Fourth-quarter 2016 report - Yara International · 2018-03-08 · Russia, Saudi Arabia and USA, and generated a global surplus. At prices below USD 200 per tonne fob Black Sea, Ukrainian

Fourth-quarter 2016 report

Yara International ASA

Weaker results reflecting lower prices

Strong production and deliveries

Strong Industrial result

Improvement program established

Proposed dividend NOK 10 per share 43 of net income

Debtequity ratio

EBITDA

NOK millions

Earnings per share

2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 2Q15 3Q154Q15 1Q16 2Q16 3Q164Q16

-3 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16

2 Yara fourth quarter 2016

Fourth quarter 2016 Financial highlights NOK millions except where indicated otherwise 4Q 2016 4Q 2015 2016 2015

22327 25722 97170 111897

521 685 8771 14104

(358) 12 (348) (310)

2015 3504 15563 21361

2474 3508 14449 18920

(333) 434 6360 8083

(122) 158 2325 2938

(062) 064 2282 3618

166 397 2070 3144

2732 2746 2735 2751

47 90 95 140

00 22 75 129

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

ROCE 2)

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 statistics 4Q 2015 2015

Average prices

Sales (Thousand tonnes) Ammonia trade 507 450 2043 2103

6858 6147 27249 26544 Fertilizer 1775 1759 6892 7032 Industrial products

4Q 2016 2016

Urea prilled (fob Black Sea) USD per tonne 206 250 199 272

CAN (cif Germany) USD per tonne 184 255 199 270

Ammonia (fob Black Sea) USD per tonne 190 355 236 387

DAP (fob US Gulf) USD per tonne 324 421 347 459

Phosphate rock (fob Morocco) USD per tonne 99 126 111 124

European gas (TTF) USD per MMBtu 54 55 45 64

US gas (Henry Hub) USD per MMBtu 30 21 25 26

Yaras gas amp oil cost (weighted average) 1) USD per MMBtu 43 52 41 55

Yaras European gas amp oil cost (weighted average) 1) USD per MMBtu 53 62 50 71

USDNOK currency rate 837 853 840 806

EURNOK currency rate 903 933 929 894

BRLNOK currency rate 254 221 242 245

Production (Thousand tonnes) 1)

Ammonia 1885 1612 7504 7035

Finished fertilizer and industrial products excl bulk blends 5042 4560 19497 19224

Total Production 6927 6172 27001 26259

Total deliveries

1) Including Yararsquos share in equity-accounted investees

Yararsquos fourth-quarter net income after non-controlling interests was a negative NOK 333 million compared with a positive NOK 434 million a year earlier Excluding net foreign currency translation gain(loss) and special items the result was NOK 454 million (NOK 166 per share) compared with NOK 1091 million (NOK 397 per share) in fourth quarter 2015

ldquoYara reports a weaker result than a year earlier reflecting lower fertilizer prices as the global nitrogen price floor was tested during the quarter But our operational performance

9140 8355 36184 35679

improved significantly with finished fertilizer sales and production up 15 and 11 respectivelyrdquo said Svein Tore Holsether President and Chief Executive Officer of Yara

ldquoThe whole Yara organization is working hard to further improve operations to deliver on the Yara Improvement Program which we have announced earlier The program has already delivered approximately USD 25 million of EBITDA improvement in 2016 and will deliver at least USD 500 million of annual EBITDA improvement within 2020rdquo said Holsether

Fertilizer market conditions Another strong global grain harvest is expected for the 201617 season with the US Department of Agriculture currently forecasting output to exceed the previous record from 201415 by 2 But consumption is also growing and the projected stocks-to-use ratio is stable at 90 days of consumption despite the record projected crop Still the strong harvests have resulted in lower prices for grains but for several other key crops including sugar coffee oils and dairy products prices are higher than a year ago The Food and Agriculture Organization of the United Nations (FAO) food price index was up 11 from fourth quarter 2015 but 10 below the five-year average while the cereal price index was down 8 and 26 below the five-year average

Prilled urea prices fob Black Sea increased through the quarter and averaged USD 206 per tonne down 18 compared to a year ago but 13 higher than the previous quarter From China export costs increased compared to previous quarters primarily due to higher coal prices The cost inflation in China resulted in increased prices globally despite increased production in Egypt and from new plants in Algeria FSU and the US reducing the need for Chinese urea exports China exported 14 million tonnes urea during fourth quarter down from 42 million tonnes a year earlier For the full year China exported 89 million tonnes urea down from 137 million tonnes in 2015

Ammonia prices fob Black Sea averaged USD 190 per tonne for the quarter down from USD 355 per tonne a year earlier as new ammonia plants have come on-stream in Russia Saudi Arabia and USA and generated a global surplus At prices below USD 200 per tonne fob Black Sea Ukrainian exports have been curtailed and several other exporters have initiated production curtailments However prices have increased sharply towards the end of the quarter driven by lack of supply from the largest ammonia supplier in Russia due to a dispute over pipeline tariffs through Ukraine

Relatively slow demand has resulted in declining phosphate fertilizer prices and the average DAP fob US Gulf price was down 23 compared with a year earlier For phosphate producers more than half of the price decline was offset by reduced sulphur and ammonia costs Similar to the developments in the urea market Chinese producers scaled down exports due to the lower prices In 2016 China exported 68 million tonnes DAP 15 less than the previous year and with a 26 drop in exports of MAP

The average phosphate rock price fob Morocco was down 21 compared to a year earlier and upgrading margins from rock to DAP were also lower

Regional market developments Fourth-quarter nitrogen fertilizer deliveries in Western Europe are up by an estimated 11 on a year earlier with imports stable as domestic producers increased their sales within all product groups Season to date fertilizer deliveries are up by an estimated 7 on last season with imports down 3

In Brazil fourth-quarter fertilizer deliveries were 96 million tonnes up 21 compared to a year earlier and full-year deliveries were up 13 at 341 million tonnes Imports of fertilizer were up 16 domestic production decreased by 1 and industry stocks ended 6 lower than a year earlier Fourth-quarter urea imports were 13 million tonnes compared with 10 million tonnes a year earlier For the full year Brazil imported 40 million tonnes urea up from 28 million tonnes in 2015

Fourth-quarter US nitrogen deliveries are estimated to be in line with a year earlier with a modest increase in domestic production offset by lower imports Season-to-date deliveries are lagging by an estimated 10 following a very slow third quarter as buyers waited for new domestic capacity additions to start producing

October and November urea production in China was reported 23 lower than a year earlier with year-to-date production down 6 Higher coal prices and logistical costs have increased production costs but although urea prices have increased production curtailments have also increased through the quarter The average Chinese urea price for the fourth quarter was 7 lower than a year earlier (measured in local currency) but up 13 from the previous quarter

In India fourth-quarter urea sales were 9 lower than a year earlier with activity negatively impacted by the bank note withdrawal by the Indian Government Season-to-date sales (April-August) are lagging by 7 partly due to high stocks at the start of this season Season-to-date domestic production was stable compared with a year ago with urea imports down 27 at 50 million tonnes

Production volumes 1)

Thousand tonnes 4Q 2016 4Q 2015 2016 2015

1885 1612 7504 7035

252 286 1033 1280

1326 1053 5167 4762

373 397 1536 1593

1554 1410 6044 5997

- - - 199

1226 1214 4578 4850

- - - 83

337 351 1379 1477

220 207 909 925

380 326 1419 1212

6927 6172 27001 26259

Ammonia

Nitrate

CN UAN SSP-based fertilizer Total production 1)

of which equity-accounted investees

1) Incl Yara share of production in equity-accounted investees excl Yara-produced blends

Total deliveries Thousand tonnes 4Q 2015 2015

707 650 2773 2859 Ammonia183 176 669 699 of which industrial products 1)

4Q 2016 2016

1816 1481 6699 6692 Urea1263 1006 4674 4852 of which fertilizer573 321 2117 1755 of which Yara-produced fertilizer368 332 1521 1433 of which Yara-produced industrial products 2)

509 459 1796 2153 of which equity-accounted investees1649 1493 6455 6247 Nitrate

1448 1342 5691 5594 of which fertilizer1374 1254 5334 5112 of which Yara-produced fertilizer169 127 629 489 of which Yara-produced industrial products

2794 2472 10404 9486 NPK 1372 1114 5043 4479 of which Yara-produced compounds1330 1243 5083 4600 of which Yara-produced blends

330 299 1502 1396 CN 227 200 1132 1038 of which fertilizer224 198 1114 1021 of which Yara-produced fertilizer101 88 355 326 of which Yara-produced industrial products

291 203 1356 1295 UAN 234 180 1115 1043 of which Yara-produced fertilizer

172 166 954 961 SSP 126 148 826 832 of which Yara-produced fertilizer

156 175 832 888 DAPMAP 285 300 1253 1222 MOPSOP736 858 3065 3479 Other industrial products 205 257 891 1151 Other fertilizer products

9140 8355 36184 35676Total deliveries

1) 82 ammonia equivalents 2) 46 urea equivalents

Fertilizer deliveries by region Thousand tonnes 4Q 2016 4Q 2015 2016 2015

2293 2084 9418 9381

2448 2274 9213 8403

533 510 2217 2208

801 549 3106 3007

520 445 2080 2125

263 286 1217 1420

6858 6147 27249 26544

Europe Brazil

Total fertilizer deliveries

Latin America North America Asia Africa

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

httpyaracominvestor_relationsreports_presentations

Variance analysis fourth quarter

4Q 2016 NOK millions

EBITDA 2016 2015

EBITDA 2015 3504

Variance EBITDA (1489)

Volume 1170

PriceMargin (2407)

Energy costs 335

Special items (454)

Currency translation (22)

Other (109)

Total variance explained (1489)

Yara delivered weaker fourth-quarter results compared with a year earlier with EBITDA excluding special items down 29 as higher deliveries and lower energy costs were more than offset by lower fertilizer prices

Volume development Deliveries of Yara-produced fertilizer including blends were 15 higher than in fourth quarter 2015 when commodity nutrient prices fell through the quarter while the opposite happened during fourth quarter 2016 In addition improved reliability and fewer planned turnarounds in Yararsquos producshytion plants enabled higher deliveries compared with a year earlier

Following a slow start to the season in Europe in third quarshyter fourth-quarter fertilizer deliveries were up 13 comshypared with a year earlier and 3 higher than fourth quarter 2014 Season-to-date deliveries were up 8

In Brazil Yararsquos fertilizer deliveries were 8 higher than a year ago mainly driven by continued growth of premium products

Deliveries in North America were almost 50 higher comshypared with a year earlier when Yararsquos Belle Blaine facility experienced production outages

Adjusted for the divestment of the CO2 business Industrial deliveries were 13 higher than a year earlier with growth for all products Reagent deliveries for NOX abatement were up 15 compared with fourth quarter 2015 technical ammonium nitrate (TAN) deliveries increased 30 driven by higher deliveries in several Latin American markets and in the Nordics Deliveries to the process chemical industry were up 8

Production ran well in the quarter and full-year production records were set for ammonia urea and nitrates Ammonia production increased 17 compared with fourth quarter 2015 of which around two thirds reflect higher reliability mainly in the Pilbara plant while the remainder is explained by fewer turnarounds Production of finished products inshycreased 11 mostly due to fewer turnarounds

Margin development Margins were significantly lower compared with a year earshylier for both commodity upgrading margins and premiums for nitrates and NPKs Industrial margins were slightly highshyer compared to fourth quarter 2015

Yararsquos average realized urea and nitrate prices decreased 25 and 28 respectively while realized NPK prices deshycreased by around 10

Yararsquos average European gas cost was 14 lower than in fourth quarter 2015 on a USD per MMBtu basis offsetting only around one third of the drop in realized commodity nitrogen prices Yararsquos average gas cost outside Europe decreased 17 within ammonia-linked gas contracts for Yararsquos ammonia assets on Trinidad

Other Items The special items for the quarter mainly reflect a write-down of Qafcorsquos melamine assets (see note 8 page 27) in fourth quarter 2016 More details on the special items can be found on page 11

The US dollar depreciated 2 versus Norwegian krone comshypared with fourth quarter 2015 contributing to a negative currency translation effect in Yararsquos result

Variance analysis full year

2016 NOK millions

EBITDA 2016 15563

EBITDA 2015 21361

Volume 1041

PriceMargin (9829)

Energy costs 3543

Special items (1327)

Currency translation 1203

Other (428)

Yara delivered weaker 2016 results compared to a year earlishyer with EBITDA excluding special items around 24 lower as lower fertilizer prices more than offset positive effects of higher deliveries lower energy prices and a stronger US dollar

The Yara Improvement Program delivered NOK 215 million of EBITDA improvements in 2016 explained mainly by proshycurement savings

Volume development Total deliveries of Yara-produced fertilizer including blends increased 8 compared to 2015 mainly driven by higher deliveries in Brazil

In Europe deliveries were in line with 2015 but Yarashyproduced products were 2 higher than a year earlier

Yararsquos Brazil deliveries were 14 higher than a year ago in line with the total market growth Around half of the inshycrease in Yara deliveries came from premium products

Adjusted for the divestment of the CO2 business in second quarter 2016 Industrial deliveries were up 6 compared with 2015 mainly driven by higher deliveries of AdBlue and TAN

Ammonia production was up 7 while finished fertilizer production increased by 1 compared with 2015 setting annual production records for ammonia urea and nishytrates Adjusted for portfolio changes production was up

5 and 3 respectively with urea nitrates and SSP-based fertilizer representing the main increases within finished fertilizer For both ammonia and finished fertilizers the improvement resulted from less turnaround activity and improved reliability

Margin development Margins were significantly lower compared with 2015 due to both lower commodity upgrading margins and lower premishyums for nitrates and NPKs Industrial margins were up compared with 2015 but with a mixed picture for the differshyent product groups

Yararsquos average realized urea and nitrate fertilizer prices decreased around 25 while compound NPK prices deshycreased around 10 compared to 2015

Yararsquos average European gas cost was 30 lower than in 2015 on a USD per MMBtu basis while Yararsquos average gas costs outside Europe decreased 19 reflecting ammonia-linked gas contracts for Yararsquos ammonia assets on Trinidad Total full year impact of lower energy costs offset only around one third of the negative price effects during 2016

Other Items Special items for 2016 were a net positive NOK 1115 million mainly reflecting the NOK 1552 million gain from divesting the European CO2 business in the second quarter Net speshycial items in 2015 were a positive NOK 2441 million reflectshying the gain from divesting GrowHow UK partially offset by the write-down of the Lifeco asset

The US dollar appreciated 4 versus Norwegian krone compared with 2015 explaining the majority of the NOK 1203 million positive currency translation effect in Yararsquos results

The ldquoOtherrdquo variance mainly reflects higher fixed costs comshypared with a year ago reflecting growth-related activities

Financial items

NOK millions

Interest income from customers Interest income other 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 expense was NOK 248 million compared with an income of NOK 285 million previous year The variance primarily reflects a net foreign currency translation loss of NOK 241 million this quarter compared with a gain of NOK 362 million a year earlier

Other interest income was NOK 24 million lower due to less interest from tax receivables and less cash kept in high-interest rate countries Average cash deposits were in line with fourth quarter 2015

Fourth-quarter interest expense was NOK 96 million lower than a year before The variance mainly reflects a NOK 56 million increase in capitalized interest related to expansion projects and a reduced portion of the funding in high-interest rate currencies such as the Brazilian real Average gross debt in the quarter was around NOK 17 billion higher than a year ago

The net foreign currency translation loss in the fourth quarter was NOK 241 million The US dollar appreciated between 5 and 7 against most of Yararsquos other main currencies during the quarter but the resulting loss was partly offset by a foreign currency translation gain on internal currency positions primarily in Brazilian real towards the euro In fourth quarter 2015 there was a foreign currency translation gain of NOK 362 million as the US dollar depreciated up to 4 against Yararsquos other main currencies

Yararsquos net US dollar debt generating currency effects in the income statement was approximately USD 1700 million at the start of the first quarter 2017 with around 50 of the exposure towards euro and the rest mainly towards Yararsquos emerging market currencies

4Q 2016

4Q 2015 2016 2015

128 529 444

57 161 135

16 36 26

202 725 605

(242) (713) (898)

(22) (66) (82)

362 115 (2463)

(15) (122) (312)

82 (786) (3754)

285 (61) (3150)

Full-year net financial expense was NOK 61 million compared with NOK 3150 million previous year The variance is primarily explained by a foreign currency translation gain of NOK 115 million in 2016 compared with a loss of NOK 2463 million in 2015

Interest expense was NOK 185 million lower than a year earlier as the effect of an average gross debt level around NOK 1700 million higher was more than offset by an increase in capitalized interest related to expansion projects

The foreign currency translation gain in 2016 of NOK 115 million comprised a loss of NOK 730 million on Yararsquos US dollar debt and a gain of NOK 845 million on internal positions in other currencies than USD The corresponding figures for 2015 were a NOK 2620 million loss on US dollar positions and a NOK 157 million gain on internal currency positions

The ldquoOtherrdquo line in 2015 included a NOK 100 million loss upon termination of an interest rate derivative portfolio established to hedge the interest rate on a planned bond issue

Tax Fourth-quarter provisions for current and deferred taxes were NOK 252 million The tax cost is higher than normal due to impairment of tax assets taxrate changes and negative earnings from equity-accounted investees

Net interest-bearing debt NOK millions 4Q 2016 2016

Net interest-bearing debt at beginning of period (10390) (11868)

Cash earnings 1) 1824 10437

Dividends received from equity-accounted investees 4 358

Net operating capital change 138 3945

Investments (net) (4033) (13450)

Sale of CO2 business 89 2846

Share buy-backredemption of shares - (346)

Yara dividend - (4108)

Foreign currency translation gain(loss) (241) 115

Other 2) (194) (731)

of which foreign currency translation adjustment (477) (769)

Net interest-bearing debt at end of period (12802) (12802)

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

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

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 at the end of fourth quarter 2016 was NOK 12802 million compared with NOK 10390 million at the end of third quarter 2016 The increase reflects a high investment activity within both growth and maintenance investments The Salitre project in Brazil (NOK 427 million) investment in the Freeport ammonia plant (NOK 374 million) and the Porsgrunn expansion project (NOK 271 million) constitute the main growth projects in the quarter

The debtequity ratio at the end of fourth quarter 2016 calculated as net interest-bearing debt divided by shareholdersrsquo equity plus non-controlling interests was 017 compared with 014 at the end of third quarter 2016

Net interest-bearing debt increased by NOK 934 million during 2016 as net investments exceeded cash earnings

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 10 per share for 2016 which would represent 43 of net income after non-controlling interests Including share redemptions paid during 2016 the total cash return to shareholders would represent 48 of net income

An above-target dividend is proposed due to Yararsquos strong financial position However the Board believes Yararsquos longshyterm policy of distributing 40-45 of net income remains appropriate given Yararsquos expected pipeline of future growth opportunities and the current market outlook

Outlook Despite a projected fourth consecutive strong grain harvest globally the US Department of Agriculture projects a stable stocks-to-use ratio over the next year as consumption continues to grow The global farm margin outlook and incentives for fertilizer application remain supportive overall and while grain prices are lower prices for other key crops like sugar coffee oils and dairy products are higher than a year ago

Chinese urea production and export costs continue to be the main reference point for global nitrogen pricing and the recent increase in prilled urea prices fob China to around USD 250 per tonne appears to be mainly driven by increased production and freight costs However on-going urea capacity increases outside China are partially displacing Chinese urea exports and incremental US capacity in particular may weigh on global urea prices later in 2017

In Europe higher nitrogen prices globally have contributed to a positive price and volume momentum for nitrates and Yararsquos first-quarter European nitrate deliveries are ahead of the same period last year

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 within 2020 of which an estimated USD 150 million will be realized in 2017 The full target description of program components and realization timeline are described in the results presentation

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 during 2017 and 2018 Applying current market prices these projects are expected to generate approximately NOK 6 per share of incremental earnings by 2020 when fully operational

Based on current forward markets for natural gas (31 January) Yararsquos spot-priced gas costs for first and second quarter 2017 are expected to be respectively NOK 600 million higher and NOK 700 million higher than a year earlier The estimates may change depending on future spot gas prices

The Board of Directors and Chief Executive Officer Yara International ASA Oslo 8 February 2017

Leif Teksum Maria Moraeligus Hanssen Chairperson Vice chair Board member Board member

Hilde BakkenJohn Thuestad

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 material 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 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

Special items

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

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

NOK millions 4Q 2016 4Q 2015 2016 2015 4Q 2016 4Q 2015 2016 2015

OFD integration costs - (27) - (101) - (27) - (101)

Termination of distribution agreements - (154) - (154) - (154) - (154)

Asset impairment - - - - - (80) - (80)

Total Crop Nutrition - (182) - (255) - (263) - (336)

Gain on sale of CO2 business - - 1332 - - - 1332 -

Total Industrial - - 1332 - - - 1332 -

Asset impairment write-down - - - - (165) (1070) (477) (1368)

Contract derivatives 82 79 58 221 82 79 58 221

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

Sale of GrowHow UK - - - 3199 - - - 3199

Costs related to flooding Ravenna plant - - - (39) - - - (39)

Impairment Lifeco Plant - - - (929) - - - (36)

Tertre insurance settlement - - - 55 - - - 55

Sale of energy efficiency certificates in Italy - 100 - 189 - 100 - 189

Environmental provisions (130) - (130) - (130) - (130) -

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

Total Production (398) 178 (158) 2696 (213) (892) (285) 2220

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

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

Total Yara (458) (4) 1115 2441 (273) (1155) 988 1884

EBITDA effect Operating income effect

Yara fourth quarter 2016 13

Condensed consolidated interim statement of income NOK millions except share information Notes

Revenue Other income 67

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 78

Other operating expenses Operating costs and expenses

Operating income

Share of net income in equity-accounted investees 8

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 expense Net income

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

Earnings per share 1)

Weighted average number of shares outstanding 2) 2

4Q 2016

(16650)

(2258)

(1687)

(1211)

(21806)

273217830

4Q 2015 2016 2015

25499 95245 108011

144 1867 3683

79 58 203

25722 97170 111897

(18981) (69606) (79067)

(2167) (8520) (8047)

(2611) (6427) (6933)

(1278) (3847) (3745)

(25037) (88399) (97793)

685 8771 14104

12 (348) (310)

202 725 605

899 9149 14398

362 115 (2463)

(280) (901) (1291)

981 8363 10644

(501) (2041) (2209)

480 6322 8435

434 6360 8083

(37) 351 46

480 6322 8435

158 2325 2938

274616304 273499403 275114375

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 second third and fourth quarter 2015 and the first and second quarter 2016 due to the share buy-back program

Condensed consolidated interim statement of comprehensive income NOK millions Notes 4Q 2016 4Q 2015 2016 2015

(336) 480 6322 8435

3607 1308 (1320) 6259

(19) 58 (19) 31

- - - 18

(330) (187) 108 (796)

22 41 45 64

3280 1221 (1186) 5577

12 473 (148) (760) 577

- - - 11

473 (149) (760) 588

1 1 4 6

- (29) (22) (341)

1 (28) (18) (335)

3755 1044 (1964) 5830

3419 1524 4358 14265

3291 1468 4194 13783

127 55 165 481

3419 1524 4358 14265 Total Non-controlling interests

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

Net income

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

Total other comprehensive income net of tax

Total comprehensive income

- exchange differences on foreign operations disposed of in the year Net reclassification adjustments of the period

Shareholders of the parent

Remeasurements of the net defined benefit pension liability

Remeasurements of the net defined benefit pension liability for equity-accounted investees

Total comprehensive income attributable to

- cash flow hedges

Exchange differences on translation of foreign operations Available-for-sale financial assets - change in fair value Cash flow hedges Hedge of net investments

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

Other comprehensive income that may be reclassified to statement of income

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

Reclassification adjustments of the period

Condensed consolidated interim statement of changes in equity

Share NOK millions Capital1)

Balance at 31 December 2014 468

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 -

Treasury shares (2)

Redeemed shares Norwegian State 2) (1)

Share capital increase in subsidiary non-controlling interest -

Dividends distributed -

Net income -

Step-up of tax base in Australia 4) -

Treasury shares -

1) Par value 170

2) As approved by General Meeting 11 May 2015

4) See note 10

Premium paid-in capital

Translation of foreign operations

(1544)

(1543)

Available for sale financial assets

Cash flow

hedges

Hedge of net investshyments

(1600)

(1492)

Total other

reserves

(1451)

(1406)

Retained earnings

(3581)

(4106)

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

63765 4196 67962

8083 351 8435

5624 130 5755

75 - 75

5700 130 5830

(4) - (4)

418 (2893) (2475)

(364) - (364)

(127) - (127)

- 298 298

(3581) (246) (3827)

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

Condensed consolidated interim statement of financial position NOK millions Notes 31 Dec 2015

Assets Non-current assets Deferred tax assets 10 2585 2950

Intangible assets 9183 9583

Property plant and equipment 78 59739 52424

Equity-accounted investees 9190 9769

Other non-current assets 3242 2956

Total non-current assets 83938 77681

Current assets Inventories 9 17580 19948

Trade receivables 10332 12098

Prepaid expenses and other current assets 4813 4383

Cash and cash equivalents 3751 3220

Non-current assets and disposal group classified as held-for-sale 6 92 1533

Total current assets 36567 41182

Total assets 120505 118863

31 Dec 2016

Condensed consolidated interim statement of financial position NOK millions except share information Notes 31 Dec 2016 31 Dec 2015

464 466

117 117

582 583

12947 14353

60916 58954

74444 73890

2326 1837

2 76770 75727

12 4071 3751

10 4396 5392

1404 1448

834 773

11 13992 9354

24698 20718

14762 14674

530 693

323 325

859 875

2323 3635

240 2102

19037 22418

120505 118863

2 273217830 274173369

Current tax liabilities Short-term provisions Other short-term liabilities Bank loans and other interest-bearing short-term debt Current portion of long-term debt

Total equity and liabilities

Current liabilities

Share capital reduced for treasury stock Premium paid-in capital

Liabilities associated with disposal group held-for-sale

Total paid-in capital

Total equity attributable to shareholders of the parent

Employee benefits Deferred tax liabilities Other long-term liabilities Long-term provisions Long-term interest-bearing debt

Trade and other payables

Number of shares outstanding 1)

Total current liabilities

Total equity

Total non-current liabilities

Non-current liabilities

Non-controlling interests

Other reserves Retained earnings

Equity and liabilities Equity

1) Number of shares outstanding was reduced in the second third and fourth quarter 2015 and first and second quarter 2016 due to the share buy-back program

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

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

Condensed consolidated interim statement of cash flows NOK millions Notes 4Q 2016 4Q 2015 2016 2015

521 685 8771 14104

1687 2612 6427 6933

41 66 156 265

(275) (738) (2736) (3380)

4 - 358 807

97 (822) 3789 (1464)

6 80 - (1559) (3280)

88 (717) (1121) 645

2242 1085 14084 14631

(3830) (3735) (12873) (9631)

5 (124) (1333) (480) (1406)

(119) (397) (286) (904)

- 168 - (132)

12 18 62 138

6 116 109 2973 5048

(3944) (5170) (10604) (6888)

11 352 1461 1138 (1460)

2 - (364) (93) (364)

2 - - (252) (127)

2 - - (4108) (3581)

- (2771) - (2825)

3 291 327 54

356 (1384) (2989) (8304)

13 135 39 189

(1333) (5334) 531 (371)

