Fourth-quarter report 2017...USA, Russia and Saudi Arabia. For fourth quarter 2017, a combination of supply limitations of mainly technical character, and strong Asian demand, pulled

Fourth-quarter report 2017

Yara International ASA

Improvement program ahead of schedule

Improved results reflecting higher margins

Strong full-year Industrial results

Proposed dividend NOK 650 per share 45 of net income

Earnings per share NOK

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

Debtequity ratio

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

EBITDA NOK millions

-3 2Q 16 3Q16 4Q16 1Q17 2Q 17 3Q 17 4Q17

2 Yara fourth quarter 2017

Fourth quarter 2017 Financial highlights NOK millions except where indicated otherwise 4Q 2017 4Q 2016 2017 2016

23937 22327 93812 97170

455 521 3777 8771

113 (358) 245 (348)

2526 2015 11120 15563

2845 2474 11782 14449

846 (333) 3948 6360

310 (122) 1445 2325

226 (071) 1200 2256

388 158 1494 2044

2732 2732 2732 2735

71 47 70 95

36 00 40 75

Net income after non-controlling interests

ROCE 2)

Earnings per share 1)

Earnings per share exclcurrency 1)

Earnings per share exclcurrency and special items 1)

Average number of shares outstanding (millions) CROGI 2)

Revenue and other income Operating income Share net income equity-accounted investees EBITDA EBITDA excl special items

1) NOK 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 4Q 2017 4Q 2016 2017 2016

1973 1885 7459 7504

5113 5042 20203 19497

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

507 2023 2043

6863 27159 27260

1775 7117 6892

9145 36298 36195

43 50 41

53 61 50

Average prices 4Q 2017 4Q 2016 2017 2016

Urea granular (fob Egypt) 272 233 243 217

CAN (cif Germany) 239 184 218 199

Ammonia (fob Black Sea) 286 190 267 236

DAP (fob US Gulf) 366 324 354 347

Phosphate rock (fob Morocco) 84 99 90 111

European gas (TTF) 67 54 57 45

US gas (Henry Hub) 29 30 30 25

USDNOK currency rate 816 837 827 840

EURNOK currency rate 961 903 932 929

BRLNOK currency rate 251 254 259 242

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

USD per MMBtu USD per MMBtu

Yararsquos fourth-quarter net income after non-controlling interests was NOK 846 million compared with negative NOK 333 million a year earlier Excluding net foreign currency translation gainloss and special items the result was NOK 1061 million (NOK 388 per share) compared with NOK 432 million (NOK 158 per share) in fourth quarter 2016

ldquoYara reports improved results with higher production and

the Yara Improvement Program ahead of schedulerdquo said Svein Tore Holsether President and Chief Executive Officer of Yara

ldquoOur financial results are better mainly due to higher market prices However fertilizer markets remain fundamentally supply-driven and we remain focused on strengthening our own operationsrdquo said Holsether

Fertilizer market conditions Following four consecutive seasons where global grain production exceeded consumption the US Department of Agriculture forecasts consumption to exceed production marginally for the 201718 season The projected stocks-toshyuse ratio at 91 days of consumption is down one day 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 up 2 from fourth quarter 2016 but 5 below the five-year average while the cereal price index was 8 up from fourth quarter the previous year and 12 below the five-year average

Granular urea prices fob Egypt averaged USD 272 per tonne up 17 compared to the same quarter the previous year The stronger prices are caused 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 and supported the urea market Relatively slow demand and increased production outside China with new plants starting production have reduced the need for Chinese urea exports This resulted in global urea prices disconnecting from the Chinese domestic price during parts of 2017 including second half of fourth quarter

Ammonia prices fob Black Sea were on average USD 286 per tonne for the quarter compared with USD 190 per tonne a year earlier The ammonia market is fundamentally oversupplied when production runs at high utilization rates like it did in fourth quarter 2016 due to capacity additions in USA Russia and Saudi Arabia For fourth quarter 2017 a combination of supply limitations of mainly technical character and strong Asian demand pulled prices up to well above the cost of production for most producers

Phosphate prices averaged USD 366 per tonne fob US Gulf for DAP for the quarter up from USD 324 per tonne a year earlier Higher prices of sulphur and ammonia increased the cost of producing DAP explaining most of the price increase Reduced exports from China offset the added capacity in Saudi Arabia and Morocco and towards the end of the quarter Mosaic announced a major production curtailment in Florida

The average phosphate rock price fob Morocco was down 15 compared to a year earlier with upgrading margins from rock to DAP overall stronger than a year ago depending on the producers cost position on sulphur and ammonia the other two key raw materials

Regional market developments Fourth-quarter nitrogen fertilizer deliveries in Western Europe are down by an estimated 7 on a year earlier and in line with the 5-year average with imports down 15 Season to date deliveries are stable from last season with imports down 1 Similar to a year ago early buying has been relatively strong this season

In Brazil fourth-quarter fertilizer deliveries were 96 million tonnes stable from the previous year Urea imports were 17 million tonnes compared to 13 million tonnes the previous year Full year fertilizer deliveries were 344 million tonnes up 1 from the previous year Imports were up 8 on 2016 domestic production decreased 10 Urea imports were 54 million tons compared to 40 million tons a year earlier setting a new record

Fourth-quarter US nitrogen supply is estimated to be down around 15 on a year earlier despite increased domestic production due to low imports Season to date US nitrogen supply is estimated to lag last season by 8 at the end of 2017 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

Fourth-quarter urea production in China is estimated to be 4 below same quarter last year with season-to-date production down 4 as well 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 fourth quarter was 27 higher than a year earlier (measured in local currency) reflecting an increase of USD 65 per tonne China exported 11 million tonnes urea during the fourth quarter modestly lower than 14 million tonnes for the same period the previous year But for the full year China exported 47 million tonnes of urea down from 89 million tonnes during 2016 Despite the worsening supplydemand balance outside China higher Chinese production costs have led to stronger global urea pricing

In India urea sales so far in the agricultural year (April-December) exceeded last year by 4 while urea production was down by 3 During the same period 5 million tonnes urea were imported similar to same period the previous year resulting in lower inventories at end December than a year earlier

Production volumes 1)

4Q 2017 4Q 2016 2017 2016

1973 1885 7459 7504

279 252 1061 1033

1357 1326 5257 5167

416 373 1573 1536

1613 1554 6173 6044

1366 1280 5504 4891

384 337 1511 1379

220 220 931 909

173 326 822 1106

5113 5042 20199 19497

Nitrate NPK

Ammonia of which equity-accounted investees

Urea of which equity-accounted investees

Thousand tonnes

CN UAN SSP-based fertilizer Total Finished Products1)

Fertilizer deliveries 4Q 2017 4Q 2016 2017 2016

1150 1264 4756 4676

454 573 1997 2117

500 510 1821 1797

1513 1477 5659 5781

1428 1403 5356 5424

2679 2797 10413 10410

1366 1375 5382 5047

1165 1330 4663 5083

245 227 1185 1132

241 224 1168 1114

233 291 1299 1356

201 234 1050 1115

175 172 939 954

139 126 699 826

118 156 676 832

332 285 1367 1253

197 193 864 866

6642 6863 27159 27260

Thousand tonnes Fertilizer deliveries per product Urea

of which Yara-produced of which equity-accounted investees

Nitrate of which Yara-produced

UAN of which Yara-produced

SSP of which Yara-produced

DAPMAP

NPK of which Yara-produced compounds of which Yara-produced blends

CN of which Yara-produced

MOPSOP Other fertilizer products Total fertilizer deliveries 1)

2243 2293 9159 9418

2297 2448 9044 9213

587 533 2373 2217

662 801 3034 3106

550 520 2221 2080

303 268 1328 1228

6642 6863 27159 27260

1) Fertilizer deliveries in Brazil for the period 1Q-3Q 17 have been restated The restated numbers are 305 kilotonnes lower compared to the 3Q 17 report

Fertilizer deliveries per region

Africa Total fertilizer deliveries

Europe

Brazil 1)

Latin America excluding Brazil North America Asia

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

Industrial product deliveries Thousand tonnes

Ammonia 1)

581 553 2211 2025

238 223 868 776

186 201 791 763

113 103 419 371

279 269 1117 1379

498 467 1866 1686

1834 1775 7117 6892 Total Industrial product deliveries

Urea 1)

of which Environmental products

Nitrate 2)

Other industrial products 3)

Water content in Industrial Ammonia and Urea

1) Pure product equivalents 2) Including AN Solution 3) Including nitric acid feed phosphates CO2 sulphuric acid and other minor products

4Q 2017 4Q 2016 2017

177 183 713

Variance analysis fourth quarter

4Q 2017 NOK millions

EBITDA 2017 2526

EBITDA 2016 2015

Reported EBITDA variance 511

Special items variance (see page 11 for details) 139

EBITDA ex special items variance 372

Volume (74)

PriceMargin 1274

Energy costs (531)

Currency translation (207)

Other (91)

Total variance explained 372

Yara delivered higher fourth-quarter results compared with a year earlier EBITDA excluding special items was 15 higher compared with fourth quarter 2016 explained by highshyer margins

Total fertilizer deliveries were 3 lower compared to a year earlier driven by lower deliveries in North America Brazil and Europe Industrial deliveries were 3 higher than a year ago reflecting continued growth for AdBlue

Total ammonia production was 5 higher than fourth quarshyter last year reflecting mainly lower turnaround activity compared to a year ago Overall ammonia reliability was lower than in fourth quarter last year when ammonia proshyduction performance was strong Finished fertilizer producshytion increased 1 compared to last year reflecting fewer planned turnarounds and the expansion in the Uusikaupunki NPK plant

Margins in the quarter were higher than a year earlier with higher energy costs more than offset by higher realized prices Fertilizer nitrate prices increased around 20 comshypound NPK prices were 6 higher while fertilizer urea pricshyes increased 13 compared to fourth quarter last year Realshyized Industrial urea prices were 13 higher ammonia prices increased 20 while Industrial nitrate prices were 7 higher than a year ago Yararsquos total energy costs increased 21 offsetting around half of the positive price effects

Regional developments In Europe Yararsquos total fertilizer deliveries were 2 lower than fourth quarter last year compared to a 7 drop in total nitrogen industry deliveries Yararsquos nitrate deliveries were in line with last year while higher NPK deliveries in the Norshydics were more than offset by lower urea and UAN delivershyies

Yara Brazilrsquos fertilizer deliveries were 6 lower than a year earlier While deliveries of blended commodity products were 8 lower deliveries of Yara-produced premium prodshyucts increased around 5

Other items The negative currency translation effect relates mainly to a weaker US dollar versus Yararsquos other main currencies in fourth quarter 2017 compared to a year ago

Special items in the quarter include closure costs of NOK 278 million related to discontinuation of a pilot plant for small scale production of ammonium nitrate in Porsgrunn

Variance analysis full year

YTD 2017 NOK millions

EBITDA 2017 11120

EBITDA 2016 15563

Reported EBITDA variance (4444)

Special items variance (see page 11 for details) (1776)

EBITDA ex special items variance (2667)

Volume 354

PriceMargin 49

Energy costs (2182)

Other (714)

Total variance explained (2667)

Yara delivered weaker 2017 results compared with a year earlier EBITDA excluding special items was 18 lower compared to last year reflecting lower margins

Total 2017 fertilizer deliveries were in line with 2016 delivershyies Lower deliveries in Europe and Brazil were offset by growth in the rest of Latin America and Asia Adjusting for the divestment of the CO2 business in 2016 total Industrial deliveries were 8 higher compared to 2016 driven mainly by continued growth for AdBlue and higher deliveries of nitrogen chemicals to the European process industry

Ammonia production was 1 lower compared to 2016 Proshyduction reliability improved in most plants during 2017 These improvements were however more than offset by lower production in the Porsgrunn ammonia plant due to the fire in April 2017 Finished fertilizer production was 4 higher than in 2016 reflecting mainly reliability improveshyments The impact of the expansion in the NPK plant in Uusikaupunki was offset by more turnarounds

Margins in 2017 were lower than a year ago While Yararsquos weighted average gas cost increased 22 or around 1 USD per MMBtu prices were on average only marginally higher than in 2016 Fertilizer nitrate prices increased around 3 compound NPK prices were 2 lower while fertilizer urea prices were in line with 2016 Realized Industrial urea prices

were 1 higher ammonia prices increased 2 while Indusshytrial nitrate prices were 3 lower than a year ago

Regional developments In Europe Yararsquos total fertilizer deliveries were 3 lower than in 2016 driven by lower nitrate and urea deliveries while NPK deliveries were 2 higher

Yara Brazilrsquos fertilizer deliveries in 2017 were 2 lower than a year ago driven by lower deliveries of blended commodity products Deliveries of Yara-produced premium products increased almost 20 primarily reflecting higher compound NPK deliveries

Other items Around half of the negative ldquoOtherrdquo variance reflects higher fixed costs mainly related to the roll-out of the Yara Imshyprovement program An additional NOK 100 million is exshyplained by the divestment of the CO2 business in 2016

Improvement program

Yara established in 2016 a corporate program to drive and coordinate improvement initiatives The Yara Improvement program will deliver at least USD 500 million of annual EBITDA improvement compared to 2015 within 2020

Compared to the 2015 base the improvements represent annual EBITDA effects of USD 240 million of which around 60 relate to reliability improvements in Yararsquos production system while procurement related improvements represent the remainder

The impact of improvements realized in 2017 compared to 2016 amount to around USD 140 million of which 50 reshylates to reliability improvements which have enabled higher deliveries of finished fertilizer and Industrial products The remaining 50 of the USD 140 million reflect energy effishyciency and procurement related improvements which had a positive margin impact in 2017

Financial items

NOK millions

Interest income Dividends and net gain(loss) on securities Interest income and other financial income

Interest expense Net interest expense on net pension liability Net foreign currency translation gain(loss) Other Interest expense and foreign currency translation gain(loss)

Net financial income(expense)

Fourth-quarter net financial income was NOK 197 million compared with an expense of NOK 248 million previous year The variance primarily reflects a net foreign currency translation gain of NOK 257 million this quarter compared with a loss of NOK 241 million a year earlier

Interest income decreased with NOK 20 million compared with the same quarter last year with average cash deposits around NOK 23 billion lower

Fourth-quarter interest expense was NOK 21 million lower than a year before despite an average gross debt level around NOK 51 billion higher The effect of the increased debt level was more than offset by increased capitalized interest related to expansion projects

The net foreign currency translation gain in the quarter was NOK 257 million While the US dollar denominated debt positions generated a net loss as the US dollar depreciated around 1 against the euro and appreciated up to 4 against Yararsquos other main currencies This was more than offset by gains on internal currency positions in euro vs Norwegian krone as the euro appreciated over 4 In the same quarter a year ago the foreign currency translation loss was mainly due to the US dollar appreciating between 5 and 7 against most of Yararsquos other main currencies

Yararsquos US dollar debt generating currency effects in the income statement was approximately USD 2100 million at the start of the first quarter 2018 with around 50 of the exposure towards emerging market currencies

4Q 2017

4Q 2016 2017 2016

168 618 690

11 16 36

179 634 725

(146) (474) (713)

(19) (67) (66)

(241) 826 115

(20) (137) (122)

(426) 147 (786)

(248) 782 (61)

Full-year net financial income was NOK 782 million compared with an expense of NOK 61 million previous year The variance is primarily explained by higher foreign currency translation gain and lower interest expense

Interest expense was NOK 239 million lower than previous year as the effect of an average gross debt level around NOK 3700 million higher was more than offset by an increase in capitalized interest related to expansion projects

The foreign currency translation gain this year of NOK 826 million comprised a gain of NOK 693 million on Yararsquos US dollar debt and a gain of NOK 133 million on internal positions in other currencies than USD Corresponding figures a year ago were a NOK 730 million loss on US dollar positions and a NOK 845 million gain on internal currency positions

Interest income was NOK 72 million lower than last year as average cash deposits were almost NOK 22 billion lower

Tax Fourth-quarter current and deferred tax income was NOK 170 million The tax income reflects non-recurring tax benefits obtained through reorganization of corporate structures in Brazil and Europe See note 6 for more information

Net interest-bearing debt

NOK millions 4Q 2017 YTD 2017

Net interest-bearing debt at beginning of period (16476) (12802)

Cash earnings 1) 1736 8252

Dividends received from equity-accounted investees - 68

Net operating capital change (1116) (840)

Investments (net) (2908) (11105)

Yara dividend - (2732)

Foreign currency translation gain(loss) 257 826

Other 2) (877) (1049)

of which foreign currency translation adjustment (613) (129)

Net interest-bearing debt at end of period (19383) (19383)

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 in USD the translation effect when consolidating net interest bearing debt to the presentation currency NOK and internal currency positions that are not related to net interest bearing debt

As a supplement to the consolidated statement of cash flows (page 18) this table highlights the key factors behind the development in net interest-bearing debt

Net interest-bearing debt was NOK 19383 million at the end of fourth quarter 2017 compared with NOK 16476 million at the end of third quarter 2017 The increase reflects higher investments and working capital

The investment activity for the quarter reflects both growth investments and planned maintenance programs The main growth investments during the quarter were the Rio Grande plant modernization project and the Salitre mining project amounting to around NOK 950 million

Working capital increased during the quarter reflecting higher inventory values and seasonal reduction in customer prepayments and payables in Brazil

The debtequity ratio at the end of 2017 calculated as net interest-bearing debt divided by shareholdersrsquo equity plus non-controlling interests was 025 compared with 022 at the end of third quarter 2017

Dividend policy Yararsquos objective is to pay out an average 40-45 of net income in the form of dividends and share buy-backs Within this objective a minimum 30 of net income shall be paid in the form of dividends while share buy-backs make up the balance and are deployed with greater flexibility

Yararsquos Board will propose to the Annual General Meeting a dividend payment of NOK 650 per share for 2017 which represent 45 of net income after non-controlling interests

The Board believes Yararsquos long-term policy of distributing 40-45 of net income remains appropriate given its current market outlook and expected pipeline of future growth opportunities

The Board intends to propose to the Annual General Meeting a new buy-back program along the lines of the previous one

Outlook Following four consecutive strong grain harvests globally the US Department of Agriculture projects a one-day reduction in the global stocks-to-use ratio for the 201718 season as production is forecast to fall slightly short of consumption The global farm margin outlook and incentives for fertilizer application remain supportive overall and the price trend for cereals and meat has been positive for the year

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 and reduced exports Although urea capacity increases outside China are above historical trend consumption growth rates the reduced availability and higher cost of Chinese urea is offsetting over-supply elsewhere

Lower exports of Chinese urea are also driving 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 only a modest improvement in global demand could push global prices closer to Chinese levels Such a scenario is not unlikely given the approaching spring application period on the Northern hemisphere

In Europe season-to-date nitrogen industry deliveries are in line with a year earlier while producer stocks are below the 5-year average So far in the first quarter Yararsquos European nitrate deliveries are slightly behind the same period a year earlier

Based on current forward markets for natural gas (31 January) Yararsquos spot-priced gas costs for first and second quarter 2018 are expected to be respectively NOK 225 million and NOK 300 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 (NOK 10 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 end of 2018 Applying average 2015 market prices these projects are expected to generate approximately USD 600 million of annual EBITDA improvement (NOK 6 net income per share) by 2020 when fully operational

Yara completed its acquisition of Tata Chemicals urea business in India on 12 January this year marking a significant step forward for its growth ambitions in India and adding approximately USD 40 million annually to Yararsquos EBITDA going forward The closing of Yararsquos acquisition of the Vale Cubatatildeo Fertilizantes complex in Brazil is expected to take place by mid 2018 (see note 4 for further details)

The Board of Directors and Chief Executive Officer Yara International ASA Oslo 7 February 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 NOK 30 million per item within a 12month period ldquoContract

derivativesrdquo are commodity-based derivatives gains or losses (see above) which are not the result of active exposure or position management by Yara

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

Reconciliations of alternative performance measures are provided on page 31 32 and 33

Special items EBITDA effect

NOK millions Notes 4Q 2017 4Q 2016 2017 2016 4Q 2017 4Q 2016 2017 2016

Sale of land in Brazil 64 - 64 - 64 - 64 -

Gain from changes in pension plans 58 - 58 - 58 - 58 -

Asset write-down - - - - (81) - (127) -

Total Crop Nutrition 122 - 122 - 41 - (5) -

Closure of Helsingborg plant (27) - (27) (67) - (67) -

Sale of 5 stake in Pilbara Nitrates (49) - (49) (49) - (49) -

Discontinuation of pilot plant (278) - (278) (396) - (396) -

Gain of sale of CO2 business - - - 1333 - - - 1333

Total Industrial (354) - (354) 1333 (512) - (512) 1333

Environmental provisions (66) (130) (139) (130) (66) (130) (139) (130)

Provision for closing of Pardies site 10 13 - (247) - 13 - (247) -

Pension adjustments (33) - (33) (33) - (33) -

Refund of energy intensive tax - - 102 - - - 102 -

Asset write-down 7 - - - - (26) (165) (144) (477)

Contract derivatives gain(loss) - 82 (112) 58 - 82 (112) 58

Gain on swap of mineral rights - - - 44 - - - 44

Gain on sale of CO2 business - - - 220 - - - 220

Qafco items - (350) - (350) - - - -

Total Production (86) (398) (429) (159) (112) (213) (573) (285)

Legal settlements - (60) - (60) - (60) - (60)

Total Other - (60) - (60) - (60) - (60)

Total Yara (318) (458) (662) 1114 (583) (273) (1090) 988

Operating income effect

Yara fourth quarter 2017 13

Condensed consolidated interim statement of income NOK millions except share information

Revenue Other income Commodity based derivatives gain(loss) Revenue and other income

Raw materials energy costs and freight expenses Payroll and related costs Depreciation amortization and impairment loss Other operating expenses Operating costs and expenses

Operating income

Share of net income in equity-accounted investees Interest income and other financial income Earnings before interest expense and tax (EBIT)

Foreign currency translation gain(loss) Interest expense and other financial items Income before tax

Income tax Net income

Net income attributable to Shareholders of the parent Non-controlling interests Net income

Weighted average number of shares outstanding 2)

4Q 2017

(17714)

(2249)

(1808)

(1712)

(23482)

273217830

4Q 2016

(16650)

(2258)

(1687)

(1211)

(21806)

273217830

1) Yara currently has no share-based compensation that results in a dilutive effect on earnings per share 2) Weighted average number of shares outstanding was reduced in the first and second quarter 2016 due to the share buy-back program

2017 2016

93479 95245

446 1867

(113) 58

93812 97170

(70315) (69606)

(8970) (8520)

(6462) (6427)

(4289) (3847)

(90036) (88399)

3777 8771

245 (348)

634 725

4656 9149

826 115

(678) (901)

4803 8363

(815) (2041)

3988 6322

3948 6360

41 (37)

3988 6322

1445 2325

273217830 273499403

Condensed consolidated interim statement of comprehensive income NOK millions Notes 4Q 2017 4Q 2016 2017 2016

936 (336) 3988 6322

1772 3607 (1077) (1320)

(6) (19) (11) (19)

(168) (330) 271 108

14 22 34 45

1612 3280 (783) (1186)

Other comprehensive income that will not be reclassified to statement of income in subsequent periods

11 535 473 535 (760)

535 473 535 (760)

1 1 5 4

- - (1) (22)

1 1 4 (18)

2148 3755 (244) (1964)

3084 3419 3744 4358

2991 3291 3834 4194

93 127 (90) 165

3084 3419 3744 4358

Reclassification adjustments of the period - cash flow hedges - exchange differences on foreign operations disposed of in the year Net reclassification adjustments of the period

Total other comprehensive income net of tax

Total comprehensive income

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

Net income

Other comprehensive income that may be reclassified to statement of income Exchange differences on translation of foreign operations Available-for-sale financial assets - change in fair value Hedge of net investments Share of other comprehensive income of equity-accounted investees excluding remeasurements

Net other comprehensive income that may be reclassified to statement of income in subsequent periods

Remeasurements of the net defined benefit pension liability

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

Condensed consolidated interim statement of changes in equity

Share NOK millions Capital1)

Balance at 31 December 2015 466

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 -

Step-up of tax base in Australia -

Treasury shares -

Redeemed shares Norwegian State 2) (1)

Share capital increase in subsidiary non-controlling interest -

Dividends distributed -

Net income -

1) Par value 170

2) As approved by General Meeting 10 May 2016

Premium paid-in capital

Translation of foreign operations

(1544)

(1543)

Available for sale financial assets

Cash flow

hedges

Hedge of net investshyments

(1600)

(1492)

(1221)

Total other

reserves

(1451)

(1406)

Retained earnings

(4106)

(2732)

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

73890 1837 75727

6360 (37) 6322

(2211) 202 (2009)

45 - 45

(2166) 202 (1964)

(3) - (3)

1 (11) (10)

814 - 814

(93) - (93)

(252) - (252)

- 340 340

(4106) (5) (4111)

74444 2326 76770

3948 41 3988

(146) (131) (277)

34 - 34

(113) (131) (244)

(1) - (1)

(5) (19) (24)

- 78 78

(2732) (4) (2736)

75540 2290 77831

Condensed consolidated interim statement of financial position NOK millions Notes 31 Dec 2016

Assets Non-current assets Deferred tax assets 3040 2585

Intangible assets 67 9055 9183

Property plant and equipment 67 65238 59739

Equity-accounted investees 8978 9190

Other non-current assets 3766 3242

Total non-current assets 90078 83938

Current assets Inventories 8 18255 17580

Trade receivables 11451 10332

Prepaid expenses and other current assets 4973 4813

Cash and cash equivalents 4456 3751

Non-current assets and disposal group classified as held-for-sale 33 92

Total current assets 39168 36567

Total assets 129246 120505

31 Dec 2017

Condensed consolidated interim statement of financial position

31 Dec 2017 31 Dec 2016 NOK millions except share information Notes

Equity and liabilities Equity Share capital reduced for treasury stock 464 464

117 117Premium paid-in capital 582 582Total paid-in capital

12299 12947 Other reserves 62660 60916 Retained earnings 75540 74444 Total equity attributable to shareholders of the parent

