Yara reported strong financial results and cash flow in the third quarter of 2012. Increased sales volumes for nitrates and NPK fertilizers outside of Europe led to higher prices. Recent expansions at Qafco and the restart of Lifeco were finalized. Yara has a strong balance sheet. The company generates value from both commodity and value-added fertilizer products. Upgrading and distribution make up a major part of Yara's contribution and profits. Yara provided sensitivities showing impacts of price changes in urea, natural gas, and other commodities. Several financial scenarios were presented based on different price assumptions.
Development of a global Supply Chain Network Strategy
By Roger Bloemen
LogiChem 2011 will be the event's tenth anniversary and an opportunity for the most senior chemical supply chain & global logistics directors from the European chemicals community to come together once again share experiences, make new contacts and benchmark the latest chemical supply chain initiatives.
Not only will LogiChem 2011 be a chance for the chemical industry to reminisce about the last ten years but an opportunity to shape the next decade. To celebrate a decade of LogiChem, there will be an exciting three day programme filled with networking opportunities in our new location, Antwerp.
Perth-based Nimrodel Resources (ASX: NMR) is a mineral exploration company with exploration projects in Africa and Australia. Nimrodel’s current focus is on two adjacent thermal coal projects in Botswana, Takatokwane and Takatokwane South, located approximately 195km west of the capital Gaborone, in Botswana.
In August 2012, the Company announced an upgraded Inferred Resource of 6.9 Bt of raw coal giving a total of 4.51 Bt of washed thermal coal.
NMR is also exploring at the Specimen Reef IOCG prospect at Savage River in Tasmania. The company also holds the Makete, high grade PGE Project in south western Tanzania. This was a presentation delivered to the African mining Conference in Livingstone by MD Allan Mulligan.
Development of a global Supply Chain Network Strategy
By Roger Bloemen
LogiChem 2011 will be the event's tenth anniversary and an opportunity for the most senior chemical supply chain & global logistics directors from the European chemicals community to come together once again share experiences, make new contacts and benchmark the latest chemical supply chain initiatives.
Not only will LogiChem 2011 be a chance for the chemical industry to reminisce about the last ten years but an opportunity to shape the next decade. To celebrate a decade of LogiChem, there will be an exciting three day programme filled with networking opportunities in our new location, Antwerp.
Perth-based Nimrodel Resources (ASX: NMR) is a mineral exploration company with exploration projects in Africa and Australia. Nimrodel’s current focus is on two adjacent thermal coal projects in Botswana, Takatokwane and Takatokwane South, located approximately 195km west of the capital Gaborone, in Botswana.
In August 2012, the Company announced an upgraded Inferred Resource of 6.9 Bt of raw coal giving a total of 4.51 Bt of washed thermal coal.
NMR is also exploring at the Specimen Reef IOCG prospect at Savage River in Tasmania. The company also holds the Makete, high grade PGE Project in south western Tanzania. This was a presentation delivered to the African mining Conference in Livingstone by MD Allan Mulligan.
Presenting how the registrations and payments coming from HINARI eligible countries from EURO Region have developed from 2002 to 2009. The rate
of registrations from EURO countries has
increased steadily on par with those of the
other regions.
Presentation given at the WTO during an ICTSD dialogue on the current situation of the Doha Round (22nd March 2010).
Different quantitative estimates are presented based on research conducted at IFPRI and the World Bank.
Papers quoted in this presentation can be downloaded from http://www.ifpri.org/book-6308/ourwork/researcharea/doha-round
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 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
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.
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
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
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
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.
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.
Presenting how the registrations and payments coming from HINARI eligible countries from EURO Region have developed from 2002 to 2009. The rate
of registrations from EURO countries has
increased steadily on par with those of the
other regions.
Presentation given at the WTO during an ICTSD dialogue on the current situation of the Doha Round (22nd March 2010).
Different quantitative estimates are presented based on research conducted at IFPRI and the World Bank.
Papers quoted in this presentation can be downloaded from http://www.ifpri.org/book-6308/ourwork/researcharea/doha-round
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 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
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.
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
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
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
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.
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.
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/
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.
