Second-quarter and half-year report 2018 · Second-quarter and half-year report 2018 Yara International ASA Higher deliveries and prices offset by higher gas cost Cubatão acquisition

Second-quarter and half-year report 2018

Yara International ASA

Higher deliveries and prices offset by higher gas cost

Cubatatildeo acquisition successfully completed

Yara improvement program on track

Non-cash currency loss due to USD strengthening in 2Q

Earnings per share USD

Debtequity ratio

EBITDA USD millions

000 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18

-08 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18

2 Yara second quarter 2018

Second quarter 2018 Financial highlights USD millions except where indicated otherwise

Revenue and other income Operating income Share net income equity-accounted investees EBITDA EBITDA excl special items Net income after non-controlling interests Basic earnings per share 1)

Basic earnings per share excl currency 1)

Basic earnings per share excl currency and special items 1)

Average number of shares outstanding (millions) CROGI (Cash Return on Gross Investment) 2)

ROCE (Return on Capital Employed) 2)

2Q 2018

2Q 2017

1H 2018 1H 2017

6048 5442

171 310

666 733

698 733

(96) 283

(035) 103

045 088

059 093

2732 2732

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

Key Yara statistics 2Q 2017 1H 2017

Yara Production (Thousand tonnes) 1)

Ammonia 2033 1803 4160 3683

Finished fertilizer and industrial products excl bulk blends 5240 4751 10560 9943

Yara Deliveries (Thousand tonnes) Ammonia trade 689 627 1274 1049

Fertilizer 7331 6604 13263 12962

Industrial products 1982 1707 3737 3475

Total deliveries 10109 8971 18410 17554

Yaras Energy prices (USD per MMBtu) Global weighted average gas cost 61 47 60 50

European weighted average gas cost 81 56 79 61

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

2Q 2018 1H 2018

Market information Average prices

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

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

2Q 2017 1H 2017

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

USD per MMBtu USD per MMBtu

360 321 342 318

2Q 2018 1H 2018

Yararsquos second-quarter net income after non-controlling interests was negative USD 211 million compared with USD 82 million a year earlier The negative result includes a currency translation loss of USD 302 million which is a non -cash effect mainly resulting from a strengthening US dollar through the quarter which is fundamentally positive for Yara

Excluding net foreign currency translation gainloss and special items the result was USD 46 million (USD 017 per share) compared with USD 93 million (USD 034 per share) in second quarter 2017

ldquoYara reports 13 higher deliveries despite the truck-driversrsquo strike in Brazil However underlying EBITDA was five percent lower as improved deliveries and sales prices were offset by increased energy costrdquo said Svein Tore Holsether President and Chief Executive Officer of Yara

ldquoWhile the operating environment for our business is likely to remain tough for some time yet the market balance looks set to gradually improve after 2018 We remain focused on our improvement and growth programs which have improved Yararsquos earnings by more than 25 in the last 12 months and will deliver even higher earnings going forwardrdquo said Holsether

Fertilizer market conditions Global grain markets are expected to tighten Following a modest production deficit for the 201718 season the US Department of Agriculture forecasts an increased deficit for the 201819 season resulting in lower grain inventories The projected ending stocks-to-use ratio at 82 days of consumption is down eight days from the start of the season and grain prices have improved supporting fertilizer demand The Food and Agriculture Organization of the United Nations (FAO) food price index is up 1 from second quarter last year and 2 below the five-year average while the cereal price index was up 13 on second quarter last year and 1 above the five-year average Recent pressure on several agricultural commodities could be linked to the ongoing trade tensions

Granular urea prices fob Egypt averaged USD 247 per tonne for second quarter up from USD 201 per tonne same quarter last year and improving sharply in June The urea market continues to be supported by high production cost in China with anthracite coal prices higher than a year ago resulting in domestic urea prices in China at or above USD 300 per tonne However urea prices elsewhere remained lower than Chinese prices as relatively weak demand combined with increased production outside China reduced demand for Chinese exports Before the improvement in June global market prices were low enough for Chinese imports to become viable Short term price volatility in the global market is high as the global balance excluding China moves between a modest surplus or deficit This was evident in June when demand improved leading to rapidly increasing prices

Ammonia prices fob Black Sea were on average USD 231 per tonne for the quarter compared with USD 282 per tonne last year Due to capacity additions in USA Russia and Saudi Arabia the ammonia market is fundamentally oversupplied when production runs at high utilization rates Prices were close to production costs for many producers in second quarter 2018 resulting in modest production curtailments

Phosphate prices averaged USD 410 per tonne fob US Gulf for DAP for the quarter up from USD 357 per tonne last year amid strong demand and a major production curtailment by Mosaic in Florida In addition Chinese exporters have raised the price at which they are willing to export

The average phosphate rock price fob Morocco was down 4 compared to a year earlier with upgrading margins from rock to DAP stronger than a year ago

Regional market developments Second-quarter nitrogen deliveries in Western Europe were up by an estimated 6 from last year catching up some of the deficit caused by the late spring while imports were down 8 For the full season deliveries were down 4 partly due to the late spring with a similar decline for imports

In Brazil April fertilizer deliveries were strong 25 above April last year But the transport strike followed by the uncertainty related to trucking cost led to a sharp drop in activity For May fertilizer deliveries were 27 lower than May last year and 4 behind year to date Year-to-date urea imports were 23 million tonnes down from 29 million tonnes in the same period last year Second-quarter urea imports were 10 million tonnes compared to 09 million tonnes last year

Second-quarter US nitrogen supply is estimated to be up around 13 compared to a year earlier driven by a 20 increase in domestic production bringing seasonal supply to the same level as the previous season Due to the increase in domestic production imports of all the major nitrogen products are reduced sharply

Second-quarter urea production in China is estimated to be 4 above second quarter last year and down 3 for the season An increased environmental focus is limiting urea production together with higher coal prices anthracite coal in particular increasing production costs As a result although domestic urea prices have increased production curtailments remain significant including production based on natural gas The average domestic urea price for the second quarter was 22 higher than a year earlier (measured in local currency) equivalent to an increase of USD 73 per tonne indicating a relatively tight domestic market China exported only 03 million tonnes urea during April and May down from 09 million tonnes same period last year Season-to-date (July-May) China exported 25 million tonnes of urea down from 60 million tonnes same period last season as the domestic market offered better value for the producers

In India second quarter is off-season but urea sales are reported 2 higher than a year earlier while urea production was up by 8 At the end of second quarter urea stocks are reported 15 lower than a year earlier

Production volumes 1)

Thousand tonnes 2Q 2018 2Q 2017 1H 2018 1H 2017

Ammonia 2033 1803 4160 3683

of which equity-accounted investees 500 260 996 512

Urea 1597 1259 3203 2572

Nitrate 1387 1360 2912 2977

NPK 1359 1362 2721 2732

CN 408 385 814 748

UAN 207 233 416 483

SSP-based fertilizer 260 152 473 431

MAP 21 - 21 -

Total Finished Products1) 5240 4751 10560 9943

Fertilizer deliveries Thousand tonnes 2Q 2018 2Q 2017 1H 2018 1H 2017

Urea 1872 1244 3289 2413

907 563 1621 1037 of which Yara-produced 711 448 1225 829 of which equity-accounted investees

Nitrate 1401 1137 2708 2672

1319 1079 2523 2543 of which Yara-produced NPK 2366 2310 4519 4714

1289 1162 2566 2588 of which Yara-produced compounds 1007 1097 1740 1954 of which Yara-produced blends

CN 371 355 662 655

364 350 652 647 of which Yara-produced UAN 475 465 746 785

of which Yara-produced 361 337 591 607

SSP 218 295 282 373

191 211 227 258 of which Yara-produced DAPMAP 94 178 223 358

MOPSOP 296 366 425 535

Fertilizer deliveries per product

Other fertilizer products Total fertilizer deliveries

Fertilizer deliveries per region Europe Brazil Latin America excluding Brazil North America Asia Africa Total fertilizer deliveries For a description of the key global fertilizer products see the Yara Fertilizer Industry Handbook httpyaracominvestor_relationsreports_presentations

Industrial product deliveries Thousand tonnes

Ammonia 1)

Urea 1) 584 528 1147 1086246 216 461 433 of which Environmental products

Nitrate 2) 246 192 436 389 CN 91 97 187 195

Other industrial products 3) 382 277 649 537 Water content in Industrial Ammonia and Urea 501 454 968 897

Total Industrial product deliveries 4) 1982 1707 3737 3475

2Q 2018

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

255 408 457

6604 13263 12962

2039 4676 4790

2052 3021 3581

664 1156 1138

961 1849 1717

586 1849 1114

302 712 622

6604 13262 12962

2Q 2017 1H 2018 1H 2017

160 349 370

Variance analysis second quarter

2Q 2018 USD millions

EBITDA 2018 296 EBITDA 2017 352 Reported EBITDA variance (55) Special items variance (see page 12 for details) (38) EBITDA ex special items variance (17)

Volume 20 PriceMargin 74 Energy costs (86) Currency (14) Other (12) Total variance explained (17)

Yararsquos second-quarter results were 16 lower compared with a year earlier The result include negative net special items of USD 24 million compared to net positive special items last year of USD 14 million (for more details on special items see page 12) Underlying EBITDA results were 5 lower than last year as higher deliveries and sales prices were more than offset by higher European gas costs and a weaker US dollar

Total fertilizer deliveries were 11 higher compared to a year earlier driven by increased deliveries in Europe and inclusion of the Babrala acquisition in India and the Cubatatildeo acquisition in Brazil (included from mid-May) Adjusted for these portfolio effects fertilizer deliveries were 6 higher than a year ago Industrial deliveries were 16 higher than a year ago including the Cubatatildeo acquisition Adjusting for Cubatatildeo deliveries were 7 higher than a year ago

After a slow first quarter deliveries in Europe picked up in second quarter and were 18 higher than a year earlier Yara has seen strong order taking at the start of the new season enabling higher and more frequent price increases than a year ago

Yararsquos fertilizer deliveries in Brazil were 19 lower than a year earlier impacted by the truck-driversrsquo strike during the quarter Yararsquos EBITDA impact of the strike is approximately USD 15 million in the quarter

Margins in the quarter were somewhat lower than a year ago as higher realized prices were offset by higher gas prices in Europe

Ammonia production was 13 higher than second quarter last year Adjusted for portfolio effects (Babrala Cubatatildeo and Freeport) ammonia production was 1 lower compared to last year Finished fertilizer production increased 10 Adjusted for portfolio effects finished fertilizer production was 1 higher than a year ago Yara has scheduled several large ammonia turnarounds in second half 2018 with an expected net volume impact of around 150 kilotonnes compared with a year earlier

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

The negative Other variance of USD 12 million include USD 10 million in EBITDA contribution from new businesses (Babrala Cubatatildeo and Freeport) more than offset by higher fixed costs

Yara Improvement program

At the end of second quarter 2018 the Yara Improvement Program has delivered USD 310 million of annual sustained benefits up from USD 275 million reported end first quarter 2018 The increase reflects continued improvements in production reliability in addition to further procurement related savings The total program is on track to reach the 2018 target of USD 350 million

The improvements valued at current margins are roughly in line with the USD 310 million based on 2015 margins

last year Adjusted for the Cubatatildeo acquisition in second quarter 2018 deliveries were 3 higher compared to first half last year

Realized prices were higher compared to first half last year for all main product groups but most of the price increase was offset by higher gas costs in Europe leaving overall margins only marginally higher compared to a year earlier

Total ammonia production was 13 higher than first half last year Adjusted for portfolio effects (Babrala Cubatatildeo and Freeport) production was 3 higher than first half last year mainly reflecting regularity improvements Finished fertilizer production increased 6 compared to first half 2017 Adjusted for portfolio effects finished fertilizer production was 1 lower than a year ago

A weaker US dollar versus Yararsquos other main currencies during the first half of 2018 resulted in a negative translation effect on Yararsquos fixed cost

A net EBITDA impact of around USD 20 million coming from the Babrala and Cubatatildeo acquisitions and the Freeport ammonia plant is included in the Other variance

Variance analysis first half

USD millions

EBITDA 2018 EBITDA 2017 Reported EBITDA variance Special items variance (see page 12 for details) EBITDA ex special items variance

Volume PriceMargin Energy costs Currency translation Other Total variance explained

Yara delivered weaker first-half results compared with a year earlier EBITDA excluding special items was 5 lower as higher sales prices were more than offset by higher energy prices and a weaker US dollar

Total fertilizer deliveries were 2 higher compared to a year earlier Adjusted for the Babrala (India) and Cubatatildeo (Brazil) acquisitions fertilizer deliveries were 2 lower than a year ago driven primarily by lower deliveries in Brazil Industrial deliveries were 8 higher compared to first half

1H 2018

Financial items

USD millions

Interest income

Dividends and net gain(loss) on securities

Interest income and other financial income

Interest expense

Net interest expense on net pension liability

Net foreign currency translation gain(loss)

Interest expense and foreign currency translation gain(loss)

Net financial income(expense)

Second-quarter net financial expense was USD 316 million compared with USD 21 million in the same quarter last year The variance primarily reflects a net foreign currency translation loss of USD 302 million this quarter

Interest expense was USD 12 million higher than a year earlier mainly reflecting an average gross debt level around USD 15 billion higher

The net foreign currency translation loss for the quarter was USD 302 million reflecting currency rate changes from 31 March to 30 June 2018 The currency loss is a non-cash effect mainly resulting from a stronger US dollar which is fundamentally positive for Yara

The US dollar appreciated around 5 against both the euro and the Norwegian krone and 17 against the Brazilian real generating a net loss of USD 192 million on Yararsquos US dollar denominated debt positions Internal funding positions mainly in euro against Norwegian krone and in Brazilian real vs both euro and Norwegian krone generated a net loss of USD 110 million Last year gains on US dollar

2Q 2018

2Q 2017 1H 2017

(21) (314) 48

1H 2018

denominated debt positions against euro and Norwegian krone (as the USD depreciated against both currencies) offset losses due to the Brazilian real and other emerging market currencies depreciating against the US dollar and the euro

Yararsquos US dollar debt generating currency effects in the income statement was approximately USD 3200 million at the start of the third quarter 2018 Around 40 of the exposure was towards the Norwegian krone and around 30 against Yararsquos emerging market currencies

First-half net financial expense was USD 314 million compared with an income of USD 48 million in the same period last year The variance is primarily explained by a net foreign currency translation loss of USD 294 million compared with a net gain of USD 51 million a year ago

Net interest-bearing debt

USD millions 2Q 2018 1H 2018

Net interest-bearing debt at beginning of period (2879) (2367)

Cash earnings 1) 159 455

Dividends received from equity-accounted investees 26 98

Net operating capital change 388 213

Acquisition of Cubatatildeo (278) (278)

Acquisition of Babrala - (435)

Other investments (net) (353) (654)

Yara dividend (219) (219)

Other including foreign currency translation gain(loss) 3 33

Net interest-bearing debt at end of period (3153) (3153)

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

Working capital decreased during the quarter reflecting seasonal accumulation of customer prepayments in Brazil

The debtequity ratio at the end of second quarter 2018 calculated as net interest-bearing debt divided by shareholdersrsquo equity plus non-controlling interests was 035 compared with 030 at the end of first quarter 2018

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 second quarter was USD 3153 million up from USD 2879 million at the end of the first quarter 2018 The increase reflects the acquisition of Cubatatildeo in addition to other investments of USD 353 million of which Rio Grande plant modernization and the Salitre mining project in Brazil amounted to around USD 120 million

Outlook Although prices have increased recently global urea supply increases are strong in 2018 and gas cost has increased in many regions including Europe Based on current forward markets for natural gas (10 July) Yararsquos spot-priced gas costs for third and fourth quarter 2018 are expected to be respectively USD 100 million higher and USD 70 million higher than a year earlier The estimates may change depending on future spot gas prices

Although global new capacity additions are almost halved compared with last year higher utilization of existing capacity (eg in North Africa) contributes to an overall projected production increase for 2018 well above trend demand growth Also nitrogen demand growth has been muted during the recent 3 years and food prices remain at low levels The FAO cereal and dairy price indices are higher than a year ago but the overall food price index is slightly lower

Yararsquos near-term strategic focus is on delivering its onshygoing improvement and growth pipeline Applying average 2015 market prices the Improvement program has to date delivered approximately USD 310 million of the targeted minimum USD 500 million of annual EBITDA improvement (USD 125 net income per share) within 2020

Yararsquos growth investments reach their peak this year with strong earnings contribution from 2019 onwards as a total of

7 plant expansions and MampA come on stream in 2018 with an annualized 14 million tonnes of new ammonia production and 31 million tonnes of new finished fertilizer production Applying average 2015 market prices the growth pipeline is expected in 2018 to deliver approximately USD 150 million of the targeted USD 600 million of annual EBITDA improvement (USD 090 net income per share)

Beyond 2018 the global urea supply-demand balance looks set to gradually improve Nitrogen supply growth is forecast to reduce significantly after 2018 and current nitrogen price levels do not provide economic incentives for new investment Also demand growth is likely to pick up compared with the last 3 years as global grain stocks are relatively low particularly excluding China and increased production is needed to keep pace with growing consumption

Yararsquos longer-term strategic focus will be on crop nutrition leadership growing sustainable solutions to farmers and industry while delivering a superior return on capital with a strong focus on capital discipline and active portfolio management As part of this focus solution selling including digital farming tools and services will be important growth vehicles for Yara to reach more farmers

Risk and uncertainty As described in Yararsquos Annual Report for 2017 Yararsquos total risk exposure is analyzed and evaluated at group level Risk evaluations are integrated in all business activities both at group and business unit level increasing Yararsquos ability to take advantage of business opportunities Yararsquos most important market risk is related to the margin between nitrogen fertilizer prices and natural gas prices Although there is a positive long-term correlation between these prices margins are influenced by the supplydemand balance for food relative to energy Yara has in place a system for credit and currency risk management with

defined limits for exposure both at country customer and currency level Yararsquos geographically diversified portfolio reduces the overall credit and currency risk of the Group As the fertilizer business is essentially a US dollar business with both revenues and raw material costs mainly priced in US dollars Yara seeks to keep most of its debt in US dollars to reduce its overall US dollar currency exposure There has not been any significant change in the risk exposures The risks and uncertainties for the remaining six months of the year are described in Outlook

Related parties Note 35 in the annual report for 2017 provides details of related parties During the first half of 2018 there have not been any changes or transactions that significantly impact the grouprsquos financial position or result for the period

The Board of Directors and Chief Executive Officer Yara International ASA

Oslo 16 July 2018

Geir Isaksen Maria Moraeligus Hanssen John Thuestad Hilde Bakken Chairperson Vice chair Board member Board member

Geir O Sundboslash Board member

Trond Berger Board member

Rune Bratteberg Board member

Kjersti Aass 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 gainloss On Yara level actual tax expense is used for the calculation while a standardized tax rate of 25 is used on segment level ldquoGross Investmentrdquo is defined as total assets (exclusive of deferred tax assets cash and cash equivalents other liquid assets and fair value adjustment recognized in equity) plus accumulated depreciation and amortization less all short-term interest-free liabilities except deferred tax liabilities On segment level cash and other liquid assets are not excluded from ldquoGross Investmentrdquo

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

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

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

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

Special items

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

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

Earnings per share excluding currency and special items represent net income after non-controlling interests excluding foreign currency translation gainloss and special items after tax divided by average number of shares outstanding in the period Tax effect on foreign currency and special items is calculated based on relevant statutory tax rate for the sake of simplicity

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

Reconciliations of alternative performance measures are provided on page 34 to 36

EBITDA effect Operating income effect

USD millions 2Q 2017 1H 2017 2Q 2018 1H 2018

(0) - (9) -

- - - -

(10) - (10) -

(10) - (19) -

(9) - (9) -

1 2 2 (12)

- 12 - 12

- - - -

(7) (7) -

(6) 14 (4) -

(24) 14 (32) -

2Q 2017 2Q 2018 1H 2017 1H 2018

Stamp duty on purchase of Babrala (India) Asset impairment write-down Restructuring costs Total Crop Nutrition

Restructuring costs Total Industrial

Contract derivatives gain(loss) Refund of energy intensive tax Asset impairment write-down QAFCO tax adjustment Total Production

Total Yara

1 2 2 (12)

- 12 - 12

(6) (12) (6) (12)

- - - -

(5) (3) (12)

(37) (3) (44) (17)

(0) - (9) -

(14) (5) (14) (6)

(10) - (10) -

(24) (5) (33) (6)

(9) - (9) -

Yara second quarter 2018 13

Condensed consolidated interim statement of income

USD millions except share information

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

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

Operating income

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

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

Income tax Net income

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

Basic earnings per share 1)

Weighted average number of shares outstanding

2Q 2018

(2489)

(3154)

273217830

2Q 2017

(2070)

(2629)

273217830

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

1H 2018

(4596)

(5877)

273217830

1H 2017 2017

5440 11358

(12) (13)

5442 11400

(4055) (8547)

(518) (1090)

(348) (724)

(19) (60)

(193) (521)

(5132) (10942)

310 457

366 563

(43) (82)

374 581

(97) (99)

277 482

283 477

277 482

103 175

273217830 273217830

Condensed consolidated interim statement of comprehensive income

USD millions 2Q 2018 2Q 2017 1H 2018 1H 2017 2017

Net income (216) 80 (103) 277 482

Other comprehensive income that may be reclassified to statement of income (net of tax) Currency translation adjustments (174) 95 (211) 133 235

Hedge of net investments (30) 15 3 16 33 Share of other comprehensive income of equity-accounted investees excluding remeasurements (0) 2 (0) 2 4

Net other comprehensive income(loss) that may be reclassified to statement of income in subsequent periods net of tax (204) 112 (208) 151 273

Other comprehensive income that will not be reclassified to statement of income in subsequent periods (net of tax) Currency translation adjustments 1) (107) 30 15 33 85

Net gain(loss) on equity instruments at fair value through other comprehensive income (1) (0) (3) (0) (1)

Remeasurement gains(losses) on defined benefit plans - - - - 64

Net other comprehensive income that will not be reclassified to statement of income in subsequent periods net of tax (108) 29 12 33 148

Reclassification adjustments of the period Cash flow hedges 0 0 0 0 1

Total other comprehensive income net of tax (312) 141 (196) 184 421

Total comprehensive income net of tax (528) 222 (298) 461 903

Total comprehensive income attributable to Shareholders of the parent (496) 232 (265) 469 900

Non-controlling interests (32) (10) (33) (7) 3

Total (528) 222 (298) 461 903

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

Condensed consolidated interim statement of changes in equity

USD millions

Balance at 31 December 2016

Net income

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

Long term incentive plan Transactions with non-controlling interests Share capital increase in subsidiary non-controlling interest

Dividends distributed Balance at 30 June 2017

Net income

Long term incentive plan Balance at 31 December 2017

IFRS 9 and IFRS 15 implementation effect 3)

Net income

Long term incentive plan Transactions with non-controlling interests Dividends distributed Balance at 30 June 2018

1) Par value 170

Share Capital1)

Premium paid-in capital

Currency translation

adjustments

(1321)

(1154)

(1000)

(1169)

Fair value reserve of financial assets at FVOCI 2)

Hedge Attributable Cash of net Total to share- Non-flow invest- other Retained holders of controlling Total

hedges ments reserves earnings the parent interests equity

(8) (192) (1520) 10150 8647 270 8917

- - - 283 283 (5) 277

- 16 184 - 184 (2) 182

2 - 2 - 2 - 2

2 16 186 - 186 (2) 184

- - - 1 1 - 1

- - - (1) (1) (2) (3)

- - - - - 9 9

- - - (321) (321) (0) (322)

(6) (176) (1334) 10112 8795 269 9064

- - - 194 194 10 205

1 17 171 64 235 - 235

2 - 2 - 2 - 2

2 17 173 64 237 - 237

- - - (1) (1) - (1)

(3) (159) (1161) 10369 9225 280 9505

(4) (4) (4)

- - - (96) (96) (7) (103)

- 3 (169) - (169) (27) (195)

- - (0) - (0) - (0)

- 3 (169) - (169) (27) (196)

- - - 1 1 - 1

- - - - - (1) (2)

- - - (219) (219) (2) (221)

(3) (155) (1330) 10050 8737 243 8980

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

upon derecognition of the equity instrument 3) Please see Accounting Policies page 19 and 20 for further information

Condensed consolidated interim statement of financial position

USD millions Notes 30 Jun 2017 31 Dec 2017 31 Dec 2016

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

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

Current assets Inventories Trade receivables

Total assets 17022 14713 15783 13997

30 Jun 2018

USD millions except share information Notes 30 Jun 2017 31 Dec 2017 31 Dec 2016

Total paid-in capital

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

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

(1330)

(1334)

(1161)

(1520)

Non-controlling interests Total equity 2

Total non-current liabilities

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

Non-current liabilities

Total current liabilities

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

Current liabilities Trade and other payables Prepayments from customers

Total equity and liabilities 17022 14713 15783 13997

Number of shares outstanding 2 273217830 273217830 273217830 273217830

30 Jun 2018

Condensed consolidated interim statement of cash flows

USD millions Notes 2Q 2018 2Q 2017 1H 2018 1H 2017 2017

Operating activities Operating income 38 130 171 310 457

Adjustments to reconcile operating income to net cash provided by operating activities Depreciation and amortization 199 178 401 348 724

Impairment loss 20 18 23 19 60

Write-down and reversals net 6 1 (5) 0 24

Tax paid (48) (33) (70) (135) (196)

Dividend from equity-accounted investees 26 5 98 7 8

Change in net operating capital 1) 383 142 218 4 (127)

Interest and bank charges received(paid) (53) (30) (60) (26) (63)

Other (48) (98) (21) (102) (96)

Net cash provided by operating activities 523 312 757 426 791

Investing activities Purchases of property plant and equipment (345) (312) (652) (611) (1341)

Cash outflow on business combinations 5 (237) (8) (661) (8) (23)

Purchases of other long-term investments (12) (13) (34) (21) (55)

Proceeds from sales of property plant and equipment 1 6 4 7 13

Proceeds from sales of other long-term investments 3 6 17 8 56

Net cash used in investing activities (589) (322) (1325) (625) (1350)

Financing activities Loan proceeds(repayments) net 9 779 276 1235 347 966

Dividend 2 (219) (321) (219) (321) (321)

Other cash transfers (to)from non-controlling interests (2) 4 (2) 6 6

Net cash from(used in) financing activities 558 (41) 1014 31 651

Foreign currency effects on cash and cash equivalents (14) 2 8 6 16

Net increase(decrease) in cash and cash equivalents 476 (49) 454 (161) 109

Cash and cash equivalents at beginning of period 521 323 544 436 436

Cash and cash equivalents at end of period 998 274 998 274 544

Bank deposits not available for the use of other group companies - - 16 22 24

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

Oslo 16 July 2018

Geir O Sundboslash Trond Berger Rune Bratteberg Kjersti Aass Board member Board member Board member Board member

Notes to the condensed consolidated interim financial statements

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

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

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

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

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

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

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

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

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

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

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

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

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

The nature of Yara revenues is categorized as follows

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

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

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

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

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

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

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

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

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

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

Note 1

Judgments estimates and assumptions

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

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

Note 2 Shares dividend and share buy-back program

The Annual General Meeting in May 2018 approved a dividend for 2017 of NOK 1776 million (NOK 650 per share) which has been paid out during second quarter 2018 (USD 2194 million)

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

On 8 May 2018 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 from NOK 10 to NOK 1000 The shares shall be subsequently cancelled Yara has renewed its agreement with the Norwegian State according to which the States shares will be redeemed on a pro-rata basis to ensure the Statersquos ownership is unchanged in the event of a cancellation of shares bought back

Yara has not purchased own shares under the 2018 buyshyback program

Ordinary shares Own shares

Total at 31 December 2016 273217830 -

Total at 30 June 2018 273217830 -

Note 3 Operating segment information

External revenue and other income Crop Nutrition 2361 2046 4474 4109 8670

Industrial 522 445 1006 912 1846

Production 308 270 567 422 891

Other and eliminations 1 (2) 1 (1) (7)

Total 3192 2759 6048 5442 11400

Internal revenue and other income Crop Nutrition 32 43 64 92 191

Industrial 4 4 8 6 16

Production 1116 979 2252 2097 4136

Other and eliminations (1152) (1026) (2324) (2195) (4342)