5083 8554 3220 3591

3751 3220 3751 3220

256 436

Operating activities Operating income

Depreciation amortization and impairment loss Write-down and reversals net

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

Net cash from operating activities

1) Profit attributable to foreign shareholder (Yara) is subject to tax in Qatar The tax is paid by Qafco but refunded by Yara Tax paid to Qatar was NOK 301 million in second quarter 2016 (NOK 334 million in second quarter 2015)

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

Tax paid 1)

Dividend from equity-accounted investees Change in net operating capital 2)

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

Purchase of treasury shares Redeemed shares Norwegian State

Sales(purchases) of short-term investments net Proceeds from sales of property plant and equipment

(Gain)loss on disposal

Loan proceeds(repayments) net Financing activities

Purchases of property plant and equipment 3)

Cash outflow on business combinations Purchases of other long-term investments 3)

Investing activities

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

Net cash from(used in) investing activities Proceeds from sales of other long-term investments

3) A reclassification from previous quarters 2016 of NOK 184 million between purchase of ldquoproperty plant and equipmentrdquo and ldquopurchase of other long-term investmentsrdquo both within investing activities was made to the full year 2016 figures

Net cash from(used in) financing activities

Foreign currency effects on cash flows

Cash and cash equivalents at end of period

Bank deposits not available for the use of other group companies

Notes to the condensed consolidated interim financial statements General and accounting policies Yara (the Group) consists of Yara International ASA (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 2015 are available upon request from the Companyrsquos registered office at Drammensveien 131 Oslo Norway or at wwwyara com 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

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

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 2015 These condensed consolidated interim financial statements are unaudited

The accounting policies applied by the Group in these condensed consolidated interim financial statements are the same as those applied by the Group in its consolidated financial statements as at and for the year ended 31 December 2015

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

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 2015

Note 2 Shares dividend and share buy-back program

The Annual General Meeting in May 2016 approved a dividend for 2015 of NOK 4108 million (NOK 15 per share) The dividend was paid out with NOK 3898 million during second quarter and NOK 210 million during third quarter 2016 During fourth quarter Yara received NOK 2 million for unclaimed dividends of previous years

In May 2015 the Annual General Meeting authorized the Board of Directors to acquire up to 5 (13754168 shares) of total shares in the open market and from the Norwegian State The purchase price shall not be less than NOK 10 and not more than NOK 1000 Within this frame the Company has acquired 1190000 shares for NOK 4573 million of which 910000 shares were acquired in 2015 for NOK 3638 million and 280000 shares were acquired during first quarter 2016 for NOK 935 million In May 2016 the Annual General Meeting approved the cancellation of 1190000 of the Companyrsquos own shares and the redemption of 675539 shares owned by the Norwegian State for a consideration of NOK 252 million The consideration to the Norwegian State

was paid in the second quarter 2016 The number of shares in the company is consequently reduced to 273217830

In May 2016 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 2016 buy-back program

Ordinary shares Own shares

Total at 31 December 2014 276227775 (730000)

Redeemed shares Norwegian State 1) (414406) -

Shares cancelled 1) (730000) 730000

Treasury shares - share buy-back program 1) - (910000)

Total at 31 December 2016 273217830 -

Note 3 Operating segment information

NOK millions 4Q 2016 4Q 2015 2016 2015

17114 18760 72677 80198

3591 4382 16074 17233

1649 2561 8472 14383

(26) 18 (52) 82

22327 25722 97170 111897

478 410 1531 1591

1 35 108 113

7924 9291 33316 41429

(8403) (9736) (34954) (43132)

- - - -

17592 19171 74207 81789

3592 4417 16181 17346

9573 11852 41788 55812

(8430) (9718) (35006) (43050)

22327 25722 97170 111897

451 883 4118 4973

342 221 2742 1174

(150) (133) 1597 8842

(123) (287) 314 (886)

521 685 8771 14104

860 1253 5470 6188

398 308 2916 1489

823 2176 6681 14414

(65) (233) 496 (729)

2015 3504 15563 21361

467 582 1462 1455

75 82 205 242

3996 4344 12017 9511

77 13 173 108

4616 5021 13856 11316

33582 36057

4760 6509

80125 75077

2038 1220

120505 118863

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

Crop Nutrition Industrial Production Other and eliminations

Total Assets 2)

Internal revenue and other income

Revenue and other income

Operating income

EBITDA

Investments 1)

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

NOK millions except percentages 4Q 2016 4Q 2015 2016 2015

95 140

157 175

550 220

56 121

75 129

147 166

619 246

2015 3504 15563 21361

(1673) (2605) (6414) (6962)

(241) 362 115 (2463)

(185) (280) (901) (1291)

(84) 981 8363 10644

Yara 1)

Crop Nutrition Industrial 2)

Interest expense and other financial items Income before tax

Reconciliation of EBITDA to Income before tax

CROGI (12-month rolling average)

ROCE (12-month rolling average)

Production 2)

EBITDA Depreciation amortization and impairment loss 3)

Foreign currency translation gain(loss)

Production 2)

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

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

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 2016 Crop Nutrition 451 7 120 578 282 860

Industrial 342 26 5 374 24 398

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

Other and eliminations (123) - 27 (96) 30 (65)

Total 521 (358) 179 342 1673 2015

4Q 2015 Crop Nutrition 883 (18) 133 999 255 1253

Industrial 221 30 1 252 56 308

Production (133) - 44 (89) 2265 2176

Total 685 12 202 899 2605 3504

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

2015 Crop Nutrition 4973 26 428 5428 760 6188

Industrial 1174 102 6 1282 206 1489

Production 8842 (438) 117 8521 5893 14414

Total 14104 (310) 605 14398 6962 21361

Note 4 Business initiatives

Acquisitions On 10 August 2016 Yara entered into an agreement to acquire the Tata Chemicals Ltd (TCL) Babrala urea plant and distribution business in Uttar Pradesh India for INR 26696 million (USD 400 million) on a debt and cash free basis including normalized net working capital The plant has an annual production of 07 million tonnes ammonia and 12 million tonnes urea and generated revenues and EBITDA of respectively USD 350 million and USD 35 million in the fiscal year ended 31 March 2016 The plant was commissioned in 1994 and is the most energy efficient plant in India with energy efficiency on par with Yaras best plants The agreement will be subject to regulatory approvals and sanctioning by the relevant courts in India a process which is expected to take 9-12 months after which closing of the transaction can take place

On 1 April 2016 Yara acquired Greenbelt Fertilizers for a consideration of NOK 404 million Greenbelt Fertilizers is a leading distributor of fertilizers in Zambia Malawi and Mozambique Zambia with its neighbouring countries make up a fast-growing agricultural region with low but increasing fertilizer application rates and Yara expects continued fertilizer demand growth in the region Greenbelt started operations in Zambia in 2004 and has become a leading fertilizer distributor in Zambia Malawi and Mozambique with sales of 80000 tonnes and an EBITDA of USD 5 million in the fiscal year ending 31 March 2015 Greenbelt owns three blending plants and three warehouses See note 5 for more information

Other business initiatives On 11 April 2016 Yara announced that it will invest approximately BRL 1 billion (USD 275 million) in expanding and modernizing its Rio Grande plant which is strategically located in southern Brazil a key region in the countryrsquos growing agricultural industry Set for completion in 2020 the investment will create one of the biggest and most modern fertilizer sites in the Americas The expansion project will double the sitersquos current 800000 tonnes annual fertilizer production and blending capacity and provide customers with increased access to Yararsquos premium products thereby reducing reliance on finished fertilizer imports It will also improve health environment safety and quality performance including substantially lower emissions than required by legislation The scope includes new warehouses new acidulation and granulation lines fully automated blending and bagging equipment for small (50 kg) and big (1 tonne) bags a boiler for steam production a wastewater treatment plant and rest areas for truck drivers

Disposals On 20 April 2016 Yara signed the transaction documents for the sale of its European CO2 business and its remaining 34 stake in the Yara Praxair Holding AS joint venture to US-based Praxair Inc The transaction was completed 1 June 2016 See note 6 for more information

Note 5 Business combinations

On 1 April 2016 Yara acquired Greenbelt Fertilizers a further improve Yararsquos downstream position within a fast distributor of fertilizers in Zambia Malawi Zimbabwe and growing agricultural region The acquired business is Mozambique The main reason for the acquisition is to included in the Crop Nutrition segment

Consideration

NOK millions Greenbelt 1 Apr Other transactions

Cash transferred 360 120

Deferred consideration and earn out 1) 44 8

Total considerations 404 128

1) The earn out agreement is limited to USD 6 million

Acquisition-related costs amounting to NOK 3 million for the Greenbelt acquisition have been excluded from the consideration transferred and have been recognized as an expense in the current year within lsquoOther operating expensesrsquo in the condensed consolidated interim statement of income

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

Assets Customer relationships part of intangible assets 23 -

Other part of intangible assets 31 -

Property plant and equipment 95 63

Inventories 171 -

Trade receivables 276 -

Prepaid expenses and other current assets 9 -

Cash and cash equivalents 4 -

Total assets 609 63

Liabilities Trade and other payables 69 -

Other short-term liabilities 174 -

Total liabilities 243 -

Total identifiable net assets at fair value 367 63

The receivables acquired in the business combination have a gross contractual amount equal to their fair value The initial accounting for the acquisition has only been provisionally determined at the end of the reporting period The tax values are impacted by the transaction

Goodwill arising on acquisition

Total consideration 404 128

Fair value of net identifiable assets acquired (367) (63)

Goodwill arising on acquisition 37 65

For the Greenbelt acquisition goodwill arose due to future economic benefits from the assembled workforce It also reflects a willingness to pay for operational benefits in raw material sourcing and increased sale of premium offering products

Net cash outflow on acquisition

Greenbelt 1 Apr Other transactions NOK millions

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

Impact of the acquisition on the total assets of the Group

Consideration paid in cash at date of acquisition 360 120

Cash and cash equivalent balances acquired (4) -

Net cash outflow on acquisition of subsidiaries 356 120

NOK millions

Consolidated identifiable assets 609 63

Goodwill arising on the acquisition 37 65

Total impact on the total assets of the Group 647 128

Impact of the acquisition on the results of the Group

Greenbelt 1 Apr Other transactions

NOK millions

Included in year-to-date consolidated figures Revenues 406

of which internal revenues 85

EBITDA (25)

Net income before tax (71)

Greenbelt

Pro forma figures

Yara has reported a consolidated income before tax of NOK 8363 million If the combination had taken place at the beginning of the year Yaras pro-forma YTD consolidated income before tax would have been NOK 8360 million

In determining the pro-forma net income before tax the following adjustments have been made - calculated depreciation of intangible assets acquired on the basis of fair values arising in the initial accounting for the business combination rather than the carrying amounts recognized in the pre-acquisition financial statements

- calculated reduced interest income on funds used for acquiring the business combination

Note 6 Divestment

On 1 June 2016 Yara completed the sale of its European CO2

business including sale of its 34 stake in Yara Praxair Holding AS The CO2 business has been classified as disposal group held-for-sale since the fourth quarter 2015

Yararsquos European CO2 business sold approximately 800 thousand metric tonnes of liquid CO2 and 60 thousand metric tonnes of dry ice delivering an EBITDA of EUR 195 million and revenues of EUR 112 million primarily from the food and beverage industry The business operates five CO2

liquefaction plants three CO2 ships seven ship terminals and six dry ice production facilities The equity-accounted

investee Yara Praxair Holding operating in Scandinavia and formed in 2007 had an EBITDA of EUR 36 million and revenues of EUR 141 million in 2015 (100 basis)

The sale also includes an agreement for Yara to supply Praxair with raw CO2 gas and continue to operate three of the CO2 liquefaction units which are integrated within Yaras fertilizer plants

The CO2 business is part of Yararsquos Industrial segment but the transaction also includes certain assets reported in the Production segment

Carrying values of derecognized assets and liabilities at the date of closing

NOK millions

Assets Intangible assets - 52 52

Equity-accounted investees - 231 231

Inventories 6 21 27

Trade receivables - 192 192

Prepaid expenses and other current assets - 4 4

Cash and cash equivalents - 3 3

Total assets 98 1321 1419

Liabilities Long-term provisions - 27 27

Deferred tax liabilities - 5 5

Trade and other payables - 47 47

Bank loans and other interest-bearing short term debt - 1 1

Other short-term liabilities - 19 19

Total liabilities - 99 99

Gain on divestment

Production Industrial Total

NOK millions

CO2 business 220 677 896

Yara Praxair Holding AS - 655 655

Net gain on divested assets 220 1332 1552

A currency translation gain on foreign operations of NOK 22 million has been reclassified from other comprehensive income

Net cash flow on divested assets

NOK millions Total

Cash received sale of CO2 business 1996

Cash received sale of Yara Praxair Holding AS 853

Cash transferred (3)

Net cash flow on divested assets 2846

Note 7 Specifications to the condensed consolidated interim statement of income

Other income

NOK millions 4Q 2016 4Q 2015 2016 2015

- - 1552 -

- - - 3199

27 100 107 205

- - 44 -

- - 64 130

49 44 100 148

76 144 1867 3683

Divestment of GrowHow UK Sale of white certificates Gain on swap of mineral rights Insurance compensations

Divestment of the European CO2 business

Other Total

Depreciation amortization and impairment loss

Depreciation of property plant and equipment (1338) (1247) (5109) (4663)

Impairment loss property plant and equipment (70) (1112) (404) (1183)

Reversal of impairment loss property plant and equipment 12 - 26 22

Total depreciation and impairment loss property plant and equipment (1396) (2359) (5486) (5824)

Amortization of intangible assets (122) (212) (771) (800)

Impairment loss intangible assets (168) (41) (169) (308)

Total amortization and impairment loss intangible assets (291) (253) (940) (1108)

Total depreciation amortization and impairment loss (1687) (2611) (6427) (6933)

Impairment of non-current assets Note 8

In the fourth quarter 2016 Yara recognized impairment write down of intangible assets of NOK 168 million of which NOK 140 million is related to Yara Dallol This is a sulphate of potash (SOP) mine project in the Dallol region in Ethiopia with expected annual production of 600000 metric tonnes of SOP The project is under development and remains attractive but the outlook has been reduced due to higher estimated capital expenditure following completion of the technical test work In addition the SOP price forecasts has been reduced in the short to medium term

Yara also made impairment write-down of property plant and equipment of NOK 70 million during fourth quarter 2016 On a year-to date basis the total impairment of the asset class is NOK 404 million of which NOK 136 million is related to the Montoir plant (France) and NOK 116 million is related to the Trinidad plant Both plants were also impaired in 2015 A further reduction to sales prices have triggered the additional charge in 2016 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 The Trinidad plant is one of Yararsquos smallest ammonia plants with an annual production capacity of approximately 270000 tonnes ammonia Plant profitability is impacted by frequent gas supply curtailments and lower energy efficiency than Yararsquos average Remaining carrying value for these two plants at year-end 2016 is NOK 245 million including working capital

Yaras equity accounted investee Qafco reported impairments in the fourth quarter 2016 mainly related its melamine plant investment Yaras 25 share of the impairments is NOK 284 million and is reported within the line share of net income in equity accounted investees in the income statement The carrying value of Yaras investment in Qafco is NOK 8423 million at year-end 2016

Note 9 Inventories

NOK millions 31 Dec 2016 31 Dec 2015

9377 11425

Work in progress 536 637

Raw materials 7667 7885

17580 19948

Write-down Balance at 1 January (152) (92)

Reversal(write-down) net (2) (52)

Foreign currency translation gain(loss) 14 (8)

(139) (152) Closing balance

Finished goods

Note 10 Step-up of the tax base in Australia

In fourth quarter 2015 Yara acquired the remaining 49 in Yara Pilbara Holding (Pilbara) This transaction made it possible for Yara to include Pilbara in Yararsquos Australian tax group and by that achieving a step-up of the tax base for various assets The step-up was provisionally determined at year-end 2015 The calculations were finalized in fourth

Note 11 Long-term debt

Contractual payments on long-term debt

NOK millions

quarter 2016 and resulted in a NOK 814 million positive adjustment to Yararsquos net deferred tax position This is presented as an equity transaction since it was triggered by a transaction with the non-controlling interest also classified as an equity transaction

Debentures Bank Loans Capital lease and

other LT loans Total

2018 - 493 64 557

2019 6491 279 63 6833

2020 - 238 54 293

2021 700 164 56 920

2022 - 129 79 208

Thereafter 4883 128 170 5182

Total 12074 1433 486 13992

In January 2017 Yara established a USD 150 million term loan with International Financing Corporation (IFC) to be repaid in September 2022

Note 12 Employee Benefits

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 of the quarter is recognized as a decrease in net defined benefit liability of NOK 659 million (before tax) and a positive effect in other comprehensive income of NOK 473 million (after tax) The remeasurement loss of the year is NOK 930 million (before tax) on the net defined benefit liability and a negative effect in other comprehensive income of NOK 760 million (after tax)

13 Contingencies Note

The remeasurement loss of the year reflects a decrease in yield on high quality corporate bonds in Europe during 2016 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 The remeasurement loss from changes in financial assumptions is accompanied by a positive impact from actual return on plan assets in excess of what has been recognized in Statement of income during the year

Yara is party to a number of lawsuits in various jurisdictions arising out of the conduct of its business There are no significant changes to the contingencies disclosed in the annual report for 2015 except that Yara has settled the dispute with suppliers that involved a total claim of USD 140 million The net legal settlement cost in fourth quarter 2016 is NOK 60 million including the compensation to these suppliers

14 Post balance sheet event Note

Yara Board will propose to the Annual General Meeting a dividend of NOK 10 per share for 2016

Quarterly historical information

EBITDA

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

860 1502 1330 1778 1253 1519 1572 1843

398 403 1693 423 308 432 335 414

823 894 2120 2845 2176 6221 3133 2884

(65) 205 346 10 (233) (289) 139 (347)

2015 3004 5489 5055 3504 7884 5179 4794

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

NOK millions

Crop Nutrition Industrial Production Other and eliminations Total

Results

NOK millions except per share information

Revenue and other income 22327 23924 25866 25053 25722 30479 27929 27767

Operating income 521 1336 3512 3403 685 5874 3556 3990

EBITDA 2015 3004 5489 5055 3504 7884 5179 4794

Net income after non-controlling interests (333) 821 3072 2800 434 4004 2916 729

Earnings per share (NOK) (122) 300 1123 1022 158 1456 1059 265

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015 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

3691 3602 3583

712 458 514

955 667 622

486 373 99

177 136 036

Reconciliation of alternative performance measures Reconciliation of operating income to EBITDA and gross cash flow

NOK millions 4Q 2016 4Q 2015 2016 2015

Operating income 521 685 8771 14104

(358) 12 (348) (310) Share of net income in equity-accounted investees 179 202 725 605 Interest income and other financial income 342 899 9149 14398

1687 2611 6427 6933

(14) (6) (12) 29

2015 3504 15563 21361

(341) (398) (2080) (2833)

A 1674 3106 13483 18528

Earnings before interest expense and tax (EBIT)

Income tax less tax on net foreign currency translation gain(loss)

Amortization of excess value in equity-accounted investees 1) Depreciation amortization and impairment loss

Earnings before interest tax and depreciationamortization (EBITDA)

Gross cash flow

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

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

NOK millions 4Q 2016 4Q 2015

A 1674 3106 13483 18528

B=Ax4 6697 12426

B 13483 18528

3-months rolling 12-months rolling

Annualized gross cash flow 12 month rolling

Gross Cash Flow

(333) 434 6360 8083 Net income attributable to shareholders of the parent (3) 46 (37) 351 Non-controlling interests

426 (82) 786 3754 Interest expense and foreign currency translation 1687 2611 6427 6933 Depreciation amortization and impairment loss

(14) (6) (12) 29 Amortization of excess value in equity-accounted investees Tax effect on foreign currency translation

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-months average Gross investment 12-months average

Cash Return on Gross Investment CROGI

4Q 2016

117372

(4399)

(2757)

(15574)

141737

104 (40) (624)

4Q 2015 2016

118470 118556 114559

(4968) (4814) (4430)

(228) (2) (82)

(2862) (2866) (2677)

(17341) (16771) (17647)

45313 46995 42422

138384

141097 132144

90 95 140

Reconciliation of EBIT to EBIT minus tax

NOK millions 4Q 2016 4Q 2015 2016 2015

342 899 9149 14398

(341) (398) (2080) (2833)

E 1 502 7069 11565

F=Ex4 3 2006

F 7069 11565

EBIT minus tax

Annualized quarter EBIT minus tax 12 months rolling EBIT minus tax

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

Reconciliation of total assets to capital employed 3-months rolling 12-months rolling

NOK millions 4Q 2016 4Q 2015 2016

117372 118470 118556 114559

(4399) (4968) (4814) (4430)

(2) (228) (2) (82)

(2757) (2862) (2866) (2677)

(15574) (17341) (16771) (17647)

G 94640 93072 94103 89723

H=FG 00 22 75 129

Cash and cash equivalents Other liquid assets Deferred tax assets

Capital employed 12-months average

Return on capital employed ROCE

Other current liabilities

Total assets

Net interest-bearing debt

NOK millions 31 Dec 2015

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

31 Dec 2016

3751 3220

(2323) (3635)

(240) (2102)

(13992) (9354)

(12802) (11868) I

Cash and cash equivalents

Other liquid assets 1)

Bank loans and other short-term interest-bearing debt Current portion of long-term debt Long-term interest-bearing debt Net interest-bearing debt

Debtequity ratio

(12802) (11868)

(76770) (75727)

017 016 Debtequity ratio

Net interest-bearing debt Total equity

I J K=IJ

Earnings per share

NOK millions except earnings per share and number of shares 4Q 2016 4Q 2015 2016 2015

L 273217830 274616304 273499403 275114375

M (333) 434 6360 8083

N (241) 362 115 (2463)

O 89 (104) 40 624

P (11) 0 (36) (30)

Q (624) (1156) 639 991

Tax effect on special items R (1) 241 (70) 272

Special items within EBIT net of tax S=Q+R (625) (915) 568 1263

Non-controlling interest share of special items net after tax T - - 12 40

Earnings per share U=ML (122) 158 2325 2938

Earnings per share excluding currency V=(M-N-O-P)L (062) 064 2282 3618

Earnings per share excluding currency amp special items W=(M-N-O-P-S-T)L 166 397 2070 3144

Non-controlling interest share of currency gain(loss) net after tax Special items within EBIT

Weighted average number of shares outstanding Net income Net foreign currency translation gain(loss) Tax effect on foreign currency translation gain(loss)

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

wwwyaracom

Fourth-quarter 2016 report13

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HEB 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Fourth quarter 2016 Financial highlights NOK millions except where indicated otherwise 4Q 2016 4Q 2015 2016 2015

22327 25722 97170 111897

521 685 8771 14104

(358) 12 (348) (310)

2015 3504 15563 21361

2474 3508 14449 18920

(333) 434 6360 8083

(122) 158 2325 2938

(062) 064 2282 3618

166 397 2070 3144

2732 2746 2735 2751

47 90 95 140

00 22 75 129

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

ROCE 2)

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 statistics 4Q 2015 2015

Average prices

Sales (Thousand tonnes) Ammonia trade 507 450 2043 2103

6858 6147 27249 26544 Fertilizer 1775 1759 6892 7032 Industrial products

4Q 2016 2016

Urea prilled (fob Black Sea) USD per tonne 206 250 199 272

CAN (cif Germany) USD per tonne 184 255 199 270

Ammonia (fob Black Sea) USD per tonne 190 355 236 387

DAP (fob US Gulf) USD per tonne 324 421 347 459

Phosphate rock (fob Morocco) USD per tonne 99 126 111 124

European gas (TTF) USD per MMBtu 54 55 45 64

US gas (Henry Hub) USD per MMBtu 30 21 25 26

Yaras gas amp oil cost (weighted average) 1) USD per MMBtu 43 52 41 55

Yaras European gas amp oil cost (weighted average) 1) USD per MMBtu 53 62 50 71

USDNOK currency rate 837 853 840 806

EURNOK currency rate 903 933 929 894

BRLNOK currency rate 254 221 242 245

Production (Thousand tonnes) 1)

Ammonia 1885 1612 7504 7035

Finished fertilizer and industrial products excl bulk blends 5042 4560 19497 19224

Total Production 6927 6172 27001 26259

Total deliveries

1) Including Yararsquos share in equity-accounted investees

Yararsquos fourth-quarter net income after non-controlling interests was a negative NOK 333 million compared with a positive NOK 434 million a year earlier Excluding net foreign currency translation gain(loss) and special items the result was NOK 454 million (NOK 166 per share) compared with NOK 1091 million (NOK 397 per share) in fourth quarter 2015

ldquoYara reports a weaker result than a year earlier reflecting lower fertilizer prices as the global nitrogen price floor was tested during the quarter But our operational performance

9140 8355 36184 35679

improved significantly with finished fertilizer sales and production up 15 and 11 respectivelyrdquo said Svein Tore Holsether President and Chief Executive Officer of Yara

ldquoThe whole Yara organization is working hard to further improve operations to deliver on the Yara Improvement Program which we have announced earlier The program has already delivered approximately USD 25 million of EBITDA improvement in 2016 and will deliver at least USD 500 million of annual EBITDA improvement within 2020rdquo said Holsether

1885 1612 7504 7035

252 286 1033 1280

1326 1053 5167 4762

373 397 1536 1593

1554 1410 6044 5997

- - - 199

1226 1214 4578 4850

- - - 83

337 351 1379 1477

220 207 909 925

380 326 1419 1212

6927 6172 27001 26259

Ammonia

Nitrate

4Q 2016 2016

2293 2084 9418 9381

2448 2274 9213 8403

533 510 2217 2208

801 549 3106 3007

520 445 2080 2125

263 286 1217 1420

6858 6147 27249 26544

Europe Brazil

EBITDA 2016 2015

EBITDA 2015 3504

Volume 1170

PriceMargin (2407)

Energy costs 335

Special items (454)

Other (109)

2016 NOK millions

EBITDA 2016 15563

EBITDA 2015 21361

Volume 1041

PriceMargin (9829)

Energy costs 3543

Other (428)

Financial items

NOK millions

4Q 2016

4Q 2015 2016 2015

128 529 444

57 161 135

16 36 26

202 725 605

(242) (713) (898)

(22) (66) (82)

362 115 (2463)

(15) (122) (312)

82 (786) (3754)

285 (61) (3150)

Other 2) (194) (731)

Special items

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

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

Total Yara (458) (4) 1115 2441 (273) (1155) 988 1884

Operating income

4Q 2016

(16650)

(2258)

(1687)

(1211)

(21806)

273217830

4Q 2015 2016 2015

25499 95245 108011

144 1867 3683

79 58 203

25722 97170 111897

(18981) (69606) (79067)

(2167) (8520) (8047)

(2611) (6427) (6933)

(1278) (3847) (3745)

(25037) (88399) (97793)

685 8771 14104

12 (348) (310)

202 725 605

899 9149 14398

362 115 (2463)

(280) (901) (1291)

981 8363 10644

(501) (2041) (2209)

480 6322 8435

434 6360 8083

(37) 351 46

480 6322 8435

158 2325 2938

274616304 273499403 275114375

(336) 480 6322 8435

3607 1308 (1320) 6259

(19) 58 (19) 31

- - - 18

(330) (187) 108 (796)

22 41 45 64

3280 1221 (1186) 5577

12 473 (148) (760) 577

- - - 11

473 (149) (760) 588

1 1 4 6

- (29) (22) (341)

1 (28) (18) (335)

3755 1044 (1964) 5830

3419 1524 4358 14265

3291 1468 4194 13783

127 55 165 481

Net income

- cash flow hedges

Net income -

Treasury shares (2)