2290 2326 Non-controlling interests 2 77831 76770 Total equity

Non-current liabilities Employee benefits 3592 4071

4112 4396 Deferred tax liabilities 1383 1404 Other long-term liabilities

940 834Long-term provisions 9 19893 13992 Long-term interest-bearing debt

29919 24698 Total non-current liabilities

Current liabilities Trade and other payables 15693 14762

504 530Current tax liabilities 736 323Short-term provisions 616 859Other short-term liabilities

3593 2323 Bank loans and other interest-bearing short-term debt 354 240Current portion of long-term debt

21496 19037 Total current liabilities

129246 120505 Total equity and liabilities

2 273217830 273217830 Number of shares outstanding

Condensed consolidated interim statement of cash flows NOK millions Notes 4Q 2017 4Q 2016 2017 2016

455 521 3777 8771

1808 1687 6461 6427

69 41 191 156

(387) (275) (1645) (2736)

- 4 68 358

(1185) 97 (1031) 3789

162 80 172 (1559)

(610) 88 (1515) (1121)

312 2242 6478 14084

(2999) (3830) (11030) (12873)

(124) (124) (193) (480)

(191) (119) (452) (286)

2 - 1 -

28 12 111 62

376 116 459 2973

(2908) (3944) (11105) (10604)

9 4988 352 8062 1138

- - - (93)

- - - (252)

2 - - (2732) (4108)

- 3 50 327

4988 356 5379 (2989)

39 13 (47) 39

2431 (1333) 706 531

2025 5083 3751 3220

4456 3751 4456 3751

194 256 Bank deposits not available for the use of other group companies

Net cash used in investing activities

Net cash from(used in) financing activities

Foreign currency effects on cash and cash equivalents

Cash and cash equivalents at end of period

Dividend Other cash transfers (to)from non-controlling interests

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

Proceeds from sales of other long-term investments

Financing activities Loan proceeds(repayments) net Purchase of treasury shares Redeemed shares Norwegian State

Purchases of property plant and equipment Cash outflow on business combinations Purchases of other long-term investments Sales(purchases) of short-term investments net Proceeds from sales of property plant and equipment

1) Operating capital consists of trade receivables inventories and trade payables

Operating activities Operating income

Adjustments to reconcile operating income to net cash provided by operating activities Depreciation amortization and impairment loss Write-down and reversals net Tax paid Dividend from equity-accounted investees Change in net operating capital 1)

(Gain)loss on disposal Other Net cash provided by operating activities

Investing activities

Notes to the condensed consolidated interim financial statements Yara (the Group) consists of Yara International ASA (the Company) and its subsidiaries Yara International ASA is a limited company incorporated in Norway

The condensed consolidated interim financial statements consist of the Group and the Grouprsquos interests in equity-accounted investees The consolidated financial statements of the Group as at and for the year ended 31 December 2016 are available upon request from the Companyrsquos registered office at Drammensveien 131 Oslo Norway or at wwwyaracom These condensed consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standard (IFRS) IAS 34 Interim Financial Reporting as approved by EU and additional requirements in the Norwegian Securities Trading Act They do not include all of the information required for full annual consolidated financial statements and should be read in conjunction with consolidated financial statements of the Group as at and for the year

ended 31 December 2016 These condensed consolidated interim financial statements are unaudited

The accounting policies applied by the Group in these condensed consolidated interim financial statements are mainly the same as those applied by the Group in its consolidated financial statements as at and for the year ended 31 December 2016 From 1 January 2017 the Group changed the cost formula of interchangeable inventories from the first-in first-out (FIFO) cost formula to weighted average The effect of changing the accounting policy is regarded immaterial for the Group and a restatement of previously reported figures is assessed not to be necessary

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

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 2016

Note 2 Shares dividend and share buy-back program

The Annual General Meeting in May 2017 approved a dividend for 2016 of NOK 2732 million (NOK 10 per share) which has been paid out during second quarter 2017

On 10 May 2016 the Annual General Meeting authorized the Board of Directors to acquire up to 13660891 shares (5) in the open market and from the Norwegian State The purchase price should not be less than NOK 10 nor more than NOK 1000 The shares acquired pursuant to this authorization were to be subsequently cancelled Yara renewed its agreement with the Norwegian State according to which the Statersquos shares were to be redeemed on a proshyrata basis to ensure the Statersquos ownership was unchanged in the event of a cancellation of shares bought back Yara did not purchase own shares under the 2016 buy-back program

In May 2017 the Annual General Meeting approved 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 of NOK 10 to 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 the shares bought back

Yara has not purchased own shares under the 2017 buy-back program

Ordinary shares Own shares

Total at 31 December 2015 275083369 (910000)

Treasury shares - share buy-back program 1) - (280000)

Redeemed shares Norwegian State 2) (675539) -

Shares cancelled 2) (1190000) 1190000

Total at 31 December 2016 273217830 -

Note 3 Operating segment information

NOK millions 4Q 2017 4Q 2016 2017 2016

External revenue and other income Crop Nutrition 17891 17114 71311 72677

Industrial 4004 3591 15219 16074

Production 2092 1649 7341 8472

Other and eliminations (50) (26) (59) (52)

Total 23937 22327 93812 97170

Internal revenue and other income Crop Nutrition 434 478 1574 1531

Industrial 52 1 129 108

Production 8763 7924 34123 33316

Total - - - -

Revenue and other income Crop Nutrition 18325 17592 72884 74207

Industrial 4057 3592 15348 16181

Production 10855 9573 41465 41788

Total 23937 22327 93812 97170

Operating income Crop Nutrition 403 451 2505 4118

Industrial (91) 342 959 2742

Production 450 (150) 683 1597

Other and eliminations (307) (123) (370) 314

Total 455 521 3777 8771

EBITDA Crop Nutrition 829 860 4037 5470

Industrial 129 398 1289 2916

Production 1829 823 5996 6681

Total 2526 2015 11120 15563

Investments 1)

Crop Nutrition 955 467 2235 1462

Production 2974 3996 9608 12017

Other and eliminations 98 77 269 173

Total 4119 4616 12404 13856

Total Assets 2)

Crop Nutrition 34578 33582

Industrial 4883 4760

Production 85850 80125

Other and eliminations 3935 2038

Total 129246 120505

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

2016 2017

118 157

259 550

95 147

232 619

11 13 Production 2)

CROGI (12-month rolling average)

Industrial 2) Crop Nutrition

Yara 1)

Crop Nutrition Industrial 2)

Production 2)

ROCE (12-month rolling average) Yara 1)

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 10 Definitions and variance analysis for more information

2) 2016 includes gain on sale of the European CO2 business

Reconciliation of operating income to EBITDA

NOK millions Operating

income

Equity accounted investees

Interest income and other

financial income EBIT

Depreciation amortization and impairment loss1) EBITDA

4Q 2017 Crop Nutrition 403 (2) 106 507 322 829

Industrial (91) 21 14 (56) 185 129

Production 450 94 22 565 1264 1829

Other and eliminations (307) - 8 (299) 38 (261)

Total 455 113 149 717 1809 2526

4Q 2016 Crop Nutrition 451 7 120 578 282 860

Industrial 342 26 5 374 24 398

Production (150) (390) 27 (514) 1337 823

Total 521 (358) 179 342 1673 2015

2017 Crop Nutrition 2505 24 460 2989 1048 4037

Industrial 959 50 23 1031 258 1289

Production 683 171 122 976 5020 5996

Total 3777 245 634 4656 6464 11120

2016 Crop Nutrition 4118 30 501 4649 821 5470

Industrial 2742 63 11 2816 100 2916

Production 1597 (441) 150 1306 5376 6681

Other and eliminations 314 - 64 377 118 496

Total 8771 (348) 725 9149 6414 15563

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

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 The agreement is also subject to the right of first refusal of a third party not being exercised by the end of 2017 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

On 12 January 2018 Yara closed the acquisition of Tata Chemicals Limiteds urea business in India The transaction

is valued at USD 421 million on a debt and cash free basis and comprises a net operating capital value of USD 130 million and other assets valued at USD 291 million with the operating capital value subject to post-closing adjustment For more information on the business combination see note 5

In 2017 Yara has completed three business combinations which are not disclosed as they are not considered significant Total consideration for these business combinations was NOK 212 million

Disposals During fourth quarter Yara sold a 5 interest in both Yara Pilbara Nitrates PTY Ltd and Orica Mining Services Pilbara Pty Ltd to Orica for a total consideration of NOK 302 million The transactions gave a net loss of NOK 49 million which is recognized in the condensed consolidated interim statement of income under Other operating expenses After the transaction Yara owns 50 of both Yara Pilbara Nitrates PTY Ltd and Orica Mining Services Pilbara Pty Ltd

Note 5 Business combinations after fourth-quarter end

The business combination of Tata Chemicals Limiteds urea business in India was closed 12 January 2018 and therefore not consolidated as of fourth quarter 2017 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 growth in India by creating an integrated position in the worlds second-largest fertilizer market

The consideration for the business combination was INR 26822 million (USD 421 million) based on a debt and cash

free basis including normalized net working capital In addition Yara expects to incur transaction-related costs in 2018 of approximately USD 20 million This estimated amount might change

Integration and acquisition costs amounting to NOK 185 million have been excluded from the consideration transferred and have been recognized as an expense within Other operating expenses in the condensed consolidated interim statement of income NOK 10 million was recognized in 2016 and NOK 85 million in 2017 The business combination will be reported within the Crop Nutrition segment

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

The figures presented below are based on an early estimate and will be revised during first quarter 2018

NOK millions Babrala 12 January 2018

Assets Distribution network 52

Property plant and equipment 1366

Other non-current assets 1

Inventories 36

Trade receivables 995

Prepaid expenses and other current asets 125

Total assets 2575

Liabilities Trade and other payables 138

Other short-term liabilities 46

Total liabilities 184

Total identifiable net assets at fair value 2391

The receivables acquired in the business combination of Babrala are expected to have a fair value approximately equal to the gross contractual amount of NOK 995 million

Goodwill arising on acquisition The preliminary goodwill amounts to NOK 1001 million The amount will change when the final figures are ready The

goodwill 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

Specifications to the condensed consolidated interim Note 6

statement of income

Other income

NOK millions 4Q 2017 4Q 2016 2017 2016

Divestment of the European CO2 business - - - 1552

Carbon tax refund - - 57 -

Sale of white certificates 94 27 117 107

Gain on swap of mineral rights - - - 44

Sale of land 83 - 83 -

Insurance compensations 12 - 108 64

Other 16 49 81 100

Total 205 76 446 1867

Depreciation of property plant and equipment (1402) (1338) (5581) (5109)

Impairment loss property plant and equipment1) (212) (70) (359) (404)

Reversal of impairment loss property plant and equipment 9 12 19 26

Total depreciation and impairment loss property plant and equipment (1605) (1396) (5921) (5486)

Amortization of intangible assets (97) (122) (379) (771)

Impairment loss intangible assets1) (106) (168) (162) (169)

Total amortization and impairment loss intangible assets (203) (291) (541) (940)

Total depreciation amortization and impairment loss (1808) (1687) (6462) (6427)

Depreciation amortization and impairment loss

NOK millions

1) See Note 7 for more information

Other operating expenses

During the fourth quarter Yara decided to discontinue the development of a pilot plant for small scale production of ammonium nitrate in Porsgrunn Following this decision Yara recognized closure costs of NOK 278 million which are included in the Industrial segment The closure costs are

Income tax

In fourth quarter 2017 Yara recognized a reduction to deferred tax liabilities of NOK 530 million following a group internal merge The merge led to a settlement of internal loans with accumulated currency gains which will not generate taxable income Also in fourth quarter 2017 Yara merged two legal companies which resulted in an increased

4Q 2017 4Q 2016 2017

mainly related to scrapping and decommissioning of assets under construction Yara also recognized impairment losses on technology rights and development equipment that were acquired for this pilot plant project of NOK 118 million The impairment is further explained in note 7

tax base and positive income tax effect of NOK 206 million Increased valuation allowances related to deferred tax assets in Latin America had a negative impact on the fourth quarters tax expense

Note 7 Recognized impairment losses

In the fourth quarter 2017 Yara recognized impairment losses of NOK 318 million Of this amount NOK 118 million is related to impairment of technology rights and equipment for small scale production of ammonium nitrate following a decision by Yara to discontinue the development of a pilot plant in Porsgrunn The charge is reflected in the Industrial segment The decision to discontinue the pilot plant construction was taken after a review of Yararsquos capital allocation priorities Also in the fourth quarter Yara recognized a NOK 55 million impairment loss on property plant and equipment in a Crop Nutrition sales unit in Africa reflecting lower than expected local market returns

Note 8 Inventories

On a full-year basis the total impairment loss is NOK 521 million of which NOK 359 million relates to property plant and equipment and NOK 162 million relates to intangible assets The largest impairment of property plant and equipment during 2017 is related to the Montoir plant (France) with NOK 147 million The loss is triggered by a further reduction to sales prices The Montoir plant is one of Yararsquos smallest fertilizer plants with an annual production capacity of approximately 300000 tonnes nitrate and 300000 tonnes NPK In addition to small scale the plant has limited export opportunities and is exposed to lower profitability in its home market

Long-term debt

NOK millions 31 Dec 2016

Finished goods 10199 9377

Work in progress 542 536

Raw materials 7514 7667

Total 18255 17580

Write-down Balance at 1 January (139) (152)

Reversal(write-down) net (69) (2)

Foreign currency translation gain(loss) (14) 14

Closing balance (222) (139)

31 Dec 2017

Note 9

Debentures Bank Loans Capital lease and

other LT loans Total

2019 6287 322 57 6666

2020 - 141 62 203

2021 703 140 61 904

2022 2487 1392 29 3908

Thereafter 6641 1352 219 8212

Total 16119 3346 427 19893

these bonds NOK 1000 million maturing in 2027 NOK 1000 million maturing in 2024 and SEK 800 million maturing in 2022 were issued at fixed interest rates but have been converted to floating rates using interest rate derivatives The remaining NOK 1250 million and SEK 450 million bonds both maturing in 2022 were issued at floating interest rates

Contractual payments on long-term debt

NOK millions

In November 2017 Yara International ASA established a USD 150 million term loan with AB Svensk Exportkredit to be repaid in November 2024 The loan was fully drawn per end 2017

In December 2017 Yara International ASA issued new NOK denominated bonds totalling NOK 3250 million and new SEK denominated bonds totalling SEK 1250 million Of

Reconciliation of liabilities arising from financing activities

NOK millions

Long-term interest-bearing debt 13992 6599 (549) (32) (10) (108) 19893

Bank loans and other interest-bearing short-term debt 2323 1463 (192) - - - 3593

Current portion of long-term debt 240 - 7 - - 108 354

Total liabilities from financing activities 16555 8062 (735) (32) (10) - 23840

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

Note 10 Provisions

In third quarter 2017 Yara recognized a provision of NOK 260 million following its decision to stop the industrial production at the Pardies site in October 2018 The provision includes termination benefits and other directly related closure costs In fourth quarter 2017 a curtailment gain on defined benefit plans of NOK 13 million was recognized reducing the total year-to-date expense to NOK 247 million The plant has 86 employees and an annual production

11 Employee benefits Note

By the end of fourth quarter the defined benefit obligations have been remeasured following full actuarial valuations of all defined benefit plans using revised financial and demographic assumptions Plan asset values have also been remeasured to reflect market value at the end of the quarter The remeasurement gain is recognized as a decrease in net defined benefit liability of NOK 700 million (before tax) and a positive effect in other comprehensive income of NOK 535 million (after tax)

The remeasurement gain is mainly due to NOK 538 million higher actual return on plan assets than what has been

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

fication 2) 31 Dec 2017

Non cash changes

31 Dec 2016 Cash flows

capacity of approximately 100000 tonnes of technical ammonium nitrate The Pardies operations suffer from limited scale raw material integration and export competitiveness The closure in 2010 of a nearby industrial operation deprived the Yara Pardies plant of many synergies that existed between the two plants forcing Yara to close the ammonia production unit at the site The plant has been fully impaired in previous periods

recognized in the Statement of income during the year Further an observed increase in yield on high quality corporate bonds in Europe other than UK during 2017 also contributed to the remeasurement gain Yield on high quality corporate bonds is used as reference to determine the discount rate which is used for calculating the present value of future pension benefit payments There is also a positive impact from experience adjustments and change in demographic assumptions

Note 12 Contingencies

Legal 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 Further information related to two ongoing environmental cases in Brazil where Yara is a part due to the acquisition of Adubos Trevo from the Trevisa Group in the year 2000 is provided below since it is not possible to provide a reliable estimate of the maximum potential exposure

Yara has together with three companies related to the Trevisa Group been sued by an association representing approximately 1300 potential victims in two separate lawsuits The lawsuits are related to mine and lead industry activities performed by the company Plumbum Comeacutercio e Representaccedilotildees de Produtos Mineirais e Industriais (Plumbum) in the cities Santo Amaro da Purificaccedilatildeo and Boquira in Bahia state in Brazil Plumbum is part of the Trevisa Group Adubos Trevo has not been involved in any of the activities included in the lawsuits The lawsuits include claims for various personal losses damage to properties institution of relief funds environmental restoration and clean-up activities The lawsuits were filed in 2012 but are still in the initial phase Yara denies liability for any potential damage caused by the activities of Plumbum and has not made any provision for the claims

Yara is together with 22 other companies defendants in a lawsuit filed by Satildeo Paulo Public Attorney in 1985 with a claim for compensation for environmental damage related to former activities by the defendants in the Cubatatildeo industrial district The defendants deny the claim on the basis that necessary actions have already been taken to recover potential damages from former activities In September 2017 the court of first instance ruled against the defendants determining that the defendants were jointly liable to repair the damage The nature of and amount of potential damages have not been determined and will be calculated by an expert Yara has made a provision related to this case of NOK 12 million Yara and the other defendants will appeal the decision

Tax contingencies Several subsidiaries are engaged in juridical and administrative proceedings related to various disputed tax matters where the probability of cash outflow is not considered probable The majority of these contingencies are related to taxes in Brazil with an estimated maximum exposure of approximately NOK 1300 million Of these contingencies approximately NOK 400 million is covered by indemnification from acquisition Tax contingencies other than Brazil have an estimated maximum exposure of approximately NOK 650 million

Contingent assets Yara expects to receive NOK 250 million of insurance compensations related past incidents with incurred losses A majority of the amount is expected to be recognized as other income when the claims become virtually certain The actual compensation may deviate from this estimate Yara has also a contingent asset of NOK 130 million related to a take-or-pay compensation in a sales contract which has been disputed by the customer

Note 13 Post balance sheet events

Yara Board will propose to the Annual General Meeting a dividend of NOK 65 per share for 2017

From 1 January 2018 Yara will change the presentation currency of the Group from Norwegian krone to US dollar A separate appendix will be issued before the publication of Yaras first quarter 2018 results containing restated historical figures The impact on comparative figures for 2017 statement of income other than change of

Note 14 New accounting standards effective from 2018

The Yara Group has adopted IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customer for reporting periods beginning on and after their effective date 1 January 2018 Based on currently available information Yara has not identified significant impact on its statement of financial position and equity due to adoption of these new standards

As of 1 January 2018 the implementation effect to equity of implementing IFRS 9 is estimated to be negative by less than NOK 50 million (pre-tax) The negative effect refers to increases in loss allowances on trade receivables and other receivables loans and deposits due to change to an expected loss impairment model as required under IFRS 9

The opening balance 2018 implementation effect to equity of implementing IFRS 15 is estimated to be negative by less than NOK 40 million (pre-tax) The negative effect refers to

consolidation currency is not expected to be material as there are no significant sales transactions with currency recycling effects

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

the net margin of freightinsurance services which are considered to be distinct services under IFRS 15 (Cshyincoterms) and which is not yet performed at year end 2017 The negative effect also refers to the net margin of technology deliveries in Yararsquos Environmental Solutions Business which are currently accounted for using the stage of completion method under IAS 11 Construction Contracts but would have been accounted for at a future point in time under IFRS 15

Yara will adjust the opening balance of equity at the date of initial application 1 January 2018 No comparative information will be restated

Quarterly historical information

EBITDA

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

829 1153 1005 1050 860 1502 1330 1778

129 411 373 376 398 403 1693 423

1829 637 1531 1999 823 894 2120 2845

(261) 185 83 (209) (65) 205 346 10

2526 2386 2992 3216 2015 3004 5489 5055

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

NOK millions

Crop Nutrition Industrial Production Other and eliminations Total

Results

NOK millions except per share information

Revenue and other income 23937 23769 23471 22635 22327 23924 25866 25053

Operating income 455 694 1103 1524 521 1336 3512 3403

EBITDA 2526 2386 2992 3216 2015 3004 5489 5055

Net income after non-controlling interests 846 709 699 1692 (333) 821 3072 2800

Earnings per share (NOK) 310 260 256 619 (122) 300 1123 1022

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016 USD1) millions except per share information

Revenue and other income Operating income EBITDA Net income after non-controlling interests Earnings per share (USD)

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

2894 3134 2901

161 425 394

363 664 585

99 371 325

036 136 119

Reconciliation of alternative performance measures Please see page 10 and 11 for definitions of alternative performance measures

Reconciliation of operating income to EBITDA and gross cash flow

NOK millions

Operating income

Share of net income in equity-accounted investees

Interest income and other financial income

Earnings before interest expense and tax (EBIT)

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

NOK millions

Net income attributable to shareholders of the parent

Non-controlling interests

Interest expense and foreign currency translation

Amortization of excess value in equity-accounted investees

Tax effect on foreign currency translation

Gross cash flow A

Annualized gross cash flow B=Ax4

12-month rolling B

Reconciliation of total assets to gross investments

NOK millions

Total assets

Cash and cash equivalents

Other liquid assets

Deferred tax assets

Other current liabilities

Accumulated depreciation and amortization

Gross investment 3-month average

Cash Return on Gross Investment CROGI

3-month rolling

4Q 2017

4Q 2016

Reconciliation of net income after non-controlling interests to gross cash flow 3-month rolling

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

154038

4Q 2016

117371

(4399)

(2757)

(15574)

141925

12-month rolling

2017 2016

3777 8771

245 (348)

634 725

4656 9149

6462 6427

2 (12)

11120 15563

(623) (2080)

10497 13483

12-month rolling

2017 2016

10497 13483

12-month average

2017 2016

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

49761 47155

149912 141259

Reconciliation of EBIT to EBIT after tax

NOK millions

EBIT after tax E

Annualized quarter EBIT after tax F=Ex4

12-month rolling EBIT after tax F

Reconciliation of total assets to capital employed

NOK millions

Total assets

Other liquid assets

Deferred tax assets

Capital employed 3-month average

Return On Capital Employed ROCE

NOK millions

Operating income

Interest income

Dividends and net gain(loss) on securities

Depreciation amortization and impairment loss 1)

EBITDA

Special items included in EBITDA 2)

EBITDA excluding special items

2) See page 11 for details on special items

3-month rolling

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

102117

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

NOK millions

EBITDA

Interest expense and other financial items

Foreign currency translation gain(loss)

Income before tax and non-controlling interests I

4Q 2017 2526

(1808)

Reconciliation of operating income to EBITDA excluding special items

4Q 2017 455

4Q 2016

117371

(4399)

(2757)

(15574)

4Q 2016 2015

(1687)

4Q 2016 521

12-month rolling

2017 2016

(2080)

4033 7069

12-month average

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

100151 94103

YTD 2017 2016 11120 15563

(6462) (6427)

(2) 12

(678) (901)

826 115

4803 8363

YTD 2017 2016 3777 8771

245 (348)

618 690

4656 9149

6464 6414

11120 15563

662 (1114)

11782 14449

Net operating capital

NOK millions 31 Dec 2017 31 Dec 2016 Net trade receivables 11451 10332

Inventories 18255 17580

Trade payables (13141) (12206)

Net operating capital 16565 15705

NOK millions 31 Dec 2017 31 Dec 2016

Other liquid assets 1) 1 2

Bank loans and other short-term interest-bearing debt (3593) (2323)

Current portion of long-term debt (354) (240)

Long-term interest-bearing debt (19893) (13992)

Net interest-bearing debt (19383) (12802) J

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

Debtequity ratio

Net interest-bearing debt (19383) (12802)

Total equity (77831) (76770)

Debtequity ratio 025 017

Earnings per share

NOK millions except earnings per share and number of shares 4Q 2017 4Q 2016 YTD 2017 2016

Weighted average number of shares outstanding N 273217830 273217830 273217830 273499403

Net income O 846 (333) 3948 6360

Net foreign currency translation gain(loss) P 257 (241) 826 115

Tax effect on foreign currency translation gain(loss) Q (39) 89 (192) 40

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

R (11) (11) (36) (36)

Special items within EBIT 1) S (585) (624) (1092) 639

Tax effect on special items T 122 (1) 268 (70)

Special items within EBIT net of tax U=S+T (462) (625) (824) 568

Non-controlling interest share of special items net after tax V 19 - 19 12

Earnings per share W=ON 310 (122) 1445 2325

Earnings per share excluding currency X=(O-P-Q+R)N 226 (071) 1200 2256

Earnings per share excluding currency amp special items Y=(O-P-Q+R-U-V)N 388 158 1494 2044