Total - - - - -

Revenue and other income Crop Nutrition 2393 2089 4538 4201 8861

Industrial 526 449 1014 918 1862

Production 1424 1249 2819 2519 5026

Total 3192 2759 6048 5442 11400

Operating income Crop Nutrition 88 69 180 153 306

Industrial 47 39 95 79 118

Production (82) 18 (101) 103 77

Other and eliminations (15) 4 (3) (25) (44)

Total 38 130 171 310 457

EBITDA Crop Nutrition 153 118 295 243 492

Industrial 54 44 107 89 158

Production 95 180 252 416 722

Other and eliminations (6) 10 13 (15) (23)

Total 296 352 666 733 1348

Investments 1)

Crop Nutrition 100 49 446 93 272

Production 558 319 733 527 1165

Other and eliminations 13 6 20 16 33

Total 673 384 1204 652 1505

Total Assets 2)

Crop Nutrition 4797 4126 4223

Industrial 644 609 596

Production 10636 9771 10484

Other and eliminations 945 207 480

Total 17022 14713 15783

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

1H 2018 1H 2017 2017

CROGI (12-month rolling average) Yara 1) 64 68 70

Production 38 45 49

ROCE (12-month rolling average) Yara 1) 30 36 40

Production (08) 01 10

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 11 Definitions and variance analysis for more information

Reconciliation of operating income to EBITDA

USD millions Operating

income

Equity accounted investees

Interest income and other

financial income EBIT

Depreciation and

amortization1) Impairment

loss 2) EBITDA

2Q 2018 Crop Nutrition 88 5 14 108 32 14 153

Industrial 47 0 3 51 3 0 54

Production (82) 11 1 (70) 158 6 95

Other and eliminations (15) - 4 (11) 6 - (6)

Total 38 17 22 77 199 20 296

2Q 2017 Crop Nutrition 69 4 12 86 26 6 118

Industrial 39 2 0 41 3 - 44

Production 18 1 5 23 145 12 180

Other and eliminations 4 - 2 6 4 - 10

Total 130 7 19 156 178 18 352

1H 2018 Crop Nutrition 180 4 30 214 65 15 295

Industrial 95 0 5 100 6 0 107

Production (101) 24 3 (74) 317 8 252

Other and eliminations (3) - 4 1 12 - 13

Total 171 27 43 242 401 24 666

1H 2017 Crop Nutrition 153 3 28 184 52 7 243

Industrial 79 3 1 83 6 0 89

Production 103 10 9 122 283 12 416

Total 310 16 40 366 348 19 733

2017 Crop Nutrition 306 3 56 365 107 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

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

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

Disaggregation of external revenues by nature

USD millions

Fertilizer and chemical products

Freight insurance

services Other products

and services Total

2Q 2018 2277 75 7 2359

456 44 23 522

258 28 16 303

0 - 1 1

2991 147 47 3185

1H 2018 4324 136 11 4471

904 65 37 1006

468 41 35 544

0 - 2 2

5696 243 84 6023 Total

Crop Nutrition Industrial Production Other and eliminations

Disaggregation of external revenues by geographical area

USD millions Europe Brazil Latin America

ex Brazil Asia North America Africa Total

2Q 2018 Crop Nutrition 737 497 281 385 314 144 2359

Industrial 315 54 28 32 61 32 522

Production 28 96 8 90 80 - 303

Other and eliminations 1 - - - - - 1

Total 1081 648 318 507 456 176 3185

2Q 2017 Crop Nutrition 562 620 262 225 259 115 2043

Industrial 305 14 27 18 48 32 445

Production 23 60 6 81 74 14 258

Other and eliminations (2) - - - - - (2)

Total 889 694 295 324 380 162 2744

1H 2018 Crop Nutrition 1505 986 464 710 545 261 4471

Industrial 628 77 54 57 125 65 1006

Production 59 143 18 162 163 - 544

Total 2194 1206 535 929 833 326 6023

1H 2017 Crop Nutrition 1331 1163 450 449 476 238 4106

Industrial 597 33 58 43 122 59 912

Production 49 84 14 138 114 23 422

Total 1979 1280 521 629 712 319 5440

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Note 4 Business initiatives

Acquisitions The acquisitions of Babrala and Cubatatildeo were closed on 12 January 2018 and 15 May 2018 respectively see note 5 for further information

Other business initiatives Yara and Arab Potash Company (APC) the Jordan-based potash producer have in 2018 signed a Memorandum of Understanding (MoU) for mutual cooperation in the field of potassium nitrate production and sales The parties will explore and evaluate the possibility of doubling the

Note 5 Business combinations

The business combination of Tata Chemicals Limiteds urea business in India was closed 12 January 2018 The acquired business comprises the Babrala urea plant and distribution business in Uttar Pradesh The plant has an annual production of 07 million tonnes ammonia and 12 million tonnes urea The plant was commissioned in 1994 and is the most energy efficient plant in India The primary reason for the business combination is to further accelerate Yaras growth in India by creating an integrated position in the worlds second-largest fertilizer market The acquisition is reported in the Crop Nutrition segment

Consideration

production capacity of Kemapco the potassium nitrate producing subsidiary of APC Yara is targeting a minority position (30 percent) in Kemapco with a 100 percent distribution and marketing agreement for Yara Potassium nitrate is a key product in solutions for fertigation a fast growing segment that Yara and Kemapco aim to develop further through this collaboration Kemapco is a subsidiary of the Arab Potash Company and operates a single potassium nitrate plant in Aqaba Jordan Production in 2017 amounted to 130 kilotonnes potassium nitrate with sales amounting to about USD 105 million

The business combination of the Vale Cubatatildeo Fertilizantes complex in Brazil was closed 15 May 2018 The Cubatatildeo asset is a nitrogen and phosphate complex with an annual production capacity of approximately 200 kilotonnes of ammonia 500 kilotonnes of nitrates and 700 kilotonnes of phosphate fertilizer The acquisition brings nitrogen production assets into Yaras growing portfolio in Brazil strengthening and growing Yaras integrated position within both industrial and fertilizer markets The production assets are reported in the Production segment while sales are reported in Industrial and Production segments

USD millions Babrala Cubatatildeo

Cash transferred at closing 421 255

Net working capital adjustment (9) (12)

Total consideration 412 243

Net working capital adjustments for both the Babrala acquisition and the Cubatatildeo acquisition have been preliminarily determined and may be subject to changes

Acquisition costs of USD 08 million for the Vale Cubatatildeo acquisition and USD 87 million for the Babrala acquisition have been excluded from the consideration transferred and

recognized as an expense within Other operating expenses in the consolidated interim statement of income Transaction costs related to the Babrala acquisition is mainly stamp duties and may be subject to change Integration and acquisition-related costs for the Babrala acquisition of USD 22 million have been recognized in previous years

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

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

Assets Deferred tax asset - 2

Distribution network 31 -

Patents and technologies part of intangible assets - 4

Property plant and equipment 213 269

Inventories 4 67

Trade receivables 1) 119 34

Prepaid expenses and other current assets 15 5

Cash and cash equivalents - 18

Total assets 383 399

Liabilities

Employee benefits - 5

Long-term provisions - 48

Trade and other payables 17 37

Prepayments from external customers deferred revenue - 22

Other short-term liabilities 6 -

Short-term provisions - 3

Bank loans and other interest-bearing short-term debt - 41

Total liabilities 23 156

Total identifiable net assets at fair value 360 243

USD millions Babrala 12 January 2018 Cubatatildeo 15 May 2018

1) For Babrala acquisition the amount consists mainly of receivables under the pricing scheme policy of Government of India see Accounting Policies on page 19

The receivables acquired in the business combination of Babrala have a fair value of USD 4 million lower than the gross contractual amount of USD 123 million The receivables acquired in the business combination of Vale Cubatatildeo have a gross contractual amount approximately equal to their fair value

Goodwill arising on acquisition

Fair value of net identifiable assets acquired 360 243

Goodwill arising on acquisition 52 -

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

Net cash outflow on acquisition

Consideration paid in cash at date of acquisition (421) (255)

Paid stamp duties (3) -

Cash and cash equivalent balances acquired - 18

Net cash outflow on acquisition of subsidiaries (424) (237)

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

Impact of the acquisition on total assets of the Group

Consolidated identifiable assets 383 399

Goodwill arising on the acquisition 52 -

Total impact on the total assets of the Group 435 399

Impact of the acquisition on the results of the Group

Included in year-to-date consolidated figures Revenues 169 55

of which internal revenues - 4

EBITDA 12 9

Net income(loss) before tax (5) 5

The Babrala result is negatively impacted by USD 87 million in stamp duties directly related to the business combination

Pro forma figures

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

If the Vale Cubatatildeo acquisition had taken place at the beginning of the year Yaras pro-forma year-to-date revenues and consolidated income before tax would have increased(decreased) with

Cubatatildeo 1)

Revenues 117

Consolidated income before tax (13)

USD millions

1) The pro forma figures are preliminary determined

In determining the pro forma revenues and net income before tax the following adjustments have been made

calculated depreciation of tangible and 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 increased interest expense on debt used for financing the acquisition of shares calculated unwinding expense of decommissioning

liabilities based on liabilities recognized at acquisition rather than on decommissioning liabilities recognized in the pre-acquisition financial statements eliminating sales from Vale Cubatatildeo to Yara Brazil during

the period 1 January to 15 May 2018

Note 6 Specifications to the condensed consolidated interim statement of income

Other income

Carbon tax refund - 7 - 7 7

Sale of white certificates 3 1 18 1 14

Sale of land - - - - 10

Insurance compensations - - - - 14

Other 2 5 4 7 10

Total 6 12 23 14 55

Depreciation and amortization

USD millions 1H 2018 1H 2017 2Q 2018 2Q 2017

Depreciation of property plant and equipment (186) (167) (375) (326) (678)

Amortization of intangible assets (13) (11) (25) (22) (46)

Total depreciation and amortization (199) (178) (401) (348) (724)

Impairment loss

Impairment loss tangible assetssup1⁾ (20) (13) (25) (14) (43) Impairment loss goodwill and intangible assets - (6) - (6) (19) Reversal of impairment loss 0 1 1 1 2 Total impairment loss (20) (18) (23) (19) (60)

1) See Note 7 for more information

Note 7 Impairment of non-current assets In second quarter 2018 Yara recognized impairment losses of USD 20 million Of this amount approximately USD 14 million is related to logistical assets in Crop Nutrition and reflects lower than expected return in certain local markets The remaining impairment is related to plant assets in Production

Impairment sensitivity disclosures were included in note 17 to the annual report for 2017 There are no major changes to this information except that the sensitive units Yara Pilbara

Note 8 Inventories

Nitrates and Production Italy show reduced headroom at the end of second quarter 2018 Yara Pilbara Nitratesrsquo newly built TAN plant with a carrying value of approximately USD 400 million (Yararsquos 50) is currently not producing and repair work is ongoing The company is still assessing the extent of necessary repairs to be carried out before the plant is able to operate at full capacity and the related financial impact With a limited headroom any unfavorable new information may reduce the value-in-use of the plant and trigger an impairment charge

USD millions 30 Jun 2018 30 Jun 2017 31 Dec 2017

Finished goods 1256 1115 1246

Work in progress 46 78 66

Raw materials 1074 1070 918

Total 2376 2263 2229

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

Reversal(write-down) net 8 1 (9)

Foreign currency translation gain(loss) 1 (1) (2)

Closing balance (18) (16) (27)

Note 9 Long-term debt

Contractual payments on long-term debt

USD millions Debentures Bank Loans Capital lease and

other LT loans Total

2019 270 32 5 307

2020 - 46 6 52

2021 87 46 6 138

2022 293 199 3 494

2023 - 44 22 66

Thereafter 1808 250 4 2062

Total 2457 618 45 3119

In June Yara completed a USD 1000 million bond issue due 2028 with a coupon rate of 4750 pursuant to rule 144A Regulation S Net proceeds will be used for general corporate purposes thereby increasing the financial flexibility and strengthening Yaras maturity profile

Reconciliation of liabilities arising from financing activities

USD millions

Debt assumed as

part of acquisition

Foreign exchange

movement Fair value

changes Amorti zation 1)

Reclassi fication 2)

Long-term interest-bearing debt 2429 1234 (9) 1 (5) (530) 3119 Bank loans and other interest-bearing short-term debt 439 1 41 (19) - - - 462 Current portion of long-term debt 43 - (4) - - 530 570 Total liabilities from financing activities 2911 1235 41 (32) 1 (5) - 4151

30 Jun 2018

1) Amortization of transaction cost

31 Dec 2017 Cash flows

Non cash changes

2) Reclassification between long-term and short-term debt

Note 10 Provisions and contingencies

Contingencies Yara is party to a number of lawsuits related to laws and regulations in various jurisdictions arising out of the conduct of its business While acknowledging the uncertainties of litigation Yara is of the opinion that based on the information currently available these matters will be solved without material adverse effect In addition several subsidiaries are engaged in juridical and administrative proceedings related to various disputed tax matters where the probability of cash outflow is not considered probable Yararsquos contingent assets consist of expected proceeds from insurance claims and a take-or-pay compensation in a sales contract which has been disputed by the customer

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

Provisions During second quarter 2018 Yara recognized a provision for restructuring costs of USD 19 million related to centralization of certain supply chain functions in Europe Of this amount USD 10 million is reported in the Crop Nutrition segment and USD 9 million is reported in the Industrial segment

Note 11 Change of presentation currency

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

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

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

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

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

Effects of changes in reported net income

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

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

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

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

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

NOK million USD million 1) in USD million USD million 1Q 2017 1692 201 (0) 201 2Q 2017 699 82 (0) 82 3Q 2017 709 90 0 90 4Q 2017 846 104 0 104 2017 3948 477 0 477

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

Effects of changes in reported equity

Historical consolidated Consolidated

financial financial statements in statements in

31 December 2016 NOK million USD million 1)

Share capital reduced for treasury stock 464 54 Premium paid-in capital 117 14 Total paid-in capital 582 68 Other reserves 12947 1504 Retained earnings 60916 7076 Total equity attributable to shareholders of the parent 74444 8647 Non-controlling interests 2326 270 Total equity 76770 8917

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

Restated consolidated

Re- financial presentation statements in

in USD million USD million

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

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

Responsibility statement We confirm to the best of our knowledge that the Norwegian Securities Trading Act section 5-6 fourth condensed set of interim consolidated financial statements paragraph includes a fair review of any significant events at 30 June 2018 and for the six-month period 1 January to 30 that arose during the six-month period and their effect on June 2018 have been prepared in accordance with IAS 34 the half-year financial report any significant related parties ldquoInterim Financial Reportingrdquo and give a true and fair view transactions and a description of the principal risks and of the Grouprsquos assets liabilities financial position and the uncertainties for the remaining six months this year result for the period viewed in their entirety and that the interim management report in accordance with the

Oslo 16 July 2018

Geir Isaksen Maria Moraeligus Hanssen John Thuestad Hilde Bakken Chairperson

Vice chair

Board member

Quarterly historical information

EBITDA

USD millions

Crop Nutrition 153 141 103 147 118 124 Industrial 54 53 17 52 44 45 Production 95 157 224 81 180 237 Other and eliminations (6) 18 (32) 23 10 (25) Total 296 370 312 303 352 381

Results

USD millions except per share information

Revenue and other income 3192 2856 2936 3021 2759 2683 Operating income 38 134 59 88 130 181

EBITDA 296 370 312 303 352 381 Net income after non-controlling interests (211) 116 104 90 82 201

Basic earnings per share (077) 042 038 033 030 073

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

Reconciliation of alternative performance measures Please see page 11 and 12 for definitions of alternative performance measures

Reconciliation of operating income to EBITDA and gross cash flow

USD millions

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

Impairment loss 2)

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

3-month rolling

2Q 2018

2Q 2017

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

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

3-month rolling

USD millions

Net income attributable to shareholders of the parent Non-controlling interests Financial expense and foreign currency translation Depreciation and amortization 1)

Impairment loss 2)

Tax effect on foreign currency translation Gross cash flow A

Annualized gross cash flow B=Ax4 12-month rolling B

2Q 2018

2Q 2017

Reconciliation of total assets to gross investments and CROGI calculation

3-month average

USD millions

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

CROGI (Cash Return on Gross Investment)

2Q 2018

(2453)

2Q 2017

(2091)

12-month rolling Jul 2016ndashJun

2017 2017

318 535 457

41 (35) 29

81 82 77

439 583 563

777 700 724

65 55 60

1281 1338 1348

(52) (169) (76)

1229 1170 1272

2017 2017

98 342 477

4 (6) 5

348 78 (17)

777 700 724

65 55 60

(63) (1) 23

1229 1170 1272

12-month average Jul 2016ndashJun

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

6423 5702 5984

40 27 39

19206 17230 18136

64 68 70

Jul 2017ndashJun 2018

Jul 2017 Jun 2018

Reconciliation of EBIT to EBIT after tax

USD millions

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

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

3-month average

2Q 2017

77 156

E (33)

F=Ex4 F

177 450

2Q 2018

Reconciliation of total assets to capital employed and ROCE calculation

3-month average

USD millions

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

ROCE (Return on Capital Employed)

2Q 2018

(2453)

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

USD millions

EBITDA Depreciation and amortization 1)

Impairment loss 2)

Foreign currency translation gain(loss) Interest expense and other financial items Income before tax and non-controlling interests I

2Q 2018

Reconciliation of operating income to EBITDA excluding special items

USD millions

Operating income Share of net income in equity-accounted investees Interest income Dividends and net gain(loss) on securities EBIT Depreciation and amortization 1)

Impairment loss 2)

EBITDA Special items included in EBITDA 3)

EBITDA excluding special items

1) Including amortization on excess value in equity-accounted investees 2) Including impairment loss on excess value in equity-accounted investees 3) See page 12 for details on special items

2Q 2018

2Q 2017

(2091)

2Q 2017

2017 2017

439 583 563

(52) (169) (76)

387 414 488

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

12742 11501 12113

30 36 40

1H 2017 2017

666 733 1348

(401) (348) (724)

(24) (19) (60)

(294) 51 99

(63) (43) (82)

(115) 374 581

1H 2017 2017

171 310 457

27 16 29

40 38 75

242 366 563

401 348 724

24 19 60

666 733 1348

32 (0) 82

698 733 1430

Jul 2017 Jun 2018

1H 2018

Net operating capital

Trade receivables 1638 1264 1398

Inventories 2376 2263 2229

Trade payables 1) (1454) (1162) (1340)

Prepayments from customers (640) (447) (265)

Net operating capital 1919 1918 2023

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

Cash and cash equivalents 998 274 544

Other liquid assets 1) 0 0 0

Bank loans and other short-term interest-bearing debt (462) (491) (439)

Current portion of long-term debt (570) (40) (43)

Long-term interest-bearing debt (3119) (1752) (2429)

Net interest-bearing debt (3153) (2008) (2367) J

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

Debtequity ratio

Net interest-bearing debt (3153) (2008) (2367)

Total equity (8980) (9064) (9505)

Debtequity ratio 035 022 025 M=KL

Earnings per share

USD millions except earnings per share and number of shares 2Q 2018 2Q 2017 1H 2018 1H 2017 2017

Weighted average number of shares outstanding N 273217830 273217830 273217830 273217830 273217830

Net income O (211) 82 (96) 283 477

Foreign currency translation gain(loss) P (302) (18) (294) 51 99 Tax effect on foreign currency translation Q 78 8 74 (12) (23) Non-controlling interest share of foreign currency (gain)loss net after tax

R (1) (1) (2)

(2) (4)

Special items within EBIT 1) S (44) (3) (51) (17) (134)

Tax effect on special items T 10 1 12 5 33

Special items within EBIT net of tax U=S+T (34) (2) (39) (12) (101) Non-controlling interest share of special items net after tax V - - - - 2

Basic earnings per share W=ON (077) 030 (035) 103 175

Basic earnings per share excluding foreign currency X=(O-P-Q+R)N 004 033 045 088 145 Basic earnings per share excluding foreign currency amp special items

Y=(O-P-Q+R-UshyV)N 017 034 059 093 181

1) See page 12 for details on special items

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

wwwyaracom

Second-quarter and 13

half-year report 201813

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Second quarter 2018 Financial highlights USD millions except where indicated otherwise

Revenue and other income Operating income Share net income equity-accounted investees EBITDA EBITDA excl special items Net income after non-controlling interests Basic earnings per share 1)

Basic earnings per share excl currency 1)

Basic earnings per share excl currency and special items 1)

Average number of shares outstanding (millions) CROGI (Cash Return on Gross Investment) 2)

ROCE (Return on Capital Employed) 2)

2Q 2018

2Q 2017

1H 2018 1H 2017

6048 5442

171 310

666 733

698 733

(96) 283

(035) 103

045 088

059 093

2732 2732

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

Key Yara statistics 2Q 2017 1H 2017

Yara Production (Thousand tonnes) 1)

Ammonia 2033 1803 4160 3683

Finished fertilizer and industrial products excl bulk blends 5240 4751 10560 9943

Yara Deliveries (Thousand tonnes) Ammonia trade 689 627 1274 1049

Fertilizer 7331 6604 13263 12962

Industrial products 1982 1707 3737 3475

Total deliveries 10109 8971 18410 17554

Yaras Energy prices (USD per MMBtu) Global weighted average gas cost 61 47 60 50

European weighted average gas cost 81 56 79 61

2Q 2018 1H 2018

Market information Average prices

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

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

2Q 2017 1H 2017

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

USD per MMBtu USD per MMBtu

360 321 342 318

2Q 2018 1H 2018

Yararsquos second-quarter net income after non-controlling interests was negative USD 211 million compared with USD 82 million a year earlier The negative result includes a currency translation loss of USD 302 million which is a non -cash effect mainly resulting from a strengthening US dollar through the quarter which is fundamentally positive for Yara

Excluding net foreign currency translation gainloss and special items the result was USD 46 million (USD 017 per share) compared with USD 93 million (USD 034 per share) in second quarter 2017

ldquoYara reports 13 higher deliveries despite the truck-driversrsquo strike in Brazil However underlying EBITDA was five percent lower as improved deliveries and sales prices were offset by increased energy costrdquo said Svein Tore Holsether President and Chief Executive Officer of Yara

ldquoWhile the operating environment for our business is likely to remain tough for some time yet the market balance looks set to gradually improve after 2018 We remain focused on our improvement and growth programs which have improved Yararsquos earnings by more than 25 in the last 12 months and will deliver even higher earnings going forwardrdquo said Holsether

Ammonia 2033 1803 4160 3683

Urea 1597 1259 3203 2572

Nitrate 1387 1360 2912 2977

NPK 1359 1362 2721 2732

CN 408 385 814 748

UAN 207 233 416 483

MAP 21 - 21 -

Urea 1872 1244 3289 2413

Nitrate 1401 1137 2708 2672

CN 371 355 662 655

SSP 218 295 282 373

MOPSOP 296 366 425 535

Ammonia 1)

Nitrate 2) 246 192 436 389 CN 91 97 187 195

2Q 2018

255 408 457

6604 13263 12962

2039 4676 4790

2052 3021 3581

664 1156 1138

961 1849 1717

586 1849 1114

302 712 622

6604 13262 12962

2Q 2017 1H 2018 1H 2017

160 349 370

USD millions

1H 2018

Financial items

USD millions

Interest income

Interest expense

2Q 2018

2Q 2017 1H 2017

(21) (314) 48

1H 2018

Oslo 16 July 2018

Special items

(0) - (9) -

- - - -

(10) - (10) -

(10) - (19) -

(9) - (9) -

1 2 2 (12)

- 12 - 12

- - - -

(7) (7) -

(6) 14 (4) -

(24) 14 (32) -

2Q 2017 2Q 2018 1H 2017 1H 2018

Total Yara

1 2 2 (12)

- 12 - 12

(6) (12) (6) (12)

- - - -

(5) (3) (12)

(37) (3) (44) (17)

(0) - (9) -

(14) (5) (14) (6)

(10) - (10) -

(24) (5) (33) (6)

(9) - (9) -

Operating income

2Q 2018

(2489)

(3154)

273217830

2Q 2017

(2070)

(2629)

273217830

1H 2018

(4596)

(5877)

273217830

1H 2017 2017

5440 11358

(12) (13)

5442 11400

(4055) (8547)

(518) (1090)

(348) (724)

(19) (60)

(193) (521)

(5132) (10942)

310 457

366 563

(43) (82)

374 581

(97) (99)

277 482

283 477

277 482

103 175

273217830 273217830

Net income (216) 80 (103) 277 482

Total (528) 222 (298) 461 903

USD millions

Net income

1) Par value 170

Share Capital1)

adjustments

(1321)

(1154)

(1000)

(1169)

(8) (192) (1520) 10150 8647 270 8917

- - - 283 283 (5) 277

- 16 184 - 184 (2) 182

2 - 2 - 2 - 2

2 16 186 - 186 (2) 184

- - - 1 1 - 1

- - - (1) (1) (2) (3)

- - - - - 9 9

- - - (321) (321) (0) (322)

(6) (176) (1334) 10112 8795 269 9064

- - - 194 194 10 205

1 17 171 64 235 - 235

2 - 2 - 2 - 2

2 17 173 64 237 - 237

- - - (1) (1) - (1)

(3) (159) (1161) 10369 9225 280 9505

(4) (4) (4)

- - - (96) (96) (7) (103)

- 3 (169) - (169) (27) (195)

- - (0) - (0) - (0)

- 3 (169) - (169) (27) (196)

- - - 1 1 - 1

- - - - - (1) (2)

- - - (219) (219) (2) (221)

(3) (155) (1330) 10050 8737 243 8980

Total assets 17022 14713 15783 13997

30 Jun 2018

(1330)

(1334)

(1161)

(1520)

30 Jun 2018

Tax paid (48) (33) (70) (135) (196)

Other (48) (98) (21) (102) (96)

Dividend 2 (219) (321) (219) (321) (321)

Oslo 16 July 2018

Note 1

Total at 30 June 2018 273217830 -

Industrial 522 445 1006 912 1846

Production 308 270 567 422 891

Total 3192 2759 6048 5442 11400

Production 1116 979 2252 2097 4136

Total - - - - -

Industrial 526 449 1014 918 1862

Production 1424 1249 2819 2519 5026

Total 3192 2759 6048 5442 11400

Industrial 47 39 95 79 118

Production (82) 18 (101) 103 77

Total 38 130 171 310 457

Industrial 54 44 107 89 158

Production 95 180 252 416 722

Total 296 352 666 733 1348

Investments 1)

Production 558 319 733 527 1165

Total 673 384 1204 652 1505

Total Assets 2)

Production 10636 9771 10484

Total 17022 14713 15783

1H 2018 1H 2017 2017

Production 38 45 49

income

Depreciation and

loss 2) EBITDA

2Q 2018 Crop Nutrition 88 5 14 108 32 14 153

Industrial 47 0 3 51 3 0 54

Production (82) 11 1 (70) 158 6 95

Total 38 17 22 77 199 20 296

2Q 2017 Crop Nutrition 69 4 12 86 26 6 118

Industrial 39 2 0 41 3 - 44

Production 18 1 5 23 145 12 180

Total 130 7 19 156 178 18 352

1H 2018 Crop Nutrition 180 4 30 214 65 15 295

Industrial 95 0 5 100 6 0 107

Production (101) 24 3 (74) 317 8 252

Total 171 27 43 242 401 24 666

1H 2017 Crop Nutrition 153 3 28 184 52 7 243

Industrial 79 3 1 83 6 0 89

Production 103 10 9 122 283 12 416

Total 310 16 40 366 348 19 733

2017 Crop Nutrition 306 3 56 365 107 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

Freight insurance

and services Total

2Q 2018 2277 75 7 2359

456 44 23 522

258 28 16 303

0 - 1 1

2991 147 47 3185

1H 2018 4324 136 11 4471

904 65 37 1006

468 41 35 544

0 - 2 2

5696 243 84 6023 Total

2Q 2018 Crop Nutrition 737 497 281 385 314 144 2359

Industrial 315 54 28 32 61 32 522

Production 28 96 8 90 80 - 303

Total 1081 648 318 507 456 176 3185

2Q 2017 Crop Nutrition 562 620 262 225 259 115 2043

Industrial 305 14 27 18 48 32 445

Production 23 60 6 81 74 14 258

Total 889 694 295 324 380 162 2744

1H 2018 Crop Nutrition 1505 986 464 710 545 261 4471

Industrial 628 77 54 57 125 65 1006

Production 59 143 18 162 163 - 544

Total 2194 1206 535 929 833 326 6023

1H 2017 Crop Nutrition 1331 1163 450 449 476 238 4106

Industrial 597 33 58 43 122 59 912

Production 49 84 14 138 114 23 422

Total 1979 1280 521 629 712 319 5440

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

Inventories 4 67

Liabilities

EBITDA 12 9

Pro forma figures

Cubatatildeo 1)