Net income -

Treasury shares -

1) Par value 170

4) See note 10

(1544)

(1543)

Cash flow

hedges

(1600)

(1492)

Total other

reserves

(1451)

(1406)

Retained earnings

(3581)

(4106)

63765 4196 67962

8083 351 8435

5624 130 5755

75 - 75

5700 130 5830

(4) - (4)

418 (2893) (2475)

(364) - (364)

(127) - (127)

- 298 298

(3581) (246) (3827)

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

31 Dec 2016

464 466

117 117

582 583

12947 14353

60916 58954

74444 73890

2326 1837

2 76770 75727

12 4071 3751

10 4396 5392

1404 1448

834 773

11 13992 9354

24698 20718

14762 14674

530 693

323 325

859 875

2323 3635

240 2102

19037 22418

120505 118863

2 273217830 274173369

Current liabilities

Total equity

521 685 8771 14104

1687 2612 6427 6933

41 66 156 265

(275) (738) (2736) (3380)

4 - 358 807

97 (822) 3789 (1464)

6 80 - (1559) (3280)

88 (717) (1121) 645

2242 1085 14084 14631

(3830) (3735) (12873) (9631)

5 (124) (1333) (480) (1406)

(119) (397) (286) (904)

- 168 - (132)

12 18 62 138

6 116 109 2973 5048

(3944) (5170) (10604) (6888)

11 352 1461 1138 (1460)

2 - (364) (93) (364)

2 - - (252) (127)

2 - - (4108) (3581)

- (2771) - (2825)

3 291 327 54

356 (1384) (2989) (8304)

13 135 39 189

(1333) (5334) 531 (371)

5083 8554 3220 3591

3751 3220 3751 3220

256 436

Tax paid 1)

NOK millions 4Q 2016 4Q 2015 2016 2015

17114 18760 72677 80198

3591 4382 16074 17233

1649 2561 8472 14383

(26) 18 (52) 82

22327 25722 97170 111897

478 410 1531 1591

1 35 108 113

7924 9291 33316 41429

(8403) (9736) (34954) (43132)

- - - -

17592 19171 74207 81789

3592 4417 16181 17346

9573 11852 41788 55812

(8430) (9718) (35006) (43050)

22327 25722 97170 111897

451 883 4118 4973

342 221 2742 1174

(150) (133) 1597 8842

(123) (287) 314 (886)

521 685 8771 14104

860 1253 5470 6188

398 308 2916 1489

823 2176 6681 14414

(65) (233) 496 (729)

2015 3504 15563 21361

467 582 1462 1455

75 82 205 242

3996 4344 12017 9511

77 13 173 108

4616 5021 13856 11316

33582 36057

4760 6509

80125 75077

2038 1220

120505 118863

Total Assets 2)

Operating income

EBITDA

Investments 1)

95 140

157 175

550 220

56 121

75 129

147 166

619 246

2015 3504 15563 21361

(1673) (2605) (6414) (6962)

(241) 362 115 (2463)

(185) (280) (901) (1291)

(84) 981 8363 10644

Yara 1)

Production 2)

Yara 1)

income

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

4Q 2015 Crop Nutrition 883 (18) 133 999 255 1253

Industrial 221 30 1 252 56 308

Production (133) - 44 (89) 2265 2176

Total 685 12 202 899 2605 3504

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

2015 Crop Nutrition 4973 26 428 5428 760 6188

Industrial 1174 102 6 1282 206 1489

Production 8842 (438) 117 8521 5893 14414

Total 14104 (310) 605 14398 6962 21361

Consideration

Inventories 171 -

Total assets 609 63

NOK millions

EBITDA (25)

Greenbelt

Pro forma figures

Note 6 Divestment

NOK millions

Inventories 6 21 27

Gain on divestment

NOK millions

NOK millions Total

Other income

NOK millions 4Q 2016 4Q 2015 2016 2015

- - 1552 -

- - - 3199

27 100 107 205

- - 44 -

- - 64 130

49 44 100 148

76 144 1867 3683

Other Total

Note 9 Inventories

9377 11425

17580 19948

Finished goods

NOK millions

2018 - 493 64 557

2019 6491 279 63 6833

2020 - 238 54 293

2021 700 164 56 920

2022 - 129 79 208

Thereafter 4883 128 170 5182

Total 12074 1433 486 13992

EBITDA

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

860 1502 1330 1778 1253 1519 1572 1843

398 403 1693 423 308 432 335 414

823 894 2120 2845 2176 6221 3133 2884

(65) 205 346 10 (233) (289) 139 (347)

2015 3004 5489 5055 3504 7884 5179 4794

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

NOK millions

Results

EBITDA 2015 3004 5489 5055 3504 7884 5179 4794

3691 3602 3583

712 458 514

955 667 622

486 373 99

177 136 036

NOK millions 4Q 2016 4Q 2015 2016 2015

1687 2611 6427 6933

(14) (6) (12) 29

2015 3504 15563 21361

(341) (398) (2080) (2833)

A 1674 3106 13483 18528

Gross cash flow

A 1674 3106 13483 18528

B=Ax4 6697 12426

B 13483 18528

Gross Cash Flow

NOK millions

4Q 2016

117372

(4399)

(2757)

(15574)

141737

104 (40) (624)

4Q 2015 2016

118470 118556 114559

(4968) (4814) (4430)

(228) (2) (82)

(2862) (2866) (2677)

(17341) (16771) (17647)

45313 46995 42422

138384

141097 132144

90 95 140

NOK millions 4Q 2016 4Q 2015 2016 2015

342 899 9149 14398

(341) (398) (2080) (2833)

E 1 502 7069 11565

F=Ex4 3 2006

F 7069 11565

EBIT minus tax

NOK millions 4Q 2016 4Q 2015 2016

117372 118470 118556 114559

(4399) (4968) (4814) (4430)

(2) (228) (2) (82)

(2757) (2862) (2866) (2677)

(15574) (17341) (16771) (17647)

G 94640 93072 94103 89723

H=FG 00 22 75 129

Total assets

31 Dec 2016

3751 3220

(2323) (3635)

(240) (2102)

(13992) (9354)

(12802) (11868) I

Debtequity ratio

(12802) (11868)

(76770) (75727)

I J K=IJ

Earnings per share

L 273217830 274616304 273499403 275114375

M (333) 434 6360 8083

N (241) 362 115 (2463)

O 89 (104) 40 624

P (11) 0 (36) (30)

Q (624) (1156) 639 991

wwwyaracom

1885 1612 7504 7035

252 286 1033 1280

1326 1053 5167 4762

373 397 1536 1593

1554 1410 6044 5997

- - - 199

1226 1214 4578 4850

- - - 83

337 351 1379 1477

220 207 909 925

380 326 1419 1212

6927 6172 27001 26259

Ammonia

Nitrate

4Q 2016 2016

2293 2084 9418 9381

2448 2274 9213 8403

533 510 2217 2208

801 549 3106 3007

520 445 2080 2125

263 286 1217 1420

6858 6147 27249 26544

Europe Brazil

EBITDA 2016 2015

EBITDA 2015 3504

Volume 1170

PriceMargin (2407)

Energy costs 335

Special items (454)

Other (109)

2016 NOK millions

EBITDA 2016 15563

EBITDA 2015 21361

Volume 1041

PriceMargin (9829)

Energy costs 3543

Other (428)

Financial items

NOK millions

4Q 2016

4Q 2015 2016 2015

128 529 444

57 161 135

16 36 26

202 725 605

(242) (713) (898)

(22) (66) (82)

362 115 (2463)

(15) (122) (312)

82 (786) (3754)

285 (61) (3150)

Other 2) (194) (731)

Special items

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

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

Total Yara (458) (4) 1115 2441 (273) (1155) 988 1884

Operating income

4Q 2016

(16650)

(2258)

(1687)

(1211)

(21806)

273217830

4Q 2015 2016 2015

25499 95245 108011

144 1867 3683

79 58 203

25722 97170 111897

(18981) (69606) (79067)

(2167) (8520) (8047)

(2611) (6427) (6933)

(1278) (3847) (3745)

(25037) (88399) (97793)

685 8771 14104

12 (348) (310)

202 725 605

899 9149 14398

362 115 (2463)

(280) (901) (1291)

981 8363 10644

(501) (2041) (2209)

480 6322 8435

434 6360 8083

(37) 351 46

480 6322 8435

158 2325 2938

274616304 273499403 275114375

(336) 480 6322 8435

3607 1308 (1320) 6259

(19) 58 (19) 31

- - - 18

(330) (187) 108 (796)

22 41 45 64

3280 1221 (1186) 5577

12 473 (148) (760) 577

- - - 11

473 (149) (760) 588

1 1 4 6

- (29) (22) (341)

1 (28) (18) (335)

3755 1044 (1964) 5830

3419 1524 4358 14265

3291 1468 4194 13783

127 55 165 481

Net income

- cash flow hedges

Net income -

Treasury shares (2)

Net income -

Treasury shares -

1) Par value 170

4) See note 10

(1544)

(1543)

Cash flow

hedges

(1600)

(1492)

Total other

reserves

(1451)

(1406)

Retained earnings

(3581)

(4106)

63765 4196 67962

8083 351 8435

5624 130 5755

75 - 75

5700 130 5830

(4) - (4)

418 (2893) (2475)

(364) - (364)

(127) - (127)

- 298 298

(3581) (246) (3827)

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

31 Dec 2016

464 466

117 117

582 583

12947 14353

60916 58954

74444 73890

2326 1837

2 76770 75727

12 4071 3751

10 4396 5392

1404 1448

834 773

11 13992 9354

24698 20718

14762 14674

530 693

323 325

859 875

2323 3635

240 2102

19037 22418

120505 118863

2 273217830 274173369

Current liabilities

Total equity

521 685 8771 14104

1687 2612 6427 6933

41 66 156 265

(275) (738) (2736) (3380)

4 - 358 807

97 (822) 3789 (1464)

6 80 - (1559) (3280)

88 (717) (1121) 645

2242 1085 14084 14631

(3830) (3735) (12873) (9631)

5 (124) (1333) (480) (1406)

(119) (397) (286) (904)

- 168 - (132)

12 18 62 138

6 116 109 2973 5048

(3944) (5170) (10604) (6888)

11 352 1461 1138 (1460)

2 - (364) (93) (364)

2 - - (252) (127)

2 - - (4108) (3581)

- (2771) - (2825)

3 291 327 54

356 (1384) (2989) (8304)

13 135 39 189

(1333) (5334) 531 (371)

5083 8554 3220 3591

3751 3220 3751 3220

256 436

Tax paid 1)

NOK millions 4Q 2016 4Q 2015 2016 2015

17114 18760 72677 80198

3591 4382 16074 17233

1649 2561 8472 14383

(26) 18 (52) 82

22327 25722 97170 111897

478 410 1531 1591

1 35 108 113

7924 9291 33316 41429

(8403) (9736) (34954) (43132)

- - - -

17592 19171 74207 81789

3592 4417 16181 17346

9573 11852 41788 55812

(8430) (9718) (35006) (43050)

22327 25722 97170 111897

451 883 4118 4973

342 221 2742 1174

(150) (133) 1597 8842

(123) (287) 314 (886)

521 685 8771 14104

860 1253 5470 6188

398 308 2916 1489

823 2176 6681 14414

(65) (233) 496 (729)

2015 3504 15563 21361

467 582 1462 1455

75 82 205 242

3996 4344 12017 9511

77 13 173 108

4616 5021 13856 11316

33582 36057

4760 6509

80125 75077

2038 1220

120505 118863

Total Assets 2)

Operating income

EBITDA

Investments 1)

95 140

157 175

550 220

56 121

75 129

147 166

619 246

2015 3504 15563 21361

(1673) (2605) (6414) (6962)

(241) 362 115 (2463)

(185) (280) (901) (1291)

(84) 981 8363 10644

Yara 1)

Production 2)

Yara 1)

income

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

4Q 2015 Crop Nutrition 883 (18) 133 999 255 1253

Industrial 221 30 1 252 56 308

Production (133) - 44 (89) 2265 2176

Total 685 12 202 899 2605 3504

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

2015 Crop Nutrition 4973 26 428 5428 760 6188

Industrial 1174 102 6 1282 206 1489

Production 8842 (438) 117 8521 5893 14414

Total 14104 (310) 605 14398 6962 21361

Consideration

Inventories 171 -

Total assets 609 63

NOK millions

EBITDA (25)

Greenbelt

Pro forma figures

Note 6 Divestment

NOK millions

Inventories 6 21 27

Gain on divestment

NOK millions

NOK millions Total

Other income

NOK millions 4Q 2016 4Q 2015 2016 2015

- - 1552 -

- - - 3199

27 100 107 205

- - 44 -

- - 64 130

49 44 100 148

76 144 1867 3683

Other Total

Note 9 Inventories

9377 11425

17580 19948

Finished goods

NOK millions

2018 - 493 64 557

2019 6491 279 63 6833

2020 - 238 54 293

2021 700 164 56 920

2022 - 129 79 208

Thereafter 4883 128 170 5182

Total 12074 1433 486 13992

EBITDA

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

860 1502 1330 1778 1253 1519 1572 1843

398 403 1693 423 308 432 335 414

823 894 2120 2845 2176 6221 3133 2884

(65) 205 346 10 (233) (289) 139 (347)

2015 3004 5489 5055 3504 7884 5179 4794

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

NOK millions

Results

EBITDA 2015 3004 5489 5055 3504 7884 5179 4794

3691 3602 3583

712 458 514

955 667 622

486 373 99

177 136 036

NOK millions 4Q 2016 4Q 2015 2016 2015

1687 2611 6427 6933

(14) (6) (12) 29

2015 3504 15563 21361

(341) (398) (2080) (2833)

A 1674 3106 13483 18528

Gross cash flow

A 1674 3106 13483 18528

B=Ax4 6697 12426

B 13483 18528

Gross Cash Flow

NOK millions

4Q 2016

117372

(4399)

(2757)

(15574)

141737

104 (40) (624)

4Q 2015 2016

118470 118556 114559

(4968) (4814) (4430)

(228) (2) (82)

(2862) (2866) (2677)

(17341) (16771) (17647)

45313 46995 42422

138384

141097 132144

90 95 140

NOK millions 4Q 2016 4Q 2015 2016 2015

342 899 9149 14398

(341) (398) (2080) (2833)

E 1 502 7069 11565

F=Ex4 3 2006

F 7069 11565

EBIT minus tax

NOK millions 4Q 2016 4Q 2015 2016

117372 118470 118556 114559

(4399) (4968) (4814) (4430)

(2) (228) (2) (82)

(2757) (2862) (2866) (2677)

(15574) (17341) (16771) (17647)

G 94640 93072 94103 89723

H=FG 00 22 75 129

Total assets

31 Dec 2016

3751 3220

(2323) (3635)

(240) (2102)

(13992) (9354)

(12802) (11868) I

Debtequity ratio

(12802) (11868)

(76770) (75727)

I J K=IJ

Earnings per share

L 273217830 274616304 273499403 275114375

M (333) 434 6360 8083

N (241) 362 115 (2463)

O 89 (104) 40 624

P (11) 0 (36) (30)

Q (624) (1156) 639 991

wwwyaracom

1885 1612 7504 7035

252 286 1033 1280

1326 1053 5167 4762

373 397 1536 1593

1554 1410 6044 5997

- - - 199

1226 1214 4578 4850

- - - 83

337 351 1379 1477

220 207 909 925

380 326 1419 1212

6927 6172 27001 26259

Ammonia

Nitrate

4Q 2016 2016

2293 2084 9418 9381

2448 2274 9213 8403

533 510 2217 2208

801 549 3106 3007

520 445 2080 2125

263 286 1217 1420

6858 6147 27249 26544

Europe Brazil

EBITDA 2016 2015

EBITDA 2015 3504

Volume 1170

PriceMargin (2407)

Energy costs 335

Special items (454)

Other (109)

2016 NOK millions

EBITDA 2016 15563

EBITDA 2015 21361

Volume 1041

PriceMargin (9829)

Energy costs 3543

Other (428)

Financial items

NOK millions

4Q 2016

4Q 2015 2016 2015

128 529 444

57 161 135

16 36 26

202 725 605

(242) (713) (898)

(22) (66) (82)

362 115 (2463)

(15) (122) (312)

82 (786) (3754)

285 (61) (3150)

Other 2) (194) (731)

Special items

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

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

Total Yara (458) (4) 1115 2441 (273) (1155) 988 1884

Operating income

4Q 2016

(16650)

(2258)

(1687)

(1211)

(21806)

273217830

4Q 2015 2016 2015

25499 95245 108011

144 1867 3683

79 58 203

25722 97170 111897

(18981) (69606) (79067)

(2167) (8520) (8047)

(2611) (6427) (6933)

(1278) (3847) (3745)

(25037) (88399) (97793)

685 8771 14104

12 (348) (310)

202 725 605

899 9149 14398

362 115 (2463)

(280) (901) (1291)

981 8363 10644

(501) (2041) (2209)

480 6322 8435

434 6360 8083

(37) 351 46

480 6322 8435

158 2325 2938

274616304 273499403 275114375

(336) 480 6322 8435

3607 1308 (1320) 6259

(19) 58 (19) 31

- - - 18

(330) (187) 108 (796)

22 41 45 64

3280 1221 (1186) 5577

12 473 (148) (760) 577

- - - 11

473 (149) (760) 588

1 1 4 6

- (29) (22) (341)

1 (28) (18) (335)

3755 1044 (1964) 5830

3419 1524 4358 14265

3291 1468 4194 13783

127 55 165 481

Net income

- cash flow hedges

Net income -

Treasury shares (2)

Net income -

Treasury shares -

1) Par value 170

4) See note 10

(1544)

(1543)

Cash flow

hedges

(1600)

(1492)

Total other

reserves

(1451)

(1406)

Retained earnings

(3581)

(4106)

63765 4196 67962

8083 351 8435

5624 130 5755

75 - 75

5700 130 5830

(4) - (4)

418 (2893) (2475)

(364) - (364)

(127) - (127)

- 298 298

(3581) (246) (3827)

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

31 Dec 2016

464 466

117 117

582 583

12947 14353

60916 58954

74444 73890

2326 1837

2 76770 75727

12 4071 3751

10 4396 5392

1404 1448

834 773

11 13992 9354

24698 20718

14762 14674

530 693

323 325

859 875

2323 3635

240 2102

19037 22418

120505 118863

2 273217830 274173369

Current liabilities

Total equity

521 685 8771 14104

1687 2612 6427 6933

41 66 156 265

(275) (738) (2736) (3380)

4 - 358 807

97 (822) 3789 (1464)

6 80 - (1559) (3280)

88 (717) (1121) 645

2242 1085 14084 14631

(3830) (3735) (12873) (9631)

5 (124) (1333) (480) (1406)

(119) (397) (286) (904)

- 168 - (132)

12 18 62 138

6 116 109 2973 5048

(3944) (5170) (10604) (6888)

11 352 1461 1138 (1460)

2 - (364) (93) (364)

2 - - (252) (127)

2 - - (4108) (3581)

- (2771) - (2825)

3 291 327 54

356 (1384) (2989) (8304)

13 135 39 189

(1333) (5334) 531 (371)

5083 8554 3220 3591

3751 3220 3751 3220

256 436

Tax paid 1)

NOK millions 4Q 2016 4Q 2015 2016 2015

17114 18760 72677 80198

3591 4382 16074 17233

1649 2561 8472 14383

(26) 18 (52) 82

22327 25722 97170 111897

478 410 1531 1591

1 35 108 113

7924 9291 33316 41429

(8403) (9736) (34954) (43132)

- - - -

17592 19171 74207 81789

3592 4417 16181 17346

9573 11852 41788 55812

(8430) (9718) (35006) (43050)

22327 25722 97170 111897

451 883 4118 4973

342 221 2742 1174

(150) (133) 1597 8842

(123) (287) 314 (886)

521 685 8771 14104

860 1253 5470 6188

398 308 2916 1489

823 2176 6681 14414

(65) (233) 496 (729)

2015 3504 15563 21361

467 582 1462 1455

75 82 205 242

3996 4344 12017 9511

77 13 173 108

4616 5021 13856 11316

33582 36057

4760 6509

80125 75077

2038 1220

120505 118863

Total Assets 2)

Operating income

EBITDA

Investments 1)

95 140

157 175

550 220

56 121

75 129

147 166

619 246

2015 3504 15563 21361

(1673) (2605) (6414) (6962)

(241) 362 115 (2463)

(185) (280) (901) (1291)

(84) 981 8363 10644

Yara 1)

Production 2)

Yara 1)

income

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

4Q 2015 Crop Nutrition 883 (18) 133 999 255 1253

Industrial 221 30 1 252 56 308

Production (133) - 44 (89) 2265 2176

Total 685 12 202 899 2605 3504

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

2015 Crop Nutrition 4973 26 428 5428 760 6188

Industrial 1174 102 6 1282 206 1489

Production 8842 (438) 117 8521 5893 14414

Total 14104 (310) 605 14398 6962 21361

Consideration

Inventories 171 -

Total assets 609 63

NOK millions

EBITDA (25)

Greenbelt

Pro forma figures

Note 6 Divestment

NOK millions

Inventories 6 21 27

Gain on divestment

NOK millions

NOK millions Total

Other income

NOK millions 4Q 2016 4Q 2015 2016 2015

- - 1552 -

- - - 3199

27 100 107 205

- - 44 -

- - 64 130

49 44 100 148

76 144 1867 3683

Other Total

Note 9 Inventories

9377 11425

17580 19948

Finished goods

NOK millions

2018 - 493 64 557

2019 6491 279 63 6833

2020 - 238 54 293

2021 700 164 56 920

2022 - 129 79 208

Thereafter 4883 128 170 5182

Total 12074 1433 486 13992

EBITDA

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

860 1502 1330 1778 1253 1519 1572 1843

398 403 1693 423 308 432 335 414

823 894 2120 2845 2176 6221 3133 2884

(65) 205 346 10 (233) (289) 139 (347)

2015 3004 5489 5055 3504 7884 5179 4794

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

NOK millions

Results

EBITDA 2015 3004 5489 5055 3504 7884 5179 4794

3691 3602 3583

712 458 514

955 667 622

486 373 99

177 136 036

NOK millions 4Q 2016 4Q 2015 2016 2015

1687 2611 6427 6933

(14) (6) (12) 29

2015 3504 15563 21361

(341) (398) (2080) (2833)

A 1674 3106 13483 18528

Gross cash flow

A 1674 3106 13483 18528

B=Ax4 6697 12426

B 13483 18528

Gross Cash Flow

NOK millions

4Q 2016

117372

(4399)

(2757)

(15574)

141737

104 (40) (624)

4Q 2015 2016

118470 118556 114559

(4968) (4814) (4430)

(228) (2) (82)

(2862) (2866) (2677)

(17341) (16771) (17647)

45313 46995 42422

138384

141097 132144

90 95 140

NOK millions 4Q 2016 4Q 2015 2016 2015

342 899 9149 14398

(341) (398) (2080) (2833)

E 1 502 7069 11565

F=Ex4 3 2006

F 7069 11565

EBIT minus tax

NOK millions 4Q 2016 4Q 2015 2016

117372 118470 118556 114559

(4399) (4968) (4814) (4430)

(2) (228) (2) (82)

(2757) (2862) (2866) (2677)

(15574) (17341) (16771) (17647)

G 94640 93072 94103 89723

H=FG 00 22 75 129

Total assets

31 Dec 2016

3751 3220

(2323) (3635)

(240) (2102)

(13992) (9354)

(12802) (11868) I

Debtequity ratio

(12802) (11868)

(76770) (75727)

I J K=IJ

Earnings per share

L 273217830 274616304 273499403 275114375

M (333) 434 6360 8083

N (241) 362 115 (2463)

O 89 (104) 40 624

P (11) 0 (36) (30)

Q (624) (1156) 639 991

wwwyaracom

EBITDA 2016 2015

EBITDA 2015 3504

Volume 1170

PriceMargin (2407)

Energy costs 335

Special items (454)

Other (109)

2016 NOK millions

EBITDA 2016 15563

EBITDA 2015 21361

Volume 1041

PriceMargin (9829)

Energy costs 3543

Other (428)

Financial items

NOK millions

4Q 2016

4Q 2015 2016 2015

128 529 444

57 161 135

16 36 26

202 725 605

(242) (713) (898)

(22) (66) (82)

362 115 (2463)

(15) (122) (312)

82 (786) (3754)

285 (61) (3150)

Other 2) (194) (731)

Special items

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

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

Total Yara (458) (4) 1115 2441 (273) (1155) 988 1884

Operating income

4Q 2016

(16650)

(2258)

(1687)

(1211)

(21806)

273217830

4Q 2015 2016 2015

25499 95245 108011

144 1867 3683

79 58 203

25722 97170 111897

(18981) (69606) (79067)

(2167) (8520) (8047)

(2611) (6427) (6933)

(1278) (3847) (3745)

(25037) (88399) (97793)

685 8771 14104

12 (348) (310)

202 725 605

899 9149 14398

362 115 (2463)

(280) (901) (1291)

981 8363 10644

(501) (2041) (2209)

480 6322 8435

434 6360 8083

(37) 351 46

480 6322 8435

158 2325 2938

274616304 273499403 275114375

(336) 480 6322 8435

3607 1308 (1320) 6259

(19) 58 (19) 31

- - - 18

(330) (187) 108 (796)

22 41 45 64

3280 1221 (1186) 5577

12 473 (148) (760) 577

- - - 11

473 (149) (760) 588

1 1 4 6

- (29) (22) (341)

1 (28) (18) (335)

3755 1044 (1964) 5830

3419 1524 4358 14265

3291 1468 4194 13783

127 55 165 481

Net income

- cash flow hedges

Net income -

Treasury shares (2)

Net income -

Treasury shares -

1) Par value 170

4) See note 10

(1544)

(1543)

Cash flow

hedges

(1600)

(1492)

Total other

reserves

(1451)

(1406)

Retained earnings

(3581)

(4106)

63765 4196 67962

8083 351 8435

5624 130 5755

75 - 75

5700 130 5830

(4) - (4)

418 (2893) (2475)

(364) - (364)

(127) - (127)

- 298 298

(3581) (246) (3827)

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

31 Dec 2016

464 466

117 117

582 583

12947 14353

60916 58954

74444 73890

2326 1837

2 76770 75727

12 4071 3751

10 4396 5392

1404 1448

834 773

11 13992 9354

24698 20718

14762 14674

530 693

323 325

859 875

2323 3635

240 2102

19037 22418

120505 118863

2 273217830 274173369

Current liabilities

Total equity

521 685 8771 14104

1687 2612 6427 6933

41 66 156 265

(275) (738) (2736) (3380)

4 - 358 807

97 (822) 3789 (1464)

6 80 - (1559) (3280)

88 (717) (1121) 645

2242 1085 14084 14631

(3830) (3735) (12873) (9631)

5 (124) (1333) (480) (1406)

(119) (397) (286) (904)

- 168 - (132)

12 18 62 138

6 116 109 2973 5048

(3944) (5170) (10604) (6888)

11 352 1461 1138 (1460)

2 - (364) (93) (364)

2 - - (252) (127)

2 - - (4108) (3581)

- (2771) - (2825)

3 291 327 54

356 (1384) (2989) (8304)

13 135 39 189

(1333) (5334) 531 (371)

5083 8554 3220 3591

3751 3220 3751 3220

256 436

Tax paid 1)

