Yara International ASA reported strong results for the second quarter of 2014. Key points include:
- Higher earnings per share compared to the same period last year.
- Improved European commodity margins due to lower natural gas prices.
- Continued growth in deliveries of value-added NPK fertilizers and industrial products.
- EBITDA increased compared to the second quarter of 2013, driven by higher volumes, improved prices and margins, and lower natural gas costs in Europe.
2015 07-29 - Yara International ASA Q2 2015 PresentationYara International
Yara’s second-quarter net income after non-controlling interests was NOK
2,916 million, compared with NOK 2,285 million a year earlier. Excluding
net foreign exchange gain/(loss) and special items, the result was
NOK 2,637 million, compared with NOK 2,142 million in second quarter
2014. The corresponding earnings per share were NOK 9.58 compared
with NOK 7.74 a year earlier.
“Yara reports strong second-quarter results with higher deliveries and
improved margins, reflecting continued lower natural gas cost in Europe
and a stronger US dollar,” said Torgeir Kvidal, acting Chief Executive
Officer of Yara.
“Sales of our premium products continue to grow in Latin America
and Asia, reflecting both the acquisition of OFD and continued organic
growth“ said Torgeir Kvidal.
2015-10-21 - Yara International ASA Q3 2015 PresentationYara International
Strong result with increased deliveries
Pick-up in Brazil sales
European deliveries down 5%, but increase for nitrates
Lower production mainly due to planned maintenance
NOK 3.2 billion gain on divestment of GrowHow UK
Summary third quarter
3
IR – 21 October 2015
10.54
9.82 9.25
7.67
8.04 6.69
5.66
0.23
6.40
8.26
6.18 6.74
2.65
10.59
14.56
8.32
10.80
9.00
7.21
8.52 7.97
5.62
2.65
7.03 7.74 7.62 8.17
10.51
9.58
7.41
Earnings per share*
*Average number of shares for 3Q 2015: 275.1 million (3Q 2014: 276.2 million).
NOK 37.31 20.67 27.59 27.79
Annual
2012 2013 2014
EPS excluding currency and
special items
2015
4
IR – 21 October 2015
Lower urea prices due to lower supply costs from China, and increased production
capacity globally
Western Europe nitrogen fertilizer industry deliveries down 5% on third quarter last
year
Brazil fertilizer industry deliveries in line with third quarter 2014; 6% lower year to date
Strong demand for value-added fertilizer products
Market development
5
IR – 21 October 2015
69.8
10.8
59.0 58.2
15.6
73.8
0
10
20
30
40
50
60
70
80
Production
Export
Domestic
Domestic
Export
Production
Million tons
Source: BOABC, CFMW
Increased production and exp
Strong result driven by higher margins
• Margins benefit from lower European gas prices and stronger US dollar
• Continued volume and margin growth in Brazil
• Further growth in Latin America with OFD and Galvani acquisitions
• Proposed dividend NOK 13 per share, 47% of net income
Yara’s fourth-quarter net income after non-controlling interests was
NOK 1,860 million, compared with NOK 63 million a year earlier.
Excluding net foreign exchange gain/loss and special items, the result
was NOK 2,253 million, compared with NOK 776 million in fourth
quarter 2013. The corresponding earnings per share were NOK 8.17
compared with NOK 2.80 a year earlier.
“Yara reports strong fourth-quarter results with improved margins,
lower natural gas cost in Europe and a stronger US dollar,” said Torgeir
Kvidal, acting Chief Executive Officer of Yara.
“Our Brazilian activities continue to perform well, with both higher volumes
and margins. We are also ahead of plan with synergy capture from the Bunge
acquisition, with USD 55 million realized in 2014 ,” said Torgeir Kvidal.
Yara’s second-quarter net income after non-controlling interests was NOK
2,916 million, compared with NOK 2,285 million a year earlier. Excluding
net foreign exchange gain/(loss) and special items, the result was
NOK 2,637 million, compared with NOK 2,142 million in second quarter
2014. The corresponding earnings per share were NOK 9.58 compared
with NOK 7.74 a year earlier.
“Yara reports strong second-quarter results with higher deliveries and
improved margins, reflecting continued lower natural gas cost in Europe
and a stronger US dollar,” said Torgeir Kvidal, acting Chief Executive
Officer of Yara.
