Yara reports strong third-quarter results
21.10.2011 | Globenewswire Europe
![Yara reports strong third-quarter results](https://www.goldseiten.de/media/goldseiten-news.jpg)
primarily reflecting a significant margin improvement compared with last year.
Yara reports third-quarter net income after non-controlling interests of NOK
3,566 million (NOK 12.42 per share), compared with NOK 1,927 million (NOK 6.68
per share) last year. Excluding net foreign exchange gain/loss and special
items, the result was NOK 9.13 per share compared with NOK 5.00 per share in
third quarter 2010. Third-quarter EBITDA excluding special items was NOK 4,211
million compared with NOK 2,536 million last year.
"Yara reports strong third-quarter results as margins improved significantly for
all main product groups, with strong demand in Latin America and Asia in
particular," said Jørgen Ole Haslestad, President and Chief Executive Officer of
Yara.
"Despite macroeconomic concerns and challenging harvest conditions, on a
comparable basis European sales were only 10% below last year. Farm margins
remain healthy at today's grain prices, and with limited stocks in the
fertilizer value chain this indicates a catch-up in deliveries is likely during
the remainder of the season," said Jørgen Ole Haslestad.
Adjusted for the shortfall of Libyan urea and structural changes, Yara
fertilizer deliveries were down 8% compared with third quarter 2010 when demand
was strong in Europe. Margins improved for all main product groups, with the
strongest increase for nitrates. Industrial volumes increased 8%, primarily
reflecting growth in environmental products. Yara's production system ran
slightly below normal levels in the third quarter, in line with Yara's second-
quarter guidance.
Going forward, a tightening grain supply-demand balance points to continued
strength in crop prices and a strong need to increase agricultural productivity.
In early October, significant buying from India has sustained international
nitrogen prices at third-quarter levels. According to official information, the
Chinese export tax will return to 110% on 1 November, up from approximately 40%
today based on recent export prices.
The Qafco-5 and Qafco-6 expansions represent a major growth step for Yara
through its 25% ownership in Qafco. The Qafco-5 expansion will start up at the
end of the fourth quarter, with a total annual capacity of 1.5 million metric
tons ammonia and 1.35 million metric tons urea. Qafco-6 is planned to start
production in fourth quarter 2012, adding a further 1.35 million metric tons of
annual urea capacity. The Qafco-5 unit will have a temporary merchant ammonia
capacity of 0.75 million tons until Qafco-6 starts up.
Link to 3Q report and presentation:
http://www.yara.com/investor_relations/quarterly_report/index.aspx
Link to 3Q webcast 21 October at 09:30 CEST:
http://media01.smartcom.no/Microsite/start.aspx?eventid=6414
Thor Giæver, Investor Relations
Telephone ( 47) 24 15 72 95
Cellular ( 47) 48 07 53 56
E-mailthor.giaver@yara.com
Esben Tuman, Media Relations
Cellular ( 47) 90 50 84 00
E-mailesben.tuman@yara.com
Yara International ASA is the world's leading chemical company that converts
energy, natural minerals and nitrogen from the air into essential products for
farmers and industrial customers. As the number one global supplier of mineral
fertilizers, we help provide food for a growing world population. Our industrial
product portfolio includes environmental protection agents that prevent air
pollution. Yara's global workforce of 7,300 employees represents the great
diversity and knowledge that enables Yara to remain a leading performer in the
industry.
www.yara.com
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
3Q 2011 Presentation:
http://hugin.info/134793/R/1556423/480460.pdf
3Q 2011 Report:
http://hugin.info/134793/R/1556423/480459.pdf
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Source: Yara International ASA via Thomson Reuters ONE
[HUG#1556423]
Unternehmen: Yara International ASA - ISIN: NO0010208051