Yara International : 2Q 2021 Financial highlights

Yara Financial highlights 4Q 2019

Financial highlights

Financial highlights
Millions USD, except where indicated otherwise	2Q 2021	1Q 2021	4Q 2020	3Q 2020	2Q 2020	1Q 2020	4Q 2019	3Q 2019	2Q 2019	1Q 2019
Revenue and other income	3,947	3,142	2,925	3,083	2,869	2,851	3,028	3,491	3,402	3,014
Operating Income	477	322	210	384	335	248	211	314	266	198
EBITDA	799	586	484	645	583	511	499	591	541	465
EBITDA excl. special items	775	585	511	558	588	504	525	630	546	464
Net Income	539	14	246	340	223	(119)	199	74	226	91
Earnings per share 1)	2.10	0.05	0.93	1.27	0.83	(0.43)	0.73	0.27	0.84	0.35
Earnings per share excl. currency and special items 1)	1.42	0.80	0.76	0.88	1.06	0.39	0.80	0.94	0.77	0.59
Net cash provided by operating activities	1,056	558	462	659	736	192	688	285	680	254
Net cash used in investing activities	(156)	(193)	(268)	854	(139)	(199)	(300)	(255)	(246)	(243)
Net debt/equity ratio	0.32	0.35	0.36	0.29	0.45	0.46	0.42	0.46	0.44	0.47
Net debt/EBITDA excl. special items (last 12 months) ratio	1.05	1.26	1.36	1.04	1.59	1.69	1.72	1.92	2.19	2.61
Average number of shares outstanding (millions)	256.6	261.2	264.8	267.9	268.8	270.5	271.7	272.4	272.5	272.7
ROIC (12-month rolling average)	13.8 %	8.6 %	8.0 %	7.9 %	7.3 %	6.9 %	6.6 %	6.1 %	5.4 %	4.1 %
Production volumes (kt)2)
Ammonia	1,891	1,792	1,866	1,949	1,868	1,924	2,048	2,195	2,172	2,065
of which equity accounted investees	-	-	-	-	-	181	288	266	213	456
Urea	1,221	1,167	1,230	1,280	1,154	1,511	1,565	1,577	1,641	1,634
of which equity accounted investees	-	-	-	-	-	268	428	382	333	361
Nitrate	1,494	1,635	1,650	1,667	1,622	1,533	1,554	1,606	1,587	1,474
NPK 3)	1,501	1,494	1,517	1,588	1,543	1,456	1,322	1,578	1,368	1,429
CN	455	398	416	389	428	407	336	410	394	402
UAN	220	219	240	241	237	240	265	258	224	227
SSP - based fertilizer 4)	181	234	213	191	110	133	357	204	248	278
MAP	3	12	4	3	12	31	33	35	9	38
Total finished products	5,074	5,159	5,271	5,358	5,108	5,310	5,432	5,668	5,471	5,482
Ammonia trade (kt)
Ammonia trade	589	458	539	484	523	421	712	646	670	499
Fertilizer deliveries (kt)
Urea	1,800	1,369	1,564	1,510	1,539	1,427	1,373	1,413	1,673	1,449
Nitrate	1,171	1,592	1,352	1,389	1,357	1,658	1,274	1,364	1,504	1,270
NPK	2,280	2,449	2,681	2,981	2,477	2,370	2,500	2,949	2,385	2,110
of which Yara-produced compounds	1,402	1,648	1,567	1,618	1,439	1,580	1,319	1,547	1,426	1,325
of which blends	786	619	884	1,231	947	642	1,008	1,298	864	634
CN	476	482	363	315	463	398	241	318	388	290
UAN	378	383	253	291	505	356	264	288	457	278
MOP/SOP	516	149	323	575	443	123	309	533	351	133
MAP/DAP/SSP	335	147	188	362	301	148	167	354	432	142
Other products	392	284	289	264	499	362	349	384	427	250
Total fertilizer deliveries	7,347	6,854	7,012	7,687	7,584	6,843	6,476	7,603	7,618	5,923
