First-quarter report 2018 - Yara International · 2018-04-19 · First-quarter urea production in China is estimated to be 7% below same quarter last year, with season-to-date production

First-quarter report 2018

Yara International ASA

Improved margins offset by lower European deliveries

Strong Industrial results

India acquisition successfully completed

Yara improvement program on track

Earnings per share USD

3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18

Debtequity ratio

3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18

EBITDA USD millions

-02 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18

2 Yara first quarter 2018

First quarter 2018 Financial highlights USD millions except where indicated otherwise

Revenue and other income Operating income Share net income equity-accounted investees EBITDA EBITDA excl special items Net income after non-controlling interests Basic earnings per share1)

Basic earnings per share exclcurrency 1)

Basic earnings per share exclcurrency and special items 1)

Average number of shares outstanding (millions) CROGI 2)

ROCE 2)

1) USD per share Yara currently has no share-based compensation programs that result in a dilutive effect on EPS 2) Quarter numbers annualized Year-to-date numbers 12-month rolling average

Key Yara statistics

Yara Production (Thousand tonnes) 1)

Ammonia

Finished fertilizer and industrial products excl bulk blends

Yara Deliveries (Thousand tonnes) Ammonia trade

Fertilizer

Industrial products

Total deliveries

Yaras Energy prices (USD per MMBtu) Global weighted average gas cost

European weighted average gas cost

1) Including Yara share of production in equity-accounted investees excluding Yara-produced blends

Market information Average prices

Urea granular (fob Egypt) CAN (cif Germany) Ammonia (fob Black Sea) DAP (fob US Gulf) Phosphate rock (fob Morocco)

European gas (TTF) US gas (Henry Hub) EURUSD currency rate USDBRL currency rate

USD per tonne USD per tonne USD per tonne USD per tonne USD per tonne

USD per MMBtu USD per MMBtu

1Q 2017

1Q 2018

Yararsquos first-quarter net income after non-controlling and energy costs were impacted by the cold weather in interests was USD 116 million compared with USD 201 Europe which has delayed planting and fertilizer million a year earlier Excluding net foreign currency application On the positive side our improvement program translation gainloss and special items the result was USD is on trackrdquo said Svein Tore Holsether President and Chief 115 million (USD 042 per share) compared with USD 161 Executive Officer of Yara million (USD 059 per share) in first quarter 2017

ldquoThe operating environment for our business remains Yara has a total of 7 growth projects coming on stream tough and we expect fertilizer markets to stay supply-during 2018 resulting in increased depreciation as projects driven for some time yet We therefore continue to focus on start up Depreciation for the quarter was approximately improving our operations and delivering our committed USD 30 million higher compared with a year earlier growth projectsrdquo said Holsether

ldquoYara reports 3 percent lower EBITDA as both our volumes

Fertilizer market conditions Following four consecutive seasons where global grain production exceeded consumption the US Department of Agriculture forecasts consumption to exceed production for the 201718 season The projected stocks-to-use ratio at 91 days of consumption is down two days from the 201617 season Still the strong harvests over the last years have kept grain prices relatively low although higher than a year ago The Food and Agriculture Organization of the United Nations (FAO) food price index was down 2 from first quarter 2017 and 5 below the five-year average while the cereal price index was 9 up from first quarter last year and 5 below the five-year average

Granular urea prices fob Egypt averaged USD 261 per tonne for first quarter marginally lower than the USD 265 per tonne same quarter last year The urea market was supported by higher export costs from China than a year ago primarily due to increased coal prices but also due to curtailed natural gas supply to the fertilizer sector This cost inflation resulted in substantial production curtailments in China But relatively slow demand and increased production outside China with new plants starting production have reduced the need for Chinese urea exports with limited exports during the quarter This resulted in global urea prices disconnecting from the Chinese domestic price leaving global pricing relatively stable from last year despite the higher urea prices in China

Ammonia prices fob Black Sea were on average USD 287 per tonne for the quarter compared with USD 301 per tonne last year The ammonia market is fundamentally oversupplied when production runs at high utilization rates due to capacity additions in USA Russia and Saudi Arabia During first quarter 2018 ammonia prices declined primarily driven by stronger production performance by the key ammonia export suppliers

Phosphate prices averaged USD 403 per tonne fob US Gulf for DAP for the quarter up from USD 353 per tonne last year Strong demand a major production curtailment by Mosaic in Florida and reduced exports from China supported the market at a higher price level than last year

The average phosphate rock price fob Morocco was down 10 compared to a year earlier with upgrading margins from rock to DAP stronger than a year ago

Regional market developments First-quarter nitrogen fertilizer deliveries in Western Europe were down by an estimated 22 from last year with imports down 26 A late spring in Europe with cold and

wet weather combined with strong buying earlier this season led to low demand during first quarter Season-toshydate deliveries are down 7 from last season similar to two seasons earlier with imports down 7 as well

In Brazil January and February fertilizer deliveries were 63 million tonnes down 1 from last year Urea imports for the first quarter were 13 million tonnes compared to 19 million tonnes last year

First-quarter US nitrogen supply is estimated to be down around 5 compared to a year earlier despite increased domestic production due to low imports Season to date US nitrogen supply is estimated to lag last season by 5 and also in North America spring has been late Urea prices in the US Gulf remained depressed compared to global values due to slow demand making the US market relatively unattractive for urea exporters

First-quarter urea production in China is estimated to be 7 below same quarter last year with season-to-date production down 5 Higher coal prices have increased production costs so although domestic urea prices have increased production curtailments remain significant In addition due to environmental concerns natural gas is diverted from fertilizer production to heating for winter The average domestic urea price for the first quarter was 18 higher than a year earlier (measured in local currency) equivalent to an increase of USD 67 per tonne China exported 02 million tonnes urea during January and February down from 08 million tonnes for the same period last year Season to date (July-February) China exported 21 million tonnes of urea down from 46 million tonnes last season The reduction in exports offset the lower production keeping supply to the domestic market stable

In India urea sales for the latest agricultural year (April-March) exceeded last year by 2 while urea production was down by 1 resulting in a modestly stronger need for imports

5932 6358

1) Fertilizer deliveries in Brazil for 1Q17 were restaded in 4Q17 Total fertilizer deliveries

Production volumes 1)

714 474of which Yara-produced

Nitrate 1306 1535

of which Yara-produced 1204 1464

NPK 2154 2404

of which Yara-produced compounds 1276 1425

of which Yara-produced blends 734 857

CN 291 300

UAN 271 320

SSP 63 78

DAPMAP 129 181

MOPSOP 129 169

5932 6358 Total fertilizer deliveries 1)

Fertilizer deliveries per region Europe

Brazil 1)

Latin America excluding Brazil

514of which equity-accounted investees

Thousand tonnes

Ammonia of which equity-accounted investees

Urea of which equity-accounted investees

Nitrate NPK CN UAN SSP-based fertilizer Total Finished Products1)

Fertilizer deliveries Thousand tonnes Fertilizer deliveries per product Urea

1Q 2018 1Q 2017

2127 1880

268 251

1604 1312

389 361

1518 1617

1363 1370

406 363

208 250

213 279

5311 5192

1Q 2018 1Q 2017

1418 1170

For a description of the key global fertilizer products see the Yara Fertilizer Industry Handbook httpyaracominvestor_relationsreports_presentations

Industrial product deliveries

Thousand tonnes 1Q 2017

Ammonia 1) 170 210

Urea 1) 563 558

of which Environmental products 215 217

Nitrate 2) 191 197

CN 96 98

Other industrial products 3) 268 260

Water content in Industrial Ammonia and Urea 468 444

Total Industrial product deliveries 4) 1755 1768

1) Pure product equivalents 2) Including AN Solution 3) Including nitric acid feed phosphates sulphuric acid and other minor products 4) 2017 deliveries restated Divested business excluded (30-40 kt quarterly impact)

Other fertilizer products

North America Asia Africa

170 202

2262 2752

1350 1529

444 474

773 756

805 528

297 319

1Q 2018

Variance analysis first quarter

1Q 2018 USD millions

EBITDA 2018 370

EBITDA 2017 381

Reported EBITDA variance (11)

Special items variance (see page 11 for details) 7

EBITDA ex special items variance (18)

Volume (31)

PriceMargin 79

Energy costs (50)

Currency (35)

Other 19

Total variance explained (18)

Yararsquos first-quarter results were lower compared with a year earlier as higher sales prices were more than offset by lower deliveries higher energy prices and a weaker US dollar

Total fertilizer deliveries were 7 lower compared to a year earlier driven by Europe and Brazil Adjusting for the Babrala (India) acquisition fertilizer deliveries were 11 lower than a year ago Industrial deliveries were in line with last year

In Europe a combination of a late spring and strong demand earlier in the season resulted in a sharp decline in fertilizer deliveries compared to first quarter 2017 While total industry nitrogen deliveries were more than 20 lower Yararsquos fertilizer deliveries were 18 lower than a year ago with nitrate deliveries 21 lower and NPK deliveries 14 lower

Yararsquos fertilizer deliveries in Brazil were 12 lower than a year earlier driven by lower deliveries of commodity products Premium-products deliveries were in line with first quarter last year

Margins in the quarter improved compared to last year Realized prices were higher for all main product groups more than offsetting the effect of higher gas prices in Europe

Total ammonia production was 13 higher than first quarter last year Adjusted for the Babrala acquisition the

production increase was 6 compared to last year mainly reflecting regularity improvements Finished fertilizer production increased 2 Adjusting for Babrala finished fertilizer production was 2 lower

Other items A weaker US dollar versus Yararsquos other main currencies resulted in a negative translation effect on Yararsquos fixed cost base compared with first quarter 2017

The Other variance of USD 19 million includes USD 15 million in income from sales of white certificates in Italy (see note 6) and USD 9 million EBITDA from the newly acquired Babrala business

Yara Improvement program

At the end of first quarter 2018 the Yara Improvement Program has delivered USD 275 million of annual sustained benefits up from USD 240 million reported at year end The increase reflects continued improvements in production reliability illustrated by a 6 underlying increase in ammonia production in the quarter In addition further procurement related savings have been realized in the quarter The total program is on track to reach the 2018 target of USD 350 million

The USD 275 million are measured using 2015 margins The equivalent number using first-quarter 2018 margins is USD 230 million

Financial items

USD millions 1Q 2017

Interest income 21 20

Dividends and net gain(loss) on securities 0 0

Interest income and other financial income 21 20

Interest expense (22) (15)

Net interest expense on net pension liability (2) (2)

Net foreign currency translation gain(loss) 8 69

Other (3) (3)

Interest expense and foreign currency translation gain(loss) (19) 49

Net financial income(expense) 2 69

1Q 2018

First-quarter net financial income was USD 2 million compared with USD 69 million in the same quarter previous year The variance primarily reflects a net foreign currency translation gain of USD 8 million this quarter compared with USD 69 million a year ago

Interest expense this quarter was USD 7 million higher than the year before as the effect of a higher gross debt level was partially offset by an increase in capitalized interest related to expansion projects

The net foreign currency translation gain in the quarter was USD 8 million The US dollar depreciated between 2 and 4 against most of Yararsquos other main currencies generating a net gain on Yararsquos US dollar denominated debt

positions Those gains were however counterbalanced by losses on internal currency positions in euro vs Norwegian krone as the krone appreciated almost 2 Last year the foreign currency translation gain was primarily due to the US dollar depreciating up to 6 against Yararsquos other main currencies

Yararsquos US dollar debt generating currency effects in the income statement was approximately USD 2600 million at the start of the second quarter 2018 The exposure was evenly distributed towards Norwegian krone euro and Yararsquos emerging market currencies

Net interest-bearing debt

USD millions

Net interest-bearing debt at beginning of period (2367)

Cash earnings 1) 296

Dividends received from equity-accounted investees 72

Net operating capital change (175)

Investments (net) (736)

Foreign currency translation gain(loss) 8

Other 2) 23

of which foreign currency translation adjustment (29)

Net interest-bearing debt at end of period (2879)

1Q 2018

1) Operating income plus depreciation and amortization minus tax paid net gain(loss) on disposals net interest expense and bank charges

2) The currency effect included in laquoOtherraquo is an adjustment from the currency gain(loss) in the income statement to the currency impact on net interest-bearing debt The adjustment is mainly explained by applied hedge accounting for net investments the translation effect when consolidating net interest-bearing debt to the presentation currency USD and internal currency positions that are not related to net interest-bearing debt

As a supplement to the consolidated statement of cash flows (page 16) this table highlights the key factors behind the development in net interest-bearing debt

Net interest-bearing debt at the end of first quarter 2018 was USD 2879 million up from USD 2367 million at the end of 2017 The increase reflects investments of USD 736 million of which the acquisition of the Babrala business account for USD 435 million Other investments include both growth investments and planned maintenance programs The main growth investments during the quarter are the Rio Grande plant modernization and the Salitre mining project amounting to around USD 80 million

Both inventories and receivables increased compared to year-end 2017 The increase was partly offset by higher customer prepayments especially in Brazil

The debtequity ratio at the end of first quarter 2018 calculated as net interest-bearing debt divided by shareholdersrsquo equity plus non-controlling interests was 030 compared with 025 at the end of fourth quarter 2017

Outlook The global farm margin outlook and incentives for fertilizer application are showing signs of improvement with the FAO cereals meat and dairy price indices all at higher levels than a year ago

Chinese urea prices continue to be a key reference point for global nitrogen pricing and higher production cost in China has resulted in significant curtailments reduced exports and higher domestic prices Lower Chinese urea exports are also creating higher price volatility as global market demand for Chinese product fluctuates through the year Urea from other locations is currently priced at a discount to Chinese product but an improvement in global demand could push global prices closer to Chinese levels

In Europe first-quarter nitrogen industry deliveries were down by an estimated 22 compared with a year earlier amid weather-related delays and stronger buying earlier in the season The cold weather is likely to result in lower application in some European markets and Yara expects full-season nitrogen industry deliveries to be down by 3-5 percent

Yara has scheduled several large ammonia turnarounds in 2018 with an expected net volume impact of around 200 kilotonnes compared with 2017 of which roughly 50 kilotonnes in the second quarter

Based on current forward markets for natural gas (11 April) Yararsquos spot-priced gas costs for second and third quarter 2018 are expected to be respectively USD 90 million higher and USD 70 million higher than a year earlier The estimates may change depending on future spot gas prices

As communicated earlier Yara has established a corporate program to drive and coordinate existing and new improvement initiatives The Yara Improvement program will deliver at least USD 500 million of annual EBITDA improvement (USD 125 net income per share) within 2020

To meet growing demand for premium products in particular Yara is expanding capacity in several plants at a significantly lower capital expenditure per capacity tonne compared with benchmark greenfield expansions Most of these projects will be completed by the end of 2018 Applying average 2015 market prices these projects are expected to generate approximately USD 600 million of annual EBITDA improvement (USD 090 net income per share) by 2020 when fully operational

The closing of Yararsquos acquisition of the Vale Cubatatildeo Fertilizantes complex in Brazil is expected to take place by mid 2018 (see note 4 page 23 for further details)

The Board of Directors and Chief Executive Officer Yara International ASA

Oslo 19 April 2018

Leif Teksum Maria Moraeligus Hanssen John Thuestad Hilde Bakken Chairperson Vice chair Board member Board member

Geir O Sundboslash Geir Isaksen Rune Bratteberg Kjersti Aass Board member Board member Board member Board member

Svein Tore Holsether President and CEO

Definitions and variance analysis Several of Yararsquos purchase and sales contracts for commodities are or have embedded terms and conditions which under IFRS are accounted for as derivatives The derivative elements of these contracts are presented under ldquoCommodity-based derivatives gain(loss)rdquo in the condensed consolidated interim statement of income and are referenced in the variance analysis (see below) as ldquoSpecial itemsrdquo

In the segment information ldquoother and eliminationsrdquo consists mainly of cross-segment eliminations in addition to Yararsquos headquarter costs Profits on sales from Production to Crop Nutrition and Industrial are not recognized in the consolidated Yara condensed consolidated interim statement of income before the products are sold to external customers These internal profits are eliminated in ldquoOther and eliminationsrdquo Changes in ldquoOther and eliminationsrdquo EBITDA therefore usually reflect changes in Production-sourced stock (volumes) held by Crop Nutrition and Industrial but can also be affected by changes in Production margins on products sold to Crop Nutrition and Industrial as transfer prices move in line with arms-length market prices With all other variables held constant higher stocks would result in a higher (negative) elimination effect in Yararsquos results as would higher Production margins Over time these effects tend to even out to the extent that stock levels and margins normalize

In the discussion of historical operating results Yara refers to certain non-GAAP financial measures including operating income EBITDA and CROGI Yararsquos management makes regular use of these measures to evaluate the performance both in absolute terms and comparatively from period to period Yara manages long-term debt and taxes on a group basis Therefore net income is discussed only for the Group as a whole

Operating income include all activities which normally are to be considered as ldquooperatingrdquo Share of net income in equity-accounted investees is however not included

EBITDA is presented because Yara believe that it is frequently used by securities analysts investors and other interested parties as a measure of a companyrsquos operating performance and debt servicing ability It assists in comparing performance on a consistent basis without regard to depreciation and amortization which can vary

significantly depending on accounting methods or non-operating factors and provides a more complete and comprehensive analysis of our operating performance relative to other companies EBITDA as defined by Yara includes operating income interest income other financial income and share of net income in equity-accounted investees It excludes depreciation amortization and impairment loss as well as amortization of excess values in equity-accounted investees Yararsquos definition of EBITDA may differ from that of other companies

EBITDA should not be considered as an alternative to operating income and income before tax as an indicator of the companyrsquos operations in accordance with generally accepted accounting principles Nor is EBITDA an alternative to cash flow from operating activities in accordance with generally accepted accounting principles

Yara management uses CROGI (Cash Return On Gross Investment) to measure financial performance of Yararsquos segments as well as the whole of the business CROGI is defined as gross cash flow divided by average gross investment and is calculated on a 12-month rolling basis ldquoGross cash flowrdquo is defined as EBITDA less total tax expense excluding tax on net foreign currency translation gain loss On Yara level actual tax expense is used for the calculation while a standardized tax rate of 25 is used on segment level ldquoGross Investmentrdquo is defined as total assets (exclusive of deferred tax assets cash and cash equivalents other liquid assets and fair value adjustment recognized in equity) plus accumulated depreciation and amortization less all short-term interest-free liabilities except deferred tax liabilities On segment level cash and other liquid assets are not excluded from ldquoGross Investmentrdquo

ROCE (Return on capital employed) is presented as an additional performance measure to CROGI to simplify benchmarking with other companies ROCE is defined as EBIT minus tax (less tax on net foreign currency translation gainloss) divided by average capital employed and is calculated on a 12-month rolling average basis Capital employed is defined as total assets adjusted for cash and cash equivalents other liquid assets deferred tax assets fair value adjustment recognized in equity minus other current liabilities

In order to track underlying business developments from period to period Yararsquos management also uses a variance analysis methodology developed within the Company (ldquoVariance Analysisrdquo) that involves the extraction of financial information from the accounting system as well as statistical and other data from internal management information systems Management considers the estimates produced by the Variance Analysis and the identification of trends based on such analysis sufficiently precise to provide useful data to monitor our business However these estimates should be understood to be less than an exact quantification of the changes and trends indicated by such analysis

The variance analysis presented in Yara quarterly and annual financial reports is prepared on a Yara EBITDA basis including net income from equity-accounted investees The volume margin and other variances presented therefore include effects generated by performance in equity-accounted investees

Yara defines ldquospecial itemsrdquo as items in the results which are not regarded as part of underlying business performance for the period These comprise restructuring-related items contract derivatives impairments and other items which are not primarily related to the period in which they are recognized subject to a minimum value of USD 5 million per item within a 12 month period ldquoContract

Special items

USD millions

Stamp duty on purchase of Babrala (India) Total Crop Nutrition

Total Industrial

Contract derivatives gain(loss)

Total Production

Total Other

Total Yara

derivativesrdquo are commodity-based derivative gains or losses (see above) which are not the result of active exposure or position management by Yara These are defined as special items regardless of amount

Net interest bearing debt is defined by Yara as cash and cash equivalents and other liquid assets reduced for bank loans other short-term interest bearing debt and long-term interest bearing debt including current portion The debtequity ratio is calculated as net interest-bearing debt divided by shareholdersrsquo equity plus non-controlling interests

Earnings per share excluding currency and special items represent net income after non-controlling interests excluding foreign currency translation gainloss and special items after tax divided by average number of shares outstanding in the period

Net operating capital is calculated as trade receivables net of impairments plus inventories net of write-downs less trade payables and prepayments from customers

Reconciliations of alternative performance measures are provided on page 31 to 33

EBITDA effect Operating income effect

1Q 2017 1Q 2018 1Q 2017

1 (14)

(7) (14)

1Q 2018

1 (14)

(7) (14)

Condensed consolidated interim statement of income USD millions except share information Notes 1Q 2018 1Q 2017 2017

3 2838 2696 11358 Revenue 6 17 2 55 Other income

1 (14) (13) Commodity based derivatives gain(loss) 2856 2683 11400 Revenue and other income

(2107) (1984) (8547) Raw materials energy costs and freight expenses (300) (260) (1090) Payroll and related costs

6 (201) (170) (724) Depreciation and amortization Impairment loss 6 (4) (1) (60)

(111) (87) (521) Other operating expenses (2723) (2503) (10942) Operating costs and expenses

134 181 457 Operating income

11 9 29 Share of net income in equity-accounted investees 21 20 77 Interest income and other financial income

165 210 563 Earnings before interest expense and tax (EBIT)

8 69 99 Foreign currency translation gain(loss) (27) (20) (82) Interest expense and other financial items 147 259 581 Income before tax

(33) (62) (99) Income tax 113 197 482 Net income

Net income attributable to Shareholders of the parent 116 201 477

(2) (4) 5Non-controlling interests 113 197 482 Net income

042 073 175 Basic earnings per share 1)

2 273217830 273217830 273217830 Weighted average number of shares outstanding

1) Yara currently has no share-based compensation that results in a dilutive effect on earnings per share

Condensed consolidated interim statement of comprehensive income

USD millions 1Q 2018 1Q 2017 2017

113 197 482

(37) 38 235

33 1 33

(4) 39 273

122 4 85

(2) - (1)

- - 64

120 4 148

117 43 421

230 240 903

231 237 900

(1) 3 3

230 240 903

Total comprehensive income attributable to Shareholders of the parent Non-controlling interests

Share of other comprehensive income of equity-accounted investees excluding remeasurements

Net other comprehensive income(loss) that may be reclassified to statement of income in subsequent periods net of tax

Other comprehensive income that will not be reclassified to statement of income in subsequent periods (net of tax) Currency translation adjustments 1)

Net income

Other comprehensive income that may be reclassified to statement of income (net of tax) Currency translation adjustments Hedge of net investments

Net gain(loss) on equity instruments at fair value through other comprehensive income Remeasurement gains(losses) on defined benefit plans

Net other comprehensive income that will not be reclassified to statement of income in subsequent periods net of tax

Reclassification adjustments of the period

Cash flow hedges

Total other comprehensive income net of tax

Total comprehensive income net of tax

1) Currency translation adjustments that will not be reclassified to statement of income are related to entities with functional currency NOK as these are not classified as foreign operations to Yara International ASA

Yara first quarter 2018 13

Condensed consolidated interim statement of changes in equity

USD millions

Balance at 31 December 2016

Net income

Other comprehensive income net of tax

Share of other comprehensive income of equity-accounted investees

Long term incentive plan Transactions with non-controlling interests

Share capital increase in subsidiary non-controlling interest Balance at 31 March 2017

Net income

Long term incentive plan

Share capital increase in subsidiary non-controlling interest Dividends distributed Balance at 31 December 2017

IFRS 9 and IFRS 15 implementation effect 3)

Net income

Other comprehensive income net of tax Share of other comprehensive income of equity-accounted investees Total other comprehensive income net of tax

Long term incentive plan Transactions with non-controlling interests Balance at 31 March 2018

1) Par value 170

Share Capital1)

Premium paid-in capital

Currency translation

adjustments

(1321)

(1287)

(1000)

Fair value reserve of financial assets at FVOCI 2)

Cash flow

hedges

Hedge of net investshyments

Total other

reserves

(1520)

(1484)

(1161)

(1046)

Retained earnings

Attributable to share- Non-holders of controlling Total the parent interests equity

8647 270 8917

201 (4) 197

36 7 42

36 7 43

(1) (2) (3)