NOK millions 4Q 2016 4Q 2015 2016 2015

17114 18760 72677 80198

3591 4382 16074 17233

1649 2561 8472 14383

(26) 18 (52) 82

22327 25722 97170 111897

478 410 1531 1591

1 35 108 113

7924 9291 33316 41429

(8403) (9736) (34954) (43132)

- - - -

17592 19171 74207 81789

3592 4417 16181 17346

9573 11852 41788 55812

(8430) (9718) (35006) (43050)

22327 25722 97170 111897

451 883 4118 4973

342 221 2742 1174

(150) (133) 1597 8842

(123) (287) 314 (886)

521 685 8771 14104

860 1253 5470 6188

398 308 2916 1489

823 2176 6681 14414

(65) (233) 496 (729)

2015 3504 15563 21361

467 582 1462 1455

75 82 205 242

3996 4344 12017 9511

77 13 173 108

4616 5021 13856 11316

33582 36057

4760 6509

80125 75077

2038 1220

120505 118863

Total Assets 2)

Operating income

EBITDA

Investments 1)

95 140

157 175

550 220

56 121

75 129

147 166

619 246

2015 3504 15563 21361

(1673) (2605) (6414) (6962)

(241) 362 115 (2463)

(185) (280) (901) (1291)

(84) 981 8363 10644

Yara 1)

Production 2)

Yara 1)

income

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

4Q 2015 Crop Nutrition 883 (18) 133 999 255 1253

Industrial 221 30 1 252 56 308

Production (133) - 44 (89) 2265 2176

Total 685 12 202 899 2605 3504

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

2015 Crop Nutrition 4973 26 428 5428 760 6188

Industrial 1174 102 6 1282 206 1489

Production 8842 (438) 117 8521 5893 14414

Total 14104 (310) 605 14398 6962 21361

Consideration

Inventories 171 -

Total assets 609 63

NOK millions

EBITDA (25)

Greenbelt

Pro forma figures

Note 6 Divestment

NOK millions

Inventories 6 21 27

Gain on divestment

NOK millions

NOK millions Total

Other income

NOK millions 4Q 2016 4Q 2015 2016 2015

- - 1552 -

- - - 3199

27 100 107 205

- - 44 -

- - 64 130

49 44 100 148

76 144 1867 3683

Other Total

Note 9 Inventories

9377 11425

17580 19948

Finished goods

NOK millions

2018 - 493 64 557

2019 6491 279 63 6833

2020 - 238 54 293

2021 700 164 56 920

2022 - 129 79 208

Thereafter 4883 128 170 5182

Total 12074 1433 486 13992

EBITDA

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

860 1502 1330 1778 1253 1519 1572 1843

398 403 1693 423 308 432 335 414

823 894 2120 2845 2176 6221 3133 2884

(65) 205 346 10 (233) (289) 139 (347)

2015 3004 5489 5055 3504 7884 5179 4794

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

NOK millions

Results

EBITDA 2015 3004 5489 5055 3504 7884 5179 4794

3691 3602 3583

712 458 514

955 667 622

486 373 99

177 136 036

NOK millions 4Q 2016 4Q 2015 2016 2015

1687 2611 6427 6933

(14) (6) (12) 29

2015 3504 15563 21361

(341) (398) (2080) (2833)

A 1674 3106 13483 18528

Gross cash flow

A 1674 3106 13483 18528

B=Ax4 6697 12426

B 13483 18528

Gross Cash Flow

NOK millions

4Q 2016

117372

(4399)

(2757)

(15574)

141737

104 (40) (624)

4Q 2015 2016

118470 118556 114559

(4968) (4814) (4430)

(228) (2) (82)

(2862) (2866) (2677)

(17341) (16771) (17647)

45313 46995 42422

138384

141097 132144

90 95 140

NOK millions 4Q 2016 4Q 2015 2016 2015

342 899 9149 14398

(341) (398) (2080) (2833)

E 1 502 7069 11565

F=Ex4 3 2006

F 7069 11565

EBIT minus tax

NOK millions 4Q 2016 4Q 2015 2016

117372 118470 118556 114559

(4399) (4968) (4814) (4430)

(2) (228) (2) (82)

(2757) (2862) (2866) (2677)

(15574) (17341) (16771) (17647)

G 94640 93072 94103 89723

H=FG 00 22 75 129

Total assets

31 Dec 2016

3751 3220

(2323) (3635)

(240) (2102)

(13992) (9354)

(12802) (11868) I

Debtequity ratio

(12802) (11868)

(76770) (75727)

I J K=IJ

Earnings per share

L 273217830 274616304 273499403 275114375

M (333) 434 6360 8083

N (241) 362 115 (2463)

O 89 (104) 40 624

P (11) 0 (36) (30)

Q (624) (1156) 639 991

wwwyaracom

2016 NOK millions

EBITDA 2016 15563

EBITDA 2015 21361

Volume 1041

PriceMargin (9829)

Energy costs 3543

Other (428)

Financial items

NOK millions

4Q 2016

4Q 2015 2016 2015

128 529 444

57 161 135

16 36 26

202 725 605

(242) (713) (898)

(22) (66) (82)

362 115 (2463)

(15) (122) (312)

82 (786) (3754)

285 (61) (3150)

Other 2) (194) (731)

Special items

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

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

Total Yara (458) (4) 1115 2441 (273) (1155) 988 1884

Operating income

4Q 2016

(16650)

(2258)

(1687)

(1211)

(21806)

273217830

4Q 2015 2016 2015

25499 95245 108011

144 1867 3683

79 58 203

25722 97170 111897

(18981) (69606) (79067)

(2167) (8520) (8047)

(2611) (6427) (6933)

(1278) (3847) (3745)

(25037) (88399) (97793)

685 8771 14104

12 (348) (310)

202 725 605

899 9149 14398

362 115 (2463)

(280) (901) (1291)

981 8363 10644

(501) (2041) (2209)

480 6322 8435

434 6360 8083

(37) 351 46

480 6322 8435

158 2325 2938

274616304 273499403 275114375

(336) 480 6322 8435

3607 1308 (1320) 6259

(19) 58 (19) 31

- - - 18

(330) (187) 108 (796)

22 41 45 64

3280 1221 (1186) 5577

12 473 (148) (760) 577

- - - 11

473 (149) (760) 588

1 1 4 6

- (29) (22) (341)

1 (28) (18) (335)

3755 1044 (1964) 5830

3419 1524 4358 14265

3291 1468 4194 13783

127 55 165 481

Net income

- cash flow hedges

Net income -

Treasury shares (2)

Net income -

Treasury shares -

1) Par value 170

4) See note 10

(1544)

(1543)

Cash flow

hedges

(1600)

(1492)

Total other

reserves

(1451)

(1406)

Retained earnings

(3581)

(4106)

63765 4196 67962

8083 351 8435

5624 130 5755

75 - 75

5700 130 5830

(4) - (4)

418 (2893) (2475)

(364) - (364)

(127) - (127)

- 298 298

(3581) (246) (3827)

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

31 Dec 2016

464 466

117 117

582 583

12947 14353

60916 58954

74444 73890

2326 1837

2 76770 75727

12 4071 3751

10 4396 5392

1404 1448

834 773

11 13992 9354

24698 20718

14762 14674

530 693

323 325

859 875

2323 3635

240 2102

19037 22418

120505 118863

2 273217830 274173369

Current liabilities

Total equity

521 685 8771 14104

1687 2612 6427 6933

41 66 156 265

(275) (738) (2736) (3380)

4 - 358 807

97 (822) 3789 (1464)

6 80 - (1559) (3280)

88 (717) (1121) 645

2242 1085 14084 14631

(3830) (3735) (12873) (9631)

5 (124) (1333) (480) (1406)

(119) (397) (286) (904)

- 168 - (132)

12 18 62 138

6 116 109 2973 5048

(3944) (5170) (10604) (6888)

11 352 1461 1138 (1460)

2 - (364) (93) (364)

2 - - (252) (127)

2 - - (4108) (3581)

- (2771) - (2825)

3 291 327 54

356 (1384) (2989) (8304)

13 135 39 189

(1333) (5334) 531 (371)

5083 8554 3220 3591

3751 3220 3751 3220

256 436

Tax paid 1)

NOK millions 4Q 2016 4Q 2015 2016 2015

17114 18760 72677 80198

3591 4382 16074 17233

1649 2561 8472 14383

(26) 18 (52) 82

22327 25722 97170 111897

478 410 1531 1591

1 35 108 113

7924 9291 33316 41429

(8403) (9736) (34954) (43132)

- - - -

17592 19171 74207 81789

3592 4417 16181 17346

9573 11852 41788 55812

(8430) (9718) (35006) (43050)

22327 25722 97170 111897

451 883 4118 4973

342 221 2742 1174

(150) (133) 1597 8842

(123) (287) 314 (886)

521 685 8771 14104

860 1253 5470 6188

398 308 2916 1489

823 2176 6681 14414

(65) (233) 496 (729)

2015 3504 15563 21361

467 582 1462 1455

75 82 205 242

3996 4344 12017 9511

77 13 173 108

4616 5021 13856 11316

33582 36057

4760 6509

80125 75077

2038 1220

120505 118863

Total Assets 2)

Operating income

EBITDA

Investments 1)

95 140

157 175

550 220

56 121

75 129

147 166

619 246

2015 3504 15563 21361

(1673) (2605) (6414) (6962)

(241) 362 115 (2463)

(185) (280) (901) (1291)

(84) 981 8363 10644

Yara 1)

Production 2)

Yara 1)

income

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

4Q 2015 Crop Nutrition 883 (18) 133 999 255 1253

Industrial 221 30 1 252 56 308

Production (133) - 44 (89) 2265 2176

Total 685 12 202 899 2605 3504

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

2015 Crop Nutrition 4973 26 428 5428 760 6188

Industrial 1174 102 6 1282 206 1489

Production 8842 (438) 117 8521 5893 14414

Total 14104 (310) 605 14398 6962 21361

Consideration

Inventories 171 -

Total assets 609 63

NOK millions

EBITDA (25)

Greenbelt

Pro forma figures

Note 6 Divestment

NOK millions

Inventories 6 21 27

Gain on divestment

NOK millions

NOK millions Total

Other income

NOK millions 4Q 2016 4Q 2015 2016 2015

- - 1552 -

- - - 3199

27 100 107 205

- - 44 -

- - 64 130

49 44 100 148

76 144 1867 3683

Other Total

Note 9 Inventories

9377 11425

17580 19948

Finished goods

NOK millions

2018 - 493 64 557

2019 6491 279 63 6833

2020 - 238 54 293

2021 700 164 56 920

2022 - 129 79 208

Thereafter 4883 128 170 5182

Total 12074 1433 486 13992

EBITDA

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

860 1502 1330 1778 1253 1519 1572 1843

398 403 1693 423 308 432 335 414

823 894 2120 2845 2176 6221 3133 2884

(65) 205 346 10 (233) (289) 139 (347)

2015 3004 5489 5055 3504 7884 5179 4794

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

NOK millions

Results

EBITDA 2015 3004 5489 5055 3504 7884 5179 4794

3691 3602 3583

712 458 514

955 667 622

486 373 99

177 136 036

NOK millions 4Q 2016 4Q 2015 2016 2015

1687 2611 6427 6933

(14) (6) (12) 29

2015 3504 15563 21361

(341) (398) (2080) (2833)

A 1674 3106 13483 18528

Gross cash flow

A 1674 3106 13483 18528

B=Ax4 6697 12426

B 13483 18528

Gross Cash Flow

NOK millions

4Q 2016

117372

(4399)

(2757)

(15574)

141737

104 (40) (624)

4Q 2015 2016

118470 118556 114559

(4968) (4814) (4430)

(228) (2) (82)

(2862) (2866) (2677)

(17341) (16771) (17647)

45313 46995 42422

138384

141097 132144

90 95 140

NOK millions 4Q 2016 4Q 2015 2016 2015

342 899 9149 14398

(341) (398) (2080) (2833)

E 1 502 7069 11565

F=Ex4 3 2006

F 7069 11565

EBIT minus tax

NOK millions 4Q 2016 4Q 2015 2016

117372 118470 118556 114559

(4399) (4968) (4814) (4430)

(2) (228) (2) (82)

(2757) (2862) (2866) (2677)

(15574) (17341) (16771) (17647)

G 94640 93072 94103 89723

H=FG 00 22 75 129

Total assets

31 Dec 2016

3751 3220

(2323) (3635)

(240) (2102)

(13992) (9354)

(12802) (11868) I

Debtequity ratio

(12802) (11868)

(76770) (75727)

I J K=IJ

Earnings per share

L 273217830 274616304 273499403 275114375

M (333) 434 6360 8083

N (241) 362 115 (2463)

O 89 (104) 40 624

P (11) 0 (36) (30)

Q (624) (1156) 639 991

wwwyaracom

Financial items

NOK millions

4Q 2016

4Q 2015 2016 2015

128 529 444

57 161 135

16 36 26

202 725 605

(242) (713) (898)

(22) (66) (82)

362 115 (2463)

(15) (122) (312)

82 (786) (3754)

285 (61) (3150)

Other 2) (194) (731)

Special items

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

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

Total Yara (458) (4) 1115 2441 (273) (1155) 988 1884

Operating income

4Q 2016

(16650)

(2258)

(1687)

(1211)

(21806)

273217830

4Q 2015 2016 2015

25499 95245 108011

144 1867 3683

79 58 203

25722 97170 111897

(18981) (69606) (79067)

(2167) (8520) (8047)

(2611) (6427) (6933)

(1278) (3847) (3745)

(25037) (88399) (97793)

685 8771 14104

12 (348) (310)

202 725 605

899 9149 14398

362 115 (2463)

(280) (901) (1291)

981 8363 10644

(501) (2041) (2209)

480 6322 8435

434 6360 8083

(37) 351 46

480 6322 8435

158 2325 2938

274616304 273499403 275114375

(336) 480 6322 8435

3607 1308 (1320) 6259

(19) 58 (19) 31

- - - 18

(330) (187) 108 (796)

22 41 45 64

3280 1221 (1186) 5577

12 473 (148) (760) 577

- - - 11

473 (149) (760) 588

1 1 4 6

- (29) (22) (341)

1 (28) (18) (335)

3755 1044 (1964) 5830

3419 1524 4358 14265

3291 1468 4194 13783

127 55 165 481

Net income

- cash flow hedges

Net income -

Treasury shares (2)

Net income -

Treasury shares -

1) Par value 170

4) See note 10

(1544)

(1543)

Cash flow

hedges

(1600)

(1492)

Total other

reserves

(1451)

(1406)

Retained earnings

(3581)

(4106)

63765 4196 67962

8083 351 8435

5624 130 5755

75 - 75

5700 130 5830

(4) - (4)

418 (2893) (2475)

(364) - (364)

(127) - (127)

- 298 298

(3581) (246) (3827)

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

31 Dec 2016

464 466

117 117

582 583

12947 14353

60916 58954

74444 73890

2326 1837

2 76770 75727

12 4071 3751

10 4396 5392

1404 1448

834 773

11 13992 9354

24698 20718

14762 14674

530 693

323 325

859 875

2323 3635

240 2102

19037 22418

120505 118863

2 273217830 274173369

Current liabilities

Total equity

521 685 8771 14104

1687 2612 6427 6933

41 66 156 265

(275) (738) (2736) (3380)

4 - 358 807

97 (822) 3789 (1464)

6 80 - (1559) (3280)

88 (717) (1121) 645

2242 1085 14084 14631

(3830) (3735) (12873) (9631)

5 (124) (1333) (480) (1406)

(119) (397) (286) (904)

- 168 - (132)

12 18 62 138

6 116 109 2973 5048

(3944) (5170) (10604) (6888)

11 352 1461 1138 (1460)

2 - (364) (93) (364)

2 - - (252) (127)

2 - - (4108) (3581)

- (2771) - (2825)

3 291 327 54

356 (1384) (2989) (8304)

13 135 39 189

(1333) (5334) 531 (371)

5083 8554 3220 3591

3751 3220 3751 3220

256 436

Tax paid 1)

NOK millions 4Q 2016 4Q 2015 2016 2015

17114 18760 72677 80198

3591 4382 16074 17233

1649 2561 8472 14383

(26) 18 (52) 82

22327 25722 97170 111897

478 410 1531 1591

1 35 108 113

7924 9291 33316 41429

(8403) (9736) (34954) (43132)

- - - -

17592 19171 74207 81789

3592 4417 16181 17346

9573 11852 41788 55812

(8430) (9718) (35006) (43050)

22327 25722 97170 111897

451 883 4118 4973

342 221 2742 1174

(150) (133) 1597 8842

(123) (287) 314 (886)

521 685 8771 14104

860 1253 5470 6188

398 308 2916 1489

823 2176 6681 14414

(65) (233) 496 (729)

2015 3504 15563 21361

467 582 1462 1455

75 82 205 242

3996 4344 12017 9511

77 13 173 108

4616 5021 13856 11316

33582 36057

4760 6509

80125 75077

2038 1220

120505 118863

Total Assets 2)

Operating income

EBITDA

Investments 1)

95 140

157 175

550 220

56 121

75 129

147 166

619 246

2015 3504 15563 21361

(1673) (2605) (6414) (6962)

(241) 362 115 (2463)

(185) (280) (901) (1291)

(84) 981 8363 10644

Yara 1)

Production 2)

Yara 1)

income

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

4Q 2015 Crop Nutrition 883 (18) 133 999 255 1253

Industrial 221 30 1 252 56 308

Production (133) - 44 (89) 2265 2176

Total 685 12 202 899 2605 3504

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

2015 Crop Nutrition 4973 26 428 5428 760 6188

Industrial 1174 102 6 1282 206 1489

Production 8842 (438) 117 8521 5893 14414

Total 14104 (310) 605 14398 6962 21361

Consideration

Inventories 171 -

Total assets 609 63

NOK millions

EBITDA (25)

Greenbelt

Pro forma figures

Note 6 Divestment

NOK millions

Inventories 6 21 27

Gain on divestment

NOK millions

NOK millions Total

Other income

NOK millions 4Q 2016 4Q 2015 2016 2015

- - 1552 -

- - - 3199

27 100 107 205

- - 44 -

- - 64 130

49 44 100 148

76 144 1867 3683

Other Total

Note 9 Inventories

9377 11425

17580 19948

Finished goods

NOK millions

2018 - 493 64 557

2019 6491 279 63 6833

2020 - 238 54 293

2021 700 164 56 920

2022 - 129 79 208

Thereafter 4883 128 170 5182

Total 12074 1433 486 13992

EBITDA

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

860 1502 1330 1778 1253 1519 1572 1843

398 403 1693 423 308 432 335 414

823 894 2120 2845 2176 6221 3133 2884

(65) 205 346 10 (233) (289) 139 (347)

2015 3004 5489 5055 3504 7884 5179 4794

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

NOK millions

Results

EBITDA 2015 3004 5489 5055 3504 7884 5179 4794

3691 3602 3583

712 458 514

955 667 622

486 373 99

177 136 036

NOK millions 4Q 2016 4Q 2015 2016 2015

1687 2611 6427 6933

(14) (6) (12) 29

2015 3504 15563 21361

(341) (398) (2080) (2833)

A 1674 3106 13483 18528

Gross cash flow

A 1674 3106 13483 18528

B=Ax4 6697 12426

B 13483 18528

Gross Cash Flow

NOK millions

4Q 2016

117372

(4399)

(2757)

(15574)

141737

104 (40) (624)

4Q 2015 2016

118470 118556 114559

(4968) (4814) (4430)

(228) (2) (82)

(2862) (2866) (2677)

(17341) (16771) (17647)

45313 46995 42422

138384

141097 132144

90 95 140

NOK millions 4Q 2016 4Q 2015 2016 2015

342 899 9149 14398

(341) (398) (2080) (2833)

E 1 502 7069 11565

F=Ex4 3 2006

F 7069 11565

EBIT minus tax

NOK millions 4Q 2016 4Q 2015 2016

117372 118470 118556 114559

(4399) (4968) (4814) (4430)

(2) (228) (2) (82)

(2757) (2862) (2866) (2677)

(15574) (17341) (16771) (17647)

G 94640 93072 94103 89723

H=FG 00 22 75 129

Total assets

31 Dec 2016

3751 3220

(2323) (3635)

(240) (2102)

(13992) (9354)

(12802) (11868) I

Debtequity ratio

(12802) (11868)

(76770) (75727)

I J K=IJ

Earnings per share

L 273217830 274616304 273499403 275114375

M (333) 434 6360 8083

N (241) 362 115 (2463)

O 89 (104) 40 624

P (11) 0 (36) (30)

Q (624) (1156) 639 991

wwwyaracom

Other 2) (194) (731)

Special items

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

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

Total Yara (458) (4) 1115 2441 (273) (1155) 988 1884

Operating income

4Q 2016

(16650)

(2258)

(1687)

(1211)

(21806)

273217830

4Q 2015 2016 2015

25499 95245 108011

144 1867 3683

79 58 203

25722 97170 111897

(18981) (69606) (79067)

(2167) (8520) (8047)

(2611) (6427) (6933)

(1278) (3847) (3745)

(25037) (88399) (97793)

685 8771 14104

12 (348) (310)

202 725 605

899 9149 14398

362 115 (2463)

(280) (901) (1291)

981 8363 10644

(501) (2041) (2209)

480 6322 8435

434 6360 8083

(37) 351 46

480 6322 8435

158 2325 2938

274616304 273499403 275114375

(336) 480 6322 8435

3607 1308 (1320) 6259

(19) 58 (19) 31

- - - 18

(330) (187) 108 (796)

22 41 45 64

3280 1221 (1186) 5577

12 473 (148) (760) 577

- - - 11

473 (149) (760) 588

1 1 4 6

- (29) (22) (341)

1 (28) (18) (335)

3755 1044 (1964) 5830

3419 1524 4358 14265

3291 1468 4194 13783

127 55 165 481

Net income

- cash flow hedges

Net income -

Treasury shares (2)

Net income -

Treasury shares -

1) Par value 170

4) See note 10

(1544)

(1543)

Cash flow

hedges

(1600)

(1492)

Total other

reserves

(1451)

(1406)

Retained earnings

(3581)

(4106)

63765 4196 67962

8083 351 8435

5624 130 5755

75 - 75

5700 130 5830

(4) - (4)

418 (2893) (2475)

(364) - (364)

(127) - (127)

- 298 298

(3581) (246) (3827)

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

31 Dec 2016

464 466

117 117

582 583

12947 14353

60916 58954

74444 73890

2326 1837

2 76770 75727

12 4071 3751

10 4396 5392

1404 1448

834 773

11 13992 9354

24698 20718

14762 14674

530 693

323 325

859 875

2323 3635

240 2102

19037 22418

120505 118863

2 273217830 274173369

Current liabilities

Total equity

521 685 8771 14104

1687 2612 6427 6933

41 66 156 265

(275) (738) (2736) (3380)

4 - 358 807

97 (822) 3789 (1464)

6 80 - (1559) (3280)

88 (717) (1121) 645

2242 1085 14084 14631

(3830) (3735) (12873) (9631)

5 (124) (1333) (480) (1406)

(119) (397) (286) (904)

- 168 - (132)

12 18 62 138

6 116 109 2973 5048

(3944) (5170) (10604) (6888)

11 352 1461 1138 (1460)

2 - (364) (93) (364)

2 - - (252) (127)

2 - - (4108) (3581)

- (2771) - (2825)

3 291 327 54

356 (1384) (2989) (8304)

13 135 39 189

(1333) (5334) 531 (371)

5083 8554 3220 3591

3751 3220 3751 3220

256 436

Tax paid 1)

NOK millions 4Q 2016 4Q 2015 2016 2015

17114 18760 72677 80198

3591 4382 16074 17233

1649 2561 8472 14383

(26) 18 (52) 82

22327 25722 97170 111897

478 410 1531 1591

1 35 108 113

7924 9291 33316 41429

(8403) (9736) (34954) (43132)

- - - -

17592 19171 74207 81789

3592 4417 16181 17346

9573 11852 41788 55812

(8430) (9718) (35006) (43050)

22327 25722 97170 111897

451 883 4118 4973

342 221 2742 1174

(150) (133) 1597 8842

(123) (287) 314 (886)

521 685 8771 14104

860 1253 5470 6188

398 308 2916 1489

823 2176 6681 14414

(65) (233) 496 (729)

2015 3504 15563 21361

467 582 1462 1455

75 82 205 242

3996 4344 12017 9511

77 13 173 108

4616 5021 13856 11316

33582 36057

4760 6509

80125 75077

2038 1220

120505 118863

Total Assets 2)

Operating income

EBITDA

Investments 1)

95 140

157 175

550 220

56 121

75 129

147 166

619 246

2015 3504 15563 21361

(1673) (2605) (6414) (6962)

(241) 362 115 (2463)

(185) (280) (901) (1291)

(84) 981 8363 10644

Yara 1)

Production 2)

Yara 1)

income

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

4Q 2015 Crop Nutrition 883 (18) 133 999 255 1253

Industrial 221 30 1 252 56 308

Production (133) - 44 (89) 2265 2176

Total 685 12 202 899 2605 3504

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

2015 Crop Nutrition 4973 26 428 5428 760 6188

Industrial 1174 102 6 1282 206 1489

Production 8842 (438) 117 8521 5893 14414

Total 14104 (310) 605 14398 6962 21361

Consideration

Inventories 171 -

Total assets 609 63

NOK millions

EBITDA (25)

Greenbelt

Pro forma figures

Note 6 Divestment

NOK millions

Inventories 6 21 27

Gain on divestment

NOK millions

NOK millions Total

Other income

NOK millions 4Q 2016 4Q 2015 2016 2015

- - 1552 -

- - - 3199

27 100 107 205

- - 44 -

- - 64 130

49 44 100 148

76 144 1867 3683

Other Total

Note 9 Inventories

9377 11425

17580 19948

Finished goods

NOK millions

2018 - 493 64 557

2019 6491 279 63 6833

2020 - 238 54 293

2021 700 164 56 920

2022 - 129 79 208

Thereafter 4883 128 170 5182

Total 12074 1433 486 13992

EBITDA

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

860 1502 1330 1778 1253 1519 1572 1843

398 403 1693 423 308 432 335 414

823 894 2120 2845 2176 6221 3133 2884

(65) 205 346 10 (233) (289) 139 (347)

2015 3004 5489 5055 3504 7884 5179 4794

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

NOK millions

Results

EBITDA 2015 3004 5489 5055 3504 7884 5179 4794

3691 3602 3583

712 458 514

955 667 622

486 373 99

177 136 036

NOK millions 4Q 2016 4Q 2015 2016 2015

1687 2611 6427 6933

(14) (6) (12) 29

2015 3504 15563 21361

(341) (398) (2080) (2833)

A 1674 3106 13483 18528

Gross cash flow

A 1674 3106 13483 18528

B=Ax4 6697 12426

B 13483 18528

Gross Cash Flow

NOK millions

4Q 2016

117372

(4399)

(2757)

(15574)

141737

104 (40) (624)

4Q 2015 2016

118470 118556 114559

(4968) (4814) (4430)

(228) (2) (82)

(2862) (2866) (2677)

(17341) (16771) (17647)

45313 46995 42422

138384

141097 132144

90 95 140

NOK millions 4Q 2016 4Q 2015 2016 2015

342 899 9149 14398

(341) (398) (2080) (2833)

E 1 502 7069 11565

F=Ex4 3 2006

F 7069 11565

EBIT minus tax

NOK millions 4Q 2016 4Q 2015 2016

117372 118470 118556 114559

(4399) (4968) (4814) (4430)