World economy charts case study presented by a Big 4
World economy charts case study presented by a Big 4
World economy charts case
World economy charts case study presented by a Big 4
World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4
World economy charts case study presented by a Big 4
World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4World economy charts case study presented by a Big 4study presented by a Big 4
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2. 1
Financial highlights
CROGI
Strong results and cash flow
25 %
Yara benefitting from continued
20 %
tight nitrogen markets
15 %
Increased sales volumes for
nitrates and NPK outside Europe 10 %
at higher prices
5%
Qafco expansions finalized and
0%
Lifeco restart
2004 2005 2006 2007 2008 2009 2010 2011 YTD
2012
Ex special items Long-term target
Strong balance sheet
Capital Markets Day 2012 – 4 December
3. 2
Yara generates value both within commodity
and value-added products
Nitrogen upgrading margins Phosphate upgrading margins NPK blend premium
USD/t USD/t USD/t
700 700 700
600 Margin above
600 600 blend cost
Nitrate premium
above urea
Value above 500
500 500 raw material
Urea
400
Value above
400 400
ammonia
300 MOP
NH3*0.22
300 300
Value above gas
200
200 200
Yara EU gas cost *20 100 DAP
Rock*1.4
100 100 0
3Q10 1Q11 3Q11 1Q12 3Q12 3Q10 1Q11 3Q11 1Q12 3Q12 3Q10 1Q11 3Q11 1Q12 3Q12
Urea CFR CAN (46% N) DAP DAP T17 del France
NH3 CFR (46% N)
Capital Markets Day 2012 – 4 December
4. 3
Yara’s fertilizer production system
Distribution / Trade
Production
Upgrading to value-add
Urea Nitrate NPK NPK Nitrate
products and distribution
Flexible on ammonia source
Ammonia Ammonia Ammonia Ammonia Ammonia Ammonia
Energy exposed
commodity margins
Gas Gas Gas Gas
Trinidad Sluiskil Sluiskil Porsgrunn Glomfjord Ambes
Pilbara Brunsbüttel Tertre Siilinjärvi Montoir
Ferrara Uusikaupunki Rostock
Belle Plaine Montoir Köping
Le Havre Ravenna Pardies
Qafco Rio Grande
Lifeco
Plants located in Europe
Capital Markets Day 2012 – 4 December
5. 4
Ammonia flexibility in Europe
5.2
Million tons
3.6
1.6
1.3 Urea
Land-locked nitrates
0.3
European Flexible Non flexible
ammonia capacity
Yara can swing 2/3 of European ammonia production
without affecting fertilizer production
Capital Markets Day 2012 – 4 December
6. 5
Value-added upgrading and distribution make
up major part of Yara’s contribution
Average 2010-2011 contribution, NOK billions
24.3
1.5
2.1
Value-add
11.1
+
commodity
9.6 outside Europe
Overseas 5.1
European
Europe 4.5 4.5 energy
exposure
Commodity Fertilizer Industrial Trade Total
upgrade & upgrade &
distribution distribution
Capital Markets Day 2012 – 4 December
7. 6
Value-added upgrading and distribution make
up major part of Yara’s contribution
Total Yara contribution
NOK billions
7,000
Trade
6,000
Industrial upgrade & distribution
5,000
Fertilizer upgrade & distribution
4,000
3,000
Commodity overseas
2,000
1,000 Commodity Europe
0
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
Capital Markets Day 2012 – 4 December
8. 7
Yara product capacity values
Value based on prices last 12 months
USD/t of NH3 equivalent
1,800
1,600
1,400
1,200 Premium above blend
Rock upgrade
1,000 Nitrate value above urea
Urea upgrade value
800
Ammonia upgrade value
600 Gas cost
400
200
0 Mt of NH3
equivalents
0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0
Urea overseas Urea EU Nitrate NPK UAN Excess ammonia
Capital Markets Day 2012 – 4 December
9. 8
Yara sensitivities
Operating
Income EBITDA EPS*
USD million USD million USD
Urea sensitivity +100 USD/t 925 1,097 3.1
