinding of the discount on provisions and contingent consideration;
Interest expense related to lease obligations;
Losses on disposal of financial assets at fair value through other comprehensive income;
Fair value losses on financial assets at fair value through profit or loss;
Loss on hedging instruments related to foreign currency and interest rate derivatives that are recognized in profit or loss including reclassifications of amounts previously recognized in other comprehensive income; and
Impairment losses recognized on financial assets (other than trade receivables).
Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognized in profit or loss and expensed as incurred. Foreign currency gains and losses are recognized on a net basis as either finance income or finance cost depending on whether foreign currency movements are in a net gain or net loss position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-516": { "value": "\nCertain Group subsidiaries provide to their employees pension plans, end of service remuneration plans and long-term service benefits. These pension plans qualify as defined contribution plans. Obligations for contributions to defined contribution plans are expensed as the related service is provided. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in future payments is available.
\nShort-term employee benefits are expensed as the related service is provided. A liability is recognized for the amount expected to be paid if both the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.
\nThe Group long-term employee benefits are recognized if both the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably to determine its present value. The discount rate is the yield at the balance sheet date on triple-A (\u2018AAA\u2019) credit rated bonds that have maturity dates approximating the terms of the Group\u2019s obligations. Re-measurements are recognized in profit or loss in the period in which they arise.
\nEmployee termination benefits are payable when employment is terminated before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits when the Group is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal, or when the Group is providing termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after balance sheet date are discounted to their present value.
\nCertain employees (including senior executives) of the Group receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments. The grant date fair value of equity-settled share-based payment awards granted to employees is recognized as an employee expense, with a corresponding increase in equity, over the period (the vesting period) that the employees render service and become unconditionally entitled to the awards.
\nThe amount recognized as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. At each reporting date, the progress of non-market conditions is measured and the expenses are trued-up accordingly.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-517": { "value": "\nEmployee termination benefits are payable when employment is terminated before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits when the Group is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal, or when the Group is providing termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after balance sheet date are discounted to their present value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-518": { "value": "\nCertain employees (including senior executives) of the Group receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments. The grant date fair value of equity-settled share-based payment awards granted to employees is recognized as an employee expense, with a corresponding increase in equity, over the period (the vesting period) that the employees render service and become unconditionally entitled to the awards.
\nThe amount recognized as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of awards that meet the related service and non-market performance conditions at the vesting date. At each reporting date, the progress of non-market conditions is measured and the expenses are trued-up accordingly.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-519": { "value": "\nCurrent tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. Current tax also includes any tax arising from the declaration of dividends. Current income tax receivable and payable are offset when there is a legally enforceable right to offset and when the current income tax relates to the same fiscal authority.
\nDeferred tax liabilities are recognized for all taxable temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements (\u2018balance sheet\u2019 method).
\nDeferred tax assets are recognized for all deductible temporary differences, unused carry forward losses and unused carry forward tax credits, to the extent that it is probable that future taxable profit will be available against which the deferred income tax assets can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized; such reductions are reversed when the probability of future taxable profits improves.
\nDeferred income tax is not recognized if it arises from initial recognition of an asset or liability in a transaction that is not a business combination and at the time of the transaction it affects neither accounting nor taxable profit or loss. No deferred income tax is recognized from the initial recognition of goodwill. Also, no deferred tax is recognized from investments in subsidiaries, associates and joint arrangements to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future.
\nDeferred income tax is measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred income tax reflects uncertainty related to income taxes, if any.
\nDeferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax relates to the same fiscal authority.
\nIn cases where it is concluded it is not probable that the tax authorities will accept a tax treatment, the effect of the uncertainty is reflected in the recognition and measurement of tax assets and liabilities or, alternatively, a provision is made for the amount that is expected to be settled, where this can be reasonably estimated. This assessment relies on estimates and assumptions and may involve a series of judgments about future events. New information may become available that causes the company to change its judgment regarding the adequacy of existing tax assets and liabilities. Such changes to tax assets and liabilities will impact the income tax expense in the period during which such a determination is made.
\nOCI has determined that the global minimum top-up tax, which is required to be paid under Pillar Two legislation, is an income tax in the scope of IAS 12. OCI has applied a temporary mandatory relief from deferred tax accounting for the impact of the top-up tax and accounts for Pillar Two taxes as a current tax when it is incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-520": { "value": "\nDeferred tax liabilities are recognized for all taxable temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements (\u2018balance sheet\u2019 method).
\nDeferred tax assets are recognized for all deductible temporary differences, unused carry forward losses and unused carry forward tax credits, to the extent that it is probable that future taxable profit will be available against which the deferred income tax assets can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized; such reductions are reversed when the probability of future taxable profits improves.
\nDeferred income tax is not recognized if it arises from initial recognition of an asset or liability in a transaction that is not a business combination and at the time of the transaction it affects neither accounting nor taxable profit or loss. No deferred income tax is recognized from the initial recognition of goodwill. Also, no deferred tax is recognized from investments in subsidiaries, associates and joint arrangements to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future.
\nDeferred income tax is measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. Deferred income tax reflects uncertainty related to income taxes, if any.
\nDeferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax relates to the same fiscal authority.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-525": { "value": "\nAn operating segment is a component of an entity that engages in business activities for which it may earn revenues and incur expenses (including from transactions with other components of the same entity), whose operating results are regularly reviewed by the entity\u2019s Chief Operating Decision Maker (\u2018CODM\u2019) to make decisions about resource allocation and to assess its performance, and for which discrete financial information is available.
\nThe Group determines and presents operating segments on the basis of information that internally is provided to the CODM during the period. Operating segments are aggregated based on similar economic environments and similar products.
\nAn operating segment is disclosed as reportable segment if its financial metrics exceed the quantitative thresholds of IFRS 8.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-526": { "value": "\nThe consolidated statement of cash flows has been prepared using the \u2018indirect\u2019 method. Cash flows in foreign currencies have been translated applying average exchange rates. Currency translation differences on cash are shown separately in the consolidated statement of cash flows. Cash flows from investing activities consist mostly of investments and divestments in property, plant and equipment, intangible assets, and acquisitions insofar as these are paid for in cash.
\nAcquisitions or disposals of subsidiaries are presented as part of investing activities. Cash flows relating to capitalized borrowing cost are presented as cash flows from operating activities. Cash flows from financing activities consist of acquisition or divestment of non-controlling interests, dividends paid to non-controlling interests, and settlement of derivatives with the exception of interest rate derivatives which are presented as cash flows used in operating activities.
\nCash flows from discontinued operations are presented separately from the cash flows from continuing operations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-527": { "value": "\nEarnings per ordinary share are calculated by dividing the profit or loss (net) attributable to holders of ordinary shares by the weighted average number of ordinary shares outstanding during the year. In making this calculation the (ordinary) treasury shares are deducted from the number of ordinary shares outstanding. The calculation of the diluted earnings per share is based on the weighted average number of ordinary shares outstanding plus the potential increase as a result of the conversion of convertible bonds and the settlement of share-based compensation plans (share option plans).
\nAnti-dilutive effects are not included in the calculation. An adjustment is made to profit or loss (net) to eliminate interest charges, whilst allowing for effect of taxation. Regarding equity-settled share option plans it is assumed that all outstanding plans will vest. The dilutive effect of equity-settled share option plans is calculated based on the number of options issued, the exercise price of these options and the average market price of ordinary shares during the period.
\nThe difference between the number of ordinary shares issued and the number of ordinary shares that would have been issued at the average market price of ordinary shares for the period is considered as dilutive. This dilutive effect is only applied if the option has intrinsic value (i.e. is in the money).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-528": { "value": "\nThe Group classifies non-current assets or disposal groups as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use, and a sale is considered highly probable. Non-current assets or disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell.
\nNon-current assets such as deferred tax assets, assets arising from employee benefits and financial assets are specifically exempt from this measurement requirement. Depreciation and amortization on non-current assets (including those that are part of a disposal group) ceases from the date that the non-current assets (or disposal groups) meet the criteria to be classified as held for sale.
\nNon-current assets or all assets of disposal groups classified as held for sale are presented separately from the other assets in the statement of financial position. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-529": { "value": "\nThe Group classifies a component of the business as discontinued operations if the following criteria are met: the operations and cash flows of the component can be clearly distinguished from the rest of the Group, and it represents a separate major line of the business, a separate geographical area of operations, or is included as part of a plan to dispose of a major line of business. Classification as a discontinued operation occurs at the earlier of the date of disposal or when the operation meets the criteria to be classified as held for sale.
\nThe results of discontinued operations are presented separately in the statement of profit or loss. When an operation is classified as discontinued operations, the comparative statement of profit or loss and other comprehensive income are re-presented as if the portion of the business had been discontinued from the start of the comparative year.
\nIntra-group transactions between continuing and discontinued operations are eliminated as part of the consolidated financial statements. Intra-group transactions are eliminated against discontinued operations when management determines that the arrangement is not expected to continue after the sale or disposal of the discontinued operation. Intra-group transactions are eliminated against continuing operations when management determines that the arrangement is expected to continue after the sale.
\nSome overhead costs, such as IT costs, personnel costs, and interest expenses, are expected to reduce after the sale of the disposal groups. To the extent that there is a legal agreement in place for overhead costs to transfer to the buyer of the disposal group, either as part of the purchase agreement or otherwise, these costs are presented as discontinued operations. All other stranded costs are presented as part of continuing operations.
\nSubsequent to the date of the agreements, intra-group transactions occurred between the continuing and discontinued operations. These transactions include the purchases and sales of product in the normal course of business. Intra-group transactions have been eliminated in full in the consolidated financial statements. Management has eliminated these intra-group transactions in either continuing operations or discontinued operations based on the expectation of whether this arrangement will continue subsequent to the disposal.
\nThe consolidated statement of financial position notes includes movement schedules representing the total movements associated with continuing operations, which is made up of continuing operations at the end of the reporting year and movements associated with disposal groups before they met the criteria to be classified as held for sale. The portion of the closing balances representing discontinued operations are separately presented as assets held for sale or liabilities held for sale. Reference is made to note 22.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-530": { "value": "\nOn a regular basis, the IASB issues new accounting standards, amendments and revisions to existing standards and interpretations. These new accounting standards, amendments and revisions to existing standards and interpretations are subject to adoption by the European Union.
\nThe Group has applied the following amendments to the IFRS Accounting Standards that became effective for annual periods beginning on or after 1 January 2024:
Amendment to IFRS 16 \u2013 Leases on sale and leaseback;
Amendment to IAS 7 and IFRS 7 \u2013 Supplier financing arrangements.
The amendments listed above did not have any impact on the amounts recognized in prior periods and are not expected to significantly affect the current or future periods.
\nIn the prior year, the Group elected to early adopt the following amendments to the IFRS Accounting Standards, which are mandatorily applicable for annual periods beginning on or after 1 January 2024:
Classification of Liabilities as Current or Non-current & Non-current Liabilities with Covenants \u2013 Amendments to IAS 1
The Group assesses for the potential impact of any changes to the IFRS Accounting standards and interpretations thereof not yet in force or not yet applicable. The following new and amended standards are not expected to have a significant impact on the Group\u2019s consolidated financial statements. These include, among others, amendments to IAS 21 \"Lack of exchangeability\", amendments to IFRS 9 and IFRS 7 \"Classification and Measurement of Financial Instruments\", amendments to IFRS 10 and IAS 28 \"Sale or Contribution of Assets between an Investor and its Associate or Joint Venture and amendments to IFRS 9 and IFRS 7 \"Contracts Referencing Nature-dependent Electricity\".
\nFurther, in 2024, the IASB published IFRS 18 \"Presentation and Disclosure in Financial Statements\". IFRS 18 introduces, among others, a defined structure of the statement of profit or loss with required subtotals, required disclosures in the financial statements for certain management defined performance measures and enhanced principles on aggregation and disaggregation which apply to the primary financial statements. The implementation date of IFRS 18 is January 1, 2027, with earlier application permitted. We will start with our impact assessment in 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-531": { "value": "\nThe preparation of the financial statements in compliance with IFRS Accounting Standards requires management to make judgments, estimates and assumptions that affect amounts reported in the consolidated financial statements. The estimates and assumptions are based on experience and various other factors that are believed to be reasonable under the circumstances and are used to judge the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised, or the case that the changed estimates affect both the current and future periods, in both the revision period and future periods.
\nThe most critical accounting policies involve a higher degree of judgment and complexity in applying these principles and therefore changes in the assumptions and estimates could result in significantly different results than those recorded in the financial statements. The following are the critical accounting policies:
\nIntangible assets with finite useful lives are carried at cost less accumulated amortization and any impairment. Management makes estimates regarding the useful lives and residual values and assumes that amortization takes place on a \u2018straight-line\u2019 basis. The assets\u2019 useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.
\nFor intangible assets with finite useful lives, OCI assesses annually, or more frequently as needed, whether indicators exist that suggest the intangible asset might be impaired by comparing the recoverable amounts with their carrying amounts. In determining the recoverable amounts of intangible assets, OCI makes estimates and assumptions about future cash flows based on the value in use. In doing so, OCI also makes assumptions and estimates regarding the discount rates and other key assumptions in order to calculate the net present value of the future cash flows. OCI tests at least annually whether goodwill is impaired by comparing the recoverable amounts of cash-generating units with their carrying amounts.
\nThe recoverable amount is the higher of the fair value less cost of disposal and the value in use. In determining the recoverable amount, OCI makes estimates and assumptions concerning future revenues, future costs, future working capital, future investments, Weighted Average Cost of Capital (\u2018WACC\u2019) and future inflation rates.
\nProperty, plant and equipment are carried at cost less accumulated amortization and any impairment. Management makes estimates regarding the useful lives and residual values and assumes that depreciation takes place on a \u2018straight-line\u2019 basis. The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. OCI assesses annually, or more frequently, whether indicators exist that suggest that an item of property, plant and equipment might be impaired by comparing the recoverable amounts with their carrying amounts.
\nIn the useful life reassessment and in assessing for impairment indicators, OCI also considers the impact of its ESG targets and of relevant transition and physical climate risks, if identified for a specific country or region. Transition risks are risks associated with transitioning to a lower-carbon economy and are primarily related to cost of climate impacts, new technologies, market developments and climate litigations. Physical risks are risks that arise from the physical effects of climate change. See Financial implications of climate change for further information on the impact of climate risks on the Group.
\nIn determining the recoverable amounts of property, plant and equipment, OCI makes estimates and assumptions about future cash flows based on the value in use. The discount rate to be used in order to calculate the net present value of the future cash flows in the impairment analysis is based on the WACC.
\nThe fair value of financial instruments traded in active markets (financial instruments in the fair value hierarchy level 1) is based on quoted market prices at the balance sheet date. The fair value of financial instruments not traded in an active market with observable market prices (financial instruments in the fair value hierarchy level 2) is determined using generally accepted valuation techniques. These valuation techniques include estimates and assumptions about forward rates, discount rates based on a single interest rate, or on a yield-curve based on market conditions existing at the balance sheet date.
\nThe fair value of borrowings and interest rate swaps is calculated based on the present value of the estimated future cash flows based on the yield-curve applicable at the balance sheet date. If the financial instrument contains a floating interest rate, the future expected interest rates are determined based on forward rates. The fair value of forward foreign exchange contracts is determined using quoted forward exchange rates at the balance sheet date. Gas price option and gas swap contracts are valued using applicable market yield curves.
\nAll inputs for the fair value calculations represent observable market data that are obtained from external sources that are deemed to be independent and reliable. The net carrying amount of trade receivables and trade payables is assumed to approximate the fair value due to their short-term nature. The fair value of financial instruments with no observable market prices (financial instruments in the fair value hierarchy level 3) is based on assumptions that market participants would use when pricing these assets or liabilities, including assumptions about risk. Assumptions about risk include the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and the risk inherent in the inputs to the valuation technique, including a risk adjustment when there is significant measurement uncertainty.
\nThe fair value of non-current financial liabilities is estimated by discounting the future cash flows using original effective yield-curves. A significant and prolonged decline in the fair value of a financial asset at fair value through other comprehensive income below its acquisition cost is considered as an indicator that the financial asset at fair value through other comprehensive income is impaired.
\nIn determining the net realizable value of inventories, OCI estimates the selling prices in the ordinary course of business, cost of completion and cost to sell. In doing so, OCI makes estimates and assumptions based on current market prices, historical usage of various product categories versus current inventory levels and specific identified obsolescence risks (e.g. end of life of specific goods and spare parts and the impact of new environmental legislation).
\nRecognition of provisions include significant estimates, assumptions and judgments. IFRS Accounting Standards require only those provisions to be recognized if there is an expected outflow of resources and if the cost of these outflows can be estimated reliably. Accordingly, management exercises considerable judgment in determining whether it is more likely than not that there is a present obligation as a result of a past event at the end of the reporting period, whether it is probable that there will be an outflow of resources and whether the amount of the obligation can be reliably estimated. These judgments are subject to change as new information becomes available. The required amount of a provision may change in the future due to new developments related to the matter. Revisions to estimates may significantly impact future profit or loss. Upon resolution, the Group may incur charges in excess of the recorded provisions for such matters.
\nProvisions for asset retirement obligations represent estimated costs of decommissioning. Due to the long time period over which future cash outflows are expected to occur, including the respective interest accretion, the recognition and measurement of these provisions is subject to assumptions. Amongst others, the estimated cash outflows could alter significantly if, and when, political developments affect future laws and regulations with respect to asset retirements. The Group has not recognized any asset retirement obligations because a reliable estimate of the amount of the obligations cannot be made. With respect to legal cases, the Group has to estimate the outcome. Regulatory and legal proceedings as well as government investigations often involve complex legal issues and are subject to substantial uncertainties. The Company periodically reviews the status of these proceedings with both the internal and external legal counsels.
\nThe Group has contractual indemnifications to the buyers of the IFCo, Fertiglobe, and Clean Ammonia assets in connection with their respective sales. The measurement of these indemnification liabilities is subject to significant assumptions including management's estimation of whether it is more likely than not that there is a present obligation and, if required, the reliable estimate of the future outflow.
\nThe Group is subject to income taxes in several jurisdictions. Estimates are required in determining the groupwide provision for income taxes. There are some transactions and calculations for which the ultimate tax position is uncertain during the ordinary course of business. The Group recognizes provisions for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from amounts that were initially recorded, such differences will impact the current income tax and deferred tax provisions in the period in which such determination is made. The Group recognizes deferred tax assets to the extent that it is probable that future taxable profits will be available for the deferred tax asset to be recovered.
\nThis is based on estimates of taxable future income by jurisdiction in which the Group operates and the period over which deferred tax assets are expected to be recoverable. In the event that actual results or new estimates differ from previous estimates and depending on the possible tax strategies that may be implemented, changes to the recognition of deferred tax assets may be required, which could impact the financial position and profit or loss.
\nEstimates are also required to determine the impact of the Pillar Two legislation as the Pillar Two income taxes are closely linked to the provision of income taxes and the final outcome of tax audits for which an uncertain tax position is recognized.
\nThe assessment of whether a contract is, or contains, a lease requires judgment with respect to whether the lessor has substantive substitution rights, the party that obtains economic benefits from use of the asset and the party responsible for making the \u2018how and for what purpose\u2019 decisions during the period of use. Judgment is also applied in order to assess whether the entity will exercise any extension or cancellation options of a lease. The group applies judgments in order to determine the incremental borrowing rate in order to calculate the lease liabilities.
\nSubsidiaries that OCI controls are fully consolidated from the date that control commences until the date that control ceases. To determine whether OCI has control over its subsidiaries, OCI performs an assessment based on the requirements of IFRS 10. OCI evaluates whether it has power over the relevant activities of the investee, is exposed or has rights to variable returns from its involvement with the investee, and whether it has the ability to affect those returns through its power over the investee. Generally, control accompanies a shareholding of more than half of the shares issued and related voting power. When OCI no longer legally holds the shares in a subsidiary as a result of a sale, it is assumed that OCI no longer has control.
\nIn certain circumstances, the control assessment may require OCI to evaluate the effect of ownership structures, determine the relevant activities and assess other arrangements including the rights of other shareholders that could have an impact on the assessment of control. This specifically relates to the control assessment of Fertiglobe and Sorfert for the period up to the sale of these entities.
\nOCI periodically reviews its obligations with respect to CO2 emissions under the ETS program. The estimation of CO2 emissions is primarily based on the expected utilization of the production capacity for the remaining part of the compliance period. The estimation of the utilization of the production capacity is dependent on a number of assumptions with inherent uncertainty making it a critical accounting estimate. The identification of the number of excess EUAs is dependent on this estimate.
\nOCI faces moderate risks and opportunities as a result of climate change and governmental actions to reduce greenhouse gas (GHG) emissions and create low-carbon and climate-resilient economies. Refer to section Climate change risks and opportunities and Strategic risks for a description of these risks and opportunities.
\nOCI is exposed to certain physical risks caused by rising global temperatures, such as extreme weather events and rising sea levels, and transition risks associated with shifting to a lower-carbon economy, such as changes in government regulations and costs for transitioning to lower emissions and higher resource efficiency technologies. The Group also monitors for shifting market dynamics and potential opportunities from changing consumer sentiment or government environmental regulations. These risks and opportunities are integrated in the Group\u2019s risk management and strategy development processes, resulting in a decarbonization strategy.
\nFollowing our strategic review and divestment of several facilities, OCI\u2019s previous climate mitigation targets are under review as the material structure of our business has changed. At our remaining facilities, OCI is continuing with its decarbonization plans and pursuing our goal of achieving carbon neutrality by 2050.
\nOCI makes certain estimates and assumptions of the impact of climate risks on its future. Changes to these assumptions may influence the carrying amounts of assets and liabilities due to, among others, future re-assessment of useful lives of tangible or intangible assets, changed assumptions used as basis for impairment testing of such assets, changes to environmental and decommission provisions, and changes to cost of capital. Significant judgment may be needed to develop these estimates.
\nThe carrying value of the property, plant and equipment included in the continuing operations primarily relate to the capitalized cost associated with the major maintenance activities (also referred to as turnarounds) which in general have a 3-4 year cycle. \u00a0As such, the assets included in continuing operations\u00a0have\u00a0an average useful life of approximately 4 \u2013 7 years. As result of the depreciation and investment policy applied, the financial implications of climate change are being considered at each turn around cycle thereby reducing the risk of identifying impairments as a result of climate change risk at the reporting date. Accordingly, for the year ended 31 December 2024, OCI did not identify any changes to the carrying value of assets or liabilities associated with climate change transition risks.
\nThe measurement of the financial liability to fund specified costs of the Clean Ammonia project is subject to estimation uncertainty. Key estimates which have an impact on the valuation of the liability include the amount of reimbursable costs to finalize the Clean Ammonia project, the timing of these cash flows, the discount rate applied and the estimated timing of Project Completion. OCI develops its estimate on the volume and timing of costs based on the overall project budget and project planning.
\nThe measurement of the contract liability to provide employee services to Woodside is subject to estimation uncertainty. Key estimates which impact the measurement of the liability are the volume of employee costs expected to be incurred, the timing until the start of operations, and the discount rate applied.
\nThe Group presents segments of the business as held for sale from the moment that the IFRS 5 criteria are met. The timing of this determination impacts the depreciation expense recorded in the Group, as depreciation ceases from the moment the segment is considered held for sale. The assessment of whether the IFRS 5 criteria are met requires judgement. Specifically, the Group considers this criterion that the sale is highly probable to be met if there is a binding sale agreement signed between the parties.
\nSpecific to the sale of the OCI Methanol Group, the group made judgements over whether the sale of OCI's interests in Firewater LLC (direct shareholder of Natgasoline LLC), which is included in the purchase agreement with Methanex, met the criteria of IFRS 5 given the ongoing litigation in Q4 2024 over shareholders' rights with Proman USA (Beaumont) LLC, the joint venture partner in the Natgasoline business. This case was subsequently closed in OCI\u2019s favor in Q1 2025. Refer to note 33 Subsequent events.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-532": { "value": "\nThe Group has exposure to credit, liquidity and market risks from financial instruments. These risks arise from exposures that occur in the normal course of business and are managed on a consolidated company basis.
\nThis note presents information about the Group\u2019s exposure to each of the above risks, the Group\u2019s objectives, policies and processes for measuring and managing these risks. Additionally, it also includes the Group\u2019s management of capital.
\nThe Board of Directors has oversight responsibility for the establishment and monitoring of the Group\u2019s risk management framework. Senior (local) management is responsible for the effective operation of the internal risk management and control systems.
\nThe Audit and Risk department facilitates and supervises the Risk Management function, ensuring compliance with OCI Internal Control Framework and supporting the Board of Directors in fulfilling their risk management responsibilities.
\nThe Group\u2019s risk management policies and practices are established to identify and analyze the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. These policies and systems are reviewed regularly to reflect changes in market conditions and business activities, and the Group\u2019s strategic direction, including developments arising from the ongoing strategic review and portfolio adjustments.
\nThe Group, through its training and management standards and procedures, aims to develop a disciplined and constructive control environment in which all employees understand their roles and responsibilities in risk management.
\nThe Audit Committee oversees how management monitors compliance with the Group\u2019s risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the Group's evolving risk profile.
\nThe Audit Committee is assisted in its oversight role by the Audit and Risk department, which undertakes both regular and ad hoc reviews of risk management controls and procedures, reporting its findings to the Audit Committee.
\nCredit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. This arises principally from the Group\u2019s receivables from trade and other receivables, financial assets at fair value through other comprehensive income and from outstanding cash balances with banks.
\nThe Group\u2019s exposure to customer credit risk is monitored and mitigated by performing credit checks before selling any goods. No collateral is received. Customers are typically billed after the goods have been delivered or the services have been performed. Customary payment terms for the Group's receivables is 30 days. In certain instances, the Group receives upfront payment for services and recognizes deferred revenue. The Group establishes an allowance, if needed, for impairment that represents its estimate of expected losses in respect of trade and other receivables.
\nIFRS 9 establishes a three-stage impairment model, based on whether there has been a significant increase in the credit risk of a financial asset since its initial recognition. As at 31 December 2024, management concluded no such significant increase in credit risk was present. Hence, the expected credit loss on instruments is calculated based on Stage 1 (i.e. 12-month expected credit losses). The Group has determined that expected credit losses on financial assets is immaterial as at 31 December 2024.
\nThe Group is exposed to credit risk on the USD 447.9 million deferred consideration on the sale of Clean Ammonia which is receivable from Woodside at completion of the Clean Ammonia project. Woodside holds an investment grade rating.
\nThe Group is party to a securitization agreement to sell certain trade receivables to an external financial institution. The agreement permits securitization of trade receivables up to USD 103.5 million (EUR 100.0 million). As per 31 December 2024 an amount of USD 62.4 million (EUR 60.3 million) of trade receivables were transferred.
\nWith respect to transactions with financial institutions, the Group sets a minimum credit rating for counterparties. The maximum exposure to credit risk is the carrying amount of financial instruments, for an overview, reference is made to the tables below. There is no significant concentration by counterparty of credit risk in trade and other receivables or financial assets at fair value through other comprehensive income. In 2024, OCI did increase its exposure limit with top tier banks in order to accommodate deposits for a large surplus cash balance as a result of the sale of IFCO, Fertiglobe and Clean Ammonia. All banks holding deposits have an investment grade credit rating.
\nConcentrations of receivables by region can be seen in the table below.
\nThe maximum exposure to credit risk at the reporting date is as follows:
\n$ millions | Note | 2024 | 2023 |
|---|---|---|---|
Trade and other receivables | (9) | 659.1 | 396.1 |
Financial assets at fair value through other comprehensive income | (11) | 3.4 | 9.0 |
Cash and cash equivalents | (14) | 2,052.9 | 156.9 |
Total | \u00a0 | 2,715.4 | 562.0 |
The maximum exposure to credit risk for trade and other receivables by geographic region is as follows:
\n$ millions | 2024 | 2023 |
|---|---|---|
Middle East and Africa | 12.9 | 69.7 |
Asia and Oceania | 1.7 | 9.4 |
Europe | 600.3 | 158.6 |
Americas | 44.2 | 158.4 |
Total | 659.1 | 396.1 |
The maximum exposure to credit risk for cash and cash equivalents by geographic region is as follows:
\n$ millions | 2024 | 2023 |
|---|---|---|
Middle East and Africa | - | 55.2 |
Asia and Oceania | 0.1 | - |
Europe | 2,024.5 | 76.3 |
Americas | 28.3 | 25.4 |
Total | 2,052.9 | 156.9 |
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset.