of which Europe	2,035	2,922	2,327	2,302	2,417	3,070	2,025	2,324	2,622	2,481
of which North America	1,064	958	825	651	1,085	860	773	632	1,164	685
of which Brazil	2,209	1,465	2,090	2,947	2,292	1,462	2,140	2,888	2,058	1,351
of which Latin America excl Brazil	564	457	480	538	538	421	425	486	510	349
of which Asia	1,151	811	988	976	895	793	815	967	911	831
of which Africa	324	240	302	273	357	237	298	306	352	226
Industrial Solutions deliveries (kt)
Ammonia 5)	132	150	142	123	137	141	152	146	157	170
Urea 5)	410	396	407	407	354	409	420	450	478	444
Nitrate 6)	298	280	240	281	272	276	281	284	301	280
Calcium Nitrate	46	47	56	103	42	42	125	116	91	102
Water content in industrial ammonia and urea	537	487	528	498	436	482	507	516	517	488
Other Industrial products 7)	420	406	408	525	301	370	426	546	490	350
Total Industrial Solutions deliveries (incl. water)	1,843	1,767	1,781	1,937	1,542	1,721	1,910	2,058	2,035	1,834
Price
Realized European Nitrate price 8)	293	232	201	193	194	202	217	230	221	247
Yara's energy cost 2) USD per MMBtu
Global weighted average gas cost	6.7	6.0	4.7	3.1	3.5	4.3	4.0	3.8	4.8	5.9
European weighted average gas cost	7.5	6.9	5.1	2.6	3.1	4.5	4.3	4.0	5.5	7.8
1) Yara currently has no share-based compensation program that results in a dilutive effect on earnings per share
2) Including Yara share of production in equity-accounted investees
3) Excluding NPK blends
4) Primarily an intermediate product used to make NPK blends
5) Pure product equivalent (82%/46% N)
6) Including AN solution
7) Including nitric acid, feed phosphates, sulphuric acid and other minor products
8) Per ton of CAN 27 equivalents, excl Sulphur

2019 structure

Financial highlights 1)
Millions USD, except where indicated otherwise	2Q 2020	1Q 2020	4Q 2019	3Q 2019	2Q 2019	1Q 2019	4Q 2018	3Q 2018	2Q 2018	1Q 2018	4Q 2017	3Q 2017	2Q 2017	1Q 2017	4Q 2016	3Q 2016	2Q 2016	1Q 2016	4Q 2015	3Q 2015	2Q 2015	1Q 2015	4Q 2014	3Q 2014	2Q 2014	1Q 2014	4Q 2013	3Q 2013	2Q 2013	1Q 2013
Revenue and other income	2,869	2,851	3,028	3,491	3,402	3,014	3,459	3,547	3,192	2,856	2,936	3,021	2,759	2,683	2,668	2,894	3,134	2,901	3,022	3,581	3,602	3,583	3,817	3,859	3,898	3,565	3,400	3,457	3,985	3,678
Operating Income	335	248	211	314	266	198	78	153	38	134	59	88	130	181	63	161	424	394	83	601	458	514	392	401	477	373	98	339	455	501
EBITDA	583	511	499	591	541	465	430	427	296	370	312	303	352	381	242	363	664	585	411	845	667	622	671	635	708	590	308	556	694	744
EBITDA excl. special items	588	504	525	630	546	464	424	402	321	377	350	347	338	395	296	359	480	585	411	559	652	741	659	641	701	630	390	540	705	738
Net Income after non-controlling interest	223	(117)	199	74	230	96	157	98	(211)	116	104	90	82	201	(39)	99	370	325	40	375	373	99	228	274	383	292	(2)	263	321	401
