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Financial Report 2015 Frontpage, Main Image: on the Farm Finca La Cascada, in Los Farallones in Colombia, Diego Moncada Is the Farm Coordinator on a Coffee Plantation

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Financial Report 2015 Frontpage, Main Image: on the Farm Finca La Cascada, in Los Farallones in Colombia, Diego Moncada Is the Farm Coordinator on a Coffee Plantation Financial Report 2015 Frontpage, main image: On the farm Finca la Cascada, in Los Farallones in Colombia, Diego Moncada is the farm coordinator on a coffee plantation. He works closely with technical engineer in Yara, Juan Fernando Buitrago on improving and increasing his crop. Here they are discussing the soil quality and the next fertilizer, as the crop is in development stage. Frontpage, small image: Yara delivers environmental solutions to improve air quality in Hong Kong. Financial report 2015 Content Introduction 02 Leveraging scale and knowledge 04 Performance overview 06 CEO message 09 Segment introduction 10 Crop Nutrition 11 Industrial 12 Production 13 Supply Chain Chapter 01 14 Report of the Board of Directors Chapter 02 25 Governance and risk management Chapter 03 45 Financial review Financial statements 58 Consolidated financial statements 134 Financial statements for Yara International ASA Who we are Yara's knowledge, products and solutions grow farmers', distributors' and industrial customers' businesses profitably and responsibly, while protecting the earth's resources, food and environment. Our fertilizers, crop nutrition programs and technologies a culture that promotes the safety of our employees, increase yields, improve product quality and reduce contractors and society. the environmental impact of agricultural practices. Our industrial and environmental solutions improve air quality Founded in 1905 to solve emerging famine in Europe, by reducing emissions from industry and transportation, today, Yara has a worldwide presence, with close to and serve as key ingredients in the production of a wide 13,000 employees and sales to about 150 countries. range of goods. Throughout our organization, we foster What we do Yara grows knowledge to improve life by delivering provider of nitrogen fertilizers and industrial applications, solutions for sustainable agriculture and the environment. we leverage our experience and knowledge to tailor Our fertilizers and crop nutrition programs help produce the solutions to local needs. food required for a growing world population. Our industrial products and solutions reduce emissions; improve air We deliver quality and reliability globally through an exten­ quality and support safe and efficient operations. sive suite of networks. In addition to our strong production and marketing base in Europe we have increased our Our operations are based on efficient conversion of energy, activities in North America, Latin America and Australia natural minerals and nitrogen from the air into essential significantly, while also expanding our footprint in Africa products for agriculture and industry. As the leading global and Asia. Our history Scandinavian pioneer decades as we entered into Italy and acquired the major Yara International ASA was established in 2004 when the Finnish producer Kemira GrowHow as well as interests former agricultural division of Norsk Hydro was demerged. in Russia. In parallel, we acquired CO2 plants in Norway, Our history started when Norsk Hydro, the world’s first Sweden and Denmark in the 1970s and opened a new industrial scale producer of nitrogen fertilizer, was estab­ plant in Germany in 2004. lished in 1905. Regular production started at Notodden, Norway in 1907 and several production plants were added Global presence over the following four decades. Building on the fertilizer Our presence overseas grew with marketing activities in production, we developed our first industrial products in the USA from 1949, the opening of a sales office in Brazil the 1930s, including heavy water and CO2. Our first move in 1977, a sales partnership in Thailand in 1982, and an abroad was within Scandinavia, where we opened sales office in Zimbabwe in 1985. Starting with the joint venture offices in Copenhagen in 1919, and in Stockholm in 1945. Qafco, Qatar, in 1969, we have continued to add to our global production platform through acquisitions and joint European position ventures in Australia, Canada, Libya, Trinidad and Brazil as The acquisition of NSM in the Netherlands in 1979 marked well as other countries in Latin America. We have added our first major step into Europe outside Scandinavia. We leading technologies for water management and emission accelerated our European expansion in the 1980s, estab­ abatement, to serve a global market and in support of a lishing a strong production and marketing platform through sustainable intensification of agriculture to address the new acquisitions in Sweden, the UK, Germany, the Nether­ combined challenge of food