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Yara reports strong third-quarter results with robust value-added premiums
"Yara reports a strong third quarter despite weaker commodity fertilizer markets," said Jørgen Ole Haslestad, President and Chief Executive Officer in Yara.
"Our deliveries were strongest outside Europe, including Brazil where we completed the acquisition of Bunge's fertilizer business and are well underway with the integration effort. Our margins were lower overall, while value-added premiums remained robust," said Jørgen Ole Haslestad.
Yara reports third-quarter net income after non-controlling interests of NOK 1,569 million (NOK 5.65 per share), compared with NOK 2,604 million (NOK 9.25 per share) a year earlier. Excluding net foreign exchange loss and special items, the result was NOK 5.62 per share compared with NOK 9.00 per share in third quarter 2012. Third-quarter EBITDA excluding special items was NOK 3,215 million compared with NOK 4,184 million a year earlier.
Global Yara fertilizer deliveries were up 17% on third quarter last year as a result of increased sales in Brazil due to the inclusion of Bunge volumes, where Yara's NPK blend volumes almost doubled. Compound NPK deliveries decreased 6% as a slow-down in European deliveries during the latter part of the quarter was not fully offset by continued strong Asian demand. Nitrate deliveries saw a 2% decrease compared with last year, with European nitrate sales down 4%, but higher sales in the Americas. Realized urea prices declined 24%, while realized nitrate and NPK compound prices decreased by 7% and 4% respectively.
Nitrogen fertilizer industry deliveries in Western Europe have made a slow start to the new season, with third-quarter deliveries 9% lower than a year ago. However, a higher than normal portion of July deliveries were for immediate consumption, indicating pipeline stocks are limited at the start of the 2013/14 season. Yara nitrate deliveries have improved in October following the announcement of new Yara nitrate prices in Germany and Benelux.
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