Revenues 117

USD millions

Other income

Other 2 5 4 7 10

Total 6 12 23 14 55

Impairment loss

Note 8 Inventories

Total 2376 2263 2229

2019 270 32 5 307

2020 - 46 6 52

2021 87 46 6 138

2022 293 199 3 494

2023 - 44 22 66

Thereafter 1808 250 4 2062

Total 2457 618 45 3119

USD millions

Debt assumed as

part of acquisition

Foreign exchange

movement Fair value

30 Jun 2018

Non cash changes

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

Oslo 16 July 2018

Vice chair

Board member

EBITDA

USD millions

Results

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

USD millions

Impairment loss 2)

3-month rolling

2Q 2018

2Q 2017

3-month rolling

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

3-month average

USD millions

2Q 2018

(2453)

2Q 2017

(2091)

2017 2017

318 535 457

41 (35) 29

81 82 77

439 583 563

777 700 724

65 55 60

1281 1338 1348

(52) (169) (76)

1229 1170 1272

2017 2017

98 342 477

4 (6) 5

348 78 (17)

777 700 724

65 55 60

(63) (1) 23

1229 1170 1272

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

6423 5702 5984

40 27 39

19206 17230 18136

64 68 70

Jul 2017 Jun 2018

USD millions

3-month average

2Q 2017

77 156

E (33)

F=Ex4 F

177 450

2Q 2018

3-month average

USD millions

2Q 2018

(2453)

USD millions

Impairment loss 2)

2Q 2018

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

(2091)

2Q 2017

2017 2017

439 583 563

(52) (169) (76)

387 414 488

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

12742 11501 12113

30 36 40

1H 2017 2017

666 733 1348

(401) (348) (724)

(24) (19) (60)

(294) 51 99

(63) (43) (82)

(115) 374 581

1H 2017 2017

171 310 457

27 16 29

40 38 75

242 366 563

401 348 724

24 19 60

666 733 1348

32 (0) 82

698 733 1430

Jul 2017 Jun 2018

1H 2018

Trade payables 1) (1454) (1162) (1340)

Debtequity ratio

Total equity (8980) (9064) (9505)

Earnings per share

Net income O (211) 82 (96) 283 477

R (1) (1) (2)

(2) (4)

Y=(O-P-Q+R-UshyV)N 017 034 059 093 181

wwwyaracom

Ammonia 2033 1803 4160 3683

Urea 1597 1259 3203 2572

Nitrate 1387 1360 2912 2977

NPK 1359 1362 2721 2732

CN 408 385 814 748

UAN 207 233 416 483

MAP 21 - 21 -

Urea 1872 1244 3289 2413

Nitrate 1401 1137 2708 2672

CN 371 355 662 655

SSP 218 295 282 373

MOPSOP 296 366 425 535

Ammonia 1)

Nitrate 2) 246 192 436 389 CN 91 97 187 195

2Q 2018

255 408 457

6604 13263 12962

2039 4676 4790

2052 3021 3581

664 1156 1138

961 1849 1717

586 1849 1114

302 712 622

6604 13262 12962

2Q 2017 1H 2018 1H 2017

160 349 370

USD millions

1H 2018

Financial items

USD millions

Interest income

Interest expense

2Q 2018

2Q 2017 1H 2017

(21) (314) 48

1H 2018

Oslo 16 July 2018

Special items

(0) - (9) -

- - - -

(10) - (10) -

(10) - (19) -

(9) - (9) -

1 2 2 (12)

- 12 - 12

- - - -

(7) (7) -

(6) 14 (4) -

(24) 14 (32) -

2Q 2017 2Q 2018 1H 2017 1H 2018

Total Yara

1 2 2 (12)

- 12 - 12

(6) (12) (6) (12)

- - - -

(5) (3) (12)

(37) (3) (44) (17)

(0) - (9) -

(14) (5) (14) (6)

(10) - (10) -

(24) (5) (33) (6)

(9) - (9) -

Operating income

2Q 2018

(2489)

(3154)

273217830

2Q 2017

(2070)

(2629)

273217830

1H 2018

(4596)

(5877)

273217830

1H 2017 2017

5440 11358

(12) (13)

5442 11400

(4055) (8547)

(518) (1090)

(348) (724)

(19) (60)

(193) (521)

(5132) (10942)

310 457

366 563

(43) (82)

374 581

(97) (99)

277 482

283 477

277 482

103 175

273217830 273217830

Net income (216) 80 (103) 277 482

Total (528) 222 (298) 461 903

USD millions

Net income

1) Par value 170

Share Capital1)

adjustments

(1321)

(1154)

(1000)

(1169)

(8) (192) (1520) 10150 8647 270 8917

- - - 283 283 (5) 277

- 16 184 - 184 (2) 182

2 - 2 - 2 - 2

2 16 186 - 186 (2) 184

- - - 1 1 - 1

- - - (1) (1) (2) (3)

- - - - - 9 9

- - - (321) (321) (0) (322)

(6) (176) (1334) 10112 8795 269 9064

- - - 194 194 10 205

1 17 171 64 235 - 235

2 - 2 - 2 - 2

2 17 173 64 237 - 237

- - - (1) (1) - (1)

(3) (159) (1161) 10369 9225 280 9505

(4) (4) (4)

- - - (96) (96) (7) (103)

- 3 (169) - (169) (27) (195)

- - (0) - (0) - (0)

- 3 (169) - (169) (27) (196)

- - - 1 1 - 1

- - - - - (1) (2)

- - - (219) (219) (2) (221)

(3) (155) (1330) 10050 8737 243 8980

Total assets 17022 14713 15783 13997

30 Jun 2018

(1330)

(1334)

(1161)

(1520)

30 Jun 2018

Tax paid (48) (33) (70) (135) (196)

Other (48) (98) (21) (102) (96)

Dividend 2 (219) (321) (219) (321) (321)

Oslo 16 July 2018

Note 1

Total at 30 June 2018 273217830 -

Industrial 522 445 1006 912 1846

Production 308 270 567 422 891

Total 3192 2759 6048 5442 11400

Production 1116 979 2252 2097 4136

Total - - - - -

Industrial 526 449 1014 918 1862

Production 1424 1249 2819 2519 5026

Total 3192 2759 6048 5442 11400

Industrial 47 39 95 79 118

Production (82) 18 (101) 103 77

Total 38 130 171 310 457

Industrial 54 44 107 89 158

Production 95 180 252 416 722

Total 296 352 666 733 1348

Investments 1)

Production 558 319 733 527 1165

Total 673 384 1204 652 1505

Total Assets 2)

Production 10636 9771 10484

Total 17022 14713 15783

1H 2018 1H 2017 2017

Production 38 45 49

income

Depreciation and

loss 2) EBITDA

2Q 2018 Crop Nutrition 88 5 14 108 32 14 153

Industrial 47 0 3 51 3 0 54

Production (82) 11 1 (70) 158 6 95

Total 38 17 22 77 199 20 296

2Q 2017 Crop Nutrition 69 4 12 86 26 6 118

Industrial 39 2 0 41 3 - 44

Production 18 1 5 23 145 12 180

Total 130 7 19 156 178 18 352

1H 2018 Crop Nutrition 180 4 30 214 65 15 295

Industrial 95 0 5 100 6 0 107

Production (101) 24 3 (74) 317 8 252

Total 171 27 43 242 401 24 666

1H 2017 Crop Nutrition 153 3 28 184 52 7 243

Industrial 79 3 1 83 6 0 89

Production 103 10 9 122 283 12 416

Total 310 16 40 366 348 19 733

2017 Crop Nutrition 306 3 56 365 107 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

Freight insurance

and services Total

2Q 2018 2277 75 7 2359

456 44 23 522

258 28 16 303

0 - 1 1

2991 147 47 3185

1H 2018 4324 136 11 4471

904 65 37 1006

468 41 35 544

0 - 2 2

5696 243 84 6023 Total

2Q 2018 Crop Nutrition 737 497 281 385 314 144 2359

Industrial 315 54 28 32 61 32 522

Production 28 96 8 90 80 - 303

Total 1081 648 318 507 456 176 3185

2Q 2017 Crop Nutrition 562 620 262 225 259 115 2043

Industrial 305 14 27 18 48 32 445

Production 23 60 6 81 74 14 258

Total 889 694 295 324 380 162 2744

1H 2018 Crop Nutrition 1505 986 464 710 545 261 4471

Industrial 628 77 54 57 125 65 1006

Production 59 143 18 162 163 - 544

Total 2194 1206 535 929 833 326 6023

1H 2017 Crop Nutrition 1331 1163 450 449 476 238 4106

Industrial 597 33 58 43 122 59 912

Production 49 84 14 138 114 23 422

Total 1979 1280 521 629 712 319 5440

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

Inventories 4 67

Liabilities

EBITDA 12 9

Pro forma figures

Cubatatildeo 1)

Revenues 117

USD millions

Other income

Other 2 5 4 7 10

Total 6 12 23 14 55

Impairment loss

Note 8 Inventories

Total 2376 2263 2229

2019 270 32 5 307

2020 - 46 6 52

2021 87 46 6 138

2022 293 199 3 494

2023 - 44 22 66

Thereafter 1808 250 4 2062

Total 2457 618 45 3119

USD millions

Debt assumed as

part of acquisition

Foreign exchange

movement Fair value

30 Jun 2018

Non cash changes

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

Oslo 16 July 2018

Vice chair

Board member

EBITDA

USD millions

Results

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

USD millions

Impairment loss 2)

3-month rolling

2Q 2018

2Q 2017

3-month rolling

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

3-month average

USD millions

2Q 2018

(2453)

2Q 2017

(2091)

2017 2017

318 535 457

41 (35) 29

81 82 77

439 583 563

777 700 724

65 55 60

1281 1338 1348

(52) (169) (76)

1229 1170 1272

2017 2017

98 342 477

4 (6) 5

348 78 (17)

777 700 724

65 55 60

(63) (1) 23

1229 1170 1272

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

6423 5702 5984

40 27 39

19206 17230 18136

64 68 70

Jul 2017 Jun 2018

USD millions

3-month average

2Q 2017

77 156

E (33)

F=Ex4 F

177 450

2Q 2018

3-month average

USD millions

2Q 2018

(2453)

USD millions

Impairment loss 2)

2Q 2018

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

(2091)

2Q 2017

2017 2017

439 583 563

(52) (169) (76)

387 414 488

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

12742 11501 12113

30 36 40

1H 2017 2017

666 733 1348

(401) (348) (724)

(24) (19) (60)

(294) 51 99

(63) (43) (82)

(115) 374 581

1H 2017 2017

171 310 457

27 16 29

40 38 75

242 366 563

401 348 724

24 19 60

666 733 1348

32 (0) 82

698 733 1430

Jul 2017 Jun 2018

1H 2018

Trade payables 1) (1454) (1162) (1340)

Debtequity ratio

Total equity (8980) (9064) (9505)

Earnings per share

Net income O (211) 82 (96) 283 477

R (1) (1) (2)

(2) (4)

Y=(O-P-Q+R-UshyV)N 017 034 059 093 181

wwwyaracom

Ammonia 2033 1803 4160 3683

Urea 1597 1259 3203 2572

Nitrate 1387 1360 2912 2977

NPK 1359 1362 2721 2732

CN 408 385 814 748

UAN 207 233 416 483

MAP 21 - 21 -

Urea 1872 1244 3289 2413

Nitrate 1401 1137 2708 2672

CN 371 355 662 655

SSP 218 295 282 373

MOPSOP 296 366 425 535

Ammonia 1)

Nitrate 2) 246 192 436 389 CN 91 97 187 195

2Q 2018

255 408 457

6604 13263 12962

2039 4676 4790

2052 3021 3581

664 1156 1138

961 1849 1717

586 1849 1114

302 712 622

6604 13262 12962

2Q 2017 1H 2018 1H 2017

160 349 370

USD millions

1H 2018

Financial items

USD millions

Interest income

Interest expense

2Q 2018

2Q 2017 1H 2017

(21) (314) 48

1H 2018

Oslo 16 July 2018

Special items

(0) - (9) -

- - - -

(10) - (10) -

(10) - (19) -

(9) - (9) -

1 2 2 (12)

- 12 - 12

- - - -

(7) (7) -

(6) 14 (4) -

(24) 14 (32) -

2Q 2017 2Q 2018 1H 2017 1H 2018

Total Yara

1 2 2 (12)

- 12 - 12

(6) (12) (6) (12)

- - - -

(5) (3) (12)

(37) (3) (44) (17)

(0) - (9) -

(14) (5) (14) (6)

(10) - (10) -

(24) (5) (33) (6)

(9) - (9) -

Operating income

2Q 2018

(2489)

(3154)

273217830

2Q 2017

(2070)

(2629)

273217830

1H 2018

(4596)

(5877)

273217830

1H 2017 2017

5440 11358

(12) (13)

5442 11400

(4055) (8547)

(518) (1090)

(348) (724)

(19) (60)

(193) (521)

(5132) (10942)

310 457

366 563

(43) (82)

374 581

(97) (99)

277 482

283 477

277 482

103 175

273217830 273217830

Net income (216) 80 (103) 277 482

Total (528) 222 (298) 461 903

USD millions

Net income

1) Par value 170

Share Capital1)

adjustments

(1321)

(1154)

(1000)

(1169)

(8) (192) (1520) 10150 8647 270 8917

- - - 283 283 (5) 277

- 16 184 - 184 (2) 182

2 - 2 - 2 - 2

2 16 186 - 186 (2) 184

- - - 1 1 - 1

- - - (1) (1) (2) (3)

- - - - - 9 9

- - - (321) (321) (0) (322)

(6) (176) (1334) 10112 8795 269 9064

- - - 194 194 10 205

1 17 171 64 235 - 235

2 - 2 - 2 - 2

2 17 173 64 237 - 237

- - - (1) (1) - (1)

(3) (159) (1161) 10369 9225 280 9505

(4) (4) (4)

- - - (96) (96) (7) (103)

- 3 (169) - (169) (27) (195)

- - (0) - (0) - (0)

- 3 (169) - (169) (27) (196)

- - - 1 1 - 1

- - - - - (1) (2)

- - - (219) (219) (2) (221)

(3) (155) (1330) 10050 8737 243 8980

Total assets 17022 14713 15783 13997

30 Jun 2018

(1330)

(1334)

(1161)

(1520)

30 Jun 2018

Tax paid (48) (33) (70) (135) (196)

Other (48) (98) (21) (102) (96)

Dividend 2 (219) (321) (219) (321) (321)

Oslo 16 July 2018

Note 1

Total at 30 June 2018 273217830 -

Industrial 522 445 1006 912 1846

Production 308 270 567 422 891

Total 3192 2759 6048 5442 11400

Production 1116 979 2252 2097 4136

Total - - - - -

Industrial 526 449 1014 918 1862

Production 1424 1249 2819 2519 5026

Total 3192 2759 6048 5442 11400

Industrial 47 39 95 79 118

Production (82) 18 (101) 103 77

Total 38 130 171 310 457

Industrial 54 44 107 89 158

Production 95 180 252 416 722

Total 296 352 666 733 1348

Investments 1)

Production 558 319 733 527 1165

Total 673 384 1204 652 1505

Total Assets 2)

Production 10636 9771 10484

Total 17022 14713 15783

1H 2018 1H 2017 2017

Production 38 45 49

income

Depreciation and

loss 2) EBITDA

2Q 2018 Crop Nutrition 88 5 14 108 32 14 153

Industrial 47 0 3 51 3 0 54

Production (82) 11 1 (70) 158 6 95

Total 38 17 22 77 199 20 296

2Q 2017 Crop Nutrition 69 4 12 86 26 6 118

Industrial 39 2 0 41 3 - 44

Production 18 1 5 23 145 12 180

Total 130 7 19 156 178 18 352

1H 2018 Crop Nutrition 180 4 30 214 65 15 295

Industrial 95 0 5 100 6 0 107

Production (101) 24 3 (74) 317 8 252

Total 171 27 43 242 401 24 666

1H 2017 Crop Nutrition 153 3 28 184 52 7 243

Industrial 79 3 1 83 6 0 89

Production 103 10 9 122 283 12 416

Total 310 16 40 366 348 19 733

2017 Crop Nutrition 306 3 56 365 107 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

Freight insurance

and services Total

2Q 2018 2277 75 7 2359

456 44 23 522

258 28 16 303

0 - 1 1

2991 147 47 3185

1H 2018 4324 136 11 4471

904 65 37 1006

468 41 35 544

0 - 2 2

5696 243 84 6023 Total

2Q 2018 Crop Nutrition 737 497 281 385 314 144 2359

Industrial 315 54 28 32 61 32 522

Production 28 96 8 90 80 - 303

Total 1081 648 318 507 456 176 3185

2Q 2017 Crop Nutrition 562 620 262 225 259 115 2043

Industrial 305 14 27 18 48 32 445

Production 23 60 6 81 74 14 258

Total 889 694 295 324 380 162 2744

1H 2018 Crop Nutrition 1505 986 464 710 545 261 4471

Industrial 628 77 54 57 125 65 1006

Production 59 143 18 162 163 - 544

Total 2194 1206 535 929 833 326 6023

1H 2017 Crop Nutrition 1331 1163 450 449 476 238 4106

Industrial 597 33 58 43 122 59 912

Production 49 84 14 138 114 23 422

Total 1979 1280 521 629 712 319 5440

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

Inventories 4 67

Liabilities

EBITDA 12 9

Pro forma figures

Cubatatildeo 1)

Revenues 117

USD millions

Other income

Other 2 5 4 7 10

Total 6 12 23 14 55

Impairment loss

Note 8 Inventories

Total 2376 2263 2229

2019 270 32 5 307

2020 - 46 6 52

2021 87 46 6 138

2022 293 199 3 494

2023 - 44 22 66

Thereafter 1808 250 4 2062

Total 2457 618 45 3119

USD millions

Debt assumed as

part of acquisition

Foreign exchange

movement Fair value

30 Jun 2018

Non cash changes

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

Oslo 16 July 2018

Vice chair

Board member

EBITDA

USD millions

Results

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

USD millions

Impairment loss 2)

3-month rolling

2Q 2018

2Q 2017

3-month rolling

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

3-month average

USD millions

2Q 2018

(2453)

2Q 2017

(2091)

2017 2017

318 535 457

41 (35) 29

81 82 77

439 583 563

777 700 724

65 55 60

1281 1338 1348

(52) (169) (76)

1229 1170 1272

2017 2017

98 342 477

4 (6) 5

348 78 (17)

777 700 724

65 55 60

(63) (1) 23

1229 1170 1272

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

6423 5702 5984

40 27 39

19206 17230 18136

64 68 70

Jul 2017 Jun 2018

USD millions

3-month average

2Q 2017

77 156

E (33)

F=Ex4 F

177 450

2Q 2018

3-month average

USD millions

2Q 2018

(2453)

USD millions

Impairment loss 2)

2Q 2018

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

(2091)

2Q 2017

2017 2017

439 583 563

(52) (169) (76)

387 414 488

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

12742 11501 12113

30 36 40

1H 2017 2017

666 733 1348

(401) (348) (724)

(24) (19) (60)

(294) 51 99

(63) (43) (82)

(115) 374 581

1H 2017 2017

171 310 457

27 16 29

40 38 75

242 366 563

401 348 724

24 19 60

666 733 1348

32 (0) 82

698 733 1430

Jul 2017 Jun 2018

1H 2018

Trade payables 1) (1454) (1162) (1340)

Debtequity ratio

Total equity (8980) (9064) (9505)

Earnings per share

Net income O (211) 82 (96) 283 477

R (1) (1) (2)

(2) (4)

Y=(O-P-Q+R-UshyV)N 017 034 059 093 181

wwwyaracom

USD millions

1H 2018

Financial items

USD millions

Interest income

Interest expense

2Q 2018

2Q 2017 1H 2017

(21) (314) 48

1H 2018

Oslo 16 July 2018

Special items

(0) - (9) -

- - - -

(10) - (10) -

(10) - (19) -

(9) - (9) -

1 2 2 (12)

- 12 - 12

- - - -

(7) (7) -

(6) 14 (4) -

(24) 14 (32) -

2Q 2017 2Q 2018 1H 2017 1H 2018

Total Yara

1 2 2 (12)

- 12 - 12

(6) (12) (6) (12)

- - - -

(5) (3) (12)

(37) (3) (44) (17)

(0) - (9) -

(14) (5) (14) (6)

(10) - (10) -

(24) (5) (33) (6)

(9) - (9) -

Operating income

2Q 2018

(2489)

(3154)

273217830

2Q 2017

(2070)

(2629)

273217830

1H 2018

(4596)

(5877)

273217830

1H 2017 2017

5440 11358

(12) (13)

5442 11400

(4055) (8547)

(518) (1090)

(348) (724)

(19) (60)

(193) (521)

(5132) (10942)

310 457

366 563

(43) (82)

374 581

(97) (99)

277 482

283 477

277 482

103 175

273217830 273217830

Net income (216) 80 (103) 277 482

Total (528) 222 (298) 461 903

USD millions

Net income

1) Par value 170

Share Capital1)

adjustments

(1321)

(1154)

(1000)

(1169)

(8) (192) (1520) 10150 8647 270 8917

- - - 283 283 (5) 277

- 16 184 - 184 (2) 182

2 - 2 - 2 - 2

2 16 186 - 186 (2) 184

- - - 1 1 - 1

- - - (1) (1) (2) (3)

- - - - - 9 9

- - - (321) (321) (0) (322)

(6) (176) (1334) 10112 8795 269 9064

- - - 194 194 10 205

1 17 171 64 235 - 235

2 - 2 - 2 - 2

2 17 173 64 237 - 237

- - - (1) (1) - (1)

(3) (159) (1161) 10369 9225 280 9505

(4) (4) (4)

- - - (96) (96) (7) (103)

- 3 (169) - (169) (27) (195)

- - (0) - (0) - (0)

- 3 (169) - (169) (27) (196)

- - - 1 1 - 1

- - - - - (1) (2)

- - - (219) (219) (2) (221)

(3) (155) (1330) 10050 8737 243 8980

Total assets 17022 14713 15783 13997

30 Jun 2018

(1330)

(1334)

(1161)

(1520)

30 Jun 2018

Tax paid (48) (33) (70) (135) (196)

Other (48) (98) (21) (102) (96)

Dividend 2 (219) (321) (219) (321) (321)

Oslo 16 July 2018

Note 1

Total at 30 June 2018 273217830 -

Industrial 522 445 1006 912 1846

Production 308 270 567 422 891

Total 3192 2759 6048 5442 11400

Production 1116 979 2252 2097 4136

Total - - - - -

Industrial 526 449 1014 918 1862

Production 1424 1249 2819 2519 5026

Total 3192 2759 6048 5442 11400

Industrial 47 39 95 79 118

Production (82) 18 (101) 103 77

Total 38 130 171 310 457

Industrial 54 44 107 89 158

Production 95 180 252 416 722

Total 296 352 666 733 1348

Investments 1)

Production 558 319 733 527 1165

Total 673 384 1204 652 1505

Total Assets 2)

Production 10636 9771 10484

Total 17022 14713 15783

1H 2018 1H 2017 2017

Production 38 45 49

income

Depreciation and

loss 2) EBITDA

2Q 2018 Crop Nutrition 88 5 14 108 32 14 153

Industrial 47 0 3 51 3 0 54

Production (82) 11 1 (70) 158 6 95

Total 38 17 22 77 199 20 296

2Q 2017 Crop Nutrition 69 4 12 86 26 6 118

Industrial 39 2 0 41 3 - 44

Production 18 1 5 23 145 12 180

Total 130 7 19 156 178 18 352

1H 2018 Crop Nutrition 180 4 30 214 65 15 295

Industrial 95 0 5 100 6 0 107

Production (101) 24 3 (74) 317 8 252

Total 171 27 43 242 401 24 666

1H 2017 Crop Nutrition 153 3 28 184 52 7 243

Industrial 79 3 1 83 6 0 89

Production 103 10 9 122 283 12 416

Total 310 16 40 366 348 19 733

2017 Crop Nutrition 306 3 56 365 107 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

Freight insurance

and services Total

2Q 2018 2277 75 7 2359

456 44 23 522

258 28 16 303

0 - 1 1

2991 147 47 3185

1H 2018 4324 136 11 4471

904 65 37 1006

468 41 35 544

0 - 2 2

5696 243 84 6023 Total

2Q 2018 Crop Nutrition 737 497 281 385 314 144 2359

Industrial 315 54 28 32 61 32 522

Production 28 96 8 90 80 - 303

Total 1081 648 318 507 456 176 3185

2Q 2017 Crop Nutrition 562 620 262 225 259 115 2043

Industrial 305 14 27 18 48 32 445

Production 23 60 6 81 74 14 258

Total 889 694 295 324 380 162 2744

1H 2018 Crop Nutrition 1505 986 464 710 545 261 4471

Industrial 628 77 54 57 125 65 1006

Production 59 143 18 162 163 - 544

Total 2194 1206 535 929 833 326 6023

1H 2017 Crop Nutrition 1331 1163 450 449 476 238 4106

Industrial 597 33 58 43 122 59 912

Production 49 84 14 138 114 23 422

Total 1979 1280 521 629 712 319 5440

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

Inventories 4 67

Liabilities

EBITDA 12 9

Pro forma figures

Cubatatildeo 1)

Revenues 117

USD millions

Other income

Other 2 5 4 7 10

Total 6 12 23 14 55

Impairment loss

Note 8 Inventories

Total 2376 2263 2229

2019 270 32 5 307

2020 - 46 6 52

2021 87 46 6 138

2022 293 199 3 494

2023 - 44 22 66

Thereafter 1808 250 4 2062

Total 2457 618 45 3119

USD millions

Debt assumed as

part of acquisition

Foreign exchange

movement Fair value

30 Jun 2018

Non cash changes

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

Oslo 16 July 2018

Vice chair

Board member

EBITDA

USD millions

Results

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

USD millions

Impairment loss 2)

3-month rolling

2Q 2018

2Q 2017

3-month rolling

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

3-month average

USD millions

2Q 2018

(2453)

2Q 2017

(2091)

2017 2017

318 535 457

41 (35) 29

81 82 77

439 583 563

777 700 724

65 55 60

1281 1338 1348

(52) (169) (76)

1229 1170 1272

2017 2017

98 342 477

4 (6) 5

348 78 (17)

777 700 724

65 55 60

(63) (1) 23

1229 1170 1272

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

6423 5702 5984

40 27 39

19206 17230 18136

64 68 70

Jul 2017 Jun 2018

USD millions

3-month average

2Q 2017

77 156

E (33)

F=Ex4 F

177 450

2Q 2018

3-month average

USD millions

2Q 2018

(2453)

USD millions

Impairment loss 2)

2Q 2018

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

(2091)

2Q 2017

2017 2017

439 583 563

(52) (169) (76)

387 414 488

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

12742 11501 12113

30 36 40

1H 2017 2017

666 733 1348

(401) (348) (724)

(24) (19) (60)

(294) 51 99

(63) (43) (82)

(115) 374 581

1H 2017 2017

171 310 457

27 16 29

40 38 75

242 366 563

401 348 724

24 19 60

666 733 1348

32 (0) 82

698 733 1430

Jul 2017 Jun 2018

1H 2018

Trade payables 1) (1454) (1162) (1340)

Debtequity ratio

Total equity (8980) (9064) (9505)

Earnings per share

Net income O (211) 82 (96) 283 477

R (1) (1) (2)

(2) (4)

Y=(O-P-Q+R-UshyV)N 017 034 059 093 181

wwwyaracom

USD millions

1H 2018

Financial items

USD millions

Interest income

Interest expense

2Q 2018

2Q 2017 1H 2017

(21) (314) 48

1H 2018

Oslo 16 July 2018

Special items

(0) - (9) -

- - - -

(10) - (10) -

(10) - (19) -

(9) - (9) -

1 2 2 (12)