Earnings per share 9)	0.83	(0.43)	0.73	0.27	0.84	0.35	0.58	0.36	(0.77)	0.42	0.38	0.33	0.30	0.73	(0.14)	0.36	1.35	1.19	0.15	1.36	1.36	0.36	0.83	0.99	1.38	1.05	(0.01)	0.95	1.15	1.43
Earnings per share excl. currency and special items 9)	1.06	0.39	0.80	0.94	0.77	0.59	0.60	0.49	0.17	0.42	0.49	0.41	0.34	0.59	0.19	0.42	0.77	1.06	0.41	0.90	1.23	1.36	1.03	1.24	1.30	1.15	0.40	0.94	1.36	1.51
Net cash provided by operating activities	736	192	688	285	680	254	(89)	89	523	234
Net cash used in investing activities	(139)	(199)	(300)	(255)	(246)	(243)	(371)	(303)	(589)	(736)
Net debt/equity ratio	0.45	0.46	0.42	0.46	0.44	0.47	0.43	0.37	0.35	0.30
Net debt/EBITDA excl. special items (last 12 months) ratio	1.59	1.69	1.72	1.92	2.19	2.61	2.49	2.31	2.26	2.04
Average number of shares outstanding (millions)	268.8	270.5	271.7	272.4	272.5	272.7	273.0	273.2	273.2	273.2	273.2	273.2	273.2	273.2	273.2	273.2	273.5	274.1	274.6	275.1	275.3	275.5	275.8	276.2	276.5	277.1	277.2	277.6	279.3	280.6
ROIC (12-month rolling average)	7.3 %	6.9 %	6.6 %	6.1 %	5.4 %	4.1 %	3.8 %	3.7 %	3.1 %	3.7 %	4.0 %	3.6 %	4.2 %	6.4 %	8.0 %	8.8 %	12.6 %	13.0 %	13.1 %	15.6 %	13.9 %	14.1 %	14.2 %	11.8 %	11.7 %	12.2 %	13.8 %	17.3 %	19.0 %	20.4 %
Production volumes (thousand tonnes)2)
Ammonia	1,868	1,924	2,048	2,195	2,172	2,065	2,096	2,038	2,044	2,127	1,973	1,803	1,803	1,880	1,885	1,682	1,929	2,008	1,612	1,606	1,817	2,000	1,792	1,810	1,774	1,721	1,844	1,867	1,823	1,826
of which equity accounted investees	0	181	288	266	213	456	239	270	262	380	279	245	260	251	252	248	269	264	286	284	353	357	397	400	306	308	360	381	374	373
Urea	1,154	1,511	1,566	1,577	1,641	1,634	1,538	1,585	1,598	1,606	1,357	1,328	1,259	1,312	1,326	1,171	1,302	1,369	1,053	1,081	1,321	1,308	1,173	1,244	1,205	1,168	1,189	1,200	1,261	1,191
of which equity accounted investees	0	268	428	382	333	361	360	373	395	389	416	380	382	361	373	391	373	400	397	414	409	373	376	405	328	332	365	390	434	426
Nitrate	1,602	1,533	1,554	1,606	1,587	1,474	1,626	1,598	1,387	1,525	1,613	1,580	1,362	1,617	1,554	1,466	1,460	1,564	1,410	1,453	1,496	1,638	1,576	1,691	1,465	1,520	1,587	1,604	1,513	1,520
NPK 3)	1,543	1,456	1,322	1,578	1,368	1,429	1,478	1,537	1,359	1,363	1,366	1,409	1,362	1,370	1,226	1,120	1,023	1,209	1,214	1,182	1,120	1,335	1,210	1,181	1,117	1,248	1,241	1,173	989	1,244
CN	428	407	336	410	394	402	401	408	408	406	384	379	385	363	337	357	343	342	351	389	373	364	297	348	312	330	285	313	275	326
UAN	237	240	265	258	224	227	193	226	207	208	220	228	233	250	220	202	254	233	207	221	223	274	213	236	227	258	276	288	268	248
SSP - based fertilizer 4)	110	133	358	204	248	278	359	283	260	213	173	219	152	279	380	433	321	284	326	357	259	270	217	254	202	137	201	223	154	81
MAP	12	31	33	35	9	38	54	40	21
Total finished products	5,087	5,310	5,433	5,668	5,471	5,482	5,649	5,677	5,240	5,321	5,113	5,143	4,753	5,192	5,043	4,749	4,703	5,002	4,560	4,683	4,792	5,189	4,685	4,953	4,529	4,660	4,778	4,801	4,460	4,610