(2) (228) (2) (82)

(2757) (2862) (2866) (2677)

(15574) (17341) (16771) (17647)

G 94640 93072 94103 89723

H=FG 00 22 75 129

Total assets

31 Dec 2016

3751 3220

(2323) (3635)

(240) (2102)

(13992) (9354)

(12802) (11868) I

Debtequity ratio

(12802) (11868)

(76770) (75727)

I J K=IJ

Earnings per share

L 273217830 274616304 273499403 275114375

M (333) 434 6360 8083

N (241) 362 115 (2463)

O 89 (104) 40 624

P (11) 0 (36) (30)

Q (624) (1156) 639 991

wwwyaracom

Special items

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

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

Total Yara (458) (4) 1115 2441 (273) (1155) 988 1884

Operating income

4Q 2016

(16650)

(2258)

(1687)

(1211)

(21806)

273217830

4Q 2015 2016 2015

25499 95245 108011

144 1867 3683

79 58 203

25722 97170 111897

(18981) (69606) (79067)

(2167) (8520) (8047)

(2611) (6427) (6933)

(1278) (3847) (3745)

(25037) (88399) (97793)

685 8771 14104

12 (348) (310)

202 725 605

899 9149 14398

362 115 (2463)

(280) (901) (1291)

981 8363 10644

(501) (2041) (2209)

480 6322 8435

434 6360 8083

(37) 351 46

480 6322 8435

158 2325 2938

274616304 273499403 275114375

(336) 480 6322 8435

3607 1308 (1320) 6259

(19) 58 (19) 31

- - - 18

(330) (187) 108 (796)

22 41 45 64

3280 1221 (1186) 5577

12 473 (148) (760) 577

- - - 11

473 (149) (760) 588

1 1 4 6

- (29) (22) (341)

1 (28) (18) (335)

3755 1044 (1964) 5830

3419 1524 4358 14265

3291 1468 4194 13783

127 55 165 481

Net income

- cash flow hedges

Net income -

Treasury shares (2)

Net income -

Treasury shares -

1) Par value 170

4) See note 10

(1544)

(1543)

Cash flow

hedges

(1600)

(1492)

Total other

reserves

(1451)

(1406)

Retained earnings

(3581)

(4106)

63765 4196 67962

8083 351 8435

5624 130 5755

75 - 75

5700 130 5830

(4) - (4)

418 (2893) (2475)

(364) - (364)

(127) - (127)

- 298 298

(3581) (246) (3827)

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

31 Dec 2016

464 466

117 117

582 583

12947 14353

60916 58954

74444 73890

2326 1837

2 76770 75727

12 4071 3751

10 4396 5392

1404 1448

834 773

11 13992 9354

24698 20718

14762 14674

530 693

323 325

859 875

2323 3635

240 2102

19037 22418

120505 118863

2 273217830 274173369

Current liabilities

Total equity

521 685 8771 14104

1687 2612 6427 6933

41 66 156 265

(275) (738) (2736) (3380)

4 - 358 807

97 (822) 3789 (1464)

6 80 - (1559) (3280)

88 (717) (1121) 645

2242 1085 14084 14631

(3830) (3735) (12873) (9631)

5 (124) (1333) (480) (1406)

(119) (397) (286) (904)

- 168 - (132)

12 18 62 138

6 116 109 2973 5048

(3944) (5170) (10604) (6888)

11 352 1461 1138 (1460)

2 - (364) (93) (364)

2 - - (252) (127)

2 - - (4108) (3581)

- (2771) - (2825)

3 291 327 54

356 (1384) (2989) (8304)

13 135 39 189

(1333) (5334) 531 (371)

5083 8554 3220 3591

3751 3220 3751 3220

256 436

Tax paid 1)

NOK millions 4Q 2016 4Q 2015 2016 2015

17114 18760 72677 80198

3591 4382 16074 17233

1649 2561 8472 14383

(26) 18 (52) 82

22327 25722 97170 111897

478 410 1531 1591

1 35 108 113

7924 9291 33316 41429

(8403) (9736) (34954) (43132)

- - - -

17592 19171 74207 81789

3592 4417 16181 17346

9573 11852 41788 55812

(8430) (9718) (35006) (43050)

22327 25722 97170 111897

451 883 4118 4973

342 221 2742 1174

(150) (133) 1597 8842

(123) (287) 314 (886)

521 685 8771 14104

860 1253 5470 6188

398 308 2916 1489

823 2176 6681 14414

(65) (233) 496 (729)

2015 3504 15563 21361

467 582 1462 1455

75 82 205 242

3996 4344 12017 9511

77 13 173 108

4616 5021 13856 11316

33582 36057

4760 6509

80125 75077

2038 1220

120505 118863

Total Assets 2)

Operating income

EBITDA

Investments 1)

95 140

157 175

550 220

56 121

75 129

147 166

619 246

2015 3504 15563 21361

(1673) (2605) (6414) (6962)

(241) 362 115 (2463)

(185) (280) (901) (1291)

(84) 981 8363 10644

Yara 1)

Production 2)

Yara 1)

income

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

4Q 2015 Crop Nutrition 883 (18) 133 999 255 1253

Industrial 221 30 1 252 56 308

Production (133) - 44 (89) 2265 2176

Total 685 12 202 899 2605 3504

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

2015 Crop Nutrition 4973 26 428 5428 760 6188

Industrial 1174 102 6 1282 206 1489

Production 8842 (438) 117 8521 5893 14414

Total 14104 (310) 605 14398 6962 21361

Consideration

Inventories 171 -

Total assets 609 63

NOK millions

EBITDA (25)

Greenbelt

Pro forma figures

Note 6 Divestment

NOK millions

Inventories 6 21 27

Gain on divestment

NOK millions

NOK millions Total

Other income

NOK millions 4Q 2016 4Q 2015 2016 2015

- - 1552 -

- - - 3199

27 100 107 205

- - 44 -

- - 64 130

49 44 100 148

76 144 1867 3683

Other Total

Note 9 Inventories

9377 11425

17580 19948

Finished goods

NOK millions

2018 - 493 64 557

2019 6491 279 63 6833

2020 - 238 54 293

2021 700 164 56 920

2022 - 129 79 208

Thereafter 4883 128 170 5182

Total 12074 1433 486 13992

EBITDA

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

860 1502 1330 1778 1253 1519 1572 1843

398 403 1693 423 308 432 335 414

823 894 2120 2845 2176 6221 3133 2884

(65) 205 346 10 (233) (289) 139 (347)

2015 3004 5489 5055 3504 7884 5179 4794

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

NOK millions

Results

EBITDA 2015 3004 5489 5055 3504 7884 5179 4794

3691 3602 3583

712 458 514

955 667 622

486 373 99

177 136 036

NOK millions 4Q 2016 4Q 2015 2016 2015

1687 2611 6427 6933

(14) (6) (12) 29

2015 3504 15563 21361

(341) (398) (2080) (2833)

A 1674 3106 13483 18528

Gross cash flow

A 1674 3106 13483 18528

B=Ax4 6697 12426

B 13483 18528

Gross Cash Flow

NOK millions

4Q 2016

117372

(4399)

(2757)

(15574)

141737

104 (40) (624)

4Q 2015 2016

118470 118556 114559

(4968) (4814) (4430)

(228) (2) (82)

(2862) (2866) (2677)

(17341) (16771) (17647)

45313 46995 42422

138384

141097 132144

90 95 140

NOK millions 4Q 2016 4Q 2015 2016 2015

342 899 9149 14398

(341) (398) (2080) (2833)

E 1 502 7069 11565

F=Ex4 3 2006

F 7069 11565

EBIT minus tax

NOK millions 4Q 2016 4Q 2015 2016

117372 118470 118556 114559

(4399) (4968) (4814) (4430)

(2) (228) (2) (82)

(2757) (2862) (2866) (2677)

(15574) (17341) (16771) (17647)

G 94640 93072 94103 89723

H=FG 00 22 75 129

Total assets

31 Dec 2016

3751 3220

(2323) (3635)

(240) (2102)

(13992) (9354)

(12802) (11868) I

Debtequity ratio

(12802) (11868)

(76770) (75727)

I J K=IJ

Earnings per share

L 273217830 274616304 273499403 275114375

M (333) 434 6360 8083

N (241) 362 115 (2463)

O 89 (104) 40 624

P (11) 0 (36) (30)

Q (624) (1156) 639 991

wwwyaracom

Special items

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

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

Total Yara (458) (4) 1115 2441 (273) (1155) 988 1884

Operating income

4Q 2016

(16650)

(2258)

(1687)

(1211)

(21806)

273217830

4Q 2015 2016 2015

25499 95245 108011

144 1867 3683

79 58 203

25722 97170 111897

(18981) (69606) (79067)

(2167) (8520) (8047)

(2611) (6427) (6933)

(1278) (3847) (3745)

(25037) (88399) (97793)

685 8771 14104

12 (348) (310)

202 725 605

899 9149 14398

362 115 (2463)

(280) (901) (1291)

981 8363 10644

(501) (2041) (2209)

480 6322 8435

434 6360 8083

(37) 351 46

480 6322 8435

158 2325 2938

274616304 273499403 275114375

(336) 480 6322 8435

3607 1308 (1320) 6259

(19) 58 (19) 31

- - - 18

(330) (187) 108 (796)

22 41 45 64

3280 1221 (1186) 5577

12 473 (148) (760) 577

- - - 11

473 (149) (760) 588

1 1 4 6

- (29) (22) (341)

1 (28) (18) (335)

3755 1044 (1964) 5830

3419 1524 4358 14265

3291 1468 4194 13783

127 55 165 481

Net income

- cash flow hedges

Net income -

Treasury shares (2)

Net income -

Treasury shares -

1) Par value 170

4) See note 10

(1544)

(1543)

Cash flow

hedges

(1600)

(1492)

Total other

reserves

(1451)

(1406)

Retained earnings

(3581)

(4106)

63765 4196 67962

8083 351 8435

5624 130 5755

75 - 75

5700 130 5830

(4) - (4)

418 (2893) (2475)

(364) - (364)

(127) - (127)

- 298 298

(3581) (246) (3827)

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

31 Dec 2016

464 466

117 117

582 583

12947 14353

60916 58954

74444 73890

2326 1837

2 76770 75727

12 4071 3751

10 4396 5392

1404 1448

834 773

11 13992 9354

24698 20718

14762 14674

530 693

323 325

859 875

2323 3635

240 2102

19037 22418

120505 118863

2 273217830 274173369

Current liabilities

Total equity

521 685 8771 14104

1687 2612 6427 6933

41 66 156 265

(275) (738) (2736) (3380)

4 - 358 807

97 (822) 3789 (1464)

6 80 - (1559) (3280)

88 (717) (1121) 645

2242 1085 14084 14631

(3830) (3735) (12873) (9631)

5 (124) (1333) (480) (1406)

(119) (397) (286) (904)

- 168 - (132)

12 18 62 138

6 116 109 2973 5048

(3944) (5170) (10604) (6888)

11 352 1461 1138 (1460)

2 - (364) (93) (364)

2 - - (252) (127)

2 - - (4108) (3581)

- (2771) - (2825)

3 291 327 54

356 (1384) (2989) (8304)

13 135 39 189

(1333) (5334) 531 (371)

5083 8554 3220 3591

3751 3220 3751 3220

256 436

Tax paid 1)

NOK millions 4Q 2016 4Q 2015 2016 2015

17114 18760 72677 80198

3591 4382 16074 17233

1649 2561 8472 14383

(26) 18 (52) 82

22327 25722 97170 111897

478 410 1531 1591

1 35 108 113

7924 9291 33316 41429

(8403) (9736) (34954) (43132)

- - - -

17592 19171 74207 81789

3592 4417 16181 17346

9573 11852 41788 55812

(8430) (9718) (35006) (43050)

22327 25722 97170 111897

451 883 4118 4973

342 221 2742 1174

(150) (133) 1597 8842

(123) (287) 314 (886)

521 685 8771 14104

860 1253 5470 6188

398 308 2916 1489

823 2176 6681 14414

(65) (233) 496 (729)

2015 3504 15563 21361

467 582 1462 1455

75 82 205 242

3996 4344 12017 9511

77 13 173 108

4616 5021 13856 11316

33582 36057

4760 6509

80125 75077

2038 1220

120505 118863

Total Assets 2)

Operating income

EBITDA

Investments 1)

95 140

157 175

550 220

56 121

75 129

147 166

619 246

2015 3504 15563 21361

(1673) (2605) (6414) (6962)

(241) 362 115 (2463)

(185) (280) (901) (1291)

(84) 981 8363 10644

Yara 1)

Production 2)

Yara 1)

income

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

4Q 2015 Crop Nutrition 883 (18) 133 999 255 1253

Industrial 221 30 1 252 56 308

Production (133) - 44 (89) 2265 2176

Total 685 12 202 899 2605 3504

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

2015 Crop Nutrition 4973 26 428 5428 760 6188

Industrial 1174 102 6 1282 206 1489

Production 8842 (438) 117 8521 5893 14414

Total 14104 (310) 605 14398 6962 21361

Consideration

Inventories 171 -

Total assets 609 63

NOK millions

EBITDA (25)

Greenbelt

Pro forma figures

Note 6 Divestment

NOK millions

Inventories 6 21 27

Gain on divestment

NOK millions

NOK millions Total

Other income

NOK millions 4Q 2016 4Q 2015 2016 2015

- - 1552 -

- - - 3199

27 100 107 205

- - 44 -

- - 64 130

49 44 100 148

76 144 1867 3683

Other Total

Note 9 Inventories

9377 11425

17580 19948

Finished goods

NOK millions

2018 - 493 64 557

2019 6491 279 63 6833

2020 - 238 54 293

2021 700 164 56 920

2022 - 129 79 208

Thereafter 4883 128 170 5182

Total 12074 1433 486 13992

EBITDA

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

860 1502 1330 1778 1253 1519 1572 1843

398 403 1693 423 308 432 335 414

823 894 2120 2845 2176 6221 3133 2884

(65) 205 346 10 (233) (289) 139 (347)

2015 3004 5489 5055 3504 7884 5179 4794

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

NOK millions

Results

EBITDA 2015 3004 5489 5055 3504 7884 5179 4794

3691 3602 3583

712 458 514

955 667 622

486 373 99

177 136 036

NOK millions 4Q 2016 4Q 2015 2016 2015

1687 2611 6427 6933

(14) (6) (12) 29

2015 3504 15563 21361

(341) (398) (2080) (2833)

A 1674 3106 13483 18528

Gross cash flow

A 1674 3106 13483 18528

B=Ax4 6697 12426

B 13483 18528

Gross Cash Flow

NOK millions

4Q 2016

117372

(4399)

(2757)

(15574)

141737

104 (40) (624)

4Q 2015 2016

118470 118556 114559

(4968) (4814) (4430)

(228) (2) (82)

(2862) (2866) (2677)

(17341) (16771) (17647)

45313 46995 42422

138384

141097 132144

90 95 140

NOK millions 4Q 2016 4Q 2015 2016 2015

342 899 9149 14398

(341) (398) (2080) (2833)

E 1 502 7069 11565

F=Ex4 3 2006

F 7069 11565

EBIT minus tax

NOK millions 4Q 2016 4Q 2015 2016

117372 118470 118556 114559

(4399) (4968) (4814) (4430)

(2) (228) (2) (82)

(2757) (2862) (2866) (2677)

(15574) (17341) (16771) (17647)

G 94640 93072 94103 89723

H=FG 00 22 75 129

Total assets

31 Dec 2016

3751 3220

(2323) (3635)

(240) (2102)

(13992) (9354)

(12802) (11868) I

Debtequity ratio

(12802) (11868)

(76770) (75727)

I J K=IJ

Earnings per share

L 273217830 274616304 273499403 275114375

M (333) 434 6360 8083

N (241) 362 115 (2463)

O 89 (104) 40 624

P (11) 0 (36) (30)

Q (624) (1156) 639 991

wwwyaracom

Special items

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

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

Total Yara (458) (4) 1115 2441 (273) (1155) 988 1884

Operating income

4Q 2016

(16650)

(2258)

(1687)

(1211)

(21806)

273217830

4Q 2015 2016 2015

25499 95245 108011

144 1867 3683

79 58 203

25722 97170 111897

(18981) (69606) (79067)

(2167) (8520) (8047)

(2611) (6427) (6933)

(1278) (3847) (3745)

(25037) (88399) (97793)

685 8771 14104

12 (348) (310)

202 725 605

899 9149 14398

362 115 (2463)

(280) (901) (1291)

981 8363 10644

(501) (2041) (2209)

480 6322 8435

434 6360 8083

(37) 351 46

480 6322 8435

158 2325 2938

274616304 273499403 275114375

(336) 480 6322 8435

3607 1308 (1320) 6259

(19) 58 (19) 31

- - - 18

(330) (187) 108 (796)

22 41 45 64

3280 1221 (1186) 5577

12 473 (148) (760) 577

- - - 11

473 (149) (760) 588

1 1 4 6

- (29) (22) (341)

1 (28) (18) (335)

3755 1044 (1964) 5830

3419 1524 4358 14265

3291 1468 4194 13783

127 55 165 481

Net income

- cash flow hedges

Net income -

Treasury shares (2)

Net income -

Treasury shares -

1) Par value 170

4) See note 10

(1544)

(1543)

Cash flow

hedges

(1600)

(1492)

Total other

reserves

(1451)

(1406)

Retained earnings

(3581)

(4106)

63765 4196 67962

8083 351 8435

5624 130 5755

75 - 75

5700 130 5830

(4) - (4)

418 (2893) (2475)

(364) - (364)

(127) - (127)

- 298 298

(3581) (246) (3827)

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

31 Dec 2016

464 466

117 117

582 583

12947 14353

60916 58954

74444 73890

2326 1837

2 76770 75727

12 4071 3751

10 4396 5392

1404 1448

834 773

11 13992 9354

24698 20718

14762 14674

530 693

323 325

859 875

2323 3635

240 2102

19037 22418

120505 118863

2 273217830 274173369

Current liabilities

Total equity

521 685 8771 14104

1687 2612 6427 6933

41 66 156 265

(275) (738) (2736) (3380)

4 - 358 807

97 (822) 3789 (1464)

6 80 - (1559) (3280)

88 (717) (1121) 645

2242 1085 14084 14631

(3830) (3735) (12873) (9631)

5 (124) (1333) (480) (1406)

(119) (397) (286) (904)

- 168 - (132)

12 18 62 138

6 116 109 2973 5048

(3944) (5170) (10604) (6888)

11 352 1461 1138 (1460)

2 - (364) (93) (364)

2 - - (252) (127)

2 - - (4108) (3581)

- (2771) - (2825)

3 291 327 54

356 (1384) (2989) (8304)

13 135 39 189

(1333) (5334) 531 (371)

5083 8554 3220 3591

3751 3220 3751 3220

256 436

Tax paid 1)

NOK millions 4Q 2016 4Q 2015 2016 2015

17114 18760 72677 80198

3591 4382 16074 17233

1649 2561 8472 14383

(26) 18 (52) 82

22327 25722 97170 111897

478 410 1531 1591

1 35 108 113

7924 9291 33316 41429

(8403) (9736) (34954) (43132)

- - - -

17592 19171 74207 81789

3592 4417 16181 17346

9573 11852 41788 55812

(8430) (9718) (35006) (43050)

22327 25722 97170 111897

451 883 4118 4973

342 221 2742 1174

(150) (133) 1597 8842

(123) (287) 314 (886)

521 685 8771 14104

860 1253 5470 6188

398 308 2916 1489

823 2176 6681 14414

(65) (233) 496 (729)

2015 3504 15563 21361

467 582 1462 1455

75 82 205 242

3996 4344 12017 9511

77 13 173 108

4616 5021 13856 11316

33582 36057

4760 6509

80125 75077

2038 1220

120505 118863

Total Assets 2)

Operating income

EBITDA

Investments 1)

95 140

157 175

550 220

56 121

75 129

147 166

619 246

2015 3504 15563 21361

(1673) (2605) (6414) (6962)

(241) 362 115 (2463)

(185) (280) (901) (1291)

(84) 981 8363 10644

Yara 1)

Production 2)

Yara 1)

income

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

4Q 2015 Crop Nutrition 883 (18) 133 999 255 1253

Industrial 221 30 1 252 56 308

Production (133) - 44 (89) 2265 2176

Total 685 12 202 899 2605 3504

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

2015 Crop Nutrition 4973 26 428 5428 760 6188

Industrial 1174 102 6 1282 206 1489

Production 8842 (438) 117 8521 5893 14414

Total 14104 (310) 605 14398 6962 21361

Consideration

Inventories 171 -

Total assets 609 63

NOK millions

EBITDA (25)

Greenbelt

Pro forma figures

Note 6 Divestment

NOK millions

Inventories 6 21 27

Gain on divestment

NOK millions

NOK millions Total

Other income

NOK millions 4Q 2016 4Q 2015 2016 2015

- - 1552 -

- - - 3199

27 100 107 205

- - 44 -

- - 64 130

49 44 100 148

76 144 1867 3683

Other Total

Note 9 Inventories

9377 11425

17580 19948

Finished goods

NOK millions

2018 - 493 64 557

2019 6491 279 63 6833

2020 - 238 54 293

2021 700 164 56 920

2022 - 129 79 208

Thereafter 4883 128 170 5182

Total 12074 1433 486 13992

EBITDA

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

860 1502 1330 1778 1253 1519 1572 1843

398 403 1693 423 308 432 335 414

823 894 2120 2845 2176 6221 3133 2884

(65) 205 346 10 (233) (289) 139 (347)

2015 3004 5489 5055 3504 7884 5179 4794

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

NOK millions

Results

EBITDA 2015 3004 5489 5055 3504 7884 5179 4794

3691 3602 3583

712 458 514

955 667 622

486 373 99

177 136 036

NOK millions 4Q 2016 4Q 2015 2016 2015

1687 2611 6427 6933

(14) (6) (12) 29

2015 3504 15563 21361

(341) (398) (2080) (2833)

A 1674 3106 13483 18528

Gross cash flow

A 1674 3106 13483 18528

B=Ax4 6697 12426

B 13483 18528

Gross Cash Flow

NOK millions

4Q 2016

117372

(4399)

(2757)

(15574)

141737

104 (40) (624)

4Q 2015 2016

118470 118556 114559

(4968) (4814) (4430)

(228) (2) (82)

(2862) (2866) (2677)

(17341) (16771) (17647)

45313 46995 42422

138384

141097 132144

90 95 140

NOK millions 4Q 2016 4Q 2015 2016 2015

342 899 9149 14398

(341) (398) (2080) (2833)

E 1 502 7069 11565

F=Ex4 3 2006

F 7069 11565

EBIT minus tax

NOK millions 4Q 2016 4Q 2015 2016

117372 118470 118556 114559

(4399) (4968) (4814) (4430)

(2) (228) (2) (82)

(2757) (2862) (2866) (2677)

(15574) (17341) (16771) (17647)

G 94640 93072 94103 89723

H=FG 00 22 75 129

Total assets

31 Dec 2016

3751 3220

(2323) (3635)

(240) (2102)

(13992) (9354)

(12802) (11868) I

Debtequity ratio

(12802) (11868)

(76770) (75727)

I J K=IJ

Earnings per share

L 273217830 274616304 273499403 275114375

M (333) 434 6360 8083

N (241) 362 115 (2463)

O 89 (104) 40 624

P (11) 0 (36) (30)

Q (624) (1156) 639 991

wwwyaracom

Operating income

4Q 2016

(16650)

(2258)

(1687)

(1211)

(21806)

273217830

4Q 2015 2016 2015

25499 95245 108011

144 1867 3683

79 58 203

25722 97170 111897

(18981) (69606) (79067)

(2167) (8520) (8047)

(2611) (6427) (6933)

(1278) (3847) (3745)

(25037) (88399) (97793)

685 8771 14104

12 (348) (310)

202 725 605

899 9149 14398

362 115 (2463)

(280) (901) (1291)

981 8363 10644

(501) (2041) (2209)

480 6322 8435

434 6360 8083

(37) 351 46

480 6322 8435

158 2325 2938

274616304 273499403 275114375

(336) 480 6322 8435

3607 1308 (1320) 6259

(19) 58 (19) 31

- - - 18

(330) (187) 108 (796)

22 41 45 64

3280 1221 (1186) 5577

12 473 (148) (760) 577

- - - 11

473 (149) (760) 588

1 1 4 6

- (29) (22) (341)

1 (28) (18) (335)

3755 1044 (1964) 5830

3419 1524 4358 14265

3291 1468 4194 13783

127 55 165 481

Net income

- cash flow hedges

Net income -

Treasury shares (2)

Net income -

Treasury shares -

1) Par value 170

4) See note 10

(1544)

(1543)

Cash flow

hedges

(1600)

(1492)

Total other

reserves

(1451)

(1406)

Retained earnings

(3581)

(4106)

63765 4196 67962

8083 351 8435

5624 130 5755

75 - 75

5700 130 5830

(4) - (4)

418 (2893) (2475)

(364) - (364)

(127) - (127)

- 298 298

(3581) (246) (3827)

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

31 Dec 2016

464 466

117 117

582 583

12947 14353

60916 58954

74444 73890

2326 1837

2 76770 75727

12 4071 3751

10 4396 5392

1404 1448

834 773

11 13992 9354

24698 20718

14762 14674

530 693

323 325

859 875

2323 3635

240 2102

19037 22418

120505 118863

2 273217830 274173369

Current liabilities

Total equity

521 685 8771 14104

1687 2612 6427 6933

41 66 156 265

(275) (738) (2736) (3380)

4 - 358 807

97 (822) 3789 (1464)

6 80 - (1559) (3280)

88 (717) (1121) 645

2242 1085 14084 14631

(3830) (3735) (12873) (9631)

5 (124) (1333) (480) (1406)

(119) (397) (286) (904)

- 168 - (132)

12 18 62 138

6 116 109 2973 5048

(3944) (5170) (10604) (6888)

11 352 1461 1138 (1460)

2 - (364) (93) (364)

2 - - (252) (127)

2 - - (4108) (3581)

- (2771) - (2825)

3 291 327 54

356 (1384) (2989) (8304)

13 135 39 189

(1333) (5334) 531 (371)

5083 8554 3220 3591

3751 3220 3751 3220

256 436

Tax paid 1)

NOK millions 4Q 2016 4Q 2015 2016 2015

17114 18760 72677 80198

3591 4382 16074 17233

1649 2561 8472 14383

(26) 18 (52) 82

22327 25722 97170 111897

478 410 1531 1591

1 35 108 113

7924 9291 33316 41429

(8403) (9736) (34954) (43132)

- - - -

17592 19171 74207 81789

3592 4417 16181 17346

9573 11852 41788 55812

(8430) (9718) (35006) (43050)

22327 25722 97170 111897

451 883 4118 4973

342 221 2742 1174

(150) (133) 1597 8842

(123) (287) 314 (886)

521 685 8771 14104

860 1253 5470 6188

398 308 2916 1489

823 2176 6681 14414

(65) (233) 496 (729)

2015 3504 15563 21361

467 582 1462 1455

75 82 205 242

3996 4344 12017 9511

77 13 173 108

4616 5021 13856 11316

33582 36057

4760 6509

80125 75077

2038 1220

120505 118863

Total Assets 2)

Operating income

EBITDA

Investments 1)

95 140

157 175

550 220

56 121

75 129

147 166

619 246

2015 3504 15563 21361

(1673) (2605) (6414) (6962)

(241) 362 115 (2463)

(185) (280) (901) (1291)

