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Yara International ASA Registration Document

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Yara International ASA Registration Document Yara International ASA, prospectus of 11 April 2018 Registration Document Yara International ASA Registration Document Joint Lead Managers: Oslo, 11 April 2018 1 Yara International ASA, prospectus of 11 April 2018 Registration Document Important information The Registration Document is based on sources such as annual reports and publicly available information and forward looking information based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for the Company's (including its subsidiaries and affiliates) lines of business. A prospective investor should consider carefully the factors set forth in chapter 1 Risk factors, and elsewhere in the Prospectus, and should consult his or her own expert advisers as to the suitability of an investment in the bonds. This Registration Document is subject to the general business terms of the Joint Lead Managers, available at their respective websites (www.danskebank.no, www.dnb.no and www.seb.no). The Joint Lead Managers and/or any of their affiliated companies and/or officers, directors and employees may be a market maker or hold a position in any instrument or related instrument discussed in this Registration Document, and may perform or seek to perform financial advisory or banking services related to such instruments. The Joint Lead Managers' corporate finance department may act as manager or co-manager for this Company in private and/or public placement and/or resale not publicly available or commonly known. Copies of this Registration Document are not being mailed or otherwise distributed or sent in or into or made available in the United States. Persons receiving this document (including custodians, nominees and trustees) must not distribute or send such documents or any related documents in or into the United States. Other than in compliance with applicable United States securities laws, no solicitations are being made or will be made, directly or indirectly, in the United States. Securities will not be registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The distribution of the Registration Document may be limited by law also in other jurisdictions, for example in the United Kingdom. Approval of the Registration Document by Finanstilsynet (the Norwegian FSA) implies that the Registration Document may be used in any EEA country. No other measures have been taken to obtain authorisation to distribute the Registration Document in any jurisdiction where such action is required. The Norwegian FSA has controlled and approved the Registration Document pursuant to the Norwegian Securities Trading Act, § 7-7. The Norwegian FSA has not controlled and approved the accuracy or completeness of the information given in the Registration Document. The control and approval performed by the Norwegian FSA relates solely to descriptions included by the Company according to a pre-defined list of content requirements. The Norwegian FSA has not undertaken any form of control or approval of corporate matters described in or otherwise covered by the Registration Document. The Registration Document was approved on 12 April 2018. The Registration Document is valid for 12 month from the approval date. The Registration Document dated 11 April 2018 together with a Securities Note and any supplement to these documents constitutes the Prospectus. The content of the Prospectus does not constitute legal, financial or tax advice and potential investors should seek legal, financial and/or tax advice. Unless otherwise stated, the Prospectus is subject to Norwegian law. In the event of any dispute regarding the Prospectus, Norwegian law will apply. 2 Yara International ASA, prospectus of 11 April 2018 Registration Document TABLE OF CONTENTS: 1 RISK FACTORS .................................................................................................................4 2 DEFINITIONS ...................................................................................................................6 3 PERSONS RESPONSIBLE ....................................................................................................7 4 STATUTORY AUDITORS .....................................................................................................8 5 INFORMATION ABOUT THE ISSUER .....................................................................................9 6 BUSINESS OVERVIEW ..................................................................................................... 10 7 ORGANISATIONAL STRUCTURE ........................................................................................ 16 8 TREND INFORMATION ..................................................................................................... 21 9 ADMINISTRATIVE, MANAGEMENT AND SUPERVISORY BODIES ............................................. 22 10 MAJOR SHAREHOLDERS ................................................................................................ 27 11 FINANCIAL INFORMATION CONCERNING THE ................................................................... 28 COMPANY'S ASSETS AND LIABILITIES, FINANCIAL POSITION AND PROFITS AND LOSSES ......... 28 12 DOCUMENTS ON DISPLAY .............................................................................................. 29 CROSS REFERENCE LIST .................................................................................................... 30 JOINT LEAD MANAGERS’ DISCLAIMER ................................................................................. 31 ANNEX 1 ARTICLES OF ASSOCIATION OF THE COMPANY ....................................................... 32 3 Yara International ASA, prospectus of 11 April 2018 Registration Document 1 Risk factors Investing in bonds issued by Yara International ASA involves inherent risks. The risk factors for Yara International ASA and the Group are deemed to be equivalent for the purpose of this Registration Document. The risks and uncertainties described in the Prospectus are risks of which the Group is aware and that the Group considers to be material to its business. If any of these risks were to occur, the Group’s business, financial position, operating results or cash flows could be materially adversely affected, and the Group could be unable to pay interest, principal or other amounts on or in connection with the bonds. Prospective investors should carefully consider, among other things, the risk factors set out in this Registration Document and in the Securities Note, before making an investment decision. The risk factors set out in the Registration Document and the Securities Note cover the Company and the bonds issued by the Company, respectively. An investment in the bonds is suitable only for investors who understand the risk factors associated with this type of investment and who can afford a loss of all or part of their investment. Strategic risks Market dynamics – Nitrogen commodity fertilizer prices A large part of Yara’s business consists of sales of fertilizer products used in agriculture. While a growing world population, economic growth and changing dietary patterns are driving overall demand for food and fertilizer, swings in agricultural prices along with changes in global and regional fertilizer production capacity could signifi- cantly impact Yara’s profitability. Market dynamics – natural gas prices Due to natural gas being a key raw material in the production of nitrogen-based chemicals and fertilizer products, the pricing and availability of natural gas across regions is a strategic factor for Yara. Securing access to and stable supplies of favorably priced natural gas is imperative to Yara’s operations and competitiveness. Raw materials availability Yara is sourcing from third parties a wide range of raw materials for fertilizer production, not at least phosphate and potash (P&K). Terminations, material change or failure of delivery in these arrangements can have a negative impact on Yara’s operations. Regulatory framework on production/application of nitrogen fertilizer There is an increasing trend of stricter governmental regulations impacting both production economics (Emission trading system in Europe) and application of fertilizer related both to the environmental aspects and safety related aspects of handling and applying fertilizer. These regulations could have a substantial impact on Yara’s earnings. Investments and integration Yara has an ambition to grow profitably, both organically and through step growth initiatives. The profitability of future growth initiatives relies on long-term price assumptions and future operational performance. Integration of new companies poses a risk of not being able to capture operational and financial synergies. Political risk Yara’s investments and operations may be affected as a result of changes in political leadership, policies and regulations as well as political and social instability in a country or a region. Such changes could represent threats as well as opportunities for Yara. Operational risks Production reliability Production unreliability and irregularities may result in lost volumes and contribution. Increased plant reliability, however, is a key driver of organic growth in Yara’s production system. Human capital Yara’s ability to compete effectively and meet market demands depends heavily on the competence, experience
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