Yara writes down Lifeco investment by USD 112 million
(Thomson Reuters ONE) -
Oslo, 20 April 2015: Due to the worsening security outlook in Libya, Yara sees a
high likelihood of a further deterioration in 2015 of the operating ability of
the Lifeco joint venture plants. Given an already challenging feedstock and
financial situation for the joint venture, Yara has therefore decided to write
down the value of its Lifeco investment by USD 112 million, leaving a remaining
book value of USD 18 million.
The political and security situation in Libya has worsened rapidly, and may
deteriorate further over the next year. In light of this, Yara is evaluating the
operation of the plants on an on-going basis in cooperation with the other
partners, in order to protect the employees as well as the assets.
Yara will continue participating in the governance of Lifeco, with the aim of
resuming full production once real improvements are seen in the security and
political situation in Libya, creating a sustainable improved operating outlook
for Lifeco.
The impairment will be reported as part of Yara's first-quarter EBIT and EBITDA,
under "Share of net income in equity-accounted investees".
For further information, please contact:
Esben Tuman, Head of Corporate Communications
Office: (+47) 24 15 70 26
Phone: (+47) 90 50 84 00
E-mail: esben.tuman(at)yara.com
Anders Lerstad, Head of Investor Relations
Office: (+47) 24 15 72 95
Phone: (+47) 93 42 69 54
E-mail: anders.lerstad(at)yara.com
About Yara
Yara's knowledge, products and solutions grow farmers' and industrial customers'
businesses profitably and responsibly, while nurturing and protecting the
earth's resources, food and environment.
Our fertilizers, crop nutrition programs and technologies increase yields,
improve product quality and reduce the environmental impact of agricultural
practices. Our industrial and environmental solutions improve air quality by
reducing emissions from industry and transportation, and serve as key
ingredients in the production of a wide range of goods. We foster a culture
that promotes the safety of our employees, contractors and societies.
Founded in 1905 to solve emerging famine in Europe, today, Yara has a worldwide
presence, with more than 12,000 employees and sales to more than 150 countries.
www.yara.com
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Yara International ASA via GlobeNewswire
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News-ID 386798
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