\nThe future obligations will be managed by the future incoming cash from operations, cash and cash equivalents of USD 2,052.9 million (2023: USD 156.9 million) and unused amounts on credit facility agreements in the amount of USD 600.0 million (2023: USD 387.3 million), reference is made to note 18' Undrawn bank facilities'. The Group has a sizable cash position at the end of 2024 due to the sale of IFCo, Fertiglobe plc and Clean Ammonia in 2024.
\nThe Group\u2019s approach to managing liquidity risk is to ensure that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation.
\nThe securitization of trade receivables is one mechanism used to manage the Group's liquidity risk. This is also safeguarded by using multiple financial institutions in order to mitigate any concentration of liquidity risk. The Group\u2019s financing strategy is to secure external financing primarily at OCI N.V. with debt at an operating company level only if there is a compelling economic rationale. OCI N.V. acts as the financing company thus limiting the number of cross relationships within the Group and maximizing flexibility to divest operating companies.
\nThe liquidity risk is monitored internally at Group level. On an ongoing basis, the Group prepares liquidity forecasts to verify whether the Group is able to meet its future debt obligations. The Group has also carefully evaluated the funding of its business plan for at least the next 12 months from the date of issuance of the financial statements and has applied sensitivities to the forecast level of liquidity headroom available. Key assumptions include product pricing, natural gas pricing, utilization rates and estimated corporate costs. Management has applied these assumptions to the forecasts, which would leave sufficient liquidity headroom. Refer to note 2.2 and note 18 of the notes to the consolidated financial statements for the Group's analyses of going concern and debt covenants, respectively.
\nThe following are the contractual maturities of financial liabilities, including estimated interest payments and excluding the impact of netting agreements.
\n31 December 2024 | Note | Carrying amount | Contractual cash flow | Less than 1 year | Between 1 and 5 years | More than 5 years |
|---|---|---|---|---|---|---|
Financial liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Loans and borrowings | (18) | 682.1 | 1,032.3 | 130.8 | 201.0 | 700.5 |
Lease obligations | (19) | 121.6 | 125.1 | 19.4 | 53.4 | 52.3 |
Trade and other payables | (20) | 848.2 | 847.8 | 847.9 | (0.1) | - |
Derivatives | (20) | 20.8 | 19.4 | 18.5 | 0.9 | - |
Total | \u00a0 | 1,672.7 | 2,024.6 | 1,016.6 | 255.2 | 752.8 |
31 December 2023 | Note | Carrying amount | Contractual cash flow | Less than 1 year | Between 1 and 5 years | More than 5 years |
|---|---|---|---|---|---|---|
Financial liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Loans and borrowings | (18) | 2,157.4 | 2,618.4 | 241.7 | 1,636.0 | 740.7 |
Lease obligations | (19) | 142.3 | 142.1 | 28.5 | 49.0 | 64.6 |
Trade and other payables | (20) | 490.6 | 490.6 | 455.4 | 35.0 | 0.2 |
Derivatives | (20) | 177.9 | 180.5 | 74.4 | 106.1 | - |
Total | \u00a0 | 2,968.2 | 3,431.6 | 800.0 | 1,826.1 | 805.5 |
The interest on floating rate loans and borrowings is based on forward interest rates at period-end. This interest rate may change as the market interest rate changes.
\nThe following refinancing and subsequent deleveraging activities were completed during 2024 :
On 23 February 2024, OCI N.V. executed a EUR 400.0 million bridge loan facility, bearing interest at a rate of EURIBOR + 0.85%. The proceeds were used to partially repay the OCI N.V. Revolving Credit Facility. The bridge loan was repaid in full in August 2024;
On 29 August 2024, OCI closed on the sale of IFCO to Koch. As part of the sale, the bonds outstanding by IFCO were defeased and removed from IFCO's balance sheet on the date of closing;
In August 2024 after the closing of the sale of IFCO, OCI repaid USD 581.8 million of principal and interest on the revolving credit facility, which remains undrawn as of 31 December 2024;
On 15 October 2024, both the EUR and USD 2025 bonds issued by OCI N.V. became callable at par. On this date, OCI N.V. redeemed these bonds in full. The total redemption amount paid, which is made up of principal and accrued interest, was EUR 366.5 million (USD 399.1 million) and USD 295.0 million, respectively.\u00a0
On 12 December 2024, OCI N.V. reduced the maximum commitment on its revolving credit facility from USD 1,100.0 million to USD 600.0 million. This reduction results in lower commitment fees going forward on the unused portion of the facility.
For an overview of all loans and borrowings, reference is made to note 18.
\nMarket risk is the risk of changes in market prices, such as foreign exchange rates, interest rates, commodity prices and equity prices that will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return.
\nThe Group is exposed to foreign currency risk arising in separate ways:
\nThe Group entities predominantly execute their activities in their respective functional currencies. The Group is however exposed to foreign exchange transaction risk when Group entities enter into foreign currency denominated transactions. The Group monitors the exposure to foreign currency risk arising from operating activities and enters selectively into foreign exchange contracts to hedge foreign currency exposures. The nominal amount of the foreign currency derivatives outstanding used to hedge transaction risk as per 31 December 2024 was USD (3.6) million (2023: USD 2.3 million) and relates to the USD exposure of the Group (on Euro currencies). The functional currencies of the continuing operations of the Group is primarily the Euro.
\nThe Group is exposed to the translation of foreign currency denominated monetary assets and liabilities. These exposures are managed by the Group's treasury function, which may hedge a portion of the foreign currency exposures estimated to arise in the foreseeable future.
\nThe Group is exposed to foreign exchange fluctuations through monetary items denominated in foreign currencies other than the relevant functional currency and intercompany balances. As a result of the sale of IFCO, Fertiglobe, and Clean Ammonia, the group has a sizeable USD deposits position included in cash and cash equivalents and held by OCI N.V., which has a functional currency of EUR. This translation risk is partially naturally hedged through the USD debt held by OCI N.V.
\nThe summary of this exposure is as follows:
\n31 December 2024 | USD | EUR |
|---|---|---|
Trade and other receivables | 504.9 | - |
Trade and other receivables - Intercompany | 346.4 | 85.0 |
Trade and other payables | (660.4) | - |
Trade and other payables - Intercompany | (156.6) | - |
Loans and borrowings | (605.2) | - |
Loans and borrowings - Intercompany | (19.9) | (104.6) |
Cash and cash equivalents | 2,022.7 | - |
31 December 2023 | USD | EUR |
|---|---|---|
Trade and other receivables | 32.8 | - |
Trade and other receivables - Intercompany | 784.9 | 24.1 |
Trade and other payables | (142.9) | - |
Trade and other payables - Intercompany | (112.2) | (0.2) |
Loans and borrowings | (55.7) | - |
Loans and borrowings - Intercompany | (41.6) | (99.1) |
Cash and cash equivalents | 71.6 | 55.7 |
The Group's risk management strategy is to hedge the spot foreign exchange risk on net investments in foreign operations. The risk management objective is to reduce foreign exchange results on net investments in USD.
\nIn 2024, the Group decommissioned its net investment hedge as part of a change in its risk management objective, following the repayment of certain loan facilities and the sale of specific USD-denominated investments in subsidiaries.
\nThe hedge relationship previously recognized was a hedge of the foreign currency exposures on net investment in foreign operations in USD. The hedge relationship was designated at the level of the Group for the purpose of the consolidated financial statements. The hedged items were all operational USD foreign operations of the Group. To comply with the risk management policy, the hedge ratio was based on hedging the spot rate foreign currency exposure of USD foreign operations with hedging instruments with same or lower notional amount. This resulted in a hedge ratio of 1:1 or 100%.
\nThe hedging instruments in 2023 related to the USD denominated unsecured senior notes and unsecured loan facility recorded in OCI N.V., reference is made to note 18 for further details.
\n$ millions | Note | 2024 | 2023 |
|---|---|---|---|
Carrying amount hedging instruments | (18) | - | 1,253.3 |
Principal amount of hedging instruments | (18) | - | 1,988.3 |
Changes in fair value of hedging instruments carrying amount | \u00a0 | 18.6 | 39.0 |
Realization of net investment hedge | (22) | 92.5 | - |
Cumulative amount recognized1 | \u00a0 | (37.2) | (148.3) |
The following significant exchange rates applied during the year against the US dollar:
\n| \u00a0 | Average 2024 | Average 2023 | Closing 2024 | Closing 2023 |
|---|---|---|---|---|
Euro | 1.0818 | 1.0815 | 1.0349 | 1.1039 |
The exposure of the group to foreign exchange rate changes is primarily with entities in the group with a EUR functional currency holding USD balances, for example the unsecured senior notes held by OCI N.V. in USD. The continuing operations of the Group has reduced its exposure to EUR (in entities with a USD functional currency) due to the pending sale of the Methanol business. The Group\u2019s exposure to foreign currency changes for all other currencies is not material.
\nThe following tables demonstrate the sensitivity to a reasonably possible change in USD exchange rate to increase or (decrease) against the EUR. During 2024, the average fluctuation of EUR vs. USD was 6%. As at 31 December 2024, if the US dollar had weakened / strengthened by 6% against the Euro with all other variables held constant, the translation of cash and cash equivalents, foreign currency receivables, payables, and loans and borrowings would have resulted in an increase / decrease of USD 106.5 million of the profit of the year.
\n31 December 2024 | Change in FX rate | Effect on profit before tax | Effect on equity |
|---|---|---|---|
EUR - USD | 6 percent | 106.5 | - |
| \u00a0 | (6) percent | (106.5) | - |
31 December 2023 | Change in FX rate | Effect on profit before tax | Effect on equity |
|---|---|---|---|
EUR - USD | 8 percent | 41.7 | 100.3 |
| \u00a0 | (8) percent | (41.7) | (100.3) |
The figures in the above overview are determined based on the currency volatility of the respective years. A significant part of the Group\u2019s exposure to foreign currency transaction risk relates to cash and intercompany balances.
\nThe Group\u2019s cash flow interest rate risks arise from the exposure to variability in future cash flows of floating rate financial instruments and refinancing fixed rate borrowings. The Group regularly reviews its exposure to the global interest rate environment.
\nThe Group analyses its interest rate exposure on a dynamic basis. The Group calculates the impact on profit or loss of a defined interest rate shift. The same interest rate shift is used for all currencies. The assumed movement in basis points for the interest rate sensitivity analysis is based on the currently observable market data, showing a higher volatility compared to prior years. The interest rate sensitivity calculation is based on the interest-bearing liabilities. With all other variables held constant, the Group\u2019s profit before tax is affected through the impact on floating rate borrowings plus refinancing of fixed rate borrowings. The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of borrowings affected:
\n$ millions | In basis points | 2024 | 2023 |
|---|---|---|---|
Effect on profit before tax for the coming year | + 200 bps | (1.7) | (15.8) |
Effect on profit before tax for the coming year | - 200 bps | 1.7 | 15.8 |
A fundamental reform of major interest rate benchmarks has occurred globally, including the replacement of some interbank offered rates (IBOR), with alternative nearly risk-free rates. The Group\u2019s main IBOR exposure was USD LIBOR on its loans. The alternative reference rate for USD LIBOR is the Secured Overnight Financing Rate (SOFR). The Group finished the process of amending contractual terms in response to IBOR reform during 2022. The USD LIBOR ceased as per 30 June 2023.
\nAll other financial instruments that were subject to the interest rate benchmark reform had contractual provisions in place to seamlessly transition to a new reference rate when publication of LIBOR ceased. All other instruments subject to the reform were non-derivative financial liabilities.
\nNatural gas is one of the primary raw materials used in the Group\u2019s production processes. The Group is exposed to natural gas price commodity risk for those entities that buy natural gas at spot prices.
\nManagement monitors the development of gas prices and products\u2019 selling prices on a daily basis using external historical and forecast market data provided by several data vendors. Management analyzes the potential profit margin per product based on this data in order to make operational and hedging decisions.
\nFor the entities that are impacted by changes in natural gas prices during FY 2024, a change in the average natural gas prices by USD 1 per MMBtu would impact the total annual cost of sales by USD 27.8 million (2023: USD 63.0 million), excluding the impact of hedges. The decrease is mainly due to the OCI Methanol Group being presented as discontinued operations in 2024.
\nThe Group enters into gas hedges in order to hedge future gas price levels over a certain period of time (reference is made to note 20). The Group uses derivatives (Basis swaps, Index swaps and options) in order to do so and does not apply hedge accounting on these instruments, therefore all fair value changes related to these financial instruments are recognized in profit or loss. Where there is no past practice of being net cash-settled, fixed price gas contracts and month-ahead swaps are accounted for under the \u2018own use\u2019 exemption. The fiscal year 2025 gas price risk is reduced by the Group to an extent of 0% (including both physical pricings and financial hedges). The outstanding gas hedges in MMBtu as per 31 December 2024 for the years 2025-2027 are:
Flat priced contracts: Nil (2023: 211.8 million);
Options (delta equivalent): 7.3 million (2023: 7.3 million);
In 2023, the Group generated additional liquidity by selling EUAs to the market. This generated total net proceeds of USD 0.5\u00a0million resulted from the sale and repurchase of EUAs. Included in the net proceeds received, a gross amount of USD 36.4\u00a0million was recognized in cost of sales related to the sale of excess EUAs.
\nThe following table presents the various categories of financial instruments:
\n31 December 2024 | Note | Loans and receivables / payables at amortized cost | Derivatives at fair value | Financial assets at fair value through profit and loss | Financial assets at fair value through other comp. income |
|---|---|---|---|---|---|
Assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Trade and other receivables | (9) | 159.5 | 2.4 | 447.9 | - |
Financial assets at fair value through other comprehensive income | (11) | - | - | - | 3.4 |
Cash and cash equivalents | (14) | 2,052.9 | - | - | - |
Total | \u00a0 | 2,212.4 | 2.4 | 447.9 | 3.4 |
Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Loans and borrowings | (18) | 682.1 | - | - | - |
Trade and other payables | (20) | 936.5 | 20.8 | - | - |
Total | \u00a0 | 1,618.6 | 20.8 | - | - |
The Group has financial instruments carried at fair value.
\nFor derivative financial instruments, the fair value is calculated within hierarchy category level 2.
\nFinancial assets at fair value through other comprehensive income relate to certain equity investments made by the Group. The investment in Notore Chemical Industries was sold in Q3 2024. Reference is made to note 24. In 2023, the investment in Notore was recognized as level 3 (2023: USD 7.3 million). The fair value of Orascom Construction PLC, the remaining investment of the Group classified fair value through other comprehensive income, is categorized as level 1 as it is based on the publicly available share price.
\nThe Group measures the deferred consideration from the sale of Clean Ammonia as fair value through profit or loss. The fair value is categorized as level 3 as the estimated payment date, upon completion of the Clean Ammonia project, is a significant unobservable input. Changes in this date will result in changes in the valuation of this asset. The deferred consideration is discussed further in note 9.
\n31 December 2023 | Note | Loans and receivables / payables at amortized cost | Derivatives at fair value | Financial assets at fair value through profit and loss | Financial assets at fair value through other comp. income |
|---|---|---|---|---|---|
Assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Trade and other receivables | (9) | 304.7 | 2.9 | - | - |
Financial assets at fair value through other comprehensive income | (11) | - | - | - | 9.0 |
Cash and cash equivalents | (14) | 156.9 | - | - | - |
Total | \u00a0 | 461.6 | 2.9 | - | 9.0 |
Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Loans and borrowings | (18) | 2,157.4 | - | - | - |
Trade and other payables | (20) | 634.6 | 177.9 | - | - |
Total | \u00a0 | 2,792.0 | 177.9 | - | - |
In 2024 and 2023, there were no transfers between the fair value hierarchy categories. The fair value of loans and borrowings and receivables are disclosed in notes 18 and 9, respectively.
\nThe Board\u2019s policy is to maintain a strong capital base. Capital consists of ordinary shares, retained earnings and non-controlling interests of the Group. The Board of Directors monitors the return on capital as well as the level of dividends to ordinary shareholders. The Group is required by external financial institutions to maintain certain capital requirements compared to its debt. Reference is made to note 18 for a description of financial covenants.
\nThe Group's net cash position as at 31 December 2024 is due to the approximately USD 8.7 billion of net cash proceeds from the sale of IFCO, Fertiglobe and Clean Ammonia. This cash was used to repay certain debt facilities, return capital to shareholders, and the remainder is held in short-term deposit facilities earning an average interest rate of 4.74%.
\nThe Group's substantial net cash position, the future proceeds from the sale of the equity\u00a0interests in OCI Methanol and other contingent consideration items from closed transactions will be used to maintain this strong capital base, and fund the capex and certain pre-operating expenses of the Clean Ammonia project until commissioning. OCI expects to make a further extraordinary distribution of up to USD 1 billion through another repayment of capital during Q2 2025, subject to the necessary approvals.
\nThe Group\u2019s net debt / (cash) to equity ratio at the reporting date was as follows:
\n$ millions | Note | 31 December 2024 | 31 December 2023 |
|---|---|---|---|
Loans and borrowings | (18) | 682.1 | 2,157.4 |
Less: cash and cash equivalents | (14) | 2,052.9 | 156.9 |
Net debt / (cash) | \u00a0 | (1,370.8) | 2,000.5 |
Total equity | \u00a0 | 2,246.8 | 1,950.4 |
Net debt / (cash) to equity ratio | \u00a0 | (0.61) | 1.03 |
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. This arises principally from the Group\u2019s receivables from trade and other receivables, financial assets at fair value through other comprehensive income and from outstanding cash balances with banks.
\nThe Group\u2019s exposure to customer credit risk is monitored and mitigated by performing credit checks before selling any goods. No collateral is received. Customers are typically billed after the goods have been delivered or the services have been performed. Customary payment terms for the Group's receivables is 30 days. In certain instances, the Group receives upfront payment for services and recognizes deferred revenue. The Group establishes an allowance, if needed, for impairment that represents its estimate of expected losses in respect of trade and other receivables.
\nIFRS 9 establishes a three-stage impairment model, based on whether there has been a significant increase in the credit risk of a financial asset since its initial recognition. As at 31 December 2024, management concluded no such significant increase in credit risk was present. Hence, the expected credit loss on instruments is calculated based on Stage 1 (i.e. 12-month expected credit losses). The Group has determined that expected credit losses on financial assets is immaterial as at 31 December 2024.
\nThe Group is exposed to credit risk on the USD 447.9 million deferred consideration on the sale of Clean Ammonia which is receivable from Woodside at completion of the Clean Ammonia project. Woodside holds an investment grade rating.
\nThe Group is party to a securitization agreement to sell certain trade receivables to an external financial institution. The agreement permits securitization of trade receivables up to USD 103.5 million (EUR 100.0 million). As per 31 December 2024 an amount of USD 62.4 million (EUR 60.3 million) of trade receivables were transferred.
\nWith respect to transactions with financial institutions, the Group sets a minimum credit rating for counterparties. The maximum exposure to credit risk is the carrying amount of financial instruments, for an overview, reference is made to the tables below. There is no significant concentration by counterparty of credit risk in trade and other receivables or financial assets at fair value through other comprehensive income. In 2024, OCI did increase its exposure limit with top tier banks in order to accommodate deposits for a large surplus cash balance as a result of the sale of IFCO, Fertiglobe and Clean Ammonia. All banks holding deposits have an investment grade credit rating.
\nConcentrations of receivables by region can be seen in the table below.
\nThe maximum exposure to credit risk at the reporting date is as follows:
\n$ millions | Note | 2024 | 2023 |
|---|---|---|---|
Trade and other receivables | (9) | 659.1 | 396.1 |
Financial assets at fair value through other comprehensive income | (11) | 3.4 | 9.0 |
Cash and cash equivalents | (14) | 2,052.9 | 156.9 |
Total | \u00a0 | 2,715.4 | 562.0 |
The maximum exposure to credit risk for trade and other receivables by geographic region is as follows:
\n$ millions | 2024 | 2023 |
|---|---|---|
Middle East and Africa | 12.9 | 69.7 |
Asia and Oceania | 1.7 | 9.4 |
Europe | 600.3 | 158.6 |
Americas | 44.2 | 158.4 |
Total | 659.1 | 396.1 |
The maximum exposure to credit risk for cash and cash equivalents by geographic region is as follows:
\n$ millions | 2024 | 2023 |
|---|---|---|
Middle East and Africa | - | 55.2 |
Asia and Oceania | 0.1 | - |
Europe | 2,024.5 | 76.3 |
Americas | 28.3 | 25.4 |
Total | 2,052.9 | 156.9 |
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset.
\nThe future obligations will be managed by the future incoming cash from operations, cash and cash equivalents of USD 2,052.9 million (2023: USD 156.9 million) and unused amounts on credit facility agreements in the amount of USD 600.0 million (2023: USD 387.3 million), reference is made to note 18' Undrawn bank facilities'. The Group has a sizable cash position at the end of 2024 due to the sale of IFCo, Fertiglobe plc and Clean Ammonia in 2024.
\nThe Group\u2019s approach to managing liquidity risk is to ensure that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation.
\nThe securitization of trade receivables is one mechanism used to manage the Group's liquidity risk. This is also safeguarded by using multiple financial institutions in order to mitigate any concentration of liquidity risk. The Group\u2019s financing strategy is to secure external financing primarily at OCI N.V. with debt at an operating company level only if there is a compelling economic rationale. OCI N.V. acts as the financing company thus limiting the number of cross relationships within the Group and maximizing flexibility to divest operating companies.
\nThe liquidity risk is monitored internally at Group level. On an ongoing basis, the Group prepares liquidity forecasts to verify whether the Group is able to meet its future debt obligations. The Group has also carefully evaluated the funding of its business plan for at least the next 12 months from the date of issuance of the financial statements and has applied sensitivities to the forecast level of liquidity headroom available. Key assumptions include product pricing, natural gas pricing, utilization rates and estimated corporate costs. Management has applied these assumptions to the forecasts, which would leave sufficient liquidity headroom. Refer to note 2.2 and note 18 of the notes to the consolidated financial statements for the Group's analyses of going concern and debt covenants, respectively.
\nThe following are the contractual maturities of financial liabilities, including estimated interest payments and excluding the impact of netting agreements.
\n31 December 2024 | Note | Carrying amount | Contractual cash flow | Less than 1 year | Between 1 and 5 years | More than 5 years |
|---|---|---|---|---|---|---|
Financial liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Loans and borrowings | (18) | 682.1 | 1,032.3 | 130.8 | 201.0 | 700.5 |
Lease obligations | (19) | 121.6 | 125.1 | 19.4 | 53.4 | 52.3 |
Trade and other payables | (20) | 848.2 | 847.8 | 847.9 | (0.1) | - |
Derivatives | (20) | 20.8 | 19.4 | 18.5 | 0.9 | - |
Total | \u00a0 | 1,672.7 | 2,024.6 | 1,016.6 | 255.2 | 752.8 |
31 December 2023 | Note | Carrying amount | Contractual cash flow | Less than 1 year | Between 1 and 5 years | More than 5 years |
|---|---|---|---|---|---|---|
Financial liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Loans and borrowings | (18) | 2,157.4 | 2,618.4 | 241.7 | 1,636.0 | 740.7 |
Lease obligations | (19) | 142.3 | 142.1 | 28.5 | 49.0 | 64.6 |
Trade and other payables | (20) | 490.6 | 490.6 | 455.4 | 35.0 | 0.2 |
Derivatives | (20) | 177.9 | 180.5 | 74.4 | 106.1 | - |
Total | \u00a0 | 2,968.2 | 3,431.6 | 800.0 | 1,826.1 | 805.5 |
The interest on floating rate loans and borrowings is based on forward interest rates at period-end. This interest rate may change as the market interest rate changes.
\nThe following refinancing and subsequent deleveraging activities were completed during 2024 :
On 23 February 2024, OCI N.V. executed a EUR 400.0 million bridge loan facility, bearing interest at a rate of EURIBOR + 0.85%. The proceeds were used to partially repay the OCI N.V. Revolving Credit Facility. The bridge loan was repaid in full in August 2024;
On 29 August 2024, OCI closed on the sale of IFCO to Koch. As part of the sale, the bonds outstanding by IFCO were defeased and removed from IFCO's balance sheet on the date of closing;
In August 2024 after the closing of the sale of IFCO, OCI repaid USD 581.8 million of principal and interest on the revolving credit facility, which remains undrawn as of 31 December 2024;
On 15 October 2024, both the EUR and USD 2025 bonds issued by OCI N.V. became callable at par. On this date, OCI N.V. redeemed these bonds in full. The total redemption amount paid, which is made up of principal and accrued interest, was EUR 366.5 million (USD 399.1 million) and USD 295.0 million, respectively.\u00a0
On 12 December 2024, OCI N.V. reduced the maximum commitment on its revolving credit facility from USD 1,100.0 million to USD 600.0 million. This reduction results in lower commitment fees going forward on the unused portion of the facility.
For an overview of all loans and borrowings, reference is made to note 18.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-6": { "value": "OCI N.V.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-535": { "value": "\nMarket risk is the risk of changes in market prices, such as foreign exchange rates, interest rates, commodity prices and equity prices that will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return.
\nThe Group is exposed to foreign currency risk arising in separate ways:
\nThe Group entities predominantly execute their activities in their respective functional currencies. The Group is however exposed to foreign exchange transaction risk when Group entities enter into foreign currency denominated transactions. The Group monitors the exposure to foreign currency risk arising from operating activities and enters selectively into foreign exchange contracts to hedge foreign currency exposures. The nominal amount of the foreign currency derivatives outstanding used to hedge transaction risk as per 31 December 2024 was USD (3.6) million (2023: USD 2.3 million) and relates to the USD exposure of the Group (on Euro currencies). The functional currencies of the continuing operations of the Group is primarily the Euro.
\nThe Group is exposed to the translation of foreign currency denominated monetary assets and liabilities. These exposures are managed by the Group's treasury function, which may hedge a portion of the foreign currency exposures estimated to arise in the foreseeable future.
\nThe Group is exposed to foreign exchange fluctuations through monetary items denominated in foreign currencies other than the relevant functional currency and intercompany balances. As a result of the sale of IFCO, Fertiglobe, and Clean Ammonia, the group has a sizeable USD deposits position included in cash and cash equivalents and held by OCI N.V., which has a functional currency of EUR. This translation risk is partially naturally hedged through the USD debt held by OCI N.V.
\nThe summary of this exposure is as follows:
\n31 December 2024 | USD | EUR |
|---|---|---|
Trade and other receivables | 504.9 | - |
Trade and other receivables - Intercompany | 346.4 | 85.0 |
Trade and other payables | (660.4) | - |
Trade and other payables - Intercompany | (156.6) | - |
Loans and borrowings | (605.2) | - |
Loans and borrowings - Intercompany | (19.9) | (104.6) |
Cash and cash equivalents | 2,022.7 | - |
31 December 2023 | USD | EUR |
|---|---|---|
Trade and other receivables | 32.8 | - |
Trade and other receivables - Intercompany | 784.9 | 24.1 |
Trade and other payables | (142.9) | - |
Trade and other payables - Intercompany | (112.2) | (0.2) |
Loans and borrowings | (55.7) | - |
Loans and borrowings - Intercompany | (41.6) | (99.1) |
Cash and cash equivalents | 71.6 | 55.7 |
The Group's risk management strategy is to hedge the spot foreign exchange risk on net investments in foreign operations. The risk management objective is to reduce foreign exchange results on net investments in USD.
\nIn 2024, the Group decommissioned its net investment hedge as part of a change in its risk management objective, following the repayment of certain loan facilities and the sale of specific USD-denominated investments in subsidiaries.
