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Yara International ASA (YAR.OL)

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Latest Key Developments (Source: Significant Developments)

Yara plans to shut French plant with 85 employees
Wednesday, 8 Mar 2017 07:14am EST 

Yara International Asa says: Yara announces plan to cease operations at Pardies plant in France . Seeking buyers interested in taking over plant . Pardies plant has 85 employees and an annual production capacity of approximately 100,000 tonnes of technical ammonium nitrate . The Pardies operations suffer from limited scale, raw material integration and export competitiveness. The closure in 2010 of a nearby industrial operation deprived the Yara Pardies plant of many synergies that existed between the two plants, forcing Yara to close the ammonia production unit at the site .Yara has subsequently impaired the Pardies assets in both 2015 and 2016.  Full Article

Norsk Hydro to sell power grid operator at Heroeya to Yara
Friday, 3 Mar 2017 02:11am EST 

Yara buys power grid operator and quay facility at Heroeya from Norsk Hydro Asa : Norsk Hydro has entered into an agreement with Yara regarding the sale of Herøya Nett AS and the quay facility at Heroeya Industrial park. . The transfer, including around 30 employees, will likely occur in June 2017. . Norsk Hydro says the transaction has limited financial effect for Hydro Further company coverage: [NHY.OL] [YAR.OL] (Reporting By Camilla Knudsen) ((camilla.knudsen@thomsonreuters.com;)).  Full Article

Yara posts surprise Q4 net loss as fertiliser prices fall
Thursday, 9 Feb 2017 01:57am EST 

Yara International Asa : Yara proposes 2016 dividend of nok 10 per share (Reuters poll nok 12.7) . says cost-cutting program has already delivered approximately usd 25 million of ebitda improvement in 2016, and will deliver at least usd 500 million of annual ebitda improvement within 2020 . says global farm margin outlook and incentives for fertilizer application remains supportive overall, and while grain prices are lower, prices for several key crops like sugar, coffee and oils are higher than a year ago . q4 net loss nok 333 million (Reuters poll profit nok 271 million) . says yara improvement program will deliver at least usd 500 million of annual ebitda improvement by 2020, of which an estimated usd 150 million will be realized in 2017 . q4 ebitda ex special items nok 2,474 million (Reuters poll nok 2.26 billion) . says yara is executing significant expansion activity, and based on today's market prices these are expected to generate approximately nok 6 per share of incremental earnings by 2020 when fully operational . Yara reports a weaker result than a year earlier, reflecting lower fertilizer prices as global nitrogen price floor was tested during quarter. But our operational performance improved significantly, with fertilizer sales and production up 15% and 11% respectively . Global farm margin outlook and incentives for fertilizer application remains supportive overall.  Full Article

Norway's Yara buys Tata Chemicals' urea business in India for $400 mln
Wednesday, 10 Aug 2016 02:10am EDT 

Fertilizer firm Yara International says: Yara acquires Tata Chemicals' urea business in India for USD 400 million on a debt and cash free basis, including normalized net working capital . Includes Babrala urea plant and distribution business in Uttar Pradesh . The plant has an annual production of 0.7 million tonnes ammonia and 1.2 million tonnes urea, and generated revenues and EBITDA of respectively USD 350 million and USD 35 million in the financial year ended 31 March 2016 . The plant was commissioned in 1994, and is the most energy efficient plant in India, with energy efficiency on a par with Yara's best plants . The agreement will be subject to regulatory approvals and sanctioning by the relevant courts in India, a process which is expected to take 9-12 months after which closing of the transaction can take place . Acquisition represents another significant step in growth strategy, creating an integrated position in the world's second-largest fertilizer market .Yara has operated in India since the 1990s, focusing in recent years on premium product sales in the West and South of the country.  Full Article

Norway's Telenor appoints new CFO
Tuesday, 2 Aug 2016 01:00am EDT 

Telenor : Joergen Arentz Rostrup appointed new chief financial officer . Rostrup comes from position as president of Yara North America and is also a former CFO of Norsk Hydro .Acting CFO Morten Karlsen Soerby, will continue until Rostrup commences position. He will then assume a new role as chief transformation officer.  Full Article