- 12 - 12

- - - -

(7) (7) -

(6) 14 (4) -

(24) 14 (32) -

2Q 2017 2Q 2018 1H 2017 1H 2018

Total Yara

1 2 2 (12)

- 12 - 12

(6) (12) (6) (12)

- - - -

(5) (3) (12)

(37) (3) (44) (17)

(0) - (9) -

(14) (5) (14) (6)

(10) - (10) -

(24) (5) (33) (6)

(9) - (9) -

Operating income

2Q 2018

(2489)

(3154)

273217830

2Q 2017

(2070)

(2629)

273217830

1H 2018

(4596)

(5877)

273217830

1H 2017 2017

5440 11358

(12) (13)

5442 11400

(4055) (8547)

(518) (1090)

(348) (724)

(19) (60)

(193) (521)

(5132) (10942)

310 457

366 563

(43) (82)

374 581

(97) (99)

277 482

283 477

277 482

103 175

273217830 273217830

Net income (216) 80 (103) 277 482

Total (528) 222 (298) 461 903

USD millions

Net income

1) Par value 170

Share Capital1)

adjustments

(1321)

(1154)

(1000)

(1169)

(8) (192) (1520) 10150 8647 270 8917

- - - 283 283 (5) 277

- 16 184 - 184 (2) 182

2 - 2 - 2 - 2

2 16 186 - 186 (2) 184

- - - 1 1 - 1

- - - (1) (1) (2) (3)

- - - - - 9 9

- - - (321) (321) (0) (322)

(6) (176) (1334) 10112 8795 269 9064

- - - 194 194 10 205

1 17 171 64 235 - 235

2 - 2 - 2 - 2

2 17 173 64 237 - 237

- - - (1) (1) - (1)

(3) (159) (1161) 10369 9225 280 9505

(4) (4) (4)

- - - (96) (96) (7) (103)

- 3 (169) - (169) (27) (195)

- - (0) - (0) - (0)

- 3 (169) - (169) (27) (196)

- - - 1 1 - 1

- - - - - (1) (2)

- - - (219) (219) (2) (221)

(3) (155) (1330) 10050 8737 243 8980

Total assets 17022 14713 15783 13997

30 Jun 2018

(1330)

(1334)

(1161)

(1520)

30 Jun 2018

Tax paid (48) (33) (70) (135) (196)

Other (48) (98) (21) (102) (96)

Dividend 2 (219) (321) (219) (321) (321)

Oslo 16 July 2018

Note 1

Total at 30 June 2018 273217830 -

Industrial 522 445 1006 912 1846

Production 308 270 567 422 891

Total 3192 2759 6048 5442 11400

Production 1116 979 2252 2097 4136

Total - - - - -

Industrial 526 449 1014 918 1862

Production 1424 1249 2819 2519 5026

Total 3192 2759 6048 5442 11400

Industrial 47 39 95 79 118

Production (82) 18 (101) 103 77

Total 38 130 171 310 457

Industrial 54 44 107 89 158

Production 95 180 252 416 722

Total 296 352 666 733 1348

Investments 1)

Production 558 319 733 527 1165

Total 673 384 1204 652 1505

Total Assets 2)

Production 10636 9771 10484

Total 17022 14713 15783

1H 2018 1H 2017 2017

Production 38 45 49

income

Depreciation and

loss 2) EBITDA

2Q 2018 Crop Nutrition 88 5 14 108 32 14 153

Industrial 47 0 3 51 3 0 54

Production (82) 11 1 (70) 158 6 95

Total 38 17 22 77 199 20 296

2Q 2017 Crop Nutrition 69 4 12 86 26 6 118

Industrial 39 2 0 41 3 - 44

Production 18 1 5 23 145 12 180

Total 130 7 19 156 178 18 352

1H 2018 Crop Nutrition 180 4 30 214 65 15 295

Industrial 95 0 5 100 6 0 107

Production (101) 24 3 (74) 317 8 252

Total 171 27 43 242 401 24 666

1H 2017 Crop Nutrition 153 3 28 184 52 7 243

Industrial 79 3 1 83 6 0 89

Production 103 10 9 122 283 12 416

Total 310 16 40 366 348 19 733

2017 Crop Nutrition 306 3 56 365 107 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

Freight insurance

and services Total

2Q 2018 2277 75 7 2359

456 44 23 522

258 28 16 303

0 - 1 1

2991 147 47 3185

1H 2018 4324 136 11 4471

904 65 37 1006

468 41 35 544

0 - 2 2

5696 243 84 6023 Total

2Q 2018 Crop Nutrition 737 497 281 385 314 144 2359

Industrial 315 54 28 32 61 32 522

Production 28 96 8 90 80 - 303

Total 1081 648 318 507 456 176 3185

2Q 2017 Crop Nutrition 562 620 262 225 259 115 2043

Industrial 305 14 27 18 48 32 445

Production 23 60 6 81 74 14 258

Total 889 694 295 324 380 162 2744

1H 2018 Crop Nutrition 1505 986 464 710 545 261 4471

Industrial 628 77 54 57 125 65 1006

Production 59 143 18 162 163 - 544

Total 2194 1206 535 929 833 326 6023

1H 2017 Crop Nutrition 1331 1163 450 449 476 238 4106

Industrial 597 33 58 43 122 59 912

Production 49 84 14 138 114 23 422

Total 1979 1280 521 629 712 319 5440

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

Inventories 4 67

Liabilities

EBITDA 12 9

Pro forma figures

Cubatatildeo 1)

Revenues 117

USD millions

Other income

Other 2 5 4 7 10

Total 6 12 23 14 55

Impairment loss

Note 8 Inventories

Total 2376 2263 2229

2019 270 32 5 307

2020 - 46 6 52

2021 87 46 6 138

2022 293 199 3 494

2023 - 44 22 66

Thereafter 1808 250 4 2062

Total 2457 618 45 3119

USD millions

Debt assumed as

part of acquisition

Foreign exchange

movement Fair value

30 Jun 2018

Non cash changes

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

Oslo 16 July 2018

Vice chair

Board member

EBITDA

USD millions

Results

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

USD millions

Impairment loss 2)

3-month rolling

2Q 2018

2Q 2017

3-month rolling

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

3-month average

USD millions

2Q 2018

(2453)

2Q 2017

(2091)

2017 2017

318 535 457

41 (35) 29

81 82 77

439 583 563

777 700 724

65 55 60

1281 1338 1348

(52) (169) (76)

1229 1170 1272

2017 2017

98 342 477

4 (6) 5

348 78 (17)

777 700 724

65 55 60

(63) (1) 23

1229 1170 1272

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

6423 5702 5984

40 27 39

19206 17230 18136

64 68 70

Jul 2017 Jun 2018

USD millions

3-month average

2Q 2017

77 156

E (33)

F=Ex4 F

177 450

2Q 2018

3-month average

USD millions

2Q 2018

(2453)

USD millions

Impairment loss 2)

2Q 2018

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

(2091)

2Q 2017

2017 2017

439 583 563

(52) (169) (76)

387 414 488

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

12742 11501 12113

30 36 40

1H 2017 2017

666 733 1348

(401) (348) (724)

(24) (19) (60)

(294) 51 99

(63) (43) (82)

(115) 374 581

1H 2017 2017

171 310 457

27 16 29

40 38 75

242 366 563

401 348 724

24 19 60

666 733 1348

32 (0) 82

698 733 1430

Jul 2017 Jun 2018

1H 2018

Trade payables 1) (1454) (1162) (1340)

Debtequity ratio

Total equity (8980) (9064) (9505)

Earnings per share

Net income O (211) 82 (96) 283 477

R (1) (1) (2)

(2) (4)

Y=(O-P-Q+R-UshyV)N 017 034 059 093 181

wwwyaracom

Financial items

USD millions

Interest income

Interest expense

2Q 2018

2Q 2017 1H 2017

(21) (314) 48

1H 2018

Oslo 16 July 2018

Special items

(0) - (9) -

- - - -

(10) - (10) -

(10) - (19) -

(9) - (9) -

1 2 2 (12)

- 12 - 12

- - - -

(7) (7) -

(6) 14 (4) -

(24) 14 (32) -

2Q 2017 2Q 2018 1H 2017 1H 2018

Total Yara

1 2 2 (12)

- 12 - 12

(6) (12) (6) (12)

- - - -

(5) (3) (12)

(37) (3) (44) (17)

(0) - (9) -

(14) (5) (14) (6)

(10) - (10) -

(24) (5) (33) (6)

(9) - (9) -

Operating income

2Q 2018

(2489)

(3154)

273217830

2Q 2017

(2070)

(2629)

273217830

1H 2018

(4596)

(5877)

273217830

1H 2017 2017

5440 11358

(12) (13)

5442 11400

(4055) (8547)

(518) (1090)

(348) (724)

(19) (60)

(193) (521)

(5132) (10942)

310 457

366 563

(43) (82)

374 581

(97) (99)

277 482

283 477

277 482

103 175

273217830 273217830

Net income (216) 80 (103) 277 482

Total (528) 222 (298) 461 903

USD millions

Net income

1) Par value 170

Share Capital1)

adjustments

(1321)

(1154)

(1000)

(1169)

(8) (192) (1520) 10150 8647 270 8917

- - - 283 283 (5) 277

- 16 184 - 184 (2) 182

2 - 2 - 2 - 2

2 16 186 - 186 (2) 184

- - - 1 1 - 1

- - - (1) (1) (2) (3)

- - - - - 9 9

- - - (321) (321) (0) (322)

(6) (176) (1334) 10112 8795 269 9064

- - - 194 194 10 205

1 17 171 64 235 - 235

2 - 2 - 2 - 2

2 17 173 64 237 - 237

- - - (1) (1) - (1)

(3) (159) (1161) 10369 9225 280 9505

(4) (4) (4)

- - - (96) (96) (7) (103)

- 3 (169) - (169) (27) (195)

- - (0) - (0) - (0)

- 3 (169) - (169) (27) (196)

- - - 1 1 - 1

- - - - - (1) (2)

- - - (219) (219) (2) (221)

(3) (155) (1330) 10050 8737 243 8980

Total assets 17022 14713 15783 13997

30 Jun 2018

(1330)

(1334)

(1161)

(1520)

30 Jun 2018

Tax paid (48) (33) (70) (135) (196)

Other (48) (98) (21) (102) (96)

Dividend 2 (219) (321) (219) (321) (321)

Oslo 16 July 2018

Note 1

Total at 30 June 2018 273217830 -

Industrial 522 445 1006 912 1846

Production 308 270 567 422 891

Total 3192 2759 6048 5442 11400

Production 1116 979 2252 2097 4136

Total - - - - -

Industrial 526 449 1014 918 1862

Production 1424 1249 2819 2519 5026

Total 3192 2759 6048 5442 11400

Industrial 47 39 95 79 118

Production (82) 18 (101) 103 77

Total 38 130 171 310 457

Industrial 54 44 107 89 158

Production 95 180 252 416 722

Total 296 352 666 733 1348

Investments 1)

Production 558 319 733 527 1165

Total 673 384 1204 652 1505

Total Assets 2)

Production 10636 9771 10484

Total 17022 14713 15783

1H 2018 1H 2017 2017

Production 38 45 49

income

Depreciation and

loss 2) EBITDA

2Q 2018 Crop Nutrition 88 5 14 108 32 14 153

Industrial 47 0 3 51 3 0 54

Production (82) 11 1 (70) 158 6 95

Total 38 17 22 77 199 20 296

2Q 2017 Crop Nutrition 69 4 12 86 26 6 118

Industrial 39 2 0 41 3 - 44

Production 18 1 5 23 145 12 180

Total 130 7 19 156 178 18 352

1H 2018 Crop Nutrition 180 4 30 214 65 15 295

Industrial 95 0 5 100 6 0 107

Production (101) 24 3 (74) 317 8 252

Total 171 27 43 242 401 24 666

1H 2017 Crop Nutrition 153 3 28 184 52 7 243

Industrial 79 3 1 83 6 0 89

Production 103 10 9 122 283 12 416

Total 310 16 40 366 348 19 733

2017 Crop Nutrition 306 3 56 365 107 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

Freight insurance

and services Total

2Q 2018 2277 75 7 2359

456 44 23 522

258 28 16 303

0 - 1 1

2991 147 47 3185

1H 2018 4324 136 11 4471

904 65 37 1006

468 41 35 544

0 - 2 2

5696 243 84 6023 Total

2Q 2018 Crop Nutrition 737 497 281 385 314 144 2359

Industrial 315 54 28 32 61 32 522

Production 28 96 8 90 80 - 303

Total 1081 648 318 507 456 176 3185

2Q 2017 Crop Nutrition 562 620 262 225 259 115 2043

Industrial 305 14 27 18 48 32 445

Production 23 60 6 81 74 14 258

Total 889 694 295 324 380 162 2744

1H 2018 Crop Nutrition 1505 986 464 710 545 261 4471

Industrial 628 77 54 57 125 65 1006

Production 59 143 18 162 163 - 544

Total 2194 1206 535 929 833 326 6023

1H 2017 Crop Nutrition 1331 1163 450 449 476 238 4106

Industrial 597 33 58 43 122 59 912

Production 49 84 14 138 114 23 422

Total 1979 1280 521 629 712 319 5440

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

Inventories 4 67

Liabilities

EBITDA 12 9

Pro forma figures

Cubatatildeo 1)

Revenues 117

USD millions

Other income

Other 2 5 4 7 10

Total 6 12 23 14 55

Impairment loss

Note 8 Inventories

Total 2376 2263 2229

2019 270 32 5 307

2020 - 46 6 52

2021 87 46 6 138

2022 293 199 3 494

2023 - 44 22 66

Thereafter 1808 250 4 2062

Total 2457 618 45 3119

USD millions

Debt assumed as

part of acquisition

Foreign exchange

movement Fair value

30 Jun 2018

Non cash changes

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

Oslo 16 July 2018

Vice chair

Board member

EBITDA

USD millions

Results

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

USD millions

Impairment loss 2)

3-month rolling

2Q 2018

2Q 2017

3-month rolling

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

3-month average

USD millions

2Q 2018

(2453)

2Q 2017

(2091)

2017 2017

318 535 457

41 (35) 29

81 82 77

439 583 563

777 700 724

65 55 60

1281 1338 1348

(52) (169) (76)

1229 1170 1272

2017 2017

98 342 477

4 (6) 5

348 78 (17)

777 700 724

65 55 60

(63) (1) 23

1229 1170 1272

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

6423 5702 5984

40 27 39

19206 17230 18136

64 68 70

Jul 2017 Jun 2018

USD millions

3-month average

2Q 2017

77 156

E (33)

F=Ex4 F

177 450

2Q 2018

3-month average

USD millions

2Q 2018

(2453)

USD millions

Impairment loss 2)

2Q 2018

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

(2091)

2Q 2017

2017 2017

439 583 563

(52) (169) (76)

387 414 488

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

12742 11501 12113

30 36 40

1H 2017 2017

666 733 1348

(401) (348) (724)

(24) (19) (60)

(294) 51 99

(63) (43) (82)

(115) 374 581

1H 2017 2017

171 310 457

27 16 29

40 38 75

242 366 563

401 348 724

24 19 60

666 733 1348

32 (0) 82

698 733 1430

Jul 2017 Jun 2018

1H 2018

Trade payables 1) (1454) (1162) (1340)

Debtequity ratio

Total equity (8980) (9064) (9505)

Earnings per share

Net income O (211) 82 (96) 283 477

R (1) (1) (2)

(2) (4)

Y=(O-P-Q+R-UshyV)N 017 034 059 093 181

wwwyaracom

Oslo 16 July 2018

Special items

(0) - (9) -

- - - -

(10) - (10) -

(10) - (19) -

(9) - (9) -

1 2 2 (12)

- 12 - 12

- - - -

(7) (7) -

(6) 14 (4) -

(24) 14 (32) -

2Q 2017 2Q 2018 1H 2017 1H 2018

Total Yara

1 2 2 (12)

- 12 - 12

(6) (12) (6) (12)

- - - -

(5) (3) (12)

(37) (3) (44) (17)

(0) - (9) -

(14) (5) (14) (6)

(10) - (10) -

(24) (5) (33) (6)

(9) - (9) -

Operating income

2Q 2018

(2489)

(3154)

273217830

2Q 2017

(2070)

(2629)

273217830

1H 2018

(4596)

(5877)

273217830

1H 2017 2017

5440 11358

(12) (13)

5442 11400

(4055) (8547)

(518) (1090)

(348) (724)

(19) (60)

(193) (521)

(5132) (10942)

310 457

366 563

(43) (82)

374 581

(97) (99)

277 482

283 477

277 482

103 175

273217830 273217830

Net income (216) 80 (103) 277 482

Total (528) 222 (298) 461 903

USD millions

Net income

1) Par value 170

Share Capital1)

adjustments

(1321)

(1154)

(1000)

(1169)

(8) (192) (1520) 10150 8647 270 8917

- - - 283 283 (5) 277

- 16 184 - 184 (2) 182

2 - 2 - 2 - 2

2 16 186 - 186 (2) 184

- - - 1 1 - 1

- - - (1) (1) (2) (3)

- - - - - 9 9

- - - (321) (321) (0) (322)

(6) (176) (1334) 10112 8795 269 9064

- - - 194 194 10 205

1 17 171 64 235 - 235

2 - 2 - 2 - 2

2 17 173 64 237 - 237

- - - (1) (1) - (1)

(3) (159) (1161) 10369 9225 280 9505

(4) (4) (4)

- - - (96) (96) (7) (103)

- 3 (169) - (169) (27) (195)

- - (0) - (0) - (0)

- 3 (169) - (169) (27) (196)

- - - 1 1 - 1

- - - - - (1) (2)

- - - (219) (219) (2) (221)

(3) (155) (1330) 10050 8737 243 8980

Total assets 17022 14713 15783 13997

30 Jun 2018

(1330)

(1334)

(1161)

(1520)

30 Jun 2018

Tax paid (48) (33) (70) (135) (196)

Other (48) (98) (21) (102) (96)

Dividend 2 (219) (321) (219) (321) (321)

Oslo 16 July 2018

Note 1

Total at 30 June 2018 273217830 -

Industrial 522 445 1006 912 1846

Production 308 270 567 422 891

Total 3192 2759 6048 5442 11400

Production 1116 979 2252 2097 4136

Total - - - - -

Industrial 526 449 1014 918 1862

Production 1424 1249 2819 2519 5026

Total 3192 2759 6048 5442 11400

Industrial 47 39 95 79 118

Production (82) 18 (101) 103 77

Total 38 130 171 310 457

Industrial 54 44 107 89 158

Production 95 180 252 416 722

Total 296 352 666 733 1348

Investments 1)

Production 558 319 733 527 1165

Total 673 384 1204 652 1505

Total Assets 2)

Production 10636 9771 10484

Total 17022 14713 15783

1H 2018 1H 2017 2017

Production 38 45 49

income

Depreciation and

loss 2) EBITDA

2Q 2018 Crop Nutrition 88 5 14 108 32 14 153

Industrial 47 0 3 51 3 0 54

Production (82) 11 1 (70) 158 6 95

Total 38 17 22 77 199 20 296

2Q 2017 Crop Nutrition 69 4 12 86 26 6 118

Industrial 39 2 0 41 3 - 44

Production 18 1 5 23 145 12 180

Total 130 7 19 156 178 18 352

1H 2018 Crop Nutrition 180 4 30 214 65 15 295

Industrial 95 0 5 100 6 0 107

Production (101) 24 3 (74) 317 8 252

Total 171 27 43 242 401 24 666

1H 2017 Crop Nutrition 153 3 28 184 52 7 243

Industrial 79 3 1 83 6 0 89

Production 103 10 9 122 283 12 416

Total 310 16 40 366 348 19 733

2017 Crop Nutrition 306 3 56 365 107 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

Freight insurance

and services Total

2Q 2018 2277 75 7 2359

456 44 23 522

258 28 16 303

0 - 1 1

2991 147 47 3185

1H 2018 4324 136 11 4471

904 65 37 1006

468 41 35 544

0 - 2 2

5696 243 84 6023 Total

2Q 2018 Crop Nutrition 737 497 281 385 314 144 2359

Industrial 315 54 28 32 61 32 522

Production 28 96 8 90 80 - 303

Total 1081 648 318 507 456 176 3185

2Q 2017 Crop Nutrition 562 620 262 225 259 115 2043

Industrial 305 14 27 18 48 32 445

Production 23 60 6 81 74 14 258

Total 889 694 295 324 380 162 2744

1H 2018 Crop Nutrition 1505 986 464 710 545 261 4471

Industrial 628 77 54 57 125 65 1006

Production 59 143 18 162 163 - 544

Total 2194 1206 535 929 833 326 6023

1H 2017 Crop Nutrition 1331 1163 450 449 476 238 4106

Industrial 597 33 58 43 122 59 912

Production 49 84 14 138 114 23 422

Total 1979 1280 521 629 712 319 5440

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

Inventories 4 67

Liabilities

EBITDA 12 9

Pro forma figures

Cubatatildeo 1)

Revenues 117

USD millions

Other income

Other 2 5 4 7 10

Total 6 12 23 14 55

Impairment loss

Note 8 Inventories

Total 2376 2263 2229

2019 270 32 5 307

2020 - 46 6 52

2021 87 46 6 138

2022 293 199 3 494

2023 - 44 22 66

Thereafter 1808 250 4 2062

Total 2457 618 45 3119

USD millions

Debt assumed as

part of acquisition

Foreign exchange

movement Fair value

30 Jun 2018

Non cash changes

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

Oslo 16 July 2018

Vice chair

Board member

EBITDA

USD millions

Results

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

USD millions

Impairment loss 2)

3-month rolling

2Q 2018

2Q 2017

3-month rolling

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

3-month average

USD millions

2Q 2018

(2453)

2Q 2017

(2091)

2017 2017

318 535 457

41 (35) 29

81 82 77

439 583 563

777 700 724

65 55 60

1281 1338 1348

(52) (169) (76)

1229 1170 1272

2017 2017

98 342 477

4 (6) 5

348 78 (17)

777 700 724

65 55 60

(63) (1) 23

1229 1170 1272

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

6423 5702 5984

40 27 39

19206 17230 18136

64 68 70

Jul 2017 Jun 2018

USD millions

3-month average

2Q 2017

77 156

E (33)

F=Ex4 F

177 450

2Q 2018

3-month average

USD millions

2Q 2018

(2453)

USD millions

Impairment loss 2)

2Q 2018

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

(2091)

2Q 2017

2017 2017

439 583 563

(52) (169) (76)

387 414 488

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

12742 11501 12113

30 36 40

1H 2017 2017

666 733 1348

(401) (348) (724)

(24) (19) (60)

(294) 51 99

(63) (43) (82)

(115) 374 581

1H 2017 2017

171 310 457

27 16 29

40 38 75

242 366 563

401 348 724

24 19 60

666 733 1348

32 (0) 82

698 733 1430

Jul 2017 Jun 2018

1H 2018

Trade payables 1) (1454) (1162) (1340)

Debtequity ratio

Total equity (8980) (9064) (9505)

Earnings per share

Net income O (211) 82 (96) 283 477

R (1) (1) (2)

(2) (4)

Y=(O-P-Q+R-UshyV)N 017 034 059 093 181

wwwyaracom

Oslo 16 July 2018

Special items

(0) - (9) -

- - - -

(10) - (10) -

(10) - (19) -

(9) - (9) -

1 2 2 (12)

- 12 - 12

- - - -

(7) (7) -

(6) 14 (4) -

(24) 14 (32) -

2Q 2017 2Q 2018 1H 2017 1H 2018

Total Yara

1 2 2 (12)

- 12 - 12

(6) (12) (6) (12)

- - - -

(5) (3) (12)

(37) (3) (44) (17)

(0) - (9) -

(14) (5) (14) (6)

(10) - (10) -

(24) (5) (33) (6)

(9) - (9) -

Operating income

2Q 2018

(2489)

(3154)

273217830

2Q 2017

(2070)

(2629)

273217830

1H 2018

(4596)

(5877)

273217830

1H 2017 2017

5440 11358

(12) (13)

5442 11400

(4055) (8547)

(518) (1090)

(348) (724)

(19) (60)

(193) (521)

(5132) (10942)

310 457

366 563

(43) (82)

374 581

(97) (99)

277 482

283 477

277 482

103 175

273217830 273217830

Net income (216) 80 (103) 277 482

Total (528) 222 (298) 461 903

USD millions

Net income

1) Par value 170

Share Capital1)

adjustments

(1321)

(1154)

(1000)

(1169)

(8) (192) (1520) 10150 8647 270 8917

- - - 283 283 (5) 277

- 16 184 - 184 (2) 182

2 - 2 - 2 - 2

2 16 186 - 186 (2) 184

- - - 1 1 - 1

- - - (1) (1) (2) (3)

- - - - - 9 9

- - - (321) (321) (0) (322)

(6) (176) (1334) 10112 8795 269 9064

- - - 194 194 10 205

1 17 171 64 235 - 235

2 - 2 - 2 - 2

2 17 173 64 237 - 237

- - - (1) (1) - (1)

(3) (159) (1161) 10369 9225 280 9505

(4) (4) (4)

- - - (96) (96) (7) (103)

- 3 (169) - (169) (27) (195)

- - (0) - (0) - (0)

- 3 (169) - (169) (27) (196)

- - - 1 1 - 1

- - - - - (1) (2)

- - - (219) (219) (2) (221)

(3) (155) (1330) 10050 8737 243 8980

Total assets 17022 14713 15783 13997

30 Jun 2018

(1330)

(1334)

(1161)

(1520)

30 Jun 2018

Tax paid (48) (33) (70) (135) (196)

Other (48) (98) (21) (102) (96)

Dividend 2 (219) (321) (219) (321) (321)

Oslo 16 July 2018

Note 1

Total at 30 June 2018 273217830 -

Industrial 522 445 1006 912 1846

Production 308 270 567 422 891

Total 3192 2759 6048 5442 11400

Production 1116 979 2252 2097 4136

Total - - - - -

Industrial 526 449 1014 918 1862

Production 1424 1249 2819 2519 5026

Total 3192 2759 6048 5442 11400

Industrial 47 39 95 79 118

Production (82) 18 (101) 103 77

Total 38 130 171 310 457

Industrial 54 44 107 89 158

Production 95 180 252 416 722

Total 296 352 666 733 1348

Investments 1)

Production 558 319 733 527 1165

Total 673 384 1204 652 1505

Total Assets 2)

Production 10636 9771 10484

Total 17022 14713 15783

1H 2018 1H 2017 2017

Production 38 45 49

income

Depreciation and

loss 2) EBITDA

2Q 2018 Crop Nutrition 88 5 14 108 32 14 153

Industrial 47 0 3 51 3 0 54

Production (82) 11 1 (70) 158 6 95

Total 38 17 22 77 199 20 296

2Q 2017 Crop Nutrition 69 4 12 86 26 6 118

Industrial 39 2 0 41 3 - 44

Production 18 1 5 23 145 12 180

Total 130 7 19 156 178 18 352

1H 2018 Crop Nutrition 180 4 30 214 65 15 295

Industrial 95 0 5 100 6 0 107

Production (101) 24 3 (74) 317 8 252

Total 171 27 43 242 401 24 666

1H 2017 Crop Nutrition 153 3 28 184 52 7 243

Industrial 79 3 1 83 6 0 89

Production 103 10 9 122 283 12 416

Total 310 16 40 366 348 19 733

2017 Crop Nutrition 306 3 56 365 107 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

Freight insurance

and services Total

2Q 2018 2277 75 7 2359

456 44 23 522

258 28 16 303

0 - 1 1

2991 147 47 3185

1H 2018 4324 136 11 4471

904 65 37 1006

468 41 35 544

0 - 2 2

5696 243 84 6023 Total

2Q 2018 Crop Nutrition 737 497 281 385 314 144 2359

Industrial 315 54 28 32 61 32 522

Production 28 96 8 90 80 - 303

Total 1081 648 318 507 456 176 3185

2Q 2017 Crop Nutrition 562 620 262 225 259 115 2043

Industrial 305 14 27 18 48 32 445

Production 23 60 6 81 74 14 258

Total 889 694 295 324 380 162 2744

1H 2018 Crop Nutrition 1505 986 464 710 545 261 4471

Industrial 628 77 54 57 125 65 1006

Production 59 143 18 162 163 - 544

Total 2194 1206 535 929 833 326 6023

1H 2017 Crop Nutrition 1331 1163 450 449 476 238 4106

Industrial 597 33 58 43 122 59 912

Production 49 84 14 138 114 23 422

Total 1979 1280 521 629 712 319 5440

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

Inventories 4 67

Liabilities

EBITDA 12 9

Pro forma figures

Cubatatildeo 1)