security and global warming. lands and France. Growth continued during the next two Where we are We have production facilities on six continents, operations in more than 60 countries – and sales to about 150 countries. Countries with sales Sales offices and R&D sites Producton sites Smaller sites 1) Phosphate mines Joint ventures Head office 1) Yara operated terminals and logistical production sites 2015 numbers Number of employees Total deliveries Revenues 12,883 35.7 108 Globally Million tonnes NOK billion Employees by region Sales by product Revenues by region Share of employees Share of sales volume (thousand tonnes) Share of revenues (NOK million) Europe , % Fertilizer , % Europe , % Brazil , % Industrial products , % Brazil , % Latin-America . % % Ammonia trade , % North-America , % ex Brazil Asia & Oceania , % Asia & Oceania % Latin-America , % North-America ­ % ex Brazil Africa % Africa , % 1 “ Knowledge is our most powerful engine of production.” – Alfred Marshall Alfred Marshall (26 July 1842–13 July 1924) was one of the most influential economists of his time. His book, Principles of Economics (1890), was the dominant economic textbook in England for many years. It brings the ideas of supply and demand, marginal utility, and costs of production into a coherent whole. Growing through knowledge Knowledge grows. Yara is founded on knowledge, and we flourish on knowledge. We have invested in developing and disseminating critical knowledge for more than a century, building our business model on industrial experience and agronomic expertise to create a unique global position. Knowledge is an asset. We offer solutions stemming from our institutional knowledge and the skills of our employees. Knowledge is one of our core assets and a cornerstone of our advantage in the market – preparing us to meet the challenges of an ever­changing world. Knowledge drives business. We improve our competitive edge with agility and innovation. We gain, employ and distribute knowledge throughout the company, and share it with partners and customers – driving business through collaboration and interaction. Knowledge creates value. Fuelled by knowledge our company strategy supports sustainable, profitable and responsible growth. We are inspired by knowledge to continue searching for new opportunities and best practices, and we share our knowledge to create value for our customers – and the society. Knowledge grows. 2 Yara financial report 2015 Leveraging scale and knowledge Our strategy rests on a unique integrated business model and global presence, giving us a strong position for profitable growth. The business model provides scale advantages, extensive flexibility and global optimization. Our Business model Hydrocarbons Supply Chain Production Supply Chain Minerals Knowledge drives business Industrial experience Business model We pioneered the production of nitrogen fertilizer more We are the world’s largest producer of nitrogen than a century ago. Since then, we have continuously fertilizers, building on a unique, integrated business advanced our industrial processes, setting standards model. With our operational flexibility, supported for greenhouse gas emissions and energy efficiency. by global ammonia trade, we pursue optimization and scale advantages, creating a competitive edge. Yara has grown – and still grows – through a combination of commercial daring, scientific Yara consistently executes a strategy of sustainable, research and market knowledge. We foster a profitable growth. Knowledge is a major strategic asset. culture that values expertise and encourages the We build on a strong competitive edge in which our search for improved methods and new solutions. knowledge margin plays an important role, adding to our competitiveness and ability to serve our customers. Yara financial report 2015 3 Crop Nutrition value chain PUSH PULL Distribution Farmer Food industry Consumer Crop nutrition solutions Industrial and environmental value chain PUSH Environmental and PULL industrial solutions Industrial applications Environmental solutions Agronomic expertise Global engagement We have developed crop-specific nutrition concepts We invest in developing solutions that address global tailored to local conditions and farmers’ needs. challenges such as climate change, resource scarcity Employing our expertise in precision farming, and food security. By engaging in partnerships, we we deliver knowledge and solutions to improve leverage our knowledge, products and solutions to agricultural productivity and farming profitability. create shared value for shareholders and society. Yara invests in R&D activities to deliver improve ments Yara develops knowledge and commerce, sharing ideas in process technology, crop nutrition strategies and and experience with a purpose. Our strategy bridges environmental solutions. In collaboration with partners business and global challenges and allows us and customers we provide farmer
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