“Sales of our premium products continue to grow in Latin America
and Asia, reflecting both the acquisition of OFD and continued organic
growth“ said Torgeir Kvidal.
Yara’s first-quarter net income after non-controlling interests was NOK 729
million, compared with NOK 1,773 million a year earlier. Net income was
negatively affected by a NOK 1,831 million foreign exchange loss and a
NOK 929 million write-down related to the Lifeco investment. Excluding
net foreign exchange gain/loss and special items, the result was NOK
2,896 million, compared with NOK 1,946 million in first quarter 2014.
The corresponding earnings per share were NOK 10.51 compared with
NOK 7.03 a year earlier.
“Yara reports strong first-quarter results with higher deliveries and improved
margins, reflecting continued lower natural gas cost and a stronger
US dollar,” said Torgeir Kvidal, acting Chief Executive Officer of Yara.
“Ammonia and finished fertilizer production increased significantly in the
quarter, benefitting from improved reliability and debottlenecking,” said
Torgeir Kvidal.
2015 04-27 - Yara International ASA Q1 2015 PresentationYara International
Yara’s first-quarter net income after non-controlling interests was NOK 729
million, compared with NOK 1,773 million a year earlier. Net income was
negatively affected by a NOK 1,831 million foreign exchange loss and a
NOK 929 million write-down related to the Lifeco investment. Excluding
net foreign exchange gain/loss and special items, the result was NOK
2,896 million, compared with NOK 1,946 million in first quarter 2014.
The corresponding earnings per share were NOK 10.51 compared with
NOK 7.03 a year earlier.
“Yara reports strong first-quarter results with higher deliveries and improved
margins, reflecting continued lower natural gas cost and a stronger
US dollar,” said Torgeir Kvidal, acting Chief Executive Officer of Yara.
“Ammonia and finished fertilizer production increased significantly in the
quarter, benefitting from improved reliability and debottlenecking,” said
Torgeir Kvidal.
2015 07-29 - Yara International ASA Q2 2015 PresentationYara International
Yara’s second-quarter net income after non-controlling interests was NOK
2,916 million, compared with NOK 2,285 million a year earlier. Excluding
net foreign exchange gain/(loss) and special items, the result was
NOK 2,637 million, compared with NOK 2,142 million in second quarter
2014. The corresponding earnings per share were NOK 9.58 compared
with NOK 7.74 a year earlier.
“Yara reports strong second-quarter results with higher deliveries and
improved margins, reflecting continued lower natural gas cost in Europe
and a stronger US dollar,” said Torgeir Kvidal, acting Chief Executive
Officer of Yara.
“Sales of our premium products continue to grow in Latin America
and Asia, reflecting both the acquisition of OFD and continued organic
growth“ said Torgeir Kvidal.
2015-10-21 - Yara International ASA Q3 2015 PresentationYara International
Strong result with increased deliveries
Pick-up in Brazil sales
European deliveries down 5%, but increase for nitrates
Lower production mainly due to planned maintenance
NOK 3.2 billion gain on divestment of GrowHow UK
Summary third quarter
3
IR – 21 October 2015
10.54
9.82 9.25
7.67
8.04 6.69
5.66
0.23
6.40
8.26
6.18 6.74
2.65
10.59
14.56
8.32
10.80
9.00
7.21
8.52 7.97
5.62
2.65
7.03 7.74 7.62 8.17
10.51
9.58
7.41
Earnings per share*
*Average number of shares for 3Q 2015: 275.1 million (3Q 2014: 276.2 million).
NOK 37.31 20.67 27.59 27.79
Annual
2012 2013 2014
EPS excluding currency and
special items
2015
4
IR – 21 October 2015
Lower urea prices due to lower supply costs from China, and increased production
capacity globally
Western Europe nitrogen fertilizer industry deliveries down 5% on third quarter last
year
Brazil fertilizer industry deliveries in line with third quarter 2014; 6% lower year to date
Strong demand for value-added fertilizer products
Market development
5
IR – 21 October 2015
69.8
10.8
59.0 58.2
15.6
73.8
0
10
20
30
40
50
60
70
80
Production
Export
Domestic
Domestic
Export
Production
Million tons
Source: BOABC, CFMW
Increased production and exp
Strong result driven by higher margins
• Margins benefit from lower European gas prices and stronger US dollar
• Continued volume and margin growth in Brazil
• Further growth in Latin America with OFD and Galvani acquisitions
• Proposed dividend NOK 13 per share, 47% of net income
Yara’s fourth-quarter net income after non-controlling interests was
NOK 1,860 million, compared with NOK 63 million a year earlier.
