Yara International ASA reported net income after minority interest of $1.1 billion (NOK 6,037 million) ($3.78 per share) for the year ending Dec. 31, 2007, compared to the $657.4 million (NOK 4,188 million) ($2.17 per share) posted in 2006.
EBITDA for 2007 was $1.55 billion (NOK 8,441 million) on sales of $10.5 billion (NOK 57,486 million). Operating income was $915 million (NOK 4,987 million). This compares to year-ago EBITDA of $1 billion (NOK 6,472 million), operating income of $526.2 million (NOK 3,352 million), and sales of $7.6 billion (NOK 48,261 million).
Total sales volume in 2007 was 24.6 million mt, versus 21.6 million mt in 2006.
Yara reported fourth-quarter net income of $375 million (NOK 2,044 million) ($1.29 per share) compared with the year-ago $139.9 million (NOK 891 million) ($.47 per share). Fourth-quarter operating income was $274.1 million (NOK 1,494 million), compared with $81.8 million (NOK 521 million) last year. EBITDA for the quarter was $464.4 million (NOK 2,531 million), compared with the year-ago $212.1 million (NOK 1,351 million). Fourth-quarter sales were $3.2 billion (NOK 17,389 million), versus the year-ago $1.95 billion (NOK 12,428 million).
Total sales volume in the fourth quarter was 7.1 million mt, versus the year-ago 5.65 million mt. Fourth-quarter fertilizer sales excluding Kemira GrowHow were up 10 percent from last year, primarily reflecting a strong market in Europe. Yara said all regions saw substantial fertilizer margin improvements, reflecting a demand-driven market and strong focus on price management.
“We continue to deliver strong financial performance with further margin improvements and volume growth. The global fertilizer market is tight with growing demand and limited new capacity, resulting in substantial fertilizer price increases to balance the market. The price increases have more than compensated for higher energy costs,” said Thorleif Enger, Yara president and CEO.
Yara said the decision to close the Terni plant in Italy at the end of 2008, triggered by the end of energy contracts, has resulted in a write-down of NOK 140 million.