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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Fourth quarter 2017 Financial highlights NOK millions except where indicated otherwise 4Q 2017 4Q 2016 2017 2016

23937 22327 93812 97170

455 521 3777 8771

113 (358) 245 (348)

2526 2015 11120 15563

2845 2474 11782 14449

846 (333) 3948 6360

310 (122) 1445 2325

226 (071) 1200 2256

388 158 1494 2044

2732 2732 2732 2735

71 47 70 95

36 00 40 75

Net income after non-controlling interests

ROCE 2)

Earnings per share exclcurrency 1)

Earnings per share exclcurrency and special items 1)

Average number of shares outstanding (millions) CROGI 2)

Revenue and other income Operating income Share net income equity-accounted investees EBITDA EBITDA excl special items

1) NOK 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 4Q 2017 4Q 2016 2017 2016

1973 1885 7459 7504

5113 5042 20203 19497

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

507 2023 2043

6863 27159 27260

1775 7117 6892

9145 36298 36195

43 50 41

53 61 50

Average prices 4Q 2017 4Q 2016 2017 2016

Urea granular (fob Egypt) 272 233 243 217

CAN (cif Germany) 239 184 218 199

Ammonia (fob Black Sea) 286 190 267 236

DAP (fob US Gulf) 366 324 354 347

Phosphate rock (fob Morocco) 84 99 90 111

European gas (TTF) 67 54 57 45

US gas (Henry Hub) 29 30 30 25

USDNOK currency rate 816 837 827 840

EURNOK currency rate 961 903 932 929

BRLNOK currency rate 251 254 259 242

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

USD per MMBtu USD per MMBtu

Yararsquos fourth-quarter net income after non-controlling interests was NOK 846 million compared with negative NOK 333 million a year earlier Excluding net foreign currency translation gainloss and special items the result was NOK 1061 million (NOK 388 per share) compared with NOK 432 million (NOK 158 per share) in fourth quarter 2016

ldquoYara reports improved results with higher production and

the Yara Improvement Program ahead of schedulerdquo said Svein Tore Holsether President and Chief Executive Officer of Yara

ldquoOur financial results are better mainly due to higher market prices However fertilizer markets remain fundamentally supply-driven and we remain focused on strengthening our own operationsrdquo said Holsether

4Q 2017 4Q 2016 2017 2016

1973 1885 7459 7504

279 252 1061 1033

1357 1326 5257 5167

416 373 1573 1536

1613 1554 6173 6044

1366 1280 5504 4891

384 337 1511 1379

220 220 931 909

173 326 822 1106

5113 5042 20199 19497

Nitrate NPK

Thousand tonnes

1150 1264 4756 4676

454 573 1997 2117

500 510 1821 1797

1513 1477 5659 5781

1428 1403 5356 5424

2679 2797 10413 10410

1366 1375 5382 5047

1165 1330 4663 5083

245 227 1185 1132

241 224 1168 1114

233 291 1299 1356

201 234 1050 1115

175 172 939 954

139 126 699 826

118 156 676 832

332 285 1367 1253

197 193 864 866

6642 6863 27159 27260

DAPMAP

2243 2293 9159 9418

2297 2448 9044 9213

587 533 2373 2217

662 801 3034 3106

550 520 2221 2080

303 268 1328 1228

6642 6863 27159 27260

Europe

Brazil 1)

Ammonia 1)

581 553 2211 2025

238 223 868 776

186 201 791 763

113 103 419 371

279 269 1117 1379

498 467 1866 1686

Urea 1)

Nitrate 2)

4Q 2017 4Q 2016 2017

177 183 713

EBITDA 2017 2526

EBITDA 2016 2015

Volume (74)

PriceMargin 1274

Energy costs (531)

Other (91)

EBITDA 2017 11120

EBITDA 2016 15563

Volume 354

PriceMargin 49

Energy costs (2182)

Other (714)

Improvement program

Financial items

NOK millions

4Q 2017

4Q 2016 2017 2016

168 618 690

11 16 36

179 634 725

(146) (474) (713)

(19) (67) (66)

(241) 826 115

(20) (137) (122)

(426) 147 (786)

(248) 782 (61)

Other 2) (877) (1049)

Asset write-down - - - - (81) - (127) -

Asset write-down 7 - - - - (26) (165) (144) (477)

Qafco items - (350) - (350) - - - -

Total Other - (60) - (60) - (60) - (60)

Total Yara (318) (458) (662) 1114 (583) (273) (1090) 988

Operating income

4Q 2017

(17714)

(2249)

(1808)

(1712)

(23482)

273217830

4Q 2016

(16650)

(2258)

(1687)

(1211)

(21806)

273217830

2017 2016

93479 95245

446 1867

(113) 58

93812 97170

(70315) (69606)

(8970) (8520)

(6462) (6427)

(4289) (3847)

(90036) (88399)

3777 8771

245 (348)

634 725

4656 9149

826 115

(678) (901)

4803 8363

(815) (2041)

3988 6322

3948 6360

41 (37)

3988 6322

1445 2325

273217830 273499403

936 (336) 3988 6322

1772 3607 (1077) (1320)

(6) (19) (11) (19)

(168) (330) 271 108

14 22 34 45

1612 3280 (783) (1186)

11 535 473 535 (760)

535 473 535 (760)

1 1 5 4

- - (1) (22)

1 1 4 (18)

2148 3755 (244) (1964)

3084 3419 3744 4358

2991 3291 3834 4194

93 127 (90) 165

3084 3419 3744 4358

Net income

Net income -

Treasury shares -

Net income -

1) Par value 170

(1544)

(1543)

Cash flow

hedges

(1600)

(1492)

(1221)

Total other

reserves

(1451)

(1406)

Retained earnings

(4106)

(2732)

73890 1837 75727

6360 (37) 6322

(2211) 202 (2009)

45 - 45

(2166) 202 (1964)

(3) - (3)

1 (11) (10)

814 - 814

(93) - (93)

(252) - (252)

- 340 340

(4106) (5) (4111)

74444 2326 76770

3948 41 3988

(146) (131) (277)

34 - 34

(113) (131) (244)

(1) - (1)

(5) (19) (24)

- 78 78

(2732) (4) (2736)

75540 2290 77831

31 Dec 2017

455 521 3777 8771

1808 1687 6461 6427

69 41 191 156

(387) (275) (1645) (2736)

- 4 68 358

(1185) 97 (1031) 3789

162 80 172 (1559)

(610) 88 (1515) (1121)

312 2242 6478 14084

(2999) (3830) (11030) (12873)

(124) (124) (193) (480)

(191) (119) (452) (286)

2 - 1 -

28 12 111 62

376 116 459 2973

(2908) (3944) (11105) (10604)

9 4988 352 8062 1138

- - - (93)

- - - (252)

2 - - (2732) (4108)

- 3 50 327

4988 356 5379 (2989)

39 13 (47) 39

2431 (1333) 706 531

2025 5083 3751 3220

4456 3751 4456 3751

NOK millions 4Q 2017 4Q 2016 2017 2016

Industrial 4004 3591 15219 16074

Production 2092 1649 7341 8472

Total 23937 22327 93812 97170

Production 8763 7924 34123 33316

Total - - - -

Industrial 4057 3592 15348 16181

Production 10855 9573 41465 41788

Total 23937 22327 93812 97170

Industrial (91) 342 959 2742

Production 450 (150) 683 1597

Total 455 521 3777 8771

Industrial 129 398 1289 2916

Production 1829 823 5996 6681

Total 2526 2015 11120 15563

Investments 1)

Production 2974 3996 9608 12017

Total 4119 4616 12404 13856

Total Assets 2)

Total 129246 120505

2016 2017

118 157

259 550

95 147

232 619

11 13 Production 2)

Yara 1)

Production 2)

income

4Q 2017 Crop Nutrition 403 (2) 106 507 322 829

Industrial (91) 21 14 (56) 185 129

Production 450 94 22 565 1264 1829

Total 455 113 149 717 1809 2526

4Q 2016 Crop Nutrition 451 7 120 578 282 860

Industrial 342 26 5 374 24 398

Production (150) (390) 27 (514) 1337 823

Total 521 (358) 179 342 1673 2015

2017 Crop Nutrition 2505 24 460 2989 1048 4037

Industrial 959 50 23 1031 258 1289

Production 683 171 122 976 5020 5996

Total 3777 245 634 4656 6464 11120

2016 Crop Nutrition 4118 30 501 4649 821 5470

Industrial 2742 63 11 2816 100 2916

Production 1597 (441) 150 1306 5376 6681

Total 8771 (348) 725 9149 6414 15563

Inventories 36

Total assets 2575

statement of income

Other income

NOK millions 4Q 2017 4Q 2016 2017 2016

Other 16 49 81 100

Total 205 76 446 1867

NOK millions

Income tax

4Q 2017 4Q 2016 2017

Note 8 Inventories

Long-term debt

Total 18255 17580

31 Dec 2017

Note 9

2019 6287 322 57 6666

2020 - 141 62 203

2021 703 140 61 904

2022 2487 1392 29 3908

Thereafter 6641 1352 219 8212

Total 16119 3346 427 19893

NOK millions

Note 10 Provisions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

EBITDA

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

829 1153 1005 1050 860 1502 1330 1778

129 411 373 376 398 403 1693 423

1829 637 1531 1999 823 894 2120 2845

(261) 185 83 (209) (65) 205 346 10

2526 2386 2992 3216 2015 3004 5489 5055

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

NOK millions

Results

EBITDA 2526 2386 2992 3216 2015 3004 5489 5055

2894 3134 2901

161 425 394

363 664 585

99 371 325

036 136 119

NOK millions

Operating income

Gross cash flow A

NOK millions

Gross cash flow A

12-month rolling B

NOK millions

Total assets

Other liquid assets

Deferred tax assets

3-month rolling

4Q 2017

4Q 2016

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

154038

4Q 2016

117371

(4399)

(2757)

(15574)

141925

12-month rolling

2017 2016

3777 8771

245 (348)

634 725

4656 9149

6462 6427

2 (12)

11120 15563

(623) (2080)

10497 13483

12-month rolling

2017 2016

10497 13483

12-month average

2017 2016

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

49761 47155

149912 141259

NOK millions

EBIT after tax E

NOK millions

Total assets

Other liquid assets

Deferred tax assets

NOK millions

Operating income

Interest income

EBITDA

3-month rolling

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

102117

NOK millions

EBITDA

4Q 2017 2526

(1808)

4Q 2017 455

4Q 2016

117371

(4399)

(2757)

(15574)

4Q 2016 2015

(1687)

4Q 2016 521

12-month rolling

2017 2016

(2080)

4033 7069

12-month average

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

100151 94103

YTD 2017 2016 11120 15563

(6462) (6427)

(2) 12

(678) (901)

826 115

4803 8363

YTD 2017 2016 3777 8771

245 (348)

618 690

4656 9149

6464 6414

11120 15563

662 (1114)

11782 14449

Debtequity ratio

Total equity (77831) (76770)

Earnings per share

Net income O 846 (333) 3948 6360

R (11) (11) (36) (36)

wwwyaracom

4Q 2017 4Q 2016 2017 2016

1973 1885 7459 7504

279 252 1061 1033

1357 1326 5257 5167

416 373 1573 1536

1613 1554 6173 6044

1366 1280 5504 4891

384 337 1511 1379

220 220 931 909

173 326 822 1106

5113 5042 20199 19497

Nitrate NPK

Thousand tonnes

1150 1264 4756 4676

454 573 1997 2117

500 510 1821 1797

1513 1477 5659 5781

1428 1403 5356 5424

2679 2797 10413 10410

1366 1375 5382 5047

1165 1330 4663 5083

245 227 1185 1132

241 224 1168 1114

233 291 1299 1356

201 234 1050 1115

175 172 939 954

139 126 699 826

118 156 676 832

332 285 1367 1253

197 193 864 866

6642 6863 27159 27260

DAPMAP

2243 2293 9159 9418

2297 2448 9044 9213

587 533 2373 2217

662 801 3034 3106

550 520 2221 2080

303 268 1328 1228

6642 6863 27159 27260

Europe

Brazil 1)

Ammonia 1)

581 553 2211 2025

238 223 868 776

186 201 791 763

113 103 419 371

279 269 1117 1379

498 467 1866 1686

Urea 1)

Nitrate 2)

4Q 2017 4Q 2016 2017

177 183 713

EBITDA 2017 2526

EBITDA 2016 2015

Volume (74)

PriceMargin 1274

Energy costs (531)

Other (91)

EBITDA 2017 11120

EBITDA 2016 15563

Volume 354

PriceMargin 49

Energy costs (2182)

Other (714)

Improvement program

Financial items

NOK millions

4Q 2017

4Q 2016 2017 2016

168 618 690

11 16 36

179 634 725

(146) (474) (713)

(19) (67) (66)

(241) 826 115

(20) (137) (122)

(426) 147 (786)

(248) 782 (61)

Other 2) (877) (1049)

Asset write-down - - - - (81) - (127) -

Asset write-down 7 - - - - (26) (165) (144) (477)

Qafco items - (350) - (350) - - - -

Total Other - (60) - (60) - (60) - (60)

Total Yara (318) (458) (662) 1114 (583) (273) (1090) 988

Operating income

4Q 2017

(17714)

(2249)

(1808)

(1712)

(23482)

273217830

4Q 2016

(16650)

(2258)

(1687)

(1211)

(21806)

273217830

2017 2016

93479 95245

446 1867

(113) 58

93812 97170

(70315) (69606)

(8970) (8520)

(6462) (6427)

(4289) (3847)

(90036) (88399)

3777 8771

245 (348)

634 725

4656 9149

826 115

(678) (901)

4803 8363

(815) (2041)

3988 6322

3948 6360

41 (37)

3988 6322

1445 2325

273217830 273499403

936 (336) 3988 6322

1772 3607 (1077) (1320)

(6) (19) (11) (19)

(168) (330) 271 108

14 22 34 45

1612 3280 (783) (1186)

11 535 473 535 (760)

535 473 535 (760)

1 1 5 4

- - (1) (22)

1 1 4 (18)

2148 3755 (244) (1964)

3084 3419 3744 4358

2991 3291 3834 4194

93 127 (90) 165

3084 3419 3744 4358

Net income

Net income -

Treasury shares -

Net income -

1) Par value 170

(1544)

(1543)

Cash flow

hedges

(1600)

(1492)

(1221)

Total other

reserves

(1451)

(1406)

Retained earnings

(4106)

(2732)

73890 1837 75727

6360 (37) 6322

(2211) 202 (2009)

45 - 45

(2166) 202 (1964)

(3) - (3)

1 (11) (10)

814 - 814

(93) - (93)

(252) - (252)

- 340 340

(4106) (5) (4111)

74444 2326 76770

3948 41 3988

(146) (131) (277)

34 - 34

(113) (131) (244)

(1) - (1)

(5) (19) (24)

- 78 78

(2732) (4) (2736)

75540 2290 77831

31 Dec 2017

455 521 3777 8771

1808 1687 6461 6427

69 41 191 156

(387) (275) (1645) (2736)

- 4 68 358

(1185) 97 (1031) 3789

162 80 172 (1559)

(610) 88 (1515) (1121)

312 2242 6478 14084

(2999) (3830) (11030) (12873)

(124) (124) (193) (480)

(191) (119) (452) (286)

2 - 1 -

28 12 111 62

376 116 459 2973

(2908) (3944) (11105) (10604)

9 4988 352 8062 1138

- - - (93)

- - - (252)

2 - - (2732) (4108)

- 3 50 327

4988 356 5379 (2989)

39 13 (47) 39

2431 (1333) 706 531

2025 5083 3751 3220

4456 3751 4456 3751

NOK millions 4Q 2017 4Q 2016 2017 2016

Industrial 4004 3591 15219 16074

Production 2092 1649 7341 8472

Total 23937 22327 93812 97170

Production 8763 7924 34123 33316

Total - - - -

Industrial 4057 3592 15348 16181

Production 10855 9573 41465 41788

Total 23937 22327 93812 97170

Industrial (91) 342 959 2742

Production 450 (150) 683 1597

Total 455 521 3777 8771

Industrial 129 398 1289 2916

Production 1829 823 5996 6681

Total 2526 2015 11120 15563

Investments 1)

Production 2974 3996 9608 12017

Total 4119 4616 12404 13856

Total Assets 2)

Total 129246 120505

2016 2017

118 157

259 550

95 147

232 619

11 13 Production 2)

Yara 1)

Production 2)

income

4Q 2017 Crop Nutrition 403 (2) 106 507 322 829

Industrial (91) 21 14 (56) 185 129

Production 450 94 22 565 1264 1829

Total 455 113 149 717 1809 2526

4Q 2016 Crop Nutrition 451 7 120 578 282 860

Industrial 342 26 5 374 24 398

Production (150) (390) 27 (514) 1337 823

Total 521 (358) 179 342 1673 2015

2017 Crop Nutrition 2505 24 460 2989 1048 4037

Industrial 959 50 23 1031 258 1289

Production 683 171 122 976 5020 5996

Total 3777 245 634 4656 6464 11120

2016 Crop Nutrition 4118 30 501 4649 821 5470

Industrial 2742 63 11 2816 100 2916

Production 1597 (441) 150 1306 5376 6681

Total 8771 (348) 725 9149 6414 15563

Inventories 36

Total assets 2575

statement of income

Other income

NOK millions 4Q 2017 4Q 2016 2017 2016

Other 16 49 81 100

Total 205 76 446 1867

NOK millions

Income tax

4Q 2017 4Q 2016 2017

Note 8 Inventories

Long-term debt

Total 18255 17580

31 Dec 2017

Note 9

2019 6287 322 57 6666

2020 - 141 62 203

2021 703 140 61 904

2022 2487 1392 29 3908

Thereafter 6641 1352 219 8212

Total 16119 3346 427 19893

NOK millions

Note 10 Provisions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

EBITDA

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

829 1153 1005 1050 860 1502 1330 1778

129 411 373 376 398 403 1693 423

1829 637 1531 1999 823 894 2120 2845

(261) 185 83 (209) (65) 205 346 10

2526 2386 2992 3216 2015 3004 5489 5055

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

NOK millions

Results

EBITDA 2526 2386 2992 3216 2015 3004 5489 5055

2894 3134 2901

161 425 394

363 664 585

99 371 325

036 136 119

NOK millions

Operating income

Gross cash flow A

NOK millions

Gross cash flow A

12-month rolling B

NOK millions

Total assets

Other liquid assets

Deferred tax assets

3-month rolling

4Q 2017

4Q 2016

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

154038

4Q 2016

117371

(4399)

(2757)

(15574)

141925

12-month rolling

2017 2016

3777 8771

245 (348)

634 725

4656 9149

6462 6427

2 (12)

11120 15563

(623) (2080)

10497 13483

12-month rolling

2017 2016

10497 13483

12-month average

2017 2016

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

49761 47155

149912 141259

NOK millions

EBIT after tax E

NOK millions

Total assets

Other liquid assets

Deferred tax assets

NOK millions

Operating income

Interest income

EBITDA

3-month rolling

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

102117

NOK millions

EBITDA

4Q 2017 2526

(1808)

4Q 2017 455

4Q 2016

117371

(4399)

(2757)

(15574)

4Q 2016 2015

(1687)

4Q 2016 521

12-month rolling

2017 2016

(2080)

4033 7069

12-month average

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

100151 94103

YTD 2017 2016 11120 15563

(6462) (6427)

(2) 12

(678) (901)

826 115

4803 8363

YTD 2017 2016 3777 8771

245 (348)

618 690

4656 9149

6464 6414

11120 15563

662 (1114)

11782 14449

Debtequity ratio

Total equity (77831) (76770)

Earnings per share

Net income O 846 (333) 3948 6360

R (11) (11) (36) (36)

wwwyaracom

4Q 2017 4Q 2016 2017 2016

1973 1885 7459 7504

279 252 1061 1033

1357 1326 5257 5167

416 373 1573 1536

1613 1554 6173 6044

1366 1280 5504 4891

384 337 1511 1379

220 220 931 909

173 326 822 1106

5113 5042 20199 19497

Nitrate NPK

Thousand tonnes

1150 1264 4756 4676

454 573 1997 2117

500 510 1821 1797

1513 1477 5659 5781

1428 1403 5356 5424

2679 2797 10413 10410

1366 1375 5382 5047

1165 1330 4663 5083

245 227 1185 1132

241 224 1168 1114

233 291 1299 1356

201 234 1050 1115

175 172 939 954

139 126 699 826

118 156 676 832

332 285 1367 1253

197 193 864 866

6642 6863 27159 27260

DAPMAP

2243 2293 9159 9418

2297 2448 9044 9213

587 533 2373 2217

662 801 3034 3106

550 520 2221 2080

303 268 1328 1228

6642 6863 27159 27260

Europe

Brazil 1)

Ammonia 1)

581 553 2211 2025

238 223 868 776

186 201 791 763

113 103 419 371

279 269 1117 1379

498 467 1866 1686

Urea 1)

Nitrate 2)

4Q 2017 4Q 2016 2017

177 183 713

EBITDA 2017 2526

EBITDA 2016 2015

Volume (74)

PriceMargin 1274

Energy costs (531)

Other (91)

EBITDA 2017 11120

EBITDA 2016 15563

Volume 354

PriceMargin 49

Energy costs (2182)

Other (714)

Improvement program

Financial items

NOK millions

4Q 2017

4Q 2016 2017 2016

168 618 690

11 16 36

179 634 725

(146) (474) (713)

(19) (67) (66)

(241) 826 115

(20) (137) (122)

(426) 147 (786)

(248) 782 (61)

Other 2) (877) (1049)

Asset write-down - - - - (81) - (127) -

Asset write-down 7 - - - - (26) (165) (144) (477)

Qafco items - (350) - (350) - - - -

Total Other - (60) - (60) - (60) - (60)

Total Yara (318) (458) (662) 1114 (583) (273) (1090) 988

Operating income

4Q 2017

(17714)

(2249)

(1808)

(1712)

(23482)

273217830

4Q 2016

(16650)

(2258)

(1687)

(1211)

(21806)

273217830

2017 2016

93479 95245

446 1867

(113) 58

93812 97170

(70315) (69606)

(8970) (8520)

(6462) (6427)

(4289) (3847)

(90036) (88399)

3777 8771

245 (348)

634 725

4656 9149

826 115

(678) (901)

4803 8363

(815) (2041)

3988 6322

3948 6360

41 (37)

3988 6322

1445 2325

273217830 273499403

936 (336) 3988 6322

1772 3607 (1077) (1320)

(6) (19) (11) (19)

(168) (330) 271 108

14 22 34 45

1612 3280 (783) (1186)

11 535 473 535 (760)

535 473 535 (760)

1 1 5 4

- - (1) (22)

1 1 4 (18)

2148 3755 (244) (1964)

3084 3419 3744 4358

2991 3291 3834 4194

93 127 (90) 165

3084 3419 3744 4358

Net income

Net income -

Treasury shares -

Net income -

1) Par value 170

(1544)

(1543)

Cash flow

hedges

(1600)

(1492)

(1221)

Total other

reserves

(1451)

(1406)

Retained earnings

(4106)

(2732)

73890 1837 75727

6360 (37) 6322

(2211) 202 (2009)

45 - 45

(2166) 202 (1964)

(3) - (3)

1 (11) (10)

814 - 814

(93) - (93)

(252) - (252)

- 340 340

(4106) (5) (4111)

74444 2326 76770

3948 41 3988

(146) (131) (277)

34 - 34

(113) (131) (244)

(1) - (1)

(5) (19) (24)

- 78 78

(2732) (4) (2736)

75540 2290 77831

31 Dec 2017

455 521 3777 8771

1808 1687 6461 6427

69 41 191 156

(387) (275) (1645) (2736)

- 4 68 358

(1185) 97 (1031) 3789

162 80 172 (1559)

(610) 88 (1515) (1121)

312 2242 6478 14084

(2999) (3830) (11030) (12873)

(124) (124) (193) (480)

(191) (119) (452) (286)

2 - 1 -

28 12 111 62

376 116 459 2973

(2908) (3944) (11105) (10604)

9 4988 352 8062 1138

- - - (93)

- - - (252)

2 - - (2732) (4108)

- 3 50 327

4988 356 5379 (2989)

39 13 (47) 39

2431 (1333) 706 531

2025 5083 3751 3220

4456 3751 4456 3751

NOK millions 4Q 2017 4Q 2016 2017 2016

Industrial 4004 3591 15219 16074

Production 2092 1649 7341 8472

Total 23937 22327 93812 97170

Production 8763 7924 34123 33316

Total - - - -

Industrial 4057 3592 15348 16181

Production 10855 9573 41465 41788

Total 23937 22327 93812 97170

Industrial (91) 342 959 2742

Production 450 (150) 683 1597

Total 455 521 3777 8771

Industrial 129 398 1289 2916

Production 1829 823 5996 6681

Total 2526 2015 11120 15563

Investments 1)

Production 2974 3996 9608 12017

Total 4119 4616 12404 13856

Total Assets 2)

Total 129246 120505

2016 2017

118 157

259 550

95 147

232 619

11 13 Production 2)

Yara 1)