Excluding net foreign exchange gain/loss and special items, the result
was NOK 2,253 million, compared with NOK 776 million in fourth
quarter 2013. The corresponding earnings per share were NOK 8.17
compared with NOK 2.80 a year earlier.
“Yara reports strong fourth-quarter results with improved margins,
lower natural gas cost in Europe and a stronger US dollar,” said Torgeir
Kvidal, acting Chief Executive Officer of Yara.
“Our Brazilian activities continue to perform well, with both higher volumes
and margins. We are also ahead of plan with synergy capture from the Bunge
acquisition, with USD 55 million realized in 2014 ,” said Torgeir Kvidal.
Yara’s second-quarter net income after non-controlling interests was NOK
2,916 million, compared with NOK 2,285 million a year earlier. Excluding
net foreign exchange gain/(loss) and special items, the result was
NOK 2,637 million, compared with NOK 2,142 million in second quarter
2014. The corresponding earnings per share were NOK 9.58 compared
with NOK 7.74 a year earlier.
“Yara reports strong second-quarter results with higher deliveries and
improved margins, reflecting continued lower natural gas cost in Europe
and a stronger US dollar,” said Torgeir Kvidal, acting Chief Executive
Officer of Yara.
“Sales of our premium products continue to grow in Latin America
and Asia, reflecting both the acquisition of OFD and continued organic
growth“ said Torgeir Kvidal.
Yara’s first-quarter net income after non-controlling interests was NOK 729
million, compared with NOK 1,773 million a year earlier. Net income was
negatively affected by a NOK 1,831 million foreign exchange loss and a
NOK 929 million write-down related to the Lifeco investment. Excluding
net foreign exchange gain/loss and special items, the result was NOK
2,896 million, compared with NOK 1,946 million in first quarter 2014.
The corresponding earnings per share were NOK 10.51 compared with
NOK 7.03 a year earlier.
“Yara reports strong first-quarter results with higher deliveries and improved
margins, reflecting continued lower natural gas cost and a stronger
US dollar,” said Torgeir Kvidal, acting Chief Executive Officer of Yara.
“Ammonia and finished fertilizer production increased significantly in the
quarter, benefitting from improved reliability and debottlenecking,” said
Torgeir Kvidal.
2015 04-27 - Yara International ASA Q1 2015 PresentationYara International
Yara’s first-quarter net income after non-controlling interests was NOK 729
million, compared with NOK 1,773 million a year earlier. Net income was
negatively affected by a NOK 1,831 million foreign exchange loss and a
NOK 929 million write-down related to the Lifeco investment. Excluding
net foreign exchange gain/loss and special items, the result was NOK
2,896 million, compared with NOK 1,946 million in first quarter 2014.
The corresponding earnings per share were NOK 10.51 compared with
NOK 7.03 a year earlier.
“Yara reports strong first-quarter results with higher deliveries and improved
margins, reflecting continued lower natural gas cost and a stronger
US dollar,” said Torgeir Kvidal, acting Chief Executive Officer of Yara.
“Ammonia and finished fertilizer production increased significantly in the
quarter, benefitting from improved reliability and debottlenecking,” said
Torgeir Kvidal.
This document contains certain forward-looking information that is subject to a number of factors that may influence the accuracy of the statements and the projections upon which the statements are based.
There can be non assurance that the projections or forecasts will ultimately prove to be accurate; accordingly, the Company makes no representation or warranty as to the accuracy of such information or the likelihood that the Company will perform as projected.
An Introduction to Improved Cold Weather Concreting
How does cold weather concreting work ?
