Yara reports strong cash flow as sales pick up>
Yara reports strong cash flow as sales pick up
(Thomson Reuters ONE) - Oslo (2009-07-16): Yara International ASA reports a strong cash flowfor second quarter 2009 as nitrate sales picked up and inventorieswere reduced to normal levels.Yara reports second-quarter net income after minority interest of NOK1,122 million (NOK 3.88 per share), compared with NOK 4,354 million(NOK 14.93 per share) last year. Excluding net foreign exchange gainsand special items, the result was approximately NOK 1.19 per sharecompared with NOK 12.44 per share in second quarter 2008. EBITDA forthe quarter was NOK 1,259 million compared with NOK 6,215 million insecond quarter 2008."In a challenging quarter, Yara generated a strong cash flow oncemore by competing well for deliveries and increasing its Europeanmarket share, cutting production and thereby reducing inventoriesfurther. Sales volumes including third-party sourced products werebelow last year, but sales of Yara produced products were up 4%. Thenew season nitrate prices kick-started deliveries in Europe whereJune volumes came in 25% above last year", said Jørgen Ole Haslestad,President and Chief Executive Officer of Yara."Global fertilizer consumption is estimated to have declined morethan 5% the last season. This will have a negative effect on grainproduction in a situation where global grain inventories remain atlow levels, and will support future demand for fertilizer," saidJørgen Ole Haslestad.Second-quarter fertilizer deliveries were down 13% on last year, butup 7% on first quarter this year. Fertilizer volumes in stock werereduced by 30% through the quarter as sales picked up and productionwas curtailed, giving a net cash flow from operating activities ofNOK 4,272 million. Fertilizer margins declined due to lower pricesand further inventory write-downs, primarily related to potash andphosphate, only partly offset by lower energy cost. The Industrialsegment delivered strong results with improved margins, benefitingfrom pricing time lags. Fixed costs declined from last yearreflecting synergies from the Kemira GrowHow acquisition.Going forward, Yara will benefit further from lower European energycosts, estimated to be NOK 2.8 billion lower in the second halfcompared with last year.Link to 2nd quarter webcast 16 July at 0930 CEThttp://media01.smartcom.no/Microsite/start.aspx?eventid=4419ContactTorgeir Kvidal, Investor RelationsTelephone (+47) 24 15 72 95Cellular (+47) 91 339 832E-mail torgeir.kvidal(at)yara.comBente Slaatten, Media RelationsCellular (+47) 91 60 62 15E-mail bente.slaatten(at)yara.comYara International ASA is the world's leading chemical company thatconverts energy, natural minerals and nitrogen from the air intoessential products for farmers and industrial customers. As thenumber one global supplier of mineral fertilizers, we help providefood for a growing world population. Our industrial product portfolioincludes environmental protection agents that prevent air pollution.Yara's global workforce of 8000 employees represents the greatdiversity and knowledge that enables Yara to remain a leadingperformer in the industry.www.yara.comhttp://hugin.info/134793/R/1329125/313656.pdfhttp://hugin.info/134793/R/1329125/313660.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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" alt="Atea reports revenue growth in second quarter 2009>">Datum: 16.07.2009 - 08:02 Uhr
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