\nThe hedge relationship previously recognized was a hedge of the foreign currency exposures on net investment in foreign operations in USD. The hedge relationship was designated at the level of the Group for the purpose of the consolidated financial statements. The hedged items were all operational USD foreign operations of the Group. To comply with the risk management policy, the hedge ratio was based on hedging the spot rate foreign currency exposure of USD foreign operations with hedging instruments with same or lower notional amount. This resulted in a hedge ratio of 1:1 or 100%.
\nThe hedging instruments in 2023 related to the USD denominated unsecured senior notes and unsecured loan facility recorded in OCI N.V., reference is made to note 18 for further details.
\n$ millions | Note | 2024 | 2023 |
|---|---|---|---|
Carrying amount hedging instruments | (18) | - | 1,253.3 |
Principal amount of hedging instruments | (18) | - | 1,988.3 |
Changes in fair value of hedging instruments carrying amount | \u00a0 | 18.6 | 39.0 |
Realization of net investment hedge | (22) | 92.5 | - |
Cumulative amount recognized1 | \u00a0 | (37.2) | (148.3) |
The following significant exchange rates applied during the year against the US dollar:
\n| \u00a0 | Average 2024 | Average 2023 | Closing 2024 | Closing 2023 |
|---|---|---|---|---|
Euro | 1.0818 | 1.0815 | 1.0349 | 1.1039 |
The exposure of the group to foreign exchange rate changes is primarily with entities in the group with a EUR functional currency holding USD balances, for example the unsecured senior notes held by OCI N.V. in USD. The continuing operations of the Group has reduced its exposure to EUR (in entities with a USD functional currency) due to the pending sale of the Methanol business. The Group\u2019s exposure to foreign currency changes for all other currencies is not material.
\nThe following tables demonstrate the sensitivity to a reasonably possible change in USD exchange rate to increase or (decrease) against the EUR. During 2024, the average fluctuation of EUR vs. USD was 6%. As at 31 December 2024, if the US dollar had weakened / strengthened by 6% against the Euro with all other variables held constant, the translation of cash and cash equivalents, foreign currency receivables, payables, and loans and borrowings would have resulted in an increase / decrease of USD 106.5 million of the profit of the year.
\n31 December 2024 | Change in FX rate | Effect on profit before tax | Effect on equity |
|---|---|---|---|
EUR - USD | 6 percent | 106.5 | - |
| \u00a0 | (6) percent | (106.5) | - |
31 December 2023 | Change in FX rate | Effect on profit before tax | Effect on equity |
|---|---|---|---|
EUR - USD | 8 percent | 41.7 | 100.3 |
| \u00a0 | (8) percent | (41.7) | (100.3) |
The figures in the above overview are determined based on the currency volatility of the respective years. A significant part of the Group\u2019s exposure to foreign currency transaction risk relates to cash and intercompany balances.
\nThe Group\u2019s cash flow interest rate risks arise from the exposure to variability in future cash flows of floating rate financial instruments and refinancing fixed rate borrowings. The Group regularly reviews its exposure to the global interest rate environment.
\nThe Group analyses its interest rate exposure on a dynamic basis. The Group calculates the impact on profit or loss of a defined interest rate shift. The same interest rate shift is used for all currencies. The assumed movement in basis points for the interest rate sensitivity analysis is based on the currently observable market data, showing a higher volatility compared to prior years. The interest rate sensitivity calculation is based on the interest-bearing liabilities. With all other variables held constant, the Group\u2019s profit before tax is affected through the impact on floating rate borrowings plus refinancing of fixed rate borrowings. The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of borrowings affected:
\n$ millions | In basis points | 2024 | 2023 |
|---|---|---|---|
Effect on profit before tax for the coming year | + 200 bps | (1.7) | (15.8) |
Effect on profit before tax for the coming year | - 200 bps | 1.7 | 15.8 |
A fundamental reform of major interest rate benchmarks has occurred globally, including the replacement of some interbank offered rates (IBOR), with alternative nearly risk-free rates. The Group\u2019s main IBOR exposure was USD LIBOR on its loans. The alternative reference rate for USD LIBOR is the Secured Overnight Financing Rate (SOFR). The Group finished the process of amending contractual terms in response to IBOR reform during 2022. The USD LIBOR ceased as per 30 June 2023.
\nAll other financial instruments that were subject to the interest rate benchmark reform had contractual provisions in place to seamlessly transition to a new reference rate when publication of LIBOR ceased. All other instruments subject to the reform were non-derivative financial liabilities.
\nNatural gas is one of the primary raw materials used in the Group\u2019s production processes. The Group is exposed to natural gas price commodity risk for those entities that buy natural gas at spot prices.
\nManagement monitors the development of gas prices and products\u2019 selling prices on a daily basis using external historical and forecast market data provided by several data vendors. Management analyzes the potential profit margin per product based on this data in order to make operational and hedging decisions.
\nFor the entities that are impacted by changes in natural gas prices during FY 2024, a change in the average natural gas prices by USD 1 per MMBtu would impact the total annual cost of sales by USD 27.8 million (2023: USD 63.0 million), excluding the impact of hedges. The decrease is mainly due to the OCI Methanol Group being presented as discontinued operations in 2024.
\nThe Group enters into gas hedges in order to hedge future gas price levels over a certain period of time (reference is made to note 20). The Group uses derivatives (Basis swaps, Index swaps and options) in order to do so and does not apply hedge accounting on these instruments, therefore all fair value changes related to these financial instruments are recognized in profit or loss. Where there is no past practice of being net cash-settled, fixed price gas contracts and month-ahead swaps are accounted for under the \u2018own use\u2019 exemption. The fiscal year 2025 gas price risk is reduced by the Group to an extent of 0% (including both physical pricings and financial hedges). The outstanding gas hedges in MMBtu as per 31 December 2024 for the years 2025-2027 are:
Flat priced contracts: Nil (2023: 211.8 million);
Options (delta equivalent): 7.3 million (2023: 7.3 million);
In 2023, the Group generated additional liquidity by selling EUAs to the market. This generated total net proceeds of USD 0.5\u00a0million resulted from the sale and repurchase of EUAs. Included in the net proceeds received, a gross amount of USD 36.4\u00a0million was recognized in cost of sales related to the sale of excess EUAs.
\nThe following table presents the various categories of financial instruments:
\n31 December 2024 | Note | Loans and receivables / payables at amortized cost | Derivatives at fair value | Financial assets at fair value through profit and loss | Financial assets at fair value through other comp. income |
|---|---|---|---|---|---|
Assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Trade and other receivables | (9) | 159.5 | 2.4 | 447.9 | - |
Financial assets at fair value through other comprehensive income | (11) | - | - | - | 3.4 |
Cash and cash equivalents | (14) | 2,052.9 | - | - | - |
Total | \u00a0 | 2,212.4 | 2.4 | 447.9 | 3.4 |
Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Loans and borrowings | (18) | 682.1 | - | - | - |
Trade and other payables | (20) | 936.5 | 20.8 | - | - |
Total | \u00a0 | 1,618.6 | 20.8 | - | - |
The Group has financial instruments carried at fair value.
\nFor derivative financial instruments, the fair value is calculated within hierarchy category level 2.
\nFinancial assets at fair value through other comprehensive income relate to certain equity investments made by the Group. The investment in Notore Chemical Industries was sold in Q3 2024. Reference is made to note 24. In 2023, the investment in Notore was recognized as level 3 (2023: USD 7.3 million). The fair value of Orascom Construction PLC, the remaining investment of the Group classified fair value through other comprehensive income, is categorized as level 1 as it is based on the publicly available share price.
\nThe Group measures the deferred consideration from the sale of Clean Ammonia as fair value through profit or loss. The fair value is categorized as level 3 as the estimated payment date, upon completion of the Clean Ammonia project, is a significant unobservable input. Changes in this date will result in changes in the valuation of this asset. The deferred consideration is discussed further in note 9.
\n31 December 2023 | Note | Loans and receivables / payables at amortized cost | Derivatives at fair value | Financial assets at fair value through profit and loss | Financial assets at fair value through other comp. income |
|---|---|---|---|---|---|
Assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Trade and other receivables | (9) | 304.7 | 2.9 | - | - |
Financial assets at fair value through other comprehensive income | (11) | - | - | - | 9.0 |
Cash and cash equivalents | (14) | 156.9 | - | - | - |
Total | \u00a0 | 461.6 | 2.9 | - | 9.0 |
Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Loans and borrowings | (18) | 2,157.4 | - | - | - |
Trade and other payables | (20) | 634.6 | 177.9 | - | - |
Total | \u00a0 | 2,792.0 | 177.9 | - | - |
In 2024 and 2023, there were no transfers between the fair value hierarchy categories. The fair value of loans and borrowings and receivables are disclosed in notes 18 and 9, respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-536": { "value": "\nThe Group is exposed to foreign currency risk arising in separate ways:
\nThe Group entities predominantly execute their activities in their respective functional currencies. The Group is however exposed to foreign exchange transaction risk when Group entities enter into foreign currency denominated transactions. The Group monitors the exposure to foreign currency risk arising from operating activities and enters selectively into foreign exchange contracts to hedge foreign currency exposures. The nominal amount of the foreign currency derivatives outstanding used to hedge transaction risk as per 31 December 2024 was USD (3.6) million (2023: USD 2.3 million) and relates to the USD exposure of the Group (on Euro currencies). The functional currencies of the continuing operations of the Group is primarily the Euro.
\nThe Group is exposed to the translation of foreign currency denominated monetary assets and liabilities. These exposures are managed by the Group's treasury function, which may hedge a portion of the foreign currency exposures estimated to arise in the foreseeable future.
\nThe Group is exposed to foreign exchange fluctuations through monetary items denominated in foreign currencies other than the relevant functional currency and intercompany balances. As a result of the sale of IFCO, Fertiglobe, and Clean Ammonia, the group has a sizeable USD deposits position included in cash and cash equivalents and held by OCI N.V., which has a functional currency of EUR. This translation risk is partially naturally hedged through the USD debt held by OCI N.V.
\nThe summary of this exposure is as follows:
\n31 December 2024 | USD | EUR |
|---|---|---|
Trade and other receivables | 504.9 | - |
Trade and other receivables - Intercompany | 346.4 | 85.0 |
Trade and other payables | (660.4) | - |
Trade and other payables - Intercompany | (156.6) | - |
Loans and borrowings | (605.2) | - |
Loans and borrowings - Intercompany | (19.9) | (104.6) |
Cash and cash equivalents | 2,022.7 | - |
31 December 2023 | USD | EUR |
|---|---|---|
Trade and other receivables | 32.8 | - |
Trade and other receivables - Intercompany | 784.9 | 24.1 |
Trade and other payables | (142.9) | - |
Trade and other payables - Intercompany | (112.2) | (0.2) |
Loans and borrowings | (55.7) | - |
Loans and borrowings - Intercompany | (41.6) | (99.1) |
Cash and cash equivalents | 71.6 | 55.7 |
The Group's risk management strategy is to hedge the spot foreign exchange risk on net investments in foreign operations. The risk management objective is to reduce foreign exchange results on net investments in USD.
\nIn 2024, the Group decommissioned its net investment hedge as part of a change in its risk management objective, following the repayment of certain loan facilities and the sale of specific USD-denominated investments in subsidiaries.
\nThe hedge relationship previously recognized was a hedge of the foreign currency exposures on net investment in foreign operations in USD. The hedge relationship was designated at the level of the Group for the purpose of the consolidated financial statements. The hedged items were all operational USD foreign operations of the Group. To comply with the risk management policy, the hedge ratio was based on hedging the spot rate foreign currency exposure of USD foreign operations with hedging instruments with same or lower notional amount. This resulted in a hedge ratio of 1:1 or 100%.
\nThe hedging instruments in 2023 related to the USD denominated unsecured senior notes and unsecured loan facility recorded in OCI N.V., reference is made to note 18 for further details.
\n$ millions | Note | 2024 | 2023 |
|---|---|---|---|
Carrying amount hedging instruments | (18) | - | 1,253.3 |
Principal amount of hedging instruments | (18) | - | 1,988.3 |
Changes in fair value of hedging instruments carrying amount | \u00a0 | 18.6 | 39.0 |
Realization of net investment hedge | (22) | 92.5 | - |
Cumulative amount recognized1 | \u00a0 | (37.2) | (148.3) |
The following significant exchange rates applied during the year against the US dollar:
\n| \u00a0 | Average 2024 | Average 2023 | Closing 2024 | Closing 2023 |
|---|---|---|---|---|
Euro | 1.0818 | 1.0815 | 1.0349 | 1.1039 |
The exposure of the group to foreign exchange rate changes is primarily with entities in the group with a EUR functional currency holding USD balances, for example the unsecured senior notes held by OCI N.V. in USD. The continuing operations of the Group has reduced its exposure to EUR (in entities with a USD functional currency) due to the pending sale of the Methanol business. The Group\u2019s exposure to foreign currency changes for all other currencies is not material.
\nThe following tables demonstrate the sensitivity to a reasonably possible change in USD exchange rate to increase or (decrease) against the EUR. During 2024, the average fluctuation of EUR vs. USD was 6%. As at 31 December 2024, if the US dollar had weakened / strengthened by 6% against the Euro with all other variables held constant, the translation of cash and cash equivalents, foreign currency receivables, payables, and loans and borrowings would have resulted in an increase / decrease of USD 106.5 million of the profit of the year.
\n31 December 2024 | Change in FX rate | Effect on profit before tax | Effect on equity |
|---|---|---|---|
EUR - USD | 6 percent | 106.5 | - |
| \u00a0 | (6) percent | (106.5) | - |
31 December 2023 | Change in FX rate | Effect on profit before tax | Effect on equity |
|---|---|---|---|
EUR - USD | 8 percent | 41.7 | 100.3 |
| \u00a0 | (8) percent | (41.7) | (100.3) |
The figures in the above overview are determined based on the currency volatility of the respective years. A significant part of the Group\u2019s exposure to foreign currency transaction risk relates to cash and intercompany balances.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-538": { "value": "\nNatural gas is one of the primary raw materials used in the Group\u2019s production processes. The Group is exposed to natural gas price commodity risk for those entities that buy natural gas at spot prices.
\nManagement monitors the development of gas prices and products\u2019 selling prices on a daily basis using external historical and forecast market data provided by several data vendors. Management analyzes the potential profit margin per product based on this data in order to make operational and hedging decisions.
\nFor the entities that are impacted by changes in natural gas prices during FY 2024, a change in the average natural gas prices by USD 1 per MMBtu would impact the total annual cost of sales by USD 27.8 million (2023: USD 63.0 million), excluding the impact of hedges. The decrease is mainly due to the OCI Methanol Group being presented as discontinued operations in 2024.
\nThe Group enters into gas hedges in order to hedge future gas price levels over a certain period of time (reference is made to note 20). The Group uses derivatives (Basis swaps, Index swaps and options) in order to do so and does not apply hedge accounting on these instruments, therefore all fair value changes related to these financial instruments are recognized in profit or loss. Where there is no past practice of being net cash-settled, fixed price gas contracts and month-ahead swaps are accounted for under the \u2018own use\u2019 exemption. The fiscal year 2025 gas price risk is reduced by the Group to an extent of 0% (including both physical pricings and financial hedges). The outstanding gas hedges in MMBtu as per 31 December 2024 for the years 2025-2027 are:
Flat priced contracts: Nil (2023: 211.8 million);
Options (delta equivalent): 7.3 million (2023: 7.3 million);
The Board\u2019s policy is to maintain a strong capital base. Capital consists of ordinary shares, retained earnings and non-controlling interests of the Group. The Board of Directors monitors the return on capital as well as the level of dividends to ordinary shareholders. The Group is required by external financial institutions to maintain certain capital requirements compared to its debt. Reference is made to note 18 for a description of financial covenants.
\nThe Group's net cash position as at 31 December 2024 is due to the approximately USD 8.7 billion of net cash proceeds from the sale of IFCO, Fertiglobe and Clean Ammonia. This cash was used to repay certain debt facilities, return capital to shareholders, and the remainder is held in short-term deposit facilities earning an average interest rate of 4.74%.
\nThe Group's substantial net cash position, the future proceeds from the sale of the equity\u00a0interests in OCI Methanol and other contingent consideration items from closed transactions will be used to maintain this strong capital base, and fund the capex and certain pre-operating expenses of the Clean Ammonia project until commissioning. OCI expects to make a further extraordinary distribution of up to USD 1 billion through another repayment of capital during Q2 2025, subject to the necessary approvals.
\nThe Group\u2019s net debt / (cash) to equity ratio at the reporting date was as follows:
\n$ millions | Note | 31 December 2024 | 31 December 2023 |
|---|---|---|---|
Loans and borrowings | (18) | 682.1 | 2,157.4 |
Less: cash and cash equivalents | (14) | 2,052.9 | 156.9 |
Net debt / (cash) | \u00a0 | (1,370.8) | 2,000.5 |
Total equity | \u00a0 | 2,246.8 | 1,950.4 |
Net debt / (cash) to equity ratio | \u00a0 | (0.61) | 1.03 |
$ millions | Land and buildings | Plant and equipment | Fixtures and fittings | Under construction | Total |
|---|---|---|---|---|---|
Cost | 778.6 | 9,371.6 | 67.8 | 256.6 | 10,474.6 |
Accumulated depreciation | (230.1) | (4,803.7) | (49.7) | - | (5,083.5) |
At 1 January 2023 | 548.5 | 4,567.9 | 18.1 | 256.6 | 5,391.1 |
Movements in carrying amount: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Additions | 7.2 | 57.6 | 2.9 | 781.8 | 849.5 |
Disposals | - | (3.8) | (0.1) | (1.3) | (5.2) |
Depreciation | (27.7) | (522.5) | (4.2) | - | (554.4) |
Impairment | - | (1.5) | - | - | (1.5) |
Transfers | 9.0 | 367.1 | (0.4) | (375.7) | - |
Reclassified to assets held for sale | (479.7) | (3,860.2) | (15.1) | (119.7) | (4,474.7) |
Movement in exchange rates | 1.5 | 25.0 | 0.3 | 3.8 | 30.6 |
At 31 December 2023 | 58.8 | 629.6 | 1.5 | 545.5 | 1,235.4 |
Cost | 80.1 | 2,165.3 | 8.8 | 545.5 | 2,799.7 |
Accumulated depreciation | (21.3) | (1,535.7) | (7.3) | - | (1,564.3) |
At 31 December 2023 | 58.8 | 629.6 | 1.5 | 545.5 | 1,235.4 |
Movements in carrying amount: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Additions | - | 0.9 | - | 448.3 | 449.2 |
Disposals | (2.3) | (0.7) | (0.3) | - | (3.3) |
Depreciation | (4.1) | (122.1) | (0.8) | - | (127.0) |
Impairment | - | (5.3) | - | (7.5) | (12.8) |
Transfers | 1.6 | 59.5 | 0.3 | (61.4) | - |
Reclassified to assets held for sale | (50.3) | (248.1) | (0.1) | (828.7) | (1,127.2) |
Movement in exchange rates | (0.3) | (20.1) | - | (6.0) | (26.4) |
At 31 December 2024 | 3.4 | 293.7 | 0.6 | 90.2 | 387.9 |
Cost | 14.1 | 812.6 | 3.3 | 90.2 | 920.2 |
Accumulated depreciation | (10.7) | (518.9) | (2.7) | - | (532.3) |
At 31 December 2024 | 3.4 | 293.7 | 0.6 | 90.2 | 387.9 |
As at 31 December 2024, the Group has land with a carrying amount of Nil (2023: USD 39.4 million), the movement is due to land being reclassified to assets held for sale. The transfers of USD 61.4 million (2023: USD 375.7 million) are assets under construction that were put into use during the year. Transfers mainly relate to OCIN for USD 51.4 million which is included as part of continuing operations and OCI Beaumont for USD 8.3 million in the period before it was classified as held for sale and discontinued operations. The additions of USD 449.2 million (2023: USD 849.5 million) mainly relate to OCIN for USD 50.9 million and OTE for USD 6.1 million which are part of continuing operations and OCI Clean Ammonia LLC for USD 361.5 million and OCI Beaumont for USD 30.6 million in the period of the year before these entities met the criteria to be classified as held for sale and presented as discontinued operations.
\nThe effect of movement in exchange rates in 2024 mainly relates to OCIN, which have a functional currency of the Euro, compared to the Group\u2019s presentation currency. The Euro decreased by 6.3% against the US dollar in 2024.
\nThe figures presented above includes any additions, depreciation, disposals, etc. made in disposal groups before the disposal group was categorized as held for sale. In the consolidated statement of cash flows, these movements are grouped as part of the 'discontinued operations' cash flows. Additions for OCI Clean Ammonia LLC has ceased upon disposal in September 2024. This change in presentation along with capital expenditures not yet paid as at the year-end date results in a difference between the figure for investments in property, plant and equipment mentioned in the consolidated statement of cash flows and the figure for additions presented above.
\nFor capital commitments reference is made to note 30.
\nDuring 2023 an impairment loss of USD 1.5 million (2024: Nil) on property, plant and equipment was recognized in cost of sales of BioMCN. During 2023 and 2024, production at this facility was shut down in response to the high gas price environment. The carrying amount of these assets is Nil as of 31 December 2024. The impairment losses on BioMCN's property, plant and equipment pertain to investments made to maintain the plant, which are subsequently impaired as the recoverable amount for the cash generating unit is deemed zero.
\n$ millions | Land and buildings | Plant and equipment | Fixtures and fittings | Total |
|---|---|---|---|---|
At 1 January 2023 | 142.5 | 63.2 | 34.5 | 240.2 |
Movements in carrying amount: | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Additions | 2.2 | 67.8 | 2.4 | 72.4 |
Modifications | (5.8) | 6.7 | - | 0.9 |
Disposals | - | (0.3) | (1.2) | (1.5) |
Depreciation | (16.3) | (34.1) | (11.7) | (62.1) |
Reclassified to held for sale | (50.2) | (56.9) | (23.9) | (131.0) |
Movement in exchange rates | 2.5 | 0.7 | - | 3.2 |
At 31 December 2023 | 74.9 | 47.1 | 0.1 | 122.1 |
Movements in carrying amount: | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Additions | 0.9 | 27.2 | - | 28.1 |
Modifications | 4.1 | 6.2 | - | 10.3 |
Disposals | (2.1) | (0.2) | - | (2.3) |
Depreciation | (6.8) | (24.7) | (0.1) | (31.6) |
Reclassified to assets held for sale | (1.2) | (4.7) | - | (5.9) |
Movement in exchange rates | (4.1) | (1.9) | - | (6.0) |
At 31 December 2024 | 65.7 | 49.0 | - | 114.7 |
The additions of USD 28.1 million (2023: USD 72.4 million) mainly relate to OCIN for USD 7.9 million and N-7 for USD 14.6 million. The additions also relate to OMM LLC for USD 4.7 million before this subsidiary was classified as part of a disposal group held for sale. The effect of movement in exchange rates of USD (6.0) million (2023: USD 3.2 million) mainly relates to OCIN, which has a different functional currency (Euro) compared to the Group\u2019s presentation currency. The Group recognized expenses of USD 0.7 million (2023: USD 0.8 million) related to leases that either meet the short-term exemption or the low-value exemption of IFRS 16.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-541": { "value": "\n$ millions | Land and buildings | Plant and equipment | Fixtures and fittings | Total |
|---|---|---|---|---|
At 1 January 2023 | 142.5 | 63.2 | 34.5 | 240.2 |
Movements in carrying amount: | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Additions | 2.2 | 67.8 | 2.4 | 72.4 |
Modifications | (5.8) | 6.7 | - | 0.9 |
Disposals | - | (0.3) | (1.2) | (1.5) |
Depreciation | (16.3) | (34.1) | (11.7) | (62.1) |
Reclassified to held for sale | (50.2) | (56.9) | (23.9) | (131.0) |
Movement in exchange rates | 2.5 | 0.7 | - | 3.2 |
At 31 December 2023 | 74.9 | 47.1 | 0.1 | 122.1 |
Movements in carrying amount: | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Additions | 0.9 | 27.2 | - | 28.1 |
Modifications | 4.1 | 6.2 | - | 10.3 |
Disposals | (2.1) | (0.2) | - | (2.3) |
Depreciation | (6.8) | (24.7) | (0.1) | (31.6) |
Reclassified to assets held for sale | (1.2) | (4.7) | - | (5.9) |
Movement in exchange rates | (4.1) | (1.9) | - | (6.0) |
At 31 December 2024 | 65.7 | 49.0 | - | 114.7 |
The additions of USD 28.1 million (2023: USD 72.4 million) mainly relate to OCIN for USD 7.9 million and N-7 for USD 14.6 million. The additions also relate to OMM LLC for USD 4.7 million before this subsidiary was classified as part of a disposal group held for sale. The effect of movement in exchange rates of USD (6.0) million (2023: USD 3.2 million) mainly relates to OCIN, which has a different functional currency (Euro) compared to the Group\u2019s presentation currency. The Group recognized expenses of USD 0.7 million (2023: USD 0.8 million) related to leases that either meet the short-term exemption or the low-value exemption of IFRS 16.
\nThe Group leases a number of office spaces, warehouses, land, computers, machinery and vehicles. Lease terms vary from 1 year to indefinite renewal options. Calculations of the lease obligation for leases with indefinite renewal options are made using a lease term based on the expected renewal periods.
\n$ millions | Non-current lease obligations | Current lease obligations | Total |
|---|---|---|---|
At 1 January 2023 | 227.5 | 48.6 | 276.1 |
Movements in carrying amount: | \u00a0 | \u00a0 | \u00a0 |
Payments | - | (67.8) | (67.8) |
Accretion of interest | 4.9 | 2.5 | 7.4 |
Additions | 49.1 | 22.9 | 72.0 |
Disposals | (0.5) | (1.7) | (2.2) |
Transfers | (59.9) | 59.9 | 0.0 |
Modifications | 0.9 | - | 0.9 |
Reclassified to liabilities held for sale | (111.6) | (36.4) | (148.0) |
Effect of movement in exchange rates | 3.4 | 0.5 | 3.9 |
At 31 December 2023 | 113.8 | 28.5 | 142.3 |
Movements in carrying amount: | \u00a0 | \u00a0 | \u00a0 |
Payments | - | (42.1) | (42.1) |
Accretion of interest | 4.6 | 0.8 | 5.4 |
Additions | 26.2 | 7.5 | 33.7 |
Disposals | (0.5) | - | (0.5) |
Transfers | (33.0) | 33.0 | - |
Modifications | 10.2 | 0.1 | 10.3 |
Reclassified to liabilities held for sale | (12.9) | (7.5) | (20.4) |
Effect of movement in exchange rates | (6.2) | (0.9) | (7.1) |
At 31 December 2024 | 102.2 | 19.4 | 121.6 |
For the lease obligations included as part of the disposal groups held for sale, reference is made to note 22.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-542": { "value": "\n$ millions | Goodwill | Licenses and trademarks | Other intangible assets | Under construction | Total |
|---|---|---|---|---|---|
Cost | 1,805.9 | 70.7 | 6.3 | 7.5 | 1,890.4 |
Accumulated amortization and impairment | (1,322.9) | (70.7) | (5.3) | - | (1,398.9) |
At 1 January 2023 | 483.0 | - | 1.0 | 7.5 | 491.5 |
Movements in carrying amount: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Additions | - | - | 0.3 | 17.5 | 17.8 |
Disposals | - | - | - | (0.5) | (0.5) |
Transfers | - | - | 16.7 | (16.7) | - |
Amortization | - | - | (2.0) | - | (2.0) |
Reclassified to assets held for sale | (440.0) | - | (6.7) | (3.0) | (449.7) |
Movement in exchange rates | 0.6 | - | 0.2 | 0.2 | 1.0 |
At 31 December 2023 | 43.6 | - | 9.5 | 5.0 | 58.1 |
Cost | 43.6 | - | 16.5 | 5.0 | 65.1 |
Accumulated amortization and impairment | - | - | (7.0) | - | (7.0) |
At 31 December 2023 | 43.6 | -1 | 9.5 | 5.0 | 58.1 |
Movements in carrying amount: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Additions | - | - | 2.0 | - | 2.00 |
Disposals | - | - | (5.2) | - | (5.2) |
Amortization | - | - | (4.5) | - | (4.5) |
Impairment | - | - | - | (4.8) | (4.8) |
Reclassified to assets held for sale | (23.0) | - | (1.0) | - | (24.0) |
Movement in exchange rates | (1.2) | - | (0.3) | (0.2) | (1.7) |
At 31 December 2024 | 19.4 | - | 0.5 | - | 19.9 |
Cost | 19.4 | - | 10.8 | - | 30.2 |
Accumulated amortization and impairment | - | - | (10.3) | - | (10.3) |
At 31 December 2024 | 19.4 | - | 0.5 | - | 19.9 |
Goodwill held for use has been allocated to the cash generating units as follows:
\nCash generating units | Reporting segment | 2024 | 2023 |
|---|---|---|---|
OCI Beaumont ('OCIB') | Methanol US | - | 23.0 |
OCI Nitrogen ('OCIN') | Nitrogen Europe | 19.4 | 20.6 |
Total | \u00a0 | 19.4 | 43.6 |
The goodwill associated with OCI Beaumont is included in the balance of assets held for sale presented in 2024. Further information is included in note 22.
