Financial reports sample-Yara International-Upstream（上游）

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

Upstream（上游）
Upstream delivered a strong first-quarter result as global fertilizer prices showed a strong upward trend（向上趋势）, partly offset by increased energy and raw material costs.（能源及原材料成本）

All product prices were significantly up from last year, with the strongest increase coming from NPK and nitrates.

Ammonia production increased 25 %. Adjusted for the effect of Kemira GrowHow and the Le Havre plant not running the two first months in 2007, production was in line with last year. Finished fertilizer production increased 45 % from first quarter 2007, with strong production performance in most plants. Adjusted for the Kemira GrowHow effect, the underlying growth（实际增长） was 5 %.

Non-consolidated investees showed strong performance with a result of NOK 223 million above last year. The positive development is mainly due to price increases especially on ammonia and urea. Production volumes also contributed positively.

Oil and gas costs in Europe increased in line with expectations（与预期一致） due to an increase in both oil-linked and hub gas prices. European oil and gas costs were USD 11.2 per MMBtu, up USD 4.2 from last year. Unit cost for electricity increased in all countries, but total costs were in line with last year due to more power generation on site in Sluiskil after startup of a new gas turbine（燃气涡轮）.

Phosphate（磷酸盐） and potash（碳酸钾） raw material purchase prices increased sharply in the quarter, but were more than offset by increased product prices.

The positive energy arbitrage effect is due to the valuation of oil-linked natural gas contracts, as European forward prices（期货价格） for natural gas increased relatively more than forward prices for oil products.

Special items include NOK 56 million Kemira GrowHow restructuring costs and a NOK 52 million loss on resale of gas related to a planned maintenance stop（维修站） in one of the plants in second quarter.

Other and eliminations （扣除项）
“Other and eliminations” consists mainly of Yara headquarters costs and cross-segment（跨部门） eliminations. Profits on sales from Upstream to Downstream and Industrial are not recognized in the consolidated Yara income statement before the products are sold to external customers（外部客户）. These internal profits（内部利润） are eliminated in the “Other and eliminations” segment.