8884 275 9159

276 9 285

383 (9) 374

387 (9) 378

(1) - (1)

(321) - (322)

9225 280 9505

(4) (4)

116 (2) 113

115 1 117

- (1) (2)

9452 277 9729

2) Gains or losses on investments in equity instruments for which the Group has elected to present changes in fair value in OCI will no longer be transferred to profit or loss

upon derecognition of the equity instrument 3) Please see Accounting Policies page 17 and 18 for further information

Condensed consolidated interim statement of financial position

USD millions

Assets Non-current assets Deferred tax assets Intangible assets Property plant and equipment Equity-accounted investees Other non-current assets Total non-current assets

Current assets Inventories Trade receivables Prepaid expenses and other current assets Cash and cash equivalents Non-current assets and disposal group classified as held-for-sale Total current assets

Total assets

31 Mar 2018

31 Dec 2017 31 Dec 2016 31 Mar 2017

346 371 300

1077 1106 1067

7108 7967 6939

1075 1096 1067

376 460 377

9982 11000 9750

2127 2229 2042

1413 1398 1200

595 607 559

323 544 436

12 4 11

4470 4783 4247

14452 15783 13997

USD millions except share information

Equity and liabilities Equity Share capital reduced for treasury stock Premium paid-in capital Total paid-in capital

Other reserves Retained earnings Total equity attributable to shareholders of the parent

Non-controlling interests Total equity

Non-current liabilities Employee benefits Deferred tax liabilities Other long-term liabilities Long-term provisions Long-term interest-bearing debt Total non-current liabilities

Current liabilities Trade and other payables Prepayments from customers Current tax liabilities Short-term provisions Other short-term liabilities Bank loans and other interest-bearing short-term debt Current portion of long-term debt Total current liabilities

Total equity and liabilities

Number of shares outstanding

31 Mar 2018

(1046)

273217830

31 Mar 2017 31 Dec 2017 31 Dec 2016

66 66 66

(49) (49) (49)

17 17 17

(1484) (1161) (1520)

10350 10369 10150

8884 9225 8647

275 280 270

9159 9505 8917

474 439 473

558 502 511

176 169 163

102 115 97

1668 2429 1625

2977 3654 2869

1464 1652 1414

349 265 300

48 62 62

38 90 38

78 75 100

304 439 270

33 43 28

2315 2625 2211

14452 15783 13997

273217830 273217830 273217830

Oslo 19 April 2018

Condensed consolidated interim statement of cash flows

USD millions Notes 1Q 2018 1Q 2017 2017

134 181 457

201 170 724

Impairment loss 4 1 60

(11) (1) 24

(22) (102) (196)

72 3 8

(164) (138) (127)

21 - (159)

234 114 791

(307) (299) (1341)

5 (424) - (23)

(21) (8) (55)

3 1 13

14 3 56

(736) (303) (1350)

8 456 71 966

2 - - (321)

456 72 651

22 4 16

(23) (112) 109

544 436 436

521 323 544

21 39 24

Net increase(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period

Other Net cash provided by operating activities

Investing activities

Depreciation and amortization

Write-down and reversals net Tax paid Dividend from equity-accounted investees Change in net operating capital 1)

Operating activities Operating income

Adjustments to reconcile operating income to net cash provided by operating activities

1) Operating capital consists of trade receivables inventories trade payables and prepayments from customers

Proceeds from sales of other long-term investments

Purchases of property plant and equipment Cash outflow on business combinations Purchases of other long-term investments Proceeds from sales of property plant and equipment

Net cash used in investing activities

Financing activities Loan proceeds(repayments) net Dividend Other cash transfers (to)from non-controlling interests Net cash from(used in) financing activities

Foreign currency effects on cash and cash equivalents

Bank deposits not available for the use of other group companies

Notes to the condensed consolidated interim financial statements

GENERAL AND ACCOUNTING POLICIES Yara (the Group) consists of Yara International ASA and its subsidiaries Yara International ASA is a public limited company incorporated in Norway The address of its registered office is Drammensveien 131 Oslo Norway

These unaudited condensed consolidated interim financial statements consist of the Group and the Grouprsquos interests in associated companies and joint arrangements They are prepared in accordance with International Accounting Standard 34 Interim Financial Reporting and should be read in conjunction with the annual consolidated financial statements in Yararsquos Annual Report for 2017 Except for the changes and additions described below the accounting policies applied are the same as those applied in the annual consolidated financial statements 2017

As a result of rounding differences numbers or percentages may not add up to the total

Change of presentation currency Yara has from 2018 changed the presentation currency of the consolidated financial statements from Norwegian kroner (NOK) to US dollars (USD) The change in presentation currency is accounted for retrospectively as a change in accounting policy Please see note 10 for more information

Implementation of IFRS 9 Financial Instruments The Yara Group has adopted IFRS 9 Financial Instruments for reporting periods beginning on and after 1 January 2018 IFRS 9 has replaced IAS 39 Financial Instruments Recognition and Measurement The new standard sets out new requirements for the accounting of financial instruments including classification measurement impairment and hedge accounting

Under IFRS 9 Yara classifies financial assets based on the business model in which they are managed and their contractual cash flows The principal categories of financial assets under IFRS 9 are amortized cost fair value through other comprehensive income (FVOCI) and fair value through profit or loss (FVTPL) In accordance with the expected loss impairment model introduced by IFRS 9 Yara records lifetime expected credit losses on all trade and lease receivables (the simplified approach) On other receivables loans and deposits Yara records 12 months expected credit losses and lifetime expected credit losses only if there has

been a significant increase in credit risk since initial recognition (the general approach) Yara has further applied the hedge accounting requirements of IFRS 9 which aim to reflect risk management activities and allow more hedging instruments and hedged items to qualify for hedge accounting

Yara has not identified a significant impact on the Groups statement of financial position and equity as a result of implementation of the new standard However the adoption of an expected loss impairment model has increased the loss allowance to some extent Please see note 38 New Accounting Standards in Yararsquos annual consolidated financial statements 2017 for more information

Yara has taken advantage of the practical expedient under IFRS 9 which allows to only adjust the opening balance of equity at the date of initial application 1 January 2018 Hence no comparative information is restated

Implementation of IFRS 15 Revenue from Contracts with customers The Yara Group has adopted IFRS 15 Revenue from Contracts with Customers for reporting periods beginning on and after 1 January 2018 IFRS 15 has replaced IAS 18 Revenue IAS 11 Construction contracts and related interpretations The new Standard establishes a new set of principles that shall be applied to report information about the nature amount timing and uncertainty of revenue and cash flows arising from contracts with customers

Under IFRS 15 Yara measures revenue based on the consideration specified in the contract with the customer and recognizes revenue when the Group transfers control of a product or service to a customer

Yara has not identified a significant impact to the Groups statement of financial position and equity as a result of implementation of the new standard As a result these interim financial statements do not include detailed disclosures of the amounts by which line items are affected by the application of IFRS 15 compared to revenue standards no longer in effect Please see note 38 New Accounting Standards in Yararsquos annual consolidated financial statements 2017 for more information

Yara has applied the cumulative effect implementation approach and adjusted the opening balance of equity at the date of initial application 1 January 2018 with the effect of implementation Hence no comparative information is restated

The nature of Yara revenues is categorized as follows

Sale of fertilizer and chemical products Yara sells fertilizer and chemical products to customers worldwide Please see note 5 Segment information in the annual consolidated financial statements 2017 for more information Revenue is recognized when the control of the products is transferred to the customer This is normally determined by the incoterm used in the sales transactions The use of incoterms varies between regions markets and customers but products are typically sold ex-warehouse

Contracts with larger customers often include sales incentives Volume discounts are the dominant sales incentives used by Yara The discounts may have prospective or retrospective effect Volume discounts with retrospective effect are systematically accrued and recognized as reduction of revenue based on the best estimate of the amounts potentially due to the customer If the discount cannot be reliably estimated revenue is reduced by the maximum potential discount

Products are normally sold with standard warranties which provide protection to the customers that the product have the agreed-upon specifications These standard warranties are accounted for using IAS 37 Provisions contingent Liabilities and Contingent Assets The Group does not have any other significant obligations for returns or refunds

The majority of sales in the Group have credit terms of less than 90 days

Freightinsurance services Yara arranges delivery to the customers location using different incoterms When the Group uses incoterms which transfer the responsibility for the goods to the customer before the freightinsurance service is delivered (C-incoterms) Yara normally considers the freight insurance service to be a distinct service which shall be accounted for as a separate performance obligation based on stand-alone selling prices The corresponding revenue is recognized over time to the extent the freight insurance service is performed However the timing effects are limited since the majority of deliveries to the customerrsquos location are done within days Shipping and

handling activities that occur before customers take control of the goods are considered to be part of fulfilling the sale of the goods

Other products and services Other products and services include a number of different offerings including equipment and services to store and handle product and technology offerings in Yararsquos Environmental Solutions Business Revenues from sale of equipment are recognized upon delivery to the customer Revenues from sale of services are recognized over time as the service is performed Revenues from technology offerings in Yararsquos Environmental Solutions Business are recognized over time using the percentage of completion method if they meet the criteria for over time recognition in IFRS 15 If offerings represent multiple element arrangements they are analyzed to identify distinct goods or services that shall be accounted for as separate performance obligations

Urea sales in India The business combination of Tata Chemicals Limiteds urea business in India was closed 12 January 2018 The acquired business manufactures and sells urea to dealers who in turn sell to farmers and retailers Yara sells urea under a pricing scheme policy issued by the Government of India (ldquoGoIrdquo) This policy aims to promote balanced nutrient application and sustained agricultural growth by making urea available to farmers across India at affordable prices on a timely basis

The price at which Yara can sell urea to registered dealers under the pricing scheme policy is regulated and determined by GoI This price is generally less than the cost of production and GoI provides a compensation based on a predefined method considering the sales price set by GoI to be charged registered dealers the cost for natural gas other variable cost (including cost of bags water electricity and freight) and fixed cost

Control of goods transfers at the time the registered dealer receives the goods The consideration received is based on the dealers receipt of goods and constitutes of the fixed sales price to be paid by the registered dealer and the estimated compensation to be paid by GoI As Yara has the inventory risk and controls the goods until they are delivered to the registered dealers the compensation from GoI is presented gross in the consolidated statement of income

Note 1 Judgments estimates and assumptions

The preparation of condensed consolidated interim financial statements in accordance with IFRS and applying the chosen accounting policies requires management to make judgments estimates and assumptions that affect the reported amounts of assets liabilities income and expenses The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances Actual results may differ from these estimates The estimates and the underlying assumptions are reviewed on an ongoing basis Revisions to accounting estimates are

recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods When preparing these condensed consolidated interim financial statements the significant judgments made by management in applying the Grouprsquos accounting policies and the key sources of estimation uncertainty were mainly the same as those that applied to the consolidated financial statements as of the period ended 31 December 2017

Note 2 Shares dividend and share buy-back program

The Board of Directors has proposed to the Annual General Meeting a dividend payment of NOK 650 per share for 2017 which represents 45 of net income after non-controlling interests If approved by the Annual General Meeting on 8 May 2018 the total dividend payment will be NOK 1776 million based on current outstanding shares

On 11 May 2017 the Annual General Meeting authorized the Board of Directors to acquire up to 13660891 shares in the open market and from the Norwegian State The purchase price shall not be less than NOK 10 nor more than NOK 1000 The shares acquired pursuant to this authorization shall be subsequently cancelled Yara has renewed its agreement with the Norwegian State according to which the Statersquos shares will be redeemed on a pro-rata basis to

ensure the Statersquos ownership is unchanged in the event of a cancellation of shares bought back Yara has not purchased own shares under the 2017 buy-back program

The Board has proposed to the Annual General Meeting on 8 May 2018 that the existing buy-back program is replaced by a new program authorizing the Board to acquire up to 5 (13660891 shares) of Yararsquos shares before the next Annual General Meeting Shares may be purchased within a price range from NOK 10 to NOK 1000 The shares shall be subsequently cancelled The company will enter into a new agreement with the Norwegian State to redeem shares on a pro-rata basis so that the Statersquos ownership is unchanged in the event of a cancellation of shares bought back

Ordinary shares Own shares

Total at 31 December 2016 273217830 -

Total at 31 March 2018 273217830 -

Operating segment information Note 3

1Q 2018 1Q 2017 USD millions

2113 2063 8670

484 467 1846

259 153 891

1 1 (7)

2856 2683 11400

31 49 191

4 2 16

1137 1117 4136

(1172) (1169) (4342)

2145 2112 8861

488 469 1862

1395 1270 5026

(1171) (1168) (4349)

2856 2683 11400

92 84 306

48 41 118

(18) 85 77

12 (29) (44)

134 181 457

141 124 492

53 45 158

157 237 722

18 (25) (23)

370 381 1348

347 44 272

2 5 35

175 209 1165

6 10 33

530 268 1505

4974 4075 4223

673 585 596

10691 9458 10484

333 333 480

16672 14452 15783

External revenue and other income Crop Nutrition Industrial Production Other and eliminations Total

Internal revenue and other income Crop Nutrition Industrial Production Other and eliminations Total

Revenue and other income Crop Nutrition Industrial Production Other and eliminations Total

Operating income Crop Nutrition Industrial Production Other and eliminations Total

EBITDA Crop Nutrition Industrial Production Other and eliminations Total

Investments 1)

Crop Nutrition Industrial Production Other and eliminations Total

Total Assets 2)

1) Investments comprise property plant and equipment intangible assets equity-accounted investees and other equity investments The figures presented are capitalized amounts and may deviate from cash flow from investing activities due to timing of cash outflows

2) Assets exclude internal cash accounts and accounts receivables related to group relief

1Q 2018 1Q 2017 2017

68 86 70

117 140 119

271 559 262

44 50 49

37 61 40

93 124 96

248 633 235

01 05 10

Crop Nutrition Industrial Production

Industrial Production

ROCE (12-month rolling average) Yara 1)

Yara 1)

Crop Nutrition

CROGI (12-month rolling average)

1) Cash and other liquid assets are included in gross investments and capital employed when calculating CROGI and ROCE respectively for the segments but not included for total Yara In addition actual Yara tax is used for calculating CROGI and ROCE for Yara while a standardized tax rate of 25 is used for the segments These two effects explain the variance in CROGI and ROCE between Yara and the segments See page 9 Definitions and variance analysis for more information

Reconciliation of operating income to EBITDA

USD millions Operating

income

Equity accounted investees

Interest income and other

financial income EBIT

Depreciation and

amortization1)

Impairment

loss 2) EBITDA

1Q 2018 Crop Nutrition 92 (1) 16 107 33 1 141

Industrial 48 - 2 50 3 - 53

Production (18) 12 2 (4) 159 2 157

Other and eliminations 12 - 1 12 6 - 18

Total 134 11 21 165 201 4 370

1Q 2017 Crop Nutrition 84 (1) 15 98 26 1 124

Industrial 41 1 - 42 3 - 45

Production 85 10 4 99 138 - 237

Other and eliminations (29) - - (28) 4 - (25)

Total 181 9 20 210 170 1 381

2017 Crop Nutrition 306 3 56 365 108 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Other and eliminations (44) - 4 (40) 17 - (23)

Total 457 29 77 563 724 60 1348

1) Including amortization on excess value in equity-accounted investees

2) Including impairment loss on excess value in equity-accounted investees

Disaggregation of external revenues by nature

USD millions

2047 61 4 2112

448 22 14 484

210 13 18 241

- - 1 1

2705 96 37 2838 Total

1Q 2018 Crop Nutrition Industrial Production Other and eliminations

Fertilizer and chemical products

Freight insurance

services Other products

and services Total

Disaggregation of external revenues by geographical area

USD millions Europe Brazil Latin America

ex Brazil Asia North America Africa Total

1Q 2018 Crop Nutrition 768 488 182 325 231 117 2112

Industrial 313 23 25 25 64 33 484

Production 30 47 10 72 82 - 241

Other and eliminations 1 - - - - - 1

Total 1112 558 218 422 377 150 2838

1Q 2017 Crop Nutrition 769 543 188 224 216 122 2063

Industrial 292 19 30 25 74 27 466

Production 26 24 8 57 41 9 164

Total 1090 586 226 305 331 157 2696

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Note 4 Business initiatives

Acquisitions In November 2017 Yara entered into an agreement to acquire the Vale Cubatatildeo Fertilizantes complex in Brazil from Vale SA for an enterprise value of USD 255 million Yara expects to make upgrading investments of approximately USD 80 million up to 2020 in order to realize annual synergies of USD 25 million through a combination of cost asset and product portfolio optimizations The agreement is subject to the approval of relevant competition authorities and other regulatory approvals Closing is expected to take place in mid 2018 The Cubatatildeo asset is a nitrogen and phosphate complex with an annual production capacity of approximately 200 kilotons of ammonia 600 kilotons of nitrates and 980 kilotons of phosphate fertilizer The purchase price will be adjusted at closing for any deviation between the closing working capital and a normalized working capital level

Other business initiatives Yara and Arab Potash Company the Jordan-based potash producer have in 2018 signed a Memorandum of Understanding (MoU) for mutual cooperation in the field of potassium nitrate production and sales The parties will explore and evaluate the possibility of doubling the production capacity of Kemapco the potassium nitrate producing subsidiary of APC Yara is targeting a minority position (30 percent) in Kemapco with a 100 percent distribution and marketing agreement for Yara Potassium nitrate is a key product in solutions for fertigation a fast growing segment that Yara and Kemapco aim to develop further through this collaboration Kemapco is a subsidiary of the Arab Potash Company and operates a single potassium nitrate plant in Aqaba Jordan Production in 2017 amounted to 130 kilotonnes potassium nitrate with sales amounting to about USD 105 million

Note 5 Business combinations

The business combination of Tata Chemicals Limiteds urea business in India was closed 12 January 2018 The acquired business comprises the Babrala urea plant and distribution business in Uttar Pradesh The plant has an annual production of 07 million tonnes ammonia and 12 million tonnes urea The plant was commissioned in 1994 and is the most energy efficient plant in India The primary reason for the business combination is to further accelerate Yaras

Consideration

growth in India by creating an integrated position in the worlds second-largest fertilizer market

The consideration for the business acquired was INR 26276 million (USD 412 million) based on a debt and cash free basis including preliminary net working capital adjustment The completion statement is not finally agreed upon as of 1Q 2018 and the working capital adjustment may be subject to changes

Acquisition-related costs for the Babrala acquisition of USD 107 million have been excluded from the consideration transferred Estimated USD 85 million in stamp duties have been recognized as an expense within Other operating expenses in the consolidated interim statement of income Integration and acquisition-related costs of USD 22 million have been recognized previous years

USD millions Babrala

Cash transferred at closing 421

Net working capital adjustment (preliminary) (9)

Total consideration 412

Identifiable assets acquired and liabilities recognized at the date of acquisition (fair value)

The purchase price allocation is preliminarily determined and may be subject to changes

USD millions

1) Consists mainly of receivables under the pricing scheme policy of Government of India see Accounting Policies on page 18

Babrala

Assets Distribution network 9

Property plant and equipment 232

Other non-current assets 0

Inventories 4

Trade receivables 1) 123

Prepaid expenses and other current assets 15

Total assets 385

Liabilities Trade and other payables 17

Other short-term liabilities 6

Total liabilities 23

Total identifiable net assets at fair value 362

The receivables acquired in the business combination of Babrala are expected to have a fair value approximately equal to the gross contractual amount of USD 123 million

Goodwill arising on acquisition

Babrala

Goodwill of the Babrala acquisitions consists of Yara specific synergies and future benefits from the assembled workforce Goodwill also reflects a willingness to pay to get an integrated position in the worlds second-largest fertilizer market The goodwill will be deductible for tax purposes

USD millions

Fair value of net identifiable assets acquired 362

Goodwill arising on acquisition 50

Net cash outflow on acquisition

Net cash outflow is presented as part of Cash outflow on business combinations in the consolidated interim statement of cash flows

USD millions

Consideration paid in cash at date of acquisition 421

Paid stamp duties 3

Cash and cash equivalent balances acquired -

Net cash outflow on acquisition of subsidiaries 424

Babrala

Impact of the acquisition on total assets of the Group

Consolidated identifiable assets 362

Goodwill arising on the acquisition 50

Total impact on the total assets of the Group 412

Impact of the acquisition on the results of the Group

Included in year-to-date consolidated figures Revenues 71

of which internal revenues -

EBITDA 0

Net income(loss) before tax (8)

The result is negatively impacted by USD 85 million in stamp duties directly related to the business combination

Pro forma figures

If the acquisition had taken place at the beginning of the year rather than on 12 January 2018 the effect on Yaras pro-forma year-to-date consolidated income before tax would not be material

Note 6 Specifications to the condensed consolidated interim statement of income

Other income

USD millions 1Q 2017 2017 1Q 2018

15 - 14

- - 10

- - 14

2 2 10

17 2 55

Carbon tax refund Sale of white certificates Sale of land Insurance compensations Other Total

USD millions 1Q 2018 1Q 2017

(189) (159) (678)

(12) (11) (46)

(201) (170) (724)

Depreciation of property plant and equipment Amortization of intangible assets Total depreciation and amortization

Impairment loss

USD millions 1Q 2018 1Q 2017 2017

5 1 43

- - 19

(1) - (2)

4 1 60 Total impairment loss

Impairment loss tangible assets Impairment loss goodwill and intangible assets Reversal of impairment loss

Note 7 Inventories

USD millions 31 Mar 2018 31 Mar 2017 31 Dec 2017

Finished goods 1446 1145 1246

Work in progress 48 75 66

Raw materials 977 907 918

Total 2471 2127 2229

Write-down Balance at 1 January (27) (16) (16)

Reversal(write-down) net 10 1 (9)

Foreign currency translation gain(loss) - - (2)

Closing balance (17) (15) (27)

Note 8 Long-term debt

Contractual payments on long-term debt

USD millions Debentures Bank Loans Capital lease and

other LT loans Total

2019 780 65 7 852

2020 - 46 7 53

2021 89 46 7 142

2022 318 199 4 521

2023 - 44 23 67

Thereafter 810 264 4 1079

Total 1998 664 52 2714

In January 2018 Yara International ASA signed a new USD 260 million loan facility to be repaid with semi-annual instalments until August 2026 The facility is partially supported by a guarantee from The Norwegian Export Credit Guarantee Agency (GIEK)

Reconciliation of liabilities arising from financing activities

USD millions

Long-term interest-bearing debt 2429 253 39 (7) (1) (0) 2714

Bank loans and other interest-bearing short-term debt 439 202 3 - - - 645

Current portion of long-term debt 43 - 1 - - 0 44

Total liabilities from financing activities 2911 456 43 (7) (1) - 3403

1) Amortization of transaction cost 2) Reclassification between long-term and short-term debt

Note 9 Contingencies

Contingencies Yara is party to a number of lawsuits related to laws and regulations in various jurisdictions arising out of the conduct of its business While acknowledging the uncertainties of litigation Yara is of the opinion that based on the information currently available these matters will be solved without material adverse effect In addition several subsidiaries are engaged in juridical and administrative proceedings related to various disputed tax matters where

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

fication 2) 31 Mar 2018

Non cash changes

31 Dec 2017 Cash flows

the probability of cash outflow is not considered probable Yararsquos contingent assets consist of expected proceeds from insurance claims and a take-or-pay compensation in a sales contract which has been disputed by the customer

There are no significant changes to Yararsquos contingent liabilities and contingent assets compared with year end 2017

Note 10 Change of presentation currency

Yara has from 2018 changed the presentation currency of the consolidated financial statements from Norwegian kroner (NOK) to US dollars (USD) The change in presentation currency is accounted for retrospectively as a change in accounting policy Comparative information for 2017 have been restated on the following basis

Assets and liabilities in non-USD currencies are translated into USD at the closing rates of exchange on the relevant balance sheet date Non-USD income and expenditure are translated at the

average rates of exchange prevailing for the relevant month The cumulative hedging and translation reserves were set

to nil at the date of Yararsquos transition to IFRS 1 January 2004 and then restated on the basis that Yara has reported in USD since that date Share capital premium paid-in capital and other reserves

were translated at the historic rates prevailing at the shyHydroYara demerger date 25 March 2004 and

Effects of changes in reported net income

subsequent rates prevailing on the date of each transaction Upon the disposal of a foreign operation accumulated

translation adjustments arising from currency movements between the Grouprsquos presentation currency and the functional currency of the foreign operation are reclassified from equity to the income statement With the change in presentation currency these accumulated currency gains or losses are being calculated based on USD rather than NOK However no currency movements are reclassified upon disposal of NOK operations since the functional currency of Yara International ASA is NOK Net investment hedge relationships are not impacted

since neither the parent nor the related foreign operation have changed their functional currencies