\nThe determination of the recoverable amounts for the cash generating units requires significant judgments and estimates, including projections of future cash flows from the businesses. The recoverable amounts have been estimated based on value in use.
\nThe tests were carried out by discounting future cash flows to be generated from the continuing use of the cash-generating units to which the goodwill applies and on the assumption of an indefinite life. Key assumptions used in the calculation of recoverable amounts are the discount rate, the terminal value growth rate, selling price outlook per product, natural gas prices and the number of expected operating days per plant. The terminal growth rate was determined based on the compound annual growth rate ('CAGR') for the fertilizer industry. The discount rate is estimated based on the capital asset pricing model and adjusted to derive a pre-tax measure. Selling price and natural gas price assumptions are based on a published independent price outlook prepared by global experts. The other assumptions used are based on past experiences and external sources, however these assumptions are unpredictable and inherently uncertain.
\nThe impairment tests are based on specific estimates for cash flow projections for the years 2025 to 2029 (this period captures the cyclical nature of the industry). For the subsequent years, the residual values were calculated based on the average EBITDA margin of the last two years of the projection period and whereby a perpetual growth rate of 2.95% was used. The estimated cash flows are discounted using a present value technique.
\nThe following rates were applied in performing the impairment test in 2024:
\nEntity | Percentage | 2024 |
|---|---|---|
OCIN | Pre-tax discount rate | 10.18% |
OCIN | Perpetual growth rate | 2.95% |
The material balance of goodwill in 2023 related to OCIB and OCIN. As at 31 December 2024, OCIB is included in the Methanol business disposal group classified as held for sale. Reference is made to note 22. The following rates were applied in performing the impairment test of OCIB and OCIN in 2023.
\nEntity | Percentage | 2023 |
|---|---|---|
OCIB | Pre-tax discount rate | 10.71% |
OCIB | Perpetual growth rate | 2.95% |
OCIN | Pre-tax discount rate | 10.64% |
OCIN | Perpetual growth rate | 2.95% |
The recoverable amount of OCIN significantly exceeds its carrying amount. No reasonably possible change in a key assumption would cause the carrying amount of OCIN to exceed its recoverable amount.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-543": { "value": "\n$ millions | Goodwill | Licenses and trademarks | Other intangible assets | Under construction | Total |
|---|---|---|---|---|---|
Cost | 1,805.9 | 70.7 | 6.3 | 7.5 | 1,890.4 |
Accumulated amortization and impairment | (1,322.9) | (70.7) | (5.3) | - | (1,398.9) |
At 1 January 2023 | 483.0 | - | 1.0 | 7.5 | 491.5 |
Movements in carrying amount: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Additions | - | - | 0.3 | 17.5 | 17.8 |
Disposals | - | - | - | (0.5) | (0.5) |
Transfers | - | - | 16.7 | (16.7) | - |
Amortization | - | - | (2.0) | - | (2.0) |
Reclassified to assets held for sale | (440.0) | - | (6.7) | (3.0) | (449.7) |
Movement in exchange rates | 0.6 | - | 0.2 | 0.2 | 1.0 |
At 31 December 2023 | 43.6 | - | 9.5 | 5.0 | 58.1 |
Cost | 43.6 | - | 16.5 | 5.0 | 65.1 |
Accumulated amortization and impairment | - | - | (7.0) | - | (7.0) |
At 31 December 2023 | 43.6 | -1 | 9.5 | 5.0 | 58.1 |
Movements in carrying amount: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Additions | - | - | 2.0 | - | 2.00 |
Disposals | - | - | (5.2) | - | (5.2) |
Amortization | - | - | (4.5) | - | (4.5) |
Impairment | - | - | - | (4.8) | (4.8) |
Reclassified to assets held for sale | (23.0) | - | (1.0) | - | (24.0) |
Movement in exchange rates | (1.2) | - | (0.3) | (0.2) | (1.7) |
At 31 December 2024 | 19.4 | - | 0.5 | - | 19.9 |
Cost | 19.4 | - | 10.8 | - | 30.2 |
Accumulated amortization and impairment | - | - | (10.3) | - | (10.3) |
At 31 December 2024 | 19.4 | - | 0.5 | - | 19.9 |
Goodwill held for use has been allocated to the cash generating units as follows:
\nCash generating units | Reporting segment | 2024 | 2023 |
|---|---|---|---|
OCI Beaumont ('OCIB') | Methanol US | - | 23.0 |
OCI Nitrogen ('OCIN') | Nitrogen Europe | 19.4 | 20.6 |
Total | \u00a0 | 19.4 | 43.6 |
The goodwill associated with OCI Beaumont is included in the balance of assets held for sale presented in 2024. Further information is included in note 22.
\nThe determination of the recoverable amounts for the cash generating units requires significant judgments and estimates, including projections of future cash flows from the businesses. The recoverable amounts have been estimated based on value in use.
\nThe tests were carried out by discounting future cash flows to be generated from the continuing use of the cash-generating units to which the goodwill applies and on the assumption of an indefinite life. Key assumptions used in the calculation of recoverable amounts are the discount rate, the terminal value growth rate, selling price outlook per product, natural gas prices and the number of expected operating days per plant. The terminal growth rate was determined based on the compound annual growth rate ('CAGR') for the fertilizer industry. The discount rate is estimated based on the capital asset pricing model and adjusted to derive a pre-tax measure. Selling price and natural gas price assumptions are based on a published independent price outlook prepared by global experts. The other assumptions used are based on past experiences and external sources, however these assumptions are unpredictable and inherently uncertain.
\nThe impairment tests are based on specific estimates for cash flow projections for the years 2025 to 2029 (this period captures the cyclical nature of the industry). For the subsequent years, the residual values were calculated based on the average EBITDA margin of the last two years of the projection period and whereby a perpetual growth rate of 2.95% was used. The estimated cash flows are discounted using a present value technique.
\nThe following rates were applied in performing the impairment test in 2024:
\nEntity | Percentage | 2024 |
|---|---|---|
OCIN | Pre-tax discount rate | 10.18% |
OCIN | Perpetual growth rate | 2.95% |
The material balance of goodwill in 2023 related to OCIB and OCIN. As at 31 December 2024, OCIB is included in the Methanol business disposal group classified as held for sale. Reference is made to note 22. The following rates were applied in performing the impairment test of OCIB and OCIN in 2023.
\nEntity | Percentage | 2023 |
|---|---|---|
OCIB | Pre-tax discount rate | 10.71% |
OCIB | Perpetual growth rate | 2.95% |
OCIN | Pre-tax discount rate | 10.64% |
OCIN | Perpetual growth rate | 2.95% |
The recoverable amount of OCIN significantly exceeds its carrying amount. No reasonably possible change in a key assumption would cause the carrying amount of OCIN to exceed its recoverable amount.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-544": { "value": "\n$ millions | Goodwill | Licenses and trademarks | Other intangible assets | Under construction | Total |
|---|---|---|---|---|---|
Cost | 1,805.9 | 70.7 | 6.3 | 7.5 | 1,890.4 |
Accumulated amortization and impairment | (1,322.9) | (70.7) | (5.3) | - | (1,398.9) |
At 1 January 2023 | 483.0 | - | 1.0 | 7.5 | 491.5 |
Movements in carrying amount: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Additions | - | - | 0.3 | 17.5 | 17.8 |
Disposals | - | - | - | (0.5) | (0.5) |
Transfers | - | - | 16.7 | (16.7) | - |
Amortization | - | - | (2.0) | - | (2.0) |
Reclassified to assets held for sale | (440.0) | - | (6.7) | (3.0) | (449.7) |
Movement in exchange rates | 0.6 | - | 0.2 | 0.2 | 1.0 |
At 31 December 2023 | 43.6 | - | 9.5 | 5.0 | 58.1 |
Cost | 43.6 | - | 16.5 | 5.0 | 65.1 |
Accumulated amortization and impairment | - | - | (7.0) | - | (7.0) |
At 31 December 2023 | 43.6 | -1 | 9.5 | 5.0 | 58.1 |
Movements in carrying amount: | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Additions | - | - | 2.0 | - | 2.00 |
Disposals | - | - | (5.2) | - | (5.2) |
Amortization | - | - | (4.5) | - | (4.5) |
Impairment | - | - | - | (4.8) | (4.8) |
Reclassified to assets held for sale | (23.0) | - | (1.0) | - | (24.0) |
Movement in exchange rates | (1.2) | - | (0.3) | (0.2) | (1.7) |
At 31 December 2024 | 19.4 | - | 0.5 | - | 19.9 |
Cost | 19.4 | - | 10.8 | - | 30.2 |
Accumulated amortization and impairment | - | - | (10.3) | - | (10.3) |
At 31 December 2024 | 19.4 | - | 0.5 | - | 19.9 |
Goodwill held for use has been allocated to the cash generating units as follows:
\nCash generating units | Reporting segment | 2024 | 2023 |
|---|---|---|---|
OCI Beaumont ('OCIB') | Methanol US | - | 23.0 |
OCI Nitrogen ('OCIN') | Nitrogen Europe | 19.4 | 20.6 |
Total | \u00a0 | 19.4 | 43.6 |
The goodwill associated with OCI Beaumont is included in the balance of assets held for sale presented in 2024. Further information is included in note 22.
\nThe determination of the recoverable amounts for the cash generating units requires significant judgments and estimates, including projections of future cash flows from the businesses. The recoverable amounts have been estimated based on value in use.
\nThe tests were carried out by discounting future cash flows to be generated from the continuing use of the cash-generating units to which the goodwill applies and on the assumption of an indefinite life. Key assumptions used in the calculation of recoverable amounts are the discount rate, the terminal value growth rate, selling price outlook per product, natural gas prices and the number of expected operating days per plant. The terminal growth rate was determined based on the compound annual growth rate ('CAGR') for the fertilizer industry. The discount rate is estimated based on the capital asset pricing model and adjusted to derive a pre-tax measure. Selling price and natural gas price assumptions are based on a published independent price outlook prepared by global experts. The other assumptions used are based on past experiences and external sources, however these assumptions are unpredictable and inherently uncertain.
\nThe impairment tests are based on specific estimates for cash flow projections for the years 2025 to 2029 (this period captures the cyclical nature of the industry). For the subsequent years, the residual values were calculated based on the average EBITDA margin of the last two years of the projection period and whereby a perpetual growth rate of 2.95% was used. The estimated cash flows are discounted using a present value technique.
\nThe following rates were applied in performing the impairment test in 2024:
\nEntity | Percentage | 2024 |
|---|---|---|
OCIN | Pre-tax discount rate | 10.18% |
OCIN | Perpetual growth rate | 2.95% |
The material balance of goodwill in 2023 related to OCIB and OCIN. As at 31 December 2024, OCIB is included in the Methanol business disposal group classified as held for sale. Reference is made to note 22. The following rates were applied in performing the impairment test of OCIB and OCIN in 2023.
\nEntity | Percentage | 2023 |
|---|---|---|
OCIB | Pre-tax discount rate | 10.71% |
OCIB | Perpetual growth rate | 2.95% |
OCIN | Pre-tax discount rate | 10.64% |
OCIN | Perpetual growth rate | 2.95% |
The recoverable amount of OCIN significantly exceeds its carrying amount. No reasonably possible change in a key assumption would cause the carrying amount of OCIN to exceed its recoverable amount.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-545": { "value": "\nThe determination of the recoverable amounts for the cash generating units requires significant judgments and estimates, including projections of future cash flows from the businesses. The recoverable amounts have been estimated based on value in use.
\nThe tests were carried out by discounting future cash flows to be generated from the continuing use of the cash-generating units to which the goodwill applies and on the assumption of an indefinite life. Key assumptions used in the calculation of recoverable amounts are the discount rate, the terminal value growth rate, selling price outlook per product, natural gas prices and the number of expected operating days per plant. The terminal growth rate was determined based on the compound annual growth rate ('CAGR') for the fertilizer industry. The discount rate is estimated based on the capital asset pricing model and adjusted to derive a pre-tax measure. Selling price and natural gas price assumptions are based on a published independent price outlook prepared by global experts. The other assumptions used are based on past experiences and external sources, however these assumptions are unpredictable and inherently uncertain.
\nThe impairment tests are based on specific estimates for cash flow projections for the years 2025 to 2029 (this period captures the cyclical nature of the industry). For the subsequent years, the residual values were calculated based on the average EBITDA margin of the last two years of the projection period and whereby a perpetual growth rate of 2.95% was used. The estimated cash flows are discounted using a present value technique.
\nThe following rates were applied in performing the impairment test in 2024:
\nEntity | Percentage | 2024 |
|---|---|---|
OCIN | Pre-tax discount rate | 10.18% |
OCIN | Perpetual growth rate | 2.95% |
The material balance of goodwill in 2023 related to OCIB and OCIN. As at 31 December 2024, OCIB is included in the Methanol business disposal group classified as held for sale. Reference is made to note 22. The following rates were applied in performing the impairment test of OCIB and OCIN in 2023.
\nEntity | Percentage | 2023 |
|---|---|---|
OCIB | Pre-tax discount rate | 10.71% |
OCIB | Perpetual growth rate | 2.95% |
OCIN | Pre-tax discount rate | 10.64% |
OCIN | Perpetual growth rate | 2.95% |
The recoverable amount of OCIN significantly exceeds its carrying amount. No reasonably possible change in a key assumption would cause the carrying amount of OCIN to exceed its recoverable amount.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-547": { "value": "\n$ millions | Note | 2024 | 2023 |
|---|---|---|---|
Trade receivables (net) | \u00a0 | 111.4 | 184.2 |
Loans and trade receivables due from related parties | (31) | 3.4 | 2.3 |
Prepayments | \u00a0 | 36.6 | 69.7 |
Other tax receivables | \u00a0 | 7.1 | 12.5 |
Supplier advance payments | \u00a0 | 5.6 | 6.3 |
Commodity and natural gas derivatives | \u00a0 | 1.5 | 1.6 |
Foreign currency derivatives | \u00a0 | 0.9 | 1.3 |
Margin call deposits | \u00a0 | - | 84.4 |
Deferred consideration from sale of Clean Ammonia | (22.4) | 447.9 | - |
Other receivables | \u00a0 | 44.7 | 33.8 |
Total | \u00a0 | 659.1 | 396.1 |
Non-current | \u00a0 | 0.3 | 30.6 |
Current | \u00a0 | 658.8 | 365.5 |
Total | \u00a0 | 659.1 | 396.1 |
The Group is party to a securitization agreement to sell certain trade receivables to an external financial institution. By doing so, the Group is able to receive cash flows from selected debtors sooner than would normally be the case.
\nUpon transfer of the balances, OCI derecognizes the trade receivables, since substantially all risks and rewards of ownership are transferred. The agreement permits securitization of trade receivables up to USD 103.5 million (EUR 100.0 million) (2023: USD 331.2 million / EUR 300.0 million). As per 31 December 2024 an amount of USD 62.4 million (EUR 60.3 million) (2023: USD 202.0 million / EUR 183.0 million) of trade receivables had been transferred. The transferred trade receivables are pledged as security under the securitization program. The Group's continuing operations incurred expenses of USD 5.2 million (2023: USD 5.1 million) in connection with the securitization program.
\nThe carrying amount of \u2018Trade and other receivables\u2019 as at 31 December 2024 approximates its fair value. Remeasurement of trade and other receivables resulted in allowance for trade receivables being recognized amounting to USD 1.5 million (2023: Nil).
\nThe aging of current trade receivables at the reporting date were as follows:
\n$ millions | \u00a0 | 2024 | 2023 |
|---|---|---|---|
Neither past due nor impaired | \u00a0 | 99.8 | 171.3 |
Past due 1 - 30 days | \u00a0 | 10.9 | 11.5 |
Past due 31 - 90 days | \u00a0 | 0.3 | 1.0 |
Past due 91 - 360 days | \u00a0 | 0.4 | 0.4 |
More than 360 days | \u00a0 | - | - |
Total | \u00a0 | 111.4 | 184.2 |
Management believes that the unimpaired amounts that are past due by more than 30 days (USD 0.7 million) are collectible in full, based on historic payment behavior and extensive analysis of customer credit risk, including underlying customers\u2019 credit ratings if they are available.
\nThe deferred consideration from the sale of Clean Ammonia represents 20% of total proceeds (USD 470.0 million) from the divestment of Clean Ammonia. This amount is to be paid to OCI by the buyer, Woodside Energy Group Ltd., upon completion of the Clean Ammonia project. The project is expected to be completed in Q4 2025. For further information, refer to the note 22.4 Sale of Clean Ammonia.
\nThe contractual cash flows of this financial asset fail the SPPI test as the timing of the payment of the Holdback Amount is variable depending on the project completion. As such, this financial asset is mandatorily measured as fair value through profit and loss (\u201cFVTPL\u201d). The initial and subsequent fair value is determined based on the estimated payment date, discounted at the risk-free rate plus a spread for appropriate credit risk. The initial fair value as at 30 September 2024 and the subsequent fair value as at 31 December 2024, is USD 447.9 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-548": { "value": "\nThe following table shows the movements in the carrying amount of the Group\u2019s associates and joint ventures:
\n$ millions | 2024 | 2023 |
|---|---|---|
At 1 January | 399.5 | 522.3 |
Share in income / (loss) | (73.5) | (100.9) |
Divestment | (0.5) | - |
Dividends | (0.5) | (1.2) |
Other comprehensive income / (expense) | (3.6) | (3.5) |
Effect of movement in exchange rates | (2.3) | 1.0 |
Reclassified to assets held for sale | (283.9) | (18.2) |
At 31 December | 35.2 | 399.5 |
Joint ventures | - | 0.6 |
Associates | 35.2 | 398.9 |
Total | 35.2 | 399.5 |
Firewater LLC (Natgasoline LLC) is included in the Methanol business which is reclassified to held for sale in 2024. Refer to note 22.1 Results from Discontinued Operations for further details
\nThe Group has interests in the following associate which is included in continuing operations:
\nName | Type | Participation via | Country | Participation |
|---|---|---|---|---|
Rainbow Holdco B.V. | Associate | OCI Nitrogen B.V. | The Netherlands | 43.0% |
The following table summarizes the financial information of the Group\u2019s associates and joint ventures (on a 100% basis):
\n| \u00a0 | 2024 | 2023 | ||||
|---|---|---|---|---|---|---|
$ millions | Associates | Joint ventures | Total | Associates | Joint ventures | Total |
Non-current assets | 81.9 | - | 81.9 | 1,751.2 | 1.8 | 1,753.0 |
Current assets | - | - | - | 171.5 | (2.0) | 169.5 |
Non-current liabilities | - | - | - | (1,031.2) | - | (1,031.2) |
Current liabilities | - | - | - | (82.5) | (2.6) | (85.1) |
Net assets / (liabilities) | 81.9 | - | 81.9 | 809.0 | (2.8) | 806.2 |
Income | 6.7 | - | 6.7 | 330.8 | 6.6 | 337.4 |
Expenses | - | - | - | (537.9) | (6.4) | (544.3) |
Net profit / (loss) | 6.7 | - | 6.7 | (207.1) | 0.2 | (206.9) |
Associates and joint ventures in the continuing operations of the Group have no profit from discontinued operations nor other comprehensive income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-549": { "value": "\nThe following table shows the movements in the carrying amount of the Group\u2019s associates and joint ventures:
\n$ millions | 2024 | 2023 |
|---|---|---|
At 1 January | 399.5 | 522.3 |
Share in income / (loss) | (73.5) | (100.9) |
Divestment | (0.5) | - |
Dividends | (0.5) | (1.2) |
Other comprehensive income / (expense) | (3.6) | (3.5) |
Effect of movement in exchange rates | (2.3) | 1.0 |
Reclassified to assets held for sale | (283.9) | (18.2) |
At 31 December | 35.2 | 399.5 |
Joint ventures | - | 0.6 |
Associates | 35.2 | 398.9 |
Total | 35.2 | 399.5 |
Firewater LLC (Natgasoline LLC) is included in the Methanol business which is reclassified to held for sale in 2024. Refer to note 22.1 Results from Discontinued Operations for further details
\nThe Group has interests in the following associate which is included in continuing operations:
\nName | Type | Participation via | Country | Participation |
|---|---|---|---|---|
Rainbow Holdco B.V. | Associate | OCI Nitrogen B.V. | The Netherlands | 43.0% |
The following table summarizes the financial information of the Group\u2019s associates and joint ventures (on a 100% basis):
\n| \u00a0 | 2024 | 2023 | ||||
|---|---|---|---|---|---|---|
$ millions | Associates | Joint ventures | Total | Associates | Joint ventures | Total |
Non-current assets | 81.9 | - | 81.9 | 1,751.2 | 1.8 | 1,753.0 |
Current assets | - | - | - | 171.5 | (2.0) | 169.5 |
Non-current liabilities | - | - | - | (1,031.2) | - | (1,031.2) |
Current liabilities | - | - | - | (82.5) | (2.6) | (85.1) |
Net assets / (liabilities) | 81.9 | - | 81.9 | 809.0 | (2.8) | 806.2 |
Income | 6.7 | - | 6.7 | 330.8 | 6.6 | 337.4 |
Expenses | - | - | - | (537.9) | (6.4) | (544.3) |
Net profit / (loss) | 6.7 | - | 6.7 | (207.1) | 0.2 | (206.9) |
Associates and joint ventures in the continuing operations of the Group have no profit from discontinued operations nor other comprehensive income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-550": { "value": "\nThe following table shows the movements in the carrying amount of the Group\u2019s associates and joint ventures:
\n$ millions | 2024 | 2023 |
|---|---|---|
At 1 January | 399.5 | 522.3 |
Share in income / (loss) | (73.5) | (100.9) |
Divestment | (0.5) | - |
Dividends | (0.5) | (1.2) |
Other comprehensive income / (expense) | (3.6) | (3.5) |
Effect of movement in exchange rates | (2.3) | 1.0 |
Reclassified to assets held for sale | (283.9) | (18.2) |
At 31 December | 35.2 | 399.5 |
Joint ventures | - | 0.6 |
Associates | 35.2 | 398.9 |
Total | 35.2 | 399.5 |
Firewater LLC (Natgasoline LLC) is included in the Methanol business which is reclassified to held for sale in 2024. Refer to note 22.1 Results from Discontinued Operations for further details
\nThe Group has interests in the following associate which is included in continuing operations:
\nName | Type | Participation via | Country | Participation |
|---|---|---|---|---|
Rainbow Holdco B.V. | Associate | OCI Nitrogen B.V. | The Netherlands | 43.0% |
The following table summarizes the financial information of the Group\u2019s associates and joint ventures (on a 100% basis):
\n| \u00a0 | 2024 | 2023 | ||||
|---|---|---|---|---|---|---|
$ millions | Associates | Joint ventures | Total | Associates | Joint ventures | Total |
Non-current assets | 81.9 | - | 81.9 | 1,751.2 | 1.8 | 1,753.0 |
Current assets | - | - | - | 171.5 | (2.0) | 169.5 |
Non-current liabilities | - | - | - | (1,031.2) | - | (1,031.2) |
Current liabilities | - | - | - | (82.5) | (2.6) | (85.1) |
Net assets / (liabilities) | 81.9 | - | 81.9 | 809.0 | (2.8) | 806.2 |
Income | 6.7 | - | 6.7 | 330.8 | 6.6 | 337.4 |
Expenses | - | - | - | (537.9) | (6.4) | (544.3) |
Net profit / (loss) | 6.7 | - | 6.7 | (207.1) | 0.2 | (206.9) |
Associates and joint ventures in the continuing operations of the Group have no profit from discontinued operations nor other comprehensive income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-551": { "value": "\n$ millions | 2024 | 2023 |
|---|---|---|
Notore Chemical Industries (Mauritius) | - | 7.3 |
Orascom Construction PLC (UAE) | 3.4 | 1.7 |
Total | 3.4 | 9.0 |
Non-current | 3.4 | 9.0 |
Current | - | - |
Total | 3.4 | 9.0 |
The investment in Notore Chemical Industries was sold in Q3 2024. Refer to note 24 Other income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-552": { "value": "\nThe 2024 figures in the note below have been re-presented to disclose information about income tax expenses related to continuing operations.
\n$ millions | 2024 | 2023 |
|---|---|---|
Current tax | (6.2) | (4.6) |
Deferred tax | (1.4) | 42.0 |
Total income tax reported in profit or loss | (7.6) | 37.4 |
$ millions | 2024 | 2023 |
|---|---|---|
Current year | (8.4) | (4.3) |
Dividend withholding tax | - | (0.3) |
Changes in estimates relating to prior years | 2.2 | - |
Income tax expense reported in profit or loss | (6.2) | (4.6) |
$ millions | 2024 | 2023 |
|---|---|---|
Origination and reversal of temporary differences | (1.3) | 42.0 |
Changes in estimates relating to prior years | (0.1) | - |
Income tax benefit / (expense) reported in profit or loss | (1.4) | 42.0 |
OCI\u2019s operations are subject to income taxes in various foreign jurisdictions. The statutory income tax rates for continuing operations vary from 0.0% to 25.8%, which results in a difference between the effective income tax rate and the Netherlands\u2019 statutory income tax rate of 25.8%. Reconciliation of the statutory income tax rate in the Netherlands with the effective income tax rate can be summarized as follows:
\n$ millions | 2024 | % | 2023 | % |
|---|---|---|---|---|
Profit before income tax | (157.5) | \u00a0 | (298.6) | \u00a0 |
Enacted income tax rate in the Netherlands | 25.8% | \u00a0 | 25.8% | \u00a0 |
Income tax benefit calculated at the enacted Dutch tax rate | 40.6 | (25.8) | 77.0 | (25.8) |
Effect of tax rates in foreign jurisdictions | 0.1 | (0.1) | (1.6) | 0.5 |
Expenses non-deductible | (48.9) | 31.1 | (41.6) | 14.1 |
Income not subject to tax | 1.9 | (1.2) | 11.0 | (3.7) |
Adjustments prior years | 2.2 | (1.4) | (1.9) | 0.6 |
Recognition of previously unrecognized tax assets | 0.4 | (0.3) | - | - |
Unrecognized tax losses | (3.9) | 2.5 | (5.2) | 1.7 |
Dividend withholding tax | - | - | (0.3) | 0.1 |
Total income tax in profit or loss | (7.6) | 4.8 | 37.4 | (12.5) |
The Group\u2019s consolidated effective tax rate for continuing operations for the period ended 31 December 2024 was -4.8% (2023: 12.5%) compared to the statutory tax rate of 25.8% in the Netherlands. The main driver for the lower effective tax rate is the impact of non-deductible expenses, primarily related to transaction costs, shareholder costs, and non-deductible interest expenses incurred by OCI N.V..