Total deliveries (thousand tonnes)
Sales and Marketing and ammonia trade deliveries 10)
Ammonia trade (reflected in Production) 5)	523	421	712	646	670	499	621	583	689	585	527	446	627	422	524	438	596	546	474	506	567	613	526	478	660	479	533	524	624	700
Urea	1,738	1,668	1,609	1,666	1,958	1,724	1,752	1,755	2,280	1,831	1,150	1,193	1,244	1,170	1,264	913	1,326	1,173	1,006	998	1,473	1,375	1,424	1,294	1,331	1,246	1,429	1,112	1,672	1,282
of which Yara-produced	1,058	1,110	1,027	958	1,223	1,063	1,046	958	1,201	1,013	454	506	563	474	573	360	603	580	321	343	571	520	481	430	544	539	564	376	536	448
of which equity-accounted investees	511	353	430	556	521	531	463	588	797	601	500	492	448	381	510	397	520	369	459	516	636	542	626	626	647	572	778	605	1,019	698
Nitrate	1,393	1,686	1,307	1,459	1,534	1,297	1,322	1,511	1,442	1,314	1,524	1,484	1,148	1,547	1,477	1,445	1,363	1,445	1,342	1,415	1,241	1,595	1,464	1,390	1,119	1,570	1,389	1,305	1,551	1,451
of which Yara-produced	1,296	1,580	1,251	1,383	1,454	1,195	1,259	1,431	1,359	1,211	1,439	1,395	1,090	1,476	1,403	1,366	1,280	1,323	1,254	1,302	1,109	1,447	1,328	1,274	1,040	1,458	1,260	1,168	1,459	1,356
NPK	2,515	2,367	2,488	2,993	2,351	2,109	2,696	3,144	2,367	2,154	2,679	3,018	2,310	2,406	2,797	3,167	2,256	2,187	2,472	2,704	2,127	2,182	2,414	2,725	2,475	2,320	2,343	2,412	1,818	1,611
of which Yara-produced compounds	1,454	1,556	1,316	1,599	1,428	1,325	1,388	1,550	1,290	1,277	1,366	1,426	1,163	1,427	1,375	1,384	1,085	1,201	1,114	1,040	1,059	1,267	1,099	914	1,022	1,351	1,089	977	1,126	1,199
of which Yara-produced blends	924	648	1,006	1,305	853	633	1,178	1,487	1,007	733	1,165	1,545	1,097	857	1,330	1,750	1,124	879	1,243	1,603	986	768	1,214	1,716	1,360	858	1,210	1,402	607	327
CN	421	328	239	318	388	289	263	307	372	293	245	284	356	300	227	279	343	283	200	234	327	277	202	224	295	279	183	229	314	261
of which Yara-produced	416	326	237	312	382	285	260	303	365	289	241	279	351	297	224	274	337	279	198	231	320	273	196	214	287	276	178	226	310	257
UAN	507	357	264	289	458	279	200	238	475	271	233	281	465	320	291	229	483	354	203	236	438	418	234	274	407	418	247	258	469	316
of which Yara-produced	367	327	225	263	352	260	193	218	361	231	201	242	337	270	234	204	348	329	180	201	331	331	205	259	342	393	236	255	409	296
SSP	142	38	66	197	309	75	189	517	247	63	175	391	295	78	172	371	298	113	166	453	278	64	56	132	80	46	54	56	55	17
of which Yara-produced	114	31	41	123	231	64	171	488	220	36	139	303	211	47	126	337	260	102	148	372	251	61	20	22	33	30	19	9	45	12
Ammonia	254	248	273	249	272	283	297	264	276	265
of which Yara-produced	212	204	229	205	224	234	244	216	225	217
DAP/MAP	186	128	124	179	128	124	132	218	112	129	118	199	178	181	156	182	227	266	175	163	355	195	242	202	186	148	103	114	90	70