Production 2)

income

4Q 2017 Crop Nutrition 403 (2) 106 507 322 829

Industrial (91) 21 14 (56) 185 129

Production 450 94 22 565 1264 1829

Total 455 113 149 717 1809 2526

4Q 2016 Crop Nutrition 451 7 120 578 282 860

Industrial 342 26 5 374 24 398

Production (150) (390) 27 (514) 1337 823

Total 521 (358) 179 342 1673 2015

2017 Crop Nutrition 2505 24 460 2989 1048 4037

Industrial 959 50 23 1031 258 1289

Production 683 171 122 976 5020 5996

Total 3777 245 634 4656 6464 11120

2016 Crop Nutrition 4118 30 501 4649 821 5470

Industrial 2742 63 11 2816 100 2916

Production 1597 (441) 150 1306 5376 6681

Total 8771 (348) 725 9149 6414 15563

Inventories 36

Total assets 2575

statement of income

Other income

NOK millions 4Q 2017 4Q 2016 2017 2016

Other 16 49 81 100

Total 205 76 446 1867

NOK millions

Income tax

4Q 2017 4Q 2016 2017

Note 8 Inventories

Long-term debt

Total 18255 17580

31 Dec 2017

Note 9

2019 6287 322 57 6666

2020 - 141 62 203

2021 703 140 61 904

2022 2487 1392 29 3908

Thereafter 6641 1352 219 8212

Total 16119 3346 427 19893

NOK millions

Note 10 Provisions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

EBITDA

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

829 1153 1005 1050 860 1502 1330 1778

129 411 373 376 398 403 1693 423

1829 637 1531 1999 823 894 2120 2845

(261) 185 83 (209) (65) 205 346 10

2526 2386 2992 3216 2015 3004 5489 5055

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

NOK millions

Results

EBITDA 2526 2386 2992 3216 2015 3004 5489 5055

2894 3134 2901

161 425 394

363 664 585

99 371 325

036 136 119

NOK millions

Operating income

Gross cash flow A

NOK millions

Gross cash flow A

12-month rolling B

NOK millions

Total assets

Other liquid assets

Deferred tax assets

3-month rolling

4Q 2017

4Q 2016

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

154038

4Q 2016

117371

(4399)

(2757)

(15574)

141925

12-month rolling

2017 2016

3777 8771

245 (348)

634 725

4656 9149

6462 6427

2 (12)

11120 15563

(623) (2080)

10497 13483

12-month rolling

2017 2016

10497 13483

12-month average

2017 2016

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

49761 47155

149912 141259

NOK millions

EBIT after tax E

NOK millions

Total assets

Other liquid assets

Deferred tax assets

NOK millions

Operating income

Interest income

EBITDA

3-month rolling

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

102117

NOK millions

EBITDA

4Q 2017 2526

(1808)

4Q 2017 455

4Q 2016

117371

(4399)

(2757)

(15574)

4Q 2016 2015

(1687)

4Q 2016 521

12-month rolling

2017 2016

(2080)

4033 7069

12-month average

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

100151 94103

YTD 2017 2016 11120 15563

(6462) (6427)

(2) 12

(678) (901)

826 115

4803 8363

YTD 2017 2016 3777 8771

245 (348)

618 690

4656 9149

6464 6414

11120 15563

662 (1114)

11782 14449

Debtequity ratio

Total equity (77831) (76770)

Earnings per share

Net income O 846 (333) 3948 6360

R (11) (11) (36) (36)

wwwyaracom

EBITDA 2017 2526

EBITDA 2016 2015

Volume (74)

PriceMargin 1274

Energy costs (531)

Other (91)

EBITDA 2017 11120

EBITDA 2016 15563

Volume 354

PriceMargin 49

Energy costs (2182)

Other (714)

Improvement program

Financial items

NOK millions

4Q 2017

4Q 2016 2017 2016

168 618 690

11 16 36

179 634 725

(146) (474) (713)

(19) (67) (66)

(241) 826 115

(20) (137) (122)

(426) 147 (786)

(248) 782 (61)

Other 2) (877) (1049)

Asset write-down - - - - (81) - (127) -

Asset write-down 7 - - - - (26) (165) (144) (477)

Qafco items - (350) - (350) - - - -

Total Other - (60) - (60) - (60) - (60)

Total Yara (318) (458) (662) 1114 (583) (273) (1090) 988

Operating income

4Q 2017

(17714)

(2249)

(1808)

(1712)

(23482)

273217830

4Q 2016

(16650)

(2258)

(1687)

(1211)

(21806)

273217830

2017 2016

93479 95245

446 1867

(113) 58

93812 97170

(70315) (69606)

(8970) (8520)

(6462) (6427)

(4289) (3847)

(90036) (88399)

3777 8771

245 (348)

634 725

4656 9149

826 115

(678) (901)

4803 8363

(815) (2041)

3988 6322

3948 6360

41 (37)

3988 6322

1445 2325

273217830 273499403

936 (336) 3988 6322

1772 3607 (1077) (1320)

(6) (19) (11) (19)

(168) (330) 271 108

14 22 34 45

1612 3280 (783) (1186)

11 535 473 535 (760)

535 473 535 (760)

1 1 5 4

- - (1) (22)

1 1 4 (18)

2148 3755 (244) (1964)

3084 3419 3744 4358

2991 3291 3834 4194

93 127 (90) 165

3084 3419 3744 4358

Net income

Net income -

Treasury shares -

Net income -

1) Par value 170

(1544)

(1543)

Cash flow

hedges

(1600)

(1492)

(1221)

Total other

reserves

(1451)

(1406)

Retained earnings

(4106)

(2732)

73890 1837 75727

6360 (37) 6322

(2211) 202 (2009)

45 - 45

(2166) 202 (1964)

(3) - (3)

1 (11) (10)

814 - 814

(93) - (93)

(252) - (252)

- 340 340

(4106) (5) (4111)

74444 2326 76770

3948 41 3988

(146) (131) (277)

34 - 34

(113) (131) (244)

(1) - (1)

(5) (19) (24)

- 78 78

(2732) (4) (2736)

75540 2290 77831

31 Dec 2017

455 521 3777 8771

1808 1687 6461 6427

69 41 191 156

(387) (275) (1645) (2736)

- 4 68 358

(1185) 97 (1031) 3789

162 80 172 (1559)

(610) 88 (1515) (1121)

312 2242 6478 14084

(2999) (3830) (11030) (12873)

(124) (124) (193) (480)

(191) (119) (452) (286)

2 - 1 -

28 12 111 62

376 116 459 2973

(2908) (3944) (11105) (10604)

9 4988 352 8062 1138

- - - (93)

- - - (252)

2 - - (2732) (4108)

- 3 50 327

4988 356 5379 (2989)

39 13 (47) 39

2431 (1333) 706 531

2025 5083 3751 3220

4456 3751 4456 3751

NOK millions 4Q 2017 4Q 2016 2017 2016

Industrial 4004 3591 15219 16074

Production 2092 1649 7341 8472

Total 23937 22327 93812 97170

Production 8763 7924 34123 33316

Total - - - -

Industrial 4057 3592 15348 16181

Production 10855 9573 41465 41788

Total 23937 22327 93812 97170

Industrial (91) 342 959 2742

Production 450 (150) 683 1597

Total 455 521 3777 8771

Industrial 129 398 1289 2916

Production 1829 823 5996 6681

Total 2526 2015 11120 15563

Investments 1)

Production 2974 3996 9608 12017

Total 4119 4616 12404 13856

Total Assets 2)

Total 129246 120505

2016 2017

118 157

259 550

95 147

232 619

11 13 Production 2)

Yara 1)

Production 2)

income

4Q 2017 Crop Nutrition 403 (2) 106 507 322 829

Industrial (91) 21 14 (56) 185 129

Production 450 94 22 565 1264 1829

Total 455 113 149 717 1809 2526

4Q 2016 Crop Nutrition 451 7 120 578 282 860

Industrial 342 26 5 374 24 398

Production (150) (390) 27 (514) 1337 823

Total 521 (358) 179 342 1673 2015

2017 Crop Nutrition 2505 24 460 2989 1048 4037

Industrial 959 50 23 1031 258 1289

Production 683 171 122 976 5020 5996

Total 3777 245 634 4656 6464 11120

2016 Crop Nutrition 4118 30 501 4649 821 5470

Industrial 2742 63 11 2816 100 2916

Production 1597 (441) 150 1306 5376 6681

Total 8771 (348) 725 9149 6414 15563

Inventories 36

Total assets 2575

statement of income

Other income

NOK millions 4Q 2017 4Q 2016 2017 2016

Other 16 49 81 100

Total 205 76 446 1867

NOK millions

Income tax

4Q 2017 4Q 2016 2017

Note 8 Inventories

Long-term debt

Total 18255 17580

31 Dec 2017

Note 9

2019 6287 322 57 6666

2020 - 141 62 203

2021 703 140 61 904

2022 2487 1392 29 3908

Thereafter 6641 1352 219 8212

Total 16119 3346 427 19893

NOK millions

Note 10 Provisions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

EBITDA

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

829 1153 1005 1050 860 1502 1330 1778

129 411 373 376 398 403 1693 423

1829 637 1531 1999 823 894 2120 2845

(261) 185 83 (209) (65) 205 346 10

2526 2386 2992 3216 2015 3004 5489 5055

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

NOK millions

Results

EBITDA 2526 2386 2992 3216 2015 3004 5489 5055

2894 3134 2901

161 425 394

363 664 585

99 371 325

036 136 119

NOK millions

Operating income

Gross cash flow A

NOK millions

Gross cash flow A

12-month rolling B

NOK millions

Total assets

Other liquid assets

Deferred tax assets

3-month rolling

4Q 2017

4Q 2016

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

154038

4Q 2016

117371

(4399)

(2757)

(15574)

141925

12-month rolling

2017 2016

3777 8771

245 (348)

634 725

4656 9149

6462 6427

2 (12)

11120 15563

(623) (2080)

10497 13483

12-month rolling

2017 2016

10497 13483

12-month average

2017 2016

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

49761 47155

149912 141259

NOK millions

EBIT after tax E

NOK millions

Total assets

Other liquid assets

Deferred tax assets

NOK millions

Operating income

Interest income

EBITDA

3-month rolling

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

102117

NOK millions

EBITDA

4Q 2017 2526

(1808)

4Q 2017 455

4Q 2016

117371

(4399)

(2757)

(15574)

4Q 2016 2015

(1687)

4Q 2016 521

12-month rolling

2017 2016

(2080)

4033 7069

12-month average

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

100151 94103

YTD 2017 2016 11120 15563

(6462) (6427)

(2) 12

(678) (901)

826 115

4803 8363

YTD 2017 2016 3777 8771

245 (348)

618 690

4656 9149

6464 6414

11120 15563

662 (1114)

11782 14449

Debtequity ratio

Total equity (77831) (76770)

Earnings per share

Net income O 846 (333) 3948 6360

R (11) (11) (36) (36)

wwwyaracom

EBITDA 2017 11120

EBITDA 2016 15563

Volume 354

PriceMargin 49

Energy costs (2182)

Other (714)

Improvement program

Financial items

NOK millions

4Q 2017

4Q 2016 2017 2016

168 618 690

11 16 36

179 634 725

(146) (474) (713)

(19) (67) (66)

(241) 826 115

(20) (137) (122)

(426) 147 (786)

(248) 782 (61)

Other 2) (877) (1049)

Asset write-down - - - - (81) - (127) -

Asset write-down 7 - - - - (26) (165) (144) (477)

Qafco items - (350) - (350) - - - -

Total Other - (60) - (60) - (60) - (60)

Total Yara (318) (458) (662) 1114 (583) (273) (1090) 988

Operating income

4Q 2017

(17714)

(2249)

(1808)

(1712)

(23482)

273217830

4Q 2016

(16650)

(2258)

(1687)

(1211)

(21806)

273217830

2017 2016

93479 95245

446 1867

(113) 58

93812 97170

(70315) (69606)

(8970) (8520)

(6462) (6427)

(4289) (3847)

(90036) (88399)

3777 8771

245 (348)

634 725

4656 9149

826 115

(678) (901)

4803 8363

(815) (2041)

3988 6322

3948 6360

41 (37)

3988 6322

1445 2325

273217830 273499403

936 (336) 3988 6322

1772 3607 (1077) (1320)

(6) (19) (11) (19)

(168) (330) 271 108

14 22 34 45

1612 3280 (783) (1186)

11 535 473 535 (760)

535 473 535 (760)

1 1 5 4

- - (1) (22)

1 1 4 (18)

2148 3755 (244) (1964)

3084 3419 3744 4358

2991 3291 3834 4194

93 127 (90) 165

3084 3419 3744 4358

Net income

Net income -

Treasury shares -

Net income -

1) Par value 170

(1544)

(1543)

Cash flow

hedges

(1600)

(1492)

(1221)

Total other

reserves

(1451)

(1406)

Retained earnings

(4106)

(2732)

73890 1837 75727

6360 (37) 6322

(2211) 202 (2009)

45 - 45

(2166) 202 (1964)

(3) - (3)

1 (11) (10)

814 - 814

(93) - (93)

(252) - (252)

- 340 340

(4106) (5) (4111)

74444 2326 76770

3948 41 3988

(146) (131) (277)

34 - 34

(113) (131) (244)

(1) - (1)

(5) (19) (24)

- 78 78

(2732) (4) (2736)

75540 2290 77831

31 Dec 2017

455 521 3777 8771

1808 1687 6461 6427

69 41 191 156

(387) (275) (1645) (2736)

- 4 68 358

(1185) 97 (1031) 3789

162 80 172 (1559)

(610) 88 (1515) (1121)

312 2242 6478 14084

(2999) (3830) (11030) (12873)

(124) (124) (193) (480)

(191) (119) (452) (286)

2 - 1 -

28 12 111 62

376 116 459 2973

(2908) (3944) (11105) (10604)

9 4988 352 8062 1138

- - - (93)

- - - (252)

2 - - (2732) (4108)

- 3 50 327

4988 356 5379 (2989)

39 13 (47) 39

2431 (1333) 706 531

2025 5083 3751 3220

4456 3751 4456 3751

NOK millions 4Q 2017 4Q 2016 2017 2016

Industrial 4004 3591 15219 16074

Production 2092 1649 7341 8472

Total 23937 22327 93812 97170

Production 8763 7924 34123 33316

Total - - - -

Industrial 4057 3592 15348 16181

Production 10855 9573 41465 41788

Total 23937 22327 93812 97170

Industrial (91) 342 959 2742

Production 450 (150) 683 1597

Total 455 521 3777 8771

Industrial 129 398 1289 2916

Production 1829 823 5996 6681

Total 2526 2015 11120 15563

Investments 1)

Production 2974 3996 9608 12017

Total 4119 4616 12404 13856

Total Assets 2)

Total 129246 120505

2016 2017

118 157

259 550

95 147

232 619

11 13 Production 2)

Yara 1)

Production 2)

income

4Q 2017 Crop Nutrition 403 (2) 106 507 322 829

Industrial (91) 21 14 (56) 185 129

Production 450 94 22 565 1264 1829

Total 455 113 149 717 1809 2526

4Q 2016 Crop Nutrition 451 7 120 578 282 860

Industrial 342 26 5 374 24 398

Production (150) (390) 27 (514) 1337 823

Total 521 (358) 179 342 1673 2015

2017 Crop Nutrition 2505 24 460 2989 1048 4037

Industrial 959 50 23 1031 258 1289

Production 683 171 122 976 5020 5996

Total 3777 245 634 4656 6464 11120

2016 Crop Nutrition 4118 30 501 4649 821 5470

Industrial 2742 63 11 2816 100 2916

Production 1597 (441) 150 1306 5376 6681

Total 8771 (348) 725 9149 6414 15563

Inventories 36

Total assets 2575

statement of income

Other income

NOK millions 4Q 2017 4Q 2016 2017 2016

Other 16 49 81 100

Total 205 76 446 1867

NOK millions

Income tax

4Q 2017 4Q 2016 2017

Note 8 Inventories

Long-term debt

Total 18255 17580

31 Dec 2017

Note 9

2019 6287 322 57 6666

2020 - 141 62 203

2021 703 140 61 904

2022 2487 1392 29 3908

Thereafter 6641 1352 219 8212

Total 16119 3346 427 19893

NOK millions

Note 10 Provisions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

EBITDA

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

829 1153 1005 1050 860 1502 1330 1778

129 411 373 376 398 403 1693 423

1829 637 1531 1999 823 894 2120 2845

(261) 185 83 (209) (65) 205 346 10

2526 2386 2992 3216 2015 3004 5489 5055

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

NOK millions

Results

EBITDA 2526 2386 2992 3216 2015 3004 5489 5055

2894 3134 2901

161 425 394

363 664 585

99 371 325

036 136 119

NOK millions

Operating income

Gross cash flow A

NOK millions

Gross cash flow A

12-month rolling B

NOK millions

Total assets

Other liquid assets

Deferred tax assets

3-month rolling

4Q 2017

4Q 2016

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

154038

4Q 2016

117371

(4399)

(2757)

(15574)

141925

12-month rolling

2017 2016

3777 8771

245 (348)

634 725

4656 9149

6462 6427

2 (12)

11120 15563

(623) (2080)

10497 13483

12-month rolling

2017 2016

10497 13483

12-month average

2017 2016

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

49761 47155

149912 141259

NOK millions

EBIT after tax E

NOK millions

Total assets

Other liquid assets

Deferred tax assets

NOK millions

Operating income

Interest income

EBITDA

3-month rolling

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

102117

NOK millions

EBITDA

4Q 2017 2526

(1808)

4Q 2017 455

4Q 2016

117371

(4399)

(2757)

(15574)

4Q 2016 2015

(1687)

4Q 2016 521

12-month rolling

2017 2016

(2080)

4033 7069

12-month average

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

100151 94103

YTD 2017 2016 11120 15563

(6462) (6427)

(2) 12

(678) (901)

826 115

4803 8363

YTD 2017 2016 3777 8771

245 (348)

618 690

4656 9149

6464 6414

11120 15563

662 (1114)

11782 14449

Debtequity ratio

Total equity (77831) (76770)

Earnings per share

Net income O 846 (333) 3948 6360

R (11) (11) (36) (36)

wwwyaracom

Financial items

NOK millions

4Q 2017

4Q 2016 2017 2016

168 618 690

11 16 36

179 634 725

(146) (474) (713)

(19) (67) (66)

(241) 826 115

(20) (137) (122)

(426) 147 (786)

(248) 782 (61)

Other 2) (877) (1049)

Asset write-down - - - - (81) - (127) -

Asset write-down 7 - - - - (26) (165) (144) (477)

Qafco items - (350) - (350) - - - -

Total Other - (60) - (60) - (60) - (60)

Total Yara (318) (458) (662) 1114 (583) (273) (1090) 988

Operating income

4Q 2017

(17714)

(2249)

(1808)

(1712)

(23482)

273217830

4Q 2016

(16650)

(2258)

(1687)

(1211)

(21806)

273217830

2017 2016

93479 95245

446 1867

(113) 58

93812 97170

(70315) (69606)

(8970) (8520)

(6462) (6427)

(4289) (3847)

(90036) (88399)

3777 8771

245 (348)

634 725

4656 9149

826 115

(678) (901)

4803 8363

(815) (2041)

3988 6322

3948 6360

41 (37)

3988 6322

1445 2325

273217830 273499403

936 (336) 3988 6322

1772 3607 (1077) (1320)

(6) (19) (11) (19)

(168) (330) 271 108

14 22 34 45

1612 3280 (783) (1186)

11 535 473 535 (760)

535 473 535 (760)

1 1 5 4

- - (1) (22)

1 1 4 (18)

2148 3755 (244) (1964)

3084 3419 3744 4358

2991 3291 3834 4194

93 127 (90) 165

3084 3419 3744 4358

Net income

Net income -

Treasury shares -

Net income -

1) Par value 170

(1544)

(1543)

Cash flow

hedges

(1600)

(1492)

(1221)

Total other

reserves

(1451)

(1406)

Retained earnings

(4106)

(2732)

73890 1837 75727

6360 (37) 6322

(2211) 202 (2009)

45 - 45

(2166) 202 (1964)

(3) - (3)

1 (11) (10)

814 - 814

(93) - (93)

(252) - (252)

- 340 340

(4106) (5) (4111)

74444 2326 76770

3948 41 3988

(146) (131) (277)

34 - 34

(113) (131) (244)

(1) - (1)

(5) (19) (24)

- 78 78

(2732) (4) (2736)

75540 2290 77831

31 Dec 2017

455 521 3777 8771

1808 1687 6461 6427

69 41 191 156

(387) (275) (1645) (2736)

- 4 68 358

(1185) 97 (1031) 3789

162 80 172 (1559)

(610) 88 (1515) (1121)

312 2242 6478 14084

(2999) (3830) (11030) (12873)

(124) (124) (193) (480)

(191) (119) (452) (286)

2 - 1 -

28 12 111 62

376 116 459 2973

(2908) (3944) (11105) (10604)

9 4988 352 8062 1138

- - - (93)

- - - (252)

2 - - (2732) (4108)

- 3 50 327

4988 356 5379 (2989)

39 13 (47) 39

2431 (1333) 706 531

2025 5083 3751 3220

4456 3751 4456 3751

NOK millions 4Q 2017 4Q 2016 2017 2016

Industrial 4004 3591 15219 16074

Production 2092 1649 7341 8472

Total 23937 22327 93812 97170

Production 8763 7924 34123 33316

Total - - - -

Industrial 4057 3592 15348 16181

Production 10855 9573 41465 41788

Total 23937 22327 93812 97170

Industrial (91) 342 959 2742

Production 450 (150) 683 1597

Total 455 521 3777 8771

Industrial 129 398 1289 2916

Production 1829 823 5996 6681

Total 2526 2015 11120 15563

Investments 1)

Production 2974 3996 9608 12017

Total 4119 4616 12404 13856

Total Assets 2)

Total 129246 120505

2016 2017

118 157

259 550

95 147

232 619

11 13 Production 2)

Yara 1)

Production 2)

income

4Q 2017 Crop Nutrition 403 (2) 106 507 322 829

Industrial (91) 21 14 (56) 185 129

Production 450 94 22 565 1264 1829

Total 455 113 149 717 1809 2526

4Q 2016 Crop Nutrition 451 7 120 578 282 860

Industrial 342 26 5 374 24 398

Production (150) (390) 27 (514) 1337 823

Total 521 (358) 179 342 1673 2015

2017 Crop Nutrition 2505 24 460 2989 1048 4037

Industrial 959 50 23 1031 258 1289

Production 683 171 122 976 5020 5996

Total 3777 245 634 4656 6464 11120

2016 Crop Nutrition 4118 30 501 4649 821 5470

Industrial 2742 63 11 2816 100 2916

Production 1597 (441) 150 1306 5376 6681

Total 8771 (348) 725 9149 6414 15563

Inventories 36

Total assets 2575

statement of income

Other income

NOK millions 4Q 2017 4Q 2016 2017 2016

Other 16 49 81 100

Total 205 76 446 1867

NOK millions

Income tax

4Q 2017 4Q 2016 2017

Note 8 Inventories

Long-term debt

Total 18255 17580

31 Dec 2017

Note 9

2019 6287 322 57 6666

2020 - 141 62 203

2021 703 140 61 904

2022 2487 1392 29 3908

Thereafter 6641 1352 219 8212

Total 16119 3346 427 19893

NOK millions

Note 10 Provisions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

EBITDA

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

829 1153 1005 1050 860 1502 1330 1778

129 411 373 376 398 403 1693 423

1829 637 1531 1999 823 894 2120 2845

(261) 185 83 (209) (65) 205 346 10

2526 2386 2992 3216 2015 3004 5489 5055

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

NOK millions

Results

EBITDA 2526 2386 2992 3216 2015 3004 5489 5055

2894 3134 2901

161 425 394

363 664 585

99 371 325

036 136 119

NOK millions

Operating income

Gross cash flow A

NOK millions

Gross cash flow A

12-month rolling B

NOK millions

Total assets

Other liquid assets

Deferred tax assets

3-month rolling

4Q 2017

4Q 2016

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

154038

4Q 2016

117371

(4399)

(2757)

(15574)

141925

12-month rolling

2017 2016

3777 8771

245 (348)

634 725

4656 9149

6462 6427

2 (12)

11120 15563

(623) (2080)

10497 13483

12-month rolling

2017 2016

10497 13483

12-month average

2017 2016

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

49761 47155

149912 141259

NOK millions

EBIT after tax E

NOK millions

Total assets

Other liquid assets

Deferred tax assets

NOK millions

Operating income

Interest income

EBITDA

3-month rolling

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

102117

NOK millions

EBITDA

4Q 2017 2526

(1808)

4Q 2017 455

4Q 2016

117371

(4399)

(2757)

(15574)

4Q 2016 2015

(1687)

4Q 2016 521

12-month rolling

2017 2016

(2080)

4033 7069

12-month average

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

100151 94103

YTD 2017 2016 11120 15563

(6462) (6427)

(2) 12

(678) (901)

826 115

4803 8363

YTD 2017 2016 3777 8771

245 (348)

618 690

4656 9149

6464 6414

11120 15563

662 (1114)

11782 14449

Debtequity ratio

Total equity (77831) (76770)

Earnings per share

Net income O 846 (333) 3948 6360

R (11) (11) (36) (36)

wwwyaracom

Other 2) (877) (1049)

Asset write-down - - - - (81) - (127) -

Asset write-down 7 - - - - (26) (165) (144) (477)

Qafco items - (350) - (350) - - - -

Total Other - (60) - (60) - (60) - (60)

Total Yara (318) (458) (662) 1114 (583) (273) (1090) 988

Operating income

4Q 2017

(17714)

(2249)

(1808)

(1712)

(23482)

273217830

4Q 2016

(16650)

(2258)

(1687)

(1211)

(21806)

273217830

2017 2016

93479 95245

446 1867

(113) 58

93812 97170

(70315) (69606)

(8970) (8520)

(6462) (6427)

(4289) (3847)

(90036) (88399)

3777 8771

245 (348)

634 725

4656 9149

826 115

(678) (901)

4803 8363

(815) (2041)

3988 6322

3948 6360

41 (37)

3988 6322

1445 2325

273217830 273499403

936 (336) 3988 6322

1772 3607 (1077) (1320)

