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Source: Yara Int. news release

To view the complete report, click here.

Yara delivered strong first-half results, although EBITDA excluding special items decreased by 3%.

The volume, margin and other variances presented in the Yara variance table include effects generated by performance in equity-accounted investees.

Net income from equity-accounted investees decreased by NOK 495 million compared with first half 2013, due to lower results in Qafco mainly due to lower production and urea prices, while Lifeco had only partial production.

Lifeco stopped operations from mid-January until early April when a local militia group blocked the plant, while second-quarter production was negatively affected by gas curtailments.

Volume development

Global Yara fertilizer deliveries were up 11% on first half 2013, including Brazil. Volumes were down 4% excluding Brazil due to lower nitrate deliveries in Europe and lower urea trade to Asia and North America.

Deliveries to Europe were down 7% compared to last year, but in line with prior years. Yara's first-quarter deliveries were constrained by supply limitations, and volumes could not be fully recaptured in second quarter due to the earlier end of the season.

Deliveries outside Europe (excluding Brazil) were in line with 2013, but with an 11% increase in compound NPK sales to high value segments in Asia. Urea deliveries outside Europe were down 17% due to the same reason as explained for the second quarter. Deliveries to Brazil were 3.6 million tons, up from 1.9 million tons in first half 2013 due to the acquisition of Bunge.

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