A separate appendix containing all restated historical figures was issued 1 March 2018 This appendix is available in the Investor Relations section on wwwyaracom

Historical Restated Consolidated consolidated Reshy consolidated net income in net income in presentation net income in

NOK million USD million 1) in USD million USD million 1692 201 (0) 201 1Q 2017

699 82 (0) 82 2Q 2017 709 90 0 90 3Q 2017 846 104 0 104 4Q 2017

3948 477 0 477 2017

1) USD numbers calculated monthly based on average NOKUSD per month

Effects of changes in reported equity

Historical consolidated

financial statements in

31 December 2016 NOK million

Share capital reduced for treasury stock 464

Premium paid-in capital 117

Total paid-in capital 582

Other reserves 12947

Retained earnings 60916

Total equity attributable to shareholders of the parent 74444

Non-controlling interests 2326

Total equity 76770

1) Translated at exchange rate NOK 86091 USD 1 as of 31 December 2016

Total equity 77831

Consolidated financial

statements in

USD million 1)

statements in

USD million 1)

Restated consolidated

Re- financial presentation statements in

in USD million USD million

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

Total equity is equal to the previously reported NOK equity translated at the closing rate at the end of each reporting period The different components are restated to reflect the change in presentation currency from the implementation of IFRS in 2004

Quarterly historical information

EBITDA

USD millions

Results

USD millions except per share information

Revenue and other income Operating income EBITDA Net income after non-controlling interests Basic earnings per share

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

141 103 147 118 124

53 17 52 44 45

157 224 81 180 237

18 (32) 23 10 (25)

370 312 303 352 381

2856 2936 3021 2759 2683

134 59 88 130 181

370 312 303 352 381

116 104 90 82 201

042 038 033 030 073

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

Reconciliation of alternative performance measures Please see page 9 and 10 for definitions of alternative performance measures

Reconciliation of operating income to EBITDA and gross cash flow

USD millions

Operating income Share of net income in equity-accounted investees Interest income and other financial income Earnings before interest expense and tax (EBIT) Depreciation and amortization Impairment loss Amortization of excess value in equity-accounted investees 1)

Earnings before interest tax and depreciationamortization (EBITDA) Income tax after tax on net foreign currency translation gain(loss) Gross cash flow A

1) Included in share of net income in equity-accounted investees

Reconciliation of net income after non-controlling interests to gross cash flow

USD millions

Net income attributable to shareholders of the parent Non-controlling interests Interest expense and foreign currency translation Depreciation and amortization Impairment loss Amortization of excess value in equity-accounted investees Tax effect on foreign currency translation Gross cash flow

Annualized gross cash flow 12-month rolling

B=Ax4 B

Reconciliation of total assets to gross investments and CROGI calculation

USD millions

Total assets Cash and cash equivalents Other liquid assets Deferred tax assets Other current liabilities Accumulated depreciation amortization and impairment loss Gross investment 3-month average Gross investment 12-month average

Cash Return on Gross Investment CROGI

3-month rolling 12-month rolling

1Q 2018

1Q 2017 2017

181 457

210 563

170 724

381 1348

(42) (76)

339 1272

1Q 2018

1Q 2017 2017

201 477

(49) (17)

170 724

339 1272

3-month average 12-month average

1Q 2018

(2192)

1Q 2017 2017

(1938)

(2057)

Reconciliation of EBIT to EBIT after tax

USD millions

Earnings before interest expense and tax (EBIT) Income tax after tax on net foreign currency translation gain(loss) EBIT after tax

Annualized quarter EBIT after tax 12-month rolling EBIT after tax

F=Ex4 F

Reconciliation of total assets to capital employed and ROCE calculation

USD millions

Total assets Cash and cash equivalents Other liquid assets Deferred tax assets Other current liabilities Capital employed 3-month average Capital employed 12-month average

Return On Capital Employed ROCE

Reconciliation of EBITDA to income before tax and non-controlling interests

USD millions

EBITDA Depreciation and amortization Impairment loss Amortization of excess value in equity-accounted investees Interest expense and other financial items Foreign currency translation gain(loss) Income before tax and non-controlling interests

Reconciliation of operating income to EBITDA excluding special items

USD millions

Operating income Share of net income in equity-accounted investees Interest income Dividends and net gain(loss) on securities EBIT

1)Depreciation and amortization Impairment loss 2)

EBITDA Special items included in EBITDA 3)

EBITDA excluding special items

1) Including amortization on excess value in equity-accounted investees 2) Including amortization on excess value in equity-accounted investees 3) See page 10 for details on special items

1Q 2018

1Q 2017 2017

210 563

(42) (76)

168 488

1Q 2018

(2192)

1Q 2018

1Q 2017 2017

14230 14847

(376) (327)

(0) (0)

(317) (349)

(1938) (2057)

1Q 2017 2017

381 1348

(170) (724)

(1) (60)

(0) (0)

(20) (82)

259 581

1Q 2017 2017

181 457

210 563

170 724

381 1348

395 1430

Net operating capital

Trade receivables 1664 1413 1398

Inventories 2471 2127 2229

Trade payables 1) (1343) (1124) (1340)

Prepayments from customers (374) (349) (265)

Net operating capital 2418 2067 2023

1) Trade and other payables in the statement of financial position also includes payables related to payroll and value added taxes which is not included in the calculation of net operating capital above

Cash and cash equivalents 521 323 544

Other liquid assets 1) 2 0 0

Bank loans and other short-term interest-bearing debt (645) (304) (439)

Current portion of long-term debt (44) (33) (43)

Long-term interest-bearing debt (2714) (1668) (2429)

Net interest-bearing debt J (2879) (1682) (2367)

1) Other liquid assets is included in Prepaid expenses and other current assets in statement of financial position

Debtequity ratio

Net interest-bearing debt K (2879) (1682) (2367)

Total equity L (9729) (9159) (9505)

Debtequity ratio M=KL 030 018 025

Earnings per share

USD millions except earnings per share and number of shares 1Q 2018 1Q 2017 2017

Weighted average number of shares outstanding N 273217830 273217830 273217830

Net income O 116 201 477

Net foreign currency translation gain(loss) P 8 69 99

Tax effect on foreign currency translation gain(loss) Q (4) (20) (23)

Non-controlling interest share of currency (gain)loss net after tax R (1) (1) (4)

Special items within EBIT 1) S (7) (14) (134)

Tax effect on special items T 2 4 33

Special items within EBIT net of tax U=S+T (5) (10) (101)

Non-controlling interest share of special items net after tax V - - 2

Basic earnings per share W=ON 042 073 175

Basic earnings per share excluding currency X=(O-P-Q+R)N 040 055 145

Basic earnings per share excluding currency amp special items Y=(O-P-Q+R-U-V)N 042 059 181

1) See page 10 for details on special items

Yara International ASA Drammensveien 131 NOndash0277 Oslo Norway Tel +47 24 15 70 00 Fax +47 24 15 70 01

wwwyaracom

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HEB 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HRV (Za stvaranje Adobe PDF dokumenata najpogodnijih za visokokvalitetni ispis prije tiskanja koristite ove postavke Stvoreni PDF dokumenti mogu se otvoriti Acrobat i Adobe Reader 50 i kasnijim verzijama)13 HUN 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maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger)13 NOR 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 POL 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First quarter 2018 Financial highlights USD millions except where indicated otherwise

Revenue and other income Operating income Share net income equity-accounted investees EBITDA EBITDA excl special items Net income after non-controlling interests Basic earnings per share1)

Basic earnings per share exclcurrency 1)

Basic earnings per share exclcurrency and special items 1)

Average number of shares outstanding (millions) CROGI 2)

ROCE 2)

1) USD per share Yara currently has no share-based compensation programs that result in a dilutive effect on EPS 2) Quarter numbers annualized Year-to-date numbers 12-month rolling average

Key Yara statistics

Yara Production (Thousand tonnes) 1)

Ammonia

Finished fertilizer and industrial products excl bulk blends

Yara Deliveries (Thousand tonnes) Ammonia trade

Fertilizer

Industrial products

Total deliveries

Yaras Energy prices (USD per MMBtu) Global weighted average gas cost

European weighted average gas cost

Market information Average prices

Urea granular (fob Egypt) CAN (cif Germany) Ammonia (fob Black Sea) DAP (fob US Gulf) Phosphate rock (fob Morocco)

European gas (TTF) US gas (Henry Hub) EURUSD currency rate USDBRL currency rate

USD per tonne USD per tonne USD per tonne USD per tonne USD per tonne

USD per MMBtu USD per MMBtu

1Q 2017

1Q 2018

Yararsquos first-quarter net income after non-controlling and energy costs were impacted by the cold weather in interests was USD 116 million compared with USD 201 Europe which has delayed planting and fertilizer million a year earlier Excluding net foreign currency application On the positive side our improvement program translation gainloss and special items the result was USD is on trackrdquo said Svein Tore Holsether President and Chief 115 million (USD 042 per share) compared with USD 161 Executive Officer of Yara million (USD 059 per share) in first quarter 2017

ldquoThe operating environment for our business remains Yara has a total of 7 growth projects coming on stream tough and we expect fertilizer markets to stay supply-during 2018 resulting in increased depreciation as projects driven for some time yet We therefore continue to focus on start up Depreciation for the quarter was approximately improving our operations and delivering our committed USD 30 million higher compared with a year earlier growth projectsrdquo said Holsether

ldquoYara reports 3 percent lower EBITDA as both our volumes

5932 6358

Nitrate 1306 1535

NPK 2154 2404

CN 291 300

UAN 271 320

SSP 63 78

DAPMAP 129 181

MOPSOP 129 169

Brazil 1)

Thousand tonnes

1Q 2018 1Q 2017

2127 1880

268 251

1604 1312

389 361

1518 1617

1363 1370

406 363

208 250

213 279

5311 5192

1Q 2018 1Q 2017

1418 1170

Ammonia 1) 170 210

Urea 1) 563 558

Nitrate 2) 191 197

CN 96 98

170 202

2262 2752

1350 1529

444 474

773 756

805 528

297 319

1Q 2018

EBITDA 2018 370

EBITDA 2017 381

Volume (31)

PriceMargin 79

Energy costs (50)

Currency (35)

Other 19

Financial items

Other (3) (3)

1Q 2018

USD millions

Other 2) 23

1Q 2018

Oslo 19 April 2018

Special items

USD millions

Total Industrial

Total Production

Total Other

Total Yara

1Q 2017 1Q 2018 1Q 2017

1 (14)

(7) (14)

1Q 2018

1 (14)

(7) (14)

USD millions 1Q 2018 1Q 2017 2017

113 197 482

(37) 38 235

33 1 33

(4) 39 273

122 4 85

(2) - (1)

- - 64

120 4 148

117 43 421

230 240 903

231 237 900

(1) 3 3

230 240 903

Net income

Cash flow hedges

USD millions

Net income

1) Par value 170

Share Capital1)

adjustments

(1321)

(1287)

(1000)

Cash flow

hedges

Total other

reserves

(1520)

(1484)

(1161)

(1046)

Retained earnings

8647 270 8917

201 (4) 197

36 7 42

36 7 43

(1) (2) (3)

8884 275 9159

276 9 285

383 (9) 374

387 (9) 378

(1) - (1)

(321) - (322)

9225 280 9505

(4) (4)

116 (2) 113

115 1 117

- (1) (2)

9452 277 9729

USD millions

Total assets

31 Mar 2018

31 Dec 2017 31 Dec 2016 31 Mar 2017

346 371 300

1077 1106 1067

7108 7967 6939

1075 1096 1067

376 460 377

9982 11000 9750

2127 2229 2042

1413 1398 1200

595 607 559

323 544 436

12 4 11

4470 4783 4247

14452 15783 13997

31 Mar 2018

(1046)

273217830

31 Mar 2017 31 Dec 2017 31 Dec 2016

66 66 66

(49) (49) (49)

17 17 17

(1484) (1161) (1520)

10350 10369 10150

8884 9225 8647

275 280 270

9159 9505 8917

474 439 473

558 502 511

176 169 163

102 115 97

1668 2429 1625

2977 3654 2869

1464 1652 1414

349 265 300

48 62 62

38 90 38

78 75 100

304 439 270

33 43 28

2315 2625 2211

14452 15783 13997

273217830 273217830 273217830

Oslo 19 April 2018

134 181 457

201 170 724

(11) (1) 24

(22) (102) (196)

72 3 8

(164) (138) (127)

21 - (159)

234 114 791

(307) (299) (1341)

5 (424) - (23)

(21) (8) (55)

3 1 13

14 3 56

(736) (303) (1350)

8 456 71 966

2 - - (321)

456 72 651

22 4 16

(23) (112) 109

544 436 436

521 323 544

21 39 24

Total at 31 March 2018 273217830 -

2113 2063 8670

484 467 1846

259 153 891

1 1 (7)

2856 2683 11400

31 49 191

4 2 16

1137 1117 4136

(1172) (1169) (4342)

2145 2112 8861

488 469 1862

1395 1270 5026

(1171) (1168) (4349)

2856 2683 11400

92 84 306

48 41 118

(18) 85 77

12 (29) (44)

134 181 457

141 124 492

53 45 158

157 237 722

18 (25) (23)

370 381 1348

347 44 272

2 5 35

175 209 1165

6 10 33

530 268 1505

4974 4075 4223

673 585 596

10691 9458 10484

333 333 480

16672 14452 15783

Investments 1)

Total Assets 2)

1Q 2018 1Q 2017 2017

68 86 70

117 140 119

271 559 262

44 50 49

37 61 40

93 124 96

248 633 235

01 05 10

Yara 1)

Crop Nutrition

income

Depreciation and

amortization1)

Impairment

loss 2) EBITDA

1Q 2018 Crop Nutrition 92 (1) 16 107 33 1 141

Industrial 48 - 2 50 3 - 53

Production (18) 12 2 (4) 159 2 157

Total 134 11 21 165 201 4 370

1Q 2017 Crop Nutrition 84 (1) 15 98 26 1 124

Industrial 41 1 - 42 3 - 45

Production 85 10 4 99 138 - 237

Total 181 9 20 210 170 1 381

2017 Crop Nutrition 306 3 56 365 108 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

2047 61 4 2112

448 22 14 484

210 13 18 241

- - 1 1

2705 96 37 2838 Total

Freight insurance

and services Total

1Q 2018 Crop Nutrition 768 488 182 325 231 117 2112

Industrial 313 23 25 25 64 33 484

Production 30 47 10 72 82 - 241

Total 1112 558 218 422 377 150 2838

1Q 2017 Crop Nutrition 769 543 188 224 216 122 2063

Industrial 292 19 30 25 74 27 466

Production 26 24 8 57 41 9 164

Total 1090 586 226 305 331 157 2696

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

USD millions

Babrala

Inventories 4

Total assets 385

Babrala

USD millions

Paid stamp duties 3

Babrala

EBITDA 0

Pro forma figures

Other income

USD millions 1Q 2017 2017 1Q 2018

15 - 14

- - 10

- - 14

2 2 10

17 2 55

(189) (159) (678)

(12) (11) (46)

(201) (170) (724)

Impairment loss

USD millions 1Q 2018 1Q 2017 2017

5 1 43

- - 19

(1) - (2)

Note 7 Inventories

Total 2471 2127 2229

2019 780 65 7 852

2020 - 46 7 53

2021 89 46 7 142

2022 318 199 4 521

2023 - 44 23 67

Total 1998 664 52 2714

USD millions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

699 82 (0) 82 2Q 2017 709 90 0 90 3Q 2017 846 104 0 104 4Q 2017

3948 477 0 477 2017

Total equity 76770

Total equity 77831

statements in

USD million 1)

statements in

USD million 1)

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

EBITDA

USD millions

Results

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

141 103 147 118 124

53 17 52 44 45

157 224 81 180 237

18 (32) 23 10 (25)

370 312 303 352 381

2856 2936 3021 2759 2683

134 59 88 130 181

370 312 303 352 381

116 104 90 82 201

042 038 033 030 073

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

USD millions

B=Ax4 B

USD millions

1Q 2018

1Q 2017 2017

181 457

210 563

170 724

381 1348

(42) (76)

339 1272

1Q 2018

1Q 2017 2017

201 477

(49) (17)

170 724

339 1272

1Q 2018

(2192)

1Q 2017 2017

(1938)

(2057)

USD millions

F=Ex4 F

USD millions

1Q 2018

1Q 2017 2017

210 563

(42) (76)

168 488

1Q 2018

(2192)

1Q 2018

1Q 2017 2017

14230 14847

(376) (327)

(0) (0)

(317) (349)

(1938) (2057)

1Q 2017 2017

381 1348

(170) (724)

(1) (60)

(0) (0)

(20) (82)

259 581

1Q 2017 2017

181 457

210 563

170 724

381 1348

395 1430

Trade payables 1) (1343) (1124) (1340)

Debtequity ratio

Total equity L (9729) (9159) (9505)

Earnings per share

wwwyaracom

5932 6358

Nitrate 1306 1535

NPK 2154 2404

CN 291 300

UAN 271 320

SSP 63 78

DAPMAP 129 181

MOPSOP 129 169

Brazil 1)

Thousand tonnes

1Q 2018 1Q 2017

2127 1880

268 251

1604 1312

389 361

1518 1617

1363 1370

406 363

208 250

213 279

5311 5192

1Q 2018 1Q 2017

1418 1170

Ammonia 1) 170 210

Urea 1) 563 558

Nitrate 2) 191 197

CN 96 98

170 202

2262 2752

1350 1529

444 474

773 756

805 528

297 319

1Q 2018

EBITDA 2018 370

EBITDA 2017 381

Volume (31)

PriceMargin 79

Energy costs (50)

Currency (35)

Other 19

Financial items

Other (3) (3)

1Q 2018

USD millions

Other 2) 23

1Q 2018

Oslo 19 April 2018

Special items

USD millions

Total Industrial

Total Production

Total Other

Total Yara

1Q 2017 1Q 2018 1Q 2017

1 (14)

(7) (14)

1Q 2018

1 (14)

(7) (14)

USD millions 1Q 2018 1Q 2017 2017

113 197 482

(37) 38 235

33 1 33

(4) 39 273

122 4 85

(2) - (1)

- - 64

120 4 148

117 43 421

230 240 903

231 237 900

(1) 3 3

230 240 903

Net income

Cash flow hedges

USD millions

Net income

1) Par value 170

Share Capital1)

adjustments

(1321)

(1287)

(1000)

Cash flow

hedges

Total other

reserves

(1520)

(1484)

(1161)

(1046)

Retained earnings

8647 270 8917

201 (4) 197

36 7 42

36 7 43

(1) (2) (3)

8884 275 9159

276 9 285

383 (9) 374

387 (9) 378

(1) - (1)

(321) - (322)

9225 280 9505

(4) (4)

116 (2) 113

115 1 117

- (1) (2)

9452 277 9729

USD millions

Total assets

31 Mar 2018

31 Dec 2017 31 Dec 2016 31 Mar 2017

346 371 300

1077 1106 1067

7108 7967 6939

1075 1096 1067

376 460 377

9982 11000 9750

2127 2229 2042

1413 1398 1200

595 607 559

323 544 436

12 4 11

4470 4783 4247

14452 15783 13997

31 Mar 2018

(1046)

273217830

31 Mar 2017 31 Dec 2017 31 Dec 2016

66 66 66

(49) (49) (49)

17 17 17

(1484) (1161) (1520)

10350 10369 10150

8884 9225 8647

275 280 270

9159 9505 8917

474 439 473

558 502 511

176 169 163

102 115 97

1668 2429 1625

2977 3654 2869

1464 1652 1414

349 265 300

48 62 62

38 90 38

78 75 100

304 439 270

33 43 28

2315 2625 2211

14452 15783 13997

273217830 273217830 273217830

Oslo 19 April 2018

134 181 457

201 170 724

(11) (1) 24

(22) (102) (196)

72 3 8

(164) (138) (127)

21 - (159)

234 114 791

(307) (299) (1341)

5 (424) - (23)

(21) (8) (55)

3 1 13

14 3 56

(736) (303) (1350)

8 456 71 966

2 - - (321)

456 72 651

22 4 16

(23) (112) 109

544 436 436

521 323 544

21 39 24

Total at 31 March 2018 273217830 -

2113 2063 8670

484 467 1846

259 153 891

1 1 (7)

2856 2683 11400

31 49 191

4 2 16

1137 1117 4136

(1172) (1169) (4342)

2145 2112 8861

488 469 1862

1395 1270 5026

(1171) (1168) (4349)

2856 2683 11400

92 84 306

48 41 118

(18) 85 77

12 (29) (44)

134 181 457

141 124 492

53 45 158

157 237 722

18 (25) (23)

370 381 1348

347 44 272

2 5 35

175 209 1165

6 10 33

530 268 1505

4974 4075 4223

673 585 596

10691 9458 10484

333 333 480

16672 14452 15783

Investments 1)

Total Assets 2)

1Q 2018 1Q 2017 2017

68 86 70

117 140 119

271 559 262

44 50 49

37 61 40

93 124 96

248 633 235

01 05 10

Yara 1)

Crop Nutrition

income

Depreciation and

amortization1)

Impairment

loss 2) EBITDA

1Q 2018 Crop Nutrition 92 (1) 16 107 33 1 141

Industrial 48 - 2 50 3 - 53

Production (18) 12 2 (4) 159 2 157

Total 134 11 21 165 201 4 370

1Q 2017 Crop Nutrition 84 (1) 15 98 26 1 124

Industrial 41 1 - 42 3 - 45

Production 85 10 4 99 138 - 237

Total 181 9 20 210 170 1 381

2017 Crop Nutrition 306 3 56 365 108 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

2047 61 4 2112

448 22 14 484

210 13 18 241

- - 1 1

2705 96 37 2838 Total

Freight insurance

and services Total

1Q 2018 Crop Nutrition 768 488 182 325 231 117 2112

Industrial 313 23 25 25 64 33 484

Production 30 47 10 72 82 - 241

Total 1112 558 218 422 377 150 2838

1Q 2017 Crop Nutrition 769 543 188 224 216 122 2063

Industrial 292 19 30 25 74 27 466

Production 26 24 8 57 41 9 164

Total 1090 586 226 305 331 157 2696

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

USD millions

Babrala

Inventories 4

Total assets 385

Babrala

USD millions

Paid stamp duties 3

Babrala

EBITDA 0

Pro forma figures

Other income

USD millions 1Q 2017 2017 1Q 2018

15 - 14

- - 10

- - 14

2 2 10

17 2 55

(189) (159) (678)

(12) (11) (46)

(201) (170) (724)

Impairment loss

USD millions 1Q 2018 1Q 2017 2017

5 1 43

- - 19

(1) - (2)

Note 7 Inventories

Total 2471 2127 2229

2019 780 65 7 852

2020 - 46 7 53

2021 89 46 7 142

2022 318 199 4 521

2023 - 44 23 67

Total 1998 664 52 2714

USD millions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

699 82 (0) 82 2Q 2017 709 90 0 90 3Q 2017 846 104 0 104 4Q 2017

3948 477 0 477 2017

Total equity 76770

Total equity 77831

statements in

USD million 1)

statements in

USD million 1)

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

EBITDA

USD millions

Results

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

141 103 147 118 124

53 17 52 44 45

157 224 81 180 237

18 (32) 23 10 (25)

370 312 303 352 381

2856 2936 3021 2759 2683

134 59 88 130 181

370 312 303 352 381

116 104 90 82 201

042 038 033 030 073

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

USD millions

B=Ax4 B

USD millions

1Q 2018

1Q 2017 2017

181 457

210 563

170 724

381 1348

(42) (76)

339 1272

1Q 2018

1Q 2017 2017

201 477

(49) (17)

170 724

339 1272

1Q 2018

(2192)

1Q 2017 2017

(1938)

(2057)

USD millions

F=Ex4 F

USD millions

1Q 2018

1Q 2017 2017

210 563

(42) (76)

168 488

1Q 2018

(2192)

1Q 2018

1Q 2017 2017

14230 14847

(376) (327)

(0) (0)

(317) (349)

(1938) (2057)

1Q 2017 2017

381 1348

(170) (724)

(1) (60)

(0) (0)

(20) (82)

259 581

1Q 2017 2017

181 457

210 563

170 724

381 1348

395 1430

Trade payables 1) (1343) (1124) (1340)