(84) 981 8363 10644

Yara 1)

Production 2)

Yara 1)

income

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

4Q 2015 Crop Nutrition 883 (18) 133 999 255 1253

Industrial 221 30 1 252 56 308

Production (133) - 44 (89) 2265 2176

Total 685 12 202 899 2605 3504

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

2015 Crop Nutrition 4973 26 428 5428 760 6188

Industrial 1174 102 6 1282 206 1489

Production 8842 (438) 117 8521 5893 14414

Total 14104 (310) 605 14398 6962 21361

Consideration

Inventories 171 -

Total assets 609 63

NOK millions

EBITDA (25)

Greenbelt

Pro forma figures

Note 6 Divestment

NOK millions

Inventories 6 21 27

Gain on divestment

NOK millions

NOK millions Total

Other income

NOK millions 4Q 2016 4Q 2015 2016 2015

- - 1552 -

- - - 3199

27 100 107 205

- - 44 -

- - 64 130

49 44 100 148

76 144 1867 3683

Other Total

Note 9 Inventories

9377 11425

17580 19948

Finished goods

NOK millions

2018 - 493 64 557

2019 6491 279 63 6833

2020 - 238 54 293

2021 700 164 56 920

2022 - 129 79 208

Thereafter 4883 128 170 5182

Total 12074 1433 486 13992

EBITDA

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

860 1502 1330 1778 1253 1519 1572 1843

398 403 1693 423 308 432 335 414

823 894 2120 2845 2176 6221 3133 2884

(65) 205 346 10 (233) (289) 139 (347)

2015 3004 5489 5055 3504 7884 5179 4794

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

NOK millions

Results

EBITDA 2015 3004 5489 5055 3504 7884 5179 4794

3691 3602 3583

712 458 514

955 667 622

486 373 99

177 136 036

NOK millions 4Q 2016 4Q 2015 2016 2015

1687 2611 6427 6933

(14) (6) (12) 29

2015 3504 15563 21361

(341) (398) (2080) (2833)

A 1674 3106 13483 18528

Gross cash flow

A 1674 3106 13483 18528

B=Ax4 6697 12426

B 13483 18528

Gross Cash Flow

NOK millions

4Q 2016

117372

(4399)

(2757)

(15574)

141737

104 (40) (624)

4Q 2015 2016

118470 118556 114559

(4968) (4814) (4430)

(228) (2) (82)

(2862) (2866) (2677)

(17341) (16771) (17647)

45313 46995 42422

138384

141097 132144

90 95 140

NOK millions 4Q 2016 4Q 2015 2016 2015

342 899 9149 14398

(341) (398) (2080) (2833)

E 1 502 7069 11565

F=Ex4 3 2006

F 7069 11565

EBIT minus tax

NOK millions 4Q 2016 4Q 2015 2016

117372 118470 118556 114559

(4399) (4968) (4814) (4430)

(2) (228) (2) (82)

(2757) (2862) (2866) (2677)

(15574) (17341) (16771) (17647)

G 94640 93072 94103 89723

H=FG 00 22 75 129

Total assets

31 Dec 2016

3751 3220

(2323) (3635)

(240) (2102)

(13992) (9354)

(12802) (11868) I

Debtequity ratio

(12802) (11868)

(76770) (75727)

I J K=IJ

Earnings per share

L 273217830 274616304 273499403 275114375

M (333) 434 6360 8083

N (241) 362 115 (2463)

O 89 (104) 40 624

P (11) 0 (36) (30)

Q (624) (1156) 639 991

wwwyaracom

Operating income

4Q 2016

(16650)

(2258)

(1687)

(1211)

(21806)

273217830

4Q 2015 2016 2015

25499 95245 108011

144 1867 3683

79 58 203

25722 97170 111897

(18981) (69606) (79067)

(2167) (8520) (8047)

(2611) (6427) (6933)

(1278) (3847) (3745)

(25037) (88399) (97793)

685 8771 14104

12 (348) (310)

202 725 605

899 9149 14398

362 115 (2463)

(280) (901) (1291)

981 8363 10644

(501) (2041) (2209)

480 6322 8435

434 6360 8083

(37) 351 46

480 6322 8435

158 2325 2938

274616304 273499403 275114375

(336) 480 6322 8435

3607 1308 (1320) 6259

(19) 58 (19) 31

- - - 18

(330) (187) 108 (796)

22 41 45 64

3280 1221 (1186) 5577

12 473 (148) (760) 577

- - - 11

473 (149) (760) 588

1 1 4 6

- (29) (22) (341)

1 (28) (18) (335)

3755 1044 (1964) 5830

3419 1524 4358 14265

3291 1468 4194 13783

127 55 165 481

Net income

- cash flow hedges

Net income -

Treasury shares (2)

Net income -

Treasury shares -

1) Par value 170

4) See note 10

(1544)

(1543)

Cash flow

hedges

(1600)

(1492)

Total other

reserves

(1451)

(1406)

Retained earnings

(3581)

(4106)

63765 4196 67962

8083 351 8435

5624 130 5755

75 - 75

5700 130 5830

(4) - (4)

418 (2893) (2475)

(364) - (364)

(127) - (127)

- 298 298

(3581) (246) (3827)

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

31 Dec 2016

464 466

117 117

582 583

12947 14353

60916 58954

74444 73890

2326 1837

2 76770 75727

12 4071 3751

10 4396 5392

1404 1448

834 773

11 13992 9354

24698 20718

14762 14674

530 693

323 325

859 875

2323 3635

240 2102

19037 22418

120505 118863

2 273217830 274173369

Current liabilities

Total equity

521 685 8771 14104

1687 2612 6427 6933

41 66 156 265

(275) (738) (2736) (3380)

4 - 358 807

97 (822) 3789 (1464)

6 80 - (1559) (3280)

88 (717) (1121) 645

2242 1085 14084 14631

(3830) (3735) (12873) (9631)

5 (124) (1333) (480) (1406)

(119) (397) (286) (904)

- 168 - (132)

12 18 62 138

6 116 109 2973 5048

(3944) (5170) (10604) (6888)

11 352 1461 1138 (1460)

2 - (364) (93) (364)

2 - - (252) (127)

2 - - (4108) (3581)

- (2771) - (2825)

3 291 327 54

356 (1384) (2989) (8304)

13 135 39 189

(1333) (5334) 531 (371)

5083 8554 3220 3591

3751 3220 3751 3220

256 436

Tax paid 1)

NOK millions 4Q 2016 4Q 2015 2016 2015

17114 18760 72677 80198

3591 4382 16074 17233

1649 2561 8472 14383

(26) 18 (52) 82

22327 25722 97170 111897

478 410 1531 1591

1 35 108 113

7924 9291 33316 41429

(8403) (9736) (34954) (43132)

- - - -

17592 19171 74207 81789

3592 4417 16181 17346

9573 11852 41788 55812

(8430) (9718) (35006) (43050)

22327 25722 97170 111897

451 883 4118 4973

342 221 2742 1174

(150) (133) 1597 8842

(123) (287) 314 (886)

521 685 8771 14104

860 1253 5470 6188

398 308 2916 1489

823 2176 6681 14414

(65) (233) 496 (729)

2015 3504 15563 21361

467 582 1462 1455

75 82 205 242

3996 4344 12017 9511

77 13 173 108

4616 5021 13856 11316

33582 36057

4760 6509

80125 75077

2038 1220

120505 118863

Total Assets 2)

Operating income

EBITDA

Investments 1)

95 140

157 175

550 220

56 121

75 129

147 166

619 246

2015 3504 15563 21361

(1673) (2605) (6414) (6962)

(241) 362 115 (2463)

(185) (280) (901) (1291)

(84) 981 8363 10644

Yara 1)

Production 2)

Yara 1)

income

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

4Q 2015 Crop Nutrition 883 (18) 133 999 255 1253

Industrial 221 30 1 252 56 308

Production (133) - 44 (89) 2265 2176

Total 685 12 202 899 2605 3504

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

2015 Crop Nutrition 4973 26 428 5428 760 6188

Industrial 1174 102 6 1282 206 1489

Production 8842 (438) 117 8521 5893 14414

Total 14104 (310) 605 14398 6962 21361

Consideration

Inventories 171 -

Total assets 609 63

NOK millions

EBITDA (25)

Greenbelt

Pro forma figures

Note 6 Divestment

NOK millions

Inventories 6 21 27

Gain on divestment

NOK millions

NOK millions Total

Other income

NOK millions 4Q 2016 4Q 2015 2016 2015

- - 1552 -

- - - 3199

27 100 107 205

- - 44 -

- - 64 130

49 44 100 148

76 144 1867 3683

Other Total

Note 9 Inventories

9377 11425

17580 19948

Finished goods

NOK millions

2018 - 493 64 557

2019 6491 279 63 6833

2020 - 238 54 293

2021 700 164 56 920

2022 - 129 79 208

Thereafter 4883 128 170 5182

Total 12074 1433 486 13992

EBITDA

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

860 1502 1330 1778 1253 1519 1572 1843

398 403 1693 423 308 432 335 414

823 894 2120 2845 2176 6221 3133 2884

(65) 205 346 10 (233) (289) 139 (347)

2015 3004 5489 5055 3504 7884 5179 4794

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

NOK millions

Results

EBITDA 2015 3004 5489 5055 3504 7884 5179 4794

3691 3602 3583

712 458 514

955 667 622

486 373 99

177 136 036

NOK millions 4Q 2016 4Q 2015 2016 2015

1687 2611 6427 6933

(14) (6) (12) 29

2015 3504 15563 21361

(341) (398) (2080) (2833)

A 1674 3106 13483 18528

Gross cash flow

A 1674 3106 13483 18528

B=Ax4 6697 12426

B 13483 18528

Gross Cash Flow

NOK millions

4Q 2016

117372

(4399)

(2757)

(15574)

141737

104 (40) (624)

4Q 2015 2016

118470 118556 114559

(4968) (4814) (4430)

(228) (2) (82)

(2862) (2866) (2677)

(17341) (16771) (17647)

45313 46995 42422

138384

141097 132144

90 95 140

NOK millions 4Q 2016 4Q 2015 2016 2015

342 899 9149 14398

(341) (398) (2080) (2833)

E 1 502 7069 11565

F=Ex4 3 2006

F 7069 11565

EBIT minus tax

NOK millions 4Q 2016 4Q 2015 2016

117372 118470 118556 114559

(4399) (4968) (4814) (4430)

(2) (228) (2) (82)

(2757) (2862) (2866) (2677)

(15574) (17341) (16771) (17647)

G 94640 93072 94103 89723

H=FG 00 22 75 129

Total assets

31 Dec 2016

3751 3220

(2323) (3635)

(240) (2102)

(13992) (9354)

(12802) (11868) I

Debtequity ratio

(12802) (11868)

(76770) (75727)

I J K=IJ

Earnings per share

L 273217830 274616304 273499403 275114375

M (333) 434 6360 8083

N (241) 362 115 (2463)

O 89 (104) 40 624

P (11) 0 (36) (30)

Q (624) (1156) 639 991

wwwyaracom

(336) 480 6322 8435

3607 1308 (1320) 6259

(19) 58 (19) 31

- - - 18

(330) (187) 108 (796)

22 41 45 64

3280 1221 (1186) 5577

12 473 (148) (760) 577

- - - 11

473 (149) (760) 588

1 1 4 6

- (29) (22) (341)

1 (28) (18) (335)

3755 1044 (1964) 5830

3419 1524 4358 14265

3291 1468 4194 13783

127 55 165 481

Net income

- cash flow hedges

Net income -

Treasury shares (2)

Net income -

Treasury shares -

1) Par value 170

4) See note 10

(1544)

(1543)

Cash flow

hedges

(1600)

(1492)

Total other

reserves

(1451)

(1406)

Retained earnings

(3581)

(4106)

63765 4196 67962

8083 351 8435

5624 130 5755

75 - 75

5700 130 5830

(4) - (4)

418 (2893) (2475)

(364) - (364)

(127) - (127)

- 298 298

(3581) (246) (3827)

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

31 Dec 2016

464 466

117 117

582 583

12947 14353

60916 58954

74444 73890

2326 1837

2 76770 75727

12 4071 3751

10 4396 5392

1404 1448

834 773

11 13992 9354

24698 20718

14762 14674

530 693

323 325

859 875

2323 3635

240 2102

19037 22418

120505 118863

2 273217830 274173369

Current liabilities

Total equity

521 685 8771 14104

1687 2612 6427 6933

41 66 156 265

(275) (738) (2736) (3380)

4 - 358 807

97 (822) 3789 (1464)

6 80 - (1559) (3280)

88 (717) (1121) 645

2242 1085 14084 14631

(3830) (3735) (12873) (9631)

5 (124) (1333) (480) (1406)

(119) (397) (286) (904)

- 168 - (132)

12 18 62 138

6 116 109 2973 5048

(3944) (5170) (10604) (6888)

11 352 1461 1138 (1460)

2 - (364) (93) (364)

2 - - (252) (127)

2 - - (4108) (3581)

- (2771) - (2825)

3 291 327 54

356 (1384) (2989) (8304)

13 135 39 189

(1333) (5334) 531 (371)

5083 8554 3220 3591

3751 3220 3751 3220

256 436

Tax paid 1)

NOK millions 4Q 2016 4Q 2015 2016 2015

17114 18760 72677 80198

3591 4382 16074 17233

1649 2561 8472 14383

(26) 18 (52) 82

22327 25722 97170 111897

478 410 1531 1591

1 35 108 113

7924 9291 33316 41429

(8403) (9736) (34954) (43132)

- - - -

17592 19171 74207 81789

3592 4417 16181 17346

9573 11852 41788 55812

(8430) (9718) (35006) (43050)

22327 25722 97170 111897

451 883 4118 4973

342 221 2742 1174

(150) (133) 1597 8842

(123) (287) 314 (886)

521 685 8771 14104

860 1253 5470 6188

398 308 2916 1489

823 2176 6681 14414

(65) (233) 496 (729)

2015 3504 15563 21361

467 582 1462 1455

75 82 205 242

3996 4344 12017 9511

77 13 173 108

4616 5021 13856 11316

33582 36057

4760 6509

80125 75077

2038 1220

120505 118863

Total Assets 2)

Operating income

EBITDA

Investments 1)

95 140

157 175

550 220

56 121

75 129

147 166

619 246

2015 3504 15563 21361

(1673) (2605) (6414) (6962)

(241) 362 115 (2463)

(185) (280) (901) (1291)

(84) 981 8363 10644

Yara 1)

Production 2)

Yara 1)

income

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

4Q 2015 Crop Nutrition 883 (18) 133 999 255 1253

Industrial 221 30 1 252 56 308

Production (133) - 44 (89) 2265 2176

Total 685 12 202 899 2605 3504

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

2015 Crop Nutrition 4973 26 428 5428 760 6188

Industrial 1174 102 6 1282 206 1489

Production 8842 (438) 117 8521 5893 14414

Total 14104 (310) 605 14398 6962 21361

Consideration

Inventories 171 -

Total assets 609 63

NOK millions

EBITDA (25)

Greenbelt

Pro forma figures

Note 6 Divestment

NOK millions

Inventories 6 21 27

Gain on divestment

NOK millions

NOK millions Total

Other income

NOK millions 4Q 2016 4Q 2015 2016 2015

- - 1552 -

- - - 3199

27 100 107 205

- - 44 -

- - 64 130

49 44 100 148

76 144 1867 3683

Other Total

Note 9 Inventories

9377 11425

17580 19948

Finished goods

NOK millions

2018 - 493 64 557

2019 6491 279 63 6833

2020 - 238 54 293

2021 700 164 56 920

2022 - 129 79 208

Thereafter 4883 128 170 5182

Total 12074 1433 486 13992

EBITDA

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

860 1502 1330 1778 1253 1519 1572 1843

398 403 1693 423 308 432 335 414

823 894 2120 2845 2176 6221 3133 2884

(65) 205 346 10 (233) (289) 139 (347)

2015 3004 5489 5055 3504 7884 5179 4794

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

NOK millions

Results

EBITDA 2015 3004 5489 5055 3504 7884 5179 4794

3691 3602 3583

712 458 514

955 667 622

486 373 99

177 136 036

NOK millions 4Q 2016 4Q 2015 2016 2015

1687 2611 6427 6933

(14) (6) (12) 29

2015 3504 15563 21361

(341) (398) (2080) (2833)

A 1674 3106 13483 18528

Gross cash flow

A 1674 3106 13483 18528

B=Ax4 6697 12426

B 13483 18528

Gross Cash Flow

NOK millions

4Q 2016

117372

(4399)

(2757)

(15574)

141737

104 (40) (624)

4Q 2015 2016

118470 118556 114559

(4968) (4814) (4430)

(228) (2) (82)

(2862) (2866) (2677)

(17341) (16771) (17647)

45313 46995 42422

138384

141097 132144

90 95 140

NOK millions 4Q 2016 4Q 2015 2016 2015

342 899 9149 14398

(341) (398) (2080) (2833)

E 1 502 7069 11565

F=Ex4 3 2006

F 7069 11565

EBIT minus tax

NOK millions 4Q 2016 4Q 2015 2016

117372 118470 118556 114559

(4399) (4968) (4814) (4430)

(2) (228) (2) (82)

(2757) (2862) (2866) (2677)

(15574) (17341) (16771) (17647)

G 94640 93072 94103 89723

H=FG 00 22 75 129

Total assets

31 Dec 2016

3751 3220

(2323) (3635)

(240) (2102)

(13992) (9354)

(12802) (11868) I

Debtequity ratio

(12802) (11868)

(76770) (75727)

I J K=IJ

Earnings per share

L 273217830 274616304 273499403 275114375

M (333) 434 6360 8083

N (241) 362 115 (2463)

O 89 (104) 40 624

P (11) 0 (36) (30)

Q (624) (1156) 639 991

wwwyaracom

Net income -

Treasury shares (2)

Net income -

Treasury shares -

1) Par value 170

4) See note 10

(1544)

(1543)

Cash flow

hedges

(1600)

(1492)

Total other

reserves

(1451)

(1406)

Retained earnings

(3581)

(4106)

63765 4196 67962

8083 351 8435

5624 130 5755

75 - 75

5700 130 5830

(4) - (4)

418 (2893) (2475)

(364) - (364)

(127) - (127)

- 298 298

(3581) (246) (3827)

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

31 Dec 2016

464 466

117 117

582 583

12947 14353

60916 58954

74444 73890

2326 1837

2 76770 75727

12 4071 3751

10 4396 5392

1404 1448

834 773

11 13992 9354

24698 20718

14762 14674

530 693

323 325

859 875

2323 3635

240 2102

19037 22418

120505 118863

2 273217830 274173369

Current liabilities

Total equity

521 685 8771 14104

1687 2612 6427 6933

41 66 156 265

(275) (738) (2736) (3380)

4 - 358 807

97 (822) 3789 (1464)

6 80 - (1559) (3280)

88 (717) (1121) 645

2242 1085 14084 14631

(3830) (3735) (12873) (9631)

5 (124) (1333) (480) (1406)

(119) (397) (286) (904)

- 168 - (132)

12 18 62 138

6 116 109 2973 5048

(3944) (5170) (10604) (6888)

11 352 1461 1138 (1460)

2 - (364) (93) (364)

2 - - (252) (127)

2 - - (4108) (3581)

- (2771) - (2825)

3 291 327 54

356 (1384) (2989) (8304)

13 135 39 189

(1333) (5334) 531 (371)

5083 8554 3220 3591

3751 3220 3751 3220

256 436

Tax paid 1)

NOK millions 4Q 2016 4Q 2015 2016 2015

17114 18760 72677 80198

3591 4382 16074 17233

1649 2561 8472 14383

(26) 18 (52) 82

22327 25722 97170 111897

478 410 1531 1591

1 35 108 113

7924 9291 33316 41429

(8403) (9736) (34954) (43132)

- - - -

17592 19171 74207 81789

3592 4417 16181 17346

9573 11852 41788 55812

(8430) (9718) (35006) (43050)

22327 25722 97170 111897

451 883 4118 4973

342 221 2742 1174

(150) (133) 1597 8842

(123) (287) 314 (886)

521 685 8771 14104

860 1253 5470 6188

398 308 2916 1489

823 2176 6681 14414

(65) (233) 496 (729)

2015 3504 15563 21361

467 582 1462 1455

75 82 205 242

3996 4344 12017 9511

77 13 173 108

4616 5021 13856 11316

33582 36057

4760 6509

80125 75077

2038 1220

120505 118863

Total Assets 2)

Operating income

EBITDA

Investments 1)

95 140

157 175

550 220

56 121

75 129

147 166

619 246

2015 3504 15563 21361

(1673) (2605) (6414) (6962)

(241) 362 115 (2463)

(185) (280) (901) (1291)

(84) 981 8363 10644

Yara 1)

Production 2)

Yara 1)

income

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

4Q 2015 Crop Nutrition 883 (18) 133 999 255 1253

Industrial 221 30 1 252 56 308

Production (133) - 44 (89) 2265 2176

Total 685 12 202 899 2605 3504

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

2015 Crop Nutrition 4973 26 428 5428 760 6188

Industrial 1174 102 6 1282 206 1489

Production 8842 (438) 117 8521 5893 14414

Total 14104 (310) 605 14398 6962 21361

Consideration

Inventories 171 -

Total assets 609 63

NOK millions

EBITDA (25)

Greenbelt

Pro forma figures

Note 6 Divestment

NOK millions

Inventories 6 21 27

Gain on divestment

NOK millions

NOK millions Total

Other income

NOK millions 4Q 2016 4Q 2015 2016 2015

- - 1552 -

- - - 3199

27 100 107 205

- - 44 -

- - 64 130

49 44 100 148

76 144 1867 3683

Other Total

Note 9 Inventories

9377 11425

17580 19948

Finished goods

NOK millions

2018 - 493 64 557

2019 6491 279 63 6833

2020 - 238 54 293

2021 700 164 56 920

2022 - 129 79 208

Thereafter 4883 128 170 5182

Total 12074 1433 486 13992

EBITDA

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

860 1502 1330 1778 1253 1519 1572 1843

398 403 1693 423 308 432 335 414

823 894 2120 2845 2176 6221 3133 2884

(65) 205 346 10 (233) (289) 139 (347)

2015 3004 5489 5055 3504 7884 5179 4794

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

NOK millions

Results

EBITDA 2015 3004 5489 5055 3504 7884 5179 4794

3691 3602 3583

712 458 514

955 667 622

486 373 99

177 136 036

NOK millions 4Q 2016 4Q 2015 2016 2015

1687 2611 6427 6933

(14) (6) (12) 29

2015 3504 15563 21361

(341) (398) (2080) (2833)

A 1674 3106 13483 18528

Gross cash flow

A 1674 3106 13483 18528

B=Ax4 6697 12426

B 13483 18528

Gross Cash Flow

NOK millions

4Q 2016

117372

(4399)

(2757)

(15574)

141737

104 (40) (624)

4Q 2015 2016

118470 118556 114559

(4968) (4814) (4430)

(228) (2) (82)

(2862) (2866) (2677)

(17341) (16771) (17647)

45313 46995 42422

138384

141097 132144

90 95 140

NOK millions 4Q 2016 4Q 2015 2016 2015

342 899 9149 14398

(341) (398) (2080) (2833)

E 1 502 7069 11565

F=Ex4 3 2006

F 7069 11565

EBIT minus tax

NOK millions 4Q 2016 4Q 2015 2016

117372 118470 118556 114559

(4399) (4968) (4814) (4430)

(2) (228) (2) (82)

(2757) (2862) (2866) (2677)

(15574) (17341) (16771) (17647)

G 94640 93072 94103 89723

H=FG 00 22 75 129

Total assets

31 Dec 2016

3751 3220

(2323) (3635)

(240) (2102)

(13992) (9354)

(12802) (11868) I

Debtequity ratio

(12802) (11868)

(76770) (75727)

I J K=IJ

Earnings per share

L 273217830 274616304 273499403 275114375

M (333) 434 6360 8083

N (241) 362 115 (2463)

O 89 (104) 40 624

P (11) 0 (36) (30)

Q (624) (1156) 639 991

wwwyaracom

31 Dec 2016

464 466

117 117

582 583

12947 14353

60916 58954

74444 73890

2326 1837

2 76770 75727

12 4071 3751

10 4396 5392

1404 1448

834 773

11 13992 9354

24698 20718

14762 14674

530 693

323 325

859 875

2323 3635

240 2102

19037 22418

120505 118863

2 273217830 274173369

Current liabilities

Total equity

521 685 8771 14104

1687 2612 6427 6933

41 66 156 265

(275) (738) (2736) (3380)

4 - 358 807

97 (822) 3789 (1464)

6 80 - (1559) (3280)

88 (717) (1121) 645

2242 1085 14084 14631

(3830) (3735) (12873) (9631)

5 (124) (1333) (480) (1406)

(119) (397) (286) (904)

- 168 - (132)

12 18 62 138

6 116 109 2973 5048

(3944) (5170) (10604) (6888)

11 352 1461 1138 (1460)

2 - (364) (93) (364)

2 - - (252) (127)

2 - - (4108) (3581)

- (2771) - (2825)

3 291 327 54

356 (1384) (2989) (8304)

13 135 39 189

(1333) (5334) 531 (371)

5083 8554 3220 3591

3751 3220 3751 3220

256 436

Tax paid 1)

NOK millions 4Q 2016 4Q 2015 2016 2015

17114 18760 72677 80198

3591 4382 16074 17233

1649 2561 8472 14383

(26) 18 (52) 82

22327 25722 97170 111897

478 410 1531 1591

1 35 108 113

7924 9291 33316 41429

(8403) (9736) (34954) (43132)

- - - -

17592 19171 74207 81789

3592 4417 16181 17346

9573 11852 41788 55812

(8430) (9718) (35006) (43050)

22327 25722 97170 111897

451 883 4118 4973

342 221 2742 1174

(150) (133) 1597 8842

(123) (287) 314 (886)

521 685 8771 14104

860 1253 5470 6188

398 308 2916 1489

823 2176 6681 14414

(65) (233) 496 (729)

2015 3504 15563 21361

467 582 1462 1455

75 82 205 242

3996 4344 12017 9511

77 13 173 108

4616 5021 13856 11316

33582 36057

4760 6509

80125 75077

2038 1220

120505 118863

Total Assets 2)

Operating income

EBITDA

Investments 1)

95 140

157 175

550 220

56 121

75 129

147 166

619 246

2015 3504 15563 21361

(1673) (2605) (6414) (6962)

(241) 362 115 (2463)

(185) (280) (901) (1291)

(84) 981 8363 10644

Yara 1)

Production 2)

Yara 1)

income

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

4Q 2015 Crop Nutrition 883 (18) 133 999 255 1253

Industrial 221 30 1 252 56 308

Production (133) - 44 (89) 2265 2176

Total 685 12 202 899 2605 3504

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

2015 Crop Nutrition 4973 26 428 5428 760 6188

Industrial 1174 102 6 1282 206 1489

Production 8842 (438) 117 8521 5893 14414

Total 14104 (310) 605 14398 6962 21361

Consideration

Inventories 171 -

Total assets 609 63

NOK millions

EBITDA (25)