Purpose of an “antifreeze” agent are:
– Prevent temperature decrease below 5 °C within setting period
– Prevent freezing of water needed for hydration until a certain concrete strength is reached
– Prevent freezing the first day
Calcium Nitrate
– Reduces setting time, produces heat earlier and thereby provides the necessary temperatures for hydration
– does not reduce the freezing point of the mixing water
Best practice in compliance with ACI_306R-88
Antifreeze:
Keys are water control and set acceleration
The concrete hydration of surface close areas is crucial as the reinforcement is often placed here
For the concrete hydration the availability of water is essential. The two ways to prevent its freezing are
– Keep water warm (for instance by hydration heat, as a result of a set accelerator like NitCal) – dynamic solution at light frost
– Increase salt concentration of water to prevent freezing – static solution for deep frost
The way to increase salt concentration is the reduction of water, as the amount of salt added by admixtures is limited
The combined use of NitCal and a strong water reducing agent is recommended to obtain w/c ratio as low as 0,3 and thus minimize excess water.
When doing so, only minor ice formation is expected, and concrete can hydrate at even -15°C
Attention:
– In this manner produced concrete develops compressive strength very slowly
– Final compressive strength might be reduced
– Use of insulation is mandatory to support hydration
– Use of hardening accelerator like Thiocyanate/Rhodanide or Aluminum Nitrate is recommended for concreting jobs below -10°C
For more information please visit http://yara.co.uk/chemicals/speciality-chemicals/concrete-accelerator-admixture/
This document contains certain forward-looking information that is subject to a number of factors that may influence the accuracy of the statements and the projections upon which the statements are based.
There can be non assurance that the projections or forecasts will ultimately prove to be accurate; accordingly, the Company makes no representation or warranty as to the accuracy of such information or the likelihood that the Company will perform as projected.
An Introduction to Improved Cold Weather Concreting
How does cold weather concreting work ?
Purpose of an “antifreeze” agent are:
– Prevent temperature decrease below 5 °C within setting period
– Prevent freezing of water needed for hydration until a certain concrete strength is reached
– Prevent freezing the first day
Calcium Nitrate
– Reduces setting time, produces heat earlier and thereby provides the necessary temperatures for hydration
– does not reduce the freezing point of the mixing water
Best practice in compliance with ACI_306R-88
Antifreeze:
Keys are water control and set acceleration
The concrete hydration of surface close areas is crucial as the reinforcement is often placed here
For the concrete hydration the availability of water is essential. The two ways to prevent its freezing are
– Keep water warm (for instance by hydration heat, as a result of a set accelerator like NitCal) – dynamic solution at light frost
– Increase salt concentration of water to prevent freezing – static solution for deep frost
The way to increase salt concentration is the reduction of water, as the amount of salt added by admixtures is limited
The combined use of NitCal and a strong water reducing agent is recommended to obtain w/c ratio as low as 0,3 and thus minimize excess water.
When doing so, only minor ice formation is expected, and concrete can hydrate at even -15°C
Attention:
– In this manner produced concrete develops compressive strength very slowly
– Final compressive strength might be reduced
– Use of insulation is mandatory to support hydration
– Use of hardening accelerator like Thiocyanate/Rhodanide or Aluminum Nitrate is recommended for concreting jobs below -10°C
For more information please visit http://yara.co.uk/chemicals/speciality-chemicals/concrete-accelerator-admixture/
Introduction to calcium nitrate in concreting - Yara NitCalYara International
For more information please visit: http://yara.co.uk/chemicals/speciality-chemicals/concrete-accelerator-admixture/
Concrete and Calcium NitrateAn Introduction to Performance Concreting
Presentation Summary
What is Concrete? A fundamental material to modern life
What is Calcium Nitrate? A useful molecule
What is NitCal™? A Multifunctional Concrete Admixture
What is Concrete?
Concrete
The largest unreinforced concrete dome in the world
Reinforced concrete is at the basis of modern urban life
Reinforced concrete continues to be used to create the world’s most impressive structures
Calcium Nitrate
Calcium Nitrate was the first synthetic nitrogen fertilizer compound manufactured
Yara – the Global Leader in Nitrates
Founded in 1905, over a century of nitrogen chemistry expertise
Production Scale:
Global No.1 in Calcium Nitrate production
Global No.1 in Nitrates production (several grades)
Global No.1 in NPK fertilizers production
Research: Continuous nitrogen chemistry R&D at our centers in Norway and Germany
Headquartered in Oslo, Norway
What is NitCal™?