Revenues 117

USD millions

Other income

Other 2 5 4 7 10

Total 6 12 23 14 55

Impairment loss

Note 8 Inventories

Total 2376 2263 2229

2019 270 32 5 307

2020 - 46 6 52

2021 87 46 6 138

2022 293 199 3 494

2023 - 44 22 66

Thereafter 1808 250 4 2062

Total 2457 618 45 3119

USD millions

Debt assumed as

part of acquisition

Foreign exchange

movement Fair value

30 Jun 2018

Non cash changes

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

Oslo 16 July 2018

Vice chair

Board member

EBITDA

USD millions

Results

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

USD millions

Impairment loss 2)

3-month rolling

2Q 2018

2Q 2017

3-month rolling

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

3-month average

USD millions

2Q 2018

(2453)

2Q 2017

(2091)

2017 2017

318 535 457

41 (35) 29

81 82 77

439 583 563

777 700 724

65 55 60

1281 1338 1348

(52) (169) (76)

1229 1170 1272

2017 2017

98 342 477

4 (6) 5

348 78 (17)

777 700 724

65 55 60

(63) (1) 23

1229 1170 1272

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

6423 5702 5984

40 27 39

19206 17230 18136

64 68 70

Jul 2017 Jun 2018

USD millions

3-month average

2Q 2017

77 156

E (33)

F=Ex4 F

177 450

2Q 2018

3-month average

USD millions

2Q 2018

(2453)

USD millions

Impairment loss 2)

2Q 2018

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

(2091)

2Q 2017

2017 2017

439 583 563

(52) (169) (76)

387 414 488

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

12742 11501 12113

30 36 40

1H 2017 2017

666 733 1348

(401) (348) (724)

(24) (19) (60)

(294) 51 99

(63) (43) (82)

(115) 374 581

1H 2017 2017

171 310 457

27 16 29

40 38 75

242 366 563

401 348 724

24 19 60

666 733 1348

32 (0) 82

698 733 1430

Jul 2017 Jun 2018

1H 2018

Trade payables 1) (1454) (1162) (1340)

Debtequity ratio

Total equity (8980) (9064) (9505)

Earnings per share

Net income O (211) 82 (96) 283 477

R (1) (1) (2)

(2) (4)

Y=(O-P-Q+R-UshyV)N 017 034 059 093 181

wwwyaracom

Oslo 16 July 2018

Special items

(0) - (9) -

- - - -

(10) - (10) -

(10) - (19) -

(9) - (9) -

1 2 2 (12)

- 12 - 12

- - - -

(7) (7) -

(6) 14 (4) -

(24) 14 (32) -

2Q 2017 2Q 2018 1H 2017 1H 2018

Total Yara

1 2 2 (12)

- 12 - 12

(6) (12) (6) (12)

- - - -

(5) (3) (12)

(37) (3) (44) (17)

(0) - (9) -

(14) (5) (14) (6)

(10) - (10) -

(24) (5) (33) (6)

(9) - (9) -

Operating income

2Q 2018

(2489)

(3154)

273217830

2Q 2017

(2070)

(2629)

273217830

1H 2018

(4596)

(5877)

273217830

1H 2017 2017

5440 11358

(12) (13)

5442 11400

(4055) (8547)

(518) (1090)

(348) (724)

(19) (60)

(193) (521)

(5132) (10942)

310 457

366 563

(43) (82)

374 581

(97) (99)

277 482

283 477

277 482

103 175

273217830 273217830

Net income (216) 80 (103) 277 482

Total (528) 222 (298) 461 903

USD millions

Net income

1) Par value 170

Share Capital1)

adjustments

(1321)

(1154)

(1000)

(1169)

(8) (192) (1520) 10150 8647 270 8917

- - - 283 283 (5) 277

- 16 184 - 184 (2) 182

2 - 2 - 2 - 2

2 16 186 - 186 (2) 184

- - - 1 1 - 1

- - - (1) (1) (2) (3)

- - - - - 9 9

- - - (321) (321) (0) (322)

(6) (176) (1334) 10112 8795 269 9064

- - - 194 194 10 205

1 17 171 64 235 - 235

2 - 2 - 2 - 2

2 17 173 64 237 - 237

- - - (1) (1) - (1)

(3) (159) (1161) 10369 9225 280 9505

(4) (4) (4)

- - - (96) (96) (7) (103)

- 3 (169) - (169) (27) (195)

- - (0) - (0) - (0)

- 3 (169) - (169) (27) (196)

- - - 1 1 - 1

- - - - - (1) (2)

- - - (219) (219) (2) (221)

(3) (155) (1330) 10050 8737 243 8980

Total assets 17022 14713 15783 13997

30 Jun 2018

(1330)

(1334)

(1161)

(1520)

30 Jun 2018

Tax paid (48) (33) (70) (135) (196)

Other (48) (98) (21) (102) (96)

Dividend 2 (219) (321) (219) (321) (321)

Oslo 16 July 2018

Note 1

Total at 30 June 2018 273217830 -

Industrial 522 445 1006 912 1846

Production 308 270 567 422 891

Total 3192 2759 6048 5442 11400

Production 1116 979 2252 2097 4136

Total - - - - -

Industrial 526 449 1014 918 1862

Production 1424 1249 2819 2519 5026

Total 3192 2759 6048 5442 11400

Industrial 47 39 95 79 118

Production (82) 18 (101) 103 77

Total 38 130 171 310 457

Industrial 54 44 107 89 158

Production 95 180 252 416 722

Total 296 352 666 733 1348

Investments 1)

Production 558 319 733 527 1165

Total 673 384 1204 652 1505

Total Assets 2)

Production 10636 9771 10484

Total 17022 14713 15783

1H 2018 1H 2017 2017

Production 38 45 49

income

Depreciation and

loss 2) EBITDA

2Q 2018 Crop Nutrition 88 5 14 108 32 14 153

Industrial 47 0 3 51 3 0 54

Production (82) 11 1 (70) 158 6 95

Total 38 17 22 77 199 20 296

2Q 2017 Crop Nutrition 69 4 12 86 26 6 118

Industrial 39 2 0 41 3 - 44

Production 18 1 5 23 145 12 180

Total 130 7 19 156 178 18 352

1H 2018 Crop Nutrition 180 4 30 214 65 15 295

Industrial 95 0 5 100 6 0 107

Production (101) 24 3 (74) 317 8 252

Total 171 27 43 242 401 24 666

1H 2017 Crop Nutrition 153 3 28 184 52 7 243

Industrial 79 3 1 83 6 0 89

Production 103 10 9 122 283 12 416

Total 310 16 40 366 348 19 733

2017 Crop Nutrition 306 3 56 365 107 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

Freight insurance

and services Total

2Q 2018 2277 75 7 2359

456 44 23 522

258 28 16 303

0 - 1 1

2991 147 47 3185

1H 2018 4324 136 11 4471

904 65 37 1006

468 41 35 544

0 - 2 2

5696 243 84 6023 Total

2Q 2018 Crop Nutrition 737 497 281 385 314 144 2359

Industrial 315 54 28 32 61 32 522

Production 28 96 8 90 80 - 303

Total 1081 648 318 507 456 176 3185

2Q 2017 Crop Nutrition 562 620 262 225 259 115 2043

Industrial 305 14 27 18 48 32 445

Production 23 60 6 81 74 14 258

Total 889 694 295 324 380 162 2744

1H 2018 Crop Nutrition 1505 986 464 710 545 261 4471

Industrial 628 77 54 57 125 65 1006

Production 59 143 18 162 163 - 544

Total 2194 1206 535 929 833 326 6023

1H 2017 Crop Nutrition 1331 1163 450 449 476 238 4106

Industrial 597 33 58 43 122 59 912

Production 49 84 14 138 114 23 422

Total 1979 1280 521 629 712 319 5440

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

Inventories 4 67

Liabilities

EBITDA 12 9

Pro forma figures

Cubatatildeo 1)

Revenues 117

USD millions

Other income

Other 2 5 4 7 10

Total 6 12 23 14 55

Impairment loss

Note 8 Inventories

Total 2376 2263 2229

2019 270 32 5 307

2020 - 46 6 52

2021 87 46 6 138

2022 293 199 3 494

2023 - 44 22 66

Thereafter 1808 250 4 2062

Total 2457 618 45 3119

USD millions

Debt assumed as

part of acquisition

Foreign exchange

movement Fair value

30 Jun 2018

Non cash changes

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

Oslo 16 July 2018

Vice chair

Board member

EBITDA

USD millions

Results

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

USD millions

Impairment loss 2)

3-month rolling

2Q 2018

2Q 2017

3-month rolling

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

3-month average

USD millions

2Q 2018

(2453)

2Q 2017

(2091)

2017 2017

318 535 457

41 (35) 29

81 82 77

439 583 563

777 700 724

65 55 60

1281 1338 1348

(52) (169) (76)

1229 1170 1272

2017 2017

98 342 477

4 (6) 5

348 78 (17)

777 700 724

65 55 60

(63) (1) 23

1229 1170 1272

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

6423 5702 5984

40 27 39

19206 17230 18136

64 68 70

Jul 2017 Jun 2018

USD millions

3-month average

2Q 2017

77 156

E (33)

F=Ex4 F

177 450

2Q 2018

3-month average

USD millions

2Q 2018

(2453)

USD millions

Impairment loss 2)

2Q 2018

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

(2091)

2Q 2017

2017 2017

439 583 563

(52) (169) (76)

387 414 488

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

12742 11501 12113

30 36 40

1H 2017 2017

666 733 1348

(401) (348) (724)

(24) (19) (60)

(294) 51 99

(63) (43) (82)

(115) 374 581

1H 2017 2017

171 310 457

27 16 29

40 38 75

242 366 563

401 348 724

24 19 60

666 733 1348

32 (0) 82

698 733 1430

Jul 2017 Jun 2018

1H 2018

Trade payables 1) (1454) (1162) (1340)

Debtequity ratio

Total equity (8980) (9064) (9505)

Earnings per share

Net income O (211) 82 (96) 283 477

R (1) (1) (2)

(2) (4)

Y=(O-P-Q+R-UshyV)N 017 034 059 093 181

wwwyaracom

Special items

(0) - (9) -

- - - -

(10) - (10) -

(10) - (19) -

(9) - (9) -

1 2 2 (12)

- 12 - 12

- - - -

(7) (7) -

(6) 14 (4) -

(24) 14 (32) -

2Q 2017 2Q 2018 1H 2017 1H 2018

Total Yara

1 2 2 (12)

- 12 - 12

(6) (12) (6) (12)

- - - -

(5) (3) (12)

(37) (3) (44) (17)

(0) - (9) -

(14) (5) (14) (6)

(10) - (10) -

(24) (5) (33) (6)

(9) - (9) -

Operating income

2Q 2018

(2489)

(3154)

273217830

2Q 2017

(2070)

(2629)

273217830

1H 2018

(4596)

(5877)

273217830

1H 2017 2017

5440 11358

(12) (13)

5442 11400

(4055) (8547)

(518) (1090)

(348) (724)

(19) (60)

(193) (521)

(5132) (10942)

310 457

366 563

(43) (82)

374 581

(97) (99)

277 482

283 477

277 482

103 175

273217830 273217830

Net income (216) 80 (103) 277 482

Total (528) 222 (298) 461 903

USD millions

Net income

1) Par value 170

Share Capital1)

adjustments

(1321)

(1154)

(1000)

(1169)

(8) (192) (1520) 10150 8647 270 8917

- - - 283 283 (5) 277

- 16 184 - 184 (2) 182

2 - 2 - 2 - 2

2 16 186 - 186 (2) 184

- - - 1 1 - 1

- - - (1) (1) (2) (3)

- - - - - 9 9

- - - (321) (321) (0) (322)

(6) (176) (1334) 10112 8795 269 9064

- - - 194 194 10 205

1 17 171 64 235 - 235

2 - 2 - 2 - 2

2 17 173 64 237 - 237

- - - (1) (1) - (1)

(3) (159) (1161) 10369 9225 280 9505

(4) (4) (4)

- - - (96) (96) (7) (103)

- 3 (169) - (169) (27) (195)

- - (0) - (0) - (0)

- 3 (169) - (169) (27) (196)

- - - 1 1 - 1

- - - - - (1) (2)

- - - (219) (219) (2) (221)

(3) (155) (1330) 10050 8737 243 8980

Total assets 17022 14713 15783 13997

30 Jun 2018

(1330)

(1334)

(1161)

(1520)

30 Jun 2018

Tax paid (48) (33) (70) (135) (196)

Other (48) (98) (21) (102) (96)

Dividend 2 (219) (321) (219) (321) (321)

Oslo 16 July 2018

Note 1

Total at 30 June 2018 273217830 -

Industrial 522 445 1006 912 1846

Production 308 270 567 422 891

Total 3192 2759 6048 5442 11400

Production 1116 979 2252 2097 4136

Total - - - - -

Industrial 526 449 1014 918 1862

Production 1424 1249 2819 2519 5026

Total 3192 2759 6048 5442 11400

Industrial 47 39 95 79 118

Production (82) 18 (101) 103 77

Total 38 130 171 310 457

Industrial 54 44 107 89 158

Production 95 180 252 416 722

Total 296 352 666 733 1348

Investments 1)

Production 558 319 733 527 1165

Total 673 384 1204 652 1505

Total Assets 2)

Production 10636 9771 10484

Total 17022 14713 15783

1H 2018 1H 2017 2017

Production 38 45 49

income

Depreciation and

loss 2) EBITDA

2Q 2018 Crop Nutrition 88 5 14 108 32 14 153

Industrial 47 0 3 51 3 0 54

Production (82) 11 1 (70) 158 6 95

Total 38 17 22 77 199 20 296

2Q 2017 Crop Nutrition 69 4 12 86 26 6 118

Industrial 39 2 0 41 3 - 44

Production 18 1 5 23 145 12 180

Total 130 7 19 156 178 18 352

1H 2018 Crop Nutrition 180 4 30 214 65 15 295

Industrial 95 0 5 100 6 0 107

Production (101) 24 3 (74) 317 8 252

Total 171 27 43 242 401 24 666

1H 2017 Crop Nutrition 153 3 28 184 52 7 243

Industrial 79 3 1 83 6 0 89

Production 103 10 9 122 283 12 416

Total 310 16 40 366 348 19 733

2017 Crop Nutrition 306 3 56 365 107 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

Freight insurance

and services Total

2Q 2018 2277 75 7 2359

456 44 23 522

258 28 16 303

0 - 1 1

2991 147 47 3185

1H 2018 4324 136 11 4471

904 65 37 1006

468 41 35 544

0 - 2 2

5696 243 84 6023 Total

2Q 2018 Crop Nutrition 737 497 281 385 314 144 2359

Industrial 315 54 28 32 61 32 522

Production 28 96 8 90 80 - 303

Total 1081 648 318 507 456 176 3185

2Q 2017 Crop Nutrition 562 620 262 225 259 115 2043

Industrial 305 14 27 18 48 32 445

Production 23 60 6 81 74 14 258

Total 889 694 295 324 380 162 2744

1H 2018 Crop Nutrition 1505 986 464 710 545 261 4471

Industrial 628 77 54 57 125 65 1006

Production 59 143 18 162 163 - 544

Total 2194 1206 535 929 833 326 6023

1H 2017 Crop Nutrition 1331 1163 450 449 476 238 4106

Industrial 597 33 58 43 122 59 912

Production 49 84 14 138 114 23 422

Total 1979 1280 521 629 712 319 5440

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

Inventories 4 67

Liabilities

EBITDA 12 9

Pro forma figures

Cubatatildeo 1)

Revenues 117

USD millions

Other income

Other 2 5 4 7 10

Total 6 12 23 14 55

Impairment loss

Note 8 Inventories

Total 2376 2263 2229

2019 270 32 5 307

2020 - 46 6 52

2021 87 46 6 138

2022 293 199 3 494

2023 - 44 22 66

Thereafter 1808 250 4 2062

Total 2457 618 45 3119

USD millions

Debt assumed as

part of acquisition

Foreign exchange

movement Fair value

30 Jun 2018

Non cash changes

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

Oslo 16 July 2018

Vice chair

Board member

EBITDA

USD millions

Results

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

USD millions

Impairment loss 2)

3-month rolling

2Q 2018

2Q 2017

3-month rolling

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

3-month average

USD millions

2Q 2018

(2453)

2Q 2017

(2091)

2017 2017

318 535 457

41 (35) 29

81 82 77

439 583 563

777 700 724

65 55 60

1281 1338 1348

(52) (169) (76)

1229 1170 1272

2017 2017

98 342 477

4 (6) 5

348 78 (17)

777 700 724

65 55 60

(63) (1) 23

1229 1170 1272

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

6423 5702 5984

40 27 39

19206 17230 18136

64 68 70

Jul 2017 Jun 2018

USD millions

3-month average

2Q 2017

77 156

E (33)

F=Ex4 F

177 450

2Q 2018

3-month average

USD millions

2Q 2018

(2453)

USD millions

Impairment loss 2)

2Q 2018

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

(2091)

2Q 2017

2017 2017

439 583 563

(52) (169) (76)

387 414 488

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

12742 11501 12113

30 36 40

1H 2017 2017

666 733 1348

(401) (348) (724)

(24) (19) (60)

(294) 51 99

(63) (43) (82)

(115) 374 581

1H 2017 2017

171 310 457

27 16 29

40 38 75

242 366 563

401 348 724

24 19 60

666 733 1348

32 (0) 82

698 733 1430

Jul 2017 Jun 2018

1H 2018

Trade payables 1) (1454) (1162) (1340)

Debtequity ratio

Total equity (8980) (9064) (9505)

Earnings per share

Net income O (211) 82 (96) 283 477

R (1) (1) (2)

(2) (4)

Y=(O-P-Q+R-UshyV)N 017 034 059 093 181

wwwyaracom

Special items

(0) - (9) -

- - - -

(10) - (10) -

(10) - (19) -

(9) - (9) -

1 2 2 (12)

- 12 - 12

- - - -

(7) (7) -

(6) 14 (4) -

(24) 14 (32) -

2Q 2017 2Q 2018 1H 2017 1H 2018

Total Yara

1 2 2 (12)

- 12 - 12

(6) (12) (6) (12)

- - - -

(5) (3) (12)

(37) (3) (44) (17)

(0) - (9) -

(14) (5) (14) (6)

(10) - (10) -

(24) (5) (33) (6)

(9) - (9) -

Operating income

2Q 2018

(2489)

(3154)

273217830

2Q 2017

(2070)

(2629)

273217830

1H 2018

(4596)

(5877)

273217830

1H 2017 2017

5440 11358

(12) (13)

5442 11400

(4055) (8547)

(518) (1090)

(348) (724)

(19) (60)

(193) (521)

(5132) (10942)

310 457

366 563

(43) (82)

374 581

(97) (99)

277 482

283 477

277 482

103 175

273217830 273217830

Net income (216) 80 (103) 277 482

Total (528) 222 (298) 461 903

USD millions

Net income

1) Par value 170

Share Capital1)

adjustments

(1321)

(1154)

(1000)

(1169)

(8) (192) (1520) 10150 8647 270 8917

- - - 283 283 (5) 277

- 16 184 - 184 (2) 182

2 - 2 - 2 - 2

2 16 186 - 186 (2) 184

- - - 1 1 - 1

- - - (1) (1) (2) (3)

- - - - - 9 9

- - - (321) (321) (0) (322)

(6) (176) (1334) 10112 8795 269 9064

- - - 194 194 10 205

1 17 171 64 235 - 235

2 - 2 - 2 - 2

2 17 173 64 237 - 237

- - - (1) (1) - (1)

(3) (159) (1161) 10369 9225 280 9505

(4) (4) (4)

- - - (96) (96) (7) (103)

- 3 (169) - (169) (27) (195)

- - (0) - (0) - (0)

- 3 (169) - (169) (27) (196)

- - - 1 1 - 1

- - - - - (1) (2)

- - - (219) (219) (2) (221)

(3) (155) (1330) 10050 8737 243 8980

Total assets 17022 14713 15783 13997

30 Jun 2018

(1330)

(1334)

(1161)

(1520)

30 Jun 2018

Tax paid (48) (33) (70) (135) (196)

Other (48) (98) (21) (102) (96)

Dividend 2 (219) (321) (219) (321) (321)

Oslo 16 July 2018

Note 1

Total at 30 June 2018 273217830 -

Industrial 522 445 1006 912 1846

Production 308 270 567 422 891

Total 3192 2759 6048 5442 11400

Production 1116 979 2252 2097 4136

Total - - - - -

Industrial 526 449 1014 918 1862

Production 1424 1249 2819 2519 5026

Total 3192 2759 6048 5442 11400

Industrial 47 39 95 79 118

Production (82) 18 (101) 103 77

Total 38 130 171 310 457

Industrial 54 44 107 89 158

Production 95 180 252 416 722

Total 296 352 666 733 1348

Investments 1)

Production 558 319 733 527 1165

Total 673 384 1204 652 1505

Total Assets 2)

Production 10636 9771 10484

Total 17022 14713 15783

1H 2018 1H 2017 2017

Production 38 45 49

income

Depreciation and

loss 2) EBITDA

2Q 2018 Crop Nutrition 88 5 14 108 32 14 153

Industrial 47 0 3 51 3 0 54

Production (82) 11 1 (70) 158 6 95

Total 38 17 22 77 199 20 296

2Q 2017 Crop Nutrition 69 4 12 86 26 6 118

Industrial 39 2 0 41 3 - 44

Production 18 1 5 23 145 12 180

Total 130 7 19 156 178 18 352

1H 2018 Crop Nutrition 180 4 30 214 65 15 295

Industrial 95 0 5 100 6 0 107

Production (101) 24 3 (74) 317 8 252

Total 171 27 43 242 401 24 666

1H 2017 Crop Nutrition 153 3 28 184 52 7 243

Industrial 79 3 1 83 6 0 89

Production 103 10 9 122 283 12 416

Total 310 16 40 366 348 19 733

2017 Crop Nutrition 306 3 56 365 107 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

Freight insurance

and services Total

2Q 2018 2277 75 7 2359

456 44 23 522

258 28 16 303

0 - 1 1

2991 147 47 3185

1H 2018 4324 136 11 4471

904 65 37 1006

468 41 35 544

0 - 2 2

5696 243 84 6023 Total

2Q 2018 Crop Nutrition 737 497 281 385 314 144 2359

Industrial 315 54 28 32 61 32 522

Production 28 96 8 90 80 - 303

Total 1081 648 318 507 456 176 3185

2Q 2017 Crop Nutrition 562 620 262 225 259 115 2043

Industrial 305 14 27 18 48 32 445

Production 23 60 6 81 74 14 258

Total 889 694 295 324 380 162 2744

1H 2018 Crop Nutrition 1505 986 464 710 545 261 4471

Industrial 628 77 54 57 125 65 1006

Production 59 143 18 162 163 - 544

Total 2194 1206 535 929 833 326 6023

1H 2017 Crop Nutrition 1331 1163 450 449 476 238 4106

Industrial 597 33 58 43 122 59 912

Production 49 84 14 138 114 23 422

Total 1979 1280 521 629 712 319 5440

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

Inventories 4 67

Liabilities

EBITDA 12 9

Pro forma figures

Cubatatildeo 1)

Revenues 117

USD millions

Other income

Other 2 5 4 7 10

Total 6 12 23 14 55

Impairment loss

Note 8 Inventories

Total 2376 2263 2229

2019 270 32 5 307

2020 - 46 6 52

2021 87 46 6 138

2022 293 199 3 494

2023 - 44 22 66

Thereafter 1808 250 4 2062

Total 2457 618 45 3119

USD millions

Debt assumed as

part of acquisition

Foreign exchange

movement Fair value

30 Jun 2018

Non cash changes

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

Oslo 16 July 2018

Vice chair

Board member

EBITDA

USD millions

Results

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

USD millions

Impairment loss 2)

3-month rolling

2Q 2018

2Q 2017

3-month rolling

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

3-month average

USD millions

2Q 2018

(2453)

2Q 2017

(2091)

2017 2017

318 535 457

41 (35) 29

81 82 77

439 583 563

777 700 724

65 55 60

1281 1338 1348

(52) (169) (76)

1229 1170 1272

2017 2017

98 342 477

4 (6) 5

348 78 (17)

777 700 724

65 55 60

(63) (1) 23

1229 1170 1272

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

6423 5702 5984

40 27 39

19206 17230 18136

64 68 70

Jul 2017 Jun 2018

USD millions

3-month average

2Q 2017

77 156

E (33)

F=Ex4 F

177 450

2Q 2018

3-month average

USD millions

2Q 2018

(2453)

USD millions

Impairment loss 2)

2Q 2018

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

(2091)

2Q 2017

2017 2017

439 583 563

(52) (169) (76)

387 414 488

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

12742 11501 12113

30 36 40

1H 2017 2017

666 733 1348

(401) (348) (724)

(24) (19) (60)

(294) 51 99

(63) (43) (82)

(115) 374 581

1H 2017 2017

171 310 457

27 16 29

40 38 75

242 366 563

401 348 724

24 19 60

666 733 1348

32 (0) 82

698 733 1430

Jul 2017 Jun 2018

1H 2018

Trade payables 1) (1454) (1162) (1340)

Debtequity ratio

Total equity (8980) (9064) (9505)

Earnings per share

Net income O (211) 82 (96) 283 477

R (1) (1) (2)

(2) (4)

Y=(O-P-Q+R-UshyV)N 017 034 059 093 181

wwwyaracom

Operating income

2Q 2018

(2489)

(3154)

273217830

2Q 2017

(2070)

(2629)

273217830

1H 2018

(4596)

(5877)

273217830

1H 2017 2017

5440 11358

(12) (13)

5442 11400

(4055) (8547)

(518) (1090)

(348) (724)

(19) (60)

(193) (521)

(5132) (10942)

310 457

366 563

(43) (82)

374 581

(97) (99)

277 482

283 477

277 482

103 175

273217830 273217830

Net income (216) 80 (103) 277 482

Total (528) 222 (298) 461 903

USD millions

Net income

1) Par value 170

Share Capital1)

adjustments

(1321)

(1154)

(1000)

(1169)

(8) (192) (1520) 10150 8647 270 8917

- - - 283 283 (5) 277

- 16 184 - 184 (2) 182

2 - 2 - 2 - 2

2 16 186 - 186 (2) 184

- - - 1 1 - 1

- - - (1) (1) (2) (3)

- - - - - 9 9

- - - (321) (321) (0) (322)

(6) (176) (1334) 10112 8795 269 9064

- - - 194 194 10 205

1 17 171 64 235 - 235

2 - 2 - 2 - 2

2 17 173 64 237 - 237

- - - (1) (1) - (1)

(3) (159) (1161) 10369 9225 280 9505

(4) (4) (4)

- - - (96) (96) (7) (103)

- 3 (169) - (169) (27) (195)

- - (0) - (0) - (0)

- 3 (169) - (169) (27) (196)

- - - 1 1 - 1

- - - - - (1) (2)

- - - (219) (219) (2) (221)

(3) (155) (1330) 10050 8737 243 8980

Total assets 17022 14713 15783 13997

30 Jun 2018

(1330)

(1334)

(1161)

(1520)

30 Jun 2018

Tax paid (48) (33) (70) (135) (196)

Other (48) (98) (21) (102) (96)

Dividend 2 (219) (321) (219) (321) (321)

Oslo 16 July 2018

Note 1

Total at 30 June 2018 273217830 -

Industrial 522 445 1006 912 1846

Production 308 270 567 422 891

Total 3192 2759 6048 5442 11400

Production 1116 979 2252 2097 4136

Total - - - - -

Industrial 526 449 1014 918 1862

Production 1424 1249 2819 2519 5026

Total 3192 2759 6048 5442 11400

Industrial 47 39 95 79 118

Production (82) 18 (101) 103 77

Total 38 130 171 310 457

Industrial 54 44 107 89 158

Production 95 180 252 416 722

Total 296 352 666 733 1348

Investments 1)

Production 558 319 733 527 1165

Total 673 384 1204 652 1505

Total Assets 2)