Greenbelt

Pro forma figures

Note 6 Divestment

NOK millions

Inventories 6 21 27

Gain on divestment

NOK millions

NOK millions Total

Other income

NOK millions 4Q 2016 4Q 2015 2016 2015

- - 1552 -

- - - 3199

27 100 107 205

- - 44 -

- - 64 130

49 44 100 148

76 144 1867 3683

Other Total

Note 9 Inventories

9377 11425

17580 19948

Finished goods

NOK millions

2018 - 493 64 557

2019 6491 279 63 6833

2020 - 238 54 293

2021 700 164 56 920

2022 - 129 79 208

Thereafter 4883 128 170 5182

Total 12074 1433 486 13992

EBITDA

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

860 1502 1330 1778 1253 1519 1572 1843

398 403 1693 423 308 432 335 414

823 894 2120 2845 2176 6221 3133 2884

(65) 205 346 10 (233) (289) 139 (347)

2015 3004 5489 5055 3504 7884 5179 4794

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

NOK millions

Results

EBITDA 2015 3004 5489 5055 3504 7884 5179 4794

3691 3602 3583

712 458 514

955 667 622

486 373 99

177 136 036

NOK millions 4Q 2016 4Q 2015 2016 2015

1687 2611 6427 6933

(14) (6) (12) 29

2015 3504 15563 21361

(341) (398) (2080) (2833)

A 1674 3106 13483 18528

Gross cash flow

A 1674 3106 13483 18528

B=Ax4 6697 12426

B 13483 18528

Gross Cash Flow

NOK millions

4Q 2016

117372

(4399)

(2757)

(15574)

141737

104 (40) (624)

4Q 2015 2016

118470 118556 114559

(4968) (4814) (4430)

(228) (2) (82)

(2862) (2866) (2677)

(17341) (16771) (17647)

45313 46995 42422

138384

141097 132144

90 95 140

NOK millions 4Q 2016 4Q 2015 2016 2015

342 899 9149 14398

(341) (398) (2080) (2833)

E 1 502 7069 11565

F=Ex4 3 2006

F 7069 11565

EBIT minus tax

NOK millions 4Q 2016 4Q 2015 2016

117372 118470 118556 114559

(4399) (4968) (4814) (4430)

(2) (228) (2) (82)

(2757) (2862) (2866) (2677)

(15574) (17341) (16771) (17647)

G 94640 93072 94103 89723

H=FG 00 22 75 129

Total assets

31 Dec 2016

3751 3220

(2323) (3635)

(240) (2102)

(13992) (9354)

(12802) (11868) I

Debtequity ratio

(12802) (11868)

(76770) (75727)

I J K=IJ

Earnings per share

L 273217830 274616304 273499403 275114375

M (333) 434 6360 8083

N (241) 362 115 (2463)

O 89 (104) 40 624

P (11) 0 (36) (30)

Q (624) (1156) 639 991

wwwyaracom

464 466

117 117

582 583

12947 14353

60916 58954

74444 73890

2326 1837

2 76770 75727

12 4071 3751

10 4396 5392

1404 1448

834 773

11 13992 9354

24698 20718

14762 14674

530 693

323 325

859 875

2323 3635

240 2102

19037 22418

120505 118863

2 273217830 274173369

Current liabilities

Total equity

521 685 8771 14104

1687 2612 6427 6933

41 66 156 265

(275) (738) (2736) (3380)

4 - 358 807

97 (822) 3789 (1464)

6 80 - (1559) (3280)

88 (717) (1121) 645

2242 1085 14084 14631

(3830) (3735) (12873) (9631)

5 (124) (1333) (480) (1406)

(119) (397) (286) (904)

- 168 - (132)

12 18 62 138

6 116 109 2973 5048

(3944) (5170) (10604) (6888)

11 352 1461 1138 (1460)

2 - (364) (93) (364)

2 - - (252) (127)

2 - - (4108) (3581)

- (2771) - (2825)

3 291 327 54

356 (1384) (2989) (8304)

13 135 39 189

(1333) (5334) 531 (371)

5083 8554 3220 3591

3751 3220 3751 3220

256 436

Tax paid 1)

NOK millions 4Q 2016 4Q 2015 2016 2015

17114 18760 72677 80198

3591 4382 16074 17233

1649 2561 8472 14383

(26) 18 (52) 82

22327 25722 97170 111897

478 410 1531 1591

1 35 108 113

7924 9291 33316 41429

(8403) (9736) (34954) (43132)

- - - -

17592 19171 74207 81789

3592 4417 16181 17346

9573 11852 41788 55812

(8430) (9718) (35006) (43050)

22327 25722 97170 111897

451 883 4118 4973

342 221 2742 1174

(150) (133) 1597 8842

(123) (287) 314 (886)

521 685 8771 14104

860 1253 5470 6188

398 308 2916 1489

823 2176 6681 14414

(65) (233) 496 (729)

2015 3504 15563 21361

467 582 1462 1455

75 82 205 242

3996 4344 12017 9511

77 13 173 108

4616 5021 13856 11316

33582 36057

4760 6509

80125 75077

2038 1220

120505 118863

Total Assets 2)

Operating income

EBITDA

Investments 1)

95 140

157 175

550 220

56 121

75 129

147 166

619 246

2015 3504 15563 21361

(1673) (2605) (6414) (6962)

(241) 362 115 (2463)

(185) (280) (901) (1291)

(84) 981 8363 10644

Yara 1)

Production 2)

Yara 1)

income

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

4Q 2015 Crop Nutrition 883 (18) 133 999 255 1253

Industrial 221 30 1 252 56 308

Production (133) - 44 (89) 2265 2176

Total 685 12 202 899 2605 3504

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

2015 Crop Nutrition 4973 26 428 5428 760 6188

Industrial 1174 102 6 1282 206 1489

Production 8842 (438) 117 8521 5893 14414

Total 14104 (310) 605 14398 6962 21361

Consideration

Inventories 171 -

Total assets 609 63

NOK millions

EBITDA (25)

Greenbelt

Pro forma figures

Note 6 Divestment

NOK millions

Inventories 6 21 27

Gain on divestment

NOK millions

NOK millions Total

Other income

NOK millions 4Q 2016 4Q 2015 2016 2015

- - 1552 -

- - - 3199

27 100 107 205

- - 44 -

- - 64 130

49 44 100 148

76 144 1867 3683

Other Total

Note 9 Inventories

9377 11425

17580 19948

Finished goods

NOK millions

2018 - 493 64 557

2019 6491 279 63 6833

2020 - 238 54 293

2021 700 164 56 920

2022 - 129 79 208

Thereafter 4883 128 170 5182

Total 12074 1433 486 13992

EBITDA

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

860 1502 1330 1778 1253 1519 1572 1843

398 403 1693 423 308 432 335 414

823 894 2120 2845 2176 6221 3133 2884

(65) 205 346 10 (233) (289) 139 (347)

2015 3004 5489 5055 3504 7884 5179 4794

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

NOK millions

Results

EBITDA 2015 3004 5489 5055 3504 7884 5179 4794

3691 3602 3583

712 458 514

955 667 622

486 373 99

177 136 036

NOK millions 4Q 2016 4Q 2015 2016 2015

1687 2611 6427 6933

(14) (6) (12) 29

2015 3504 15563 21361

(341) (398) (2080) (2833)

A 1674 3106 13483 18528

Gross cash flow

A 1674 3106 13483 18528

B=Ax4 6697 12426

B 13483 18528

Gross Cash Flow

NOK millions

4Q 2016

117372

(4399)

(2757)

(15574)

141737

104 (40) (624)

4Q 2015 2016

118470 118556 114559

(4968) (4814) (4430)

(228) (2) (82)

(2862) (2866) (2677)

(17341) (16771) (17647)

45313 46995 42422

138384

141097 132144

90 95 140

NOK millions 4Q 2016 4Q 2015 2016 2015

342 899 9149 14398

(341) (398) (2080) (2833)

E 1 502 7069 11565

F=Ex4 3 2006

F 7069 11565

EBIT minus tax

NOK millions 4Q 2016 4Q 2015 2016

117372 118470 118556 114559

(4399) (4968) (4814) (4430)

(2) (228) (2) (82)

(2757) (2862) (2866) (2677)

(15574) (17341) (16771) (17647)

G 94640 93072 94103 89723

H=FG 00 22 75 129

Total assets

31 Dec 2016

3751 3220

(2323) (3635)

(240) (2102)

(13992) (9354)

(12802) (11868) I

Debtequity ratio

(12802) (11868)

(76770) (75727)

I J K=IJ

Earnings per share

L 273217830 274616304 273499403 275114375

M (333) 434 6360 8083

N (241) 362 115 (2463)

O 89 (104) 40 624

P (11) 0 (36) (30)

Q (624) (1156) 639 991

wwwyaracom

521 685 8771 14104

1687 2612 6427 6933

41 66 156 265

(275) (738) (2736) (3380)

4 - 358 807

97 (822) 3789 (1464)

6 80 - (1559) (3280)

88 (717) (1121) 645

2242 1085 14084 14631

(3830) (3735) (12873) (9631)

5 (124) (1333) (480) (1406)

(119) (397) (286) (904)

- 168 - (132)

12 18 62 138

6 116 109 2973 5048

(3944) (5170) (10604) (6888)

11 352 1461 1138 (1460)

2 - (364) (93) (364)

2 - - (252) (127)

2 - - (4108) (3581)

- (2771) - (2825)

3 291 327 54

356 (1384) (2989) (8304)

13 135 39 189

(1333) (5334) 531 (371)

5083 8554 3220 3591

3751 3220 3751 3220

256 436

Tax paid 1)

NOK millions 4Q 2016 4Q 2015 2016 2015

17114 18760 72677 80198

3591 4382 16074 17233

1649 2561 8472 14383

(26) 18 (52) 82

22327 25722 97170 111897

478 410 1531 1591

1 35 108 113

7924 9291 33316 41429

(8403) (9736) (34954) (43132)

- - - -

17592 19171 74207 81789

3592 4417 16181 17346

9573 11852 41788 55812

(8430) (9718) (35006) (43050)

22327 25722 97170 111897

451 883 4118 4973

342 221 2742 1174

(150) (133) 1597 8842

(123) (287) 314 (886)

521 685 8771 14104

860 1253 5470 6188

398 308 2916 1489

823 2176 6681 14414

(65) (233) 496 (729)

2015 3504 15563 21361

467 582 1462 1455

75 82 205 242

3996 4344 12017 9511

77 13 173 108

4616 5021 13856 11316

33582 36057

4760 6509

80125 75077

2038 1220

120505 118863

Total Assets 2)

Operating income

EBITDA

Investments 1)

95 140

157 175

550 220

56 121

75 129

147 166

619 246

2015 3504 15563 21361

(1673) (2605) (6414) (6962)

(241) 362 115 (2463)

(185) (280) (901) (1291)

(84) 981 8363 10644

Yara 1)

Production 2)

Yara 1)

income

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

4Q 2015 Crop Nutrition 883 (18) 133 999 255 1253

Industrial 221 30 1 252 56 308

Production (133) - 44 (89) 2265 2176

Total 685 12 202 899 2605 3504

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

2015 Crop Nutrition 4973 26 428 5428 760 6188

Industrial 1174 102 6 1282 206 1489

Production 8842 (438) 117 8521 5893 14414

Total 14104 (310) 605 14398 6962 21361

Consideration

Inventories 171 -

Total assets 609 63

NOK millions

EBITDA (25)

Greenbelt

Pro forma figures

Note 6 Divestment

NOK millions

Inventories 6 21 27

Gain on divestment

NOK millions

NOK millions Total

Other income

NOK millions 4Q 2016 4Q 2015 2016 2015

- - 1552 -

- - - 3199

27 100 107 205

- - 44 -

- - 64 130

49 44 100 148

76 144 1867 3683

Other Total

Note 9 Inventories

9377 11425

17580 19948

Finished goods

NOK millions

2018 - 493 64 557

2019 6491 279 63 6833

2020 - 238 54 293

2021 700 164 56 920

2022 - 129 79 208

Thereafter 4883 128 170 5182

Total 12074 1433 486 13992

EBITDA

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

860 1502 1330 1778 1253 1519 1572 1843

398 403 1693 423 308 432 335 414

823 894 2120 2845 2176 6221 3133 2884

(65) 205 346 10 (233) (289) 139 (347)

2015 3004 5489 5055 3504 7884 5179 4794

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

NOK millions

Results

EBITDA 2015 3004 5489 5055 3504 7884 5179 4794

3691 3602 3583

712 458 514

955 667 622

486 373 99

177 136 036

NOK millions 4Q 2016 4Q 2015 2016 2015

1687 2611 6427 6933

(14) (6) (12) 29

2015 3504 15563 21361

(341) (398) (2080) (2833)

A 1674 3106 13483 18528

Gross cash flow

A 1674 3106 13483 18528

B=Ax4 6697 12426

B 13483 18528

Gross Cash Flow

NOK millions

4Q 2016

117372

(4399)

(2757)

(15574)

141737

104 (40) (624)

4Q 2015 2016

118470 118556 114559

(4968) (4814) (4430)

(228) (2) (82)

(2862) (2866) (2677)

(17341) (16771) (17647)

45313 46995 42422

138384

141097 132144

90 95 140

NOK millions 4Q 2016 4Q 2015 2016 2015

342 899 9149 14398

(341) (398) (2080) (2833)

E 1 502 7069 11565

F=Ex4 3 2006

F 7069 11565

EBIT minus tax

NOK millions 4Q 2016 4Q 2015 2016

117372 118470 118556 114559

(4399) (4968) (4814) (4430)

(2) (228) (2) (82)

(2757) (2862) (2866) (2677)

(15574) (17341) (16771) (17647)

G 94640 93072 94103 89723

H=FG 00 22 75 129

Total assets

31 Dec 2016

3751 3220

(2323) (3635)

(240) (2102)

(13992) (9354)

(12802) (11868) I

Debtequity ratio

(12802) (11868)

(76770) (75727)

I J K=IJ

Earnings per share

L 273217830 274616304 273499403 275114375

M (333) 434 6360 8083

N (241) 362 115 (2463)

O 89 (104) 40 624

P (11) 0 (36) (30)

Q (624) (1156) 639 991

wwwyaracom

NOK millions 4Q 2016 4Q 2015 2016 2015

17114 18760 72677 80198

3591 4382 16074 17233

1649 2561 8472 14383

(26) 18 (52) 82

22327 25722 97170 111897

478 410 1531 1591

1 35 108 113

7924 9291 33316 41429

(8403) (9736) (34954) (43132)

- - - -

17592 19171 74207 81789

3592 4417 16181 17346

9573 11852 41788 55812

(8430) (9718) (35006) (43050)

22327 25722 97170 111897

451 883 4118 4973

342 221 2742 1174

(150) (133) 1597 8842

(123) (287) 314 (886)

521 685 8771 14104

860 1253 5470 6188

398 308 2916 1489

823 2176 6681 14414

(65) (233) 496 (729)

2015 3504 15563 21361

467 582 1462 1455

75 82 205 242

3996 4344 12017 9511

77 13 173 108

4616 5021 13856 11316

33582 36057

4760 6509

80125 75077

2038 1220

120505 118863

Total Assets 2)

Operating income

EBITDA

Investments 1)

95 140

157 175

550 220

56 121

75 129

147 166

619 246

2015 3504 15563 21361

(1673) (2605) (6414) (6962)

(241) 362 115 (2463)

(185) (280) (901) (1291)

(84) 981 8363 10644

Yara 1)

Production 2)

Yara 1)

income

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

4Q 2015 Crop Nutrition 883 (18) 133 999 255 1253

Industrial 221 30 1 252 56 308

Production (133) - 44 (89) 2265 2176

Total 685 12 202 899 2605 3504

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

2015 Crop Nutrition 4973 26 428 5428 760 6188

Industrial 1174 102 6 1282 206 1489

Production 8842 (438) 117 8521 5893 14414

Total 14104 (310) 605 14398 6962 21361

Consideration

Inventories 171 -

Total assets 609 63

NOK millions

EBITDA (25)

Greenbelt

Pro forma figures

Note 6 Divestment

NOK millions

Inventories 6 21 27

Gain on divestment

NOK millions

NOK millions Total

Other income

NOK millions 4Q 2016 4Q 2015 2016 2015

- - 1552 -

- - - 3199

27 100 107 205

- - 44 -

- - 64 130

49 44 100 148

76 144 1867 3683

Other Total

Note 9 Inventories

9377 11425

17580 19948

Finished goods

NOK millions

2018 - 493 64 557

2019 6491 279 63 6833

2020 - 238 54 293

2021 700 164 56 920

2022 - 129 79 208

Thereafter 4883 128 170 5182

Total 12074 1433 486 13992

EBITDA

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

860 1502 1330 1778 1253 1519 1572 1843

398 403 1693 423 308 432 335 414

823 894 2120 2845 2176 6221 3133 2884

(65) 205 346 10 (233) (289) 139 (347)

2015 3004 5489 5055 3504 7884 5179 4794

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

NOK millions

Results

EBITDA 2015 3004 5489 5055 3504 7884 5179 4794

3691 3602 3583

712 458 514

955 667 622

486 373 99

177 136 036

NOK millions 4Q 2016 4Q 2015 2016 2015

1687 2611 6427 6933

(14) (6) (12) 29

2015 3504 15563 21361

(341) (398) (2080) (2833)

A 1674 3106 13483 18528

Gross cash flow

A 1674 3106 13483 18528

B=Ax4 6697 12426

B 13483 18528

Gross Cash Flow

NOK millions

4Q 2016

117372

(4399)

(2757)

(15574)

141737

104 (40) (624)

4Q 2015 2016

118470 118556 114559

(4968) (4814) (4430)

(228) (2) (82)

(2862) (2866) (2677)

(17341) (16771) (17647)

45313 46995 42422

138384

141097 132144

90 95 140

NOK millions 4Q 2016 4Q 2015 2016 2015

342 899 9149 14398

(341) (398) (2080) (2833)

E 1 502 7069 11565

F=Ex4 3 2006

F 7069 11565

EBIT minus tax

NOK millions 4Q 2016 4Q 2015 2016

117372 118470 118556 114559

(4399) (4968) (4814) (4430)

(2) (228) (2) (82)

(2757) (2862) (2866) (2677)

(15574) (17341) (16771) (17647)

G 94640 93072 94103 89723

H=FG 00 22 75 129

Total assets

31 Dec 2016

3751 3220

(2323) (3635)

(240) (2102)

(13992) (9354)

(12802) (11868) I

Debtequity ratio

(12802) (11868)

(76770) (75727)

I J K=IJ

Earnings per share

L 273217830 274616304 273499403 275114375

M (333) 434 6360 8083

N (241) 362 115 (2463)

O 89 (104) 40 624

P (11) 0 (36) (30)

Q (624) (1156) 639 991

wwwyaracom

NOK millions 4Q 2016 4Q 2015 2016 2015

17114 18760 72677 80198

3591 4382 16074 17233

1649 2561 8472 14383

(26) 18 (52) 82

22327 25722 97170 111897

478 410 1531 1591

1 35 108 113

7924 9291 33316 41429

(8403) (9736) (34954) (43132)

- - - -

17592 19171 74207 81789

3592 4417 16181 17346

9573 11852 41788 55812

(8430) (9718) (35006) (43050)

22327 25722 97170 111897

451 883 4118 4973

342 221 2742 1174

(150) (133) 1597 8842

(123) (287) 314 (886)

521 685 8771 14104

860 1253 5470 6188

398 308 2916 1489

823 2176 6681 14414

(65) (233) 496 (729)

2015 3504 15563 21361

467 582 1462 1455

75 82 205 242

3996 4344 12017 9511

77 13 173 108

4616 5021 13856 11316

33582 36057

4760 6509

80125 75077

2038 1220

120505 118863

Total Assets 2)

Operating income

EBITDA

Investments 1)

95 140

157 175

550 220

56 121

75 129

147 166

619 246

2015 3504 15563 21361

(1673) (2605) (6414) (6962)

(241) 362 115 (2463)

(185) (280) (901) (1291)

(84) 981 8363 10644

Yara 1)

Production 2)

Yara 1)

income

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

4Q 2015 Crop Nutrition 883 (18) 133 999 255 1253

Industrial 221 30 1 252 56 308

Production (133) - 44 (89) 2265 2176

Total 685 12 202 899 2605 3504

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

2015 Crop Nutrition 4973 26 428 5428 760 6188

Industrial 1174 102 6 1282 206 1489

Production 8842 (438) 117 8521 5893 14414

Total 14104 (310) 605 14398 6962 21361

Consideration

Inventories 171 -

Total assets 609 63

NOK millions

EBITDA (25)

Greenbelt

Pro forma figures

Note 6 Divestment

NOK millions

Inventories 6 21 27

Gain on divestment

NOK millions

NOK millions Total

Other income

NOK millions 4Q 2016 4Q 2015 2016 2015

- - 1552 -

- - - 3199

27 100 107 205

- - 44 -

- - 64 130

49 44 100 148

76 144 1867 3683

Other Total

Note 9 Inventories

9377 11425

17580 19948

Finished goods

NOK millions

2018 - 493 64 557

2019 6491 279 63 6833

2020 - 238 54 293

2021 700 164 56 920

2022 - 129 79 208

Thereafter 4883 128 170 5182

Total 12074 1433 486 13992

EBITDA

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

860 1502 1330 1778 1253 1519 1572 1843

398 403 1693 423 308 432 335 414

823 894 2120 2845 2176 6221 3133 2884

(65) 205 346 10 (233) (289) 139 (347)

2015 3004 5489 5055 3504 7884 5179 4794

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

NOK millions

Results

EBITDA 2015 3004 5489 5055 3504 7884 5179 4794

3691 3602 3583

712 458 514

955 667 622

486 373 99

177 136 036

NOK millions 4Q 2016 4Q 2015 2016 2015

1687 2611 6427 6933

(14) (6) (12) 29

2015 3504 15563 21361

(341) (398) (2080) (2833)

A 1674 3106 13483 18528

Gross cash flow

A 1674 3106 13483 18528

B=Ax4 6697 12426

B 13483 18528

Gross Cash Flow

NOK millions

4Q 2016

117372

(4399)

(2757)

(15574)

141737

104 (40) (624)

4Q 2015 2016

118470 118556 114559

(4968) (4814) (4430)

(228) (2) (82)

(2862) (2866) (2677)

(17341) (16771) (17647)

45313 46995 42422

138384

141097 132144

90 95 140

NOK millions 4Q 2016 4Q 2015 2016 2015

342 899 9149 14398

(341) (398) (2080) (2833)

E 1 502 7069 11565

F=Ex4 3 2006

F 7069 11565

EBIT minus tax

NOK millions 4Q 2016 4Q 2015 2016

117372 118470 118556 114559

(4399) (4968) (4814) (4430)

(2) (228) (2) (82)

(2757) (2862) (2866) (2677)

(15574) (17341) (16771) (17647)

G 94640 93072 94103 89723

H=FG 00 22 75 129

Total assets

31 Dec 2016

3751 3220

(2323) (3635)

(240) (2102)

(13992) (9354)

(12802) (11868) I

Debtequity ratio

(12802) (11868)

(76770) (75727)

I J K=IJ

Earnings per share

L 273217830 274616304 273499403 275114375

M (333) 434 6360 8083

N (241) 362 115 (2463)

O 89 (104) 40 624

P (11) 0 (36) (30)

Q (624) (1156) 639 991

wwwyaracom

NOK millions 4Q 2016 4Q 2015 2016 2015

17114 18760 72677 80198

3591 4382 16074 17233

1649 2561 8472 14383

(26) 18 (52) 82

22327 25722 97170 111897

478 410 1531 1591

1 35 108 113

7924 9291 33316 41429

(8403) (9736) (34954) (43132)

- - - -

17592 19171 74207 81789

3592 4417 16181 17346

9573 11852 41788 55812

(8430) (9718) (35006) (43050)

22327 25722 97170 111897

451 883 4118 4973

342 221 2742 1174

(150) (133) 1597 8842

(123) (287) 314 (886)

521 685 8771 14104

860 1253 5470 6188

398 308 2916 1489

823 2176 6681 14414

(65) (233) 496 (729)

2015 3504 15563 21361

467 582 1462 1455

75 82 205 242

3996 4344 12017 9511

77 13 173 108

4616 5021 13856 11316

33582 36057

4760 6509

80125 75077

2038 1220

120505 118863

Total Assets 2)

Operating income

EBITDA

Investments 1)

95 140

157 175

550 220

56 121

75 129

147 166

619 246

2015 3504 15563 21361

(1673) (2605) (6414) (6962)

(241) 362 115 (2463)

(185) (280) (901) (1291)

(84) 981 8363 10644

Yara 1)

Production 2)

Yara 1)

income

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

4Q 2015 Crop Nutrition 883 (18) 133 999 255 1253

Industrial 221 30 1 252 56 308

Production (133) - 44 (89) 2265 2176

Total 685 12 202 899 2605 3504

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

2015 Crop Nutrition 4973 26 428 5428 760 6188

Industrial 1174 102 6 1282 206 1489

Production 8842 (438) 117 8521 5893 14414

Total 14104 (310) 605 14398 6962 21361

Consideration

Inventories 171 -

Total assets 609 63

NOK millions

EBITDA (25)

Greenbelt

Pro forma figures

Note 6 Divestment

NOK millions

Inventories 6 21 27

Gain on divestment

NOK millions

NOK millions Total

Other income

NOK millions 4Q 2016 4Q 2015 2016 2015

- - 1552 -

- - - 3199

27 100 107 205

- - 44 -

- - 64 130

49 44 100 148

76 144 1867 3683

Other Total

Note 9 Inventories

9377 11425

17580 19948

Finished goods

NOK millions

2018 - 493 64 557

2019 6491 279 63 6833

2020 - 238 54 293

2021 700 164 56 920

2022 - 129 79 208

Thereafter 4883 128 170 5182

Total 12074 1433 486 13992

EBITDA

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

860 1502 1330 1778 1253 1519 1572 1843

398 403 1693 423 308 432 335 414

823 894 2120 2845 2176 6221 3133 2884

(65) 205 346 10 (233) (289) 139 (347)

2015 3004 5489 5055 3504 7884 5179 4794

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

NOK millions

Results

EBITDA 2015 3004 5489 5055 3504 7884 5179 4794

3691 3602 3583

712 458 514

955 667 622

486 373 99

177 136 036

NOK millions 4Q 2016 4Q 2015 2016 2015

1687 2611 6427 6933

(14) (6) (12) 29

2015 3504 15563 21361

(341) (398) (2080) (2833)

A 1674 3106 13483 18528

Gross cash flow

A 1674 3106 13483 18528

B=Ax4 6697 12426

B 13483 18528

Gross Cash Flow

NOK millions

4Q 2016

117372

(4399)

(2757)

(15574)

141737

104 (40) (624)

4Q 2015 2016

118470 118556 114559

(4968) (4814) (4430)

(228) (2) (82)

(2862) (2866) (2677)

(17341) (16771) (17647)

45313 46995 42422

138384

141097 132144

90 95 140

NOK millions 4Q 2016 4Q 2015 2016 2015

342 899 9149 14398

(341) (398) (2080) (2833)

E 1 502 7069 11565

F=Ex4 3 2006

F 7069 11565

EBIT minus tax

NOK millions 4Q 2016 4Q 2015 2016

117372 118470 118556 114559

(4399) (4968) (4814) (4430)

(2) (228) (2) (82)

(2757) (2862) (2866) (2677)

(15574) (17341) (16771) (17647)

G 94640 93072 94103 89723

H=FG 00 22 75 129

Total assets

31 Dec 2016

3751 3220

(2323) (3635)

(240) (2102)

(13992) (9354)

(12802) (11868) I

Debtequity ratio

(12802) (11868)

(76770) (75727)

I J K=IJ

Earnings per share

L 273217830 274616304 273499403 275114375

M (333) 434 6360 8083

N (241) 362 115 (2463)