What is NitCal?
Yara’s NitCal provides calcium nitrate for concrete admixtures
NitCal supports concrete chemistry
calcium is beneficial for the essential reactions
nitrate is easily integrated into the cement’s crystal matrix
From Cement to Concrete
How does NitCal work?
NitCal significantly reduces setting time across a wide temperature range
NitCal increases long-term strength significantly unlike sodium nitrate by formation of additional calcium silicate hydrates
NitCal provides calcium nitrate in an easy to handle and environmentally friendly format
NitCal is chloride free according to industry standards
Cement Hydration
The Multifunctional Concrete Admixture
Indicative Applications and Dosing Rates
Where is NitCal available?
NitCal is available globally and quickly due to Yara’s unique distribution network
NitCal production is ISO certified and its principal source is the Yara plant located in Porsgrunn, Norway
Yara has a solid global presence
What NitCal is NOT?
NitCal is NOT a CE marked admixture and Yara not consumer product producer
NitCal is NOT a hardening accelerator (unwanted overheating is therefore minimized)
NitCal is NOT an activator for granulated slag
This is the corporate presentation of Yara International.
Yara delivers solutions for sustainable agriculture and the environment. Our fertilizers and crop nutrition programs help produce the food required for the growing world population. Our industrial products and solutions reduce emissions, improve air quality and support safe and efficient operations. Founded in Norway in 1905, Yara has a worldwide presence with sales to 150 countries. Safety is always our top priority.
www.yara.com
Yara Fertilizer Industry Handbook
This handbook describes the fertilizer industry and in particular the nitrogen part which is
the most relevant for Yara International.
The document does not describe Yara or its strategies. For information on Yara-specific
issues please see the Capital Markets Day presentations.
Fertilizers are essential plant nutrients that are applied to a crop to achieve optimal yield
and quality. The following slides describe the value and characteristics of fertilizers in
modern food production.
Interim Review January-June 2014: Strong development in orders received continued - profitability improvement proceeding according to plan
Presentation material at the news conference on July 31, 2014.
Get the financial highlights and an overview of our performance per business. You can access all our Financial Reports here: http://www.sgs.com/en/Our-Company/Investor-Relations/Financial-Reports.aspx
FLSmidth second quarter report for 2014 was released on 13 August 2014. Best viewed on a full screen mode, this Interim report for Q2 2014 informs the reader about the key highlights, market update, operational highlights, technology highlights, efficiency programme, financial performance, by FLSmidth. A special highlight of this Q2 2014 report was the announcing of the new Divisional structure and new Group structure.
Yara’s fourth-quarter net income after non-controlling interests was
NOK 1,860 million, compared with NOK 63 million a year earlier.
Excluding net foreign exchange gain/loss and special items, the result
was NOK 2,253 million, compared with NOK 776 million in fourth
quarter 2013. The corresponding earnings per share were NOK 8.17
compared with NOK 2.80 a year earlier.
“Yara reports strong fourth-quarter results with improved margins,
lower natural gas cost in Europe and a stronger US dollar,” said Torgeir
Kvidal, acting Chief Executive Officer of Yara.
“Our Brazilian activities continue to perform well, with both higher volumes
and margins. We are also ahead of plan with synergy capture from the Bunge
acquisition, with USD 55 million realized in 2014 ,” said Torgeir Kvidal.
The global farm margin outlook and incentives for fertilizer application
remain supportive overall. With attention turning to the need for another
record crop in 2015, the cereal price index increased during the fourth
quarter ending 3% higher than a quarter ago. Furthermore, the recent
strengthening of the US dollar has improved the competiveness of farmers
in key producing regions like Europe and Brazil.
Global nitrogen demand remained strong during the fourth quarter and
season to date deliveries are higher than the previous season both in
Europe and the US. However, following a late 2014 application, a larger
than usual share of third quarter US deliveries has already been consumed
and market coverage in Europe is considered normal.
Demand for value-added fertilizers like nitrates and compound NPKs
remains strong, particularly in cash crop sectors where prices have
developed more positively than grains.