(6) (19) (11) (19)

(168) (330) 271 108

14 22 34 45

1612 3280 (783) (1186)

11 535 473 535 (760)

535 473 535 (760)

1 1 5 4

- - (1) (22)

1 1 4 (18)

2148 3755 (244) (1964)

3084 3419 3744 4358

2991 3291 3834 4194

93 127 (90) 165

3084 3419 3744 4358

Net income

Net income -

Treasury shares -

Net income -

1) Par value 170

(1544)

(1543)

Cash flow

hedges

(1600)

(1492)

(1221)

Total other

reserves

(1451)

(1406)

Retained earnings

(4106)

(2732)

73890 1837 75727

6360 (37) 6322

(2211) 202 (2009)

45 - 45

(2166) 202 (1964)

(3) - (3)

1 (11) (10)

814 - 814

(93) - (93)

(252) - (252)

- 340 340

(4106) (5) (4111)

74444 2326 76770

3948 41 3988

(146) (131) (277)

34 - 34

(113) (131) (244)

(1) - (1)

(5) (19) (24)

- 78 78

(2732) (4) (2736)

75540 2290 77831

31 Dec 2017

455 521 3777 8771

1808 1687 6461 6427

69 41 191 156

(387) (275) (1645) (2736)

- 4 68 358

(1185) 97 (1031) 3789

162 80 172 (1559)

(610) 88 (1515) (1121)

312 2242 6478 14084

(2999) (3830) (11030) (12873)

(124) (124) (193) (480)

(191) (119) (452) (286)

2 - 1 -

28 12 111 62

376 116 459 2973

(2908) (3944) (11105) (10604)

9 4988 352 8062 1138

- - - (93)

- - - (252)

2 - - (2732) (4108)

- 3 50 327

4988 356 5379 (2989)

39 13 (47) 39

2431 (1333) 706 531

2025 5083 3751 3220

4456 3751 4456 3751

NOK millions 4Q 2017 4Q 2016 2017 2016

Industrial 4004 3591 15219 16074

Production 2092 1649 7341 8472

Total 23937 22327 93812 97170

Production 8763 7924 34123 33316

Total - - - -

Industrial 4057 3592 15348 16181

Production 10855 9573 41465 41788

Total 23937 22327 93812 97170

Industrial (91) 342 959 2742

Production 450 (150) 683 1597

Total 455 521 3777 8771

Industrial 129 398 1289 2916

Production 1829 823 5996 6681

Total 2526 2015 11120 15563

Investments 1)

Production 2974 3996 9608 12017

Total 4119 4616 12404 13856

Total Assets 2)

Total 129246 120505

2016 2017

118 157

259 550

95 147

232 619

11 13 Production 2)

Yara 1)

Production 2)

income

4Q 2017 Crop Nutrition 403 (2) 106 507 322 829

Industrial (91) 21 14 (56) 185 129

Production 450 94 22 565 1264 1829

Total 455 113 149 717 1809 2526

4Q 2016 Crop Nutrition 451 7 120 578 282 860

Industrial 342 26 5 374 24 398

Production (150) (390) 27 (514) 1337 823

Total 521 (358) 179 342 1673 2015

2017 Crop Nutrition 2505 24 460 2989 1048 4037

Industrial 959 50 23 1031 258 1289

Production 683 171 122 976 5020 5996

Total 3777 245 634 4656 6464 11120

2016 Crop Nutrition 4118 30 501 4649 821 5470

Industrial 2742 63 11 2816 100 2916

Production 1597 (441) 150 1306 5376 6681

Total 8771 (348) 725 9149 6414 15563

Inventories 36

Total assets 2575

statement of income

Other income

NOK millions 4Q 2017 4Q 2016 2017 2016

Other 16 49 81 100

Total 205 76 446 1867

NOK millions

Income tax

4Q 2017 4Q 2016 2017

Note 8 Inventories

Long-term debt

Total 18255 17580

31 Dec 2017

Note 9

2019 6287 322 57 6666

2020 - 141 62 203

2021 703 140 61 904

2022 2487 1392 29 3908

Thereafter 6641 1352 219 8212

Total 16119 3346 427 19893

NOK millions

Note 10 Provisions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

EBITDA

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

829 1153 1005 1050 860 1502 1330 1778

129 411 373 376 398 403 1693 423

1829 637 1531 1999 823 894 2120 2845

(261) 185 83 (209) (65) 205 346 10

2526 2386 2992 3216 2015 3004 5489 5055

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

NOK millions

Results

EBITDA 2526 2386 2992 3216 2015 3004 5489 5055

2894 3134 2901

161 425 394

363 664 585

99 371 325

036 136 119

NOK millions

Operating income

Gross cash flow A

NOK millions

Gross cash flow A

12-month rolling B

NOK millions

Total assets

Other liquid assets

Deferred tax assets

3-month rolling

4Q 2017

4Q 2016

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

154038

4Q 2016

117371

(4399)

(2757)

(15574)

141925

12-month rolling

2017 2016

3777 8771

245 (348)

634 725

4656 9149

6462 6427

2 (12)

11120 15563

(623) (2080)

10497 13483

12-month rolling

2017 2016

10497 13483

12-month average

2017 2016

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

49761 47155

149912 141259

NOK millions

EBIT after tax E

NOK millions

Total assets

Other liquid assets

Deferred tax assets

NOK millions

Operating income

Interest income

EBITDA

3-month rolling

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

102117

NOK millions

EBITDA

4Q 2017 2526

(1808)

4Q 2017 455

4Q 2016

117371

(4399)

(2757)

(15574)

4Q 2016 2015

(1687)

4Q 2016 521

12-month rolling

2017 2016

(2080)

4033 7069

12-month average

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

100151 94103

YTD 2017 2016 11120 15563

(6462) (6427)

(2) 12

(678) (901)

826 115

4803 8363

YTD 2017 2016 3777 8771

245 (348)

618 690

4656 9149

6464 6414

11120 15563

662 (1114)

11782 14449

Debtequity ratio

Total equity (77831) (76770)

Earnings per share

Net income O 846 (333) 3948 6360

R (11) (11) (36) (36)

wwwyaracom

Asset write-down - - - - (81) - (127) -

Asset write-down 7 - - - - (26) (165) (144) (477)

Qafco items - (350) - (350) - - - -

Total Other - (60) - (60) - (60) - (60)

Total Yara (318) (458) (662) 1114 (583) (273) (1090) 988

Operating income

4Q 2017

(17714)

(2249)

(1808)

(1712)

(23482)

273217830

4Q 2016

(16650)

(2258)

(1687)

(1211)

(21806)

273217830

2017 2016

93479 95245

446 1867

(113) 58

93812 97170

(70315) (69606)

(8970) (8520)

(6462) (6427)

(4289) (3847)

(90036) (88399)

3777 8771

245 (348)

634 725

4656 9149

826 115

(678) (901)

4803 8363

(815) (2041)

3988 6322

3948 6360

41 (37)

3988 6322

1445 2325

273217830 273499403

936 (336) 3988 6322

1772 3607 (1077) (1320)

(6) (19) (11) (19)

(168) (330) 271 108

14 22 34 45

1612 3280 (783) (1186)

11 535 473 535 (760)

535 473 535 (760)

1 1 5 4

- - (1) (22)

1 1 4 (18)

2148 3755 (244) (1964)

3084 3419 3744 4358

2991 3291 3834 4194

93 127 (90) 165

3084 3419 3744 4358

Net income

Net income -

Treasury shares -

Net income -

1) Par value 170

(1544)

(1543)

Cash flow

hedges

(1600)

(1492)

(1221)

Total other

reserves

(1451)

(1406)

Retained earnings

(4106)

(2732)

73890 1837 75727

6360 (37) 6322

(2211) 202 (2009)

45 - 45

(2166) 202 (1964)

(3) - (3)

1 (11) (10)

814 - 814

(93) - (93)

(252) - (252)

- 340 340

(4106) (5) (4111)

74444 2326 76770

3948 41 3988

(146) (131) (277)

34 - 34

(113) (131) (244)

(1) - (1)

(5) (19) (24)

- 78 78

(2732) (4) (2736)

75540 2290 77831

31 Dec 2017

455 521 3777 8771

1808 1687 6461 6427

69 41 191 156

(387) (275) (1645) (2736)

- 4 68 358

(1185) 97 (1031) 3789

162 80 172 (1559)

(610) 88 (1515) (1121)

312 2242 6478 14084

(2999) (3830) (11030) (12873)

(124) (124) (193) (480)

(191) (119) (452) (286)

2 - 1 -

28 12 111 62

376 116 459 2973

(2908) (3944) (11105) (10604)

9 4988 352 8062 1138

- - - (93)

- - - (252)

2 - - (2732) (4108)

- 3 50 327

4988 356 5379 (2989)

39 13 (47) 39

2431 (1333) 706 531

2025 5083 3751 3220

4456 3751 4456 3751

NOK millions 4Q 2017 4Q 2016 2017 2016

Industrial 4004 3591 15219 16074

Production 2092 1649 7341 8472

Total 23937 22327 93812 97170

Production 8763 7924 34123 33316

Total - - - -

Industrial 4057 3592 15348 16181

Production 10855 9573 41465 41788

Total 23937 22327 93812 97170

Industrial (91) 342 959 2742

Production 450 (150) 683 1597

Total 455 521 3777 8771

Industrial 129 398 1289 2916

Production 1829 823 5996 6681

Total 2526 2015 11120 15563

Investments 1)

Production 2974 3996 9608 12017

Total 4119 4616 12404 13856

Total Assets 2)

Total 129246 120505

2016 2017

118 157

259 550

95 147

232 619

11 13 Production 2)

Yara 1)

Production 2)

income

4Q 2017 Crop Nutrition 403 (2) 106 507 322 829

Industrial (91) 21 14 (56) 185 129

Production 450 94 22 565 1264 1829

Total 455 113 149 717 1809 2526

4Q 2016 Crop Nutrition 451 7 120 578 282 860

Industrial 342 26 5 374 24 398

Production (150) (390) 27 (514) 1337 823

Total 521 (358) 179 342 1673 2015

2017 Crop Nutrition 2505 24 460 2989 1048 4037

Industrial 959 50 23 1031 258 1289

Production 683 171 122 976 5020 5996

Total 3777 245 634 4656 6464 11120

2016 Crop Nutrition 4118 30 501 4649 821 5470

Industrial 2742 63 11 2816 100 2916

Production 1597 (441) 150 1306 5376 6681

Total 8771 (348) 725 9149 6414 15563

Inventories 36

Total assets 2575

statement of income

Other income

NOK millions 4Q 2017 4Q 2016 2017 2016

Other 16 49 81 100

Total 205 76 446 1867

NOK millions

Income tax

4Q 2017 4Q 2016 2017

Note 8 Inventories

Long-term debt

Total 18255 17580

31 Dec 2017

Note 9

2019 6287 322 57 6666

2020 - 141 62 203

2021 703 140 61 904

2022 2487 1392 29 3908

Thereafter 6641 1352 219 8212

Total 16119 3346 427 19893

NOK millions

Note 10 Provisions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

EBITDA

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

829 1153 1005 1050 860 1502 1330 1778

129 411 373 376 398 403 1693 423

1829 637 1531 1999 823 894 2120 2845

(261) 185 83 (209) (65) 205 346 10

2526 2386 2992 3216 2015 3004 5489 5055

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

NOK millions

Results

EBITDA 2526 2386 2992 3216 2015 3004 5489 5055

2894 3134 2901

161 425 394

363 664 585

99 371 325

036 136 119

NOK millions

Operating income

Gross cash flow A

NOK millions

Gross cash flow A

12-month rolling B

NOK millions

Total assets

Other liquid assets

Deferred tax assets

3-month rolling

4Q 2017

4Q 2016

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

154038

4Q 2016

117371

(4399)

(2757)

(15574)

141925

12-month rolling

2017 2016

3777 8771

245 (348)

634 725

4656 9149

6462 6427

2 (12)

11120 15563

(623) (2080)

10497 13483

12-month rolling

2017 2016

10497 13483

12-month average

2017 2016

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

49761 47155

149912 141259

NOK millions

EBIT after tax E

NOK millions

Total assets

Other liquid assets

Deferred tax assets

NOK millions

Operating income

Interest income

EBITDA

3-month rolling

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

102117

NOK millions

EBITDA

4Q 2017 2526

(1808)

4Q 2017 455

4Q 2016

117371

(4399)

(2757)

(15574)

4Q 2016 2015

(1687)

4Q 2016 521

12-month rolling

2017 2016

(2080)

4033 7069

12-month average

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

100151 94103

YTD 2017 2016 11120 15563

(6462) (6427)

(2) 12

(678) (901)

826 115

4803 8363

YTD 2017 2016 3777 8771

245 (348)

618 690

4656 9149

6464 6414

11120 15563

662 (1114)

11782 14449

Debtequity ratio

Total equity (77831) (76770)

Earnings per share

Net income O 846 (333) 3948 6360

R (11) (11) (36) (36)

wwwyaracom

Asset write-down - - - - (81) - (127) -

Asset write-down 7 - - - - (26) (165) (144) (477)

Qafco items - (350) - (350) - - - -

Total Other - (60) - (60) - (60) - (60)

Total Yara (318) (458) (662) 1114 (583) (273) (1090) 988

Operating income

4Q 2017

(17714)

(2249)

(1808)

(1712)

(23482)

273217830

4Q 2016

(16650)

(2258)

(1687)

(1211)

(21806)

273217830

2017 2016

93479 95245

446 1867

(113) 58

93812 97170

(70315) (69606)

(8970) (8520)

(6462) (6427)

(4289) (3847)

(90036) (88399)

3777 8771

245 (348)

634 725

4656 9149

826 115

(678) (901)

4803 8363

(815) (2041)

3988 6322

3948 6360

41 (37)

3988 6322

1445 2325

273217830 273499403

936 (336) 3988 6322

1772 3607 (1077) (1320)

(6) (19) (11) (19)

(168) (330) 271 108

14 22 34 45

1612 3280 (783) (1186)

11 535 473 535 (760)

535 473 535 (760)

1 1 5 4

- - (1) (22)

1 1 4 (18)

2148 3755 (244) (1964)

3084 3419 3744 4358

2991 3291 3834 4194

93 127 (90) 165

3084 3419 3744 4358

Net income

Net income -

Treasury shares -

Net income -

1) Par value 170

(1544)

(1543)

Cash flow

hedges

(1600)

(1492)

(1221)

Total other

reserves

(1451)

(1406)

Retained earnings

(4106)

(2732)

73890 1837 75727

6360 (37) 6322

(2211) 202 (2009)

45 - 45

(2166) 202 (1964)

(3) - (3)

1 (11) (10)

814 - 814

(93) - (93)

(252) - (252)

- 340 340

(4106) (5) (4111)

74444 2326 76770

3948 41 3988

(146) (131) (277)

34 - 34

(113) (131) (244)

(1) - (1)

(5) (19) (24)

- 78 78

(2732) (4) (2736)

75540 2290 77831

31 Dec 2017

455 521 3777 8771

1808 1687 6461 6427

69 41 191 156

(387) (275) (1645) (2736)

- 4 68 358

(1185) 97 (1031) 3789

162 80 172 (1559)

(610) 88 (1515) (1121)

312 2242 6478 14084

(2999) (3830) (11030) (12873)

(124) (124) (193) (480)

(191) (119) (452) (286)

2 - 1 -

28 12 111 62

376 116 459 2973

(2908) (3944) (11105) (10604)

9 4988 352 8062 1138

- - - (93)

- - - (252)

2 - - (2732) (4108)

- 3 50 327

4988 356 5379 (2989)

39 13 (47) 39

2431 (1333) 706 531

2025 5083 3751 3220

4456 3751 4456 3751

NOK millions 4Q 2017 4Q 2016 2017 2016

Industrial 4004 3591 15219 16074

Production 2092 1649 7341 8472

Total 23937 22327 93812 97170

Production 8763 7924 34123 33316

Total - - - -

Industrial 4057 3592 15348 16181

Production 10855 9573 41465 41788

Total 23937 22327 93812 97170

Industrial (91) 342 959 2742

Production 450 (150) 683 1597

Total 455 521 3777 8771

Industrial 129 398 1289 2916

Production 1829 823 5996 6681

Total 2526 2015 11120 15563

Investments 1)

Production 2974 3996 9608 12017

Total 4119 4616 12404 13856

Total Assets 2)

Total 129246 120505

2016 2017

118 157

259 550

95 147

232 619

11 13 Production 2)

Yara 1)

Production 2)

income

4Q 2017 Crop Nutrition 403 (2) 106 507 322 829

Industrial (91) 21 14 (56) 185 129

Production 450 94 22 565 1264 1829

Total 455 113 149 717 1809 2526

4Q 2016 Crop Nutrition 451 7 120 578 282 860

Industrial 342 26 5 374 24 398

Production (150) (390) 27 (514) 1337 823

Total 521 (358) 179 342 1673 2015

2017 Crop Nutrition 2505 24 460 2989 1048 4037

Industrial 959 50 23 1031 258 1289

Production 683 171 122 976 5020 5996

Total 3777 245 634 4656 6464 11120

2016 Crop Nutrition 4118 30 501 4649 821 5470

Industrial 2742 63 11 2816 100 2916

Production 1597 (441) 150 1306 5376 6681

Total 8771 (348) 725 9149 6414 15563

Inventories 36

Total assets 2575

statement of income

Other income

NOK millions 4Q 2017 4Q 2016 2017 2016

Other 16 49 81 100

Total 205 76 446 1867

NOK millions

Income tax

4Q 2017 4Q 2016 2017

Note 8 Inventories

Long-term debt

Total 18255 17580

31 Dec 2017

Note 9

2019 6287 322 57 6666

2020 - 141 62 203

2021 703 140 61 904

2022 2487 1392 29 3908

Thereafter 6641 1352 219 8212

Total 16119 3346 427 19893

NOK millions

Note 10 Provisions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

EBITDA

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

829 1153 1005 1050 860 1502 1330 1778

129 411 373 376 398 403 1693 423

1829 637 1531 1999 823 894 2120 2845

(261) 185 83 (209) (65) 205 346 10

2526 2386 2992 3216 2015 3004 5489 5055

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

NOK millions

Results

EBITDA 2526 2386 2992 3216 2015 3004 5489 5055

2894 3134 2901

161 425 394

363 664 585

99 371 325

036 136 119

NOK millions

Operating income

Gross cash flow A

NOK millions

Gross cash flow A

12-month rolling B

NOK millions

Total assets

Other liquid assets

Deferred tax assets

3-month rolling

4Q 2017

4Q 2016

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

154038

4Q 2016

117371

(4399)

(2757)

(15574)

141925

12-month rolling

2017 2016

3777 8771

245 (348)

634 725

4656 9149

6462 6427

2 (12)

11120 15563

(623) (2080)

10497 13483

12-month rolling

2017 2016

10497 13483

12-month average

2017 2016

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

49761 47155

149912 141259

NOK millions

EBIT after tax E

NOK millions

Total assets

Other liquid assets

Deferred tax assets

NOK millions

Operating income

Interest income

EBITDA

3-month rolling

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

102117

NOK millions

EBITDA

4Q 2017 2526

(1808)

4Q 2017 455

4Q 2016

117371

(4399)

(2757)

(15574)

4Q 2016 2015

(1687)

4Q 2016 521

12-month rolling

2017 2016

(2080)

4033 7069

12-month average

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

100151 94103

YTD 2017 2016 11120 15563

(6462) (6427)

(2) 12

(678) (901)

826 115

4803 8363

YTD 2017 2016 3777 8771

245 (348)

618 690

4656 9149

6464 6414

11120 15563

662 (1114)

11782 14449

Debtequity ratio

Total equity (77831) (76770)

Earnings per share

Net income O 846 (333) 3948 6360

R (11) (11) (36) (36)

wwwyaracom

Asset write-down - - - - (81) - (127) -

Asset write-down 7 - - - - (26) (165) (144) (477)

Qafco items - (350) - (350) - - - -

Total Other - (60) - (60) - (60) - (60)

Total Yara (318) (458) (662) 1114 (583) (273) (1090) 988

Operating income

4Q 2017

(17714)

(2249)

(1808)

(1712)

(23482)

273217830

4Q 2016

(16650)

(2258)

(1687)

(1211)

(21806)

273217830

2017 2016

93479 95245

446 1867

(113) 58

93812 97170

(70315) (69606)

(8970) (8520)

(6462) (6427)

(4289) (3847)

(90036) (88399)

3777 8771

245 (348)

634 725

4656 9149

826 115

(678) (901)

4803 8363

(815) (2041)

3988 6322

3948 6360

41 (37)

3988 6322

1445 2325

273217830 273499403

936 (336) 3988 6322

1772 3607 (1077) (1320)

(6) (19) (11) (19)

(168) (330) 271 108

14 22 34 45

1612 3280 (783) (1186)

11 535 473 535 (760)

535 473 535 (760)

1 1 5 4

- - (1) (22)

1 1 4 (18)

2148 3755 (244) (1964)

3084 3419 3744 4358

2991 3291 3834 4194

93 127 (90) 165

3084 3419 3744 4358

Net income

Net income -

Treasury shares -

Net income -

1) Par value 170

(1544)

(1543)

Cash flow

hedges

(1600)

(1492)

(1221)

Total other

reserves

(1451)

(1406)

Retained earnings

(4106)

(2732)

73890 1837 75727

6360 (37) 6322

(2211) 202 (2009)

45 - 45

(2166) 202 (1964)

(3) - (3)

1 (11) (10)

814 - 814

(93) - (93)

(252) - (252)

- 340 340

(4106) (5) (4111)

74444 2326 76770

3948 41 3988

(146) (131) (277)

34 - 34

(113) (131) (244)

(1) - (1)

(5) (19) (24)

- 78 78

(2732) (4) (2736)

75540 2290 77831

31 Dec 2017

455 521 3777 8771

1808 1687 6461 6427

69 41 191 156

(387) (275) (1645) (2736)

- 4 68 358

(1185) 97 (1031) 3789

162 80 172 (1559)

(610) 88 (1515) (1121)

312 2242 6478 14084

(2999) (3830) (11030) (12873)

(124) (124) (193) (480)

(191) (119) (452) (286)

2 - 1 -

28 12 111 62

376 116 459 2973

(2908) (3944) (11105) (10604)

9 4988 352 8062 1138

- - - (93)

- - - (252)

2 - - (2732) (4108)

- 3 50 327

4988 356 5379 (2989)

39 13 (47) 39

2431 (1333) 706 531

2025 5083 3751 3220

4456 3751 4456 3751

NOK millions 4Q 2017 4Q 2016 2017 2016

Industrial 4004 3591 15219 16074

Production 2092 1649 7341 8472

Total 23937 22327 93812 97170

Production 8763 7924 34123 33316

Total - - - -

Industrial 4057 3592 15348 16181

Production 10855 9573 41465 41788

Total 23937 22327 93812 97170

Industrial (91) 342 959 2742

Production 450 (150) 683 1597

Total 455 521 3777 8771

Industrial 129 398 1289 2916

Production 1829 823 5996 6681

Total 2526 2015 11120 15563

Investments 1)

Production 2974 3996 9608 12017

Total 4119 4616 12404 13856

Total Assets 2)

Total 129246 120505

2016 2017

118 157

259 550

95 147

232 619

11 13 Production 2)

Yara 1)

Production 2)

income

4Q 2017 Crop Nutrition 403 (2) 106 507 322 829

Industrial (91) 21 14 (56) 185 129

Production 450 94 22 565 1264 1829

Total 455 113 149 717 1809 2526

4Q 2016 Crop Nutrition 451 7 120 578 282 860

Industrial 342 26 5 374 24 398

Production (150) (390) 27 (514) 1337 823

Total 521 (358) 179 342 1673 2015

2017 Crop Nutrition 2505 24 460 2989 1048 4037

Industrial 959 50 23 1031 258 1289

Production 683 171 122 976 5020 5996

Total 3777 245 634 4656 6464 11120

2016 Crop Nutrition 4118 30 501 4649 821 5470

Industrial 2742 63 11 2816 100 2916

Production 1597 (441) 150 1306 5376 6681

Total 8771 (348) 725 9149 6414 15563

Inventories 36

Total assets 2575

statement of income

Other income

NOK millions 4Q 2017 4Q 2016 2017 2016

Other 16 49 81 100

Total 205 76 446 1867

NOK millions

Income tax

4Q 2017 4Q 2016 2017

Note 8 Inventories

Long-term debt

Total 18255 17580

31 Dec 2017

Note 9

2019 6287 322 57 6666

2020 - 141 62 203

2021 703 140 61 904

2022 2487 1392 29 3908

Thereafter 6641 1352 219 8212

Total 16119 3346 427 19893

NOK millions

Note 10 Provisions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

EBITDA

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

829 1153 1005 1050 860 1502 1330 1778

129 411 373 376 398 403 1693 423

1829 637 1531 1999 823 894 2120 2845

(261) 185 83 (209) (65) 205 346 10

2526 2386 2992 3216 2015 3004 5489 5055

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

NOK millions

Results

EBITDA 2526 2386 2992 3216 2015 3004 5489 5055

2894 3134 2901

161 425 394

363 664 585

99 371 325

036 136 119

NOK millions

Operating income

Gross cash flow A

NOK millions

Gross cash flow A

12-month rolling B

NOK millions

Total assets

Other liquid assets

Deferred tax assets

3-month rolling

4Q 2017

4Q 2016

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

154038

4Q 2016

117371

(4399)

(2757)

(15574)

141925

12-month rolling

2017 2016

3777 8771

245 (348)

634 725

4656 9149

6462 6427

2 (12)

11120 15563

(623) (2080)