O 89 (104) 40 624

P (11) 0 (36) (30)

Q (624) (1156) 639 991

wwwyaracom

95 140

157 175

550 220

56 121

75 129

147 166

619 246

2015 3504 15563 21361

(1673) (2605) (6414) (6962)

(241) 362 115 (2463)

(185) (280) (901) (1291)

(84) 981 8363 10644

Yara 1)

Production 2)

Yara 1)

income

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

4Q 2015 Crop Nutrition 883 (18) 133 999 255 1253

Industrial 221 30 1 252 56 308

Production (133) - 44 (89) 2265 2176

Total 685 12 202 899 2605 3504

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

2015 Crop Nutrition 4973 26 428 5428 760 6188

Industrial 1174 102 6 1282 206 1489

Production 8842 (438) 117 8521 5893 14414

Total 14104 (310) 605 14398 6962 21361

Consideration

Inventories 171 -

Total assets 609 63

NOK millions

EBITDA (25)

Greenbelt

Pro forma figures

Note 6 Divestment

NOK millions

Inventories 6 21 27

Gain on divestment

NOK millions

NOK millions Total

Other income

NOK millions 4Q 2016 4Q 2015 2016 2015

- - 1552 -

- - - 3199

27 100 107 205

- - 44 -

- - 64 130

49 44 100 148

76 144 1867 3683

Other Total

Note 9 Inventories

9377 11425

17580 19948

Finished goods

NOK millions

2018 - 493 64 557

2019 6491 279 63 6833

2020 - 238 54 293

2021 700 164 56 920

2022 - 129 79 208

Thereafter 4883 128 170 5182

Total 12074 1433 486 13992

EBITDA

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

860 1502 1330 1778 1253 1519 1572 1843

398 403 1693 423 308 432 335 414

823 894 2120 2845 2176 6221 3133 2884

(65) 205 346 10 (233) (289) 139 (347)

2015 3004 5489 5055 3504 7884 5179 4794

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

NOK millions

Results

EBITDA 2015 3004 5489 5055 3504 7884 5179 4794

3691 3602 3583

712 458 514

955 667 622

486 373 99

177 136 036

NOK millions 4Q 2016 4Q 2015 2016 2015

1687 2611 6427 6933

(14) (6) (12) 29

2015 3504 15563 21361

(341) (398) (2080) (2833)

A 1674 3106 13483 18528

Gross cash flow

A 1674 3106 13483 18528

B=Ax4 6697 12426

B 13483 18528

Gross Cash Flow

NOK millions

4Q 2016

117372

(4399)

(2757)

(15574)

141737

104 (40) (624)

4Q 2015 2016

118470 118556 114559

(4968) (4814) (4430)

(228) (2) (82)

(2862) (2866) (2677)

(17341) (16771) (17647)

45313 46995 42422

138384

141097 132144

90 95 140

NOK millions 4Q 2016 4Q 2015 2016 2015

342 899 9149 14398

(341) (398) (2080) (2833)

E 1 502 7069 11565

F=Ex4 3 2006

F 7069 11565

EBIT minus tax

NOK millions 4Q 2016 4Q 2015 2016

117372 118470 118556 114559

(4399) (4968) (4814) (4430)

(2) (228) (2) (82)

(2757) (2862) (2866) (2677)

(15574) (17341) (16771) (17647)

G 94640 93072 94103 89723

H=FG 00 22 75 129

Total assets

31 Dec 2016

3751 3220

(2323) (3635)

(240) (2102)

(13992) (9354)

(12802) (11868) I

Debtequity ratio

(12802) (11868)

(76770) (75727)

I J K=IJ

Earnings per share

L 273217830 274616304 273499403 275114375

M (333) 434 6360 8083

N (241) 362 115 (2463)

O 89 (104) 40 624

P (11) 0 (36) (30)

Q (624) (1156) 639 991

wwwyaracom

Consideration

Inventories 171 -

Total assets 609 63

NOK millions

EBITDA (25)

Greenbelt

Pro forma figures

Note 6 Divestment

NOK millions

Inventories 6 21 27

Gain on divestment

NOK millions

NOK millions Total

Other income

NOK millions 4Q 2016 4Q 2015 2016 2015

- - 1552 -

- - - 3199

27 100 107 205

- - 44 -

- - 64 130

49 44 100 148

76 144 1867 3683

Other Total

Note 9 Inventories

9377 11425

17580 19948

Finished goods

NOK millions

2018 - 493 64 557

2019 6491 279 63 6833

2020 - 238 54 293

2021 700 164 56 920

2022 - 129 79 208

Thereafter 4883 128 170 5182

Total 12074 1433 486 13992

EBITDA

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

860 1502 1330 1778 1253 1519 1572 1843

398 403 1693 423 308 432 335 414

823 894 2120 2845 2176 6221 3133 2884

(65) 205 346 10 (233) (289) 139 (347)

2015 3004 5489 5055 3504 7884 5179 4794

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

NOK millions

Results

EBITDA 2015 3004 5489 5055 3504 7884 5179 4794

3691 3602 3583

712 458 514

955 667 622

486 373 99

177 136 036

NOK millions 4Q 2016 4Q 2015 2016 2015

1687 2611 6427 6933

(14) (6) (12) 29

2015 3504 15563 21361

(341) (398) (2080) (2833)

A 1674 3106 13483 18528

Gross cash flow

A 1674 3106 13483 18528

B=Ax4 6697 12426

B 13483 18528

Gross Cash Flow

NOK millions

4Q 2016

117372

(4399)

(2757)

(15574)

141737

104 (40) (624)

4Q 2015 2016

118470 118556 114559

(4968) (4814) (4430)

(228) (2) (82)

(2862) (2866) (2677)

(17341) (16771) (17647)

45313 46995 42422

138384

141097 132144

90 95 140

NOK millions 4Q 2016 4Q 2015 2016 2015

342 899 9149 14398

(341) (398) (2080) (2833)

E 1 502 7069 11565

F=Ex4 3 2006

F 7069 11565

EBIT minus tax

NOK millions 4Q 2016 4Q 2015 2016

117372 118470 118556 114559

(4399) (4968) (4814) (4430)

(2) (228) (2) (82)

(2757) (2862) (2866) (2677)

(15574) (17341) (16771) (17647)

G 94640 93072 94103 89723

H=FG 00 22 75 129

Total assets

31 Dec 2016

3751 3220

(2323) (3635)

(240) (2102)

(13992) (9354)

(12802) (11868) I

Debtequity ratio

(12802) (11868)

(76770) (75727)

I J K=IJ

Earnings per share

L 273217830 274616304 273499403 275114375

M (333) 434 6360 8083

N (241) 362 115 (2463)

O 89 (104) 40 624

P (11) 0 (36) (30)

Q (624) (1156) 639 991

wwwyaracom

Consideration

Inventories 171 -

Total assets 609 63

NOK millions

EBITDA (25)

Greenbelt

Pro forma figures

Note 6 Divestment

NOK millions

Inventories 6 21 27

Gain on divestment

NOK millions

NOK millions Total

Other income

NOK millions 4Q 2016 4Q 2015 2016 2015

- - 1552 -

- - - 3199

27 100 107 205

- - 44 -

- - 64 130

49 44 100 148

76 144 1867 3683

Other Total

Note 9 Inventories

9377 11425

17580 19948

Finished goods

NOK millions

2018 - 493 64 557

2019 6491 279 63 6833

2020 - 238 54 293

2021 700 164 56 920

2022 - 129 79 208

Thereafter 4883 128 170 5182

Total 12074 1433 486 13992

EBITDA

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

860 1502 1330 1778 1253 1519 1572 1843

398 403 1693 423 308 432 335 414

823 894 2120 2845 2176 6221 3133 2884

(65) 205 346 10 (233) (289) 139 (347)

2015 3004 5489 5055 3504 7884 5179 4794

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

NOK millions

Results

EBITDA 2015 3004 5489 5055 3504 7884 5179 4794

3691 3602 3583

712 458 514

955 667 622

486 373 99

177 136 036

NOK millions 4Q 2016 4Q 2015 2016 2015

1687 2611 6427 6933

(14) (6) (12) 29

2015 3504 15563 21361

(341) (398) (2080) (2833)

A 1674 3106 13483 18528

Gross cash flow

A 1674 3106 13483 18528

B=Ax4 6697 12426

B 13483 18528

Gross Cash Flow

NOK millions

4Q 2016

117372

(4399)

(2757)

(15574)

141737

104 (40) (624)

4Q 2015 2016

118470 118556 114559

(4968) (4814) (4430)

(228) (2) (82)

(2862) (2866) (2677)

(17341) (16771) (17647)

45313 46995 42422

138384

141097 132144

90 95 140

NOK millions 4Q 2016 4Q 2015 2016 2015

342 899 9149 14398

(341) (398) (2080) (2833)

E 1 502 7069 11565

F=Ex4 3 2006

F 7069 11565

EBIT minus tax

NOK millions 4Q 2016 4Q 2015 2016

117372 118470 118556 114559

(4399) (4968) (4814) (4430)

(2) (228) (2) (82)

(2757) (2862) (2866) (2677)

(15574) (17341) (16771) (17647)

G 94640 93072 94103 89723

H=FG 00 22 75 129

Total assets

31 Dec 2016

3751 3220

(2323) (3635)

(240) (2102)

(13992) (9354)

(12802) (11868) I

Debtequity ratio

(12802) (11868)

(76770) (75727)

I J K=IJ

Earnings per share

L 273217830 274616304 273499403 275114375

M (333) 434 6360 8083

N (241) 362 115 (2463)

O 89 (104) 40 624

P (11) 0 (36) (30)

Q (624) (1156) 639 991

wwwyaracom

NOK millions

EBITDA (25)

Greenbelt

Pro forma figures

Note 6 Divestment

NOK millions

Inventories 6 21 27

Gain on divestment

NOK millions

NOK millions Total

Other income

NOK millions 4Q 2016 4Q 2015 2016 2015

- - 1552 -

- - - 3199

27 100 107 205

- - 44 -

- - 64 130

49 44 100 148

76 144 1867 3683

Other Total

Note 9 Inventories

9377 11425

17580 19948

Finished goods

NOK millions

2018 - 493 64 557

2019 6491 279 63 6833

2020 - 238 54 293

2021 700 164 56 920

2022 - 129 79 208

Thereafter 4883 128 170 5182

Total 12074 1433 486 13992

EBITDA

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

860 1502 1330 1778 1253 1519 1572 1843

398 403 1693 423 308 432 335 414

823 894 2120 2845 2176 6221 3133 2884

(65) 205 346 10 (233) (289) 139 (347)

2015 3004 5489 5055 3504 7884 5179 4794

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

NOK millions

Results

EBITDA 2015 3004 5489 5055 3504 7884 5179 4794

3691 3602 3583

712 458 514

955 667 622

486 373 99

177 136 036

NOK millions 4Q 2016 4Q 2015 2016 2015

1687 2611 6427 6933

(14) (6) (12) 29

2015 3504 15563 21361

(341) (398) (2080) (2833)

A 1674 3106 13483 18528

Gross cash flow

A 1674 3106 13483 18528

B=Ax4 6697 12426

B 13483 18528

Gross Cash Flow

NOK millions

4Q 2016

117372

(4399)

(2757)

(15574)

141737

104 (40) (624)

4Q 2015 2016

118470 118556 114559

(4968) (4814) (4430)

(228) (2) (82)

(2862) (2866) (2677)

(17341) (16771) (17647)

45313 46995 42422

138384

141097 132144

90 95 140

NOK millions 4Q 2016 4Q 2015 2016 2015

342 899 9149 14398

(341) (398) (2080) (2833)

E 1 502 7069 11565

F=Ex4 3 2006

F 7069 11565

EBIT minus tax

NOK millions 4Q 2016 4Q 2015 2016

117372 118470 118556 114559

(4399) (4968) (4814) (4430)

(2) (228) (2) (82)

(2757) (2862) (2866) (2677)

(15574) (17341) (16771) (17647)

G 94640 93072 94103 89723

H=FG 00 22 75 129

Total assets

31 Dec 2016

3751 3220

(2323) (3635)

(240) (2102)

(13992) (9354)

(12802) (11868) I

Debtequity ratio

(12802) (11868)

(76770) (75727)

I J K=IJ

Earnings per share

L 273217830 274616304 273499403 275114375

M (333) 434 6360 8083

N (241) 362 115 (2463)

O 89 (104) 40 624

P (11) 0 (36) (30)

Q (624) (1156) 639 991

wwwyaracom

Note 6 Divestment

NOK millions

Inventories 6 21 27

Gain on divestment

NOK millions

NOK millions Total

Other income

NOK millions 4Q 2016 4Q 2015 2016 2015

- - 1552 -

- - - 3199

27 100 107 205

- - 44 -

- - 64 130

49 44 100 148

76 144 1867 3683

Other Total

Note 9 Inventories

9377 11425

17580 19948

Finished goods

NOK millions

2018 - 493 64 557

2019 6491 279 63 6833

2020 - 238 54 293

2021 700 164 56 920

2022 - 129 79 208

Thereafter 4883 128 170 5182

Total 12074 1433 486 13992

EBITDA

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

860 1502 1330 1778 1253 1519 1572 1843

398 403 1693 423 308 432 335 414

823 894 2120 2845 2176 6221 3133 2884

(65) 205 346 10 (233) (289) 139 (347)

2015 3004 5489 5055 3504 7884 5179 4794

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

NOK millions

Results

EBITDA 2015 3004 5489 5055 3504 7884 5179 4794

3691 3602 3583

712 458 514

955 667 622

486 373 99

177 136 036

NOK millions 4Q 2016 4Q 2015 2016 2015

1687 2611 6427 6933

(14) (6) (12) 29

2015 3504 15563 21361

(341) (398) (2080) (2833)

A 1674 3106 13483 18528

Gross cash flow

A 1674 3106 13483 18528

B=Ax4 6697 12426

B 13483 18528

Gross Cash Flow

NOK millions

4Q 2016

117372

(4399)

(2757)

(15574)

141737

104 (40) (624)

4Q 2015 2016

118470 118556 114559

(4968) (4814) (4430)

(228) (2) (82)

(2862) (2866) (2677)

(17341) (16771) (17647)

45313 46995 42422

138384

141097 132144

90 95 140

NOK millions 4Q 2016 4Q 2015 2016 2015

342 899 9149 14398

(341) (398) (2080) (2833)

E 1 502 7069 11565

F=Ex4 3 2006

F 7069 11565

EBIT minus tax

NOK millions 4Q 2016 4Q 2015 2016

117372 118470 118556 114559

(4399) (4968) (4814) (4430)

(2) (228) (2) (82)

(2757) (2862) (2866) (2677)

(15574) (17341) (16771) (17647)

G 94640 93072 94103 89723

H=FG 00 22 75 129

Total assets

31 Dec 2016

3751 3220

(2323) (3635)

(240) (2102)

(13992) (9354)

(12802) (11868) I

Debtequity ratio

(12802) (11868)

(76770) (75727)

I J K=IJ

Earnings per share

L 273217830 274616304 273499403 275114375

M (333) 434 6360 8083

N (241) 362 115 (2463)

O 89 (104) 40 624

P (11) 0 (36) (30)

Q (624) (1156) 639 991

wwwyaracom

Other income

NOK millions 4Q 2016 4Q 2015 2016 2015

- - 1552 -

- - - 3199

27 100 107 205

- - 44 -

- - 64 130

49 44 100 148

76 144 1867 3683

Other Total

Note 9 Inventories

9377 11425

17580 19948

Finished goods

NOK millions

2018 - 493 64 557

2019 6491 279 63 6833

2020 - 238 54 293

2021 700 164 56 920

2022 - 129 79 208

Thereafter 4883 128 170 5182

Total 12074 1433 486 13992

EBITDA

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

860 1502 1330 1778 1253 1519 1572 1843

398 403 1693 423 308 432 335 414

823 894 2120 2845 2176 6221 3133 2884

(65) 205 346 10 (233) (289) 139 (347)

2015 3004 5489 5055 3504 7884 5179 4794

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

NOK millions

Results

EBITDA 2015 3004 5489 5055 3504 7884 5179 4794

3691 3602 3583

712 458 514

955 667 622

486 373 99

177 136 036

NOK millions 4Q 2016 4Q 2015 2016 2015

1687 2611 6427 6933

(14) (6) (12) 29

2015 3504 15563 21361

(341) (398) (2080) (2833)

A 1674 3106 13483 18528

Gross cash flow

A 1674 3106 13483 18528

B=Ax4 6697 12426

B 13483 18528

Gross Cash Flow

NOK millions

4Q 2016

117372

(4399)

(2757)

(15574)

141737

104 (40) (624)

4Q 2015 2016

118470 118556 114559

(4968) (4814) (4430)

(228) (2) (82)

(2862) (2866) (2677)

(17341) (16771) (17647)

45313 46995 42422

138384

141097 132144

90 95 140

NOK millions 4Q 2016 4Q 2015 2016 2015

342 899 9149 14398

(341) (398) (2080) (2833)

E 1 502 7069 11565

F=Ex4 3 2006

F 7069 11565

EBIT minus tax

NOK millions 4Q 2016 4Q 2015 2016

117372 118470 118556 114559

(4399) (4968) (4814) (4430)

(2) (228) (2) (82)

(2757) (2862) (2866) (2677)

(15574) (17341) (16771) (17647)

G 94640 93072 94103 89723

H=FG 00 22 75 129

Total assets

31 Dec 2016

3751 3220

(2323) (3635)

(240) (2102)

(13992) (9354)

(12802) (11868) I

Debtequity ratio

(12802) (11868)

(76770) (75727)

I J K=IJ

Earnings per share

L 273217830 274616304 273499403 275114375

M (333) 434 6360 8083

N (241) 362 115 (2463)

O 89 (104) 40 624

P (11) 0 (36) (30)

Q (624) (1156) 639 991

wwwyaracom

Note 9 Inventories

9377 11425

17580 19948

Finished goods

NOK millions

2018 - 493 64 557

2019 6491 279 63 6833

2020 - 238 54 293

2021 700 164 56 920

2022 - 129 79 208

Thereafter 4883 128 170 5182

Total 12074 1433 486 13992

EBITDA

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

860 1502 1330 1778 1253 1519 1572 1843

398 403 1693 423 308 432 335 414

823 894 2120 2845 2176 6221 3133 2884

(65) 205 346 10 (233) (289) 139 (347)

2015 3004 5489 5055 3504 7884 5179 4794

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

NOK millions

Results

EBITDA 2015 3004 5489 5055 3504 7884 5179 4794

3691 3602 3583

712 458 514

955 667 622

486 373 99

177 136 036

NOK millions 4Q 2016 4Q 2015 2016 2015

1687 2611 6427 6933

(14) (6) (12) 29

2015 3504 15563 21361

(341) (398) (2080) (2833)

A 1674 3106 13483 18528

Gross cash flow

A 1674 3106 13483 18528

B=Ax4 6697 12426

B 13483 18528

Gross Cash Flow

NOK millions

4Q 2016

117372

(4399)

(2757)

(15574)

141737

104 (40) (624)

4Q 2015 2016

118470 118556 114559

(4968) (4814) (4430)

(228) (2) (82)

(2862) (2866) (2677)

(17341) (16771) (17647)

45313 46995 42422

138384

141097 132144

90 95 140

NOK millions 4Q 2016 4Q 2015 2016 2015

342 899 9149 14398

(341) (398) (2080) (2833)

E 1 502 7069 11565

F=Ex4 3 2006

F 7069 11565

EBIT minus tax

NOK millions 4Q 2016 4Q 2015 2016

117372 118470 118556 114559

(4399) (4968) (4814) (4430)

(2) (228) (2) (82)

(2757) (2862) (2866) (2677)

(15574) (17341) (16771) (17647)

G 94640 93072 94103 89723

H=FG 00 22 75 129

Total assets

31 Dec 2016

3751 3220

(2323) (3635)

(240) (2102)

(13992) (9354)

(12802) (11868) I

Debtequity ratio

(12802) (11868)

(76770) (75727)

I J K=IJ

Earnings per share

L 273217830 274616304 273499403 275114375

M (333) 434 6360 8083

N (241) 362 115 (2463)

O 89 (104) 40 624

P (11) 0 (36) (30)

Q (624) (1156) 639 991

wwwyaracom

EBITDA

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

860 1502 1330 1778 1253 1519 1572 1843

398 403 1693 423 308 432 335 414

823 894 2120 2845 2176 6221 3133 2884

(65) 205 346 10 (233) (289) 139 (347)

2015 3004 5489 5055 3504 7884 5179 4794

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

NOK millions

Results

EBITDA 2015 3004 5489 5055 3504 7884 5179 4794

3691 3602 3583

712 458 514

955 667 622

486 373 99

177 136 036

NOK millions 4Q 2016 4Q 2015 2016 2015

1687 2611 6427 6933

(14) (6) (12) 29

2015 3504 15563 21361

(341) (398) (2080) (2833)

A 1674 3106 13483 18528

Gross cash flow

A 1674 3106 13483 18528

B=Ax4 6697 12426

B 13483 18528

Gross Cash Flow

NOK millions

4Q 2016

117372

(4399)

(2757)

(15574)

141737

104 (40) (624)

4Q 2015 2016

118470 118556 114559

(4968) (4814) (4430)

(228) (2) (82)

(2862) (2866) (2677)

(17341) (16771) (17647)

45313 46995 42422

138384

141097 132144

90 95 140

NOK millions 4Q 2016 4Q 2015 2016 2015

342 899 9149 14398

(341) (398) (2080) (2833)

E 1 502 7069 11565

F=Ex4 3 2006

F 7069 11565

EBIT minus tax

NOK millions 4Q 2016 4Q 2015 2016

117372 118470 118556 114559

(4399) (4968) (4814) (4430)

(2) (228) (2) (82)

(2757) (2862) (2866) (2677)

(15574) (17341) (16771) (17647)

G 94640 93072 94103 89723

H=FG 00 22 75 129

Total assets

31 Dec 2016

3751 3220

(2323) (3635)

(240) (2102)

(13992) (9354)

(12802) (11868) I

Debtequity ratio

(12802) (11868)

(76770) (75727)

I J K=IJ

Earnings per share

L 273217830 274616304 273499403 275114375

M (333) 434 6360 8083

N (241) 362 115 (2463)

O 89 (104) 40 624

P (11) 0 (36) (30)

Q (624) (1156) 639 991

wwwyaracom

EBITDA

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

860 1502 1330 1778 1253 1519 1572 1843

398 403 1693 423 308 432 335 414

823 894 2120 2845 2176 6221 3133 2884

(65) 205 346 10 (233) (289) 139 (347)

2015 3004 5489 5055 3504 7884 5179 4794

4Q 2016 3Q 2016 2Q 2016 1Q 2016 4Q 2015 3Q 2015 2Q 2015 1Q 2015

NOK millions

Results

EBITDA 2015 3004 5489 5055 3504 7884 5179 4794

3691 3602 3583

712 458 514

955 667 622

486 373 99

177 136 036

NOK millions 4Q 2016 4Q 2015 2016 2015

1687 2611 6427 6933

(14) (6) (12) 29

2015 3504 15563 21361

(341) (398) (2080) (2833)

A 1674 3106 13483 18528

Gross cash flow

A 1674 3106 13483 18528

B=Ax4 6697 12426

B 13483 18528

Gross Cash Flow

NOK millions

4Q 2016

117372

(4399)

(2757)

(15574)

141737

104 (40) (624)

4Q 2015 2016

118470 118556 114559

(4968) (4814) (4430)

(228) (2) (82)

(2862) (2866) (2677)

(17341) (16771) (17647)

45313 46995 42422

138384

141097 132144

90 95 140

NOK millions 4Q 2016 4Q 2015 2016 2015

342 899 9149 14398

(341) (398) (2080) (2833)

E 1 502 7069 11565

F=Ex4 3 2006

F 7069 11565

EBIT minus tax

NOK millions 4Q 2016 4Q 2015 2016

117372 118470 118556 114559

(4399) (4968) (4814) (4430)

(2) (228) (2) (82)

(2757) (2862) (2866) (2677)

(15574) (17341) (16771) (17647)

G 94640 93072 94103 89723

H=FG 00 22 75 129

Total assets

31 Dec 2016

3751 3220

(2323) (3635)

(240) (2102)

(13992) (9354)

(12802) (11868) I

Debtequity ratio

(12802) (11868)

(76770) (75727)

I J K=IJ

Earnings per share

L 273217830 274616304 273499403 275114375

M (333) 434 6360 8083

N (241) 362 115 (2463)

O 89 (104) 40 624

P (11) 0 (36) (30)

Q (624) (1156) 639 991

wwwyaracom

NOK millions 4Q 2016 4Q 2015 2016 2015

1687 2611 6427 6933

(14) (6) (12) 29

2015 3504 15563 21361

(341) (398) (2080) (2833)

A 1674 3106 13483 18528

Gross cash flow

A 1674 3106 13483 18528

B=Ax4 6697 12426

B 13483 18528

Gross Cash Flow

NOK millions

4Q 2016

117372

(4399)

(2757)

(15574)

141737

104 (40) (624)

4Q 2015 2016

118470 118556 114559

(4968) (4814) (4430)

(228) (2) (82)

(2862) (2866) (2677)

(17341) (16771) (17647)

45313 46995 42422

138384

141097 132144

90 95 140

NOK millions 4Q 2016 4Q 2015 2016 2015

342 899 9149 14398

(341) (398) (2080) (2833)

E 1 502 7069 11565

F=Ex4 3 2006

F 7069 11565

EBIT minus tax

NOK millions 4Q 2016 4Q 2015 2016

117372 118470 118556 114559

(4399) (4968) (4814) (4430)

(2) (228) (2) (82)

(2757) (2862) (2866) (2677)

(15574) (17341) (16771) (17647)

G 94640 93072 94103 89723

H=FG 00 22 75 129

Total assets

31 Dec 2016

3751 3220

(2323) (3635)

(240) (2102)

(13992) (9354)

(12802) (11868) I

Debtequity ratio

(12802) (11868)

(76770) (75727)

I J K=IJ

Earnings per share

L 273217830 274616304 273499403 275114375

M (333) 434 6360 8083

N (241) 362 115 (2463)

O 89 (104) 40 624

P (11) 0 (36) (30)

Q (624) (1156) 639 991

wwwyaracom

NOK millions 4Q 2016 4Q 2015 2016 2015

342 899 9149 14398

(341) (398) (2080) (2833)

E 1 502 7069 11565

F=Ex4 3 2006

F 7069 11565

EBIT minus tax

NOK millions 4Q 2016 4Q 2015 2016

117372 118470 118556 114559

(4399) (4968) (4814) (4430)

(2) (228) (2) (82)

(2757) (2862) (2866) (2677)

(15574) (17341) (16771) (17647)

G 94640 93072 94103 89723

H=FG 00 22 75 129

Total assets

31 Dec 2016

3751 3220

(2323) (3635)

(240) (2102)

(13992) (9354)

(12802) (11868) I

Debtequity ratio

(12802) (11868)

(76770) (75727)

I J K=IJ

Earnings per share

L 273217830 274616304 273499403 275114375

M (333) 434 6360 8083

N (241) 362 115 (2463)

O 89 (104) 40 624

P (11) 0 (36) (30)

Q (624) (1156) 639 991

wwwyaracom

Documents

Fourth-quarter 2016 report - Yara International · 2018-03-08 · Russia, Saudi Arabia and USA, and generated a global surplus. At prices below USD 200 per tonne fob Black Sea, Ukrainian