\nOn 20 December 2021, the jurisdictions of the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (\u2018OECD BEPS\u2019) released the so-called Pillar Two Model Rules (also referred to as the \u201cGlobal Anti-Base Erosion\u201d or \u201cGloBE\u201d Rules) which are designed to ensure that large multinational enterprises ('MNE's) pay a minimum level of tax of 15% on the aggregated qualifying income arising in each jurisdiction where they operate (\u2018Pillar Two\u2019). On 15 December 2022, the EU Member States unanimously adopted an EU directive ensuring a global minimum level of taxation and agreed to apply these rules for fiscal years starting on or after 31 December 2023. A taxpayer will fall within the scope of Pillar Two if it has more than EUR\u00a0750\u00a0million in consolidated revenues and is not listed as an excluded entity. A taxpayer in scope of Pillar Two calculates its effective tax rate for the aggregated activities in each jurisdiction where it operates and pays top-up tax for the difference between its effective tax rate per jurisdiction and the global minimum tax rate of 15%. Any resulting top-up tax is generally charged in the jurisdiction of the ultimate parent of the MNE (OCI N.V.), unless their domestic Pillar two top-up tax is leviable in the jurisdiction of operation.
\nOCI operates in the Netherlands, which has enacted new legislation to implement the global minimum top-up tax as per 1 January 2024. However, based on the Pillar Two Safe Harbor provisions, there is no current tax impact with respect to the continuing operations of OCI NV related to the year ended 31 December 2024. For the impact of the Pillar Two Rules on discontinued operations we refer to note 22 Discontinued operations and assets & liabilities held for sale.
\nChanges in deferred tax asset and liabilities (net):
\n$ millions | 2024 | 2023 |
|---|---|---|
At 1 January | (7.3) | (404.0) |
Profit or loss | (2.0) | 38.8 |
Effect of movement in exchange rates (recognized in equity) | 0.2 | 4.1 |
Reclassification to assets/liabilities classified as held for sale | 4.9 | 353.8 |
At 31 December | (4.2) | (7.3) |
Recognized deferred tax assets and liabilities:
\n| \u00a0 | Assets | Liabilities | Net | |||
|---|---|---|---|---|---|---|
$ millions | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
Intangible assets | - | 3.1 | - | (0.4) | - | 2.7 |
Property, plant and equipment | 22.8 | - | (40.7) | (109.0) | (17.9) | (109.0) |
Inventory | 0.1 | 0.4 | (6.5) | (5.3) | (6.4) | (4.9) |
Investment in partnership | - | 2.0 | - | - | - | 2.0 |
Trade and other receivables | 0.3 | 0.3 | (8.3) | (0.6) | (8.0) | (0.3) |
Loans and borrowings | - | 45.8 | - | - | - | 45.8 |
Trade and other payables | - | 9.4 | - | - | - | 9.4 |
Undistributed earnings | - | - | - | (0.6) | - | (0.6) |
Operating losses carry forward and tax credits | 28.1 | 47.6 | - | - | 28.1 | 47.6 |
At 31 December | 51.3 | 108.6 | (55.5) | (115.9) | (4.2) | (7.3) |
Netting of fiscal positions | (51.3) | (101.7) | 51.3 | 101.7 | - | - |
Amounts recognized in the Statement of Financial Position | - | 6.9 | (4.2) | (14.2) | (4.2) | (7.3) |
Deferred tax assets and liabilities recognized in relation to property, plant and equipment will be realized over the depreciation period of the related asset, and mainly relate to OCIN. Deferred tax assets relate to temporary differences, tax credits and tax loss carryforwards. OCI has net tax loss carryforwards and tax credits totaling USD 88.5 million. The loss carryforwards mainly relate to the NL operations.
\nThe group is subject to the application of complex tax laws in multiple jurisdictions. Application of these complex tax laws may lead to uncertainties in determining tax positions. We aim to resolve these uncertainties in discussions with the tax authorities. The financial effect of the existing uncertainties per balance sheet date are determined in accordance with IAS 12 and IFRIC 23, which requires us to estimate the potential outcome of any tax position. Our estimate for the potential outcome of any uncertain tax position is judgmental.
\nAs of 31 December 2024 and 31 December 2023, the continuing operations of the Group had no uncertain tax positions.
\nThe Group believes that its accruals for tax liabilities are adequate for all open tax years based on its assessment of many factors, including interpretations of tax law and prior experience.
\nExpiration scheme of gross unrecognized carry forward tax losses, tax credits and deductible temporary differences:
\n2024 | Less than 1 year | Between 1 and 5 years | Between 5 and 10 years | Between 10 and 15 years | Between 15 and 20 years | Unlimited | Total |
|---|---|---|---|---|---|---|---|
Temporary differences | - | - | - | - | - | - | - |
Tax losses and credit carry forwards | - | - | - | - | - | 31.0 | 31.0 |
Unrecognized deferred tax assets | - | - | - | - | - | 31.0 | 31.0 |
2023 | Less than 1 year | Between 1 and 5 years | Between 5 and 10 years | Between 10 and 15 years | Between 15 and 20 years | Unlimited | Total |
|---|---|---|---|---|---|---|---|
Temporary differences | 6.6 | 25.6 | 31.8 | - | - | - | 64.0 |
Tax losses and credit carry forwards | - | 1.4 | 10.2 | 0.5 | 0.1 | 715.9 | 728.1 |
Unrecognized deferred tax assets | 6.6 | 27.0 | 42.0 | 0.5 | 0.1 | 715.9 | 792.1 |
The above unrecognized temporary differences, tax losses and tax credit carryforwards relate to tax jurisdictions in which OCI has suffered a tax loss in the current or a preceding period. Significant judgment is required in determining whether deferred tax assets can be utilized. OCI determines this based on expected taxable profits arising from the reversal of recognized deferred tax liabilities and based on budget, cash flow forecasts and impairment models and the recent history of taxable results. Where utilization is not considered probable, deferred tax assets are not recognized. In addition to the above, OCI N.V. has unrecognized interest deduction carry forwards amounting to USD 209.0 million (2023: USD 224.0 million) with an unlimited carryforward period.
\nChanges in income tax receivables and payables:
\n$ millions | 2024 | 2023 |
|---|---|---|
At 1 January | (8.1) | (246.1) |
Profit or loss | (10.2) | (104.6) |
Changes in estimates relating to prior years | 2.3 | (7.5) |
Payments | 7.3 | 78.4 |
Effect of movement in exchange rates | 0.1 | 1.2 |
Reclassification to assets/liabilities classified as held for sale | 3.3 | 270.5 |
At 31 December | (5.3) | (8.1) |
Income tax receivable | 2.5 | 0.6 |
Income tax payable | (7.8) | (8.7) |
Total | (5.3) | (8.1) |
$ millions | 2024 | 2023 |
|---|---|---|
Origination and reversal of temporary differences | (1.3) | 42.0 |
Changes in estimates relating to prior years | (0.1) | - |
Income tax benefit / (expense) reported in profit or loss | (1.4) | 42.0 |
Changes in deferred tax asset and liabilities (net):
\n$ millions | 2024 | 2023 |
|---|---|---|
At 1 January | (7.3) | (404.0) |
Profit or loss | (2.0) | 38.8 |
Effect of movement in exchange rates (recognized in equity) | 0.2 | 4.1 |
Reclassification to assets/liabilities classified as held for sale | 4.9 | 353.8 |
At 31 December | (4.2) | (7.3) |
Recognized deferred tax assets and liabilities:
\n| \u00a0 | Assets | Liabilities | Net | |||
|---|---|---|---|---|---|---|
$ millions | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
Intangible assets | - | 3.1 | - | (0.4) | - | 2.7 |
Property, plant and equipment | 22.8 | - | (40.7) | (109.0) | (17.9) | (109.0) |
Inventory | 0.1 | 0.4 | (6.5) | (5.3) | (6.4) | (4.9) |
Investment in partnership | - | 2.0 | - | - | - | 2.0 |
Trade and other receivables | 0.3 | 0.3 | (8.3) | (0.6) | (8.0) | (0.3) |
Loans and borrowings | - | 45.8 | - | - | - | 45.8 |
Trade and other payables | - | 9.4 | - | - | - | 9.4 |
Undistributed earnings | - | - | - | (0.6) | - | (0.6) |
Operating losses carry forward and tax credits | 28.1 | 47.6 | - | - | 28.1 | 47.6 |
At 31 December | 51.3 | 108.6 | (55.5) | (115.9) | (4.2) | (7.3) |
Netting of fiscal positions | (51.3) | (101.7) | 51.3 | 101.7 | - | - |
Amounts recognized in the Statement of Financial Position | - | 6.9 | (4.2) | (14.2) | (4.2) | (7.3) |
Deferred tax assets and liabilities recognized in relation to property, plant and equipment will be realized over the depreciation period of the related asset, and mainly relate to OCIN. Deferred tax assets relate to temporary differences, tax credits and tax loss carryforwards. OCI has net tax loss carryforwards and tax credits totaling USD 88.5 million. The loss carryforwards mainly relate to the NL operations.
\nThe group is subject to the application of complex tax laws in multiple jurisdictions. Application of these complex tax laws may lead to uncertainties in determining tax positions. We aim to resolve these uncertainties in discussions with the tax authorities. The financial effect of the existing uncertainties per balance sheet date are determined in accordance with IAS 12 and IFRIC 23, which requires us to estimate the potential outcome of any tax position. Our estimate for the potential outcome of any uncertain tax position is judgmental.
\nAs of 31 December 2024 and 31 December 2023, the continuing operations of the Group had no uncertain tax positions.
\nThe Group believes that its accruals for tax liabilities are adequate for all open tax years based on its assessment of many factors, including interpretations of tax law and prior experience.
\nExpiration scheme of gross unrecognized carry forward tax losses, tax credits and deductible temporary differences:
\n2024 | Less than 1 year | Between 1 and 5 years | Between 5 and 10 years | Between 10 and 15 years | Between 15 and 20 years | Unlimited | Total |
|---|---|---|---|---|---|---|---|
Temporary differences | - | - | - | - | - | - | - |
Tax losses and credit carry forwards | - | - | - | - | - | 31.0 | 31.0 |
Unrecognized deferred tax assets | - | - | - | - | - | 31.0 | 31.0 |
2023 | Less than 1 year | Between 1 and 5 years | Between 5 and 10 years | Between 10 and 15 years | Between 15 and 20 years | Unlimited | Total |
|---|---|---|---|---|---|---|---|
Temporary differences | 6.6 | 25.6 | 31.8 | - | - | - | 64.0 |
Tax losses and credit carry forwards | - | 1.4 | 10.2 | 0.5 | 0.1 | 715.9 | 728.1 |
Unrecognized deferred tax assets | 6.6 | 27.0 | 42.0 | 0.5 | 0.1 | 715.9 | 792.1 |
The above unrecognized temporary differences, tax losses and tax credit carryforwards relate to tax jurisdictions in which OCI has suffered a tax loss in the current or a preceding period. Significant judgment is required in determining whether deferred tax assets can be utilized. OCI determines this based on expected taxable profits arising from the reversal of recognized deferred tax liabilities and based on budget, cash flow forecasts and impairment models and the recent history of taxable results. Where utilization is not considered probable, deferred tax assets are not recognized. In addition to the above, OCI N.V. has unrecognized interest deduction carry forwards amounting to USD 209.0 million (2023: USD 224.0 million) with an unlimited carryforward period.
\nChanges in income tax receivables and payables:
\n$ millions | 2024 | 2023 |
|---|---|---|
At 1 January | (8.1) | (246.1) |
Profit or loss | (10.2) | (104.6) |
Changes in estimates relating to prior years | 2.3 | (7.5) |
Payments | 7.3 | 78.4 |
Effect of movement in exchange rates | 0.1 | 1.2 |
Reclassification to assets/liabilities classified as held for sale | 3.3 | 270.5 |
At 31 December | (5.3) | (8.1) |
Income tax receivable | 2.5 | 0.6 |
Income tax payable | (7.8) | (8.7) |
Total | (5.3) | (8.1) |
$ millions | 2024 | 2023 |
|---|---|---|
Finished goods | 118.6 | 127.3 |
Raw materials and consumables | 3.4 | 2.7 |
Spare parts, fuels and others | 16.0 | 25.9 |
Total | 138.0 | 155.9 |
During 2024 reversal of write-downs amounted to USD 0.7 million (2023: USD 1.8 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-556": { "value": "\n$ millions | 2024 | 2023 |
|---|---|---|
Bank balances | 33.5 | 100.3 |
Deposits | 2,019.4 | - |
Restricted cash | - | 56.6 |
Total | 2,052.9 | 156.9 |
Cash held by disposal groups are included as part of assets held for sale. Refer to note 22.
\nIn 2023, the balance of restricted cash was made up of primarily of USD 55.0 million paid to an escrow account. In 2024, the escrow was released and the funds are no longer restricted.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-557": { "value": "\nIn 2023, the balance of restricted cash was made up of primarily of USD 55.0 million paid to an escrow account. In 2024, the escrow was released and the funds are no longer restricted.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-558": { "value": "\nThe movements in the number of shares can be summarized as follows:
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
At 1 January | 210,997,647 | 210,712,004 |
Number of issued shares | 360,342 | 285,643 |
On issue at 31 December - fully paid | 211,357,989 | 210,997,647 |
Par value per share (in EUR) | 0.02 | 0.02 |
At 31 December (in millions of USD) | 5.6 | 5.6 |
The authorized capital of the Company amounts to EUR 12.0 million. The authorized capital is divided into 600 million shares, with a nominal value of EUR 0.02 each.
\nThe share capital movements relate to the increase and subsequent decrease in the nominal value of the ordinary shares, to facilitate a capital repayment in relation to the distribution. Shareholders received a cash distribution for the repayment of capital of EUR\u00a0 per share in 2024 (USD 3,310.7 million), which was debited from share capital (USD 1,923.1 million) and retained earnings (USD 1,387.6 million) as a dividend distribution to owners of the Company.
An amount of USD 10.6 million related to share-based compensation expense was recognized in retained earnings.
The share capital movements relate to the increase and subsequent decrease in the nominal value of the ordinary shares, to facilitate a capital repayment in relation to the distribution. Shareholders received a cash distribution for the repayment of capital of EUR\u00a0 per share in 2023 (USD 796.9\u00a0million), which was debited from share capital. Shareholders also received a cash distribution of EUR\u00a00.85 per share in 2023 (USD 194.4\u00a0million) which was debited from retained earnings as a dividend distribution to owners of the Company.
An amount of USD 11.2\u00a0million related to share-based compensation expense was recognized in retained earnings.
The movements in the number of shares can be summarized as follows:
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
At 1 January | 210,997,647 | 210,712,004 |
Number of issued shares | 360,342 | 285,643 |
On issue at 31 December - fully paid | 211,357,989 | 210,997,647 |
Par value per share (in EUR) | 0.02 | 0.02 |
At 31 December (in millions of USD) | 5.6 | 5.6 |
The authorized capital of the Company amounts to EUR 12.0 million. The authorized capital is divided into 600 million shares, with a nominal value of EUR 0.02 each.
\nThe share capital movements relate to the increase and subsequent decrease in the nominal value of the ordinary shares, to facilitate a capital repayment in relation to the distribution. Shareholders received a cash distribution for the repayment of capital of EUR\u00a0 per share in 2024 (USD 3,310.7 million), which was debited from share capital (USD 1,923.1 million) and retained earnings (USD 1,387.6 million) as a dividend distribution to owners of the Company.
An amount of USD 10.6 million related to share-based compensation expense was recognized in retained earnings.
The share capital movements relate to the increase and subsequent decrease in the nominal value of the ordinary shares, to facilitate a capital repayment in relation to the distribution. Shareholders received a cash distribution for the repayment of capital of EUR\u00a0 per share in 2023 (USD 796.9\u00a0million), which was debited from share capital. Shareholders also received a cash distribution of EUR\u00a00.85 per share in 2023 (USD 194.4\u00a0million) which was debited from retained earnings as a dividend distribution to owners of the Company.
An amount of USD 11.2\u00a0million related to share-based compensation expense was recognized in retained earnings.
The movements in the number of shares can be summarized as follows:
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
At 1 January | 210,997,647 | 210,712,004 |
Number of issued shares | 360,342 | 285,643 |
On issue at 31 December - fully paid | 211,357,989 | 210,997,647 |
Par value per share (in EUR) | 0.02 | 0.02 |
At 31 December (in millions of USD) | 5.6 | 5.6 |
The authorized capital of the Company amounts to EUR 12.0 million. The authorized capital is divided into 600 million shares, with a nominal value of EUR 0.02 each.
\nThe share capital movements relate to the increase and subsequent decrease in the nominal value of the ordinary shares, to facilitate a capital repayment in relation to the distribution. Shareholders received a cash distribution for the repayment of capital of EUR\u00a0 per share in 2024 (USD 3,310.7 million), which was debited from share capital (USD 1,923.1 million) and retained earnings (USD 1,387.6 million) as a dividend distribution to owners of the Company.
An amount of USD 10.6 million related to share-based compensation expense was recognized in retained earnings.
The share capital movements relate to the increase and subsequent decrease in the nominal value of the ordinary shares, to facilitate a capital repayment in relation to the distribution. Shareholders received a cash distribution for the repayment of capital of EUR\u00a0 per share in 2023 (USD 796.9\u00a0million), which was debited from share capital. Shareholders also received a cash distribution of EUR\u00a00.85 per share in 2023 (USD 194.4\u00a0million) which was debited from retained earnings as a dividend distribution to owners of the Company.
An amount of USD 11.2\u00a0million related to share-based compensation expense was recognized in retained earnings.
$ millions | Hedge reserve | Financial assets at fair value through other comprehensive income | Currency translation | Treasury shares | Total |
|---|---|---|---|---|---|
At 1 January 2023 | 8.2 | (17.8) | (422.1) | (11.0) | (442.7) |
Movement in hedge reserve | (3.4) | - | - | - | (3.4) |
Currency translation differences | - | - | (6.5) | 0.6 | (5.9) |
Financial assets at fair value through other comprehensive income | - | (3.7) | - | - | (3.7) |
Other comprehensive income / (expense) | (3.4) | (3.7) | (6.5) | 0.6 | (13.0) |
Treasury shares sold / delivered | - | - | - | 18.6 | 18.6 |
Transfer of loss on disposal of equity investments | - | (5.5) | - | - | (5.5) |
Treasury shares acquired | - | - | - | (6.5) | (6.5) |
Issuing shares | - | - | - | (9.1) | (9.1) |
At 31 December 2023 | 4.8 | (27.0) | (428.6) | (7.4) | (458.2) |
Movement in hedge reserve | (3.4) | - | - | - | (3.4) |
Currency translation differences | - | - | (154.0) | - | (154.0) |
Realization of translation reserve | - | - | 144.7 | - | 144.7 |
Financial assets at fair value through other comprehensive income | - | 2.0 | - | - | 2.0 |
Other comprehensive income / (expense) | (3.4) | 2.0 | (9.3) | - | (10.7) |
Treasury shares sold / delivered | - | - | - | 27.5 | 27.5 |
Transfer of loss on disposal of equity investments | - | - | - | - | - |
Treasury shares acquired | - | - | - | (20.1) | (20.1) |
Issuing shares | - | - | - | (10.6) | (10.6) |
At 31 December 2024 | 1.4 | (25.0) | (437.9) | (10.6) | (472.1) |
OCI is a company incorporated under Dutch law. In accordance with the Dutch Civil Code, legal reserves have to be established in certain circumstances. The hedging reserve, the financial assets at fair value through other comprehensive income reserve and the currency translation reserve are legal reserves that limit distributions to shareholders to the extent that these reserves individually have a credit balance.
\nThe reserve related to FVOCI instruments is used to record the cumulative change in fair value of financial assets measured at FVOCI. For further information, see note 11.
\nThe currency translation reserve is used to record the cumulative effect of the translation of the financial information of subsidiaries in the Group with a functional currency of EUR to the Group's presentation currency of USD.
\nThe currency translation reserve is impacted by the recycling of the applicable portion of the net investment hedge and accumulated currency translation differences related to the foreign operations that were disposed in FY 2024, consistent with IAS 21.
\nDuring the financial year ended 31 December 2024 the company acquired 1,087,727 shares (2023: 494,663) and sold and delivered out of share-based payment plans 951,895 shares (2023: 518,182).
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
Number of shares | 418,659 | 282,827 |
Average carrying value per share (USD) | 25.32 | 26.24 |
Total (in millions USD) | 10.6 | 7.4 |
Foreign exchange effect | - | - |
Total carrying value of treasury shares (in millions of USD) | 10.6 | 7.4 |
$ millions | Hedge reserve | Financial assets at fair value through other comprehensive income | Currency translation | Treasury shares | Total |
|---|---|---|---|---|---|
At 1 January 2023 | 8.2 | (17.8) | (422.1) | (11.0) | (442.7) |
Movement in hedge reserve | (3.4) | - | - | - | (3.4) |
Currency translation differences | - | - | (6.5) | 0.6 | (5.9) |
Financial assets at fair value through other comprehensive income | - | (3.7) | - | - | (3.7) |
Other comprehensive income / (expense) | (3.4) | (3.7) | (6.5) | 0.6 | (13.0) |
Treasury shares sold / delivered | - | - | - | 18.6 | 18.6 |
Transfer of loss on disposal of equity investments | - | (5.5) | - | - | (5.5) |
Treasury shares acquired | - | - | - | (6.5) | (6.5) |
Issuing shares | - | - | - | (9.1) | (9.1) |
At 31 December 2023 | 4.8 | (27.0) | (428.6) | (7.4) | (458.2) |
Movement in hedge reserve | (3.4) | - | - | - | (3.4) |
Currency translation differences | - | - | (154.0) | - | (154.0) |
Realization of translation reserve | - | - | 144.7 | - | 144.7 |
Financial assets at fair value through other comprehensive income | - | 2.0 | - | - | 2.0 |
Other comprehensive income / (expense) | (3.4) | 2.0 | (9.3) | - | (10.7) |
Treasury shares sold / delivered | - | - | - | 27.5 | 27.5 |
Transfer of loss on disposal of equity investments | - | - | - | - | - |
Treasury shares acquired | - | - | - | (20.1) | (20.1) |
Issuing shares | - | - | - | (10.6) | (10.6) |
At 31 December 2024 | 1.4 | (25.0) | (437.9) | (10.6) | (472.1) |
OCI is a company incorporated under Dutch law. In accordance with the Dutch Civil Code, legal reserves have to be established in certain circumstances. The hedging reserve, the financial assets at fair value through other comprehensive income reserve and the currency translation reserve are legal reserves that limit distributions to shareholders to the extent that these reserves individually have a credit balance.
\nThe reserve related to FVOCI instruments is used to record the cumulative change in fair value of financial assets measured at FVOCI. For further information, see note 11.
\nThe currency translation reserve is used to record the cumulative effect of the translation of the financial information of subsidiaries in the Group with a functional currency of EUR to the Group's presentation currency of USD.
\nThe currency translation reserve is impacted by the recycling of the applicable portion of the net investment hedge and accumulated currency translation differences related to the foreign operations that were disposed in FY 2024, consistent with IAS 21.
\nDuring the financial year ended 31 December 2024 the company acquired 1,087,727 shares (2023: 494,663) and sold and delivered out of share-based payment plans 951,895 shares (2023: 518,182).
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
Number of shares | 418,659 | 282,827 |
Average carrying value per share (USD) | 25.32 | 26.24 |
Total (in millions USD) | 10.6 | 7.4 |
Foreign exchange effect | - | - |
Total carrying value of treasury shares (in millions of USD) | 10.6 | 7.4 |
During the financial year ended 31 December 2024 the company acquired 1,087,727 shares (2023: 494,663) and sold and delivered out of share-based payment plans 951,895 shares (2023: 518,182).
\n| \u00a0 | 2024 | 2023 |
|---|---|---|
Number of shares | 418,659 | 282,827 |
Average carrying value per share (USD) | 25.32 | 26.24 |
Total (in millions USD) | 10.6 | 7.4 |
Foreign exchange effect | - | - |
Total carrying value of treasury shares (in millions of USD) | 10.6 | 7.4 |
The non-controlling interests in the respective entities can be summarized as follows:
\nThe financial information included below is on a proportionate basis. The ownership percentages and the balance sheet items presented represent the non-controlling shareholdings and balances as at the balance sheet date. The income statement items and dividend cash flows represent the amounts accrued up to the date of disposal.
\n2024 | Fertil | EFC | EBIC | Sorfert | OCI Methanol Group | N-71 | Other2 | Total |
|---|---|---|---|---|---|---|---|---|
Non-controlling interests | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 50.00% | - | - |
Non-current assets | - | - | - | - | - | 13.2 | - | 13.2 |
Current assets | - | - | - | - | - | 34.2 | - | 34.2 |
Non-current liabilities | - | - | - | - | - | (8.6) | - | (8.6) |
Current liabilities | - | - | - | - | - | (34.6) | - | (34.6) |
Net assets | - | - | - | - | - | 4.2 | - | 4.2 |
Revenues | 252.1 | 158.2 | 95.5 | 326.9 | 139.2 | 383.0 | 671.7 | 2,026.6 |
Profit / (Loss) | 70.1 | 81.7 | 41.6 | 100.7 | (7.3) | 7.0 | (76.7) | 217.1 |
Other comprehensive income / (expense) | - | - | - | (9.1) | - | - | - | (9.1) |
Total comprehensive income / (expense) | 70.1 | 81.7 | 41.6 | 91.6 | (7.3) | 7.0 | (76.7) | 208.0 |
Dividend cash flows | - | - | (15.9) | (172.5) | (139.9) | - | (120.7) | (449.0) |
2023 | Fertil | EFC | EBIC | Sorfert | OCI Methanol Group | N-7 | Other1 | Total |
|---|---|---|---|---|---|---|---|---|
Non-controlling interests | 50.00% | 50.06% | 62.50% | 74.51% | 15.00% | 50.00% | - | - |
Non-current assets | 760.7 | 820.4 | 163.7 | 504.3 | 111.3 | 31.9 | 919.0 | 3,311.3 |
Current assets | 118.3 | 314.3 | 53.0 | 235.3 | 238.7 | 58.6 | 2,260.4 | 3,278.6 |
Non-current liabilities | (138.4) | (58.3) | (4.1) | (92.6) | (30.7) | (23.9) | (2,020.6) | (2,368.6) |
Current liabilities | (42.0) | (156.3) | (18.7) | (137.6) | (372.2) | (66.4) | (2,404.2) | (3,197.4) |
Net assets | 698.6 | 920.1 | 193.9 | 509.4 | (52.9) | 0.2 | (1,245.4) | 1,023.9 |
Revenues | 339.5 | 260.6 | 157.3 | 432.2 | 202.9 | 485.6 | 1,217.1 | 3,095.2 |
Profit / (Loss) | 58.7 | 97.4 | 67.5 | 182.5 | (29.4) | (3.7) | (67.5) | 305.5 |
Other comprehensive income | - | - | - | 21.8 | 0.2 | - | - | 22.0 |
Total comprehensive income / (expense) | 58.7 | 97.4 | 67.5 | 204.3 | (29.2) | (3.7) | (67.5) | 327.5 |
Dividend cash flows | - | - | (29.2) | (856.5) | (30.6) | - | (487.5) | (1,403.8) |
Total dividends declared to non-controlling interests amounted to USD 437.9 million (2023: USD 1,366.3 million).
Impact of difference in profit sharing with non-controlling interests: In the partnership agreement of Sorfert between OCI and the partner, a profit-sharing arrangement is agreed, where the other investor will receive a relatively higher portion of dividends in compensation for lower natural gas prices arranged for by the partner, which is recognized in cost of sales. As a result of this agreement, the non-controlling interests increased by USD 14.4 million (2023: USD 46.7 million) which is recognized as part of discontinued operations. The effect of the profit sharing agreement represents the gross amount allocated to the partner. This amount is subsequently diluted by the other non-controlling interests in Fertiglobe.
Non-controlling interests in relation to Fertiglobe entities were derecognized during 2024. We refer to note 22.5 Sale of Fertiglobe.