10497 13483

12-month rolling

2017 2016

10497 13483

12-month average

2017 2016

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

49761 47155

149912 141259

NOK millions

EBIT after tax E

NOK millions

Total assets

Other liquid assets

Deferred tax assets

NOK millions

Operating income

Interest income

EBITDA

3-month rolling

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

102117

NOK millions

EBITDA

4Q 2017 2526

(1808)

4Q 2017 455

4Q 2016

117371

(4399)

(2757)

(15574)

4Q 2016 2015

(1687)

4Q 2016 521

12-month rolling

2017 2016

(2080)

4033 7069

12-month average

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

100151 94103

YTD 2017 2016 11120 15563

(6462) (6427)

(2) 12

(678) (901)

826 115

4803 8363

YTD 2017 2016 3777 8771

245 (348)

618 690

4656 9149

6464 6414

11120 15563

662 (1114)

11782 14449

Debtequity ratio

Total equity (77831) (76770)

Earnings per share

Net income O 846 (333) 3948 6360

R (11) (11) (36) (36)

wwwyaracom

Operating income

4Q 2017

(17714)

(2249)

(1808)

(1712)

(23482)

273217830

4Q 2016

(16650)

(2258)

(1687)

(1211)

(21806)

273217830

2017 2016

93479 95245

446 1867

(113) 58

93812 97170

(70315) (69606)

(8970) (8520)

(6462) (6427)

(4289) (3847)

(90036) (88399)

3777 8771

245 (348)

634 725

4656 9149

826 115

(678) (901)

4803 8363

(815) (2041)

3988 6322

3948 6360

41 (37)

3988 6322

1445 2325

273217830 273499403

936 (336) 3988 6322

1772 3607 (1077) (1320)

(6) (19) (11) (19)

(168) (330) 271 108

14 22 34 45

1612 3280 (783) (1186)

11 535 473 535 (760)

535 473 535 (760)

1 1 5 4

- - (1) (22)

1 1 4 (18)

2148 3755 (244) (1964)

3084 3419 3744 4358

2991 3291 3834 4194

93 127 (90) 165

3084 3419 3744 4358

Net income

Net income -

Treasury shares -

Net income -

1) Par value 170

(1544)

(1543)

Cash flow

hedges

(1600)

(1492)

(1221)

Total other

reserves

(1451)

(1406)

Retained earnings

(4106)

(2732)

73890 1837 75727

6360 (37) 6322

(2211) 202 (2009)

45 - 45

(2166) 202 (1964)

(3) - (3)

1 (11) (10)

814 - 814

(93) - (93)

(252) - (252)

- 340 340

(4106) (5) (4111)

74444 2326 76770

3948 41 3988

(146) (131) (277)

34 - 34

(113) (131) (244)

(1) - (1)

(5) (19) (24)

- 78 78

(2732) (4) (2736)

75540 2290 77831

31 Dec 2017

455 521 3777 8771

1808 1687 6461 6427

69 41 191 156

(387) (275) (1645) (2736)

- 4 68 358

(1185) 97 (1031) 3789

162 80 172 (1559)

(610) 88 (1515) (1121)

312 2242 6478 14084

(2999) (3830) (11030) (12873)

(124) (124) (193) (480)

(191) (119) (452) (286)

2 - 1 -

28 12 111 62

376 116 459 2973

(2908) (3944) (11105) (10604)

9 4988 352 8062 1138

- - - (93)

- - - (252)

2 - - (2732) (4108)

- 3 50 327

4988 356 5379 (2989)

39 13 (47) 39

2431 (1333) 706 531

2025 5083 3751 3220

4456 3751 4456 3751

NOK millions 4Q 2017 4Q 2016 2017 2016

Industrial 4004 3591 15219 16074

Production 2092 1649 7341 8472

Total 23937 22327 93812 97170

Production 8763 7924 34123 33316

Total - - - -

Industrial 4057 3592 15348 16181

Production 10855 9573 41465 41788

Total 23937 22327 93812 97170

Industrial (91) 342 959 2742

Production 450 (150) 683 1597

Total 455 521 3777 8771

Industrial 129 398 1289 2916

Production 1829 823 5996 6681

Total 2526 2015 11120 15563

Investments 1)

Production 2974 3996 9608 12017

Total 4119 4616 12404 13856

Total Assets 2)

Total 129246 120505

2016 2017

118 157

259 550

95 147

232 619

11 13 Production 2)

Yara 1)

Production 2)

income

4Q 2017 Crop Nutrition 403 (2) 106 507 322 829

Industrial (91) 21 14 (56) 185 129

Production 450 94 22 565 1264 1829

Total 455 113 149 717 1809 2526

4Q 2016 Crop Nutrition 451 7 120 578 282 860

Industrial 342 26 5 374 24 398

Production (150) (390) 27 (514) 1337 823

Total 521 (358) 179 342 1673 2015

2017 Crop Nutrition 2505 24 460 2989 1048 4037

Industrial 959 50 23 1031 258 1289

Production 683 171 122 976 5020 5996

Total 3777 245 634 4656 6464 11120

2016 Crop Nutrition 4118 30 501 4649 821 5470

Industrial 2742 63 11 2816 100 2916

Production 1597 (441) 150 1306 5376 6681

Total 8771 (348) 725 9149 6414 15563

Inventories 36

Total assets 2575

statement of income

Other income

NOK millions 4Q 2017 4Q 2016 2017 2016

Other 16 49 81 100

Total 205 76 446 1867

NOK millions

Income tax

4Q 2017 4Q 2016 2017

Note 8 Inventories

Long-term debt

Total 18255 17580

31 Dec 2017

Note 9

2019 6287 322 57 6666

2020 - 141 62 203

2021 703 140 61 904

2022 2487 1392 29 3908

Thereafter 6641 1352 219 8212

Total 16119 3346 427 19893

NOK millions

Note 10 Provisions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

EBITDA

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

829 1153 1005 1050 860 1502 1330 1778

129 411 373 376 398 403 1693 423

1829 637 1531 1999 823 894 2120 2845

(261) 185 83 (209) (65) 205 346 10

2526 2386 2992 3216 2015 3004 5489 5055

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

NOK millions

Results

EBITDA 2526 2386 2992 3216 2015 3004 5489 5055

2894 3134 2901

161 425 394

363 664 585

99 371 325

036 136 119

NOK millions

Operating income

Gross cash flow A

NOK millions

Gross cash flow A

12-month rolling B

NOK millions

Total assets

Other liquid assets

Deferred tax assets

3-month rolling

4Q 2017

4Q 2016

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

154038

4Q 2016

117371

(4399)

(2757)

(15574)

141925

12-month rolling

2017 2016

3777 8771

245 (348)

634 725

4656 9149

6462 6427

2 (12)

11120 15563

(623) (2080)

10497 13483

12-month rolling

2017 2016

10497 13483

12-month average

2017 2016

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

49761 47155

149912 141259

NOK millions

EBIT after tax E

NOK millions

Total assets

Other liquid assets

Deferred tax assets

NOK millions

Operating income

Interest income

EBITDA

3-month rolling

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

102117

NOK millions

EBITDA

4Q 2017 2526

(1808)

4Q 2017 455

4Q 2016

117371

(4399)

(2757)

(15574)

4Q 2016 2015

(1687)

4Q 2016 521

12-month rolling

2017 2016

(2080)

4033 7069

12-month average

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

100151 94103

YTD 2017 2016 11120 15563

(6462) (6427)

(2) 12

(678) (901)

826 115

4803 8363

YTD 2017 2016 3777 8771

245 (348)

618 690

4656 9149

6464 6414

11120 15563

662 (1114)

11782 14449

Debtequity ratio

Total equity (77831) (76770)

Earnings per share

Net income O 846 (333) 3948 6360

R (11) (11) (36) (36)

wwwyaracom

Operating income

4Q 2017

(17714)

(2249)

(1808)

(1712)

(23482)

273217830

4Q 2016

(16650)

(2258)

(1687)

(1211)

(21806)

273217830

2017 2016

93479 95245

446 1867

(113) 58

93812 97170

(70315) (69606)

(8970) (8520)

(6462) (6427)

(4289) (3847)

(90036) (88399)

3777 8771

245 (348)

634 725

4656 9149

826 115

(678) (901)

4803 8363

(815) (2041)

3988 6322

3948 6360

41 (37)

3988 6322

1445 2325

273217830 273499403

936 (336) 3988 6322

1772 3607 (1077) (1320)

(6) (19) (11) (19)

(168) (330) 271 108

14 22 34 45

1612 3280 (783) (1186)

11 535 473 535 (760)

535 473 535 (760)

1 1 5 4

- - (1) (22)

1 1 4 (18)

2148 3755 (244) (1964)

3084 3419 3744 4358

2991 3291 3834 4194

93 127 (90) 165

3084 3419 3744 4358

Net income

Net income -

Treasury shares -

Net income -

1) Par value 170

(1544)

(1543)

Cash flow

hedges

(1600)

(1492)

(1221)

Total other

reserves

(1451)

(1406)

Retained earnings

(4106)

(2732)

73890 1837 75727

6360 (37) 6322

(2211) 202 (2009)

45 - 45

(2166) 202 (1964)

(3) - (3)

1 (11) (10)

814 - 814

(93) - (93)

(252) - (252)

- 340 340

(4106) (5) (4111)

74444 2326 76770

3948 41 3988

(146) (131) (277)

34 - 34

(113) (131) (244)

(1) - (1)

(5) (19) (24)

- 78 78

(2732) (4) (2736)

75540 2290 77831

31 Dec 2017

455 521 3777 8771

1808 1687 6461 6427

69 41 191 156

(387) (275) (1645) (2736)

- 4 68 358

(1185) 97 (1031) 3789

162 80 172 (1559)

(610) 88 (1515) (1121)

312 2242 6478 14084

(2999) (3830) (11030) (12873)

(124) (124) (193) (480)

(191) (119) (452) (286)

2 - 1 -

28 12 111 62

376 116 459 2973

(2908) (3944) (11105) (10604)

9 4988 352 8062 1138

- - - (93)

- - - (252)

2 - - (2732) (4108)

- 3 50 327

4988 356 5379 (2989)

39 13 (47) 39

2431 (1333) 706 531

2025 5083 3751 3220

4456 3751 4456 3751

NOK millions 4Q 2017 4Q 2016 2017 2016

Industrial 4004 3591 15219 16074

Production 2092 1649 7341 8472

Total 23937 22327 93812 97170

Production 8763 7924 34123 33316

Total - - - -

Industrial 4057 3592 15348 16181

Production 10855 9573 41465 41788

Total 23937 22327 93812 97170

Industrial (91) 342 959 2742

Production 450 (150) 683 1597

Total 455 521 3777 8771

Industrial 129 398 1289 2916

Production 1829 823 5996 6681

Total 2526 2015 11120 15563

Investments 1)

Production 2974 3996 9608 12017

Total 4119 4616 12404 13856

Total Assets 2)

Total 129246 120505

2016 2017

118 157

259 550

95 147

232 619

11 13 Production 2)

Yara 1)

Production 2)

income

4Q 2017 Crop Nutrition 403 (2) 106 507 322 829

Industrial (91) 21 14 (56) 185 129

Production 450 94 22 565 1264 1829

Total 455 113 149 717 1809 2526

4Q 2016 Crop Nutrition 451 7 120 578 282 860

Industrial 342 26 5 374 24 398

Production (150) (390) 27 (514) 1337 823

Total 521 (358) 179 342 1673 2015

2017 Crop Nutrition 2505 24 460 2989 1048 4037

Industrial 959 50 23 1031 258 1289

Production 683 171 122 976 5020 5996

Total 3777 245 634 4656 6464 11120

2016 Crop Nutrition 4118 30 501 4649 821 5470

Industrial 2742 63 11 2816 100 2916

Production 1597 (441) 150 1306 5376 6681

Total 8771 (348) 725 9149 6414 15563

Inventories 36

Total assets 2575

statement of income

Other income

NOK millions 4Q 2017 4Q 2016 2017 2016

Other 16 49 81 100

Total 205 76 446 1867

NOK millions

Income tax

4Q 2017 4Q 2016 2017

Note 8 Inventories

Long-term debt

Total 18255 17580

31 Dec 2017

Note 9

2019 6287 322 57 6666

2020 - 141 62 203

2021 703 140 61 904

2022 2487 1392 29 3908

Thereafter 6641 1352 219 8212

Total 16119 3346 427 19893

NOK millions

Note 10 Provisions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

EBITDA

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

829 1153 1005 1050 860 1502 1330 1778

129 411 373 376 398 403 1693 423

1829 637 1531 1999 823 894 2120 2845

(261) 185 83 (209) (65) 205 346 10

2526 2386 2992 3216 2015 3004 5489 5055

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

NOK millions

Results

EBITDA 2526 2386 2992 3216 2015 3004 5489 5055

2894 3134 2901

161 425 394

363 664 585

99 371 325

036 136 119

NOK millions

Operating income

Gross cash flow A

NOK millions

Gross cash flow A

12-month rolling B

NOK millions

Total assets

Other liquid assets

Deferred tax assets

3-month rolling

4Q 2017

4Q 2016

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

154038

4Q 2016

117371

(4399)

(2757)

(15574)

141925

12-month rolling

2017 2016

3777 8771

245 (348)

634 725

4656 9149

6462 6427

2 (12)

11120 15563

(623) (2080)

10497 13483

12-month rolling

2017 2016

10497 13483

12-month average

2017 2016

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

49761 47155

149912 141259

NOK millions

EBIT after tax E

NOK millions

Total assets

Other liquid assets

Deferred tax assets

NOK millions

Operating income

Interest income

EBITDA

3-month rolling

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

102117

NOK millions

EBITDA

4Q 2017 2526

(1808)

4Q 2017 455

4Q 2016

117371

(4399)

(2757)

(15574)

4Q 2016 2015

(1687)

4Q 2016 521

12-month rolling

2017 2016

(2080)

4033 7069

12-month average

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

100151 94103

YTD 2017 2016 11120 15563

(6462) (6427)

(2) 12

(678) (901)

826 115

4803 8363

YTD 2017 2016 3777 8771

245 (348)

618 690

4656 9149

6464 6414

11120 15563

662 (1114)

11782 14449

Debtequity ratio

Total equity (77831) (76770)

Earnings per share

Net income O 846 (333) 3948 6360

R (11) (11) (36) (36)

wwwyaracom

936 (336) 3988 6322

1772 3607 (1077) (1320)

(6) (19) (11) (19)

(168) (330) 271 108

14 22 34 45

1612 3280 (783) (1186)

11 535 473 535 (760)

535 473 535 (760)

1 1 5 4

- - (1) (22)

1 1 4 (18)

2148 3755 (244) (1964)

3084 3419 3744 4358

2991 3291 3834 4194

93 127 (90) 165

3084 3419 3744 4358

Net income

Net income -

Treasury shares -

Net income -

1) Par value 170

(1544)

(1543)

Cash flow

hedges

(1600)

(1492)

(1221)

Total other

reserves

(1451)

(1406)

Retained earnings

(4106)

(2732)

73890 1837 75727

6360 (37) 6322

(2211) 202 (2009)

45 - 45

(2166) 202 (1964)

(3) - (3)

1 (11) (10)

814 - 814

(93) - (93)

(252) - (252)

- 340 340

(4106) (5) (4111)

74444 2326 76770

3948 41 3988

(146) (131) (277)

34 - 34

(113) (131) (244)

(1) - (1)

(5) (19) (24)

- 78 78

(2732) (4) (2736)

75540 2290 77831

31 Dec 2017

455 521 3777 8771

1808 1687 6461 6427

69 41 191 156

(387) (275) (1645) (2736)

- 4 68 358

(1185) 97 (1031) 3789

162 80 172 (1559)

(610) 88 (1515) (1121)

312 2242 6478 14084

(2999) (3830) (11030) (12873)

(124) (124) (193) (480)

(191) (119) (452) (286)

2 - 1 -

28 12 111 62

376 116 459 2973

(2908) (3944) (11105) (10604)

9 4988 352 8062 1138

- - - (93)

- - - (252)

2 - - (2732) (4108)

- 3 50 327

4988 356 5379 (2989)

39 13 (47) 39

2431 (1333) 706 531

2025 5083 3751 3220

4456 3751 4456 3751

NOK millions 4Q 2017 4Q 2016 2017 2016

Industrial 4004 3591 15219 16074

Production 2092 1649 7341 8472

Total 23937 22327 93812 97170

Production 8763 7924 34123 33316

Total - - - -

Industrial 4057 3592 15348 16181

Production 10855 9573 41465 41788

Total 23937 22327 93812 97170

Industrial (91) 342 959 2742

Production 450 (150) 683 1597

Total 455 521 3777 8771

Industrial 129 398 1289 2916

Production 1829 823 5996 6681

Total 2526 2015 11120 15563

Investments 1)

Production 2974 3996 9608 12017

Total 4119 4616 12404 13856

Total Assets 2)

Total 129246 120505

2016 2017

118 157

259 550

95 147

232 619

11 13 Production 2)

Yara 1)

Production 2)

income

4Q 2017 Crop Nutrition 403 (2) 106 507 322 829

Industrial (91) 21 14 (56) 185 129

Production 450 94 22 565 1264 1829

Total 455 113 149 717 1809 2526

4Q 2016 Crop Nutrition 451 7 120 578 282 860

Industrial 342 26 5 374 24 398

Production (150) (390) 27 (514) 1337 823

Total 521 (358) 179 342 1673 2015

2017 Crop Nutrition 2505 24 460 2989 1048 4037

Industrial 959 50 23 1031 258 1289

Production 683 171 122 976 5020 5996

Total 3777 245 634 4656 6464 11120

2016 Crop Nutrition 4118 30 501 4649 821 5470

Industrial 2742 63 11 2816 100 2916

Production 1597 (441) 150 1306 5376 6681

Total 8771 (348) 725 9149 6414 15563

Inventories 36

Total assets 2575

statement of income

Other income

NOK millions 4Q 2017 4Q 2016 2017 2016

Other 16 49 81 100

Total 205 76 446 1867

NOK millions

Income tax

4Q 2017 4Q 2016 2017

Note 8 Inventories

Long-term debt

Total 18255 17580

31 Dec 2017

Note 9

2019 6287 322 57 6666

2020 - 141 62 203

2021 703 140 61 904

2022 2487 1392 29 3908

Thereafter 6641 1352 219 8212

Total 16119 3346 427 19893

NOK millions

Note 10 Provisions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

EBITDA

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

829 1153 1005 1050 860 1502 1330 1778

129 411 373 376 398 403 1693 423

1829 637 1531 1999 823 894 2120 2845

(261) 185 83 (209) (65) 205 346 10

2526 2386 2992 3216 2015 3004 5489 5055

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

NOK millions

Results

EBITDA 2526 2386 2992 3216 2015 3004 5489 5055

2894 3134 2901

161 425 394

363 664 585

99 371 325

036 136 119

NOK millions

Operating income

Gross cash flow A

NOK millions

Gross cash flow A

12-month rolling B

NOK millions

Total assets

Other liquid assets

Deferred tax assets

3-month rolling

4Q 2017

4Q 2016

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

154038

4Q 2016

117371

(4399)

(2757)

(15574)

141925

12-month rolling

2017 2016

3777 8771

245 (348)

634 725

4656 9149

6462 6427

2 (12)

11120 15563

(623) (2080)

10497 13483

12-month rolling

2017 2016

10497 13483

12-month average

2017 2016

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

49761 47155

149912 141259

NOK millions

EBIT after tax E

NOK millions

Total assets

Other liquid assets

Deferred tax assets

NOK millions

Operating income

Interest income

EBITDA

3-month rolling

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

102117

NOK millions

EBITDA

4Q 2017 2526

(1808)

4Q 2017 455

4Q 2016

117371

(4399)

(2757)

(15574)

4Q 2016 2015

(1687)

4Q 2016 521

12-month rolling

2017 2016

(2080)

4033 7069

12-month average

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

100151 94103

YTD 2017 2016 11120 15563

(6462) (6427)

(2) 12

(678) (901)

826 115

4803 8363

YTD 2017 2016 3777 8771

245 (348)

618 690

4656 9149

6464 6414

11120 15563

662 (1114)

11782 14449

Debtequity ratio

Total equity (77831) (76770)

Earnings per share

Net income O 846 (333) 3948 6360

R (11) (11) (36) (36)

wwwyaracom

Net income -

Treasury shares -

Net income -

1) Par value 170

(1544)

(1543)

Cash flow

hedges

(1600)

(1492)

(1221)

Total other

reserves

(1451)

(1406)

Retained earnings

(4106)

(2732)

73890 1837 75727

6360 (37) 6322

(2211) 202 (2009)

45 - 45

(2166) 202 (1964)

(3) - (3)

1 (11) (10)

814 - 814

(93) - (93)

(252) - (252)

- 340 340

(4106) (5) (4111)

74444 2326 76770

3948 41 3988

(146) (131) (277)

34 - 34

(113) (131) (244)

(1) - (1)

(5) (19) (24)

- 78 78

(2732) (4) (2736)

75540 2290 77831

31 Dec 2017

455 521 3777 8771

1808 1687 6461 6427

69 41 191 156

(387) (275) (1645) (2736)

- 4 68 358

(1185) 97 (1031) 3789

162 80 172 (1559)

(610) 88 (1515) (1121)

312 2242 6478 14084

(2999) (3830) (11030) (12873)

(124) (124) (193) (480)

(191) (119) (452) (286)

2 - 1 -

28 12 111 62

376 116 459 2973

(2908) (3944) (11105) (10604)

9 4988 352 8062 1138

- - - (93)

- - - (252)

2 - - (2732) (4108)

- 3 50 327

4988 356 5379 (2989)

39 13 (47) 39

2431 (1333) 706 531

2025 5083 3751 3220

4456 3751 4456 3751

NOK millions 4Q 2017 4Q 2016 2017 2016

Industrial 4004 3591 15219 16074

Production 2092 1649 7341 8472

Total 23937 22327 93812 97170

Production 8763 7924 34123 33316

Total - - - -

Industrial 4057 3592 15348 16181

Production 10855 9573 41465 41788

Total 23937 22327 93812 97170

Industrial (91) 342 959 2742

Production 450 (150) 683 1597

Total 455 521 3777 8771

Industrial 129 398 1289 2916

Production 1829 823 5996 6681

Total 2526 2015 11120 15563

Investments 1)

Production 2974 3996 9608 12017

Total 4119 4616 12404 13856

Total Assets 2)

Total 129246 120505

2016 2017

118 157

259 550

95 147

232 619

11 13 Production 2)

Yara 1)

Production 2)

income

4Q 2017 Crop Nutrition 403 (2) 106 507 322 829

Industrial (91) 21 14 (56) 185 129

Production 450 94 22 565 1264 1829

Total 455 113 149 717 1809 2526

4Q 2016 Crop Nutrition 451 7 120 578 282 860

Industrial 342 26 5 374 24 398

Production (150) (390) 27 (514) 1337 823

Total 521 (358) 179 342 1673 2015

2017 Crop Nutrition 2505 24 460 2989 1048 4037

Industrial 959 50 23 1031 258 1289

Production 683 171 122 976 5020 5996

Total 3777 245 634 4656 6464 11120

2016 Crop Nutrition 4118 30 501 4649 821 5470

Industrial 2742 63 11 2816 100 2916

Production 1597 (441) 150 1306 5376 6681

Total 8771 (348) 725 9149 6414 15563

Inventories 36

Total assets 2575

statement of income

Other income

NOK millions 4Q 2017 4Q 2016 2017 2016

Other 16 49 81 100

Total 205 76 446 1867

NOK millions

Income tax

4Q 2017 4Q 2016 2017

Note 8 Inventories

Long-term debt

Total 18255 17580

31 Dec 2017

Note 9

2019 6287 322 57 6666

2020 - 141 62 203

2021 703 140 61 904

2022 2487 1392 29 3908

Thereafter 6641 1352 219 8212

Total 16119 3346 427 19893

NOK millions

Note 10 Provisions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

EBITDA

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

829 1153 1005 1050 860 1502 1330 1778

129 411 373 376 398 403 1693 423

1829 637 1531 1999 823 894 2120 2845

(261) 185 83 (209) (65) 205 346 10

2526 2386 2992 3216 2015 3004 5489 5055

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

NOK millions

Results

EBITDA 2526 2386 2992 3216 2015 3004 5489 5055

2894 3134 2901

161 425 394

363 664 585

99 371 325

036 136 119

NOK millions

Operating income

Gross cash flow A

NOK millions

Gross cash flow A

12-month rolling B

NOK millions

Total assets

Other liquid assets

Deferred tax assets

3-month rolling

4Q 2017

4Q 2016

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

154038

4Q 2016

117371

(4399)

(2757)

(15574)

141925

12-month rolling

2017 2016

3777 8771

245 (348)

634 725

4656 9149

6462 6427

2 (12)

11120 15563

(623) (2080)

10497 13483

12-month rolling

2017 2016

10497 13483

12-month average

2017 2016

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

49761 47155

149912 141259

NOK millions

EBIT after tax E

NOK millions

Total assets

Other liquid assets

Deferred tax assets

NOK millions

Operating income

Interest income

EBITDA

3-month rolling

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

102117

NOK millions

EBITDA

4Q 2017 2526

(1808)

4Q 2017 455

4Q 2016

117371

(4399)

(2757)

(15574)

4Q 2016 2015

(1687)

4Q 2016 521

12-month rolling

2017 2016

(2080)

4033 7069

12-month average

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

100151 94103

YTD 2017 2016 11120 15563

(6462) (6427)

(2) 12

(678) (901)

826 115

4803 8363

YTD 2017 2016 3777 8771

245 (348)

618 690

4656 9149

6464 6414

11120 15563

662 (1114)