MOP/SOP	444	127	312	535	351	135	274	479	296	129	332	501	366	169	285	416	383	169	300	438	333	151	236	319	313	122	189	182	144	81
Other products	652	614	677	827	806	486	592	770	556	397	224	228	275	223	193	229	243	238	257	291	306	296	296	273	253	206	164	182	172	159
Total Sales and Marketing deliveries	8,250	7,560	7,359	8,710	8,555	6,800	7,716	9,202	8,422	6,847	6,680	7,580	6,636	6,394	6,862	7,231	6,922	6,228	6,123	6,933	6,878	6,553	6,567	6,833	6,458	6,355	6,102	5,850	6,285	5,247
New Business Deliveries (Kt)
Ammonia 5)	174	160	160	210	180	154	157	168	180	160	167	204	210	175	171	175	177	167	169	172
Urea 5)	174	190	208	221	216	190	210	205	202	178	581	543	528	558	553	517	489	466	475	441	487	438	432	406	446	394	441	357	377	369
Nitrate 6)	244	257	249	252	272	254	260	270	243	187	174	184	192	197	190	172	186	176	157	164	183	175	153	196	192	191	195	197	215	190
Calcium Nitrate	85	103	125	116	91	102	118	106	91	96	113	111	97	98	103	103	83	82	99	100	82	78	107	112	82	79	103	108	79	79
Other Industrial products 7)	27	27	48	50	46	45	55	59	69	53	268	272	277	260	260	269	254	223	431	510	513	440	431	450	453	410	423	447	454	396
Water content in Industrial Ammonia and Urea	337	378	396	416	419	377	400	383	395	354	490	450	454	444	459	404	409	386	417	381	385	365	388	331	322	289	326	281	275	257
Total New Business deliveries (incl. water)	868	953	1,026	1,056	1,043	957	1,044	1,024	1,000	869	1,801	1,719	1,707	1,768	1,744	1,619	1,578	1,502	1,759	1,756	1,818	1,699	1,720	1,670	1,665	1,537	1,665	1,557	1,570	1,463
Price
Realized European Nitrate price 8)	194	202	217	230	221	247	237	213	212	242	207	195	198	201	171	172	199	248	255	256	273	294	298	304	344	313	292	304	319	350
Yara's energy cost 2) USD per MMBtu
Global weighted average gas cost	3.2	5.0	4.0	3.9	4.8	5.9	6.6	6.3	6.1	5.9	5.2	4.6	4.7	5.2	4.3	4.0	3.8	4.1	5.2	5.3	5.7	6.0	6.5	6.1	6.9	8.1	7.8	7.5	8.5	8.3
European weighted average gas cost	2.8	4.3	4.3	4.0	5.5	7.8	9.4	8.2	8.1	7.7	6.6	5.7	5.6	6.5	5.3	4.9	4.6	5.0	6.2	7.0	7.5	7.6	8.5	7.5	9.2	11.3	11.2	10.8	11.9	11.5
1) Delivery numbers prior to 2018 reflect old segment structure
2) Including Yara share of production in equity-accounted investees. Tringen is from 2014 classified as "Joint operations" in line with IFRS 11, and is not any longer included as equity-accounted investee. 2013 has been restated accordingly
3) Excluding NPK blends
4) Primarily an intermediate product used to make NPK blends
5) Pure product equivalent
6) Including AN solution
7) Including nitric acid, feed phosphates, sulphuric acid and other minor products, CO2 excluded from 2016 and onwards
8) Per ton of CAN equivalents, excl Sulphur
9) Yara currently has no share-based compensation program that results in a dilutive effect on earnings per share
10) Production segment direct deliveries included. Primarily product category "Other products"