Production 10636 9771 10484

Total 17022 14713 15783

1H 2018 1H 2017 2017

Production 38 45 49

income

Depreciation and

loss 2) EBITDA

2Q 2018 Crop Nutrition 88 5 14 108 32 14 153

Industrial 47 0 3 51 3 0 54

Production (82) 11 1 (70) 158 6 95

Total 38 17 22 77 199 20 296

2Q 2017 Crop Nutrition 69 4 12 86 26 6 118

Industrial 39 2 0 41 3 - 44

Production 18 1 5 23 145 12 180

Total 130 7 19 156 178 18 352

1H 2018 Crop Nutrition 180 4 30 214 65 15 295

Industrial 95 0 5 100 6 0 107

Production (101) 24 3 (74) 317 8 252

Total 171 27 43 242 401 24 666

1H 2017 Crop Nutrition 153 3 28 184 52 7 243

Industrial 79 3 1 83 6 0 89

Production 103 10 9 122 283 12 416

Total 310 16 40 366 348 19 733

2017 Crop Nutrition 306 3 56 365 107 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

Freight insurance

and services Total

2Q 2018 2277 75 7 2359

456 44 23 522

258 28 16 303

0 - 1 1

2991 147 47 3185

1H 2018 4324 136 11 4471

904 65 37 1006

468 41 35 544

0 - 2 2

5696 243 84 6023 Total

2Q 2018 Crop Nutrition 737 497 281 385 314 144 2359

Industrial 315 54 28 32 61 32 522

Production 28 96 8 90 80 - 303

Total 1081 648 318 507 456 176 3185

2Q 2017 Crop Nutrition 562 620 262 225 259 115 2043

Industrial 305 14 27 18 48 32 445

Production 23 60 6 81 74 14 258

Total 889 694 295 324 380 162 2744

1H 2018 Crop Nutrition 1505 986 464 710 545 261 4471

Industrial 628 77 54 57 125 65 1006

Production 59 143 18 162 163 - 544

Total 2194 1206 535 929 833 326 6023

1H 2017 Crop Nutrition 1331 1163 450 449 476 238 4106

Industrial 597 33 58 43 122 59 912

Production 49 84 14 138 114 23 422

Total 1979 1280 521 629 712 319 5440

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

Inventories 4 67

Liabilities

EBITDA 12 9

Pro forma figures

Cubatatildeo 1)

Revenues 117

USD millions

Other income

Other 2 5 4 7 10

Total 6 12 23 14 55

Impairment loss

Note 8 Inventories

Total 2376 2263 2229

2019 270 32 5 307

2020 - 46 6 52

2021 87 46 6 138

2022 293 199 3 494

2023 - 44 22 66

Thereafter 1808 250 4 2062

Total 2457 618 45 3119

USD millions

Debt assumed as

part of acquisition

Foreign exchange

movement Fair value

30 Jun 2018

Non cash changes

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

Oslo 16 July 2018

Vice chair

Board member

EBITDA

USD millions

Results

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

USD millions

Impairment loss 2)

3-month rolling

2Q 2018

2Q 2017

3-month rolling

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

3-month average

USD millions

2Q 2018

(2453)

2Q 2017

(2091)

2017 2017

318 535 457

41 (35) 29

81 82 77

439 583 563

777 700 724

65 55 60

1281 1338 1348

(52) (169) (76)

1229 1170 1272

2017 2017

98 342 477

4 (6) 5

348 78 (17)

777 700 724

65 55 60

(63) (1) 23

1229 1170 1272

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

6423 5702 5984

40 27 39

19206 17230 18136

64 68 70

Jul 2017 Jun 2018

USD millions

3-month average

2Q 2017

77 156

E (33)

F=Ex4 F

177 450

2Q 2018

3-month average

USD millions

2Q 2018

(2453)

USD millions

Impairment loss 2)

2Q 2018

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

(2091)

2Q 2017

2017 2017

439 583 563

(52) (169) (76)

387 414 488

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

12742 11501 12113

30 36 40

1H 2017 2017

666 733 1348

(401) (348) (724)

(24) (19) (60)

(294) 51 99

(63) (43) (82)

(115) 374 581

1H 2017 2017

171 310 457

27 16 29

40 38 75

242 366 563

401 348 724

24 19 60

666 733 1348

32 (0) 82

698 733 1430

Jul 2017 Jun 2018

1H 2018

Trade payables 1) (1454) (1162) (1340)

Debtequity ratio

Total equity (8980) (9064) (9505)

Earnings per share

Net income O (211) 82 (96) 283 477

R (1) (1) (2)

(2) (4)

Y=(O-P-Q+R-UshyV)N 017 034 059 093 181

wwwyaracom

Net income (216) 80 (103) 277 482

Total (528) 222 (298) 461 903

USD millions

Net income

1) Par value 170

Share Capital1)

adjustments

(1321)

(1154)

(1000)

(1169)

(8) (192) (1520) 10150 8647 270 8917

- - - 283 283 (5) 277

- 16 184 - 184 (2) 182

2 - 2 - 2 - 2

2 16 186 - 186 (2) 184

- - - 1 1 - 1

- - - (1) (1) (2) (3)

- - - - - 9 9

- - - (321) (321) (0) (322)

(6) (176) (1334) 10112 8795 269 9064

- - - 194 194 10 205

1 17 171 64 235 - 235

2 - 2 - 2 - 2

2 17 173 64 237 - 237

- - - (1) (1) - (1)

(3) (159) (1161) 10369 9225 280 9505

(4) (4) (4)

- - - (96) (96) (7) (103)

- 3 (169) - (169) (27) (195)

- - (0) - (0) - (0)

- 3 (169) - (169) (27) (196)

- - - 1 1 - 1

- - - - - (1) (2)

- - - (219) (219) (2) (221)

(3) (155) (1330) 10050 8737 243 8980

Total assets 17022 14713 15783 13997

30 Jun 2018

(1330)

(1334)

(1161)

(1520)

30 Jun 2018

Tax paid (48) (33) (70) (135) (196)

Other (48) (98) (21) (102) (96)

Dividend 2 (219) (321) (219) (321) (321)

Oslo 16 July 2018

Note 1

Total at 30 June 2018 273217830 -

Industrial 522 445 1006 912 1846

Production 308 270 567 422 891

Total 3192 2759 6048 5442 11400

Production 1116 979 2252 2097 4136

Total - - - - -

Industrial 526 449 1014 918 1862

Production 1424 1249 2819 2519 5026

Total 3192 2759 6048 5442 11400

Industrial 47 39 95 79 118

Production (82) 18 (101) 103 77

Total 38 130 171 310 457

Industrial 54 44 107 89 158

Production 95 180 252 416 722

Total 296 352 666 733 1348

Investments 1)

Production 558 319 733 527 1165

Total 673 384 1204 652 1505

Total Assets 2)

Production 10636 9771 10484

Total 17022 14713 15783

1H 2018 1H 2017 2017

Production 38 45 49

income

Depreciation and

loss 2) EBITDA

2Q 2018 Crop Nutrition 88 5 14 108 32 14 153

Industrial 47 0 3 51 3 0 54

Production (82) 11 1 (70) 158 6 95

Total 38 17 22 77 199 20 296

2Q 2017 Crop Nutrition 69 4 12 86 26 6 118

Industrial 39 2 0 41 3 - 44

Production 18 1 5 23 145 12 180

Total 130 7 19 156 178 18 352

1H 2018 Crop Nutrition 180 4 30 214 65 15 295

Industrial 95 0 5 100 6 0 107

Production (101) 24 3 (74) 317 8 252

Total 171 27 43 242 401 24 666

1H 2017 Crop Nutrition 153 3 28 184 52 7 243

Industrial 79 3 1 83 6 0 89

Production 103 10 9 122 283 12 416

Total 310 16 40 366 348 19 733

2017 Crop Nutrition 306 3 56 365 107 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

Freight insurance

and services Total

2Q 2018 2277 75 7 2359

456 44 23 522

258 28 16 303

0 - 1 1

2991 147 47 3185

1H 2018 4324 136 11 4471

904 65 37 1006

468 41 35 544

0 - 2 2

5696 243 84 6023 Total

2Q 2018 Crop Nutrition 737 497 281 385 314 144 2359

Industrial 315 54 28 32 61 32 522

Production 28 96 8 90 80 - 303

Total 1081 648 318 507 456 176 3185

2Q 2017 Crop Nutrition 562 620 262 225 259 115 2043

Industrial 305 14 27 18 48 32 445

Production 23 60 6 81 74 14 258

Total 889 694 295 324 380 162 2744

1H 2018 Crop Nutrition 1505 986 464 710 545 261 4471

Industrial 628 77 54 57 125 65 1006

Production 59 143 18 162 163 - 544

Total 2194 1206 535 929 833 326 6023

1H 2017 Crop Nutrition 1331 1163 450 449 476 238 4106

Industrial 597 33 58 43 122 59 912

Production 49 84 14 138 114 23 422

Total 1979 1280 521 629 712 319 5440

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

Inventories 4 67

Liabilities

EBITDA 12 9

Pro forma figures

Cubatatildeo 1)

Revenues 117

USD millions

Other income

Other 2 5 4 7 10

Total 6 12 23 14 55

Impairment loss

Note 8 Inventories

Total 2376 2263 2229

2019 270 32 5 307

2020 - 46 6 52

2021 87 46 6 138

2022 293 199 3 494

2023 - 44 22 66

Thereafter 1808 250 4 2062

Total 2457 618 45 3119

USD millions

Debt assumed as

part of acquisition

Foreign exchange

movement Fair value

30 Jun 2018

Non cash changes

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

Oslo 16 July 2018

Vice chair

Board member

EBITDA

USD millions

Results

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

USD millions

Impairment loss 2)

3-month rolling

2Q 2018

2Q 2017

3-month rolling

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

3-month average

USD millions

2Q 2018

(2453)

2Q 2017

(2091)

2017 2017

318 535 457

41 (35) 29

81 82 77

439 583 563

777 700 724

65 55 60

1281 1338 1348

(52) (169) (76)

1229 1170 1272

2017 2017

98 342 477

4 (6) 5

348 78 (17)

777 700 724

65 55 60

(63) (1) 23

1229 1170 1272

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

6423 5702 5984

40 27 39

19206 17230 18136

64 68 70

Jul 2017 Jun 2018

USD millions

3-month average

2Q 2017

77 156

E (33)

F=Ex4 F

177 450

2Q 2018

3-month average

USD millions

2Q 2018

(2453)

USD millions

Impairment loss 2)

2Q 2018

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

(2091)

2Q 2017

2017 2017

439 583 563

(52) (169) (76)

387 414 488

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

12742 11501 12113

30 36 40

1H 2017 2017

666 733 1348

(401) (348) (724)

(24) (19) (60)

(294) 51 99

(63) (43) (82)

(115) 374 581

1H 2017 2017

171 310 457

27 16 29

40 38 75

242 366 563

401 348 724

24 19 60

666 733 1348

32 (0) 82

698 733 1430

Jul 2017 Jun 2018

1H 2018

Trade payables 1) (1454) (1162) (1340)

Debtequity ratio

Total equity (8980) (9064) (9505)

Earnings per share

Net income O (211) 82 (96) 283 477

R (1) (1) (2)

(2) (4)

Y=(O-P-Q+R-UshyV)N 017 034 059 093 181

wwwyaracom

USD millions

Net income

1) Par value 170

Share Capital1)

adjustments

(1321)

(1154)

(1000)

(1169)

(8) (192) (1520) 10150 8647 270 8917

- - - 283 283 (5) 277

- 16 184 - 184 (2) 182

2 - 2 - 2 - 2

2 16 186 - 186 (2) 184

- - - 1 1 - 1

- - - (1) (1) (2) (3)

- - - - - 9 9

- - - (321) (321) (0) (322)

(6) (176) (1334) 10112 8795 269 9064

- - - 194 194 10 205

1 17 171 64 235 - 235

2 - 2 - 2 - 2

2 17 173 64 237 - 237

- - - (1) (1) - (1)

(3) (159) (1161) 10369 9225 280 9505

(4) (4) (4)

- - - (96) (96) (7) (103)

- 3 (169) - (169) (27) (195)

- - (0) - (0) - (0)

- 3 (169) - (169) (27) (196)

- - - 1 1 - 1

- - - - - (1) (2)

- - - (219) (219) (2) (221)

(3) (155) (1330) 10050 8737 243 8980

Total assets 17022 14713 15783 13997

30 Jun 2018

(1330)

(1334)

(1161)

(1520)

30 Jun 2018

Tax paid (48) (33) (70) (135) (196)

Other (48) (98) (21) (102) (96)

Dividend 2 (219) (321) (219) (321) (321)

Oslo 16 July 2018

Note 1

Total at 30 June 2018 273217830 -

Industrial 522 445 1006 912 1846

Production 308 270 567 422 891

Total 3192 2759 6048 5442 11400

Production 1116 979 2252 2097 4136

Total - - - - -

Industrial 526 449 1014 918 1862

Production 1424 1249 2819 2519 5026

Total 3192 2759 6048 5442 11400

Industrial 47 39 95 79 118

Production (82) 18 (101) 103 77

Total 38 130 171 310 457

Industrial 54 44 107 89 158

Production 95 180 252 416 722

Total 296 352 666 733 1348

Investments 1)

Production 558 319 733 527 1165

Total 673 384 1204 652 1505

Total Assets 2)

Production 10636 9771 10484

Total 17022 14713 15783

1H 2018 1H 2017 2017

Production 38 45 49

income

Depreciation and

loss 2) EBITDA

2Q 2018 Crop Nutrition 88 5 14 108 32 14 153

Industrial 47 0 3 51 3 0 54

Production (82) 11 1 (70) 158 6 95

Total 38 17 22 77 199 20 296

2Q 2017 Crop Nutrition 69 4 12 86 26 6 118

Industrial 39 2 0 41 3 - 44

Production 18 1 5 23 145 12 180

Total 130 7 19 156 178 18 352

1H 2018 Crop Nutrition 180 4 30 214 65 15 295

Industrial 95 0 5 100 6 0 107

Production (101) 24 3 (74) 317 8 252

Total 171 27 43 242 401 24 666

1H 2017 Crop Nutrition 153 3 28 184 52 7 243

Industrial 79 3 1 83 6 0 89

Production 103 10 9 122 283 12 416

Total 310 16 40 366 348 19 733

2017 Crop Nutrition 306 3 56 365 107 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

Freight insurance

and services Total

2Q 2018 2277 75 7 2359

456 44 23 522

258 28 16 303

0 - 1 1

2991 147 47 3185

1H 2018 4324 136 11 4471

904 65 37 1006

468 41 35 544

0 - 2 2

5696 243 84 6023 Total

2Q 2018 Crop Nutrition 737 497 281 385 314 144 2359

Industrial 315 54 28 32 61 32 522

Production 28 96 8 90 80 - 303

Total 1081 648 318 507 456 176 3185

2Q 2017 Crop Nutrition 562 620 262 225 259 115 2043

Industrial 305 14 27 18 48 32 445

Production 23 60 6 81 74 14 258

Total 889 694 295 324 380 162 2744

1H 2018 Crop Nutrition 1505 986 464 710 545 261 4471

Industrial 628 77 54 57 125 65 1006

Production 59 143 18 162 163 - 544

Total 2194 1206 535 929 833 326 6023

1H 2017 Crop Nutrition 1331 1163 450 449 476 238 4106

Industrial 597 33 58 43 122 59 912

Production 49 84 14 138 114 23 422

Total 1979 1280 521 629 712 319 5440

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

Inventories 4 67

Liabilities

EBITDA 12 9

Pro forma figures

Cubatatildeo 1)

Revenues 117

USD millions

Other income

Other 2 5 4 7 10

Total 6 12 23 14 55

Impairment loss

Note 8 Inventories

Total 2376 2263 2229

2019 270 32 5 307

2020 - 46 6 52

2021 87 46 6 138

2022 293 199 3 494

2023 - 44 22 66

Thereafter 1808 250 4 2062

Total 2457 618 45 3119

USD millions

Debt assumed as

part of acquisition

Foreign exchange

movement Fair value

30 Jun 2018

Non cash changes

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

Oslo 16 July 2018

Vice chair

Board member

EBITDA

USD millions

Results

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

USD millions

Impairment loss 2)

3-month rolling

2Q 2018

2Q 2017

3-month rolling

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

3-month average

USD millions

2Q 2018

(2453)

2Q 2017

(2091)

2017 2017

318 535 457

41 (35) 29

81 82 77

439 583 563

777 700 724

65 55 60

1281 1338 1348

(52) (169) (76)

1229 1170 1272

2017 2017

98 342 477

4 (6) 5

348 78 (17)

777 700 724

65 55 60

(63) (1) 23

1229 1170 1272

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

6423 5702 5984

40 27 39

19206 17230 18136

64 68 70

Jul 2017 Jun 2018

USD millions

3-month average

2Q 2017

77 156

E (33)

F=Ex4 F

177 450

2Q 2018

3-month average

USD millions

2Q 2018

(2453)

USD millions

Impairment loss 2)

2Q 2018

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

(2091)

2Q 2017

2017 2017

439 583 563

(52) (169) (76)

387 414 488

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

12742 11501 12113

30 36 40

1H 2017 2017

666 733 1348

(401) (348) (724)

(24) (19) (60)

(294) 51 99

(63) (43) (82)

(115) 374 581

1H 2017 2017

171 310 457

27 16 29

40 38 75

242 366 563

401 348 724

24 19 60

666 733 1348

32 (0) 82

698 733 1430

Jul 2017 Jun 2018

1H 2018

Trade payables 1) (1454) (1162) (1340)

Debtequity ratio

Total equity (8980) (9064) (9505)

Earnings per share

Net income O (211) 82 (96) 283 477

R (1) (1) (2)

(2) (4)

Y=(O-P-Q+R-UshyV)N 017 034 059 093 181

wwwyaracom

Total assets 17022 14713 15783 13997

30 Jun 2018

(1330)

(1334)

(1161)

(1520)

30 Jun 2018

Tax paid (48) (33) (70) (135) (196)

Other (48) (98) (21) (102) (96)

Dividend 2 (219) (321) (219) (321) (321)

Oslo 16 July 2018

Note 1

Total at 30 June 2018 273217830 -

Industrial 522 445 1006 912 1846

Production 308 270 567 422 891

Total 3192 2759 6048 5442 11400

Production 1116 979 2252 2097 4136

Total - - - - -

Industrial 526 449 1014 918 1862

Production 1424 1249 2819 2519 5026

Total 3192 2759 6048 5442 11400

Industrial 47 39 95 79 118

Production (82) 18 (101) 103 77

Total 38 130 171 310 457

Industrial 54 44 107 89 158

Production 95 180 252 416 722

Total 296 352 666 733 1348

Investments 1)

Production 558 319 733 527 1165

Total 673 384 1204 652 1505

Total Assets 2)

Production 10636 9771 10484

Total 17022 14713 15783

1H 2018 1H 2017 2017

Production 38 45 49

income

Depreciation and

loss 2) EBITDA

2Q 2018 Crop Nutrition 88 5 14 108 32 14 153

Industrial 47 0 3 51 3 0 54

Production (82) 11 1 (70) 158 6 95

Total 38 17 22 77 199 20 296

2Q 2017 Crop Nutrition 69 4 12 86 26 6 118

Industrial 39 2 0 41 3 - 44

Production 18 1 5 23 145 12 180

Total 130 7 19 156 178 18 352

1H 2018 Crop Nutrition 180 4 30 214 65 15 295

Industrial 95 0 5 100 6 0 107

Production (101) 24 3 (74) 317 8 252

Total 171 27 43 242 401 24 666

1H 2017 Crop Nutrition 153 3 28 184 52 7 243

Industrial 79 3 1 83 6 0 89

Production 103 10 9 122 283 12 416

Total 310 16 40 366 348 19 733

2017 Crop Nutrition 306 3 56 365 107 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

Freight insurance

and services Total

2Q 2018 2277 75 7 2359

456 44 23 522

258 28 16 303

0 - 1 1

2991 147 47 3185

1H 2018 4324 136 11 4471

904 65 37 1006

468 41 35 544

0 - 2 2

5696 243 84 6023 Total

2Q 2018 Crop Nutrition 737 497 281 385 314 144 2359

Industrial 315 54 28 32 61 32 522

Production 28 96 8 90 80 - 303

Total 1081 648 318 507 456 176 3185

2Q 2017 Crop Nutrition 562 620 262 225 259 115 2043

Industrial 305 14 27 18 48 32 445

Production 23 60 6 81 74 14 258

Total 889 694 295 324 380 162 2744

1H 2018 Crop Nutrition 1505 986 464 710 545 261 4471

Industrial 628 77 54 57 125 65 1006

Production 59 143 18 162 163 - 544

Total 2194 1206 535 929 833 326 6023

1H 2017 Crop Nutrition 1331 1163 450 449 476 238 4106

Industrial 597 33 58 43 122 59 912

Production 49 84 14 138 114 23 422

Total 1979 1280 521 629 712 319 5440

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

Inventories 4 67

Liabilities

EBITDA 12 9

Pro forma figures

Cubatatildeo 1)

Revenues 117

USD millions

Other income

Other 2 5 4 7 10

Total 6 12 23 14 55

Impairment loss

Note 8 Inventories

Total 2376 2263 2229

2019 270 32 5 307

2020 - 46 6 52

2021 87 46 6 138

2022 293 199 3 494

2023 - 44 22 66

Thereafter 1808 250 4 2062

Total 2457 618 45 3119

USD millions

Debt assumed as

part of acquisition

Foreign exchange

movement Fair value

30 Jun 2018

Non cash changes

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

Oslo 16 July 2018

Vice chair

Board member

EBITDA

USD millions

Results

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

USD millions

Impairment loss 2)

3-month rolling

2Q 2018

2Q 2017

3-month rolling

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

3-month average

USD millions

2Q 2018

(2453)

2Q 2017

(2091)

2017 2017

318 535 457

41 (35) 29

81 82 77

439 583 563

777 700 724

65 55 60

1281 1338 1348

(52) (169) (76)

1229 1170 1272

2017 2017

98 342 477

4 (6) 5

348 78 (17)

777 700 724

65 55 60

(63) (1) 23

1229 1170 1272

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

6423 5702 5984

40 27 39

19206 17230 18136

64 68 70

Jul 2017 Jun 2018

USD millions

3-month average

2Q 2017

77 156

E (33)

F=Ex4 F

177 450

2Q 2018

3-month average

USD millions

2Q 2018

(2453)

USD millions

Impairment loss 2)

2Q 2018

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

(2091)

2Q 2017

2017 2017

439 583 563

(52) (169) (76)

387 414 488

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

12742 11501 12113

30 36 40

1H 2017 2017

666 733 1348

(401) (348) (724)

(24) (19) (60)

(294) 51 99

(63) (43) (82)

(115) 374 581

1H 2017 2017

171 310 457

27 16 29

40 38 75

242 366 563

401 348 724

24 19 60

666 733 1348

32 (0) 82

698 733 1430

Jul 2017 Jun 2018

1H 2018

Trade payables 1) (1454) (1162) (1340)

Debtequity ratio

Total equity (8980) (9064) (9505)

Earnings per share

Net income O (211) 82 (96) 283 477

R (1) (1) (2)

(2) (4)

Y=(O-P-Q+R-UshyV)N 017 034 059 093 181

wwwyaracom

(1330)

(1334)

(1161)

(1520)

30 Jun 2018

Tax paid (48) (33) (70) (135) (196)

Other (48) (98) (21) (102) (96)

Dividend 2 (219) (321) (219) (321) (321)

Oslo 16 July 2018

Note 1

Total at 30 June 2018 273217830 -

Industrial 522 445 1006 912 1846

Production 308 270 567 422 891

Total 3192 2759 6048 5442 11400

Production 1116 979 2252 2097 4136

Total - - - - -

Industrial 526 449 1014 918 1862

Production 1424 1249 2819 2519 5026

Total 3192 2759 6048 5442 11400

Industrial 47 39 95 79 118

Production (82) 18 (101) 103 77

Total 38 130 171 310 457

Industrial 54 44 107 89 158

Production 95 180 252 416 722

Total 296 352 666 733 1348

Investments 1)

Production 558 319 733 527 1165

Total 673 384 1204 652 1505

Total Assets 2)

Production 10636 9771 10484

Total 17022 14713 15783

1H 2018 1H 2017 2017

Production 38 45 49

income

Depreciation and

loss 2) EBITDA

2Q 2018 Crop Nutrition 88 5 14 108 32 14 153

Industrial 47 0 3 51 3 0 54

Production (82) 11 1 (70) 158 6 95

Total 38 17 22 77 199 20 296

2Q 2017 Crop Nutrition 69 4 12 86 26 6 118

Industrial 39 2 0 41 3 - 44

Production 18 1 5 23 145 12 180

Total 130 7 19 156 178 18 352

1H 2018 Crop Nutrition 180 4 30 214 65 15 295

Industrial 95 0 5 100 6 0 107

Production (101) 24 3 (74) 317 8 252

Total 171 27 43 242 401 24 666

1H 2017 Crop Nutrition 153 3 28 184 52 7 243

Industrial 79 3 1 83 6 0 89

Production 103 10 9 122 283 12 416

Total 310 16 40 366 348 19 733

2017 Crop Nutrition 306 3 56 365 107 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

Freight insurance

and services Total

2Q 2018 2277 75 7 2359

456 44 23 522

258 28 16 303

0 - 1 1

2991 147 47 3185

1H 2018 4324 136 11 4471

904 65 37 1006

468 41 35 544

0 - 2 2

5696 243 84 6023 Total

2Q 2018 Crop Nutrition 737 497 281 385 314 144 2359

Industrial 315 54 28 32 61 32 522

Production 28 96 8 90 80 - 303

Total 1081 648 318 507 456 176 3185

2Q 2017 Crop Nutrition 562 620 262 225 259 115 2043

Industrial 305 14 27 18 48 32 445

Production 23 60 6 81 74 14 258

Total 889 694 295 324 380 162 2744

1H 2018 Crop Nutrition 1505 986 464 710 545 261 4471

Industrial 628 77 54 57 125 65 1006

Production 59 143 18 162 163 - 544

Total 2194 1206 535 929 833 326 6023

1H 2017 Crop Nutrition 1331 1163 450 449 476 238 4106

Industrial 597 33 58 43 122 59 912

Production 49 84 14 138 114 23 422

Total 1979 1280 521 629 712 319 5440

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

Inventories 4 67

Liabilities

EBITDA 12 9

Pro forma figures

Cubatatildeo 1)

Revenues 117

USD millions

Other income

Other 2 5 4 7 10

Total 6 12 23 14 55

Impairment loss

Note 8 Inventories

Total 2376 2263 2229

2019 270 32 5 307

2020 - 46 6 52

2021 87 46 6 138

2022 293 199 3 494

2023 - 44 22 66

Thereafter 1808 250 4 2062

Total 2457 618 45 3119

USD millions

Debt assumed as

part of acquisition

Foreign exchange

movement Fair value

30 Jun 2018

Non cash changes

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

Oslo 16 July 2018

Vice chair

Board member

EBITDA

USD millions

Results

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

USD millions

Impairment loss 2)

3-month rolling

2Q 2018

2Q 2017

3-month rolling

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

3-month average

USD millions

2Q 2018

(2453)

2Q 2017

(2091)

2017 2017

318 535 457

41 (35) 29

81 82 77

439 583 563

777 700 724

65 55 60

1281 1338 1348

(52) (169) (76)

1229 1170 1272

2017 2017

98 342 477

4 (6) 5

348 78 (17)

777 700 724

65 55 60

(63) (1) 23

1229 1170 1272

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

6423 5702 5984

40 27 39

19206 17230 18136

64 68 70

Jul 2017 Jun 2018

USD millions

3-month average

2Q 2017

77 156

E (33)

F=Ex4 F

177 450

2Q 2018

3-month average

USD millions

2Q 2018

(2453)

USD millions

Impairment loss 2)

2Q 2018

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

(2091)

2Q 2017

2017 2017

439 583 563

(52) (169) (76)

387 414 488

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

12742 11501 12113

30 36 40

1H 2017 2017

666 733 1348

(401) (348) (724)

(24) (19) (60)

(294) 51 99

(63) (43) (82)

(115) 374 581

1H 2017 2017

171 310 457

27 16 29

40 38 75

242 366 563

401 348 724

24 19 60

666 733 1348

32 (0) 82

698 733 1430

Jul 2017 Jun 2018

1H 2018

Trade payables 1) (1454) (1162) (1340)

