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Apr 25, 2008

Financial report sample-variance analysis(因素分析)

(Edited by freelance Chinese translator li – English to Chinese translation or Chinese to English translation services- financial report translation)

Yara delivered(传递/获得) a very strong first-quarter result amid a strong European market(强劲的欧洲市场) with significant margin expansion(毛利增长) for nitrate and NPKs.

Fertilizer sales volumes increased 1 million tons in comparison with last year. Excluding the Kemira GrowHow effect, sales increased 3 %, with almost 6 % growth realized outside Europe. Industrial products(工业用品) continued their positive development due to AdBlue market growing sharply. Technical nitrate(工业硝酸盐) volumes increased 18 %.

The main fertilizer products saw price increases of 54 % on average with NPK increases of 73 %. NPK margins increased by approximately 60 % compared with last year, as sales prices were raised frequently to capture value increases for all three nutrients(营养成分) amid a tight supply(供给吃紧的) situation. Timing effects(时间效应) on product and raw material positions were favorable and, in addition, contracted supply prices for phosphate and potash(碳酸钾) lagged behind spot prices(现货价格). In this strong environment, Yara’s global optimization of sales creates additional value as regional arbitrage opportunities(套利机会) increase.

The positive energy arbitrage effect(能源套利效应) is due to the valuation of some of Yara’s oil-linked(与石油挂钩) natural gas contracts, as European forward prices(期货价格) for natural gas(天然气) increased relatively more than forward prices for oil products(石油产品). Oil and gas costs in Europe increased in line with expectations, reflecting an increase in both oil-linked and hub gas prices [Henry Hub(全球天然气主要的报价市场)]. European oil and gas costs were USD 11.2 per MMBtu(百万英热单位), up USD 4.2 from last year. Unit cost(单位成本) for electricity increased in all countries, but total costs(总成本) were in line with last year due to more power generation at Sluiskil site.

“Currency effect(货币效应) on net fixed cost(固定成本)” reflects the effect of US dollar changes(以美元标价的变化) on net fixed cost in euro and Norwegian krone. The weakening US dollar against the euro and the Norwegian krone is impacting negatively Yara’s European margins(欧洲地区的毛利).

Special items include a loss on resale(转售) of gas related to a planned maintenance stop(维修站) in one of the plants acquired from Kemira GrowHow. In addition, Kemira GrowHow restructuring(结构调整) costs of NOK 119 million have been booked. The overall synergies(合并效应/协同) and associated costs for Kemira GrowHow integration are in line with previous estimates.

The negative “Other” variance reflects increased fixed costs mainly due to higher annual performance bonus(绩效奖励) in Yara and reduced contribution(贡献减少) from Scandinavian Gas business sold to the Yara Praxair joint venture. Fosfertil dividend of NOK 84 million impacts positively.

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