Yara will deliver good returns for farmers, industrial customers and its owners

Quarterly Report 4Q 2011

Fourth quarter 2011 financial highlights
Millions, except where indicated otherwise4Q 20114Q 2010
Revenue and other incomeNOK20,73017,525
Operating IncomeNOK3,6281,862
Share net income equity-accounted investeesNOK459406
EBITDANOK4,9822,992
EBITDA excl. special itemsNOK4,0013,144
Net Income after non-controlling interestNOK3,3861,564
Earnings per share 1)NOK11,845.42
Earnings per share excl. currency and special itemsNOK8,826.25
Average number of shares outstanding (millions)NOK286.0288.4
CROGI (12-month rolling average)20.9%17.4%
ROCE (12-month rolling average)25.8%20.6%
EBITDA segments
DownstreamNOK  7041,098
IndustrialNOK1,129168
UpstreamNOK3,2211,735
Other and eliminationsNOK(72)(9)
Yara totalNOK4,9822,992
Operating income segments
DownstreamNOK527907
IndustrialNOK1,00981
UpstreamNOK2,212916
Other and eliminationsNOK(120)(42)
Yara totalNOK3,6281,862
Sales
Nitratekt1,0861,287
NPKkt1,5471,687
 of which own-producedkt9541,102
 of which own blendskt415463
Ureakt8521,169
 of which own-producedkt425392
 of which equity accounted investeeskt199482
CNkt165173
UANkt241166
Other productskt350432
Fertilizerkt4,2394,914
    
Industrial products (excl. industrial gases)kt1,1541,094
Total saleskt5,3936,008
    
Realized European nitrate price 2)USD/t  303
Production 3)
Ammoniakt1,7171,912
 of which equity accounted investeeskt371610
Nitratekt1,5811,519
 of which equity accounted investeeskt88172
NPKkt1,2751,386
 of which equity accounted investeeskt62150
CNkt321288
Ureakt1,0201,037
 of which equity accounted investeeskt205306
UAN kt267244
Finished fertilizer and industrial products 4)kt4,4644,474
Total productionkt6,1816,386
    
Energy cost 3)  
Oil & gas cost (weighted average)USD per MMBtu8.66.4
Oil & gas cost Europe (weighted average)USD per MMBtu10.88.5
1) Yara currently has no share-based compensation program that results in a dilutive effect on earnings per share
2) Per ton of CAN equivalents
3) Including Yara share of production in equity-accounted investees
4) Excluding bulk blends

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Yara result 4Q 2011

Yara result 4Q 2011