Debtequity ratio

Total equity (8980) (9064) (9505)

Earnings per share

Net income O (211) 82 (96) 283 477

R (1) (1) (2)

(2) (4)

Y=(O-P-Q+R-UshyV)N 017 034 059 093 181

wwwyaracom

Tax paid (48) (33) (70) (135) (196)

Other (48) (98) (21) (102) (96)

Dividend 2 (219) (321) (219) (321) (321)

Oslo 16 July 2018

Note 1

Total at 30 June 2018 273217830 -

Industrial 522 445 1006 912 1846

Production 308 270 567 422 891

Total 3192 2759 6048 5442 11400

Production 1116 979 2252 2097 4136

Total - - - - -

Industrial 526 449 1014 918 1862

Production 1424 1249 2819 2519 5026

Total 3192 2759 6048 5442 11400

Industrial 47 39 95 79 118

Production (82) 18 (101) 103 77

Total 38 130 171 310 457

Industrial 54 44 107 89 158

Production 95 180 252 416 722

Total 296 352 666 733 1348

Investments 1)

Production 558 319 733 527 1165

Total 673 384 1204 652 1505

Total Assets 2)

Production 10636 9771 10484

Total 17022 14713 15783

1H 2018 1H 2017 2017

Production 38 45 49

income

Depreciation and

loss 2) EBITDA

2Q 2018 Crop Nutrition 88 5 14 108 32 14 153

Industrial 47 0 3 51 3 0 54

Production (82) 11 1 (70) 158 6 95

Total 38 17 22 77 199 20 296

2Q 2017 Crop Nutrition 69 4 12 86 26 6 118

Industrial 39 2 0 41 3 - 44

Production 18 1 5 23 145 12 180

Total 130 7 19 156 178 18 352

1H 2018 Crop Nutrition 180 4 30 214 65 15 295

Industrial 95 0 5 100 6 0 107

Production (101) 24 3 (74) 317 8 252

Total 171 27 43 242 401 24 666

1H 2017 Crop Nutrition 153 3 28 184 52 7 243

Industrial 79 3 1 83 6 0 89

Production 103 10 9 122 283 12 416

Total 310 16 40 366 348 19 733

2017 Crop Nutrition 306 3 56 365 107 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

Freight insurance

and services Total

2Q 2018 2277 75 7 2359

456 44 23 522

258 28 16 303

0 - 1 1

2991 147 47 3185

1H 2018 4324 136 11 4471

904 65 37 1006

468 41 35 544

0 - 2 2

5696 243 84 6023 Total

2Q 2018 Crop Nutrition 737 497 281 385 314 144 2359

Industrial 315 54 28 32 61 32 522

Production 28 96 8 90 80 - 303

Total 1081 648 318 507 456 176 3185

2Q 2017 Crop Nutrition 562 620 262 225 259 115 2043

Industrial 305 14 27 18 48 32 445

Production 23 60 6 81 74 14 258

Total 889 694 295 324 380 162 2744

1H 2018 Crop Nutrition 1505 986 464 710 545 261 4471

Industrial 628 77 54 57 125 65 1006

Production 59 143 18 162 163 - 544

Total 2194 1206 535 929 833 326 6023

1H 2017 Crop Nutrition 1331 1163 450 449 476 238 4106

Industrial 597 33 58 43 122 59 912

Production 49 84 14 138 114 23 422

Total 1979 1280 521 629 712 319 5440

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

Inventories 4 67

Liabilities

EBITDA 12 9

Pro forma figures

Cubatatildeo 1)

Revenues 117

USD millions

Other income

Other 2 5 4 7 10

Total 6 12 23 14 55

Impairment loss

Note 8 Inventories

Total 2376 2263 2229

2019 270 32 5 307

2020 - 46 6 52

2021 87 46 6 138

2022 293 199 3 494

2023 - 44 22 66

Thereafter 1808 250 4 2062

Total 2457 618 45 3119

USD millions

Debt assumed as

part of acquisition

Foreign exchange

movement Fair value

30 Jun 2018

Non cash changes

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

Oslo 16 July 2018

Vice chair

Board member

EBITDA

USD millions

Results

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

USD millions

Impairment loss 2)

3-month rolling

2Q 2018

2Q 2017

3-month rolling

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

3-month average

USD millions

2Q 2018

(2453)

2Q 2017

(2091)

2017 2017

318 535 457

41 (35) 29

81 82 77

439 583 563

777 700 724

65 55 60

1281 1338 1348

(52) (169) (76)

1229 1170 1272

2017 2017

98 342 477

4 (6) 5

348 78 (17)

777 700 724

65 55 60

(63) (1) 23

1229 1170 1272

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

6423 5702 5984

40 27 39

19206 17230 18136

64 68 70

Jul 2017 Jun 2018

USD millions

3-month average

2Q 2017

77 156

E (33)

F=Ex4 F

177 450

2Q 2018

3-month average

USD millions

2Q 2018

(2453)

USD millions

Impairment loss 2)

2Q 2018

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

(2091)

2Q 2017

2017 2017

439 583 563

(52) (169) (76)

387 414 488

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

12742 11501 12113

30 36 40

1H 2017 2017

666 733 1348

(401) (348) (724)

(24) (19) (60)

(294) 51 99

(63) (43) (82)

(115) 374 581

1H 2017 2017

171 310 457

27 16 29

40 38 75

242 366 563

401 348 724

24 19 60

666 733 1348

32 (0) 82

698 733 1430

Jul 2017 Jun 2018

1H 2018

Trade payables 1) (1454) (1162) (1340)

Debtequity ratio

Total equity (8980) (9064) (9505)

Earnings per share

Net income O (211) 82 (96) 283 477

R (1) (1) (2)

(2) (4)

Y=(O-P-Q+R-UshyV)N 017 034 059 093 181

wwwyaracom

Note 1

Total at 30 June 2018 273217830 -

Industrial 522 445 1006 912 1846

Production 308 270 567 422 891

Total 3192 2759 6048 5442 11400

Production 1116 979 2252 2097 4136

Total - - - - -

Industrial 526 449 1014 918 1862

Production 1424 1249 2819 2519 5026

Total 3192 2759 6048 5442 11400

Industrial 47 39 95 79 118

Production (82) 18 (101) 103 77

Total 38 130 171 310 457

Industrial 54 44 107 89 158

Production 95 180 252 416 722

Total 296 352 666 733 1348

Investments 1)

Production 558 319 733 527 1165

Total 673 384 1204 652 1505

Total Assets 2)

Production 10636 9771 10484

Total 17022 14713 15783

1H 2018 1H 2017 2017

Production 38 45 49

income

Depreciation and

loss 2) EBITDA

2Q 2018 Crop Nutrition 88 5 14 108 32 14 153

Industrial 47 0 3 51 3 0 54

Production (82) 11 1 (70) 158 6 95

Total 38 17 22 77 199 20 296

2Q 2017 Crop Nutrition 69 4 12 86 26 6 118

Industrial 39 2 0 41 3 - 44

Production 18 1 5 23 145 12 180

Total 130 7 19 156 178 18 352

1H 2018 Crop Nutrition 180 4 30 214 65 15 295

Industrial 95 0 5 100 6 0 107

Production (101) 24 3 (74) 317 8 252

Total 171 27 43 242 401 24 666

1H 2017 Crop Nutrition 153 3 28 184 52 7 243

Industrial 79 3 1 83 6 0 89

Production 103 10 9 122 283 12 416

Total 310 16 40 366 348 19 733

2017 Crop Nutrition 306 3 56 365 107 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

Freight insurance

and services Total

2Q 2018 2277 75 7 2359

456 44 23 522

258 28 16 303

0 - 1 1

2991 147 47 3185

1H 2018 4324 136 11 4471

904 65 37 1006

468 41 35 544

0 - 2 2

5696 243 84 6023 Total

2Q 2018 Crop Nutrition 737 497 281 385 314 144 2359

Industrial 315 54 28 32 61 32 522

Production 28 96 8 90 80 - 303

Total 1081 648 318 507 456 176 3185

2Q 2017 Crop Nutrition 562 620 262 225 259 115 2043

Industrial 305 14 27 18 48 32 445

Production 23 60 6 81 74 14 258

Total 889 694 295 324 380 162 2744

1H 2018 Crop Nutrition 1505 986 464 710 545 261 4471

Industrial 628 77 54 57 125 65 1006

Production 59 143 18 162 163 - 544

Total 2194 1206 535 929 833 326 6023

1H 2017 Crop Nutrition 1331 1163 450 449 476 238 4106

Industrial 597 33 58 43 122 59 912

Production 49 84 14 138 114 23 422

Total 1979 1280 521 629 712 319 5440

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

Inventories 4 67

Liabilities

EBITDA 12 9

Pro forma figures

Cubatatildeo 1)

Revenues 117

USD millions

Other income

Other 2 5 4 7 10

Total 6 12 23 14 55

Impairment loss

Note 8 Inventories

Total 2376 2263 2229

2019 270 32 5 307

2020 - 46 6 52

2021 87 46 6 138

2022 293 199 3 494

2023 - 44 22 66

Thereafter 1808 250 4 2062

Total 2457 618 45 3119

USD millions

Debt assumed as

part of acquisition

Foreign exchange

movement Fair value

30 Jun 2018

Non cash changes

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

Oslo 16 July 2018

Vice chair

Board member

EBITDA

USD millions

Results

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

USD millions

Impairment loss 2)

3-month rolling

2Q 2018

2Q 2017

3-month rolling

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

3-month average

USD millions

2Q 2018

(2453)

2Q 2017

(2091)

2017 2017

318 535 457

41 (35) 29

81 82 77

439 583 563

777 700 724

65 55 60

1281 1338 1348

(52) (169) (76)

1229 1170 1272

2017 2017

98 342 477

4 (6) 5

348 78 (17)

777 700 724

65 55 60

(63) (1) 23

1229 1170 1272

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

6423 5702 5984

40 27 39

19206 17230 18136

64 68 70

Jul 2017 Jun 2018

USD millions

3-month average

2Q 2017

77 156

E (33)

F=Ex4 F

177 450

2Q 2018

3-month average

USD millions

2Q 2018

(2453)

USD millions

Impairment loss 2)

2Q 2018

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

(2091)

2Q 2017

2017 2017

439 583 563

(52) (169) (76)

387 414 488

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

12742 11501 12113

30 36 40

1H 2017 2017

666 733 1348

(401) (348) (724)

(24) (19) (60)

(294) 51 99

(63) (43) (82)

(115) 374 581

1H 2017 2017

171 310 457

27 16 29

40 38 75

242 366 563

401 348 724

24 19 60

666 733 1348

32 (0) 82

698 733 1430

Jul 2017 Jun 2018

1H 2018

Trade payables 1) (1454) (1162) (1340)

Debtequity ratio

Total equity (8980) (9064) (9505)

Earnings per share

Net income O (211) 82 (96) 283 477

R (1) (1) (2)

(2) (4)

Y=(O-P-Q+R-UshyV)N 017 034 059 093 181

wwwyaracom

Note 1

Total at 30 June 2018 273217830 -

Industrial 522 445 1006 912 1846

Production 308 270 567 422 891

Total 3192 2759 6048 5442 11400

Production 1116 979 2252 2097 4136

Total - - - - -

Industrial 526 449 1014 918 1862

Production 1424 1249 2819 2519 5026

Total 3192 2759 6048 5442 11400

Industrial 47 39 95 79 118

Production (82) 18 (101) 103 77

Total 38 130 171 310 457

Industrial 54 44 107 89 158

Production 95 180 252 416 722

Total 296 352 666 733 1348

Investments 1)

Production 558 319 733 527 1165

Total 673 384 1204 652 1505

Total Assets 2)

Production 10636 9771 10484

Total 17022 14713 15783

1H 2018 1H 2017 2017

Production 38 45 49

income

Depreciation and

loss 2) EBITDA

2Q 2018 Crop Nutrition 88 5 14 108 32 14 153

Industrial 47 0 3 51 3 0 54

Production (82) 11 1 (70) 158 6 95

Total 38 17 22 77 199 20 296

2Q 2017 Crop Nutrition 69 4 12 86 26 6 118

Industrial 39 2 0 41 3 - 44

Production 18 1 5 23 145 12 180

Total 130 7 19 156 178 18 352

1H 2018 Crop Nutrition 180 4 30 214 65 15 295

Industrial 95 0 5 100 6 0 107

Production (101) 24 3 (74) 317 8 252

Total 171 27 43 242 401 24 666

1H 2017 Crop Nutrition 153 3 28 184 52 7 243

Industrial 79 3 1 83 6 0 89

Production 103 10 9 122 283 12 416

Total 310 16 40 366 348 19 733

2017 Crop Nutrition 306 3 56 365 107 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

Freight insurance

and services Total

2Q 2018 2277 75 7 2359

456 44 23 522

258 28 16 303

0 - 1 1

2991 147 47 3185

1H 2018 4324 136 11 4471

904 65 37 1006

468 41 35 544

0 - 2 2

5696 243 84 6023 Total

2Q 2018 Crop Nutrition 737 497 281 385 314 144 2359

Industrial 315 54 28 32 61 32 522

Production 28 96 8 90 80 - 303

Total 1081 648 318 507 456 176 3185

2Q 2017 Crop Nutrition 562 620 262 225 259 115 2043

Industrial 305 14 27 18 48 32 445

Production 23 60 6 81 74 14 258

Total 889 694 295 324 380 162 2744

1H 2018 Crop Nutrition 1505 986 464 710 545 261 4471

Industrial 628 77 54 57 125 65 1006

Production 59 143 18 162 163 - 544

Total 2194 1206 535 929 833 326 6023

1H 2017 Crop Nutrition 1331 1163 450 449 476 238 4106

Industrial 597 33 58 43 122 59 912

Production 49 84 14 138 114 23 422

Total 1979 1280 521 629 712 319 5440

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

Inventories 4 67

Liabilities

EBITDA 12 9

Pro forma figures

Cubatatildeo 1)

Revenues 117

USD millions

Other income

Other 2 5 4 7 10

Total 6 12 23 14 55

Impairment loss

Note 8 Inventories

Total 2376 2263 2229

2019 270 32 5 307

2020 - 46 6 52

2021 87 46 6 138

2022 293 199 3 494

2023 - 44 22 66

Thereafter 1808 250 4 2062

Total 2457 618 45 3119

USD millions

Debt assumed as

part of acquisition

Foreign exchange

movement Fair value

30 Jun 2018

Non cash changes

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

Oslo 16 July 2018

Vice chair

Board member

EBITDA

USD millions

Results

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

USD millions

Impairment loss 2)

3-month rolling

2Q 2018

2Q 2017

3-month rolling

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

3-month average

USD millions

2Q 2018

(2453)

2Q 2017

(2091)

2017 2017

318 535 457

41 (35) 29

81 82 77

439 583 563

777 700 724

65 55 60

1281 1338 1348

(52) (169) (76)

1229 1170 1272

2017 2017

98 342 477

4 (6) 5

348 78 (17)

777 700 724

65 55 60

(63) (1) 23

1229 1170 1272

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

6423 5702 5984

40 27 39

19206 17230 18136

64 68 70

Jul 2017 Jun 2018

USD millions

3-month average

2Q 2017

77 156

E (33)

F=Ex4 F

177 450

2Q 2018

3-month average

USD millions

2Q 2018

(2453)

USD millions

Impairment loss 2)

2Q 2018

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

(2091)

2Q 2017

2017 2017

439 583 563

(52) (169) (76)

387 414 488

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

12742 11501 12113

30 36 40

1H 2017 2017

666 733 1348

(401) (348) (724)

(24) (19) (60)

(294) 51 99

(63) (43) (82)

(115) 374 581

1H 2017 2017

171 310 457

27 16 29

40 38 75

242 366 563

401 348 724

24 19 60

666 733 1348

32 (0) 82

698 733 1430

Jul 2017 Jun 2018

1H 2018

Trade payables 1) (1454) (1162) (1340)

Debtequity ratio

Total equity (8980) (9064) (9505)

Earnings per share

Net income O (211) 82 (96) 283 477

R (1) (1) (2)

(2) (4)

Y=(O-P-Q+R-UshyV)N 017 034 059 093 181

wwwyaracom

Note 1

Total at 30 June 2018 273217830 -

Industrial 522 445 1006 912 1846

Production 308 270 567 422 891

Total 3192 2759 6048 5442 11400

Production 1116 979 2252 2097 4136

Total - - - - -

Industrial 526 449 1014 918 1862

Production 1424 1249 2819 2519 5026

Total 3192 2759 6048 5442 11400

Industrial 47 39 95 79 118

Production (82) 18 (101) 103 77

Total 38 130 171 310 457

Industrial 54 44 107 89 158

Production 95 180 252 416 722

Total 296 352 666 733 1348

Investments 1)

Production 558 319 733 527 1165

Total 673 384 1204 652 1505

Total Assets 2)

Production 10636 9771 10484

Total 17022 14713 15783

1H 2018 1H 2017 2017

Production 38 45 49

income

Depreciation and

loss 2) EBITDA

2Q 2018 Crop Nutrition 88 5 14 108 32 14 153

Industrial 47 0 3 51 3 0 54

Production (82) 11 1 (70) 158 6 95

Total 38 17 22 77 199 20 296

2Q 2017 Crop Nutrition 69 4 12 86 26 6 118

Industrial 39 2 0 41 3 - 44

Production 18 1 5 23 145 12 180

Total 130 7 19 156 178 18 352

1H 2018 Crop Nutrition 180 4 30 214 65 15 295

Industrial 95 0 5 100 6 0 107

Production (101) 24 3 (74) 317 8 252

Total 171 27 43 242 401 24 666

1H 2017 Crop Nutrition 153 3 28 184 52 7 243

Industrial 79 3 1 83 6 0 89

Production 103 10 9 122 283 12 416

Total 310 16 40 366 348 19 733

2017 Crop Nutrition 306 3 56 365 107 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

Freight insurance

and services Total

2Q 2018 2277 75 7 2359

456 44 23 522

258 28 16 303

0 - 1 1

2991 147 47 3185

1H 2018 4324 136 11 4471

904 65 37 1006

468 41 35 544

0 - 2 2

5696 243 84 6023 Total

2Q 2018 Crop Nutrition 737 497 281 385 314 144 2359

Industrial 315 54 28 32 61 32 522

Production 28 96 8 90 80 - 303

Total 1081 648 318 507 456 176 3185

2Q 2017 Crop Nutrition 562 620 262 225 259 115 2043

Industrial 305 14 27 18 48 32 445

Production 23 60 6 81 74 14 258

Total 889 694 295 324 380 162 2744

1H 2018 Crop Nutrition 1505 986 464 710 545 261 4471

Industrial 628 77 54 57 125 65 1006

Production 59 143 18 162 163 - 544

Total 2194 1206 535 929 833 326 6023

1H 2017 Crop Nutrition 1331 1163 450 449 476 238 4106

Industrial 597 33 58 43 122 59 912

Production 49 84 14 138 114 23 422

Total 1979 1280 521 629 712 319 5440

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

Inventories 4 67

Liabilities

EBITDA 12 9

Pro forma figures

Cubatatildeo 1)

Revenues 117

USD millions

Other income

Other 2 5 4 7 10

Total 6 12 23 14 55

Impairment loss

Note 8 Inventories

Total 2376 2263 2229

2019 270 32 5 307

2020 - 46 6 52

2021 87 46 6 138

2022 293 199 3 494

2023 - 44 22 66

Thereafter 1808 250 4 2062

Total 2457 618 45 3119

USD millions

Debt assumed as

part of acquisition

Foreign exchange

movement Fair value

30 Jun 2018

Non cash changes

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

Oslo 16 July 2018

Vice chair

Board member

EBITDA

USD millions

Results

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

USD millions

Impairment loss 2)

3-month rolling

2Q 2018

2Q 2017

3-month rolling

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

3-month average

USD millions

2Q 2018

(2453)

2Q 2017

(2091)

2017 2017

318 535 457

41 (35) 29

81 82 77

439 583 563

777 700 724

65 55 60

1281 1338 1348

(52) (169) (76)

1229 1170 1272

2017 2017

98 342 477

4 (6) 5

348 78 (17)

777 700 724

65 55 60

(63) (1) 23

1229 1170 1272

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

6423 5702 5984

40 27 39

19206 17230 18136

64 68 70

Jul 2017 Jun 2018

USD millions

3-month average

2Q 2017

77 156

E (33)

F=Ex4 F

177 450

2Q 2018

3-month average

USD millions

2Q 2018

(2453)

USD millions

Impairment loss 2)

2Q 2018

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

(2091)

2Q 2017

2017 2017

439 583 563

(52) (169) (76)

387 414 488

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

12742 11501 12113

30 36 40

1H 2017 2017

666 733 1348

(401) (348) (724)

(24) (19) (60)

(294) 51 99

(63) (43) (82)

(115) 374 581

1H 2017 2017

171 310 457

27 16 29

40 38 75

242 366 563

401 348 724

24 19 60

666 733 1348

32 (0) 82

698 733 1430

Jul 2017 Jun 2018

1H 2018

Trade payables 1) (1454) (1162) (1340)

Debtequity ratio

Total equity (8980) (9064) (9505)

Earnings per share

Net income O (211) 82 (96) 283 477

R (1) (1) (2)

(2) (4)

Y=(O-P-Q+R-UshyV)N 017 034 059 093 181

wwwyaracom

Industrial 522 445 1006 912 1846

Production 308 270 567 422 891

Total 3192 2759 6048 5442 11400

Production 1116 979 2252 2097 4136

Total - - - - -

Industrial 526 449 1014 918 1862

Production 1424 1249 2819 2519 5026

Total 3192 2759 6048 5442 11400

Industrial 47 39 95 79 118

Production (82) 18 (101) 103 77

Total 38 130 171 310 457

Industrial 54 44 107 89 158

Production 95 180 252 416 722

Total 296 352 666 733 1348

Investments 1)

Production 558 319 733 527 1165

Total 673 384 1204 652 1505

Total Assets 2)

Production 10636 9771 10484

Total 17022 14713 15783

1H 2018 1H 2017 2017

Production 38 45 49

income

Depreciation and

loss 2) EBITDA

2Q 2018 Crop Nutrition 88 5 14 108 32 14 153

Industrial 47 0 3 51 3 0 54

Production (82) 11 1 (70) 158 6 95

Total 38 17 22 77 199 20 296

2Q 2017 Crop Nutrition 69 4 12 86 26 6 118

Industrial 39 2 0 41 3 - 44

Production 18 1 5 23 145 12 180

Total 130 7 19 156 178 18 352

1H 2018 Crop Nutrition 180 4 30 214 65 15 295

Industrial 95 0 5 100 6 0 107

Production (101) 24 3 (74) 317 8 252

Total 171 27 43 242 401 24 666

1H 2017 Crop Nutrition 153 3 28 184 52 7 243

Industrial 79 3 1 83 6 0 89

Production 103 10 9 122 283 12 416

Total 310 16 40 366 348 19 733

2017 Crop Nutrition 306 3 56 365 107 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

Freight insurance

and services Total

2Q 2018 2277 75 7 2359

456 44 23 522

258 28 16 303

0 - 1 1

2991 147 47 3185

1H 2018 4324 136 11 4471

904 65 37 1006

468 41 35 544

0 - 2 2

5696 243 84 6023 Total

2Q 2018 Crop Nutrition 737 497 281 385 314 144 2359

Industrial 315 54 28 32 61 32 522

Production 28 96 8 90 80 - 303

Total 1081 648 318 507 456 176 3185

2Q 2017 Crop Nutrition 562 620 262 225 259 115 2043

Industrial 305 14 27 18 48 32 445

Production 23 60 6 81 74 14 258

Total 889 694 295 324 380 162 2744

1H 2018 Crop Nutrition 1505 986 464 710 545 261 4471

Industrial 628 77 54 57 125 65 1006

Production 59 143 18 162 163 - 544

Total 2194 1206 535 929 833 326 6023

1H 2017 Crop Nutrition 1331 1163 450 449 476 238 4106

Industrial 597 33 58 43 122 59 912

Production 49 84 14 138 114 23 422

Total 1979 1280 521 629 712 319 5440

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

Inventories 4 67

Liabilities

EBITDA 12 9

Pro forma figures

Cubatatildeo 1)

Revenues 117

USD millions

Other income

Other 2 5 4 7 10

Total 6 12 23 14 55

Impairment loss

Note 8 Inventories

Total 2376 2263 2229

2019 270 32 5 307

2020 - 46 6 52

2021 87 46 6 138

2022 293 199 3 494

2023 - 44 22 66

Thereafter 1808 250 4 2062

Total 2457 618 45 3119

USD millions

Debt assumed as

part of acquisition

Foreign exchange

movement Fair value

30 Jun 2018

Non cash changes

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

Oslo 16 July 2018

Vice chair

Board member

EBITDA

USD millions

Results

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

USD millions

Impairment loss 2)

3-month rolling

2Q 2018

2Q 2017

3-month rolling

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

3-month average

USD millions

2Q 2018

(2453)

2Q 2017

(2091)

2017 2017

318 535 457

41 (35) 29

81 82 77

439 583 563

777 700 724

65 55 60

1281 1338 1348

(52) (169) (76)

1229 1170 1272

2017 2017

98 342 477

4 (6) 5

348 78 (17)

777 700 724

65 55 60

(63) (1) 23

1229 1170 1272

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

6423 5702 5984

40 27 39

19206 17230 18136

64 68 70

Jul 2017 Jun 2018

USD millions

3-month average

2Q 2017

77 156

E (33)

F=Ex4 F

177 450

2Q 2018

3-month average

USD millions

2Q 2018

(2453)

USD millions

Impairment loss 2)

2Q 2018

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

(2091)

2Q 2017

2017 2017

439 583 563

(52) (169) (76)

387 414 488

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

12742 11501 12113

30 36 40

1H 2017 2017

666 733 1348

(401) (348) (724)

(24) (19) (60)

(294) 51 99

(63) (43) (82)

(115) 374 581

1H 2017 2017

171 310 457

27 16 29

40 38 75

242 366 563

401 348 724

24 19 60

666 733 1348

32 (0) 82

698 733 1430

Jul 2017 Jun 2018

1H 2018

Trade payables 1) (1454) (1162) (1340)

Debtequity ratio

Total equity (8980) (9064) (9505)

Earnings per share

Net income O (211) 82 (96) 283 477

R (1) (1) (2)

(2) (4)

Y=(O-P-Q+R-UshyV)N 017 034 059 093 181

wwwyaracom

1H 2018 1H 2017 2017

Production 38 45 49

income

Depreciation and

loss 2) EBITDA

2Q 2018 Crop Nutrition 88 5 14 108 32 14 153

Industrial 47 0 3 51 3 0 54

Production (82) 11 1 (70) 158 6 95

Total 38 17 22 77 199 20 296

2Q 2017 Crop Nutrition 69 4 12 86 26 6 118

Industrial 39 2 0 41 3 - 44

Production 18 1 5 23 145 12 180

Total 130 7 19 156 178 18 352

1H 2018 Crop Nutrition 180 4 30 214 65 15 295

Industrial 95 0 5 100 6 0 107

Production (101) 24 3 (74) 317 8 252

Total 171 27 43 242 401 24 666

1H 2017 Crop Nutrition 153 3 28 184 52 7 243

Industrial 79 3 1 83 6 0 89

Production 103 10 9 122 283 12 416

Total 310 16 40 366 348 19 733

2017 Crop Nutrition 306 3 56 365 107 20 492

Industrial 118 6 3 127 12 19 158

Production 77 20 15 112 588 22 722

Total 457 29 77 563 724 60 1348

USD millions

Freight insurance

and services Total

2Q 2018 2277 75 7 2359

456 44 23 522

258 28 16 303

0 - 1 1

2991 147 47 3185

1H 2018 4324 136 11 4471

904 65 37 1006

468 41 35 544

0 - 2 2

5696 243 84 6023 Total

2Q 2018 Crop Nutrition 737 497 281 385 314 144 2359

Industrial 315 54 28 32 61 32 522

Production 28 96 8 90 80 - 303

Total 1081 648 318 507 456 176 3185

2Q 2017 Crop Nutrition 562 620 262 225 259 115 2043

Industrial 305 14 27 18 48 32 445

Production 23 60 6 81 74 14 258

Total 889 694 295 324 380 162 2744

1H 2018 Crop Nutrition 1505 986 464 710 545 261 4471

Industrial 628 77 54 57 125 65 1006

Production 59 143 18 162 163 - 544

Total 2194 1206 535 929 833 326 6023

1H 2017 Crop Nutrition 1331 1163 450 449 476 238 4106

Industrial 597 33 58 43 122 59 912

Production 49 84 14 138 114 23 422

Total 1979 1280 521 629 712 319 5440

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

Inventories 4 67

Liabilities

EBITDA 12 9

Pro forma figures

Cubatatildeo 1)

