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May 4, 2008

Financial reports sample-Financial items(财务项目)

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

Financial items
First-quarter net financial income(财务净收益) was NOK 357 million, compared with NOK 19 million last year.

Interest expense(利息支出) was NOK 149 million higher than in the same quarter last year. Approximately NOK 60 million of the variance(差异/变化) was the result of the increase in the average gross debt level(总体债务水平) of NOK 3.6 billion following the completion of the Kemira GrowHow acquisition. In addition, Yara entered into(参与/持有) interest rate derivatives for USD 300 million during the second half of 2007 in order to retain the portion of interest-bearing debt(带利息的负债) at fixed rate(固定利率) and thus reduce the exposure towards future interest rate increases. This quarter’s drop in long-term USD rates from 4.0 % to below 3.5 % generated an unrealized loss(未实现损失) on these contracts of approximately NOK 90 million.

The net foreign exchange gain(外币兑换净收益) in the quarter was NOK 486 million, mainly due to the continuing depreciation of the US dollar against both the euro and the Norwegian krone. Yara’s US dollar debt hedge(债务对冲) of future earnings was kept in the range of USD 1.2 - 1.5 billion.

First-quarter provisions(准备) for current and deferred taxes were NOK 941 million, representing(为/占) approximately 25 % of income before tax.

The effective tax rate(实际税率) is 2 % higher than for first quarter 2007 (23 %). The main reason for the increased effective tax rate is proportionally higher share of earnings from Europe(来自欧洲的收益份额).

Cash flow
First-quarter net cash from operating activities was NOK 821 million. Strong earnings and dividend payments(股息支付) from non-consolidated(非合并的) investees(被投资人) of NOK 210 million, of which Qafco represented(占) NOK 176 million, were the main contributors(贡献因素).

At the end of first quarter 2008, net operating capital was NOK 13,620 million, an increase of NOK 2,955 million from 31 December 2007. The increase is mainly explained by price effects(价格效应) on receivables (应收款项)and inventories(存货).

Net cash used in investing activities during first quarter 2008 was NOK 323 million reflecting the purchase of remaining shares(剩余股份) in Kemira GrowHow and some minor investments.

Net interest-bearing debt (有息净负债)
As a supplement to the formal consolidated statements of cash flow (page 18), this table highlights the key factors behind the development in net interest-bearing debt.

Net interest-bearing debt decreased by NOK 1,045 million during the quarter, ending at(终止于/季末余额) NOK 7,879 million. The decrease reflects the strong cash earnings during first quarter 2008.

The debt/equity ratio(负债权益比率) at the end of the first quarter 2008, calculated as net interest-bearing debt divided by(除以) shareholders’s equity plus minority interest, was 0.34 compared with 0.42 at the end of 2007.

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