11782 14449

Debtequity ratio

Total equity (77831) (76770)

Earnings per share

Net income O 846 (333) 3948 6360

R (11) (11) (36) (36)

wwwyaracom

31 Dec 2017

455 521 3777 8771

1808 1687 6461 6427

69 41 191 156

(387) (275) (1645) (2736)

- 4 68 358

(1185) 97 (1031) 3789

162 80 172 (1559)

(610) 88 (1515) (1121)

312 2242 6478 14084

(2999) (3830) (11030) (12873)

(124) (124) (193) (480)

(191) (119) (452) (286)

2 - 1 -

28 12 111 62

376 116 459 2973

(2908) (3944) (11105) (10604)

9 4988 352 8062 1138

- - - (93)

- - - (252)

2 - - (2732) (4108)

- 3 50 327

4988 356 5379 (2989)

39 13 (47) 39

2431 (1333) 706 531

2025 5083 3751 3220

4456 3751 4456 3751

NOK millions 4Q 2017 4Q 2016 2017 2016

Industrial 4004 3591 15219 16074

Production 2092 1649 7341 8472

Total 23937 22327 93812 97170

Production 8763 7924 34123 33316

Total - - - -

Industrial 4057 3592 15348 16181

Production 10855 9573 41465 41788

Total 23937 22327 93812 97170

Industrial (91) 342 959 2742

Production 450 (150) 683 1597

Total 455 521 3777 8771

Industrial 129 398 1289 2916

Production 1829 823 5996 6681

Total 2526 2015 11120 15563

Investments 1)

Production 2974 3996 9608 12017

Total 4119 4616 12404 13856

Total Assets 2)

Total 129246 120505

2016 2017

118 157

259 550

95 147

232 619

11 13 Production 2)

Yara 1)

Production 2)

income

4Q 2017 Crop Nutrition 403 (2) 106 507 322 829

Industrial (91) 21 14 (56) 185 129

Production 450 94 22 565 1264 1829

Total 455 113 149 717 1809 2526

4Q 2016 Crop Nutrition 451 7 120 578 282 860

Industrial 342 26 5 374 24 398

Production (150) (390) 27 (514) 1337 823

Total 521 (358) 179 342 1673 2015

2017 Crop Nutrition 2505 24 460 2989 1048 4037

Industrial 959 50 23 1031 258 1289

Production 683 171 122 976 5020 5996

Total 3777 245 634 4656 6464 11120

2016 Crop Nutrition 4118 30 501 4649 821 5470

Industrial 2742 63 11 2816 100 2916

Production 1597 (441) 150 1306 5376 6681

Total 8771 (348) 725 9149 6414 15563

Inventories 36

Total assets 2575

statement of income

Other income

NOK millions 4Q 2017 4Q 2016 2017 2016

Other 16 49 81 100

Total 205 76 446 1867

NOK millions

Income tax

4Q 2017 4Q 2016 2017

Note 8 Inventories

Long-term debt

Total 18255 17580

31 Dec 2017

Note 9

2019 6287 322 57 6666

2020 - 141 62 203

2021 703 140 61 904

2022 2487 1392 29 3908

Thereafter 6641 1352 219 8212

Total 16119 3346 427 19893

NOK millions

Note 10 Provisions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

EBITDA

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

829 1153 1005 1050 860 1502 1330 1778

129 411 373 376 398 403 1693 423

1829 637 1531 1999 823 894 2120 2845

(261) 185 83 (209) (65) 205 346 10

2526 2386 2992 3216 2015 3004 5489 5055

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

NOK millions

Results

EBITDA 2526 2386 2992 3216 2015 3004 5489 5055

2894 3134 2901

161 425 394

363 664 585

99 371 325

036 136 119

NOK millions

Operating income

Gross cash flow A

NOK millions

Gross cash flow A

12-month rolling B

NOK millions

Total assets

Other liquid assets

Deferred tax assets

3-month rolling

4Q 2017

4Q 2016

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

154038

4Q 2016

117371

(4399)

(2757)

(15574)

141925

12-month rolling

2017 2016

3777 8771

245 (348)

634 725

4656 9149

6462 6427

2 (12)

11120 15563

(623) (2080)

10497 13483

12-month rolling

2017 2016

10497 13483

12-month average

2017 2016

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

49761 47155

149912 141259

NOK millions

EBIT after tax E

NOK millions

Total assets

Other liquid assets

Deferred tax assets

NOK millions

Operating income

Interest income

EBITDA

3-month rolling

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

102117

NOK millions

EBITDA

4Q 2017 2526

(1808)

4Q 2017 455

4Q 2016

117371

(4399)

(2757)

(15574)

4Q 2016 2015

(1687)

4Q 2016 521

12-month rolling

2017 2016

(2080)

4033 7069

12-month average

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

100151 94103

YTD 2017 2016 11120 15563

(6462) (6427)

(2) 12

(678) (901)

826 115

4803 8363

YTD 2017 2016 3777 8771

245 (348)

618 690

4656 9149

6464 6414

11120 15563

662 (1114)

11782 14449

Debtequity ratio

Total equity (77831) (76770)

Earnings per share

Net income O 846 (333) 3948 6360

R (11) (11) (36) (36)

wwwyaracom

455 521 3777 8771

1808 1687 6461 6427

69 41 191 156

(387) (275) (1645) (2736)

- 4 68 358

(1185) 97 (1031) 3789

162 80 172 (1559)

(610) 88 (1515) (1121)

312 2242 6478 14084

(2999) (3830) (11030) (12873)

(124) (124) (193) (480)

(191) (119) (452) (286)

2 - 1 -

28 12 111 62

376 116 459 2973

(2908) (3944) (11105) (10604)

9 4988 352 8062 1138

- - - (93)

- - - (252)

2 - - (2732) (4108)

- 3 50 327

4988 356 5379 (2989)

39 13 (47) 39

2431 (1333) 706 531

2025 5083 3751 3220

4456 3751 4456 3751

NOK millions 4Q 2017 4Q 2016 2017 2016

Industrial 4004 3591 15219 16074

Production 2092 1649 7341 8472

Total 23937 22327 93812 97170

Production 8763 7924 34123 33316

Total - - - -

Industrial 4057 3592 15348 16181

Production 10855 9573 41465 41788

Total 23937 22327 93812 97170

Industrial (91) 342 959 2742

Production 450 (150) 683 1597

Total 455 521 3777 8771

Industrial 129 398 1289 2916

Production 1829 823 5996 6681

Total 2526 2015 11120 15563

Investments 1)

Production 2974 3996 9608 12017

Total 4119 4616 12404 13856

Total Assets 2)

Total 129246 120505

2016 2017

118 157

259 550

95 147

232 619

11 13 Production 2)

Yara 1)

Production 2)

income

4Q 2017 Crop Nutrition 403 (2) 106 507 322 829

Industrial (91) 21 14 (56) 185 129

Production 450 94 22 565 1264 1829

Total 455 113 149 717 1809 2526

4Q 2016 Crop Nutrition 451 7 120 578 282 860

Industrial 342 26 5 374 24 398

Production (150) (390) 27 (514) 1337 823

Total 521 (358) 179 342 1673 2015

2017 Crop Nutrition 2505 24 460 2989 1048 4037

Industrial 959 50 23 1031 258 1289

Production 683 171 122 976 5020 5996

Total 3777 245 634 4656 6464 11120

2016 Crop Nutrition 4118 30 501 4649 821 5470

Industrial 2742 63 11 2816 100 2916

Production 1597 (441) 150 1306 5376 6681

Total 8771 (348) 725 9149 6414 15563

Inventories 36

Total assets 2575

statement of income

Other income

NOK millions 4Q 2017 4Q 2016 2017 2016

Other 16 49 81 100

Total 205 76 446 1867

NOK millions

Income tax

4Q 2017 4Q 2016 2017

Note 8 Inventories

Long-term debt

Total 18255 17580

31 Dec 2017

Note 9

2019 6287 322 57 6666

2020 - 141 62 203

2021 703 140 61 904

2022 2487 1392 29 3908

Thereafter 6641 1352 219 8212

Total 16119 3346 427 19893

NOK millions

Note 10 Provisions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

EBITDA

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

829 1153 1005 1050 860 1502 1330 1778

129 411 373 376 398 403 1693 423

1829 637 1531 1999 823 894 2120 2845

(261) 185 83 (209) (65) 205 346 10

2526 2386 2992 3216 2015 3004 5489 5055

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

NOK millions

Results

EBITDA 2526 2386 2992 3216 2015 3004 5489 5055

2894 3134 2901

161 425 394

363 664 585

99 371 325

036 136 119

NOK millions

Operating income

Gross cash flow A

NOK millions

Gross cash flow A

12-month rolling B

NOK millions

Total assets

Other liquid assets

Deferred tax assets

3-month rolling

4Q 2017

4Q 2016

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

154038

4Q 2016

117371

(4399)

(2757)

(15574)

141925

12-month rolling

2017 2016

3777 8771

245 (348)

634 725

4656 9149

6462 6427

2 (12)

11120 15563

(623) (2080)

10497 13483

12-month rolling

2017 2016

10497 13483

12-month average

2017 2016

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

49761 47155

149912 141259

NOK millions

EBIT after tax E

NOK millions

Total assets

Other liquid assets

Deferred tax assets

NOK millions

Operating income

Interest income

EBITDA

3-month rolling

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

102117

NOK millions

EBITDA

4Q 2017 2526

(1808)

4Q 2017 455

4Q 2016

117371

(4399)

(2757)

(15574)

4Q 2016 2015

(1687)

4Q 2016 521

12-month rolling

2017 2016

(2080)

4033 7069

12-month average

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

100151 94103

YTD 2017 2016 11120 15563

(6462) (6427)

(2) 12

(678) (901)

826 115

4803 8363

YTD 2017 2016 3777 8771

245 (348)

618 690

4656 9149

6464 6414

11120 15563

662 (1114)

11782 14449

Debtequity ratio

Total equity (77831) (76770)

Earnings per share

Net income O 846 (333) 3948 6360

R (11) (11) (36) (36)

wwwyaracom

455 521 3777 8771

1808 1687 6461 6427

69 41 191 156

(387) (275) (1645) (2736)

- 4 68 358

(1185) 97 (1031) 3789

162 80 172 (1559)

(610) 88 (1515) (1121)

312 2242 6478 14084

(2999) (3830) (11030) (12873)

(124) (124) (193) (480)

(191) (119) (452) (286)

2 - 1 -

28 12 111 62

376 116 459 2973

(2908) (3944) (11105) (10604)

9 4988 352 8062 1138

- - - (93)

- - - (252)

2 - - (2732) (4108)

- 3 50 327

4988 356 5379 (2989)

39 13 (47) 39

2431 (1333) 706 531

2025 5083 3751 3220

4456 3751 4456 3751

NOK millions 4Q 2017 4Q 2016 2017 2016

Industrial 4004 3591 15219 16074

Production 2092 1649 7341 8472

Total 23937 22327 93812 97170

Production 8763 7924 34123 33316

Total - - - -

Industrial 4057 3592 15348 16181

Production 10855 9573 41465 41788

Total 23937 22327 93812 97170

Industrial (91) 342 959 2742

Production 450 (150) 683 1597

Total 455 521 3777 8771

Industrial 129 398 1289 2916

Production 1829 823 5996 6681

Total 2526 2015 11120 15563

Investments 1)

Production 2974 3996 9608 12017

Total 4119 4616 12404 13856

Total Assets 2)

Total 129246 120505

2016 2017

118 157

259 550

95 147

232 619

11 13 Production 2)

Yara 1)

Production 2)

income

4Q 2017 Crop Nutrition 403 (2) 106 507 322 829

Industrial (91) 21 14 (56) 185 129

Production 450 94 22 565 1264 1829

Total 455 113 149 717 1809 2526

4Q 2016 Crop Nutrition 451 7 120 578 282 860

Industrial 342 26 5 374 24 398

Production (150) (390) 27 (514) 1337 823

Total 521 (358) 179 342 1673 2015

2017 Crop Nutrition 2505 24 460 2989 1048 4037

Industrial 959 50 23 1031 258 1289

Production 683 171 122 976 5020 5996

Total 3777 245 634 4656 6464 11120

2016 Crop Nutrition 4118 30 501 4649 821 5470

Industrial 2742 63 11 2816 100 2916

Production 1597 (441) 150 1306 5376 6681

Total 8771 (348) 725 9149 6414 15563

Inventories 36

Total assets 2575

statement of income

Other income

NOK millions 4Q 2017 4Q 2016 2017 2016

Other 16 49 81 100

Total 205 76 446 1867

NOK millions

Income tax

4Q 2017 4Q 2016 2017

Note 8 Inventories

Long-term debt

Total 18255 17580

31 Dec 2017

Note 9

2019 6287 322 57 6666

2020 - 141 62 203

2021 703 140 61 904

2022 2487 1392 29 3908

Thereafter 6641 1352 219 8212

Total 16119 3346 427 19893

NOK millions

Note 10 Provisions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

EBITDA

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

829 1153 1005 1050 860 1502 1330 1778

129 411 373 376 398 403 1693 423

1829 637 1531 1999 823 894 2120 2845

(261) 185 83 (209) (65) 205 346 10

2526 2386 2992 3216 2015 3004 5489 5055

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

NOK millions

Results

EBITDA 2526 2386 2992 3216 2015 3004 5489 5055

2894 3134 2901

161 425 394

363 664 585

99 371 325

036 136 119

NOK millions

Operating income

Gross cash flow A

NOK millions

Gross cash flow A

12-month rolling B

NOK millions

Total assets

Other liquid assets

Deferred tax assets

3-month rolling

4Q 2017

4Q 2016

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

154038

4Q 2016

117371

(4399)

(2757)

(15574)

141925

12-month rolling

2017 2016

3777 8771

245 (348)

634 725

4656 9149

6462 6427

2 (12)

11120 15563

(623) (2080)

10497 13483

12-month rolling

2017 2016

10497 13483

12-month average

2017 2016

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

49761 47155

149912 141259

NOK millions

EBIT after tax E

NOK millions

Total assets

Other liquid assets

Deferred tax assets

NOK millions

Operating income

Interest income

EBITDA

3-month rolling

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

102117

NOK millions

EBITDA

4Q 2017 2526

(1808)

4Q 2017 455

4Q 2016

117371

(4399)

(2757)

(15574)

4Q 2016 2015

(1687)

4Q 2016 521

12-month rolling

2017 2016

(2080)

4033 7069

12-month average

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

100151 94103

YTD 2017 2016 11120 15563

(6462) (6427)

(2) 12

(678) (901)

826 115

4803 8363

YTD 2017 2016 3777 8771

245 (348)

618 690

4656 9149

6464 6414

11120 15563

662 (1114)

11782 14449

Debtequity ratio

Total equity (77831) (76770)

Earnings per share

Net income O 846 (333) 3948 6360

R (11) (11) (36) (36)

wwwyaracom

NOK millions 4Q 2017 4Q 2016 2017 2016

Industrial 4004 3591 15219 16074

Production 2092 1649 7341 8472

Total 23937 22327 93812 97170

Production 8763 7924 34123 33316

Total - - - -

Industrial 4057 3592 15348 16181

Production 10855 9573 41465 41788

Total 23937 22327 93812 97170

Industrial (91) 342 959 2742

Production 450 (150) 683 1597

Total 455 521 3777 8771

Industrial 129 398 1289 2916

Production 1829 823 5996 6681

Total 2526 2015 11120 15563

Investments 1)

Production 2974 3996 9608 12017

Total 4119 4616 12404 13856

Total Assets 2)

Total 129246 120505

2016 2017

118 157

259 550

95 147

232 619

11 13 Production 2)

Yara 1)

Production 2)

income

4Q 2017 Crop Nutrition 403 (2) 106 507 322 829

Industrial (91) 21 14 (56) 185 129

Production 450 94 22 565 1264 1829

Total 455 113 149 717 1809 2526

4Q 2016 Crop Nutrition 451 7 120 578 282 860

Industrial 342 26 5 374 24 398

Production (150) (390) 27 (514) 1337 823

Total 521 (358) 179 342 1673 2015

2017 Crop Nutrition 2505 24 460 2989 1048 4037

Industrial 959 50 23 1031 258 1289

Production 683 171 122 976 5020 5996

Total 3777 245 634 4656 6464 11120

2016 Crop Nutrition 4118 30 501 4649 821 5470

Industrial 2742 63 11 2816 100 2916

Production 1597 (441) 150 1306 5376 6681

Total 8771 (348) 725 9149 6414 15563

Inventories 36

Total assets 2575

statement of income

Other income

NOK millions 4Q 2017 4Q 2016 2017 2016

Other 16 49 81 100

Total 205 76 446 1867

NOK millions

Income tax

4Q 2017 4Q 2016 2017

Note 8 Inventories

Long-term debt

Total 18255 17580

31 Dec 2017

Note 9

2019 6287 322 57 6666

2020 - 141 62 203

2021 703 140 61 904

2022 2487 1392 29 3908

Thereafter 6641 1352 219 8212

Total 16119 3346 427 19893

NOK millions

Note 10 Provisions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

EBITDA

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

829 1153 1005 1050 860 1502 1330 1778

129 411 373 376 398 403 1693 423

1829 637 1531 1999 823 894 2120 2845

(261) 185 83 (209) (65) 205 346 10

2526 2386 2992 3216 2015 3004 5489 5055

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

NOK millions

Results

EBITDA 2526 2386 2992 3216 2015 3004 5489 5055

2894 3134 2901

161 425 394

363 664 585

99 371 325

036 136 119

NOK millions

Operating income

Gross cash flow A

NOK millions

Gross cash flow A

12-month rolling B

NOK millions

Total assets

Other liquid assets

Deferred tax assets

3-month rolling

4Q 2017

4Q 2016

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

154038

4Q 2016

117371

(4399)

(2757)

(15574)

141925

12-month rolling

2017 2016

3777 8771

245 (348)

634 725

4656 9149

6462 6427

2 (12)

11120 15563

(623) (2080)

10497 13483

12-month rolling

2017 2016

10497 13483

12-month average

2017 2016

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

49761 47155

149912 141259

NOK millions

EBIT after tax E

NOK millions

Total assets

Other liquid assets

Deferred tax assets

NOK millions

Operating income

Interest income

EBITDA

3-month rolling

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

102117

NOK millions

EBITDA

4Q 2017 2526

(1808)

4Q 2017 455

4Q 2016

117371

(4399)

(2757)

(15574)

4Q 2016 2015

(1687)

4Q 2016 521

12-month rolling

2017 2016

(2080)

4033 7069

12-month average

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

100151 94103

YTD 2017 2016 11120 15563

(6462) (6427)

(2) 12

(678) (901)

826 115

4803 8363

YTD 2017 2016 3777 8771

245 (348)

618 690

4656 9149

6464 6414

11120 15563

662 (1114)

11782 14449

Debtequity ratio

Total equity (77831) (76770)

Earnings per share

Net income O 846 (333) 3948 6360

R (11) (11) (36) (36)

wwwyaracom

NOK millions 4Q 2017 4Q 2016 2017 2016

Industrial 4004 3591 15219 16074

Production 2092 1649 7341 8472

Total 23937 22327 93812 97170

Production 8763 7924 34123 33316

Total - - - -

Industrial 4057 3592 15348 16181

Production 10855 9573 41465 41788

Total 23937 22327 93812 97170

Industrial (91) 342 959 2742

Production 450 (150) 683 1597

Total 455 521 3777 8771

Industrial 129 398 1289 2916

Production 1829 823 5996 6681

Total 2526 2015 11120 15563

Investments 1)

Production 2974 3996 9608 12017

Total 4119 4616 12404 13856

Total Assets 2)

Total 129246 120505

2016 2017

118 157

259 550

95 147

232 619

11 13 Production 2)

Yara 1)

Production 2)

income

4Q 2017 Crop Nutrition 403 (2) 106 507 322 829

Industrial (91) 21 14 (56) 185 129

Production 450 94 22 565 1264 1829

Total 455 113 149 717 1809 2526

4Q 2016 Crop Nutrition 451 7 120 578 282 860

Industrial 342 26 5 374 24 398

Production (150) (390) 27 (514) 1337 823

Total 521 (358) 179 342 1673 2015

2017 Crop Nutrition 2505 24 460 2989 1048 4037

Industrial 959 50 23 1031 258 1289

Production 683 171 122 976 5020 5996

Total 3777 245 634 4656 6464 11120

2016 Crop Nutrition 4118 30 501 4649 821 5470

Industrial 2742 63 11 2816 100 2916

Production 1597 (441) 150 1306 5376 6681

Total 8771 (348) 725 9149 6414 15563

Inventories 36

Total assets 2575

statement of income

Other income

NOK millions 4Q 2017 4Q 2016 2017 2016

Other 16 49 81 100

Total 205 76 446 1867

NOK millions

Income tax

4Q 2017 4Q 2016 2017

Note 8 Inventories

Long-term debt

Total 18255 17580

31 Dec 2017

Note 9

2019 6287 322 57 6666

2020 - 141 62 203

2021 703 140 61 904

2022 2487 1392 29 3908

Thereafter 6641 1352 219 8212

Total 16119 3346 427 19893

NOK millions

Note 10 Provisions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

EBITDA

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

829 1153 1005 1050 860 1502 1330 1778

129 411 373 376 398 403 1693 423

1829 637 1531 1999 823 894 2120 2845

(261) 185 83 (209) (65) 205 346 10

2526 2386 2992 3216 2015 3004 5489 5055

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

NOK millions

Results

EBITDA 2526 2386 2992 3216 2015 3004 5489 5055

2894 3134 2901

161 425 394

363 664 585

99 371 325

036 136 119

NOK millions

Operating income

Gross cash flow A

NOK millions

Gross cash flow A

12-month rolling B

NOK millions

Total assets

Other liquid assets

Deferred tax assets

3-month rolling

4Q 2017

4Q 2016

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

154038

4Q 2016

117371

(4399)

(2757)

(15574)

141925

12-month rolling

2017 2016

3777 8771

245 (348)

634 725

4656 9149

6462 6427

2 (12)

11120 15563

(623) (2080)

10497 13483

12-month rolling

2017 2016

10497 13483

12-month average

2017 2016

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

49761 47155

149912 141259

NOK millions

EBIT after tax E

NOK millions

Total assets

Other liquid assets

Deferred tax assets

NOK millions

Operating income

Interest income

EBITDA

3-month rolling

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

102117

NOK millions

EBITDA

4Q 2017 2526

(1808)

4Q 2017 455

4Q 2016

117371

(4399)

(2757)

(15574)

4Q 2016 2015

(1687)

4Q 2016 521

12-month rolling

2017 2016

(2080)

4033 7069

12-month average

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

100151 94103

YTD 2017 2016 11120 15563

(6462) (6427)

(2) 12

(678) (901)

826 115

4803 8363

YTD 2017 2016 3777 8771

245 (348)

618 690

4656 9149

6464 6414

11120 15563

662 (1114)

11782 14449

Debtequity ratio

Total equity (77831) (76770)

Earnings per share

Net income O 846 (333) 3948 6360

R (11) (11) (36) (36)

wwwyaracom

NOK millions 4Q 2017 4Q 2016 2017 2016

Industrial 4004 3591 15219 16074

Production 2092 1649 7341 8472

Total 23937 22327 93812 97170

Production 8763 7924 34123 33316

Total - - - -

Industrial 4057 3592 15348 16181

Production 10855 9573 41465 41788

Total 23937 22327 93812 97170

Industrial (91) 342 959 2742

Production 450 (150) 683 1597

Total 455 521 3777 8771

Industrial 129 398 1289 2916

Production 1829 823 5996 6681

Total 2526 2015 11120 15563

Investments 1)

Production 2974 3996 9608 12017

Total 4119 4616 12404 13856

Total Assets 2)

Total 129246 120505

2016 2017

118 157

259 550

95 147

232 619

11 13 Production 2)

Yara 1)

Production 2)

income

4Q 2017 Crop Nutrition 403 (2) 106 507 322 829

Industrial (91) 21 14 (56) 185 129

Production 450 94 22 565 1264 1829

Total 455 113 149 717 1809 2526

4Q 2016 Crop Nutrition 451 7 120 578 282 860

Industrial 342 26 5 374 24 398

Production (150) (390) 27 (514) 1337 823

Total 521 (358) 179 342 1673 2015

2017 Crop Nutrition 2505 24 460 2989 1048 4037

Industrial 959 50 23 1031 258 1289

Production 683 171 122 976 5020 5996

Total 3777 245 634 4656 6464 11120

2016 Crop Nutrition 4118 30 501 4649 821 5470

Industrial 2742 63 11 2816 100 2916

Production 1597 (441) 150 1306 5376 6681

Total 8771 (348) 725 9149 6414 15563

Inventories 36

Total assets 2575

statement of income

Other income

NOK millions 4Q 2017 4Q 2016 2017 2016

Other 16 49 81 100

Total 205 76 446 1867

NOK millions

Income tax

4Q 2017 4Q 2016 2017

Note 8 Inventories

Long-term debt

Total 18255 17580

31 Dec 2017

Note 9

2019 6287 322 57 6666

2020 - 141 62 203

2021 703 140 61 904

2022 2487 1392 29 3908

Thereafter 6641 1352 219 8212

Total 16119 3346 427 19893

NOK millions

Note 10 Provisions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

EBITDA

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

829 1153 1005 1050 860 1502 1330 1778

129 411 373 376 398 403 1693 423

1829 637 1531 1999 823 894 2120 2845

(261) 185 83 (209) (65) 205 346 10

2526 2386 2992 3216 2015 3004 5489 5055

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

NOK millions

Results

EBITDA 2526 2386 2992 3216 2015 3004 5489 5055

2894 3134 2901

161 425 394

363 664 585

99 371 325

036 136 119

NOK millions

Operating income

Gross cash flow A

NOK millions

Gross cash flow A

12-month rolling B

NOK millions

Total assets

Other liquid assets

Deferred tax assets

3-month rolling

4Q 2017

4Q 2016

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

154038

4Q 2016

117371

(4399)

