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Yara International Financial Statements 2018

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Yara International Financial Statements 2018 60 Consolidated financial statements Yara Annual report 2018 Financial statements Consolidated financial statements 109 Note 26: Pensions and other long-term employee benefit obligations 61 Consolidated statement of income 115 Note 27: Provisions and contingencies 62 Consolidated statement of comprehensive income 117 Note 28: Long-term debt 63 Consolidated statement of changes in equity 118 Note 29: Trade payables and other payables 64 Consolidated statement of financial position 119 Note 30: Bank loans and other short-term 66 Consolidated statement of cash flows interest-bearing debt 67 Accounting policies 119 Note 31: Risk management 123 Note 32: Hedge accounting 76 Notes to the Consolidated financial statements 125 Note 33: Financial instruments 76 Note 1: Key sources of estimation uncertainty, 129 Note 34: Secured debt and guarantees judgments and assumptions 130 Note 35: Contractual obligations and future investments 78 Note 2: Composition of the group 131 Note 36: Operating and finance lease commitments 80 Note 3: Business combinations 132 Note 37: Related parties 82 Note 4: Other business initiatives 133 Note 38: Executive Management remuneration 82 Note 5: Segment information 136 Note 39: External audit remuneration 88 Note 6: Customer contract balances and unsatisfied performance obligations 136 Note 40: Change of presentation currency 89 Note 7: Other income 138 Note 41: New accounting standards 90 Note 8: Operating costs and expenses 139 Note 42: Post balance sheet events 90 Note 9: Depreciation and amortization 90 Note 10: Financial income and expenses 91 Note 11: Income tax expense 140 Financial statements for Yara International ASA 94 Note 12: Earnings per share 161 Directors’ responsibility statement 94 Note 13: Intangible assets 162 Auditor’s report 96 Note 14: Property, plant and equipment 168 Reconciliation of alternative performance measures in the Yara Group 97 Note 15: Disposal group held-for-sale 98 Note 16: Associated companies and joint ventures » Due to rounding differences, figures or percentages may not add up to the total. 100 Note 17: Joint operations 101 Note 18: Other non-current assets 102 Note 19: Impairment on non-current assets 105 Note 20: Inventories 106 Note 21: Trade receivables 106 Note 22: Prepaid expenses and other current assets 107 Note 23: Cash and cash equivalents 107 Note 24: Share information 108 Note 25: Non-controlling interests Yara Annual report 2018 Consolidated financial statements 61 Consolidated statement of income USD millions, except share information Notes 2018 2017 Revenue from contracts with customers 5 12,928 11,358 Other income 7 122 55 Commodity based derivatives gain/(loss) 33 4 (13) Revenue and other income 5 13,054 11,400 Raw materials, energy costs and freight expenses 8 (10,096) (8,602) Change in inventories of own products 144 55 Payroll and related costs 8 (1,207) (1,090) Depreciation and amortization 9 (807) (724) Impairment loss 19 (150) (60) Expected and realized credit loss on trade receivables 21 (13) (14) Other operating expenses 8 (523) (507) Operating costs and expenses 5 (12,652) (10,942) Operating income 5 402 457 Share of net income in equity-accounted investees 16, 19 82 29 Interest income and other financial income 10 81 77 Earnings before interest expense and tax 5 566 563 Foreign currency translation gain/(loss) 10 (278) 99 Interest expense and other financial items 10 (153) (82) Income before tax 134 581 Income tax 11 6 (99) Net income 141 482 Net income attributable to Shareholders of the parent 12 159 477 Non-controlling interests 25 (19) 5 Net income 141 482 Basic earnings per share 1) 12 0.58 1.75 Weighted average number of shares outstanding 2) 12 273,169,994 273,217,830 1) Yara currently has no share-based compensation that results in a dilutive effect on earnings per share. 2) Weighted average number of shares outstanding was reduced in the fourth quarter 2018 due to the share buyback program. 