Debtequity ratio

Total equity L (9729) (9159) (9505)

Earnings per share

wwwyaracom

5932 6358

Nitrate 1306 1535

NPK 2154 2404

CN 291 300

UAN 271 320

SSP 63 78

DAPMAP 129 181

MOPSOP 129 169

Brazil 1)

Thousand tonnes

1Q 2018 1Q 2017

2127 1880

268 251

1604 1312

389 361

1518 1617

1363 1370

406 363

208 250

213 279

5311 5192

1Q 2018 1Q 2017

1418 1170

Ammonia 1) 170 210

Urea 1) 563 558

Nitrate 2) 191 197

CN 96 98

170 202

2262 2752

1350 1529

444 474

773 756

805 528

297 319

1Q 2018

EBITDA 2018 370

EBITDA 2017 381

Volume (31)

PriceMargin 79

Energy costs (50)

Currency (35)

Other 19

Financial items

Other (3) (3)

1Q 2018

USD millions

Other 2) 23

1Q 2018

Oslo 19 April 2018

Special items

USD millions

Total Industrial

Total Production

Total Other

Total Yara

1Q 2017 1Q 2018 1Q 2017

1 (14)

(7) (14)

1Q 2018

1 (14)

(7) (14)

USD millions 1Q 2018 1Q 2017 2017

113 197 482

(37) 38 235

33 1 33

(4) 39 273

122 4 85

(2) - (1)

- - 64

120 4 148

117 43 421

230 240 903

231 237 900

(1) 3 3

230 240 903

Net income

Cash flow hedges

USD millions

Net income

1) Par value 170

Share Capital1)

adjustments

(1321)

(1287)

(1000)

Cash flow

hedges

Total other

reserves

(1520)

(1484)

(1161)

(1046)

Retained earnings

8647 270 8917

201 (4) 197

36 7 42

36 7 43

(1) (2) (3)

8884 275 9159

276 9 285

383 (9) 374

387 (9) 378

(1) - (1)

(321) - (322)

9225 280 9505

(4) (4)

116 (2) 113

115 1 117

- (1) (2)

9452 277 9729

USD millions

Total assets

31 Mar 2018

31 Dec 2017 31 Dec 2016 31 Mar 2017

346 371 300

1077 1106 1067

7108 7967 6939

1075 1096 1067

376 460 377

9982 11000 9750

2127 2229 2042

1413 1398 1200

595 607 559

323 544 436

12 4 11

4470 4783 4247

14452 15783 13997

31 Mar 2018

(1046)

273217830

31 Mar 2017 31 Dec 2017 31 Dec 2016

66 66 66

(49) (49) (49)

17 17 17

(1484) (1161) (1520)

10350 10369 10150

8884 9225 8647

275 280 270

9159 9505 8917

474 439 473

558 502 511

176 169 163

102 115 97

1668 2429 1625

2977 3654 2869

1464 1652 1414

349 265 300

48 62 62

38 90 38

78 75 100

304 439 270

33 43 28

2315 2625 2211

14452 15783 13997

273217830 273217830 273217830

Oslo 19 April 2018

134 181 457

201 170 724

(11) (1) 24

(22) (102) (196)

72 3 8

(164) (138) (127)

21 - (159)

234 114 791

(307) (299) (1341)

5 (424) - (23)

(21) (8) (55)

3 1 13

14 3 56

(736) (303) (1350)

8 456 71 966

2 - - (321)

456 72 651

22 4 16

(23) (112) 109

544 436 436

521 323 544

21 39 24

Total at 31 March 2018 273217830 -

2113 2063 8670

484 467 1846

259 153 891

1 1 (7)

2856 2683 11400

31 49 191

4 2 16

1137 1117 4136

(1172) (1169) (4342)

2145 2112 8861

488 469 1862

1395 1270 5026

(1171) (1168) (4349)

2856 2683 11400

92 84 306

48 41 118

(18) 85 77

12 (29) (44)

134 181 457

141 124 492

53 45 158

157 237 722

18 (25) (23)

370 381 1348

347 44 272

2 5 35

175 209 1165

6 10 33

530 268 1505

4974 4075 4223

673 585 596

10691 9458 10484

333 333 480

16672 14452 15783

Investments 1)

Total Assets 2)

1Q 2018 1Q 2017 2017

68 86 70

117 140 119

271 559 262

44 50 49

37 61 40

93 124 96

248 633 235

01 05 10

Yara 1)

Crop Nutrition

income

Depreciation and

amortization1)

Impairment

loss 2) EBITDA

1Q 2018 Crop Nutrition 92 (1) 16 107 33 1 141

Industrial 48 - 2 50 3 - 53

Production (18) 12 2 (4) 159 2 157

Total 134 11 21 165 201 4 370

1Q 2017 Crop Nutrition 84 (1) 15 98 26 1 124

Industrial 41 1 - 42 3 - 45

Production 85 10 4 99 138 - 237

Total 181 9 20 210 170 1 381

2017 Crop Nutrition 306 3 56 365 108 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

2047 61 4 2112

448 22 14 484

210 13 18 241

- - 1 1

2705 96 37 2838 Total

Freight insurance

and services Total

1Q 2018 Crop Nutrition 768 488 182 325 231 117 2112

Industrial 313 23 25 25 64 33 484

Production 30 47 10 72 82 - 241

Total 1112 558 218 422 377 150 2838

1Q 2017 Crop Nutrition 769 543 188 224 216 122 2063

Industrial 292 19 30 25 74 27 466

Production 26 24 8 57 41 9 164

Total 1090 586 226 305 331 157 2696

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

USD millions

Babrala

Inventories 4

Total assets 385

Babrala

USD millions

Paid stamp duties 3

Babrala

EBITDA 0

Pro forma figures

Other income

USD millions 1Q 2017 2017 1Q 2018

15 - 14

- - 10

- - 14

2 2 10

17 2 55

(189) (159) (678)

(12) (11) (46)

(201) (170) (724)

Impairment loss

USD millions 1Q 2018 1Q 2017 2017

5 1 43

- - 19

(1) - (2)

Note 7 Inventories

Total 2471 2127 2229

2019 780 65 7 852

2020 - 46 7 53

2021 89 46 7 142

2022 318 199 4 521

2023 - 44 23 67

Total 1998 664 52 2714

USD millions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

699 82 (0) 82 2Q 2017 709 90 0 90 3Q 2017 846 104 0 104 4Q 2017

3948 477 0 477 2017

Total equity 76770

Total equity 77831

statements in

USD million 1)

statements in

USD million 1)

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

EBITDA

USD millions

Results

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

141 103 147 118 124

53 17 52 44 45

157 224 81 180 237

18 (32) 23 10 (25)

370 312 303 352 381

2856 2936 3021 2759 2683

134 59 88 130 181

370 312 303 352 381

116 104 90 82 201

042 038 033 030 073

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

USD millions

B=Ax4 B

USD millions

1Q 2018

1Q 2017 2017

181 457

210 563

170 724

381 1348

(42) (76)

339 1272

1Q 2018

1Q 2017 2017

201 477

(49) (17)

170 724

339 1272

1Q 2018

(2192)

1Q 2017 2017

(1938)

(2057)

USD millions

F=Ex4 F

USD millions

1Q 2018

1Q 2017 2017

210 563

(42) (76)

168 488

1Q 2018

(2192)

1Q 2018

1Q 2017 2017

14230 14847

(376) (327)

(0) (0)

(317) (349)

(1938) (2057)

1Q 2017 2017

381 1348

(170) (724)

(1) (60)

(0) (0)

(20) (82)

259 581

1Q 2017 2017

181 457

210 563

170 724

381 1348

395 1430

Trade payables 1) (1343) (1124) (1340)

Debtequity ratio

Total equity L (9729) (9159) (9505)

Earnings per share

wwwyaracom

EBITDA 2018 370

EBITDA 2017 381

Volume (31)

PriceMargin 79

Energy costs (50)

Currency (35)

Other 19

Financial items

Other (3) (3)

1Q 2018

USD millions

Other 2) 23

1Q 2018

Oslo 19 April 2018

Special items

USD millions

Total Industrial

Total Production

Total Other

Total Yara

1Q 2017 1Q 2018 1Q 2017

1 (14)

(7) (14)

1Q 2018

1 (14)

(7) (14)

USD millions 1Q 2018 1Q 2017 2017

113 197 482

(37) 38 235

33 1 33

(4) 39 273

122 4 85

(2) - (1)

- - 64

120 4 148

117 43 421

230 240 903

231 237 900

(1) 3 3

230 240 903

Net income

Cash flow hedges

USD millions

Net income

1) Par value 170

Share Capital1)

adjustments

(1321)

(1287)

(1000)

Cash flow

hedges

Total other

reserves

(1520)

(1484)

(1161)

(1046)

Retained earnings

8647 270 8917

201 (4) 197

36 7 42

36 7 43

(1) (2) (3)

8884 275 9159

276 9 285

383 (9) 374

387 (9) 378

(1) - (1)

(321) - (322)

9225 280 9505

(4) (4)

116 (2) 113

115 1 117

- (1) (2)

9452 277 9729

USD millions

Total assets

31 Mar 2018

31 Dec 2017 31 Dec 2016 31 Mar 2017

346 371 300

1077 1106 1067

7108 7967 6939

1075 1096 1067

376 460 377

9982 11000 9750

2127 2229 2042

1413 1398 1200

595 607 559

323 544 436

12 4 11

4470 4783 4247

14452 15783 13997

31 Mar 2018

(1046)

273217830

31 Mar 2017 31 Dec 2017 31 Dec 2016

66 66 66

(49) (49) (49)

17 17 17

(1484) (1161) (1520)

10350 10369 10150

8884 9225 8647

275 280 270

9159 9505 8917

474 439 473

558 502 511

176 169 163

102 115 97

1668 2429 1625

2977 3654 2869

1464 1652 1414

349 265 300

48 62 62

38 90 38

78 75 100

304 439 270

33 43 28

2315 2625 2211

14452 15783 13997

273217830 273217830 273217830

Oslo 19 April 2018

134 181 457

201 170 724

(11) (1) 24

(22) (102) (196)

72 3 8

(164) (138) (127)

21 - (159)

234 114 791

(307) (299) (1341)

5 (424) - (23)

(21) (8) (55)

3 1 13

14 3 56

(736) (303) (1350)

8 456 71 966

2 - - (321)

456 72 651

22 4 16

(23) (112) 109

544 436 436

521 323 544

21 39 24

Total at 31 March 2018 273217830 -

2113 2063 8670

484 467 1846

259 153 891

1 1 (7)

2856 2683 11400

31 49 191

4 2 16

1137 1117 4136

(1172) (1169) (4342)

2145 2112 8861

488 469 1862

1395 1270 5026

(1171) (1168) (4349)

2856 2683 11400

92 84 306

48 41 118

(18) 85 77

12 (29) (44)

134 181 457

141 124 492

53 45 158

157 237 722

18 (25) (23)

370 381 1348

347 44 272

2 5 35

175 209 1165

6 10 33

530 268 1505

4974 4075 4223

673 585 596

10691 9458 10484

333 333 480

16672 14452 15783

Investments 1)

Total Assets 2)

1Q 2018 1Q 2017 2017

68 86 70

117 140 119

271 559 262

44 50 49

37 61 40

93 124 96

248 633 235

01 05 10

Yara 1)

Crop Nutrition

income

Depreciation and

amortization1)

Impairment

loss 2) EBITDA

1Q 2018 Crop Nutrition 92 (1) 16 107 33 1 141

Industrial 48 - 2 50 3 - 53

Production (18) 12 2 (4) 159 2 157

Total 134 11 21 165 201 4 370

1Q 2017 Crop Nutrition 84 (1) 15 98 26 1 124

Industrial 41 1 - 42 3 - 45

Production 85 10 4 99 138 - 237

Total 181 9 20 210 170 1 381

2017 Crop Nutrition 306 3 56 365 108 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

2047 61 4 2112

448 22 14 484

210 13 18 241

- - 1 1

2705 96 37 2838 Total

Freight insurance

and services Total

1Q 2018 Crop Nutrition 768 488 182 325 231 117 2112

Industrial 313 23 25 25 64 33 484

Production 30 47 10 72 82 - 241

Total 1112 558 218 422 377 150 2838

1Q 2017 Crop Nutrition 769 543 188 224 216 122 2063

Industrial 292 19 30 25 74 27 466

Production 26 24 8 57 41 9 164

Total 1090 586 226 305 331 157 2696

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

USD millions

Babrala

Inventories 4

Total assets 385

Babrala

USD millions

Paid stamp duties 3

Babrala

EBITDA 0

Pro forma figures

Other income

USD millions 1Q 2017 2017 1Q 2018

15 - 14

- - 10

- - 14

2 2 10

17 2 55

(189) (159) (678)

(12) (11) (46)

(201) (170) (724)

Impairment loss

USD millions 1Q 2018 1Q 2017 2017

5 1 43

- - 19

(1) - (2)

Note 7 Inventories

Total 2471 2127 2229

2019 780 65 7 852

2020 - 46 7 53

2021 89 46 7 142

2022 318 199 4 521

2023 - 44 23 67

Total 1998 664 52 2714

USD millions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

699 82 (0) 82 2Q 2017 709 90 0 90 3Q 2017 846 104 0 104 4Q 2017

3948 477 0 477 2017

Total equity 76770

Total equity 77831

statements in

USD million 1)

statements in

USD million 1)

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

EBITDA

USD millions

Results

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

141 103 147 118 124

53 17 52 44 45

157 224 81 180 237

18 (32) 23 10 (25)

370 312 303 352 381

2856 2936 3021 2759 2683

134 59 88 130 181

370 312 303 352 381

116 104 90 82 201

042 038 033 030 073

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

USD millions

B=Ax4 B

USD millions

1Q 2018

1Q 2017 2017

181 457

210 563

170 724

381 1348

(42) (76)

339 1272

1Q 2018

1Q 2017 2017

201 477

(49) (17)

170 724

339 1272

1Q 2018

(2192)

1Q 2017 2017

(1938)

(2057)

USD millions

F=Ex4 F

USD millions

1Q 2018

1Q 2017 2017

210 563

(42) (76)

168 488

1Q 2018

(2192)

1Q 2018

1Q 2017 2017

14230 14847

(376) (327)

(0) (0)

(317) (349)

(1938) (2057)

1Q 2017 2017

381 1348

(170) (724)

(1) (60)

(0) (0)

(20) (82)

259 581

1Q 2017 2017

181 457

210 563

170 724

381 1348

395 1430

Trade payables 1) (1343) (1124) (1340)

Debtequity ratio

Total equity L (9729) (9159) (9505)

Earnings per share

wwwyaracom

Financial items

Other (3) (3)

1Q 2018

USD millions

Other 2) 23

1Q 2018

Oslo 19 April 2018

Special items

USD millions

Total Industrial

Total Production

Total Other

Total Yara

1Q 2017 1Q 2018 1Q 2017

1 (14)

(7) (14)

1Q 2018

1 (14)

(7) (14)

USD millions 1Q 2018 1Q 2017 2017

113 197 482

(37) 38 235

33 1 33

(4) 39 273

122 4 85

(2) - (1)

- - 64

120 4 148

117 43 421

230 240 903

231 237 900

(1) 3 3

230 240 903

Net income

Cash flow hedges

USD millions

Net income

1) Par value 170

Share Capital1)

adjustments

(1321)

(1287)

(1000)

Cash flow

hedges

Total other

reserves

(1520)

(1484)

(1161)

(1046)

Retained earnings

8647 270 8917

201 (4) 197

36 7 42

36 7 43

(1) (2) (3)

8884 275 9159

276 9 285

383 (9) 374

387 (9) 378

(1) - (1)

(321) - (322)

9225 280 9505

(4) (4)

116 (2) 113

115 1 117

- (1) (2)

9452 277 9729

USD millions

Total assets

31 Mar 2018

31 Dec 2017 31 Dec 2016 31 Mar 2017

346 371 300

1077 1106 1067

7108 7967 6939

1075 1096 1067

376 460 377

9982 11000 9750

2127 2229 2042

1413 1398 1200

595 607 559

323 544 436

12 4 11

4470 4783 4247

14452 15783 13997

31 Mar 2018

(1046)

273217830

31 Mar 2017 31 Dec 2017 31 Dec 2016

66 66 66

(49) (49) (49)

17 17 17

(1484) (1161) (1520)

10350 10369 10150

8884 9225 8647

275 280 270

9159 9505 8917

474 439 473

558 502 511

176 169 163

102 115 97

1668 2429 1625

2977 3654 2869

1464 1652 1414

349 265 300

48 62 62

38 90 38

78 75 100

304 439 270

33 43 28

2315 2625 2211

14452 15783 13997

273217830 273217830 273217830

Oslo 19 April 2018

134 181 457

201 170 724

(11) (1) 24

(22) (102) (196)

72 3 8

(164) (138) (127)

21 - (159)

234 114 791

(307) (299) (1341)

5 (424) - (23)

(21) (8) (55)

3 1 13

14 3 56

(736) (303) (1350)

8 456 71 966

2 - - (321)

456 72 651

22 4 16

(23) (112) 109

544 436 436

521 323 544

21 39 24

Total at 31 March 2018 273217830 -

2113 2063 8670

484 467 1846

259 153 891

1 1 (7)

2856 2683 11400

31 49 191

4 2 16

1137 1117 4136

(1172) (1169) (4342)

2145 2112 8861

488 469 1862

1395 1270 5026

(1171) (1168) (4349)

2856 2683 11400

92 84 306

48 41 118

(18) 85 77

12 (29) (44)

134 181 457

141 124 492

53 45 158

157 237 722

18 (25) (23)

370 381 1348

347 44 272

2 5 35

175 209 1165

6 10 33

530 268 1505

4974 4075 4223

673 585 596

10691 9458 10484

333 333 480

16672 14452 15783

Investments 1)

Total Assets 2)

1Q 2018 1Q 2017 2017

68 86 70

117 140 119

271 559 262

44 50 49

37 61 40

93 124 96

248 633 235

01 05 10

Yara 1)

Crop Nutrition

income

Depreciation and

amortization1)

Impairment

loss 2) EBITDA

1Q 2018 Crop Nutrition 92 (1) 16 107 33 1 141

Industrial 48 - 2 50 3 - 53

Production (18) 12 2 (4) 159 2 157

Total 134 11 21 165 201 4 370

1Q 2017 Crop Nutrition 84 (1) 15 98 26 1 124

Industrial 41 1 - 42 3 - 45

Production 85 10 4 99 138 - 237

Total 181 9 20 210 170 1 381

2017 Crop Nutrition 306 3 56 365 108 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

2047 61 4 2112

448 22 14 484

210 13 18 241

- - 1 1

2705 96 37 2838 Total

Freight insurance

and services Total

1Q 2018 Crop Nutrition 768 488 182 325 231 117 2112

Industrial 313 23 25 25 64 33 484

Production 30 47 10 72 82 - 241

Total 1112 558 218 422 377 150 2838

1Q 2017 Crop Nutrition 769 543 188 224 216 122 2063

Industrial 292 19 30 25 74 27 466

Production 26 24 8 57 41 9 164

Total 1090 586 226 305 331 157 2696

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

USD millions

Babrala

Inventories 4

Total assets 385

Babrala

USD millions

Paid stamp duties 3

Babrala

EBITDA 0

Pro forma figures

Other income

USD millions 1Q 2017 2017 1Q 2018

15 - 14

- - 10

- - 14

2 2 10

17 2 55

(189) (159) (678)

(12) (11) (46)

(201) (170) (724)

Impairment loss

USD millions 1Q 2018 1Q 2017 2017

5 1 43

- - 19

(1) - (2)

Note 7 Inventories

Total 2471 2127 2229

2019 780 65 7 852

2020 - 46 7 53

2021 89 46 7 142

2022 318 199 4 521

2023 - 44 23 67

Total 1998 664 52 2714

USD millions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

699 82 (0) 82 2Q 2017 709 90 0 90 3Q 2017 846 104 0 104 4Q 2017

3948 477 0 477 2017

Total equity 76770

Total equity 77831

statements in

USD million 1)

statements in

USD million 1)

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

EBITDA

USD millions

Results

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

141 103 147 118 124

53 17 52 44 45

157 224 81 180 237

18 (32) 23 10 (25)

370 312 303 352 381

2856 2936 3021 2759 2683

134 59 88 130 181

370 312 303 352 381

116 104 90 82 201

042 038 033 030 073

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

USD millions

B=Ax4 B

USD millions

1Q 2018

1Q 2017 2017

181 457

210 563

170 724

381 1348

(42) (76)

339 1272

1Q 2018

1Q 2017 2017

201 477

(49) (17)

170 724

339 1272

1Q 2018

(2192)

1Q 2017 2017

(1938)

(2057)

USD millions

F=Ex4 F

USD millions

1Q 2018

1Q 2017 2017

210 563

(42) (76)

168 488

1Q 2018

(2192)

1Q 2018

1Q 2017 2017

14230 14847

(376) (327)

(0) (0)

(317) (349)

(1938) (2057)

1Q 2017 2017

381 1348

(170) (724)

(1) (60)

(0) (0)

(20) (82)

259 581

1Q 2017 2017

181 457

210 563

170 724

381 1348

395 1430

Trade payables 1) (1343) (1124) (1340)

Debtequity ratio

Total equity L (9729) (9159) (9505)

Earnings per share

wwwyaracom

USD millions

Other 2) 23

1Q 2018

Oslo 19 April 2018

Special items

USD millions

Total Industrial

Total Production

Total Other

Total Yara

1Q 2017 1Q 2018 1Q 2017

1 (14)

(7) (14)

1Q 2018

1 (14)

(7) (14)

USD millions 1Q 2018 1Q 2017 2017

113 197 482

(37) 38 235

33 1 33

(4) 39 273

122 4 85

(2) - (1)

- - 64

120 4 148

117 43 421

230 240 903

231 237 900

(1) 3 3

230 240 903

Net income

Cash flow hedges

USD millions

Net income

1) Par value 170

Share Capital1)

adjustments

(1321)

(1287)

(1000)

Cash flow

hedges

Total other

reserves

(1520)

(1484)

(1161)

(1046)

Retained earnings

8647 270 8917

201 (4) 197

36 7 42

36 7 43

(1) (2) (3)

8884 275 9159

276 9 285

383 (9) 374

387 (9) 378

(1) - (1)

(321) - (322)

9225 280 9505

(4) (4)

116 (2) 113

115 1 117

- (1) (2)

9452 277 9729

USD millions

Total assets

31 Mar 2018

31 Dec 2017 31 Dec 2016 31 Mar 2017

346 371 300

1077 1106 1067

7108 7967 6939

1075 1096 1067

376 460 377

9982 11000 9750

2127 2229 2042

1413 1398 1200

595 607 559

323 544 436

12 4 11

4470 4783 4247

14452 15783 13997

31 Mar 2018

(1046)

273217830

31 Mar 2017 31 Dec 2017 31 Dec 2016

66 66 66

(49) (49) (49)

17 17 17

(1484) (1161) (1520)

10350 10369 10150

8884 9225 8647

275 280 270

9159 9505 8917

474 439 473

558 502 511

176 169 163

102 115 97

1668 2429 1625

2977 3654 2869

1464 1652 1414

349 265 300

48 62 62

38 90 38

78 75 100

304 439 270

33 43 28

2315 2625 2211

14452 15783 13997

273217830 273217830 273217830

Oslo 19 April 2018

134 181 457

201 170 724

(11) (1) 24

(22) (102) (196)

72 3 8

(164) (138) (127)

21 - (159)

234 114 791

(307) (299) (1341)

5 (424) - (23)

(21) (8) (55)

3 1 13

14 3 56

(736) (303) (1350)

8 456 71 966

2 - - (321)

456 72 651

22 4 16

(23) (112) 109

544 436 436

521 323 544

21 39 24

Total at 31 March 2018 273217830 -

2113 2063 8670

484 467 1846

259 153 891

1 1 (7)

2856 2683 11400

31 49 191

4 2 16

1137 1117 4136

(1172) (1169) (4342)

2145 2112 8861

488 469 1862

1395 1270 5026

(1171) (1168) (4349)

2856 2683 11400

92 84 306

48 41 118

(18) 85 77

12 (29) (44)

134 181 457

141 124 492

53 45 158

157 237 722

18 (25) (23)

370 381 1348

347 44 272

2 5 35

175 209 1165

6 10 33

530 268 1505

4974 4075 4223

673 585 596

10691 9458 10484

333 333 480

16672 14452 15783

Investments 1)