…of which pure Urea 285 422 1.3
…of which Nitrates 367 393 1.1
…of which NPK 198 208 0.6
Nitrate premium +50 USD/t 458 518 1.4
…of which pure Nitrates 289 333 0.9
Hub gas Europe + 1 USD/MMBtu (130) (145) 0.4)
Ammonia + 100 USD/t 37 94 0.2
Phos rock + 50 USD/t 50 50 0.1
Hub gas North Am + 1 USD/MMBtu (26) (26) (0.1)
Crude oil + 10 USD/brl (30) (30) (0.1)
Currency + 1 USD/NOK ** 90 90 0.2
*Assuming 25% marginal tax rate on underlying business and 279.5 million shares
** Net fixed costs in EUR and NOK
Sensitivities assume stable value-added margins and no inter-correlation between factors
Capital Markets Day 2012 – 4 December
10. 9
Financial scenarios are not forecasts, but
illustrate potential earnings in given situations
• Based on last 4 quarters EBITDA excluding special items
adjusted for portfolio changes
Model
assumptions • Qafco 5 & 6 expansions and Yara Pilbara consolidation
included on full-year basis
• Production assumed at 95% of stated capacity
1. China swing exporter with assumed zero domestic margin
Scenarios 2. China swing exporter with 2H12 domestic price
3. Average prices last five years
4. USD 150 urea margin per ton above average of Chinese
scenarios
Capital Markets Day 2012 – 4 December
11. 10
Lower coal price in China
Anthracite coal prices, RMB/t
1,100 -25%
• Current cost for marginal producers
assumed at ~1,800 RMB/t
825
• Last year’s China swing scenario
assumption of ~1,850 RMB/t on the
conservative side
Nov 11 Nov 12
Source: China Fertlizer Market Week
Capital Markets Day 2012 – 4 December
12. 11
Swing price last two years set by Chinese
domestic price and export tax
Domestic urea price in China Chinese export tax 1 Jul – 1 Nov
RMB/t Fob China
2 500 700
2 400 650 2011
2 300 600
550
2 200
500
2 100 2012
450
2 000
400
1 900
350
1 800
300
1 700 250
1 600 200
Jan Apr Jul Oct 1 750 1 950 2 150 2 350 2 550
2012 2011 Avg Jul-Oct 12 Domestic price ex works, RMB/t
* China Fertlizer Market Week
Capital Markets Day 2012 – 4 December
14. 13
Price and currency assumptions in scenarios
5-year Chinese swing*
Last 4 avg. to Demand
quarters 30 Sep Domestic -driven**
Cost
12 price
Ammonia fob Black Sea (USD/t) 527 420 475 475 550
Urea prilled fob Black Sea (USD/t) 432 372 325 400 515
Nitrate premium (% above Nitrogen in Urea) 21% 33% 25% 25% 20%
Nitrate premium, USD/t 62 83 56 68 69
Phos rock fob North Africa (USD/t) 191 184 180 180 180
DAP fob USG (USD/t) 565 588 550 550 550
Zeebrugge natural gas (USD/MMBtu) 9.0 8.1 10.5 10.5 10.5
Henry hub natural gas (USD/MMBtu) 2.8 5.0 3.7 3.7 3.7
Yara’s European energy price (USD/MMBtu) 11.0 9.5 10.9 10.9 10.9
Brent blend crude oil price (USD/bbl) 105 89 105 105 105
NOK/USD 5.8 5.9 5.7 5.7 5.7
* Energy prices are forward prices as of 9 October
** Given example to illustrate effect of urea price USD 150 per ton above average of the two sing scenarios
Capital Markets Day 2012 – 4 December
15. 14
Simplified P&Ls for scenarios
5-year avg. Chinese swing
Last 4 Demand-
NOK millions to
quarters Domestic driven**
30 Sep 12 Cost
price
EBITDA1) 17,000 18,000 11,400 16,700 24,400
Depreciation -3,100 -3,200 -3,300 -3,300 -3,300
Interest expense -800 -800 -800 -800 -800
Income before tax 13,100 14,000 7,300 12,600 20,300
Tax -2,500 -2,900 -1,300 -2,500 -4,100
Minorities -100 -200 -300 -300 -400
Net income 10,500 10,900 5,700 9,800 15,800
Number of shares (millions) 284.2 279.5 279.5 279.5 279.5
Earnings per share (NOK) 37 39 20 35 57
Currency translation +1 USD/NOK 2,900 3,050 2,000 2,950 4,300
1) Including interest income, assumed in line with last 4 quarters in all scenarios.
