Financial reports sample-Downstream（下游）

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

Downstream（下游）
Downstream delivered a strong first-quarter result（表现抢眼） as margins improved significantly compared with last year.

Yara increased deliveries by 20 % from first quarter last year. Excluding the effect of Kemira GrowHow the overall underlying volume growth（基本销量增长） was 4 %. Deliveries in Europe were slightly ahead of last year, while deliveries outside Europe increased by 6 %. The main growth came in Southeast Asia due to the increased demand from the rice and the cash crop（商品作物） segments, and Brazil, where the first quarter deliveries increased by 24 %.

Prices for all main products increased substantially from first quarter last year, with a particularly strong increase for NPKs and nitrates. The increase reflects the tight demand-driven（需求驱动） fertilizer market, further supported by the strong increase in raw material prices.

In addition to the favorable market fundamentals, strong focus on price management and product optimization between markets has improved margins significantly in all regions, with the main effects for NPKs and nitrates. In the current market situation with steep price increases, Yara also benefits from timing effects（时间效应/时机选择效应） on raw materials and product positions.

NOK 40 million Kemira GrowHow restructuring cost（改组成本/重构成本） is classified as a special item.

A NOK 84 million Fosfertil dividend is reflected in “Other”, mainly offset by increased fixed cost.

Net operating capital turnover（净流动资本周转）, measured on a 12-month rolling basis（滚动基础）, was 5.1 at the end of the quarter. With Kemira GrowHow integrated, a higher share of the receivables is in Europe where average credit terms（信用期限） are shorter. Part of the improvement is also caused by stricter credit terms in emerging markets.