Total Assets 2)

1Q 2018 1Q 2017 2017

68 86 70

117 140 119

271 559 262

44 50 49

37 61 40

93 124 96

248 633 235

01 05 10

Yara 1)

Crop Nutrition

income

Depreciation and

amortization1)

Impairment

loss 2) EBITDA

1Q 2018 Crop Nutrition 92 (1) 16 107 33 1 141

Industrial 48 - 2 50 3 - 53

Production (18) 12 2 (4) 159 2 157

Total 134 11 21 165 201 4 370

1Q 2017 Crop Nutrition 84 (1) 15 98 26 1 124

Industrial 41 1 - 42 3 - 45

Production 85 10 4 99 138 - 237

Total 181 9 20 210 170 1 381

2017 Crop Nutrition 306 3 56 365 108 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

2047 61 4 2112

448 22 14 484

210 13 18 241

- - 1 1

2705 96 37 2838 Total

Freight insurance

and services Total

1Q 2018 Crop Nutrition 768 488 182 325 231 117 2112

Industrial 313 23 25 25 64 33 484

Production 30 47 10 72 82 - 241

Total 1112 558 218 422 377 150 2838

1Q 2017 Crop Nutrition 769 543 188 224 216 122 2063

Industrial 292 19 30 25 74 27 466

Production 26 24 8 57 41 9 164

Total 1090 586 226 305 331 157 2696

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

USD millions

Babrala

Inventories 4

Total assets 385

Babrala

USD millions

Paid stamp duties 3

Babrala

EBITDA 0

Pro forma figures

Other income

USD millions 1Q 2017 2017 1Q 2018

15 - 14

- - 10

- - 14

2 2 10

17 2 55

(189) (159) (678)

(12) (11) (46)

(201) (170) (724)

Impairment loss

USD millions 1Q 2018 1Q 2017 2017

5 1 43

- - 19

(1) - (2)

Note 7 Inventories

Total 2471 2127 2229

2019 780 65 7 852

2020 - 46 7 53

2021 89 46 7 142

2022 318 199 4 521

2023 - 44 23 67

Total 1998 664 52 2714

USD millions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

699 82 (0) 82 2Q 2017 709 90 0 90 3Q 2017 846 104 0 104 4Q 2017

3948 477 0 477 2017

Total equity 76770

Total equity 77831

statements in

USD million 1)

statements in

USD million 1)

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

EBITDA

USD millions

Results

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

141 103 147 118 124

53 17 52 44 45

157 224 81 180 237

18 (32) 23 10 (25)

370 312 303 352 381

2856 2936 3021 2759 2683

134 59 88 130 181

370 312 303 352 381

116 104 90 82 201

042 038 033 030 073

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

USD millions

B=Ax4 B

USD millions

1Q 2018

1Q 2017 2017

181 457

210 563

170 724

381 1348

(42) (76)

339 1272

1Q 2018

1Q 2017 2017

201 477

(49) (17)

170 724

339 1272

1Q 2018

(2192)

1Q 2017 2017

(1938)

(2057)

USD millions

F=Ex4 F

USD millions

1Q 2018

1Q 2017 2017

210 563

(42) (76)

168 488

1Q 2018

(2192)

1Q 2018

1Q 2017 2017

14230 14847

(376) (327)

(0) (0)

(317) (349)

(1938) (2057)

1Q 2017 2017

381 1348

(170) (724)

(1) (60)

(0) (0)

(20) (82)

259 581

1Q 2017 2017

181 457

210 563

170 724

381 1348

395 1430

Trade payables 1) (1343) (1124) (1340)

Debtequity ratio

Total equity L (9729) (9159) (9505)

Earnings per share

wwwyaracom

Oslo 19 April 2018

Special items

USD millions

Total Industrial

Total Production

Total Other

Total Yara

1Q 2017 1Q 2018 1Q 2017

1 (14)

(7) (14)

1Q 2018

1 (14)

(7) (14)

USD millions 1Q 2018 1Q 2017 2017

113 197 482

(37) 38 235

33 1 33

(4) 39 273

122 4 85

(2) - (1)

- - 64

120 4 148

117 43 421

230 240 903

231 237 900

(1) 3 3

230 240 903

Net income

Cash flow hedges

USD millions

Net income

1) Par value 170

Share Capital1)

adjustments

(1321)

(1287)

(1000)

Cash flow

hedges

Total other

reserves

(1520)

(1484)

(1161)

(1046)

Retained earnings

8647 270 8917

201 (4) 197

36 7 42

36 7 43

(1) (2) (3)

8884 275 9159

276 9 285

383 (9) 374

387 (9) 378

(1) - (1)

(321) - (322)

9225 280 9505

(4) (4)

116 (2) 113

115 1 117

- (1) (2)

9452 277 9729

USD millions

Total assets

31 Mar 2018

31 Dec 2017 31 Dec 2016 31 Mar 2017

346 371 300

1077 1106 1067

7108 7967 6939

1075 1096 1067

376 460 377

9982 11000 9750

2127 2229 2042

1413 1398 1200

595 607 559

323 544 436

12 4 11

4470 4783 4247

14452 15783 13997

31 Mar 2018

(1046)

273217830

31 Mar 2017 31 Dec 2017 31 Dec 2016

66 66 66

(49) (49) (49)

17 17 17

(1484) (1161) (1520)

10350 10369 10150

8884 9225 8647

275 280 270

9159 9505 8917

474 439 473

558 502 511

176 169 163

102 115 97

1668 2429 1625

2977 3654 2869

1464 1652 1414

349 265 300

48 62 62

38 90 38

78 75 100

304 439 270

33 43 28

2315 2625 2211

14452 15783 13997

273217830 273217830 273217830

Oslo 19 April 2018

134 181 457

201 170 724

(11) (1) 24

(22) (102) (196)

72 3 8

(164) (138) (127)

21 - (159)

234 114 791

(307) (299) (1341)

5 (424) - (23)

(21) (8) (55)

3 1 13

14 3 56

(736) (303) (1350)

8 456 71 966

2 - - (321)

456 72 651

22 4 16

(23) (112) 109

544 436 436

521 323 544

21 39 24

Total at 31 March 2018 273217830 -

2113 2063 8670

484 467 1846

259 153 891

1 1 (7)

2856 2683 11400

31 49 191

4 2 16

1137 1117 4136

(1172) (1169) (4342)

2145 2112 8861

488 469 1862

1395 1270 5026

(1171) (1168) (4349)

2856 2683 11400

92 84 306

48 41 118

(18) 85 77

12 (29) (44)

134 181 457

141 124 492

53 45 158

157 237 722

18 (25) (23)

370 381 1348

347 44 272

2 5 35

175 209 1165

6 10 33

530 268 1505

4974 4075 4223

673 585 596

10691 9458 10484

333 333 480

16672 14452 15783

Investments 1)

Total Assets 2)

1Q 2018 1Q 2017 2017

68 86 70

117 140 119

271 559 262

44 50 49

37 61 40

93 124 96

248 633 235

01 05 10

Yara 1)

Crop Nutrition

income

Depreciation and

amortization1)

Impairment

loss 2) EBITDA

1Q 2018 Crop Nutrition 92 (1) 16 107 33 1 141

Industrial 48 - 2 50 3 - 53

Production (18) 12 2 (4) 159 2 157

Total 134 11 21 165 201 4 370

1Q 2017 Crop Nutrition 84 (1) 15 98 26 1 124

Industrial 41 1 - 42 3 - 45

Production 85 10 4 99 138 - 237

Total 181 9 20 210 170 1 381

2017 Crop Nutrition 306 3 56 365 108 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

2047 61 4 2112

448 22 14 484

210 13 18 241

- - 1 1

2705 96 37 2838 Total

Freight insurance

and services Total

1Q 2018 Crop Nutrition 768 488 182 325 231 117 2112

Industrial 313 23 25 25 64 33 484

Production 30 47 10 72 82 - 241

Total 1112 558 218 422 377 150 2838

1Q 2017 Crop Nutrition 769 543 188 224 216 122 2063

Industrial 292 19 30 25 74 27 466

Production 26 24 8 57 41 9 164

Total 1090 586 226 305 331 157 2696

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

USD millions

Babrala

Inventories 4

Total assets 385

Babrala

USD millions

Paid stamp duties 3

Babrala

EBITDA 0

Pro forma figures

Other income

USD millions 1Q 2017 2017 1Q 2018

15 - 14

- - 10

- - 14

2 2 10

17 2 55

(189) (159) (678)

(12) (11) (46)

(201) (170) (724)

Impairment loss

USD millions 1Q 2018 1Q 2017 2017

5 1 43

- - 19

(1) - (2)

Note 7 Inventories

Total 2471 2127 2229

2019 780 65 7 852

2020 - 46 7 53

2021 89 46 7 142

2022 318 199 4 521

2023 - 44 23 67

Total 1998 664 52 2714

USD millions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

699 82 (0) 82 2Q 2017 709 90 0 90 3Q 2017 846 104 0 104 4Q 2017

3948 477 0 477 2017

Total equity 76770

Total equity 77831

statements in

USD million 1)

statements in

USD million 1)

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

EBITDA

USD millions

Results

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

141 103 147 118 124

53 17 52 44 45

157 224 81 180 237

18 (32) 23 10 (25)

370 312 303 352 381

2856 2936 3021 2759 2683

134 59 88 130 181

370 312 303 352 381

116 104 90 82 201

042 038 033 030 073

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

USD millions

B=Ax4 B

USD millions

1Q 2018

1Q 2017 2017

181 457

210 563

170 724

381 1348

(42) (76)

339 1272

1Q 2018

1Q 2017 2017

201 477

(49) (17)

170 724

339 1272

1Q 2018

(2192)

1Q 2017 2017

(1938)

(2057)

USD millions

F=Ex4 F

USD millions

1Q 2018

1Q 2017 2017

210 563

(42) (76)

168 488

1Q 2018

(2192)

1Q 2018

1Q 2017 2017

14230 14847

(376) (327)

(0) (0)

(317) (349)

(1938) (2057)

1Q 2017 2017

381 1348

(170) (724)

(1) (60)

(0) (0)

(20) (82)

259 581

1Q 2017 2017

181 457

210 563

170 724

381 1348

395 1430

Trade payables 1) (1343) (1124) (1340)

Debtequity ratio

Total equity L (9729) (9159) (9505)

Earnings per share

wwwyaracom

Special items

USD millions

Total Industrial

Total Production

Total Other

Total Yara

1Q 2017 1Q 2018 1Q 2017

1 (14)

(7) (14)

1Q 2018

1 (14)

(7) (14)

USD millions 1Q 2018 1Q 2017 2017

113 197 482

(37) 38 235

33 1 33

(4) 39 273

122 4 85

(2) - (1)

- - 64

120 4 148

117 43 421

230 240 903

231 237 900

(1) 3 3

230 240 903

Net income

Cash flow hedges

USD millions

Net income

1) Par value 170

Share Capital1)

adjustments

(1321)

(1287)

(1000)

Cash flow

hedges

Total other

reserves

(1520)

(1484)

(1161)

(1046)

Retained earnings

8647 270 8917

201 (4) 197

36 7 42

36 7 43

(1) (2) (3)

8884 275 9159

276 9 285

383 (9) 374

387 (9) 378

(1) - (1)

(321) - (322)

9225 280 9505

(4) (4)

116 (2) 113

115 1 117

- (1) (2)

9452 277 9729

USD millions

Total assets

31 Mar 2018

31 Dec 2017 31 Dec 2016 31 Mar 2017

346 371 300

1077 1106 1067

7108 7967 6939

1075 1096 1067

376 460 377

9982 11000 9750

2127 2229 2042

1413 1398 1200

595 607 559

323 544 436

12 4 11

4470 4783 4247

14452 15783 13997

31 Mar 2018

(1046)

273217830

31 Mar 2017 31 Dec 2017 31 Dec 2016

66 66 66

(49) (49) (49)

17 17 17

(1484) (1161) (1520)

10350 10369 10150

8884 9225 8647

275 280 270

9159 9505 8917

474 439 473

558 502 511

176 169 163

102 115 97

1668 2429 1625

2977 3654 2869

1464 1652 1414

349 265 300

48 62 62

38 90 38

78 75 100

304 439 270

33 43 28

2315 2625 2211

14452 15783 13997

273217830 273217830 273217830

Oslo 19 April 2018

134 181 457

201 170 724

(11) (1) 24

(22) (102) (196)

72 3 8

(164) (138) (127)

21 - (159)

234 114 791

(307) (299) (1341)

5 (424) - (23)

(21) (8) (55)

3 1 13

14 3 56

(736) (303) (1350)

8 456 71 966

2 - - (321)

456 72 651

22 4 16

(23) (112) 109

544 436 436

521 323 544

21 39 24

Total at 31 March 2018 273217830 -

2113 2063 8670

484 467 1846

259 153 891

1 1 (7)

2856 2683 11400

31 49 191

4 2 16

1137 1117 4136

(1172) (1169) (4342)

2145 2112 8861

488 469 1862

1395 1270 5026

(1171) (1168) (4349)

2856 2683 11400

92 84 306

48 41 118

(18) 85 77

12 (29) (44)

134 181 457

141 124 492

53 45 158

157 237 722

18 (25) (23)

370 381 1348

347 44 272

2 5 35

175 209 1165

6 10 33

530 268 1505

4974 4075 4223

673 585 596

10691 9458 10484

333 333 480

16672 14452 15783

Investments 1)

Total Assets 2)

1Q 2018 1Q 2017 2017

68 86 70

117 140 119

271 559 262

44 50 49

37 61 40

93 124 96

248 633 235

01 05 10

Yara 1)

Crop Nutrition

income

Depreciation and

amortization1)

Impairment

loss 2) EBITDA

1Q 2018 Crop Nutrition 92 (1) 16 107 33 1 141

Industrial 48 - 2 50 3 - 53

Production (18) 12 2 (4) 159 2 157

Total 134 11 21 165 201 4 370

1Q 2017 Crop Nutrition 84 (1) 15 98 26 1 124

Industrial 41 1 - 42 3 - 45

Production 85 10 4 99 138 - 237

Total 181 9 20 210 170 1 381

2017 Crop Nutrition 306 3 56 365 108 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

2047 61 4 2112

448 22 14 484

210 13 18 241

- - 1 1

2705 96 37 2838 Total

Freight insurance

and services Total

1Q 2018 Crop Nutrition 768 488 182 325 231 117 2112

Industrial 313 23 25 25 64 33 484

Production 30 47 10 72 82 - 241

Total 1112 558 218 422 377 150 2838

1Q 2017 Crop Nutrition 769 543 188 224 216 122 2063

Industrial 292 19 30 25 74 27 466

Production 26 24 8 57 41 9 164

Total 1090 586 226 305 331 157 2696

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

USD millions

Babrala

Inventories 4

Total assets 385

Babrala

USD millions

Paid stamp duties 3

Babrala

EBITDA 0

Pro forma figures

Other income

USD millions 1Q 2017 2017 1Q 2018

15 - 14

- - 10

- - 14

2 2 10

17 2 55

(189) (159) (678)

(12) (11) (46)

(201) (170) (724)

Impairment loss

USD millions 1Q 2018 1Q 2017 2017

5 1 43

- - 19

(1) - (2)

Note 7 Inventories

Total 2471 2127 2229

2019 780 65 7 852

2020 - 46 7 53

2021 89 46 7 142

2022 318 199 4 521

2023 - 44 23 67

Total 1998 664 52 2714

USD millions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

699 82 (0) 82 2Q 2017 709 90 0 90 3Q 2017 846 104 0 104 4Q 2017

3948 477 0 477 2017

Total equity 76770

Total equity 77831

statements in

USD million 1)

statements in

USD million 1)

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

EBITDA

USD millions

Results

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

141 103 147 118 124

53 17 52 44 45

157 224 81 180 237

18 (32) 23 10 (25)

370 312 303 352 381

2856 2936 3021 2759 2683

134 59 88 130 181

370 312 303 352 381

116 104 90 82 201

042 038 033 030 073

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

USD millions

B=Ax4 B

USD millions

1Q 2018

1Q 2017 2017

181 457

210 563

170 724

381 1348

(42) (76)

339 1272

1Q 2018

1Q 2017 2017

201 477

(49) (17)

170 724

339 1272

1Q 2018

(2192)

1Q 2017 2017

(1938)

(2057)

USD millions

F=Ex4 F

USD millions

1Q 2018

1Q 2017 2017

210 563

(42) (76)

168 488

1Q 2018

(2192)

1Q 2018

1Q 2017 2017

14230 14847

(376) (327)

(0) (0)

(317) (349)

(1938) (2057)

1Q 2017 2017

381 1348

(170) (724)

(1) (60)

(0) (0)

(20) (82)

259 581

1Q 2017 2017

181 457

210 563

170 724

381 1348

395 1430

Trade payables 1) (1343) (1124) (1340)

Debtequity ratio

Total equity L (9729) (9159) (9505)

Earnings per share

wwwyaracom

Special items

USD millions

Total Industrial

Total Production

Total Other

Total Yara

1Q 2017 1Q 2018 1Q 2017

1 (14)

(7) (14)

1Q 2018

1 (14)

(7) (14)

USD millions 1Q 2018 1Q 2017 2017

113 197 482

(37) 38 235

33 1 33

(4) 39 273

122 4 85

(2) - (1)

- - 64

120 4 148

117 43 421

230 240 903

231 237 900

(1) 3 3

230 240 903

Net income

Cash flow hedges

USD millions

Net income

1) Par value 170

Share Capital1)

adjustments

(1321)

(1287)

(1000)

Cash flow

hedges

Total other

reserves

(1520)

(1484)

(1161)

(1046)

Retained earnings

8647 270 8917

201 (4) 197

36 7 42

36 7 43

(1) (2) (3)

8884 275 9159

276 9 285

383 (9) 374

387 (9) 378

(1) - (1)

(321) - (322)

9225 280 9505

(4) (4)

116 (2) 113

115 1 117

- (1) (2)

9452 277 9729

USD millions

Total assets

31 Mar 2018

31 Dec 2017 31 Dec 2016 31 Mar 2017

346 371 300

1077 1106 1067

7108 7967 6939

1075 1096 1067

376 460 377

9982 11000 9750

2127 2229 2042

1413 1398 1200

595 607 559

323 544 436

12 4 11

4470 4783 4247

14452 15783 13997

31 Mar 2018

(1046)

273217830

31 Mar 2017 31 Dec 2017 31 Dec 2016

66 66 66

(49) (49) (49)

17 17 17

(1484) (1161) (1520)

10350 10369 10150

8884 9225 8647

275 280 270

9159 9505 8917

474 439 473

558 502 511

176 169 163

102 115 97

1668 2429 1625

2977 3654 2869

1464 1652 1414

349 265 300

48 62 62

38 90 38

78 75 100

304 439 270

33 43 28

2315 2625 2211

14452 15783 13997

273217830 273217830 273217830

Oslo 19 April 2018

134 181 457

201 170 724

(11) (1) 24

(22) (102) (196)

72 3 8

(164) (138) (127)

21 - (159)

234 114 791

(307) (299) (1341)

5 (424) - (23)

(21) (8) (55)

3 1 13

14 3 56

(736) (303) (1350)

8 456 71 966

2 - - (321)

456 72 651

22 4 16

(23) (112) 109

544 436 436

521 323 544

21 39 24

Total at 31 March 2018 273217830 -

2113 2063 8670

484 467 1846

259 153 891

1 1 (7)

2856 2683 11400

31 49 191

4 2 16

1137 1117 4136

(1172) (1169) (4342)

2145 2112 8861

488 469 1862

1395 1270 5026

(1171) (1168) (4349)

2856 2683 11400

92 84 306

48 41 118

(18) 85 77

12 (29) (44)

134 181 457

141 124 492

53 45 158

157 237 722

18 (25) (23)

370 381 1348

347 44 272

2 5 35

175 209 1165

6 10 33

530 268 1505

4974 4075 4223

673 585 596

10691 9458 10484

333 333 480

16672 14452 15783

Investments 1)

Total Assets 2)

1Q 2018 1Q 2017 2017

68 86 70

117 140 119

271 559 262

44 50 49

37 61 40

93 124 96

248 633 235

01 05 10

Yara 1)

Crop Nutrition

income

Depreciation and

amortization1)

Impairment

loss 2) EBITDA

1Q 2018 Crop Nutrition 92 (1) 16 107 33 1 141

Industrial 48 - 2 50 3 - 53

Production (18) 12 2 (4) 159 2 157

Total 134 11 21 165 201 4 370

1Q 2017 Crop Nutrition 84 (1) 15 98 26 1 124

Industrial 41 1 - 42 3 - 45

Production 85 10 4 99 138 - 237

Total 181 9 20 210 170 1 381

2017 Crop Nutrition 306 3 56 365 108 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

2047 61 4 2112

448 22 14 484

210 13 18 241

- - 1 1

2705 96 37 2838 Total

Freight insurance

and services Total

1Q 2018 Crop Nutrition 768 488 182 325 231 117 2112

Industrial 313 23 25 25 64 33 484

Production 30 47 10 72 82 - 241

Total 1112 558 218 422 377 150 2838

1Q 2017 Crop Nutrition 769 543 188 224 216 122 2063

Industrial 292 19 30 25 74 27 466

Production 26 24 8 57 41 9 164

Total 1090 586 226 305 331 157 2696

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

USD millions

Babrala

Inventories 4

Total assets 385

Babrala

USD millions

Paid stamp duties 3

Babrala

EBITDA 0

Pro forma figures

Other income

USD millions 1Q 2017 2017 1Q 2018

15 - 14

- - 10

- - 14

2 2 10

17 2 55

(189) (159) (678)

(12) (11) (46)

(201) (170) (724)

Impairment loss

USD millions 1Q 2018 1Q 2017 2017

5 1 43

- - 19

(1) - (2)

Note 7 Inventories

Total 2471 2127 2229

2019 780 65 7 852

2020 - 46 7 53

2021 89 46 7 142

2022 318 199 4 521

2023 - 44 23 67

Total 1998 664 52 2714

USD millions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

699 82 (0) 82 2Q 2017 709 90 0 90 3Q 2017 846 104 0 104 4Q 2017

3948 477 0 477 2017

Total equity 76770

Total equity 77831

statements in

USD million 1)

statements in

USD million 1)

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

EBITDA

USD millions

Results

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

141 103 147 118 124

53 17 52 44 45

157 224 81 180 237

18 (32) 23 10 (25)

370 312 303 352 381

2856 2936 3021 2759 2683

134 59 88 130 181

370 312 303 352 381

116 104 90 82 201

042 038 033 030 073

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

USD millions

B=Ax4 B

USD millions

1Q 2018

1Q 2017 2017

181 457

210 563

170 724

381 1348

(42) (76)

339 1272

1Q 2018

1Q 2017 2017

201 477

(49) (17)

170 724

339 1272

1Q 2018

(2192)

1Q 2017 2017

(1938)

(2057)

USD millions

F=Ex4 F

USD millions

1Q 2018

1Q 2017 2017

210 563

(42) (76)

168 488

1Q 2018

(2192)

1Q 2018

1Q 2017 2017

14230 14847

(376) (327)

(0) (0)

(317) (349)

(1938) (2057)

1Q 2017 2017

381 1348

(170) (724)

(1) (60)

(0) (0)

(20) (82)

259 581

1Q 2017 2017

181 457

210 563

170 724

381 1348

395 1430

Trade payables 1) (1343) (1124) (1340)

Debtequity ratio

Total equity L (9729) (9159) (9505)

Earnings per share

wwwyaracom

USD millions 1Q 2018 1Q 2017 2017

113 197 482

(37) 38 235

33 1 33

(4) 39 273

122 4 85

(2) - (1)

- - 64

120 4 148

117 43 421

230 240 903

231 237 900

(1) 3 3

230 240 903

Net income

Cash flow hedges

USD millions

Net income

1) Par value 170

Share Capital1)

adjustments

(1321)

(1287)

(1000)

Cash flow

hedges

Total other

reserves

(1520)

(1484)

(1161)

(1046)

Retained earnings

8647 270 8917

201 (4) 197

36 7 42

36 7 43

(1) (2) (3)

8884 275 9159

276 9 285

383 (9) 374

387 (9) 378

(1) - (1)

(321) - (322)

9225 280 9505

(4) (4)

116 (2) 113

115 1 117

- (1) (2)