BRIEF-Norway's Yara Q2 results slightly lag forecast
Thursday, 21 Jul 2016 02:00am EDT 

Yara International : Reports strong deliveries and production, but lower margins . Yara Q2 net profit NOK 3.07 billion (Reuters poll NOK 3.22 billion) . Yara Q2 EBITDA ex-special items NOK 3.96 billion (Reuters poll NOK 4.04 billion) . Spot energy costs for next two quarters are expected to be approximately NOK 900 million lower than a year earlier. . Priced gas and oil costs for third and fourth quarter 2016 are expected to be respectively NOK 650 million and NOK 250 million lower than a year earlier . Buying incentives are improved given significantly lower nitrogen prices, and Yara enters Q3 with a stronger order book than a year ago . Sees continued fertilizer demand growth in Brazil, where improved agricultural export competitiveness and credit availability have positively impacted fertilizer demand in 2016 . Global farm margin outlook and incentives for fertilizer application remain supportive overall, also due to lower prices for fertilizers and other agricultural inputs .Has so far identified at least $500 million annual EBITDA improvement potential, to be fully realized by 2020..  Full Article

Norway's Yara prices third US dollar bond offering
Thursday, 2 Jun 2016 02:01am EDT 

Yara International : Says has successfully priced a new 10-year . bond offering of $500 million with a yield of 3.849 pct per annum . The bonds have a coupon of 3.80 pct per annum . "The offering was well received in the market and was priced at a re-offer spread of 200 basis points over the 10-year US Treasury" . "The new US bond will further increase our financial flexibility and extend our maturity profile," said CFO Torgeir Kvidal .The bookrunners on this transaction were Barclays, Citi, Deutsche Bank, and J.P. Morgan, co-managers were Danske Bank, SEB and SMBC Nikko..  Full Article

Yara appoints 3 new members of executive management
Monday, 30 May 2016 02:51am EDT 

Yara International Asa : Announces three new members to its executive management group to improve focus on strategy, innovation and positioning . CEO says confident that the changes announced today will further strengthen our integrated business model and long-term profitable growth . Terje Tollefsen joins the Yara Executive Management group as Chief Strategy & Business Development officer, effective 1 June. Tollefsen is currently Head of Strategy & Business Development, reporting to the Yara CEO . Pierre Herben joins the Yara Executive Management group as Chief Technology Officer, effective 1 June. Herben is currently Chief Technology Officer, reporting to the Yara CEO .Lene Trollnes joins the Yara Executive Management group as Chief HR, Corporate Communications and Branding Officer. Trollnes is currently EVP HR & Integration in Sapa AS, and will take up her new position effective latest 1 December.  Full Article

Yara signs documents for sale of its European CO2 business
Wednesday, 20 Apr 2016 02:30am EDT 

Yara International ASA:Says signs the transaction documents for the sale of its European CO2 business and its remaining 34 pct stake in the Yara Praxair Holding AS joint venture to U.S. based Praxair, Inc. for 300 million euros.Deal was first announced in Sept. 2015.Says planned completion date is June 1 (subject to relevant merger control procedures) with a provisionally estimated post-tax gain of 150 million euros including the Yara Praxair Holding AS sale.Says sale also includes an agreement for Yara to supply Praxair with raw CO2, gas and continue to operate three of the CO 2 liquefaction units which are integrated within Yara's fertilizer plants.  Full Article

Yara board asks permission to renew share buyback programme
Monday, 18 Apr 2016 02:01am EDT 

Yara International ASA:Says the board proposes that the existing share buy-back programme is replaced by a new program, authorizing the Board to acquire up to 5 percent of Yara's shares before the next Annual General Meeting.Any shares acquired under the proposed program shall be subsequently cancelled, and Yara has entered into a new agreement with the Norwegian State to redeem shares on a pro-rata basis so that the State's ownership is unchanged.The Nomination Committee proposes the re-election of all current Board members.Yara International ASA will hold its Annual General Meeting on May 10.  Full Article

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