A substantial proportion of nitrogen capacity in Ukraine and other key
export locations remains curtailed, increasing the need for Chinese
urea exports, which reached a record 14 million tons in 2014. Planned
capacity additions outside China over the next years are unlikely to fully
displace Chinese urea exports, indicating that the latter will be key to
global nitrogen pricing also going forward. Given the significant Chinese
curtailments in place today, current export prices for prilled urea fob
China (USD 285-290 per ton) are believed to be close to break-even
for swing producers. Going forward, global commodity nitrogen prices
are therefore likely to be set by the cost of high-quality anthracite coal
in China, export tariffs and the RMB-USD exchange rate. The anthracite
coal price has so far not been negatively affected by the drop in global oil
and gas prices, and the Chinese currency has strengthened in parallel with
the US dollar.
A weaker euro and lower gas prices have improved the relative
competitiveness of European fertilizer capacity, and Yara enters the first
quarter with a strong European order book.
Growth in Latin America remains a key on-going focus area for Yara.
The acquisitions of OFD and Galvani were
The Yara Fertilizer Industry Handbook is a tool for analysts, investors, journalists and others who would like to understand the fertilizer industry and in particular the parts most relevant for Yara. The fertilizer industry plays a key role in feeding a growing and increasingly food quality-conscious population. The nitrogen fertilizer industry is covered in detail as this is the most important sector for Yara.
Yara research has identified a new grade of potassium calcium nitrate that can reduce costs and improve performance in concentrated solar power (CSP) plants. Following positive laboratory testing, this new project is ready to change heat storage in the global solar market.
If you want more information on Yara's solar power molten salt, please visit:
www.yara.com/media/news_archive/concentrated_solar_thermal_power.aspx
www.yara.com/products_services/industrial_solutions/chemicals/specialty_chemicals/solar_energy.aspx
MUTUAL FUNDS (ICICI Prudential Mutual Fund) BY JAMES RODRIGUESWilliamRodrigues148
Mutual funds are investment vehicles that pool money from multiple investors to purchase a diversified portfolio of stocks, bonds, or other securities. They are managed by professional portfolio managers or investment companies who make investment decisions on behalf of the fund's investors.
2. IR-Date: 2014-07-18
1
Strong result
Lower nitrate deliveries amid early end to season in Europe
Continued strong NPK deliveries and value-added premiums
Improved European commodity margins due to lower gas price
Continued Industrial segment growth
Summary second quarter
4. IR-Date: 2014-07-18
3
Continued robust fertilizer demand
Stable urea prices, production curtailed in China and Ukraine
Western Europe nitrogen fertilizer industry deliveries 8% lower, season to
date 2% higher
Tight phosphate markets, following a short-lived correction in April and May
Strong demand for value-added fertilizer products
Fertilizer market development
6. IR-Date: 2014-07-18
5
Lower US nitrogen deliveries, stable in Europe
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
09/10 10/11 11/12 12/13 13/14
Domestic Imports
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
09/10 10/11 11/12 12/13 13/14
Production Net imports
West EuropeUSA
+2%
Million tons N Million tons N
-8%
Source: Yara estimate for fertilizer deliveries to selected West European countries.