9452 277 9729

USD millions

Total assets

31 Mar 2018

31 Dec 2017 31 Dec 2016 31 Mar 2017

346 371 300

1077 1106 1067

7108 7967 6939

1075 1096 1067

376 460 377

9982 11000 9750

2127 2229 2042

1413 1398 1200

595 607 559

323 544 436

12 4 11

4470 4783 4247

14452 15783 13997

31 Mar 2018

(1046)

273217830

31 Mar 2017 31 Dec 2017 31 Dec 2016

66 66 66

(49) (49) (49)

17 17 17

(1484) (1161) (1520)

10350 10369 10150

8884 9225 8647

275 280 270

9159 9505 8917

474 439 473

558 502 511

176 169 163

102 115 97

1668 2429 1625

2977 3654 2869

1464 1652 1414

349 265 300

48 62 62

38 90 38

78 75 100

304 439 270

33 43 28

2315 2625 2211

14452 15783 13997

273217830 273217830 273217830

Oslo 19 April 2018

134 181 457

201 170 724

(11) (1) 24

(22) (102) (196)

72 3 8

(164) (138) (127)

21 - (159)

234 114 791

(307) (299) (1341)

5 (424) - (23)

(21) (8) (55)

3 1 13

14 3 56

(736) (303) (1350)

8 456 71 966

2 - - (321)

456 72 651

22 4 16

(23) (112) 109

544 436 436

521 323 544

21 39 24

Total at 31 March 2018 273217830 -

2113 2063 8670

484 467 1846

259 153 891

1 1 (7)

2856 2683 11400

31 49 191

4 2 16

1137 1117 4136

(1172) (1169) (4342)

2145 2112 8861

488 469 1862

1395 1270 5026

(1171) (1168) (4349)

2856 2683 11400

92 84 306

48 41 118

(18) 85 77

12 (29) (44)

134 181 457

141 124 492

53 45 158

157 237 722

18 (25) (23)

370 381 1348

347 44 272

2 5 35

175 209 1165

6 10 33

530 268 1505

4974 4075 4223

673 585 596

10691 9458 10484

333 333 480

16672 14452 15783

Investments 1)

Total Assets 2)

1Q 2018 1Q 2017 2017

68 86 70

117 140 119

271 559 262

44 50 49

37 61 40

93 124 96

248 633 235

01 05 10

Yara 1)

Crop Nutrition

income

Depreciation and

amortization1)

Impairment

loss 2) EBITDA

1Q 2018 Crop Nutrition 92 (1) 16 107 33 1 141

Industrial 48 - 2 50 3 - 53

Production (18) 12 2 (4) 159 2 157

Total 134 11 21 165 201 4 370

1Q 2017 Crop Nutrition 84 (1) 15 98 26 1 124

Industrial 41 1 - 42 3 - 45

Production 85 10 4 99 138 - 237

Total 181 9 20 210 170 1 381

2017 Crop Nutrition 306 3 56 365 108 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

2047 61 4 2112

448 22 14 484

210 13 18 241

- - 1 1

2705 96 37 2838 Total

Freight insurance

and services Total

1Q 2018 Crop Nutrition 768 488 182 325 231 117 2112

Industrial 313 23 25 25 64 33 484

Production 30 47 10 72 82 - 241

Total 1112 558 218 422 377 150 2838

1Q 2017 Crop Nutrition 769 543 188 224 216 122 2063

Industrial 292 19 30 25 74 27 466

Production 26 24 8 57 41 9 164

Total 1090 586 226 305 331 157 2696

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

USD millions

Babrala

Inventories 4

Total assets 385

Babrala

USD millions

Paid stamp duties 3

Babrala

EBITDA 0

Pro forma figures

Other income

USD millions 1Q 2017 2017 1Q 2018

15 - 14

- - 10

- - 14

2 2 10

17 2 55

(189) (159) (678)

(12) (11) (46)

(201) (170) (724)

Impairment loss

USD millions 1Q 2018 1Q 2017 2017

5 1 43

- - 19

(1) - (2)

Note 7 Inventories

Total 2471 2127 2229

2019 780 65 7 852

2020 - 46 7 53

2021 89 46 7 142

2022 318 199 4 521

2023 - 44 23 67

Total 1998 664 52 2714

USD millions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

699 82 (0) 82 2Q 2017 709 90 0 90 3Q 2017 846 104 0 104 4Q 2017

3948 477 0 477 2017

Total equity 76770

Total equity 77831

statements in

USD million 1)

statements in

USD million 1)

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

EBITDA

USD millions

Results

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

141 103 147 118 124

53 17 52 44 45

157 224 81 180 237

18 (32) 23 10 (25)

370 312 303 352 381

2856 2936 3021 2759 2683

134 59 88 130 181

370 312 303 352 381

116 104 90 82 201

042 038 033 030 073

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

USD millions

B=Ax4 B

USD millions

1Q 2018

1Q 2017 2017

181 457

210 563

170 724

381 1348

(42) (76)

339 1272

1Q 2018

1Q 2017 2017

201 477

(49) (17)

170 724

339 1272

1Q 2018

(2192)

1Q 2017 2017

(1938)

(2057)

USD millions

F=Ex4 F

USD millions

1Q 2018

1Q 2017 2017

210 563

(42) (76)

168 488

1Q 2018

(2192)

1Q 2018

1Q 2017 2017

14230 14847

(376) (327)

(0) (0)

(317) (349)

(1938) (2057)

1Q 2017 2017

381 1348

(170) (724)

(1) (60)

(0) (0)

(20) (82)

259 581

1Q 2017 2017

181 457

210 563

170 724

381 1348

395 1430

Trade payables 1) (1343) (1124) (1340)

Debtequity ratio

Total equity L (9729) (9159) (9505)

Earnings per share

wwwyaracom

USD millions 1Q 2018 1Q 2017 2017

113 197 482

(37) 38 235

33 1 33

(4) 39 273

122 4 85

(2) - (1)

- - 64

120 4 148

117 43 421

230 240 903

231 237 900

(1) 3 3

230 240 903

Net income

Cash flow hedges

USD millions

Net income

1) Par value 170

Share Capital1)

adjustments

(1321)

(1287)

(1000)

Cash flow

hedges

Total other

reserves

(1520)

(1484)

(1161)

(1046)

Retained earnings

8647 270 8917

201 (4) 197

36 7 42

36 7 43

(1) (2) (3)

8884 275 9159

276 9 285

383 (9) 374

387 (9) 378

(1) - (1)

(321) - (322)

9225 280 9505

(4) (4)

116 (2) 113

115 1 117

- (1) (2)

9452 277 9729

USD millions

Total assets

31 Mar 2018

31 Dec 2017 31 Dec 2016 31 Mar 2017

346 371 300

1077 1106 1067

7108 7967 6939

1075 1096 1067

376 460 377

9982 11000 9750

2127 2229 2042

1413 1398 1200

595 607 559

323 544 436

12 4 11

4470 4783 4247

14452 15783 13997

31 Mar 2018

(1046)

273217830

31 Mar 2017 31 Dec 2017 31 Dec 2016

66 66 66

(49) (49) (49)

17 17 17

(1484) (1161) (1520)

10350 10369 10150

8884 9225 8647

275 280 270

9159 9505 8917

474 439 473

558 502 511

176 169 163

102 115 97

1668 2429 1625

2977 3654 2869

1464 1652 1414

349 265 300

48 62 62

38 90 38

78 75 100

304 439 270

33 43 28

2315 2625 2211

14452 15783 13997

273217830 273217830 273217830

Oslo 19 April 2018

134 181 457

201 170 724

(11) (1) 24

(22) (102) (196)

72 3 8

(164) (138) (127)

21 - (159)

234 114 791

(307) (299) (1341)

5 (424) - (23)

(21) (8) (55)

3 1 13

14 3 56

(736) (303) (1350)

8 456 71 966

2 - - (321)

456 72 651

22 4 16

(23) (112) 109

544 436 436

521 323 544

21 39 24

Total at 31 March 2018 273217830 -

2113 2063 8670

484 467 1846

259 153 891

1 1 (7)

2856 2683 11400

31 49 191

4 2 16

1137 1117 4136

(1172) (1169) (4342)

2145 2112 8861

488 469 1862

1395 1270 5026

(1171) (1168) (4349)

2856 2683 11400

92 84 306

48 41 118

(18) 85 77

12 (29) (44)

134 181 457

141 124 492

53 45 158

157 237 722

18 (25) (23)

370 381 1348

347 44 272

2 5 35

175 209 1165

6 10 33

530 268 1505

4974 4075 4223

673 585 596

10691 9458 10484

333 333 480

16672 14452 15783

Investments 1)

Total Assets 2)

1Q 2018 1Q 2017 2017

68 86 70

117 140 119

271 559 262

44 50 49

37 61 40

93 124 96

248 633 235

01 05 10

Yara 1)

Crop Nutrition

income

Depreciation and

amortization1)

Impairment

loss 2) EBITDA

1Q 2018 Crop Nutrition 92 (1) 16 107 33 1 141

Industrial 48 - 2 50 3 - 53

Production (18) 12 2 (4) 159 2 157

Total 134 11 21 165 201 4 370

1Q 2017 Crop Nutrition 84 (1) 15 98 26 1 124

Industrial 41 1 - 42 3 - 45

Production 85 10 4 99 138 - 237

Total 181 9 20 210 170 1 381

2017 Crop Nutrition 306 3 56 365 108 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

2047 61 4 2112

448 22 14 484

210 13 18 241

- - 1 1

2705 96 37 2838 Total

Freight insurance

and services Total

1Q 2018 Crop Nutrition 768 488 182 325 231 117 2112

Industrial 313 23 25 25 64 33 484

Production 30 47 10 72 82 - 241

Total 1112 558 218 422 377 150 2838

1Q 2017 Crop Nutrition 769 543 188 224 216 122 2063

Industrial 292 19 30 25 74 27 466

Production 26 24 8 57 41 9 164

Total 1090 586 226 305 331 157 2696

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

USD millions

Babrala

Inventories 4

Total assets 385

Babrala

USD millions

Paid stamp duties 3

Babrala

EBITDA 0

Pro forma figures

Other income

USD millions 1Q 2017 2017 1Q 2018

15 - 14

- - 10

- - 14

2 2 10

17 2 55

(189) (159) (678)

(12) (11) (46)

(201) (170) (724)

Impairment loss

USD millions 1Q 2018 1Q 2017 2017

5 1 43

- - 19

(1) - (2)

Note 7 Inventories

Total 2471 2127 2229

2019 780 65 7 852

2020 - 46 7 53

2021 89 46 7 142

2022 318 199 4 521

2023 - 44 23 67

Total 1998 664 52 2714

USD millions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

699 82 (0) 82 2Q 2017 709 90 0 90 3Q 2017 846 104 0 104 4Q 2017

3948 477 0 477 2017

Total equity 76770

Total equity 77831

statements in

USD million 1)

statements in

USD million 1)

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

EBITDA

USD millions

Results

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

141 103 147 118 124

53 17 52 44 45

157 224 81 180 237

18 (32) 23 10 (25)

370 312 303 352 381

2856 2936 3021 2759 2683

134 59 88 130 181

370 312 303 352 381

116 104 90 82 201

042 038 033 030 073

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

USD millions

B=Ax4 B

USD millions

1Q 2018

1Q 2017 2017

181 457

210 563

170 724

381 1348

(42) (76)

339 1272

1Q 2018

1Q 2017 2017

201 477

(49) (17)

170 724

339 1272

1Q 2018

(2192)

1Q 2017 2017

(1938)

(2057)

USD millions

F=Ex4 F

USD millions

1Q 2018

1Q 2017 2017

210 563

(42) (76)

168 488

1Q 2018

(2192)

1Q 2018

1Q 2017 2017

14230 14847

(376) (327)

(0) (0)

(317) (349)

(1938) (2057)

1Q 2017 2017

381 1348

(170) (724)

(1) (60)

(0) (0)

(20) (82)

259 581

1Q 2017 2017

181 457

210 563

170 724

381 1348

395 1430

Trade payables 1) (1343) (1124) (1340)

Debtequity ratio

Total equity L (9729) (9159) (9505)

Earnings per share

wwwyaracom

USD millions

Net income

1) Par value 170

Share Capital1)

adjustments

(1321)

(1287)

(1000)

Cash flow

hedges

Total other

reserves

(1520)

(1484)

(1161)

(1046)

Retained earnings

8647 270 8917

201 (4) 197

36 7 42

36 7 43

(1) (2) (3)

8884 275 9159

276 9 285

383 (9) 374

387 (9) 378

(1) - (1)

(321) - (322)

9225 280 9505

(4) (4)

116 (2) 113

115 1 117

- (1) (2)

9452 277 9729

USD millions

Total assets

31 Mar 2018

31 Dec 2017 31 Dec 2016 31 Mar 2017

346 371 300

1077 1106 1067

7108 7967 6939

1075 1096 1067

376 460 377

9982 11000 9750

2127 2229 2042

1413 1398 1200

595 607 559

323 544 436

12 4 11

4470 4783 4247

14452 15783 13997

31 Mar 2018

(1046)

273217830

31 Mar 2017 31 Dec 2017 31 Dec 2016

66 66 66

(49) (49) (49)

17 17 17

(1484) (1161) (1520)

10350 10369 10150

8884 9225 8647

275 280 270

9159 9505 8917

474 439 473

558 502 511

176 169 163

102 115 97

1668 2429 1625

2977 3654 2869

1464 1652 1414

349 265 300

48 62 62

38 90 38

78 75 100

304 439 270

33 43 28

2315 2625 2211

14452 15783 13997

273217830 273217830 273217830

Oslo 19 April 2018

134 181 457

201 170 724

(11) (1) 24

(22) (102) (196)

72 3 8

(164) (138) (127)

21 - (159)

234 114 791

(307) (299) (1341)

5 (424) - (23)

(21) (8) (55)

3 1 13

14 3 56

(736) (303) (1350)

8 456 71 966

2 - - (321)

456 72 651

22 4 16

(23) (112) 109

544 436 436

521 323 544

21 39 24

Total at 31 March 2018 273217830 -

2113 2063 8670

484 467 1846

259 153 891

1 1 (7)

2856 2683 11400

31 49 191

4 2 16

1137 1117 4136

(1172) (1169) (4342)

2145 2112 8861

488 469 1862

1395 1270 5026

(1171) (1168) (4349)

2856 2683 11400

92 84 306

48 41 118

(18) 85 77

12 (29) (44)

134 181 457

141 124 492

53 45 158

157 237 722

18 (25) (23)

370 381 1348

347 44 272

2 5 35

175 209 1165

6 10 33

530 268 1505

4974 4075 4223

673 585 596

10691 9458 10484

333 333 480

16672 14452 15783

Investments 1)

Total Assets 2)

1Q 2018 1Q 2017 2017

68 86 70

117 140 119

271 559 262

44 50 49

37 61 40

93 124 96

248 633 235

01 05 10

Yara 1)

Crop Nutrition

income

Depreciation and

amortization1)

Impairment

loss 2) EBITDA

1Q 2018 Crop Nutrition 92 (1) 16 107 33 1 141

Industrial 48 - 2 50 3 - 53

Production (18) 12 2 (4) 159 2 157

Total 134 11 21 165 201 4 370

1Q 2017 Crop Nutrition 84 (1) 15 98 26 1 124

Industrial 41 1 - 42 3 - 45

Production 85 10 4 99 138 - 237

Total 181 9 20 210 170 1 381

2017 Crop Nutrition 306 3 56 365 108 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

2047 61 4 2112

448 22 14 484

210 13 18 241

- - 1 1

2705 96 37 2838 Total

Freight insurance

and services Total

1Q 2018 Crop Nutrition 768 488 182 325 231 117 2112

Industrial 313 23 25 25 64 33 484

Production 30 47 10 72 82 - 241

Total 1112 558 218 422 377 150 2838

1Q 2017 Crop Nutrition 769 543 188 224 216 122 2063

Industrial 292 19 30 25 74 27 466

Production 26 24 8 57 41 9 164

Total 1090 586 226 305 331 157 2696

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

USD millions

Babrala

Inventories 4

Total assets 385

Babrala

USD millions

Paid stamp duties 3

Babrala

EBITDA 0

Pro forma figures

Other income

USD millions 1Q 2017 2017 1Q 2018

15 - 14

- - 10

- - 14

2 2 10

17 2 55

(189) (159) (678)

(12) (11) (46)

(201) (170) (724)

Impairment loss

USD millions 1Q 2018 1Q 2017 2017

5 1 43

- - 19

(1) - (2)

Note 7 Inventories

Total 2471 2127 2229

2019 780 65 7 852

2020 - 46 7 53

2021 89 46 7 142

2022 318 199 4 521

2023 - 44 23 67

Total 1998 664 52 2714

USD millions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

699 82 (0) 82 2Q 2017 709 90 0 90 3Q 2017 846 104 0 104 4Q 2017

3948 477 0 477 2017

Total equity 76770

Total equity 77831

statements in

USD million 1)

statements in

USD million 1)

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

EBITDA

USD millions

Results

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

141 103 147 118 124

53 17 52 44 45

157 224 81 180 237

18 (32) 23 10 (25)

370 312 303 352 381

2856 2936 3021 2759 2683

134 59 88 130 181

370 312 303 352 381

116 104 90 82 201

042 038 033 030 073

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

USD millions

B=Ax4 B

USD millions

1Q 2018

1Q 2017 2017

181 457

210 563

170 724

381 1348

(42) (76)

339 1272

1Q 2018

1Q 2017 2017

201 477

(49) (17)

170 724

339 1272

1Q 2018

(2192)

1Q 2017 2017

(1938)

(2057)

USD millions

F=Ex4 F

USD millions

1Q 2018

1Q 2017 2017

210 563

(42) (76)

168 488

1Q 2018

(2192)

1Q 2018

1Q 2017 2017

14230 14847

(376) (327)

(0) (0)

(317) (349)

(1938) (2057)

1Q 2017 2017

381 1348

(170) (724)

(1) (60)

(0) (0)

(20) (82)

259 581

1Q 2017 2017

181 457

210 563

170 724

381 1348

395 1430

Trade payables 1) (1343) (1124) (1340)

Debtequity ratio

Total equity L (9729) (9159) (9505)

Earnings per share

wwwyaracom

USD millions

Total assets

31 Mar 2018

31 Dec 2017 31 Dec 2016 31 Mar 2017

346 371 300

1077 1106 1067

7108 7967 6939

1075 1096 1067

376 460 377

9982 11000 9750

2127 2229 2042

1413 1398 1200

595 607 559

323 544 436

12 4 11

4470 4783 4247

14452 15783 13997

31 Mar 2018

(1046)

273217830

31 Mar 2017 31 Dec 2017 31 Dec 2016

66 66 66

(49) (49) (49)

17 17 17

(1484) (1161) (1520)

10350 10369 10150

8884 9225 8647

275 280 270

9159 9505 8917

474 439 473

558 502 511

176 169 163

102 115 97

1668 2429 1625

2977 3654 2869

1464 1652 1414

349 265 300

48 62 62

38 90 38

78 75 100

304 439 270

33 43 28

2315 2625 2211

14452 15783 13997

273217830 273217830 273217830

Oslo 19 April 2018

134 181 457

201 170 724

(11) (1) 24

(22) (102) (196)

72 3 8

(164) (138) (127)

21 - (159)

234 114 791

(307) (299) (1341)

5 (424) - (23)

(21) (8) (55)

3 1 13

14 3 56

(736) (303) (1350)

8 456 71 966

2 - - (321)

456 72 651

22 4 16

(23) (112) 109

544 436 436

521 323 544

21 39 24

Total at 31 March 2018 273217830 -

2113 2063 8670

484 467 1846

259 153 891

1 1 (7)

2856 2683 11400

31 49 191

4 2 16

1137 1117 4136

(1172) (1169) (4342)

2145 2112 8861

488 469 1862

1395 1270 5026

(1171) (1168) (4349)

2856 2683 11400

92 84 306

48 41 118

(18) 85 77

12 (29) (44)

134 181 457

141 124 492

53 45 158

157 237 722

18 (25) (23)

370 381 1348

347 44 272

2 5 35

175 209 1165

6 10 33

530 268 1505

4974 4075 4223

673 585 596

10691 9458 10484

333 333 480

16672 14452 15783

Investments 1)

Total Assets 2)

1Q 2018 1Q 2017 2017

68 86 70

117 140 119

271 559 262

44 50 49

37 61 40

93 124 96

248 633 235

01 05 10

Yara 1)

Crop Nutrition

income

Depreciation and

amortization1)

Impairment

loss 2) EBITDA

1Q 2018 Crop Nutrition 92 (1) 16 107 33 1 141

Industrial 48 - 2 50 3 - 53

Production (18) 12 2 (4) 159 2 157

Total 134 11 21 165 201 4 370

1Q 2017 Crop Nutrition 84 (1) 15 98 26 1 124

Industrial 41 1 - 42 3 - 45

Production 85 10 4 99 138 - 237

Total 181 9 20 210 170 1 381

2017 Crop Nutrition 306 3 56 365 108 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

2047 61 4 2112

448 22 14 484

210 13 18 241

- - 1 1

2705 96 37 2838 Total

Freight insurance

and services Total

1Q 2018 Crop Nutrition 768 488 182 325 231 117 2112

Industrial 313 23 25 25 64 33 484

Production 30 47 10 72 82 - 241

Total 1112 558 218 422 377 150 2838

1Q 2017 Crop Nutrition 769 543 188 224 216 122 2063

Industrial 292 19 30 25 74 27 466

Production 26 24 8 57 41 9 164

Total 1090 586 226 305 331 157 2696

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

USD millions

Babrala

Inventories 4

Total assets 385

Babrala

USD millions

Paid stamp duties 3

Babrala

EBITDA 0

Pro forma figures

Other income

USD millions 1Q 2017 2017 1Q 2018

15 - 14

- - 10

- - 14

2 2 10

17 2 55

(189) (159) (678)

(12) (11) (46)

(201) (170) (724)

Impairment loss

USD millions 1Q 2018 1Q 2017 2017

5 1 43

- - 19

(1) - (2)

Note 7 Inventories

Total 2471 2127 2229

2019 780 65 7 852

2020 - 46 7 53

2021 89 46 7 142

2022 318 199 4 521

2023 - 44 23 67

Total 1998 664 52 2714

USD millions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

699 82 (0) 82 2Q 2017 709 90 0 90 3Q 2017 846 104 0 104 4Q 2017

3948 477 0 477 2017

Total equity 76770

Total equity 77831

statements in

USD million 1)

statements in

USD million 1)

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

EBITDA

USD millions

Results

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

141 103 147 118 124

53 17 52 44 45

157 224 81 180 237

18 (32) 23 10 (25)

370 312 303 352 381

2856 2936 3021 2759 2683

134 59 88 130 181

370 312 303 352 381

116 104 90 82 201

042 038 033 030 073

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

USD millions

B=Ax4 B

USD millions

1Q 2018

1Q 2017 2017

181 457

210 563

170 724

381 1348

(42) (76)

339 1272

1Q 2018

1Q 2017 2017

201 477

(49) (17)

170 724

339 1272

1Q 2018

(2192)

1Q 2017 2017

(1938)

(2057)

USD millions

F=Ex4 F

USD millions

1Q 2018

1Q 2017 2017

210 563

(42) (76)

168 488

1Q 2018

(2192)

1Q 2018

1Q 2017 2017

14230 14847

(376) (327)

(0) (0)

(317) (349)

(1938) (2057)

1Q 2017 2017

381 1348

(170) (724)

(1) (60)

(0) (0)

(20) (82)

259 581

1Q 2017 2017

181 457

210 563

170 724

381 1348

395 1430

Trade payables 1) (1343) (1124) (1340)

Debtequity ratio

Total equity L (9729) (9159) (9505)

Earnings per share

wwwyaracom

31 Mar 2018

(1046)

273217830

31 Mar 2017 31 Dec 2017 31 Dec 2016

66 66 66

(49) (49) (49)

17 17 17

(1484) (1161) (1520)

10350 10369 10150

8884 9225 8647

275 280 270

9159 9505 8917

474 439 473

558 502 511

176 169 163

102 115 97

1668 2429 1625

2977 3654 2869

1464 1652 1414

349 265 300

48 62 62

38 90 38

78 75 100

304 439 270

33 43 28

2315 2625 2211

14452 15783 13997

273217830 273217830 273217830

Oslo 19 April 2018

134 181 457

201 170 724

(11) (1) 24

(22) (102) (196)

72 3 8

(164) (138) (127)

21 - (159)