2) Not historical earnings, but estimated earnings for today’s Yara business, using 5-year average price conditions.
Capital Markets Day 2012 – 4 December
16. 15
Negative price effects reduces
swing EPS by NOK 8
NOK per share 57
21
35
28
15
8
20
Swing CMD11 Price/margin Currency Other Swing CMD12 Price/margin Swing CMD12 Price/margin Demand driven
Assumed cost Domestic price
Capital Markets Day 2012 – 4 December
17. 16
Demand-driven USD 150 per ton on urea
improves EPS by 22
NOK per share 57
35
28
15
8
20
Swing CMD11 Price/margin Currency Other Swing CMD12 Price/margin Swing CMD12 Price/margin Demand driven
Assumed cost Domestic price
Capital Markets Day 2012 – 4 December
18. 17
Risk factors
Risk factors Downside protection factors
Major decline in grain prices Strong incentives to maximize productivity
even at significantly lower grain price
Severe downturn in global economy, levels
impacting food consumption growth
Food consumption has historically seen
China: loosening of export tariff system limited impact from economic slowdowns.
Record crops are needed to meet growing
China: further fall in anthracite coal price consumption
European crisis could improve
competitiveness of European agricultural
sector and put pressure on European gas
prices
Yara financially stronger and may take
advantage of a potential negative short-
term development
Capital Markets Day 2012 – 4 December
19. 18
Cash distribution to date: stable growth in
absolute dividend, flexible buy-backs
Annual dividends and buy-backs, NOK per share*
13.2
8.1
6.2
5.4 5.4 5.3
4.9
3.9
7.0
5.5
4.0 4.5 4.5
2.3 2.4 2.5
2004 2005 2006 2007 2008 2009 2010 2011
Buy-back Dividend
* Carried out in the year following the result year, i.e. 2011 number reflects buy-backs and redemptions
executed in 2012. 2004 number reflects buy-backs and redemptions carried out in 2004 and 2005.
Capital Markets Day 2012 – 4 December
20. 19
Dividend payment to date behind target, while
buy-backs are within targeted range
NOK Dividend (cumulative) NOK Buy-back (cumulative)
billions billions
16 16
14 14
Target minimum 30%
12 12
10 10
8 8
6 6
Target 10-15%
4 4
2 2
0 0
2004 2005 2006 2007 2008 2009 2010 2011 2004 2005 2006 2007 2008 2009 2010 2011
Capital Markets Day 2012 – 4 December
21. 20
40 - 45% target is at the right level
Debt /
NOK Equity
billions
30 1,00
0,90
25
0,80
0,70
20
0,60
15 0,50
0,40
10
0,30
0,20
5
0,10
0 0,00
2004 2005 2006 2007 2008 2009 2010 2011 3Q12
NIBD actual NIBD 45% D/E actual D/E 45%
Capital Markets Day 2012 – 4 December
22. 21
Balance sheet can accommodate targeted
cash distribution and significant growth
Debt to equity ratio development assuming base
earnings equal to average of swing scenarios
0.6
0.5
0.4
0.3
0.2
0.1
0.0
3Q12 2013S 2014S 2015S 2016S
Annual growth CAPEX 2 BUSD, 45% payout Annual growth CAPEX 1 BUSD, 30% payout
Capital Markets Day 2012 – 4 December
23. 22
Execution of cash distribution policy
Key elements Main benefits
• The overall cash distribution target of 40-45% • Increased absolute payments when cash
is at the right level and is aligned with Yara’s flow is strong and attractive M&A
growth ambitions opportunities are limited, at the higher end of
the cycle
• Going forward, cash distribution will normally
be 40 - 45% of the previous year’s net • Improved availability of cash when attractive
income M&A opportunities are present at the lower
end of the cycle, in the interest of both Yara
• Cash distribution may in some years fall and its investors
short of or exceed the 40 - 45% range, but
normally only if cash flow and balance sheet • Increased predictability of the relative payout
metrics move outside the required rating level (stronger link to recent earnings)
range
Capital Markets Day 2012 – 4 December