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share) a year earlier.
The main elements of the third-quarter results are:
- NOK 18 per share additional dividend proposed; total NOK 53 per share cash
returns(1) paid or committed to shareholders in 2020
- 7.9% ROIC(2), up from 6.1% a year earlier
- EBITDA(3) down 11%, mainly reflecting lower nitrogen prices
- Record NPK deliveries
- USD 2.5 billion free cashflow(4) rolling 4 quarters
“Yara delivers its ninth consecutive quarter with improved capital returns,
despite our results being impacted by lower nitrogen prices. Our crop nutrition
focused business model continues to perform strongly, delivering record NPK
volumes in the quarter. I would like to give credit to the entire Yara
organisation for another solid effort in a demanding environment,” said Svein
Tore Holsether, President and Chief Executive Officer of Yara.
“Our cash flow also continued to improve, with 2.5 billion US dollars of free
cash flow generated over the last four quarters. We will propose a NOK 18 per
share additional dividend for payment in the fourth quarter, bringing our total
cash paid or committed to shareholders in 2020 to NOK 53 per share,” said
Holsether.
Third-quarter operating income was USD 384 million, up from USD 314 million a
year earlier. Net income excluding currency effects and special items was USD
0.88 per share, compared with USD 0.94 per share in third quarter 2019. EBITDA
excluding special items was USD 558 million, down from USD 630 million a year
earlier.
Yara’s market environment is in a positive trend overall, with a broadly stable
global grain balance and limited urea supply pressure. Fertiliser and food
demand is resilient also in times of crisis, and ensuring continuity in food
production and related value chains remains a top priority for all countries.
Yara’s financial situation is robust, with strong cash flow from operations and
declining capital expenditure due to strong capital discipline.
Link to report, presentation and webcast 20 October at 12:00 CEST:
https://www.yara.com/investor-relations/latest-quarterly-report/
- Including share buy-backs in 1Q20 plus ongoing buy-backs to be completed in
1Q21 (assuming an average share price of 350 NOK) and the proportional
redemption of shares owned by the Norwegian state relating to these buy-backs
- L12M ROIC
- EBITDA excluding special items
- Net cash provided by operating activities minus net cash used in investing
activities (see cash flow statement page 20 in Yara’s third-quarter report 2020)
Note on Alternative performance measures: Alternative performance measures are
defined, explained and reconciled to the Financial statements in the APM section
of the Quarterly report on pages 35-40.
Contact
Thor Giæver, SVP Investor Relations
Mobile: (+47) 480 75 356
E-mail: thor.giaver@yara.com (mailto:thor.giaver@yara.com)
Josiane Kremer, Director External Communications
Mobile: (+47) 481 80 451
E-mail: josiane.kremer@yara.com (mailto:josiane.kremer@yara.com)
About Yara
Yara grows knowledge to responsibly feed the world and protect the planet.
Supporting our vision of a world without hunger, we pursue a strategy of
sustainable value growth, promoting climate-friendly and high-yielding crop
nutrition solutions for the world’s farming community and food industry.
Yara’s ambition is to be the Crop Nutrition Company for the Future. We are
committed to creating value for our customers, shareholders and society at
large, as we work to develop a more sustainable food value chain. To achieve our
ambition, we have taken the lead in developing digital farming tools for
precision farming, and work closely with partners throughout the food value
chain to improve the efficiency and sustainability of agriculture and food
production.
Founded in 1905 to solve the emerging famine in Europe, Yara has established a
unique position as the industry’s only global crop nutrition company. With our
integrated business model and a worldwide presence of around 16,000 employees
and operations in over 60 countries, we offer a proven track record of
responsible and reliable returns. In 2019, Yara reported revenues of USD 12.9
billion.
www.yara.com (http://www.yara.com)
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act
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