In September 2024, a 15% stake of the OCI Methanol Group was repurchased for a total consideration of USD 336.0 million. Of this amount, USD 139.9 million was paid as a dividend to minorities. As a result of this transaction OCI's share in the OCI Methanol Group increased from 85% to 100%.The following table summarizes the effect of the transaction on the Company's equity attributable to owners of the Company:
\n$ millions | 2024 |
|---|---|
Consideration for the shares | 195.1 |
Dividend to minorities | 139.9 |
Fee related to the purchase of the shares | 1.0 |
Total consideration for the purchase of the shares | 336.0 |
Dividend liability | (69.4) |
Non-controlling interest | 63.7 |
Effect on equity attributable to holders of the company | 330.3 |
$ millions | 2024 | 2023 |
|---|---|---|
At 1 January | 2,157.4 | 2,875.7 |
Proceeds from loans | 967.1 | 3,770.8 |
Proceeds/ (Repayment) from bank overdraft facility | (84.1) | 90.4 |
Repayment and redemption of loans and borrowings | (2,330.5) | (2,115.2) |
Newly incurred transaction costs / (bond) premiums | - | (18.3) |
Amortization of transaction costs / (bond) premiums | 4.8 | 6.0 |
Effect of movement in exchange rates | (32.6) | 56.9 |
Reclassified to liabilities held for sale | - | (2,508.9) |
At end of period | 682.1 | 2,157.4 |
Non-current | - | 1,983.6 |
Current | 682.1 | 173.8 |
Total | 682.1 | 2,157.4 |
Borrowing company | Type of loan | Principal amount ($ millions) | Interest rate | Date of maturity | Carrying amount ($ millions)1 | Long-term portion ($ millions) | Short-term portion ($ millions) | Fair value ($ millions) | Collateral / guarantee |
|---|---|---|---|---|---|---|---|---|---|
OCI N.V. | Unsecured senior notes | USD 600.0 | Fixed 6.70% | March 2033 | 594.0 | - | 594.0 | 608.8 | \u00a0 |
OCI N.V. | Unsecured loan facility | USD 600.0 | USD: SOFR + 1.18% | April 2027 | (3.3) | - | (3.3) | - | \u00a0 |
OCI N.V. | Bank Overdraft | N/a | N/a | No defined maturity | 5.2 | - | 5.2 | n/a | \u00a0 |
OCI Chemicals B.V. | Bank Overdraft | N/a | N/a | No defined maturity | 0.9 | - | 0.9 | n/a | \u00a0 |
OCIN | Inventory financing | USD 85.4 | EURIBOR +0.85% | No defined maturity | 85.3 | - | 85.3 | 85.4 | 2 |
Total 31 December 2024 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 682.1 | - | 682.1 | N/a | \u00a0 |
Borrowing company | Type of loan | Principal amount ($ millions) | Interest rate | Date of maturity | Carrying amount ($ millions)1 | Long-term portion ($ millions) | Short-term portion ($ millions) | Fair value ($ millions) | Collateral / guarantee |
|---|---|---|---|---|---|---|---|---|---|
OCI N.V. | Unsecured senior notes | USD 288.3 | Fixed 4.625% | October 2025 | 287.2 | 287.2 | - | 281.0 | 2 |
| \u00a0 | \u00a0 | EUR 360.0 | Fixed 3.625% | October 2025 | 395.7 | 395.7 | - | 392.8 | \u00a0 |
| \u00a0 | \u00a0 | USD 600.0 | Fixed 6.70% | March 2033 | 593.1 | 593.1 | - | 596.2 | 3 |
OCI N.V. | Unsecured loan facility | USD 1,100.0 | USD: SOFR + 0.85% | April 2027 | 707.6 | 707.6 | - | - | 4 |
OCI N.V. | Bank Overdraft | N/a | N/a | No defined maturity | 52.3 | - | 52.3 | n/a | \u00a0 |
OCI Chemicals B.V. | Bank Overdraft | N/a | N/a | No defined maturity | 39.2 | - | 39.2 | n/a | \u00a0 |
OCIN | Inventory financing | USD 82.3 | EURIBOR +0.85% | No defined maturity | 82.3 | - | 82.3 | 82.3 | 5 |
Total 31 December 2023 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 2,157.4 | 1,983.6 | 173.8 | N/a | \u00a0 |
Certain loan agreements include financial covenants. The definitions for calculating the financial covenants applicable to the facilities within the Group can be summarized as follows:
Net Leverage Ratio: the Group\u2019s Net Debt (meaning the aggregate amount of all obligations of the Group, excluding intergroup loans and cash and cash equivalents, but including finance leases) to adjusted EBITDA.
Interest Coverage Ratio: EBITDA, EBIT or Distribution Receipts (cash received by the borrower by way of dividends or repayments of loans) to Finance Charges (meaning finance payments in respect of borrowings including the interest element of finance leases).
OCI N.V. does not have any amounts drawn on the revolving credit facility as at 31 December 2024. As per 31 December 2024 all financial covenants were met.
\nRefer to note 6.2 and note 6.4 for additional discussion of the Company\u2019s liquidity risk and capital management.
\nThe senior secured notes of OCI N.V. are calculated within fair value hierarchy category of Level 1. The fair value of all other loans and facilities is calculated within hierarchy category level 2.
\nReference is made to note 6.2.2 Refinancing and deleveraging activity.
\nProceeds from borrowings in 2024 totaled an amount of USD 967.1 million (2023: USD 3,770.8) million, which consisted of net proceeds of OCI N.V. Revolving Credit Facility, borrowings on the bridge loan facility, and changes in OCIN's inventory financing. The difference between this comparative figure and the comparative figure presented in the statement of cash flows is due to the reallocation of proceeds from borrowings in discontinued operations to 'Net cash used in financing activities - discontinued operations'.
\nRedemptions of borrowings in 2024 totaled an amount of USD 2,330.5 million (2023: USD 2,115.2 million), which consisted of the full repayment of the OCI N.V. Bridge Loan Facility , the OCI N.V. 2025 bonds and OCI N.V. Revolving Credit Facility as well as regular installments for borrowings and changes in the outstanding amounts of trade finance facilities within the Group. The difference between this comparative figure and the comparative figure presented in the statement of cash flows is due to the reallocation of proceeds from borrowings in discontinued operations to 'Net cash used in financing activities - discontinued operations'.
\nAs of 31 December 2024, the Group had not drawn external bank facilities in the amount of USD 600.0 million (2023: USD 387.3 million). This relates to the revolving credit facility at OCI N.V. of USD 600.0 million (2023: USD 1,100.0 million).
\nAs of 31 December 2024, the bank overdraft facility of OCI N.V. amounted to USD 5.2 million (2023: USD 52.3 million) and that of OCI Chemicals B.V. amounted to USD 0.9 million (2023: USD 39.2 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-567": { "value": "\n$ millions | Note | 2024 | 2023 |
|---|---|---|---|
Trade payables | \u00a0 | 158.5 | 215.2 |
Trade payables due to related parties | \u00a0 | 10.6 | 48.6 |
Amounts payable under the securitization agreement | \u00a0 | 38.7 | 104.4 |
Dividend liabilities to non-controlling interests | \u00a0 | - | 70.5 |
Other payables | \u00a0 | 42.2 | 33.6 |
Employee benefit liabilities | \u00a0 | 0.2 | 0.2 |
Accrued expenses | \u00a0 | 82.7 | 140.0 |
Accrued interest | \u00a0 | 11.6 | 18.3 |
Customer advance payment / deferred revenue | \u00a0 | 5.5 | 2.0 |
Other tax payable | \u00a0 | - | 1.8 |
Derivative financial instruments | \u00a0 | 20.8 | 177.9 |
Financial liability from Clean Ammonia sale | 561.3 | - | |
Contract liability from Clean Ammonia sale | 25.2 | - | |
Total | \u00a0 | 957.3 | 812.5 |
Non-current | \u00a0 | 1.2 | 141.2 |
Current | \u00a0 | 956.1 | 671.3 |
Total | \u00a0 | 957.3 | 812.5 |
Information about the Group\u2019s exposure to currency and liquidity risk is included in note 6. The carrying amount of \u2018Trade and other payables\u2019 approximates its fair value. The Group recognized revenue of USD 2.0 million (2023: USD 69.1 million) related to customer advance payments and deferred revenue accrued for as a liability at the beginning of the period.
\nDerivative financial instruments consist of commodity gas hedges contracts in order to hedge future gas price levels. The fair value of these contracts amounts to USD 20.8 million as per 31 December 2024 (2023: USD 177.9 million). All derivatives included in trade and other payables are classified in the fair value hierarchy level 2. For market and commodity risks related to these hedges we refer to note 6.
\nOCI sold its Clean Ammonia project to Woodside on September 30, 2024. The USD 1,902.2 million cash proceeds received from Woodside is in part consideration for OCI to fund the capex and certain pre-operating expenses of the Clean Ammonia project until commissioning of the plant. This obligation is recognized as a financial liability. As at 31 December 2024, the measurement of the financial liability was USD 561.3 million based on the expected costs until project completion, currently expected in Q4 2025. The change in the liability between the closing date of the transaction and 31 December 2024 is due to payments made in Q4 2024 to fund the Clean Ammonia project.
\nOCI also agreed as part of the sale of purchase agreement with Woodside to provide employee services back to its former subsidiary, Clean Ammonia LLC, during the construction and commissioning phases. The payment for these employee services is included in the proceeds received on 30 September 2024. Therefore, a portion of the proceeds from the sale have been deferred as a contract liability under the scope of IFRS 15. As at 31 December 2024, the measurement of the contract liability was USD 25.2 million. The change in the balance between 30 September 2024 and 31 December 2024 is due to revenue earned by the Group over time.
\nOCI has estimated its financial liability for the remaining costs to complete the project based on Clean Ammonia LLC's agreements with its (sub)contractors, the schedule to completion, and OCI's in-depth knowledge of the project. There are a number of risks which may result in changes to the estimated costs to complete the project, including liquidated damages to Woodside for certain delays. The current measurement of the financial liability includes management's best estimate of such potential risks.
\nDividend liabilities to non-controlling interests recorded in the prior period consists of the minimum dividend liability as a result of the 15% sale of OCI Methanol Group. This dividend liability was settled in full in September 2024 upon the repurchase of the minority interests. See note 17 Non-controlling interests.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-568": { "value": "\nDerivative financial instruments consist of commodity gas hedges contracts in order to hedge future gas price levels. The fair value of these contracts amounts to USD 20.8 million as per 31 December 2024 (2023: USD 177.9 million). All derivatives included in trade and other payables are classified in the fair value hierarchy level 2. For market and commodity risks related to these hedges we refer to note 6.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-569": { "value": "\n$ millions | Claims and other provisions, onerous contracts |
|---|---|
At 1 January 2024 | 28.6 |
Recorded during the year | 24.3 |
Used during the year | (4.3) |
Reversed | (2.4) |
Effect of the movement in exchange rates | (0.6) |
Reclassified to liabilities held for sale | (3.7) |
At 31 December 2024 | 41.9 |
Non-current | 34.2 |
Current | 7.7 |
Total | 41.9 |
As part of the shareholder agreements and as a consequence of the Fertiglobe IPO, OCI provided an indemnification to the other shareholders of Fertiglobe for the outcome of certain legacy legal exposures. These indemnities continue to apply after OCI's sale of Fertiglobe, and their measurement has increased proportionate to the increase in ownership of the other shareholders after the sale. The effect of the step-up in the indemnity liabilities due to the sale of Fertiglobe on 15 October 2024 is offset against the gain from the sale.
\nAn indemnification asset of USD 30.3 million (2023: USD 29.3 million) is recognized in other receivables as the offsetting criteria are not met.
\nThe Group is involved in various litigations, arbitrations and commercial disputes. In cases where it is probable that the outcome of the legal proceedings and commercial disputes will be unfavorable, and where the financial outcome can be measured reliably, a provision has been recognized. Reference is made to note 29 for detailed information with respect to major ongoing litigations and claims for which no provision has been recognized.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-570": { "value": "\nOn 15 December 2023, the Group entered into an agreement to sell its 50% + 1 share stake in Fertiglobe PLC to the Abu Dhabi National Oil Company P.J.S.C. (\u201cADNOC\u201d) for a total consideration of USD 3.62 billion. Fertiglobe is presented as its own reportable segment. The transaction closed on 15 October 2024. OCI agreed to indemnify ADNOC for certain exposures in Fertiglobe as part of the sale agreement. Refer to section 22.5 Sale of Fertiglobe.
\nOn 16 December 2023, the Group entered into a binding equity purchase agreement to sell its stake of 100% of the equity interests in Iowa Fertilizer Company LLC (\u201cIFCo\u201d) to Koch Ag & Energy Solutions (\u201cKoch\u201d) for a purchase price consideration of USD 3.60 billion on cash-free, debt-free basis. IFCo is presented as part of the Nitrogen US segment. The transaction closed on 29 August 2024. Refer to section 22.3 Sale of IFCO business.
\nOn 5 August 2024, the Group entered into a binding equity purchase agreement for the sale of 100% of its equity interests in the Clean Ammonia project under construction in Beaumont, Texas (\u201cOCI Clean Ammonia\u201d to Woodside Energy Group Ltd (\u201cWoodside\u201d)), following a competitive process for a purchase price consideration of USD 2.35 billion on a cash-free, debt-free basis. OCI will act as project manager until the facility is operational and has a financial obligation to pay for the remaining capex and costs to completion. The total scope of the project includes certain infrastructure and utilities required for a second line. The transaction closed on 30 September 2024. Refer to section 22.4 Sale of Clean Ammonia.
\nTo facilitate the sale, OCI set up a wholly-owned subsidiary (OCI Clean Ammonia M&O Co) prior to the deal closing. This entity is the employer for those providing services back to Clean Ammonia LLC, now a subsidiary of Woodside, in between the deal closing and the plant commissioning. The equity interests of M&O Co are to transfer to Woodside upon the finalization of the project as per the binding equity purchase agreement, and are therefore reflected as held for sale. The profit or loss and other comprehensive income of M&O Co are presented as discontinued operations in the statement of profit and loss.
\nOn 8 September 2024, the Group entered into an agreement to sell its 100% stake in its Methanol business to Methanex Corp for USD 2.05 billion, split as USD 1.19 billion in cash (taking into account net indebtedness) and 9.9 million Methanex shares, following a competitive process. The transaction is expected to close in 2025.
\nThe sale of OCI Methanol\u2019s indirect 50% stake in the Natgasoline LLC joint venture as part of this transaction was subject to the resolution of a lawsuit filed in the Delaware Court of Chancery by Proman, which indirectly owns the remaining 50% stake in Natgasoline. Subsequent to year-end, OCI received a ruling in its favor in the lawsuit with Proman with no further options for appeal. Refer to note 33 Subsequent events.
\nIn December 2024, OCI Iowa Inc. and Dakota Gasificiation Company, the shareholders of N-7, decided to dissolve N-7 as a result of the sale of IFCo and the agreement for the sale of the OCI Methanol Group. N-7 was the marketing and trading entity responsible for selling the output of IFCO and ammonia volumes from OCI Beaumont, amongst other business.
\nThe dissolution of N-7 results in this entity meeting the criteria to be classified as discontinued operations. As N-7 is not being sold to a third party, the entity does not meet the criteria of IFRS 5 to be classified as held for sale. The balance sheet of N-7 is included in the consolidated statement of financial position.
\nOCI Nitrogen B.V., together with other sellers, entered into an agreement to sell its stake in Circle Infra Partners B.V. (previously, Sitech Services B.V.) to Basalt Infrastructure Partners. In accordance with IFRS 5, the investment of the Group in this associate is recognized as held for sale. Measurement is done at the lower of fair value less cost to sell or carrying values. The asset held for sale is recognized at its carrying amount of USD 16.1 million.
\nStranded costs are presented as discontinuing operations if there is a legal agreement for the underlying contracts or activities to transfer to the respective buyer(s) after the sale(s). Therefore, stranded cost at the corporate level typically do not qualify as discontinued operations.
\nManagement is evaluating opportunities to reduce or eliminate stranded costs after the above (anticipated) disposals.
\nThe profit or loss and other comprehensive income of the disposal groups of Fertiglobe, IFCo, OCI Clean Ammonia, OCI Methanol and N-7 are presented separately as discontinued operations in the statement of profit or loss. The comparative consolidated statements of profit or loss and other comprehensive income have been re-presented to show the discontinued operations separately from continuing operations. Any gain from the sale of subsidiaries is presented as part of profit from discontinued operations in the consolidated statement of profit or loss.
\nOf the profit from discontinued operations of USD 5,361.0 million (2023: USD 174.7 million), USD 5,142.3 million (2023: USD (130.0) million) is attributable to the owners of the company.
\n2024 | Fertiglobe | IFCo | Clean Ammonia | Methanol | N-7 | Total |
|---|---|---|---|---|---|---|
Revenue | 1,489.7 | (3.0) | 9.0 | 860.3 | 752.7 | 3,108.7 |
Cost of sales | (904.2) | 224.71 | (2.2) | (693.1) | (723.7) | (2,098.5) |
Results from operating activities | 479.6 | 206.6 | (19.1) | 118.3 | 16.7 | 802.1 |
Income tax (expense) / income | (33.0) | (44.6) | 2.3 | (30.2) | (1.6) | (107.1) |
Net gain on sale | 2,392.9 | 1,769.0 | 776.2 | - | - | 4,938.1 |
Profit / (loss) from discontinued operations, net of tax | 2,740.4 | 1,845.0 | 763.3 | (1.7) | 14.0 | 5,361.0 |
2023 | Fertiglobe | IFCo | Clean Ammonia | Methanol | N-7 | Total |
|---|---|---|---|---|---|---|
Revenue | 2,303.6 | (4.0) | - | 869.8 | 905.4 | 4,074.8 |
Cost of sales | (1,438.4) | 36.11 | - | (944.0) | (901.7) | (3,248.0) |
Results from operating activities | 723.6 | 4.6 | (9.5) | (106.1) | (7.8) | 604.8 |
Income tax (expense) / income | (84.1) | (80.9) | (3.7) | 42.5 | (0.1) | (126.3) |
Profit / (loss) from discontinued operations, net of tax | 516.8 | (126.8) | (6.4) | (201.4) | (7.5) | 174.7 |
The Group is at risk of a top-up tax for the activities held by the Fertiglobe group due to respective source jurisdictions having a potential effective tax rate below 15% as determined under the Pillar Two rules. As the Pillar Two rules allow for a levy by the source jurisdiction under the so-called Qualifying Domestic Minimum Top-up Tax as well as by an intermediate holding jurisdiction under the Partially Owned Parent Entity rules.
\nFertiglobe expects to be subject to top-up tax in Algeria, where Sorfert's export activities are exempt, and Egypt, where EBIC operates in a tax-free zone. The pro-rated top-up tax due by OCI N.V. in the Netherlands for 2024 will be limited to the top-up tax related to indirect ownership of OCI in EBIC SAE for the period of 1 January 2024 up to the closing of the divestment of Fertiglobe on 15 October 2024. After which date, Fertiglobe will be responsible in full for its Pillar Two position taking into consideration the tax position of its new majority shareholder ADNOC. The Group has accrued for USD 0.5 million as a Pillar Two tax expense for the period in 2024 before the sale of Fertiglobe.
\nIn the 2024 consolidated statement of financial position, the assets and liabilities OCI Methanol (including Natgas) are classified as held for sale since 8 September 2024.
\nIn the 2023 consolidated statement of financial position, the assets and liabilities of Fertiglobe and IFCo were classified as held for sale since 15 December 2023 and 16 December 2023, respectively. The divestment date balance sheets for IFCo, OCI Clean Ammonia and Fertiglobe are disclosed in section 22.3, 22.4 and 22.5 respectively.
\nThe following assets and liabilities are presented as held for sale as at 31 December 2024:
\n2024 | Methanol | Other | Total |
|---|---|---|---|
Property, plant and equipment | 313.5 | - | 313.5 |
Right of use assets | 13.7 | - | 13.7 |
Goodwill and other intangible assets | 29.1 | - | 29.1 |
Trade and other receivables | 180.8 | 3.81 | 184.6 |
Equity-accounted investees | 283.9 | 16.1 | 300.0 |
Deferred tax assets | 6.8 | - | 6.8 |
Inventories | 67.0 | - | 67.0 |
Cash and cash equivalents | 1.2 | - | 1.2 |
Other assets | - | - | - |
Total assets of disposal group held for sale | 896.0 | 19.9 | 915.9 |
2024 | Methanol | Other | Total |
|---|---|---|---|
Loans and borrowings | - | - | - |
Lease obligations | 23.4 | - | 23.4 |
Trade and other payables | 201.2 | 2.51 | 203.7 |
Deferred tax liabilities | 34.5 | - | 34.5 |
Income tax payables | 2.4 | - | 2.4 |
Other liabilities | 3.8 | - | 3.8 |
Total liabilities of disposal group held for sale | 265.3 | 2.5 | 267.8 |
The following assets and liabilities are presented as held for sale as at 31 December 2023:
\n2023 | Fertiglobe | IFCO | Other | Total |
|---|---|---|---|---|
Property, plant and equipment | 2,710.1 | 1,764.6 | - | 4,474.7 |
Right of use assets | 75.2 | 55.8 | - | 131.0 |
Goodwill and other intangible assets | 449.7 | - | - | 449.7 |
Trade and other receivables | 337.0 | 47.1 | - | 384.1 |
Equity-accounted investees | - | - | 18.41 | 18.4 |
Deferred tax assets | 0.3 | 16.8 | - | 17.1 |
Inventories | 130.1 | 58.9 | - | 189.0 |
Cash and cash equivalents | 759.8 | 9.3 | - | 769.1 |
Other assets | 0.9 | - | - | 0.9 |
Total assets of disposal group held for sale | 4,463.1 | 1,952.5 | 18.4 | 6,434.0 |
2023 | Fertiglobe | IFCO | Other | Total |
|---|---|---|---|---|
Loans and borrowings | 1,665.1 | 843.8 | - | 2,508.9 |
Lease obligations | 90.6 | 57.4 | - | 148.0 |
Trade and other payables | 330.6 | 195.3 | - | 525.9 |
Deferred tax liabilities | 346.6 | 24.3 | - | 370.9 |
Income tax payables | 270.5 | - | - | 270.5 |
Other liabilities | 36.2 | - | - | 36.2 |
Total liabilities of disposal group held for sale | 2,739.6 | 1,120.8 | - | 3,860.4 |
The divestiture of 100% of the equity interests in IFCo and related holding companies to Koch AG & Energy Solutions LLC (\u201cKAES\u201d) was completed on 29 August 2024. The transaction also included the sale and transfer of specified contracts of N-7, the trading entity selling the product of IFCO, to KAES. The assets and liabilities, which were reported as assets/ liabilities held for sale since December 2023, were consequently derecognized from the consolidated statement of financial position on 29 August 2024.
\nThe total consideration from the sale is the net of cash consideration received upon closing of the transaction based on estimated Net Working Capital and Net Indebtedness of the business sold as at the date of closing, and the estimated final settlement between the parties based on the actual balance sheet at closing. This final settlement is expected in Q1 2025.
\n$ millions | IFCo |
|---|---|
Cash consideration | 3,604.41 |
Carrying amount of net assets sold | 1,802.6 |
Transaction expenses and realization of net investment hedge | 32.8 |
Gain on sale before tax | 1,769.0 |
Income tax on the sale | - |
Gain on sale after tax | 1,769.0 |
29 August 2024 | IFCo |
|---|---|
Assets sold | \u00a0 |
Property, plant and equipment | 1,799.2 |
Right of use assets | 39.5 |
Trade and other receivables | 8.9 |
Deferred tax assets | 17.7 |
Inventories | 50.7 |
Cash and cash equivalents | 23.6 |
Total assets of disposal group sold | 1,939.6 |
29 August 2024 | IFCo |
|---|---|
Liabilities associated with assets sold | \u00a0 |
Lease obligations | 33.6 |
Trade and other payables | 33.1 |
Deferred tax liabilities | 70.3 |
Total liabilities of disposal group sold | 137.0 |
The divestiture of 100% of the equity interests in OCI Clean Ammonia LLC and OCI Clean Ammonia Holding B.V. to Woodside Energy Group Ltd. was finalized on 30 September 2024. The total consideration at closing received was USD 2,347.9 million after estimated net indebtedness and transaction expenses adjustments, and is made up of USD 1,900.0 million received in cash and USD 447.9 million as the fair value of deferred consideration. Subsequent to the closing date, OCI and Clean Ammonia finalized the proceeds from the transaction with an additional USD 2.2 million of cash proceeds based upon actual net indebtedness and actual transaction expenses.
\nThe deferred consideration on the Clean Ammonia sale of USD 470.0 million is to be collected upon project completion, currently estimated to be in Q4 2025. The difference between the USD 470.0 million cash payment and the USD 447.9 million receivable recorded is the effect of discounting.
\nThe management and operational employees of the plant continue to be employees of OCI until completion, where after the employees along with their employer, OCI Clean Ammonia M&O Co LLC (\"M&O Co\"), will transfer to Woodside. M&O Co does not meet the definition of a business and does not hold significant net assets.
\nThe assets and liabilities of OCI Clean Ammonia LLC and OCI Clean Ammonia Holding B.V., which were reported as assets/liabilities held for sale since August 2024, were consequently derecognized from the consolidated statement of financial position upon closing of the sale on 30 September 2024.
\n$ millions | Clean Ammonia |
|---|---|
Cash consideration | 1,902.2 |
Deferred consideration | 447.9 |
Total consideration | 2,350.1 |
Carrying amount of net assets sold | 818.7 |
Financial liability assumed | (710.7) |
Contract liability assumed | (28.9) |
Transaction expenses, realization of net investment hedge and translation reserve | (15.6) |
Gain on sale before tax | 776.2 |
Income tax on the sale | - |
Gain on sale after tax | 776.2 |
For further information on the financial liability and contract liability assumed upon closing of the transaction, refer to notes 3.23 and 20.
\n30 September 2024 | Clean Ammonia |
|---|---|
Assets sold | \u00a0 |
Property, plant and equipment | 815.6 |
Right of use assets | 1.3 |
Trade and other receivables | 41.9 |
Cash and cash equivalents | 4.3 |
Total assets of disposal group sold | 863.1 |
30 September 2024 | Clean Ammonia |
|---|---|
Liabilities associated with assets sold | \u00a0 |
Lease obligations | 1.2 |
Trade and other payables | 43.2 |
Total liabilities of disposal group sold | 44.4 |
The divestiture of 50% + 1 share of the equity interests of Fertiglobe to Abu Dhabi National Oil Company P.J.S.C. (\u201cADNOC\u201d) was completed on 15 October 2024, whereby OCI fully exited and monetized its entire equity stake. In line with the definitive agreement signed in December 2023 and as a result of completion, OCI received net cash consideration of USD 3,185.0 million and USD 361.6 million contingent consideration held in escrow upon closing of the deal.
\nCollection of the contingent consideration is dependent on the materialization of certain indemnifications agreed as part of the transaction. The contingent consideration and the indemnifications are offset in the financial statements pursuant to IAS 32. In addition, a two-year earn-out mechanism linked to free cash flow metrics and commodity pricing was agreed. Management's best estimate is that the amount held in escrow will cover the indemnifications.