62 Consolidated financial statements Yara Annual report 2018 Consolidated statement of comprehensive income USD millions, except share information Notes 2018 2017 Net income 141 482 Other comprehensive income that may be reclassified to profit or loss in subsequent periods Currency translation adjustments (222) 235 Hedge of net investments 33 (41) 33 Share of other comprehensive income of equity-accounted investees, excluding remeasurements 16 - 4 Net other comprehensive income that may be reclassified to profit or loss in subsequent periods (263) 273 Other comprehensive income that will not be reclassified to profit or loss in subsequent periods Currency translation adjustments 1) (126) 85 Net gain/(loss) on equity instruments at fair value through other comprehensive income 33 (5) (1) Remeasurements gains/(loss) of defined benefit plans 26 (75) 64 Remeasurements of the net defined benefit pension liability for equity-accounted investees 16 1 - Net other comprehensive income that will not be reclassified to profit or loss in subsequent periods (203) 148 Reclassification adjustments of the period Cash flow hedges 33 1 1 Total other comprehensive income, net of tax (465) 421 Total comprehensive income, net of tax (325) 903 Total comprehensive income attributable to Shareholders of the parent (278) 900 Non-controlling interests 25 (47) 3 Total (325) 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. Yara Annual report 2018 Consolidated financial statements 63 Consolidated statement of changes in equity Fair value Attri- Currency reserve of Hedge butable Premium translation financial Cash of net Total to share- Non- Share paid-in adjust- assets at flow invest- other Retained holders of controlling Total USD millions, except share information Notes 2018 2017 USD millions Notes Capital 1) capital ments FVOCI 2) hedges ments reserves earnings the parent interests equity Net income 141 482 Balance at 31 December 2016 66 (49) (1,321) 2 (8) (192) (1,520) 10,150 8,647 270 8,917 Other comprehensive income that may be reclassified to profit or loss in subsequent periods Net income - - - - - - - 477 477 5 482 Currency translation adjustments (222) 235 Hedge of net investments 33 (41) 33 Other comprehensive income, net of tax - - 322 (1) 1 33 355 64 419 (2) 417 Share of other comprehensive income of equity-accounted investees, excluding remeasurements 16 - 4 Share of other comprehensive income - - - - 4 - 4 - 4 - 4 Net other comprehensive income that may be reclassified to profit or loss in subsequent periods (263) 273 of equity-accounted investees Total other comprehensive income, net of tax - - 322 (1) 5 33 359 64 423 (2) 421 Other comprehensive income that will not be reclassified to profit or loss in subsequent periods Currency translation adjustments 1) (126) 85 Long term incentive plan 38 - - - - - - - - - - - Net gain/(loss) on equity instruments at fair value through other comprehensive income 33 (5) (1) Transactions with non-controlling interests 25 - - - - - - - (1) (1) (2) (3) Remeasurements gains/(loss) of defined benefit plans 26 (75) 64 Share capital increase in subsidiary, 25 - - - - - - - - - 9 9 Remeasurements of the net defined benefit pension liability for equity-accounted investees 16 1 - non-controlling interest Net other comprehensive income that will not be reclassified to profit or loss in subsequent periods (203) 148 Dividends distributed 24 - - - - - - - (321) (321) - (322) Balance at 31 December 2017 66 (49) (1,000) - (3) (159) (1,161) 10,369 9,225 280 9,505 Reclassification adjustments of the period Cash flow hedges 33 1 1 IFRS 9 and IFRS 15 implementation effect 3) 41 - - - - - - - (4) (4) (4) Total other comprehensive income, net of tax (465) 421 Net income - - - - - - - 159 159 (19) 141 Total comprehensive income, net of tax (325) 903 Other comprehensive income, net of tax - - (319) (5) 1 (41) (364) (75) (439) (28) (467) Total comprehensive income attributable to Share of other comprehensive income - - - - - - - 1 1 - 1 Shareholders of the parent (278) 900 of equity-accounted investees Non-controlling interests 25 (47) 3 Total other comprehensive income, net of tax - - (320) (5) 1 (41) (364) (73) (437) (28) (465) Total (325) 903 Transactions with non-controlling interests 25 - - - - - - - (7) (7) (6) (13) 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. Transfer to retained earnings 32 - - 2 2 (2) - - Treasury shares 4) 24 - - - - - - - (33) (33) - (33) Share capital increase in subsidiary, non-controlling interest 25 - - - - - - - - - 2 2 Dividends distributed 24 - - - - - - - (219) (219) (2) (221) Balance at 31 December 2018 66 (49) (1,319) (2) (3) (199) (1,523) 10,189 8,683 227 8,910 1) Par value 1.70. 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 67 for further information. 4) As approved by General Meeting 8 May 2018. 64 Consolidated financial statements Yara Annual report 2018 Consolidated statement of financial position USD millions Notes 31 Dec 2018 31 Dec 2017 31 Dec 2016 USD millions, except for number of shares Notes 31 Dec 2018 31 Dec 2017 31 Dec 2016 Assets
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