234 114 791

(307) (299) (1341)

5 (424) - (23)

(21) (8) (55)

3 1 13

14 3 56

(736) (303) (1350)

8 456 71 966

2 - - (321)

456 72 651

22 4 16

(23) (112) 109

544 436 436

521 323 544

21 39 24

Total at 31 March 2018 273217830 -

2113 2063 8670

484 467 1846

259 153 891

1 1 (7)

2856 2683 11400

31 49 191

4 2 16

1137 1117 4136

(1172) (1169) (4342)

2145 2112 8861

488 469 1862

1395 1270 5026

(1171) (1168) (4349)

2856 2683 11400

92 84 306

48 41 118

(18) 85 77

12 (29) (44)

134 181 457

141 124 492

53 45 158

157 237 722

18 (25) (23)

370 381 1348

347 44 272

2 5 35

175 209 1165

6 10 33

530 268 1505

4974 4075 4223

673 585 596

10691 9458 10484

333 333 480

16672 14452 15783

Investments 1)

Total Assets 2)

1Q 2018 1Q 2017 2017

68 86 70

117 140 119

271 559 262

44 50 49

37 61 40

93 124 96

248 633 235

01 05 10

Yara 1)

Crop Nutrition

income

Depreciation and

amortization1)

Impairment

loss 2) EBITDA

1Q 2018 Crop Nutrition 92 (1) 16 107 33 1 141

Industrial 48 - 2 50 3 - 53

Production (18) 12 2 (4) 159 2 157

Total 134 11 21 165 201 4 370

1Q 2017 Crop Nutrition 84 (1) 15 98 26 1 124

Industrial 41 1 - 42 3 - 45

Production 85 10 4 99 138 - 237

Total 181 9 20 210 170 1 381

2017 Crop Nutrition 306 3 56 365 108 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

2047 61 4 2112

448 22 14 484

210 13 18 241

- - 1 1

2705 96 37 2838 Total

Freight insurance

and services Total

1Q 2018 Crop Nutrition 768 488 182 325 231 117 2112

Industrial 313 23 25 25 64 33 484

Production 30 47 10 72 82 - 241

Total 1112 558 218 422 377 150 2838

1Q 2017 Crop Nutrition 769 543 188 224 216 122 2063

Industrial 292 19 30 25 74 27 466

Production 26 24 8 57 41 9 164

Total 1090 586 226 305 331 157 2696

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

USD millions

Babrala

Inventories 4

Total assets 385

Babrala

USD millions

Paid stamp duties 3

Babrala

EBITDA 0

Pro forma figures

Other income

USD millions 1Q 2017 2017 1Q 2018

15 - 14

- - 10

- - 14

2 2 10

17 2 55

(189) (159) (678)

(12) (11) (46)

(201) (170) (724)

Impairment loss

USD millions 1Q 2018 1Q 2017 2017

5 1 43

- - 19

(1) - (2)

Note 7 Inventories

Total 2471 2127 2229

2019 780 65 7 852

2020 - 46 7 53

2021 89 46 7 142

2022 318 199 4 521

2023 - 44 23 67

Total 1998 664 52 2714

USD millions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

699 82 (0) 82 2Q 2017 709 90 0 90 3Q 2017 846 104 0 104 4Q 2017

3948 477 0 477 2017

Total equity 76770

Total equity 77831

statements in

USD million 1)

statements in

USD million 1)

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

EBITDA

USD millions

Results

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

141 103 147 118 124

53 17 52 44 45

157 224 81 180 237

18 (32) 23 10 (25)

370 312 303 352 381

2856 2936 3021 2759 2683

134 59 88 130 181

370 312 303 352 381

116 104 90 82 201

042 038 033 030 073

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

USD millions

B=Ax4 B

USD millions

1Q 2018

1Q 2017 2017

181 457

210 563

170 724

381 1348

(42) (76)

339 1272

1Q 2018

1Q 2017 2017

201 477

(49) (17)

170 724

339 1272

1Q 2018

(2192)

1Q 2017 2017

(1938)

(2057)

USD millions

F=Ex4 F

USD millions

1Q 2018

1Q 2017 2017

210 563

(42) (76)

168 488

1Q 2018

(2192)

1Q 2018

1Q 2017 2017

14230 14847

(376) (327)

(0) (0)

(317) (349)

(1938) (2057)

1Q 2017 2017

381 1348

(170) (724)

(1) (60)

(0) (0)

(20) (82)

259 581

1Q 2017 2017

181 457

210 563

170 724

381 1348

395 1430

Trade payables 1) (1343) (1124) (1340)

Debtequity ratio

Total equity L (9729) (9159) (9505)

Earnings per share

wwwyaracom

134 181 457

201 170 724

(11) (1) 24

(22) (102) (196)

72 3 8

(164) (138) (127)

21 - (159)

234 114 791

(307) (299) (1341)

5 (424) - (23)

(21) (8) (55)

3 1 13

14 3 56

(736) (303) (1350)

8 456 71 966

2 - - (321)

456 72 651

22 4 16

(23) (112) 109

544 436 436

521 323 544

21 39 24

Total at 31 March 2018 273217830 -

2113 2063 8670

484 467 1846

259 153 891

1 1 (7)

2856 2683 11400

31 49 191

4 2 16

1137 1117 4136

(1172) (1169) (4342)

2145 2112 8861

488 469 1862

1395 1270 5026

(1171) (1168) (4349)

2856 2683 11400

92 84 306

48 41 118

(18) 85 77

12 (29) (44)

134 181 457

141 124 492

53 45 158

157 237 722

18 (25) (23)

370 381 1348

347 44 272

2 5 35

175 209 1165

6 10 33

530 268 1505

4974 4075 4223

673 585 596

10691 9458 10484

333 333 480

16672 14452 15783

Investments 1)

Total Assets 2)

1Q 2018 1Q 2017 2017

68 86 70

117 140 119

271 559 262

44 50 49

37 61 40

93 124 96

248 633 235

01 05 10

Yara 1)

Crop Nutrition

income

Depreciation and

amortization1)

Impairment

loss 2) EBITDA

1Q 2018 Crop Nutrition 92 (1) 16 107 33 1 141

Industrial 48 - 2 50 3 - 53

Production (18) 12 2 (4) 159 2 157

Total 134 11 21 165 201 4 370

1Q 2017 Crop Nutrition 84 (1) 15 98 26 1 124

Industrial 41 1 - 42 3 - 45

Production 85 10 4 99 138 - 237

Total 181 9 20 210 170 1 381

2017 Crop Nutrition 306 3 56 365 108 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

2047 61 4 2112

448 22 14 484

210 13 18 241

- - 1 1

2705 96 37 2838 Total

Freight insurance

and services Total

1Q 2018 Crop Nutrition 768 488 182 325 231 117 2112

Industrial 313 23 25 25 64 33 484

Production 30 47 10 72 82 - 241

Total 1112 558 218 422 377 150 2838

1Q 2017 Crop Nutrition 769 543 188 224 216 122 2063

Industrial 292 19 30 25 74 27 466

Production 26 24 8 57 41 9 164

Total 1090 586 226 305 331 157 2696

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

USD millions

Babrala

Inventories 4

Total assets 385

Babrala

USD millions

Paid stamp duties 3

Babrala

EBITDA 0

Pro forma figures

Other income

USD millions 1Q 2017 2017 1Q 2018

15 - 14

- - 10

- - 14

2 2 10

17 2 55

(189) (159) (678)

(12) (11) (46)

(201) (170) (724)

Impairment loss

USD millions 1Q 2018 1Q 2017 2017

5 1 43

- - 19

(1) - (2)

Note 7 Inventories

Total 2471 2127 2229

2019 780 65 7 852

2020 - 46 7 53

2021 89 46 7 142

2022 318 199 4 521

2023 - 44 23 67

Total 1998 664 52 2714

USD millions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

699 82 (0) 82 2Q 2017 709 90 0 90 3Q 2017 846 104 0 104 4Q 2017

3948 477 0 477 2017

Total equity 76770

Total equity 77831

statements in

USD million 1)

statements in

USD million 1)

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

EBITDA

USD millions

Results

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

141 103 147 118 124

53 17 52 44 45

157 224 81 180 237

18 (32) 23 10 (25)

370 312 303 352 381

2856 2936 3021 2759 2683

134 59 88 130 181

370 312 303 352 381

116 104 90 82 201

042 038 033 030 073

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

USD millions

B=Ax4 B

USD millions

1Q 2018

1Q 2017 2017

181 457

210 563

170 724

381 1348

(42) (76)

339 1272

1Q 2018

1Q 2017 2017

201 477

(49) (17)

170 724

339 1272

1Q 2018

(2192)

1Q 2017 2017

(1938)

(2057)

USD millions

F=Ex4 F

USD millions

1Q 2018

1Q 2017 2017

210 563

(42) (76)

168 488

1Q 2018

(2192)

1Q 2018

1Q 2017 2017

14230 14847

(376) (327)

(0) (0)

(317) (349)

(1938) (2057)

1Q 2017 2017

381 1348

(170) (724)

(1) (60)

(0) (0)

(20) (82)

259 581

1Q 2017 2017

181 457

210 563

170 724

381 1348

395 1430

Trade payables 1) (1343) (1124) (1340)

Debtequity ratio

Total equity L (9729) (9159) (9505)

Earnings per share

wwwyaracom

Total at 31 March 2018 273217830 -

2113 2063 8670

484 467 1846

259 153 891

1 1 (7)

2856 2683 11400

31 49 191

4 2 16

1137 1117 4136

(1172) (1169) (4342)

2145 2112 8861

488 469 1862

1395 1270 5026

(1171) (1168) (4349)

2856 2683 11400

92 84 306

48 41 118

(18) 85 77

12 (29) (44)

134 181 457

141 124 492

53 45 158

157 237 722

18 (25) (23)

370 381 1348

347 44 272

2 5 35

175 209 1165

6 10 33

530 268 1505

4974 4075 4223

673 585 596

10691 9458 10484

333 333 480

16672 14452 15783

Investments 1)

Total Assets 2)

1Q 2018 1Q 2017 2017

68 86 70

117 140 119

271 559 262

44 50 49

37 61 40

93 124 96

248 633 235

01 05 10

Yara 1)

Crop Nutrition

income

Depreciation and

amortization1)

Impairment

loss 2) EBITDA

1Q 2018 Crop Nutrition 92 (1) 16 107 33 1 141

Industrial 48 - 2 50 3 - 53

Production (18) 12 2 (4) 159 2 157

Total 134 11 21 165 201 4 370

1Q 2017 Crop Nutrition 84 (1) 15 98 26 1 124

Industrial 41 1 - 42 3 - 45

Production 85 10 4 99 138 - 237

Total 181 9 20 210 170 1 381

2017 Crop Nutrition 306 3 56 365 108 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

2047 61 4 2112

448 22 14 484

210 13 18 241

- - 1 1

2705 96 37 2838 Total

Freight insurance

and services Total

1Q 2018 Crop Nutrition 768 488 182 325 231 117 2112

Industrial 313 23 25 25 64 33 484

Production 30 47 10 72 82 - 241

Total 1112 558 218 422 377 150 2838

1Q 2017 Crop Nutrition 769 543 188 224 216 122 2063

Industrial 292 19 30 25 74 27 466

Production 26 24 8 57 41 9 164

Total 1090 586 226 305 331 157 2696

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

USD millions

Babrala

Inventories 4

Total assets 385

Babrala

USD millions

Paid stamp duties 3

Babrala

EBITDA 0

Pro forma figures

Other income

USD millions 1Q 2017 2017 1Q 2018

15 - 14

- - 10

- - 14

2 2 10

17 2 55

(189) (159) (678)

(12) (11) (46)

(201) (170) (724)

Impairment loss

USD millions 1Q 2018 1Q 2017 2017

5 1 43

- - 19

(1) - (2)

Note 7 Inventories

Total 2471 2127 2229

2019 780 65 7 852

2020 - 46 7 53

2021 89 46 7 142

2022 318 199 4 521

2023 - 44 23 67

Total 1998 664 52 2714

USD millions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

699 82 (0) 82 2Q 2017 709 90 0 90 3Q 2017 846 104 0 104 4Q 2017

3948 477 0 477 2017

Total equity 76770

Total equity 77831

statements in

USD million 1)

statements in

USD million 1)

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

EBITDA

USD millions

Results

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

141 103 147 118 124

53 17 52 44 45

157 224 81 180 237

18 (32) 23 10 (25)

370 312 303 352 381

2856 2936 3021 2759 2683

134 59 88 130 181

370 312 303 352 381

116 104 90 82 201

042 038 033 030 073

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

USD millions

B=Ax4 B

USD millions

1Q 2018

1Q 2017 2017

181 457

210 563

170 724

381 1348

(42) (76)

339 1272

1Q 2018

1Q 2017 2017

201 477

(49) (17)

170 724

339 1272

1Q 2018

(2192)

1Q 2017 2017

(1938)

(2057)

USD millions

F=Ex4 F

USD millions

1Q 2018

1Q 2017 2017

210 563

(42) (76)

168 488

1Q 2018

(2192)

1Q 2018

1Q 2017 2017

14230 14847

(376) (327)

(0) (0)

(317) (349)

(1938) (2057)

1Q 2017 2017

381 1348

(170) (724)

(1) (60)

(0) (0)

(20) (82)

259 581

1Q 2017 2017

181 457

210 563

170 724

381 1348

395 1430

Trade payables 1) (1343) (1124) (1340)

Debtequity ratio

Total equity L (9729) (9159) (9505)

Earnings per share

wwwyaracom

Total at 31 March 2018 273217830 -

2113 2063 8670

484 467 1846

259 153 891

1 1 (7)

2856 2683 11400

31 49 191

4 2 16

1137 1117 4136

(1172) (1169) (4342)

2145 2112 8861

488 469 1862

1395 1270 5026

(1171) (1168) (4349)

2856 2683 11400

92 84 306

48 41 118

(18) 85 77

12 (29) (44)

134 181 457

141 124 492

53 45 158

157 237 722

18 (25) (23)

370 381 1348

347 44 272

2 5 35

175 209 1165

6 10 33

530 268 1505

4974 4075 4223

673 585 596

10691 9458 10484

333 333 480

16672 14452 15783

Investments 1)

Total Assets 2)

1Q 2018 1Q 2017 2017

68 86 70

117 140 119

271 559 262

44 50 49

37 61 40

93 124 96

248 633 235

01 05 10

Yara 1)

Crop Nutrition

income

Depreciation and

amortization1)

Impairment

loss 2) EBITDA

1Q 2018 Crop Nutrition 92 (1) 16 107 33 1 141

Industrial 48 - 2 50 3 - 53

Production (18) 12 2 (4) 159 2 157

Total 134 11 21 165 201 4 370

1Q 2017 Crop Nutrition 84 (1) 15 98 26 1 124

Industrial 41 1 - 42 3 - 45

Production 85 10 4 99 138 - 237

Total 181 9 20 210 170 1 381

2017 Crop Nutrition 306 3 56 365 108 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

2047 61 4 2112

448 22 14 484

210 13 18 241

- - 1 1

2705 96 37 2838 Total

Freight insurance

and services Total

1Q 2018 Crop Nutrition 768 488 182 325 231 117 2112

Industrial 313 23 25 25 64 33 484

Production 30 47 10 72 82 - 241

Total 1112 558 218 422 377 150 2838

1Q 2017 Crop Nutrition 769 543 188 224 216 122 2063

Industrial 292 19 30 25 74 27 466

Production 26 24 8 57 41 9 164

Total 1090 586 226 305 331 157 2696

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

USD millions

Babrala

Inventories 4

Total assets 385

Babrala

USD millions

Paid stamp duties 3

Babrala

EBITDA 0

Pro forma figures

Other income

USD millions 1Q 2017 2017 1Q 2018

15 - 14

- - 10

- - 14

2 2 10

17 2 55

(189) (159) (678)

(12) (11) (46)

(201) (170) (724)

Impairment loss

USD millions 1Q 2018 1Q 2017 2017

5 1 43

- - 19

(1) - (2)

Note 7 Inventories

Total 2471 2127 2229

2019 780 65 7 852

2020 - 46 7 53

2021 89 46 7 142

2022 318 199 4 521

2023 - 44 23 67

Total 1998 664 52 2714

USD millions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

699 82 (0) 82 2Q 2017 709 90 0 90 3Q 2017 846 104 0 104 4Q 2017

3948 477 0 477 2017

Total equity 76770

Total equity 77831

statements in

USD million 1)

statements in

USD million 1)

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

EBITDA

USD millions

Results

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

141 103 147 118 124

53 17 52 44 45

157 224 81 180 237

18 (32) 23 10 (25)

370 312 303 352 381

2856 2936 3021 2759 2683

134 59 88 130 181

370 312 303 352 381

116 104 90 82 201

042 038 033 030 073

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

USD millions

B=Ax4 B

USD millions

1Q 2018

1Q 2017 2017

181 457

210 563

170 724

381 1348

(42) (76)

339 1272

1Q 2018

1Q 2017 2017

201 477

(49) (17)

170 724

339 1272

1Q 2018

(2192)

1Q 2017 2017

(1938)

(2057)

USD millions

F=Ex4 F

USD millions

1Q 2018

1Q 2017 2017

210 563

(42) (76)

168 488

1Q 2018

(2192)

1Q 2018

1Q 2017 2017

14230 14847

(376) (327)

(0) (0)

(317) (349)

(1938) (2057)

1Q 2017 2017

381 1348

(170) (724)

(1) (60)

(0) (0)

(20) (82)

259 581

1Q 2017 2017

181 457

210 563

170 724

381 1348

395 1430

Trade payables 1) (1343) (1124) (1340)

Debtequity ratio

Total equity L (9729) (9159) (9505)

Earnings per share

wwwyaracom

Total at 31 March 2018 273217830 -

2113 2063 8670

484 467 1846

259 153 891

1 1 (7)

2856 2683 11400

31 49 191

4 2 16

1137 1117 4136

(1172) (1169) (4342)

2145 2112 8861

488 469 1862

1395 1270 5026

(1171) (1168) (4349)

2856 2683 11400

92 84 306

48 41 118

(18) 85 77

12 (29) (44)

134 181 457

141 124 492

53 45 158

157 237 722

18 (25) (23)

370 381 1348

347 44 272

2 5 35

175 209 1165

6 10 33

530 268 1505

4974 4075 4223

673 585 596

10691 9458 10484

333 333 480

16672 14452 15783

Investments 1)

Total Assets 2)

1Q 2018 1Q 2017 2017

68 86 70

117 140 119

271 559 262

44 50 49

37 61 40

93 124 96

248 633 235

01 05 10

Yara 1)

Crop Nutrition

income

Depreciation and

amortization1)

Impairment

loss 2) EBITDA

1Q 2018 Crop Nutrition 92 (1) 16 107 33 1 141

Industrial 48 - 2 50 3 - 53

Production (18) 12 2 (4) 159 2 157

Total 134 11 21 165 201 4 370

1Q 2017 Crop Nutrition 84 (1) 15 98 26 1 124

Industrial 41 1 - 42 3 - 45

Production 85 10 4 99 138 - 237

Total 181 9 20 210 170 1 381

2017 Crop Nutrition 306 3 56 365 108 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

2047 61 4 2112

448 22 14 484

210 13 18 241

- - 1 1

2705 96 37 2838 Total

Freight insurance

and services Total

1Q 2018 Crop Nutrition 768 488 182 325 231 117 2112

Industrial 313 23 25 25 64 33 484

Production 30 47 10 72 82 - 241

Total 1112 558 218 422 377 150 2838

1Q 2017 Crop Nutrition 769 543 188 224 216 122 2063

Industrial 292 19 30 25 74 27 466

Production 26 24 8 57 41 9 164

Total 1090 586 226 305 331 157 2696

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

USD millions

Babrala

Inventories 4

Total assets 385

Babrala

USD millions

Paid stamp duties 3

Babrala

EBITDA 0

Pro forma figures

Other income

USD millions 1Q 2017 2017 1Q 2018

15 - 14

- - 10

- - 14

2 2 10

17 2 55

(189) (159) (678)

(12) (11) (46)

(201) (170) (724)

Impairment loss

USD millions 1Q 2018 1Q 2017 2017

5 1 43

- - 19

(1) - (2)

Note 7 Inventories

Total 2471 2127 2229

2019 780 65 7 852

2020 - 46 7 53

2021 89 46 7 142

2022 318 199 4 521

2023 - 44 23 67

Total 1998 664 52 2714

USD millions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

699 82 (0) 82 2Q 2017 709 90 0 90 3Q 2017 846 104 0 104 4Q 2017

3948 477 0 477 2017

Total equity 76770

Total equity 77831

statements in

USD million 1)

statements in

USD million 1)

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

EBITDA

USD millions

Results

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

141 103 147 118 124

53 17 52 44 45

157 224 81 180 237

18 (32) 23 10 (25)

370 312 303 352 381

2856 2936 3021 2759 2683

134 59 88 130 181

370 312 303 352 381

116 104 90 82 201

042 038 033 030 073

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

USD millions

B=Ax4 B

USD millions

1Q 2018

1Q 2017 2017

181 457

210 563

170 724

381 1348

(42) (76)

339 1272

1Q 2018

1Q 2017 2017

201 477

(49) (17)

170 724

339 1272

1Q 2018

(2192)

1Q 2017 2017

(1938)

(2057)

USD millions

F=Ex4 F

USD millions

1Q 2018

1Q 2017 2017

210 563

(42) (76)

168 488

1Q 2018

(2192)

1Q 2018

1Q 2017 2017

14230 14847

(376) (327)

(0) (0)

(317) (349)

(1938) (2057)

1Q 2017 2017

381 1348

(170) (724)

(1) (60)

(0) (0)

(20) (82)

259 581

1Q 2017 2017

181 457

210 563

170 724

381 1348

395 1430

Trade payables 1) (1343) (1124) (1340)

Debtequity ratio

Total equity L (9729) (9159) (9505)

Earnings per share

wwwyaracom

2113 2063 8670

484 467 1846

259 153 891

1 1 (7)

2856 2683 11400

31 49 191

4 2 16

1137 1117 4136

(1172) (1169) (4342)

2145 2112 8861

488 469 1862

1395 1270 5026

(1171) (1168) (4349)

2856 2683 11400

92 84 306

48 41 118

(18) 85 77

12 (29) (44)

134 181 457

141 124 492

53 45 158

157 237 722

18 (25) (23)

370 381 1348

347 44 272

2 5 35

175 209 1165

6 10 33

530 268 1505

4974 4075 4223

673 585 596

10691 9458 10484

333 333 480

16672 14452 15783

Investments 1)

Total Assets 2)

1Q 2018 1Q 2017 2017

68 86 70

117 140 119

271 559 262

44 50 49

37 61 40

93 124 96

248 633 235

01 05 10

Yara 1)

Crop Nutrition

income

Depreciation and

amortization1)

Impairment

loss 2) EBITDA

1Q 2018 Crop Nutrition 92 (1) 16 107 33 1 141

Industrial 48 - 2 50 3 - 53

Production (18) 12 2 (4) 159 2 157

Total 134 11 21 165 201 4 370

1Q 2017 Crop Nutrition 84 (1) 15 98 26 1 124

Industrial 41 1 - 42 3 - 45

Production 85 10 4 99 138 - 237

Total 181 9 20 210 170 1 381

2017 Crop Nutrition 306 3 56 365 108 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

2047 61 4 2112

448 22 14 484

210 13 18 241

- - 1 1

2705 96 37 2838 Total

Freight insurance

and services Total

1Q 2018 Crop Nutrition 768 488 182 325 231 117 2112

Industrial 313 23 25 25 64 33 484

Production 30 47 10 72 82 - 241

Total 1112 558 218 422 377 150 2838

1Q 2017 Crop Nutrition 769 543 188 224 216 122 2063

Industrial 292 19 30 25 74 27 466

Production 26 24 8 57 41 9 164

Total 1090 586 226 305 331 157 2696

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

USD millions

Babrala

Inventories 4

Total assets 385

Babrala

USD millions

Paid stamp duties 3

Babrala

EBITDA 0

Pro forma figures

Other income

USD millions 1Q 2017 2017 1Q 2018

15 - 14

- - 10

- - 14

2 2 10

17 2 55

(189) (159) (678)

(12) (11) (46)

(201) (170) (724)

Impairment loss

USD millions 1Q 2018 1Q 2017 2017

5 1 43

- - 19

(1) - (2)