\n$ millions | Fertiglobe |
|---|---|
Equity Value | 3,616.6 |
Contingent consideration | (361.6) |
Adjustment Amount | (70.0) |
Total cash consideration | 3,185.0 |
Carrying amount of net assets sold | 1,520.7 |
Non-controlling interests | (940.6) |
Transaction expenses, realization of net investment hedge and translation reserve | (212.0) |
Gain on sale before tax | 2,392.9 |
Income tax on the sale | - |
Gain on sale after tax | 2,392.9 |
15 October 2024 | Fertiglobe |
|---|---|
Assets sold | \u00a0 |
Property, plant and equipment | 2,808.0 |
Right of use assets | 76.6 |
Goodwill and other intangible assets | 455.2 |
Trade and other receivables | 264.4 |
Deferred tax assets | 0.3 |
Inventories | 143.0 |
Cash and cash equivalents | 673.3 |
Total assets of disposal group sold | 4,420.8 |
15 October 2024 | Fertiglobe |
|---|---|
Liabilities associated with assets sold | \u00a0 |
Loans and borrowings | 1,624.1 |
Lease obligations | 76.7 |
Trade and other payables | 583.7 |
Deferred tax liabilities | 344.7 |
Income tax payables | 247.5 |
Provisions | 23.4 |
Total liabilities of disposal group sold | 2,900.1 |
The following table presents the various categories of financial instruments for discontinued operations:
\n31 December 2024 | Loans and receivables / payables at amortized cost | Derivatives at fair value |
|---|---|---|
Assets | \u00a0 | \u00a0 |
Trade and other receivables | 171.6 | 6.0 |
Cash and cash equivalents | 1.2 | - |
Total | 172.8 | 6.0 |
Liabilities | \u00a0 | \u00a0 |
Trade and other payables | 131.7 | 72.0 |
Total | 131.7 | 72.0 |
Expiration scheme of gross unrecognized carryforward tax losses, tax credits and deductible temporary differences:
\n2024 | Less than 1 year | Between 1 and 5 years | Between 5 and 10 years | Between 10 and 15 years | Between 15 and 20 years | Unlimited | Total |
|---|---|---|---|---|---|---|---|
Temporary differences | 5.9 | 23.4 | 23.0 | - | - | - | 52.3 |
Tax losses and credit carry forwards | - | - | - | - | - | 806.0 | 806.0 |
Unrecognized deferred tax assets | 5.9 | 23.4 | 23.0 | - | - | 806.0 | 858.3 |
Firewater LLC is the holding company of Natgasoline LLC, a methanol plant in Texas USA. Firewater LLC is included in the Methanol business and classified as held for sale in 2024.
\nName | Type | Participation via | Country | Participation |
|---|---|---|---|---|
Firewater LLC (Natgasoline LLC) | Associate | Firewater B.V. | United States | 50.0% |
The following chart summarizes the financial information of significant associates (on a 100% basis):
\n| \u00a0 | Firewater LLC | |
|---|---|---|
$ millions | 2024 | 2023 |
Non-current assets | 1,581.7 | 1,670.6 |
Current assets (excluding cash and cash equivalents) | 54.0 | 127.3 |
Cash and cash equivalents | 56.9 | 44.2 |
Non-current liabilities | (479.9) | (1,031.2) |
Current liabilities | (644.9) | (82.4) |
Net assets | 567.9 | 728.5 |
Group's share of net assets | 283.9 | 364.2 |
| \u00a0 | \u00a0 | \u00a0 |
Revenues | 272.3 | 323.3 |
Depreciation | (173.8) | (190.1) |
Interest income | 2.1 | 3.1 |
Interest expense | (70.3) | (69.7) |
Profit / (loss) before taxes | (153.0) | (214.8) |
Tax expense | 0.5 | 0.2 |
Profit / (loss) after taxes | (152.6) | (214.6) |
Other comprehensive income / (expense) | (7.1) | (7.0) |
Total comprehensive income / (expense) | (159.7) | (221.6) |
Group's share in total comprehensive income / (expense) | (79.9) | (110.8) |
Dividends | - | - |
$ millions | Note | 2024 | 2023 |
|---|---|---|---|
Raw materials and consumables and finished goods | \u00a0 | 766.3 | 840.0 |
Maintenance and repair | \u00a0 | 46.1 | 41.0 |
Employee benefit expenses | (23.2) | 200.2 | 145.7 |
Depreciation, amortization and impairment | \u00a0 | 107.1 | 93.9 |
Consultancy expenses | \u00a0 | 62.0 | 27.1 |
Other | \u00a0 | 23.3 | 19.5 |
Total | \u00a0 | 1,205.0 | 1,167.2 |
Cost of sales | \u00a0 | 973.1 | 1,034.3 |
Selling, general and administrative expenses | \u00a0 | 231.9 | 132.9 |
Total | \u00a0 | 1,205.0 | 1,167.2 |
The comparative figures above have been adjusted to include the effects of the reclassification of cost associated with discontinued operations. The depreciation figures above relate only to continuing operations, and not to the depreciation incurred by the Group before disposal groups were classified as held for sale. In 2023, USD 36.4 million was recognized in cost of sales related to the sale of excess EUAs. In 2024, this amount is nil.
\nSelling, general and administrative expenses increased by USD 99.1\u00a0million compared to 2023, mainly driven by one-off adjustments. This includes the costs for the strategic review and discontinued operations amounting to USD 66.7\u00a0million, accelerated depreciation and impairments amounting to USD 10.5\u00a0million and other one-offs amounting to USD 18.3\u00a0million. For more information see section on Alternative performance measures (APM).
\n$ millions | Note | 2024 | 2023 |
|---|---|---|---|
Wages and salaries | \u00a0 | 94.8 | 86.1 |
Social securities | \u00a0 | 16.0 | 11.5 |
Employee incentive plans | \u00a0 | 37.4 | 11.1 |
Pension cost | \u00a0 | 12.6 | 12.9 |
Share-based compensation expenses | (23.3) | 10.6 | 11.2 |
Other employee expenses | \u00a0 | 28.8 | 12.9 |
Total | \u00a0 | 200.2 | 145.7 |
During the financial year ended 31 December 2024, the number of total staff employed in the Group amounted to 1,091 employees (2023: 4,141 employees). The number of staff employed in the Netherlands, during the financial year ended 31 December 2024, amounted to 662 employees (2023: 726 employees). The employee numbers are reported at the end of the reporting period and includes total operations.
\nOCI currently has awards outstanding under four different share-based compensation plans. In 2024, share-based compensation awards were granted only under the Performance Share Unit Plan for Executive Directors.
\nThe Performance Share Unit plan consists of the conditional granting of shares in OCI. The 2022 and 2023 ED PSU plans have a 3-year vesting period. For each award granted under these plans, vesting will be dependent on relative TSR (60% weight) and additional performance measures (40% weight), being operational excellence, decarbonization and diversity & inclusion. The relative TSR performance is measured against a peer group of companies operating in a similar or the same market.
\nBetween 0% and 150% of this award will vest at the end of 3-year performance period based on actual performance. The fair value of these awards has been calculated using a Monte Carlo simulation model.
\nThe relative TSR ranking that OCI achieves in the peer group and the achievements on the other performance measures determine the definitive number of shares that vest at the end of the vesting period. The shares vested must be retained by the members of the Executive Board for a period of 2 years. The expected volatility is based on the annualized volatility of the historic daily share price return data prior to the grant date over a period equal to the remaining performance period. The fair value of the awards with non-market vesting conditions (40%) is equal to the share price on the grant date since the participants are entitled to dividend equivalents during the vesting period.
\nFor the 2024 ED PSU, vesting will be tied to the successful unlocking of value for the shareholders and the delivery of the strategic review in the years 2024 - 2026. For competitive reasons, the exact nature of the underlying performance measure(s), the target(s) and target level(s) will only be disclosed in the Remuneration Report of the 2026 Annual Report.
\nPerformance Share Units Plan | 2024 Grant | 2023 Grant | 2022 Grant | 2021 Grant |
|---|---|---|---|---|
Conditional shares granted | 238,154 | 210,873 | 170,650 | 230,612 |
Fair value at grant date (EUR) | 5,949,087 | 3,810,803 | 4,075,463 | 4,065,690 |
Weighted average fair value at grant date (EUR per share) | 24.98 | 18.07 | 23.88 | 17.63 |
Vesting period at issuance (years) | 3 | 3 | 3 | 3 |
Risk free interest rate | 3.140% | 3.230% | -0.171% | -0.728% |
Expected share price volatility | 40.3% | 38.8% | 44.3% | 44.2% |
Dividend yield | 0.0% | 0.0% | 0.0% | 0.0% |
Outstanding 31 December 2023 | - | 247,212 | 223,336 | 301,846 |
Vested in 2024 | (20,459)1 | - | (129,842)2 | (301,846)3 |
Forfeited in 2024 | (163,662) | (121,683) | (28,345) | - |
Dividend equivalent shares4 | - | (36,339) | (22,056) | - |
Outstanding 31 December 2024 | 54,033 | 89,190 | 43,093 | - |
To reward the exceptional performance of the Executive Directors in 2021, One-Off Share Awards were granted to the CEO, CFO and CLHCO in 2022. The One-Off Share Awards granted on 25 May 2022 consist of conditional stock units which each cover the value of one fully-paid OCI share. For the purpose of this exceptional One-Off Share Award, vesting of the conditional stock units is not subject to forward-looking performance conditions. Apart from this, the terms and conditions of the One-Off Share Awards are in line with the terms and conditions as set out in the Executive Performance Stock Unit Plan. The vesting of the One-Off Share Awards are subject to the Executive Directors\u2019 continued engagement with the Company on the third anniversary of the grant date, and are subject to a two-year holding period. The fair value of the One-Off Share Awards is equal to OCI\u2019s share price at the grant date since the participants are entitled to dividend equivalents during the vesting period.
\nOne Off Share Award | 2022 Grant |
|---|---|
Conditional shares granted | 49,519 |
Fair value at grant date (EUR) | 1,736,136 |
Fair value at grant date (EUR per share) | 35.06 |
Vesting period at issuance (years) | 3 |
Dividend yield | 0.0% |
Outstanding 31 December 2023 | 64,804 |
Forfeited in 2024 | (18,737) |
Dividend equivalent shares1 | (15,286) |
Outstanding 31 December 2024 | 30,781 |
Restricted Stock Units Plan applies to the level below the Board. The Restricted Stock Units Plan comprises the conditional granting of shares in OCI. The total gross entitlement of an eligible employee under the applicable short-term incentive plan will be paid out partly in cash in accordance with the short-term incentive plan and partly in awards in accordance with this RSU plan. Subject to continued employment, the one third of the awards vest at the second anniversary of the grant date and two thirds on the third anniversary of the grant date. The fair value of the RSUs awarded is equal to OCI\u2019s share price at the grant date since the participants are entitled to dividend equivalents during the vesting period.
\nRestricted Stock Units Plan | 2023 Grant | 2022 Grant | 2021 Grant |
|---|---|---|---|
Conditional shares granted | 200,942 | 273,706 | 132,666 |
Fair value at grant date (EUR) | 5,895,419 | 7,762,302 | 2,409,215 |
Fair value at grant date (EUR per share) | 29.34 | 28.36 | 18.16 |
Vesting period at issuance (years) | 3 | 3 | 3 |
Dividend yield | 0.0% | 0.0% | 0.0% |
Outstanding 31 December 2023 | 247,585 | 339,033 | 100,073 |
Forfeited in 2024 | (23,317) | (4,714) | - |
Vested in 2024 | (39,986) | (134,144) | (100,073) |
Initial awards (new joiners) | - | 2,840 | - |
Dividend equivalent shares1 | (32,035) | (50,385) | - |
Outstanding 31 December 2024 | 152,247 | 152,630 | - |
The Employee Performance Share Units Plan is similar to the Executive Director Performance Share Units Plan. Key employees are eligible. Vesting is dependent on relative TSR (60% weight) and additional performance measures (40% weight), being operational excellence, decarbonization and diversity & inclusion. Please refer to Executive Director Performance Share Units Plan for further details regarding the vesting conditions and the fair value measurement for the awards made under this plan.
\nEmployee Performance Share Units Plan | 2023 Grant | 2022 Grant | 2021 Grant |
|---|---|---|---|
Conditional shares granted | 38,422 | 12,234 | 14,006 |
Fair value at grant date (EUR) | 694,345 | 292,172 | 246,926 |
Weighted average fair value at grant date (EUR per share) | 18.07 | 23.88 | 17.63 |
Vesting period at issuance (years) | 3 | 3 | 3 |
Risk free interest rate | 3.230% | -0.171% | -0.728% |
Expected share price volatility | 38.8% | 44.3% | 44.2% |
Dividend yield | 0.0% | 0.0% | 0.0% |
Outstanding 31 December 2023 | 45,037 | 16,007 | 18,329 |
Vested in 2024 | (11,604)1 | (12,234)2 | (18,329)3 |
Dividend equivalent shares4 | (6,615) | (3,773) | - |
Outstanding 31 December 2024 | 26,818 | - | - |
$ millions | Note | 2024 | 2023 |
|---|---|---|---|
Wages and salaries | \u00a0 | 94.8 | 86.1 |
Social securities | \u00a0 | 16.0 | 11.5 |
Employee incentive plans | \u00a0 | 37.4 | 11.1 |
Pension cost | \u00a0 | 12.6 | 12.9 |
Share-based compensation expenses | (23.3) | 10.6 | 11.2 |
Other employee expenses | \u00a0 | 28.8 | 12.9 |
Total | \u00a0 | 200.2 | 145.7 |
During the financial year ended 31 December 2024, the number of total staff employed in the Group amounted to 1,091 employees (2023: 4,141 employees). The number of staff employed in the Netherlands, during the financial year ended 31 December 2024, amounted to 662 employees (2023: 726 employees). The employee numbers are reported at the end of the reporting period and includes total operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-573": { "value": "\nDuring the financial year ended 31 December 2024, the number of total staff employed in the Group amounted to 1,091 employees (2023: 4,141 employees). The number of staff employed in the Netherlands, during the financial year ended 31 December 2024, amounted to 662 employees (2023: 726 employees). The employee numbers are reported at the end of the reporting period and includes total operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-2": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-574": { "value": "\nOCI currently has awards outstanding under four different share-based compensation plans. In 2024, share-based compensation awards were granted only under the Performance Share Unit Plan for Executive Directors.
\nThe Performance Share Unit plan consists of the conditional granting of shares in OCI. The 2022 and 2023 ED PSU plans have a 3-year vesting period. For each award granted under these plans, vesting will be dependent on relative TSR (60% weight) and additional performance measures (40% weight), being operational excellence, decarbonization and diversity & inclusion. The relative TSR performance is measured against a peer group of companies operating in a similar or the same market.
\nBetween 0% and 150% of this award will vest at the end of 3-year performance period based on actual performance. The fair value of these awards has been calculated using a Monte Carlo simulation model.
\nThe relative TSR ranking that OCI achieves in the peer group and the achievements on the other performance measures determine the definitive number of shares that vest at the end of the vesting period. The shares vested must be retained by the members of the Executive Board for a period of 2 years. The expected volatility is based on the annualized volatility of the historic daily share price return data prior to the grant date over a period equal to the remaining performance period. The fair value of the awards with non-market vesting conditions (40%) is equal to the share price on the grant date since the participants are entitled to dividend equivalents during the vesting period.
\nFor the 2024 ED PSU, vesting will be tied to the successful unlocking of value for the shareholders and the delivery of the strategic review in the years 2024 - 2026. For competitive reasons, the exact nature of the underlying performance measure(s), the target(s) and target level(s) will only be disclosed in the Remuneration Report of the 2026 Annual Report.
\nPerformance Share Units Plan | 2024 Grant | 2023 Grant | 2022 Grant | 2021 Grant |
|---|---|---|---|---|
Conditional shares granted | 238,154 | 210,873 | 170,650 | 230,612 |
Fair value at grant date (EUR) | 5,949,087 | 3,810,803 | 4,075,463 | 4,065,690 |
Weighted average fair value at grant date (EUR per share) | 24.98 | 18.07 | 23.88 | 17.63 |
Vesting period at issuance (years) | 3 | 3 | 3 | 3 |
Risk free interest rate | 3.140% | 3.230% | -0.171% | -0.728% |
Expected share price volatility | 40.3% | 38.8% | 44.3% | 44.2% |
Dividend yield | 0.0% | 0.0% | 0.0% | 0.0% |
Outstanding 31 December 2023 | - | 247,212 | 223,336 | 301,846 |
Vested in 2024 | (20,459)1 | - | (129,842)2 | (301,846)3 |
Forfeited in 2024 | (163,662) | (121,683) | (28,345) | - |
Dividend equivalent shares4 | - | (36,339) | (22,056) | - |
Outstanding 31 December 2024 | 54,033 | 89,190 | 43,093 | - |
To reward the exceptional performance of the Executive Directors in 2021, One-Off Share Awards were granted to the CEO, CFO and CLHCO in 2022. The One-Off Share Awards granted on 25 May 2022 consist of conditional stock units which each cover the value of one fully-paid OCI share. For the purpose of this exceptional One-Off Share Award, vesting of the conditional stock units is not subject to forward-looking performance conditions. Apart from this, the terms and conditions of the One-Off Share Awards are in line with the terms and conditions as set out in the Executive Performance Stock Unit Plan. The vesting of the One-Off Share Awards are subject to the Executive Directors\u2019 continued engagement with the Company on the third anniversary of the grant date, and are subject to a two-year holding period. The fair value of the One-Off Share Awards is equal to OCI\u2019s share price at the grant date since the participants are entitled to dividend equivalents during the vesting period.
\nOne Off Share Award | 2022 Grant |
|---|---|
Conditional shares granted | 49,519 |
Fair value at grant date (EUR) | 1,736,136 |
Fair value at grant date (EUR per share) | 35.06 |
Vesting period at issuance (years) | 3 |
Dividend yield | 0.0% |
Outstanding 31 December 2023 | 64,804 |
Forfeited in 2024 | (18,737) |
Dividend equivalent shares1 | (15,286) |
Outstanding 31 December 2024 | 30,781 |
Restricted Stock Units Plan applies to the level below the Board. The Restricted Stock Units Plan comprises the conditional granting of shares in OCI. The total gross entitlement of an eligible employee under the applicable short-term incentive plan will be paid out partly in cash in accordance with the short-term incentive plan and partly in awards in accordance with this RSU plan. Subject to continued employment, the one third of the awards vest at the second anniversary of the grant date and two thirds on the third anniversary of the grant date. The fair value of the RSUs awarded is equal to OCI\u2019s share price at the grant date since the participants are entitled to dividend equivalents during the vesting period.
\nRestricted Stock Units Plan | 2023 Grant | 2022 Grant | 2021 Grant |
|---|---|---|---|
Conditional shares granted | 200,942 | 273,706 | 132,666 |
Fair value at grant date (EUR) | 5,895,419 | 7,762,302 | 2,409,215 |
Fair value at grant date (EUR per share) | 29.34 | 28.36 | 18.16 |
Vesting period at issuance (years) | 3 | 3 | 3 |
Dividend yield | 0.0% | 0.0% | 0.0% |
Outstanding 31 December 2023 | 247,585 | 339,033 | 100,073 |
Forfeited in 2024 | (23,317) | (4,714) | - |
Vested in 2024 | (39,986) | (134,144) | (100,073) |
Initial awards (new joiners) | - | 2,840 | - |
Dividend equivalent shares1 | (32,035) | (50,385) | - |
Outstanding 31 December 2024 | 152,247 | 152,630 | - |
The Employee Performance Share Units Plan is similar to the Executive Director Performance Share Units Plan. Key employees are eligible. Vesting is dependent on relative TSR (60% weight) and additional performance measures (40% weight), being operational excellence, decarbonization and diversity & inclusion. Please refer to Executive Director Performance Share Units Plan for further details regarding the vesting conditions and the fair value measurement for the awards made under this plan.
\nEmployee Performance Share Units Plan | 2023 Grant | 2022 Grant | 2021 Grant |
|---|---|---|---|
Conditional shares granted | 38,422 | 12,234 | 14,006 |
Fair value at grant date (EUR) | 694,345 | 292,172 | 246,926 |
Weighted average fair value at grant date (EUR per share) | 18.07 | 23.88 | 17.63 |
Vesting period at issuance (years) | 3 | 3 | 3 |
Risk free interest rate | 3.230% | -0.171% | -0.728% |
Expected share price volatility | 38.8% | 44.3% | 44.2% |
Dividend yield | 0.0% | 0.0% | 0.0% |
Outstanding 31 December 2023 | 45,037 | 16,007 | 18,329 |
Vested in 2024 | (11,604)1 | (12,234)2 | (18,329)3 |
Dividend equivalent shares4 | (6,615) | (3,773) | - |
Outstanding 31 December 2024 | 26,818 | - | - |
$ millions | 2024 | 2023 |
|---|---|---|
Gain from sale of associate | 3.5 | - |
Other | 2.3 | 38.2 |
Total | 5.8 | 38.2 |
The investment in Notore Chemical Industries was sold in Q3 2024 for USD 11 million. The investment in Notore Chemical Industries represented a 13.18% shareholding prior to disposal. The gain on disposal amounts to USD 3.5 million.
\n$ millions | 2024 | 2023 |
|---|---|---|
Other | 7.0 | 67.8 |
Total | 7.0 | 67.8 |
Other expenses consisted of USD 7.0 million (2023: USD 17.8 million) related to minimum dividend payments agreed with non controlling shareholders in the Methanol business. OCI purchased the minority stake in the Methanol business from these non-controlling shareholders in 2024. Reference is made to note 17 Non-controlling interests.
\n2023 includes an expense of USD 19.0 million related to the donation payment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-576": { "value": "\n$ millions | 2024 | 2023 |
|---|---|---|
Gain from sale of associate | 3.5 | - |
Other | 2.3 | 38.2 |
Total | 5.8 | 38.2 |
The investment in Notore Chemical Industries was sold in Q3 2024 for USD 11 million. The investment in Notore Chemical Industries represented a 13.18% shareholding prior to disposal. The gain on disposal amounts to USD 3.5 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-578": { "value": "\n$ millions | 2024 | 2023 |
|---|---|---|
Other | 7.0 | 67.8 |
Total | 7.0 | 67.8 |
Other expenses consisted of USD 7.0 million (2023: USD 17.8 million) related to minimum dividend payments agreed with non controlling shareholders in the Methanol business. OCI purchased the minority stake in the Methanol business from these non-controlling shareholders in 2024. Reference is made to note 17 Non-controlling interests.
\n2023 includes an expense of USD 19.0 million related to the donation payment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-579": { "value": "\n$ millions | 2024 | 2023 |
|---|---|---|
Interest income and other financing income on loans and receivables | 54.3 | 6.1 |
Derivatives gain | 2.6 | 9.8 |
Finance income | 56.9 | 15.9 |
Interest expense and other financing costs on financial liabilities measured at amortized cost | (89.3) | (60.7) |
Derivatives loss | (11.1) | (0.6) |
Finance cost | (100.4) | (61.3) |
Net foreign exchange gain / (loss) | 113.5 | (9.5) |
Net finance income / (cost) recognized in profit or loss | 70.0 | (54.9) |
Interest income and other financing income on loans and receivables primarily consist of interest income on deposits. The increase in 2024 is driven by the cash proceeds received from the disposal of Fertiglobe, IFCo and Clean Ammonia. Reference is made to note 14 and note 22.
\nInterest expense and other financing costs on financial liabilities measured at amortized cost primarily consist of interest expense on third-party loans and borrowings.
\nThe net foreign exchange gains mainly relate to revaluation of deposit balances held in US Dollar. The increase in net foreign exchange gains is driven by the appreciation of the US Dollar against the Euro in 2024, compared to a depreciating environment in 2023. The net foreign exchange gain in 2024 is made up of USD 196.3 million of foreign exchange gains on the revaluation of monetary balances held in foreign currencies, offset against USD 82.8 million of losses on foreign exchange derivatives hedging FX exposures.
\nThe losses on derivative instruments relates to derivatives where hedge accounting is not applied. These instruments are mandatorily measured at fair value through profit or loss.
\nFor the interest expense related to lease obligations, reference is made to note 19.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-580": { "value": "\n$ millions | 2024 | 2023 |
|---|---|---|
Interest income and other financing income on loans and receivables | 54.3 | 6.1 |
Derivatives gain | 2.6 | 9.8 |
Finance income | 56.9 | 15.9 |
Interest expense and other financing costs on financial liabilities measured at amortized cost | (89.3) | (60.7) |
Derivatives loss | (11.1) | (0.6) |
Finance cost | (100.4) | (61.3) |
Net foreign exchange gain / (loss) | 113.5 | (9.5) |
Net finance income / (cost) recognized in profit or loss | 70.0 | (54.9) |
Interest income and other financing income on loans and receivables primarily consist of interest income on deposits. The increase in 2024 is driven by the cash proceeds received from the disposal of Fertiglobe, IFCo and Clean Ammonia. Reference is made to note 14 and note 22.
\nInterest expense and other financing costs on financial liabilities measured at amortized cost primarily consist of interest expense on third-party loans and borrowings.
\nThe net foreign exchange gains mainly relate to revaluation of deposit balances held in US Dollar. The increase in net foreign exchange gains is driven by the appreciation of the US Dollar against the Euro in 2024, compared to a depreciating environment in 2023. The net foreign exchange gain in 2024 is made up of USD 196.3 million of foreign exchange gains on the revaluation of monetary balances held in foreign currencies, offset against USD 82.8 million of losses on foreign exchange derivatives hedging FX exposures.
\nThe losses on derivative instruments relates to derivatives where hedge accounting is not applied. These instruments are mandatorily measured at fair value through profit or loss.
\nFor the interest expense related to lease obligations, reference is made to note 19.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-581": { "value": "\n$ millions | 2024 | 2023 |
|---|---|---|
Interest income and other financing income on loans and receivables | 54.3 | 6.1 |
Derivatives gain | 2.6 | 9.8 |
Finance income | 56.9 | 15.9 |
Interest expense and other financing costs on financial liabilities measured at amortized cost | (89.3) | (60.7) |
Derivatives loss | (11.1) | (0.6) |
Finance cost | (100.4) | (61.3) |
Net foreign exchange gain / (loss) | 113.5 | (9.5) |
Net finance income / (cost) recognized in profit or loss | 70.0 | (54.9) |
Interest income and other financing income on loans and receivables primarily consist of interest income on deposits. The increase in 2024 is driven by the cash proceeds received from the disposal of Fertiglobe, IFCo and Clean Ammonia. Reference is made to note 14 and note 22.
\nInterest expense and other financing costs on financial liabilities measured at amortized cost primarily consist of interest expense on third-party loans and borrowings.
\nThe net foreign exchange gains mainly relate to revaluation of deposit balances held in US Dollar. The increase in net foreign exchange gains is driven by the appreciation of the US Dollar against the Euro in 2024, compared to a depreciating environment in 2023. The net foreign exchange gain in 2024 is made up of USD 196.3 million of foreign exchange gains on the revaluation of monetary balances held in foreign currencies, offset against USD 82.8 million of losses on foreign exchange derivatives hedging FX exposures.
\nThe losses on derivative instruments relates to derivatives where hedge accounting is not applied. These instruments are mandatorily measured at fair value through profit or loss.
\nFor the interest expense related to lease obligations, reference is made to note 19.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-582": { "value": "\n$ millions | 2024 | 2023 |
|---|---|---|
i. Basic | \u00a0 | \u00a0 |
Continuing Operations | \u00a0 | \u00a0 |
Net profit / (loss) attributable to shareholders | (163.5) | (262.0) |
Weighted average number of ordinary shares (basic) | 211,042,635 | 210,628,291 |
Basic earnings per ordinary share - continuing operations | (0.775) | (1.244) |
Discontinued Operations | \u00a0 | \u00a0 |
Net profit / (loss) attributable to shareholders | 5,142.3 | (130.0) |
Weighted average number of ordinary shares (basic) | 211,042,635 | 210,628,291 |
Basic earnings per ordinary share - discontinued operations | 24.366 | (0.617) |
Total operations | \u00a0 | \u00a0 |
Net profit / (loss) attributable to shareholders | 4,978.8 | (392.0) |
Weighted average number of ordinary shares (basic) | 211,042,635 | 210,628,291 |
Basic earnings per ordinary share - total operations | 23.591 | (1.861) |
| \u00a0 | \u00a0 | \u00a0 |
ii. Diluted | \u00a0 | \u00a0 |
Continuing Operations | \u00a0 | \u00a0 |
Net profit / (loss) attributable to shareholders | (163.5) | (262.0) |
Weighted average number of ordinary shares (diluted) | 211,591,428 | 212,235,048 |
Diluted earnings per ordinary share - continuing operations | (0.775) | (1.244) |
Discontinued Operations | \u00a0 | \u00a0 |
Net profit / (loss) attributable to shareholders | 5,142.3 | (130.0) |
Weighted average number of ordinary shares (diluted) | 211,591,428 | 212,235,048 |
Diluted earnings per ordinary share - discontinued operations | 24.305 | (0.617) |
Total operations | \u00a0 | \u00a0 |
Net profit / (loss) attributable to shareholders | 4,978.8 | (392.0) |
Weighted average number of ordinary shares (diluted) | 211,591,428 | 212,235,048 |
Diluted earnings per ordinary share - total operations | 23.530 | (1.861) |
Shares | 2024 | 2023 |
|---|---|---|
Issued ordinary shares at the beginning of the period | 210,997,647 | 210,712,004 |
Effect of treasury shares held | (272,034) | (295,793) |
Effect of shares issued during the period | 317,022 | 212,080 |
Weighted average number of ordinary shares outstanding as per 31 December | 211,042,635 | 210,628,291 |
Adjustment for assumed equity-settled share-based compensation | 548,793 | 1,606,757 |
Weighted average number of ordinary shares outstanding (diluted) as per 31 December | 211,591,428 | 212,235,048 |
OCI\u2019s reportable segments are consistent with how the Chief Operating Decision Maker (\u2018CODM\u2018) manages the business operations and views the markets he/she serves. The reportable segments are: Methanol US, Methanol Europe, and Nitrogen Europe. The organizational structure of the segments is based on a number of factors that the CODM uses to evaluate, view, and direct business operations.