Revenues 117

USD millions

Other income

Other 2 5 4 7 10

Total 6 12 23 14 55

Impairment loss

Note 8 Inventories

Total 2376 2263 2229

2019 270 32 5 307

2020 - 46 6 52

2021 87 46 6 138

2022 293 199 3 494

2023 - 44 22 66

Thereafter 1808 250 4 2062

Total 2457 618 45 3119

USD millions

Debt assumed as

part of acquisition

Foreign exchange

movement Fair value

30 Jun 2018

Non cash changes

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

Oslo 16 July 2018

Vice chair

Board member

EBITDA

USD millions

Results

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

USD millions

Impairment loss 2)

3-month rolling

2Q 2018

2Q 2017

3-month rolling

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

3-month average

USD millions

2Q 2018

(2453)

2Q 2017

(2091)

2017 2017

318 535 457

41 (35) 29

81 82 77

439 583 563

777 700 724

65 55 60

1281 1338 1348

(52) (169) (76)

1229 1170 1272

2017 2017

98 342 477

4 (6) 5

348 78 (17)

777 700 724

65 55 60

(63) (1) 23

1229 1170 1272

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

6423 5702 5984

40 27 39

19206 17230 18136

64 68 70

Jul 2017 Jun 2018

USD millions

3-month average

2Q 2017

77 156

E (33)

F=Ex4 F

177 450

2Q 2018

3-month average

USD millions

2Q 2018

(2453)

USD millions

Impairment loss 2)

2Q 2018

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

(2091)

2Q 2017

2017 2017

439 583 563

(52) (169) (76)

387 414 488

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

12742 11501 12113

30 36 40

1H 2017 2017

666 733 1348

(401) (348) (724)

(24) (19) (60)

(294) 51 99

(63) (43) (82)

(115) 374 581

1H 2017 2017

171 310 457

27 16 29

40 38 75

242 366 563

401 348 724

24 19 60

666 733 1348

32 (0) 82

698 733 1430

Jul 2017 Jun 2018

1H 2018

Trade payables 1) (1454) (1162) (1340)

Debtequity ratio

Total equity (8980) (9064) (9505)

Earnings per share

Net income O (211) 82 (96) 283 477

R (1) (1) (2)

(2) (4)

Y=(O-P-Q+R-UshyV)N 017 034 059 093 181

wwwyaracom

USD millions

Freight insurance

and services Total

2Q 2018 2277 75 7 2359

456 44 23 522

258 28 16 303

0 - 1 1

2991 147 47 3185

1H 2018 4324 136 11 4471

904 65 37 1006

468 41 35 544

0 - 2 2

5696 243 84 6023 Total

2Q 2018 Crop Nutrition 737 497 281 385 314 144 2359

Industrial 315 54 28 32 61 32 522

Production 28 96 8 90 80 - 303

Total 1081 648 318 507 456 176 3185

2Q 2017 Crop Nutrition 562 620 262 225 259 115 2043

Industrial 305 14 27 18 48 32 445

Production 23 60 6 81 74 14 258

Total 889 694 295 324 380 162 2744

1H 2018 Crop Nutrition 1505 986 464 710 545 261 4471

Industrial 628 77 54 57 125 65 1006

Production 59 143 18 162 163 - 544

Total 2194 1206 535 929 833 326 6023

1H 2017 Crop Nutrition 1331 1163 450 449 476 238 4106

Industrial 597 33 58 43 122 59 912

Production 49 84 14 138 114 23 422

Total 1979 1280 521 629 712 319 5440

2017 Crop Nutrition 2562 2945 940 892 820 494 8653

Industrial 1199 76 106 95 242 127 1846

Production 100 236 26 269 200 23 854

Total 3867 3257 1072 1256 1262 644 11358

Consideration

Inventories 4 67

Liabilities

EBITDA 12 9

Pro forma figures

Cubatatildeo 1)

Revenues 117

USD millions

Other income

Other 2 5 4 7 10

Total 6 12 23 14 55

Impairment loss

Note 8 Inventories

Total 2376 2263 2229

2019 270 32 5 307

2020 - 46 6 52

2021 87 46 6 138

2022 293 199 3 494

2023 - 44 22 66

Thereafter 1808 250 4 2062

Total 2457 618 45 3119

USD millions

Debt assumed as

part of acquisition

Foreign exchange

movement Fair value

30 Jun 2018

Non cash changes

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

Oslo 16 July 2018

Vice chair

Board member

EBITDA

USD millions

Results

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

USD millions

Impairment loss 2)

3-month rolling

2Q 2018

2Q 2017

3-month rolling

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

3-month average

USD millions

2Q 2018

(2453)

2Q 2017

(2091)

2017 2017

318 535 457

41 (35) 29

81 82 77

439 583 563

777 700 724

65 55 60

1281 1338 1348

(52) (169) (76)

1229 1170 1272

2017 2017

98 342 477

4 (6) 5

348 78 (17)

777 700 724

65 55 60

(63) (1) 23

1229 1170 1272

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

6423 5702 5984

40 27 39

19206 17230 18136

64 68 70

Jul 2017 Jun 2018

USD millions

3-month average

2Q 2017

77 156

E (33)

F=Ex4 F

177 450

2Q 2018

3-month average

USD millions

2Q 2018

(2453)

USD millions

Impairment loss 2)

2Q 2018

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

(2091)

2Q 2017

2017 2017

439 583 563

(52) (169) (76)

387 414 488

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

12742 11501 12113

30 36 40

1H 2017 2017

666 733 1348

(401) (348) (724)

(24) (19) (60)

(294) 51 99

(63) (43) (82)

(115) 374 581

1H 2017 2017

171 310 457

27 16 29

40 38 75

242 366 563

401 348 724

24 19 60

666 733 1348

32 (0) 82

698 733 1430

Jul 2017 Jun 2018

1H 2018

Trade payables 1) (1454) (1162) (1340)

Debtequity ratio

Total equity (8980) (9064) (9505)

Earnings per share

Net income O (211) 82 (96) 283 477

R (1) (1) (2)

(2) (4)

Y=(O-P-Q+R-UshyV)N 017 034 059 093 181

wwwyaracom

Consideration

Inventories 4 67

Liabilities

EBITDA 12 9

Pro forma figures

Cubatatildeo 1)

Revenues 117

USD millions

Other income

Other 2 5 4 7 10

Total 6 12 23 14 55

Impairment loss

Note 8 Inventories

Total 2376 2263 2229

2019 270 32 5 307

2020 - 46 6 52

2021 87 46 6 138

2022 293 199 3 494

2023 - 44 22 66

Thereafter 1808 250 4 2062

Total 2457 618 45 3119

USD millions

Debt assumed as

part of acquisition

Foreign exchange

movement Fair value

30 Jun 2018

Non cash changes

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

Oslo 16 July 2018

Vice chair

Board member

EBITDA

USD millions

Results

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

USD millions

Impairment loss 2)

3-month rolling

2Q 2018

2Q 2017

3-month rolling

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

3-month average

USD millions

2Q 2018

(2453)

2Q 2017

(2091)

2017 2017

318 535 457

41 (35) 29

81 82 77

439 583 563

777 700 724

65 55 60

1281 1338 1348

(52) (169) (76)

1229 1170 1272

2017 2017

98 342 477

4 (6) 5

348 78 (17)

777 700 724

65 55 60

(63) (1) 23

1229 1170 1272

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

6423 5702 5984

40 27 39

19206 17230 18136

64 68 70

Jul 2017 Jun 2018

USD millions

3-month average

2Q 2017

77 156

E (33)

F=Ex4 F

177 450

2Q 2018

3-month average

USD millions

2Q 2018

(2453)

USD millions

Impairment loss 2)

2Q 2018

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

(2091)

2Q 2017

2017 2017

439 583 563

(52) (169) (76)

387 414 488

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

12742 11501 12113

30 36 40

1H 2017 2017

666 733 1348

(401) (348) (724)

(24) (19) (60)

(294) 51 99

(63) (43) (82)

(115) 374 581

1H 2017 2017

171 310 457

27 16 29

40 38 75

242 366 563

401 348 724

24 19 60

666 733 1348

32 (0) 82

698 733 1430

Jul 2017 Jun 2018

1H 2018

Trade payables 1) (1454) (1162) (1340)

Debtequity ratio

Total equity (8980) (9064) (9505)

Earnings per share

Net income O (211) 82 (96) 283 477

R (1) (1) (2)

(2) (4)

Y=(O-P-Q+R-UshyV)N 017 034 059 093 181

wwwyaracom

Inventories 4 67

Liabilities

EBITDA 12 9

Pro forma figures

Cubatatildeo 1)

Revenues 117

USD millions

Other income

Other 2 5 4 7 10

Total 6 12 23 14 55

Impairment loss

Note 8 Inventories

Total 2376 2263 2229

2019 270 32 5 307

2020 - 46 6 52

2021 87 46 6 138

2022 293 199 3 494

2023 - 44 22 66

Thereafter 1808 250 4 2062

Total 2457 618 45 3119

USD millions

Debt assumed as

part of acquisition

Foreign exchange

movement Fair value

30 Jun 2018

Non cash changes

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

Oslo 16 July 2018

Vice chair

Board member

EBITDA

USD millions

Results

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

USD millions

Impairment loss 2)

3-month rolling

2Q 2018

2Q 2017

3-month rolling

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

3-month average

USD millions

2Q 2018

(2453)

2Q 2017

(2091)

2017 2017

318 535 457

41 (35) 29

81 82 77

439 583 563

777 700 724

65 55 60

1281 1338 1348

(52) (169) (76)

1229 1170 1272

2017 2017

98 342 477

4 (6) 5

348 78 (17)

777 700 724

65 55 60

(63) (1) 23

1229 1170 1272

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

6423 5702 5984

40 27 39

19206 17230 18136

64 68 70

Jul 2017 Jun 2018

USD millions

3-month average

2Q 2017

77 156

E (33)

F=Ex4 F

177 450

2Q 2018

3-month average

USD millions

2Q 2018

(2453)

USD millions

Impairment loss 2)

2Q 2018

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

(2091)

2Q 2017

2017 2017

439 583 563

(52) (169) (76)

387 414 488

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

12742 11501 12113

30 36 40

1H 2017 2017

666 733 1348

(401) (348) (724)

(24) (19) (60)

(294) 51 99

(63) (43) (82)

(115) 374 581

1H 2017 2017

171 310 457

27 16 29

40 38 75

242 366 563

401 348 724

24 19 60

666 733 1348

32 (0) 82

698 733 1430

Jul 2017 Jun 2018

1H 2018

Trade payables 1) (1454) (1162) (1340)

Debtequity ratio

Total equity (8980) (9064) (9505)

Earnings per share

Net income O (211) 82 (96) 283 477

R (1) (1) (2)

(2) (4)

Y=(O-P-Q+R-UshyV)N 017 034 059 093 181

wwwyaracom

EBITDA 12 9

Pro forma figures

Cubatatildeo 1)

Revenues 117

USD millions

Other income

Other 2 5 4 7 10

Total 6 12 23 14 55

Impairment loss

Note 8 Inventories

Total 2376 2263 2229

2019 270 32 5 307

2020 - 46 6 52

2021 87 46 6 138

2022 293 199 3 494

2023 - 44 22 66

Thereafter 1808 250 4 2062

Total 2457 618 45 3119

USD millions

Debt assumed as

part of acquisition

Foreign exchange

movement Fair value

30 Jun 2018

Non cash changes

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

Oslo 16 July 2018

Vice chair

Board member

EBITDA

USD millions

Results

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

USD millions

Impairment loss 2)

3-month rolling

2Q 2018

2Q 2017

3-month rolling

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

3-month average

USD millions

2Q 2018

(2453)

2Q 2017

(2091)

2017 2017

318 535 457

41 (35) 29

81 82 77

439 583 563

777 700 724

65 55 60

1281 1338 1348

(52) (169) (76)

1229 1170 1272

2017 2017

98 342 477

4 (6) 5

348 78 (17)

777 700 724

65 55 60

(63) (1) 23

1229 1170 1272

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

6423 5702 5984

40 27 39

19206 17230 18136

64 68 70

Jul 2017 Jun 2018

USD millions

3-month average

2Q 2017

77 156

E (33)

F=Ex4 F

177 450

2Q 2018

3-month average

USD millions

2Q 2018

(2453)

USD millions

Impairment loss 2)

2Q 2018

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

(2091)

2Q 2017

2017 2017

439 583 563

(52) (169) (76)

387 414 488

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

12742 11501 12113

30 36 40

1H 2017 2017

666 733 1348

(401) (348) (724)

(24) (19) (60)

(294) 51 99

(63) (43) (82)

(115) 374 581

1H 2017 2017

171 310 457

27 16 29

40 38 75

242 366 563

401 348 724

24 19 60

666 733 1348

32 (0) 82

698 733 1430

Jul 2017 Jun 2018

1H 2018

Trade payables 1) (1454) (1162) (1340)

Debtequity ratio

Total equity (8980) (9064) (9505)

Earnings per share

Net income O (211) 82 (96) 283 477

R (1) (1) (2)

(2) (4)

Y=(O-P-Q+R-UshyV)N 017 034 059 093 181

wwwyaracom

Other income

Other 2 5 4 7 10

Total 6 12 23 14 55

Impairment loss

Note 8 Inventories

Total 2376 2263 2229

2019 270 32 5 307

2020 - 46 6 52

2021 87 46 6 138

2022 293 199 3 494

2023 - 44 22 66

Thereafter 1808 250 4 2062

Total 2457 618 45 3119

USD millions

Debt assumed as

part of acquisition

Foreign exchange

movement Fair value

30 Jun 2018

Non cash changes

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

Oslo 16 July 2018

Vice chair

Board member

EBITDA

USD millions

Results

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

USD millions

Impairment loss 2)

3-month rolling

2Q 2018

2Q 2017

3-month rolling

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

3-month average

USD millions

2Q 2018

(2453)

2Q 2017

(2091)

2017 2017

318 535 457

41 (35) 29

81 82 77

439 583 563

777 700 724

65 55 60

1281 1338 1348

(52) (169) (76)

1229 1170 1272

2017 2017

98 342 477

4 (6) 5

348 78 (17)

777 700 724

65 55 60

(63) (1) 23

1229 1170 1272

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

6423 5702 5984

40 27 39

19206 17230 18136

64 68 70

Jul 2017 Jun 2018

USD millions

3-month average

2Q 2017

77 156

E (33)

F=Ex4 F

177 450

2Q 2018

3-month average

USD millions

2Q 2018

(2453)

USD millions

Impairment loss 2)

2Q 2018

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

(2091)

2Q 2017

2017 2017

439 583 563

(52) (169) (76)

387 414 488

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

12742 11501 12113

30 36 40

1H 2017 2017

666 733 1348

(401) (348) (724)

(24) (19) (60)

(294) 51 99

(63) (43) (82)

(115) 374 581

1H 2017 2017

171 310 457

27 16 29

40 38 75

242 366 563

401 348 724

24 19 60

666 733 1348

32 (0) 82

698 733 1430

Jul 2017 Jun 2018

1H 2018

Trade payables 1) (1454) (1162) (1340)

Debtequity ratio

Total equity (8980) (9064) (9505)

Earnings per share

Net income O (211) 82 (96) 283 477

R (1) (1) (2)

(2) (4)

Y=(O-P-Q+R-UshyV)N 017 034 059 093 181

wwwyaracom

2019 270 32 5 307

2020 - 46 6 52

2021 87 46 6 138

2022 293 199 3 494

2023 - 44 22 66

Thereafter 1808 250 4 2062

Total 2457 618 45 3119

USD millions

Debt assumed as

part of acquisition

Foreign exchange

movement Fair value

30 Jun 2018

Non cash changes

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

Oslo 16 July 2018

Vice chair

Board member

EBITDA

USD millions

Results

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

USD millions

Impairment loss 2)

3-month rolling

2Q 2018

2Q 2017

3-month rolling

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

3-month average

USD millions

2Q 2018

(2453)

2Q 2017

(2091)

2017 2017

318 535 457

41 (35) 29

81 82 77

439 583 563

777 700 724

65 55 60

1281 1338 1348

(52) (169) (76)

1229 1170 1272

2017 2017

98 342 477

4 (6) 5

348 78 (17)

777 700 724

65 55 60

(63) (1) 23

1229 1170 1272

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

6423 5702 5984

40 27 39

19206 17230 18136

64 68 70

Jul 2017 Jun 2018

USD millions

3-month average

2Q 2017

77 156

E (33)

F=Ex4 F

177 450

2Q 2018

3-month average

USD millions

2Q 2018

(2453)

USD millions

Impairment loss 2)

2Q 2018

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

(2091)

2Q 2017

2017 2017

439 583 563

(52) (169) (76)

387 414 488

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

12742 11501 12113

30 36 40

1H 2017 2017

666 733 1348

(401) (348) (724)

(24) (19) (60)

(294) 51 99

(63) (43) (82)

(115) 374 581

1H 2017 2017

171 310 457

27 16 29

40 38 75

242 366 563

401 348 724

24 19 60

666 733 1348

32 (0) 82

698 733 1430

Jul 2017 Jun 2018

1H 2018

Trade payables 1) (1454) (1162) (1340)

Debtequity ratio

Total equity (8980) (9064) (9505)

Earnings per share

Net income O (211) 82 (96) 283 477

R (1) (1) (2)

(2) (4)

Y=(O-P-Q+R-UshyV)N 017 034 059 093 181

wwwyaracom

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

Oslo 16 July 2018

Vice chair

Board member

EBITDA

USD millions

Results

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

USD millions

Impairment loss 2)

3-month rolling

2Q 2018

2Q 2017

3-month rolling

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

3-month average

USD millions

2Q 2018

(2453)

2Q 2017

(2091)

2017 2017

318 535 457

41 (35) 29

81 82 77

439 583 563

777 700 724

65 55 60

1281 1338 1348

(52) (169) (76)

1229 1170 1272

2017 2017

98 342 477

4 (6) 5

348 78 (17)

777 700 724

65 55 60

(63) (1) 23

1229 1170 1272

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

6423 5702 5984

40 27 39

19206 17230 18136

64 68 70

Jul 2017 Jun 2018

USD millions

3-month average

2Q 2017

77 156

E (33)

F=Ex4 F

177 450

2Q 2018

3-month average

USD millions

2Q 2018

(2453)

USD millions

Impairment loss 2)

2Q 2018

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

(2091)

2Q 2017

2017 2017

439 583 563

(52) (169) (76)

387 414 488

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

12742 11501 12113

30 36 40

1H 2017 2017

666 733 1348

(401) (348) (724)

(24) (19) (60)

(294) 51 99

(63) (43) (82)

(115) 374 581

1H 2017 2017

171 310 457

27 16 29

40 38 75

242 366 563

401 348 724

24 19 60

666 733 1348

32 (0) 82

698 733 1430

Jul 2017 Jun 2018

1H 2018

Trade payables 1) (1454) (1162) (1340)

Debtequity ratio

Total equity (8980) (9064) (9505)

Earnings per share

Net income O (211) 82 (96) 283 477

R (1) (1) (2)

(2) (4)

Y=(O-P-Q+R-UshyV)N 017 034 059 093 181

wwwyaracom

(62) (49)

(50) 17

(3023) (1520)

3074 10150

- 8647

- 8917

(63) (49)

(54) 17

(2663) (1161)

2717 10369

- 9225

- 9505

Oslo 16 July 2018

Vice chair

Board member

EBITDA

USD millions

Results

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

USD millions

Impairment loss 2)

3-month rolling

2Q 2018

2Q 2017

3-month rolling

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

3-month average

USD millions

2Q 2018

(2453)

2Q 2017

(2091)

2017 2017

318 535 457

41 (35) 29

81 82 77

439 583 563

777 700 724

65 55 60

1281 1338 1348

(52) (169) (76)

1229 1170 1272

2017 2017

98 342 477

4 (6) 5

348 78 (17)

777 700 724

65 55 60

(63) (1) 23

1229 1170 1272

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

6423 5702 5984

40 27 39

19206 17230 18136

64 68 70

Jul 2017 Jun 2018

USD millions

3-month average

2Q 2017

77 156

E (33)

F=Ex4 F

177 450

2Q 2018

3-month average

USD millions

2Q 2018

(2453)

USD millions

Impairment loss 2)

2Q 2018

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

(2091)

2Q 2017

2017 2017

439 583 563

(52) (169) (76)

387 414 488

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

12742 11501 12113

30 36 40

1H 2017 2017

666 733 1348

(401) (348) (724)

(24) (19) (60)

(294) 51 99

(63) (43) (82)

(115) 374 581

1H 2017 2017

171 310 457

27 16 29

40 38 75

242 366 563

401 348 724

24 19 60

666 733 1348

32 (0) 82

698 733 1430

Jul 2017 Jun 2018

1H 2018

Trade payables 1) (1454) (1162) (1340)

Debtequity ratio

Total equity (8980) (9064) (9505)

Earnings per share

Net income O (211) 82 (96) 283 477

R (1) (1) (2)

(2) (4)

Y=(O-P-Q+R-UshyV)N 017 034 059 093 181

wwwyaracom

Oslo 16 July 2018

Vice chair

Board member

EBITDA

USD millions

Results

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

USD millions

Impairment loss 2)

3-month rolling

2Q 2018

2Q 2017

3-month rolling

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

3-month average

USD millions

2Q 2018

(2453)

2Q 2017

(2091)

2017 2017

318 535 457

41 (35) 29

81 82 77

439 583 563

777 700 724

65 55 60

1281 1338 1348

(52) (169) (76)

1229 1170 1272

2017 2017

98 342 477

4 (6) 5

348 78 (17)

777 700 724

65 55 60

(63) (1) 23

1229 1170 1272

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

6423 5702 5984

40 27 39

19206 17230 18136

64 68 70

Jul 2017 Jun 2018

USD millions

3-month average

2Q 2017

77 156

E (33)

F=Ex4 F

177 450

2Q 2018

3-month average

USD millions

2Q 2018

(2453)

USD millions

Impairment loss 2)

2Q 2018

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

(2091)

2Q 2017

2017 2017

439 583 563

(52) (169) (76)

387 414 488

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

12742 11501 12113

30 36 40

1H 2017 2017

666 733 1348

(401) (348) (724)

(24) (19) (60)

(294) 51 99

(63) (43) (82)

(115) 374 581

1H 2017 2017

171 310 457

27 16 29

40 38 75

242 366 563

401 348 724

24 19 60

666 733 1348

32 (0) 82

698 733 1430

Jul 2017 Jun 2018

1H 2018

Trade payables 1) (1454) (1162) (1340)

Debtequity ratio

Total equity (8980) (9064) (9505)

Earnings per share

Net income O (211) 82 (96) 283 477

R (1) (1) (2)

(2) (4)

Y=(O-P-Q+R-UshyV)N 017 034 059 093 181

wwwyaracom

EBITDA

USD millions

Results

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

USD millions

Impairment loss 2)

3-month rolling

2Q 2018

2Q 2017

3-month rolling

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

3-month average

USD millions

2Q 2018

(2453)

2Q 2017

(2091)

2017 2017

318 535 457

41 (35) 29

81 82 77

439 583 563

777 700 724

65 55 60

1281 1338 1348

(52) (169) (76)

1229 1170 1272

2017 2017

98 342 477

4 (6) 5

348 78 (17)

777 700 724

65 55 60

(63) (1) 23

1229 1170 1272

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

6423 5702 5984

40 27 39

19206 17230 18136

64 68 70

Jul 2017 Jun 2018

USD millions

3-month average

2Q 2017

77 156

E (33)

F=Ex4 F

177 450

2Q 2018

3-month average

USD millions

2Q 2018

(2453)

USD millions

Impairment loss 2)

2Q 2018

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

(2091)

2Q 2017

2017 2017

439 583 563

(52) (169) (76)

387 414 488

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

12742 11501 12113

30 36 40

1H 2017 2017

666 733 1348

(401) (348) (724)

(24) (19) (60)

(294) 51 99

(63) (43) (82)

(115) 374 581

1H 2017 2017

171 310 457

27 16 29

40 38 75

242 366 563

401 348 724

24 19 60

666 733 1348

32 (0) 82

698 733 1430

Jul 2017 Jun 2018

1H 2018

Trade payables 1) (1454) (1162) (1340)

Debtequity ratio

Total equity (8980) (9064) (9505)

Earnings per share

Net income O (211) 82 (96) 283 477

R (1) (1) (2)

(2) (4)

Y=(O-P-Q+R-UshyV)N 017 034 059 093 181

wwwyaracom

USD millions

Impairment loss 2)

3-month rolling

2Q 2018

2Q 2017

3-month rolling

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

3-month average

USD millions

2Q 2018

(2453)

2Q 2017

(2091)

2017 2017

318 535 457

41 (35) 29

81 82 77

439 583 563

777 700 724

65 55 60

1281 1338 1348

(52) (169) (76)

1229 1170 1272

2017 2017

98 342 477

4 (6) 5

348 78 (17)

777 700 724

65 55 60

(63) (1) 23

1229 1170 1272

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

6423 5702 5984

40 27 39

19206 17230 18136

64 68 70

Jul 2017 Jun 2018

USD millions

3-month average

2Q 2017

77 156

E (33)

F=Ex4 F

177 450

2Q 2018

3-month average

USD millions

2Q 2018

(2453)

USD millions

Impairment loss 2)

2Q 2018

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

(2091)

2Q 2017

2017 2017

439 583 563

(52) (169) (76)

387 414 488

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

12742 11501 12113

30 36 40

1H 2017 2017

666 733 1348

(401) (348) (724)

(24) (19) (60)

(294) 51 99

(63) (43) (82)

(115) 374 581

1H 2017 2017

171 310 457

27 16 29

40 38 75

242 366 563

401 348 724

24 19 60

666 733 1348

32 (0) 82

698 733 1430

Jul 2017 Jun 2018

1H 2018

Trade payables 1) (1454) (1162) (1340)

Debtequity ratio

Total equity (8980) (9064) (9505)

Earnings per share

Net income O (211) 82 (96) 283 477

R (1) (1) (2)

(2) (4)

Y=(O-P-Q+R-UshyV)N 017 034 059 093 181

wwwyaracom

USD millions

3-month average

2Q 2017

77 156

E (33)

F=Ex4 F

177 450

2Q 2018

3-month average

USD millions

2Q 2018

(2453)

USD millions

Impairment loss 2)

2Q 2018

USD millions

Impairment loss 2)

2Q 2018

2Q 2017

(2091)

2Q 2017

2017 2017

439 583 563

(52) (169) (76)

387 414 488

2017 2017

15755 14369 14847

(434) (529) (327)

(1) (0) (0)

(372) (340) (349)

(2206) (2000) (2057)

12742 11501 12113

30 36 40

1H 2017 2017

666 733 1348

(401) (348) (724)

(24) (19) (60)

(294) 51 99

(63) (43) (82)

(115) 374 581

1H 2017 2017

171 310 457

27 16 29

40 38 75

242 366 563

401 348 724

24 19 60

666 733 1348

32 (0) 82

698 733 1430

Jul 2017 Jun 2018

1H 2018

Trade payables 1) (1454) (1162) (1340)

Debtequity ratio

Total equity (8980) (9064) (9505)

Earnings per share

Net income O (211) 82 (96) 283 477

R (1) (1) (2)

(2) (4)

Y=(O-P-Q+R-UshyV)N 017 034 059 093 181

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Trade payables 1) (1454) (1162) (1340)

Debtequity ratio

Total equity (8980) (9064) (9505)

Earnings per share

Net income O (211) 82 (96) 283 477

R (1) (1) (2)

(2) (4)

Y=(O-P-Q+R-UshyV)N 017 034 059 093 181

wwwyaracom

Documents

Second-quarter and half-year report 2018 · Second-quarter and half-year report 2018 Yara International ASA Higher deliveries and prices offset by higher gas cost Cubatão acquisition