Yara Reports Lower Q4 Results

MarineLink.com
Wednesday, February 12, 2014

Yara International ASA delivered lower fourth-quarter results, with weak commodity margins but robust value-added premiums and strong deliveries. Yara's board will propose to the Annual General Meeting a dividend payment of NOK 10 per share for 2013.

"Yara's fourth-quarter results reflect weaker commodity fertilizer markets," said Jørgen Ole Haslestad, President and Chief Executive Officer in Yara.

"On the positive side, we report strong production volumes and deliveries, and the Industrial segment delivers higher sales and margins. Value-added product premiums remained robust compared with the strong decline in global nitrogen, phosphate and potash prices," said Jørgen Ole Haslestad.

Yara reports fourth-quarter net income after non-controlling interests of NOK 59 million (NOK 0.21 per share), compared with NOK 2,153 million (NOK 7.67 per share) a year earlier. Excluding net foreign exchange loss and special items, the result was NOK 2.64 per share compared with NOK 7.21 per share in fourth quarter 2012. Fourth-quarter EBITDA excluding special items was NOK 2,339 million compared with NOK 3,539 million a year earlier.

Global Yara fertilizer deliveries were up 22% on fourth quarter 2012, as a result of increased sales in Brazil due to the inclusion of Bunge volumes, where Yara's NPK blend volumes more than doubled. Global Yara nitrate deliveries were at the same level as last year, and up 4% in Europe with a positive development during the quarter. Compound NPK deliveries decreased 7%, due to reduced volumes in certain lower margin segments in Brazil and lower sales in Europe which were mainly related to phasing effects.

Yara's average realized urea prices were 26% lower than a year ago. Realized nitrate and NPK compound prices decreased by 15% and 9% respectively, improving premiums over urea and other commodity fertilizers. NPK blend margins in Brazil were also significantly higher than last year.

Nitrogen fertilizer industry deliveries in Western Europe have recovered from a slow start to the new season, with fourth-quarter deliveries 8% higher than a year ago and season-to-date deliveries in line with a year ago. A continued strong farm margin situation and limited pipeline stocks at the start of the 2013/14 season point to healthy European nitrogen demand also for the remainder of the season. Yara entered 2014 with a strong European order book, implying a first-quarter nitrate price time lag of approximately two months.
 

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Bollinger Fourchon: 13 Years Without a Lost Time Accident

Bollinger Shipyards, Inc. announced that their Bollinger Fourchon, L.L.C. facility has worked 13 years without a lost time accident. Building on a philosophy that starts at the top,

Messer's CEO Norville Announces Retirement

Bill Heller to assume the position as Messer Cuttings Systems’ President and CEO Gary Norville started at Messer Cuttings Systems Inc. in September 1980 selling and installing cutting machines.

Rohr Dredge Continues European Expansion

Rohr International Dredge Holdings, Inc. announced that it acquired Eurl Rohr France, including its current backlog, inventory and all associated intellectual property (IPR), on July 23, 2014.

Finance

Iraq's Kurds Have Right to Sell Oil While Squeezed by Baghdad

Iraq's Kurdish region has the right to keep selling oil as long as the Baghdad government keeps cutting its budget, the head of the Kurdish parliament's energy committee said on Tuesday,

Petroecuador Tenders to Buy 3.84m bbls of Naphtha

State-run oil company Petroecuador has launched tenders to buy a total volume of 3.84 million barrels of naphtha for delivery in the coming month at Esmeraldas,

Company Fined for Oil Spill Near Anacortes

Ecology issues $112,500 penalty for sunken vessel.   American Gold Seafoods faces a $112,500 penalty for an oil spill caused by the accidental sinking of its vessel,

News

General Dynamics gets $25 mi GPS Contract from Lockheed Martin

General Dynamics Advanced Information Systems, a business unit of General Dynamics, was awarded a $25.4 million full-production contract from Lockheed Martin to support the U.

2 Post Panamax Cranes for Port Freeport Arrive

Port Freeport announced the arrival of their two Post Panamax Cranes. “The Gantry cranes departed from Shanghai, China on May 7th and arrived at Port Freeport on July 19th,

Huge Waves Measured for First Time in Arctic Ocean

As the climate warms and sea ice retreats, the North is changing. An ice-covered expanse now has a season of increasingly open water which is predicted to extend

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Pipelines Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1692 sec (6 req/sec)