\nThe Company derives the results of the business segments directly from its internal management reporting system. All segments are managed separately because they require different operating strategies and use their own assets and employees. The entities grouped together in each segment have similar regulatory environments, macroeconomic conditions, banking, insurance and public utilities.
\nThe Group has two revenue streams from contracts with customers that relate to the sale of goods, namely, Nitrogen and Methanol.
\nSegment revenues includes revenues from sales to external customers and intersegment revenues. Intersegment transactions are included in the totals presented per reportable segment and are eliminated in the reconciliation of these balances to the financial statements.
\nEBITDA, Adjusted EBITDA and profit / (loss) are the primary performance measure used by our CODM to evaluate operating results and allocate capital resources among segments. These are also the profitability measures used to set management and executive incentive compensation goals. Included in the \u2018Other\u2019 segment is share-based compensation and certain corporate general and administrative expenses that are not allocated to the segments. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be reasonably and consistently re-allocated.
\nA summary description of each reportable segment is as follows:
\nThis segment consists of OCI Beaumont (OCIB), Natgasoline LLC, the trading entity OCI Methanol Marketing LLC (OMM US) and OCI USA Inc., an entity that serves as the US corporate income tax payer for OCIB and OMM US.
\nOCI Beaumont is an integrated methanol and ammonia production facility that is strategically located on the Texas Gulf Coast near Beaumont. Natgasoline LLC is a world-scale methanol production complex in Beaumont, Texas. OCI and the other direct shareholder, Consolidated Energy Limited (CEL)/G2X (a subsidiary of the Proman Group), each own 50% stakes.
\nNatgasoline LLC is an equity-accounted investee of the Group, reference is made to note 10. Due to the similarities in regulatory environment, products and customer base, this equity-accounted investee has been included in the \u2018Methanol US\u2019 segment on a proportionally consolidated basis. The elimination column is used to eliminate the proportionally consolidated figures of Natgasoline LLC that are included in the US Methanol segment and to include the investment in, and results from, Natgasoline LLC (associate) and thereby reconcile to the Group\u2019s reported figures.
\nOCIB and Natgasoline LLC sell mainly domestically; primarily to industrial customers in and around the US Gulf Coast through pipeline connections to adjacent customers, port access with dedicated methanol and ammonia import / export jetties, and truck loading facilities for both methanol and ammonia. OMM US is a trading entity that sells products produced by OCIB and Natgasoline LLC.
\nThis segment consists of BioMCN, located at Delfzijl in the Netherlands, OCI Fuels Ltd, OCI Fuels B.V. and OCI Methanol Marketing B.V. (OMM EU). BioMCN is one of Europe\u2019s largest methanol producing plants. BioMCN produces two types of methanol: bio-methanol and regular (also known as grey) methanol.
\nOCI Fuels is a trading entity that supplies biogas, which is processed into bio-methanol and bio-fuel, and sells the bio-methanol products produced by BioMCN. OMM EU is a trading entity that sells grey methanol products produced by BioMCN.
\nThis segment consists of OCI Nitrogen (OCIN) and OCI Terminal Europoort B.V.. OCI Nitrogen is Europe\u2019s second-largest integrated nitrates fertilizer producer and the world\u2019s largest melamine producer with production site in Geleen, the Netherlands. OCI Terminal Europoort B.V. provides storage and shipment services of ammonia through at their location in Rotterdam, the Netherlands.
\nThis segment consists of Iowa Fertilizer Company LLC (IFCo), Iowa Intermediate Fertilizer Holding (IIFH) which serves as the US corporate income tax payer for IFCo, and N-7, the trading entity. IFCO and IIFH were both sold to Koch as part of the IFCO transaction which closed on 29 August 2024. Refer to section 22.3 Sale of IFCO business.
\nOCI and its partner, Dakota Gasification Company, agreed to the dissolution of N-7 in December 2024. N-7 is presented as part of discontinued operations in the statement of profit or loss. As N-7 is not being sold to a third party, it does not meet the criteria to be classified as held for sale in the statement of financial position.
\nN-7's contribution to the profit and loss of the Group is included in the 'Nitrogen US- discontinued' segment, however its balance sheet figures are grouped in 'Other - Continuing operations' for segment reporting purposes.
\nThe Fertiglobe segment consists of the following entities: Egyptian Fertilizers Company (EFC), Egypt Basic Industries Corporation (EBIC), Sorfert Algerie (Sorfert), Ruwais Fertilizer Industries LLC (Fertil), Fertiglobe Distribution (FD), Fertiglobe Fertilizer Trading (FFT, previously OCI Fertilizer Trading), OCI Fertilizer Trade and Supply (OFTS), Fertiglobe plc and OCI S.A.E.
\nEFC is a granular urea producer in Egypt. EBIC is an ammonia plant in Egypt. Sorfert is a partnership with Algeria\u2019s state-owned oil and gas authority and is one of the largest nitrogen fertilizer producers in North Africa. Fertil is a producer of urea fertilizer in Abu Dhabi. FD, FFT and OFTS are trading entities based in Abu Dhabi, Dubai and the Netherlands. The divesture of 50% + 1 share of the equity interests of Fertiglobe PLC to Abu Dhabi National Oil Company P.J.S.C. (\u201cADNOC\u201d) was completed on October 15th 2024. Refer to section 22.5 Sale of Fertiglobe.
\nThe Clean Ammonia segment consists of OCI Clean Ammonia LLC, sold to Woodside on 30 September 2024, and OCI Clean Ammonia M&O Co. and OCI Clean Ammonia CM LLC, which are wholly-owned subsidiaries of OCI created to support OCI's responsibilities until commissioning of the plant. In 2023, Clean Ammonia did not meet the criteria to be a reportable segment. In 2024, management elected to show Clean Ammonia as a reportable segment due to the transaction with Woodside. Refer to section 22.4 Sale of Clean Ammonia.
\nAs OCI Clean Ammonia CM LLC is not being sold to a third party, it does not meet the criteria to be classified as held for sale in the statement of financial position. Its contribution to the profit and loss of the Group is included in the 'Clean Ammonia - discontinued' segment, however its balance sheet figures are grouped in 'Other - Continuing operations' for segment reporting purposes.
\nThis segment consists of all remaining entities of the Group, which are mainly holding companies. The balance sheet metrics for the 'Other - Continuing' segment include N-7 and OCI Clean Ammonia CM LLC as they are classified as discontinuing operations in the statement of profit or loss but do not meet the criteria to be classified as assets held for sale in the statement of financial position.
\n2024 | Nitrogen EU | Other1 | Group Elimination | Continuing operations | Nitrogen US | Fertiglobe | Methanol US | Methanol EU | Clean Ammonia | Group Elimination | Discontinued operations | Total for reporting |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total revenues | 976.5 | - | (1.4) | 975.1 | 763.0 | 1,578.7 | 711.2 | 405.2 | 9.0 | (358.4) | 3,108.7 | 4,083.8 |
EBITDA2 | 58.2 | (183.7) | - | (125.5) | 234.9 | 476.9 | 205.4 | 19.4 | (18.5) | (42.0) | 876.1 | 750.6 |
Adjusted EBITDA2 | 54.9 | (86.8) | - | (31.9) | 201.9 | 495.9 | 133.9 | 19.8 | 0.4 | 5.8 | 857.7 | 825.8 |
Share of results of equity-accounted investees | 5.1 | - | \u00a0 | 5.1 | - | - | \u00a0 | - | - | (76.2) | (76.2) | (71.1) |
Gain on disposal of subsidiary | - | - | - | - | 1,769.0 | 2,392.9 | - | - | 776.2 | - | 4,938.1 | 4,938.1 |
Depreciation, amortization and impairment3 | (88.5) | (18.6) | - | (107.1) | (11.4) | - | (151.8) | (0.4) | (0.6) | 90.2 | (74.0) | (181.1) |
Finance income | 10.8 | 97.4 | (51.3) | 56.9 | 2.0 | 12.5 | 3.7 | 3.7 | - | (3.6) | 18.3 | 75.2 |
Finance expense | (13.3) | (138.5) | 51.4 | (100.4) | (89.0) | (109.1) | (18.0) | (2.5) | 4.1 | 3.5 | (211.0) | (311.4) |
Net foreign exchange gain / (loss) | (0.5) | 114.0 | - | 113.5 | - | (2.6) | - | (0.6) | - | - | (3.2) | 110.3 |
Income tax (expense) / income | 8.9 | (16.5) | - | (7.6) | (46.3) | (33.1) | (27.4) | (2.4) | 2.3 | (0.2) | (107.1) | (114.7) |
Net profit / (loss) | (19.3) | (145.9) | 0.1 | (165.1) | 1,859.2 | 2,737.5 | 11.9 | 17.2 | 763.5 | (28.3) | 5,361.0 | 5,195.9 |
Equity-accounted investees | 35.2 | - | - | 35.2 | - | - | - | - | - | 284.0 | 284.0 | 319.2 |
Capital expenditures non-current assets | 57.0 | 1.5 | - | 58.5 | 39.2 | 112.8 | 89.3 | 1.0 | 361.5 | (53.1) | 550.7 | 609.2 |
Total assets | 771.5 | 2,665.34 | - | 3,436.8 | - | - | 1,361.8 | 94.6 | 3.8 | (567.5) | 892.7 | 4,329.5 |
2023 | Nitrogen EU | Other1 | Group Elimination | Continuing operations | Nitrogen US | Fertiglobe | Methanol US | Methanol EU | Clean Ammonia | Group Elimination | Discontinued operations | Total for reporting |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total revenues | 950.2 | - | (3.5) | 946.7 | 967.2 | 2,416.2 | 602.7 | 492.9 | - | (404.2) | 4,074.8 | 5,021.5 |
EBITDA2 | (40.6) | (115.6) | - | (156.2) | 159.1 | 986.1 | (53.2) | 57.7 | (9.2) | (10.6) | 1,129.9 | 973.7 |
Adjusted EBITDA2 | (50.8) | (75.0) | - | (125.8) | 231.0 | 1,000.3 | 32.3 | 65.4 | 0.6 | 10.4 | 1,340.0 | 1,214.2 |
Share of results of equity-accounted investees | 6.4 | - | - | 6.4 | - | - | - | - | - | (107.3) | (107.3) | (100.9) |
Depreciation, amortization and impairment | (86.7) | (7.2) | - | (93.9) | (162.2) | (268.5) | (187.2) | (1.9) | (0.4) | 95.1 | (525.1) | (619.0) |
Finance income | 10.5 | 75.2 | (69.8) | 15.9 | 26.3 | 16.3 | 3.8 | 3.7 | 0.9 | (28.6) | 22.4 | 38.3 |
Finance expense | (9.9) | (120.7) | 69.3 | (61.3) | (76.5) | (119.4) | (32.9) | (3.7) | 6.0 | 28.6 | (197.9) | (259.2) |
Net foreign exchange gain / (loss) | (0.8) | (8.7) | - | (9.5) | - | (19.7) | - | (1.3) | - | - | (21.0) | (30.5) |
Income tax (expense) / income | 33.6 | 3.8 | - | 37.4 | (81.2) | (83.6) | 38.3 | 4.4 | (3.7) | (0.5) | (126.3) | (88.9) |
Net profit / (loss) | (87.5) | (173.2) | (0.5) | (261.2) | (134.5) | 511.2 | (231.2) | 58.9 | (6.4) | (23.3) | 174.7 | (86.5) |
Equity-accounted investees | 35.3 | - | - | 35.3 | - | - | - | - | - | 364.2 | 364.2 | 399.5 |
Capital expenditures non-current assets | 122.7 | 10.5 | - | 133.2 | 194.4 | 110.9 | 38.6 | 1.9 | 393.9 | (8.5) | 731.2 | 864.4 |
Total assets | 778.5 | 287.73 | 361.2 | 1,427.4 | 1,952.5 | 4,463.1 | 1,437.2 | 112.8 | 502.6 | (921.1) | 7,547.1 | 8,974.5 |
The geographic information below analyses the Group\u2019s revenue (by destination of the goods) and non-current assets (by the Company where the activities are being operated). OCI has no single customer that represents 10% or more of revenues and therefore information about major customers is not provided.
\n| \u00a0 | Revenue - Continuing | Revenue - Discontinued | Non-current assets | |||
|---|---|---|---|---|---|---|
$ million | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
Europe | 909.1 | 893.4 | 984.8 | 1,421.7 | 539.6 | 613.1 |
Americas | 39.6 | 29.3 | 1,426.7 | 1,651.0 | 21.8 | 756.7 |
Africa & Middle East | 10.7 | 8.5 | 253.5 | 416.2 | - | 491.8 |
Asia & Oceania | 15.7 | 15.5 | 443.7 | 585.9 | - | - |
Total | 975.1 | 946.7 | 3,108.7 | 4,074.8 | 561.4 | 1,861.6 |
The key performance obligation of the OCI group is always the supply of products as specified in the contracts with customers. Possible additional performance obligations included are transportation and related cost of insurance, depending on the incoterms.
\nThe Group has two revenue streams from contracts with customers that relate to the supply of products i.e. Nitrogen and Methanol. Impairment losses on receivables have been recognized amounting to USD 1.5 million in 2024 (2023: Nil) (reference is made to note 6.1 and note 9).
\nBased on the IFRS 15 accounting policies adopted, the following modifications to the contracts are allowed: discounts and rebates. They are all taken into account when presenting the segment revenues. Time value of money is not considered to be relevant for the amendment of the revenue amount, as the payment terms are short.
\nAlso, there are no non-cash considerations that would need to be disclosed separately. No information is provided about remaining performance obligations at current and comparative year end date that have an original expected duration of one year or less, as allowed by IFRS 15.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-584": { "value": "\nOCI has a committed guarantee facility with Rabobank for a maximum guarantee amount of EUR 150.0 million (USD 155.2 million). Under this guarantee facility, EUR 59.1 million (USD 61.2 million) has been utilized. The facility is used to issue guarantees on behalf of the subsidiaries, mainly for operational purposes.
\nOCI has an uncommitted guarantee facility with Tokio Marine Europe SA, Z\u00fcrich Insurance plc and Huler Hermes SA for a maximum guarantee amount of EUR 25.0 million (USD 25.9 million). Under this guarantee facility, EUR 0.7 million (USD 0.7 million) has been drawn. The facility is used to issue guarantees on behalf of the subsidiaries, mainly for operational purposes.
\nOCI has an uncommitted guarantee facility for the issuance of payment undertakings with BNP Paribas for an amount of USD 25.0 million. The facility is utilized for USD 12.6 million. The facility is used to issue guarantees on behalf of the subsidiaries, mainly for operational purposes.
\nIn the normal course of business, the Group entities and joint ventures are involved in some arbitration, commercial disputes or court cases as defendants or claimants. These litigations and commercial disputes are carefully monitored by the entities\u2019 and Group management and legal counsels, and are regularly assessed with due consideration for possible insurance coverage and recourse rights on third parties.
\nOCI does not expect these proceedings to result in liabilities that have a material effect on the Group's financial position.
\nIn cases where it is probable that the outcome of the proceedings will be unfavorable, and the financial outcome can be measured reliably, a provision has been recognized in the financial statements which is disclosed in note 21 Provisions. It should be understood that, in light of possible future developments, such as (a) potential additional lawsuits, (b) possible future settlements, and (c) rulings or judgments in pending lawsuits, certain cases may result in additional liabilities and related costs.
\nAt this point in time, OCI cannot estimate any additional amount of loss or range of loss in excess of the recorded amounts with sufficient certainty to allow such amount or range of amounts to be meaningful.
\nMoreover, if and to the extent that the contingent liabilities materialize, they are typically paid over a number of years and the timing of such payments cannot be predicted with confidence.
\nWhile the outcome of said cases, claims and disputes cannot be predicted with certainty, we believe, based upon legal advice and information received, that the final outcome will not materially affect our consolidated financial position but could be material to our results of operations or cash flows in any one accounting period.
\nOCIN entered into agreements with Royal DSM N.V. and associated company Circle Infra Partners B.V. (previously known as Sitech) for respectively the lease of the sites (land) on which it operates its plant and for site services/usage. These agreements have an indefinite term and include an asset dismantling obligation and the obligation to clean up environmental pollution occurred after zero measurement. These obligations have not been accounted for, since the company has no plans to end its business activities in the foreseeable future. As such the financial impact is assessed as not material by the company\u2019s management.
\nIn connection with the sale of Fertiglobe, certain indemnifications were agreed with ADNOC. Please refer to note 22 Discontinued operations and assets & liabilities held for sale for more information.
\nCapital commitments relate to purchase commitments of property, plant and equipment.
\n$ millions | 2024 | 2023 |
|---|---|---|
OCIN | 12.8 | 10.3 |
Total | 12.8 | 10.3 |
OCI has a committed guarantee facility with Rabobank for a maximum guarantee amount of EUR 150.0 million (USD 155.2 million). Under this guarantee facility, EUR 59.1 million (USD 61.2 million) has been utilized. The facility is used to issue guarantees on behalf of the subsidiaries, mainly for operational purposes.
\nOCI has an uncommitted guarantee facility with Tokio Marine Europe SA, Z\u00fcrich Insurance plc and Huler Hermes SA for a maximum guarantee amount of EUR 25.0 million (USD 25.9 million). Under this guarantee facility, EUR 0.7 million (USD 0.7 million) has been drawn. The facility is used to issue guarantees on behalf of the subsidiaries, mainly for operational purposes.
\nOCI has an uncommitted guarantee facility for the issuance of payment undertakings with BNP Paribas for an amount of USD 25.0 million. The facility is utilized for USD 12.6 million. The facility is used to issue guarantees on behalf of the subsidiaries, mainly for operational purposes.
\nIn the normal course of business, the Group entities and joint ventures are involved in some arbitration, commercial disputes or court cases as defendants or claimants. These litigations and commercial disputes are carefully monitored by the entities\u2019 and Group management and legal counsels, and are regularly assessed with due consideration for possible insurance coverage and recourse rights on third parties.
\nOCI does not expect these proceedings to result in liabilities that have a material effect on the Group's financial position.
\nIn cases where it is probable that the outcome of the proceedings will be unfavorable, and the financial outcome can be measured reliably, a provision has been recognized in the financial statements which is disclosed in note 21 Provisions. It should be understood that, in light of possible future developments, such as (a) potential additional lawsuits, (b) possible future settlements, and (c) rulings or judgments in pending lawsuits, certain cases may result in additional liabilities and related costs.
\nAt this point in time, OCI cannot estimate any additional amount of loss or range of loss in excess of the recorded amounts with sufficient certainty to allow such amount or range of amounts to be meaningful.
\nMoreover, if and to the extent that the contingent liabilities materialize, they are typically paid over a number of years and the timing of such payments cannot be predicted with confidence.
\nWhile the outcome of said cases, claims and disputes cannot be predicted with certainty, we believe, based upon legal advice and information received, that the final outcome will not materially affect our consolidated financial position but could be material to our results of operations or cash flows in any one accounting period.
\nOCIN entered into agreements with Royal DSM N.V. and associated company Circle Infra Partners B.V. (previously known as Sitech) for respectively the lease of the sites (land) on which it operates its plant and for site services/usage. These agreements have an indefinite term and include an asset dismantling obligation and the obligation to clean up environmental pollution occurred after zero measurement. These obligations have not been accounted for, since the company has no plans to end its business activities in the foreseeable future. As such the financial impact is assessed as not material by the company\u2019s management.
\nIn connection with the sale of Fertiglobe, certain indemnifications were agreed with ADNOC. Please refer to note 22 Discontinued operations and assets & liabilities held for sale for more information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-587": { "value": "\nCapital commitments relate to purchase commitments of property, plant and equipment.
\n$ millions | 2024 | 2023 |
|---|---|---|
OCIN | 12.8 | 10.3 |
Total | 12.8 | 10.3 |
Transactions with related parties occur when a relationship exists between the Company and their directors and key management personnel. The Company engages in the following types of related party transactions:
Those with NNS Luxembourg Sarl for occasional consultancy services and Residencia Europe Ltd for personnel recharges.
The Executive Chair\u2019s travel as per his right to expense the use of a private aircraft for OCI-related business travel.
The Company\u2019s former construction arm which was divested on 7 March 2015 and incorporated as a separate legal entity, \"Orascom Construction plc\" (OC) in the United Arab Emirates. The Sawiris family, the majority shareholders of OCI, also owns the majority of the outstanding shares of OC, which qualifies OC and its subsidiaries to be classified as related parties.
Nassef Sawiris has also received his share in distributions by the Company in respect of his shareholding.
The following is an overview of the transactions and outstanding amounts as at 31 December 2024:
\nRelated party | Relation | Recharges | AR at year end | Purchases | AP at year end | Interest expense |
|---|---|---|---|---|---|---|
Orascom Construction plc | OC Group company | - | - | - | - | - |
NNS Luxembourg Sarl | Related via shareholder Sarl | - | - | - | - | - |
Residencia Europe Ltd | Related via shareholder | 1.8 | - | - | - | - |
Nassef Sawiris | Executive chair | - | - | 0.4 | - | - |
Total | \u00a0 | 1.8 | - | 0.4 | - | - |
The following is an overview of the transactions and outstanding amounts as at 31 December 2023:
\nRelated party | Relation | Recharges | AR at year end | Purchases | AP at year end | Interest expense |
|---|---|---|---|---|---|---|
Orascom Construction plc | OC Group company | - | - | - | - | 0.4 |
NNS Luxembourg Sarl | Related via shareholder Sarl | - | 0.5 | - | - | - |
Residencia Europe Ltd | Related via shareholder Sarl | 0.9 | 0.1 | - | - | - |
Nassef Sawiris | Executive chair | - | - | 1.0 | 0.4 | - |
Total | \u00a0 | 0.9 | 0.6 | 1.0 | 0.4 | 0.4 |
OCI conducts transactions with its associates and joint ventures (as defined in note 3.2, together \u201cEquity-accounted investees\u201d) in the ordinary course of business by buying and selling goods and services from and to various equity-accounted investees within the group. For more information we refer to note 10 and 22.
\nThe following is an overview of the transactions and outstanding amounts as at 31 December 2024:
\nRelated party | Relation | Revenue | AR at year end | Purchases | AP at year end |
|---|---|---|---|---|---|
Natgasoline LLC | Related via associate | 6.2 | 0.3 | 137.1 | 2.4 |
Utility Support Group B.V. | Related via associate | 30.7 | 3.4 | 117.1 | 8.7 |
Circle Infra Partners B.V. | Associate | - | - | 9.9 | 1.9 |
Sitech Manufacturing Services Beheer B.V. | Related via associate | - | - | 0.2 | - |
Chemelot Site Permit b.V. | Related via associate | - | - | 0.3 | - |
Integrated Inspection Association (IIA) Cooperatief U.A | Associate | - | - | 0.3 | - |
Total | \u00a0 | 36.9 | 3.7 | 264.9 | 13.0 |
The following is an overview of the transactions and outstanding amounts as at 31 December 2023:
\nRelated party | Relation | Revenue | AR at year end | Purchases | AP at year end |
|---|---|---|---|---|---|
Natgasoline LLC | Related via associate | 7.7 | - | 170.9 | 39.2 |
Utility Support Group B.V. | Related via associate | 29.3 | 1.7 | 103.6 | 7.2 |
Circle Infra Partners B.V. | Associate | - | - | 12.2 | 1.8 |
Nitrogen Iberian Company SL | Joint venture | 2.2 | - | 0.1 | - |
Shanxi Fenghe Melamine Co Ltd. | Joint venture | - | - | 0.5 | - |
Integrated Inspection Association (IIA) Cooperatief U.A | Associate | - | - | 0.2 | - |
Total | \u00a0 | 39.2 | 1.7 | 287.5 | 48.2 |
As these are transactions with equity-accounted investees and related parties, the terms and conditions may not necessarily be the same as transactions negotiated between third parties. Management believes that the terms and conditions of all transactions and outstanding balances with our equity-accounted investees and related parties are generally no less favorable to either party than those that could have been negotiated with unaffiliated parties with respect to similar services.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-589": { "value": "\nTotal compensation for key management personnel expensed during the period amounted to USD 24.9 million (2023: USD 16.5 million). An amount of USD 10.9 million relates to short-term employee benefits (2023: USD 11.7 million); USD 4.2 million relates to share-based compensation (2023: USD 4.8 million); USD 9.8 million relates to other long-term incentives and termination of employment (2023: Nil). The group has no post contract benefits or other post contract compensation arrangements with key management personnel.
\nFor more details on the remuneration of the individual members of the Executive Board and the Non-Executive Board, reference is made to the 2024 Directors' Remuneration report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-590": { "value": "\nOn January 28, 2025, OCI received a ruling in its favor from the Delaware Court of Chancery against Proman. As of the date of these financial statements, Proman has no further options to appeal the ruling. Natgas is therefore included as part of the disposal group for the Methanol business and classified as held for sale.
\nOn 3 February 2025, OCI N.V. held an extraordinary shareholders meeting (EGM). The purpose of the EGM was to request shareholder approval for the payment of an interim cash distribution of up to USD 4.75 per share, or, at the election of the shareholder, the EUR equivalent thereof, subject to continued progress on the execution of the announced transactions and the strategic review, through a repayment of capital or, at the election of the shareholder, as a payment from the profit reserve. The repayment of capital is subject to a statutory two-month creditor opposition period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ixv-591": { "value": "\nThe service fees recognized in the financial statements 2024 for the service of PricewaterhouseCoopers Accountants N.V. amounted to USD 5.8 million (2023: USD 6.0 million). Other audit services provided to the Group mainly include the ESG limited assurance engagement, review of interim financial statements, other audits and a number of locally required additional audit and assurance procedures.
\nThe amounts per service category are shown in the following table:
\n| \u00a0 | Total service fee | of which The Netherlands | ||
|---|---|---|---|---|
$ millions | 2024 | 2023 | 2024 | 2023 |
Audit of group financial statements | 3.5 | 4.7 | 2.2 | 2.6 |
Other audit services | 2.3 | 1.3 | 1.1 | 0.6 |
Total assurance services | 5.8 | 6.0 | 3.3 | 3.2 |
Tax services | - | - | - | - |
Total | 5.8 | 6.0 | 3.3 | 3.2 |
Companies | Country | Percentage of interest | Consolidation method |
|---|---|---|---|
OCI Fuels B.V.1 | The Netherlands | 100.00 | Full |
OCI Methanol Marketing B.V.1 | The Netherlands | 100.00 | Full |
OCI Nitrogen B.V. | The Netherlands | 100.00 | Full |
BioMCN B.V.1 | The Netherlands | 100.00 | Full |
OCI USA Inc.1 | United States | 100.00 | Full |
OCI Beaumont LLC1 | United States | 100.00 | Full |
N-7 LLC1 | United States | 50.00 | Full |
OCI Methanol Marketing LLC1 | United States | 100.00 | Full |
A full list of affiliated companies will be available for public inspection at the Commercial Registry in conformity with the provisions of Article 2:379 and 2:414 of the Dutch Civil Code.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300NCMRGIBJYUOE57", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }