Yara delivers strong cash flow in lower margin environment
2023年10月20日 - 3:00PM
Yara delivers strong cash flow in lower margin environment
Oslo, 20 October 2023: Third-quarter EBITDA excl.
special items1 was USD 396 million, compared with USD 1,001 million
a year earlier. Net income was USD 2 million (USD 0 per share)
compared with USD 402 million (USD 1.57 per share) in third quarter
2022.
The main elements of the third-quarter results are:
- EBITDA down 62% due to reduced margins
- Operating cash flow of 1 BUSD primarily due to operating
capital release
- European nitrate price negatively impacted by long order book
at start of 3Q
- Supportive fundamentals for full season but uncertain phasing
of deliveries
“Third-quarter results are impacted by strong price declines
compared to last year, as the nitrogen industry continues to
operate in a lower margin environment. Although agricultural
fundamentals are supportive, nitrogen markets remain sensitive to
geopolitical and commodity market volatility,” said Svein Tore
Holsether, President and Chief Executive Officer at Yara.
“War, geopolitical instability, and the climate crisis are
having major impacts on food security. It is therefore even more
important to safeguard Europe’s strategic autonomy in within food
and fertilizer, and to accelerate the green transition of European
agriculture and industry,” said Holsether.
Nitrogen markets saw significant volatility in the third
quarter, with the start of the new northern hemisphere season. The
quarter began with swift nitrogen price responses to positive
market news, with both improved demand and tighter supply. Demand
softened in the mid-quarter as urea prices declined and European
customers were reluctant to take further positions early in the new
season.
Although the season for the European nitrogen industry is off to
a slower start than in previous years, fundamentals for the full
season are supportive. Agricultural conditions are favourable, and
industry consultants forecast increased cereal production in
2023/24, despite drought in several regions earlier this year.
Although fertilizer affordability reduced during the quarter, it is
still above historical averages, and optimal application rates are
up compared to the 22/23 season. However, as normal at this stage
of the season, phasing of deliveries is uncertain and there is risk
of new nitrogen curtailments if slow European demand continues. The
energy transition, climate crisis and food security are top
priorities globally. With its leading food solutions and ammonia
positions, Yara is uniquely positioned to drive these
transformations.
Link to report, presentation and webcast 20th October at 12:00
CEST:https://www.yara.com/investor-relations/latest-quarterly-report/
1) For definition and reconciliation of Alternative Performance
Measures, see APM section in 3Q report, page 33.
Note on Alternative performance measures: Alternative
performance measures are defined, explained and reconciled to the
Financial statements in the APM section of the Quarterly report on
pages 33-39.
Contact:Maria
GabrielsenInvestor contactMobile: +47 920 90 093E-mail:
maria.gabrielsen@yara.com
Tonje NæssMedia contactMobile: +47 408 44
647E-mail: tonje.nass@yara.com
This information is considered to be inside information pursuant
to the EU Market Abuse Regulation and is subject to the disclosure
requirements pursuant to Section 5-12 the Norwegian Securities
Trading Act. This stock exchange announcement was published by
Maria Gabrielsen, Head of Investor Relations, at Yara International
ASA, on 20 October 2023 at 08:00 CEST.
About Yara
Yara grows knowledge to responsibly feed the world and protect
the planet. Supporting our vision of a world without hunger and a
planet respected, we pursue a strategy of sustainable value growth,
promoting climate-friendly crop nutrition and zero-emission energy
solutions. Yara’s ambition is focused on growing a nature positive
food future that creates value for our customers, shareholders and
society at large and delivers a more sustainable food value
chain.
To achieve our ambition, we have taken the lead in developing
digital farming tools for precision farming and work closely with
partners throughout the food value chain to improve the efficiency
and sustainability of food production. Through our focus on clean
ammonia production, we aim to enable the hydrogen economy, driving
a green transition of shipping, fertilizer production and other
energy intensive industries.
Founded in 1905 to solve the emerging famine in Europe, Yara has
established a unique position as the industry’s only global crop
nutrition company. We operate an integrated business model with
around 17,000 employees and operations in over 60 countries, with a
proven track record of strong returns. In 2022, Yara reported
revenues of USD 24 billion.
www.yara.com
This information is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act
- Yara 3Q 2023 Presentation
- Yara 3Q 2023 Report
Yara International ASA (TG:IU2)
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Yara International ASA (TG:IU2)
過去 株価チャート
から 6 2023 まで 6 2024