Total nitrogen deliveries based on TFI, US Trade Commission, Blue-Johnson and Yara estimates
7. IR-Date: 2014-07-18
6
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
13/14
Source: BOABC, CFMW
12/13
Chinese urea: strong export volume increase,
limited production increase
11/12
0
50
100
150
200
250
300
350
400
450
500
550
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Black Sea
USD/t
Chinese exports
(kilotons)
Chinese production
(kilotons)
Season-to-date 65.7 mt
(64.6 mt season-to-date last year)
Year-to-date 29.7 mt
(29.6 mt year-to-date last year)
Season-to-date 10.8 mt
(7.9 mt season-to-date last year)
Year-to-date 3.8 mt
(1.3 mt year-to-date last year)
14. IR-Date: 2014-07-18
13
0
100
200
300
400
500
600
700
800
2Q10 4Q10 2Q11 4Q11 2Q12 4Q12 2Q13 4Q13 2Q14
USD/t
Nitrogen upgrading margins1
(monthly publication prices)
Urea CFR CAN (46% N) NH3 CFR (46% N)
Value above gas
Value above
ammonia
Nitrate premium
above urea
Yara EU gas cost *20
Strong nitrate premium at season close
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
180.0
2Q10 4Q10 2Q11 4Q11 2Q12 4Q12 2Q13 4Q13 2Q14
European nitrate premium2
(quarterly Yara realized)
2) Yara European realized nitrate prices compared with urea
publication prices with one month time lag. All numbers in USD
per ton of CAN equivalents.1) All prices in urea equivalents
15. IR-Date: 2014-07-18
14
0
100
200
300
400
500
600
700
2Q10 4Q10 2Q11 4Q11 2Q12 4Q12 2Q13 4Q13 2Q14
USD/t
Phosphate upgrading margins
DAP, fob USG
Rock, fob NA *1.4
Value above
raw material
0
100
200
300
400
500
600
700
2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14
USD/t
NPK premium over blend1
NH3, fob Black Sea *0.22
DAP, fob Morocco
MOP, cfr NWE
Urea, fob Black sea
Improved NPK premiums
Weighted average global
premium above blend cost
1) Export NPK plants, average grade 19-10-13, net of
transport and handling cost.
Nitrate premium
16. IR-Date: 2014-07-18
15
Lower natural gas cost in Europe
Source: Yara, World Bank, Platts
*Dotted lines denote forward prices as of 10 July 2014
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
12.0
13.0
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
USD/
MMBtu
Zeebrugge (1-month lag) Yara Europe
Yara European gas & oil cost
1
(51) (36)
(660)
(950)
(700)
(1,000)
(800)
(600)
(400)
(200)
0
200
3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
NOK
millions
Actual for quarter
July 2014 estimate**
** Based on forward prices as of 10 July 2014
Change in European energy cost
19. IR-Date: 2014-07-18
18
Net interest-bearing debt development
3,347
860
2,606
2,591
Net debt
Jun 14*
OtherFX gain/(loss)
124
Yara DividendInvestments net
1,580
Net operating
capital change
1,382
Dividends
received
from equity-
accounted
investees
26
Cash
earnings**
2,758
Net debt
Mar 14*
* Included in net interest-bearing debt are external bank time deposits (4-12 months), this is part of other current assets in balance sheet
** Operating income plus depreciation and amortization, minus tax paid, net gain/loss on disposals, net interest expense and bank charges
NOK millions
21. IR-Date: 2014-07-18
20
Farm economics strong overall, despite grain price decline
Break-even urea export price from China; domestic coal price and export
tax regime are key for global commodity nitrogen pricing going forward
Capacity outside China: limited greenfield additions next 2 years, and
curtailments currently in Ukraine
Yara European 3Q deliveries in line so far, and improved commodity-N
margins with lower gas cost
Prospects
22. IR-Date: 2014-07-18
21
250 kt NPK expansion in Uusikaupunki, Finland
250
1,250
1,000
Current Expansion End 2015
Strong NPK demand growth
outside Europe presents solid
business case
Project to install new
granulator adds ~250 kt
annual capacity
Competitive capex at ~200
EUR/t capacity addition
Completion end 2015
Annual NPK production capacity (kt)
24. IR-Date: 2014-07-18
23