Note 7 Inventories

Total 2471 2127 2229

2019 780 65 7 852

2020 - 46 7 53

2021 89 46 7 142

2022 318 199 4 521

2023 - 44 23 67

Total 1998 664 52 2714

USD millions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

699 82 (0) 82 2Q 2017 709 90 0 90 3Q 2017 846 104 0 104 4Q 2017

3948 477 0 477 2017

Total equity 76770

Total equity 77831

statements in

USD million 1)

statements in

USD million 1)

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

EBITDA

USD millions

Results

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

141 103 147 118 124

53 17 52 44 45

157 224 81 180 237

18 (32) 23 10 (25)

370 312 303 352 381

2856 2936 3021 2759 2683

134 59 88 130 181

370 312 303 352 381

116 104 90 82 201

042 038 033 030 073

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

USD millions

B=Ax4 B

USD millions

1Q 2018

1Q 2017 2017

181 457

210 563

170 724

381 1348

(42) (76)

339 1272

1Q 2018

1Q 2017 2017

201 477

(49) (17)

170 724

339 1272

1Q 2018

(2192)

1Q 2017 2017

(1938)

(2057)

USD millions

F=Ex4 F

USD millions

1Q 2018

1Q 2017 2017

210 563

(42) (76)

168 488

1Q 2018

(2192)

1Q 2018

1Q 2017 2017

14230 14847

(376) (327)

(0) (0)

(317) (349)

(1938) (2057)

1Q 2017 2017

381 1348

(170) (724)

(1) (60)

(0) (0)

(20) (82)

259 581

1Q 2017 2017

181 457

210 563

170 724

381 1348

395 1430

Trade payables 1) (1343) (1124) (1340)

Debtequity ratio

Total equity L (9729) (9159) (9505)

Earnings per share

wwwyaracom

1Q 2018 1Q 2017 2017

68 86 70

117 140 119

271 559 262

44 50 49

37 61 40

93 124 96

248 633 235

01 05 10

Yara 1)

Crop Nutrition

income

Depreciation and

amortization1)

Impairment

loss 2) EBITDA

1Q 2018 Crop Nutrition 92 (1) 16 107 33 1 141

Industrial 48 - 2 50 3 - 53

Production (18) 12 2 (4) 159 2 157

Total 134 11 21 165 201 4 370

1Q 2017 Crop Nutrition 84 (1) 15 98 26 1 124

Industrial 41 1 - 42 3 - 45

Production 85 10 4 99 138 - 237

Total 181 9 20 210 170 1 381

2017 Crop Nutrition 306 3 56 365 108 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

2047 61 4 2112

448 22 14 484

210 13 18 241

- - 1 1

2705 96 37 2838 Total

Freight insurance

and services Total

1Q 2018 Crop Nutrition 768 488 182 325 231 117 2112

Industrial 313 23 25 25 64 33 484

Production 30 47 10 72 82 - 241

Total 1112 558 218 422 377 150 2838

1Q 2017 Crop Nutrition 769 543 188 224 216 122 2063

Industrial 292 19 30 25 74 27 466

Production 26 24 8 57 41 9 164

Total 1090 586 226 305 331 157 2696

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

USD millions

Babrala

Inventories 4

Total assets 385

Babrala

USD millions

Paid stamp duties 3

Babrala

EBITDA 0

Pro forma figures

Other income

USD millions 1Q 2017 2017 1Q 2018

15 - 14

- - 10

- - 14

2 2 10

17 2 55

(189) (159) (678)

(12) (11) (46)

(201) (170) (724)

Impairment loss

USD millions 1Q 2018 1Q 2017 2017

5 1 43

- - 19

(1) - (2)

Note 7 Inventories

Total 2471 2127 2229

2019 780 65 7 852

2020 - 46 7 53

2021 89 46 7 142

2022 318 199 4 521

2023 - 44 23 67

Total 1998 664 52 2714

USD millions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

699 82 (0) 82 2Q 2017 709 90 0 90 3Q 2017 846 104 0 104 4Q 2017

3948 477 0 477 2017

Total equity 76770

Total equity 77831

statements in

USD million 1)

statements in

USD million 1)

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

EBITDA

USD millions

Results

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

141 103 147 118 124

53 17 52 44 45

157 224 81 180 237

18 (32) 23 10 (25)

370 312 303 352 381

2856 2936 3021 2759 2683

134 59 88 130 181

370 312 303 352 381

116 104 90 82 201

042 038 033 030 073

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

USD millions

B=Ax4 B

USD millions

1Q 2018

1Q 2017 2017

181 457

210 563

170 724

381 1348

(42) (76)

339 1272

1Q 2018

1Q 2017 2017

201 477

(49) (17)

170 724

339 1272

1Q 2018

(2192)

1Q 2017 2017

(1938)

(2057)

USD millions

F=Ex4 F

USD millions

1Q 2018

1Q 2017 2017

210 563

(42) (76)

168 488

1Q 2018

(2192)

1Q 2018

1Q 2017 2017

14230 14847

(376) (327)

(0) (0)

(317) (349)

(1938) (2057)

1Q 2017 2017

381 1348

(170) (724)

(1) (60)

(0) (0)

(20) (82)

259 581

1Q 2017 2017

181 457

210 563

170 724

381 1348

395 1430

Trade payables 1) (1343) (1124) (1340)

Debtequity ratio

Total equity L (9729) (9159) (9505)

Earnings per share

wwwyaracom

USD millions

2047 61 4 2112

448 22 14 484

210 13 18 241

- - 1 1

2705 96 37 2838 Total

Freight insurance

and services Total

1Q 2018 Crop Nutrition 768 488 182 325 231 117 2112

Industrial 313 23 25 25 64 33 484

Production 30 47 10 72 82 - 241

Total 1112 558 218 422 377 150 2838

1Q 2017 Crop Nutrition 769 543 188 224 216 122 2063

Industrial 292 19 30 25 74 27 466

Production 26 24 8 57 41 9 164

Total 1090 586 226 305 331 157 2696

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

USD millions

Babrala

Inventories 4

Total assets 385

Babrala

USD millions

Paid stamp duties 3

Babrala

EBITDA 0

Pro forma figures

Other income

USD millions 1Q 2017 2017 1Q 2018

15 - 14

- - 10

- - 14

2 2 10

17 2 55

(189) (159) (678)

(12) (11) (46)

(201) (170) (724)

Impairment loss

USD millions 1Q 2018 1Q 2017 2017

5 1 43

- - 19

(1) - (2)

Note 7 Inventories

Total 2471 2127 2229

2019 780 65 7 852

2020 - 46 7 53

2021 89 46 7 142

2022 318 199 4 521

2023 - 44 23 67

Total 1998 664 52 2714

USD millions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

699 82 (0) 82 2Q 2017 709 90 0 90 3Q 2017 846 104 0 104 4Q 2017

3948 477 0 477 2017

Total equity 76770

Total equity 77831

statements in

USD million 1)

statements in

USD million 1)

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

EBITDA

USD millions

Results

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

141 103 147 118 124

53 17 52 44 45

157 224 81 180 237

18 (32) 23 10 (25)

370 312 303 352 381

2856 2936 3021 2759 2683

134 59 88 130 181

370 312 303 352 381

116 104 90 82 201

042 038 033 030 073

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

USD millions

B=Ax4 B

USD millions

1Q 2018

1Q 2017 2017

181 457

210 563

170 724

381 1348

(42) (76)

339 1272

1Q 2018

1Q 2017 2017

201 477

(49) (17)

170 724

339 1272

1Q 2018

(2192)

1Q 2017 2017

(1938)

(2057)

USD millions

F=Ex4 F

USD millions

1Q 2018

1Q 2017 2017

210 563

(42) (76)

168 488

1Q 2018

(2192)

1Q 2018

1Q 2017 2017

14230 14847

(376) (327)

(0) (0)

(317) (349)

(1938) (2057)

1Q 2017 2017

381 1348

(170) (724)

(1) (60)

(0) (0)

(20) (82)

259 581

1Q 2017 2017

181 457

210 563

170 724

381 1348

395 1430

Trade payables 1) (1343) (1124) (1340)

Debtequity ratio

Total equity L (9729) (9159) (9505)

Earnings per share

wwwyaracom

Consideration

USD millions

Babrala

Inventories 4

Total assets 385

Babrala

USD millions

Paid stamp duties 3

Babrala

EBITDA 0

Pro forma figures

Other income

USD millions 1Q 2017 2017 1Q 2018

15 - 14

- - 10

- - 14

2 2 10

17 2 55

(189) (159) (678)

(12) (11) (46)

(201) (170) (724)

Impairment loss

USD millions 1Q 2018 1Q 2017 2017

5 1 43

- - 19

(1) - (2)

Note 7 Inventories

Total 2471 2127 2229

2019 780 65 7 852

2020 - 46 7 53

2021 89 46 7 142

2022 318 199 4 521

2023 - 44 23 67

Total 1998 664 52 2714

USD millions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

699 82 (0) 82 2Q 2017 709 90 0 90 3Q 2017 846 104 0 104 4Q 2017

3948 477 0 477 2017

Total equity 76770

Total equity 77831

statements in

USD million 1)

statements in

USD million 1)

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

EBITDA

USD millions

Results

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

141 103 147 118 124

53 17 52 44 45

157 224 81 180 237

18 (32) 23 10 (25)

370 312 303 352 381

2856 2936 3021 2759 2683

134 59 88 130 181

370 312 303 352 381

116 104 90 82 201

042 038 033 030 073

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

USD millions

B=Ax4 B

USD millions

1Q 2018

1Q 2017 2017

181 457

210 563

170 724

381 1348

(42) (76)

339 1272

1Q 2018

1Q 2017 2017

201 477

(49) (17)

170 724

339 1272

1Q 2018

(2192)

1Q 2017 2017

(1938)

(2057)

USD millions

F=Ex4 F

USD millions

1Q 2018

1Q 2017 2017

210 563

(42) (76)

168 488

1Q 2018

(2192)

1Q 2018

1Q 2017 2017

14230 14847

(376) (327)

(0) (0)

(317) (349)

(1938) (2057)

1Q 2017 2017

381 1348

(170) (724)

(1) (60)

(0) (0)

(20) (82)

259 581

1Q 2017 2017

181 457

210 563

170 724

381 1348

395 1430

Trade payables 1) (1343) (1124) (1340)

Debtequity ratio

Total equity L (9729) (9159) (9505)

Earnings per share

wwwyaracom

Consideration

USD millions

Babrala

Inventories 4

Total assets 385

Babrala

USD millions

Paid stamp duties 3

Babrala

EBITDA 0

Pro forma figures

Other income

USD millions 1Q 2017 2017 1Q 2018

15 - 14

- - 10

- - 14

2 2 10

17 2 55

(189) (159) (678)

(12) (11) (46)

(201) (170) (724)

Impairment loss

USD millions 1Q 2018 1Q 2017 2017

5 1 43

- - 19

(1) - (2)

Note 7 Inventories

Total 2471 2127 2229

2019 780 65 7 852

2020 - 46 7 53

2021 89 46 7 142

2022 318 199 4 521

2023 - 44 23 67

Total 1998 664 52 2714

USD millions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

699 82 (0) 82 2Q 2017 709 90 0 90 3Q 2017 846 104 0 104 4Q 2017

3948 477 0 477 2017

Total equity 76770

Total equity 77831

statements in

USD million 1)

statements in

USD million 1)

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

EBITDA

USD millions

Results

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

141 103 147 118 124

53 17 52 44 45

157 224 81 180 237

18 (32) 23 10 (25)

370 312 303 352 381

2856 2936 3021 2759 2683

134 59 88 130 181

370 312 303 352 381

116 104 90 82 201

042 038 033 030 073

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

USD millions

B=Ax4 B

USD millions

1Q 2018

1Q 2017 2017

181 457

210 563

170 724

381 1348

(42) (76)

339 1272

1Q 2018

1Q 2017 2017

201 477

(49) (17)

170 724

339 1272

1Q 2018

(2192)

1Q 2017 2017

(1938)

(2057)

USD millions

F=Ex4 F

USD millions

1Q 2018

1Q 2017 2017

210 563

(42) (76)

168 488

1Q 2018

(2192)

1Q 2018

1Q 2017 2017

14230 14847

(376) (327)

(0) (0)

(317) (349)

(1938) (2057)

1Q 2017 2017

381 1348

(170) (724)

(1) (60)

(0) (0)

(20) (82)

259 581

1Q 2017 2017

181 457

210 563

170 724

381 1348

395 1430

Trade payables 1) (1343) (1124) (1340)

Debtequity ratio

Total equity L (9729) (9159) (9505)

Earnings per share

wwwyaracom

Babrala

USD millions

Paid stamp duties 3

Babrala

EBITDA 0

Pro forma figures

Other income

USD millions 1Q 2017 2017 1Q 2018

15 - 14

- - 10

- - 14

2 2 10

17 2 55

(189) (159) (678)

(12) (11) (46)

(201) (170) (724)

Impairment loss

USD millions 1Q 2018 1Q 2017 2017

5 1 43

- - 19

(1) - (2)

Note 7 Inventories

Total 2471 2127 2229

2019 780 65 7 852

2020 - 46 7 53

2021 89 46 7 142

2022 318 199 4 521

2023 - 44 23 67

Total 1998 664 52 2714

USD millions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

699 82 (0) 82 2Q 2017 709 90 0 90 3Q 2017 846 104 0 104 4Q 2017

3948 477 0 477 2017

Total equity 76770

Total equity 77831

statements in

USD million 1)

statements in

USD million 1)

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

EBITDA

USD millions

Results

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

141 103 147 118 124

53 17 52 44 45

157 224 81 180 237

18 (32) 23 10 (25)

370 312 303 352 381

2856 2936 3021 2759 2683

134 59 88 130 181

370 312 303 352 381

116 104 90 82 201

042 038 033 030 073

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

USD millions

B=Ax4 B

USD millions

1Q 2018

1Q 2017 2017

181 457

210 563

170 724

381 1348

(42) (76)

339 1272

1Q 2018

1Q 2017 2017

201 477

(49) (17)

170 724

339 1272

1Q 2018

(2192)

1Q 2017 2017

(1938)

(2057)

USD millions

F=Ex4 F

USD millions

1Q 2018

1Q 2017 2017

210 563

(42) (76)

168 488

1Q 2018

(2192)

1Q 2018

1Q 2017 2017

14230 14847

(376) (327)

(0) (0)

(317) (349)

(1938) (2057)

1Q 2017 2017

381 1348

(170) (724)

(1) (60)

(0) (0)

(20) (82)

259 581

1Q 2017 2017

181 457

210 563

170 724

381 1348

395 1430

Trade payables 1) (1343) (1124) (1340)

Debtequity ratio

Total equity L (9729) (9159) (9505)

Earnings per share

wwwyaracom

Other income

USD millions 1Q 2017 2017 1Q 2018

15 - 14

- - 10

- - 14

2 2 10

17 2 55

(189) (159) (678)

(12) (11) (46)

(201) (170) (724)

Impairment loss

USD millions 1Q 2018 1Q 2017 2017

5 1 43

- - 19

(1) - (2)

Note 7 Inventories

Total 2471 2127 2229

2019 780 65 7 852

2020 - 46 7 53

2021 89 46 7 142

2022 318 199 4 521

2023 - 44 23 67

Total 1998 664 52 2714

USD millions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

699 82 (0) 82 2Q 2017 709 90 0 90 3Q 2017 846 104 0 104 4Q 2017

3948 477 0 477 2017

Total equity 76770

Total equity 77831

statements in

USD million 1)

statements in

USD million 1)

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

EBITDA

USD millions

Results

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

141 103 147 118 124

53 17 52 44 45

157 224 81 180 237

18 (32) 23 10 (25)

370 312 303 352 381

2856 2936 3021 2759 2683

134 59 88 130 181

370 312 303 352 381

116 104 90 82 201

042 038 033 030 073

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

USD millions

B=Ax4 B

USD millions

1Q 2018

1Q 2017 2017

181 457

210 563

170 724

381 1348

(42) (76)

339 1272

1Q 2018

1Q 2017 2017

201 477

(49) (17)

170 724

339 1272

1Q 2018

(2192)

1Q 2017 2017

(1938)

(2057)

USD millions

F=Ex4 F

USD millions

1Q 2018

1Q 2017 2017

210 563

(42) (76)

168 488

1Q 2018

(2192)

1Q 2018

1Q 2017 2017

14230 14847

(376) (327)

(0) (0)

(317) (349)

(1938) (2057)

1Q 2017 2017

381 1348

(170) (724)

(1) (60)

(0) (0)

(20) (82)

259 581

1Q 2017 2017

181 457

210 563

170 724

381 1348

395 1430

Trade payables 1) (1343) (1124) (1340)

Debtequity ratio

Total equity L (9729) (9159) (9505)

Earnings per share

wwwyaracom

2019 780 65 7 852

2020 - 46 7 53

2021 89 46 7 142

2022 318 199 4 521

2023 - 44 23 67

Total 1998 664 52 2714

USD millions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

699 82 (0) 82 2Q 2017 709 90 0 90 3Q 2017 846 104 0 104 4Q 2017

3948 477 0 477 2017

Total equity 76770

Total equity 77831

statements in

USD million 1)

statements in

USD million 1)

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

EBITDA

USD millions

Results

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

141 103 147 118 124

53 17 52 44 45

157 224 81 180 237

18 (32) 23 10 (25)

370 312 303 352 381

2856 2936 3021 2759 2683

134 59 88 130 181

370 312 303 352 381

116 104 90 82 201

042 038 033 030 073

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

USD millions

B=Ax4 B

USD millions

1Q 2018

1Q 2017 2017

181 457

210 563

170 724

381 1348

(42) (76)

339 1272

1Q 2018

1Q 2017 2017

201 477

(49) (17)

170 724

339 1272

1Q 2018

(2192)

1Q 2017 2017

(1938)

(2057)

USD millions

F=Ex4 F

USD millions

1Q 2018

1Q 2017 2017

210 563

(42) (76)

168 488

1Q 2018

(2192)

1Q 2018

1Q 2017 2017

14230 14847

(376) (327)

(0) (0)

(317) (349)

(1938) (2057)

1Q 2017 2017

381 1348

(170) (724)

(1) (60)

(0) (0)

(20) (82)

259 581

1Q 2017 2017

181 457

210 563

170 724

381 1348

395 1430

Trade payables 1) (1343) (1124) (1340)

Debtequity ratio

Total equity L (9729) (9159) (9505)

Earnings per share

wwwyaracom

699 82 (0) 82 2Q 2017 709 90 0 90 3Q 2017 846 104 0 104 4Q 2017

3948 477 0 477 2017

Total equity 76770

Total equity 77831

statements in

USD million 1)

statements in

USD million 1)

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

EBITDA

USD millions

Results

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

141 103 147 118 124

53 17 52 44 45

157 224 81 180 237

18 (32) 23 10 (25)

370 312 303 352 381

2856 2936 3021 2759 2683

134 59 88 130 181

370 312 303 352 381

116 104 90 82 201

042 038 033 030 073

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

USD millions

B=Ax4 B

USD millions

1Q 2018

1Q 2017 2017

181 457

210 563

170 724

381 1348

(42) (76)

339 1272

1Q 2018

1Q 2017 2017

201 477

(49) (17)

170 724

339 1272

1Q 2018

(2192)

1Q 2017 2017

(1938)

(2057)

USD millions

F=Ex4 F

USD millions

1Q 2018

1Q 2017 2017

210 563

(42) (76)

168 488

1Q 2018

(2192)

1Q 2018

1Q 2017 2017

14230 14847

(376) (327)

(0) (0)

(317) (349)

(1938) (2057)

1Q 2017 2017

381 1348

(170) (724)

(1) (60)

(0) (0)

(20) (82)

259 581

1Q 2017 2017

181 457

210 563

170 724

381 1348

395 1430

Trade payables 1) (1343) (1124) (1340)

Debtequity ratio

Total equity L (9729) (9159) (9505)

Earnings per share

wwwyaracom

Total equity 76770

Total equity 77831

statements in

USD million 1)

statements in

USD million 1)

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

EBITDA

USD millions

Results

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

141 103 147 118 124

53 17 52 44 45

157 224 81 180 237

18 (32) 23 10 (25)

370 312 303 352 381

2856 2936 3021 2759 2683

134 59 88 130 181

370 312 303 352 381

116 104 90 82 201

042 038 033 030 073

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

USD millions

B=Ax4 B

USD millions

1Q 2018

1Q 2017 2017

181 457

210 563

170 724

381 1348

(42) (76)

339 1272

1Q 2018

1Q 2017 2017

201 477

(49) (17)

170 724

339 1272

1Q 2018

(2192)

1Q 2017 2017

(1938)

(2057)

USD millions

F=Ex4 F

USD millions

1Q 2018

1Q 2017 2017

210 563

(42) (76)

168 488

1Q 2018

(2192)

1Q 2018

1Q 2017 2017

14230 14847

(376) (327)

(0) (0)

(317) (349)

(1938) (2057)

1Q 2017 2017

381 1348

(170) (724)

(1) (60)

(0) (0)

(20) (82)

259 581

1Q 2017 2017

181 457

210 563

170 724

381 1348

395 1430

Trade payables 1) (1343) (1124) (1340)

Debtequity ratio

Total equity L (9729) (9159) (9505)

Earnings per share

wwwyaracom

EBITDA

USD millions

Results

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

141 103 147 118 124

53 17 52 44 45

157 224 81 180 237

18 (32) 23 10 (25)

370 312 303 352 381

2856 2936 3021 2759 2683

134 59 88 130 181

370 312 303 352 381

116 104 90 82 201

042 038 033 030 073

1Q 2018 4Q 2017 3Q 2017 2Q 2017 1Q 2017

USD millions

B=Ax4 B

USD millions

1Q 2018

1Q 2017 2017

181 457

210 563

170 724

381 1348

(42) (76)

339 1272

1Q 2018

1Q 2017 2017

201 477

(49) (17)

170 724

339 1272

1Q 2018

(2192)

1Q 2017 2017

(1938)

(2057)

USD millions

F=Ex4 F

USD millions

1Q 2018

1Q 2017 2017

210 563

(42) (76)

168 488

1Q 2018

(2192)

1Q 2018

1Q 2017 2017

14230 14847

(376) (327)

(0) (0)

(317) (349)

(1938) (2057)

1Q 2017 2017

381 1348

(170) (724)

(1) (60)

(0) (0)

(20) (82)

259 581

1Q 2017 2017

181 457

210 563

170 724

381 1348

395 1430

Trade payables 1) (1343) (1124) (1340)

Debtequity ratio

Total equity L (9729) (9159) (9505)

Earnings per share

wwwyaracom

USD millions

B=Ax4 B

USD millions

1Q 2018

1Q 2017 2017

181 457

210 563

170 724

381 1348

(42) (76)

339 1272

1Q 2018

1Q 2017 2017

201 477

(49) (17)

170 724

339 1272

1Q 2018

(2192)

1Q 2017 2017

(1938)

(2057)

USD millions

F=Ex4 F

USD millions

1Q 2018

1Q 2017 2017

210 563

(42) (76)

168 488

1Q 2018

(2192)

1Q 2018

1Q 2017 2017

14230 14847

(376) (327)

(0) (0)

(317) (349)

(1938) (2057)

1Q 2017 2017

381 1348

(170) (724)

(1) (60)

(0) (0)

(20) (82)

259 581

1Q 2017 2017

181 457

210 563

170 724

381 1348

395 1430

Trade payables 1) (1343) (1124) (1340)

Debtequity ratio

Total equity L (9729) (9159) (9505)

Earnings per share

wwwyaracom

USD millions

F=Ex4 F

USD millions

1Q 2018

1Q 2017 2017

210 563

(42) (76)

168 488

1Q 2018

(2192)

1Q 2018

1Q 2017 2017

14230 14847

(376) (327)

(0) (0)

(317) (349)

(1938) (2057)

1Q 2017 2017

381 1348

(170) (724)

(1) (60)

(0) (0)

(20) (82)

259 581

1Q 2017 2017

181 457

210 563

170 724

381 1348

395 1430

Trade payables 1) (1343) (1124) (1340)

Debtequity ratio

Total equity L (9729) (9159) (9505)

Earnings per share

wwwyaracom

Trade payables 1) (1343) (1124) (1340)

Debtequity ratio

Total equity L (9729) (9159) (9505)

Earnings per share

wwwyaracom

Documents

First-quarter report 2018 - Yara International · 2018-04-19 · First-quarter urea production in China is estimated to be 7% below same quarter last year, with season-to-date production