(2757)

(15574)

141925

12-month rolling

2017 2016

3777 8771

245 (348)

634 725

4656 9149

6462 6427

2 (12)

11120 15563

(623) (2080)

10497 13483

12-month rolling

2017 2016

10497 13483

12-month average

2017 2016

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

49761 47155

149912 141259

NOK millions

EBIT after tax E

NOK millions

Total assets

Other liquid assets

Deferred tax assets

NOK millions

Operating income

Interest income

EBITDA

3-month rolling

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

102117

NOK millions

EBITDA

4Q 2017 2526

(1808)

4Q 2017 455

4Q 2016

117371

(4399)

(2757)

(15574)

4Q 2016 2015

(1687)

4Q 2016 521

12-month rolling

2017 2016

(2080)

4033 7069

12-month average

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

100151 94103

YTD 2017 2016 11120 15563

(6462) (6427)

(2) 12

(678) (901)

826 115

4803 8363

YTD 2017 2016 3777 8771

245 (348)

618 690

4656 9149

6464 6414

11120 15563

662 (1114)

11782 14449

Debtequity ratio

Total equity (77831) (76770)

Earnings per share

Net income O 846 (333) 3948 6360

R (11) (11) (36) (36)

wwwyaracom

2016 2017

118 157

259 550

95 147

232 619

11 13 Production 2)

Yara 1)

Production 2)

income

4Q 2017 Crop Nutrition 403 (2) 106 507 322 829

Industrial (91) 21 14 (56) 185 129

Production 450 94 22 565 1264 1829

Total 455 113 149 717 1809 2526

4Q 2016 Crop Nutrition 451 7 120 578 282 860

Industrial 342 26 5 374 24 398

Production (150) (390) 27 (514) 1337 823

Total 521 (358) 179 342 1673 2015

2017 Crop Nutrition 2505 24 460 2989 1048 4037

Industrial 959 50 23 1031 258 1289

Production 683 171 122 976 5020 5996

Total 3777 245 634 4656 6464 11120

2016 Crop Nutrition 4118 30 501 4649 821 5470

Industrial 2742 63 11 2816 100 2916

Production 1597 (441) 150 1306 5376 6681

Total 8771 (348) 725 9149 6414 15563

Inventories 36

Total assets 2575

statement of income

Other income

NOK millions 4Q 2017 4Q 2016 2017 2016

Other 16 49 81 100

Total 205 76 446 1867

NOK millions

Income tax

4Q 2017 4Q 2016 2017

Note 8 Inventories

Long-term debt

Total 18255 17580

31 Dec 2017

Note 9

2019 6287 322 57 6666

2020 - 141 62 203

2021 703 140 61 904

2022 2487 1392 29 3908

Thereafter 6641 1352 219 8212

Total 16119 3346 427 19893

NOK millions

Note 10 Provisions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

EBITDA

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

829 1153 1005 1050 860 1502 1330 1778

129 411 373 376 398 403 1693 423

1829 637 1531 1999 823 894 2120 2845

(261) 185 83 (209) (65) 205 346 10

2526 2386 2992 3216 2015 3004 5489 5055

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

NOK millions

Results

EBITDA 2526 2386 2992 3216 2015 3004 5489 5055

2894 3134 2901

161 425 394

363 664 585

99 371 325

036 136 119

NOK millions

Operating income

Gross cash flow A

NOK millions

Gross cash flow A

12-month rolling B

NOK millions

Total assets

Other liquid assets

Deferred tax assets

3-month rolling

4Q 2017

4Q 2016

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

154038

4Q 2016

117371

(4399)

(2757)

(15574)

141925

12-month rolling

2017 2016

3777 8771

245 (348)

634 725

4656 9149

6462 6427

2 (12)

11120 15563

(623) (2080)

10497 13483

12-month rolling

2017 2016

10497 13483

12-month average

2017 2016

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

49761 47155

149912 141259

NOK millions

EBIT after tax E

NOK millions

Total assets

Other liquid assets

Deferred tax assets

NOK millions

Operating income

Interest income

EBITDA

3-month rolling

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

102117

NOK millions

EBITDA

4Q 2017 2526

(1808)

4Q 2017 455

4Q 2016

117371

(4399)

(2757)

(15574)

4Q 2016 2015

(1687)

4Q 2016 521

12-month rolling

2017 2016

(2080)

4033 7069

12-month average

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

100151 94103

YTD 2017 2016 11120 15563

(6462) (6427)

(2) 12

(678) (901)

826 115

4803 8363

YTD 2017 2016 3777 8771

245 (348)

618 690

4656 9149

6464 6414

11120 15563

662 (1114)

11782 14449

Debtequity ratio

Total equity (77831) (76770)

Earnings per share

Net income O 846 (333) 3948 6360

R (11) (11) (36) (36)

wwwyaracom

Inventories 36

Total assets 2575

statement of income

Other income

NOK millions 4Q 2017 4Q 2016 2017 2016

Other 16 49 81 100

Total 205 76 446 1867

NOK millions

Income tax

4Q 2017 4Q 2016 2017

Note 8 Inventories

Long-term debt

Total 18255 17580

31 Dec 2017

Note 9

2019 6287 322 57 6666

2020 - 141 62 203

2021 703 140 61 904

2022 2487 1392 29 3908

Thereafter 6641 1352 219 8212

Total 16119 3346 427 19893

NOK millions

Note 10 Provisions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

EBITDA

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

829 1153 1005 1050 860 1502 1330 1778

129 411 373 376 398 403 1693 423

1829 637 1531 1999 823 894 2120 2845

(261) 185 83 (209) (65) 205 346 10

2526 2386 2992 3216 2015 3004 5489 5055

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

NOK millions

Results

EBITDA 2526 2386 2992 3216 2015 3004 5489 5055

2894 3134 2901

161 425 394

363 664 585

99 371 325

036 136 119

NOK millions

Operating income

Gross cash flow A

NOK millions

Gross cash flow A

12-month rolling B

NOK millions

Total assets

Other liquid assets

Deferred tax assets

3-month rolling

4Q 2017

4Q 2016

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

154038

4Q 2016

117371

(4399)

(2757)

(15574)

141925

12-month rolling

2017 2016

3777 8771

245 (348)

634 725

4656 9149

6462 6427

2 (12)

11120 15563

(623) (2080)

10497 13483

12-month rolling

2017 2016

10497 13483

12-month average

2017 2016

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

49761 47155

149912 141259

NOK millions

EBIT after tax E

NOK millions

Total assets

Other liquid assets

Deferred tax assets

NOK millions

Operating income

Interest income

EBITDA

3-month rolling

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

102117

NOK millions

EBITDA

4Q 2017 2526

(1808)

4Q 2017 455

4Q 2016

117371

(4399)

(2757)

(15574)

4Q 2016 2015

(1687)

4Q 2016 521

12-month rolling

2017 2016

(2080)

4033 7069

12-month average

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

100151 94103

YTD 2017 2016 11120 15563

(6462) (6427)

(2) 12

(678) (901)

826 115

4803 8363

YTD 2017 2016 3777 8771

245 (348)

618 690

4656 9149

6464 6414

11120 15563

662 (1114)

11782 14449

Debtequity ratio

Total equity (77831) (76770)

Earnings per share

Net income O 846 (333) 3948 6360

R (11) (11) (36) (36)

wwwyaracom

Inventories 36

Total assets 2575

statement of income

Other income

NOK millions 4Q 2017 4Q 2016 2017 2016

Other 16 49 81 100

Total 205 76 446 1867

NOK millions

Income tax

4Q 2017 4Q 2016 2017

Note 8 Inventories

Long-term debt

Total 18255 17580

31 Dec 2017

Note 9

2019 6287 322 57 6666

2020 - 141 62 203

2021 703 140 61 904

2022 2487 1392 29 3908

Thereafter 6641 1352 219 8212

Total 16119 3346 427 19893

NOK millions

Note 10 Provisions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

EBITDA

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

829 1153 1005 1050 860 1502 1330 1778

129 411 373 376 398 403 1693 423

1829 637 1531 1999 823 894 2120 2845

(261) 185 83 (209) (65) 205 346 10

2526 2386 2992 3216 2015 3004 5489 5055

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

NOK millions

Results

EBITDA 2526 2386 2992 3216 2015 3004 5489 5055

2894 3134 2901

161 425 394

363 664 585

99 371 325

036 136 119

NOK millions

Operating income

Gross cash flow A

NOK millions

Gross cash flow A

12-month rolling B

NOK millions

Total assets

Other liquid assets

Deferred tax assets

3-month rolling

4Q 2017

4Q 2016

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

154038

4Q 2016

117371

(4399)

(2757)

(15574)

141925

12-month rolling

2017 2016

3777 8771

245 (348)

634 725

4656 9149

6462 6427

2 (12)

11120 15563

(623) (2080)

10497 13483

12-month rolling

2017 2016

10497 13483

12-month average

2017 2016

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

49761 47155

149912 141259

NOK millions

EBIT after tax E

NOK millions

Total assets

Other liquid assets

Deferred tax assets

NOK millions

Operating income

Interest income

EBITDA

3-month rolling

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

102117

NOK millions

EBITDA

4Q 2017 2526

(1808)

4Q 2017 455

4Q 2016

117371

(4399)

(2757)

(15574)

4Q 2016 2015

(1687)

4Q 2016 521

12-month rolling

2017 2016

(2080)

4033 7069

12-month average

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

100151 94103

YTD 2017 2016 11120 15563

(6462) (6427)

(2) 12

(678) (901)

826 115

4803 8363

YTD 2017 2016 3777 8771

245 (348)

618 690

4656 9149

6464 6414

11120 15563

662 (1114)

11782 14449

Debtequity ratio

Total equity (77831) (76770)

Earnings per share

Net income O 846 (333) 3948 6360

R (11) (11) (36) (36)

wwwyaracom

statement of income

Other income

NOK millions 4Q 2017 4Q 2016 2017 2016

Other 16 49 81 100

Total 205 76 446 1867

NOK millions

Income tax

4Q 2017 4Q 2016 2017

Note 8 Inventories

Long-term debt

Total 18255 17580

31 Dec 2017

Note 9

2019 6287 322 57 6666

2020 - 141 62 203

2021 703 140 61 904

2022 2487 1392 29 3908

Thereafter 6641 1352 219 8212

Total 16119 3346 427 19893

NOK millions

Note 10 Provisions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

EBITDA

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

829 1153 1005 1050 860 1502 1330 1778

129 411 373 376 398 403 1693 423

1829 637 1531 1999 823 894 2120 2845

(261) 185 83 (209) (65) 205 346 10

2526 2386 2992 3216 2015 3004 5489 5055

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

NOK millions

Results

EBITDA 2526 2386 2992 3216 2015 3004 5489 5055

2894 3134 2901

161 425 394

363 664 585

99 371 325

036 136 119

NOK millions

Operating income

Gross cash flow A

NOK millions

Gross cash flow A

12-month rolling B

NOK millions

Total assets

Other liquid assets

Deferred tax assets

3-month rolling

4Q 2017

4Q 2016

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

154038

4Q 2016

117371

(4399)

(2757)

(15574)

141925

12-month rolling

2017 2016

3777 8771

245 (348)

634 725

4656 9149

6462 6427

2 (12)

11120 15563

(623) (2080)

10497 13483

12-month rolling

2017 2016

10497 13483

12-month average

2017 2016

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

49761 47155

149912 141259

NOK millions

EBIT after tax E

NOK millions

Total assets

Other liquid assets

Deferred tax assets

NOK millions

Operating income

Interest income

EBITDA

3-month rolling

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

102117

NOK millions

EBITDA

4Q 2017 2526

(1808)

4Q 2017 455

4Q 2016

117371

(4399)

(2757)

(15574)

4Q 2016 2015

(1687)

4Q 2016 521

12-month rolling

2017 2016

(2080)

4033 7069

12-month average

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

100151 94103

YTD 2017 2016 11120 15563

(6462) (6427)

(2) 12

(678) (901)

826 115

4803 8363

YTD 2017 2016 3777 8771

245 (348)

618 690

4656 9149

6464 6414

11120 15563

662 (1114)

11782 14449

Debtequity ratio

Total equity (77831) (76770)

Earnings per share

Net income O 846 (333) 3948 6360

R (11) (11) (36) (36)

wwwyaracom

Note 8 Inventories

Long-term debt

Total 18255 17580

31 Dec 2017

Note 9

2019 6287 322 57 6666

2020 - 141 62 203

2021 703 140 61 904

2022 2487 1392 29 3908

Thereafter 6641 1352 219 8212

Total 16119 3346 427 19893

NOK millions

Note 10 Provisions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

EBITDA

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

829 1153 1005 1050 860 1502 1330 1778

129 411 373 376 398 403 1693 423

1829 637 1531 1999 823 894 2120 2845

(261) 185 83 (209) (65) 205 346 10

2526 2386 2992 3216 2015 3004 5489 5055

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

NOK millions

Results

EBITDA 2526 2386 2992 3216 2015 3004 5489 5055

2894 3134 2901

161 425 394

363 664 585

99 371 325

036 136 119

NOK millions

Operating income

Gross cash flow A

NOK millions

Gross cash flow A

12-month rolling B

NOK millions

Total assets

Other liquid assets

Deferred tax assets

3-month rolling

4Q 2017

4Q 2016

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

154038

4Q 2016

117371

(4399)

(2757)

(15574)

141925

12-month rolling

2017 2016

3777 8771

245 (348)

634 725

4656 9149

6462 6427

2 (12)

11120 15563

(623) (2080)

10497 13483

12-month rolling

2017 2016

10497 13483

12-month average

2017 2016

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

49761 47155

149912 141259

NOK millions

EBIT after tax E

NOK millions

Total assets

Other liquid assets

Deferred tax assets

NOK millions

Operating income

Interest income

EBITDA

3-month rolling

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

102117

NOK millions

EBITDA

4Q 2017 2526

(1808)

4Q 2017 455

4Q 2016

117371

(4399)

(2757)

(15574)

4Q 2016 2015

(1687)

4Q 2016 521

12-month rolling

2017 2016

(2080)

4033 7069

12-month average

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

100151 94103

YTD 2017 2016 11120 15563

(6462) (6427)

(2) 12

(678) (901)

826 115

4803 8363

YTD 2017 2016 3777 8771

245 (348)

618 690

4656 9149

6464 6414

11120 15563

662 (1114)

11782 14449

Debtequity ratio

Total equity (77831) (76770)

Earnings per share

Net income O 846 (333) 3948 6360

R (11) (11) (36) (36)

wwwyaracom

NOK millions

Note 10 Provisions

Foreign exchange

movement Fair value

changes

Amorti

zation 1) Reclassi

Non cash changes

EBITDA

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

829 1153 1005 1050 860 1502 1330 1778

129 411 373 376 398 403 1693 423

1829 637 1531 1999 823 894 2120 2845

(261) 185 83 (209) (65) 205 346 10

2526 2386 2992 3216 2015 3004 5489 5055

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

NOK millions

Results

EBITDA 2526 2386 2992 3216 2015 3004 5489 5055

2894 3134 2901

161 425 394

363 664 585

99 371 325

036 136 119

NOK millions

Operating income

Gross cash flow A

NOK millions

Gross cash flow A

12-month rolling B

NOK millions

Total assets

Other liquid assets

Deferred tax assets

3-month rolling

4Q 2017

4Q 2016

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

154038

4Q 2016

117371

(4399)

(2757)

(15574)

141925

12-month rolling

2017 2016

3777 8771

245 (348)

634 725

4656 9149

6462 6427

2 (12)

11120 15563

(623) (2080)

10497 13483

12-month rolling

2017 2016

10497 13483

12-month average

2017 2016

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

49761 47155

149912 141259

NOK millions

EBIT after tax E

NOK millions

Total assets

Other liquid assets

Deferred tax assets

NOK millions

Operating income

Interest income

EBITDA

3-month rolling

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

102117

NOK millions

EBITDA

4Q 2017 2526

(1808)

4Q 2017 455

4Q 2016

117371

(4399)

(2757)

(15574)

4Q 2016 2015

(1687)

4Q 2016 521

12-month rolling

2017 2016

(2080)

4033 7069

12-month average

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

100151 94103

YTD 2017 2016 11120 15563

(6462) (6427)

(2) 12

(678) (901)

826 115

4803 8363

YTD 2017 2016 3777 8771

245 (348)

618 690

4656 9149

6464 6414

11120 15563

662 (1114)

11782 14449

Debtequity ratio

Total equity (77831) (76770)

Earnings per share

Net income O 846 (333) 3948 6360

R (11) (11) (36) (36)

wwwyaracom

EBITDA

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

829 1153 1005 1050 860 1502 1330 1778

129 411 373 376 398 403 1693 423

1829 637 1531 1999 823 894 2120 2845

(261) 185 83 (209) (65) 205 346 10

2526 2386 2992 3216 2015 3004 5489 5055

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

NOK millions

Results

EBITDA 2526 2386 2992 3216 2015 3004 5489 5055

2894 3134 2901

161 425 394

363 664 585

99 371 325

036 136 119

NOK millions

Operating income

Gross cash flow A

NOK millions

Gross cash flow A

12-month rolling B

NOK millions

Total assets

Other liquid assets

Deferred tax assets

3-month rolling

4Q 2017

4Q 2016

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

154038

4Q 2016

117371

(4399)

(2757)

(15574)

141925

12-month rolling

2017 2016

3777 8771

245 (348)

634 725

4656 9149

6462 6427

2 (12)

11120 15563

(623) (2080)

10497 13483

12-month rolling

2017 2016

10497 13483

12-month average

2017 2016

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

49761 47155

149912 141259

NOK millions

EBIT after tax E

NOK millions

Total assets

Other liquid assets

Deferred tax assets

NOK millions

Operating income

Interest income

EBITDA

3-month rolling

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

102117

NOK millions

EBITDA

4Q 2017 2526

(1808)

4Q 2017 455

4Q 2016

117371

(4399)

(2757)

(15574)

4Q 2016 2015

(1687)

4Q 2016 521

12-month rolling

2017 2016

(2080)

4033 7069

12-month average

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

100151 94103

YTD 2017 2016 11120 15563

(6462) (6427)

(2) 12

(678) (901)

826 115

4803 8363

YTD 2017 2016 3777 8771

245 (348)

618 690

4656 9149

6464 6414

11120 15563

662 (1114)

11782 14449

Debtequity ratio

Total equity (77831) (76770)

Earnings per share

Net income O 846 (333) 3948 6360

R (11) (11) (36) (36)

wwwyaracom

EBITDA

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

829 1153 1005 1050 860 1502 1330 1778

129 411 373 376 398 403 1693 423

1829 637 1531 1999 823 894 2120 2845

(261) 185 83 (209) (65) 205 346 10

2526 2386 2992 3216 2015 3004 5489 5055

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

NOK millions

Results

EBITDA 2526 2386 2992 3216 2015 3004 5489 5055

2894 3134 2901

161 425 394

363 664 585

99 371 325

036 136 119

NOK millions

Operating income

Gross cash flow A

NOK millions

Gross cash flow A

12-month rolling B

NOK millions

Total assets

Other liquid assets

Deferred tax assets

3-month rolling

4Q 2017

4Q 2016

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

154038

4Q 2016

117371

(4399)

(2757)

(15574)

141925

12-month rolling

2017 2016

3777 8771

245 (348)

634 725

4656 9149

6462 6427

2 (12)

11120 15563

(623) (2080)

10497 13483

12-month rolling

2017 2016

10497 13483

12-month average

2017 2016

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

49761 47155

149912 141259

NOK millions

EBIT after tax E

NOK millions

Total assets

Other liquid assets

Deferred tax assets

NOK millions

Operating income

Interest income

EBITDA

3-month rolling

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

102117

NOK millions

EBITDA

4Q 2017 2526

(1808)

4Q 2017 455

4Q 2016

117371

(4399)

(2757)

(15574)

4Q 2016 2015

(1687)

4Q 2016 521

12-month rolling

2017 2016

(2080)

4033 7069

12-month average

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

100151 94103

YTD 2017 2016 11120 15563

(6462) (6427)

(2) 12

(678) (901)

826 115

4803 8363

YTD 2017 2016 3777 8771

245 (348)

618 690

4656 9149

6464 6414

11120 15563

662 (1114)

11782 14449

Debtequity ratio

Total equity (77831) (76770)

Earnings per share

Net income O 846 (333) 3948 6360

R (11) (11) (36) (36)

wwwyaracom

EBITDA

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

829 1153 1005 1050 860 1502 1330 1778

129 411 373 376 398 403 1693 423

1829 637 1531 1999 823 894 2120 2845

(261) 185 83 (209) (65) 205 346 10

2526 2386 2992 3216 2015 3004 5489 5055

4Q 2017 3Q 2017 2Q 2017 1Q 2017 4Q 2016 3Q 2016 2Q 2016 1Q 2016

NOK millions

Results

EBITDA 2526 2386 2992 3216 2015 3004 5489 5055

2894 3134 2901

161 425 394

363 664 585

99 371 325

036 136 119

NOK millions

Operating income

Gross cash flow A

NOK millions

Gross cash flow A

12-month rolling B

NOK millions

Total assets

Other liquid assets

Deferred tax assets

3-month rolling

4Q 2017

4Q 2016

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

154038

4Q 2016

117371

(4399)

(2757)

(15574)

141925

12-month rolling

2017 2016

3777 8771

245 (348)

634 725

4656 9149

6462 6427

2 (12)

11120 15563

(623) (2080)

10497 13483

12-month rolling

2017 2016

10497 13483

12-month average

2017 2016

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

49761 47155

149912 141259

NOK millions

EBIT after tax E

NOK millions

Total assets

Other liquid assets

Deferred tax assets

NOK millions

Operating income

Interest income

EBITDA

3-month rolling

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

102117

NOK millions

EBITDA

4Q 2017 2526

(1808)

4Q 2017 455

4Q 2016

117371

(4399)

(2757)

(15574)

4Q 2016 2015

(1687)

4Q 2016 521

12-month rolling

2017 2016

(2080)

4033 7069

12-month average

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

100151 94103

YTD 2017 2016 11120 15563

(6462) (6427)

(2) 12

(678) (901)

826 115

4803 8363

YTD 2017 2016 3777 8771

245 (348)

618 690

4656 9149

6464 6414

11120 15563

662 (1114)

11782 14449

Debtequity ratio

Total equity (77831) (76770)

Earnings per share

Net income O 846 (333) 3948 6360

R (11) (11) (36) (36)

wwwyaracom

NOK millions

Operating income

Gross cash flow A

NOK millions

Gross cash flow A

12-month rolling B

NOK millions

Total assets

Other liquid assets

Deferred tax assets

3-month rolling

4Q 2017

4Q 2016

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

154038

4Q 2016

117371

(4399)

(2757)

(15574)

141925

12-month rolling

2017 2016

3777 8771

245 (348)

634 725

4656 9149

6462 6427

2 (12)

11120 15563

(623) (2080)

10497 13483

12-month rolling

2017 2016

10497 13483

12-month average

2017 2016

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

49761 47155

149912 141259

NOK millions

EBIT after tax E

NOK millions

Total assets

Other liquid assets

Deferred tax assets

NOK millions

Operating income

Interest income

EBITDA

3-month rolling

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

102117

NOK millions

EBITDA

4Q 2017 2526

(1808)

4Q 2017 455

4Q 2016

117371

(4399)

(2757)

(15574)

4Q 2016 2015

(1687)

4Q 2016 521

12-month rolling

2017 2016

(2080)

4033 7069

12-month average

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

100151 94103

YTD 2017 2016 11120 15563

(6462) (6427)

(2) 12

(678) (901)

826 115

4803 8363

YTD 2017 2016 3777 8771

245 (348)

618 690

4656 9149

6464 6414

11120 15563

662 (1114)

11782 14449

Debtequity ratio

Total equity (77831) (76770)

Earnings per share

Net income O 846 (333) 3948 6360

R (11) (11) (36) (36)

wwwyaracom

NOK millions

EBIT after tax E

NOK millions

Total assets

Other liquid assets

Deferred tax assets

NOK millions

Operating income

Interest income

EBITDA

3-month rolling

4Q 2017

4Q 2016

3-month average

4Q 2017

124474

(2712)

(2962)

(16677)

102117

NOK millions

EBITDA

4Q 2017 2526

(1808)

4Q 2017 455

4Q 2016

117371

(4399)

(2757)

(15574)

4Q 2016 2015

(1687)

4Q 2016 521

12-month rolling

2017 2016

(2080)

4033 7069

12-month average

122760 118556

(2711) (4814)

(3) (2)

(2885) (2866)

(17010) (16771)

100151 94103

YTD 2017 2016 11120 15563

(6462) (6427)

(2) 12

(678) (901)

826 115

4803 8363

YTD 2017 2016 3777 8771

245 (348)

618 690

4656 9149

6464 6414

11120 15563

662 (1114)

11782 14449

Debtequity ratio

Total equity (77831) (76770)

Earnings per share

Net income O 846 (333) 3948 6360

R (11) (11) (36) (36)

wwwyaracom

Debtequity ratio

Total equity (77831) (76770)

Earnings per share

Net income O 846 (333) 3948 6360

R (11) (11) (36) (36)

wwwyaracom

Documents

Fourth-quarter report 2017...USA, Russia and Saudi Arabia. For fourth quarter 2017, a combination of supply limitations of mainly technical character, and strong Asian demand, pulled