NOK millions
Total Yara contribution
Value-added upgrading and distribution make
up larger part of Yara’s contribution
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
Commodity overseas
Commodity Europe
Fertilizer upgrade & distribution
Trade
4Q13 2Q142Q134Q122Q122Q10 4Q112Q114Q10
26. IR-Date: 2014-07-18
25
4.0
4.4 4.2 4.4
4.1
3.3
2.5 2.3
2.9
3.4 3.5
4.0
3.6 3.9
5.2
4.6
4.1 4.2
4.8
5.7
7.6
8.3
8.3 8.6
7.9
7.7
8.1
8.3 8.3 8.5
7.5
7.8
8.1
6.9
5.9
6.4
4.7
6.6
9.0
9.5
9.2 9.0 9.3 9.1
9.1
10.3 11.1
10.3 10.1 10.7 9.7
7.8
6.2
8.6
6.6
7.6
10.1
11.1
10.9 10.8 11.0 11.0 10.8
11.4 11.5
11.9
10.8
11.2 11.3
9.2
7.3
8.5
0
2
4
6
8
10
12
14
2009 2010 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
US gas price (Henry Hub) Yara Global Zeebrugge day ahead Yara Europe
Gas & oil cost
USD per MMBtu
Source: Yara, World Bank, Platts
Yearly averages 2009 – 2010, quarterly averages for 2011-14 with forward prices* for 3Q14 and 4Q14
*Dotted lines denote forward prices as of 10 July 2014
27. IR-Date: 2014-07-18
26
Currency exposure affecting P&L
At the beginning of the third quarter 2014
1. The US dollar debt generating p&l exposure was USD 950 million
• Kept as hedge of future earnings and to finance inventories in emerging markets
• Around 80% towards EUR and BRL, the rest towards NOK and emerging market
currencies
• The debt level in emerging markets will fluctuate with fertilizer seasons
2. Additional p&l exposure from internal currency positions vs. NOK
• Payables mainly CAD (200 million)
• Receivables mainly EUR (165 million), GBP (25 million) and AUD (45 million)
33. IR-Date: 2014-07-18
32
0
50
100
150
200
250
300
1/2004 1/2005 1/2006 1/2007 1/2008 1/2009 1/2010 1/2011 1/2012 1/2013 1/2014
Index
FAO price index
Cereals Price Index Cereals 5 year avg. Food Price Index Food 5 year avg.
Farm economics support fertilizer demand
Source: FAO
34. IR-Date: 2014-07-18
33
Source: USDA July 2014
For 2014/15, global grain production and
consumption close to balanced
1,950
2,000
2,050
2,100
2,150
2,200
2,250
2,300
2,350
2,400
2,450
2,500
06 07 08 09 10 11 12 13 14E 15F
Million tons
Consumption Production
Grain consumption and production Days of consumption in stocks
55
60
65
70
75
80
85
06 07 08 09 10 11 12 13 14E 15F
Days
36. IR-Date: 2014-07-18
35
Source: CRU urea update July 2014 . Consumption data source is IFA.
Year Driving regions
Urea capacity growth relative
to nitrogen capacity
Excluding China Excluding China
2013
Qatar 23%
Algeria 16%
1.6%
2014
Algeria 16%
UAE 15%
1.5%
2015
Saudi Arabia 22%
USA 20%
1.9%
2016
USA 48%
Malaysia 12%
2.0%
2017
Nigeria 34%
USA 26%
2.1%
Gross annual addition 2013-2017 ~1.8%
Assumed annual closures ~0.5%
Net annual addition 2011-2015 ~1.3%
Trend consumption growth from 2002 2.1%
Projected nitrogen capacity additions outside
China
37. IR-Date: 2014-07-18
36
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Index
June 2007=1
13/14 08/09 09/10 10/11 11/12 12/13
Source: Fertilizers Europe, Yara estimate for June
European producer nitrate stocks ending the
season close to average
38. IR-Date: 2014-07-18
37
-200
-100
0
100
200
300
400
500
Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14
Thousand contracts
Source: US Commodity Futures Trading Commission
Non-commercials’ net long position in corn
39. IR-Date: 2014-07-18
38
Key value drivers – quarterly averages
342
308 314
338
299
379
336 354
414
358
2Q13 3Q13 4Q13 1Q14 2Q14
Urea prilled fob Black Sea (USD/t)/Urea
granular fob Egypt (USD/t)
322
294 291
345 354
2Q13 3Q13 4Q13 1Q14 2Q14
CAN cif Germany (USD/t)
4.0
3.6 3.8
5.2
4.6
2Q13 3Q13 4Q13 1Q14 2Q14
US gas price Henry Hub (USD/MMBtu)
10.3 10.1
10.7
9.7
7.6
2Q13 3Q13 4Q13 1Q14 2Q14
Zeebrugge day ahead (USD/MMBtu)
5.8
6.0
6.1
6.1
6.0
2Q13 3Q13 4Q13 1Q14 2Q14
NOK/USD exchange rate
500
430 417 438
485
2Q13 3Q13 4Q13 1Q14 2Q14
Ammonia fob Black Sea (USD/t)
Source: Fertilizer Market Publications, CERA, World Bank, Norges Bank